Harmonic, an emerging force in artificial intelligence research, has reached a valuation of $1.45 billion after closing a new $120 million Series C fundraise. Co-founded by Robinhood CEO Vlad Tenev, the company is pursuing one of the most difficult challenges in AI: eliminating hallucinations and improving models’ ability to reason with absolute accuracy.
The latest funding round was led by Ribbit Capital, with continued backing from Sequoia and Kleiner Perkins. Emerson Collective, the investment firm founded by Laurene Powell Jobs, also joined as a new investor. The deal marks Harmonic’s third major raise in just 14 months, bringing its total funding to $295 million—a remarkable trajectory for a company that has not yet commercialized its technology.
A Focus on AI That Doesn’t Guess
While most generative AI models excel at producing fluent text, images, and code, they also suffer from a core flaw: they can produce incorrect or fabricated answers. Harmonic’s approach seeks to eliminate this issue entirely by building what it calls Mathematical Superintelligence (MSI)—an AI system grounded in formal logic and verifiable reasoning.
At the core of Harmonic’s research is its flagship model, Aristotle, which is trained on synthetic mathematical proofs. These computer-generated examples allow the model to strengthen its problem-solving skills and operate with precision rather than probabilistic guessing.
Aristotle’s performance has already drawn significant attention. In July, the model performed at the International Mathematical Olympiad, placing alongside teams from Google and OpenAI. This achievement helped validate Harmonic’s focus on advanced reasoning and contributed to heightened investor interest.
Formal Reasoning as the Foundation
Unlike most AI models that express reasoning in natural language, Harmonic’s system produces its reasoning as Lean4 code, a formal language that can be checked step-by-step for correctness. This approach aims to make the model’s output not only accurate but fully verifiable.
This design offers a major advantage in fields where errors can lead to significant financial, safety, or operational consequences. Harmonic sees strong long-term potential in industries such as aerospace, finance, automotive systems, and cybersecurity, where decision-making must be reliable and traceable.
Preparing for Commercial Uses
For now, Harmonic’s technology remains primarily research-focused, and the company is still pre-revenue. However, it has opened its Aristotle model to the public through a free API, allowing developers, researchers, and mathematicians to experiment with its reasoning capabilities. Early users have leveraged the tool to verify proofs, test algorithms, and explore new mathematical discoveries.
A significant portion of the new funding will support the large-scale computing resources required to train high-precision reasoning models. As Harmonic scales, it expects to explore commercial applications, particularly in areas where traditional AI systems lack the reliability necessary for mission-critical environments.
A New Frontier for Trustworthy AI
With hallucinations remaining one of the largest barriers to widespread AI deployment, Harmonic is positioning itself at the forefront of a new generation of models: systems built not just to generate answers, but to justify them through rigorous, machine-verifiable logic.
Its latest valuation underscores a growing belief among investors that the next wave of AI innovation will be defined by accuracy, transparency, and trust—not just raw model size.
As Harmonic continues its research, the industry will be watching closely to see how Mathematical Superintelligence evolves and whether it can redefine what reliable AI looks like in practice.
Adobe’s latest acquisition marks one of the most significant moves yet in the evolution of how brands manage visibility, discoverability, and customer engagement in an AI-driven world. On November 19, 2025, Adobe announced a definitive agreement to acquire Semrush Holdings, Inc. in an all-cash deal valued at approximately $1.9 billion, or $12.00 per share. The acquisition unites Adobe’s expansive customer experience and content orchestration tools with Semrush’s deep capabilities in search engine optimization (SEO) and the rapidly emerging field of generative engine optimization (GEO).
Adobe has been at the forefront of enabling enterprises to reimagine their customer experience workflows through agentic AI—AI that can plan, initiate, and optimize tasks autonomously. Tools such as Adobe Experience Manager (AEM), Adobe Analytics, and the newly introduced Adobe Brand Concierge reflect the company’s commitment to helping brands create, manage, and deliver content at scale. These products support a content supply chain that aligns with the needs of enterprises navigating new customer interfaces powered by large language models (LLMs).
Semrush’s inclusion strengthens Adobe’s position dramatically. As brands increasingly confront the challenge of remaining visible across traditional search engines and emerging AI-driven discovery channels, Semrush provides a powerful layer of intelligence and optimization. The company is widely known for its decade-long leadership in SEO analytics and has recently become a leading force in GEO—an emerging discipline focused on helping brands remain discoverable within AI-powered platforms, from LLMs to generative search engines.
The acquisition comes at a time when consumer behavior is rapidly shifting. With more customers receiving answers, recommendations, and purchase guidance from platforms like ChatGPT and Google Gemini, brand visibility is no longer confined to search engine rankings or owned channels. It now includes how a brand appears within LLM outputs, conversational AI systems, and algorithm-driven summaries. Organizations that fail to adapt to these dynamics risk losing relevance across key digital touchpoints.
Semrush brings enterprise-grade capabilities and impressive momentum to Adobe’s ecosystem. Its generative marketing tools are already being used by major brands, and the company recently reported 33% year-over-year Annual Recurring Revenue growth in its enterprise segment. This traction reflects a growing need among marketers who now rely on SEO and GEO teams to drive visibility strategies in generative environments.
Together, Adobe and Semrush will offer marketers a unified solution that spans the entire spectrum of brand exposure—owned websites, search engines, LLM responses, and the broader web. By integrating Semrush’s data intelligence into Adobe’s customer experience tools, the combined platform is designed to give organizations a holistic, real-time understanding of how their brand appears and performs across both traditional and AI-driven discovery channels.
This acquisition positions Adobe to become a central player in helping enterprises navigate the next phase of AI-enabled marketing. As AI continues reshaping how consumers gather information, evaluate options, and make buying decisions, Adobe’s expanded ecosystem aims to ensure that brands remain both discoverable and competitive in an increasingly complex digital landscape.
Google’s launch of Gemini 3 marks a major milestone in the rapidly evolving artificial intelligence landscape. As competition intensifies among leading AI developers, Google is positioning this new model as a turning point—one that strengthens its hold on the search market while expanding deeper into enterprise applications. Unlike previous releases, Gemini 3 became part of Google’s profit-driven ecosystem immediately, reflecting the company’s shift toward deploying AI technologies that generate revenue from day one.
The model arrives less than a year after its predecessor, showing Google’s determination to accelerate innovation cycles. While AI benchmarks and leaderboard rankings still matter, the broader market has become more focused on practical use cases that drive growth. Investors have increasingly evaluated companies not on technical capabilities alone, but on how effectively those capabilities translate into profitable products. In this respect, Gemini 3 enters the market at a critical time. Alphabet’s stock performance throughout the year has been influenced heavily by its success in monetizing AI tools within its cloud business, and the new model is expected to strengthen that trend.
One of the biggest shifts comes from Google embedding Gemini 3 directly into its search engine at launch. Historically, new AI models took weeks or months to integrate into search, but the company is taking a more aggressive approach. Paying users of Google’s premium AI plan now gain access to enhanced capabilities in AI Mode, a feature designed to handle complex queries with computer-generated responses instead of traditional website listings. This move reflects Google’s ongoing effort to redefine search as an AI-first experience, even as it raises concerns among content publishers who depend on organic traffic.
Gemini 3 also brings a series of upgrades in reasoning, coding, and task execution, allowing Google to introduce new functions stretching across its consumer and enterprise user base. One of the most notable additions is Gemini Agent, a feature built to handle multi-step tasks. It can manage workflow-related actions such as organizing emails or coordinating travel, pushing Google closer to its long-term vision of a universal AI assistant. The redesigned Gemini app supports this direction as well, offering interactive and visually rich responses that resemble entire web pages rather than simple text answers.
On the enterprise side, Google unveiled Antigravity, a development platform that enables AI agents to plan and carry out software tasks autonomously. This tool aims to shift how companies build software by reducing manual intervention and speeding up development cycles. As organizations explore ways to streamline operations with AI, products like Antigravity could play a significant role in reshaping development teams and workflows.
Gemini 3’s release highlights a broader trend in the AI industry: the transition from experimental technology to integrated, revenue-producing systems. With competitors like Anthropic, Meta, and OpenAI also pushing rapid updates, the pressure to deliver commercially useful products has never been higher. By launching its new model directly into core products and expanding its suite of AI-powered features, Google is making a clear statement that the next stage of AI growth depends on adoption at scale. Gemini 3 represents not just a model upgrade, but a restructuring of how Google delivers value in a market where speed, utility, and profitability increasingly define leadership.
Alphabet shares surged to a record high on Monday, climbing nearly 6% after Berkshire Hathaway disclosed a new multibillion-dollar stake in the Google parent company. The purchase, totaling 17.85 million shares valued at approximately $4.9 billion, marks one of Berkshire’s final large investments under Warren Buffett’s leadership — and a notable shift for a conglomerate traditionally cautious about high-growth tech stocks.
Berkshire’s move represents a major endorsement of Alphabet’s expanding artificial intelligence strategy during a period of heightened scrutiny across the tech sector. While many investors have begun questioning whether the rapid rise of AI-driven valuations is sustainable, Berkshire’s investment signals confidence in Alphabet’s fundamentals and its long-term ability to capitalize on AI innovation.
The investment also stands out given Berkshire’s historic stance on technology. Although Apple remains Berkshire’s largest holding, Buffett has long viewed it as more of a consumer products company than a pure tech play. A direct investment in Alphabet, however, reflects a meaningful step toward embracing companies at the center of the AI revolution. Market strategists point out that the move aligns with value-investing principles, given Alphabet’s comparatively attractive valuation relative to other AI frontrunners.
Investor sentiment around tech has become more cautious in recent months. Business leaders and market analysts have warned that the AI boom — powered by heavy data-center spending and ambitious product pipelines — could be creating inflated expectations. The Roundhill Magnificent 7 ETF, which tracks top tech names such as Microsoft, Nvidia, and Alphabet, has been mostly flat since September after significantly outperforming the broader market earlier in the year.
Despite the broader slowdown, Alphabet has stood out as one of the strongest performers among the “Magnificent Seven” stocks. Shares have surged nearly 14% in the current quarter and are up 46% year-to-date, making it the group’s top performer. Analysts attribute this strength to Alphabet’s accelerating AI investments, robust cloud division growth, and its ability to leverage its massive advertising business to fund further innovation.
Alphabet also trades at a relative discount compared to its peers, with shares valued at roughly 25 times forward earnings estimates. Microsoft trades at 29 times, while Nvidia approaches 30 — making Alphabet an appealing option for an investor focused on balancing growth potential with valuation discipline.
CFRA analysts highlight that Berkshire’s investment validates Alphabet’s strategic direction, particularly around Google Cloud and the expanding Gemini AI ecosystem. Recent earnings revealed that AI-powered tools and infrastructure investments are helping transform Google Cloud into a major growth engine, reversing its earlier status as a distant third player in the cloud market.
The move also reflects a bit of unfinished business for Buffett, who has previously acknowledged regretting missing the chance to invest in Google early on. With Berkshire preparing for leadership transition as Greg Abel is set to assume the CEO role at the end of 2025, the investment may represent a final major pivot toward companies leading the next technological era.
Alphabet’s rally could add roughly $180 billion in market value if gains hold. And with Berkshire’s reputation for long-term conviction, the investment has quickly captured the attention of both institutional and retail investors — offering a strong signal of confidence amid an increasingly cautious tech landscape.
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.
Q3 results below expectations. GoHealth reported Q3 revenue of $34.2 million versus our estimate of $100.0 million and an adj. EBITDA loss of $47.1 million, compared with our projected loss of $11.6 million. The variance reflected an intentional pullback in Medicare Advantage policy volume as management prioritized persistency and unit economics over near-term growth.
Health plans facing headwinds. Carriers are contending with lower reimbursement under the new CMS V28 risk model and heightened difficulty maintaining high STAR ratings. These dynamics have shifted industry priorities toward member retention, stability, and margin integrity rather than volume growth, reducing pre-funded marketing and broker commissions across the sector.
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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.
Anthropic, one of the fastest-growing artificial intelligence firms in the world, has announced an ambitious $50 billion plan to expand its U.S. infrastructure footprint through a series of advanced data centers starting in Texas and New York. The project, developed in partnership with AI cloud platform Fluidstack, positions the company as a major force in the domestic AI buildout race.
The initiative will fund the creation of custom-designed facilities built specifically to handle Anthropic’s rapidly scaling AI models and enterprise workloads. The company said the first sites will go live in 2026 and are expected to generate 800 permanent jobs and more than 2,000 construction roles across both states.
By building its own network of high-performance data centers, Anthropic aims to ensure greater control over compute availability, energy efficiency, and long-term scalability — key components in the race to dominate AI infrastructure. The decision also aligns with growing policy pressure from Washington to keep cutting-edge AI capacity within U.S. borders, protecting national interests and technological sovereignty.
This investment underscores Anthropic’s aggressive growth trajectory and signals that the company is willing to match, if not challenge, industry leader OpenAI’s spending spree. OpenAI has already committed more than $1.4 trillion in long-term infrastructure investments through partnerships with Nvidia, Oracle, Broadcom, Microsoft, and Google.
Anthropic’s partnership with Fluidstack — known for supplying GPU clusters to major AI players like Meta, Midjourney, and Mistral — reflects a strategic effort to move fast. Fluidstack’s expertise in scaling GPU infrastructure at record speed and efficiency gives Anthropic a distinct operational advantage as competition for compute power intensifies.
The company’s enterprise business has surged dramatically over the past year, serving more than 300,000 organizations. The number of enterprise accounts generating over $100,000 annually has nearly increased sevenfold, with projections showing Anthropic could reach profitability by 2028. By comparison, OpenAI is still expected to report multi-billion-dollar operating losses through that same period.
Beyond Texas and New York, Anthropic’s infrastructure expansion already includes a massive $11 billion data center campus in Indiana, developed with Amazon. The facility is operational, providing Anthropic with one of the largest AI-focused compute environments in the U.S. The company has also expanded its long-term compute partnership with Google, with additional commitments valued in the tens of billions.
Industry observers say Anthropic’s move could reshape the competitive landscape of AI infrastructure, helping to diversify the market beyond the dominance of hyperscale cloud providers. However, the scale of AI-related construction and energy use is prompting questions about sustainability and grid capacity — particularly as multiple firms rush to deploy gigawatt-scale facilities across the country.
With a $50 billion budget and an expanding nationwide footprint, Anthropic is betting big on the idea that the next wave of AI breakthroughs will depend not just on smarter algorithms, but on physical infrastructure capable of powering them at scale.
SoftBank Group Corp. has sold its entire stake in Nvidia Corp. for $5.83 billion, marking another major move by founder Masayoshi Son to fund his growing ambitions in artificial intelligence. The sale underscores SoftBank’s shift toward becoming a central player in the AI ecosystem—one that spans data centers, chip design, robotics, and advanced cloud infrastructure.
The decision to sell Nvidia shares comes as global investors question whether massive AI spending—expected to exceed $1 trillion by companies like Meta Platforms and Alphabet—will produce long-term profits. Despite this uncertainty, Son continues to double down on AI, redirecting proceeds into projects such as Stargate, a mega data center venture being developed in collaboration with OpenAI and Oracle Corp.
SoftBank’s U.S.-listed shares rose more than 7% following the announcement, while Nvidia’s stock slipped over 3% during trading on Tuesday. The move illustrates the shifting balance of investor sentiment as capital flows from established AI leaders toward emerging infrastructure and hardware bets.
According to SoftBank executives, the Nvidia sale was not due to concerns about the chipmaker but rather a strategic move to free up capital. Chief Financial Officer Yoshimitsu Goto emphasized that the proceeds will be used to finance new AI initiatives, though he declined to comment on whether the sector is currently in a bubble.
This is not the first time SoftBank has exited Nvidia. The company sold its previous stake in 2019, only to re-enter the stock in 2020—just before Nvidia’s meteoric rise fueled by the AI boom. By March 2025, SoftBank had quietly accumulated a $3 billion position in Nvidia, which has since surged by more than $2 trillion in market value amid the global AI frenzy.
The timing of the sale proved highly profitable for SoftBank. The company recently reported a ¥2.5 trillion ($16.2 billion) net income for its fiscal second quarter, driven by its holdings in OpenAI, Arm Holdings, and other AI-focused firms. Analysts expect SoftBank to post its strongest annual profit since 2020, with the Nvidia sale adding significant liquidity to support its ongoing expansion.
Son’s AI roadmap is ambitious. In addition to the Stargate data center network, SoftBank is pursuing a $1 trillion AI manufacturing hub in Arizona, potential collaborations with Taiwan Semiconductor Manufacturing Co. (TSMC), and the acquisition of Ampere Computing LLC for $6.5 billion. The company has also agreed to purchase ABB Ltd.’s robotics division for $5.4 billion—moves that signal a vertically integrated AI empire in the making.
SoftBank’s financial strategy has been equally bold. It recently expanded its margin loan backed by Arm shares to $20 billion, secured an $8.5 billion bridge loan for its OpenAI investment, and committed the full $22.5 billion originally pledged to the AI startup.
The Japanese conglomerate’s stock has surged nearly 78% over the past quarter, its best performance in two decades. The company also announced a 4-for-1 stock split effective January 1, 2026, aimed at making its shares more accessible to retail investors.
As Son pushes deeper into the AI frontier, SoftBank’s latest divestment highlights both opportunity and risk. While the Nvidia exit frees billions for new ventures, it also removes exposure to one of the most successful AI chipmakers of the decade. Still, for Masayoshi Son, the message is clear: SoftBank’s future lies not in following AI’s leaders, but in building the infrastructure that powers them.
Rumble Inc. announced plans to acquire Northern Data AG, a European leader in artificial intelligence and high-performance computing infrastructure, marking a transformative moment for the company’s growing cloud division. The agreement represents a bold step in Rumble’s “Freedom-First” vision—an initiative centered on building technology that prioritizes privacy, independence, and resilience over centralized control.
Under the terms of the deal, Rumble will launch a voluntary public exchange offer to Northern Data shareholders, granting them newly issued Rumble shares in return. Once completed, the transaction will give Rumble access to one of Europe’s largest GPU fleets—approximately 22,000 Nvidia units, including the latest H100 and H200 chips—and a globally distributed network of data centers. This infusion of infrastructure will allow Rumble to expand its cloud services dramatically while strengthening its foothold in the global AI ecosystem.
The acquisition also accelerates Rumble’s international growth strategy, extending its reach beyond North America into major European markets such as Germany, Sweden, Norway, Portugal, the Netherlands, and the United Kingdom. Northern Data’s energy-efficient data centers and liquid-cooled GPU technology will provide Rumble with a strong foundation to compete in high-performance computing and AI training at scale.
A major backer of the deal is Tether, which made a $775 million strategic investment in Rumble earlier this year. Tether’s continued involvement underscores the growing alignment between decentralized finance and digital infrastructure, and the company is expected to serve as a key customer following the transaction’s completion. Together, Rumble, Northern Data, and Tether aim to form a vertically integrated AI ecosystem designed to challenge the dominance of established technology giants.
In addition to its infrastructure assets, Northern Data brings expertise in managing complex compute operations and optimizing power efficiency—critical advantages as demand for GPU-based AI processing surges worldwide. The company’s Maysville, Georgia facility alone is expected to deliver up to 180 megawatts of capacity once complete, contributing significantly to Rumble’s total data center output.
Beyond scaling capacity, Rumble expects the acquisition to fuel innovation across its video, creator, and advertising businesses. Access to advanced AI hardware will accelerate the company’s efforts to integrate machine learning into content delivery, recommendation systems, and advertising solutions. The move also supports Rumble’s broader ambition to develop complementary services such as AI chatbots, cloud productivity tools, and financial applications under the Rumble Wallet brand.
The exchange offer is expected to close in the second quarter of 2026, pending regulatory approvals. Northern Data shareholders will own roughly 30% of the combined company after the transaction, reflecting the strategic significance of the merger. Once finalized, Northern Data plans to delist its shares, with no separate offer required since it is not traded on a regulated market.
For Rumble, the acquisition represents far more than an infrastructure upgrade—it signals an intent to redefine how technology infrastructure is built and governed. By merging AI computing power, distributed data networks, and financial independence, the company aims to create a sustainable foundation for a new era of digital freedom.
FLORHAM PARK, N.J., Nov. 07, 2025 — Conduent Incorporated (Nasdaq: CNDT), a global technology driven business process solutions and services company, today announced its third quarter 2025 financial results.
Cliff Skelton, Conduent President and Chief Executive Officer, stated, “Q3 represents not only a quarter where we met guidance on Adjusted Revenue and Adjusted EBITDA Margin, but also the continuation of our drive toward year-over-year revenue growth. New business signings were consistent year over year and our Public Sector businesses had a particularly strong quarter, despite the cyclical nature of government funding and the Federal government shutdown. As mentioned in Q2 earnings, we continue to be pleased with ongoing Transportation opportunities and momentum. Additionally, as a result of our operational efficiency efforts, Adjusted EBITDA and Adjusted EBITDA Margin improved both year over year and sequentially, in line with guidance. We also deployed AI enhancements with Conduent’s proprietary technology and platforms across document processing, customer experience, and fraud prevention—delivering greater efficiency for clients and further streamlining our internal operations.”
Skelton continued, “Regarding our portfolio rationalization efforts, 87% of our $1B capital allocation target has been achieved to date, and we remain on track to exceed that goal. We continue to be focused on cash generation, sales, and expanding our pipeline opportunities especially within our current client base, while maintaining more than ample liquidity through cash reserves and a recently renewed credit facility. As always, we remain confident in our team and our strategy as we continue to deliver the best value possible to our shareholders and to our clients and their end users.”
Key Financial Q3 2025 Results
($ in millions, except margin and per share data)
Q3 2025
Q3 2024
Current Quarter Y/Y B/(W)
Revenue
$767
$807
(5.0)%
Adjusted Revenue(1)
$767
$781
(1.8)%
GAAP Net Income (Loss)
$(46)
$123
n/m
Adjusted EBITDA(1)
$40
$32
25.0%
Adjusted EBITDA Margin(1)
5.2%
4.1%
110 bps
GAAP Income (Loss) Before Income Tax
$(38)
$159
n/m
GAAP Diluted EPS
$(0.30)
$0.72
n/m
Adjusted Diluted EPS(1)
$(0.09)
$(0.14)
35.7%
Cash Flow from Operating Activities
$(39)
$(13)
(200.0)%
Adjusted Free Cash Flow(1)
$(54)
$(6)
(800.0)%
Performance Commentary At the end of the quarter, Conduent maintained a cash balance of $264 million along with $198 million unused capacity under its recently renewed credit facility. During the quarter, Conduent repurchased approximately 4.7 million shares of common stock.
Pre-tax income (loss) for the third quarter of 2025 was $(38) million versus $159 million in the prior year period. This decrease is primarily caused by the divestiture-driven gain on the transfer of the Casualty Claims Solutions business.
Q3 2025 Adjusted EBITDA of $40 million and Adjusted EBITDA margin of 5.2% both increased versus the prior year period and were in line with guidance showing continued momentum toward our target margin.
Additional Q3 2025 Performance Highlights Conduent achieved several milestones related to its technology-led solutions, contract awards, financial foundation, and client support capabilities, including:
Announced the integration of generative AI (GenAI) and other advanced AI technologies into the Company’s government solutions to improve the disbursement of critical government benefits, enhance the citizen experience, and combat fraud in government benefit programs.
Successfully completed the refinancing of the Company’s revolving credit facility, extending the maturity, and paying off the Term Loan A.
Awarded a contract by the Richmond Metropolitan Transportation Authority to implement a Pay-by-Plate toll collection system supporting the transition to all-electronic tolling designed to streamline traffic for a faster, safer, and more enjoyable driving experience.
Announced an expansion of the Company’s Philippines operations with a new facility in Lipa-Malvar to support customer experience management solutions (CXM) for a leading U.S. healthcare company.
Expanded its FastCap® Finance Analytics solution by integrating GenAI-powered contract and spend analytics capability that enables expedited contract intake, verification of contract compliance, and identification of procurement savings and tariff-related financial exposures more efficiently and more accurately.
Implemented Conduent’s Maven® Disease Surveillance & Outbreak Management System for the State of Delaware, helping to monitor, report, and better understand public health threats and infectious disease outbreaks.
FY 2025 Outlook(2)
FY 2024 Actuals
FY 2025 Outlook(2)
Adj. Revenue(1)
$3,176M
$3,050 – $3,100
Adj. EBITDA(1) / Adj. EBITDA Margin(1)
$124M / 3.9%
5.0% – 5.5%
(1) Refer to Appendix for definition and complete non-GAAP reconciliations of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS and Adjusted Free Cash Flow. (2) Refer to Appendix for additional information regarding non-GAAP outlook.
Conference Call Management will present the results during a conference call and webcast on November 7, 2025 at 9:00 a.m. ET.
The call will be available by live audio webcast along with the news release and online presentation slides at https://investor.conduent.com/
The conference call will also be available by calling 877-407-4019 toll-free. If requested, the conference ID for this call is 13755924.
The international dial-in is 1-201-689-8337. The international conference ID is also 13755924.
A recording of the conference call will be available by calling 1-877-660-6853 three hours after the conference call concludes. The replay ID is 13755924.
The telephone recording will be available until Nov 21, 2025.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 53,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $85 billion in government payments annually, enabling approximately 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 13 million tolling transactions every day. Learn more at www.conduent.com.
Non-GAAP Financial Measures We have reported our financial results in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). In addition, we have discussed our financial results using non-GAAP measures. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Accordingly, we believe it is necessary to adjust several reported amounts, determined in accordance with U.S. GAAP, to exclude the effects of certain items as well as their related tax effects. Management believes that these non-GAAP financial measures provide an additional means of analyzing the results of the current period against the corresponding prior period. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, our reported results prepared in accordance with U.S. GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures and should be read only in conjunction with our Consolidated Financial Statements prepared in accordance with U.S. GAAP. Our management regularly uses our non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. Providing such non-GAAP financial measures to investors allows for a further level of transparency as to how management reviews and evaluates our business results and trends. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. Refer to the “Non-GAAP Financial Measures” section attached to this release for a discussion of these non-GAAP measures and their reconciliation to the reported U.S. GAAP measures.
Forward-Looking Statements
This press release, any exhibits or attachments to this release, and other public statements we make may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “expectations,” “in front of us,” “plan,” “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” “continue to,” “looking to continue,” “endeavor,” “if,” “growing,” “projected,” “potential,” “likely,” “see,” “ahead,” “further,” “going forward,” “on the horizon,” “as we progress,” “going to,” “path from here forward,” “think,” “path to deliver,” “from here,” “on track,” “remain” and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact included in this press release or any attachment to this press release are forward-looking statements, including, but not limited to, statements regarding our financial results, condition and outlook; changes in our operating results; general market and economic conditions; and our projected financial performance, including all statements made under the section captioned “FY 2025 Outlook” within this release. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make.
Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: government appropriations and termination rights contained in our government contracts, the competitiveness of the markets in which we operate and our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in connection with our contracts; our reliance on third-party providers; risk and impact of geopolitical events and increasing geopolitical tensions (such as the war in the Ukraine and conflict in the Middle East), macroeconomic conditions, natural disasters and other factors in a particular country or region on our workforce, customers and vendors; our ability to deliver on our contractual obligations properly and on time; changes in interest in outsourced business process services; claims of infringement of third-party intellectual property rights; our ability to estimate the scope of work or the costs of performance in our contracts; the loss of key senior management and our ability to attract and retain necessary technical personnel and qualified subcontractors; our failure to develop new service offerings and protect our intellectual property rights; our ability to modernize our information technology infrastructure and consolidate data centers; expectations relating to environmental, social and governance considerations; utilization of our stock repurchase program; risks related to our use of artificial intelligence; the failure to comply with laws relating to individually identifiable information and personal health information; the failure to comply with laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; breaches of our information systems or security systems or any service interruptions; risks related to hacking or other cybersecurity threats to our data systems, information systems and network infrastructure and other service interruptions, including relating to the previously disclosed cyber event that took place in January 2025, including Conduent’s investigation of such incident and mitigation and remediation efforts, the nature and extent of such incident, the potential disruption to our business or operations, the potential impact on Conduent’s reputation, and Conduent’s assessments of the likely financial and operational impacts of such incident; our ability to comply with data security standards; developments in various contingent liabilities that are not reflected on our balance sheet, including those arising as a result of being involved in a variety of claims, lawsuits, investigations and proceedings; risks related to recently completed divestitures including (i) the transfer of the Company’s BenefitWallet’s health savings account, medical savings account and flexible spending account portfolio, (ii) the sale of the Company’s Curbside Management and Public Safety Solutions businesses and (iii) the sale of the Company’s Casualty Claims Solutions business, including but not limited to the Company’s ability to realize the benefits anticipated from such transactions, unexpected costs, liabilities or delays in connection with such transactions, and the significant transaction costs associated with such transactions; risk and impact of potential goodwill and other asset impairments; our significant indebtedness and the terms of such indebtedness; our failure to obtain or maintain a satisfactory credit rating and financial performance; our ability to obtain adequate pricing for our services and to improve our cost structure; our ability to collect our receivables, including those for unbilled services; a decline in revenues from, or a loss of, or a reduction in business from or failure of significant clients; fluctuations in our non-recurring revenue; increases in the cost of voice and data services or significant interruptions in such services; our ability to receive dividends or other payments from our subsidiaries; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section and other sections in our 2024 Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements made by us in this release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.
Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.
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.
3Q25 Results. In likely the last quarterly report before being acquired, ODP released 3Q25 results in-line with our projections. Revenue of $1.625 billion was down 9% y-o-y. We were at $1.675 billion. Adjusted EBITDA came in at $62 million, flat y-o-y, and compared to our $66 million estimate. Net income was $23 million, or $0.72/sh, in-line with our $23 million estimate. Adjusted net income $36 million, or $1.14/sh, compared to $24 million, or $0.71/sh, in 3Q24.
Business Solutions. Segment sales of $862 million were down 6% y-o-y due to the soft economy. However, revenue trends improved 200 basis points y-o-y, driven by success in onboarding new customers, including 600 new hotel properties, targeted sales initiatives, and incremental growth in the hospitality sector. The Company is making progress on potential new agreements with several leading hospitality management companies. Segment OpInc. totaled $14 million versus $28 million in 3Q24.
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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.
SKYX Positions to Advance its Market Penetration with the AI Native E-Commerce Platform Designed to Elevate B2B and B2C Experiences Through its Innovative and Smart Product Line
SKYX Continues to Grow its Builder Segment Through Direct Sales Channels and Intends to Utilize the New AI Driven Software to Enhance and Support its Builder and Pro Segments
E-Commerce Continues to Lead All Sectors as the Fastest-Growing Sales Channel for Businesses Worldwide
MIAMI, Nov. 05, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive platform technology company with over 100 pending and issued patents globally and over 60 lighting and home décor websites, with a mission to make homes and buildings become smart and safe as the new standard, today announced it will be launching a new AI driven software for its e-commerce platform of 60 websites for lighting, home décor, and smart technologies. When fully integrated the new AI native driven software is expected to increase website conversion rates and sales by 30%.
As SKYX continues to grow its builder segment through direct sales channels, it intends to utilize the advantages of the new AI driven software platform to enhance and support its builder and pro segments. The software is expected to grow both B2B and B2C segments including SKYX’s advanced and smart home technologies.
SKYX’s E-commerce platform Belami, is led by CEO, Huey Long, and Executive Chairman, Todd Johnson.
Long, formerly Director of Amazon E-Commerce, Senior Vice President of Walmart, and Executive Vice President at Ashley Furniture, spearheaded the development of Amazon Basics, the company’s first private brand initiative. He has also served as Senior Vice President at Walmart Stores Inc., and Executive Vice President at Ashley Furniture.
Huey Long, CEO of Belami, said; “The next decade of retail growth will be driven by eCommerce and AI-powered innovation. By unifying our platform and data architecture, we can significantly accelerate revenue across more than 60 high-intent specialty sites and marketplaces while expanding into new B2B and professional segments. This new unified AI native software platform positions us to capture more share in large, fragmented home improvement markets — and to deliver measurable value for customers, vendors, and shareholders.”
Rani Kohen, Founder and Executive Chairman of SKYX Platforms, said; “This new AI-powered software reflects SKYX’s commitment to continuous innovation and growth. We are leveraging AI to maximize efficiency, scale our e-commerce operations, and create an intelligent ecosystem that supports our vision of making smart and safe living the global standard.”
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 100 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements Certain statements made in this press release are not based on historical facts but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Powered by Microsoft Azure OpenAI, new solution automates reportable event detection for Pharma & Life Sciences companies across every customer channel
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, today announced the launch of a new GenAI-powered reportable event detection solution that dramatically improves the identification of events and empowers healthcare companies to uphold the highest standards of patient safety, both of which are critically important.
Built on Microsoft Azure OpenAI, Conduent’s reportable event detection solution enhances the speed, accuracy, and consistency to identify incidents that must be provided to the Food & Drug Administration (FDA) for compliance. These events include adverse reactions, product complaints, and usability issues that could arise across millions of customer interactions.
Why It Matters
Pharma and Life Science companies handle countless interactions with customers every day via emails, chats, voice calls, texts, faxes, and social and digital platforms, and within these interactions is vital information that potentially must be reported to the FDA.
Real-world examples of reportable events
A patient emailing about unexpected dizziness after taking a prescribed medication.
A caregiver calling to report a child’s rash after using a topical cream.
A customer texting that their insulin pen malfunctioned during use.
A chatbot conversation revealing confusion over dosage instructions.
A social media post describing a broken inhaler or packaging defect.
Setting New Standard for Compliance
Quality control to ensure the highest standards of quality, accuracy, and compliance are met is typically a manual process that can only randomly evaluate a small percentage of customer interactions. This new GenAI-powered solution can review nearly 100% of interactions across all channels, using GenAI to analyze language, context, and compliance rules to revolutionize the identification of reportable events.
“Patient assistance programs and medical information engagements are complex and data-rich, which is perfect for GenAI,” said Kimberly Marshall, Head of Commercial Solutions and Account Management at Conduent. “By combining AI with deep compliance expertise, we’re helping clients report faster, more accurately, and more consistently while saving time and money.”
This solution integrates GenAI with logical reasoning, AI-driven search, client-specific rules, training materials, and regulatory framework, backed by Conduent’s infrastructure, to automate the capture and classification of reportable events.
Key Benefits:
Enhanced Efficiency : Streamlines the process of identifying reportable events, saving time and reducing manual efforts.
Quality and Consistency: Understands the variability of consumer language to better identify potential reportable events and product quality complaints, and provides consistent, high-quality reporting.
Regulatory Compliance : Enables adherence to FDA regulations and other compliance standards, minimizing the risk of penalties. Life Science companies can use the data to enhance their marketing strategies, product packaging and user experiences while ensuring compliance with FDA regulations.
The Conduent reportable event detection tool is another collaboration where Conduent leverages Microsoft Azure OpenAI to drive quality, improve customer experience, and save cost.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 56,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $85 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.com.
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.
New Data. DLH filed an 8-K disclosing some preliminary financial data for the fiscal year ended September 30, 2025, and updates on its CMOP (the good) and Head Start (not so good) contracts. Bad news first: DLH has lost the Head Start contract, which went to a small business. This contract generated $40 million of revenue in fiscal 2024 and $28.4 million in the first nine months of fiscal 2025. With the government shutdown ongoing, the status of protests from unsuccessful bidders is unclear.
CMOP. On the positive side, DLH has been awarded a sole-source ID/IQ to continue providing pharmacy and logistics services for 4 CMOP locations. The contract has a ceiling value of $90 million and has a maximum performance period through April 2027. The Company expects the quarterly revenue contribution from these contracts to be approximately $28 million, in-line with current revenue volume on this contract.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
