Market Newsdesk

May 6, 2025 4:37 pm

Arcosa, Inc. Announces First Quarter 2025 Results

Arcosa, Inc. Announces First Quarter 2025 Results

Adjusted EBITDA Growth of 26%, Adjusting for Sale of Steel Components, Outpacing Revenue Increase of 12%
Adjusted EBITDA Margin, Excluding Divestiture, Expands 190 Basis Points
Reaffirms Full-Year 2025 Consolidated Revenue and Adjusted EBITDA Guidance

DALLAS–(BUSINESS WIRE)–
Arcosa, Inc. (NYSE: ACA) (“Arcosa,” the “Company,” “We,” or “Our”), a provider of infrastructure-related products and solutions, today announced results for the first quarter ended March 31, 2025.

First Quarter 2025 Highlights

	Three Months Ended March 31,
	2025			2024			% Change

	($ in millions, except per share amounts)
Revenues	$	632.0		$	598.6		6	%
Revenues, excluding the impact of divested business⁽¹⁾	$	632.0		$	562.5		12	%
Net income	$	23.6		$	39.2		(40	)%
Adjusted Net Income⁽²⁾	$	24.0		$	36.0		(33	)%
Diluted EPS	$	0.48		$	0.80		(40	)%
Adjusted Diluted EPS⁽²⁾	$	0.49		$	0.73		(33	)%
Adjusted EBITDA⁽²⁾	$	109.9		$	92.0		19	%
Adjusted EBITDA Margin⁽²⁾		17.4	%		15.4	%	200 bps
Adjusted EBITDA, excluding impact from divested business⁽¹⁾⁽²⁾	$	109.9		$	87.1		26	%
Adjusted EBITDA Margin, excluding impact from divested business⁽¹⁾⁽²⁾		17.4	%		15.5	%	190 bps
Net cash provided by operating activities	$	(0.7	)	$	80.5		(101	)%
Free Cash Flow⁽²⁾	$	(29.7	)	$	30.3		(198	)%

bps – basis points ⁽¹⁾ Excludes the impact of the divested steel components business. Financial results for the steel components business were included in the Transportation Products segment as part of continuing operations to the date of sale, August 16, 2024. ⁽²⁾ Non-GAAP financial measure. See reconciliation tables included in this release.

Antonio Carrillo, President and Chief Executive Officer, commented, “Our first quarter results demonstrate solid execution of our strategic vision, driven by transformative actions undertaken over the past several years. Our strong results were driven by double-digit Adjusted EBITDA growth and approximately 275 basis points of organic margin expansion.

“Engineered Structures outperformed our expectations due to robust demand and operating improvements in utility structures, higher wind tower volumes, and the accretive impact of Ameron. The barge business also performed well during the quarter and continued to add to our backlog with a 1.7 book-to-bill. Construction Products faced unfavorable weather conditions, but our legacy business was able to expand margin even with lower volumes. The integration of the $1.2 billion Stavola acquisition, completed in October 2024, continues to progress very well and operations are ramping for the spring construction season in the Northeast. As expected, Stavola’s contribution was dilutive to our first quarter results in its seasonally slowest quarter.”

Carrillo concluded, “We are pleased to maintain leverage at 2.9 times Net Debt to Adjusted EBITDA, consistent with the start of the year despite first quarter seasonality. We remain committed to our goal of reducing leverage to 2.0-2.5 times over the next twelve months.”

2025 Outlook and Guidance

The Company is reaffirming its full year 2025 guidance:

Consolidated revenues range of $2.8 billion to $3.0 billion, an increase of 17% at the mid-point of the range compared to full year 2024 results excluding the divested steel components business.
Consolidated Adjusted EBITDA range of $545 million to $595 million, an increase of 30% at the mid-point of the range compared to full year 2024 results excluding the divested steel components business.
Guidance range includes the direct impact of tariffs, as currently outlined, which are expected to be immaterial.

“Arcosa had a strong start to 2025, and we remain well positioned for long-term growth. With operations primarily in the U.S., we expect to benefit from continued investments in the nation’s aging infrastructure and a new era of growth for the U.S. power market. Against the current backdrop of macro and policy uncertainty, most of our end markets continue to demonstrate resilience. Our teams are focused on strategic execution and operational excellence, while delivering on the solid backlogs in many of our businesses. We are encouraged by our first quarter results and are reaffirming our 2025 consolidated revenues and Adjusted EBITDA guidance,” concluded Mr. Carrillo.

First Quarter 2025 Results and Commentary

All comparisons are versus the prior year quarter unless noted otherwise.

Construction Products

Revenues increased 5% to $262.8 million driven by the contribution from the construction materials business of Stavola Holding Corporation and its affiliated entities (collectively “Stavola”), acquired in October 2024, which added $26.4 million to revenues during the quarter.
Organic revenues declined 6% as higher pricing was offset by lower volumes, a decrease in freight revenue, and the divestiture of several small underperforming operations executed in the prior period.
Adjusted Segment EBITDA decreased 5% to $56.9 million and Adjusted Segment EBITDA Margin decreased 220 basis points to 21.7% from 23.9% in the prior period. Freight-Adjusted Segment EBITDA Margin was 23.6% compared to 26.4% in the prior period.
As expected, seasonally slow production at Stavola, located in the northeast and more impacted by the winter months than our legacy operations, negatively impacted first quarter results, reducing Adjusted Segment EBITDA by $2.0 million and Adjusted Segment EBITDA Margin by 320 basis points.
On an organic basis, Adjusted Segment EBITDA decreased 2% primarily due to lower volumes impacted by wet and abnormally cold weather at the beginning of the quarter. Improved unit profitability led by strong pricing drove 100 basis points of organic Adjusted Segment EBITDA Margin expansion.
Depreciation, depletion, and amortization expense increased $8.5 million, or 28%, primarily due to the acquisition of Stavola.

Engineered Structures

Revenues for utility, wind, and related structures increased 23% to $284.8 million primarily due to higher volumes in our wind towers business and the contribution from the acquisition of Ameron Pole Products (“Ameron”), which closed in April 2024. Revenues for utility structures decreased slightly as higher volumes and improved product mix were offset by lower steel prices.
Adjusted Segment EBITDA increased 90% to $51.7 million, led by significant organic growth in our wind towers and utility structures businesses as well as the contribution from the acquired Ameron business. Margin expanded 650 basis points to 18.2% due to higher wind tower volumes, improved product mix and operating efficiencies in our utility structures business, and the accretive impact of Ameron.
The ongoing focus on grid hardening and reliability efforts and increased demand for electricity continue to drive strong order activity for our utility structures business. In wind towers, our backlog provides solid production visibility for 2025. We continue to engage with our customers on orders for next year while we await additional clarity on renewable energy policy discussions in Washington D.C.
At the end of the first quarter, the combined backlog for utility, wind, and related structures was $1,094.1 million compared to $1,366.7 million at the end of the first quarter of 2024. We expect to deliver approximately 59% of our current backlog during 2025 and the remainder through 2028.

Transportation Products

Prior period results included revenues and Adjusted EBITDA of $36.1 million and $4.9 million, respectively, for the steel components business, which was divested in August 2024.
Revenues for our barge business increased 6% primarily due to higher tank barge deliveries.
Excluding the impact of the divested steel components business, Adjusted Segment EBITDA increased 13%, to $15.5 million, driven by higher tank barge deliveries and improved operating efficiencies.
Adjusted Segment EBITDA Margin was 18.4% compared to 17.2% in the prior period, excluding the divested steel components business.
During the quarter, we received barge orders totaling approximately $142 million representing a book-to-bill of 1.7 and extending our tank barge backlog deep into 2026.
Our barge backlog at the end of the quarter was $333.6 million compared to $294.4 million at the end of the first quarter of 2024. We expect to deliver approximately 63% of our current backlog during 2025.

Corporate and Other Financial Notes

Excluding acquisition and divestiture-related costs, which have been excluded from Adjusted EBITDA, corporate expenses of $14.6 million were roughly flat with the prior period.
Acquisition and divestiture-related costs were $0.8 million in the first quarter compared to $1.6 million in the prior period.
Interest expense totaled $28.3 million, an increase of $20.0 million year-over-year driven by the additional debt incurred to finance the Stavola acquisition.
The effective tax rate for the first quarter was 19.2% compared to 17.1% in the prior period. The increase in the tax rate was primarily due to higher state taxes and foreign adjustments.

Cash Flow and Liquidity

Operating cash flow was $(0.7) million during the first quarter, a decrease of $81.2 million compared to the prior period, driven by an increase in working capital.
Working capital was a $80.7 million net use of cash for the quarter compared to the prior period’s $4.6 million net source of cash. The decrease in cash provided by working capital was primarily due to a $77.6 million increase in receivables.
The increase in receivables was primarily due to the timing of deliveries in our Engineered Structures and Transportation Products segments as well as Advanced Manufacturing Production tax credits recognized during the period, which were sold in April.
Capital expenditures in the first quarter were $34.0 million, compared to $54.4 million in the prior period.
Free Cash Flow for the quarter was $(29.7) million, down from $30.3 million in the prior period.
During the quarter, we received cash of $17.6 million due to escrow funds that were returned to Arcosa related to customary purchase price adjustments in connection with the Stavola acquisition.
Net Debt to Adjusted EBITDA was 2.9x for the trailing twelve months, consistent with the start of the year.
We ended the quarter with total liquidity of $867.8 million, including $167.9 million of cash and cash equivalents and full availability under our $700 million revolving credit facility.

Non-GAAP Financial Information

This earnings release contains financial measures that have not been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Reconciliations of non-GAAP financial measures to the closest GAAP measure are included in the accompanying tables to this earnings release.

Conference Call Information

A conference call is scheduled for 8:30 a.m. Eastern Time on May 7, 2025 to discuss first quarter 2025 results. To listen to the conference call webcast, please visit the Investor Relations section of Arcosa’s website at https://ir.arcosa.com. A slide presentation for this conference call will be posted on the Company’s website in advance of the call at https://ir.arcosa.com. The audio conference call number is 800-723-6494 for domestic callers and 785-424-1619 for international callers. The conference ID is ARCOSA and the passcode is 13126. An audio playback will be available through 11:59 p.m. Eastern Time on May 21, 2025, by dialing 800-839-3012 for domestic callers and 402-220-7232 for international callers. A replay of the webcast will be available for one year on Arcosa’s website at https://ir.arcosa.com/news-events/events-presentations.

About Arcosa

Arcosa, Inc. (NYSE:ACA), headquartered in Dallas, Texas, is a provider of infrastructure-related products and solutions with leading positions in construction, engineered structures, and transportation markets. Arcosa reports its financial results in three principal business segments: Construction Products, Engineered Structures, and Transportation Products. For more information, visit www.arcosa.com.

Some statements in this release, which are not historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements about Arcosa’s estimates, expectations, beliefs, intentions or strategies for the future. Arcosa uses the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” “forecasts,” “may,” “will,” “should,” “guidance,” “outlook,” “strategy,” “plans,” “goal,” and similar expressions to identify these forward-looking statements. Forward-looking statements speak only as of the date of this release, and Arcosa expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, except as required by federal securities laws. Forward-looking statements are based on management’s current views and assumptions and involve risks and uncertainties that could cause actual results to differ materially from historical experience or our present expectations, including but not limited to assumptions, risks and uncertainties regarding the failure to successfully complete or integrate acquisitions, including Ameron and Stavola, or divest any business, or failure to achieve the expected benefits of acquisitions or divestitures; market conditions and customer demand for Arcosa’s business products and services; the impact of Arcosa’s level of indebtedness; the cyclical nature of, and seasonal or weather impact on, the industries in which Arcosa competes; competition and other competitive factors; governmental and regulatory factors; changing technologies; availability of growth opportunities; market recovery; ability to improve margins; the impact of inflation and costs of materials; assumptions regarding achievements of the expected benefits from the Inflation Reduction Act; the delivery or satisfaction of any backlog or firm orders; the impact of pandemics on Arcosa’s business; the impact of tariffs; and Arcosa’s ability to execute its long-term strategy, and such forward-looking statements are not guarantees of future performance. For further discussion of such risks and uncertainties, see “Risk Factors” and the “Forward-Looking Statements” section of “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Arcosa’s Form 10-K for the year ended December 31, 2024 and as may be revised and updated by Arcosa’s Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

TABLES TO FOLLOW

Arcosa, Inc. Condensed Consolidated Statements of Operations (in millions, except per share amounts) (unaudited)

	Three Months Ended March 31,
	2025			2024
Revenues	$	632.0		$	598.6
Operating costs:
Cost of revenues		506.6			487.0
Selling, general, and administrative expenses		73.7			69.1
Gain on disposition of property, plant, equipment, and other assets		(3.8	)		(3.9	)
Gain on sale of businesses		(0.3	)		(7.0	)
		576.2			545.2
Operating profit		55.8			53.4

Interest expense		28.3			8.3
Other income, net		(1.7	)		(2.2	)
		26.6			6.1
Income before income taxes		29.2			47.3
Provision for income taxes		5.6			8.1
Net income	$	23.6		$	39.2

Net income per common share:
Basic	$	0.48		$	0.81
Diluted	$	0.48		$	0.80
Weighted average number of shares outstanding:
Basic		48.7			48.5
Diluted		49.2			48.9

Arcosa, Inc. Condensed Segment Data (in millions) (unaudited)

	Three Months Ended March 31,
Revenues:	2025			2024
Aggregates	$	165.3		$	158.9
Specialty materials and asphalt		73.2			63.2
Aggregates intrasegment sales		(4.1	)		(0.4	)
Total Construction Materials		234.4			221.7
Construction site support		28.4			29.5
Construction Products		262.8			251.2

Utility, wind, and related structures		284.8			231.6
Engineered Structures		284.8			231.6

Inland barges		84.4			79.7
Steel components⁽¹⁾		—			36.1
Transportation Products		84.4			115.8

Segment Totals before Eliminations		632.0			598.6
Eliminations		—			—
Consolidated Total	$	632.0		$	598.6

	Three Months Ended March 31,
Operating profit (loss):		2025			2024
Construction Products	$	18.3		$	28.8
Engineered Structures		39.0			26.3
Transportation Products⁽¹⁾		13.9			14.6
Segment Total		71.2			69.7
Corporate		(15.4	)		(16.3	)
Consolidated Total	$	55.8		$	53.4

Backlog:	March 31, 2025		March 31, 2024
Engineered Structures:
Utility, wind, and related structures	$	1,094.1	$	1,366.7
Transportation Products:
Inland barges	$	333.6	$	294.4

⁽¹⁾On August 16, 2024, the Company completed the divestiture of the steel components business. See Reconciliation of Adjusted EBITDA for Steel Components table for the contribution of the steel components business to operating profit, included above, for the three months ended March 31, 2024.

Arcosa, Inc. Condensed Consolidated Balance Sheets (in millions) (unaudited)

	March 31, 2025			December 31, 2024
Current assets:
Cash and cash equivalents	$	167.9		$	187.3
Receivables, net of allowance		427.6			350.2
Inventories		365.0			359.9
Other		50.8			56.6
Total current assets		1,011.3			954.0

Property, plant, and equipment, net		2,117.9			2,129.4
Goodwill		1,343.2			1,361.2
Intangibles, net		331.0			338.3
Deferred income taxes		2.8			2.8
Other assets		127.7			129.8
	$	4,933.9		$	4,915.5
Current liabilities:
Accounts payable	$	283.5		$	237.3
Accrued liabilities		144.1			166.4
Advance billings		71.2			100.2
Current portion of long-term debt		11.2			12.1
Total current liabilities		510.0			516.0

Debt		1,675.1			1,676.8
Deferred income taxes		202.8			200.6
Other liabilities		91.5			93.9
		2,479.4			2,487.3
Stockholders’ equity:
Common stock		0.5			0.5
Capital in excess of par value		1,703.3			1,696.5
Retained earnings		770.0			748.9
Accumulated other comprehensive loss		(17.7	)		(17.7	)
Treasury stock		(1.6	)		—
		2,454.5			2,428.2
	$	4,933.9		$	4,915.5

Arcosa, Inc. Consolidated Statements of Cash Flows (in millions) (unaudited)

	Three Months Ended March 31,
	2025			2024
Operating activities:
Net income	$	23.6		$	39.2
Adjustments to reconcile net income to net cash provided (required) by operating activities:
Depreciation, depletion, and amortization		53.6			42.8
Stock-based compensation expense		6.7			6.7
Provision for deferred income taxes		1.3			7.1
Gain on disposition of property, plant, equipment, and other assets		(3.8	)		(3.9	)
Gain on sale of businesses		(0.3	)		(7.0	)
(Increase) decrease in other assets		1.4			(2.2	)
Increase (decrease) in other liabilities		(2.9	)		(2.4	)
Other		0.4			(4.4	)
Changes in current assets and liabilities:
(Increase) decrease in receivables		(77.6	)		(10.2	)
(Increase) decrease in inventories		(4.1	)		4.5
(Increase) decrease in other current assets		5.8			1.2
Increase (decrease) in accounts payable		46.2			3.7
Increase (decrease) in advance billings		(29.0	)		5.0
Increase (decrease) in accrued liabilities		(22.0	)		0.4
Net cash provided (required) by operating activities		(0.7	)		80.5
Investing activities:
Proceeds from disposition of property, plant, equipment, and other assets		5.0			4.2
Proceeds from sale of businesses		—			6.7
Capital expenditures		(34.0	)		(54.4	)
Cash received (paid) for acquisitions		17.6			—
Net cash required by investing activities		(11.4	)		(43.5	)
Financing activities:
Payments to retire debt		(3.3	)		(1.7	)
Proceeds from issuance of debt		—			40.0
Dividends paid to common stockholders		(2.5	)		(2.4	)
Purchase of shares to satisfy employee tax on vested stock		(1.5	)		(1.2	)
Net cash provided (required) by financing activities		(7.3	)		34.7
Net increase (decrease) in cash and cash equivalents		(19.4	)		71.7
Cash and cash equivalents at beginning of period		187.3			104.8
Cash and cash equivalents at end of period	$	167.9		$	176.5

Arcosa, Inc. Reconciliation of Adjusted Net Income and Adjusted Diluted EPS (unaudited) GAAP does not define “Adjusted Net Income” and it should not be considered as an alternative to earnings measures defined by GAAP, including net income. We use this metric to assess the operating performance of our consolidated business. We adjust net income for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period.

	Three Months Ended March 31,
	2025			2024
	(in millions)
Net income	$	23.6		$	39.2
Gain on sale of businesses, net of tax		(0.2	)		(5.3	)
Impact of acquisition and divestiture-related expenses, net of tax⁽¹⁾		0.6			2.1
Adjusted Net Income	$	24.0		$	36.0

GAAP does not define “Adjusted Diluted EPS” and it should not be considered as an alternative to earnings measures defined by GAAP, including diluted EPS. We use this metric to assess the operating performance of our consolidated business. We adjust diluted EPS for certain items that are not reflective of the normal operations of our business to provide investors with what we believe is a more consistent comparison of earnings performance from period to period.

	Three Months Ended March 31,
	2025		2024

	(in dollars per share)
Diluted EPS	$	0.48	$	0.80
Gain on sale of businesses		—		(0.11	)
Impact of acquisition and divestiture-related expenses⁽¹⁾		0.01		0.04
Adjusted Diluted EPS	$	0.49	$	0.73

⁽¹⁾ Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs.

Arcosa, Inc.

Reconciliation of Adjusted EBITDA

($ in millions)

(unaudited)

“EBITDA” is defined as net income plus interest, taxes, depreciation, depletion, and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define EBITDA or Adjusted EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including net income. We use Adjusted EBITDA to assess the operating performance of our consolidated business, as a metric for incentive-based compensation, as a measure within our lending arrangements, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry, we believe Adjusted EBITDA also assists investors in comparing a company’s performance on a consistent basis without regard to depreciation, depletion, amortization, and other items which can vary significantly depending on many factors. “Adjusted EBITDA Margin” is defined as Adjusted EBITDA divided by Revenues.

Three Months Ended

March 31,

Full Year

2025 Guidance

2025

2024

Low

High

Revenues

632.0

598.6

2,800.0

3,000.0

Net income

23.6

39.2

170.4

201.9

Add:

Interest expense, net

26.5

6.6

104.0

107.0

Provision for income taxes

5.6

8.1

40.0

50.5

Depreciation, depletion, and amortization expense⁽¹⁾

53.6

42.8

230.0

235.0

EBITDA

109.3

96.7

544.4

594.4

Add (less):

Gain on sale of businesses

(0.3

)

(7.0

)

(0.3

)

(0.3

)

Impact of acquisition and divestiture-related expenses⁽²⁾

0.8

2.8

0.8

Other, net (income) expense

0.1

(0.5

)

0.1

Adjusted EBITDA

109.9

92.0

545.0

595.0

Adjusted EBITDA Margin

17.4

15.4

19.5

19.8

⁽¹⁾ Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments.

⁽²⁾Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs.

Arcosa, Inc. Reconciliation of Adjusted Segment EBITDA ($ in millions) (unaudited) “Segment EBITDA” is defined as segment operating profit plus depreciation, depletion, and amortization. “Adjusted Segment EBITDA” is defined as Segment EBITDA adjusted for certain items that are not reflective of the normal earnings of our business. GAAP does not define Segment EBITDA or Adjusted Segment EBITDA and they should not be considered as alternatives to earnings measures defined by GAAP, including segment operating profit. We use Adjusted Segment EBITDA to assess the operating performance of our businesses, as a metric for incentive-based compensation, and as a basis for strategic planning and forecasting as we believe that it closely correlates to long-term shareholder value. As a widely used metric by analysts, investors, and competitors in our industry we believe Adjusted Segment EBITDA also assists investors in comparing a company’s performance on a consistent basis without regard to depreciation, depletion, amortization, and other items, which can vary significantly depending on many factors. “Adjusted Segment EBITDA Margin” is defined as Adjusted Segment EBITDA divided by Revenues.

	Three Months Ended March 31,
	2025			2024
Construction Products
Revenues	$	262.8		$	251.2

Operating Profit		18.3			28.8
Add: Depreciation, depletion, and amortization expense⁽¹⁾		38.6			30.1
Segment EBITDA		56.9			58.9
Add: Impact of acquisition and divestiture-related expenses⁽²⁾		—			1.2
Adjusted Segment EBITDA	$	56.9		$	60.1
Adjusted Segment EBITDA Margin		21.7	%		23.9	%

Engineered Structures
Revenues	$	284.8		$	231.6

Operating Profit		39.0			26.3
Add: Depreciation and amortization expense⁽¹⁾		12.7			7.9
Segment EBITDA		51.7			34.2
Less: Gain on sale of businesses		—			(7.0	)
Adjusted Segment EBITDA	$	51.7		$	27.2
Adjusted Segment EBITDA Margin		18.2	%		11.7	%

Transportation Products
Revenues	$	84.4		$	115.8

Operating Profit		13.9			14.6
Add: Depreciation and amortization expense		1.9			4.0
Segment EBITDA		15.8			18.6
Less: Gain on sale of businesses		(0.3	)		—
Adjusted Segment EBITDA	$	15.5		$	18.6
Adjusted Segment EBITDA Margin		18.4	%		16.1	%

Operating Loss – Corporate	$	(15.4	)	$	(16.3	)
Add: Impact of acquisition and divestiture-related expenses – Corporate⁽²⁾		0.8			1.6
Add: Corporate depreciation expense		0.4			0.8
Adjusted EBITDA	$	109.9		$	92.0

⁽¹⁾ Includes the impact of the fair value markup of acquired long-lived assets, subject to final purchase price adjustments. ⁽²⁾ Expenses associated with acquisitions and divestitures, including the cost impact of the fair value markup of acquired inventory, advisory and professional fees, integration, separation, and other transaction costs.

Arcosa, Inc. Reconciliation of Freight-Adjusted Revenues for Construction Products ($ in millions) (unaudited) “Freight-Adjusted Revenues” for Construction Products is defined as segment revenues less freight and delivery, which are pass-through activities. GAAP does not define Freight-Adjusted Revenues and they should not be considered as alternatives to earnings measures defined by GAAP, including revenues. We use Freight-Adjusted Revenues in the review of our operating results. We also believe that this presentation is consistent with our competitors. As a widely used metric by analysts and investors, this metric assists in comparing a company’s performance on a consistent basis. “Freight-Adjusted Segment Margin” is defined as Freight-Adjusted Revenues divided by Adjusted Segment EBITDA.

	Three Months Ended March 31,
	2025			2024
Construction Products
Revenues	$	262.8		$	251.2
Less: Freight revenues		22.2			23.9
Freight-Adjusted Revenues	$	240.6		$	227.3

Adjusted Segment EBITDA⁽¹⁾	$	56.9		$	60.1
Adjusted Segment EBITDA Margin⁽¹⁾		21.7	%		23.9	%

Freight-Adjusted Segment EBITDA Margin		23.6	%		26.4	%

⁽¹⁾ See Reconciliation of Adjusted Segment EBITDA table.

Arcosa, Inc. Reconciliation of Free Cash Flow and Net Debt to Adjusted EBITDA ($ in millions) (unaudited) GAAP does not define “Free Cash Flow” and it should not be considered as an alternative to cash flow measures defined by GAAP, including cash flow from operating activities. We define Free Cash Flow as cash provided by operating activities less capital expenditures net of the proceeds from the disposition of property, plant, equipment, and other assets. We use this metric to assess the liquidity of our consolidated business. We present Free Cash Flow for the convenience of investors who use it in their analysis and for shareholders who need to understand the metric we use to assess performance and monitor our cash and liquidity positions.

	Three Months Ended March 31,
	2025			2024
Cash provided (required) by operating activities	$	(0.7	)	$	80.5
Capital expenditures		(34.0	)		(54.4	)
Proceeds from disposition of property, plant, equipment, and other assets		5.0			4.2
Free Cash Flow	$	(29.7	)	$	30.3

GAAP does not define “Net Debt” and it should not be considered as an alternative to cash flow or liquidity measures defined by GAAP. The Company uses Net Debt, which it defines as total debt minus cash and cash equivalents to determine the extent to which the Company’s outstanding debt obligations would be satisfied by its cash and cash equivalents on hand. The Company also uses “Net Debt to Adjusted EBITDA”, which it defines as Net Debt divided by Adjusted EBITDA for the trailing twelve months as a metric of its current leverage position. We present this metric for the convenience of investors who use such metrics in their analysis and for shareholders who need to understand the metrics we use to assess performance and monitor our cash and liquidity positions.

	March 31, 2025
Total debt excluding debt issuance costs	$	1,703.7
Cash and cash equivalents		167.9
Net Debt	$	1,535.8

Adjusted EBITDA (trailing twelve months)⁽¹⁾	$	531.0
Net Debt to Adjusted EBITDA		2.9

⁽¹⁾ Adjusted EBITDA includes an upward pro forma adjustment for Stavola, acquired on October 1, 2024, of $69.2 million, which was Stavola’s Adjusted EBITDA for the six months ended September 30, 2024, to reflect the six-month pro forma impact on our Adjusted EBITDA as if the acquisition had occurred on December 31, 2023. Also included is a $3.1 million downward pro forma adjustment to exclude Adjusted EBITDA from the steel components business during the period, which was divested on August 16, 2024.

Arcosa, Inc. Reconciliation of Adjusted EBITDA for Steel Components and Stavola (in millions) (unaudited)

	Three Months Ended March 31,
	2024
Steel Components:
Operating Profit	$	2.5
Add: Depreciation and amortization expense		2.4
Steel Components EBITDA		4.9
Steel Components Adjusted EBITDA	$	4.9

	Three Months Ended March 31,
	2025
Stavola:
Operating Profit	$	(11.0	)
Add: Depreciation, depletion, and amortization expense		9.0
Stavola EBITDA		(2.0	)
Stavola Adjusted EBITDA	$	(2.0	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506736561/en/

INVESTOR CONTACTS

Erin Drabek

VP of Investor Relations

T 972.942.6500

[email protected]

David Gold

ADVISIRY Partners

T 212.661.2220

[email protected]

MEDIA CONTACT

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Manufacturing Residential Building & Real Estate Commercial Building & Real Estate Construction & Property Engineering

MEDIA:

Logo

May 6, 2025 4:37 pm

eXp World Holdings Reports Q1 2025 Results

BELLINGHAM, Wash., May 06, 2025 (GLOBE NEWSWIRE) — eXp World Holdings, Inc. (Nasdaq: EXPI), “eXp” or the “Company”, “the most agent-centric™” real estate brokerage on the planet and the core subsidiary of eXp World Holdings, Inc., today announced financial results for the first quarter ended March 31, 2025.

“We’re entering 2025 from a position of strength. eXp has built one of the most comprehensive, tech-enabled agent value stack in the industry – one that’s driving record International agent productivity and empowering entrepreneurs at scale,” said Glenn Sanford, Founder, Chairman and CEO of eXp World Holdings. “This quarter alone, we more than doubled our international revenue year-over-year and expanded our footprint into Perú and Türkiye, further proving that our agent-first model transcends borders. Agent success has always been the foundation of eXp’s strategy – and in 2025, we plan to double down with enhanced tech, smarter training, and even more pathways to help agents close more deals, build generational wealth, and create the freedom they deserve.”

“The real estate industry is at a pivotal crossroads, and eXp is proudly leading the charge to protect transparency, consumer choice, and healthy competition – values that have defined our marketplace for decades,” said Leo Pareja, CEO of eXp Realty. “eXp was built by agents, for agents, and we continue to raise the bar. Recently, we launched the industry’s first open-sourced seller advisory form and were the first to partner with Zillow to support consumer transparency. With the rollout of our co-sponsor program, we’ve also unlocked new income pathways for agents. As we look forward, we’re not just defending our industry – we’re building the future of it, with our agents at the center.”

First Quarter 2025 Consolidated Financial Highlights as Compared to the Same Year-Ago Period:

Revenue increased 1% to $954.9 million.
Net loss of $(11.0) million and loss per diluted share of $(0.07).
Adjusted EBITDA¹ (a non-GAAP financial measure) of $2.2 million.
As of March 31, 2025, cash and cash equivalents totaled $115.7 million, compared to $109.2 million as of March 31, 2024.
Net cash provided by operating activities of $39.8 million
Adjusted operating cash flow²(a non-GAAP financial measure) of $28.2 million.
Distributed $12.6 million to shareholders, including $5.0 million of common stock repurchases and $7.6 million of cash dividends.
The Company paid a cash dividend for the first quarter of 2025 of $0.05 per share of common stock on March 19, 2025. On May 5, 2025, the Company’s Board of Directors declared a cash dividend of $0.05 per share of common stock for the first quarter of 2025, expected to be paid on June 4, 2025 to stockholders of record on May 19, 2025.

First Quarter 2025 Operational Highlights as Compared to the Same Year-Ago Period:

eXp ended the first quarter of 2025 with a global agent Net Promoter Score (“aNPS”) of 78, up from 73 in the prior-year period. aNPS is a measure of agent satisfaction and an important key performance indicator given the Company’s intense focus on improving the agent experience.
Agents and brokers on the eXp Realty platform decreased 5% to 81,904 as of March 31, 2025.
Real estate sales transactions decreased 2% to 89,643 in the first quarter of 2025.
Real estate sales volume increased 4% to $38.6 billion in the first quarter of 2025.

First Quarter 2025 Results – Virtual Fireside Chat

The Company will hold a virtual fireside chat and investor Q&A with eXp World Holdings Founder and Chief Executive Officer Glenn Sanford, eXp Realty Chief Executive Officer Leo Pareja, eXp Realty Chief Marketing Officer Wendy Forsythe, Managing Director, eXp International Felix Bravo, and eXp World Holdings Interim Chief Financial Officer Jesse Hill on Tuesday, May 6, 2025 at 2 p.m. PT / 5 p.m. ET.

__________________________

¹ A reconciliation of adjusted EBITDA, a non-GAAP measure, to net income and a discussion of why management believes adjusted EBITDA is useful is included below.
² A reconciliation of adjusted operating cash flow, a non-GAAP measure, to operating cash flow and a discussion of why management believes adjusted operating cash flow is useful is included below.

The investor Q&A is open to investors, current shareholders and anyone interested in learning more about eXp World Holdings and its companies. Submit questions in advance for inclusion to [email protected].

Date: Tuesday, May 6, 2025

Time: 2 p.m. PT / 5 p.m. ET

Location: exp.world. Join at https://exp.world/earnings

Livestream:

expworldholdings.com/events

About eXp World Holdings, Inc.

eXp World Holdings, Inc. (Nasdaq: EXPI) (the “Company”) is the holding company for eXp Realty^® and SUCCESS^® Enterprises. eXp Realty is the largest independent real estate brokerage in the world, with over 81,000 agents across 26 countries. As a cloud-based, agent-centric brokerage, eXp Realty provides real estate agents industry-leading commission splits, revenue share, equity ownership opportunities, and a global network that empowers agents to build thriving businesses. For more information about eXp World Holdings, Inc., visit: expworldholdings.com

SUCCESS^® Enterprises, anchored by SUCCESS^® magazine, has been a trusted name in personal and professional development since 1897. As part of the eXp ecosystem, it offers agents access to valuable resources to enhance their skills, grow their businesses, and achieve long-term success. For more information about SUCCESS, visit success.com.

eXp World Holdings, Inc. intends to use its:

eXp investors website (www.expworldholdings.com/investors/);
eXp Realty LinkedIn page (https://www.linkedin.com/company/exp-realty/);
eXp Realty Facebook Page (https://www.facebook.com/eXpRealty);
eXp Realty Instagram Page (https://www.instagram.com/eXpRealty);
eXp International LinkedIn Page (https://www.linkedin.com/company/exp-realty-international/);
eXp International Facebook Page (https://www.facebook.com/expintl/);
eXp International Instagram Page (https://www.instagram.com/exp.intl/);
eXp World Holdings LinkedIn page (https://www.linkedin.com/company/expworldholdings/);
eXp World Holdings Facebook Page (https://www.facebook.com/eXpWorldHoldings); and
eXp World Holdings Instagram Page (https://www.instagram.com/eXpWorldHoldings)
eXp Realty X Page (https://x.com/eXpRealty)
eXp World Holdings X page (https://x.com/eXpWorldIR)

as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.

Use of Non-GAAP Financial Measures

To provide investors with additional information regarding our financial results, this press release includes references to adjusted EBITDA and adjusted operating cash flow which are non-U.S. GAAP financial measures that may be different from similarly titled measures used by other companies. These measures are presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

The Company’s non-U.S. GAAP financial measures provide useful information about financial performance, enhance the overall understanding of past performance and future prospects, and allow for greater transparency with respect to key metrics used by management for financial and operational decision-making. These measures may also provide additional tools for investors to use in comparing core financial performance over multiple periods with other companies in the industry.

Adjusted EBITDA helps identify underlying trends in the business that could otherwise be masked by the effect of the expenses excluded in adjusted EBITDA. In particular, the Company believes the exclusion of stock-based compensation and stock option expenses provides a useful supplemental measure in evaluating the performance of operations and provides better transparency into results of operations. The Company defines adjusted EBITDA to mean net income (loss) from continuing operations, excluding other income (expense), income tax benefit (expense), depreciation, amortization, impairment charges, litigation contingency expenses, stock-based compensation expense, stock option expense and other items not core to the operating activities of the Company.
Adjusted operating cash flow helps the reader understand the Company’s cash flow. The Company defines the adjusted operating cash flow to mean net cash provided by operating activities, excluding the change in customer deposits.

Adjusted EBITDA and adjusted operating cash flow should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with U.S. GAAP.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect the Company’s and its management’s current expectations but involve known and unknown risks and uncertainties that could impact actual results materially. These statements include, but are not limited to, statements regarding international expansion, revenue growth; dividends; additions of teams and agents in the future; technology development; and financial performance. Important factors that may cause actual results to differ materially and adversely from those expressed in forward-looking statements include real estate market fluctuations, changes in agent retention or recruitment, the Company’s ability to expand successfully in international markets, competitive pressures, regulatory changes, outcomes of ongoing litigation, and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings, including but not limited to the Company’s most recently filed Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. We do not undertake any obligation to update these statements except as required by law.

Media Relations Contact:
eXp World Holdings, Inc.
[email protected]

Investor Relations Contact:
Denise Garcia
[email protected]

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share amounts and per share data)
(UNAUDITED)

	Three Months Ended March 31,
	2025			2024
Revenues	$	954,906		$	943,054

Commissions and other agent-related costs		878,771			864,746
General and administrative expenses		66,871			62,582
Technology and development expenses		16,805			14,761
Sales and marketing expenses		2,835			3,139
Litigation contingency		–			16,000
Total operating expenses		965,282			961,229
Operating (loss) income		(10,376	)		(18,174	)
Other (income) expense
Other (income) expense, net		(943	)		(1,188	)
Equity in (income) losses of unconsolidated affiliates		(80	)		149
Total other (income) expense, net		(1,023	)		(1,039	)
(Loss) income before income tax expense		(9,353	)		(17,135	)
Income tax (benefit) expense		1,671			(3,305	)
Net (loss) income from continuing operations		(11,024	)		(13,830	)
Net (loss) income from discontinued operations		–			(1,809	)
Net (loss) income	$	(11,024	)	$	(15,639	)
Earnings (loss) per share
Basic, net (loss) income from continuing operations	$	(0.07	)	$	(0.09	)
Basic, net (loss) income from discontinued operations		–			(0.01	)
Basic, net (loss) income	$	(0.07	)	$	(0.10	)

Diluted, net (loss) income from continuing operations	$	(0.07	)	$	(0.09	)
Diluted, net (loss) income from discontinued operations		–			(0.01	)
Diluted, net (loss) income	$	(0.07	)	$	(0.10	)
Weighted average shares outstanding
Basic		154,738,167			154,740,334
Diluted		154,738,167			154,740,334

CONSOLIDATED US-GAAP NET (LOSS) INCOME TO ADJUSTED EBITDA RECONCILIATION
(In thousands)
(UNAUDITED)

	Three Months Ended March 31,
	2025			2024
Net (loss) income from continuing operations	$	(11,024	)	$	(13,830	)
Total other (income) expense, net		(1,023	)		(1,039	)
Income tax (benefit) expense		1,671			(3,305	)
Depreciation and amortization		2,561			2,399
Litigation contingency		—			16,000
Stock-based compensation expense (1)		8,119			8,827
Stock option expense		1,853			1,990
Adjusted EBITDA	$	2,157		$	11,042

ADJUSTED OPERATING CASH FLOW
(In thousands)
(UNAUDITED)

	Three Months Ended March 31,
	2025		2024
Net Cash Provided by Operating Activities	$	39,838	$	60,654
Less: Customer Deposits		11,685		31,239
Adjusted Operating Cash Flow	$	28,153	$	29,415

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(UNAUDITED)

	March 31, 2025			December 31, 2024

ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	115,655		$	113,607
Restricted cash		66,569			54,981
Accounts receivable, net of allowance for credit losses of $2,194 and $1,589, respectively		104,045			87,692
Prepaids and other assets		14,655			11,692
TOTAL CURRENT ASSETS		300,924			267,972
Property, plant, and equipment, net		12,209			11,615
Other noncurrent assets		21,853			11,679
Intangible assets, net		6,251			6,456
Deferred tax assets, net		77,283			75,774
Goodwill		17,263			17,226
TOTAL ASSETS	$	435,783		$	390,722

LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable	$	10,109		$	10,478
Customer deposits		67,345			55,660
Accrued expenses		112,111			85,661
Litigation contingency		34,000			34,000
Other current liabilities		238			54
TOTAL CURRENT LIABILITIES		223,803			185,853
TOTAL LIABILITIES		223,803			185,853
EQUITY
Common Stock, $0.00001 par value 900,000,000 shares authorized; 197,536,271 issued and 156,169,130 outstanding at March 31, 2025; 195,028,207 issued and 154,133,385 outstanding at December 31, 2024		2			2
Additional paid-in capital		993,164			962,758
Treasury stock, at cost: 41,367,141 and 40,894,822 shares held, respectively		(691,662	)		(686,680	)
Accumulated deficit		(86,761	)		(68,135	)
Accumulated other comprehensive (loss)		(2,763	)		(3,076	)
TOTAL EQUITY		211,980			204,869
TOTAL LIABILITIES AND EQUITY	$	435,783		$	390,722

EXP WORLD HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(UNAUDITED)

	Three Months Ended March 31,
	2025			2024
OPERATING ACTIVITIES
Net (loss) income	$	(11,024	)	$	(15,639	)
Reconciliation of net income (loss) to net cash provided by operating activities:
Depreciation expense		1,945			2,059
Amortization expense – intangible assets		616			340
Allowance for credit losses on receivables/bad debt on receivables		605			159
Equity in (income) loss of unconsolidated affiliates		(80	)		149
Agent growth incentive stock-based compensation expense		8,119			8,827
Stock option compensation		1,853			1,990
Agent equity stock-based compensation expense		20,756			25,868
Deferred income taxes, net		(1,509	)		(4,786	)
Changes in operating assets and liabilities:
Accounts receivable		(15,808	)		(20,141	)
Prepaids and other assets		(2,963	)		(311	)
Customer deposits		11,685			31,239
Accounts payable		(369	)		197
Accrued expenses		25,828			14,703
Litigation contingency		–			16,000
Other operating activities		184			–
NET CASH PROVIDED BY OPERATING ACTIVITIES		39,838			60,654
INVESTING ACTIVITIES
Purchases of property and equipment		(2,553	)		(1,323	)
Investments in unconsolidated affiliates		(11,244	)		(3,807	)
Capitalized software development costs in intangible assets		(450	)		(115	)
NET CASH USED IN INVESTING ACTIVITIES		(14,247	)		(5,245	)
FINANCING ACTIVITIES
Repurchase of common stock		(4,982	)		(33,032	)
Proceeds from exercise of options		300			977
Transactions with noncontrolling interests		–			(1,169	)
Dividends declared and paid		(7,602	)		(7,585	)
NET CASH USED IN FINANCING ACTIVITIES		(12,284	)		(40,809	)
Effect of changes in exchange rates on cash, cash equivalents and restricted cash		329			(589	)
Net change in cash, cash equivalents and restricted cash		13,636			14,011
Cash, cash equivalents and restricted cash, beginning balance		168,588			169,893
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, ENDING BALANCE	$	182,224		$	183,904
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Cash paid for income taxes		1,480			1,109
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Property and equipment purchases in accounts payable		214			30

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/11d40d41-ca55-4461-b3d2-897a64ac2068

May 6, 2025 4:37 pm

Expeditors Announces Semi-Annual Cash Dividend of $0.77

Expeditors Announces Semi-Annual Cash Dividend of $0.77

BELLEVUE, Wash.–(BUSINESS WIRE)–
Expeditors International of Washington, Inc. (NYSE:EXPD) today announced that on May 5, 2025 its Board of Directors declared a semi-annual cash dividend of $0.77 per share, payable on June 16, 2025 to shareholders of record as of June 2, 2025.

Expeditors is a global logistics company headquartered in Bellevue, Washington. The Company employs trained professionals in 172 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506971000/en/

Daniel R. Wall

President and Chief Executive Officer

(206) 674-3455

Bradley S. Powell

Senior Vice President and Chief Financial Officer

(206) 674-3412

Geoffrey Buscher

Director – Investor Relations

(206) 892-4510

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Trucking Rail Maritime Air Transport Logistics/Supply Chain Management

MEDIA:

May 6, 2025 4:36 pm

Fabrinet to Present at J.P. Morgan Conference

BANGKOK, May 06, 2025 (GLOBE NEWSWIRE) — Fabrinet (NYSE: FN), a leading provider of advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, today announced that its management will present at the 53rd Annual J.P. Morgan Global Technology, Media and Communications Conference in Boston, MA.

The Fabrinet presentation is scheduled for Thursday, May 15, 2025 at 10:00 a.m. EDT (7:00 a.m. PDT). A live webcast, as well as a replay, will be accessible at https://investor.fabrinet.com/.

About Fabrinet

Fabrinet is a leading provider of advanced optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and subsystems, automotive components, medical devices, industrial lasers and sensors. Fabrinet offers a broad range of advanced optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, advanced packaging, integration, final assembly and testing. Fabrinet focuses on production of high complexity products in any mix and any volume. Fabrinet maintains engineering and manufacturing resources and facilities in Thailand, the United States of America, the People’s Republic of China and Israel. For more information visit: https://fabrinet.com/.

SOURCE: Fabrinet

Investor Contact:

Garo Toomajanian
[email protected]

May 6, 2025 4:36 pm

Cadre Holdings Reports First Quarter 2025 Financial Results

Cadre Holdings Reports First Quarter 2025 Financial Results

Capitalizes on Continued Strong Demand for Mission Critical Safety Equipment

Completes Acquisition of Multiple Leading Nuclear Brands, Expanding Geographic Footprint

Increased Guidance Reflects Completed Acquisition and Reaffirmed Organic Growth Expectations

2025 Outlook: Net Sales of $618 to $648 Million and Adjusted EBITDA of $112 to $122 Million

JACKSONVILLE, Fla.–(BUSINESS WIRE)–
Cadre Holdings, Inc. (NYSE: CDRE) (“Cadre” or “Company”), a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets, announced today its consolidated operating results for the three months ended March 31, 2025.

Net sales of $130.1 million for the first quarter
Gross profit margin of 43.1% for the first quarter
Net income of $9.2 million, or $0.23 per diluted share, for the first quarter
Adjusted EBITDA of $20.5 million for the first quarter
Adjusted EBITDA margin of 15.8% for the first quarter
Declared quarterly cash dividend of $0.095 per share in April 2025.

“Following a record year, we continued to see strong and recurring demand for our best-in-class, mission-critical safety products in the first quarter,” said Warren Kanders, CEO and Chairman. “Despite more pronounced uncertainty in our business environment, we have been pleased with our team’s ability to navigate challenges and leverage the Cadre operating model to drive continuous improvement every day. Over the course of our history, Cadre’s performance has been resilient through economic, political, geopolitical and other cycles, and we anticipate similar performance as we move ahead. To begin 2025, we are pleased to have delivered another quarter of financial results above expectations, highlighted by gross margins that increased 130 basis points year-over-year.”

Mr. Kanders added, “In April, we completed the acquisition of the Engineering Division from Carr’s Group, an important next step in scaling our nuclear safety vertical. With increasing global demand driven by energy, defense, and nuclear waste tailwinds, we believe in the consistent growth profile of the nuclear industry, and today, Cadre is uniquely positioned to deliver unparalleled capabilities in this market to a worldwide customer base. As we look forward, complementing our core organic growth initiatives, M&A remains an essential component of our strategy to continue to build our industry-leading safety platform. Consistent with our patient and disciplined approach, we are actively evaluating a robust pipeline of potential transactions focused on complementary businesses with strong margins, leading and defensible market positions, and recurring revenue.”

First Quarter 2025 Operating Results

For the quarter ended March 31, 2025, Cadre generated net sales of $130.1 million, as compared to $137.9 million for the quarter ended March 31, 2024, primarily as a result of large order shipment timing for explosive ordnance disposal (“EOD”) and armor products, partially offset by recent acquisitions and higher demand for crowd control products.

For the quarter ended March 31, 2025, Cadre generated gross profit of $56.1 million, as compared to $57.6 million for the quarter ended March 31, 2024.

Gross profit margin was 43.1% for the quarter ended March 31, 2025, as compared to 41.8% for the quarter ended March 31, 2024, mainly driven by favorable mix, favorable pricing net of material inflation and the absence of inventory step up amortization, partially offset by lower volumes.

Net income was $9.2 million for the quarter ended March 31, 2025, as compared to net income of $6.9 million for the quarter ended March 31, 2024, primarily as a result of acquisition related costs incurred in 2024.

Cadre generated $20.5 million of Adjusted EBITDA for the quarter ended March 31, 2025, as compared to $24.5 million for the quarter ended March 31, 2024. Adjusted EBITDA margin was 15.8% for the quarter ended March 31, 2025, as compared to 17.8% for the prior year period.

Product segment gross profit margin was 44.4% for the first quarter, compared to 43.0% for the prior year period.

Distribution segment gross profit margin was 21.6% for the first quarter, compared to 23.5% for the prior year period.

Liquidity, Cash Flows and Capital Allocation

Cash and cash equivalents increased by $8.5 million from $124.9 million as of December 31, 2024 to $133.4 million as of March 31, 2025.
Total debt decreased by $2.7 million from $223.2 million as of December 31, 2024 to $220.5 million as of March 31, 2025.
Net debt (total debt net of cash and cash equivalents) decreased by $11.2 million from $98.3 million as of December 31, 2024 to $87.1 million as of March 31, 2025.
Capital expenditures totaled $1.4 million for the three months ended March 31, 2025, compared with $1.3 million for the three months ended March 31, 2024.

Acquisition of Carr’s Engineering Division

On April 22, 2025, Cadre completed its acquisition of Carr’s Engineering Limited (excluding Chirton Engineering) and Carr’s Engineering (US), Inc. (together the “Engineering Division”), each a subsidiary of Carr’s Group plc (“Carr’s Group”), for an enterprise value for the acquisition was £75 million. The Engineering Division is comprised of industry-leading brands including Wälischmiller GmbH, CarrsMSM, Bendalls Engineering, NW Total Engineered Solutions, and NuVision Engineering, Inc.

Dividend

On April 22, 2025, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.095 per share, or $0.38 per share on an annualized basis. Cadre’s dividend payment will be made on May 16, 2025 to shareholders of record as of the close of business on the record date of May 2, 2025. The declaration of any future dividend is subject to the discretion of the Company’s Board of Directors.

2025 Outlook

For the full year 2025, Cadre expects to generate net sales in the range of $618 million to $648 million and Adjusted EBITDA in the range of $112 million and $122 million. We expect capital expenditures to be in the range of $8 million to $10 million. These ranges incorporate the estimated impact of tariffs in place today and assume that mitigating actions help offset future potential impacts. Cadre has not provided net income guidance due to the inherent difficulty of forecasting certain types of expenses and gains, which affect net income but not Adjusted EBITDA. Therefore, we do not provide a reconciliation of Adjusted EBITDA guidance to net income guidance.

Conference Call

Management will host a conference call on Wednesday, May 7, 2025, at 10:00 a.m. EST to discuss the latest corporate developments and financial results. The dial-in number for callers in the US is (800)-715-9871 and the dial-in number for international callers is 646-307-1963. The access code for all callers is 3272793. A live webcast will also be available on the Company’s website at https://www.cadre-holdings.com/.

A replay of the call will be available through May 21, 2025. To access the replay, please dial 800-770-2030 in the U.S. or +1-609-800-9909 if outside the U.S., and then enter the access code 3272793.

About Cadre

Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety products. Cadre’s equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company’s core products include body armor, explosive ordnance disposal equipment, duty gear and nuclear safety products. Our highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians. Our key brands include Safariland® and Med-Eng®, amongst others.

Use of Non-GAAP Measures

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization (“EBITDA”), (ii) adjusted EBITDA, (iii) adjusted EBITDA margin and (iv) last twelve months adjusted EBITDA. The Company believes the presentation of these non-GAAP measures provides useful information for the understanding of its ongoing operations and enables investors to focus on period- over-period operating performance, and thereby enhances the user’s overall understanding of the Company’s current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. We do not provide a reconciliation of the non-GAAP guidance measure Adjusted EBITDA for the fiscal year 2025 to net income for the fiscal year 2025, the most comparable GAAP financial measure, due to the inherent difficulty of forecasting certain types of expenses and gains, without unreasonable effort, which affect net income but not Adjusted EBITDA. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

Forward-Looking Statements

Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this press release, include, but are not limited to, those risks and uncertainties more fully described from time to time in the Company’s public reports filed with the Securities and Exchange Commission, including under the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company’s Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. We assume no obligation to update any forward- looking statements to reflect events or circumstances after the date of this press release.


CADRE HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands, except share and per share amounts)

	March 31, 2025			December 31, 2024
Assets
Current assets
Cash and cash equivalents	$	133,431		$	124,933
Accounts receivable, net of allowance for doubtful accounts of $858 and $876, respectively		82,902			93,523
Inventories		91,786			82,351
Prepaid expenses		17,039			19,027
Other current assets		7,357			7,737
Total current assets		332,515			327,571
Property and equipment, net of accumulated depreciation and amortization of $56,244 and $54,384, respectively		45,080			45,243
Operating lease assets		15,595			15,454
Deferred tax assets, net		4,640			4,552
Intangible assets, net		105,884			107,544
Goodwill		148,611			148,157
Other assets		3,968			4,192
Total assets	$	656,293		$	652,713

Liabilities, Mezzanine Equity and Shareholders’ Equity
Current liabilities
Accounts payable	$	32,122		$	29,644
Accrued liabilities		41,604			46,413
Income tax payable		8,560			6,693
Current portion of long-term debt		11,380			11,375
Total current liabilities		93,666			94,125
Long-term debt		209,134			211,830
Long-term operating lease liabilities		10,983			10,733
Deferred tax liabilities		18,101			18,758
Other liabilities		6,847			5,752
Total liabilities		338,731			341,198

Mezzanine equity
Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2025 and December 31, 2024)		—			—

Shareholders’ equity
Common stock ($0.0001 par value, 190,000,000 shares authorized, 40,659,585 and 40,607,988 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively)		4			4
Additional paid-in capital		307,625			306,821
Accumulated other comprehensive loss		(1,535	)		(1,389	)
Accumulated earnings		11,468			6,079
Total shareholders’ equity		317,562			311,515
Total liabilities, mezzanine equity and shareholders’ equity	$	656,293		$	652,713


CADRE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except share and per share amounts)

	Three Months Ended March 31,
	2025			2024
Net sales	$	130,106		$	137,860
Cost of goods sold		73,975			80,232
Gross profit		56,131			57,628
Operating expenses
Selling, general and administrative		41,753			40,719
Restructuring and transaction costs		698			3,087
Related party expense		128			1,843
Total operating expenses		42,579			45,649
Operating income		13,552			11,979
Other expense
Interest expense		(2,231	)		(1,637	)
Other income (expense), net		1,287			(1,444	)
Total other expense, net		(944	)		(3,081	)
Income before provision for income taxes		12,608			8,898
Provision for income taxes		(3,360	)		(1,970	)
Net income	$	9,248		$	6,928

Net income per share:
Basic	$	0.23		$	0.18
Diluted	$	0.23		$	0.18
Weighted average shares outstanding:
Basic		40,618,554			37,946,576
Diluted		40,980,861			38,554,185


CADRE HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

	Three Months Ended March 31,
	2025			2024
Cash Flows From Operating Activities:
Net income	$	9,248		$	6,928
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		3,856			3,942
Amortization of original issue discount and debt issue costs		500			149
Amortization of inventory step-up		—			769
Deferred income taxes		533			1,546
Stock-based compensation		1,968			2,067
Remeasurement of contingent consideration		331			451
(Recoveries from) provision for losses on accounts receivable		(17	)		480
Unrealized foreign exchange transaction (gain) loss		(731	)		934
Other loss (gain)		41			52
Changes in operating assets and liabilities, net of impact of acquisitions:
Accounts receivable		10,633			2,696
Inventories		(9,143	)		1,818
Prepaid expenses and other assets		1,340			2,028
Accounts payable and other liabilities		(1,168	)		(21,723	)
Net cash provided by operating activities		17,391			2,137
Cash Flows From Investing Activities:
Purchase of property and equipment		(1,309	)		(1,343	)
Business acquisitions, net of cash acquired		—			(141,293	)
Net cash used in investing activities		(1,309	)		(142,636	)
Cash Flows From Financing Activities:
Proceeds from revolving credit facilities		—			5,500
Principal payments on revolving credit facilities		—			(5,500	)
Proceeds from term loans		—			80,000
Principal payments on term loans		(2,813	)		(2,500	)
Principal payments on insurance premium financing		—			(1,083	)
Payments for debt issuance costs		—			(844	)
Taxes paid in connection with employee stock transactions		(1,140	)		(5,311	)
Proceeds from secondary offering, net of underwriter discounts		—			73,535
Deferred offering costs		—			(722	)
Dividends distributed		(3,859	)		(3,289	)
Net cash (used in) provided by financing activities		(7,812	)		139,786
Effect of foreign exchange rates on cash and cash equivalents		228			74
Change in cash and cash equivalents		8,498			(639	)
Cash and cash equivalents, beginning of period		124,933			87,691
Cash and cash equivalents, end of period	$	133,431		$	87,052
Supplemental Disclosure of Cash Flows Information:
Cash paid for income taxes, net	$	2,017		$	9,369
Cash paid for interest	$	3,527		$	2,498
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Accruals and accounts payable for capital expenditures	$	104		$	210
Accruals for taxes paid in connection with employee stock transactions	$	24		$	—


CADRE HOLDINGS, INC.
SEGMENT INFORMATION
(Unaudited)
(In thousands)

	Three Months Ended March 31, 2025
					Reconciling
	Product		Distribution		Items⁽¹⁾		Total
Net sales	$	112,735	$	27,862	$	(10,491)	$	130,106
Cost of goods sold		62,625		21,841		(10,491)		73,975
Gross profit	$	50,110	$	6,021	$	—	$	56,131


	Three Months Ended March 31, 2024
					Reconciling
	Product		Distribution		Items⁽¹⁾		Total
Net sales	$	118,785	$	28,191	$	(9,116)	$	137,860
Cost of goods sold		67,764		21,557		(9,089)		80,232
Gross profit	$	51,021	$	6,634	$	(27)	$	57,628

____________________
(1)		Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments.


CADRE HOLDINGS, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Unaudited)
(In thousands)

	Year ended			Three Months Ended							Last Twelve
	December 31,			March 31,							Months
	2024			2025				2024			March 31, 2025
Net income	$	36,133		$	9,248			$	6,928		$	38,453
Add back:
Depreciation and amortization		16,420			3,856				3,942			16,334
Interest expense		7,822			2,231				1,637			8,416
Provision for income taxes		18,085			3,360				1,970			19,475
EBITDA	$	78,460		$	18,695			$	14,477		$	82,678
Add back:
Restructuring and transaction costs⁽¹⁾		7,757			698				4,837			3,618
Other expense (income), net⁽²⁾		4,721			(1,287	)			1,444			1,990
Stock-based compensation expense⁽³⁾		8,369			1,968				2,067			8,270
Stock-based compensation payroll tax expense⁽⁴⁾		441			92				393			140
LTIP bonus⁽⁵⁾		49			—				50			(1	)
Amortization of inventory step-up⁽⁶⁾		3,858			—				769			3,089
Contingent consideration expense⁽⁷⁾		1,185			331				451			1,065
Adjusted EBITDA	$	104,840		$	20,497			$	24,488		$	100,849
Adjusted EBITDA margin⁽⁸⁾		18.5	%		15.8		%		17.8	%

____________________
(1)		Reflects the “Restructuring and transaction costs” line item on our consolidated statements of operations, which primarily includes transaction costs composed of legal and consulting fees. In addition, this line item reflects a $1.8 million fee paid to Kanders & Company, Inc. for services related to the acquisition of Alpha Safety for the three months ended March 31, 2024, which is included in related party expense in the Company’s condensed consolidated statements of operations.
(2)		Reflects the “Other income (expense), net” line item on our condensed consolidated statements of operations and primarily includes transaction gains and losses due to fluctuations in foreign currency exchange rates.
(3)		Reflects compensation expense related to equity and liability classified stock-based compensation plans.
(4)		Reflects payroll taxes associated with vested stock-based compensation awards.
(5)		Reflects the cost of a cash-based long-term incentive plan awarded to employees that vests over three years.
(6)		Reflects amortization expense related to the step-up inventory adjustment recorded as a result of our recent acquisitions.
(7)		Reflects contingent consideration expense related to the acquisition of ICOR.
(8)		Reflects Adjusted EBITDA / Net sales for the relevant periods.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506706974/en/

Gray Hudkins

Cadre Holdings, Inc.

203-550-7148

[email protected]

Investor Relations:

The IGB Group

Leon Berman / Matt Berkowitz

212-477-8438 / 212-227-7098

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Public Policy/Government Law Enforcement/Emergency Services Defense Manufacturing Military Other Manufacturing Other Defense

MEDIA:

May 6, 2025 4:36 pm

COMPX REPORTS FIRST QUARTER 2025 RESULTS

Dallas, Texas, May 06, 2025 (GLOBE NEWSWIRE) — CompX International Inc. (NYSE American: CIX) announced today net sales of $40.3 million for the first quarter of 2025 compared to $38.0 million in the same period of 2024. Operating income was $5.9 million in the first quarter of 2025 compared to $3.7 million in the same period of 2024. Net income was $5.1 million, or $.42 per basic and diluted common share, for the first quarter of 2025 compared to $3.7 million, or $.31 per basic and diluted common share, in the same period of 2024.

First quarter 2025 net sales increased over the comparable 2024 period due to higher Marine Components sales primarily to the towboat and government markets and to a lesser extent higher Security Products sales primarily to the government security market. Operating income increased in the first quarter of 2025 compared to the same period in 2024 primarily due to higher Marine Components sales and gross margin.

CompX is a leading manufacturer of security products and recreational marine components. It operates from three locations in the U.S. and employs approximately 550 people.

Forward-Looking Statements

The statements in this press release relating to matters that are not historical facts are forward-looking statements that represent management’s belief and assumptions based on currently available information. Although we believe the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will be correct. Such statements, by their nature, involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those predicted. While it is not possible to identify all factors, we continue to face many risks and uncertainties.

The factors that could cause our actual future results to differ materially include, but are not limited to, the following:

Future supply and demand for our products;
Changes in our raw material and other operating costs (such as zinc, brass, aluminum, steel and energy costs), including as a result of additional or changed tariffs on imported raw materials, and our ability to pass those costs on to our customers or offset them with reductions in other operating costs;
Price and product competition from low-cost manufacturing sources (such as China);
The impact of pricing and production decisions;
Customer and competitor strategies including substitute products;
Uncertainties associated with new product development and the development of new product features;
Pending or possible future litigation (such as litigation related to our use of certain permitted chemicals in our production process) or other actions;
Our ability to protect or defend our intellectual property rights;
Potential difficulties in integrating future acquisitions;
Decisions to sell operating assets other than in the ordinary course of business;
Environmental matters (such as those requiring emission and discharge standards for existing and new facilities);
The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;
Government laws and regulations and possible changes therein including new environmental, health and safety, sustainability or other regulations;
General global economic and political conditions that disrupt our supply chain, reduce demand or perceived demand for component products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, natural disasters, terrorist acts, global conflicts and public health crises);
Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);
The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes (including tariffs imposed by the U.S. government on imports from China and Mexico);
Technology related disruptions (including, but not limited to, cyber attacks; software implementation, upgrades or improvements; technology processing failures; or other events) related to our technology infrastructure that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders; and
Possible disruption of our business or increases in the cost of doing business resulting from terrorist activities or global conflicts.

Should one or more of these risks materialize (or the consequences of such development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those currently forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.

Investor Relations Contact

Bryan A. Hanley
Senior Vice President and Treasurer
Tel. 972-233-1700

* * * * *

COMPX INTERNATIONAL INC.

SUMMARY OF CONSOLIDATED OPERATIONS

(In millions, except per share amounts)


	Three months ended
	March 31,
	2024		2025
	(Unaudited)
Net sales	$	38.0	$	40.3
Cost of sales		28.3		28.1
Gross margin		9.7		12.2
Selling, general and administrative expense		6.0		6.3
Operating income		3.7		5.9
Interest income		1.2		.8
Income before income taxes		4.9		6.7
Income tax expense		1.2		1.6
Net income	$	3.7	$	5.1

Basic and diluted net income per common share	$	.31	$	.42
Weighted average diluted common shares outstanding		12.3		12.3

May 6, 2025 4:36 pm

Vast Announces Voluntary Nasdaq Delisting and Strategic Leadership Changes

SYDNEY, May 06, 2025 (GLOBE NEWSWIRE) — Vast Renewables Limited (Vast) (Nasdaq: VSTE), a leading Australian clean energy technology company, today announced that it has notified The Nasdaq Stock Market LLC (Nasdaq) of its intention to voluntarily delist its ordinary shares and public warrants from Nasdaq. Delisting from Nasdaq marks the first step in Vast’s broader strategy to cease its public reporting obligations in the U.S. The decision to delist and deregister is a strategic step by Vast to simplify its corporate structure, reduce regulatory and administrative costs, and align its governance with the scale and needs of its business. As a growth-stage enterprise focused on long-term infrastructure development, Vast believes that redirecting resources toward executing its business plan will better position Vast for long-term success.

Vast expects to file a Form 25 with the U.S. Securities and Exchange Commission (SEC) to delist its ordinary shares and public warrants on or about May 15, 2025, with the delisting expected to become effective ten days thereafter. Accordingly, Vast anticipates that the last day of trading of its ordinary shares and public warrants on Nasdaq will be on or about May 23, 2025. Following the delisting, Vast expects that its ordinary shares and public warrants will begin trading in the over-the-counter (OTC) marketplace. Vast also intends to file a Form 15 to deregister its securities and suspend its SEC reporting obligations.

Vast’s priority remains reaching financial close for its 30MW Port Augusta utility-scale clean energy project, Vast Solar 1 (VS1), by the end of September 2025. VS1 was recently awarded up to AUD180 million of conditional funding from the Australian Renewable Energy Agency and is set to be one of Australia’s first projects to provide urgently needed long duration renewable energy storage and generation during peak pricing periods when intermittent renewables like solar PV are not available.

VS1 recently received a ‘not a controlled action’ determination under the Environment Protection and Biodiversity Conservation Act, streamlining the path to commencing construction later this year.

Vast is also pleased to announce the promotion of Lachlan Roberts, current GM of Project Development and Delivery, to Chief Operating Officer, and the appointment of David Collins as GM of Commercial to lead the development of Vast’s pipeline of projects globally. These leadership changes, and the streamlined corporate structure enabled by delisting and deregistration, position Vast to sharpen its operational focus, drive execution excellence, and accelerate the delivery of VS1 and its other strategic priorities.

About Vast

Headquartered in Australia, Vast is a renewable energy company developing clean energy solutions that enable 24/7 green, low-cost heat and power to decarbonise the grid, green fuels production for the transport industry, and hard-to-abate industries. Vast’s next generation concentrated solar power (CSP) v3.0 approach utilises a proprietary, modular sodium loop to efficiently capture and convert the sun’s energy.

Visit www.vast.energy for more information.

Contacts

For Investors:
Caldwell Bailey
ICR, Inc.
[email protected]

For US media:
Matt Dallas
ICR, Inc.
[email protected]

For Australian media:
Andrew Butler
Wilkinson Butler
[email protected]

Forward Looking Statements

The information included herein and in any oral statements made in connection herewith 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 present or historical fact included herein, regarding VS1, Vast’s future financial performance, Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, capital expenditures, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “will,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, the timing of Vast’s delisting from Nasdaq and deregistration and related regulatory filings; the anticipated cost savings in connection with the delisting and deregistration; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast’s ability to estimate project costs and to execute its business plan, including the completion of the Port Augusta project (including VS1), at all or in a timely manner; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast; changes in applicable laws or regulations and general economic and market conditions impacting project costs and/or demand for Vast’s products and services. Additional risks are set forth in the section titled “Risk Factors” in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, as amended on November 7, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

May 6, 2025 4:35 pm

Horace Mann reports first-quarter 2025 results

Horace Mann reports first-quarter 2025 results

SPRINGFIELD, Ill.–(BUSINESS WIRE)–
Horace Mann Educators Corporation (NYSE:HMN), the largest multiline financial services company focused on helping America’s educators and a core small-cap growth and value equity in the Financials sector, today reported financial results for the three months ended March 31, 2025:

Diversified business delivered first-quarter net income of $38 million, or $0.92 per share, and core earnings* of $45 million, or $1.07 per share, with reported book value of $32.79 and adjusted book value* of $38.05 at quarter end
Total revenue rose 8% for the quarter, with net premiums and contract charges earned up 8%
First-quarter Property & Casualty segment combined ratio of 89.4% improved 11 points over prior year
Full-year 2025 core EPS guidance updated to reflect a change in the core earnings* definition; now expecting full-year 2025 core EPS of $3.85 to $4.15, and a double-digit shareholder return on equity

($ in millions, except per share amounts)	Three Months Ended March 31,
		2025			2024		% Change
Total revenues	$	416.4		$	386.0		7.9	%
Net income		38.2			26.5		44.2	%
Net investment gains (losses), after tax		(2.6	)		1.7		N.M.
Non-core earnings, after tax*		(3.9	)		(1.0	)	N.M.
Core earnings*		44.7			25.8		73.3	%
Per diluted share:
Net income		0.92			0.64		43.8	%
Net investment gains (losses), after tax		(0.06	)		0.04		N.M.
Non-core earnings, after tax*		(0.09	)		(0.02	)	N.M.
Core earnings per diluted share*		1.07			0.62		72.6	%
Book value per share		32.79			29.57		10.9	%
Adjusted book value per share*		38.05			36.52		4.2	%
Tangible book value per share*		33.00			31.13		6.0	%
Core ROE – LTM		10.6	%		5.7	%	4.9 pts
N.M. – Not meaningful. * These measures are not based on accounting principles generally accepted in the United States of America (non-GAAP). They are reconciled to the most directly comparable GAAP measures in the Appendix to the Investor Supplement. An explanation of these measures is contained in the Glossary of Selected Terms included as an exhibit in the Company’s reports filed with the Securities and Exchange Commission.

“First-quarter results reflect the earnings power of our business, particularly in the Property & Casualty line. The reported combined ratio of 89.4% reflects the profitability restoration work we completed in 2024 as well as lower property loss costs and favorable prior years’ reserve development,” said Horace Mann President & CEO Marita Zuraitis. “We continue to execute on our strategy to drive sustained, profitable growth, and we are on track to meet our 2025 goals of record core earnings and a double-digit shareholder return on equity.

“Our results clearly illustrate Horace Mann’s ability to empower all educators to achieve lifelong financial success, while also helping employers attract and retain employees by providing more comprehensive benefits,” Zuraitis added. “The diversification of our business reflects our strategy to deliver consistent and reliable value to shareholders with a solid balance sheet and a compelling dividend.”

Simultaneous with this release, the Quarterly Results page of investors.horacemann.com has been updated to include the first-quarter Quarterly Report on Form 10-Q, investor supplement and investor presentation. These include details on company and segment financial performance, company guidance and outlook.

Quarterly webcast

Horace Mann’s senior management will discuss the company’s first-quarter financial results with investors on May 7, 2025 at noon Eastern Time. The conference call will be webcast live at investors.horacemann.com and available later in the day for replay.

About Horace Mann

Horace Mann Educators Corporation (NYSE: HMN) is the largest multiline financial services company focused on helping America’s educators and others who serve the community achieve lifelong financial success. The company offers individual and group insurance and financial solutions tailored to the needs of the educational community. Founded by Educators for Educators^® in 1945, Horace Mann is headquartered in Springfield, Illinois. For more information, visit horacemann.com.

Safe Harbor Statement and Non-GAAP Measures

Certain statements included in this news release, including those regarding our earnings outlook, expected catastrophe losses, our investment strategies, our plans to implement additional rate actions, our plans relating to share repurchases and dividends, our efforts to enhance customer experience and expand our products and solutions to more educators, our strategies to create sustainable long-term growth and double-digit ROEs, our strategy to achieve a larger share of the education market, and other business strategies, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Horace Mann and its subsidiaries. Horace Mann cautions investors that such statements are subject to risks and uncertainties, many of which are difficult to predict and generally beyond Horace Mann’s control, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking statements included in this document. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Information” sections included in Horace Mann’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission (SEC). The forward-looking statements herein are subject to the risk, among others, that we will be unable to execute our strategy because of market or competitive conditions or other factors. Horace Mann does not undertake to update any particular forward-looking statement included in this document if we later become aware that such statement is not likely to be achieved.

Information contained in this news release include measures which are based on methodologies other than accounting principles generally accepted in the United States of America (GAAP). Reconciliations of non-GAAP measures to the closest GAAP measures are contained in the Appendix to the Investor Supplement and additional descriptions of the non-GAAP measures are contained in the Glossary of Selected Terms included as an exhibit to Horace Mann’s SEC filings.

# # #

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506542207/en/

Brendan Dawal, Vice President, Investor Relations

217-670-8766 | [email protected]

KEYWORDS: United States North America Illinois

INDUSTRY KEYWORDS: Primary/Secondary Professional Services Education Finance Continuing Banking

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May 6, 2025 4:35 pm

KULR Technology Group Sets First Quarter 2025 Earnings Call for Thursday, May 15, 2025 at 4:30 p.m. ET

HOUSTON, May 06, 2025 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a global leader in advanced energy management solutions, will hold a conference call on Thursday, May 15^th at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2025. The financial results will be issued in a press release prior to the call.

KULR management will host the conference call, followed by a question-and-answer period. Interested parties can submit relevant questions prior to the call to Stuart Smith at SmallCapVoice.Com, Inc. via email: [email protected] by 8:00 a.m. ET on Monday, May 12^th, 2025. Mr. Smith will compile a list of questions and submit them to the Company prior to the conference call. The questions that will get addressed will be based on the relevance to the shareholder base, and the appropriateness of the questions in light of public disclosure rules.

KULR Technology Group First Quarter 2025 Earnings Call

Date: Thursday, May 15^th, 2025
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)

To access the call, please register using the following link: KULR First Quarter 2025 Earnings Call. After registering, an email will be sent, including dial-in details and a unique conference call access code and PIN required to join the live call. The conference call will be available for replay here via the Investor Relations section on KULR’s website (www.kulr.ai).

About KULR Technology Group Inc.

KULR Technology Group Inc. (NYSE American: KULR) delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company’s holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. On December 4, 2024, KULR announced that its Board of Directors has agreed to include bitcoin as a primary asset in its treasury program and committed to allocating up to 90% of its surplus cash to the acquisition of bitcoin. For more information, please visit www.kulr.ai.

Safe Harbor Statement

This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely based on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.

Investor Relations:

KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]

May 6, 2025 4:35 pm

Titan America Declares First-Quarter and Second-Quarter 2025 Distribution of Issue Premium Payment

NORFOLK, Va.–(BUSINESS WIRE)–
Titan America SA (NYSE: TTAM) (“Titan America”) today announced that its Board of Directors has declared a distribution of $0.04 per common share for each of the first quarter and second quarter of 2025 out of Titan America’s available issue premium. The total distribution of $0.08 will be payable on June 25, 2025, to shareholders of record as of June 4, 2025.

Future declarations of distributions of issue premium or dividends (out of shareholder approved allocations or otherwise) will be made at the discretion of the Board of Directors and will be based on Titan America’s available issue premium, earnings, financial condition, cash requirements, future prospects, and other factors. Titan America’s ability to declare a quarterly dividend or distribution out of available issue premium is subject to shareholder approval with limited exception.

About Titan America SA

Titan America is a leading vertically-integrated producer of cement and building materials in the high-growth economic mega-regions of the U.S. East Coast, with operations and leading market positions across Florida, the Mid-Atlantic, and Metro New York/New Jersey. Titan America’s family of company brands includes Essex Cement, Roanoke Cement, Titan Florida, Titan Virginia Ready-Mix, S&W Ready-Mix, Powhatan Ready Mix, Titan Mid-Atlantic Aggregates, and Separation Technologies. Titan America’s operations include cement plants, construction aggregates and sand mines, ready-mix concrete plants, concrete block plants, fly ash production facilities, marine import and rail terminals, and distribution hubs.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250506551001/en/

Investor Relations

[email protected]

757-901-4152

https://ir.titanamerica.com

KEYWORDS: United States North America Virginia

INDUSTRY KEYWORDS: Residential Building & Real Estate Commercial Building & Real Estate Manufacturing Construction & Property Landscape Mining/Minerals Natural Resources Other Manufacturing Engineering Other Construction & Property Chemicals/Plastics

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