Market Newsdesk

April 22, 2025 7:20 am

Natural Grocers® Honors Arbor Day in Nebraska, with a Freebie and $5 Off, April 25-27, 2025

PR Newswire

{N}power^® members will receive a free reusable bag and exclusive savings at all three Nebraska locations

LAKEWOOD, Colo.
, April 22, 2025 /PRNewswire/ — Natural Grocers^®, the leading family-operated organic and natural grocery retailer in the U.S., invites Nebraska customers to celebrate Arbor Day with a freebie and savings, April 25-27. Members of its {N}power^® rewards program will receive a free Natural Grocers reusable tote bag and a $5 off coupon for in-store purchases at its three Nebraska stores.

{N}POWER® MEMBERS SAVE & CELEBRATE

April 25-27: {N}power members will receive a FREE, limited-edition, reusable shopping bag featuring each of the 21 states Natural Grocers has a presence in—including Nebraska, while supplies last.^[i]
April 25-27: {N}power members will also enjoy extra savings with a $5 off coupon.^[ii]

SIGN UP & SAVE
Not an {N}power member? Not a problem! Discover {N}power, Natural Grocers’ free customer rewards program—and enjoy exclusive discounts, deals, surprise offers and rewards points with every visit. Sign up for {N}power here. Customers can also download the Natural Grocers App for easy access to {N}power benefits and more.

NEBRASKA – A NATURAL FIT FOR NATURAL GROCERS

Natural Grocers, a Colorado-based company, opened its first store in Lincoln, Nebraska, in spring of 2012. Two additional stores followed in 2013, bringing high-quality products and world-class customer service to Omaha and its surrounding communities. The company remains committed to serving the Cornhusker State with the highest-quality products at their Always Affordable Prices^SM.

“As a company, we had been looking to expand into our neighboring state of Nebraska for quite some time,” said Raquel Isely, vice president of marketing at Natural Grocers. “The state offers naturally beautiful and diverse landscapes, a growing economy with a deep commitment to its agricultural heritage—and that friendly mid-western vibe. Because of this and more, we knew Nebraska would be a great fit for a company like ours.

“For over a decade, we’ve been honored to serve the kind and hard-working people of Nebraska with our Five Founding Principles. Arbor Day, a holiday that originated in this state, is the perfect time to say, ‘thank you’ to our loyal customers. Celebrating trees and urging folks to plant more is a meaningful investment in the health of our soil and planet. We invite folks from Lincoln, Omaha, and everywhere in between to join our festivities.”

Natural Grocers proudly employees nearly 70 local good4u^SM Crew members in Nebraska and is passionate about helping them live healthy, balanced lives. The company is committed to positively impacting Crew’s physical, emotional and financial well-being with free nutrition education programs, excellent benefits and access to the highest-quality, affordable products.

Click here to learn more about career options with Natural Grocers.

LEARN MORE

Subscribe to the Free Health Hotline® Magazine to learn more about a natural approach to living with monthly sale items, recipes and educational articles.
To keep up with the latest that Natural Grocers has to offer, follow them on Facebook, Instagram, or TikTok.
For media inquiries or sample requests, please email [email protected].

ABOUT NATURAL GROCERS BY VITAMIN COTTAGE
Founded in 1955, Natural Grocers by Vitamin Cottage, Inc. (NYSE: NGVC) is an expanding specialty retailer of natural and organic groceries, body care products, and dietary supplements. The grocery products sold by Natural Grocers must meet strict quality guidelines and may not contain artificial flavors, preservatives, or sweeteners (as defined by its standards), synthetic colors, or partially hydrogenated or hydrogenated oils. The Company sells only USDA-certified organic produce and exclusively pasture-raised, non-confinement dairy products, and free-range eggs. Natural Grocers’ flexible smaller-store format allows it to offer affordable prices in a shopper-friendly, clean, and convenient retail environment. The Company also provides extensive free science-based Nutrition Education programs to help customers and Crew make informed health and nutrition choices. Natural Grocers is committed to its 5 Founding Principles—including its “Commitment to Community” and “Commitment to Crew”. In fiscal year 2024, the Company invested more than $15 million in incremental compensation and discretionary payments for Crew. Headquartered in the Union Square neighborhood of Lakewood, CO, Natural Grocers has 169 stores in 21 states. Visit www.naturalgrocers.com for more information and store locations.

^[i] Offer available only to {N}power members. Limit one bag per customer. Offer valid 4/25/2025 – 4/27/2025 at participating Nebraska stores, while supplies last. Quantity limited to stock on hand; no rain checks.

^[ii] Offer available only to {N}power members, for in-store purchases at participating Nebraska Natural Grocers stores, 4/25/2025 – 4/27/2025. Customers who have signed up for {N}power by 4/23/2025 will receive this coupon via email. A minimum purchase is required to use the $5 off coupon. See email for additional terms. {N}power offers are available only to registered members and are subject to program terms and conditions available at www.naturalgrocers.com/npower and privacy policy available at www.naturalgrocers.com/privacy-policy. Natural Grocers reserves the right to correct errors. Void where prohibited by law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/natural-grocers-honors-arbor-day-in-nebraska-with-a-freebie-and-5-off-april-25-27-2025-302433686.html

SOURCE Natural Grocers by Vitamin Cottage, Inc.

April 22, 2025 7:18 am

Southern First Reports First Quarter 2025 Results

PR Newswire

GREENVILLE, S.C.
, April 22, 2025 /PRNewswire/ — Southern First Bancshares, Inc. (NASDAQ: SFST), holding company for Southern First Bank, today announced its financial results for the three months ended March 31, 2025.

“We are pleased to report our first quarter results, which reflect our continued momentum and a great start to the year. We had exceptional loan and deposit growth and another quarter of solid margin expansion. We are well positioned for any additional Fed moves but are confident in our ability to increase profitability without them. Asset quality, which has always been a strength of our company, remains excellent. Our capital ratios are strong and provide the balance sheet strength and support we need for continued growth and increasing performance. We are prepared for the uncertainty and potential instability in our immediate operating environment and in the broader economy based on recent trade and tariff events,” stated Art Seaver, Chief Executive Officer. “We recently celebrated the 25^th anniversary of our grand opening, and I am extremely proud of our great team and the company they’ve built. Our people are highly energized and ready to drive our future success through impacting lives in our markets. Our business opportunities have continued to increase, we have continued to hire experienced and successful bankers to expand our markets, and we remain focused on supporting our communities and enhancing value for our shareholders.”

2025 First Quarter Highlights

Net income of $5.3 million and diluted earnings per common share of $0.65, up 109% compared to Q1 2024
Net interest margin of 2.41%, compared to 2.25% for Q4 2024 and 1.94% for Q1 2024
Total loans of $3.7 billion, up 6% (annualized) over Q4 2024
Core deposits of $2.8 billion, up 23% (annualized) over Q4 2024
Nonperforming assets to total assets of 0.26% and past due loans to total loans of 0.27%
Book value per common share of $41.33 and a Tangible Common Equity (TCE) ratio of 7.88%

		Quarter Ended
		March 31	December 31	September 30	June 30	March 31
		2025	2024	2024	2024	2024
Earnings ($ in thousands, except per share data):
Net income available to common shareholders	$	5,266	5,627	4,382	2,999	2,522
Earnings per common share, diluted		0.65	0.70	0.54	0.37	0.31
Total revenue⁽¹⁾		26,497	25,237	23,766	23,051	21,309
Net interest margin (tax-equivalent)⁽²⁾		2.41 %	2.25 %	2.08 %	1.98 %	1.94 %
Return on average assets⁽³⁾		0.52 %	0.54 %	0.43 %	0.29 %	0.25 %
Return on average equity⁽³⁾		6.38 %	6.80 %	5.40 %	3.81 %	3.22 %
Efficiency ratio⁽⁴⁾		71.08 %	73.48 %	75.90 %	80.87 %	84.94 %
Noninterest expense to average assets ⁽³⁾		1.87 %	1.78 %	1.75 %	1.81 %	1.81 %
Balance Sheet ($ in thousands):
Total loans⁽⁵⁾	$	3,683,919	3,631,767	3,619,556	3,622,521	3,643,766
Total deposits		3,620,886	3,435,765	3,518,825	3,459,869	3,460,681
Core deposits⁽⁶⁾		2,820,194	2,661,736	2,705,429	2,788,223	2,807,473
Total assets		4,284,311	4,087,593	4,174,631	4,109,849	4,105,704
Book value per common share		41.33	40.47	40.04	39.09	38.65
Loans to deposits		101.74 %	105.70 %	102.86 %	104.70 %	105.29 %
Holding Company Capital Ratios⁽⁷⁾:
Total risk-based capital ratio		12.69 %	12.70 %	12.61 %	12.77 %	12.59 %
Tier 1 risk-based capital ratio		11.15 %	11.16 %	10.99 %	10.80 %	10.63 %
Leverage ratio		8.79 %	8.55 %	8.50 %	8.27 %	8.44 %
Common equity tier 1 ratio⁽⁸⁾		10.75 %	10.75 %	10.58 %	10.39 %	10.22 %
Tangible common equity⁽⁹⁾		7.88 %	8.08 %	7.82 %	7.76 %	7.68 %
Asset Quality Ratios:
Nonperforming assets/total assets		0.26 %	0.27 %	0.28 %	0.27 %	0.09 %
Classified assets/tier one capital plus allowance for credit losses		4.24 %	4.25 %	4.35 %	4.22 %	3.99 %
Accruing loans 30 days or more past due/loans⁽⁵⁾		0.27 %	0.18 %	0.09 %	0.06 %	0.32 %
Net charge-offs (recoveries)/average loans⁽⁵⁾ (YTD annualized)		0.00 %	0.04 %	0.05 %	0.07 %	0.03 %
Allowance for credit losses/loans⁽⁵⁾		1.10 %	1.10 %	1.11 %	1.11 %	1.11 %
Allowance for credit losses/nonaccrual loans		378.09 %	366.94 %	346.78 %	357.95 %	1,109.13 %
[Footnotes to table located on page 6]

INCOME STATEMENTS –
Unaudited


		Quarter Ended					Mar 31 2025 –
		Mar 31	Dec 31	Sept 30	Jun 30	Mar 31	Mar 31 2024
(in thousands, except per share data)		2025	2024	2024	2024	2024	% Change
Interest income
Loans	$	47,085	47,163	47,550	46,545	45,605	3.25 %
Investment securities		1,403	1,504	1,412	1,418	1,478	(5.07 %)
Federal funds sold		1,159	2,465	2,209	2,583	1,280	(9.45 %)
Total interest income		49,647	51,132	51,171	50,546	48,363	2.65 %
Interest expense
Deposits		23,569	25,901	27,725	28,216	26,932	(12.49 %)
Borrowings		2,695	2,773	2,855	2,802	2,786	(3.27 %)
Total interest expense		26,264	28,674	30,580	31,018	29,718	(11.62 %)
Net interest income		23,383	22,458	20,591	19,528	18,645	25.41 %
Provision (reversal) for credit losses		750	(200)	–	500	(175)	(528.57 %)
Net interest income after provision for credit losses		22,633	22,658	20,591	19,028	18,820	20.26 %
Noninterest income
Mortgage banking income		1,424	1,024	1,449	1,923	1,164	22.34 %
Service fees on deposit accounts		539	499	455	423	387	39.28 %
ATM and debit card income		552	607	599	587	544	1.47 %
Income from bank owned life insurance		402	407	401	384	377	6.63 %
Other income		197	242	271	206	192	2.60 %
Total noninterest income		3,114	2,779	3,175	3,523	2,664	16.89 %
Noninterest expense
Compensation and benefits		11,304	10,610	10,789	11,290	10,857	4.12 %
Occupancy		2,548	2,587	2,595	2,552	2,557	(0.35 %)
Outside service and data processing costs		2,037	2,003	1,930	1,962	1,846	10.35 %
Insurance		1,010	1,077	1,025	965	955	5.76 %
Professional fees		509	656	548	582	618	(17.64 %)
Marketing		374	335	319	389	369	1.36 %
Other		1,054	1,276	833	903	898	17.26 %
Total noninterest expenses		18,836	18,544	18,039	18,643	18,100	4.07 %
Income before provision for income taxes		6,911	6,893	5,727	3,908	3,384	104.23 %
Income tax expense		1,645	1,266	1,345	909	862	90.84 %
Net income available to common shareholders	$	5,266	5,627	4,382	2,999	2,522	108.80 %

Earnings per common share – Basic	$	0.65	0.70	0.54	0.37	0.31
Earnings per common share – Diluted		0.65	0.70	0.54	0.37	0.31
Basic weighted average common shares		8,078	8,023	8,064	8,126	8,110
Diluted weighted average common shares		8,111	8,097	8,089	8,141	8,142
[Footnotes to table located on page 6]

Net income for the first quarter of 2025 was $5.3 million, or $0.65 per diluted share, a $361 thousand decrease from the fourth quarter of 2024 and a $2.7 million increase from the first quarter of 2024. Net interest income increased $925 thousand during the first quarter of 2025, compared to the fourth quarter of 2024, and increased $4.7 million, compared to the first quarter of 2024. The increase in net interest income from the prior quarter and prior year was primarily driven by a decrease in interest expense on deposits. In addition, an increase in loan interest income also drove the increase in net interest income from the first quarter of the prior year.

The provision for credit losses was $750 thousand for the first quarter of 2025 compared to a reversal of $200 thousand for the fourth quarter of 2024 and a reversal of $175 thousand for the first quarter of 2024. The provision during the first quarter of 2025 includes a $750 thousand provision for credit losses and no provision for the reserve for unfunded commitments. The provision for credit losses in the first quarter of 2025 was primarily driven by a $52.2 million increase in our loan portfolio.

Noninterest income was $3.1 million for the first quarter of 2025, compared to $2.8 million for the fourth quarter of 2024, and $2.7 million for the first quarter of 2024. Mortgage banking income continues to be the largest component of our noninterest income at $1.4 million in fee revenue for the first quarter of 2025, $1.0 million for the fourth quarter of 2024, and $1.2 million for the first quarter of 2024. Mortgage origination volume increased in the first quarter of 2025, driving the increase in revenue from the prior quarter and prior year.

Noninterest expense for the first quarter of 2025 was $18.8 million, a $292 thousand increase from the fourth quarter of 2024, and a $736 thousand increase from the first quarter of 2024. The increase in noninterest expense from the previous quarter was driven by an increase in compensation and benefits, offset in part by decreases in professional fees and other noninterest expense. The increase in noninterest expense from the previous year related primarily to increases in compensation and benefits, outside service and data processing costs, and other noninterest expenses.

Our effective tax rate was 23.8% for the first quarter of 2025, 18.4% for the fourth quarter of 2024, and 25.5% for the first quarter of 2024. The changes in the effective tax rate are driven by the effect of equity compensation transactions and return to provision differences on our actual tax rate during the quarter compared to what was estimated during the year.

NET INTEREST INCOME AND MARGIN –
Unaudited


	For the Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
(dollars in thousands)	Average Balance	Income/ Expense	Yield/ Rate⁽³⁾	Average Balance	Income/ Expense	Yield/ Rate⁽³⁾	Average Balance	Income/ Expense	Yield/ Rate⁽³⁾
Interest-earning assets
Federal funds sold and interest-bearing deposits	$ 107,821	$ 1,159	4.36 %	$ 203,065	$ 2,465	4.83 %	$ 89,969	$ 1,280	5.71 %
Investment securities, taxable	143,609	1,361	3.84 %	145,932	1,462	3.99 %	137,271	1,436	4.20 %
Investment securities, nontaxable⁽²⁾	7,914	55	2.80 %	7,988	55	2.72 %	8,097	55	2.70 %
Loans⁽¹⁰⁾	3,673,912	47,085	5.20 %	3,620,765	47,163	5.18 %	3,622,972	45,605	5.05 %
Total interest-earning assets	3,933,256	49,660	5.12 %	3,977,750	51,145	5.12 %	3,858,309	48,376	5.03 %
Noninterest-earning assets	157,053			158,779			159,813
Total assets	$4,090,309			$4,136,529			$4,018,122
Interest-bearing liabilities
NOW accounts	$ 306,707	597	0.79 %	$ 300,902	693	0.92 %	$ 295,774	660	0.90 %
Savings & money market	1,520,632	12,750	3.40 %	1,492,534	13,525	3.61 %	1,620,521	16,299	4.03 %
Time deposits	930,282	10,222	4.46 %	992,335	11,683	4.68 %	801,734	9,973	4.99 %
Total interest-bearing deposits	2,757,621	23,569	3.47 %	2,785,771	25,901	3.70 %	2,718,029	26,932	3.97 %
FHLB advances and other borrowings	240,000	2,244	3.79 %	240,000	2,295	3.80 %	241,319	2,229	3.71 %
Subordinated debentures	24,903	451	7.34 %	24,903	478	7.64 %	36,333	557	6.15 %
Total interest-bearing liabilities	3,022,524	26,264	3.52 %	3,050,674	28,674	3.74 %	2,995,681	29,718	3.98 %
Noninterest-bearing liabilities	732,761			756,636			707,890
Shareholders’ equity	335,024			329,219			314,551
Total liabilities and shareholders’ equity	$4,090,309			$4,136,529			$4,018,122
Net interest spread			1.60 %			1.38 %			1.05 %
Net interest income (tax equivalent) / margin		$23,396	2.41 %		$22,471	2.25 %		$18,658	1.94 %
Less: tax-equivalent adjustment⁽²⁾		13			13			13
Net interest income		$23,383			$22,458			$18,645
[Footnotes to table located on page 6]

Net interest income was $23.4 million for the first quarter of 2025, a $925 thousand increase from the fourth quarter of 2024, driven by a $2.4 million decrease in interest expense, partially offset by a $1.5 million decrease in interest income. The decrease in interest expense was driven by a 23 basis point reduction in rate on our interest-bearing deposits over the previous quarter. In comparison to the first quarter of 2024, net interest income increased $4.7 million, resulting primarily from a 50 basis point decrease in the cost of our interest-bearing deposits. Our net interest margin, on a tax-equivalent basis, was 2.41% for the first quarter of 2025, a 16 basis point increase from 2.25% for the fourth quarter of 2024 and a 47 basis point increase from 1.94% for the first quarter of 2024.

BALANCE SHEETS –
Unaudited


		Ending Balance					Mar 31 2025 –
		Mar 31	Dec 31	Sep 30	Jun 30	Mar 31	Mar 31 2024
(in thousands, except per share data)		2025	2024	2024	2024	2024	% Change
Assets
Cash and cash equivalents:
Cash and due from banks	$	24,904	22,553	25,289	21,567	13,925	78.84 %
Federal funds sold		263,612	128,452	226,110	164,432	144,595	82.31 %
Interest-bearing deposits with banks		16,541	11,858	9,176	8,828	8,789	88.20 %
Total cash and cash equivalents		305,057	162,863	260,575	194,827	167,309	82.33 %
Investment securities:
Investment securities available for sale		131,290	132,127	134,597	121,353	125,996	4.20 %
Other investments		19,927	19,490	19,640	18,653	18,499	7.72 %
Total investment securities		151,217	151,617	154,237	140,006	144,495	4.65 %
Mortgage loans held for sale		11,524	4,565	8,602	14,759	11,842	(2.69 %)
Loans ⁽⁵⁾		3,683,919	3,631,767	3,619,556	3,622,521	3,643,766	1.10 %
Less allowance for credit losses		(40,687)	(39,914)	(40,166)	(40,157)	(40,441)	0.61 %
Loans, net		3,643,232	3,591,853	3,579,390	3,582,364	3,603,325	1.11 %
Bank owned life insurance		54,473	54,070	53,663	53,263	52,878	3.02 %
Property and equipment, net		87,369	88,794	90,158	91,533	93,007	(6.06 %)
Deferred income taxes		13,080	13,467	11,595	12,339	12,321	6.16 %
Other assets		18,359	20,364	16,411	20,758	20,527	(10.56 %)
Total assets	$	4,284,311	4,087,593	4,174,631	4,109,849	4,105,704	4.35 %
Liabilities
Deposits	$	3,620,886	3,435,765	3,518,825	3,459,869	3,460,681	4.63 %
FHLB Advances		240,000	240,000	240,000	240,000	240,000	0.00 %
Subordinated debentures		24,903	24,903	24,903	36,376	36,349	(31.49 %)
Other liabilities		60,924	56,481	64,365	54,856	53,418	14.05 %
Total liabilities		3,946,713	3,757,149	3,848,093	3,791,101	3,790,448	4.12 %
Shareholders’ equity
Preferred stock – $.01 par value; 10,000,000 shares authorized		–	–	–	–	–
Common Stock – $.01 par value; 10,000,000 shares authorized		82	82	82	82	82
Nonvested restricted stock		(3,372)	(3,884)	(4,219)	(4,710)	(5,257)	(35.86 %)
Additional paid-in capital		124,561	124,641	124,288	124,174	124,159	0.32 %
Accumulated other comprehensive loss		(10,016)	(11,472)	(9,063)	(11,866)	(11,797)	(15.10 %)
Retained earnings		226,343	221,077	215,450	211,068	208,069	8.78 %
Total shareholders’ equity		337,598	330,444	326,538	318,748	315,256	7.09 %
Total liabilities and shareholders’ equity	$	4,284,311	4,087,593	4,174,631	4,109,849	4,105,704	4.35 %
Common Stock
Book value per common share	$	41.33	40.47	40.04	39.09	38.65	6.99 %
Stock price:
High		38.50	44.86	36.45	30.36	38.71	(0.54 %)
Low		31.88	33.26	27.70	25.70	29.80	6.98 %
Period end		32.92	39.75	34.08	29.24	31.76	3.65 %
Common shares outstanding		8,169	8,165	8,156	8,155	8,156	0.16 %
[Footnotes to table located on page 6]

ASSET QUALITY MEASURES –
Unaudited

		Quarter Ended
		March 31	December 31	September 30	June 30	March 31
(dollars in thousands)		2025	2024	2024	2024	2024
Nonperforming Assets
Commercial
Non-owner occupied RE	$	6,950	7,641	7,904	7,949	1,410
Commercial business		1,087	1,016	838	829	488
Consumer
Real estate		2,414	1,908	2,448	1,875	1,380
Home equity		310	312	393	565	367
Other		–	–	–	–	1
Total nonaccrual loans		10,761	10,877	11,583	11,218	3,646
Other real estate owned		275	–	–	–	–
Total nonperforming assets	$	11,036	10,877	11,583	11,218	3,646
Nonperforming assets as a percentage of:
Total assets		0.26 %	0.27 %	0.28 %	0.27 %	0.09 %
Total loans		0.30 %	0.30 %	0.32 %	0.31 %	0.10 %
Classified assets/tier 1 capital plus allowance for credit losses		4.24 %	4.25 %	4.35 %	4.22 %	3.99 %
		Quarter Ended
		March 31	December 31	September 30	June 30	March 31
(dollars in thousands)		2025	2024	2024	2024	2024
Allowance for Credit Losses
Balance, beginning of period	$	39,914	40,166	40,157	40,441	40,682
Loans charged-off		(78)	(143)	(118)	(1,049)	(424)
Recoveries of loans previously charged-off		101	141	127	15	183
Net loans (charged-off) recovered		23	(2)	9	(1,034)	(241)
Provision for (reversal of) credit losses		750	(250)	–	750	–
Balance, end of period	$	40,687	39,914	40,166	40,157	40,441
Allowance for credit losses to gross loans		1.10 %	1.10 %	1.11 %	1.11 %	1.11 %
Allowance for credit losses to nonaccrual loans		378.09 %	366.94 %	346.78 %	357.95 %	1,109.13 %
Net charge-offs (recoveries) to average loans QTD (annualized)		0.00 %	0.00 %	0.00 %	0.11 %	0.03 %

Total nonperforming assets were $11.0 million at March 31, 2025, representing 0.26% of total assets compared to 0.27% for the fourth quarter of 2024 and 0.09% for the first quarter of 2024. In addition, our classified asset ratio remained stable at 4.24% for the first quarter of 2025 from 4.25% in the fourth quarter of 2024 and increased from 3.99% in the first quarter of 2024.

At March 31, 2025, the allowance for credit losses was $40.7 million, or 1.10% of total loans, compared to $39.9 million, or 1.10% of total loans at December 31, 2024, and $40.4 million, or 1.11% of total loans, at March 31, 2024. We had net recoveries of $23 thousand, or 0.00% annualized, for the first quarter of 2025, compared to net charge-offs of $2 thousand for the fourth quarter of 2024 and net charge-offs of $241 thousand for the first quarter of 2024. There was a provision for credit losses of $750 thousand for the first quarter of 2025, compared to a reversal of provision for credit losses of $250 thousand for the fourth quarter of 2024 and no provision for credit losses for the first quarter of 2024. The provision during the first quarter was primarily driven by growth in our loan portfolio during the quarter.

LOAN COMPOSITION –
Unaudited


		Quarter Ended
		March 31	December 31	September 30	June 30	March 31
(dollars in thousands)		2025	2024	2024	2024	2024
Commercial
Owner occupied RE	$	673,865	651,597	642,608	642,008	631,047
Non-owner occupied RE		926,246	924,367	917,642	917,034	944,530
Construction		90,021	103,204	144,665	144,968	157,464
Business		561,337	556,117	521,535	527,017	520,073
Total commercial loans		2,251,469	2,235,285	2,226,450	2,231,027	2,253,114
Consumer
Real estate		1,147,357	1,128,629	1,132,371	1,126,155	1,101,573
Home equity		223,061	204,897	195,383	189,294	184,691
Construction		23,540	20,874	21,582	32,936	53,216
Other		38,492	42,082	43,770	43,109	51,172
Total consumer loans		1,432,450	1,396,482	1,393,106	1,391,494	1,390,652
Total gross loans, net of deferred fees		3,683,919	3,631,767	3,619,556	3,622,521	3,643,766
Less—allowance for credit losses		(40,687)	(39,914)	(40,166)	(40,157)	(40,441)
Total loans, net	$	3,643,232	3,591,853	3,579,390	3,582,364	3,603,325

DEPOSIT COMPOSITION –
Unaudited


		Quarter Ended
		March 31	December 31	September 30	June 30	March 31
(dollars in thousands)		2025	2024	2024	2024	2024
Non-interest bearing	$	671,609	683,081	689,749	683,291	671,708
Interest bearing:
NOW accounts		371,052	314,588	339,412	293,875	293,064
Money market accounts		1,563,181	1,438,530	1,423,403	1,562,786	1,603,796
Savings		32,945	31,976	29,283	28,739	32,248
Time, less than $250,000		181,407	193,562	223,582	219,532	206,657
Time and out-of-market deposits, $250,000 and over		800,692	774,028	813,396	671,646	653,208
Total deposits	$	3,620,886	3,435,765	3,518,825	3,459,869	3,460,681

Footnotes to tables:
(1) Total revenue is the sum of net interest income and noninterest income.
(2) The tax-equivalent adjustment to net interest income adjusts the yield for assets earning tax-exempt income to a comparable yield on a taxable basis.
(3) Annualized for the respective three-month period.
(4) Noninterest expense divided by the sum of net interest income and noninterest income.
(5) Excludes mortgage loans held for sale.
(6) Excludes out of market deposits and time deposits greater than $250,000 totaling $800,692,000.
(7) March 31, 2025 ratios are preliminary.
(8) The common equity tier 1 ratio is calculated as the sum of common equity divided by risk-weighted assets.
(9) The tangible common equity ratio is calculated as total equity less preferred stock divided by total assets.
(10) Includes mortgage loans held for sale.

ABOUT SOUTHERN FIRST BANCSHARES
Southern First Bancshares, Inc., Greenville, South Carolina is a registered bank holding company incorporated under the laws of South Carolina. The company’s wholly owned subsidiary, Southern First Bank, is the second largest bank headquartered in South Carolina. Southern First Bank has been providing financial services since 1999 and now operates in 12 locations in the Greenville, Columbia, and Charleston markets of South Carolina as well as the Charlotte, Triangle and Triad regions of North Carolina and Atlanta, Georgia. Southern First Bancshares has consolidated assets of approximately $4.3 billion and its common stock is traded on The NASDAQ Global Market under the symbol “SFST.” More information can be found at www.southernfirst.com.

FORWARD-LOOKING STATEMENTS
Certain statements in this news release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future plans and expectations, and are thus prospective. Such forward-looking statements are identified by words such as “believe,” “expect,” “anticipate,” “estimate,” “preliminary”, “intend,” “plan,” “target,” “continue,” “lasting,” and “project,” as well as similar expressions. Such statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove to be inaccurate. Therefore, we can give no assurance that the results contemplated in the forward-looking statements will be realized. The inclusion of this forward-looking information should not be construed as a representation by our company or any person that the future events, plans, or expectations contemplated by our company will be achieved.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (2) the strength of the United States economy in general and the strength of the local economies in which the company conducts operations may be different than expected; (3) the rate of delinquencies and amounts of charge-offs, the level of allowance for credit loss, the rates of loan and deposit growth as well as pricing of each product, or adverse changes in asset quality in our loan portfolio, which may result in increased credit risk-related losses and expenses; (4) changes in legislation, regulation, policies, or administrative practices, whether by judicial, governmental, or legislative action, including, but not limited to, changes affecting oversight of the financial services industry or consumer protection; (5) the impact of changes to Congress and the office of the President on the regulatory landscape and capital markets; (6) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) could continue to have a negative impact on the company; (7) changes in interest rates, which may continue to affect the company’s net income, interest expense, prepayment penalty income, mortgage banking income, and other future cash flows, or the market value of the company’s assets, including its investment securities; (8) trade wars or a potential recession which may cause adverse risk to the overall economy, and could indirectly pose challenges to our clients and to our business; (9) any increase in FDIC assessments which have increased and may continue to increase our cost of doing business; and (10) changes in accounting principles, policies, practices, or guidelines. Additional factors that could cause our results to differ materially from those described in the forward-looking statements can be found in our reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the company or any person acting on its behalf is expressly qualified in its entirety by the cautionary statements above. We do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.

FINANCIAL & MEDIA CONTACT:
ART SEAVER 864-679-9010

WEB SITE: www.southernfirst.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/southern-first-reports-first-quarter-2025-results-302433508.html

SOURCE Southern First Bancshares, Inc.

April 22, 2025 7:18 am

Driven Brands Holdings Inc. to Host First Quarter Earnings Call on May 6, 2025

Driven Brands Holdings Inc. to Host First Quarter Earnings Call on May 6, 2025

CHARLOTTE, N.C.–(BUSINESS WIRE)–
Driven Brands Holdings Inc. (NASDAQ: DRVN) (“Driven Brands” or the “Company”) will release its first quarter 2025 earnings before the market opens on May 6, 2025. Following the release, management will host a conference call at 8:30 a.m. ET to review the Company’s financial and operating performance.

The call will be available by webcast and can be accessed by visiting the Company’s Investor Relations website at investors.drivenbrands.com. A replay of the call will be available for at least three months.

About Driven Brands

Driven Brands^™, headquartered in Charlotte, NC, is the largest automotive services company in North America, providing a range of consumer and commercial automotive services, including paint, collision, glass, vehicle repair, oil change, maintenance and car wash. Driven Brands is the parent company of some of North America’s leading automotive service businesses including Take 5 Oil Change^®, Meineke Car Care Centers^®, Maaco^®, 1-800-Radiator & A/C^®, Auto Glass Now^®, and CARSTAR^®. Driven Brands has approximately 4,800 locations across 14 countries and services approximately tens of millions of vehicles annually. Driven Brands’ network generates approximately $2.0 billion in annual revenue from approximately $6.1 billion in system-wide sales.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422112372/en/

Shareholder/Analyst inquiries:

Dawn Francfort

ICR, Inc.

[email protected]

(203) 682-8200

Media inquiries:

Taylor Blanchard

[email protected]

(704) 644-8129

KEYWORDS: United States North America North Carolina

INDUSTRY KEYWORDS: General Automotive Retail Specialty Automotive

MEDIA:

Logo

April 22, 2025 7:18 am

Dime Community Bancshares, Inc. Reports First Quarter 2025 EPS of $0.45; Adjusted EPS of $0.57

Continued Growth in Core Deposits and Business Loans On a Year-over-Year Basis

Net Interest Margin Expands by 16 basis points on a Linked Quarter Basis to 2.95%

HAUPPAUGE, N.Y., April 22, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”), today reported net income available to common stockholders of $19.6 million for the quarter ended March 31, 2025, or $0.45 per diluted common share, compared to net loss available to common stockholders of $22.2 million, or $(0.54) per diluted common share, for the quarter ended December 31, 2024 and net income available to common stockholders of $15.9 million for the quarter ended March 31, 2024, or $0.41 per diluted common share.

First quarter 2025 results included $7.2 million of pre-tax expenses related to the final settlements associated with the termination of the legacy Bridgehampton National Bank pension plan.

Adjusted net income available to common stockholders (non-GAAP) totaled $24.7 million for the quarter ended March 31, 2025, an increase of 42% versus the prior quarter and an increase of 67% versus the quarter ended March 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release). Adjusted EPS (non-GAAP) totaled $0.57 per share for the quarter ended March 31, 2025, an increase of 36% versus the prior quarter and an increase of 50% versus the quarter ended March 31, 2024.

Stuart H. Lubow, President and Chief Executive Officer (“CEO”) of the Company, stated, “Our first quarter results were marked by strong Net Interest Margin (“NIM”) expansion and continued progress in diversifying our balance sheet. Our enhanced earnings power and robust capital ratios position us well for future growth. As outlined below we have made a strong start to the year from a recruiting standpoint, and are poised to continue to add talented individuals and gain market share in the quarters ahead.”

Year-to-date Recruiting Update

Hired Tom Geisel to Senior Executive Leadership Team. Mr. Geisel was instrumental in the growth and transformation of Sterling National Bank into a highly profitable $30 billion institution;
Hired Robert Rowe as incoming Chief Credit Officer (experience includes Chief Credit Officer at Sterling National Bank and Chief Risk Officer at CIT); incumbent Chief Credit Officer Brian Teplitz to retire at the end of May 2025;
Hired Jim LoGatto as an Executive Vice President to build Dime’s presence in Manhattan; Mr. LoGatto was previously the Director of US Private Banking at Israel Discount Bank of New York;
Hired Toni Badolato as Group Leader to grow lending presence on Long Island; Ms. Badolato was previously with M&T;
Hired George Taitt as Group Director and Amy Grandy as Associate Group Director to strengthen deposit presence in Queens; the Group was previously with the former Signature Bank and its successor, Flagstar Bank.

Highlights for the First Quarter of 2025 included:

Total deposits increased $717.0 million on a year-over-year basis;
Core deposits (excluding brokered and time deposits) increased $1.35 billion on a year-over-year basis;
The ratio of average non-interest-bearing deposits to average total deposits for the first quarter was 29.5%;
The cost of total deposits declined by 19 basis points versus the prior quarter;
The net interest margin increased to 2.95% for the first quarter of 2025 compared to 2.79% for the prior quarter;
The Company’s Common Equity Tier 1 Ratio increased to 11.12% at the end of the first quarter.

Management’s Discussion of Quarterly Operating Results

Net Interest Income

Net interest income for the first quarter of 2025 was $94.2 million compared to $91.1 million for the fourth quarter of 2024 and $71.5 million for the first quarter of 2024.

The table below provides a reconciliation of the reported net interest margin (“NIM”) and adjusted NIM excluding the impact of purchase accounting accretion on the loan portfolio.


(Dollars in thousands)	Q1 2025				Q4 2024				Q1 2024
Net interest income	$	94,213			$	91,098			$	71,530
Purchase accounting amortization (accretion) on loans (“PAA”)		(124	)			(1,268	)			(82	)
Adjusted net interest income excluding PAA on loans (non-GAAP)	$	94,089			$	89,830			$	71,448

Average interest-earning assets	$	12,963,320			$	12,974,958			$	13,015,755

NIM⁽¹⁾		2.95		%		2.79		%		2.21		%
Adjusted NIM excluding PAA on loans (non-GAAP)⁽²⁾		2.94		%		2.75		%		2.21		%

⁽¹⁾NIM represents net interest income divided by average interest-earning assets.
⁽²⁾Adjusted NIM excluding PAA on loans represents adjusted net interest income, which excludes PAA amortization on acquired loans divided by average interest-earning assets.

Mr. Lubow commented, “While there has been a fair bit of volatility in the macroeconomic environment in recent weeks, Dime has multiple levers to grow our NIM over time.

First, we have a significant loan repricing opportunity starting in the second half of 2025 that will continue through 2027, assuming current forecasted interest rate levels remain accurate.
Second, and as demonstrated in the most recent rate cutting cycle, should the Federal Reserve cut short term rates in 2025 we anticipate a reduction in deposit costs, which will drive further NIM expansion.
Finally, core deposit growth and a continued focus on business loan growth will benefit our NIM over time as we continue to grow customers and hire productive teams.”

Loan Portfolio

The ending weighted average rate (“WAR”) on the total loan portfolio was 5.25% at March 31, 2025, a 1 basis point decrease compared to the ending WAR of 5.26% on the total loan portfolio at December 31, 2024.

Outlined below are loan balances and WARs for the quarter ended as indicated.


	March 31, 2025				December 31, 2024				March 31, 2024
(Dollars in thousands)	Balance		WAR ⁽¹⁾		Balance		WAR ⁽¹⁾		Balance		WAR ⁽¹⁾
Loans held for investment balances at period end:
Business loans⁽²⁾	$	2,788,848	6.55	%	$	2,726,602	6.56	%	$	2,327,403	6.90	%
One-to-four family residential, including condominium and cooperative apartment		961,562	4.77			952,195	4.72			873,671	4.48
Multifamily residential and residential mixed-use⁽³⁾⁽⁴⁾		3,780,078	4.46			3,820,492	4.49			3,996,654	4.57
Non-owner-occupied commercial real estate		3,191,536	5.07			3,231,398	5.13			3,386,333	5.24
Acquisition, development, and construction		140,309	7.96			136,172	7.95			175,352	8.40
Other loans		6,402	10.39			5,084	10.51			5,170	7.10
Loans held for investment	$	10,868,735	5.25	%	$	10,871,943	5.26	%	$	10,764,583	5.34	%

⁽¹⁾WAR is calculated by aggregating interest based on the current loan rate from each loan in the category, adjusted for non-accrual loans, divided by the total balance of loans in the category.
⁽²⁾Business loans include commercial and industrial loans and owner-occupied commercial real estate loans.
⁽³⁾Includes loans underlying multifamily cooperatives.
⁽⁴⁾While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

Outlined below are the loan originations, for the quarter ended as indicated.


(Dollars in millions)	Q1 2025		Q4 2024		Q1 2024
Loan originations	$	71.5	$	187.5	$	98.3

Deposits and Borrowed Funds

Period end total deposits (including mortgage escrow deposits) at March 31, 2025 were $11.61 billion, compared to $11.69 billion at December 31, 2024 and $10.90 billion at March 31, 2024. The Company reduced its brokered deposit levels to $285.6 million at March 31, 2025, compared to $422.8 million at December 31, 2024 and $897.1 million at March 31, 2024.

Total Federal Home Loan Bank advances were $508.0 million at March 31, 2025 compared to $608.0 million at December 31, 2024 and $773.0 million at March 31, 2024.

Non-Interest Income

Non-interest income was $9.6 million during the first quarter of 2025, compared to a loss of $33.9 million during the fourth quarter of 2024, and income of $10.5 million during the first quarter of 2024. Fourth quarter 2024 results included $42.8 million of pre-tax loss-on-sale of securities related to the re-positioning of the available-for-sale securities portfolio.

Non-Interest Expense

Total non-interest expense was $65.5 million during the first quarter of 2025, $60.6 million during the fourth quarter of 2024, and $52.5 million during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, settlement loss related to the termination of a legacy pension plan, and the FDIC special assessment, adjusted non-interest expense was $58.0 million during the first quarter of 2025, $57.7 million during the fourth quarter of 2024, and $51.7 million during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Mr. Lubow commented, “Excluding the impact of the legacy Bridgehampton National Bank pension plan termination, first quarter expenses were well-controlled and in-line with our previous expectations.”

The ratio of non-interest expense to average assets was 1.90% during the first quarter of 2025, compared to 1.76% during the linked quarter and 1.52% during the first quarter of 2024. Excluding the impact of the loss on extinguishment of debt, amortization of other intangible assets, severance expense, the FDIC special assessment and settlement loss related to the termination of a legacy pension plan, the ratio of adjusted non-interest expense to average assets was 1.68% during the first quarter of 2025, 1.68% during the fourth quarter of 2024, and 1.50% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

The efficiency ratio was 63.1% during the first quarter of 2025, compared to 105.9% during the linked quarter and 64.0% during the first quarter of 2024. Excluding the impact of net (gain) loss on sale of securities and other assets, fair value change in equity securities and loans held for sale, severance expense, the FDIC special assessment, settlement loss related to the termination of a legacy pension plan, loss on extinguishment of debt and amortization of other intangible assets the adjusted efficiency ratio was 55.8% during the fourth quarter of 2024, compared to 58.0% during the linked quarter and 64.7% during the first quarter of 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Income Tax Expense

Income tax expense was $7.3 million during the first quarter of 2025, $3.3 million during the fourth quarter of 2024, and $6.6 million during the first quarter of 2024. The fourth quarter of 2024 income tax expense was inclusive of $9.1 million of income tax expense related to the taxable gain and Modified Endowment Contract Tax (“MEC”) Tax on the surrender of legacy BOLI assets. The effective tax rate for the first quarter of 2025 was 25.3%. Excluding the tax impact of the BOLI surrender, the fourth quarter 2024 effective rate was a tax benefit of 33.5%. The effective tax rate for the first quarter of 2024 was 27.1%.

Credit Quality

Non-performing loans were $58.0 million at March 31, 2025, compared to $49.5 million at December 31, 2024 and $34.8 million at March 31, 2024.

A credit loss provision of $9.6 million was recorded during the first quarter of 2025, compared to a credit loss provision of $13.7 million during the fourth quarter of 2024, and a credit loss provision of $5.2 million during the first quarter of 2024.

Capital Management

Stockholders’ equity increased $15.5 million to $1.41 billion at March 31, 2025, compared to $1.40 billion at December 31, 2024.

The Company’s and the Bank’s regulatory capital ratios continued to be in excess of all applicable regulatory requirements as of December 31, 2024. All risk-based regulatory capital ratios increased in the first quarter of 2025.

Dividends per common share were $0.25 during the first quarter of 2025 and the fourth quarter of 2024, respectively.

Book value per common share was $29.58 at March 31, 2025 compared to $29.34 at December 31, 2024.

Tangible common book value per share (which represents common equity less goodwill and other intangible assets, divided by the number of shares outstanding) was $25.94 at March 31, 2025 compared to $25.68 at December 31, 2024 (see “Non-GAAP Reconciliation” tables at the end of this news release).

Earnings Call Information

The Company will conduct a conference call at 8:30 a.m. (ET) on Tuesday, April 22, 2025, during which CEO Lubow will discuss the Company’s first quarter 2025 financial performance, with a question-and-answer session to follow.

Participants may access the conference call via webcast using this link: https://edge.media-server.com/mmc/p/cbadbvnq. To participate via telephone, please register in advance using this link: https://register-conf.media-server.com/register/BIafdc630ea47c427ea6661eb613e46913. Upon registration, all telephone participants will receive a one-time confirmation email detailing how to join the conference call, including the dial-in number along with a unique PIN that can be used to access the call. All participants are encouraged to dial-in 10 minutes prior to the start time.

A replay of the conference call and webcast will be available on-demand for 12 months at https://edge.media-server.com/mmc/p/cbadbvnq.

ABOUT DIME COMMUNITY BANCSHARES, INC.

Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island ⁽¹⁾.

⁽¹⁾ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

This news release contains a number of 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 (the “Exchange Act”). These statements may be identified by use of words such as “annualized,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “likely,” “may,” “outlook,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar terms and phrases, including references to assumptions.

Forward-looking statements are based upon various assumptions and analyses made by the Company in light of management’s experience and its perception of historical trends, current conditions and expected future developments, as well as other factors it believes are appropriate under the circumstances. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Accordingly, you should not place undue reliance on such statements. Factors that could affect our results include, without limitation, the following: the timing and occurrence or non-occurrence of events may be subject to circumstances beyond the Company’s control; there may be increases in competitive pressure among financial institutions or from non-financial institutions; changes in the interest rate environment may affect demand for our products and reduce interest margins and the value of our investments; changes in government monetary or fiscal policies and actions may adversely affect our customers, cost of credit and overall result of operations; changes in deposit flows, the cost of funds, loan demand or real estate values may adversely affect the business of the Company; changes in the quality and composition of the Company’s loan or investment portfolios or unanticipated or significant increases in loan losses may negatively affect the Company’s financial condition or results of operations; changes in accounting principles, policies or guidelines may cause the Company’s financial condition to be perceived differently; changes in corporate and/or individual income tax laws may adversely affect the Company’s financial condition or results of operations; general socio-economic conditions, public health emergencies, international conflict, inflation, and recessionary pressures, either nationally or locally in some or all areas in which the Company conducts business, or conditions in the securities markets or the banking industry may be less favorable than the Company currently anticipates and may adversely affect our customers, our financial results and our operations; legislation or regulatory changes may adversely affect the Company’s business; technological changes may be more difficult or expensive than the Company anticipates; there may be failures or breaches of information technology security systems; success or consummation of new business initiatives may be more difficult or expensive than the Company anticipates; there may be difficulties or unanticipated expense incurred in the consummation of new business initiatives or the integration of any acquired entities; and litigation or other matters before regulatory agencies, whether currently existing or commencing in the future, may delay the occurrence or non-occurrence of events longer than the Company anticipates. For discussion of these and other risks that may cause actual results to differ from expectations, please refer to the sections entitled “Forward-Looking Statements” and “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and updates set forth in the Company’s subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contact: Avinash Reddy
Senior Executive Vice President – Chief Financial Officer
718-782-6200 extension 5909

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands)


	March 31,			December 31,			March 31,
	2025			2024			2024
Assets:
Cash and due from banks	$	1,030,702		$	1,283,571		$	370,852
Securities available-for-sale, at fair value		710,579			690,693			859,216
Securities held-to-maturity		631,334			637,339			589,331
Loans held for sale		2,527			22,625			8,973
Loans held for investment, net:
Business loans⁽¹⁾		2,788,848			2,726,602			2,327,403
One-to-four family and cooperative/condominium apartment		961,562			952,195			873,671
Multifamily residential and residential mixed-use⁽²⁾⁽³⁾		3,780,078			3,820,492			3,996,654
Non-owner-occupied commercial real estate		3,191,536			3,231,398			3,386,333
Acquisition, development and construction		140,309			136,172			175,352
Other loans		6,402			5,084			5,170
Allowance for credit losses		(90,455	)		(88,751	)		(76,068	)
Total loans held for investment, net		10,778,280			10,783,192			10,688,515
Premises and fixed assets, net		33,650			34,858			44,501
Restricted stock		66,987			69,106			74,346
BOLI		389,167			290,665			352,277
Goodwill		155,797			155,797			155,797
Other intangible assets		3,644			3,896			4,753
Operating lease assets		45,657			46,193			51,988
Derivative assets		98,740			116,496			135,162
Accrued interest receivable		56,044			55,970			55,369
Other assets		94,574			162,857			110,012
Total assets	$	14,097,682		$	14,353,258		$	13,501,092
Liabilities:
Non-interest-bearing checking (excluding mortgage escrow deposits)	$	3,245,409		$	3,355,829		$	2,819,481
Interest-bearing checking		950,090			1,079,823			635,640
Savings (excluding mortgage escrow deposits)		1,939,852			1,927,903			2,347,114
Money market		4,271,363			4,198,784			3,440,083
Certificates of deposit		1,121,068			1,069,081			1,555,157
Deposits (excluding mortgage escrow deposits)		11,527,782			11,631,420			10,797,475
Non-interest-bearing mortgage escrow deposits		88,138			54,715			101,229
Interest-bearing mortgage escrow deposits		4			6			173
Total mortgage escrow deposits		88,142			54,721			101,402
FHLBNY advances		508,000			608,000			773,000
Other short-term borrowings		—			50,000			—
Subordinated debt, net		272,370			272,325			200,174
Derivative cash collateral		85,230			112,420			132,900
Operating lease liabilities		48,432			48,993			54,727
Derivative liabilities		92,516			108,347			122,112
Other liabilities		63,197			70,515			79,931
Total liabilities		12,685,669			12,956,741			12,261,721
Stockholders’ equity:
Preferred stock, Series A		116,569			116,569			116,569
Common stock		461			461			416
Additional paid-in capital		623,305			624,822			492,834
Retained earnings		803,202			794,526			819,130
Accumulated other comprehensive loss (“AOCI”), net of deferred taxes		(39,045	)		(45,018	)		(85,466	)
Unearned equity awards		(12,909	)		(7,640	)		(10,191	)
Treasury stock, at cost		(79,570	)		(87,203	)		(93,921	)
Total stockholders’ equity		1,412,013			1,396,517			1,239,371
Total liabilities and stockholders’ equity	$	14,097,682		$	14,353,258		$	13,501,092

⁽¹⁾Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and Paycheck Protection Program (“PPP”) loans.
⁽²⁾Includes loans underlying multifamily cooperatives.
⁽³⁾While the loans within this category are often considered “commercial real estate” in nature, multifamily and loans underlying cooperatives are here reported separately from commercial real estate loans in order to emphasize the residential nature of the collateral underlying this significant component of the total loan portfolio.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except share and per share amounts)

	Three Months Ended
	March 31,		December 31,			March 31,
	2025		2024			2024
Interest income:
Loans	$	142,705	$	148,000		$	143,565
Securities		11,323		10,010			7,880
Other short-term investments		7,837		7,473			9,564
Total interest income		161,865		165,483			161,009
Interest expense:
Deposits and escrow		58,074		64,773			73,069
Borrowed funds		8,381		8,542			14,697
Derivative cash collateral		1,197		1,070			1,713
Total interest expense		67,652		74,385			89,479
Net interest income		94,213		91,098			71,530
Provision for credit losses		9,626		13,715			5,210
Net interest income after provision		84,587		77,383			66,320
Non-interest income:
Service charges and other fees		4,643		3,942			4,544
Title fees		98		226			133
Loan level derivative income		61		491			406
BOLI income		3,993		2,825			2,461
Gain on sale of Small Business Administration (“SBA”) loans		82		22			253
Gain on sale of residential loans		32		83			77
Fair value change in equity securities and loans held for sale		18		15			(842	)
Net loss on sale of securities		—		(42,810	)		—
Gain on sale of other assets		—		554			2,968
Other		706		791			467
Total non-interest income (loss)		9,633		(33,861	)		10,467
Non-interest expense:
Salaries and employee benefits		35,651		35,761			32,037
Severance		76		1,254			42
Occupancy and equipment		8,002		7,569			7,368
Data processing costs		4,794		4,483			4,313
Marketing		1,666		1,897			1,497
Professional services		2,116		2,345			1,467
Federal deposit insurance premiums⁽¹⁾		2,047		2,116			2,239
Loss on extinguishment of debt		—		—			453
Loss due to pension settlement		7,231		1,215			—
Amortization of other intangible assets		252		285			307
Other		3,676		3,688			2,788
Total non-interest expense		65,511		60,613			52,511
Income (loss) before taxes		28,709		(17,091	)		24,276
Income tax expense ⁽²⁾		7,251		3,322			6,585
Net income (loss)		21,458		(20,413	)		17,691
Preferred stock dividends		1,822		1,821			1,821
Net income (loss) available to common stockholders	$	19,636	$	(22,234	)	$	15,870
Earnings (loss) per common share (“EPS”):
Basic	$	0.45	$	(0.54	)	$	0.41
Diluted	$	0.45	$	(0.54	)	$	0.41

Average common shares outstanding for diluted EPS		42,948,690		40,767,161			38,255,559

⁽¹⁾Fourth quarter of 2024 included $0.1 million of pre-tax expense related to the FDIC special assessment for the recovery of losses related to the closures of Silicon Valley Bank and Signature Bank.
⁽²⁾Fourth quarter of 2024 includes $9.1 million of income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SELECTED FINANCIAL HIGHLIGHTS (Dollars in thousands except per share amounts)

	At or For the Three Months Ended
	March 31,			December 31,				March 31,
	2025			2024				2024
Per Share Data:
Reported EPS (Diluted)	$	0.45		$	(0.54	)		$	0.41
Cash dividends paid per common share		0.25			0.25				0.25
Book value per common share		29.58			29.34				28.84
Tangible common book value per share⁽¹⁾		25.94			25.68				24.72
Common shares outstanding		43,799			43,622				38,932
Dividend payout ratio		55.56	%		(46.30	)	%		60.98	%

Performance Ratios (Based upon Reported Net Income):
Return on average assets		0.62	%		(0.59	)	%		0.51	%
Return on average equity		6.04			(6.02	)			5.68
Return on average tangible common equity⁽¹⁾		6.92			(8.16	)			6.64
Net interest margin		2.95			2.79				2.21
Non-interest expense to average assets		1.90			1.76				1.52
Efficiency ratio		63.1			105.9				64.0
Effective tax rate		25.26			(19.44	)			27.13

Balance Sheet Data:
Average assets	$	13,777,665		$	13,759,002			$	13,794,924
Average interest-earning assets		12,963,320			12,974,958				13,015,755
Average tangible common equity⁽¹⁾		1,145,915			1,080,177				968,719
Loan-to-deposit ratio at end of period⁽²⁾		93.6			93.0				98.8

Capital Ratios and Reserves – Consolidated: ⁽³⁾
Tangible common equity to tangible assets⁽¹⁾		8.15	%		7.89		%		7.21	%
Tangible equity to tangible assets⁽¹⁾		8.99			8.71				8.09
Tier 1 common equity ratio		11.12			11.06				10.00
Tier 1 risk-based capital ratio		12.23			12.17				11.11
Total risk-based capital ratio		15.71			15.65				13.78
Tier 1 leverage ratio		9.46			9.38				8.48
Consolidated CRE concentration ratio⁽⁴⁾		442			447				534
Allowance for credit losses/ Total loans		0.83			0.82				0.71
Allowance for credit losses/ Non-performing loans		155.85			179.37				218.42

⁽¹⁾See “Non-GAAP Reconciliation” tables for reconciliation of tangible equity, tangible common equity, and tangible assets.
⁽²⁾Total deposits include mortgage escrow deposits, which fluctuate seasonally.
⁽³⁾March 31, 2025 ratios are preliminary pending completion and filing of the Company’s regulatory reports.
⁽⁴⁾The Consolidated CRE concentration ratio is calculated using the sum of commercial real estate, excluding owner-occupied commercial real estate, multifamily, and acquisition, development, and construction, divided by consolidated capital. The March 31, 2025 ratio is preliminary pending completion and filing of the Company’s regulatory reports.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED AVERAGE BALANCES AND NET INTEREST INCOME (Dollars in thousands)

	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
					Average						Average						Average
	Average				Yield/		Average				Yield/		Average				Yield/
	Balance		Interest		Cost		Balance		Interest		Cost		Balance		Interest		Cost
Assets:
Interest-earning assets:
Business loans⁽¹⁾	$	2,748,142	$	45,047	6.65	%	$	2,681,953	$	46,791	6.94	%	$	2,308,319	$	39,224	6.83	%
One-to-four family residential, including condo and coop		962,046		11,069	4.67			943,319		11,061	4.66			886,588		9,770	4.43
Multifamily residential and residential mixed-use		3,796,754		42,329	4.52			3,848,579		44,152	4.56			4,000,510		46,019	4.63
Non-owner-occupied commercial real estate		3,214,758		41,326	5.21			3,265,906		42,865	5.22			3,371,438		44,776	5.34
Acquisition, development, and construction		138,428		2,906	8.51			139,440		3,101	8.85			169,775		3,692	8.75
Other loans		5,740		28	1.98			4,781		30	2.50			5,420		84	6.23
Securities		1,372,563		11,323	3.35			1,455,449		10,010	2.74			1,578,330		7,880	2.01
Other short-term investments		724,889		7,837	4.38			635,531		7,473	4.68			695,375		9,564	5.53
Total interest-earning assets		12,963,320		161,865	5.06	%		12,974,958		165,483	5.07	%		13,015,755		161,009	4.98	%
Non-interest-earning assets		814,345						784,044						779,169
Total assets	$	13,777,665					$	13,759,002					$	13,794,924

Liabilities and Stockholders’ Equity:
Interest-bearing liabilities:
Interest-bearing checking⁽²⁾	$	912,852	$	4,164	1.85	%	$	912,645	$	5,115	2.23	%	$	582,047	$	1,223	0.85	%
Money market		4,076,612		31,294	3.11			3,968,793		33,695	3.38			3,359,884		30,638	3.67
Savings⁽²⁾		1,970,338		14,185	2.92			1,905,866		14,828	3.10			2,368,946		22,810	3.87
Certificates of deposit		973,108		8,431	3.51			1,126,859		11,135	3.93			1,655,882		18,398	4.47
Total interest-bearing deposits		7,932,910		58,074	2.97			7,914,163		64,773	3.26			7,966,759		73,069	3.69
FHLBNY advances		509,111		4,066	3.24			509,630		4,241	3.31			1,094,209		12,143	4.46
Subordinated debt, net		272,341		4,302	6.41			272,311		4,301	6.28			200,188		2,553	5.13
Other short-term borrowings		633		13	8.33			543		—	—			77		1	5.22
Total borrowings		782,085		8,381	4.35			782,484		8,542	4.34			1,294,474		14,697	4.57
Derivative cash collateral		104,126		1,197	4.66			99,560		1,070	4.28			130,166		1,713	5.29
Total interest-bearing liabilities		8,819,121		67,652	3.11	%		8,796,207		74,385	3.36	%		9,391,399		89,479	3.83	%
Non-interest-bearing checking⁽²⁾		3,322,583						3,396,457						2,909,776
Other non-interest-bearing liabilities		213,876						209,712						247,717
Total liabilities		12,355,580						12,402,376						12,548,892
Stockholders’ equity		1,422,085						1,356,626						1,246,032
Total liabilities and stockholders’ equity	$	13,777,665					$	13,759,002					$	13,794,924
Net interest income			$	94,213					$	91,098					$	71,530
Net interest rate spread					1.95	%					1.71	%					1.15	%
Net interest margin					2.95	%					2.79	%					2.21	%
Deposits (including non-interest-bearing checking accounts)⁽²⁾	$	11,255,493	$	58,074	2.09	%	$	11,310,620	$	64,773	2.28	%	$	10,876,535	$	73,069	2.70	%

⁽¹⁾Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
⁽²⁾ Includes mortgage escrow deposits.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES UNAUDITED SCHEDULE OF NON-PERFORMING ASSETS (Dollars in thousands)

	At or For the Three Months Ended
	March 31,			December 31,			March 31,
Asset Quality Detail	2025			2024			2024
Non-performing loans (“NPLs”)
Business loans⁽¹⁾	$	21,944		$	22,624		$	18,213
One-to-four family residential, including condominium and cooperative apartment		3,763			3,213			3,689
Multifamily residential and residential mixed-use		—			—			—
Non-owner-occupied commercial real estate		31,677			22,960			15
Acquisition, development, and construction		657			657			12,910
Other loans		—			25			—
Total Non-accrual loans	$	58,041		$	49,479		$	34,827
Total Non-performing assets (“NPAs”)	$	58,041		$	49,479		$	34,827

Total loans 90 days delinquent and accruing (“90+ Delinquent”)	$	—		$	—		$	—

NPAs and 90+ Delinquent	$	58,041		$	49,479		$	34,827

NPAs and 90+ Delinquent / Total assets		0.41	%		0.34	%		0.26	%
Net charge-offs (“NCOs”)	$	7,058		$	10,611		$	739
NCOs / Average loans⁽²⁾		0.26	%		0.39	%		0.03	%

⁽¹⁾Business loans include commercial and industrial loans, owner-occupied commercial real estate loans and PPP loans.
⁽²⁾Calculated based on annualized NCOs to average loans, excluding loans held for sale.

DIME COMMUNITY BANCSHARES, INC. AND SUBSIDIARIES

NON-GAAP RECONCILIATION

(Dollars in thousands except per share amounts)

The following tables below provide a reconciliation of certain financial measures calculated under generally accepted accounting principles (“GAAP”) (as reported) and non-GAAP measures. A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with GAAP in the United States. The Company’s management believes the presentation of non-GAAP financial measures provides investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with GAAP. While management uses these non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with GAAP or considered to be more important than financial results determined in accordance with GAAP.

The following non-GAAP financial measures exclude pre-tax income and expenses associated with the fair value change in equity securities and loans held for sale, net loss (gain) on sale of securities and other assets, severance, the FDIC special assessment, loss on extinguishment of debt and loss due to pension settlement. The non-GAAP financial measures also include taxes related to the surrender of BOLI assets.


	Three Months Ended
	March 31,				December 31,				March 31,
	2025				2024				2024
Reconciliation of Reported and Adjusted (non-GAAP) Net Income (Loss) Available to Common Stockholders
Reported net income (loss) available to common stockholders	$	19,636			$	(22,234	)		$	15,870
Adjustments to net income^(1):
Fair value change in equity securities and loans held for sale		(18	)			(15	)			842
Net loss (gain) on sale of securities and other assets		—				42,256				(2,968	)
Severance		76				1,254				42
FDIC special assessment		—				126				—
Loss on extinguishment of debt		—				—				453
Loss due to pension settlement		7,231				1,215				—
Income tax effect of adjustments noted above⁽¹⁾		(2,237	)			(14,258	)			518
BOLI tax adjustment^(2):		—				9,073				—
Adjusted net income available to common stockholders (non-GAAP)	$	24,688			$	17,417			$	14,757

Adjusted Ratios (Based upon Adjusted (non-GAAP) Net (Loss) Income as calculated above)
Adjusted EPS (Diluted)	$	0.57			$	0.42			$	0.38
Adjusted return on average assets		0.77		%		0.56		%		0.48		%
Adjusted return on average equity		7.46				5.67				5.32
Adjusted return on average tangible common equity		8.68				6.52				6.18
Adjusted non-interest expense to average assets		1.68				1.68				1.50
Adjusted efficiency ratio		55.8				58.0				64.7

⁽¹⁾Adjustments to net (loss) income are taxed at the Company’s approximate statutory tax rate.
⁽²⁾Reflects income tax expense related to the taxable gain and MEC Tax on the surrender of legacy BOLI assets during the three months ended December 31, 2024.

The following table presents a reconciliation of operating expense as a percentage of average assets (as reported) and adjusted operating expense as a percentage of average assets (non-GAAP):


	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Operating expense as a % of average assets – as reported	1.90		%	1.76		%	1.52		%
Severance	—			(0.04	)		—
FDIC special assessment	—			—			—
Loss on extinguishment of debt	—			—			(0.01	)
Loss due to pension settlement	(0.21	)		(0.04	)		—
Amortization of other intangible assets	(0.01	)		—			(0.01	)
Adjusted operating expense as a % of average assets (non-GAAP)	1.68		%	1.68		%	1.50		%

The following table presents a reconciliation of efficiency ratio (non-GAAP) and adjusted efficiency ratio (non-GAAP):


	Three Months Ended
	March 31,				December 31,				March 31,
	2025				2024				2024
Efficiency ratio – as reported (non-GAAP) ⁽¹⁾		63.1		%		105.9		%		64.0		%
Non-interest expense – as reported	$	65,511			$	60,613			$	52,511
Severance		(76	)			(1,254	)			(42	)
FDIC special assessment		—				(126	)			—
Loss on extinguishment of debt		—				—				(453	)
Loss due to pension settlement		(7,231	)			(1,215	)			—
Amortization of other intangible assets		(252	)			(285	)			(307	)
Adjusted non-interest expense (non-GAAP)	$	57,952			$	57,733			$	51,709
Net interest income – as reported	$	94,213			$	91,098			$	71,530
Non-interest income (loss) – as reported	$	9,633			$	(33,861	)		$	10,467
Fair value change in equity securities and loans held for sale		(18	)			(15	)			842
Net loss (gain) on sale of securities and other assets		—				42,256				(2,968	)
Adjusted non-interest income (non-GAAP)	$	9,615			$	8,380			$	8,341
Adjusted total revenues for adjusted efficiency ratio (non-GAAP)	$	103,828			$	99,478			$	79,871
Adjusted efficiency ratio (non-GAAP) ⁽²⁾		55.8		%		58.0		%		64.7		%

⁽¹⁾The reported efficiency ratio is a non-GAAP measure calculated by dividing GAAP non-interest expense by the sum of GAAP net interest income and GAAP non-interest income.
⁽²⁾The adjusted efficiency ratio is a non-GAAP measure calculated by dividing adjusted non-interest expense by the sum of GAAP net interest income and adjusted non-interest income.

The following table presents the tangible common equity to tangible assets, tangible equity to tangible assets, and tangible common book value per share calculations (non-GAAP):


	March 31,				December 31,				March 31,
	2025				2024				2024
Reconciliation of Tangible Assets:
Total assets	$	14,097,682			$	14,353,258			$	13,501,092
Goodwill		(155,797	)			(155,797	)			(155,797	)
Other intangible assets		(3,644	)			(3,896	)			(4,753	)
Tangible assets (non-GAAP)	$	13,938,241			$	14,193,565			$	13,340,542

Reconciliation of Tangible Common Equity – Consolidated:
Total stockholders’ equity	$	1,412,013			$	1,396,517			$	1,239,371
Goodwill		(155,797	)			(155,797	)			(155,797	)
Other intangible assets		(3,644	)			(3,896	)			(4,753	)
Tangible equity (non-GAAP)		1,252,572				1,236,824				1,078,821
Preferred stock, net		(116,569	)			(116,569	)			(116,569	)
Tangible common equity (non-GAAP)	$	1,136,003			$	1,120,255			$	962,252

Common shares outstanding		43,799				43,622				38,932

Tangible common equity to tangible assets (non-GAAP)		8.15		%		7.89		%		7.21		%
Tangible equity to tangible assets (non-GAAP)		8.99				8.71				8.09

Book value per common share	$	29.58			$	29.34			$	28.84
Tangible common book value per share (non-GAAP)		25.94				25.68				24.72

April 22, 2025 7:12 am

NOVAGOLD and Paulson Advisers Announce $1 Billion Transaction to Acquire 50% of the Donlin Gold Project From Barrick

Paulson
Advisers
will
acquire
a
40%
ownership
interest
in
Donlin
Gold
NOVAGOLD
will
increase
its
ownership
interest
in
Donlin
Gold
from
50%
to
60%
Donlin
Gold
to
be
managed
jointly
by
NOVAGOLD
and
Paulson
to
advance
the
project
New
partnership
will
shift
focus
immediately
to
updating
the
Feasibility
Study
2025
exploration
to
pivot
toward
reserves
and
resources
conversion
and
expansion

All
amounts
are
in
U.S.
dollars
unless
otherwise
stated

VANCOUVER, British Columbia, April 22, 2025 (GLOBE NEWSWIRE) — NOVAGOLDRESOURCESINC. (“NOVAGOLD”) (NYSE American, TSX: NG) and Paulson Advisers LLC (“Paulson”) are pleased to announce that they have entered into a definitive agreement with Barrick Gold Corporation (“Barrick”) to acquire Barrick’s 50% interest in Donlin Gold LLC for $1.0 billion in cash — creating a new partnership between NOVAGOLD and Paulson to develop the Donlin Gold project in Alaska.

Pursuant to the agreement, NOVAGOLD will acquire a 10% interest in Donlin Gold LLC for $200 million, which will increase its ownership interest in Donlin Gold LLC from 50% to 60%, and Paulson will acquire a 40% interest in Donlin Gold LLC for $800 million and will share responsibility as a full and equal partner in project management of Donlin Gold. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close late in the second or early in the third quarter of 2025.

At the closing of the transaction, NOVAGOLD and Paulson will enter into an amended and restated limited liability company agreement governing Donlin Gold (the “LLC Agreement”), pursuant to which NOVAGOLD and Paulson will have equal governance rights.

To finance NOVAGOLD’s portion of the acquisition, funding commitments were obtained from Paulson, The Electrum Group (“Electrum”), and Kopernik Global Investors, LLC (“Kopernik”) to subscribe for up to $170 million of common shares at $3.00 per share, with the balance of $30 million to be funded from NOVAGOLD’s treasury. As part of the funding agreement, Paulson, Electrum, and Kopernik received five- year warrants to purchase an aggregate of 25.5 million common shares of NOVAGOLD at $3.00 per share. NOVAGOLD will evaluate a range of alternative financing options to replace all or part of the funding commitments, although NOVAGOLD is not required under the funding agreement to seek any alternative financing. Any funds raised by NOVAGOLD would first be used to reduce its $30 million cash commitment.

NOVAGOLD was granted an option to purchase the outstanding debt owed to Barrick in connection with the Donlin Gold project for $90 million if purchased prior to closing, or for $100 million if purchased within 18 months from closing, when the option expires. If that option is not exercised, the debt will remain outstanding, substantially in accordance with its existing terms.

In addition to approval by NOVAGOLD’s Board of Directors, the transaction has also been approved by a Special Committee of the Board composed entirely of directors who are independent of Electrum¹, NOVAGOLD’s largest shareholder.

Following the closing of the transaction, under the direction of the new partners, Donlin Gold expects to:

Immediately commence the various workstreams to update the Feasibility Study², including assembling a specially dedicated team to advance these efforts;
Shift the 2025 drill program’s focus to the conversion and expansion of Donlin Gold’s reserves and resources, with both partners committed to exploring for new resources along strike and to depth in future campaign seasons;

Advance technical work and engineering designs;
Continue to support state permitting efforts and maintain existing federal and state permits in good standing, including government affairs engagement with federal and state representatives; and

Enhance social license, with ongoing community outreach and investment initiatives with partners and landowners, Calista Corporation (“Calista”) and The Kuskokwim Corporation (TKC).

Paulson
Aligned
in
Sustainably
and
Responsibly
Advancing
Donlin
Gold

A private investment firm headquartered in Palm Beach, Florida, Paulson is NOVAGOLD’s second largest shareholder after Electrum and one of its longest-tenured investors — having initially become a NOVAGOLD shareholder in 2010. Paulson enjoys a distinguished track record as an experienced investor and its Chairman, Mr. John Paulson, has been recognized for having a legendary talent for focusing on “the big trade” — and picking amongst some of the best vehicles positioned to leverage that conviction for his partners. Not surprisingly, Paulson stands among the most abiding and high-profile advocates for gold. The firm also holds excellent credentials as a successful investor in the gold mining industry, including as the cornerstone and pivotal shareholder in advancing Detour Gold Corporation, which owned the Detour Gold mine — Canada’s largest gold mine with over 19 million ounces in gold reserves, now owned by Agnico Eagle Mines Ltd.

John
Paulson said: “Donlin Gold is one of the most attractive development gold projects in the world. With 39 million ounces of gold at double the industry average grade, and an optimal location in the prime jurisdiction of Alaska — already the second largest gold-producing state in the United States — we believe that the project could create value for decades to come. Enjoying excellent social license and formidable exploration upside potential to significantly expand its resources and production profile, Donlin Gold constitutes a superb opportunity for us to gain leverage to gold in the United States at an attractive valuation. Together with Donlin Gold’s partners, Calista and TKC, we are dedicated to responsibly advance the Donlin Gold project.”

Dr.
Thomas
S.
Kaplan,
NOVAGOLD’s
Chairman, said: “The announcement of our new partner, Paulson, marks the watershed moment in our company’s ambition to unlock conscientiously the full value of Donlin Gold. For such a prescient and illustrious gold investor as John Paulson to share our belief that Donlin Gold constitutes one of the best and most jurisdictionally attractive gold development projects in the world — and indeed worthy of such an extraordinary investment — is truly catalytic for NOVAGOLD.

For myriad reasons, Paulson is quite literally the finest partner we could have hoped for. The embodiment of ‘smart money’, John has been recognized as having a unique ability to identify the right vehicle to execute legendary trades. John and his team’s expertise and counsel will be invaluable as we work to advance Donlin Gold through feasibility and financing.”

Greg
Lang,
NOVAGOLD’s
President
and
CEO, said: “As with many of our shareholders, we have engaged extensively with Paulson over the years and are grateful for their steadfast solidarity. Our management
team welcomes this enormous vote of confidence and looks forward to initiating an updated Feasibility Study, as well as to allowing our new drill program to move towards reserve and resource expansion.
Most importantly, this agreement reaffirms both partners’ pledge to our Native Corporation partners and to the State of Alaska to advance this project.”

Andrew
Guy,
Calista’s
President
and
CEO, said: “This land has been stewarded by the Alaska Native people of the Yukon-Kuskokwim region since time immemorial and Calista continues to be engaged in all aspects of the Donlin Gold project. Donlin Gold represents a most valuable resource and a commitment to responsible development that honors the land and the legacy of our Elders and ancestors. We strongly welcome Paulson as a new partner — together we can create a future that respects our heritage while embracing economic opportunities.”

Andrea
Gusty,
President
and
CEO
of
TKC, said: “TKC’s priorities have always been clear: support our Shareholders and protect our land. We support resource development when it can be done responsibly — aligned with our values of sustainability, community investment, and respect for traditional ways of life. The advancement of the Donlin Gold project represents a once-in-a-generation opportunity. Like all development, it must be guided by our obligation to steward the land — ensuring today’s opportunities do not compromise tomorrow’s.

We trust our project partners—and TKC’s direct involvement—to help ensure the project moves forward with environmental protection as a top priority. We remain focused on approaching the Donlin Gold project with care and foresight—so that economic progress is balanced with our subsistence way of life and the integrity of our homeland.”

Donlin
Gold
is
Simply
Unique
in
the
North
American
Gold
Space
in
Its
Rare
Combination
of
Key
Attributes

Located in the Kuskokwim region in Southwest Alaska, Donlin Gold hosts approximately 39 million ounces of gold in Measured and Indicated Mineral Resources (inclusive of mineral reserves), of which NOVAGOLD’s 60% attributed interest would represent 23.4 million ounces following the closing of the transaction. The resources at Donlin Gold have an estimated grade of 2.24 grams per tonne³, or twice the industry average of 1.03 grams per tonne⁴, significantly lowering its projected per ounce operating costs relative to peers.

If developed as contemplated by the 2021 Technical Report and the S-K 1300 Technical Report Summary, Donlin Gold is projected to have a 27-year mine life, with average annual production expected to reach approximately 1.1 million ounces⁵. Furthermore, the new partners believe there’s considerable exploration potential in the project, as Donlin Gold’s current resources span approximately three kilometers of an eight-kilometer mineralized belt. This represents only approximately 5% of the total land package. Donlin Gold has maintained its state and federal permits in good standing and benefits from being in the State of Alaska with both community and state support.

The new partners recognize the longstanding and trust-based partnerships that have been built with Calista and TKC — the Native landowners of Donlin Gold’s mineral and surface rights, respectively — who, in addition to being excellent partners, are crucial in maintaining the essential social license that NOVAGOLD and Paulson so treasure.

NOVAGOLD and Paulson share a strong commitment to best practices, ecological stewardship, and the economic health and social wellbeing of the Yukon-Kuskokwim region’s people and communities. NOVAGOLD and Paulson deeply appreciate the importance of traditions and the subsistence way of life, where environmental health is capital. As such, long-term commitments — spanning development to operation and reclamation — are fully in place to ensure the land is effectively protected for generations. Today’s announcement further strengthens these engagements and assurances.

2025
Outlook

Our main objectives this year include: commencing the various workstreams to update Donlin Gold’s fully bankable Feasibility Study, including assembling a specially dedicated team to advance these efforts; completing the drill program for reserves and resources conversion; unlocking the full exploration potential of the district; advancing technical work and engineering designs; obtaining outstanding necessary permits and maintaining existing federal and state permits in good standing; upholding our deep support among the project’s stakeholders; and promoting a strong safety, sustainability, and environmental culture. In light of this transaction, the previously disclosed 2025 Donlin Gold expenditure of approximately $43.0 million on a 100% basis will be reviewed by the partners. NOVAGOLD’s 2025 budget will also be reviewed and updated in due course.

Advisors
and
Counsel

In connection with the transaction, Citi is serving as financial advisor and Dorsey & Whitney LLP, and Blake, Cassels & Graydon LLP are serving as legal counsel to NOVAGOLD. In addition, Kleinberg, Kaplan, Wolff & Cohen, Goodmans LLP, McCarthy Tétrault LLP, and Stoel Rives LLP are serving as legal counsel to Paulson and Baker Botts LLP and Stikeman Elliott LLP are serving as legal counsel to Electrum.

Conference
Call
&
Webcast
Details

NOVAGOLD and Paulson will host a conference call and webcast to discuss the transaction today at 6:00 am PT (9:00 am ET). The webcast and conference call-in details are provided below.

The video webcast and conference call-in details are provided below.

Video Webcast:	www.novagold.com/investors/events/
North American callers:	1-833-752-3655
International callers:	1-647-846-8520

Learn more about NOVAGOLD and the Donlin Gold project by visiting www.novagold.com

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in connection with the transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

About
NOVAGOLD

NOVAGOLD is a well-financed precious metals company focused on the development of the Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories, inclusive of Proven and Probable Mineral Reserves (541 million tonnes at an average grade of approximately 2.24 grams per tonne, in the Measured and Indicated Mineral Resource categories on a 100% basis)⁶, the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. According to the 2021 Technical Report and the S-K 1300 Technical Report Summary once in production, the Donlin Gold project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis.

About
Paulson

Paulson is a private global investment management advisory firm based in Palm Beach, Florida.

NOVAGOLD
Contacts:

Mélanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227

Frank Gagnon
Manager, Investor Relations
778-990-0299 or 1-866-669-6227

Paulson
Contacts:

Michael McKeon [email protected]

__________________________________

¹ Electrum is a “related party” of NOVAGOLD within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holdersin SpecialTransactions (“MI61-101“) and the issuance of 6,375,000 warrants and the potential issuance of up to 14,166,667 common shares to Electrum under the funding agreement is a “related party transaction” under MI 61-101. Dr. Thomas Kaplan, Chairman of the Board, also serves as the Chairman, Chief Investment Officer and Chief Executive Officer of The Electrum Group LLC, which manages the portfolio of Electrum. NOVAGOLD is relying on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 on the basis that the fair market value of the warrants and the common shares issued or issuable to Electrum in connection with the funding agreement do not exceed 25% of NOVAGOLD’s market capitalization. NOVAGOLD did not file a material change report in respect of this related party transaction 21 days in advance of entering the funding agreement and issuing the warrants to Electrum, as Electrum’s participation in the funding agreement had not been confirmed at that time.
² The updated Feasibility Study/Technical Report will be compliant with NI 43-101 and S-K 1300 standards.
³ Donlin Gold data as per the report titled “NI 43-101 Technical Report on the Donlin Gold project, Alaska, USA” with an effective date of June 1, 2021 (the “2021 Technical Report”) and the report titled “S-K 1300 Technical Report Summary on the Donlin Gold project, Alaska, USA” (the “S-K 1300 Technical Report Summary”), dated November 30, 2021. Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 4 Mt of Measured Resources and approximately 267 Mt of
Indicated Resources inclusive of Reserves is currently attributable to NOVAGOLD through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of Indicated Resources exclusive of Mineral Reserves is currently attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.
⁴ As of March 2025, S&P Global Market Intelligence reports that the global industry average grade for open-pit and underground gold deposits with over 1 million ounces in Measured and Indicated Mineral Resources, inclusive of Mineral Reserves, is 1.03 g/t. In comparison, Donlin Gold’s grade is 2.24 g/t, more than double the industry average.
5 Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary detailed in footnote 3 above, with anticipated average annual production of 1.1 million gold ounces over 27 years on a 100% basis.
⁶ Donlin Gold data as per the 2021 Technical Report and the S-K 1300 Technical Report Summary. Please see footnote 3 above.

Cautionary
Note
Regarding
Forward-Looking
Statements

This
media
release
includes
certain
“forward-looking
information”
and
“forward-looking
statements”
(collectively
“forward-looking
statements”)
within
the
meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements
include future-oriented financial information or financial outlook within the meaning of securities laws, including information regarding the anticipated
benefits of the announced transaction with Paulson, NOVAGOLD’s anticipated expenditures and anticipated plans for the new partnership and Donlin
following
the completion
of
the
transaction,
statements
regarding
the
permitting, potential
development,
exploration,
construction
and
operation
of
Donlin
Gold
and
statements
relating
to
NOVAGOLD’s
future
operating
and
financial performance
and
production
estimates.
Such
information
is
intended
to assist
readers
in
understanding
NOVAGOLD’s current
expectations
and plans
relating
to
the
future.
Such
information
may
not be appropriate
for
other purposes.
Forward-looking
statements
are
frequently, but not always, identified by
words
such as
“expects”, “continue”, “ongoing”, “anticipates”, “believes”, “intends”,
“estimates”,
“potential”,
“possible”,
and
similar
expressions,
or
statements
that events,
conditions,
or
results
“will”,
“may”,
“could”,
“would”
or
“should”
occur
or be achieved. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD
considered
appropriate
and
reasonable
as
of
the
date
such
statements
are
made,
are
subject
to
known and
unknown
risks,
uncertainties, assumptions,
and
other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such
forward-looking
statements.
All
statements,
other
than
statements
of
historical
fact,
included
herein are
forward-looking
statements.
These
forward-looking
statements
include
statements
regarding
the
anticipated
consummation
and
timing
of
the
transaction;
the
expected
timing
of closing
of
the
transaction;
the
satisfaction of the conditions precedent; the anticipated timing of certain judicial and/or administrative decisions; the 2025 outlook; the timing and
potential for commencing a new feasibility study on the Donlin Gold project; the results of future feasibility studies; our goals and expenditures for 2025;
ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold’s continued support for the state and federal permitting
process; sufficiency of working capital; the potential development and construction of the Donlin Gold project; the timing and ability for the Donlin Gold
project to hit critical milestones; the ability for the Tier One gold
development project to hit the anticipated projections; the sufficiency of funds to continue
to
advance
development
of
Donlin
Gold, including
to a
construction decision;
perceived
merit
of properties;
mineral
reserve
and
mineral
resource
estimates;
Donlin Gold’s ability to secure the permits needed
to construct and operate the Donlin Gold project in a
timely manner, if at all; legal challenges to Donlin
Gold’s existing
permits
and
the
timing
of
decisions
in
those
challenges;
whether
the
Donlin
Gold
LLC board
will continue
to
advance
the
Donlin
Gold
project
safely, socially responsibly and to sustainably generate value for our stakeholders; continued cooperation between the owners
of Donlin Gold LLC to
advance the project; NOVAGOLD’s ability to deliver on its strategy with the Donlin Gold project; the success of the strategic mine plan for the Donlin Gold
project; the success of the Donlin Gold
community relations plan; the outcome of exploration drilling
at the Donlin Gold project and
the timing
thereof; the
completion of test work and modeling and the timing thereof. In addition, any statements that refer to expectations, intentions, projections or other
characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead
represent the expectations of NOVAGOLD management’s estimates and projections regarding future events or circumstances on the
date the statements
are
made. Important
factors
that
could cause
actual
results
to
differ
materially
from
expectations
include
failure
to
satisfy or
waive
the
closing
conditions
to
the transaction; the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits
necessary to construct and operate; the need for additional financing to complete an updated feasibility study and to explore and develop properties and
availability of financing in the debt and capital markets; disease pandemics; uncertainties involved in the interpretation of drill results and geological tests
and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and
local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or
nationalization of property and political or economic developments in the United States or Canada; the need for cooperation of government agencies and
Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad
weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or
recovery rates;
unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices
and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and
uncertainties disclosed in NOVAGOLD’s most recent reports on Forms 10-K and 10-Q, particularly the “Risk Factors” sections of those reports and other
documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting
NOVAGOLD’s website at

www.novagold.com,

or the SEC’s website at

www.sec.gov,

or on SEDAR+ at

www.sedarplus.ca.

The forward-looking statements
contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to
update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

April 22, 2025 7:12 am

Novocure’s Optune Lua® Receives CE Mark Approval for the Treatment of Metastatic Non-Small Cell Lung Cancer

Novocure’s Optune Lua® Receives CE Mark Approval for the Treatment of Metastatic Non-Small Cell Lung Cancer

Optune Lua is now approved for use concurrently with immune checkpoint inhibitors or docetaxel in adult patients with metastatic NSCLC who have progressed on or after a platinum-based regimen

CE Mark approval is supported by the Phase 3 LUNAR trial, which demonstrated the first substantial improvement in median overall survival in more than 8 years for this patient population

Optune Lua is a wearable medical device that delivers Tumor Treating Fields (TTFields), a first-of-its-kind therapy for metastatic NSCLC that uses electric fields to kill cancer cells

BAAR, Switzerland–(BUSINESS WIRE)–
Novocure (NASDAQ: NVCR) announced today that Optune Lua® has received a CE (Conformité Européenne)Mark for the treatment of adult patients with metastatic non-small cell lung cancer (NSCLC) concurrently with immune checkpoint inhibitors or docetaxel who have progressed on or after a platinum-based regimen.

“Optune Lua is an innovative and urgently needed new approach for treating metastatic non-small cell lung cancer,” said Joachim Aerts, M.D., a LUNAR investigator and Professor of Pulmonary Oncology at Erasmus MC Cancer Institute. “There are few treatment options for people living with this aggressive cancer. In fact, the results from the Phase 3 trial of Optune Lua were the first in more than eight years to show a treatment providing a significant extension in overall survival. These results and the lack of systemic toxicity observed with Optune Lua provide patients with a promising new treatment option.”

Optune Lua is a portable device that produces alternating electric fields known as Tumor Treating Fields (TTFields), which are delivered through non-invasive, wearable arrays. TTFields exert physical forces on the electrically charged components of dividing cancer cells, resulting in cell death.

“The CE Mark approval for Optune Lua for metastatic non-small cell lung cancer is a significant milestone in Novocure’s efforts to improve outcomes for people living with aggressive cancers,” said Frank Leonard, President, Novocure Oncology. “Tumor Treating Fields therapy has demonstrated effectiveness in multiple tumor types that have historically been very difficult to treat, including lung cancer. We believe the efficacy Optune Lua can offer, paired with its lack of systemic toxicity, has the potential to change the way late-stage lung cancer is treated.”

Novocure has initiated the local registration requirements for Optune Lua in Germany and is preparing for launch in the coming weeks. The CE Mark follows the recent approval of Optune Lua by the U.S. Food and Drug Administration in October 2024.

Data Supporting the CE Mark of Optune Lua

The CE Mark approval was supported by data from the Phase 3 LUNAR trial that compared the safety and efficacy of treatment with Optune Lua concurrent with immune checkpoint inhibitors or docetaxel to treatment with immune checkpoint inhibitors or docetaxel alone in patients with metastatic NSCLC who progressed during or after platinum-based therapy.

The primary endpoint of the trial, extension in overall survival (OS), was achieved. Patients treated with Optune Lua concurrently with an immune checkpoint inhibitor or docetaxel demonstrated a statistically significant and clinically meaningful 3.3-month extension (P=0.035) in median OS. The group treated with Optune Lua concurrently with an immune checkpoint inhibitor or docetaxel (n=137) had a median OS of 13.2 months (95% CI, 10.3 to 15.5 months) compared to a median OS of 9.9 months (95% CI, 8.2 to 11.5 months) in the group treated with an immune checkpoint inhibitor or docetaxel alone (n=139).

Patients randomized to Optune Lua and an immune checkpoint inhibitor (n=66) demonstrated a statistically significant extension of 7.7 months in median OS compared to those treated with an immune checkpoint inhibitor alone (n=68), with median OS of 18.5 months (95% CI, 10.6 to 30.3 months) compared to 10.8 months (95% CI, 8.2 to 18.4 months) respectively (P=0.03).

Patients randomized to receive Optune Lua and docetaxel (n=71) had a median OS of 11.1 months (95% CI, 8.2 to 14.1 months) compared to a median OS of 8.7 months (95% CI, 6.3 to 11.3 months) in patients treated with docetaxel alone (n=71). This 2.4-month extension in median OS did not provide a statistically significant benefit, but did show a positive trend.

Device-related adverse events (AEs) of skin-related disorders under the transducer arrays occurred in 65.4% of patients (n=87). The majority of these events were low grade (Grade 1-2), with only 5% (n=6) experiencing a Grade 3 skin event that required a break from treatment. There were no Grade 4 or Grade 5 toxicities related to Optune Lua, and no device-related AEs that caused death.

As a condition to receiving the CE Mark, Novocure will conduct a post-market study of TTFields concomitant with docetaxel in patients with metastatic NSCLC to assess overall survival in the routine care setting. The trial is designed to include 180 patients with a 12-month follow-up. These results will be compared to a matched control group of docetaxel-only treated patients.

Optune Lua previously received CE Mark approval for the treatment of patients with stage IV, non-squamous NSCLC in combination with pemetrexed (Alimta), after failure of first-line treatments.

Non-Small Cell Lung Cancer (NSCLC)

Lung cancer is the most common cause of cancer-related death in the EU and NSCLC accounts for approximately 85% of all lung cancers.ⁱ In Europe, more than 400,000 people are diagnosed with NSCLC each year.ⁱⁱ

Physicians use different combinations of surgery, radiation and pharmacological therapies to treat NSCLC depending on the stage of the disease.

Certain immune checkpoint inhibitors, including both PD-1 and PD-L1 inhibitors, have been approved for the first-line treatment of NSCLC and the standard of care in this setting continues to evolve rapidly.

The standard of care for second-line treatment is also evolving and may include platinum-based chemotherapy for patients who received immune checkpoint inhibitors as their first-line regimen, pemetrexed, docetaxel, immune checkpoint inhibitors or anti-angiogenic therapies.

About Tumor Treating Fields

Tumor Treating Fields (TTFields) are electric fields that exert physical forces to kill cancer cells via a variety of mechanisms. TTFields do not significantly affect healthy cells because they have different properties (including division rate, morphology, and electrical properties) than cancer cells. These multiple, distinct mechanisms work together to target and kill cancer cells. Due to these multi-mechanistic actions, TTFields therapy can be added to cancer treatment modalities in approved indications and demonstrates enhanced effects across solid tumor types when used with chemotherapy, radiotherapy, immune checkpoint inhibition, or targeted therapies in preclinical models. TTFields therapy provides clinical versatility that has the potential to help address treatment challenges across a range of solid tumors.

About Novocure

Novocure is a global oncology company working to extend survival in some of the most aggressive forms of cancer through the development and commercialization of its innovative therapy, Tumor Treating Fields. Novocure’s commercialized products are approved in certain countries for the treatment of adult patients with glioblastoma, non-small cell lung cancer, malignant pleural mesothelioma and pleural mesothelioma. Novocure has several additional ongoing or completed clinical trials exploring the use of Tumor Treating Fields therapy in the treatment of glioblastoma, non-small cell lung cancer and pancreatic cancer.

Novocure’s global headquarters is located in Baar, Switzerland, with U.S. headquarters located in Portsmouth, New Hampshire and research and development facilities located in Haifa, Israel. For additional information about the company, please visit Novocure.com and follow @Novocure on LinkedIn and X (Twitter).

Forward-Looking Statements

In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide Novocure’s current expectations or forecasts of future events. These may include statements regarding anticipated scientific progress on its research programs, clinical trial progress, development of potential products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for its products, coverage, collections from third-party payers and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe” or other words and terms of similar meaning. Novocure’s performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, environmental, regulatory and political conditions and other more specific risks and uncertainties facing Novocure such as those set forth in its Annual Report on Form 10-K filed on February 27, 2025, and subsequent filings with the U.S. Securities and Exchange Commission. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, Novocure does not intend to update publicly any forward-looking statement, except as required by law. Any forward-looking statements herein speak only as of the date hereof. The Private Securities Litigation Reform Act of 1995 permits this discussion.

ⁱ Zappa C, Mousa SA. Non-small cell lung cancer: current treatment and future advances. Transl Lung Cancer Res. 2016 Jun;5(3):288-300. doi: 10.21037/tlcr.2016.06.07. PMID: 27413711; PMCID: PMC4931124.

ⁱⁱ International Agency for Research on Cancer. Global Cancer Observatory (GLOBOCAN) Europe Fact Sheet. Published online 2022. Accessed April 8, 2025. https://gco.iarc.who.int/media/globocan/factsheets/populations/908-europe-fact-sheet.pdf

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422706948/en/

Investors:

Ingrid Goldberg

[email protected]

Media:

Catherine Falcetti

[email protected]

KEYWORDS: Europe Switzerland Italy

INDUSTRY KEYWORDS: Oncology Health Medical Devices Surgery Radiology Clinical Trials Pharmaceutical

MEDIA:

Logo

Posted on April 22, 2025 7:09 am
NeoGenomics to Showcase PanTracer LBx Validation Study at AACR Annual Meeting

NeoGenomics to Showcase PanTracer LBx Validation Study at AACR Annual Meeting

Additional Presentations Demonstrate Ongoing Commitment to Research & Innovation in Precision Oncology

FORT MYERS, Fla.–(BUSINESS WIRE)–NeoGenomics, Inc. (“NeoGenomics” or the “Company”) (NASDAQ:NEO), a leading provider of oncology testing services, today announced the analytical validation of its PanTracer LBx™ assay, a next-generation sequencing (NGS) liquid biopsy panel designed for comprehensive pan-solid tumor profiling. The validation study, along with five additional abstracts, will be presented at the American Association for Cancer Research^® (AACR) Annual Meeting 2025 in Chicago, April 25–30.

PanTracer LBx is a blood-based test that analyzes circulating tumor DNA to identify key genomic alterations in patients with advanced-stage solid tumors. It is designed to support treatment decisions when tumor tissue is unavailable or insufficient—a common challenge in oncology care. In the validation study, PanTracer LBx demonstrated high performance in identifying key biomarkers—including MSI (microsatellite instability) and TMB (tumor mutational burden)—across multiple cancer types, reinforcing its potential to guide therapy selection and expand access to precision oncology. The poster, “Analytical validation of PanTracer LBx performance, a comprehensive pan-solid tumor liquid biopsy assay,” will be presented on Tuesday, April 29, from 9 AM – 12 PM CT, Section 10, Poster 27.

NeoGenomics has also launched an Evaluation Assessment Program for PanTracer LBx, allowing select physicians to use the assay ahead of full commercial availability. The program is intended to identify opportunities to streamline logistics, reporting, and customer support.

“The clinical validation of PanTracer LBx is the result of extensive analytical testing and represents a meaningful addition to our specialized testing menu designed to serve our community oncologists,” said Andrew A. Lukowiak, Ph.D., Chief Innovation Officer at NeoGenomics. “Our presence at AACR reflects a deep commitment to advancing the accessibility of cutting-edge oncology diagnostics and developing practical, real-world solutions that support patients and providers alike.”

The company will present five additional posters that span topics such as spatial profiling, tumor biology, and genomic co-occurrence, including:

Characterization of GM-CSF and G-CSF expressing cell subtypes in the tumor microenvironment using the Integrated MultiOmyx-RNAscope assay

April 28, 2:00 PM – 5:00 PM, Section 7, Poster 30

Accurate, high-throughput spatial profiling of whole slide samples with the NeoLYTX pipeline

April 28, 9:00 AM – 12:00 PM, Section 46, Poster 29

High throughput quantitative molecular characterization of cytotoxic antibody-drug conjugates in spheroid models for improved functional characterization, screening and candidate selection

April 28, 9:00 AM – 12:00 PM, Section 1, Poster 14

Co-occurrence of gene fusions with SNV/Indels and with CNVs on solid tumors in a cohort of 795 patients from the community setting

April 28, 2:00 PM – 5:00 PM, Section 31, Poster 27

Comprehensive characterization of renal cell carcinomas identifies metabolic reprogramming of the tumor microenvironment associated with disease progression

April 29, 2:00 PM – 5:00 PM, Section 12, Poster 10

NeoGenomics will also showcase its oncology diagnostics solutions at booth #2449.

About NeoGenomics, Inc.

NeoGenomics, Inc. is a premier cancer diagnostics company specializing in cancer genetics testing and information services. We offer one of the most comprehensive oncology-focused testing menus across the cancer continuum, serving oncologists, pathologists, hospital systems, academic centers, and pharmaceutical firms with innovative diagnostic and predictive testing to help them diagnose and treat cancer. Headquartered in Fort Myers, FL, NeoGenomics operates a network of CAP-accredited and CLIA-certified laboratories for full-service sample processing and analysis services throughout the US and a CAP-accredited full-service sample-processing laboratory in Cambridge, United Kingdom.

Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “would,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” “guidance,” “plan,” “potential” and other words of similar meaning, although not all forward-looking statements include these words. This press release includes forward-looking statements. These forward-looking statements address various matters, including statements regarding improving operational efficiency, returning to profitable growth and its ongoing executive recruitment process. Each forward-looking statement contained in this press release is subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to identify and implement appropriate financial and operational initiatives to improve performance, to identify and recruit executive candidates, to continue gaining new customers, offer new types of tests, integrate its acquisitions and otherwise implement its business plan, and the risks identified under the heading “Risk Factors” contained in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and the Company’s other filings with the Securities and Exchange Commission.

We caution investors not to place undue reliance on the forward-looking statements contained in this press release. You are encouraged to read our filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document (unless another date is indicated), and we undertake no obligation to update or revise any of these statements. Our business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250422684655/en/

Investor Contact

Kendra Sweeney

[email protected]

Media Contact

Andrea Sampson

[email protected]

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Oncology Health Health Technology Genetics Radiology Pharmaceutical Biotechnology

MEDIA:

Logo

Posted on April 22, 2025 7:09 am
Gilat Receives Over $15 Million in Orders from Leading Satellite Operators

Confirms rising demand for Gilat’s equipment and services across GEO, MEO, and LEO VHTS constellations

PETAH TIKVA, Israel, April 22, 2025 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, announced today that its Commercial Division received over $15million in orders from leading global satellite operators. Deliveries are scheduled for throughout 2025.

The orders reflect strong ongoing momentum for Gilat’s equipment and services across GEO, MEO, and LEO Very High Throughput Satellite (VHTS) constellations. The demand spans multi-service applications, with particular emphasis on In-Flight Connectivity (IFC), reinforcing Gilat’s leadership in enabling broadband mobility solutions worldwide.

Satellite operators continue to rely on Gilat’s comprehensive solutions for their ability to support a broad range of products and solutions with the flexibility, performance, and scale needed to meet increasing connectivity demands. Our next-generation solutions are designed to deliver efficient, high-performance connectivity across diverse verticals.

“These significant orders from some of the world’s most prominent satellite operators reaffirm our position as a trusted partner for enabling next-generation satellite services,” said Ron Levin, President of Gilat’s Commercial Division. “We’re seeing strong and consistent demand for our products and solutions and we’re proud to play a key role in supporting the expansion of global broadband connectivity across LEO, GEO and MEO constellations.”

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we develop and deliver deep technology solutions for satellite, ground, and new space connectivity, offering next-generation solutions and services for critical connectivity across commercial and defense applications. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Together with our wholly owned subsidiaries—Gilat Wavestream, Gilat DataPath, and Gilat Stellar Blu—we offer integrated, high-value solutions supporting multi-orbit constellations, Very High Throughput Satellites (VHTS), and Software-Defined Satellites (SDS) via our Commercial and Defense Divisions. Our comprehensive portfolio is comprised of a cloud-based platform and modems; high-performance satellite terminals; advanced Satellite On-the-Move (SOTM) antennas and ESAs; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense markets, field services, network management software, and cybersecurity services.

Gilat’s products and tailored solutions support multiple applications including government and defense, IFC and mobility, broadband access, cellular backhaul, enterprise, aerospace, broadcast, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: http://www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the terrorist attacks by Hamas, and the hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason
.

Contact:

Gilat Satellite Networks
Hagay Katz, Chief Product and Marketing Officer
[email protected]

Alliance Advisors:

[email protected]
m
Phone: +1 212 838 3777

Posted on April 22, 2025 7:09 am
Iridium Announces First Quarter 2025 Results

PR Newswire

MCLEAN, Va.
, April 22, 2025 /PRNewswire/ — Iridium Communications Inc. (Nasdaq:IRDM) (“Iridium”), a leading provider of global voice and data satellite communications, today reported financial results for the first quarter of 2025 and reiterated its full-year 2025 outlook. Net income was $30.4 million, or $0.27 per diluted share, for the first quarter of 2025, as compared to net income of $19.7 million, or $0.16 per diluted share, for the first quarter of 2024. Operational EBITDA (“OEBITDA”)⁽¹⁾ for the first quarter was $122.1 million, as compared to $115.0 million for the prior-year period, representing a year-over-year increase of 6%.

Iridium reported first quarter total revenue of $214.9 million, which consisted of $154.3 million of service revenue and $60.6 million of revenue related to equipment sales and engineering and support projects. Total revenue increased 5% versus the comparable period of 2024. Engineering and support revenue increased 23%. Service revenue, which represents primarily recurring revenue from Iridium’s growing subscriber base, grew 4% from the year-ago period and was 72% of total revenue for the first quarter of 2025.

The Company ended the quarter with 2,443,000 total billable subscribers, which is up from 2,333,000 for the year-ago period and compares to 2,460,000 for the quarter ended December 31, 2024. Total billable subscribers grew 5% year-over-year, led by growth in commercial IoT.

“Demand for Iridium’s mission-critical applications continued to drive revenue growth and support share buybacks,” said Matt Desch, CEO, Iridium. Desch added, “With new tariffs and U.S. trade policies still in flux, we expect to incur incremental equipment costs this year. Regardless, we continue to feel good about Iridium’s prospects for growth and ability to return capital to shareholders.”

Iridium Business Highlights

Service – Commercial

Commercial service remained the largest part of Iridium’s business, representing 59% of the Company’s total revenue during the first quarter. The Company’s commercial customer base is diverse and includes markets such as maritime, aviation, oil and gas, mining, recreation, forestry, construction, transportation and emergency services. These customers rely on Iridium’s products and services as critical to their daily operations and integral to their communications and business infrastructure.

Commercial service revenue was $127.5 million, up 4% from last year’s comparable period due to broad-based growth.

Commercial voice and data: Revenue was $55.9 million, up 2% from the year-ago period. Subscribers grew 1% from the year-ago period to 409,000. Average revenue per user (“ARPU”) was $45 during the first quarter, unchanged from last year’s comparable period.

Commercial IoT data: Revenue was $43.8 million, up 11% from the year-ago period. Subscribers grew 7% from the year-ago period to 1,885,000, driven by continued growth in consumer personal communications devices. ARPU was $7.75 in the first quarter, compared to $7.57 in last year’s comparable period.

Commercial broadband: Revenue was $12.9 million, down 6% from $13.7 million in the year-ago period, and subscribers declined modestly from the year-ago period to 16,300. ARPU was $261 during the first quarter, compared to $274 in last year’s comparable period, reflecting the increased prevalence of Iridium’s use as a companion service and the conversion of customers to other plans.

Hosted payload and other data service: Revenue was $14.9 million, up 7% from $14.0 million in the year-ago period. The year-over-year change primarily reflected contributions from Iridium’s PNT service.

Iridium’s commercial business ended the quarter with 2,310,000 billable subscribers, which compares to 2,188,000 for the prior-year quarter and 2,319,000 for the quarter ended December 31, 2024. As noted previously, the sequential decline in billable subscribers for the quarter was largely driven by the commencement of phasing out annual plans by a large IoT customer, resulting in higher subscriber seasonality, with no impact on Iridium revenue due to a fixed-price contract with this customer. IoT data subscribers represented 82% of billable commercial subscribers at the end of the quarter, an increase from 81% at the end of the prior-year period.

Service – U.S. Government

Iridium’s voice and data solutions improve situational awareness for military personnel and track critical assets in tough environments around the globe, providing a unique value proposition that is not easily duplicated.

Under Iridium’s Enhanced Mobile Satellite Services contract (the “EMSS Contract”), a seven-year, $738.5 million fixed-price airtime contract with the U.S. Space Force signed in September 2019, Iridium provides specified satellite airtime services, including unlimited global standard and secure voice, paging, fax, Short Burst Data^®, Iridium Burst^®, RUDICS and Distributed Tactical Communications System services for an unlimited number of Department of Defense and other federal government subscribers. Iridium also provides maintenance and support work for the U.S. government’s dedicated Iridium^® gateway under two other contracts with the U.S. Space Force. Iridium Certus^® airtime services are not included under these contracts and may be procured separately for an additional fee.

Government service revenue grew 1% to $26.8 million in the first quarter, reflecting a contractual rate increase in the EMSS Contract as of September 2024.

Iridium’s U.S. government business ended the quarter with 133,000 subscribers, which compares to 145,000 for the prior-year quarter and 141,000 for the quarter ended December 31, 2024. Government voice and data subscribers decreased 13% from the year-ago period to 54,000 as of March 31, 2025. Government IoT data subscribers decreased 5% year-over-year and represented 59% of government subscribers at the quarter end.

Under the terms of the multi-year EMSS Contract, Iridium’s fixed-price rate will increase to $110.5 million for the contract year beginning September 15, 2025.

Equipment

Equipment revenue was $23.1 million in the first quarter, down 7% compared to $24.9 million in the prior-year quarter.

In 2025, the Company expects equipment sales to be in line with 2024. Equipment margin may be impacted by import tariffs imposed during the year.

Engineering & Support

Engineering and support revenue was $37.5 million during the first quarter, up 23% compared to $30.4 million in the prior-year quarter, primarily due to increasing activity with the U.S. government.

In 2025, the Company expects engineering and support revenue to increase from 2024.

Capital expenditures were $24.5 million for the first quarter, including $1.2 million in capitalized interest. The Company ended the first quarter with gross Term Loan debt of $1.8 billion, $20.0 million outstanding under the Revolving Facility, and a cash and cash equivalents balance of $50.9 million. The Company ended the first quarter with net leverage of 3.7 times trailing twelve months OEBITDA.

Iridium paid its first quarter dividend of $0.14 per common share on March 31, 2025, resulting in a total payment of $15.7 million to stockholders. The Board of Directors plans to increase the quarterly dividend to $0.15 per share starting with the third quarter 2025 dividend, which would result in a full-year dividend increase of 5.5%.

During the quarter, the Company repurchased approximately 2.4 million shares of its common stock under its previously announced share repurchase program at a total purchase price of $70.0 million. As of March 31, 2025, $360.3 million remained available and authorized for repurchase under this program through December 31, 2027. The Company has retired 32.2 million shares, for an aggregate purchase price of $1.1 billion, since its share repurchase program commenced in February 2021.

2025 and Longer-Term Outlook

The Company reiterated its full-year 2025 and long-term guidance:

Total service revenue growth between 5% and 7% for full-year 2025. Total service revenue for 2024 was $614.9 million.

Full year 2025 OEBITDA between $490 million and $500 million. OEBITDA for 2024 was $470.6 million.

Cash taxes of less than $10 million per year through 2026. We expect that the longer-term cash tax rate will move closer to the statutory rate in 2028.

Net leverage below 4.0 times OEBITDA through 2026 and falling below 2.0 times OEBITDA by the end of the decade, assuming ongoing execution of the Company’s share repurchase authorization and the payment of expected quarterly dividends. Net leverage was 3.6 times OEBITDA at December 31, 2024.

(1)
Non-GAAP Financial Measures & Definitions

In addition to disclosing financial results that are determined in accordance with U.S. GAAP, the Company reports Operational EBITDA, which is a non-GAAP financial measure, as a supplemental measure to help investors evaluate the Company’s fundamental operational performance. Operational EBITDA represents earnings before interest, income taxes, depreciation and amortization, gain (loss) on equity method investments, acquisition and related costs, and share-based compensation expenses. The Company considers the loss on early extinguishment of debt to be financing-related costs associated with interest expense or amortization of financing fees, which by definition are excluded from Operational EBITDA. Management believes such charges are incidental to, but not reflective of, the Company’s day-to-day operating performance. Operational EBITDA does not represent, and should not be considered, an alternative to U.S. GAAP measurements such as net income or loss. In addition, there is no standardized measurement of Operational EBITDA, and the Company’s calculations thereof may not be comparable to similarly titled measures reported by other companies. The Company believes Operational EBITDA is a useful measure across time in evaluating its fundamental core operating performance. Management also uses Operational EBITDA to manage the business, including in preparing its annual operating budget, debt covenant compliance, financial projections and compensation plans. The Company believes that Operational EBITDA is also useful to investors because similar measures are frequently used by securities analysts, investors and other interested parties in their evaluation of companies in similar industries. As indicated, Operational EBITDA does not include interest expense on borrowed money, the payment of income taxes, amortization of the Company’s definite-lived intangible assets, or depreciation expense on the Company’s capital assets, which are necessary elements of the Company’s operations. Since Operational EBITDA does not account for these and other expenses, its utility as a measure of the Company’s operating performance has material limitations. Due to these limitations, the Company’s management does not view Operational EBITDA in isolation, but also uses other measurements, such as net income, revenues and operating profit, to measure operating performance. Please refer to the schedule below for a reconciliation of consolidated GAAP net income to Operational EBITDA and Iridium’s Investor Relations webpage at www.iridium.com for a discussion and reconciliation of this and other non-GAAP financial measures. The Company does not provide a forward-looking reconciliation of expected full year 2025 Operational EBITDA guidance as the amount and significance of certain items such as share-based compensation, acquisition related costs and gain/loss on equity method investments, that are required to develop meaningful comparable GAAP financial measures cannot be estimated at this time without unreasonable efforts.

Iridium Communications Inc.

Supplemental Reconciliation of GAAP Net Income to Operational EBITDA

(In thousands)

Three Months Ended March 31,

2025

2024

GAAP net income

$             30,412

$             19,653

Interest expense, net

21,824

20,663

Income tax expense

5,819

7,931

Depreciation and amortization

51,667

49,744

Share-based compensation

11,748

14,000

Acquisition and related costs⁽¹⁾

—

1,456

Loss on equity method investments

648

1,567

Operational EBITDA

$           122,118

$           115,014

⁽¹⁾

Represents direct costs incurred in connection with the negotiation, consummation and integration of acquisition transactions, whether or not actually completed. These costs generally include legal and advisory fees, severance and other related costs.

Conference Call Information

As previously announced, the Company will host a conference call to discuss its results at 8:30 a.m. Eastern Time on Tuesday, April 22, 2025. Callers should dial 1-412-902-6740 to access the call. The conference call will also be simultaneously webcast on Iridium’s Investor Relations webpage at www.iridium.com. An archive of the webcast will be available following the live conference call.

About Iridium Communications Inc.

Iridium^® is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations, and assets to and from anywhere, in real time. Together with its ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. In 2024, Iridium acquired Satelles and announced the Iridium Satellite Time and Location service. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the Nasdaq Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services, and partner solutions, visit www.iridium.com.

Forward-Looking Statements

Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding Iridium’s expectations with respect to total service revenue growth, OEBITDA, net leverage and cash taxes for 2025; cash taxes and net leverage over the long term; anticipated equipment sales and engineering and support service revenue for 2025; amount and timing of share repurchases, the payment of dividends, and expected revenues from its EMSS contract with the U.S. government. Forward-looking statements can be identified by the words “anticipates,” “may,” “can,” “believes,” “expects,” “projects,” “intends,” “likely,” “will,” “to be” and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding customer demand for Iridium’s products and services, including demand from the U.S. government; Iridium’s ability to maintain the health, capacity and content of its satellite constellation, the development of and market for Iridium’s products and services, and changes in trade policy, including tariff rates, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption “Risk Factors” in the Company’s Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (“SEC”) on February 13, 2025, as well as other filings Iridium makes with the SEC from time to time. There is no assurance that Iridium’s expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium’s underlying assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Iridium’s forward-looking statements are based on information available to it as of the date of this press release and speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.

Iridium Communications Inc.

Condensed Consolidated Statements of Operations

(In thousands)

Three Months Ended March 31,

2025

2024

Revenue

Service revenue

Commercial

$                127,542

$                122,077

Government

26,750

26,500

Total service revenue

154,292

148,577

Subscriber equipment

23,121

24,868

Engineering and support service

37,465

30,408

Total revenue

214,878

203,853

Operating expenses

Cost of services (exclusive of depreciation and amortization)

48,787

46,449

Cost of subscriber equipment sales

12,867

13,880

Research and development

5,417

7,198

Selling, general and administrative

35,752

36,811

Depreciation and amortization

51,667

49,744

Total operating expenses

154,490

154,082

Operating income

60,388

49,771

Other income (expense), net

Interest expense, net

(21,824)

(20,663)

Other income (expense), net

(1,685)

43

Total other expense, net

(23,509)

(20,620)

Income before income taxes and loss on equity method investments

36,879

29,151

Income tax expense

(5,819)

(7,931)

Loss on equity method investments

(648)

(1,567)

Net income

$                  30,412

$                  19,653

Operational EBITDA

$                122,118

$                115,014

Iridium Communications Inc.

Summary Revenue and OEBITDA Highlights

(In thousands)

Three Months Ended March 31,

2025

2024

% Change

Revenue

Service revenue⁽¹⁾

Commercial service revenue

Voice and data

$         55,942

$       54,977

2 %

IoT data⁽²⁾

43,856

39,455

11 %

Broadband⁽³⁾

12,876

13,692

-6 %

Hosted payload and other data service⁽⁴⁾

14,868

13,953

7 %

Total commercial service revenue

127,542

122,077

4 %

Government service revenue⁽⁵⁾

26,750

26,500

1 %

Total service revenue

154,292

148,577

4 %

Subscriber equipment

23,121

24,868

-7 %

Engineering and support⁽⁶⁾

Commercial

1,638

1,153

42 %

Government

35,827

29,255

22 %

Total engineering and support

37,465

30,408

23 %

Total revenue

$       214,878

$     203,853

5 %

Operational EBITDA

Operational EBITDA

$       122,118

$     115,014

6 %

Other

Capital expenditures⁽⁷⁾

$         24,546

$       14,564

Net debt⁽⁸⁾

$    1,772,281

$ 1,446,913

Cash, cash equivalents and marketable securities

$         50,899

$     174,025

Revolving Credit Facility

$         20,000

$              —

Term Loan, gross

$    1,803,180

$ 1,620,938

Deferred financing costs

(16,213)

(17,181)

Term Loan, net

$    1,786,967

$ 1,603,757

⁽¹⁾

Service revenue consists of primarily subscription-based services which often generate a long-term recurring revenue stream from subscribers.

⁽²⁾

IoT data service provides a two-way short burst data transmission between Iridium’s network and a telemetry unit, which may be located, for example, on a container in transit or a buoy monitoring oceanographic conditions.

⁽³⁾

Broadband is comprised of Iridium OpenPort^® and Iridium Certus.

⁽⁴⁾

Hosted payload and other services consist primarily of services that do not have traditional billable subscribers. Hosted payload services consist of hosting and data services to our payload customers, Aireon and Harris. Other services include primarily Iridium’s one-way satellite timing, location, and authentication services (STL) which provides position, navigation and timing technology.

⁽⁵⁾

Government service revenue consists of voice and IoT data subscription-based services provided to agencies of the U.S. government through prime contracts.

⁽⁶⁾

Engineering and support includes maintenance services to the U.S. government’s dedicated gateway and engineering services to assist customers in developing new technologies for use on Iridium’s satellite system.

⁽⁷⁾

Capital expenditures based on cash spent in the respective period.

⁽⁸⁾

Net debt is calculated by taking the sum of the gross Term Loan and gross drawn Revolving Facility, less cash, cash equivalents and marketable securities.

Iridium Communications Inc.

Subscriber Highlights

(In thousands, except ARPU)

As of March 31,

2025

2024

% Change

Billable Subscribers ^{(1) (2)}

Commercial

Voice and data, IoT data and Broadband service

Voice and data

409

405

1 %

IoT data

1,885

1,766

7 %

Broadband⁽³⁾

16.3

16.6

-2 %

Total commercial voice and data, IoT data and Broadband service

2,310

2,188

6 %

Government

Voice and data and IoT data service

Voice and data

54

62

-13 %

IoT data

79

83

-5 %

Total government voice and data and IoT data service

133

145

-8 %

Total billable subscribers

2,443

2,333

5 %

Three Months Ended March 31,

2025

2024

% Change

Net Billable Subscriber Additions

Commercial

Voice and data. IoT data and Broadband service

Voice and data

(6)

(3)

-100 %

IoT data

(2)

57

-104 %

Broadband

(0.3)

—

NM

Total commercial voice and data, IoT data and Broadband service

(8)

54

-115 %

Government

Voice and data and IoT data service

Voice and data

(8)

—

NM

IoT data

—

—

NM

Total government voice and data and IoT data service

(8)

—

NM

Total net billable subscriber additions

(16)

54

-130 %

Three Months Ended March 31,

2025

2024

% Change

ARPU ^{(2) (4)}

Commercial

Voice and data

$                45

$                45

— %

IoT data

$             7.75

$             7.57

2 %

Broadband

$              261

$              274

-5 %

⁽¹⁾

Subscribers as of the end of the respective period.

⁽²⁾

Billable subscriber and ARPU data is not applicable for Hosted payload and other data service revenue items and is excluded from presentation above.

⁽³⁾

Broadband is comprised of Iridium OpenPort^® and Iridium Certus.

⁽⁴⁾

Average monthly revenue per unit, or ARPU, is calculated by dividing revenue in the respective period by the average of the number of billable subscribers at the beginning of the period and the number of billable subscribers at the end of the period and then dividing the result by the number of months in the period.

Investor Contact:

Press Contact:

Kenneth Levy

Jordan Hassin

Iridium Communications Inc.

Iridium Communications Inc.

+1 (703) 287-7570

+1 (703) 287-7421

[email protected]

[email protected]

View original content to download multimedia:https://www.prnewswire.com/news-releases/iridium-announces-first-quarter-2025-results-302433716.html

SOURCE Iridium Communications Inc.

Posted on April 22, 2025 7:09 am
Barrick Announces Sale of Stake in Donlin Gold Project for Up To $1.1 Billion

All amounts expressed in US dollars

TORONTO, April 22, 2025 (GLOBE NEWSWIRE) — Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) (“Barrick”) today announced that it has reached an agreement to sell the 50 percent interest in the Donlin Gold Project in Alaska held by Barrick’s subsidiary Barrick Gold U.S. Inc. to affiliates of Paulson Advisers LLC (“Paulson”) and NOVAGOLD Resources Inc. (NYSE American, TSX:NG) for $1 billion in cash. In addition, Barrick has granted NOVAGOLD an option to purchase the outstanding debt owed to Barrick in connection with the Donlin Gold Project for $90 million if purchased prior to closing, or for $100 million if purchased within 18 months from closing, when the option expires. If that option is not exercised, the debt will remain outstanding, substantially in accordance with its existing terms.

Paulson and NOVAGOLD have agreed to acquire 80 percent and 20 percent, respectively, of Barrick’s subsidiary’s interest in Donlin Gold LLC, the entity that holds the Donlin Gold Project, with each purchaser contributing pro rata to the purchase price and several existing shareholders, including Paulson, backstopping NOVAGOLD’s purchase commitment.

Proceeds from the sale will be used to further strengthen the balance sheet, invest in our future and support our commitment to deliver returns to our shareholders.

Barrick president and chief executive Mark Bristow said Barrick remained committed to optimizing its portfolio of assets that align with its objective of focusing on long-life, sustainable Tier One gold and copper operations that it operates and advancing its priority portfolio of growth projects.

“The Donlin agreement allows Barrick to exit the Donlin Gold Project at an attractive valuation, while allowing NOVAGOLD and Paulson to pursue the development of the project. This is a good example of an instance where an asset we own might be better suited in the hands of others, while we pursue our priority portfolio of Barrick-managed growth projects,” said Bristow.

Subject to the satisfaction of customary closing conditions and obtaining the required regulatory approvals, the transaction is expected to be completed late in the second quarter or early in the third quarter of 2025.

CIBC World Markets Inc. is acting as financial advisor to Barrick. Davies Ward Phillips & Vineberg LLP and Holland & Hart LLP are acting as legal counsel to Barrick.

Enquiries

Investor and Media Relations

Kathy du Plessis
+44 20 7557 7738
Email: [email protected]

Website:
www.barrick.com

Cautionary Statement on Forward-Looking Information

Certain information contained in this press release, including any information related to the completion and timing of the sale of Barrick’s interest in the Donlin Gold project, constitutes “forward-looking statements”. All statements, other than statements of historical fact, are forward-looking statements. The words “plan”, “would”, “expected”, “will”, and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: (i) timing for completion of the transaction with Paulson and NOVAGOLD; and (ii) the anticipated use of proceeds from completion of the transaction.

Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by Barrick as at the date of this press release in light of management’s experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates and assumptions contained in this news release, which may prove to be incorrect, include, but are not limited to: (i) that the parties will complete the transaction and that Barrick will receive the consideration payable in accordance with, and on the timeline contemplated by, the terms and conditions of the relevant agreements, on a basis consistent with its expectations; and (ii) that the conditions to the completion of the transaction will be satisfied within the expected timeframe or at all. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements, including the risk that the sale transaction will not be completed for any reason. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. All of the forward-looking statements made in this press release are qualified by these cautionary statements and those made in Barrick’s most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities which contain a more detailed discussion of some of the factors underlying forward-looking statements, and the risks that may affect Barrick’s ability to achieve the expectations set forth in the forward-looking statements contained in this press release.

Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

Posts pagination

Previous page Page 1 … Page 12,668 Page 12,669 Page 12,670 … Page 44,466 Next page