Worksport Surpasses Monthly Sales Record in April on Strong AL4 Performance
West Seneca, New York--(Newsfile Corp. - June 2, 2025) - Worksport Ltd. (NASDAQ: WKSP) ('Worksport' or the 'Company'), a U.S. based manufacturer and innovator of hybrid and clean energy solutions for the light truck, overlanding, and global consumer goods sectors, is excited to announce record-high April sales totaling about $1.22 million, with its premium AL4 tonneau cover accounting for approximately 40% of total product sales-a milestone achievement for a product that launched just weeks earlier.
As of the end of April 2025, 80% of the AL4 product line-20 out of 25 planned models-has been successfully rolled out. With only five additional models remaining to complete a full application lineup, Worksport anticipates the line's growth trajectory to continue accelerating through Q2 and beyond. Dealer adoption of the AL4 has also shown encouraging momentum, following a classic snowball pattern where initial sample orders often lead to expanded, repeatable purchases from new dealer accounts.
'The AL4's performance just weeks after availability exceeded our internal expectations of uptake, and validates the significant market demand for American-made, premium tonneau covers,' said Steven Rossi, Chief Executive Officer of Worksport Ltd. 'Its success is already being felt in both our dealer and direct-to-consumer channels. We believe this is only the beginning, with more SKUs on the way and a strong dealer reorder cycle emerging.'
Management notes that the AL4's rapid uptake is a key contributor to the Company's strengthening revenue base, driven by its blend of durability, user-centric features, and competitive pricing. Manufactured in Worksport's state-of-the-art U.S. facility using over 90% domestic content, the AL4 continues to differentiate itself from foreign-sourced alternatives that often lack the quality and margin profile desired by Worksport's growing network of dealers.
Looking ahead, the Company expects Q2 revenue to notably surpass Q1 results, driven by the AL4 ramp-up, expanding B2B dealer relationships, and continued strength in e-commerce. Management also anticipates stronger revenue acceleration in Q3 and Q4, as Worksport prepares to introduce its upcoming clean-tech innovations-the SOLIS solar-integrated tonneau cover and the COR portable power system-later in 2025.
Worksport believes the combination of a robust tonneau cover business and emerging clean-tech product pipeline positions the Company for substantial growth, expanding margins, and enhanced shareholder value in the quarters ahead.
For further information:
Investor Relations, Worksport Ltd. T: 1 (888) 554-8789 -128
W: investors.worksport.com W: www.worksport.com E: [email protected]
Join: Worksport's Newsletter
About Worksport
Worksport Ltd. (NASDAQ: WKSP), through its subsidiaries, designs, develops, manufactures, and owns the intellectual property on a variety of tonneau covers, solar integrations, portable power systems, and clean heating & cooling solutions. Worksport has an active partnership with Hyundai for the SOLIS Solar cover. Additionally, Worksport's hard-folding cover, designed and manufactured in-house, is compatible with all major truck models and is gaining traction with newer truck makers including the electric vehicle (EV) sector. Worksport seeks to capitalize on the growing shift of consumer mindsets towards clean energy integrations with its proprietary solar solutions, mobile energy storage systems (ESS), and Cold-Climate Heat Pump (CCHP) technology. Terravis Energy's website is terravisenergy.com.
Connect with Worksport
Please follow the Company's social media accounts on X (previously Twitter), Facebook, LinkedIn, YouTube, and Instagram (collectively, the 'Accounts'), the links of which are links to external third-party websites, as well as sign up for the Company's newsletters at investors.worksport.com.
Social Media Disclaimer
The Company does not endorse, ensure the accuracy of, or accept any responsibility for any content on these third-party websites other than content published by the Company. Investors and others should note that the Company announces material financial information to our investors using our investor relations website, press releases, Securities and Exchange Commission (SEC') filings, and public conference calls and webcasts. The Company also uses social media to announce Company news and other information. The Company encourages investors, the media, and others to review the information the Company publishes on social media. The Company does not selectively disclose material non-public information on social media. If there is any significant financial information, the Company will release it broadly to the public through a press release or SEC filing prior to publishing it on social media.
Forward-Looking Statements
The information contained herein may contain 'forward‐looking statements.' Forward‐looking statements reflect the current view about future events. When used in this press release, the words 'anticipate,' 'believe,' 'estimate,' 'scheduled,' 'expect,' 'future,' 'intend,' 'plan,' 'project,' 'envisioned,' 'should,' or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. These statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial situation may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (i) supply chain delays; (ii) acceptance of our products by consumers; (iii) delays in or nonacceptance by third parties to sell our products; and (iv) competition from other producers of similar products. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the SEC, including, without limitation, our latest Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company's actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. The forward-looking statements made in this press release are made only as of the date of this press release, and the Company undertakes no obligation to update them to reflect subsequent events or circumstances.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/254135

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Business Wire
24 minutes ago
- Business Wire
OneWater Marine Inc. Announces Fiscal Third Quarter Results
BUFORD, Ga.--(BUSINESS WIRE)--OneWater Marine Inc. (NASDAQ: ONEW) ('OneWater' or the 'Company') today announced results for its fiscal third quarter ended June 30, 2025. 'The quarter highlighted our ability to outperform broader industry trends, despite macroeconomic uncertainty. As expected, a highly competitive environment and significant promotional activity across the industry continues to pressure margins,' commented Austin Singleton, Chief Executive Officer at OneWater. 'Our focus on serving our customers, executing our strategy, and taking market share remains unwavering. We continue to position the business for long-term success through a disciplined and thoughtful approach to inventory management, which includes strategic brand exits that are progressing as planned. By staying focused on factors within our control, we remain well-equipped to navigate this dynamic environment and drive results.' Fiscal Third Quarter 2025 Results Revenue for fiscal third quarter 2025 was $552.9 million, an increase of 1.9% compared to $542.4 million in fiscal third quarter 2024. Same-store sales increased 2%. New boat revenue decreased 2.1%, driven by a decrease in units sold, partially offset by an increase in average price per unit. Pre-owned boat revenue increased 17.8%, driven by the increase in units sold and average price per unit. Finance & insurance income remained flat as a percentage of total boat sales, and service, parts & other sales were down 1.7% compared to the prior year quarter. Dealership service, parts, and other sales increased in the quarter while Distribution segment sales were lower due to reduced production by boat manufacturers. Gross profit totaled $128.7 million for fiscal third quarter 2025, down $3.9 million from $132.6 million for fiscal third quarter 2024. Gross profit margin of 23.3% decreased 110 basis points compared to the prior year period, driven by new boat model mix and pricing on continuing brands, and the impact of select brands the Company is exiting. Fiscal third quarter 2025 selling, general and administrative expenses totaled $92.1 million, or 16.7% of revenue, compared to $87.1 million, or 16.0% of revenue, in fiscal third quarter 2024. The increase in selling, general and administrative expenses as a percentage of revenue was driven by increased expenses to drive our same-store sales results and inflationary costs related to administrative and fixed expenses. Net income for fiscal third quarter 2025 totaled $10.7 million, compared to net income of $16.7 million in fiscal third quarter 2024. The Company reported net income per diluted share for fiscal third quarter 2025 of $0.65, compared to net income per diluted share of $0.99 in 2024. Adjusted diluted earnings per share 1 for fiscal third quarter 2025 was $0.79, compared to adjusted diluted earnings per share 1 of $1.05 in 2024. Fiscal third quarter 2025 Adjusted EBITDA 1 decreased to $32.8 million compared to $39.2 million for fiscal third quarter 2024. As of June 30, 2025, the Company's cash and cash equivalents balance was $70.1 million and total liquidity, including cash and availability under credit facilities, was in excess of $85.0 million. Total inventory as of June 30, 2025, decreased 13.6% to $517.1 million, compared to $598.6 million on June 30, 2024, primarily driven by the Company's inventory management. Total long-term debt as of June 30, 2025 was $419.5 million, and adjusted long-term net debt (net of $70.1 million cash) 1 was 5.8 times trailing twelve-month Adjusted EBITDA 1. Fiscal Year 2025 Guidance The Company is updating its previously issued fiscal full year 2025 outlook. For fiscal full year 2025, OneWater anticipates revenue to be in the range of $1.80 billion to $1.85 billion and dealership same-store sales to be up low single digits. Adjusted EBITDA 2 is expected to be in the range of $65 million to $80 million and Adjusted Diluted Earnings Per Share is expected to be in the range of $0.50 to $0.75. Conference Call and Webcast OneWater will host a conference call to discuss its fiscal third quarter earnings on Thursday, July 31st, at 8:30 am Eastern time. To access the conference call via phone, participants can dial (+1) 646 564 2877 or (+1) 800 549 8228 (North America Toll Free). Alternatively, a live webcast of the conference call can be accessed through the 'Events' section of the Company's website at where it will be archived for one year. A telephonic replay will also be available through August 7th, 2025 by dialing (+1) 646 517 3975 (US), (+1) 289 819 1325 (Canada), or (+1) 888 660 6264 (North America Toll Free), and entering access code 25911 #. See reconciliation of Non-GAAP financial measures below. See reconciliation of Non-GAAP financial measures below for a discussion of why reconciliations of forward-looking Adjusted EBITDA and adjusted earnings per diluted share are not available without unreasonable effort. Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 2025 2024 Revenues: New boat $ 326,134 $ 333,162 $ 883,631 $ 901,552 Pre-owned boat 125,941 106,889 272,467 238,820 Finance & insurance income 17,782 17,932 42,185 40,022 Service, parts & other 83,007 84,458 213,916 214,381 Total revenues 552,864 542,441 1,412,199 1,394,775 Gross profit New boat 51,950 56,722 139,109 161,483 Pre-owned boat 22,535 22,263 49,602 50,065 Finance & insurance 17,782 17,932 42,185 40,022 Service, parts & other 36,396 35,688 92,232 92,840 Total gross profit 128,663 132,605 323,128 344,410 Selling, general and administrative expenses 92,138 87,059 258,989 253,169 Depreciation and amortization 5,593 5,091 16,426 14,185 Transaction costs 175 242 1,111 966 Change in fair value of contingent consideration 144 214 452 3,918 Restructuring and impairment 234 — 1,473 11,847 Income from operations 30,379 39,999 44,677 60,325 Other expense (income): Interest expense – floor plan 7,340 9,290 21,870 25,627 Interest expense – other 9,041 9,008 27,129 27,352 Other (income) expense, net (224 ) (1,357 ) 853 889 Total other expense, net 16,157 16,941 49,852 53,868 Net income (loss) before income tax expense (benefit) 14,222 23,058 (5,175 ) 6,457 Income tax expense (benefit) 3,507 6,344 (1,903 ) 2,222 Net income (loss) 10,715 16,714 (3,272 ) 4,235 Net (income) attributable to non-controlling interests — — — (119 ) Net (income) loss attributable to non-controlling interests of One Water Marine Holdings, LLC — (2,031 ) 1,648 (572 ) Net income (loss) attributable to OneWater Marine Inc. $ 10,715 $ 14,683 $ (1,624 ) $ 3,544 Net earnings (loss) per share of Class A common stock – basic $ 0.66 $ 1.01 $ (0.10 ) $ 0.24 Net earnings (loss) per share of Class A common stock – diluted $ 0.65 $ 0.99 $ (0.10 ) $ 0.24 Basic weighted-average shares of Class A common stock outstanding 16,313 14,593 15,700 14,571 Diluted weighted-average shares of Class A common stock outstanding 16,444 14,891 15,700 14,835 Expand ONEWATER MARINE INC. Reconciliation of Non-GAAP Financial Measures (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Nine Months Ended June 30, 2025 2024 2025 2024 Net income (loss) attributable to OneWater Marine Inc. $ 10,715 $ 14,683 $ (1,624 ) $ 3,544 Transaction costs 175 242 1,111 966 Intangible amortization 2,167 2,086 6,437 5,743 Change in fair value of contingent consideration 144 214 452 3,918 Restructuring and impairment 727 — 3,013 11,847 Other (income) expense, net (224 ) (1,357 ) 853 889 Net income attributable to non-controlling interests of One Water Marine Holdings, LLC (1) — (107 ) (568 ) (2,103 ) Adjustments to income tax expense (2) (687 ) (248 ) (2,599 ) (4,890 ) Adjusted net income attributable to OneWater Marine Inc. 13,017 15,513 7,075 19,914 Net income (loss) per share of Class A common stock - diluted $ 0.65 $ 0.99 $ (0.10 ) $ 0.24 Transaction costs 0.01 0.02 0.07 0.07 Intangible amortization 0.13 0.15 0.41 0.39 Change in fair value of contingent consideration 0.01 0.01 0.03 0.26 Restructuring and impairment 0.04 — 0.19 0.80 Other (income) expense, net (0.01 ) (0.09 ) 0.05 0.06 Net income attributable to non-controlling interests of One Water Marine Holdings, LLC (1) — (0.01 ) (0.04 ) (0.14 ) Adjustments to income tax expense (2) (0.04 ) (0.02 ) (0.17 ) (0.33 ) Adjustment for dilutive shares (3) — — 0.01 — Adjusted earnings per share of Class A common stock - diluted $ 0.79 $ 1.05 $ 0.45 $ 1.35 (1) Represents an allocation of the impact of reconciling items to our non-controlling interest. (2) Represents an adjustment of all reconciling items at an estimated effective tax rate. (3) Represents an adjustment for shares that are anti-dilutive for GAAP earnings per share but are dilutive for adjusted earnings per share. Expand Three Months Ended June 30, Trailing twelve months ended June 30, 2025 2024 2025 Net income (loss) $ 10,715 $ 16,714 $ (13,683 ) Interest expense – other 9,041 9,008 36,827 Income tax expense (benefit) 3,507 6,344 (4,282 ) Depreciation and amortization 6,301 5,785 24,441 Stock-based compensation 2,459 2,256 8,235 Change in fair value of contingent consideration 144 214 782 Transaction costs 175 242 1,675 Restructuring and impairment 727 — 6,484 Other (income) expense, net (224 ) (1,357 ) (22 ) Adjusted EBITDA $ 32,845 $ 39,206 $ 60,457 Long-term debt (including current portion) $ 419,467 Less: cash (70,146 ) Adjusted long-term net debt $ Pro forma adjusted net debt leverage ratio 5.8 x Expand About OneWater Marine Inc. OneWater Marine Inc. is one of the largest and fastest-growing premium marine retailers in the United States. OneWater operates a total of 97 retail locations, 9 distribution centers / warehouses and multiple online marketplaces in 19 different states, several of which are in the top twenty states for marine retail expenditures. OneWater offers a broad range of products and services and has diversified revenue streams, which include the sale of new and pre-owned boats, finance and insurance products, parts and accessories, maintenance, repair and other services. Non-GAAP Financial Measures and Key Performance Indicators This press release and our related earnings call contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Net Income (Loss) Attributable to OneWater Marine Inc., Adjusted Diluted Earnings (Loss) Per Share and Adjusted Long-Term Net Debt, as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of the Company's ongoing operations and how management views the business. Reconciliations of reported GAAP measures to adjusted non-GAAP measures are included in the financial schedules contained in this press release. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP. Because our non-GAAP financial measures may be defined differently by other companies, our definition of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing its utility. We have not reconciled non-GAAP forward-looking measures, including Adjusted EBITDA and Adjusted Earnings (Loss) Per Diluted Share guidance, to their corresponding GAAP measures due to the high variability and difficulty in making accurate forecasts and projections, particularly with respect to change in fair value of contingent consideration and transaction costs. Change in fair value of contingent consideration and transaction costs are affected by the acquisition, integration and post-acquisition performance of our acquirees which is difficult to predict and subject to change. Accordingly, reconciliations of forward-looking Adjusted EBITDA and Adjusted Earnings (Loss) Per Diluted Share are not available without unreasonable effort. Adjusted EBITDA We define Adjusted EBITDA as net income (loss) before interest expense – other, income tax (benefit) expense, depreciation and amortization and other (income) expense, further adjusted to eliminate the effects of items such as the change in fair value of contingent consideration, restructuring and impairment, stock-based compensation and transaction costs. See reconciliation above. Our board of directors, management team and lenders use Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation and amortization) and other items (such as the change in fair value of contingent consideration, income tax (benefit) expense, restructuring and impairment, stock-based compensation and transaction costs) that impact the comparability of financial results from period to period. We present Adjusted EBITDA because we believe it provides useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Adjusted EBITDA is not a financial measure presented in accordance with GAAP. We believe that the presentation of this non-GAAP financial measure will provide useful information to investors and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Adjusted Net (Loss) Income Attributable to OneWater Marine Inc. and Adjusted Diluted (Loss) Earnings Per Share We define Adjusted Net (Loss) Income Attributable to OneWater Marine Inc. as Net (Loss) Income Attributable to OneWater Marine Inc. before transaction costs, intangible amortization, change in fair value of contingent consideration, restructuring and impairment and other expense (income), all of which are then adjusted for an allocation to the non-controlling interest of OneWater Marine Holdings, LLC. Each of these adjustments are subsequently adjusted for income tax at an estimated effective tax rate. Management also reports Adjusted Diluted (Loss) Earnings Per Share which presents all of the adjustments to Net (Loss) Income Attributable to OneWater Marine Inc. noted above on a per share basis. See reconciliation above. Our board of directors, management team and lenders use Adjusted Net (Loss) Income Attributable to OneWater Marine Inc. and Adjusted Diluted (Loss) Earnings Per Share to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of unusual or one time charges and other items (such as the change in fair value of contingent consideration, intangible amortization, restructuring and impairment, transaction costs and other expense (income)) that impact the comparability of financial results from period to period. We present these metrics because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Adjusted Net (Loss) Income Attributable to OneWater Marine Inc. and Adjusted Diluted (Loss) Earnings Per Share are not financial measures presented in accordance with GAAP. We believe that the presentation of these non-GAAP financial measures will provide useful information to investors and analysts in assessing our financial performance and results of operations across reporting periods by excluding items we do not believe are indicative of our core operating performance. Adjusted Long-Term Net Debt We define Adjusted Long-Term Net Debt as long-term debt (including current portion) less cash. We consider, and we believe certain investors and analysts consider, adjusted long-term net debt, as well as adjusted long-term net debt divided by trailing twelve-month Adjusted EBITDA, to be an indicator of our financial leverage. Same-Store Sales We define same-store sales as sales from our Dealership segment, excluding new and acquired stores. New and acquired stores become eligible for inclusion in the comparable store base at the end of the store's thirteenth month of operations under our ownership and revenues are only included for identical months in the same-store base periods. Stores relocated within an existing market remain in the comparable store base for all periods. Additionally, amounts related to closed or sold stores are excluded from each comparative base period. We use same-store sales to assess the organic growth of our Dealership segment revenue. We believe that our assessment on a same-store basis represents an important indicator of comparative financial results and provides relevant information to assess our performance. Cautionary Statement Concerning Forward-Looking Statements This press release and statements made during the above referenced conference call may contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including regarding our strategy, future operations, financial position, prospects, plans and objectives of management, growth rate and its expectations regarding future revenue, operating income or loss or earnings or loss per share. In some cases, you can identify forward-looking statements because they contain words such as 'may,' 'will,' 'will be,' 'will likely result,' 'should,' 'expects,' 'plans,' 'anticipates,' 'could,' 'would,' 'foresees,' 'intends,' 'target,' 'projects,' 'contemplates,' 'believes,' 'estimates,' 'predicts,' 'potential,' 'outlook' or 'continue' or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions. These forward-looking statements are not guarantees of future performance, but are based on management's current expectations, assumptions and beliefs concerning future developments and their potential effect on us, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Our expectations expressed or implied in these forward-looking statements may not turn out to be correct. Important factors, some of which are beyond our control, that could cause actual results to differ materially from our historical results or those expressed or implied by these forward-looking statements include the following: changes in demand for our products and services, the seasonality and volatility of the boat industry, effects of industry wide supply chain challenges including a heightened inflationary environment and our ability to maintain adequate inventory, fluctuation in interest rates, adverse weather events, our acquisition and business strategies, the inability to comply with the financial and other covenants and metrics in our credit facilities, cash flow and access to capital, effects of a global public health concern on the Company's business, geopolitical risks, including the imposition of or changes in tariffs, duties, or other taxes affecting international trade, risks related to the ability to realize the anticipated benefits of any proposed acquisitions, including the risk that proposed acquisitions will not be integrated successfully, the timing of development expenditures, and other risks. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' sections of our Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and in our subsequently filed Quarterly Reports on Form 10-Q, each of which is on file with the SEC and available from OneWater Marine's website at under the 'Investors' tab, and in other documents OneWater Marine files with the SEC. Any forward-looking statement speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events, or otherwise.


Business Wire
24 minutes ago
- Business Wire
LSI Industries Announces Fiscal 2025 Fourth Quarter and Full-Year Results Conference Call Date
CINCINNATI--(BUSINESS WIRE)--LSI Industries Inc. (Nasdaq: LYTS, 'LSI' or the 'Company'), a leading U.S. based manufacturer of commercial lighting and display solutions, today announced that it will issue fiscal 2025 fourth quarter and full-year results before the market opens on Thursday, August 21, 2025. A conference call will be held that same day at 11:00 a.m. ET to review the Company's financial results, discuss recent events and conduct a question-and-answer session. A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of LSI Industries' website at Individuals can also participate by teleconference dial-in. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. Details of the conference call are as follows: To listen to a replay of the teleconference, which subsequently will be available through September 4, 2025: ABOUT LSI INDUSTRIES Headquartered in Cincinnati, LSI is a publicly held company traded over the NASDAQ Stock Exchange under the symbol LYTS. The company manufactures advanced lighting, graphics and display solutions across strategic vertical markets. The company's American-made products, which include non-residential indoor and outdoor lighting, print graphics, digital graphics, refrigerated and custom displays, help create value for customer brands and enhance the consumer experience. LSI also provides comprehensive project management services in support of large-scale product rollouts. The company employs approximately 2,000 people at 19 manufacturing plants in the U.S. and Canada. For details on the uncertainties that may cause our actual results to be materially different than those expressed in our forward-looking statements, visit as well as our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q which contain risk factors.


NBC News
25 minutes ago
- NBC News
Trump reaches tariff deal with South Korea and Witkoff addresses Gaza crisis: Morning Rundown
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This morning, the United States and Pakistan said they had clinched a deal that Islamabad described as leading to lower tariffs on its exports, while Trump trumpeted a pact to help develop the South Asian nation's oil reserves. Neither mentioned the tariff rate agreed. The president yesterday said imports from India face a hiked tariff rate of 25%, along with an unspecified penalty for what he said was an over-reliance on Russian energy and military equipment. U.S. tariffs on goods from Brazil will be raised from 50% to 90%, Trump said, as his administration sanctioned the judge overseeing the cases for former President Jair Bolsonaro for allegedly plotting a coup. Tomorrow marks a trade negotiation deadline that Trump said 'stands strong' and 'will not be extended,' months after he initially threatened tariffs on April 2, a day he deemed 'Liberation Day.' As tariff rates are paid by those importing goods to the U.S., higher tariffs make it nearly certain that American households will pay higher prices for the everyday goods that are made overseas. American consumers face an effective tariff rate of 18.2%, the highest since 1934, translating to a loss of as much as $2,400 per household in 2025, according to the Yale University Budget Lab. Trump's tariff plan is headed to court today, where a panel of 11 judges in New York will hear arguments from the administration, as well as two small businesses that say many of his import duties are illegal. The businesses argue that Trump's use of the International Emergency Economic Powers Act of 1977 was illegal and that he has 'no authority to issue across-the-board worldwide tariffs without congressional approval.' All of Trump's tariffs on major trading partners, including Canada, Mexico, and several other countries, have been deployed using the law. Meanwhile, the Federal Reserve left its key interest rate unchanged, though two Trump-appointed board officials dissented from the decision, which has not occurred in more than three decades. Fed Chair Jerome Powell said that while the economy remains solid, it's too early to tell how tariffs will affect it. The family of Virginia Giuffre, a survivor of Jeffrey Epstein's sexual abuse who has since died, urged Trump not to consider clemency of the financier's co-conspirator, Ghislaine Maxwell. Texas Republicans released a proposed congressional map that would give Republicans a path to gaining five seats in next year's midterm elections. Federal authorities arrested an Ohio man in connection with a 90-second, expletive-laden voicemail threatening to kill Rep. Jim Jordan over potential cuts to Medicaid. Hunger in Gaza reaches 'tipping point' Experts and advocates say the hunger crisis in Gaza has reached a 'tipping point,' with deaths expected to soar if Palestinians do not get urgent relief. And the children who do survive malnutrition will face lifelong consequences. The 'window to prevent mass death is rapidly closing, and for many it's already too late,' said Kiryn Lanning, senior director of emergencies of the International Rescue Committee (IRC), a U.K.-based humanitarian organization. The World Health Organization warned that the 'health and well-being of an entire future generation' was at stake. Doctors and aid workers inside Gaza, themselves overworked and underfed, have been warning for months about the critical lack of food and the spiraling cost of the little that was available due to Israel's offensive and crippling aid restrictions. They say that their worst fears are coming to pass. Trump's special envoy, Steve Witkoff, will travel to Israel today to address the humanitarian crisis in Gaza, a senior official said, as some of the president's Republican allies and many Democrats call on him to expand food assistance to the enclave and put more pressure on the Israeli government to reach a ceasefire deal. Witkoff pulled his negotiating team from Doha, Qatar, last week after he said the latest response from Hamas showed 'a lack of desire to reach a ceasefire.' Witkoff's trip to the Middle East comes a day after Canada said it plans to recognize a Palestinian state in September, joining the U.K. and France in making a symbolic announcement signaling a broader shift against Israel's policies. 'The level of human suffering in Gaza is intolerable,' Canadian Prime Minister Mark Caney said. Trump has been more outspoken this week about the crisis in Gaza. Since Israel announced a 'tactical pause' in military operations in Gaza last weekend, more than 320 trucks of aid have been collected and distributed by the U.N. and other international organizations, and at least 260 trucks were in Gaza, according to the Israeli military. Read the full story here. The Harvard Divinity School's Religion and Public Life program was launched five years ago with the goal of advancing the 'public understanding of religion in service of a just world at peace.' The program ran annual trips to Israel and the occupied West Bank, a reason several students said they joined the school. But the trip and a related course on the Israeli-Palestinian conflict were put on pause in March amid what the school described as 'substantial adjustments' to Religion and Public Life. All three of the program's leaders and most of its staff have left or not had their contracts renewed amid internal and external allegations of antisemitism against the program. Religion and Public Life will continue to operate under new leadership this fall, but with vast changes. The program's gutting comes at a critical time, when Harvard has been accused by the Trump administration of failing to root out antisemitism and threatened with a loss of federal funding. However, public scrutiny predates the current presidential term. Former faculty of the program, speaking publicly for the first time, shed light on how it fell apart — and what it could portend for the future of free speech on campuses. Read the full story here. Read All About It A suspect was arrested in the killing of an Arkansas couple during a hike with their two young daughters at Devil's Den State Park. Twenty-five people were taken to hospitals after a Delta flight headed from Utah to Amsterdam experienced 'significant turbulence' and had to land in Minneapolis. The gunman who killed four people at a New York City office building purchased an AR-15-style rifle used in the attack from a former co-worker for $1,400, sources said. Meanwhile, former classmates and a coach said the suspect was once a 'disciplined' athlete. A man poured gasoline on a Virginia city councilmember and set him on fire in an attack that police said 'stems from a personal matter.' A type of HPV regularly found on the skin was newly identified as a cause of skin cancer, according to a new report. Kids' safety online has gotten a lot of attention recently. There has been a congressional debate over legislation, state laws about social media age limits and a Supreme Court ruling on age checks for pornographic websites. But in speaking with sources, I heard about an under-the-radar trend: the idea of putting app stores on the hook for verifying people's ages. Three states have passed laws that, starting next year, would require companies like Google and Apple to ask people's ages when they create app store accounts. Singapore has done the same. The issue has split the tech industry into warring factions, and civil liberties advocates say these laws will put another nail in the coffin of a free internet. — David Ingram, tech reporter NBC Select: Online Shopping, Simplified Pickleball can be incredibly addicting and fun, but make sure you lace up with the proper footwear or else you could risk injury. These shoe options for men and women will keep your feet and ankles well protected. Plus, more than 600,000 Frigidaire mini fridges have been recalled — here's what to know.