TSX hits new record high as investors shrug off Middle East concerns
The S&P/TSX composite index was up 0.6% at 26,670.69 points. The commodity-heavy benchmark index fell 0.4% on Friday after a record setting run last week, buoyed by rising commodity prices, lower-than-expected U.S. inflation data and optimism around the U.S.-China trade deal.
Focus is on the G7 meeting in Canada, where a draft statement said seven countries' leaders will work to safeguard market stability, including energy markets.
The discussions are also expected to center on advancing trade deals, with investors closely watching prospects of Canada moving closer to a trade agreement with the U.S.
Meanwhile, geopolitical tensions continued to dominate headlines as the conflict between Israel and Iran showed no signs of cooling, but oil prices edged lower after a 7% surge on Friday.
'Investors are starting to price in that the conflict in the Middle East will be contained,' said Ian Chong, portfolio manager at First Avenue Investment Counsel.
This week's Fed monetary policy decision presents the next major challenge for markets. While the U.S. central bank is widely expected to keep interest rates unchanged on Wednesday, investors will watch for hints about potential rate cuts in the coming months.
'Fed will probably be on hold, especially with the Middle Eastern tension potentially driving oil prices higher, which is inflationary and I don't think the rhetoric will necessarily change coming out of the Fed,' Chong added.
On the TSX, information and technology sector was the top performer, up 1.4%, as the shares rebounded from Friday's sharp losses.
Consumer discretionary and the heavy-weight financials also gained ground, advancing over 1% each.
On the downside, the energy sector fell the most, down 1.3%, tracking oil prices.
Metal mining shares were also trading 0.5% lower as gold prices also slipped after hitting nearly an eight-week high.
At 10:48 a.m. the Dow Jones Industrial Average was 1.17% higher, the S&P 500 gained 1.16% and the Nasdaq Composite was also up 1.51%.
U.S. Treasury yields fell after the report of Iran's outreach to Israel, with the 10-year notes yielding 0.9 basis points to 4.415%, from 4.424% late on Friday.
MSCI's gauge of stocks across the globe marched 1.09% higher after the U.S. open.
Reuters, Globe staff
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Cameco Q2 results: strong financial performance reflecting positive momentum for nuclear power; uranium average realized price benefitting from long-term contracting strategy; Westinghouse opportunities driving improved 2025 outlook
Article content SASKATOON, Saskatchewan — Cameco (TSX: CCO; NYSE: CCJ) today reported its consolidated financial and operating results for the second quarter ended June 30, 2025, in accordance with International Financial Reporting Standards (IFRS). Article content 'The solid second quarter and first-half financial performance across our uranium, fuel services, and Westinghouse segments demonstrates the resilience of our strategy and the constructive outlook for nuclear power, significantly improving our overall 2025 expectations,' said Tim Gitzel, Cameco's president and CEO. 'Despite the uncertainty-driven volatility throughout the capital markets during the first half of the year, the need for clean electrons has remained on the critical path to addressing global energy security, national security, and climate security concerns. As a result, we believe nuclear energy, and in turn Cameco, with our tier-one assets in stable jurisdictions and strategic investments across the entire nuclear fuel cycle, is on the critical path to global energy security. Article content 'Our integrated strategy that aligns our marketing, operational, and financial decisions continues to serve us well in a market that is shifting its focus toward security of supply. From a marketing perspective, we are capturing value with continued patience and discipline as we layer-in long-term contracts for both uranium and conversion services – contracts that protect us from weaker market conditions while retaining exposure to the price improvements needed to support investments in future supply. That portfolio informs our operational plans, ensuring the timing of our supply is aligned with market demand because history has shown us that the overhang created by unencumbered supply – or even an expectation of supply, credible or not –hinders contracting momentum. So, in addition to having a contract book to underpin the coordinated marketing and operational aspects of our strategy, we also maintain a strong balance sheet and the financial discipline that allows us to confidently invest where required and be patient as the market evolves, ensuring our actions are deliberate and our decisions add value. Article content 'As expected, the second quarter timing of planned maintenance at the Key Lake mill this year resulted in lower uranium production and higher unit cost of sales compared to the second quarter and first six months of last year. However, aside from a slight increase in our expected annual average realized price thanks to a rise in market prices, the only other notable shift in our full-year expectations is from our Westinghouse investment. We now expect our 49% share of Westinghouse's adjusted EBITDA to be between $525 million (US) and $580 million (US), driven by the $170 million (US) increase in our share of Westinghouse's second quarter revenue, tied to its participation in a construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic. We believe that the Czech project, which was announced in June, evidences the growing support for nuclear power, support that is expected to have a positive impact on our uranium and fuel services businesses while creating significant future growth opportunities for Westinghouse. Article content 'We believe that supportive government policies, the tangible actions of energy-intensive industries, and positive public conversations are all pointing to a global convergence: nuclear energy is a critical solution for providing clean, constant, secure and reliable power to electrify global economies. As a proven and reliable supplier with decades of experience, Cameco, along with Westinghouse, is uniquely positioned to power a safe, secure energy future.' Article content Second Quarter Highlights Article content Strong consolidated financial performance in Q2 and for the first six months of 2025: Net earnings of $321 million, adjusted net earnings of $308 million, and adjusted EBITDA of $673 million were all significantly higher than in the second quarter of 2024, largely due to increased equity earnings from our investment in Westinghouse and strong performance in our uranium and fuel services segments. During the first half of the year, net earnings of $391 million, adjusted net earnings of $378 million and adjusted EBITDA of $1.0 billion were also significantly higher than the first six months of 2024 for the same reasons. Quarterly results are impacted by normal quarterly variations in the timing of contract deliveries in our uranium and fuel services segments, and the timing of customer-driven reactor life cycle activities in the Westinghouse segment. Uranium: In our core uranium segment, second quarter earnings before income taxes and adjusted EBITDA increased by 46% and 43% respectively compared to the same period in 2024; earnings before income taxes and adjusted EBITDA for the first half of the year increased by 14% and 17% respectively compared to the first six months of 2024, all mainly as a result of higher sales volumes and average realized prices. Average realized price continued to show improvements as prices from fixed price contracts increased and the US dollar was stronger than in the second quarter of 2024. Total cost of sales (including depreciation and amortization (D&A)) increased due to an increase in the average unit cost of sales and an increase in sales volume. In addition, cost of sales was higher than in the second quarter of 2024 due to the costs of the planned annual maintenance shutdown at the Key Lake mill which were expensed directly to cost of sales. The shutdown took place in the second quarter compared to the third quarter in 2024. See Financial results by segment – Uranium in our second quarter MD&A for more information. Cash cost per pound is a non-IFRS measure. Fuel Services: In our fuel services segment, second quarter earnings before income taxes and adjusted EBITDA increased by 33% and 36% respectively compared to the same period in 2024 mainly due to higher sales and a decrease in cost of sales. Earnings before income taxes for the first half of the year increased by over 100% while adjusted EBITDA increased 97% compared to the first six months of 2024 due to higher sales, a higher average realized price and a decrease in cost of sales. See Financial results by segment – Fuel services in our second quarter MD&A for more information. Westinghouse: Westinghouse reported net earnings of $126 million (our share) for the second quarter and $64 million (our share) for the first six months, improving considerably from net losses in comparable periods in 2024. The improvement over last year is primarily due to Westinghouse's participation in the construction project for two nuclear reactors at the Dukovany power plant in Czech Republic, which, as previously disclosed, resulted in a $170 million (US) increase in our share of Westinghouse's 2025 second quarter revenue. We use adjusted EBITDA as a performance measure for Westinghouse and in the second quarter and first six months of 2025, adjusted EBITDA increased to $352 million and $445 million respectively, compared to the same periods in 2024, which was mainly the result of the increased revenue in the second quarter as noted above. Once Westinghouse receives the cash associated with the increased revenue, it will be considered, by the partners, in determining distributions payable. Westinghouse is expected to receive the cash in the fourth quarter of 2025. See Our outlook for 2025 and Our earnings from Westinghouse in our first quarter MD&A for more information. Adjusted net earnings and adjusted EBITDA are non-IFRS measures. Improved 2025 financial outlook: Our annual expectations for consolidated financial metrics remain unchanged. However, the outlook for our Westinghouse segment has improved significantly. Uranium and Fuel Services production outlook: In our uranium segment, we continue to expect 18 million pounds of production (100% basis) at each of McArthur River/Key Lake and Cigar Lake operations in 2025. However, potential risks to our 2025 production outlook at McArthur River/Key Lake include the expected timing of ground freezing and development schedules in new mining areas, access to adequate skilled labour, and the timing of new equipment commissioning. We now expect our uranium average realized price to be approximately $87.00 per pound (previously $84.00 per pound) due to the higher uranium spot price. In our Fuel Services segment, our annual production expectation, which includes UF 6 conversion, UO 2 conversion, and heavy water reactor fuel bundles, remains between 13 million and 14 million kgU of combined fuel services products. Westinghouse outlook: We now expect our share of adjusted EBITDA from our equity investment in Westinghouse to be between $525 million and $580 million (US) (previously $355 million to 405 million (US)) due to the approximately $170 million (US) increase in our share of Westinghouse's 2025 second quarter revenue tied to Westinghouse's participation in the Dukovany construction project in the Czech Republic. Over the next five years, we expect our share of adjusted EBITDA, excluding the impact of the $170 million (US) increase in the second quarter of 2025, will grow at a compound annual growth rate of 6% to 10%. The 2025 outlook for our share of Westinghouse's net earnings is also impacted by the increased revenue net of income taxes and is now $30 million to $80 million (US) (previously a net loss of $20 million to $70 million (US)). Adjusted EBITDA attributable to Westinghouse is a non-IFRS measure. Joint Venture Inkai (JV Inkai) production: JV Inkai continues to target 2025 production of 8.3 million pounds (100% basis) of uranium of which our purchase allocation is 3.7 million pounds. We expect shipments of our remaining share of 2024 production (approximately 900,000 pounds) and the majority of our share of 2025 production from JV Inkai to begin in the second half of 2025. Disciplined long-term contracting: As of June 30, 2025, we had commitments requiring delivery of an average of about 28 million pounds per year, from 2025 through 2029, which includes deliveries made year to date in 2025, with commitment levels higher than the average in 2025 through 2027, and lower than the average in 2028 through 2029. Long-term uranium contracting slowed during the first half of the year due to global macro-economic uncertainty related to trade policy issues, and customers' focus on downstream services, driven by continuing geopolitical tensions. However, we continue to have a large and growing pipeline of business under discussion, and as the pace of contracting improves, we expect to selectively continue layering in long-term volumes that capture greater future upside and downside protection using market-related pricing mechanisms. Maintaining financial discipline and balanced liquidity to execute on strategy: Strong balance sheet: As of June 30, 2025, we had $716 million in cash and cash equivalents and $1.0 billion in total debt. In addition, we have a $1.0 billion undrawn revolving credit facility. Additional financial flexibility: To broaden the ratings coverage on our debt and provide a tool for future flexibility, we initiated a public rating with Moody's, which has assigned an issuer rating of Baa2 with a stable outlook (effective July 30, 2025). Obtaining a rating from Moody's allows us to engage with an additional rating agency about the dynamics in our market at a time when our industry is in the headlines on a regular basis, demonstrating the supply and demand fundamentals that differ from others in the mining sector. Dividend from JV Inkai: In April, we received a cash dividend of $87 million (US), net of withholdings, from JV Inkai based on its 2024 financial performance. From a cash flow perspective, we expect to realize the benefit from JV Inkai's 2025 financial performance in 2026 once the dividend for 2025 is declared and paid. Changes to the executive team: consistent with prudent succession planning and with Cameco's ongoing commitment to execution of its balanced and disciplined strategy, effective September 1, 2025, the following changes will be made to the executive team: Tim Gitzel will continue in his role as chief executive officer Grant Isaac will be appointed president and chief operating officer Heidi Shockey will be appointed senior vice-president and chief financial officer Liam Mooney will be appointed senior vice-president and chief legal officer Sean Quinn will assume the role of senior advisor, special projects until March 31, 2026, at which time he is retiring Brian Reilly will assume the role of senior advisor, operations until March 31, 2026, at which time he is retiring Article content The financial information presented for the three months and six months ended June 30, 2024, and June 30, 2025, is unaudited. Article content The table on the following page shows the costs of produced and purchased uranium incurred in the reporting periods (see non-IFRS measures). These costs do not include care and maintenance costs, selling costs such as royalties, transportation and commissions, nor do they reflect the impact of opening inventories on our reported cost of sales. Article content THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($CDN/LB) 2025 2024 CHANGE 2025 2024 CHANGE Produced Cash cost 26.19 16.96 54% 24.05 18.11 33% Non-cash cost 11.66 9.10 28% 10.90 9.41 16% Total production cost 1 37.85 26.06 45% 34.95 27.52 27% Quantity produced (million lb) 1 4.6 7.1 (35)% 10.6 12.9 (18)% Purchased Cash cost 97.00 109.11 (11)% 102.74 96.25 7% Quantity purchased (million lb) 1 0.7 1.7 (59)% 1.9 4.4 (57)% Totals Produced and purchased costs 45.66 42.10 8% 45.25 45.00 1% Quantities produced and purchased (million lb) 5.3 8.8 (40)% 12.5 17.3 (28)% 1 Due to equity accounting, our share of production from JV Inkai is shown as a purchase at the time of delivery. These purchases will fluctuate during the quarters and timing of purchases will not match production. There were no purchases during the second quarter or in the first six months of 2025. Article content Non-IFRS measures Article content The non-IFRS measures referenced in this document are supplemental measures, which are used as indicators of our financial performance. Management believes that these non-IFRS measures provide useful supplemental information to investors, securities analysts, lenders and other interested parties in assessing our operational performance and our ability to generate cash flows to meet our cash requirements. These measures are not recognized measures under IFRS, do not have standardized meanings, and are therefore may not be comparable to similarly titled measures presented by other companies. Accordingly, these measures should not be considered in isolation or as a substitute for the financial information reported under IFRS. We are not able to reconcile our forward-looking non-IFRS guidance because we cannot predict the timing and amounts of discrete items, which could significantly impact our IFRS results. Article content The following are the non-IFRS measures used in this document. Article content ADJUSTED NET EARNINGS Article content Adjusted net earnings is our net earnings attributable to equity holders, adjusted for non-operating or non-cash items such as gains and losses on derivatives and adjustments to reclamation provisions flowing through other operating expenses, that we believe do not reflect the underlying financial performance for the reporting period. Other items may also be adjusted from time to time. We adjust this measure for certain of the items that our equity-accounted investees make in arriving at other non-IFRS measures. Adjusted net earnings is one of the targets that we measure to form the basis for a portion of annual employee and executive compensation (see Measuring our results in our 2024 annual MD&A). Article content In calculating ANE we adjust for derivatives. We do not use hedge accounting under IFRS and, therefore, we are required to report gains and losses on all hedging activity, both for contracts that close in the period and those that remain outstanding at the end of the period. For the contracts that remain outstanding, we must treat them as though they were settled at the end of the reporting period (mark-to-market). However, we do not believe the gains and losses that we are required to report under IFRS appropriately reflect the intent of our hedging activities, so we make adjustments in calculating our ANE to better reflect the impact of our hedging program in the applicable reporting period. See Foreign exchange in our 2024 annual MD&A for more information. Article content We also adjust for changes to our reclamation provisions that flow directly through earnings. Every quarter we are required to update the reclamation provisions for all operations based on new cash flow estimates, discount and inflation rates. This normally results in an adjustment to an asset retirement obligation asset in addition to the provision balance. When the assets of an operation have been written off due to an impairment, as is the case with our Rabbit Lake and US ISR operations, the adjustment is recorded directly to the statement of earnings as 'other operating expense (income)'. See note 9 of our interim financial statements for more information. This amount has been excluded from our ANE measure. Article content As a result of the change in ownership of Westinghouse when it was acquired by Cameco and Brookfield, Westinghouse's inventories at the acquisition date were revalued based on the market price at that date. As these quantities are sold, Westinghouse's cost of products and services sold reflect these market values, regardless of their historic costs. Our share of these costs is included in earnings from equity-accounted investees and recorded in cost of products and services sold in the investee information. Since this expense is non-cash, outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure. Article content Westinghouse has also expensed some non-operating acquisition-related transition costs that the acquiring parties agreed to pay for, which resulted in a reduction in the purchase price paid. Our share of these costs is included in earnings from equity-accounted investees and recorded in other expenses in the investee information. Since this expense is outside of the normal course of business and only occurred due to the change in ownership, we have excluded our share from our ANE measure. Article content To facilitate a better understanding of these measures, the table below reconciles adjusted net earnings with our net earnings for the second quarter and first six months of 2025 and compares it to the same periods in 2024. Article content THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS) 2025 2024 2025 2024 Adjustments Adjustments on derivatives (163 ) 14 (175 ) 47 Unrealized foreign exchange losses (gains) 71 (7 ) 67 (25 ) Share-based compensation 39 15 37 23 Adjustments on other operating expense (income) (8 ) (2 ) (7 ) (17 ) Income taxes on adjustments 35 (7 ) 39 (16 ) Adjustments on equity investees (net of tax): Inventory purchase accounting 4 12 4 50 Acquisition-related transition costs – 5 – 19 Unrealized foreign exchange losses (gains) (2 ) (2 ) 5 (2 ) Other expenses 11 1 17 3 Adjusted net earnings 308 65 378 111 Article content The following table shows what contributed to the change in adjusted net earnings (non-IFRS measure, see above) for the second quarter and first six months of 2025 compared to the same periods in 2024. Article content ($ MILLIONS) IFRS ADJUSTED IFRS ADJUSTED Net earnings – 2024 36 65 29 111 Change in gross profit by segment (We calculate gross profit by deducting from revenue the cost of products and services sold, and depreciation and amortization (D&A), net of hedging benefits) Uranium Impact from sales volume changes 57 57 50 50 Higher realized prices ($US) 11 11 55 55 Foreign exchange impact on realized prices 24 24 61 61 Higher costs (19 ) (19 ) (59 ) (58 ) Change – uranium 73 73 107 108 Fuel services Impact from sales volume changes 16 16 27 27 Higher (lower) realized prices ($Cdn) (14 ) (14 ) 6 6 Lower costs 7 7 26 26 Change – fuel services 9 9 59 59 Other changes Higher administration expenditures (30 ) (6 ) (29 ) (16 ) Lower exploration and research and development expenditures 6 6 – – Change in reclamation provisions 8 2 (11 ) (1 ) Higher earnings from equity-accounted investees 187 184 207 163 Change in gains or losses on derivatives 167 (10 ) 199 (23 ) Change in foreign exchange gains or losses (94 ) (16 ) (112 ) (20 ) Lower finance income (3 ) (3 ) (5 ) (5 ) Lower finance costs 16 16 25 25 Change in income tax recovery or expense (53 ) (11 ) (75 ) (20 ) Other (1 ) (1 ) (3 ) (3 ) Net earnings – 2025 321 308 391 378 Article content EBITDA Article content EBITDA is defined as net earnings attributable to equity holders, adjusted for the costs related to the impact of the company's capital and tax structure including depreciation and amortization, finance income, finance costs (including accretion) and income taxes. Included in EBITDA is our share of equity-accounted investees. Article content ADJUSTED EBITDA Article content Adjusted EBITDA is defined as EBITDA, as further adjusted for the impact of certain costs or benefits incurred in the period which are either not indicative of the underlying business performance or that impact the ability to assess the operating performance of the business. These adjustments include the amounts noted in the ANE definition. Article content In calculating adjusted EBITDA, we also adjust for items included in the results of our equity-accounted investees that are not adjustments to arrive at our ANE measure. These items are reported as part of other expenses within the investee financial information and are not representative of the underlying operations. These primarily include transaction, integration and restructuring costs related to acquisitions. Article content The company may realize similar gains or incur similar expenditures in the future. Article content FUEL Net earnings (loss) before income taxes 2 281 44 126 (130 ) 321 Depreciation and amortization 71 13 – 2 86 Finance income – – – (5 ) (5 ) Finance costs – – – 27 27 Income taxes – – – 71 71 352 57 126 (35 ) 500 Adjustments on equity investees Depreciation and amortization 4 – 95 – 99 Finance income (1 ) – (1 ) – (2 ) Finance expense – – 51 – 51 Income taxes 7 – 46 – 53 Net adjustments on equity investees 10 – 191 – 201 EBITDA 362 57 317 (35 ) 701 Loss on derivatives – – – (163 ) (163 ) Other operating income (8 ) – – – (8 ) Share-based compensation – – – 39 39 Unrealized foreign exchange losses – – – 71 71 354 57 317 (88 ) 640 Adjustments on equity investees Inventory purchase accounting – – 5 – 5 Restructuring costs – – 14 – 14 Other expenses – – 16 – 16 Unrealized foreign exchange gains (2 ) – – – (2 ) Net adjustments on equity investees (2 ) – 35 – 33 Adjusted EBITDA 352 57 352 (88 ) 673 1 JV Inkai adjusted EBITDA of $70 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. Article content FUEL ($ MILLIONS) URANIUM 1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes 2 192 33 (47 ) (142 ) 36 Depreciation and amortization 52 9 – 1 62 Finance income – – – (8 ) (8 ) Finance costs – – – 43 43 Income taxes – – – 18 18 244 42 (47 ) (88 ) 151 Adjustments on equity investees Depreciation and amortization 2 – 89 – 91 Finance income – – (1 ) – (1 ) Finance expense – – 54 – 54 Income taxes 4 – (11 ) – (7 ) Net adjustments on equity investees 6 – 131 – 137 EBITDA 250 42 84 (88 ) 288 Gain on derivatives – – – 14 14 Other operating income (2 ) – – – (2 ) Share-based compensation – – – 15 15 Unrealized foreign exchange gains – – – (7 ) (7 ) 248 42 84 (66 ) 308 Adjustments on equity investees Acquisition-related transition costs – – 6 – 6 Inventory purchase accounting – – 17 – 17 Restructuring costs – – 11 – 11 Other expenses – – 3 – 3 Unrealized foreign exchange gains (2 ) – – – (2 ) Net adjustments on equity investees (2 ) – 37 – 35 Adjusted EBITDA 246 42 121 (66 ) 343 1 JV Inkai adjusted EBITDA of $52 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. Article content FUEL ($ MILLIONS) URANIUM 1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes 2 509 112 64 (294 ) 391 Depreciation and amortization 123 20 – 4 147 Finance income – – – (9 ) (9 ) Finance costs – – – 57 57 Income taxes – – – 124 124 632 132 64 (118 ) 710 Adjustments on equity investees Depreciation and amortization 4 – 192 – 196 Finance income (1 ) – (1 ) – (2 ) Finance expense – – 100 – 100 Income taxes 8 – 29 – 37 Net adjustments on equity investees 11 – 320 – 331 EBITDA 643 132 384 (118 ) 1,041 Loss on derivatives – – – (175 ) (175 ) Other operating income (7 ) – – – (7 ) Share-based compensation – – – 37 37 Unrealized foreign exchange losses – – – 67 67 636 132 384 (189 ) 963 Adjustments on equity investees Inventory purchase accounting – – 5 – 5 Restructuring costs – – 26 – 26 Other expenses – – 30 – 30 Unrealized foreign exchange losses 5 – – – 5 Net adjustments on equity investees 5 – 61 – 66 Adjusted EBITDA 641 132 445 (189 ) 1,029 1 JV Inkai adjusted EBITDA of $114 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. Article content FUEL ($ MILLIONS) URANIUM 1 SERVICES WESTINGHOUSE OTHER TOTAL Net earnings (loss) before income taxes 2 445 53 (170 ) (299 ) 29 Depreciation and amortization 88 14 – 2 104 Finance income – – – (14 ) (14 ) Finance costs – – – 82 82 Income taxes – – – 49 49 533 67 (170 ) (180 ) 250 Adjustments on equity investees Depreciation and amortization 10 – 173 – 183 Finance income – – (3 ) – (3 ) Finance expense – – 118 – 118 Income taxes 24 – (48 ) – (24 ) Net adjustments on equity investees 34 – 240 – 274 EBITDA 567 67 70 (180 ) 524 Gain on derivatives – – – 47 47 Other operating income (17 ) – – – (17 ) Share-based compensation – – – 23 23 Unrealized foreign exchange gains – – – (25 ) (25 ) 550 67 70 (135 ) 552 Adjustments on equity investees Acquisition-related transition costs – – 24 – 24 Inventory purchase accounting – – 66 – 66 Restructuring costs – – 22 – 22 Other expenses – – 15 – 15 Unrealized foreign exchange gains (2 ) – – – (2 ) Net adjustments on equity investees (2 ) – 127 – 125 Adjusted EBITDA 548 67 197 (135 ) 677 1 JV Inkai adjusted EBITDA of $52 million is included in the uranium segment. 2 Westinghouse earnings are after income taxes. Article content CASH COST PER POUND, NON-CASH COST PER POUND AND TOTAL COST PER POUND FOR PRODUCED AND PURCHASED URANIUM Article content Cash cost per pound, non-cash cost per pound and total cost per pound for produced and purchased uranium are non-IFRS measures. We use these measures in our assessment of the performance of our uranium business. These measures are not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Article content To facilitate a better understanding of these measures, the table below reconciles these measures to cost of product sold and depreciation and amortization for the second quarter and first six months of 2025 and 2024. Article content THREE MONTHS SIX MONTHS ENDED JUNE 30 ENDED JUNE 30 ($ MILLIONS) 2025 2024 2025 2024 Cost of product sold 417.1 284.7 781.1 640.5 Add / (subtract) Royalties (56.4 ) (32.2 ) (93.8 ) (50.0 ) Care and maintenance costs 1 (26.2 ) (11.7 ) (39.8 ) (23.8 ) Other selling costs (2.8 ) (4.5 ) (6.3 ) (9.4 ) Change in inventories (143.3 ) 69.6 (191.1 ) 99.8 Cash costs of production (a) 188.4 305.9 450.1 657.1 Add / (subtract) Depreciation and amortization 71.3 51.5 122.8 88.2 Care and maintenance costs 1 (1.6 ) (0.2 ) (1.7 ) (0.4 ) Change in inventories (16.1 ) 13.3 (5.6 ) 33.6 Total production costs (b) 242.0 370.5 565.6 778.5 Uranium produced & purchased (million lb) (c) 5.3 8.8 12.5 17.3 Cash costs per pound (a ÷ c) 35.55 34.76 36.01 37.98 Total costs per pound (b ÷ c) 45.66 42.10 45.25 45.00 1 Care and maintenance costs include costs associated with Rabbit Lake and the US operations, as well as the annual maintenance shutdown at Key Lake mill which were expensed directly to cost of sales in the quarter. In 2024, the shutdown occurred in the third quarter. Article content Management's discussion and analysis (MD&A) and financial statements Article content The second quarter MD&A and unaudited condensed consolidated interim financial statements provide a detailed explanation of our operating results for the three and six months ended June 30, 2025, as compared to the same periods last year. This news release should be read in conjunction with these documents, as well as our audited consolidated financial statements and notes for the year ended December 31, 2024, first quarter and annual MD&A, 2025 first quarter and our most recent annual information form, all of which are available on our website at on SEDAR+ at and on EDGAR at Article content Qualified persons Article content The technical and scientific information discussed in this document for our material properties McArthur River/Key Lake, Cigar Lake and Inkai was approved by the following individuals who are qualified persons for the purposes of NI 43-101: Article content MCARTHUR RIVER/KEY LAKE Article content CIGAR LAKE Article content This news release includes statements and information about our expectations for the future, which we refer to as forward-looking information. Forward-looking information is based on our current views, which can change significantly, and actual results and events may be significantly different from what we currently expect. Examples of forward-looking information in this news release include: our perception of the constructive outlook for nuclear power and its impact on our 2025 expectations; our view that nuclear energy is on the critical path to addressing global energy security, national security and climate security; our expectation that our long-term contracts will protect us from weaker market conditions while retaining our exposure to the price improvements needed to support investments in future supply, ensuring the timing of our supply is aligned with market demand; our belief that maintaining a strong balance sheet and having financial discipline will allow us to confidently make deliberate value-adding investments as the market evolves; our view that the Dukovany power plant project reflects the growing support for nuclear power, and that such support which will have a positive impact on our uranium and fuel services businesses while creating significant future growth opportunities for Westinghouse; our view that the continued support visible in government policies, energy-intensive industries and public discourse reflects that nuclear energy is a critical solution for providing clean, constant, secure and reliable power, and that Cameco and Westinghouse are uniquely positioned to contribute to this future; our 2025 outlook for our uranium and fuel services segments; our expectations regarding our share of Westinghouse's adjusted EBITDA and net earnings for 2025; our expectations regarding Westinghouse's participation in the Dukovany power plant project and the associated increase in revenue; Westinghouse's expected adjusted EBITDA growth rate over the next five years; our expectations regarding production levels and deliveries from JV Inkai; our expectations regarding our long-term contract portfolio and uranium commitment levels; our intention to broaden the ratings coverage on our debt and provide for future flexibility by obtaining a public issuer rating from Moody's; our expectation that we will realize the benefit for JV Inkai's 2025 financial performance in 2026 once the dividend for 2025 is declared and paid; and the expected date of the announcement of our 2025 third quarter results. Article content Material risks that could lead to different results include: unexpected changes in uranium supply, demand, long-term contracting, and prices; changes in consumer demand for nuclear power and uranium as a result of changing societal views and objectives regarding nuclear power, electrification and decarbonization; the risk that our views regarding nuclear power, its growth profile, and benefits, may prove to be incorrect; the risk that we may not be able to achieve planned production levels within the expected timeframes, or that the costs involved in doing so exceed our expectations; risks related to JV Inkai's development or production, including the risk that JV Inkai is unable to transport and deliver its production; risks to Westinghouse's business associated with potential production disruptions, the implementation of its business objectives, compliance with licensing or quality assurance requirements, or that it may otherwise be unable to achieve expected growth; the risk that we may not be able to meet sales commitments for any reason; the risks to our business associated with potential production disruptions, including those related to global supply chain disruptions, global economic uncertainty, political volatility, labour relations issues, and operating risks; the risk that we may not be able to implement our business objectives in a manner consistent with our environmental, social, governance and other values; the risk that the strategy we are pursuing may prove unsuccessful, or that we may not be able to execute it successfully; the risk that Westinghouse may not be able to implement its business objectives in a manner consistent with its or our environmental, social, governance and other values; the risk that we are adversely affected by the imposition of tariffs on Canadian energy products; the risk that the Dukovany power plant project does not result in the expected financial benefits for Westinghouse; and the risk that we may be delayed in announcing our future financial results. Article content In presenting the forward-looking information, we have made material assumptions which may prove incorrect about: uranium demand, supply, consumption, long-term contracting, growth in the demand for and global public acceptance of nuclear energy, and prices; our production, purchases, sales, deliveries and costs; the market conditions and other factors upon which we have based our future plans and forecasts; our contract pipeline discussions; JV Inkai production and our allocation of planned production and timing of deliveries; assumptions about Westinghouse's production, purchases, sales, deliveries and costs, the absence of business disruptions, and the success of its plans and strategies; the success of our plans and strategies, including planned production; the absence of new and adverse government regulations, policies or decisions; that there will not be any significant adverse consequences to our business resulting from production disruptions, including those relating to supply disruptions, economic or political uncertainty and volatility, labour relations issues, aging infrastructure, and operating risks; the assumptions relating to Westinghouse's adjusted EBITDA and net income; the assumption that we would not be adversely affected by the imposition of tariffs on Canadian energy products; the financial benefits of the Dukovany power plant project for Westinghouse; and our ability to announce future financial results when expected. Article content Please also review the discussion in our 2024 annual MD&A, our 2025 first quarter MD&A and our most recent annual information form for other material risks that could cause actual results to differ significantly from our current expectations, and other material assumptions we have made. Forward-looking information is designed to help you understand management's current views of our near-term and longer-term prospects, and it may not be appropriate for other purposes. We will not necessarily update this information unless we are required to by securities laws. Article content Conference call Article content We invite you to join our second quarter conference call on Thursday, July 31, 2025, at 8:00 a.m. Eastern. Article content The call will be open to all investors and the media. To join the call, please dial please dial (833) 821-3311 (Canada and US) or (647) 846-2607. An operator will put your call through. The slides and a live webcast of the conference call will be available from a link at See the link on our home page on the day of the call. Article content A recorded version of the proceedings will be available: Article content 2025 third quarter report release date Article content We plan to announce our 2025 third quarter results before markets open on Wednesday, November 5, 2025. Article content Profile Article content Cameco is one of the largest global providers of the uranium fuel needed to power a secure energy future. Our competitive position is based on our controlling ownership of the world's largest high-grade reserves and low-cost operations, as well as significant investments across the nuclear fuel cycle, including ownership interests in Westinghouse Electric Company and Global Laser Enrichment. Utilities around the world rely on Cameco to provide global nuclear fuel solutions for the generation of safe, reliable, carbon-free nuclear power. Our shares trade on the Toronto and New York stock exchanges. Our head office is in Saskatoon, Saskatchewan, Canada. Article content Article content Article content Article content Article content Contacts Article content Investor inquiries Cory Kos Article content Article content 306-716-6782 Article content Article content
Globe and Mail
24 minutes ago
- Globe and Mail
Prospera Energy Inc. Provides Operations Update
CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) -- Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (' Prospera ', ' PEI ' or the ' Corporation ') Operations Update Prospera continues to demonstrate strong operational performance, averaging gross production of 859 boe/d (97% oil) from July 1 st to July 23 rd. This sustained growth follows the successful completion of numerous projects across the company's properties including well reactivations, rod repairs, sand control upgrades, engine maintenance and tune-ups, lease upgrades, mineral rights acquisitions, coil-tubing cleanouts, and waterflood optimizations. Nine additional wells have come online in the last 10 days and are currently in stages of load fluid recovery or initial optimization. Notably, these figures exclude production from the recently acquired White Tundra Petroleum assets, which remains subject to TSXV acceptance. Comprehensive well-by-well analysis is now being conducted weekly, with production enhancement changes implemented on a daily basis through communication with field operations personnel. Concurrently, Prospera's service rig continues to systematically work through a robust inventory of over 150 remaining workover and reactivation candidates across its heavy oil properties, further enhancing operational efficiency. Prospera's predominantly heavy oil production base continues to operate in favorable pricing conditions with WCS (Western Canadian Select) differentials in an optimal range, contributing to enhanced revenue and cash flow. The Corporation's high netbacks support our strategy to reallocate capital efficiently into high-impact and reliable projects, with 50+ projects now completed and plans finalized for its Q3 and Q4 service rig programs including nine Luseland reactivations that have completed engineering and planning stages. Cuthbert Production at the Cuthbert pool has been rising steadily, averaging 356 boe/d (100% oil) from July 1 st to July 23 rd. This sustained growth is supported by ongoing waterflood optimization, increased pump speeds, and the completion of critical maintenance across wellsite and battery infrastructure. A high-impact remediation project on the 16-28 HZ well has been successfully completed, involving the installation of a downhole bridge plug to isolate a section of the well previously drilled into coal and water-bearing part of the formation. Additionally, a high-impact remediation project on the 08-02 HZ well has been fully funded and is awaiting mobilization after lease conditions dry up. This project includes a casing cut and cementing to block water production from the heel of the well. Hearts Hill Production at the Hearts Hill pool remains stable, averaging 230 boe/d (91% oil) from July 1 st to 23 rd. The Corporation is actively advancing waterflood pattern optimization and fluid level drawdown initiatives to enhance reservoir performance. A comprehensive line-by-line review of all pipelines in the area has been completed to confirm injection volumes, validate pipeline integrity, and support the development of a final field reactivation and workover plan. Earlier Sparky zone recompletions continue to deliver consistent oil production, with future Sparky waterflood development held in inventory. Prospera is also actively evaluating uphole recompletion opportunities in the Waseca and Rex zones to further unlock production potential. Luseland The Corporation continues to advance its growth trajectory at the Luseland pool, averaging production of 193 boe/d (100% oil) from July 1 st to 23 rd. This performance is supported by ongoing workovers, well reactivations, and field optimizations. In the past 10 days, five reactivated wells have been brought online, with two additional wells recently completed under Single Well Battery setups and awaiting start-up. Numerous other wells are currently undergoing optimization, including the installation of recycle pumps, application of sand suspension chemical treatments, increased pump speeds to accelerate fluid drawdown, flushby operations, and well loads to bring sand up the wellbore. These efforts are complemented by various initiatives aimed at reducing operating costs. Prospera's engineering team is focused on well-by-well monitoring of all new reactivations to maximize production rates and enhance reservoir understanding while minimizing well failures and decline rates. Several high-performing Luseland wells are featured in the accompanying Key Wells Report, demonstrating the success of Prospera's strategic focus on revitalizing legacy wells with significant original oil in place (OOIP). By reactivating these assets, the company is effectively converting wells previously classified as No Reserves Associated (NRA) and burdened solely with Asset Retirement Obligations (ARO) into actively producing wells with meaningful Proved Developed Producing (PDP) reserves—resulting in sustainable revenue generation and positive cash flow. Production, Workover Tracker, and Key Wells Report Prospera is enhancing its transparency measures with the publishing of its updated production, workover tracker, and key wells report. Production volumes on each field will continue to be reported on a monthly basis, along with corporate revenue information. A detailed workover tracker will share production rates from all workovers and reactivations completed, with information on capital spend and cumulative production since start-up to be added to the August iteration of this report. Additionally, numerous key wells and their production graphs are explained in detail as the company further proves out its highly capital-efficient workover and reactivation business model. Price Hedging The Corporation is pleased to announce that it has entered into a contract to hedge a portion of its oil production. From September 2025 through February 2026, Prospera has hedged 100 barrels of oil per day at an average price of approximately USD $67.00 per barrel of WTI. This strategic initiative is aimed at providing improved cash flow stability, strengthening corporate governance through proactive risk management, and capitalizing on current favorable market pricing. It represents a disciplined approach to managing commodity price exposure while preserving upside potential across the remainder of PEI's production. Shares for Debt Prospera has entered into agreements with two vendors to settle outstanding trade payables through the issuance of common shares. The first vendor has agreed to settle a total of $28,900.45 through the issuance of 125,000 common shares at a deemed price of $0.231 per share. The second vendor has agreed to settle $7,392.55 through the issuance of 40,000 common shares at a deemed price of $0.185 per share. The shares will be subject to a trading restriction of four months and a day from the date of issuance and are subject to TSXV acceptance. Loan Amendment The Corporation announces a further amendment to its $11,000,000 promissory note, originally dated June 7, 2024, in collaboration with its principal lender. Following previous increases, an additional $2,000,000 has been added, bringing the total principal amount to $18,700,000. The note retains its original terms, including a 12% interest rate and a two-year maturity, with no other changes. The proceeds are earmarked specifically towards production-increasing capital projects. This amendment remains subject to acceptance by the TSXV. Promissory Note Update The Corporation provides an update regarding the previously disclosed one-year secured promissory note on January 9th, 2025. The promissory note component of the offering will now be unsecured. The placement closed with four subscribers, raising aggregate gross proceeds of $900,000. Each unit, priced at $1,000, consists of: (i) a one-year unsecured promissory note with a principal amount of $1,000, carrying a 12% annual interest rate, and (ii) 5,000 common share purchase warrants of the Corporation, exercisable at $0.05 for a period of one year, for a total of 4,500,000 warrants. Subscribers are entitled to a 5% gross overriding royalty (GORR) for every $1,000,000 of principal investment on revenue from all Prospera properties on incremental production above 1,363 barrels per day, calculated on a monthly average until the principal debt is fully repaid. Interest on the notes will accrue and be paid quarterly, accompanied by a 2% facility fee. This offering has been accepted by the TSX Venture Exchange. Insiders have participated in this offering for a principal amount of $800,000, which results in this being a Related Party Transaction pursuant to TSXV Policy 5.9 and MI 61-101. The Corporation is relying upon numerous exemptions under these policies with respect to minority approval and valuation requirements, including those found in section 5.5 (a), (b), and (c) and 5.7 (a) and (b). The following reporting Insiders have participated in this offering: Summerhill Investments Corp. subscribed for $500,000 and was issued an aggregate of 2,500,000 warrants, each exercisable at $0.05 per share for a period of one year from the date of issuance. Mantl Canada Inc. subscribed for $200,000 and was issued an aggregate of 1,000,000 warrants, each exercisable at $0.05 per share for a period of one year from the date of issuance. Countryman Investments Ltd. subscribed for $100,000 and was issued an aggregate of 500,000 warrants, each exercisable at $0.05 per share for a period of one year from the date of issuance. About Prospera Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company's core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF. Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera's working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting. For Further Information: Shawn Mehler, PR Email: investors@ Chris Ludtke, CFO Email: cludtke@ Shubham Garg, Chairman of the Board Email: sgarg@ FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as 'will,' 'may,' 'should,' 'anticipate,' 'expects' and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Globe and Mail
24 minutes ago
- Globe and Mail
Introducing Commerce, the New Parent Brand of BigCommerce, Feedonomics and Makeswift, Powering an AI-Driven Future
Commerce's open, intelligent ecosystem connects the tools and systems that drive growth and empower businesses to unlock data potential and deliver seamless, personalized experiences at scale Commerce unveils unified AI vision to enable every merchant to thrive in the agentic commerce era AUSTIN, Texas, July 31, 2025 (GLOBE NEWSWIRE) -- BigCommerce Holdings, Inc. (Nasdaq: BIGC), a leading open SaaS ecommerce platform for B2C and B2B businesses, today announced the launch of its new parent brand, Commerce, and that it has officially changed its corporate name to Inc. ('Commerce' or the 'Company'), unifying BigCommerce, Feedonomics and Makeswift to power the next era of agentic commerce. In connection with the name change and rebranding, effective on or about August 1, 2025, the Company's common stock will begin trading on the Nasdaq Global Market under the ticker symbol 'CMRC' and cease trading under 'BIGC.' This strategic move introduces a bold vision for the future where AI navigates choices for consumers and businesses adapt with intelligent, composable tools. In conjunction with the rebrand, Commerce also unveiled the company's vision and strategy for powering agentic commerce where AI acts on behalf of consumers to research, recommend and even transact. To support this shift, Commerce is focused on enabling merchants with the data infrastructure and intelligent storefronts needed to thrive in this next chapter of digital commerce. 'Launching the Commerce brand is about more than a new name and logo,' said Commerce CEO Travis Hess. 'It is a clear declaration to our customers, partners, investors and team that we are doubling down on innovation to give brands, retailers, manufacturers, distributors and wholesalers the flexibility, connectivity and care to help them move faster, scale smarter and grow on their terms. Agentic commerce requires a new playbook, and Commerce is here to deliver it with an open ecosystem built for speed, intelligence and flexibility.' Unifying Three Market-leading Solutions The individual BigCommerce, Feedonomics and Makeswift brands will continue to exist as three powerful solutions with a unified purpose: BigCommerce is the flexible ecommerce platform that grows with merchants. It is trusted by teams that value speed and scalability, empowering innovation without constraint. Feedonomics turns data into a competitive advantage, ensuring every product is AI-ready and optimized across hundreds of global channels. Built for both marketers and developers, Makeswift is the intuitive visual editor that lets whole teams collaborate to create cutting-edge, personalized digital experiences. Together, Commerce connects the tools and systems that drive growth, whether it is part of our family of brands or a trusted outside partner. Its open, intelligent ecosystem empowers businesses to unlock data potential and deliver seamless, personalized experiences at scale. 'Commerce is more than just another ecommerce company,' said Hess. 'We are a trusted partner, an innovation engine and a champion that stands behind what we promise, and one of those promises is to provide an AI-driven ecosystem that aligns innovation with outcomes.' Delivering AI to Drive Results The way consumers discover and purchase products online is undergoing a dramatic transformation. Traditional organic search is rapidly losing ground as the 'front door' of the internet. Instead, shoppers are turning to answer engines—AI-powered platforms like ChatGPT, Perplexity, Copilot and Google Cloud with Gemini—to find what they need and even buy it. In this new era, AI agents act on behalf of shoppers, searching, comparing, and even checking out across multiple channels, often without ever visiting a merchant's website. These AI-driven experiences are seamless, contextual and increasingly the default for how consumers interact with commerce online. For large retail brands and technology companies, this means that web traffic is already shifting as the old playbook of SEO and paid ads becomes less effective. The conversation is focused on regaining visibility and relevance in a fundamentally new digital landscape. Commerce offers a complete solution for the AI era. Feedonomics optimizes merchant data for every touchpoint and holds strategic partnerships with leading AI platforms. BigCommerce provides the operating system for merchants of record. Makeswift powers AI-optimized storefronts. Every merchant needs an end-to-end strategy with these pillars for success in AI-driven commerce. Over the last few weeks, Commerce brands BigCommerce and Feedonomics have expanded partnerships with AI leaders Perplexity and Google Cloud to help businesses capitalize on agentic commerce opportunities to meet consumer expectations and create a competitive advantage. 'At Commerce, we leverage AI where it delivers real, measurable results: powering personalization, automation and data orchestration across the entire customer journey from discovery to checkout,' said Vipul Shah, chief product officer at Commerce. 'By delivering relevant, context-optimized data to digital channels including answer engines, and creating agentic tools to help merchants optimize their operations, Commerce helps businesses adapt in real time and grow intelligently. We're not just following the AI wave; we're in the room with the product and engineering teams from the leading AI companies shaping the future of the internet so that we are positioned to help our customers win." Adventure brand Revelyst, the parent company of Bell, Bushnell, CamelBak and Giro; global consumer brand URBN, the parent company of Urban Outfitters, Anthropologie and many others; and Tapestry, the parent company of fashion brands such as Coach and Kate Spade New York; and Dell Technologies are already leveraging Commerce's product data integrations to improve visibility, protect brand consistency and boost performance across AI-driven search experiences. 'Since Travis stepped into the CEO role, he has assembled an experienced and visionary leadership team that came together with clarity and conviction to transform the company,' said Ellen Siminoff, executive chair of the board of directors at Commerce. 'The launch of Commerce is the culmination of bold thinking, careful planning and hard work during a period of rapid industry change. This transformation positions the company for a return to long-term, sustainable growth. We are proud of our progress thus far and look forward to continuous execution.' Conference Call Information Commerce will host its first quarterly earnings call under the Commerce name later this morning at 7:00 a.m. CT (8:00 a.m. ET) Thursday, July 31, 2025. The conference call can be accessed by dialing (833) 634-1254 from the United States and Canada or (412) 317-6012 internationally and requesting to join the 'Commerce conference call.' The live webcast of the conference call can be accessed from BigCommerce's investor relations website at Following the completion of the call through 11:59 p.m. ET on Thursday, August 7, 2025, a telephone replay will be available by dialing (877) 344-7529 from the United States, (855) 669-9658 from Canada or (412) 317-0088 internationally with conference ID 7863771. A webcast replay will also be available at for 12 months. About Commerce Commerce empowers businesses to innovate, grow, and thrive by providing an open, AI-driven commerce ecosystem. As the parent company of BigCommerce, Feedonomics, and Makeswift, Commerce connects the tools and systems that power growth, enabling businesses to unlock the full potential of their data, deliver seamless and personalized experiences across every channel, and adapt swiftly to an ever-changing market. Trusted by leading businesses like Coldwater Creek, Cole Haan, Harvey Nichols, King Arthur Baking Co., Melissa & Doug, Mizuno, Patagonia, Perry Ellis, Puma, SportsShoes, and Uplift Desk, Commerce delivers the storefront control, optimized data, and AI-ready tools businesses need to grow, serve diverse buyers, and operate with confidence in an increasingly intelligent, multi-surface world. For more information, visit or follow us on X and LinkedIn. BigCommerce,® the Commerce logo, and other brands are the trademarks or registered trademarks of BigCommerce Pty. Ltd. Third-party trademarks and service marks are the property of their respective owner. Forward-Looking Statements This press release contains '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. In some cases, you can identify forward-looking statements by terms such as 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'outlook,' 'may,' 'might,' 'plan,' 'project,' 'will,' 'would,' 'should,' 'could,' 'can,' 'predict,' 'potential,' 'strategy, 'target,' 'explore,' 'continue,' or the negative of these terms, and similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. These statements may relate to our ability to successfully execute our rebranding initiative, our increased focus on AI enablement, market size and growth strategy, our estimated and projected costs, margins, revenue, expenditures and customer and financial growth rates, our plans and objectives for future operations, growth, initiatives or strategies. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the forward-looking statements. These assumptions, uncertainties and risks include that, among others, our business would be harmed by any decline in new customers, renewals or upgrades, our limited operating history makes it difficult to evaluate our prospects and future results of operations, we operate in competitive markets, we may not be able to sustain our revenue growth rate in the future, our business would be harmed by any significant interruptions, delays or outages in services from our platform or certain social media platforms, and a cybersecurity-related attack, significant data breach or disruption of the information technology systems or networks could negatively affect our business. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption 'Risk Factors' and elsewhere in our filings with the Securities and Exchange Commission (the 'SEC'), including our Annual Report on Form 10-K for the year ended December 31, 2024 and the future quarterly and current reports that we file with the SEC. Forward-looking statements speak only as of the date the statements are made and are based on information available to Commerce at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Commerce assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.
