Latest news with #recordrevenue
Yahoo
7 days ago
- Business
- Yahoo
Goldman Sachs Just Made Wall Street History -- And It's Not Even Close
Goldman Sachs (NYSE:GS) just delivered something Wall Street hadn't seen before: a record $4.3 billion in quarterly equity-trading revenue. That's $600 million above consensus estimates and marks back-to-back record quarters for the trading unit. While rivals like Morgan Stanley and Bank of America saw their numbers slip, Goldman's desks thrived on volatility tied to trade policy shifts under the Trump administration. Intermediation revenue surged 45% from a year ago, and equities financing climbed 23%. Management has been pushing to scale its trading business aggressively and this result could be a signal that strategy is working. Warning! GuruFocus has detected 10 Warning Signs with GS. But it wasn't just trading that fired on all cylinders. Fixed-income revenue clocked in at $3.47 billion, helped by strength in FICC financing, and investment banking fees surged to $2.19 billion including a 71% spike in M&A advisory, though debt underwriting softened slightly. The bank also saw asset and wealth management fees grow 11% year-over-year, even as total net revenue in the segment dipped slightly to $3.78 billion. Goldman recently lifted its dividend by a third to $4 per share after clearing the Fed's latest stress tests a move that could reflect growing confidence in its capital resilience. Still, management isn't taking its foot off the brake. CEO David Solomon told investors the economy is responding to policy changes, but warned outcomes don't always follow a straight line. The firm continues to squeeze its cost base, trimming headcount by 700 and relocating top talent to lower-cost hubs like Dallas and Bengaluru. Meanwhile, shareholders have greenlit $80 million in retention bonuses for Solomon and President John Waldron a clear vote of confidence. Bottom line: Goldman may have just posted a historic quarter, but its focus on risk, cost discipline, and capital return could be what defines its staying power. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Times
03-07-2025
- Business
- Times
Watches of Switzerland posts record revenue but profits slide
Strong demand for luxury timepieces helped Watches of Switzerland to post record annual revenues but profits declined as the cost of expansion and property impairments weighed on the bottom line. The company reported group revenue of £1.65 billion for the year to April 27, up 7 per cent on the previous year, fuelled by double-digit growth in the United States. Profit before tax fell 18 per cent to £76 million, held back by rising showroom costs, new shop openings, including a flagship Rolex boutique on Bond Street, and a £43.6 million property impairment linked to high interest rates and inflation. • Business live: news, updates and analysis throughout the day The group's US business was the standout performer, with revenues climbing 16 per cent and surpassing $1 billion for the first time. Growth in the UK was more modest at 2 per cent, although it marked a return to growth after a decline in the previous year. Brian Duffy, chief executive, said: 'Our performance reflects our differentiated business model, with our scale and leadership in our chosen markets, supported by long-standing, collaborative partnerships with world-leading brands across luxury watches and luxury branded jewellery underpinning sustained growth.' The group, based in Leicester, said it remained confident in the resilience of the luxury watch category, especially in the still 'underdeveloped' American market, despite caution over the broader macroeconomic backdrop and the risk of new US tariffs. RBC expects Swiss watch exports to decline by 5 per cent in value and by 7 per cent in volume this year. Its analysts said that with the probability of softening demand 'long-range plan targets are potentially at risk of disappointing or being withdrawn completely, which would be a negative catalyst for the stock'. Shares in Watches of Switzerland edged lower in early trading.
Globe and Mail
25-06-2025
- Business
- Globe and Mail
Micron Technology, Inc. Reports Results for the Third Quarter of Fiscal 2025
Record revenue in fiscal Q3 with growth across end markets Fiscal Q4 revenue projected to grow another 15% sequentially BOISE, Idaho, June 25, 2025 (GLOBE NEWSWIRE) -- Micron Technology, Inc. (Nasdaq: MU) today announced results for its third quarter of fiscal 2025, which ended May 29, 2025. Fiscal Q3 2025 highlights Revenue of $9.30 billion versus $8.05 billion for the prior quarter and $6.81 billion for the same period last year GAAP net income of $1.89 billion, or $1.68 per diluted share Non-GAAP net income of $2.18 billion, or $1.91 per diluted share Operating cash flow of $4.61 billion versus $3.94 billion for the prior quarter and $2.48 billion for the same period last year 'Micron delivered record revenue in fiscal Q3, driven by all-time-high DRAM revenue including nearly 50% sequential growth in HBM revenue. Data center revenue more than doubled year-over-year and reached a quarterly record, and consumer-oriented end markets had strong sequential growth,' said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. 'We are on track to deliver record revenue with solid profitability and free cash flow in fiscal 2025, while we make disciplined investments to build on our technology leadership and manufacturing excellence to satisfy growing AI-driven memory demand.' Quarterly Financial Results (in millions, except per share amounts) GAAP (1) Non-GAAP (2) F Q3-25 F Q2-25 F Q3-24 F Q3-25 F Q2-25 F Q3-24 Revenue $ 9,301 $ 8,053 $ 6,811 $ 9,301 $ 8,053 $ 6,811 Gross margin 3,508 2,963 1,832 3,623 3,053 1,917 percent of revenue 37.7 % 36.8 % 26.9 % 39.0 % 37.9 % 28.1 % Operating expenses 1,339 1,190 1,113 1,133 1,046 976 Operating income 2,169 1,773 719 2,490 2,007 941 percent of revenue 23.3 % 22.0 % 10.6 % 26.8 % 24.9 % 13.8 % Net income 1,885 1,583 332 2,181 1,783 702 Diluted earnings per share 1.68 1.41 0.30 1.91 1.56 0.62 For the third quarter of 2025, investments in capital expenditures, net (2) were $2.66 billion and adjusted free cash flow (2) was $1.95 billion. Micron ended the quarter with cash, marketable investments, and restricted cash of $12.22 billion. On June 25, 2025, Micron's Board of Directors declared a quarterly dividend of $0.115 per share, payable in cash on July 22, 2025, to shareholders of record as of the close of business on July 7, 2025. Business Outlook The following table presents Micron's guidance for the fourth quarter of 2025: FQ4-25 GAAP (1) Outlook Non-GAAP (2) Outlook Revenue $10.7 billion ± $300 million $10.7 billion ± $300 million Gross margin 41.0% ± 1.0% 42.0% ± 1.0% Operating expenses $1.35 billion ± $20 million $1.20 billion ± $20 million Diluted earnings per share $2.29 ± $0.15 $2.50 ± $0.15 Further information regarding Micron's business outlook is included in the prepared remarks and slides, which have been posted at Investor Webcast Micron will host a conference call on Wednesday, June 25, 2025 at 2:30 p.m. Mountain Time to discuss its third quarter financial results and provide forward-looking guidance for its fourth quarter. A live webcast of the call will be available online at A webcast replay will be available for one year after the call. For Investor Relations and other company updates, follow us on X @MicronTech. About Micron Technology, Inc. We are an industry leader in innovative memory and storage solutions transforming how the world uses information to enrich life for all. With a relentless focus on our customers, technology leadership, manufacturing, and operational excellence, Micron delivers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through our Micron® and Crucial® brands. Every day, the innovations that our people create fuel the data economy, enabling advances in artificial intelligence (AI) and compute-intensive applications that unleash opportunities — from the data center to the intelligent edge and across the client and mobile user experience. To learn more about Micron Technology, Inc. (Nasdaq: MU), visit © 2025 Micron Technology, Inc. All rights reserved. Micron, the Micron logo, and all other Micron trademarks are the property of Micron Technology, Inc. All other trademarks are the property of their respective owners. Forward-Looking Statements This press release contains forward-looking statements regarding our technologies, demand for our products, our investments, our industry and our financial and operating results, including our expectations and guidance for the fourth quarter of 2025 and full fiscal year. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially. Please refer to the documents we file with the Securities and Exchange Commission, including our most recent Form 10-K and our upcoming Form 10-Q. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. These certain factors can be found at Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements to conform these statements to actual results. 3rd Qtr. 2nd Qtr. 3rd Qtr. Nine Months Ended May 29, 2025 February 27, 2025 May 30, 2024 May 29, 2025 May 30, 2024 Revenue $ 9,301 $ 8,053 $ 6,811 $ 26,063 $ 17,361 Cost of goods sold 5,793 5,090 4,979 16,244 14,485 Gross margin 3,508 2,963 1,832 9,819 2,876 Research and development 965 898 850 2,751 2,527 Selling, general, and administrative 318 285 291 891 834 Other operating (income) expense, net 56 7 (28) 61 (267) Operating income (loss) 2,169 1,773 719 6,116 (218) Interest income 135 108 136 350 398 Interest expense (123) (112) (150) (353) (426) Other non-operating income (expense), net (68) (11) 10 (90) (24) 2,113 1,758 715 6,023 (270) Income tax (provision) benefit (235) (177) (377) (695) 172 Equity in net income (loss) of equity method investees 7 2 (6) 10 (11) Net income (loss) $ 1,885 $ 1,583 $ 332 $ 5,338 $ (109) Earnings (loss) per share Basic $ 1.69 $ 1.42 $ 0.30 $ 4.79 $ (0.10) Diluted 1.68 1.41 0.30 4.75 (0.10) Number of shares used in per share calculations Basic 1,118 1,115 1,107 1,114 1,104 Diluted 1,125 1,123 1,123 1,123 1,104 As of May 29, 2025 February 27, 2025 August 29, 2024 Assets Cash and cash equivalents $ 10,163 $ 7,552 $ 7,041 Short-term investments 648 663 1,065 Receivables 7,436 6,504 6,615 Inventories 8,727 9,007 8,875 Other current assets 945 963 776 Total current assets 27,919 24,689 24,372 Long-term marketable investments 1,402 1,375 1,046 Property, plant, and equipment 44,773 42,528 39,749 Operating lease right-of-use assets 628 637 645 Intangible assets 426 423 416 Deferred tax assets 483 552 520 Goodwill 1,150 1,150 1,150 Other noncurrent assets 1,616 1,699 1,518 Total assets $ 78,397 $ 73,053 $ 69,416 Liabilities and equity Accounts payable and accrued expenses $ 8,761 $ 6,176 $ 7,299 Current debt 538 504 431 Other current liabilities 836 1,197 1,518 Total current liabilities 10,135 7,877 9,248 Long-term debt 15,003 13,851 12,966 Noncurrent operating lease liabilities 600 599 610 Noncurrent unearned government incentives 603 836 550 Other noncurrent liabilities 1,308 1,257 911 Total liabilities 27,649 24,420 24,285 Commitments and contingencies Shareholders' equity Common stock 126 126 125 Additional capital 12,960 12,711 12,115 Retained earnings 45,559 43,839 40,877 Treasury stock (7,852) (7,852) (7,852) Accumulated other comprehensive income (loss) (45) (191) (134) Total equity 50,748 48,633 45,131 Total liabilities and equity $ 78,397 $ 73,053 $ 69,416 3rd Qtr. 2nd Qtr. 3rd Qtr. May 29, 2025 February 27, 2025 May 30, 2024 GAAP gross margin $ 3,508 $ 2,963 $ 1,832 Stock-based compensation 115 89 80 Other — 1 5 Non-GAAP gross margin $ 3,623 $ 3,053 $ 1,917 GAAP operating expenses $ 1,339 $ 1,190 $ 1,113 Stock-based compensation (148) (144) (137) Patent license charges (57) — — Other (1) — — Non-GAAP operating expenses $ 1,133 $ 1,046 $ 976 GAAP operating income $ 2,169 $ 1,773 $ 719 Stock-based compensation 263 233 217 Patent license charges 57 — — Other 1 1 5 Non-GAAP operating income $ 2,490 $ 2,007 $ 941 GAAP net income $ 1,885 $ 1,583 $ 332 Stock-based compensation 263 233 217 Patent license charges 57 — — Loss on debt prepayments 46 4 — Other 1 — 3 Estimated tax effects of above and other tax adjustments (71) (37) 150 Non-GAAP net income $ 2,181 $ 1,783 $ 702 GAAP weighted-average common shares outstanding - Diluted 1,125 1,123 1,123 Adjustment for stock-based compensation 19 20 13 Non-GAAP weighted-average common shares outstanding - Diluted 1,144 1,143 1,136 GAAP diluted earnings per share $ 1.68 $ 1.41 $ 0.30 Effects of the above adjustments 0.23 0.15 0.32 Non-GAAP diluted earnings per share $ 1.91 $ 1.56 $ 0.62 RECONCILIATION OF GAAP TO NON-GAAP MEASURES, Continued 3rd Qtr. 2nd Qtr. 3rd Qtr. May 29, 2025 February 27, 2025 May 30, 2024 GAAP net cash provided by operating activities $ 4,609 $ 3,942 $ 2,482 Expenditures for property, plant, and equipment (2,938) (4,055) (2,086) Payments on equipment purchase contracts — — (45) Proceeds from sales of property, plant, and equipment 12 7 41 Proceeds from government incentives 266 963 33 Investments in capital expenditures, net (2,660) (3,085) (2,057) Adjusted free cash flow $ 1,949 $ 857 $ 425 The tables above reconcile GAAP to non-GAAP measures of gross margin, operating expenses, operating income, net income, diluted shares, diluted earnings per share, and adjusted free cash flow. The non-GAAP adjustments above may or may not be infrequent or nonrecurring in nature but are a result of periodic or non-core operating activities. We believe this non-GAAP information is helpful in understanding trends and in analyzing our operating results and earnings. We are providing this information to investors to assist in performing analysis of our operating results. When evaluating performance and making decisions on how to allocate our resources, management uses this non-GAAP information and believes investors should have access to similar data when making their investment decisions. We believe these non-GAAP financial measures increase transparency by providing investors with useful supplemental information about the financial performance of our business, enabling enhanced comparison of our operating results between periods and with peer companies. The presentation of these adjusted amounts varies from amounts presented in accordance with U.S. GAAP and therefore may not be comparable to amounts reported by other companies. Our management excludes the following items as applicable in analyzing our operating results and understanding trends in our earnings: Stock-based compensation; Gains and losses from settlements; Gains and losses from debt prepayments; Restructure and asset impairments; and The estimated tax effects of above, non-cash changes in net deferred income taxes, assessments of tax exposures, certain tax matters related to prior fiscal periods, and significant changes in tax law. The divergence between our GAAP and non-GAAP income tax provision relates to the difference in our GAAP and non-GAAP estimated annual effective tax rates, which are computed separately. Non-GAAP diluted shares are adjusted for the impact of additional shares resulting from the exclusion of stock-based compensation from non-GAAP income. MICRON TECHNOLOGY, INC. RECONCILIATION OF GAAP TO NON-GAAP OUTLOOK F Q4-25 GAAP Outlook Adjustments Non-GAAP Outlook Revenue $10.7 billion ± $300 million — $10.7 billion ± $300 million Gross margin 41.0% ± 1.0% 1.0% A 42.0% ± 1.0% Operating expenses $1.35 billion ± $20 million $147 million B $1.20 billion ± $20 million Diluted earnings per share (1) $2.29 ± $0.15 $0.21 A, B, C $2.50 ± $0.15 Non-GAAP Adjustments (in millions) A Stock-based compensation – cost of goods sold $ 119 B Stock-based compensation – research and development 93 B Stock-based compensation – sales, general, and administrative 54 C Tax effects of the above items and other tax adjustments (27) $ 239 (1) GAAP earnings per share based on approximately 1.13 billion diluted shares and non-GAAP earnings per share based on approximately 1.15 billion diluted shares. The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, additional restructuring activities, balance sheet valuation adjustments, strategic investments, financing transactions, and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.
Travel Weekly
24-06-2025
- Business
- Travel Weekly
Carnival Corp. raises full-year guidance after a lucrative Q2
Carnival Corp. on Tuesday reported record revenue for an eighth consecutive quarter with margins the company hasn't seen in nearly 20 years, said CEO Josh Weinstein. Second-quarter revenue of $6.3 billion was nearly 9% higher than the $5.8 billion reported a year earlier. Net income was $565 million, up from $92 million last year. The company saw volatility in bookings in April, though pricing strengthened in May and has improved even more thus far in June, Weinstein said. He also said close-in bookings and onboard spending were "incredibly strong" in Q2. The company's 2026 prices are currently at historic highs, and next year's booked position is similar to last year's record pace. Customer deposits were at an all-time high of $8.5 billion in the second quarter, Carnival Corp. said. Net yields, adjusted cruise costs, adjusted net income and adjusted EBITDA all outperformed March guidance. The company has raised its guidance for the full year. In the third quarter, it expects a year-over-year increase in net yields and higher adjusted cruise costs due to the cost of opening private Bahamian destination Celebration Key this July, plus higher advertising costs. Carnival Cruise Line's new rewards program, which launches in June 2026, will not add any meaningful costs, said CFO David Bernstein, and is expected to have a positive impact on yields about two years after the launch. War between the U.S. and Israel versus Iran has not impacted Carnival, but it "is all unfolding too quickly in real time to try to project how it could impact our future business," Weinstein said.
National Post
12-05-2025
- Business
- National Post
Organigram Reports Record Second Quarter Fiscal 2025 Results
Article content Record gross revenue of $102.8 million and record net revenue of $65.6 million Adjusted EBITDA 1 of $4.9 million Net income of $42.5 million Increase in anticipated Motif cost synergies to $15 million from $10 million Total cash position of $83.4 million 2 and negligible debt Article content Article content TORONTO — Organigram Global Inc. (NASDAQ: OGI) (TSX: OGI), (the 'Company' or 'Organigram'), Canada's #1 cannabis company by market share, announced its record results for the second quarter ended March 31, 2025 ('Q2 Fiscal 2025'). The Q2 Fiscal 2025 results include a full quarter of consolidated financials from the Company's acquisition of Motif Labs Ltd. ('Motif') on December 6, 2024. Article content Q2 FISCAL 2025 HIGHLIGHTS Article content Gross revenue increased 79% to $102.8 million from $57.4 million in the same prior year period. Net revenue increased 74% to $65.6 million from $37.6 million in the same prior year period. International revenue increased 177% to $6.1 million from $2.2 million in the same prior year period. Adjusted gross margin 1 increased to $21.9 million or 33%, from $11.6 million or 31% in the same prior year period. Motif integration now expected to exceed original estimate of $10 million to provide approximately $15 million in annual cost synergies. Adjusted EBITDA 1 increased to $4.9 million from $(1.0) million in the same prior year period. Total cash position of approximately $83.4 million 2 and negligible debt. Maintained #1 market share position in Canada — #1 in vapes, #1 in pre-rolls, #1 in milled flower, #1 in hash, #1 in pure CBD gummies, #3 in edibles, #3 in dried flower 3. Acquired Collective Project Limited ('Collective Project'), marking entry into the fast-growing U.S. and Canadian beverage categories, with current distribution in 10 states and six provinces. Closed third and final $41.5 million tranche of $124.6 million follow on investment from BAT. Article content 'Our record revenue this quarter reflects the strength of our brands and our ability to execute across both domestic and international markets,' said Beena Goldenberg, Chief Executive Officer. 'We are unlocking meaningful global growth potential — from increasing sales into key international markets like Germany, to our entrance into the U.S. hemp-derived beverage space. We expect this momentum to continue as we further strengthen our leadership in Canada and head into the seasonally stronger back half of the year.' Article content Net revenue: Net revenue increased 74% to $65.6 million, from $37.6 million in the second quarter ended March 31, 2024 ('Q2 Fiscal 2024'), primarily driven by contributions from the Motif acquisition, as well as organic growth in recreational and international sales. Adjusted Gross margin 4: Adjusted gross margin was $21.9 million, or 33% of net revenue, compared to $11.6 million, or 31%, in Q2 Fiscal 2024. The increase was primarily attributed to higher average selling prices, product mix, and higher international sales. The adjusted gross margin of 33% in Q2 Fiscal 2025 reflects Motif's margin before full synergy realization. Organigram's standalone adjusted gross margin excluding Motif was 37% in the quarter. Management expects adjusted gross margin to improve over the coming quarters as Motif acquisition related synergies are realized. Selling, general & administrative ('SG&A') expenses: SG&A increased 11% to $22.5 million from $20.3 million in Q2 Fiscal 2024. The increase was attributable to the inclusion of Motif SG&A in our consolidated financials as well as higher trade investments to support the growth of the business. As a proportion of net revenue, SG&A decreased to 34%, compared to 54% in Q2 Fiscal 2024, reflecting improved operating leverage. Net income: Net income was $42.5 million compared to a net loss of $27.1 million in Q2 Fiscal 2024. The increase in net income from the prior period is primarily attributable to higher fair value gains recognized in relation to top-up-rights of BAT and other financial instruments. Adjusted EBITDA 4: Adjusted EBITDA was $4.9 million compared to $(1.0) million in adjusted EBITDA in Q2 Fiscal 2024. The increase was primarily attributable to higher recreational sales, including Motif contributions, international revenue, and operational efficiency gains. Net cash used in operating activities before working capital changes: Net cash used in operating activities was $1.6 million, compared to $8.3 million cash used in Q2 Fiscal 2024. The decrease was primarily attributable to higher adjusted gross margin 4 in Q2 Fiscal 2025. Article content 'Our Q2 results continue to demonstrate our growing scale. We have made incremental investments into Motif which have allowed us to further increase the expected synergy realization up to $15 million annualized from our prior estimate of $10 million. Furthermore, through targeted investments in working capital we are in a good position to capitalize on our seasonally stronger months in the second half of the year,' said Greg Guyatt, Chief Financial Officer. 'With a roadmap for improving gross margins, and growing contribution from higher-margin international sales, we see a clear path to sustained profitability and continued financial strength as we balance growth and controlling costs.' Article content As Canada's market leader in recreational cannabis, Organigram remains committed to delivering consumer focused innovations and products to its customers. Some notable recent highlights include: Article content Trailblazer M'mosa – Premium hang-dried flower, hand-groomed, smart cured, and hand-packed in a glass jar Article content Trailblazer Slim Blunts – Sativa tube-style pre-rolls wrapped in tea leaf paper for a smooth, citrus-y flavour Article content Debunk Uncut Gems – Liquid diamond 510 vape Article content Organigram and BAT continue to collaborate through the PDC to research and develop innovative technologies in the edible, vape and beverage categories in addition to new disruptive inhalation formats aimed at creating solutions to addressing the biggest consumer pain points that exist in the category today. Organigram has commercialized the first product resulting from PDC research — Edison Sonics: gummies utilizing Organigram's Fast Acting Soluble Technology (FAST TM). Article content Follow-on Strategic Investment from BAT and creation of 'Jupiter' Strategic Investment Pool Article content On November 6, 2023, Organigram announced a $124.6 million follow-on investment from BAT and the creation of 'Jupiter', a strategic investment pool established to expand Organigram's geographic footprint and capitalize on emerging growth opportunities. The final $41.5 million tranche closed in February 2025. $59 million of the Jupiter fund remains available to support continued expansion in the U.S. and other international markets in compliance with applicable laws. Article content Organigram made its first significant European strategic investment to expand its presence in the European cannabis market with a $21 million investment in Sanity Group GmbH ('Sanity Group'), a leading German cannabis company. Our investment in Sanity Group was supported by an expanded supply agreement, making it one of our largest customers. Since the April 1, 2024 expansion of Germany's medical cannabis program, the market has grown at least 4x and continues to show strong growth potential. Sanity Group is uniquely positioned, having already submitted applications for adult-use recreational pilot projects in Berlin, Frankfurt, Düsseldorf, and Bremen. Approval is pending from the Institute of Food & Nutrition, which oversees the pilot projects. Jupiter has also deployed US$2 million into Steady State LLC (d/b/a Open Book Extracts), a U.S.-based company specializing in hemp-derived cannabinoid ingredients. Article content Prior to the establishment of Jupiter, Organigram had already made a US$7 million strategic investment in U.S.-based Phylos Bioscience Inc., a leader in seed-based technology. The Company expects to further leverage lower-cost seed-based technology over time. On March 31, 2025, Organigram acquired Collective Project, which enabled it to enter the beverage category, with hemp-derived THC beverage distribution in 10 U.S. states and THC beverage distribution in six Canadian provinces. Organigram is exploring additional U.S. and international investment opportunities that align with the Company's strategy to establish itself as a global leader. Article content In Q2 Fiscal 2025, Organigram achieved $6.1 million in international sales and expects international sales to increase in the second half of fiscal 2025 versus the first half. Organigram has supply agreements with partners in Germany, U.K., and Australia, and is evaluating additional global partnership opportunities. Organigram's investment in Sanity Group resulted in the expansion of their previous supply agreement. The agreement is expected to be further expanded upon Organigram receiving EU-GMP certification of its Moncton facility, expected in the coming months. Collective Project has begun generating U.S. recreational revenue from hemp-derived THC beverage sales. Article content Select Key Financial Metrics (in $000s unless otherwise indicated) Q2-2025 Q2-2024 % Change Gross revenue 102,763 57,425 79% Excise taxes (37,163 ) (19,797 ) 88% Net revenue 65,600 37,628 74% Cost of sales 45,813 26,366 74% Gross margin before fair value changes to biological assets & inventories sold 19,787 11,262 76% Realized fair value on inventories sold and other inventory charges (14,192 ) (11,062 ) 28% Unrealized gain on changes in fair value of biological assets 12,823 9,400 36% Gross margin 18,418 9,600 92% Adjusted gross margin (1) 21,921 11,609 89% Adjusted gross margin % (1) 33 % 31 % 2% Selling (including marketing), general & administrative expenses 22,490 20,332 11% Net income (loss) 42,456 (27,075 ) nm Adjusted EBITDA (1) 4,908 (1,045 ) nm Net cash used in operating activities before working capital changes (1,607 ) (8,277 ) (81)% Net cash used in operating activities after working capital changes (16,585 ) (13,217 ) 25% Article content Note (1) Adjusted gross margin, adjusted gross margin % and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meaning under IFRS and might not be comparable to similar financial measures disclosed by other issuers; please refer to 'Non-IFRS Financial Measures' in this press release for more information. Article content Select Balance Sheet Metrics (in $000s) MARCH 31, 2025 SEPTEMBER 30, 2024 % Change Cash & short-term investments (including restricted cash) 83,373 133,426 (38)% Biological assets & inventories 115,049 82,524 39% Other current assets 60,080 46,269 30% Accounts payable & accrued liabilities 63,001 47,097 34% Current portion of long-term debt 55 60 (8)% Working capital 182,879 208,897 (12)% Property, plant & equipment 119,944 96,231 25% Long-term debt — 25 (100)% Total assets 537,903 407,860 32% Total liabilities 147,337 101,871 45% Shareholders' equity 390,566 305,989 28% Article content The following table reconciles the Company's Adjusted EBITDA to net loss. Article content Adjusted EBITDA Reconciliation (in $000s unless otherwise indicated) Q2-2025 Q2-2024 Net (loss) income as reported $ 42,456 $ (27,075 ) Add/(Deduct): Investment income, net of financing costs (179 ) (650 ) Income tax (recovery) expense (106 ) (30 ) Depreciation and amortization 4,839 3,130 ERP implementation costs 628 173 Acquisition and other transaction costs 974 (170 ) Inventory and biological assets fair value and NRV adjustments 1,917 2,009 Acquisition-related fair value adjustment to inventory sold 1,586 — Share-based compensation 938 1,995 Other (income) expenses (50,728 ) 12,778 Provision for non-recurring credit losses — 4,239 Research and development expenditures, net of depreciation 2,583 2,556 Adjusted EBITDA $ 4,908 $ (1,045 ) Article content Note 1: Other (income) expenses includes share of loss from investments in associates, (gain) loss on disposal of property, plant and equipment, change in fair value of derivative liabilities, preferred shares, contingent consideration and other financial assets, and certain other non-operating (income) expenses. Article content The following table reconciles the Company's adjusted gross margin to gross margin before fair value changes to biological assets and inventories sold: Article content Adjusted Gross Margin Reconciliation (in $000s unless otherwise indicated) Q2-2025 Q2-2024 Net revenue $ 65,600 $ 37,628 Cost of sales before adjustments 43,679 26,019 Adjusted gross margin 21,921 11,609 Adjusted gross margin % 33 % 31 % Less: Provisions and impairment of inventories and biological assets 548 314 Provisions to net realizable value — 33 Acquisition-related fair value adjustment to inventory sold 1,586 — Gross margin before fair value adjustments 19,787 11,262 Gross margin % (before fair value adjustments) 30 % 30 % Add: Realized fair value on inventories sold and other inventory charges (14,192 ) (11,062 ) Unrealized gain on changes in fair value of biological assets 12,823 9,400 Gross margin 18,418 9,600 Gross margin % 28 % 26 % Article content Second Quarter Fiscal 2025 Conference Call Article content The Company will host a conference call to discuss its results with details as follows: Date: May 12, 2025 Time: 8:00 am Eastern Time Article content To register for the conference call, please use this link: Article content To ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. After registering, a confirmation will be sent through email, including dial in details and unique conference call codes for entry. Registration is open through the live call. Article content To access the webcast: Article content A replay of the webcast will be available within 24 hours after the conclusion of the call at and will be archived for a period of 90 days following the call. Article content This news release refers to certain financial performance measures (including adjusted gross margin, adjusted gross margin % and adjusted EBITDA) that are not defined by and do not have a standardized meaning under International Financial Reporting Standards ('IFRS') as issued by the International Accounting Standards Board. Non-IFRS financial measures are used by management to assess the financial and operational performance of the Company. The Company believes that these non-IFRS financial measures, in addition to conventional measures prepared in accordance with IFRS, enable investors to evaluate the Company's operating results, underlying performance and prospects in a similar manner to the Company's management. As there are no standardized methods of calculating these non-IFRS measures, the Company's approaches may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. Accordingly, these non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Adjusted EBITDA is a non-IFRS measure that the Company defines as net income (loss) before: net of financing costs; income tax expense (recovery); depreciation, amortization, impairment, normalization of depreciation add-back due to changes in depreciable assets resulting from impairment charges, (gain) loss on disposal of property, plant and equipment (per the consolidated statement of cash flows); share-based compensation (per the consolidated statement of cash flows); share of loss (gain) from investments in associates including impairment loss; change in fair value of contingent consideration; change in fair value of derivative liabilities, other financial assets and preferred shares; expenditures incurred in connection with research and development ('R&D') activities (net of depreciation); unrealized gain on changes in fair value of biological assets; realized fair value on inventories sold and other inventory charges; provisions and net realizable value adjustments related to inventory and biological assets; government subsidies, insurance recoveries and other non-operating expenses (income); legal provisions (recoveries); ERP implementation costs; transaction costs; share issuance costs; and provision for expected credit losses. Adjusted EBITDA is intended to provide a proxy for the Company's operating cash flow and derive expectations of future financial performance for the Company, and excludes adjustments that are not reflective of current operating results. Article content Adjusted gross margin is a non-IFRS measure that the Company defines as net revenue less cost of sales, before the effects of (i) unrealized gain on changes in fair value of biological assets; (ii) realized fair value on inventories sold and other inventory charges; (iii) provisions and impairment of inventories and biological assets; and (iv) provisions to net realizable value. Adjusted gross margin % is calculated by dividing adjusted gross margin by net revenue. Management believes that these measures provide useful information to assess the profitability of our operations as they represent the normalized gross margin generated from operations and exclude the effects of non-cash fair value adjustments on inventories and biological assets, which are required by IFRS. Article content The most directly comparable measure to adjusted EBITDA, calculated in accordance with IFRS is net income (loss) and beginning on page 6 of this press release is a reconciliation to such measure. The most directly comparable measure to adjusted gross margin calculated in accordance with IFRS is gross margin before fair value changes to biological assets and inventories sold and beginning on page 6 of this press release is a reconciliation to such measure. Article content Organigram Global Inc. is a NASDAQ Global Select Market and TSX listed company whose wholly-owned subsidiaries include Organigram Inc., a licensed cultivator or cannabis and manufacturer of cannabis-derived goods in Canada. Through its recent acquisition of Collective Project, Organigram Global participates in the U.S. and Canadian cannabinoid beverages markets. Article content Organigram is focused on producing high-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the Company's global footprint. Organigram has also developed a portfolio of legal adult-use recreational cannabis brands, including Edison, Holy Mountain, Big Bag O' Buds, SHRED, SHRED'ems, Monjour, Tremblant Cannabis, Trailblazer, Collective Project, BOXHOT and DEBUNK. Organigram operates facilities in Moncton, New Brunswick and Lac-Supérieur, Québec, with a dedicated manufacturing facility in Winnipeg, Manitoba. The Company also operates two additional cannabis processing facilities in Southwestern Ontario; one in Aylmer and the other in London. The facility in Aylmer houses best-in-class CO2 and Hydrocarbon extraction capabilities, and is optimized for formulation refinement, post-processing of minor cannabinoids, and pre-roll production. The facility in London will be optimized for labelling, packaging, and national fulfillment. The Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada). Article content This news release contains forward-looking information. Forward-looking information, in general, can be identified by the use of forward-looking terminology such as 'outlook', 'objective', 'may', 'will', 'could', 'would', 'might', 'expect', 'intend', 'estimate', 'anticipate', 'believe', 'plan', 'continue', 'budget', 'schedule' or 'forecast' or similar expressions suggesting future outcomes or events. They include, but are not limited to, statements with respect to expectations, projections or other characterizations of future events or circumstances, and the Company's objectives, goals, strategies, beliefs, intentions, plans, estimates, forecasts, projections and outlook, including statements relating to the Company's future performance, the Company's positioning to capture additional market share and sales including international sales, expectations for consumer demand, expected improvement to gross margins before fair value changes to biological assets and inventories, expectations regarding adjusted gross margins, adjusted EBITDA and net revenue in Fiscal 2025 and beyond, expectations regarding cultivation capacity, the Company's plans and objectives including around the PDC, availability and sources of any future financing, availability of cost efficiency opportunities, the ability of the Company to fulfill demand for its revitalized product portfolio with increased staffing, expectations relating to greater capacity to meet demand due to increased capacity at the Company's facilities, expectations around lower product cultivation costs, the ability to achieve economies of scale and ramp up cultivation, expectations pertaining to the increase of automation and reduction in reliance on manual labour, expectations around the launch of higher margin dried flower strains, expectations around market and consumer demand and other patterns related to existing, new and planned product forms; expectations regarding the Company's acquisition, integration and synergy realization of Motif and Collective Project; expectations around FAST TM nanoemulsion technology; expectations regarding EU-GMP certification; timing for launch of new product forms, ability of those new product forms to capture sales and market share, estimates around incremental sales and more generally estimates or predictions of actions of customers, suppliers, partners, distributors, competitors or regulatory authorities; statements regarding the future of the Canadian and international cannabis markets and, statements regarding the Company's future economic performance. These statements are not historical facts but instead represent management beliefs regarding future events, many of which, by their nature are inherently uncertain and beyond management control. Forward-looking information has been based on the Company's current expectations about future events. Article content Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual events to differ materially from current expectations. These risks, uncertainties and factors include: general economic factors; international trade disputes sparked by tariffs and retaliatory tariffs or other non-tariff measures; changes to government laws, regulations or policies, including customs, tariffs, trade or environmental law, regulations or policies, or the enforcement thereof; receipt of regulatory approvals or consents and any conditions imposed upon same and the timing thereof; the Company's ability to meet regulatory criteria which may be subject to change; change in regulation including restrictions on sale of new product forms; change in stock exchange listing practices; the Company's ability to manage costs, timing and conditions to receiving any required testing results and certifications; results of final testing of new products; changes in governmental plans including those related to methods of distribution; timing and nature of sales and product returns; customer buying patterns and consumer preferences not being as predicted given this is a new and emerging market; material weaknesses identified in the Company's internal controls over financial reporting; the completion of regulatory processes and registrations including for new products and forms; market demand and acceptance of new products and forms; unforeseen construction or delivery delays including of equipment and commissioning; increases to expected costs; competitive and industry conditions; change in customer buying patterns; and changes in crop yields. These and other risk factors are disclosed in the Company's documents filed from time to time under the Company's issuer profile on the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval+ ('SEDAR') at and reports and other information filed with or furnished to the United States Securities and Exchange Commission ('SEC') from time to time on the SEC's Electronic Document Gathering and Retrieval System ('EDGAR') at including the Company's most recent MD&A and AIF. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company disclaims any intention or obligation, except to the extent required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward looking information is subject to risks and uncertainties that are addressed in the 'Risk Factors' section of the MD&A dated May 12, 2025 and there can be no assurance whatsoever that these events will occur. This news release contains information concerning our industry and the markets in which we operate, including our market position and market share, which is based on information from independent third-party sources. Although we believe these sources to be generally reliable, market and industry data is inherently imprecise, subject to interpretation and cannot be verified with complete certainty due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process, and other limitations and uncertainties inherent in any statistical survey or data collection process. We have not independently verified any third-party information contained herein. Article content ____________________ 1 Adjusted gross margin, adjusted gross margin % and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meanings under IFRS (as defined herein), as issued by the International Accounting Standards Board, and might not be comparable to similar financial measures disclosed by other issuers; please refer to 'Non-IFRS Financial Measures' in this press release for more information. 2 Total cash position includes restricted cash and short-term investments. 3 Multiple Sources (Hifyre, Weedcrawler, provincial boards, internal modelling) as of March 31, 2025. 4 Adjusted gross margin, adjusted gross margin % and adjusted EBITDA are non-IFRS financial measures not defined by and do not have any standardized meanings under International Financial Reporting Standards ('IFRS'), as issued by the International Accounting Standards Board, and might not be comparable to similar financial measures disclosed by other issuers; please refer to 'Non-IFRS Financial Measures' in this press release for more information. 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