News from October 22, 2025

Technology

TrustCo (TRST) Q3 2025 Earnings Call Transcript

Wednesday, Oct. 22, 2025, at 9 a.m. ET CALL PARTICIPANTS Chairman, President, and Chief Executive Officer — Robert J. McCormickChief Financial Officer — Michael M. OzimekChief Banking Officer — Kevin M. CurleyNeed a quote from a Motley Fool analyst? Email [email protected] Net Income -- $16.3 million in net income, up 26.3% year over year, reflecting continued profitability growth.Return on Average Assets -- 1.02%, a 21.4% year-over-year increase, indicating higher earnings efficiency.Return on Average Equity -- 9.29%, up 20% year over year, demonstrating improved shareholder returns.Efficiency Ratio -- Decreased nearly 9% year over year.Book Value Per Share -- $37.30, an increase of 6% from $35.19 in 2024's Q3.Nonperforming Loans -- Declined to $18.5 million from $19.4 million a year ago, underscoring asset quality improvements.Nonperforming Loans to Total Loans -- 0.36% versus 0.38% compared to Q3 2024, a positive movement in credit quality.Coverage Ratio -- Over 280%, a 9% rise compared to Q3 2024, supporting the allowance for credit losses.Loan Growth -- Average loans rose 2.5% ($125.9 million) to $5.2 billion, reaching a record level.Home Equity Loans -- Increased by 15.7% year over year to $59.9 million, marking the strongest segment expansion.Residential Mortgage Loans -- Up $34 million in the residential real estate portfolio, contributing to overall portfolio growth.Commercial Loans -- Increased $34.6 million, a 12.4% gain year over year, highlighting commercial loan momentum.Total Deposits -- Ended at $5.5 billion, up $217 million compared to Q3 2024, pointing to solid deposit attraction.Net Interest Income -- $43.1 million in net interest income, an 11.5% increase ($4.4 million) driven by margin expansion.Net Interest Margin -- 2.79%, up 18 basis points, reflecting improved asset-liability management.Yield on Interest-Earning Assets -- 4.25%, an increase of 14 basis points.Cost of Interest-Bearing Liabilities -- 1.9%, down from 1.94%Share Repurchase Program -- 467,000 shares bought year to date (298,000 in the quarter); capacity for 533,000 more shares.Wealth Management Division -- $1.25 billion in assets under management; division accounted for 41.9% of non-interest income.Non-Interest Expense -- $26.2 million, down $42,000 from the prior year quarter.ORE (Other Real Estate) Expense -- $8,000 for the quarter, significantly reduced from $204,000 compared to Q3 2024.Shareholder Return Philosophy -- McCormick said, "It is our view that the stock is significantly undervalued and presents an outstanding investment opportunity without exposing us to the risks inherent with another investment."CD Portfolio Repricing -- McCormick said, "The highest rate we're offering right now, Ian, is 4%," with about $1 billion in CDs coming due at an average rate of 3.75% over the next four to six months.Charge-Offs -- Net recovery of $176,000, showing continued credit strength.Branch Network -- Flat at 136 branches sequentially; expansion focus on Pasco County, Florida, and Downstate New York.Allowance for Credit Losses -- $51.9 million with a 281% coverage; up from $49.95 million and an increase of 157% compared to a year ago. TrustCo Bank (TRST +1.96%) reported substantial gains in both net income and net interest income, supported by strong asset quality metrics and steady growth across residential and commercial lending segments. Management completed nearly half of a 1-million-share repurchase plan, citing perceived undervaluation. Margin and efficiency improvements coincided with disciplined cost management and broad deposit growth. The wealth management division's non-interest income, representing nearly 42% of the total, was fueled by $1.25 billion in assets under management.Management anticipates additional share buybacks upon exhausting the current authorization, describing an ongoing focus on long-term shareholder value.CD repricing is expected in the upcoming quarters as $1 billion at a 3.75% average rate matures over the next four to six months, with new issues offered up to 4%.Loan growth was achieved without increasing credit risk, as evidenced by net charge-off recoveries and rising coverage ratios. INDUSTRY GLOSSARY ORE (Other Real Estate): Real estate owned by the bank, typically acquired through foreclosure, pending resale or resolution. Full Conference Call Transcript At this time, I'd like to turn the conference call over to Mr. Robert J. McCormick, Chairman, President, and CEO. Please go ahead. Robert J. McCormick: Morning, everyone, and thank you for joining the call. I'm Robert J. McCormick, President of TrustCo Bank Corp NY. I'm joined today as usual by Michael M. Ozimek, our CFO, who will go through the numbers, and Kevin M. Curley, our Chief Banking Officer, who will talk about lending. It is often said that actions speak louder than words. TrustCo Bank Corp NY's performance this quarter and year to date speaks volumes about the tactical effective application of our corporate strategic vision. TrustCo Bank Corp NY's mission is to deliver the best possible loan and deposit products, making the dream of home ownership come true for customers who we treat with respect. It is a fundamental principle of our company that loans are underwritten with professionalism and care to ensure fair lending outcomes and solid credit quality. This is true both in our residential and commercial lending areas. Looking back just five years, we have never exceeded annualized net charge-offs of more than 0.02% compared to our average loan portfolio. Throughout this year, our strong customer relationships have enabled us to grow deposits and loans while holding the line on cost of funds as the loan portfolio repriced. All of these elements have combined to generate these stellar financial results we proudly announced today. Both our profitability and efficiencies improved greatly over the quarter, compared to this time last year. Our return on average assets increased 21.4%, return on average equity grew 20%, and our efficiency ratio decreased by almost 9%. This is all done while staying focused on high-quality underwriting standards and loan processing functions, sticking to our lending philosophy by never sacrificing credit quality. We improved our nonperforming loans to total loans by 5% over the quarter, and our coverage ratio increased to over 280%, up 9% from the third quarter last year. Also, part of our longstanding TrustCo tradition, we do not rest upon our successes. Throughout this year, our management team has demonstrated we are not satisfied with simply delivering outstanding corporate performance in the present term. We always have an eye on building long-term shareholder value. Toward that end, we sought and received approval to repurchase 1,000,000 shares of our company's stock. So far, we have repurchased nearly half of that number. Further, we anticipate that the company will complete the currently authorized buyback and expect to seek approval for further substantial repurchase. It is our view that the stock is significantly undervalued and presents an outstanding investment opportunity without exposing us to the risks inherent with another investment. Could not be more pleased with the driving corporate value in the safe, sound, and strategically purposeful manner. Now Michael will go over the details with the numbers, and some impressive numbers. Michael? Michael M. Ozimek: Thank you, Robert, and good morning, everyone. I will now review TrustCo Bank Corp NY's financial results for the 2025Q3. As we noted in the press release, once again, the company saw strong financial results for the 2025Q3, marked by increases in both net income and net interest income of TrustCo Bank Corp NY during the 2025Q3 compared to the 2024Q3. This performance is underscored by rising net interest income, continued margin expansion, and sustained loan and deposit growth across key portfolios. This resulted in third-quarter net income of $16.3 million, an increase of 26.3% over the prior year quarter, which yielded a return on average assets and average equity of 1.02% and 9.29%, respectively. Capital remains strong. Consolidated equity to assets ratio was 10.9% for the 2025Q3, compared to 10.95% in the 2024Q3. Book value per share at 09/30/2025 was $37.30, up 6% compared to $35.19 a year earlier. During the 2025Q3, TrustCo Bank Corp NY repurchased 298,000 shares of common stock under the previously announced stock repurchase program, resulting in 467,000 shares repurchased year to date, and we have the ability to repurchase another 533,000 shares under the repurchase program. And as always, we remain committed to returning value to shareholders through a disciplined share repurchase program, which reflects our confidence in the long-term strength of the franchise and our focus on capital optimization. Credit quality continues to improve. As we saw nonperforming loans decline to $18.5 million in the 2025Q3 from $19.4 million in the 2024Q3. Additionally, nonperforming loans to total loans also decreased to 0.36% in the 2025Q3, from 0.38% in the 2024Q3. Nonperforming assets to total assets also reduced to 0.31% in the 2025Q3 compared to 0.36% in the 2024Q3. Our continued focus on solid underwriting within our loan portfolio and conservative lending standards positions us to manage credit risk effectively in the current environment. Average loans for the 2025Q3 grew 2.5% or $125.9 million to $5.2 billion from the 2024Q3, an all-time high. Consequently, overall loan growth has continued to increase, and leading the charge was the home equity credit lines portfolio, which increased by $59.9 million or 15.7% in the 2025Q3 over the same period in 2024. The residential real estate portfolio increased $34 million or 0.8% of average commercial loans, which also increased $34.6 million or 12.4% over the same period in 2024. This uptick continues to reflect a strong local economy and increased demand for credit. For the 2025Q3, the provision for credit losses was $250,000. Retaining deposits has been a key focus as we navigate through 2025Q3. Total deposits ended the quarter at $5.5 billion and was up $217 million compared to the prior year quarter. We believe the increase in these deposits compared to the same period in 2024 continues to indicate strong customer confidence in the bank's competitive deposit offerings. The bank's continued emphasis on relationship banking combined with competitive product offerings and digital capabilities has continued to stable deposit base that supports ongoing loan growth and expansion. Net interest income was $43.1 million for the 2025Q3, an increase of $4.4 million or 11.5% compared to the prior year quarter. Net interest margin for the 2025Q3 was 2.79%, up 18 basis points from the prior year quarter. The yield on interest-earning assets increased to 4.25%, up 14 basis points from the prior year quarter, and the cost of interest-bearing liabilities decreased to 1.9% in the 2025Q3 from 1.94% in the 2024Q3. The bank is well-positioned to continue delivering strong net interest income performance even as the Federal Reserve signals a continued potential easing cycle in the months ahead. The bank remains committed to maintaining competitive deposit offerings while ensuring financial stability and continued support for our communities' banking needs. Our wealth management division continues to be a significant recurring source of non-interest income. They had approximately $1.25 billion of assets under management as of September 30, 2025. Non-interest income attributable to wealth management and financial services fees represent 41.9% of non-interest income. The majority of this fee income is recurring, supported by long-term advisory relationships and a growing base of managed assets. Now on to non-interest expense. Total non-interest expense net of ORE expense came in at $26.2 million, down $42,000 from the prior year quarter. ORE expense net came in at an expense of $8,000 for the quarter as compared to $204,000 in the prior year quarter. We are going to continue to hold the anticipated level of ORE expense to not exceed $250,000 per quarter. All of the other categories of non-interest expense were in line with our expectations for the third quarter. Now Kevin will review the loan portfolio and non-performing loans. Kevin M. Curley: Mike, good morning to everyone. Our loans grew by $125.9 million or 2.5% year over year. The growth was centered on our home equity loans, which increased by $59.9 million or 15.7% over last year, and residential mortgages, which increased by $34 million. In addition, our commercial loans grew by $34.6 million or 12.4% over last year. For the second quarter, actual loans increased by $35.1 million as total residential loans grew by $38.5 million, and commercial loans were slightly lower for the quarter. Overall, residential activity is picking up. We are seeing additional refinance volume as mortgage rates remain in the 6% range. Our home equity lending also continues to grow steadily as customers continue to use their equity for home improvements, education expenses, or paying off higher-cost loans such as credit cards. In all our markets, rates have fluctuated within a 25 basis point range, with our current thirty-year fixed rate mortgage at 6.125%. In addition, our home equity products are very competitive, with rates starting below 6.75%. Our products are well situated across our markets, as we are ready to capture more growth as activity picks up. As a portfolio lender, we have the flexibility to manage pricing and implement targeted promotions to increase loan volume. Overall, we are encouraged by the loan growth in the quarter and remain focused on driving stronger results moving forward. Moving to asset quality. Asset quality of the bank remains very strong. At TrustCo Bank Corp NY, we work hard to meet strong credit quality throughout our loan portfolio. As a portfolio lender, we have consistently used prudent underwriting standards to build our loan portfolio. Our residential loans originated in-house, focusing on key underwriting factors that have proven to lead to sound credit decisions. These loans are originated with the intent to be held in our portfolio for the full term rather than originated for sale. In addition, we have no foreign or subprime loans in our residential portfolio. In our commercial loan portfolio, which makes up just about 6% of our total loans, we focus on relationship-based loans secured mostly by real estate within our primary market area. We also avoid concentrations of credit to any single borrower or business and continue to require personal guarantees on all our loans. Overall, our disciplined underwriting approach has produced strong credit quality across our entire loan portfolio. Here are the key metrics. Our early-stage delinquencies for our portfolio continue to be steady. Charge-offs for the quarter amounted to a net recovery of $176,000, which follows a net recovery of $9,000 in the second quarter and $258,000 in recovery in the first quarter, totaling a year-to-date net recovery of $443,000. Non-performing loans were $18.5 million at this quarter-end, compared to $17.9 million last quarter and $19.4 million a year ago. Non-performing loans to total loans was 0.36% this quarter-end, compared to 0.35% last quarter and 0.38% a year ago. Non-performing assets were $19.7 million at quarter-end versus $19 million last quarter and $21.9 million a year ago. At quarter-end, the allowance for credit losses remained solid at $51.9 million with a coverage ratio of 281%, compared to $51.3 million with a coverage ratio of 286% at year-end and $49.95 million with a coverage ratio of 157% a year ago. That's our story. We're happy to answer any questions you might have. Operator: Thanks very much. We will now begin the question and answer session. Before pressing the keys, our first question comes from Ian Lapey from Gabelli Funds. Your line is open, Ian. Please go ahead. Ian Lapey: Good morning, Robert and team. Congratulations on the great financial results. I was hoping maybe you could quantify a little bit. The release mentions that you expect meaningful net interest income upside for quarters to come. You mentioned the rates on the fixed rate and home equity. What about the CDs that are going to be maturing over the next quarter? What's sort of the average rate for that compared to what you're paying on new CDs that you're issuing? Robert J. McCormick: The highest rate we're offering right now, Ian, is 4%, and that's a three-month rate. And there's about a billion dollars in CDs that are coming due over the next four to six months. So we expect, based on what happens with the Fed and some competition, there should be opportunity in that CD portfolio to reprice. Ian Lapey: What's roughly the average, so for the billion coming due, what is the average roughly rate on those? Robert J. McCormick: The average rate on the billion coming due is about 3.75%. Okay. And then on the recoveries, obviously, very impressive. I was just hoping you could unpack that a little bit. For example, for the quarter, in New York, you had $194,000 in recoveries. Just curious, like how many homes typically would that relate to? Is this just a function of borrowers defaulting with significant equity still in the home? Maybe you can just explain a little bit. Robert J. McCormick: A lot of that, as you can imagine, Ian, in the real estate market, Upstate is still very, very strong, and there's still great demand with relatively limited inventory. So a lot of the transactions happened before we even end up taking the property back, which is the best possible scenario. But the $194,000 is probably around five properties we've taken back, and I think there was one commercial property in there and four residentials. Ian Lapey: Okay, great. And then I guess my only follow-up, my only remaining question. So it looked like branches were flat at 136 sequentially. What are you thinking about in terms of expansion, if at all, and would Florida still be sort of your targeted range for growth? Robert J. McCormick: We're looking at, well, Pasco County is something that we're very interested in, Ian. I'm sure you're tracking this, but on the West Coast of Florida, because of development and prices and things like that, people are being pushed further and further out from Tampa. We're seeing opportunity in loan demand in Pasco County. And then there are a couple of other infill locations that we would like to find something in Florida. But, you know, we are pretty cheap people, so we want the right transaction if we can in the right location. So and then there's always opportunity throughout Downstate New York as things open up there as well. So those would be the two opportunities we're seeing right now. Ian Lapey: Okay. Terrific. Thank you. Operator: Thank you. We currently have no further questions at this time. Now I'd like to turn the conference back to Robert J. McCormick for any closing remarks. Robert J. McCormick: Thank you for your interest in our company, and we hope you have a great day. Thank you. Operator: The conference call has now concluded. Thank you very much for attending. You may now disconnect your lines.

Motley Fool Transcribin,Motley Fool Transcribing 3 days ago

Technology

2 men arrested in connection with Victoria Beach double homicide

Manitoba RCMP have made a pair of arrests in connection with a double homicide in Victoria Beach earlier this year with the suspects arrested on opposite sides of the country. On June 20, a 29-year-old man and 41-year-old woman were killed, shocking the small community. Police say they both died from gunshot wounds. Staff Sgt. Sean Grunewald of the Manitoba RCMP Major Crime Services Unit says the investigation has led them to a pair of suspects. “I can say that the suspects and victims were known to each other,” Grunewald said. “And at this time, we believe that the male victim was targeted by the suspects and that the female victim was killed for being at that specific residence in Victoria Beach when the suspects arrived.” The suspects are two men, 28-year-old Mitchell Johanson from Grand Marais and 31-year-old Nathoniel More-Harrison from the RM of St. Clements. Police determined that both had fled the province after the killings, with Johanson arrested in Abbotsford, B.C., two weeks ago and More-Harrison getting caught in New Minas, N.S., on Tuesday. Grunewald also said he is confident there are other people in the Victoria Beach and Traverse Bay areas who know what happened and is calling for more information. “Now is the time to come forward and share with us what you know,” Grunewald said. “These homicides have deeply affected two grieving families, countless loved ones, and created concerns for so many residents in the Victoria Beach area and the province of Manitoba.” Officers say they don’t have information yet on why the two fled to other provinces, but they say the British Columbia and Nova Scotia RCMP played a huge role in completing these arrests.

Kevin Hirschfield 3 days ago

Technology

Health Ministry Expands Scholarships for Medical Students

Health Ministry Expands Scholarships for Medical Students The Ministry of Health and Wellness has expanded its scholarship program for medical students, increasing opportunities for those pursuing nursing, midwifery, and pharmacy studies. Minister Kevin Bernard said, “This is a program that has been ongoing over the past few years, and it has grown. Last year, we did about 40 scholarships. This year we’re doing 60.” He thanked the Ministry of Education for supporting 15 of the bachelor’s nursing scholarships, while the Ministry of Health identified additional funding for 14 bachelor’s scholarships, nine for practical nursing, and 20 for midwifery. The Inter-American Development Bank supported two pharmacy scholarships. “For me, this is always about investing in our people and making sure that we are able to train and build on the profession that we are lacking in Belize,” Bernard said. He added that the total value of the scholarships exceeds $1.1 million and that the ministry hopes to increase the number each year.

Zenaida Lanza 3 days ago

Technology

KENMORE FRIDGE

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501162 3 days ago

Business

U.S. debt tops $38 trillion for the first time, worsened by government shutdown - CBS News

The national debt is rising faster than ever and threatens to undermine confidence in the economy, experts warn.

Megan Cerullo 3 days ago

Technology

1 early disappointment from all 32 NFL teams who must step up for rest of 2025 season

The NFL season is seven weeks deep, and a lot hasn’t gone as expected. Whether teams have exceeded expectations or underperformed, every team has at least one player who hasn’t been as good as fans, coaches, and teammates assumed they would be. Here is one early-season disappointment from all 32 teams who must step up the rest of the year. Players who have disappointed merely because of injuries were, for the most part, left off of this list. For example, the Baltimore Ravens’ season has been a nightmare largely because of injuries. Lamar Jackson has missed time, and that has played the biggest part in their disappointing record, but he wasn’t included in this article because injuries are unavoidable. Baltimore Ravens: Derrick Henry Derrick Henry was just 79 yards short of becoming a member of the 2,000-yard rushing list last season. He also ran for a league-leading 16 touchdowns as he formed an unstoppable rushing tandem with quarterback Lamar Jackson. The impressive season put all doubts about Henry’s age and fit in Baltimore to the side. However, in 2025, Henry and the Ravens as a whole have struggled mightily. The team came into the season with championship expectations, yet they are just 1-5 and in last place in the AFC North. The team obviously has numerous underperformers, but none have been more shocking than Henry. Most notably, Henry has a newfound issue with being unable to hold onto the football. Henry has three fumbles already, all of which have come at costly times. Buffalo Bills: DaQuan Jones The Buffalo Bills’ pass defense has been great this year, but the same can’t be said about the team’s ability to stop the run. Run defense starts with the defensive tackles, and DaQuan Jones hasn’t contributed as much as expected. The defensive tackle has just eight combined tackles through five games. Cincinnati Bengals: Chase Brown Albert Cesare/The Enquirer / USA TODAY NETWORK via Imagn Images The Cincinnati Bengals’ offensive line as a whole has underperformed this year, which has directly contributed to a disappointing season by Chase Brown. Really, anybody from the Bengals’ offense could make this list, but Brown was expected to improve upon a breakout campaign last year. Instead, the Bengals have the fewest rushing yards (483) in the entire NFL. Not only has Brown disappointed in the rushing attack, but he hasn’t been nearly as impressive in the passing game as expected. Cleveland Browns: Dillon Gabriel/Shedeur Sanders The Cleveland Browns have experienced numerous disappointments on their roster since rejoining the NFL in 1999. That is why all-time draft busts articles are littered with Browns players, and why 41 different quarterbacks have started for the team this century. Neither Dillon Gabriel nor Shedeur Sanders showed enough in training camp to earn the Week 1 starting quarterback job this year. The Browns really need one of their rookie quarterbacks to establish themselves as the franchise guy, though. Gabriel is starting for now, but his performances thus far haven’t been pretty. Perhaps Sanders will take over before the season’s end, but if not, the Colorado product needs to avoid drawing too much attention to himself. Denver Broncos: Dre Greenlaw Dre Greenlaw missed the first six games of the season because of injury. While that is far from ideal, injuries happen in the NFL, and that won’t be used against him too much in these rankings. However, after returning for just one game to join the Denver Broncos and the best defensive unit in the NFL, Greenlaw got into a postgame altercation with a referee, which led to him being suspended. The Broncos’ defense is so great that Greenlaw may be more of a luxury than a necessity, but off-ball linebacker is their weakest spot on defense, so the Broncos would appreciate it if Greenlaw steps up his game upon his return. Houston Texans: C.J. Stroud C.J. Stroud looked like a future MVP during his rookie season. He led the NFL in passing yards per game and touchdown-to-interception ratio, which only Joe Montana and Tom Brady had accomplished before. Since then, Stroud has been too mediocre. Stroud’s struggles were most recently on display on Monday Night Football. The Houston Texans have the potential to be a Super Bowl team, but the version of Stroud fans have seen this year will likely prevent them from reaching that level. Indianapolis Colts: Adonai Mitchell The Indianapolis Colts have exceeded all expectations, so they really don’t have a standout disappointment. If anybody fits the description, though, it is Adonai Mitchell. While Tyler Warren, Alec Pierce, Michael Pittman, and Josh Downs have all thrived with Daniel Jones throwing them the football, Mitchell hasn’t done much. Mitchell’s best play of the season was also his worst. After making a highlight catch against the Los Angeles Rams, Mitchell fumbled while celebrating before crossing the goalline. Jacksonville Jaguars: Brian Thomas Jr. Brian Thomas Jr.’s 2025 struggles have been well-documented. A year after finishing third in receiving yards as just a rookie, Thomas has caught a case of the drops. Thomas has nine drops this season, which are the most in the NFL. Not only is Thomas struggling to hold onto the ball, but he also looks borderline scared of contact on the football field. Considering Travis Hunter is still finding his way and navigating being a two-way player, the Jacksonville Jaguars really need Thomas to step up over the rest of the season. He has the potential to be one of the best receivers in the NFL, and the Jaguars are actually in a position to make the playoffs. Kansas City Chiefs: Travis Kelce It is somewhat unfair to call a near-retirement 36-year-old a disappointment. However, the Kansas City Chiefs have turned their season around as of late, and it is fair to say that Travis Kelce isn’t the player he once was. The tight end is one of the best players at his position ever, but he only has 31 receptions this season. That is still good for the fifth most by a tight end, and Kelce could very well clear 1,000 yards for the eighth time in his career. Fans are accustomed to Kelce having far superior numbers to any other tight end, and someone had to be chosen for this list. With Rashee Rice back, Kelce doesn’t really need to step up too much, and the Chiefs might be best waiting to fully unleash him for the postseason. Kelce just hasn’t made as many big plays as fans are accustomed to this season, though, and he did contribute to their slow start. Las Vegas Raiders: Geno Smith Denny Medley-Imagn Images Geno Smith leads the NFL with 10 interceptions. He hasn’t been the upgrade at quarterback that the Las Vegas Raiders were expecting. If Smith doesn’t stop with the poor decisions and erratic play, the Raiders could very well be looking for a new signal caller sooner rather than later. Los Angeles Chargers: Ladd McConkey Like Brian Thomas, Ladd McConkey had a fantastic rookie season but is currently experiencing a sophomore slump. McConkey has also had a drop issue this year, and Justin Herbert has seemingly replaced him with Quentin Johnston and Keenan Allen as his favorite targets. Johnston has bucked the bust label, and Allen has shown that he still has something left in the tank. If McConkey can return to form, the Chargers will have one of the best receiving corps in the NFL. Miami Dolphins: Tua Tagovailoa The Miami Dolphins have been one of the worst teams in the NFL this season, and Tua Tagovailoa has been at the forefront of their disappointment. Losing Tyreek Hill to a brutal leg injury didn’t help his case, but the quarterback has been inexcusably bad. He was finally benched in Week 7 after throwing three interceptions, but Mike McDaniels has alluded that Tagovailoa will continue being the starter for now. If Tagovailoa doesn’t pick up his play soon, his standing as an NFL starter will be in jeopardy. New England Patriots: Carlton Davis The New England Patriots were the biggest spenders in free agency during the offseason. Their willingness to add is a big reason why the Patriots look like a brand new team. The future is bright largely because of the free agent moves, but not all of the additions were hits. Cornerback Carlton Davis has yet to live up to the lofty contract that he signed. New York Jets: Justin Fields The New York Jets are the NFL’s lone 0-7 team. It takes more than just one struggling player to be in this position, but Justin Fields has been the worst of the bunch. Despite busting out of his previous two homes, the Jets decided to give the rushing-minded quarterback a three-year contract. That has proven to be a mistake, as Fields’ ineptitude as a thrower has severely limited the Jets’ offensive abilities. Fields was already benched in Week 7, and the Jets would have likely moved on from him for good if they had a worthwhile backup. Unfortunately, the team doesn’t have a quarterback on the bench worth developing, as journeyman veteran Tyrod Taylor is the backup quarterback. Taylor may or may not be taking over for Fields as of now, but historically, he hasn’t had an extended run as the starter. It isn’t a guarantee that Fields will be reinstated as the starter, but if he is, he needs to show the Jets some sign of life. Pittsburgh Steelers: T.J. Watt T.J. Watt, a perennial Defensive Player of the Year candidate, has looked like a shell of his former self this season. The seven-time Pro Bowler isn’t getting after the quarterback like fans have become accustomed to. His regression can be directly tied to the always solid Steelers’ defense being less effective than usual. Tennessee Titans: Calvin Ridley The Tennessee Titans are 1-6. No. 1 pick Cam Ward is trying his best, but the Titans haven’t been able to get anything going on offense. The team’s receivers have done Ward no favors. Calvin Ridley has been front and center in Tennessee’s pass-catching issues. Ridley isn’t getting open often enough, and he isn’t hauling in catchable passes when he is open. Arizona Cardinals: Marvin Harrison Jr. Marvin Harrison Jr. was the cream of the crop of a loaded 2024 receiver class. While his peers have thrived, the fourth overall pick has just disappointed. Harrison hasn’t been bad, but he hasn’t been nearly as good as expected. In fact, Harrison has surpassed the four-reception mark just twice this season. Atlanta Falcons: Michael Penix Jr. Michael Penix Jr. is dealing with a similar problem as Harrison. Just as the receiver class was stacked in the 2024 NFL Draft, so was the quarterback group. In fact, six quarterbacks were taken in the first round last year. Caleb Williams, Bo Nix, Jayden Daniels, and Drake Maye have looked like stars. J.J. McCarthy has spent most of his career hurt. Penix just hasn’t been that good. Carolina Panthers: Xavier Legette The Carolina Panthers drafted Xavier Legette and Tetarioa McMillan in consecutive first rounds. McMillan has impressed as a rookie, but Legette has been uninspiring as a professional. Legette has struggled to get off the line of scrimmage and become a reliable target for Bryce Young. The former first overall pick needs all of the help he can get, so hopefully Legette will start to live up to his pre-draft billing. Chicago Bears: Colston Loveland The Chicago Bears’ offense, which is loaded with talent, has finally started to look much better with Ben Johnson at the helm. Most notably, Rome Odunze has been leaps and bounds better in Year 2. Other weapons, including D.J. Moore, Luther Burden, Cole Kmet, D’Andre Swift, and Olamide Zaccheaus, have had their moments this year, too. Rookie first-rounder Colston Loveland hasn’t done much of anything, though, and that has to be a tough pill for the Bears to swallow because they took him over Tyler Warren. The Colts’ tight end has already established himself as one of the best tight ends in football. Dallas Cowboys: DaRon Bland Kevin Jairaj-Imagn Images The Dallas Cowboys have a high-powered offense, but a defense that is just as likely to give up big plays and high-scoring outputs. The pass defense, in particular, has really struggled. Fans have long known that Trevon Diggs is a high-risk, high-reward player. Sometimes it results in an interception, but other times it results in the defense giving up a big play. DaRon Bland is supposed to be a little more reliable and consistent, but he hasn’t been great, either. Bland hasn’t been racking up the interceptions to make up for his deficiencies like he did when he led the NFL with nine interceptions in 2023, either. Detroit Lions: Isaac TeSlaa The Detroit Lions don’t really have any weaknesses, and they are in a great position to make a run to the Super Bowl. Their offense, in particular, is full of playmakers. Nobody fits the description of being overly disappointing in the typical sense of the word, but fans would like to see more out of Isaac TeSlaa. The receiver has just three catches on the season, but two of them were for touchdowns, and two of them were highlight-worthy one-handers. If TeSlaa can add the volume to his preexisting knack for making big plays, there will really be no way to slow the Lions down. Green Bay Packers: Matthew Golden Matthew Golden was drafted in the first round to be the Green Bay Packers’ clear-cut number one receiving option. Golden hasn’t established himself as such despite being in a position to do so with Jayden Reed and Christian Watson sidelined. Golden is supposed to be a deep threat, but he hasn’t made many big plays yet, and he hasn’t scored a single touchdown through seven weeks. The Texas product hasn’t been bad, but he has been a slight disappointment. Los Angeles Rams: Tutu Atwell The Los Angeles Rams have arguably the best receiving duo with Davante Adams and Puka Nacua, so perhaps they don’t need a third option pass catcher. With that said, Tutu Atwell, having just four receptions on the season, is pretty inexcusable. Minnesota Vikings: Jonathan Allen The Minnesota Vikings’ offense has been riddled by injuries this season, so it is hard to point out one disappointment on that end. Their pricey defensive interior has underwhelmed thus far, too. Both Jonathan Allen and Javon Hargrave were given big contracts in the offseason to beef up the defensive trenches, but neither has played like the superstars they were paid to be. Allen has been a little bit worse than Hargrave, so he gets the nod here. New Orleans Saints: Alvin Kamara Spencer Rattler has actually been better than expected, but the New Orleans Saints have still been one of the worst teams in the league. Alvin Kamara has been great for so long for the Saints, but the running back is finally starting to slow down. Kamara has 86 career touchdowns, but he has only punched the ball into the end zone once this season. New York Giants: Kickers The New York Giants have found new life with Jaxson Dart under center. With Cam Skattebo running through defenders as well, the Giants have gone from a scheduled win for opposing teams to a team that isn’t easy to beat. A win against the Denver Broncos would have been really impressive, but the Giants gave up 33 points in the fourth quarter and ended up losing their Week 7 matchup. The collapse was inexcusable, but it would have been avoidable had Jude McAtamney not missed two extra points. The team already released the kicker as Graham Gano is set to return, so hopefully, Gano will bring stability to the position. Philadelphia Eagles: AJ Brown AJ Brown is seemingly getting back on track. He has 10 catches for 201 yards over the last two games. Before that, though, the receiver who was coming off a championship victory was struggling to get the ball to come his way. Likewise, pass-catching partner DeVonta Smith wasn’t much involved with the offense. He has also turned things around in recent weeks, but Jalen Hurts and the Eagles will need to ensure that their star receivers are happy if Philadelphia is to repeat as champions. Saquon Barkley hasn’t been exceptional in his first season running for 2,000 yards, either. San Francisco 49ers: Brock Purdy The odds have been stacked against the San Francisco 49ers, yet they keep winning games. The team had the largest offseason spending deficit ever coming into the year, and they’ve been riddled by injuries during the season. Most notably, Brock Purdy has been out with a turf toe issue. The 49ers’ next man up philosophy has worked like a charm. It is unfair to call an injured player a disappointment, but Purdy can be viewed as such, not because of how he has played this year, but because the offense hasn’t taken too big a step back with Mac Jones under center. Jones’ success and ability to game-manage the team to victories sort of proves that Purdy is nothing more than a system quarterback. Seattle Seahawks: Zach Charbonnet The Seattle Seahawks came into the year with what was supposed to be one of the best one-two running back punches in the NFL. Kenneth Walker is playing fine, but Zach Charbonnet is not holding up his end of the bargain. Charbonnet is averaging just 2.8 yards per attempt. Walker is an injury risk, so the Seahawks were counting on Charbonnet to perform, allowing them to avoid overexerting their starter. Tampa Bay Buccaneers: Cade Otton Joe Nicholson-Imagn Images Injuries have been the only thing holding the Tampa Bay Buccaneers back this season. With the team’s offense fighting through so many injuries, especially to the receiving corps, it is somewhat surprising that Cade Otton hasn’t put up bigger numbers. Despite Mike Evans, Chris Godwin, Emeka Egbuka, and Jalen McMillan all battling injuries, Otton only has 22 catches and no touchdowns this year. Washington Commanders: Josh Conerly The Washington Commanders took Josh Conerly in the first round of the 2025 NFL Draft. The offensive tackle has struggled during his young career so far. The good news for the Commanders is that the offensive tackle has started to pick it up in recent weeks.

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Health officials urge B.C. to roll up sleeves for flu shots

Another respiratory illness season is fast approaching, but the biggest threat to public health might not even be the viruses themselves. The real danger to public safety might be a 30-second social media video, say B.C. health officials. “Get your information from a reputable source; social media is not a scientific source of health information,” deputy provincial health officer Dr. Martin Lavoie said in a press conference in Victoria on Wednesday (Oct. 22). Health Minister Josie Osborne said much of the misinformation influencing Canadians’ opinions isn’t even from Canada. She said much of the anti-vaccine messaging Canadians are being exposed to is coming from outside our borders, “particularly the United States.” With vaccine hesitancy on the rise, Lavoie and Osborne both said it’s becoming increasingly important to ensure the public has accurate information on the safety and effectiveness of vaccines. “We are only in the beginning of the virus season,” Dr. Lavoie said, stressing the importance of preventative measures like vaccination and personal hygiene, as well as infection control measures like staying home or wearing a mask. The Ministry of Health said over two million British Columbians received invitations to book their vaccination through BC Get Vaccinated, the provincial booking system launched in 2021. Although skepticism around vaccination as a whole has been on the rise, health officials said, British Columbians seem to be taking the flu season seriously. Between Oct. 14 and 19, just under 275,000 British Columbians had received their flu shots for the year — an increase from last year’s first week of vaccinations. “Getting a vaccine is an act of care and an act of community,” Osborne said. She explained that getting vaccinated is “the simplest and most effective way” individuals can contribute to public health. While health officials look to strengthen their public messaging on the importance of vaccines, they’re also encouraging anyone with concerns or anxieties about vaccines to speak with their health-care professionals. Officials said vaccination isn’t just about protecting ourselves, but also about reducing the risk of transmitting illness to vulnerable populations like children, seniors and pregnant women. Influenza and COVID-19 vaccines have been available free of cost to British Columbians since 2021. Appointments can be booked online through BC Get Vaccinated or by phone at 1-833-838-2323.

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Technology

Petition to keep Alberta in Canada ‘really close’ to collecting enough signatures

The former Alberta politician trying to keep the province from splitting up with Canada says his “Forever Canadian” campaign is getting “really, really close” to collecting enough signatures to trigger a vote on the province’s future in Canada. The campaign, led by former MLA Thomas Lukaszuk, needs to collect almost 30,000 signatures on a petition that asks, “Do you agree that Alberta should remain within Canada?” In an update on social media on Wednesday, Lukaszuk expressed confidence that the campaign will be able to collect enough signatures, but he also urged people to continue to sign the petition because he expects some of the signatures collected will be rejected. “No one really knows (how many signatures we have) because a large number of petitions haven’t been delivered yet, but we are getting really, really close, we know that for sure,” said Lukaszuk. “Now we need to get over that bump, because we know that some signatures will inevitably be rejected for one reason or another. So we need at least a 10 to 15 per cent buffer,” Lukaszuk added. A spokesperson in the office of Alberta’s Chief Electoral Officer says if the petition is successful in gathering the required number of signatures, it would then be referred to the provincial legislature which would refer it to a committee. Lukaszuk claims the committee would have two choices: recommend Albertans be given an opportunity to vote in a referendum, or allow MLAs to vote on the petition question on the floor of the legislature. He says the “right thing to do, both morally and fiscally,” would be to give MLAs a chance to vote. Lukaszuk is confident if that happens, “the majority will vote in favour” of Alberta remaining in Canada and “this nonsense talk about Alberta separation could cease immediately.” The Forever Canadian campaign was started as a counter to Alberta separatists, who want a referendum on Alberta independence. Alberta Premier Danielle Smith has declined to endorse the Forever Canadian campaign, saying instead that she wants to see a sovereign Alberta within a united Canada. However, both Smith and Justice Minister Mickey Amery have said an opposing question asking whether Alberta should separate from Canada is constitutional and should have been approved by Elections Alberta. The province’s chief electoral officer referred that question, proposed by the Alberta Prosperity Project to the Alberta Court of Kings Bench, for a judicial review of whether it violates the Canadian Constitution, including treaty rights. The deadline for Lukaszuk to deliver his Forever Canadian petition to the province’s Chief Electoral Officer is Oct. 28. –with files from The Canadian Press.

Ken MacGillivray 3 days ago

Technology

QuantumScape QS Q3 2025 Earnings Call Transcript

Wednesday, October 22, 2025 at 5 p.m. ET Call participants President and Chief Executive Officer — Siva Sivaram Chief Financial Officer — Kevin Hettrich Head of Investor Relations — Dan Conway Need a quote from a Motley Fool analyst? Email [email protected] Ducati launch program milestone -- QuantumScape (QS 12.89%) unveiled a real-world demonstration of QSC5 technology in the Ducati V21L motorcycle at IAA Mobility, initiating field testing as the next phase. COBRA-based QSC5 B1 shipments -- First shipments of COBRA-based QSC5 B1 samples commenced, completing a 2025 operational objective and supporting the Ducati program launch. Eagle Line progress -- Higher-volume cell production equipment for the Eagle Line pilot line was partly installed, with the remainder on schedule for the year. Customer engagement expansion -- New joint development agreement established with an existing automotive customer; active commercial engagement now includes a new top 10 global automotive OEM. Corning and Murata agreements -- Partnerships with Corning (NYSE: GLW) and Murata (TSE: 6981) were advanced to jointly develop and ramp up ceramic separator manufacturing using the COBRA process, aiming to scale production capacity with world-class ceramics expertise. Customer billings metric initiated -- QuantumScape introduced customer billings as a key operational metric, with $12.8 million invoiced, including VW PowerCo under an upgraded arrangement. GAAP financial results -- Operating expenses totaled $115 million in Q3 2025, and net loss reached $105.8 million. Adjusted EBITDA loss -- Adjusted EBITDA loss was $61.4 million, in line with internal expectations. Capital expenditures -- Capital expenditures were $9.6 million, chiefly directed toward Eagle Line facility and equipment. Updated guidance -- Full-year guidance revised: adjusted EBITDA loss now projected at $245 million-$260 million, and CapEx at $30 million-$40 million, citing process efficiencies and changes in equipment timing. Liquidity and cash runway -- Net proceeds of $263.5 million were raised through the completed at-the-market program; quarter-end liquidity was $1 billion, and the cash runway was extended to the end of the decade (2029). Capital-light licensing model -- The company continues to advance a capital-light business strategy focused on development, licensing, and value sharing from partners, targeting near-term and long-term cash inflows. Automotive series production target -- PowerCo collaboration is targeting production of a series automotive vehicle using QuantumScape technology by 2029. Management confirmed that QuantumScape reached several key commercialization inflection points, including the live demonstration of QSC5 cells in the Ducati V21L and the fulfillment of major 2025 product delivery objectives. The company expanded its strategic partner network, notably advancing ecosystem relationships with both Corning and Murata to address scaling requirements for ceramic separator manufacturing. Financially, a shift to reporting customer billings highlights initial commercial traction, reflecting activity with Volkswagen PowerCo and underpinning a capital-light development and licensing framework. Management stated the liquidity position provides a cash runway through the end of the decade (i.e., through 2029), not 2030, supported by proceeds from recent capital markets activity. Sivaram said, "The next step in the Ducati program is field testing," establishing a near-term milestone for real-world product validation. Hettrich said, "We now project our cash runway extends through the end of the decade, a twelve-month extension from our previous guidance of into 2029," indicating enhanced financial visibility. Explicit accounting differences for customer billings and related-party transactions with Volkswagen PowerCo were described, impacting when inflows affect earnings and shareholders' equity. QuantumScape plans to cease providing ongoing cash runway updates and will instead report on customer billings as its preferred operational metric going forward. Industry glossary COBRA process: QuantumScape's proprietary method for scaling solid-state ceramic separator manufacturing to high-volume production. Customer billings: The aggregate value of invoices issued to customers and partners during a reporting period, distinct from US GAAP revenue recognition, used by QuantumScape to communicate commercial progress. Eagle Line: The company's highly automated pilot production line in San Jose, designed for increased volume manufacturing of next-generation battery cells. PowerCo: Volkswagen Group's battery subsidiary and QuantumScape's principal automotive partner for joint development and potential series production integration. Full Conference Call Transcript Siva Sivaram: I'd like to begin with one of the highlights of the year. On September 8, at IAA Mobility in Munich, Germany, we unveiled our launch program with the Volkswagen Group. The Ducati V21L race motorcycle, developed as a collaboration among Ducati, Audi, PowerCo, and QuantumScape Corporation. The Ducati V21L is a first-of-its-kind vehicle demonstration planned as a showcase for the exceptional performance of our no-compromise next-generation battery technology. As a launch program, the Ducati V21L is ideal. It is a low-volume but high-visibility demonstration that allows us to put the QSC5 technology into a demanding real-world application. The next step in the Ducati program is field testing. Turning to our annual goals, we are pleased to report that during Q3, we began shipping COBRA-based QSC5 B1 samples, completing another of our key annual goals for 2025. These cells are part of the Ducati launch program and were featured at the IAA Mobility conference. Our remaining operational goal for the year is to install higher-volume cell production equipment for our highly automated pilot line in San Jose, named the Eagle Line. Equipment for certain key assembly steps has already been installed on the Eagle Line, and this goal remains on track. Another important goal for 2025 has been to expand our commercial engagement, including deepening relationships with existing customers, engaging new customers, and bringing additional partners into our growing QuantumScape Corporation technology ecosystem. In Q3, we made substantial progress on all three fronts. With respect to existing customers, the successful launch event with Ducati, Audi, and PowerCo at IAA Mobility was a major milestone in our long collaboration with the Volkswagen Group. Last quarter, we also announced a new joint development agreement with an existing customer, and we are continuing to work closely with them as we progress through the first phase of development and commercialization engagement. We are also in active engagement with a new top 10 global automotive OEM in addition to our existing customers. With regard to QuantumScape Corporation ecosystem development, we continue to add world-class partners. On September 30, we announced an agreement with Corning to jointly develop ceramic separator manufacturing capabilities based on our COBRA process. Corning is a global leader in advanced materials, and they bring deep expertise in ceramics processing and proven manufacturing excellence to the QuantumScape Corporation ecosystem. In parallel, we successfully completed the initial phase of our collaboration with Murata Manufacturing, have signed a subsequent contract, and progressed to the next phase of that relationship. Our goal is to make QuantumScape Corporation technology the clear choice by providing our customers with a turnkey ecosystem to serve the global demand for better batteries. With Murata and Corning, we have two of the most world-renowned technical ceramics manufacturers as ecosystem partners, and we will continue to grow the ecosystem further. With our achievements this quarter, our vision for the commercialization of our next innovation in battery technology is beginning to take shape. We are executing consistently towards our key annual goals, demonstrating our technology, engaging with partners, and building out our capital-light development and licensing business model. Everything starts with execution, and we are proud of our team's performance. This year, we have already accomplished two of our key operational goals, baselining our COBRA process and beginning shipment of the COBRA-based QSC5 cells, continuing our track record of consistent execution against our goals. Q3 also saw our first technology demonstration with the Volkswagen Group, the Ducati V21L. We are expanding our collaboration with existing customers and adding new customers. We have also expanded our global ecosystem of world-class partners. The third quarter also marks another exciting milestone. We are beginning to show returns from our capital-light development and licensing business model, driving over $1 million in customer billings in Q3. Our ambitious targets naturally present many challenges to overcome, and there is much left to do. Our objective is clear: revolutionize energy storage, capitalize on our enormous market opportunity, and create exceptional value for our shareholders. With this aim in mind, we are excited to update shareholders on our continued progress over the months and years to come. With that, let me hand things over to Kevin for a word on our financial outlook. Thank you, Siva. Kevin Hettrich: GAAP operating expenses and GAAP net loss in Q3 were $115 million and $105.8 million, respectively. Kevin Hettrich: Adjusted EBITDA loss was $61.4 million in Q3, in line with expectations. A table reconciling GAAP net loss and adjusted EBITDA is available in the financial statement at the end of our shareholder letter. We continue to drive operational efficiency consistent with our capital-light licensing focus. We revised and improved our full-year guidance for adjusted EBITDA loss to $245 million to $260 million. Capital expenditures in the third quarter were $9.6 million. Q3 CapEx primarily supported facilities and equipment purchases for the Eagle Line. As a result of efficiency gains and process improvements, including from the COBRA process, as well as a change in timing of certain equipment ordering, we revised the range of our full-year guidance for CapEx to $30 million to $40 million. In Q3, we bolstered our balance sheet and completed our at-the-market equity program, raising $263.5 million of net proceeds in advance of the August 10 expiration of our shelf registration. We ended the quarter with $1 billion in liquidity. We now project our cash runway extends through the end of the decade, a twelve-month extension from our previous guidance of into 2029. Going forward, we plan to move away from providing updates on cash runway and will begin providing updates on customer billings. Customer billings represent the total value of all invoices issued by QuantumScape Corporation to our customers and partners in the period, regardless of accounting treatment. Customer billings is a key operational metric meant to give insight into customer activity and future cash inflows. The metric is not a substitute for revenue under US GAAP. Customer billings in Q3 were $12.8 million. In Q3, we invoiced VW PowerCo under the upgraded deal announced in July. The resulting cash inflows benefit QuantumScape Corporation shareholders. They will be directly reflected on the balance sheet as cash when we receive payment. During the collaboration phase of this particular deal, because of the related party relationship with VW, in accordance with US GAAP, a liability of equivalent value will also be created. QuantumScape Corporation has no repayment obligation with respect to these liabilities. Once relieved, rather than impacting the P&L, this value will accrue directly to shareholders' equity. Payments from other customers or partners, we expect, will be accounted for differently due to the lack of equity ownership or significant related party ties. Dan Conway: Thanks, Kevin. We'll begin today's Q&A portion with a few questions we've received from investors or that I believe investors would be interested in. Siva, the world's first lot demonstration of QuantumScape Corporation's solid lithium metal batteries in a Ducati V21L motorcycle premiered at IAA Mobility on September 9. Why is this such an important milestone? What are the next steps on your commercialization roadmap? Siva Sivaram: Dan, that announcement and seeing the bike ride across the stage was an emotional moment for all of us at QuantumScape Corporation. And it was obviously a huge milestone for all of our employees, investors, and partners. This is long in the making. Now we'll be demonstrating our battery in the field and gathering as much data as possible from field testing. Stepping back a bit, this was a major step in our strategic blueprint. You can think of this as four tracks that are running in parallel: the Ducati program, our PowerCo relationship, our other customers, and our ecosystem development. With respect to PowerCo more broadly, announced at IAA Mobility, we are working toward automotive-grade standards with the goal of a series production car with QuantumScape Corporation technology before the end of the decade. With respect to other customers, we are working towards commercialization deals with additional automotive OEMs. And, of course, we are building out our ecosystem with world-class partners like Murata and Corning. That we can handle a customer automotive customers at a turnkey supply chain. To serve the massive and growing demand for our technology. These are the main areas that we have to execute on. Thanks, Siva. Dan Conway: On that note, QuantumScape Corporation continues to advance discussions with key high-precision ceramic players, most recently announcing an agreement with Corning and advancing our partnership with Murata. How does this fit into the company's overall strategy of building out the QuantumScape Corporation global partner ecosystem? What are the key benefits of this business model and some potential ways you may receive economics from these partnerships? Siva Sivaram: Ben, QuantumScape Corporation's proprietary ceramic solid-state separator is our core IP. It enables our anode-free architecture and its performance advantage. Our strategy involves partnering with specialized high-precision ceramic manufacturers such as Murata and Corning to scale up separator production. These partners would supply QuantumScape Corporation separators to cell manufacturers like PowerCo, who would handle final cell assembly. This aggregated model allows QuantumScape Corporation to leverage the manufacturing expertise and balance sheets of partners with strong reputations in manufacturing as well as IP protection. Ceramic production is a highly specialized skill set, and this allows our cell production partners to focus on their core competency. It accelerates the scale-up of our technology by tapping into their manufacturing capabilities. In short, Corning and Murata are part of a complementary and expanding global ecosystem designed to de-risk scale-up and enable a capital-efficient path to commercialization. We believe each partner contributes unique strengths to help us efficiently scale our separator production into high volumes. As you would expect, we are continuing to build out the entire QuantumScape Corporation ecosystem with additional partners. Kevin Hettrich: And just to add on to that, in the fullness of time, the ecosystem would represent a third source of cash inflow under our capital-light development and licensing business model. The first is monetizing collaboration and customization work with our OEM partners. The second and largest source of inflows would be licensing as our customers produce cells using our technology. The third one would be value sharing from our ecosystem partners. Dan Conway: Thanks, Kevin. Can you expand further on customer billings as a key operational metric? How do customer billings translate into cash inflows? First, to expand on the significance of customer billings. Kevin Hettrich: Our first-ever invoices totaling $12.8 million in Q3 2025 are by themselves an important commercial milestone in the history of our company. It's nice to have arrived at the chapter where we're billing customers. I'd also highlight to investors that customer billings are evidence of our capital-light business model at work. On the front end, we monetize development activities for our customers to tailor our core technology to meet their specific needs. Subsequently, as the customer ramps production, we realize royalties over the lifetime of the project. Kevin Hettrich: As we continue to develop further generations of our technology, we'll seek to maintain these lines of business to generate consistent and compelling cash flows. Payment for development activities has the benefit of being near-term, while the royalty payments represent the majority of the value capture opportunity through a consistent long-term stream of high gross margin revenue. Value sharing from ecosystem partners represents further opportunity for shareholder returns. I'd also ask investors to keep four things in mind when interpreting our customer billings metric. First, the metric is not a substitute for revenue under US GAAP. Second, the accounting for individual customer billings may differ significantly. Third, the amounts billed to customers may vary from quarter to quarter due to fluctuations in activity as we progress through various phases of an agreed scope of work. Lastly, it is important to note that future cash inflows can diverge from customer billings, for example, as a result of timing differences, payment terms, prepaid customer deposits, or any adjustments to final payment amounts. Dan Conway: Okay. Thanks so much, Kevin. Now ready to begin the live portion of today's call. Operator, please open up the line for questions. Operator: Thank you. If you are called upon to ask your question and are listening via speakerphone on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. To be able to take as many questions as possible, we ask that you please limit yourself to one question and one follow-up. Again, our first question comes from the line of Winnie Dong with Deutsche Bank. Your line is open. Winnie Dong: Hi. Thank you guys so much for hosting. First question is, I was hoping you can help me understand a bit more about the joint development of the ceramic separators with Corning, which you recently announced? If you can help me sort of understand maybe some similarities and differences in comparison to Murata. And then on Murata itself, you say you've successfully completed the initial phase of collaboration and then signed a subsequent contract. I was hoping if you can also help me better understand the nature of the agreement, perhaps some details of the economics or the technology know-how in terms of the transfer of it? That's my first question. Thank you. Siva Sivaram: Winnie, thank you. Thanks for the question. As you pointed out, this is an extremely important part of our business model to bring an ecosystem together for QuantumScape Corporation. Ceramic manufacturing is, as I mentioned earlier, an extremely specialized skill set. We want to bring people with us who can manufacture in high volume, taking our COBRA process and ramping it into the volume and using their balance sheet to put capital in building these factories up. When we started out with Murata about nine months ago, we both entered into a development agreement where they came in to evaluate what we needed to do, what they need to do, etcetera. They concluded that we entered into the next system where we start to ramp our relationship into a much higher level with commitments of volumes, etcetera. They understand what the volumes involved are, and our customers' needs are, etcetera. So we are getting to be in that phase. We can take COBRA and ramp in volume. We have been working with Corning throughout this time as well. Corning had also been under an early development contract with us, and then we came into a more detailed relationship as we announced in early September. The reason we need them is, as you would think, it's pretty obvious, the opportunity is so large that it is good for us to have two suppliers. Initially, they'll be complementary in different aspects of ceramic processing. I expect over the long term to have a much larger portion that each one of them does. Both of them are extraordinarily competent manufacturing partners, and they are excited to be part of this relationship. I spent time with both CEOs at length, and they are very, very eager to get launched into high-volume production and work with our big OEM partners. Winnie Dong: That's very helpful. Thank you. And then the second question is the new metric that you just introduced, the customer billing metric. I was wondering if you can give us maybe a rough idea on the conversion time to revenue or to the collection of those funds. And then is that sort of, like, the main metric you will be providing over time as opposed to sort of bringing out what revenue could look like in the next maybe one to two years or so? I just wanted to understand that dynamic a little bit better. And then I think last quarter, you mentioned there is some investigation being done in terms of, you know, revenue recognition. And I was hoping if you can also tie that into your response. Thank you. Kevin Hettrich: Hi, Winnie. So, just to outline back the question parts, there was a going to the definition of customer billings, talk about their importance, and also on the accounting treatment of VW PowerCo. So I'll take them in order. Just to be on the same page, we define customer billings as the total value of all invoices issued by QuantumScape Corporation to our customers and partners in the period, regardless of accounting treatment. Where we hope it's useful to investors is it's a key operational metric to get insight into customer activity and into future cash inflows. I think you also had a question about how those translate into the timing of cash flow payments. There, I did mention in my remarks that you could see a divergence from billings to future cash inflows for a variety of reasons. Could include things like timing differences in payment from customers, prepaid customer deposits, adjustments to final payment amounts, typical operational considerations there. You asked about the importance. First of all, it is very nice to be in this chapter where we're doing work of value to customers and billing them for it. That's a nice moment for our company. On the VW PowerCo treatment, the way that the accounting works is the cash inflows, of course, at a broader perspective benefit QuantumScape Corporation shareholders. They'll be reflected on the balance sheet as cash when we receive them. During the collaboration phase of the VW PowerCo deal, because of the related party relationship with VW, in accordance with US GAAP, a liability of equivalent value will also be created. A reminder to shareholders, we do not have a repayment obligation with respect to these liabilities. Upon relief of the liability, rather than impacting the P&L, this value will accrue directly to shareholders' equity. This accounting treatment is specific to the collaboration phase of VW PowerCo. Payments from other customers or partners we expect to be accounted for differently due to the lack of equity ownership or significant related party ties. Winnie Dong: Got it. That's very helpful. Thank you. I'll pass it on. Operator: Our next question comes from the line of Jed Dorsheimer with William Blair. Your line is open. Mark Shooter: Hi, everybody. Operator: You have Mark Shooter on for Jed Dorsheimer. Mark Shooter: Congrats on the stable progress and especially the Ducati demo. It's always a lot of learnings in actually creating the pack and integration. So, congrats on that. During that presentation, VW mentioned cells and EVs by the end of the decade. If we were to take this as 2029, does this track with your development timeline? So if we're assuming that these samples meet all the required cell specs, and a C sample stage gate is when you're producing those cells at scale. And four to five years seems a bit longer than we expected. So what do you think are the remaining technical boxes that need to be checked? And is there any opportunity to pull this forward with VW? Or potentially a little competition with the other two customer engagements you have ongoing? Siva Sivaram: Mark, thanks for the question. By the way, just to be technically correct, the end of the decade is 2029. So just to make sure we don't add an extra year into the calendar. The second thing is, look, actual prioritization belongs to the customer, and they announce plans the way they see it. Our job is to make sure we are going all out. We do everything that we can to make sure they are able to ramp as fast as they can. We are working hand in glove very closely with Volkswagen PowerCo. They know exactly the status of the industrialization because we are working closely with them. We will continue to do that. Now in parallel, when we go work with the new customers that we are talking about, both with an existing customer and the new customer, it's a completely independent path from what we are doing with Volkswagen. We don't try to go create competition for our customers, but we work very, very, very closely with each customer, adapting our technical roadmap to their product roadmap. So work goes on in real-time so that we can get to market as quickly as possible. As Kevin points out, in the meantime, they continue to pay us for the development activity that we do together. Mark Shooter: Appreciate the color. Thanks, Siva. 2029 it is. I didn't mean to assume 2030 there. Just it's not bad. I was that would be a separate track here. One engineering group to another before the end of the decade. December 30 worst 12/31/2029. Got it. Loud and clear. About the VW relationship as well, in the last iteration of this, there was some space left in for other potential applications where VW could source cells and sell to other markets potentially. Was this written in to give space to the Ducati program? Or should we be looking at even more adjacent markets? Is there any potential there? Siva Sivaram: Yeah. I actually do not want to, again, talk for the customer. But you are absolutely right. We are looking at non-Volkswagen Group applications as well into that contract. And the Ducati being part of the Volkswagen Group would be included in the regular production. We do expect to have partnerships across independent of the Volkswagen Group with other new customers and customers working with PowerCo that we both work together. Mark Shooter: Great. Thank you. Operator: And our next question comes from the line of Delaney with Goldman Sachs. Your line is open. Aman Gupta: Hey guys, you have Aman Gupta on for Mark. Thanks. Kevin Hettrich: Congrats on the progress. Maybe on the Aman Gupta: the other two customers that you mentioned in your prepared remarks, Siva, could you maybe help us get a sense of where the JDA stands with the customer you announced last quarter and what needs to happen to get that to a more complete commercial agreement? And similarly, on the top 10 global auto OEM, you mentioned you're in active engagement with what it would take to go from the active engagement to a licensing or a JDA agreement? Thanks. Siva Sivaram: Aman, thanks for the question. Of course, we are very excited about these two additional opportunities. We have been alluding to them over the last couple of quarters as to their maturation. We've been already in active engagement with them. As always, we let the OEMs do the announcement, and we follow them. You saw that at the IAA, we had Volkswagen come out and talk in detail about how they are taking the product into different applications that they have in mind. The same way, we will be doing that with these two as well. As much as I would love to talk about it ahead of time, it would not be appropriate for me to come and tell you how they are doing. But you will see over time as they start to talk about it more and more, you will get a clearer idea of who they are, what they are doing, and how they are doing. And I'm very excited about these prospects. Aman Gupta: Thank you for that color, everyone. Maybe secondly, on this partnership approach, recognizing the Corning and Murata relationships for the ceramic separator, I think you mentioned the possibility of expanding the ecosystem to other areas. For QuantumScape Corporation, can you give us a sense of what areas you might be looking to include for partnerships? And what the kind of structure of these partnerships looks like from maybe a financial standpoint as well? Thank you. Siva Sivaram: Yeah. I'll start with the partnership, and then Kevin will give you the financial impact of those. Look, we are developing a technology ground up that is very, very different in both its potential capabilities and scale-up from regular battery technologies. So wherever possible, we like to include competent and reliable partners from the ecosystem to be with us to invest capital. We talked about these two with respect to the ceramic separators. Have the high-touch transfer. When we develop this no-compromise solution, we want to be able to give them whether it is materials, whether it is equipment, whether it is processing, whether it is software, whether it is metrology. We want to wrap all of this together in a package that they can ramp. And in each of these, where we have original IP and where we have unique capabilities, we like partners to come along with us. We want to make it as easy as possible for our OEM customers to ramp production as quickly as possible. And so, you know, it would behoove us to bring these partners along. We continue to evaluate additional partners to join the team, and you can see the quality and caliber of the partners that we choose to work with us. Kevin Hettrich: On the finance side, as much as the cell is differentiated, their solid-state lithium metal technology, the energy density, the charge time, and the safety, we think that we're equally proud of the business model as well. We think that's good for shareholders. It's capital-light. It helps us focus on where we think we add value the most, which is in innovation and customer empowerment. It allows each member of our cell manufacturer customer ecosystem player to play to their strengths, which we think is in terms of time and effectiveness and risk-adjusted path to market. Best. And in terms of how our QuantumScape Corporation shareholders see value from that, it really comes from three ways. The differentiation of the self-performance creates value, and our shareholders capture it in three ways. The first would be the monetization of the collaboration work. You saw that in the quarter, $12.8 million of customer billings, longer-term licensing when our customers are producing cells from their factories, we'd get a licensing stream. And then finally, would be value sharing with our ecosystem partners. That together, we think, each of those is important in itself and also gives robustness to our approach. Aman Gupta: Thank you. Aman Gupta: Hassan. Operator: And as a reminder, it is. And with no further questions at this time, I will now turn the conference back over to QuantumScape Corporation management for closing remarks. Siva Sivaram: Thank you, operator. Finally, today, I would like to take this opportunity to congratulate the entire QuantumScape Corporation team on their outstanding performance this quarter, the execution that they have shown making this IAA announcement so powerful and well-received. And as always, thank you to our shareholders for their continued support. We look forward to updating you on further progress in the months to come. Thank you. Operator: And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

Motley Fool Transcribin,Motley Fool Transcribing 3 days ago

Technology

UFV heading to playoffs as league wraps soccer season

It wasn’t an ideal ending to the 2025 regular season for both UFV soccer teams, with the men and women suffering losses this past weekend. However, the men’s team still have something to look forward to as they prepare to compete in the playoffs. Before going up against the TRU WolfPack on Oct. 19, which resulted in a 4-1 loss for the Fraser Valley squad, the UFV Cascades had already secured their spot in the men’s playoffs. As a result, they opted to give some of their younger players a big chunk of playing time, letting them get some good experience under their belts. UFV head coach Tom Lowndes said that the final score doesn’t tell the whole story and that there was actually a lot to be happy about during the Sunday performance. “I thought we showed some real moments and glimpses of quality,” Lowndes said. “We played a full-strength TRU team and got punished on some goals. So, I was really happy with some moments of the game, and stuff to build on.” He said he feels like the team is now quite well-prepared for the upcoming playoff match on Friday, Oct. 24. The Cascades are facing the Calgary Dinos in the Canada West quarter-finals, which is a rematch of last year’s quarter-finals, where the Cascades pulled out the win after a penalty shootout. If they once again manage to get the win, then the Cascades will advance to the semifinals on Oct. 26. While the men still have at least one game ahead of them, the women’s UFV team is headed to the proverbial golf course. In the Oct. 18 match against the TWU Spartans, the UFV team was unable to find the back of the net and fell in a 3-0 loss. This brought the team’s season record to 3-9-2, which UFV women’s head coach Ari Adams said wasn’t the result of a lack of effort from his players. “We struggled finishing our chances all season, but what I do know is that this group competes in every game and makes it difficult for our opponents,” Adams said. “Our young players continue to grow and gain experience in these tough games. With this experience, in addition to our incoming class, I believe we will continue to grow and pave our way in this extremely talented conference.” Those wanting to watch the UFV men’s team on their journey through the playoffs can do so at canadawest.tv. The Cascades play the Dinos in the semifinal match at 4 p.m. PDT on Friday, Oct. 24.

Brandon Tucker 3 days ago

Technology

8hp Snowblower ENGINE

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Uses other forms of storage.View details | Storage details | Privacy policy Liftoff Monetize and Vungle ExchangeDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreUses other forms of storage.View details | Privacy policy The MediaGrid Inc.Cookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Go.pl sp. z o.o.Cookie duration: 3000 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy HyperTV, Inc.Cookie duration: 3650 (days).Data collected and processed: IP addresses, Device characteristics, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. 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Uses other forms of storage.View details | Storage details | Privacy policy 6Sense Insights, Inc.Cookie duration: 731 (days).Data collected and processed: IP addresses, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profilesmoreUses other forms of storage.View details | Storage details | Privacy policy Google Advertising ProductsCookie duration: 396 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreUses other forms of storage.View details | Storage details | Privacy policy GfK GmbHCookie duration: 730 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profiles, Privacy choicesmoreUses other forms of storage.View details | Storage details | Privacy policy Clinch Labs LTDCookie duration: 730 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. View details | Storage details | Privacy policy Amazon AdsCookie duration: 396 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Users’ profiles, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy LinkedIn Ireland Unlimited CompanyCookie duration: 365 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Authentication-derived identifiers, Browsing and interaction data, Non-precise location data, Privacy choicesmoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Moloco, Inc.Cookie duration: 730 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Non-precise location datamoreCookie duration resets each session. Uses other forms of storage.View details | Storage details | Privacy policy Mintegral International LimitedDoesn't use cookies.Data collected and processed: IP addresses, Device characteristics, Device identifiers, Browsing and interaction data, Privacy choicesmoreUses other forms of storage.View details | Privacy policy PRECISO SRLCookie duration: 360 (days).Data collected and processed: IP addresses, Device characteristics, Device identifiers, Probabilistic identifiers, Browsing and interaction data, User-provided data, Non-precise location data, Users’ profilesmoreCookie duration resets each session. 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442558 3 days ago

Sports

Sean Payton Responds to Russell Wilson's Comments After Viral Clap-Back - Sports Illustrated

Sean Payton spoke about Russell Wilson's viral tweet about him on Wednesday.

Mike Kadlick 3 days ago

Technology

A year later, Persona 3 Reload gets a fresh update bringing back the PS2 JRPG's original vocalist: "I'm truly overjoyed and grateful to be reunited with everyone again"

The Persona series has always been known for bangin' soundtracks, and Persona 3 is no exception. That's why there was some disappointment when it became clear that the remake, Persona 3 Reload, was remixing its iconic songs with a new vocalist. The new tracks turned out to be great, too, but soon you won't have to pick favorites – the original singer of those tracks is coming back. A new patch on October 23, released on all platforms alongside the Switch 2 version of the game, will include eight tracks from original Persona 3 vocalist Yumi Kawamura, which you'll be able to set as dungeon or battle music from the options menu. Those tracks are as follows: Burn My Dread -Last Battle-Mass DestructionDeep MentalityWhen The Moon's Reaching Out StarsWant to Be CloseMemories of YouMass Destruction -P3fes Version-Brand New Days "It's been a while! I'm truly overjoyed and grateful to be reunited with everyone again," Kawamura says in a message accompanying the news. "Persona 3 is a treasure to me as well – I can't help but feel excited. Old friends, will you fight alongside me once more? New friends, how about letting my songs aid you in battle? Let's celebrate together. Thank you for your continued support!" Many of the original Persona 3 vocal tracks were rerecorded by Azumi Takahashi in Reload, and for my money the results are fantastic – but having the original voice of the game back in as an option is unequivocally a good thing. These are the best JRPGs you can play today.

Dustin Bailey 3 days ago

Technology

Why Did Applied Digital Stock Sink 5.8% Today?

Shares of Applied Digital (APLD 5.75%) fell on Wednesday, finishing down 5.8%. The drop came as the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) fell 0.5% and 1%, respectively. The stock of the artificial intelligence (AI) data center company announced another multibillion-dollar deal today to provide data center capacity. The press release referred to the new customer as an "investment-grade hyperscaler," but didn't name the company directly. Regardless, the as-yet-unnamed company has agreed to pay Applied Digital up to $5 billion over 15 years for 200 megawatts of capacity. This brings the company's leased capacity to a total of 600 megawatts across its two Polaris Forge sites. President Trump may be considering new export restrictions Despite the positive news, Applied Digital shares still fell, likely due to a report claiming the Trump administration is considering new export controls. Reuters reported the administration may soon implement strict restrictions on exports that involve "critical software." If the rumor proves true, it could impact Applied Digital and its customers. There are risks The opportunity for Applied Digital and other AI data center builders is massive, but the risks are just as big. The company is already carrying a heavy debt load and will need to raise more capital, either by taking on expensive loans or diluting shareholders through stock sales. If AI demand doesn't live up to the hype, things could go south fast. Given these significant risks, I'd stay away from Applied Digital stock.

Johnny Rice 3 days ago

Technology

Who Will Replace Cansino as KHMH CEO?

Who Will Replace Cansino as KHMH CEO? The Karl Heusner Memorial Hospital (KHMH) is preparing to advertise for a new Chief Executive Officer following news that Chandra Cansino will not be renewing her contract. Minister of Health and Wellness Kevin Bernard confirmed that the board is already taking steps to fill the post. “I understand that the board has met already and they’re working on the terms of reference that will be put out for advertising,” he said. “I spoke to my CEO who also sits on the board of KHMH. I don’t engage with board matters; as you know, that’s not my priority.” Bernard said the goal is to move quickly. “We’re hoping that we could get these advertisements out as quickly as possible so we could find a suitable person to replace Ms Canino, who has chosen to move on,” he stated. He added that the ministry wishes her well in her next steps. He also said the government will look carefully for the right replacement, “We have to ensure that we have the right person that can lead the facility, that can help and work closely with our board as well to ensure continuity and improvement and sustainability at KHMH.” The minister noted that no timeline can be given for when vacancies will go out for the post, as the board is still meeting to finalise the details.

Zenaida Lanza 3 days ago

Technology

THE MOJ: Lions set to sink their teeth into some of the CFL’s top honours

By Bob Marjanovich The Canadian Football League has announced its nominees for this season’s Most Outstanding Player Awards and we’ve decided to break it all down for you from a B.C. Lions perspective. All of the statistics provided are those heading into the final weekend of the regular season. MOST OUTSTANDING PLAYER: B.C. nominee – Nathan Rourke It’s pretty much a given that Rourke will be the Western nominee while Hamilton’s Bo Levi Mitchell will be the Eastern rep. There isn’t much to chose from when looking at the passing numbers as Rourke (4,922 yards passing with 29 touchdowns) and Mitchell (5,032 yards passing with 34 touchdowns) are very close but it should be noted that Rourke played two fewer games due to injury. What should sway this in Rourke’s favor is his ability to run the ball as he’s rushed for 559 yards – the eighth best total in the CFL. WINNER: Nathan Rourke MOST OUTSTANDING CANADIAN: B.C. nominee – Nathan Rourke So if Rourke wins the Most Outstanding Player Award, how can you not vote for him as the CFL’s best Canadian player? There are several players that have had outstanding seasons such as Montreal’s Isaac Adeyemi-Berglund, Winnipeg’s Brady Oliveira and Saskatchewan’s A.J. Allen, but this should be a win for Rourke. WINNER: Nathan Rourke MOST OUTSTANDING DEFENSIVE PLAYER: B.C. nominee – Mathieu Betts This one should be interesting. Saskatchewan linebacker Jameer Thurman is a worthy candidate with 85 tackles, three interceptions and three sacks to his credit. Adeyemi-Berglund, Calgary’s Clarence Hicks and Hamilton’s Julian Howsare all have 11 sacks to their credit as well. The thing that Betts has going for him is recency bias as he has recorded 10 of his 14 sacks during the Lions’ current five-game win streak. WINNER: Mathieu Betts MOST OUTSTANDING OFFENSIVE LINEMAN: B.C. nominee – Jarrel Broxton If you are to believe the folks at Pro Football Focus or 3Down Nation’s J.C. Abbott, Broxton should be a slam-dunk winner. First the facts, as PFF named Broxton as the CFL’s highest-graded o-lineman for August and September. The Lions offensive line has allowed the fewest quarterback sacks (18) in the league and has averaged over 30 points per game. Broxton has been one of the biggest reasons why. There are other worthy candidates such as Saskatchewan’s Jermarcus Hardrick and Winnipeg’s Stanley Bryant but the numbers back Broxton. Unfortunately, hometown biases do come into play. WINNER: Too close to call. MOST OUTSTANDING SPECIAL TEAMS PLAYER: B.C. nominee – Sean Whyte All Whyte has done is go 39 for 41 in field goal attempts with walk-off field goals in Montreal and Hamilton. Unfortunately for Whyte, his efficiency doesn’t make him sexy enough for voters. Sexy is Winnipeg returner Trey Vaval, who combined for 2,266 yards in the return game in 2025. The Bombers rookie also returned four kicks for touchdowns this season making him the odds-on favorite to win this award. WINNER: Trey Vaval MOST OUTSTANDING ROOKIE: B.C. nominee – Robert Carter Jr. The Lions cornerback has been a human highlight reel this season with an amazing one-handed interception in a game against Hamilton and then a pick-six and a blow-up hit last week against Edmonton topping the list. The rookie from Robert Morris has continued to get better as the season progresses to the point where he was the second-highest rated defensive back for his performance against the Elks. His toughest challenge will come from Vaval but I believe that playing on defense should carry more weight than contributions on special teams. WINNER: Should be Carter but it wouldn’t surprise me if Vaval wins. TOM PATE MEMORIAL AWARD: B.C. nominee – Andrew Peirson Although not part of the mainstream awards, this award is given to a player who exemplifies outstanding sportsmanship and who has made a significant contribution to his team and his community. I believe that all the nominated players should be recognized for their contributions to their respective communities so props to Dom Rymes (Calgary), Nyles Morgan (Edmonton), Micah Johnson (Saskatchewan), Brady Oliveira (Winnipeg), Kenny Lawler (Hamilton), Anthony Lanier II (Toronto), Tyron Vrede (Ottawa) and Geoffrey Cantin-Arku (Montreal) for giving back. It’s players like these that make the CFL special. EXTRA POINTS: * The Lions (10-7) finish their season in Regina versus the Roughriders (12-5) on Saturday at 4 p.m. (TSN; CKNW 730; Sher E Punjab Radio AM 600). * If the Lions win, they will host Calgary in the Western Semi-Final on Saturday, Nov. 1. A loss, however, complicates things. A combination of Calgary and Winnipeg winning means the Lions would crossover to the East and in all likelihood play Montreal. A B.C. loss – combined with either Winnipeg or Calgary losing would result in the Lions going to Calgary. In the highly unlikely occurrence of all three teams losing, B.C. would host Calgary. * The Lions head into Regina relatively healthy with defensive tackle Jonah Tavai (thigh) the only starter who will probably miss the game. If Tavai can’t play, expect fellow defensive tackle Tomasi Laulile to take his spot. Veteran B.C. sports personality Bob “the Moj” Marjanovich writes about the B.C. sporting scene for Black Press Media. This column is brought to you by: The West Coast Auto Group. For the very best car buying experience – be sure to check out westcoastautogroup.com. Delaney’s OK Tire Langley and Aldergrove. The experts you can trust. 19863 Fraser Highway in Langley or 3063 275a Street in Aldergrove

none 3 days ago

But the art of debate is thriving in one unlikely place: prisons

But the art of debate is thriving in one unlikely place: prisons An Oregon penitentiary is showcasing its inmates' debating skills. They make arguments, speak to others' perspectives and resolve disputes amicably. But the art of debate is thriving in one unlikely place: prisons October 22, 20255:42 PM ET Heard on All Things Considered Tiffany Camhi But the art of debate is thriving in one unlikely place: prisons An Oregon penitentiary is showcasing its inmates' debating skills. They make arguments, speak to others' perspectives and resolve disputes amicably.

Pm Et,Tiffany Camhi 3 days ago

Politics

Trump's 'cardiac age' is 14 years younger. What does that mean?

Trump's 'cardiac age' is 14 years younger. What does that mean? The President's "cardiac age" has been reported to be 14 years younger than his chronological age. What does this mean, and who can get this test? Trump's 'cardiac age' is 14 years younger. What does that mean? October 22, 20255:39 PM ET Heard on All Things Considered Allison Aubrey Cardiac Age vs Chronological age The President's "cardiac age" has been reported to be 14 years younger than his chronological age. What does this mean, and who can get this test?

Allison Aubrey 3 days ago

Sopranos creator David Chase to write HBO limited series on CIA drug program

Return marks his first TV series since groundbreaking mob drama, and will examine covert mind-control program

Adrian Horton 3 days ago