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News from October 30, 2025

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Why C.H. Robinson Stock Exploded Higher Today
Technology

Why C.H. Robinson Stock Exploded Higher Today

C.H. Robinson Worldwide (CHRW +20.21%) stock motored ahead 20.4% through 12:50 p.m. ET Thursday despite the freight transport and logistics company reporting mixed results last night. Heading into its Q3 report, analysts forecast Robinson would earn $1.30 per share on more than $4.2 billion in sales. In fact, while non-GAAP (generally accepted accounting principles) earnings were a better-than-expected $1.40, sales missed expectations at $4.1 billion. C.H. Robinson's Q3 earnings Robinson began its report on a down note, warning of "a continued soft freight environment," and CEO Dave Bozeman colorfully commented, "Truckload spot rates continue to bounce along the bottom due to low demand," while internationally, shipping has been disrupted by "front-loading" orders to avoid tariffs, leading to "dislocation of shipments." "This is a new C.H. Robinson," however, said Bozeman, "and we don't use the macro environment as an excuse" for missing numbers. Revenue may have fallen 11%, but Robinson offset that decline by cutting operating costs more than 12%. As a result, Robinson succeeded in growing net profit by 68%. In addition to beating on non-GAAP numbers, Robinson delivered a $1.34 per-share profit as calculated according to GAAP. Is C.H. Robinson Worldwide stock a buy? 2025's not done yet, but looking ahead, Robinson also raised guidance for 2026, with CFO Damon Lee predicting Robinson could conceivably earn as much as $6 a share next year as it captures market share and continues to expand profit margins. At its current $155 stock price, that works out to about a 26 times forward earnings valuation on the stock. For a commodity transport company pegged for only low-teens earnings growth over the next five years, that seems a bit expensive to me. Despite last night's earnings win, I can't yet call this stock a buy.

Rich Smith
Fenimore Sells Off All 244K WAT Shares Valued At $85.1 Million
Technology

Fenimore Sells Off All 244K WAT Shares Valued At $85.1 Million

Fenimore Asset Management Inc. fully exited its position in Waters Corporation (WAT +0.31%), selling approximately $85.09 million in shares. What happened According to a Q3 2025 filing submitted to the U.S. Securities and Exchange Commission on October 20, 2025, Fenimore Asset Management Inc. sold all 243,780 shares of Waters Corporation during the third quarter. The estimated trade size was $85.09 million, calculated using the average share price for the quarter. The fund reported no remaining Waters Corporation shares as of September 30, 2025. What else to know The fund fully liquidated its Waters Corporation holding, which previously accounted for 1.7% of AUM as of Q3 2025; post-sale, the position represents 0% of AUM. Top holdings after the filing: APH: $253.7 million (5.1% of AUM)ROST: $244.6 million (4.9% of AUM)VMC: $204.8 million (4.1% of AUM)BRO: $202.3 million (4.1% of AUM)SYK: $194.2 million (3.9% of AUM) As of October 29, 2025, Waters Corporation shares were priced at $345.29, down 6.9% YTD, underperforming/overperforming the S&P 500 by 23.7 percentage points during the same period. Company Overview Company Snapshot Offers high and ultra-performance liquid chromatography systems, mass spectrometry technology, thermal analysis instruments, and software-based analytical solutions.Generates revenue through the sale and servicing of analytical instruments, consumables, and software, with recurring income from post-warranty service plans and consumable products.Serves pharmaceutical, life science, industrial, environmental, academic, and governmental laboratories focused on research, development, and quality assurance.Waters Corporation is a leading provider of specialty measurement and analytical workflow solutions, operating globally with a focus on innovation in laboratory instrumentation. The company leverages its expertise in chromatography and mass spectrometry to address complex analytical needs across diverse scientific and industrial sectors. Its integrated approach, combining hardware, consumables, and software, supports customers in achieving high precision and efficiency in laboratory environments. Foolish take Fenimore Asset Management recently sold off its entire $85 million stake in Waters Corporation stock, completely exiting the analytical instruments maker after a pretty tough year for the shares. The stock is down almost 7% in 2025 through late October and has fallen behind the broader market as spending in life sciences and industrial sectors has cooled down. This move likely means the company is taking profits and shifting its portfolio into sectors that are growing faster or are more cyclical. Waters is still a major player in chromatography and mass spectrometry—these are essential technologies for pharmaceutical research, food safety, and environmental testing. The company’s stable foundation comes from the recurring revenue they get from consumables and service contracts, which holds up even when demand for new capital equipment slows down. Its long-term strength is in its innovation and its deep-rooted relationships with research labs and manufacturers. Fenimore’s decision to sell seems more like a tactical play than a sign of pessimism, as Waters’ strong balance sheet and reputation for precision will keep it well-positioned to benefit when lab and R&D spending eventually bounces back. Assets Under Management (AUM): The total market value of investments managed by a fund or asset manager. Liquidated: Sold off an entire investment position, reducing the holding to zero. Reportable assets: Investments that must be disclosed in regulatory filings, typically due to size or regulatory requirements. Filing: An official document submitted to a regulatory authority, often detailing financial or investment activities. Average price: The mean price at which shares were bought or sold over a specific period. Post-warranty service plans: Maintenance agreements for products after the original warranty period has expired. Consumables: Products used up during operation, such as reagents or parts, requiring regular replacement. Chromatography: A laboratory technique for separating mixtures to analyze their components. Mass spectrometry: An analytical method for identifying substances by measuring the mass of their molecules. TTM: The 12-month period ending with the most recent quarterly report. Integrated approach: Combining multiple products or services to provide a comprehensive solution for customers.

Adam Palasciano
Celtic forward Johnny Kenny hoping to be Hampden hero v Rangers after boost from brace in Falkirk win
Technology

Celtic forward Johnny Kenny hoping to be Hampden hero v Rangers after boost from brace in Falkirk win

Celtic forward Johnny Kenny is aiming to be a Hampden hero against Rangers after netting a brace on Wednesday night. The Hoops prepared for Sunday’s game against their city rivals with a convincing 4-0 win over Falkirk at Parkhead. Kenny has been leading the line in the absence of Kelechi Iheanacho and Daizen Maeda and he repaid new interim manager Martin O’Neill’s faith in him with a first-half double against the Bairns. And he is now hoping that can help him kick on towards cementing his place as a first-choice forward for the champions, starting with this weekend’s semi-final. Speaking after the game, he said: “It was brilliant, it’s always great to get two goals in any game. I felt it was coming in my last couple of performances, but just didn’t hit the net, and thankfully tonight they did. “I think we needed that result, the fans got behind us tonight, it was brilliant. “There is always going to be pressure playing for Celtic, no matter who the manager is or what the style of play is. “We need to react to that pressure by putting in big performances and getting big results. “I’d like to think (I could be the long term answer at centre forward), it was key for me to start getting goals tonight and hopefully that can now spur me on.” Maeda returned from injury on Wednesday night and will be in the running to start through the middle against Rangers at Hampden. Kenny regards the derby as one of the biggest games in world football, and is hoping he can take inspiration from fellow Irishman Adam Idah if he gets the chance to become a hooped hero on Sunday. Idah, who is now at Swansea, scored a late winner after coming off the bench in the 2024 final when Celtic beat Rangers 1-0 to lift the trophy. And Kenny would love to have a similar impact in the latest instalment. He said: “Tonight was a massive boost for me, I don’t think I can describe how much it will mean, and hopefully I can now take that into Sunday, which will be a massive game. “It’s one of the biggest games in world football, Adam Idah came into the team a couple of years ago and scored the winner against them at Hampden, so hopefully I can replicate something like that.”

Peter Cassidy
UHS declares MDCAT 2025 results
Technology

UHS declares MDCAT 2025 results

LAHORE – The University of Health Sciences (UHS) on Thursday announced the results of the Medical and Dental Colleges Admission Test (MDCAT) 2025. According to a UHS spokesperson, a total of 47,772 candidates appeared in the test held on October 26. The test carried 180 marks in total. Out of all the candidates, 42,048 secured more than 50 per cent marks, while out of them, 39,648 scored above 55 per cent, which is the minimum qualifying criterion for admission to the MBBS program. As per the result statistics, 817 candidates scored between 170 and 180 marks, 5,955 candidates obtained marks between 160 and 169, while 6,993 candidates scored in the range of 150 to 159. The spokesperson added that all candidates can check their results on the official website of the University of Health Sciences (www.uhs.edu.pk).

Staff Report
Why Impinj Stock Is Plummeting Today
Technology

Why Impinj Stock Is Plummeting Today

Impinj (PI 14.02%) stock is getting hit with a big sell-off in Thursday's trading. The radio-frequency-identification (RFID) company's share price was down 9.7% as of 1 p.m. ET amid a 0.3% decline for the S&P 500 and a 0.9% drop for the Nasdaq Composite. Impinj stock is losing ground despite posting better-than-expected quarterly results yesterday. The company's forward guidance and the outlook on interest rates appear to be driving the valuation pullback. Impinj beats Q3 targets but offers soft guidance Impinj published its Q3 results after yesterday's market close and delivered results that topped Wall Street's targets. The business recorded non-GAAP (adjusted) earnings per share of $0.58 on sales of $96.05 million. Adjusted earnings per share came in $0.08 ahead of the average analyst estimate, and sales topped the target by approximately $3.4 million. For the current quarter, Impinj is targeting sales between $90 million and $93 million. For comparison, the business posted revenue of $96.1 million in last year's quarter. At the midpoint of its sales guidance range, Impinj is targeting a year-over-year sales decline. Management expects sales volumes for its RFID tags to see a modest decline, and systems revenue is also projected to see a modest dip. Interest rate news is also weighing on Impinj stock The Federal Reserve served up a quarter-point reduction for benchmark interest rates at its meeting yesterday, but many growth stocks are seeing a substantial valuation pullback in today's trading. Fed chair Jerome Powell cautioned that the central banking authority may not cut interest rates again when it meets in December and highlighted inflationary risks connected to tariffs and other factors. Impinj and other growth stocks could face additional valuation pressures if it starts to look more likely that the Fed won't cut rates at its next meeting.

Keith Noonan
OpenAI Eyes Massive $1T IPO as Early as 2026: Reuters
Technology

OpenAI Eyes Massive $1T IPO as Early as 2026: Reuters

Artificial intelligence (AI) giant OpenAI is targeting an initial public offering (IPO) which could value the company at as much as $1 trillion, Reuters reported on Wednesday. The IPO could come as early as the second half of 2026, according to the report, citing three people familiar with the matter. OpenAI's chief financial officer Sarah Friar told some associates the firm is aiming for a 2027 IPO, but some advisers predict it could come sooner, the people said. Tapping public markets for investment would help OpenAI reduce its reliance on Microsoft (MSFT), which owns a 27% stake in the company following a recent recapitalization. OpenAI's products such as conversational assistant ChatGPT saw artificial intelligence tools explode into mainstream use a couple of years ago. Other major tech firms such as Google, Microsoft, Meta and X (formerly Twitter) have all rolled out AI assistants subsequently. As such, AI has become the bellwether for the general technology sector, which often correlates with the cryptocurrency market, as both are regarded as risk-on investments. OpenAI may have generated a loss of $11.5 billion in the last quarter, The Register reported Wednesday, citing Microsoft's quarterly earnings. OpenAI did not immediately respond to CoinDesk's request for comment. Earlier this month, OpenAI CEO Sam Altman said he thinks "there are many parts of AI that ... are kind of bubbly right now" during the company's DevDay, BBC reported, adding that Altman tried to distinguish his company from its competitors.

Jamie Crawley
MindsEye Mysteriously Removes Free Roam, Brings Back ARCADIA for User-Created Missions
Technology

MindsEye Mysteriously Removes Free Roam, Brings Back ARCADIA for User-Created Missions

If you haven’t kept track of MindsEye or developer Build A Rocket Boy – whose higher-ups were slammed by the UK Game Workers Union for mistreating employees – a new update is available. It brings back ARCADIA, which replaces Play.MindsEye. Build.MindsEye, the tools used to create custom missions, is also Build.ARCADIA for PC players, and Free Roam has vanished. Yes, we’re as confused as you are. ARCADIA is described as an “ever-expanding world of missions, races, puzzles, and challenges” within MindsEye. The campaign and side missions remain, and can be experienced offline, but ARCADIA is now a “streaming service,” which requires an internet connection at all times. There are even leaderboards, despite the sheer vacuum of a player base. You can check out the trailer below for some examples of what ARCADIA represents. There’s no word on when Free Roam or its protagonist (known simply as “‘Can’t Drink Dust’ Guy”) will return. However, from the outset, MindsEye appears to be sticking to its post-launch roadmap with these new modes, missions and multiplayer. The question now is whether it’s “major adventure in the Starstream universe,” slated for sometime this Winter, is on track. Or whether that open-world multiplayer title set one year after is still happening. MindsEye is available for Xbox Series X/S, PS5, and PC. Check out our review of the base game – we gave it a five out of ten, praising the visuals and creation tools while lambasting pretty much everything else.

Ravi Sinha
Aware (AWRE) Q3 2025 Earnings Call Transcript
Technology

Aware (AWRE) Q3 2025 Earnings Call Transcript

Wednesday, Oct. 29, 2025, at 5 p.m. ET CALL PARTICIPANTS Chief Executive Officer & President — Ajay AmlaniChief Financial Officer — David K. TraverseChief Revenue Officer — Brian J. Krause Need a quote from a Motley Fool analyst? Email [email protected] Brian J. Krause said the federal shutdown "has slowed these actual appropriations, which means that some of these programs will likely see delays until that is resolved," indicating near-term government bookings have been impacted.Year-to-date net loss widened to $4.4 million for the first nine months of 2025, compared to $3.2 million in the same period last year, reflecting increased operating expenses outpacing unchanged revenue.Year-to-date adjusted EBITDA loss increased to $3.8 million, compared to $3 million in the prior year period, as reported by David K. Traverse. Revenue -- $5.1 million in the third quarter, representing 33% year-over-year revenue growth driven by a $1 million perpetual license expansion and a $600,000 term license contract, partially offset by typical fluctuations in perpetual license revenue and lower services and other revenue.Operating Expenses -- $6.4 million in the quarter, up from $5.4 million in the prior year period, reflecting targeted investments in sales, marketing, and product development.Net Loss -- $1.1 million, or $0.05 per diluted share for Q3 2025.Adjusted EBITDA Loss -- Adjusted EBITDA loss was $800,000 in the quarter, an improvement compared to a loss of $1.1 million in the prior year period.Cash, Cash Equivalents, and Marketable Securities -- $22.5 million in cash, cash equivalents, and marketable securities at quarter-end, with no debt.Certification Milestone -- The face verification stack achieved FIDO Alliance certification in October, reducing enterprise compliance friction and accelerating integration with partner ecosystems.Operating Expense Outlook -- CFO David K. Traverse stated, "We do expect an increase in our operating expenses in Q4 2025," reflecting the full quarter impact of recent growth investments.Government Sector Growth -- Expanded with a major U.S. Federal agency by adding intelligent liveness to an existing program, indicating deeper penetration into mission-critical federal applications.Commercial Sector Progress -- New contracts secured in financial services and workforce management, highlighting demand for fraud reduction and streamlined onboarding.Federal Funding Delays -- CFO David K. Traverse and CEO Ajay Amlani indicated appropriations and revenues from U.S. government deals may shift pending resolution of the federal shutdown, but "The total amount of budget allocated is still going to remain the same." Aware (AWRE 5.35%) management emphasized that recurring and predictable revenue is a strategic priority, with ongoing efforts to reduce quarterly revenue variability tied to license timing. Management cited "healthy engagement and good visibility into opportunities," but acknowledged near-term deal conversion is still affected by the timing of customer decisions and a meaningful license component. Aware is prioritizing certifications such as ISO, FedRAMP, and FIDO to access federal and enterprise procurement channels, noting that industry-wide demand for standards-driven security is rising with threats like generative AI. Recent organizational changes have realigned the revenue function, strengthening pipeline development and partner strategy to scale without significantly increasing direct sales headcount. CEO Ajay Amlani stated the company is focused on "prioritizing large, durable opportunities in federal and enterprise that can translate into multiyear recurring revenue and product leverage."CFO David K. Traverse described the current model as still reliant on meaningful license component revenue, with future stability expected as management matures its go-to-market process.The platform's interoperability and adaptability in matching, liveness, and orchestration were highlighted as differentiators, particularly as customers shift identity infrastructure toward biometric proof of presence.Management confirmed most customer discussions remain active despite the federal shutdown, with expected acceleration of federal deal flow once appropriations are released. INDUSTRY GLOSSARY FIDO Alliance Certification: An industry-recognized standard for biometric authentication security and interoperability, often required in enterprise and government procurements.Liveness Detection: Technology capability that verifies a biometric identifier (face, voice, fingerprint) comes from a live person rather than a spoof or digital injection attack.Perpetual License: A software sales model where the customer pays a one-time fee for indefinite use, as opposed to recurring or term license revenue.Term License: A software revenue model where the customer is granted access for a specified period in exchange for a fee, typically contributing to recurring revenue streams. Full Conference Call Transcript Operator: Good afternoon and welcome to Aware's Third Quarter 2025 Conference Call. Joining us today are the company's CEO and President, Ajay Amlani, CFO, David K. Traverse, and CRO, Brian J. Krause. Following their remarks, we will open the call to questions. If you'd like to submit a question, you can do so at any time using the built-in Ask a Question feature in the webcast player. Before we begin today's call, I'd like to remind that the presentation today contains forward-looking statements that are based on the current views of Aware's management and involve inherent risks and uncertainties that could cause actual results to differ materially from those described. Listeners should please take note of the Safe Harbor paragraph that is included at the end of today's press release. This paragraph emphasizes the major uncertainties and risks inherent in forward-looking statements that management will be making today. Aware wishes to caution you there are factors that could cause actual results to differ materially from those results indicated by such statements. These risks and uncertainties are also in the company's SEC filings, including its annual report on Form 10-Ks and quarterly reports on Form 10-Q. Any forward-looking statements should be considered in light of these factors. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, Aware undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws. Additionally, this call contains certain non-GAAP financial measures as the term is defined by the SEC and Regulation G. Non-GAAP financial measures should be considered in isolation from or as a substitute for financial information presented in compliance with GAAP. Accordingly, Aware has provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures in the company's earnings release issued today. I would like to remind everyone that this presentation will be recorded and made available for replay via a link available in the Investor Relations section of the company's website. Now I'd like to turn the call over to Aware's CEO and President, Ajay Amlani. Ajay Amlani: Thank you, Matt, and good afternoon, everyone. Q3 reflects disciplined execution and continued progress in Aware's transformation strategy. This quarter, we delivered 33% year-over-year revenue growth while improving our bottom line. We recognize there's still important work ahead to build consistency and scale, and we expect near-term quarterly results may vary based on the timing of customer decisions and license mix. These results reinforce our three-pronged transformation, which centers on first, advancing core biometric technology with a focus on liveness and the awareness platform. Second, strengthening our science-forward, customer-obsessed go-to-market model. And third, deepening strategic relationships and partnerships, and certifications that build trust and scale. Before diving into Q3 highlights, let me set some market context. As I shared at the Gateway Conference in September, customer perceptions around biometrics have fundamentally shifted. Everyday use of Face ID and biometric travel checkpoints have made biometrics both familiar and expected. In the age of AI, it's not only getting harder to prove identity, individuals must also prove they are human in real-time against increasingly sophisticated spoofing attempts. This elevates liveness detection from a nice-to-have into a critical control for fraud prevention and trust. Against this backdrop, our strategy is to meet customers where risk is rising most, delivering adaptive liveness, interoperable matching, and a platform architecture that allows enterprises and agencies interoperable orchestration without vendor lock-in. Aware isn't just selling technology; we're delivering solutions that help customers maintain uptime while solving their most pressing trust and safety challenges. Aware is a US-based company with three decades of biometric innovation and a blue-chip customer base across government and enterprise. That foundation of trust matters as buyers raise the bar on security, privacy, and interoperability, and as governments increasingly emphasize domestic providers for critical identity infrastructure. On the government side, we see tailwinds from broader funding for biometric modernization within DHS agencies coupled with a strong Buy American orientation. Having helped launch some of the earliest biometric programs at DHS, I've seen firsthand how federal adoption sets global standards. And Aware is uniquely positioned to lead as a US-based, science-led provider. On the commercial side, enterprises are moving to anchor digital identity on a biometric backbone with strong privacy controls, replacing fragile combinations of passwords and device trust with biometric proof of presence and proof of person. Our platform is designed for choice, speed to value, and standards alignment, a differentiator that customers and partners increasingly value. Our awareness platform integrates matching engines, adaptive liveness, anti-spoofing, and interoperability layers. Earlier this year, our passive liveness achieved best-in-class performance in the Department of Homeland Security Remote Identity Validation Benchmark, providing clear third-party validation that we're solving real-world identity fraud with less friction. In October, our face verification stack, combining advanced liveness with facial matching, earned FIDO Alliance certification. This is one of the most rigorous global benchmarks in biometric security. It not only validates our approach but also reduces compliance friction in enterprise procurements and accelerates integrations with major partners and identity ecosystems. It also complements our roadmap to build additional certifications that customers expect. Over the past several quarters, we've upgraded leadership across revenue, marketing, and product, aligning the organization to scale with discipline. We are focused on prioritizing large, durable opportunities in federal and the enterprise market that can translate into multi-year recurring revenue and product leverage. With this team in place, we are executing across two core markets. First, government, building a direct presence with agencies, aligning to Buy American requirements, and modernization initiatives across the Department of Homeland Security, the Department of Defense, and many other related programs and departments where liveness and interoperability are central. Growing demand for mobile identity and modernization of legacy systems plays directly to our ADAS and mobile capture strengths. Second, commercial enterprises. Companies are adopting biometric-anchored journeys for both workforce and customer use cases, emphasizing privacy standards and interoperability, all well-aligned with our awareness platform and Aware SDK. Our strategy is translating into both top-line momentum and greater operating discipline. I'll now hand it over to David to review our third-quarter financial performance in more detail. Over to you, David. David K. Traverse: Thank you, Ajay. I'll now walk through our third-quarter financial results. Revenue in the third quarter was $5.1 million, an increase of 33% year-over-year. The increase was primarily driven by a $1 million perpetual license expansion sale with an existing customer and a $600,000 new term license contract, partially offset by typical fluctuations in perpetual license and lower services and other revenue. Operating expenses for the quarter were $6.4 million compared to $5.4 million in the prior year quarter. The increase reflects targeted investments in sales, marketing, and product development as we execute our go-to-market strategy. Looking ahead, we do expect an increase in our operating expenses in the fourth quarter, reflecting the full quarter impact of investments made during the third quarter to support our growth strategy. Net loss for the quarter was $1.1 million or $0.05 per diluted share, an improvement compared to a net loss of $1.2 million or $0.06 per diluted share in the prior year quarter. Adjusted EBITDA loss was $800,000, an improvement compared to a loss of $1.1 million in the prior year quarter. Turning to our results for the first nine months of 2025, revenue was $12.6 million, similar to last year. Net loss was $4.4 million or $0.21 per diluted share compared to a net loss of $3.2 million or $0.15 per diluted share in the same period last year. Adjusted EBITDA loss year-to-date was $3.8 million compared to an adjusted EBITDA loss of $3 million in the prior year period. We ended the quarter with $22.5 million in cash, cash equivalents, and marketable securities, and no debt. The change primarily reflects the operating loss for the period as well as normal fluctuations in working capital, including the timing of accounts receivable collections. Our balance sheet provides us with flexibility to continue investing in growth while maintaining a disciplined approach to expenses. Our Q3 results reflect progress towards sustainable growth. We are executing with discipline, scaling revenue, and positioning the company for operating leverage as our top line continues to expand. With that, I'll hand it over to Brian to provide more color on our product, customers, and go-to-market progress. Brian J. Krause: Thank you, David. Building on the strong financial results, I'd like to provide more details on the customer and go-to-market side. We continue to see diverse demand for biometric solutions across both government and enterprise sectors. Organizations are under pressure to not only authenticate identities but also to ensure that users are live and present without adding friction. That combination, security plus usability, is where Aware has the opportunity to win. We are also seeing growing demand in the local government sector with a focus on modernizing biometric systems for civil and criminal investigations. In the third quarter, we expanded our work with a major U.S. Federal agency by adding our intelligent liveness to a previously successful program. This builds on decades of trust Aware has established in government and underscores our ability to bring new technology into mission-critical programs. Overall, federal demand continues to grow as a result of the new priorities at the federal level that have created both new and expansion opportunities for biometric solutions within these programs. However, the federal shutdown has slowed these actual appropriations, which means that some of these programs will likely see delays until that is resolved. On the commercial side, we secured new enterprise contracts in the financial services and workforce management sectors, where customers are looking to reduce fraud and streamline onboarding. These deployments highlight the flexibility of our platform to integrate into existing identity ecosystems, support multiple modalities, and deliver high-performance biometric capabilities. These contracts also represent solid progress in our land and expand approach. Over the past six months, we've continued to make progress strengthening our pipeline and partner ecosystem as well. Our direct federal team is engaged across multiple U.S. and international government programs, and our partner strategy is helping us scale without an overinvestment in a direct sales force. These investments in expanding and establishing relationships with system integrators and technology partners not only validate our tech but also extend our reach, and certifications and contract vehicles are key buying criteria. We continue to see strong customer retention and growth opportunities and expect this to continue the rest of this year. Looking forward, our go-to-market priorities are clear. Within the U.S. Federal government, deepen our direct engagement across all agencies while aligning with the Buy American requirements. On the commercial side, expand in fraud-prone verticals in areas where biometric adoption is growing, such as financial services and travel. On the partner side, broaden our ecosystem of system integrators, identity platforms, and device partners to accelerate adoption and scale across the globe. Align tightly with our customers, and most importantly, continue to deliver great products as they grow their use of biometrics to protect and automate their businesses. Our customers and partners consistently tell us that Aware stands out for combining science-driven innovation with enterprise-grade delivery. That's a differentiator that is working effectively and one we intend to continue building on. With that, I'll hand it back to Ajay for closing remarks and the outlook before Q&A. Ajay Amlani: Thanks, Brian. As you've heard today, Aware is executing on a clear strategy, delivering trusted biometric solutions that combine adaptive liveness, best-in-class interoperability, and enterprise-grade performance. These capabilities are not just differentiators; they are becoming requirements in a world where fraud is accelerating and digital identity is central to every interaction. Looking forward, we are focused on prioritizing large, durable opportunities in federal and enterprise that can translate into multiyear recurring revenue and product leverage. That means driving deeper adoption within DHS and other federal agencies, sometimes directly and sometimes through valued partners, as biometric modernization accelerates. Expanding in enterprise verticals where identity fraud and compliance costs are highest, such as financial services, travel, and workforce management. And finally, continuing to build the certifications, integrations, and partnerships that reduce adoption friction and extend our reach. We believe the strategy positions Aware to deliver not just growth, but sustainable value creation. As we scale, you should expect to see increasing operating leverage, stronger recurring revenue contributions, and a disciplined balance between innovation and profitability. I'm proud of the progress our team is making and the validation we're seeing from customers, partners, and industry benchmarks. With three decades of biometric leadership, a strong foundation of trust, and a clear strategy, we believe Aware is positioned to lead in this next era of digital identity. That concludes our prepared remarks. We'll now open the call for questions. Matt, please provide the instructions. Operator: Good afternoon, everybody. Before we move to Q&A, just want to note that Ajay is traveling back from the Money 2020 conference. His return flight was delayed, and there may be some airport noise in the background as we answer questions. Thanks, David. As a reminder, you can submit a question at any time using the Ask a Question feature in the webcast player. I'll pause for a moment to allow questions to populate. Our first question is for David. Q3 revenue grew 33% year-over-year but was flat year-to-date. Can you elaborate on the drivers of that variance and how investors should think about the sustainability of that top-line growth into 2026? David K. Traverse: Yeah. Thanks, Matt. So we're striving to build a more sustainable revenue model, but we still have a meaningful license component business, and the timing can create some variability. The strong year-over-year growth in Q3 shows that demand is there, but the flat year-to-date trend reflects the timing dynamic. With the management changes that we made this year, we really are sharpening our focus on driving more recurring and predictable revenue, so over time, we can expect smoother results and more consistent growth. Operator: Thanks, David. We've another one for you. You mentioned that quarterly results may fluctuate based on the timing of customer decisions and license mix. Can you give more color to the pipeline conversion patterns and how much visibility you have in the near-term deals and recurring revenue contribution? David K. Traverse: Yes. Thanks again, Matt. This is kind of similar to the other question. With the new management team, we're really putting a stronger emphasis on building a disciplined go-to-market engine and improving how we're able to forecast and manage the pipeline. What we're really seeing is healthy engagement and good visibility into opportunities, though the timing on customer decisions can still affect the quarterly results. As our process matures and the team gains traction, we do expect to be able to see more consistency and better conversion across the pipeline over time. Operator: Thanks, Dave. Next question is for Ajay. Ajay, you called out the federal budget delays and shutdown impacts on appropriations. How significant has that been to near-term bookings, and are those revenues expected to shift into FY 2026? Ajay Amlani: Yes. The government shutdown has impacted businesses across the board, and I feel most sorry for, obviously, the people that are furloughed. Those individuals are going through a very difficult time right now trying to sustain their livelihoods and pay the rents, pay for their families' daily expenses. For us, there is an impact on near-term bookings. However, most of the conversations are still occurring, and we would expect to see all of that money still flow and a higher urgency to be able to deploy that budget coming through in the near term. So we anticipate a significant volume of deal flow and conversations once the shutdown is over. The total amount of budget allocated is still going to remain the same, and the urgency to deploy the capital to improve the systems, the antiquated systems of the federal government on the identity systems, is still going to have a very high sense of urgency. Operator: Thanks, Ajay. Another one for you. As enterprises move toward biometric-anchored digital identity, who do you view as your primary competitors in this space? What differentiates Aware's awareness platform technically and commercially? Ajay Amlani: Sure. From a competitive set, on the awareness platform in particular, I'll speak to the platform first. This is very much a buy versus build competitive set. So with regards to existing large enterprises looking to try to deploy biometrics at scale, our largest competition is actually internal development and a desire to be able to have and own your own platform and continue to increase and modernize capabilities. What we see is significant overlap between all of these different companies that are looking to try to build these types of platforms and that they would turn to a model where economies of scale will help them to save money and increase capacity and capability much faster through an outside vendor such as Aware. With regards to the individual components and the products that we actually serve and develop internally, there are other competitors in the market that develop different styles of biometric capabilities with different strengths. Those partners are those companies are, in fact, partners for us in the awareness platform. While we still have an element of competition when it comes to proving who's best at which component of the technology overall, what's most important for us is that customers get the best vendors in the market to serve their individual needs and their use cases so that they have pleasurable experiences for their consumers, for their customers, and secure experiences. And that could be different in a physical environment, as you can imagine, in an airport environment, in border environments, those styles of biometrics and types of biometric technologies that you would deploy in those environments would be very different than the style of technology that you would deploy over people's mobile devices to be able to onboard into a financial services product remotely, which would be very different than the style of product that you'd want to use on a desktop computer, allowing a workforce application to protect, let's say, new hires or password resets to secure your enterprise against the largest vulnerability today in cybersecurity attacks, which is password compromises. So the different components of biometric technology, we go into it at Aware knowing we can't be the best at everything. So we select the specific components that we believe we'd like to be the best in that are the most important, and also that we have the capability of being the best in. We look to partner with others who we feel in certain use cases are the best technology for our customer base. Operator: Thanks, Ajay. Another one for you. How do you prioritize new certifications like ISO or FedRAMP in your roadmap? Are there any gating factors for certain federal or enterprise contracts? Ajay Amlani: ISO, FedRAMP, and other certifications such as the FIDO certification that we most recently announced are incredibly important certifications for customers to pay attention to, to require in their RFP processes when they're looking for vendors, to request vendors to adhere to, and to continue to push the envelope with these certification organizations to protect their enterprises against the most modern threats that are in the market. And there are quite modern threats in the market. Cybersecurity attackers continue to get better. They continue to collaborate using commercial tools and a worldwide attack vector. Nation-state actors are continuously trying to penetrate the most critical assets of our country, and as a nation, as a globe, we need to come together to have a unified set of standards to hold vendors accountable to continue to be able to communicate the importance of protecting them against things like liveness or generative AI deepfake attacks that basically can impersonate other people online through video calls, through voice calls, with very minimal sophisticated tools. You can imagine with sophisticated tools in the hands of attackers, what they can do is quite dangerous. So pushing the envelope and staying ahead of the attackers with certifications that can push the vendors beyond what they have today to better protect our customer systems is what we actually here at Aware advocate for daily. We're talking to all the different testing organizations globally. We're pushing them to address better standards, to understand how to protect against digital injection attacks, and other extremely important vectors of attacks that need to be secured, but doing so in a standardized fashion. So customers know that if a vendor comes to you saying that they're the best in the market at something, they have proof to back it up. So we will continue to invest in these different standards, continue to advocate to customers and to the actual certification organizations to push the envelope to become better because we at Aware view ourselves as a premium provider of biometric systems, the best in the market, with the best depth of technology and expertise, to protect against these next-generation generative AI attacks, where the only way to determine if somebody is a human and the right human in digital environments is through the utilization of biometrics. Operator: Thanks, Ajay. Our next question is for David. David, operating expenses rose due to investments in sales, marketing, and products. How should we think about expense levels and operating leverage in FY 2026 as revenue scales? David K. Traverse: Yeah. Thanks, Matt. So yeah, operating expenses, as expected and as we kind of mentioned last quarter, did increase as we invested in the sales, marketing, and go-to-market and product positioning for the company's growth. And we will continue to invest there. But when we see a clear line to driving top-line revenue expansion, when the opportunity is there, we'll lean in and invest in accelerated growth, while also keeping a disciplined focus on efficiency. Operator: Hey, Dave. Ajay, can you share any color on the national ID contract? Ajay Amlani: Sorry. But at this point in time, we're not in a position to be able to share any color on the national ID contract other than what was already shared. We are still in a position where we want to be able to pursue global business through partners in such a way that we can make sure that we can cover the globe and the needs of all countries with their identity needs but focus our resources specifically towards direct conversations that we have here in The Americas. So we're spending the majority of our resources here on The Americas, North America in particular, given our domestic focus, given our large base of U.S. citizen biometric scientists, and given the desires and the demands here in the market, along with the larger scale here in the market. But we believe that national ID programs are not to be ignored, but rather addressed. So we're constantly looking for the best partners in the market. And I would encourage any partners globally looking to work with countries to advance their national ID programs to better secure the needs of their citizens and residents to be able to increase their access to federal government benefit systems, whether it's The United States or globally, to reach out to our partnership team here at Aware. And be able to encourage them to choose best-in-class technology with a partner they can trust that will have their backs in the global fight against nation-state actors that are doing bad things. Operator: Thanks, Ajay. We received another question for you. Has Aware considered enabling interactions with smaller platforms? Ajay Amlani: That's a great question. I would love to have a little bit more color and a little bit more follow-up with the asker to specifically address which smaller platforms they're requesting and talking about. But as we've learned through the years, smaller platforms can grow very quickly in this economy. And we've seen if you have the right team, the right investor base, and the right customer relationships and the right product, pretty expansive scale. So while most companies are only choosing to be able to work with the largest partners in the market, the ones that have raised the $200 million to $400 million to deploy identity systems and identity verification capabilities, we are also paying attention to the smaller vendors in the market and the smaller partners in the market. But we are prioritizing the ones that we believe have the most opportunity for scale based on the management team, based on the customer contacts, based on the products that they have, and the capabilities for scale. Because we can't serve and be everything to everyone. So prioritization process and a vetting process ahead of time is extremely important for us so that we can align resources effectively and better serve our partners and enable them for the kind of growth that they deserve. Operator: Thank you, Ajay and David. At this time, this concludes our question and answer session. If your question wasn't answered, please email Aware's IR team at AWREgatewaygrp.com. Before we conclude, I'd like to remind everyone that a replay of today's call will be available via a link in the Investor Relations section of Aware's website. Thank you for joining us for Aware's third quarter 2025 conference call. You may now disconnect.

Motley Fool Transcribin,Motley Fool Transcribing
Douglas Alexander defends UK Government’s support for oil and gas industry amid calls to scrap windfall tax
Technology

Douglas Alexander defends UK Government’s support for oil and gas industry amid calls to scrap windfall tax

The Scottish secretary has defended the UK Government’s support for the oil and gas sector as the chancellor comes under increasing pressure to lower taxes for the industry. Douglas Alexander said the Government was providing investment in renewables to help the long-term future of the North East. It comes as the Scottish Conservatives called on Rachel Reeves not to wait until 2030 to axe the windfall tax. On a visit to Aberdeen on Thursday, Alexander would not be drawn on calls to axe the tax but insisted the UK Government is backing all parts of the energy sector. During the visit, he announced more than £17m of investment in the Energy Transition Zone, an area of the city earmarked to grow renewables. The Scottish secretary told STV News: “We’ve relied on North Sea energy for the last 60 years. Over just the last ten years, we’ve lost more than 70,000 jobs from the basin, so this isn’t a problem that emerged yesterday – it’s a problem that’s been there for some time. “That’s why we need the transition, we need a transition that both supports existing oil and gas companies and their workers, but at the same time provides the new jobs for the industries of the future.” The funding was welcomed by Maggie McGinlay from the Energy Transition Zone, who branded the award “hugely significant”. She said: “[It will allow] us to continue to move and make sure we’re investor-ready for offshore wind activities. “We have to be investing in the future, but we also have to ensure that we’re supporting the oil and gas economy as well, because it needs to be a managed transition as well, and what we want to see is it being very smooth.” However, the Scottish Conservatives say the funding would not be enough to help those losing jobs in oil now. Douglas Lumsden MSP said: “I welcome any pound invested into the north east of Scotland but this is not going to replace the jobs that we’re seeing lost right across the oil and gas sector and that is something that we need to stop, because we can actually invest into renewables but we need to maintain the oil and gas sector at the same time, so there’s actually jobs for people to transition across to. A report last week from a group of MPs showed jobs in clean energy were not being created at the pace or scale needed to match the decline of North Sea oil and gas. Turning that around is now the challenge for both Government and industry alike.

Maggie McGinlay,Steven Brown
Bitcoin Plunges Below Critical 200-Day Average as Dollar Surges to 3-Month High
Technology

Bitcoin Plunges Below Critical 200-Day Average as Dollar Surges to 3-Month High

Bitcoin BTC$106,989.27 has broken below the critical 200-day simple moving average of $109,380, signaling potential weakness ahead as the dollar index (DXY) continues to gain momentum. The breakdown may trigger more selling from chart-focused traders, potentially pushing bitcoin towards $100,000 or lower. The dollar index, which measures the U.S. dollar against major fiat currencies, climbed to 99.72 — its highest since August 1 — fueled by Federal Reserve Chair Jerome Powell's hawkish comments downplaying a December rate hike and the Bank of Japan's very dovish stance, which weakened the yen. Interestingly, bitcoin's decline comes despite a positive development in U.S.-China trade relations. President Donald Trump and Chinese President Xi Jinping reached an early agreement to cut tariffs — reducing U.S. tariffs on Chinese goods from 57% to 47% — and boost trade. The deal also includes Beijing's commitment to secure rare earth supplies, purchase U.S. soybeans, and crack down on fentanyl trafficking. Yet, this positive outcome failed to ignite a crypto rally, suggesting underlying demand weakness. Other cryptocurrencies are also under pressure: XRP$2.4135 looked poised to confirm a "death cross" with its 50- and 200-day simple moving averages in coming days, while solana SOL$180.69 weakened despite strong initial uptake for Bitwise's SOL spot ETF.

Ai Boost,Omkar Godbole
Why Vita Coco Stock Is Sinking Today
Technology

Why Vita Coco Stock Is Sinking Today

Shares of Vita Coco (COCO 6.56%) were down 7.2% as of 11:45 a.m. ET Thursday, according to data provided by S&P Global Market Intelligence, undoing a gain from the previous day that was driven by a strong third-quarter earnings report. While Vita Coco reported strong revenue growth, beat analyst expectations across the board, and raised its full-year guidance, Wednesday's gain was essentially erased. A strong performance, but a lofty valuation and tariff headwinds The beverage company reported revenue of $182 million in the third quarter, up 37% year over year and $25.5 million higher than the average analyst estimate. Earnings per share came in at $0.40, up 25% year over year and $0.11 better than analyst expectations. Sales of coconut water surged by 42%, and the company expects high-teens growth for the core product this year. Vita Coco raised its full-year revenue outlook to a range of $580 million to $595 million, but two factors at play could be dampening investor enthusiasm. First, Vita Coco's valuation is high. The stock trades for roughly 36 times the average analyst estimate for full-year earnings per share. Second, tariffs are having a negative impact on the gross margin. Vita Coco reported a gross margin of 38% in the third quarter, down from 39% in the prior-year period. This decrease was driven partly by tariff costs, although the company was able to boost pricing to partially offset the tariff headwind. For the full year, the tariff situation will get a bit worse. The company expects a gross margin of 36% for 2025. Is Vita Coco a buy? While tariffs are impacting margins, the company's growth is impressive, and the company's push into flavored beverages is augmenting the core coconut water business. While the stock may be attractive to growth investors, a high valuation is something to be concerned about.

Timothy Green
Why Shares of Tesla Are Sinking Today
Technology

Why Shares of Tesla Are Sinking Today

Shares of electric vehicle maker and robotaxi company Tesla (TSLA 4.18%) traded nearly 4% lower as of 12:25 p.m. ET today. Big tech is struggling, and there appears to be more drama brewing over Tesla CEO Elon Musk's massive proposed pay package. California's pension fund tells Musk no Big tech sold off today after investors were unimpressed with earnings reports from Meta Platforms and Microsoft, sending other large tech stocks down. Federal Reserve chair Jerome Powell yesterday said publicly that investors shouldn't count on a guaranteed interest rate cut at the Fed's December meeting. But the big news impacting Tesla revolves around the California Public Employees' Retirement System (Calpers) pension fund saying that it will not support a proposed pay package for Musk that could reach $1 trillion over the next 7.5 years if Tesla achieves ambitious financial targets. Calpers owns 5 million shares. "The CEO pay package proposed by Tesla is larger than pay packages for CEOs in comparable companies by many orders of magnitude. It would also further concentrate power in a single shareholder," a Calpers spokesperson reportedly said in a statement. Love him or hate him, Musk generates exuberance for Tesla's stock Tesla's board seemed to indicate that Musk could leave the company or be less devoted if the pay package is not approved. When the Wall Street Journal reported earlier this year that Tesla's board was looking for a new CEO, Tesla's stock also struggled. This, in my view, shows that investors view Musk as critical for Tesla's future success. The stock now has close to a $1.4 trillion market cap and trades close to 277 times forward earnings, which is a much higher multiple than others in the "Magnificent Seven." I prefer to stay away from stocks trading this richly.

Bram Berkowitz
China reveals outcome of key US trade talks
Technology

China reveals outcome of key US trade talks

China has agreed to suspend its latest rare earth export controls in exchange for reciprocal US cuts on tariffs and restrictions, the Chinese Commerce Ministry said in a statement published on its website on Thursday. Beijing's earlier limits on the critical materials remain in place. The agreement followed a face-to-face meeting between Chinese President Xi Jinping and his US counterpart Donald Trump in South Korea, as well as economic and trade delegation talks in Kuala Lumpur. “China will suspend the implementation of relevant export control measures announced on October 9 for one year, and will study and refine specific plans,” the ministry’s statement reads. Beijing’s restrictions on rare earth mineral exports with dual military use were seen as a response to Washington’s curbs on advanced semiconductors and chipmaking equipment introduced beginning in late 2022, culminating in the Dutch government’s seizure of Chinese owned chipmaker NeXperia in September under US pressure. China dominates in extraction and processing of rare earth minerals, which are critical for most modern technology from cellphones to missiles. Under the deal, Washington has agreed to suspend its recent rule expanding export restrictions to any business at least 50% owned by any entity on its “entity list,” the Chinese ministry said. The US will also suspend its investigation measures targeting Beijing’s maritime, logistics, and shipbuilding industries, and lower fentanyl-related and reciprocal tariffs. Beijing will adjust its retaliatory measures in response, the statement added. Trump praised a “great meeting” with Xi, and said that China had agreed to resume purchases of US soybeans and other agricultural products paused during the countries’ recent trade stand-off. The new US-China deal appears to leave older trade restrictions in place.

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