• The company posted record quarterly revenue of $15 million, up over 500% from Q1 2024.
• Gross profit surged to $13.9 million, driven by a high-margin Advantage™ quantum system sale.
• The company ended Q1 with $304.3 million in cash, its highest quarter-end balance in the company’s history.
• Customer count grew to 133, with 69 commercial users including 25 Forbes Global 2000 firms.

D-Wave Quantum Inc. (NYSE: QBTS) (“D-Wave”), a leader in quantum computing systems, software, and services, reported a significant increase in revenue, gross profit, and cash reserves for the first quarter of fiscal 2025, enabled by the sale of a high-margin annealing quantum computing system. The results, detailed in a conference call hosted by CEO Dr. Alan Baratz and CFO John Markovich on May 8, signal the company’s continuing momentum in driving commercial adoption of quantum computing (https://ibn.fm/UoZWf).

Quarterly revenue came in at $15 million, a 509% increase from the same period last year, when the company reported $2.5 million. The growth was primarily attributed to a system sale recognized in the quarter, underscoring an additional revenue stream for the company beyond its traditional cloud-based quantum computing as a service and professional services revenue.

Gross profit rose to $13.9 million, up 736% from $1.7 million in Q1 2024. The gross margin for the quarter reached 92.5%, compared to 67.3% a year earlier. D-Wave’s non-GAAP gross profit, which excludes stock-based compensation and depreciation, came in at $14 million, or 93.6% margin.

The company’s cash position also reached a new high. As of March 31, 2025, D-Wave reported $304.3 million in consolidated cash, bolstered by $146.2 million raised through its third at-the-market equity program during the quarter. Management believes this provides sufficient runway to reach profitability.

D-Wave also reported a total of 133 customers over the last four quarters, compared to 128 in the prior four-quarter period. Among them were 69 commercial customers, including 25 from the Forbes Global 2000 list, as well as 52 research institutions and 12 government clients.

Operating expenses rose to $25.2 million, up 31% year-over-year, driven by increases in personnel, marketing, and R&D costs. On a non-GAAP basis, adjusted operating expenses were $20.2 million.

Q1 also included a number of technical and commercial milestones. A highlight was the company’s demonstration of quantum supremacy on a real-world magnetic materials simulation problem, as detailed in the peer-reviewed paper “Beyond-Classical Computation in Quantum Simulation” published in Science. The problem, solved using D-Wave’s annealing quantum computer, would have taken one of the world’s most powerful classical supercomputers, the Frontier supercomputer located at Los Alamos National Laboratory, nearly one million years to complete.

The company also deployed a hybrid-quantum application for Ford Otosan, which reduced vehicle production scheduling time from 30 minutes to under five minutes. In a pilot project, Japan Tobacco’s pharma unit applied D-Wave’s quantum computer in drug discovery, yielding improved molecular structures compared to classical-only approaches.

In Europe, D-Wave sold its first Advantage system to the Jülich Supercomputing Centre, where it is expected to connect with the continent’s first exascale computer, JUPITER. In the U.S., the Advantage2™ system is nearing installation completion at Davidson Technologies’ headquarters in Alabama, where it is planned to support national defense-related applications.

The quarter also saw the introduction of new hybrid solver capabilities for applications like budget allocation and maintenance optimization, expanding the practical use cases for D-Wave’s offering.

Lastly, Qubits 2025, D-Wave’s annual user conference, drew record attendance both in-person and online. Customer presentations featured deployments across industries and geographies, reflecting increased engagement and real-world implementation.

“The first quarter of 2025 was arguably the most significant in D-Wave’s history, especially in terms of our unique ability to deliver quantum value today to our customers and the scientific community,” said CEO Dr. Alan Baratz in the earnings release. He pointed to revenue recognition from the Advantage system sale, customer deployment progress, and the company’s recent scientific milestone as evidence of growing market traction. “We recognized revenue on our first Advantage system sale to a major research institution, moved an additional customer application into commercial production, and became the first to demonstrate quantum supremacy over classical computing on a useful real-world problem. The end result was a record revenue and gross profit quarter,” he explained.

About D-Wave Quantum Inc.

D-Wave is a leader in the development and delivery of quantum computing systems, software, and services. We are the world’s first commercial supplier of quantum computers, and the only company building both annealing and gate-model quantum computers. Our mission is to help customers realize the value of quantum, today. Our 5,000+ qubit Advantage quantum computers, the world’s largest, are available on-premises or via the cloud, supported by 99.9% availability and uptime. More than 100 organizations trust D-Wave with their toughest computational challenges. With over 200 million problems submitted to our Advantage and Advantage2 systems to date, our customers apply our technology to address use cases spanning optimization, artificial intelligence, research and more. Learn more about realizing the value of quantum computing today and how we’re shaping the quantum-driven industrial and societal advancements of tomorrow: www.dwavequantum.com.

NOTE TO INVESTORS: The latest news and updates relating to QBTS are available in the company’s newsroom at https://ibn.fm/QBTS

Forward Looking Statements

Certain statements in this press release are forward-looking, as defined in the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that may cause actual results to differ materially from the information expressed or implied by these forward-looking statements and may not be indicative of future results. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, various factors beyond management’s control, including the risks set forth under the heading “Risk Factors” discussed under the caption “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K or any updates discussed under the caption “Item 1A. Risk Factors” in Part II of our Quarterly Reports on Form 10-Q and in our other filings with the SEC. Undue reliance should not be placed on the forward-looking statements in this press release in making an investment decision, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

• The global powersports market is projected to grow to $60.51 billion by 2032.
• Recreational boating market size is expected to observe around a 10% CAGR from 2024 to 2032.
• Massimo Group has strategically positioned itself to leverage these market trends.

The powersports and recreational watercraft industries are experiencing a notable upswing, driven by consumers’ growing appetite for outdoor adventures and leisure activities. Amid this surge, Massimo (NASDAQ: MAMO), a Texas-based manufacturer and distributor, is emerging as a significant player, capitalizing on market trends and expanding its footprint in the sector.

The global powersports market, encompassing vehicles like ATVs, UTVs and bikes, was valued at $37.96 billion in 2023 and is projected to grow to $60.51 billion by 2032, reflecting a compound annual growth rate (“CAGR”) of 5.4% (https://ibn.fm/b205e). This growth is fueled by increasing consumer interest in outdoor recreational activities and the versatility these vehicles offer.

“Increasing demand among the youth for off-road adventure tourism and leisure activities, a rise in disposable income, and clubs and state organizations promoting powersports activities drive market growth,” stated a Fortune Business Insights report. “Additionally, government policies supporting the development of recreational infrastructure also increase the market growth.”

Similarly, the recreational boating market has shown resilience. Despite a 9% decline in new boat retail sales in 2024, the market size reached $39.7 billion in 2023 and is expected to observe around a 10% CAGR from 2024 to 2032 (https://ibn.fm/7QOPw). This growth is propelled by increasing disposable incomes and a rising interest in outdoor leisure activities.

“As economic conditions improve, more individuals can afford luxury items like recreational boats, enhancing market demand,” reported Global Market Insights. “The growing popularity of water-based recreational activities, such as fishing, sailing, and watersports, also contributes to this upward trend.”

Massimo Motor, founded in 2009 and headquartered in Garland, Texas, has strategically positioned itself to leverage these market trends. The company offers a diverse portfolio, including UTVs, ATVs, e-bikes and pontoon boats, catering to both recreational enthusiasts and commercial users. Massimo’s commitment to innovation and quality has been central to its growth strategy (https://ibn.fm/e9f1X).

In 2025, Massimo announced the relocation of its MVR Golf Cart series production to its Garland facility (https://ibn.fm/00Eua). This move aims to enhance quality control and market positioning while mitigating the impact of international trade tariffs. By assembling vehicles domestically, Massimo ensures stricter quality standards and strengthens its presence in the U.S. market.

“We are committed to providing our customers with the highest quality golf carts while ensuring long-term business sustainability,” said Massimo Motor founder and CEO David Shan. “Bringing production to our Texas facility strengthens our supply chain, enhances quality assurance and positions us competitively in the U.S. market. Our customers and dealer partners can continue to rely on Massimo for innovative and reliable personal transportation solutions.”

Further expanding its reach, Massimo has established a sixth distribution center in Illinois and recently launched a comprehensive digital retail platform, enhancing its ability to meet growing demand and improve customer service.

As the powersports and recreational watercraft markets continue to evolve and grow, Massimo Group’s proactive approach, encompassing domestic manufacturing, strategic partnerships, and product diversification, positions the company well to capitalize on emerging opportunities and sustain its growth trajectory.

For more information, visit the company’s website at massimomotor.com, massimomarine.com, and massimoelectric.com.

NOTE TO INVESTORS: The latest news and updates relating to MAMO are available in the company’s newsroom at https://ibn.fm/MAMO

• Vivakor achieved substantial revenue growth in 2023, driven by expanded logistics operations and newly integrated midstream assets.
• The company operates a large-scale oilfield trucking fleet under long-term contracts, providing recurring revenue and service continuity.
• Its remediation facilities, once operational, will address a produced water treatment market forecast to reach $12.2 billion by 2028.
• Recent acquisitions have enhanced Vivakor’s infrastructure footprint and extended its service reach across key U.S. energy basins.
• The company’s integrated model aligns with industry trends favoring sustainability, compliance, and full-cycle fluid management.

Vivakor (NASDAQ: VIVK) is a vertically integrated energy infrastructure and environmental services company, focused on the transportation, storage, reuse, and remediation of oilfield fluids and waste. The company operates a large-scale oilfield trucking fleet, serving key U.S. energy regions, enabling end-to-end solutions for the handling of crude oil and produced water. Through long-term contracts and strategic asset positioning, Vivakor delivers critical services to upstream energy operators seeking efficient and environmentally responsible operations.

Vivakor’s vision is to become a leader in sustainable energy logistics and remediation by combining innovative infrastructure with environmentally conscious practices. The company’s integrated model allows it to optimize the flow and treatment of petroleum-based materials across the value chain. By owning and operating both the logistics and remediation components, Vivakor is well-positioned to support an evolving energy ecosystem.

The company’s mission is to develop, acquire, accumulate, and operate assets, properties, and technologies that enhance efficiency and sustainability within the energy sector. This includes the ongoing development of oilfield waste remediation facilities, which will facilitate the recovery and reuse of petroleum byproducts.

The company is headquartered in Dallas, Texas.

Operations

Vivakor’s operations span crude oil and produced water gathering, transportation, storage, and remediation. Leveraging a large-scale oilfield trucking fleet, the company delivers mission-critical logistics services under long-term agreements with energy producers. Its integrated facility assets support efficient fluid movement and storage while aligning with evolving environmental standards.

The company is actively developing oilfield waste remediation capabilities designed to recycle and safely dispose of petroleum byproducts. These facilities will process contaminated materials and convert them into reusable resources, supporting more sustainable field operations. In 2023, Vivakor expanded its infrastructure through the acquisitions of Silver Fuels Delhi and White Claw Colorado, strengthening its midstream footprint and operational reach across key U.S. basins.

Vivakor delivered triple-digit revenue growth in 2023, reflecting increased demand for its integrated services and the impact of strategic asset expansion. This momentum positions the company for further scale as environmental regulations and logistics needs continue to evolve across the energy sector.

Market Opportunity

Vivakor operates at the intersection of energy logistics and environmental remediation—two sectors undergoing transformation amid rising regulatory pressure and sustainability goals. According to Allied Market Research, the global oilfield services market was valued at $268.1 billion in 2022 and is projected to reach $346.45 billion by 2032, growing at a CAGR of 2.6% during the forecast period. As producers seek efficiency and environmental compliance, demand for integrated logistics and remediation services is expected to grow.

Additionally, the global produced water treatment market is forecast to reach $12.2 billion by 2028, up from $8.6 billion in 2023, driven by increased recycling efforts and stricter disposal regulations. Vivakor’s remediation facilities, once operational, will directly serve this need by offering oilfield clients sustainable waste processing and reuse options.

By addressing both logistical and environmental challenges in energy production, Vivakor is strategically positioned to capture value across multiple growth verticals in a dynamic market landscape.

Leadership Team

James Ballengee, President & Chief Executive Officer, is an energy entrepreneur and operator with over 15 years of experience in oilfield logistics, midstream infrastructure, and energy asset development. Prior to leading Vivakor, he served as Managing Partner at Silver Fuels Delhi and White Claw Colorado, both of which were acquired by Vivakor in 2023. He has held executive roles in multiple energy companies, where he focused on developing vertically integrated logistics and remediation systems. Ballengee specializes in contract structuring, capital deployment, and building operationally efficient service platforms across the energy sector.

Tyler Nelson, Chief Financial Officer, is a licensed CPA with extensive experience in public company financial leadership, SEC reporting, and audit readiness. Prior to joining Vivakor, he served as Corporate Controller at two Nasdaq-listed companies and held audit roles at prominent regional accounting firms. His background spans oil and gas, renewables, and technology, where he has led successful finance transformations, SOX compliance rollouts, and investor reporting improvements. At Vivakor, Nelson oversees all financial operations, capital strategy, and compliance functions.

For more information, visit the company’s website at https://vivakor.com.

NOTE TO INVESTORS: The latest news and updates relating to VIVK are available in the company’s newsroom at https://ibn.fm/VIVK

Sustain Southern California is proud to announce this year’s Agriculture, Food Systems & Waste Stream Innovations event, promising an agenda packed with solutions in circularity. Scheduled for May 15 from 1:00 p.m. to 7:00 p.m., this event brings together key stakeholders in agriculture to discuss agtech, urban agriculture, composting needs, policy issues, and more.

Attendees are guaranteed to learn about farm-to-table initiatives while also having an opportunity to discover how society can shift waste-sorting behaviors. In addition, they will learn what opportunities lie in secondary markets, showing how to stay ahead of the curve and adjust operations for maximum efficiency and profitability.

This event builds upon Sustain SoCal’s SB1383 Roundtable series in collaboration with its Board Member OC Waste and Recycling. Local jurisdictions, haulers, consultants, and more have gathered throughout these sessions to discuss pain points related to SB1383, shifting consumer behaviors, and necessary innovation.

This year’s edition will bring together farmers, researchers, investors, innovators, restaurant workers, academics, corporations, and non-profits. With such a diverse pool, attendees are assured of making meaningful connections, exchanging ideas, and learning how to best approach their farm-to-table initiatives and manage waste.

Sustain Southern California is on a mission to accelerate cleantech economic growth and sustainability through innovation, collaboration, and education. The Agriculture, Food Systems & Waste Stream Innovations event embodies this mission, addressing the challenges that exist in industry today.

To learn more, please visit https://ibn.fm/jn7RE.

• New online platform enables national reach with end-to-end purchasing and financing
• Management anticipates higher sales volume and deeper market penetration in 2025
• Powersports industry demand remains strong, supported by outdoor recreation and rural mobility trends

Massimo (NASDAQ: MAMO) is entering a new growth phase with the launch of a comprehensive digital retail platform. This move, announced in April 2025, is designed to simplify the purchasing process for its UTVs, ATVs, and mini-bikes, while expanding the company’s national sales footprint.

The platform enables customers to complete transactions online, including financing, titling, and checkout, providing a fully digital experience. Massimo expects this shift to unlock greater scalability, reduce sales friction, and drive a significant increase in annual revenue.

A Hybrid Model Built for Scalable Growth

Rather than bypassing its dealer network, Massimo’s digital approach integrates existing local dealers into the process. Buyers can still select a nearby dealership for vehicle pickup and post-sale support, allowing the company to retain the relationship-based strengths of its legacy distribution model.

This hybrid approach gives Massimo the best of both worlds: the scalable reach of e-commerce and the on-the-ground service and trust of local dealerships. It also positions the company to expand sales into less-served regions without costly physical infrastructure investments.

Well-Timed Move in a Growing Industry

Massimo’s expansion into digital retail aligns with larger market trends. The global powersports market is estimated at approximately $40 billion, fueled by sustained demand across recreational and utility off-road vehicle segments (https://ibn.fm/U0RP0).

E-commerce is quickly becoming a necessary feature for powersports brands, especially for buyers who expect seamless online transactions. Massimo’s new platform places the company ahead of this trend.

Positioned for a Breakout Year

CEO David Shan summed up the company’s vision: “We believe digital retail is the future of the powersports industry.” The platform’s launch follows a string of initiatives to increase brand visibility, dealer relationships, and production capabilities.

By embracing digital transformation while maintaining its strong dealer network, MAMO is charting a path toward scalable revenue growth and long-term market relevance.

With the platform now live, 2025 has the potential to be a pivotal year for Massimo’s performance. The company appears positioned to provide early insight into a digital-first approach within an industry that is in the early stages of modernization.

For more information, visit the company’s website at massimomotor.com, massimomarine.com, and massimoelectric.com.

NOTE TO INVESTORS: The latest news and updates relating to MAMO are available in the company’s newsroom at https://ibn.fm/MAMO

• The AI marketing market is projected to surge to more than $107.5 billion by 2028
• ONAR Holding recently announced the launch of ONAR Labs, its dedicated technology incubator
• The company also unveiled its first product offering: Cortex, an AI-powered marketing intelligence platform

Artificial intelligence (“AI”) is rapidly transforming the marketing landscape, enabling businesses to deliver more personalized, efficient and data-driven campaigns. As companies seek to harness the power of AI to stay competitive, ONAR Holding Corp. (OTCQB: ONAR) is at the forefront with its innovative Cortex platform, poised to redefine the future of advertising.

The adoption of AI in marketing has seen exponential growth in recent years. According to a report by All About AI, the AI marketing market, valued at $15.84 billion in 2021, is projected to surge to more than $107.5 billion by 2028 (https://ibn.fm/lf5bb). This growth is driven by the increasing demand for data analysis, predictive modeling, chatbot integration and other AI-driven techniques that enhance marketing strategies.

Marketers are increasingly leveraging AI to optimize their campaigns. A study by Influencer Marketing Hub revealed that 88% of digital marketers use AI in their day-to-day tasks, with 92% of businesses planning to invest in generative AI tools over the next three years (https://ibn.fm/DFIeO). These tools enable marketers to predict consumer behavior, personalize customer experiences and optimize campaigns with unprecedented precision.

The rise of AI-powered search tools such as OpenAI’s ChatGPT and Google’s Gemini is also revolutionizing how consumers seek information online, significantly impacting traditional marketing strategies centered around search engine optimization (“SEO”). A survey by Bain & Co. revealed that 80% of users resolve 40% of their queries without clicking links, and 42% use generative AI for shopping recommendations (https://ibn.fm/uEHbI). This shift is prompting marketers to rethink content strategies to align with AI preferences.

In this evolving landscape, ONAR Holding has emerged as a leader in AI-driven marketing solutions. The company recently announced the launch of ONAR Labs, its dedicated technology incubator, and unveiled its first product offering—Cortex, an AI-powered marketing intelligence platform (https://ibn.fm/Sd6vo). Developed by ONAR’s flagship agency, Storia, Cortex has been instrumental in powering the company’s agency network and is now available to businesses via subscription.

Cortex integrates with major platforms such as Google, Meta and TikTok, providing businesses with a comprehensive suite of tools to optimize their marketing efforts. The platform leverages AI to analyze vast amounts of data, offering insights that enable marketers to make informed decisions, personalize content, and automate campaign management. This data-driven approach allows for more effective targeting, improved customer engagement, and increased return on investment.

The effectiveness of Cortex is evident in its track record. The platform has already been proven across $200 million in cumulative client revenue, demonstrating its capacity to drive significant business outcomes. By providing enterprise-grade marketing intelligence tools, ONAR is empowering businesses of all sizes to compete in an increasingly digital marketplace.

ONAR’s commitment to innovation extends beyond technology. The company emphasizes the importance of combining automation with human ingenuity, ensuring that AI enhances rather than replaces human creativity. This philosophy is reflected in the company’s approach to campaign development, where data scientists, designers and strategists collaborate to craft impactful marketing strategies.

As AI continues to reshape the marketing industry, ONAR’s Cortex platform stands out as a powerful tool for businesses aiming to stay ahead of the curve. By harnessing the capabilities of AI, ONAR is not only transforming its own operations but also setting a new standard for what is possible in advertising.

For more information, visit the company’s website at https://www.onar.com.

NOTE TO INVESTORS: The latest news and updates relating to ONAR are available in the company’s newsroom at https://ibn.fm/ONAR

• The opioid epidemic has prompted a re-evaluation of pain-management strategies, highlighting the importance of balancing effective treatment with abuse prevention
• Nutriband’s AVERSA(TM) Fentanyl represents a significant advancement in this domain
• The company’s strategic development of AVERSA Fentanyl follows a structured pharmaceutical lifecycle

As the opioid crisis continues to challenge public health systems, the need for innovative solutions has become increasingly apparent. Rather than relying solely on restrictive measures, companies such as Nutriband (NASDAQ: NTRB) are exploring technological advancements to mitigate abuse while ensuring patient access to necessary medications. Nutriband’s development of AVERSA(TM) Fentanyl, an abuse-deterrent transdermal patch, exemplifies this forward-thinking approach (https://ibn.fm/jhHMY).

The opioid epidemic has prompted a reevaluation of pain-management strategies, highlighting the importance of balancing effective treatment with abuse prevention. Traditional methods often involve limiting prescriptions, which can inadvertently hinder patients with legitimate needs. Innovative pharmaceutical developments aim to address this by incorporating abuse-deterrent technologies, thereby reducing the potential for misuse without compromising therapeutic efficacy.

Nutriband’s AVERSA Fentanyl represents a significant advancement in this domain (https://ibn.fm/1PVVN). By integrating aversive agents such as denatonium benzoate and capsaicin into the transdermal patch, the product is designed to deter abuse through alternative administration routes, such as chewing or injecting. This approach maintains the patch’s effectiveness for pain management while reducing its attractiveness for misuse.

The development of AVERSA follows a structured pharmaceutical lifecycle, beginning with feasibility studies to assess the integration of abuse-deterrent technology into existing fentanyl patch systems. Nutriband collaborated with Kindeva Drug Delivery, leveraging its U.S. Food and Drug Administration (“FDA”)-approved transdermal fentanyl patch system to incorporate the AVERSA technology. This partnership facilitated the adaptation of commercial manufacturing processes to accommodate the new formulation.

Following successful feasibility assessments, the focus shifted to scaling up manufacturing capabilities. Kindeva completed the validation of analytical methods required to handle the aversive agents on the commercial production line. This step was crucial in ensuring consistent quality and safety standards for the modified patch.

Concurrently, Nutriband prepared for the pivotal human abuse potential (“HAP”) clinical study, a phase 1 trial designed to evaluate the patch’s deterrent properties. This study is a critical component of the 505(b)(2) New Drug Application (“NDA”) pathway, which allows for a streamlined approval process by referencing existing data on approved drugs. Notably, this pathway requires only a single clinical trial, expediting the time to market (https://ibn.fm/oPpC1).

To support these endeavors, Nutriband secured an $8.4 million private placement, earmarked for the commercial development of AVERSA Fentanyl through to NDA filing (https://ibn.fm/GorhG). The company aims to submit the NDA to the FDA in the first quarter of 2025, positioning AVERSA Fentanyl as potentially the first abuse-deterrent transdermal opioid patch approved globally. The potential impact of AVERSA Fentanyl extends beyond regulatory milestones. Market analysis suggests that the product could achieve peak annual U.S. sales between $80 million and $200 million, reflecting the significant demand for safer opioid delivery systems.

Nutriband’s approach underscores the importance of innovation in addressing complex public health issues. By focusing on technological solutions that deter abuse while preserving access, the company exemplifies a balanced strategy in combating the opioid crisis. As AVERSA Fentanyl progresses through the development pipeline, it holds promise as a model for future pharmaceutical innovations aimed at mitigating drug abuse.

For more information, visit the company’s website at www.Nutriband.com.

NOTE TO INVESTORS: The latest news and updates relating to NTRB are available in the company’s newsroom at https://ibn.fm/NTRB

• Brera Holdings, an Ireland-based, international holding company focused on expanding its global portfolio of men’s and women’s sports clubs, has gained further recognition for the company’s commitment to its evolving model of sustainable football investment
• A recent Wall Street Journal article focused on the dangers of trying to apply the American sports model to English soccer by acquiring trophy assets, a lesson that some U.S. owners have finally learned
• Brera has successfully applied its multi-club ownership (“MCO”) approach, using its understanding and respect of English soccer’s advancement opportunities to grow and enrich its portfolio clubs, as shown with Brera’s acquisition agreement for S.S. Juve Stabia S.r.l. (“The Second Team of Naples”)
• These initiatives point to the company’s commitment to growing its clubs and turning them into leading brands that can leave their mark on progressively higher sports stages

Brera Holdings (NASDAQ: BREA), an Ireland-based, international holding company focused on expanding its global portfolio of men’s and women’s sports clubs through a multi-club ownership (“MCO”) approach, has emphasized its commitment to the evolving model of sustainable football investment, something it believes is integral to long-term value creation (https://ibn.fm/YaGK8).

A Wall Street Journal article, published on April 26, 2025, by Joshua Robinson, noted U.S.-led investments’ role in shaping football across the U.K. and Europe’s top-division clubs. Of note was Wrexham, owned by Hollywood stars Ryan Reynolds and Rob McElhenney. Wrexham was acquired as a mid-table, 5th division team and has since finished this season just one step away from the vaunted English Premier League. In addition, its valuation has ballooned to £150m, representing an over 7,400% increase since its acquisition (https://ibn.fm/CkMT7).

Brera’s S.S. Juve Stabia S.r.l. has striking similarities with Wrexham, having been acquired by Brera after being newly promoted from Serie C to Serie B, Italy’s second division. As of March 2025, the club had posted a 36.9% surge in squad value from €11.78 million to €16.13 million, the largest percentage gain in Serie B during the period. The extraordinary growth pointed to the club’s huge untapped potential, currently holding 5th place of 20 teams, Serie A playoffs qualification, and Brera’s value-creation strategy (https://ibn.fm/jtjHU).

Brera is the first publicly traded MCO group through its Nasdaq IPO and continues to make waves in the industry. By providing a differentiated structure that combines professional management practices with public market transparency and governance standards, the company has demonstrated that disciplined, progressively advancing strategies can thrive, even in the competitive, ever-changing world of global football (https://ibn.fm/KPZbM).

Brera made a move to acquire S.S. Juve Stabia S.r.l. following its promotion to Serie B, the 2nd division of Italian football. With its current performance, the club is already confirmed to make the playoffs to potentially get promoted to Serie A, which speaks to Brera’s ability to spot opportunity and capitalize on it. It also speaks to the company’s ambitions to scale the club’s operations and revenue streams, as evidenced by its move to grow its international presence with the live broadcast of two of its matches, one against Catanzaro and another against Brescia, live with color commentary in English, in the U.S., Canada, and the U.K. via Destination Calcio TV.

“Expanding Juve Stabia’s reach to international audiences is a core pillar of our strategy,” noted Brera’s Executive Chairman, Daniel McClory. “Growing our fan base in the U.S. and Canada and other key international markets not only builds brand equity but also aligns with the broader global trend toward the internationalization of media rights in football,” he added (https://ibn.fm/BxTxd).

Brera has prioritized international media visibility, matchday revenue growth, and community engagement as key levers for building sustainable, globally recognized football brands. The ability for U.S., Canadian and U.K. fans to follow Juve Stabia, live and in English, is an essential step toward deepening the club’s global connections and preparing it for future opportunities both on and off the pitch.

Brera remains bullish about S.S. Juve Stabia and its other portfolio clubs worldwide. The success of this specific club validates its approach. It confirms its commitment to creating shareholder value and industry-leading clubs shaping and leaving their mark on the international stage.

For company information, visit the company’s website at www.BreraHoldings.com.

NOTE TO INVESTORS: The latest news and updates relating to BREA are available in the company’s newsroom at https://ibn.fm/BREA

• SolarBank and CIM Group have announced a US$100 million financing deal for a portfolio of U.S. solar energy projects totaling 97 MW.
• The deal is structured as a preferred equity investment at the project level, preserving SolarBank’s share capital, with CIM receiving a 3% annual coupon and retaining full ownership of transferred investment tax credits.
• SolarBank expects to maintain majority ownership of the 21-project portfolio post-financing, supporting SolarBank’s shift toward becoming a long-term solar asset owner in the U.S.

Disseminated on behalf of SolarBank Corporation

SolarBank (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2), a premier developer and owner of renewable and clean energy projects, specializing in distributed and community solar initiatives throughout Canada and the U.S., has announced a US$100 million project-based financing with infrastructure investor CIM Group to fund a 97 MW portfolio of solar energy projects in the United States. The deal marks a significant step in SolarBank’s evolution from solar developer to long-term asset owner, offering equity-style exposure to U.S. renewable energy growth without issuing new shares (https://ibn.fm/J7XIZ).

The financing will be structured as a preferred equity investment by CIM into a newly formed entity, New HoldCo. That entity will operate as a joint venture between CIM and Abundant Solar Power (“ASP”), a wholly owned subsidiary of SolarBank.

The 97 MW portfolio includes 21 solar projects located across the U.S., all currently under development by ASP. The projects will be transferred to New HoldCo in stages, with CIM providing 20% of the purchase price at mechanical completion and the remaining 80% at substantial completion. This structure allows the company to raise capital at the project level while preserving shareholder value.

CIM’s preferred equity interest will come with a 3% annual coupon, payable semi-annually. In addition to the coupon, CIM will retain 100% of the revenue from the sale of investment tax credits (“ITCs”), which will be transferred under Section 6418 of the Internal Revenue Code to third-party buyers.

SolarBank will receive the remaining project-level cashflows after CIM’s distributions. In the event of a liquidation or casualty event, proceeds will be distributed in proportion to each party’s contributions.

The agreement also includes a future redemption mechanism. New HoldCo may redeem CIM’s equity interest starting 180 days after the fifth anniversary of the last project going into service. The redemption price would be the greater of fair market value or a defined multiple of invested capital. If SolarBank chooses not to exercise this option, CIM retains the right to force a redemption at the lower of those two metrics.

CIM Group, based in Los Angeles, has long invested in infrastructure and real estate aimed at community and environmental impact. “This transaction with SolarBank to grow its portfolio of solar projects underscores our ongoing commitment to the renewable energy sector and our focus on supporting innovative companies leading the energy transition across North America,” said Kyle Hatzes, Managing Director of Infrastructure and Impact Investments at CIM Group.

For SolarBank, the deal helps accelerate its long-term strategy to become a long-term solar asset owner and power producer. The company is currently managing a solar development pipeline exceeding 1 gigawatt, with approximately 25 MWp of solar and 60 MWh of storage under construction, and another 149 MWp in late-stage development.

“The financing is another major milestone in SolarBank’s plans to grow its status as an independent power producer. Assuming full funding, SolarBank will retain a majority ownership interest in what is expected to be 21 solar energy projects with a total capacity of 97 MW,” said Dr. Richard Lu, President and CEO of SolarBank. “The transaction has been structured such that SolarBank does not have to issue any new shares, as the financing is being completed at the project company level.”

For more information, visit the company’s website at SolarBankCorp.com.

This report contains forward looking information. Please refer to the press release entitled “US$100 Million Transformative, Project Financing Announced by SolarBank and CIM Group to Fund 97 MW of Renewable Energy Assets in the United States” for additional details on the statements, risks and assumptions.  There are several risks associated with the transaction and development of the projects. The development of any project is subject to receipt of interconnection approval, receipt of a community solar contract, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives. The transaction is subject to the execution of definitive documentation. SolarBank will also need to secure the financing required to develop the projects to mechanical completion and substantial completion, as prior to such milestone none of the funding from the transaction will be available.

NOTE TO INVESTORS: The latest news and updates relating to SUUN are available in the company’s newsroom at https://ibn.fm/SUUN

• Ucore currently owns an REE mining project and an advanced separation technology.
• Commercial demonstration of the company’s RapidSX(TM) technology is at the commissioning stage.
• Ucore plans several modern REE refineries in North America, with the first SMC slated to begin construction in Louisiana in 2023. This planned REE separation and rare earth oxide production plant is scheduled to process 2,000 tons of total rare earth oxides by the end of 2024, increasing to 5,000 tons in 2026.
• Through its strategic partnerships with Kingston Process Metallurgy Inc., Mech-Chem Associates Inc. and other supporting contractors and vendors, Ucore is developing a North American REE supply chain.

Ucore Rare Metals (TSX.V: UCU) (OTCQX: UURAF) is a critical metals (“CM”) separation technology company executing an ESG-centered plan toward establishing a comprehensive North American critical metals supply chain. The company has developed a transformative commercial-ready technology, RapidSX(TM), for separating and purifying critical metals. Ucore intends to deploy this technology in pursuit of a CM supply chain independent of China for Western original equipment manufacturers (“OEMs”), most notably in the automotive and renewable energy industries.

Ucore’s vision is to become a leading advanced technology company providing best-in-class metal separation products and services to the mining and mineral extraction industry. Its initial focus is on processing heavy and light rare earth elements (“REEs”), disrupting a supply chain that is dominated by China.

China currently controls about 80% of the world’s access to REE mining projects and over 90% of the world’s REE processing capabilities, and it produces about 95% of the goods containing REE components.

Ucore is working to scale Western supply needs by establishing REE separation and rare earth oxide (“REO”) production capabilities in cooperation with strategic upstream supply and downstream offtake partnerships. The company, along with its industry partners, aims to unlock access to Western REEs for current consumer, energy, manufacturing and military sectors.

By 2025, Ucore expects to commercially separate U.S.-friendly sources of REEs and supply OEMs with REOs required to produce rare earth permanent magnets (“REPMs”) – the essential component of electric motors and generators required to support the world’s transition to electrification and sustainable energy sources.

The company intends to contribute to this initiative through the near-term development of a heavy and light rare-earth processing facility in Louisiana and subsequent development of Strategic Metals Complexes (“SMCs”) in Alaska and Canada, as well as through the longer-term development of its 100%-owned Heavy Rare Earth Element (“HREE”) mineral resource property at Bokan Mountain on Prince of Wales Island, Alaska.

Ucore is headquartered in Halifax, Nova Scotia.

Projects and Technology

RapidSX(TM) Demonstration Plant

The Kingston, Ontario, RapidSX(TM) Demonstration Plant commissioning process is underway. Once commissioned, the plant is designed to demonstrate the commercial capabilities of the RapidSX technology platform.

The RapidSX demo plant will show:

• The techno-economic advantages of the RapidSX technology platform
• The processing of tens of tons of heavy and light mixed rare earth element concentrates in a simulated production environment
• The platform’s ability to operate for thousands of semi-continuous run-time hours
• Production of high-purity NdPr, praseodymium, neodymium, terbium and dysprosium rare earth elements for early OEM product qualification trials
• The demo plant is located within Ucore’s 5,000-square-foot RapidSX Commercialization and Demonstration Facility and is run by its laboratory partner, Kingston Process Metallurgy Inc. (“KPM”).

RapidSX(TM) Technology

Innovation Metals Corp., acquired by the company in 2020, developed the RapidSX separation technology platform with early-stage assistance from the United States Department of Defense, later resulting in the production of commercial-grade, separated rare earth elements at pilot scale.

RapidSX combines the time-proven chemistry of conventional solvent extraction (“SX”) with a new column-based platform that significantly reduces time to completion and plant footprint, as well as potentially lowering capital and operating costs. SX is the international REE industry’s standard commercial separation technology and is currently used by all REE producers worldwide for bulk commercial separation of both heavy and light REEs.

Utilizing similar chemistry to conventional SX, RapidSX is not a “new” technology, but it represents a significant improvement on the well-established, well-understood, proven conventional SX separation technology preferred by REE producers.

Strategic Metals Complex

Ucore, engineering partner Mech-Chem Associates Inc. and KPM are developing the full-scale engineering for the company’s first Strategic Metals Complex (“SMC”). The SMC is a planned REE separation and rare earth oxide production plant slated to commence construction in Louisiana in 2023. It is scheduled to initially process 2,000 tons of total rare earth oxides by the end of 2024, increasing to 5,000 tons in 2026.

The company has three initial U.S.-friendly feedstock agreements in place for the Louisiana complex, along with multiple developing offtake agreements. It received a C$16 million+ incentive package offer from Louisiana Economic Development to support construction of the SMC.

Bokan-Dotson Ridge REE Deposit

Ucore has invested over C$35 million to establish and validate the Bokan-Dotson Ridge resource in preparation for mine design and permitting. Initial drilling is complete, and a Preliminary Economic Assessment has been issued. Next steps for the project include a feasibility study, detailed mine design and permit acquisition. The project can be “near shovel ready” for construction in less than 30 months after receipt of the next stage of development funding.

Market Opportunity

According to a report by Grand View Research, the global rare earth elements market was valued at $2.8 billion in 2018 and is forecast to reach a value of $5.6 billion by 2025, achieving a CAGR of 10.4% during the period. Market growth is driven by increasing demand for these elements in the manufacturing of magnets and catalysts for the automotive industry. Rising demand for electric vehicles to reduce CO2 emissions is expected to propel the use of permanent magnets in the production of EV batteries.

China is the major producer and consumer of REEs. To maintain self-sufficiency and to meet future demand, China has been raising the export tariffs on rare earth elements shipped to various countries, including the U.S., Japan, India, Brazil and the European Union. This led to the current supply-demand gap in these countries, as they rely on imports from China.

China reduced the exports of REEs by 72% in the second half of 2010 to preserve its reserves of these elements and continues to export REEs at reduced levels, thereby affecting industries such as automotive, oil and gas, and electronics, which require an ample amount of rare earth elements.

Management Team

Pat Ryan, P.Eng., is Chairman and CEO of Ucore Rare Metals. He began as a director with the company when he developed a heightened interest in critical metals. Before joining Ucore, he founded and led a multimillion-dollar automotive OEM design and lean manufacturing company. His understanding of complex supply chains across international markets has led to a prime positioning as the global auto industry transitions to vehicle electrification. He holds a Bachelor of Engineering degree from Dalhousie University.

Peter Manuel is Vice President and CFO of Ucore. Prior to joining the company, he practiced as a Chartered Accountant for more than 17 years, providing consulting services to companies in a range of industries, with a focus on the financial services and resource sectors. He spent 10 years in England and Ireland providing assurance, strategic planning, corporate finance and other consulting services to a portfolio of both public and private entities. He holds a Bachelor of Commerce Degree from Dalhousie University.

Michael Schrider, MEng, P.E., is Vice President and COO of Ucore. He is a multidisciplinary engineer who has been involved in manufacturing, engineering and managing complex structural and mechanical systems projects since 1989. He was the Founder, President and Chief Engineer of Schrider & Associates and Alton Bay Design, both engineering services firms. He holds a bachelor’s degree in naval architecture and marine engineering from the University of New Orleans and a master’s degree in mining, geological and geophysical engineering from the University of Arizona.

Mark MacDonald is Vice President of Investor Relations at Ucore. He has over 25 years of experience implementing award winning business development and marketing programs at regional and national levels. As Vice President of Sales, he was responsible for Mediapro Communication’s growth as AT&T Canada’s leading B2B sales partner. He subsequently became Atlantic Regional Vice President of AT&T Canada Corp. He holds a Bachelor of Commerce degree from Dalhousie University.

For more information, visit the company’s website at https://ucore.com.

NOTE TO INVESTORS: The latest news and updates relating to UURAF are available in the company’s newsroom at https://ibn.fm/UURAF