Core Insights - Volatus Aerospace Inc. has been awarded a defence contract valued at up to CAD $9 million to supply a next-generation interim training system for Intelligence, Surveillance, and Reconnaissance (ISR) operations to an allied defence organization [1][2] - The contract is structured over two years, with an initial tranche of approximately CAD $4.5 million scheduled for delivery in Q1 2026, and a second tranche may be exercised through the end of 2027 [2] - This contract addresses an urgent requirement from a NATO partner to enhance unmanned aviation skills among its defence personnel [2] Company Strategy and Positioning - The contract signifies a strategic milestone for Volatus' defence growth plan, highlighting the importance of uncrewed ISR capabilities in modern defence readiness [3] - The CEO of Volatus emphasized the trust international partners place in Canadian innovation and the company's role in strengthening allied preparedness [3] - The award aligns with Volatus' strategy to position itself as a key contributor to Canada's defence industrial base and the broader NATO ecosystem [3] Deliverables and Commitment - Under the agreement, Volatus will provide a fleet of unmanned aircraft training systems, integrated control interfaces, comprehensive documentation, onsite instructor familiarization, and warranty support [6] - The contract reinforces Volatus' commitment to supporting Canada's defence and security priorities, particularly as Canada increases its focus on uncrewed systems [4][6] - The initiative aims to build domestic expertise in advanced uncrewed and ISR-related technologies while enhancing interoperability with NATO and allied partners [6] Company Overview - Volatus Aerospace is a global provider of integrated aerial solutions for both commercial and defence applications, utilizing piloted and remotely piloted aircraft systems [5] - The company serves various industries, including oil and gas, utilities, healthcare, and public safety, with a mission to enhance operational efficiency, safety, and resilience through scalable aerial technologies [5]

Core Insights - Astellas Pharma is presenting new data on gilteritinib for FLT3m+ acute myeloid leukemia (AML) at the American Society of Hematology (ASH) Annual Meeting, focusing on various treatment settings including relapsed or refractory cases and post-transplant maintenance [1][2] Group 1: Research and Development - Ongoing research with gilteritinib aims to improve long-term outcomes for patients with FLT3m+ AML, particularly in challenging cases characterized by high treatment failure rates [2] - The Phase 3 ADMIRAL and COMMODORE trials provide pooled post-hoc analysis on gilteritinib's effectiveness in relapsed or refractory FLT3m+ AML, emphasizing treatment sequencing and resumption post-transplant [4] - The Phase 1/2 VICEROY study is investigating a triplet combination therapy approach with gilteritinib for newly diagnosed FLT3m+ AML patients who are ineligible for intensive chemotherapy, focusing on safety and efficacy [4] Group 2: Presentations at ASH 2025 - Key presentations include outcomes of patients who resumed gilteritinib therapy after hematopoietic stem cell transplant (HSCT) and interim results from the VICEROY study [3][5] - A presentation will discuss the impact of pre-HCT FLT3 inhibition on minimal residual disease (MRD) and the benefits of post-HCT gilteritinib [5] - Additional studies will cover the long-term follow-up of azacitidine, venetoclax, and gilteritinib in newly diagnosed FLT3-mutated AML patients [6] Group 3: Product Information - Gilteritinib, marketed as XOSPATA, is an FLT3 inhibitor effective against FLT3-ITD and FLT3-TKD mutations, which are associated with poor prognosis in AML [8][10] - XOSPATA is available globally, including in the U.S., Japan, China, and several European countries, for adult patients with relapsed or refractory FLT3m+ AML [8][13]

Core Insights - Volatus Aerospace Inc. has appointed Lieutenant-General (Ret'd) Christopher J. Coates to its Board of Advisors, enhancing the company's defense expertise and supporting its vision for Canadian Armed Forces and allied defense partners [1][5]. Company Overview - Volatus Aerospace is a leader in aerial and defense solutions, focusing on Canadian-made uncrewed aerial systems (UAS), training, and operational capabilities [1][8]. - The company aims to enhance operational efficiency, safety, and resilience through scalable aerial technologies across various industries, including oil and gas, utilities, healthcare, and public safety [9]. Strategic Direction - The Volatus Advisory Board provides strategic guidance on defense procurement, government policy, and emerging capability requirements, while fostering relationships with government, military, and industry stakeholders [4]. - The appointment of Lieutenant-General Coates is expected to strengthen Volatus' domestic manufacturing programs and training capabilities, reflecting the company's commitment to supporting Canada's defense and industrial needs [5][6]. Expertise of Lieutenant-General Coates - Lieutenant-General Coates has extensive experience in defense and security, having served in senior positions within the Canadian Joint Operations Command and NORAD, overseeing both domestic and global military operations [2][7]. - His background includes leadership roles in advanced training and defense transformation, as well as contributions to national security discussions and defense modernization efforts [3][6].

Core Insights - Volatus Aerospace Inc. reported record quarterly revenue and gross profit for Q3 2025, driven by strong demand in the defense sector and expansion of commercial programs [1][2]. Financial Highlights - Revenue for Q3 2025 reached CAD 10,605,438, a 60% increase compared to CAD 6,618,504 in Q3 2024 [3][9]. - Year-to-date revenue for the nine-month period was CAD 26,905,671, up 32% from CAD 20,364,238 in the same period of 2024 [3][8]. - Gross profit for Q3 2025 was CAD 3,470,611, with a gross margin of 33%, slightly down from 34% in Q3 2024 [9][10]. - Adjusted EBITDA loss improved by 52% year-over-year, amounting to CAD 660,661 compared to CAD 1,364,143 in Q3 2024 [9][10]. - The company's cash position strengthened to approximately CAD 40 million following recent financing activities [8][9]. Operational Highlights - Equipment sales surged by 427% year-over-year, primarily due to increased defense demand [3][6]. - The company executed a Letter of Intent (LOI) with VoltaXplore to establish a domestic battery-cell supply for next-generation RPAS platforms [9]. - Significant contracts included a multi-year agreement with a major North American utility for RPAS inspection and mapping services across approximately 100,000 miles of assets [9]. - The company formed a strategic partnership with KI Reforestation to deploy Condor XL heavy-lift RPAS for large-scale aerial seeding [9]. Management Commentary - Management emphasized that Q3 2025 continued the momentum from earlier in the year, with defense demand driving equipment sales and scaling of commercial programs [6]. - The recent financing closed on November 26, 2025, is expected to support rising demand and expand Canadian manufacturing capabilities [6]. Company Overview - Volatus Aerospace is a global provider of aerial intelligence solutions, operating both piloted and remotely piloted aircraft systems for various sectors including defense, healthcare, and public safety [12]. - The company is focused on building RPAS manufacturing capabilities in Quebec to meet emerging large-drone requirements [12].

Core Points - Volatus Aerospace Inc. has completed a bought deal public offering and a non-brokered private placement, raising a total of $26,391,500 [1][2] - The public offering involved the sale of 38,352,500 common shares at a price of $0.60 per share, including 5,002,500 shares from the full exercise of the over-allotment option [1] - The private placement included the sale of 5,633,333 common shares at the same price to international strategic investors [2] Financial Details - The underwriters received a cash commission of 6.0% on the gross proceeds from the public offering, along with an advisory fee of $22,374 [3] - The company paid finder's fees totaling $120,000 related to the private placement [3] Use of Proceeds - The net proceeds from both the public offering and private placement will be allocated for the development of the Mirabel Manufacturing Hub, R&D in drone technologies for the defense sector, potential acquisitions, capital expenditures, and general corporate purposes [4]

Core Points - Volatus Aerospace Inc. has filed a final short form prospectus for a bought deal public offering, qualifying the distribution of 33,350,000 common voting shares at a price of $0.60 per share, aiming for gross proceeds of $20,010,000 [2][3] - The offering includes an over-allotment option for an additional 5,002,500 common voting shares [2] - The expected closing date for the offering is on or about November 26, 2025, pending necessary approvals [3] Company Overview - Volatus Aerospace Inc. specializes in providing innovative aerial solutions for intelligence, surveillance, and cargo, utilizing both piloted and remotely piloted aircraft [6] - The company offers a complete ecosystem of aerial services, including operations, equipment sales, training, and mission support, aimed at helping industries integrate aerial capabilities safely and efficiently [6]

Financial Performance - For the three months ended September 30, 2025, net revenues were $1,172.5 million, a 13.8% increase from $1,029.2 million in the same period of 2024[115]. - Net income attributable to Corpay for the nine months ended September 30, 2025, was $805.3 million, up 6.3% from $757.8 million in 2024[115]. - Adjusted net income attributable to Corpay for the three months ended September 30, 2025, was $405.2 million, representing a 14.3% increase from $354.5 million in 2024[117]. - Total net revenues for Corpay consolidated reached $1,172.5 million, marking a 14% increase from $1,029.2 million in Q3 2024[127]. - Consolidated revenues for the three months ended September 30, 2025, were $1,172.5 million, reflecting a 13.9% increase compared to the prior period, driven by 11% organic growth[143]. - Total consolidated revenues were $3,280.2 million for the nine months ended September 30, 2025, an increase of 11.6% compared to the prior period[166]. - Operating income for the nine months ended September 30, 2025, was $1,429.6 million, reflecting a 10.1% increase from the prior period[173]. - Net income attributable to Corpay increased to $277.9 million for the three months ended September 30, 2025[155]. Segment Performance - Vehicle Payments segment generated $553.2 million in net revenues for the three months ended September 30, 2025, accounting for 47% of total revenues[121]. - Corporate Payments segment revenues increased to $409.7 million for the three months ended September 30, 2025, representing 35% of total revenues[121]. - Vehicle Payments segment reported net revenues of $553.2 million for Q3 2025, a 9% increase from $506.8 million in Q3 2024[127]. - Corporate Payments segment achieved net revenues of $409.7 million, reflecting a significant 27% growth compared to $321.9 million in the same quarter last year[127]. - Vehicle Payments revenues were $553.2 million, a 9.2% increase from the prior period, driven by organic growth of 10% and acquisitions contributing approximately $6 million[156]. - Corporate Payments revenues reached $409.7 million, up 27.3% from the prior period, primarily due to organic growth of 17% and acquisitions contributing approximately $28 million[158]. - Lodging Payments revenues decreased to $127.0 million, a decline of 5.2% from the prior period, attributed to lower emergency-related activity[160]. - Corporate Payments operating income was $474.6 million, a 31.0% increase from the prior period, supported by organic revenue growth and integration synergies[159]. Geographic Performance - The United States accounted for 49% of total revenues for the three months ended September 30, 2025, with net revenues of $575 million[126]. - Brazil's net revenues increased to $183 million for the three months ended September 30, 2025, representing 16% of total revenues[126]. - Corpay operates primarily in three geographies, with 79% of revenues generated in the U.S., Brazil, and the U.K.[118]. Tax and Regulatory Changes - The effective tax rate is subject to fluctuations based on earnings across various taxing jurisdictions, impacting overall financial performance[135]. - The "One Big Beautiful Bill Act" enacted on July 4, 2025, introduces new tax provisions that the company is currently evaluating for potential impacts on financial position[137]. - Provision for income taxes increased to $336.0 million with an effective tax rate of 29.4% for the nine months ended September 30, 2025, compared to $240.0 million and 24.1% in the prior period[177]. Investments and Acquisitions - In October 2025, the company invested approximately $578 million for about 35% equity in a limited partnership, with an enterprise valuation of approximately $1.9 billion[138]. - The company acquired 100% of Gringo for approximately $153.7 million in February 2025, increasing its controlling interest in Zapay to approximately 86%[139]. - In July 2025, the company announced a cash offer to acquire 100% of Alpha Group International plc for approximately £1.8 billion, completed on October 31, 2025[217][219]. - The acquisition of Alpha was funded through borrowings under the company's Credit Facility, without utilizing the £1.875 billion bridge term loan facility[218][219]. - The company divested a lower growth private label fuel card portfolio for approximately $60 million in July 2025, with the transaction closing in October 2025[221]. Cash Flow and Liquidity - Net cash provided by operating activities was $687.2 million, down from $1,291.9 million in the prior period, primarily due to changes in working capital[194]. - Net cash used in investing activities was $282.9 million, a decrease from $378.2 million in the prior period, due to less spending on acquisitions[195]. - Total liquidity as of September 30, 2025, was approximately $3.4 billion, consisting of $1.4 billion available under the Credit Facility and $2.0 billion in unrestricted cash[189]. - The company had $3.0 billion in borrowings outstanding on the Term Loan A and $3.1 billion on the Term Loan B as of September 30, 2025[200]. Stock and Shareholder Actions - The stock repurchase program authorized up to $9.1 billion, with $8.1 billion spent to repurchase 33,951,728 shares, leaving $1.0 billion available for future repurchases[214][215]. - Stock-based compensation expense for Q3 2025 was $27,592,000, down from $28,506,000 in Q3 2024, a decrease of 3.2%[234]. Strategic Partnerships - The company expanded its partnership with Mastercard, with Mastercard acquiring a 2.8% interest in the cross-border business for $300 million[139]. - A strategic partnership with Mastercard was expanded in April 2025, involving a $300 million investment for a 2.8% interest in the cross-border business[222].

Core Points - Volatus Aerospace Inc. is conducting a non-brokered private placement of up to 7,770,000 common voting shares at a price of $0.60 per share, aiming for gross proceeds of up to $4,662,000 [2][10] - The company is also executing a bought deal public offering of common voting shares for gross proceeds of $20,010,000, potentially increasing to $23,011,500 if the over-allotment option is fully exercised, bringing total gross proceeds to $24,672,000 [2][10] - The net proceeds from both offerings will be utilized for the development of the Mirabel Manufacturing Hub, R&D in drone technologies for the defense sector, potential acquisitions, capital expenditures, and general corporate purposes [3] Acquisition Update - The company has completed the acquisition of advanced RPAS technologies from Caliburn Holdings LLP, enhancing Canada's aerospace and defense manufacturing capabilities [7] - This acquisition includes complete aircraft designs, validated flight-test data, and engineering documentation for new long-endurance, fixed-wing uncrewed aircraft systems [8] - The purchase price for the acquisition was settled in common voting shares, totaling 2,631,579 shares at a price of $0.76 per share, with specific hold periods for portions of the shares [9] Strategic Positioning - Volatus believes it is well-positioned to support the Canadian government's defense goals as outlined in the recently released budget titled "Canada Strong" [11] - The infrastructure investments made by the company are aligned with advancing the government's defense priorities [11] Offering Details - The private placement shares will be offered to purchasers outside of Canada under exemptions from the prospectus requirement [4] - The expected closing date for both the public and private offerings is around November 26, 2025, pending necessary approvals [5]

Credit Agreement Amendments - The Company has requested an increase in Aggregate Revolving B Commitments by $1,000,000,000[5] - The Term B-6 Loan is established with an aggregate principal amount of $900,000,000[8] - The Aggregate Revolving B Commitments will total $1,500,000,000 after the amendment[6] - Each Incremental Revolving B Lender will increase its existing Revolving B Commitment as specified in the amendment[6] - The Company must prepay any outstanding Revolving B Loans to align with the new commitments[7] - The amendment to the Existing Credit Agreement will be effective upon satisfaction of specified conditions precedent[12] - All necessary consents and approvals for the amendment and transactions must be obtained[19] - Each Loan Party acknowledges and consents to all terms and conditions of the Amendment, affirming obligations under the Loan Documents[30] - The Amendment may be executed using Electronic Signatures and shall have the same legal effect as a paper record[42] - This Amendment is a Loan Document, a Lender Joinder Agreement, and an Incremental Facility Amendment[43] - The execution, delivery, and effectiveness of this Amendment do not operate as a waiver of any right, power, or remedy of any Lender or the Administrative Agent[43] - The Amendment includes all necessary representations and warranties from each Lender as of the Effective Date[41] - Total Incremental Revolving B Commitments amount to $1,000,000,000, with applicable percentages distributed among lenders[75] Lender Commitments - JPMorgan Chase Bank, N.A. holds a commitment of $179,000,000, representing 17.9% of the total[75] - Barclays Bank PLC has a commitment of $125,000,000, accounting for 12.5% of the total[75] - PNC Bank, National Association's commitment is $100,000,000, which is 10% of the total[75] - The Toronto-Dominion Bank, New York Branch also has a commitment of $100,000,000, representing 10%[75] - Bank of America, N.A. has a commitment of $159,059,925.13, which is 10.60% of the total[77] - The total commitment from JPMorgan Chase Bank, N.A. under the Seventeenth Amendment is $197,157,622.85, or 13.14%[77] - The total commitment from Barclays Bank PLC under the Seventeenth Amendment is $173,231,185.70, accounting for 11.55%[77] - Société Générale's commitment under the Seventeenth Amendment is $25,000,000, representing 1.67%[77] Financial Compliance and Reporting - The Company is required to provide a Pro Forma Compliance Certificate demonstrating compliance with financial covenants[21] - The Company has committed to maintaining compliance with various financial covenants as outlined in the Credit Agreement[110] - The Company is required to provide financial statements and other information to the lenders as part of the affirmative covenants[123] - The Company must ensure that no material adverse events have occurred since December 31, 2024[19] Legal and Regulatory Provisions - The legality, validity, and enforceability of the remaining provisions of this Amendment shall not be affected if any provision is held to be illegal or unenforceable[44] - The rights and obligations of the parties under this Amendment shall be governed by the laws of the State of New York[46] - The Administrative Agent will require documentation to comply with regulatory authorities under anti-money laundering rules[23] - No Default has occurred and is continuing or would result from the transactions contemplated by this Amendment[35] Definitions and Financial Metrics - The definition of "Alternative Currency Daily Rate" includes rates based on SONIA for Sterling and other designated rates for different currencies, with adjustments applicable[116] - "Alternative Currency Term Rate" is defined for various currencies, including EURIBOR for Euros and TIBOR for Yen, with a minimum rate of zero applicable[122] - The "Applicable Rate" for Term B-5 and Term B-6 Loans is set at 1.75% per annum for Term SOFR Loans and 0.75% per annum for Base Rate Loans[126] - The "Availability Period" for Revolving A and B Commitments is defined from the Third Amendment Effective Date to specified maturity dates or termination events[137] - "Attributable Indebtedness" includes capitalized amounts for Capital Leases and Synthetic Leases, as well as obligations from Receivables Facilities[134] - The "Audited Financial Statements" refer to the consolidated balance sheet and related statements for the fiscal year ended December 31, 2016, prepared in accordance with GAAP[135] - The "Applicable Percentage" for Lenders is determined based on their respective commitments and outstanding loans, with adjustments as specified in the agreement[124] - "Bail-In Legislation" refers to laws applicable in the EEA and the UK regarding the resolution of failing financial institutions[139] - The "Alternative Currency Equivalent" is determined based on exchange rates referenced from Bloomberg or other services, with specific timing for calculations[118] - "Assignee Group" consists of two or more Eligible Assignees that are Affiliates or Approved Funds managed by the same investment advisor[131] - The Base Rate is defined as the highest of the Federal Funds Rate plus 0.50%, the Bank of America's prime rate, or Term SOFR plus 1.00%[141] - Base Rate Loans are only available to the Company or the Additional Borrower and are denominated in Dollars[143] Company Structure and Acquisitions - The Company has undergone an acquisition of Associated Foreign Exchange Holdings, Inc. (AFEX) as of September 14, 2020[107] - The Company is structured as a Louisiana limited liability company and operates under the name Corpay Technologies Operating Company, LLC[102] - The Credit Agreement was entered into on October 24, 2014, among Corpay Technologies Operating Company, LLC and its subsidiaries[102] - The Company has designated certain foreign subsidiaries as Designated Borrowers under the Credit Agreement[102] - The Administrative Agent for the Credit Agreement is Bank of America, N.A.[102] Financial Ratios and Metrics - Consolidated EBITDA for the most recent four fiscal quarters is calculated by adding Consolidated Net Income, Consolidated Net Interest Charges, and other specified expenses, minus certain tax credits and extraordinary gains[170] - Consolidated Funded Indebtedness is determined in accordance with GAAP and includes all debt obligations of the Parent and its Subsidiaries[171] - The Consolidated Interest Coverage Ratio is the ratio of Consolidated EBITDA to Consolidated Net Interest Charges for the most recent four fiscal quarters[171] - The Consolidated Leverage Ratio is calculated by taking the total Consolidated Funded Indebtedness minus Unrestricted Cash, divided by Consolidated EBITDA for the most recent four fiscal quarters[172] - Consolidated Net Income represents the net income of the Parent and its Subsidiaries for the period, as determined in accordance with GAAP[173] - Consolidated Net Interest Charges include all interest and related expenses for borrowed money, adjusted for certain income[174] - Consolidated Working Capital is calculated as current assets minus current liabilities, excluding cash and cash equivalents[177] - Non-recurring fees and costs added back to Consolidated EBITDA are capped at 10% of the total for the period[170]

Core Viewpoint - Volatus Aerospace Inc. has restated its financial statements for the three and six months ended June 30, 2025, reflecting a non-cash, one-time accounting adjustment of $2,231,202 related to balance sheet restructuring, with no impact on revenue, gross margin, or cash position [1][2][3]. Financial Summary - The restatement includes a non-cash accounting adjustment of $2,231,202 due to restructuring and modification of debt instruments [2][3]. - The company's revenue for the quarter remains at $10,587,075, with a gross margin of 32% [2][3]. - The adjustment is characterized as a one-time charge and does not affect the company's operational performance [2][3]. Corporate Governance - The CFO of Volatus Aerospace emphasized the company's commitment to transparency and accuracy in financial reporting [3]. - The restated financial statements and management's discussion and analysis have been filed on SEDAR+ and are accessible on the company's website [3]. Future Outlook - The company anticipates the Government of Canada's budget announcement on November 4, 2025, which may have implications for its operations [4]. Company Overview - Volatus Aerospace is a leader in aerial intelligence and cargo solutions, serving various industries including oil and gas, energy utilities, healthcare, public safety, and infrastructure [5]. - The company focuses on enhancing operational efficiency, safety, and sustainability through advanced aerial technologies [5].