Mercer International Inc. (MERC): Business Model Canvas [Dec-2025 Updated]

You're digging into the strategy of a major forest products player facing down 2025's headwinds, and honestly, the picture is one of calculated transformation. Mercer International Inc. isn't just riding out the commodity pulp cycle; they are actively driving change, executing the 'One Goal One Hundred' cost-saving push while channeling resources toward premium, low-carbon materials like mass timber. They've got the firepower, holding $376 million in liquidity as of Q3 2025 against a backdrop of 2.1 million tonnes of pulp capacity. This isn't just about staying afloat; it's a deliberate pivot. Dive in below to see exactly how their key activities and revenue streams are being rewired for higher value.

Mercer International Inc. (MERC) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Mercer International Inc. relies on to keep its global operations running and drive its shift toward higher-value products like mass timber. These aren't just vendors; they are critical links in the supply chain and innovation chain.

Government Entities for Carbon Capture Project Funding

Mercer International Inc. is actively pursuing decarbonization through partnerships with technology providers and by engaging with regulatory frameworks that support such projects. The company is working with Svante Technologies on its proposed carbon capture and storage (CCS) project at the Peace River pulp mill in Alberta, which has advanced to the Front-end Engineering and Design Phase 2 (FEL-2) as of April/May 2025. This project targets biogenic $\text{CO}_2$ emissions from biomass sourced from sustainably managed forests. The project's energy needs will be met by low-carbon electricity generated onsite, supplemented by recovered waste heat to increase net $\text{CO}_2$ emissions avoided. While a specific 60% grant for Peace River is not detailed, Mercer International Inc. did report receiving \$3.1 million in government grants for capital projects at its mass timber facilities in the six months ended June 30, 2025. For the second quarter of 2025 alone, the company reported \$3,115 thousand in Proceeds from government grants.

Log and Fiber Suppliers in North America and Europe

Securing raw material is fundamental, and Mercer International Inc. manages this through dedicated service companies and joint ventures. In central Europe, Mercer Holz stands as one of the largest buyers of wood. In Alberta, the Peace River Logging Limited Partnership, a joint venture with a local First Nation, is responsible for harvesting 30% of the Peace River Pulp mill's fibre supply. All wood procurement teams employ chain of custody certification to ensure sustainably managed forest sources. Fiber costs are a major component of production; for lumber, per unit fiber costs increased by approximately 12% in the first quarter of 2025 compared to the same quarter in 2024.

Here's a look at the cost structure relevance:

Global Shipping and Logistics Providers for International Distribution

Mercer International Inc. moves its finished goods, including NBSK and NBHK pulp and NBSK lumber, using a mix of owned and third-party assets across road, rail, and ocean transport. The company maintains significant infrastructure in Europe to secure supply lines. They own and operate a fleet of trucks in Germany for many deliveries. Furthermore, Mercer owns over 300 custom-built log transport railcars and holds exclusive rights to railway sidings throughout Europe, including access to Baltic Sea ports to help secure long-term supply.

The geographic distribution of sales shows reliance on international markets:

• The U.S. market accounted for approximately 47% of lumber revenues in Q1 2025.
• The majority of the balance of lumber sales were directed to Europe in Q1 2025.

Technology Partners for Mill Optimization and Efficiency

To counter market volatility and improve operational performance, Mercer International Inc. is executing its cost-saving initiative. The company is progressing with its 'One Goal One Hundred' program, which targets \$100 million in cost savings and operational efficiency actions by the end of 2026, relative to 2024 levels. Operational efficiency improvements were noted in Q2 2025, as fewer days of planned annual maintenance downtime at pulp mills partially offset negative Operating EBITDA.

Strategic Alliances for Mass Timber Construction Projects

The growth strategy for Mercer International Inc. heavily involves expanding its mass timber business, which was significantly bolstered by the acquisition of Structurlam Mass Timber Corporation. This acquisition brought two new manufacturing facilities online under the Mercer Mass Timber (MMT) brand: Mercer Conway in Arkansas, USA, and Mercer Okanagan in Okanagan Falls, British Columbia, Canada. This integration reinforces MMT's standing as North America's top mass timber product producer. MMT is also actively forming alliances to drive industry adoption.

Key mass timber partnerships as of 2025 include:

• CLT Toolbox: A strategic partnership to embed product-specific, code-compliant design tools into a digital platform, simplifying design for structural engineers.
• Nisus Corporation: Listed as an Expertise Partner for sustainable pest control and wood protection solutions.
• U.S. Green Building Council (USGBC): A Supporting Partner in the mass timber construction advancement ecosystem.
• Walmart: MMT is supplying materials for the new Walmart Home Office Campus in Arkansas, which sets new standards for sustainable working environments.

The MMT facility in Spokane Valley, Washington, is home to one of the globe's largest CLT presses.

Mercer International Inc. (MERC) - Canvas Business Model: Key Activities

You're looking at the core engine of Mercer International Inc. (MERC), the daily grind that keeps the whole operation turning, especially when commodity prices are choppy. Here's the rundown on what Mercer International Inc. is actively doing to generate revenue and manage costs as of late 2025.

Operating and maintaining large-scale pulp and wood product mills

This is the foundation, running the physical assets across North America and Europe. The scale is significant, with Mercer International Inc. maintaining a consolidated annual production capacity of approximately 2.1 million tonnes of pulp and 960 million board feet of lumber across its operations. The pulp segment is the primary revenue driver, though it faced margin pressure; for the third quarter of 2025, this segment reported revenues of $339.0 million, a decrease of approximately 9% from the same quarter in 2024. The solid wood segment, which includes lumber, is a critical secondary stream, reporting revenues of $117.2 million in Q3 2025.

The operational reality in Q3 2025 included a negative Operating EBITDA of $28.1 million for the consolidated company, a sharp drop from positive $50.5 million in Q3 2024. This reflects the cost of keeping those large mills running amidst market headwinds.

Executing the 'One Goal One Hundred' cost-saving program

Mercer International Inc. is aggressively pursuing internal efficiencies through the One Goal One Hundred program. This initiative targets a total of $100 million in cost savings and operational improvements by the end of 2026, using 2024 as a baseline. The near-term action is focused on realizing a substantial portion this year; management expects to achieve approximately $30 million in cost and reliability-related savings by the end of 2025. This program also includes targeting $20 million in CapEx reductions relative to previous 2025 guidance and $20 million in working capital reductions. As of Q2 2025, the program had realized about $5 million in savings.

Sourcing and processing wood fiber (pulp and lumber production)

Sourcing and processing wood fiber is the input for both major segments. The cost side of this activity has been a major factor; in Q3 2025, the company cited higher per unit fiber costs as a primary driver for the negative segment EBITDA. Despite the cost pressure, the company is moving product through the system. Pulp sales volumes in Q3 2025 were 453,000 tonnes, which was an increase of 26,000 tonnes over the prior year period. The lumber business showed some positive momentum, with lumber revenue increasing by approximately 17% in Q1 2025.

Here's a quick look at the top-line performance for the core products through Q3 2025:

Generating and selling surplus green energy (bio-energy)

The pulp mills also generate bio-energy, which contributes a secondary revenue stream. For the third quarter of 2025, revenues from energy, biofuels, and wood residuals increased by approximately 27% to $17.4 million, up from $13.7 million in the same quarter of 2024. This increase was attributed to higher sales realizations and energy sales volumes. Mercer International Inc. has a stated annual production capacity for biofuels of 230,000 metric tonnes.

Developing and engineering mass timber products (CLT, Glulam)

Mercer International Inc. is actively developing its mass timber business, positioning it as a high-growth, sustainable product line. The company's consolidated annual production capacity for cross-laminated timber (CLT) is listed at 210,000 cubic meters, with a capacity of 45,000 cubic meters for glulam. The Spokane Valley facility alone produces up to 104,000 cubic meters of CLT annually. This focus is significant, as Mercer Mass Timber accounts for about 30% of North American mass timber manufacturing capacity.

The strategic importance of this activity is clear from the focus on future-facing products:

• CLT and glulam are seen as displacing carbon-intensive products like concrete and steel.
• The Spokane Valley facility employs 82 people.
• The facility is undergoing a $30 million private investment expansion.

Finance: draft the 2026 CapEx budget reflecting the $20 million reduction target by next month.

Mercer International Inc. (MERC) - Canvas Business Model: Key Resources

You're looking at the core assets Mercer International Inc. (MERC) relies on to run its global forest products business as of late 2025. These aren't just assets; they are the physical and financial bedrock supporting their operations across continents.

The physical footprint is centered around a global network of pulp and solid wood manufacturing facilities spread across three key countries: Germany, the USA, and Canada. This geographical spread helps manage fiber sourcing and market access, which is defintely important given current trade dynamics.

The scale of the operation is best understood through its capacity figures. Mercer International Inc. maintains a consolidated annual production capacity of 2.1 million tonnes of pulp. That's a massive throughput, but they're also big in wood products.

Here's a quick look at the key production capacities reported across their segments:

Financially, maintaining a strong buffer is crucial when market volatility hits, as seen in Q3 2025. Mercer International Inc. reported a strong liquidity position totaling $376 million as of the end of the third quarter of 2025. This liquidity is broken down into tangible and accessible components.

The composition of that liquidity position as of September 30, 2025, looked like this:

• Cash and cash equivalents: approximately $98.1 million
• Undrawn revolving credit facilities: approximately $278.0 million

When you look at securing the raw material, Mercer International Inc. has established extensive timberland access and fiber supply agreements. For instance, the Mercer Peace River mill holds the rights to Forest Management Agreements covering 2.7 million hectares to secure its hardwood fiber needs.

Beyond traditional products, intellectual property and expertise in bio-product conversion represent a growing asset class. This is evidenced by specific facilities and output capabilities:

• The Mercer Lignin Center in Germany, operational since August 2023, is designed to produce 1,000 kilograms of high-quality lignin daily.
• The company produces electrical and thermal energy from biomass byproducts, with the Mercer Rosenthal mill having an electricity generation capacity of 57 MW.
• The Mercer Mass Timber facility in Spokane Valley, WA, is one of the largest CLT presses globally.

Mercer International Inc. (MERC) - Canvas Business Model: Value Propositions

You're looking at the core offerings Mercer International Inc. brings to its customers as of late 2025, grounded in their operational performance through the third quarter of 2025.

Reliable supply of commodity market pulp and lumber

Mercer International Inc. maintains its position as a supplier of commodity pulp and lumber, though recent market dynamics show price volatility impacting revenue realization for pulp. For the third quarter of 2025, pulp revenues were reported at $318.6 million, a decrease from $354.2 million in the same quarter of 2024. The company's pulp sales volumes remained relatively consistent, at 452,840 ADMTs in the third quarter of 2025 compared to 448,856 ADMTs in the third quarter of 2024. Conversely, the solid wood segment showed strength in lumber realizations.

The performance across these core commodity lines in the third quarter of 2025 compared to the prior year is detailed below:

Sustainable, low-carbon building materials (mass timber/CLT)

Mercer International Inc. is actively scaling its mass timber business, positioning it to capture demand for low-carbon building solutions. The company's strategy centers on synergistic diversification, including expanding engineered-wood exposure. Revenue from manufactured products, which includes mass timber, showed growth in the first quarter of 2025, reaching $18.8 million, up from $16.7 million in the first quarter of 2024. However, mass timber revenue was $90 million in the second quarter of 2025, down from $112 million in the first quarter of 2025, due to high-interest rates impacting project timelines. Government appetite for tall wood buildings continues to increase, with both Canada and the US now permitting up to 18 stories.

Green energy generation from renewable biomass (83% renewable fuel-based energy in 2024)

A key value proposition is the generation of green energy from renewable biomass, primarily black liquor and wood waste, using biomass cogeneration plants. For the full year 2024, Mercer International Inc. achieved 83% of its energy from renewable sources, against a 2030 goal of 90%. Specifically, in 2024, out of 13,855,495 MWh of Energy Consumption from Fuels, 11,506,204 MWh came From Renewable Sources. The company also sells excess energy to third-party utilities and regional electrical markets, with electricity sales reported at 923,499 MWh in 2024.

Diversification into higher-value, specialized wood products

Mercer International Inc. is strategically diversifying away from heavy reliance on commodity cycles by expanding into higher-value products. This includes growing the mass timber business and seeking to maximize benefits from raw materials by expanding into products like bio-chemicals such as lignin. The company's overall strategy includes synergistic diversification of operations. The pulp segment remains the largest revenue generator, but the solid wood segment, including lumber and manufactured wood products, brought in $122.7 million in Q1 2025. Energy and chemical sales generated $24.1 million in Q1 2025.

Consistent product quality and supply chain reliability for industrial clients

The company emphasizes operational excellence and reliability, with both sawmills being ISO 50001 certified for energy management. Mercer International Inc. is also advancing a carbon capture project at Peace River Mill, which could generate $100 million annually from CO2 credits. The company is advancing its 'One Goal One Hundred' program, targeting $100 million in cost savings and operational efficiency actions by the end of 2026, using 2024 as a baseline. For the nine months ended September 30, 2025, total revenues were $1,418.6 million.

Finance: draft 13-week cash view by Friday.

Mercer International Inc. (MERC) - Canvas Business Model: Customer Relationships

You're looking at how Mercer International Inc. keeps its B2B industrial clients locked in, especially when market volatility hits like it did in Q3 2025, where Operating EBITDA was negative $28.1 million.

Dedicated account management and direct sales for B2B industrial clients are key, particularly as the company navigates fluctuating pulp realizations, which saw average NBHK pulp sales realizations drop by approximately 16% to $528 per ADMT in the third quarter of 2025. Still, the direct sales approach helped keep total pulp sales volumes relatively flat at 452,840 ADMTs for that quarter.

The relationship-driven model focuses on fostering long-term partnerships, which is critical for securing volume when overall total revenues for the nine months ended September 30, 2025, decreased by approximately 9% to $1,418.6 million. This stability is sought through long-term supply agreements to ensure stable volume and pricing, a necessary buffer against the highly cyclical nature of the business.

For the growing mass timber segment, Mercer Mass Timber acts as a collaborator, not just a supplier, offering a full suite of solutions from sourcing to delivery. This involves a vertically integrated approach to minimize project complexities for the client.

Mercer International Inc. is a global forest products company with a consolidated annual production capacity of 2.3 million tonnes of pulp, 960 million board feet of lumber, 210 thousand cubic meters of cross-laminated timber, and 45,000 cubic meters of glulam.

Proactive technical support for pulp and mass timber applications is embedded in the service offering. For mass timber, this includes leveraging tools like Virtual Design and Construction (VDC) and Building Information Modeling (BIM) to ensure immaculate execution from conception to realization.

The drive for cost-competitiveness is directly enhanced by the $100 million efficiency program, named "One Goal One Hundred," which targets this level of profitability improvement by the end of 2026, using 2024 as a baseline. As of Q2 2025, $5 million in cost savings had been realized, with an expected total of $25 million in cost savings for 2025. Management currently expects to realize approximately $30 million in cost savings and reliability improvements by the end of 2025.

Here's a quick look at how the lumber segment, which relies heavily on direct customer relationships in the U.S. and Europe, performed in Q3 2025:

The mass timber division supports its customer relationships with specialized capabilities:

• Offers custom and standard CLT, GLT, and Glulam products.
• Bolsters expertise by pooling industry stalwarts for complex ventures.
• Utilizes advanced tools like parametric design and CNC cutting.
• Provides in-house engineering expertise and precise logistics.

The company is also taking additional steps aimed at improving liquidity through further cost reductions and lowering capital expenditures in 2026 as part of the efficiency drive.

Mercer International Inc. (MERC) - Canvas Business Model: Channels

You're looking at how Mercer International Inc. gets its renewable materials-pulp, lumber, and mass timber-to the industrial buyers and construction firms that need them, which is a mix of direct sales, logistics mastery, and specialized product delivery.

Direct sales force engagement with industrial buyers globally is key for their commodity products. For instance, in the third quarter of 2025, Mercer International Inc. shipped a total of 452,840 ADMTs of pulp, with sales realizations averaging $528 per ADMT for NBSK pulp. For lumber, the sales volume in that same quarter was 110.2 MMfbm, achieving an average realization of $553 per Mfbm. The U.S. market was a significant destination, accounting for approximately 48% of lumber revenue and approximately 44% of lumber sales volumes in Q3 2025.

Here's a look at the sales realization performance for the third quarter of 2025 compared to the prior year:

The total revenues for the first half of 2025 were $960.5 million, down from $1,052.8 million in the first half of 2024, reflecting the impact of lower sales volumes and realizations in pulp and manufactured products.

International port access and bulk shipping for pulp and lumber are critical for moving high-volume commodities. Mercer Celgar, for example, is strategically located near the British Columbia coast, which facilitates the sale of most of its pulp product to Asia. For ocean freighter orders, the contract terms dictate that control transfers when the product passes the ship's rail. For European sales moved by truck or train directly from the mills, control transfers when the truck or train leaves the mill. Mercer Forestry Services supports this by harvesting and transporting approximately 300,000 cubic metres of wood annually.

The channel for specialized distribution network for mass timber products (CLT/Glulam) is focused on proximity to construction markets and access to multimodal transport. Mercer Mass Timber in Spokane Valley, WA, features one of the largest CLT presses globally and has easy access to rail lines and interstate highways. Capacity figures for their specialized facilities include:

• Mercer Conway: 74,000 m³ Annual CLT and glulam production capacity.
• Mercer Okanagan: 113,000 m³ Annual production capacity (94,000 m³ CLT and 19,000 m³ Glulam).

Historically, the company reported an annual production capacity of 140 thousand cubic meters of cross-laminated timber.

The use of long-term contracts with major paper, packaging, and construction firms helps stabilize revenue against commodity volatility. Mercer International Inc. signed its first significant mass timber project contract in 2023, which utilized four months of capacity at the Spokane facility over the course of that year. SEC filings explicitly mention accounting for amounts under long-term contracts. The company is also working to achieve a target of $100 million in profitability improvement actions by the end of 2026, using 2024 as a baseline, which includes operational efficiency measures that support contract fulfillment.

Digital platforms for investor relations and corporate communication are standardized through regulatory filings. Mercer International Inc. is required to submit its detailed financial data, such as the Third Quarter 2025 results, via Form 10-Q to the United States Securities and Exchange Commission. As of November 4, 2025, the Registrant had 66,982,506 shares of common stock outstanding. The company also uses its website to communicate operational milestones, such as advancing a carbon capture and sequestration project at the Peace River mill, which is in the conceptual engineering and scope development stage (FEL-2).

Mercer International Inc. (MERC) - Canvas Business Model: Customer Segments

Mercer International Inc. operates exclusively within a B2B framework, segmenting its customer base into distinct industrial groups that utilize pulp, solid wood products, and renewable bio-energy solutions. The company's strategic diversification means its customer needs span from commodity chemical pulp buyers to specialized mass timber users in construction.

The Global Paper and Packaging Manufacturers represent the largest historical customer base, primarily purchasing market pulp. In 2024, this segment generated approximately 60% of Mercer International Inc.'s total revenue. Core clients in this group include large industrial manufacturers who demand certified sustainable sourcing and reliable supply chains. For instance, in the first quarter of 2025, average Northern Bleached Softwood Kraft (NBSK) pulp sales realizations in China were reported at $793 per ADMT, while North America saw $1,753 per ADMT.

The Commercial Construction Industry is a key target for the Wood Products division, which accounted for roughly 30% of 2024 revenue. This segment targets builders, architects, and developers seeking sustainable building materials, including engineered wood products like cross-laminated timber (CLT) and glue-laminated timber (glulam). The U.S. market accounted for approximately 47% of lumber revenues in the first quarter of 2025, with the majority of the balance sold to Europe. By the third quarter of 2025, the U.S. share of lumber revenues was 48%.

Utility companies and industrial clients purchasing renewable bio-energy form the Green Energy segment, which is noted as the fastest-growing area. This segment represented about 10% of 2024 revenue, with its revenue growing 22% year-over-year in the first quarter of 2025 from selling renewable energy to the grid and industrial users in Europe. Energy and chemical revenues in the third quarter of 2025 were $20.4 million.

Mercer International Inc. serves geographically diverse markets, with significant sales concentrated in North America, Europe, and Asia. The company's operational footprint includes mills and timberlands across North America, Europe, and Australia, serving as production and distribution hubs. The geographic revenue breakdown for the first quarter of 2025 highlights the importance of European operations, even as the U.S. remains a major market.

Here's a look at the revenue distribution for specific geographic markets reported in the first quarter of 2025, alongside the 2024 segment revenue mix:

The specific types of entities within these customer segments prioritize different product attributes, which influences Mercer International Inc.'s sales focus:

• Global Paper and Packaging Manufacturers require FSC and PEFC certified sustainable products.
• The Pulp segment serves manufacturers in tissue production and printing and writing paper.
• Wood Products targets large retail chains and construction firms for mass timber projects.
• Green Energy targets industrial energy consumers and grid operators, particularly in Europe.

Mercer International Inc. (MERC) - Canvas Business Model: Cost Structure

You're looking at Mercer International Inc.'s cost base as they navigate a tricky 2025 market, so let's focus on the hard numbers driving their expenses right now.

High variable costs are dominated by wood fiber and raw material procurement. This is a major lever that management can't fully control. For instance, in the first quarter of 2025, the company noted higher per unit fiber costs compared to the prior year period. The pressure continued, as management indicated in Q3 2025 that they anticipate meaningful fiber cost increases in Q4 due to reduced sawmill residual availability and increased competition for wood chips in Germany.

Logistics, foreign exchange (FX), and energy costs form another significant part of the variable and semi-variable operating expenses. The impact of FX fluctuations was clear in Q3 2025; the U.S. dollar weakness increased operating costs by almost $11 million compared to Q2 2025. Overall, costs and expenses in the third quarter of 2025 rose by approximately 7% to $525.7 million from $493.3 million in Q3 2024, driven by those higher fiber costs and the negative FX impact on euro-denominated expenses. Energy and chemical revenues were flat at $24.1 million in Q1 2025, but the associated costs are always a factor in mill operations.

Fixed costs are tied heavily to maintaining the production base. Mill operations require significant, non-negotiable spending, especially for maintenance. Planned maintenance downtime is a major cost driver. In Q1 2025, the estimated EBITDA impact from downtime at the Celgar mill alone was ~$30 million, covering direct costs and lost production from 22 days of planned maintenance. The total planned downtime for the pulp segment was 79 days in 2025, up from 57 days in 2024.

Management has been aggressively managing capital deployment. The planned capital expenditures (CapEx) for 2025 were reduced to $100.0 million. This focus reflects a prioritization of maintenance of business, environmental, and safety CapEx, while strategic projects are still moving forward. They expect 2026 CapEx to be meaningfully lower than the 2025 spend.

The primary internal cost countermeasure is the 'One Goal One Hundred' efficiency program. This initiative targets a total of $100 million in cost savings and operational improvements by the end of 2026, using 2024 as a baseline. Here's the quick math on the expected realization of these costs associated with the program:

The company is actively working to offset these costs through operational discipline. The focus is on reliability improvements and cost control to drive these savings, so you can see the direct link between the program and the cost structure management.

Here is a summary of the key cost and expense impacts reported through the first three quarters of 2025:

• Costs and expenses in Q1 2025 decreased by approximately 10% to $500.2 million from Q1 2024, partially offset by higher fiber costs.
• Q3 2025 net loss was $80.8 million, which included a $20.4 million non-cash inventory impairment charge.
• Operating EBITDA for Q3 2025 was negative $28.1 million, down from positive $50.5 million in Q3 2024.
• The company ended Q3 2025 with total liquidity of $376.1 million, down from $438 million in Q2 2025, reflecting the need for capital discipline.

Mercer International Inc. (MERC) - Canvas Business Model: Revenue Streams

You're looking at how Mercer International Inc. actually brings in the money, which is key to understanding their whole operation. It's not just one thing; it's a mix of commodity sales and value-added products, though one area clearly dominates.

The primary revenue driver remains the sale of pulp. For the first quarter of 2025, the Pulp segment, which bundles pulp, energy, and chemical sales, generated $381.1 million. This is definitely the largest segment, as you noted. To be fair, the pulp-only revenue within that was $357.0 million in Q1 2025, with energy and chemical sales contributing $24.1 million in that same quarter.

The other major component is solid wood products. This includes lumber, mass timber, and other manufactured goods. The total revenue for the first half of 2025 hit $960.5 million.

Here's a quick math check on the Q1 2025 breakdown, which shows how the pieces fit together:

The revenue streams are clearly defined by their operational outputs. You can see the core business is selling the commodity pulp, but the solid wood side is a significant contributor, especially when you look at the total picture.

The specific revenue streams Mercer International Inc. relies on include:

• Market pulp sales, the largest component.
• Solid wood product sales, covering lumber and manufactured products.
• Sales of surplus green energy and chemicals generated from mill operations.
• Revenue from mass timber projects, which falls under manufactured products, like CLT and Glulam sales.

It's worth noting the volatility in the manufactured products area; for instance, manufactured products revenue in the second quarter of 2025 dropped significantly to $12.4 million from $35.4 million in Q2 2024, largely because high interest rates hurt demand for those products. That's a real-world risk mapping directly to a revenue line item.

Finance: draft 13-week cash view by Friday.