Category: GlobeNewswire

MIL-OSI: CSW Industrials Reports Record Fiscal 2025 Second Quarter Results

Source: GlobeNewswire (MIL-OSI)

DALLAS, Oct. 30, 2024 (GLOBE NEWSWIRE) — CSW Industrials, Inc. (Nasdaq: CSWI or the “Company”) today reported record results for the fiscal 2025 second quarter period ended September 30, 2024.

Fiscal 2025 Second Quarter Highlights (comparisons to fiscal 2024 second quarter)

Total revenue increased 11.9% to an all-time quarterly high of $227.9 million, driven by organic growth of 6.2% and inorganic growth of 5.7% from the recent acquisitions of Dust Free and PSP Products
Net income attributable to CSWI increased 20.0% to $36.1 million, compared to $30.1 million
Earnings per diluted share (“EPS”) increased 17.1% to $2.26, compared to $1.93
EBITDA grew 14.8% to $60.8 million, including margin expansion of 70 bps to 26.7%
Cash flow from operations increased 49.5% to $66.8 million, compared to $44.7 million
Issued and sold 1.265 million shares of stock at $285 per share in a successful follow-on equity offering, resulting in net proceeds of $347.4 million
Paid down $115.0 million, or all outstanding debt on the revolver following the equity offering, further improving the strength of the balance sheet

Fiscal 2025 First Half Highlights (comparisons to fiscal 2024 first half)

Total revenue increased 11.6% to $454.1 million, of which 7.0%, or $28.3 million was organic growth, and $18.8 million, or 4.6%, was inorganic growth from recent acquisitions
Net income attributable to CSWI increased 23.0% to $74.6 million, as compared to $60.7 million
EPS improved 21.5% to $4.73, compared to $3.90
EBITDA increased 17.4% to $126.1 million, including margin expansion of 140 bps to 27.8%
Cash flow from operations increased 36.4% to $129.5 million, compared to $94.9 million
Invested $32.3 million in acquisitions and $8.6 million in organic capital expenditures, while returning total cash of $15.4 million to shareholders through share repurchases of $8.9 million and dividends of $6.5 million

Comments from the Chairman, President, and Chief Executive Officer

Joseph B. Armes, CSW Industrials’ Chairman, President, and Chief Executive Officer, commented, “I am pleased to announce these outstanding results for the fiscal second quarter of 2025. CSWI’s record revenue for the quarter was driven by organic volume growth, pricing actions, and our strategic acquisitions of Dust Free and PSP Products. The team also achieved all-time record operating cash flow and record fiscal second quarter net income, earnings per diluted share, and EBITDA for the quarter.”

Armes continued, “During the second fiscal quarter 2025, CSWI issued equity to the public for the first time in our history. Strong investor demand, after the public announcement of our follow-on equity offering, allowed the Company to issue a total of 1.265 million shares of common stock proving that our track record of building long-term shareholder value is attractive to both pre-existing and new shareholders, while also being accretive to our earnings due to the full repayment of our debt and investment in interest-bearing accounts. In addition, our disciplined capital allocation philosophy led us to acquire PSP Products in the quarter, adding innovative products within the profitable electrical end market for CSWI. Subsequent to quarter end, the Company announced a mid-year, 14% increase in our quarterly cash dividend, reflecting our strong balance sheet, cash flows, and profitability.”

Fiscal 2025 Second Quarter Consolidated Results

Fiscal second quarter revenue was $227.9 million, a $24.3 million or 11.9% increase over the prior year period. Total revenue growth included $12.7 million of organic growth contributed from all operating segments (6.2% of the total 11.9% growth) due to increased volume and pricing actions, with the remainder contributed by the Dust Free and PSP acquisitions, which are both reported in the Contractor Solutions segment.

Gross profit in the fiscal second quarter was $103.9 million, representing 14.2% growth over $91.0 million in the prior year period. Gross profit margin expanded 90 bps to 45.6%, compared to 44.7% in the prior year period. The gross profit margin increase was primarily a result of volume leverage and pricing actions.

Operating expenses as a percentage of revenue were 23.0% in the current period, which was below the prior year period of 24.0%. Operating expenses were $52.4 million in the current year period, compared to $49.0 million in the prior year period and we were able to leverage our revenue growth while absorbing additional expenses related to the recent acquisitions, spending on business development and integration, and investing in team members.

Operating income in the current period was $51.5 million, compared to $42.0 million in the prior year period. Operating income as a percentage of revenue was 22.6% in fiscal 2025 second quarter, compared to 20.6% in the prior year period. The 200 bps improvement in operating income margin was a result of the previously mentioned improvement in the gross profit margin and leverage on operating expenses.

Interest expense was $1.3 million, compared to interest expense of $3.3 million in the prior year period. The decrease of $2.0 million was a result of a lower debt balance throughout the quarter and paying off the outstanding balance borrowed against our revolver and interest income earned from the net proceeds of the equity offering.

Other expense was $0.7 million, compared to other income of $1.9 million in the prior year period. The change in other expense of $2.6 million was primarily related to a gain of $1.4 million reported in the previous period in connection with the sale of a property previously held for investment that did not recur, in addition to losses arising from transactions in currencies other than functional currencies.

Net income attributable to CSWI (net of non-controlling interest in the joint venture) increased 20.0% to $36.1 million, compared to the prior year period of $30.1 million, and EPS increased 17.1% to $2.26, compared to $1.93 in the prior year period.

Fiscal 2025 second quarter EBITDA increased 14.8% to $60.8 million, up from $53.0 million in the prior year period. EBITDA margin expanded 70 bps to 26.7%, compared to 26.0% in the prior year period.

During the fiscal second quarter 2025, the Company issued equity to the public for the first time. On September 4, 2024, CSWI announced the commencement of an underwritten public offering of one million shares of common stock. The following day, the Company announced the upsize of the public offering to 1.1 million shares of common stock at a price of $285 per share, plus an option for the underwriters to purchase up to an additional 165 thousand shares. In the aggregate, CSWI was able to issue and sell 1.265 million shares of common stock at $285 for proceeds of approximately $347.4 million, net of underwriting discount and expenses incurred directly related to the offering. The follow-on equity offering increased the Company’s weighted average shares outstanding, used in determining the diluted EPS, by 336 thousand for the fiscal 2025 second quarter and 169 thousand for the first half of fiscal 2025.

During the fiscal second quarter, the Company paid down $115.0 million of debt, resulting in no borrowings outstanding under the revolving line of credit at quarter end, utilizing the record quarterly cash flows from operations of $66.8 million and the cash received from our follow-on equity offering. Cash flows from operations benefited from a $16.8 million tax payment deferral from fiscal first half 2025 to fiscal third quarter 2025 under a temporary federal tax relief related to the severe storms and flooding in Texas in early 2024.

Following quarter-end, the Company announced its twenty-third consecutive regular quarterly cash dividend. This dividend was increased by $0.03, or 14.3%, from the prior quarter to $0.24 per share due to our strong balance sheet, cash flows and profitability, and will be paid on November 8, 2024, to shareholders of record on October 25, 2024.

The Company’s effective tax rate for the fiscal second quarter was 26.1%. The third quarter GAAP tax rate may be lower than average, due to a potential $3.6M release of uncertain tax position reserves upon statue expiration of several pre-acquisition tax returns for TRUaire and Falcon.

Fiscal 2025 Second Quarter Segment Results

The Contractor Solutions segment revenue was $158.8 million, an $18.9 million or 13.5% increase over the prior year period, comprised of organic growth of $7.3 million (5.2% of the total 13.5% growth) driven by increased organic unit volumes and pricing actions, and inorganic growth of $11.6 million from the recent acquisitions of Dust Free and PSP Products. As compared to the prior year period, net revenue growth was driven by the HVAC/R, electrical, and plumbing end markets. Segment operating income improved to $46.3 million, compared to $39.0 million in the prior year period. The incremental profit resulted from revenue growth, gross profit leverage, and the inclusion of recently acquired businesses and was partially offset by increased spending on business integrations, strategic development activities, and employee compensation. Segment operating income margin in the fiscal second quarter was 29.1%, compared to 27.9% in the prior year period. Segment EBITDA in the fiscal second quarter was $53.7 million, or 33.8% of revenue, compared to $46.6 million, or 33.3% of revenue in the prior year period.

The Specialized Reliability Solutions segment revenue was $38.5 million, a $1.9 million or 5.2% increase from the prior year period. The increased net revenue was driven by growth in the energy, rail transportation, and mining end markets. Segment operating income improved to $5.8 million, as compared to $4.8 million in the prior year period, an increase of 20.5%. Segment operating income margin in the fiscal second quarter improved to 15.1%, compared to the prior year period of 13.2% as a result of manufacturing efficiencies. Segment EBITDA improved by 13.2% to $7.1 million in the fiscal second quarter, with an EBITDA margin of 18.4% as compared to 17.2% in the prior year period.

The Engineered Building Solutions segment revenue was a record $32.7 million, or 11.9% increase compared to $29.2 million in the prior year period, driven by strength in the backlog converting to revenue and market expansion. Segment operating income was $6.1 million, or 18.6% of revenue, compared to the prior year period of $5.2 million, or 17.9% of revenue, due to the management of operating expenses. Segment EBITDA and EBITDA margin also improved to $6.6 million and 20.1% in the fiscal second quarter, compared to $5.7 million and 19.5% in the prior year period.

Fiscal 2025 First Half Consolidated Results

Fiscal first half revenue was $454.1 million, representing 11.6% growth from $407.0 million in the prior year period, with growth in all three reporting segments. Of the $47.1 million total growth, $28.3 million (7.0% of the 11.6% total growth) resulted from organic growth, with the remainder ($18.8 million) contributed by the Dust Free and PSP acquisitions.

Gross profit in the fiscal first half was $211.3 million, representing $28.2 million (15.4%) growth from $183.1 million in the prior year period, with the incremental profit resulting predominantly from revenue growth driven by increased unit volumes, a slight increase from pricing actions, and recent acquisitions. Gross profit as a percentage of sales was 46.5%, compared to 45.0% in the prior year period. Gross margin improvement was a result of leveraging the volume increase, favorable product mix and pricing actions.

Operating expenses as a percentage of revenue were 23.1%, compared to 23.6% in the prior year period, as the increase in revenue growth outpaced operating expenses. Operating expenses in the current year period were $104.7 million, compared to $95.9 million in the prior year period. The additional expenses were related to employee compensation, expenses related to recent acquisitions including amortization of intangible assets, business development expenses, and integration costs.

In the current period, operating income was $106.6 million, compared to $87.2 million in the prior year period. The incremental operating income resulted from the gross profit increase, partially offset by the operating expense increase as discussed above. Operating income margin in the current period improved to 23.5%, compared to the prior year period of 21.4%. During the comparative periods, the enhanced operating income margin was due to the improvement in gross profit margin combined with the management of operating expenses.

Interest expense was $3.9 million, compared to interest expense of $7.3 million in the prior year period. The decrease of $3.4 million was a result of a lower debt balance throughout the first half of the year, then paying off the outstanding balance borrowed against our revolver and interest income earned from the net proceeds of the equity offering.

Other expense was $0.4 million, compared to other income of $2.2 million in the prior year period. The change in other expense of $2.6 million was primarily related to the aforementioned gain of $1.4 million, in addition to losses arising from transactions in currencies other than functional currencies.

In the current period, reported net income attributable to CSWI improved to $74.6 million, or $4.73 per diluted share. In the prior year period, reported net income attributable to CSWI was $60.7 million, or $3.90 per diluted share.

Fiscal 2025 first half EBITDA increased 17.4% to $126.1 million from $107.4 million in the prior year period. EBITDA as a percentage of revenue improved 140 bps to 27.8%, compared to 26.4%, in the prior year period.

Net cash provided by operating activities for the fiscal 2025 first half was a record $129.5 million, compared to $94.9 million in the prior year’s first half, as improved profit, and the tax payment deferrals led to a 36.4% increase compared to the prior year period. The Company paid down all $166.0 million of debt in the first half utilizing our record cash flow from operations and net proceeds from the follow-on equity offering.

The Company’s effective tax rate for the fiscal first half was 26.2% on a GAAP basis.

Fiscal 2025 First Half Segment Results

Contractor Solutions segment revenue was $319.3 million, a $39.4 million or 14.1% increase from the prior year period. Revenue growth was comprised of inorganic growth from Dust Free and PSP acquisitions ($18.8 million, or 6.7%, of growth), and organic growth of $20.6 million (7.4% of the total 14.1% growth) due to increased unit volumes and a slight increase from pricing actions. As compared to the prior year period, net revenue growth was driven primarily by the HVAC/R, plumbing, and electrical end markets. Segment operating income in the current year period was $96.1 million, compared to $78.7 million in the prior year period. The incremental profit resulted from the increased unit volumes, favorable product mix, and the inclusion of recent acquisitions, partially offset by increased expenses related to employee compensation and business integrations as the segment builds the infrastructure to support continued growth, and increased expenses related to the inclusion of Dust Free and PSP in the current period, including amortization of intangible assets. Segment operating income margin was 30.1%, compared to 28.1% in the prior year period, driven primarily by increased operating leverage from the additional volume, favorable product mix and pricing actions, combined with the management of operating expenses. Segment EBITDA in the current period was $112.0 million, or 35.1% of revenue, compared to $93.4 million, or 33.4% of revenue in the prior year period.

Specialized Reliability Solutions segment revenue grew to $75.3 million, a $1.0 million or 1.3% increase from the prior year period of $74.3 million, primarily due to pricing actions and increased unit volumes, with growth in the rail transportation end market and a decrease in mining. In the current year period, Segment operating income improved by 10.0% to $13.0 million, or 17.2% of revenue, compared to the prior year period of $11.8 million, or 15.9% of revenue. Improved segment operating income resulted primarily as a result of a favorable inventory adjustment in the first quarter as well as the increased volume. Segment EBITDA in the current period was $15.6 million, or 20.7% of revenue, compared to $14.7 million, or 19.8% of revenue in the prior year period.

Engineered Building Solutions segment revenue was $63.6 million, a $6.8 million or 11.9% increase over the prior year period, primarily due to the conversion of backlog into revenue and market expansion. Segment operating income increased 24.4% to $11.8 million, or 18.6% of revenue, compared to the prior year period of $9.5 million, or 16.7% of revenue, due to the increased net revenue, improved gross margin as a result of operating leverage, and management of operating expenses. Segment EBITDA in the current period was $12.8 million, or 20.1% of revenue, compared to $10.4 million, or 18.3% of revenue in the prior year period.

All percentages are calculated based upon the attached financial statements. Share count used in determining the diluted EPS is based on a weighted average of outstanding shares throughout the measurement period.

Conference Call Information

The Company will host a conference call today at 10:00 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. A live webcast of the call can be accessed at https://cswindustrials.gcs-web.com/. To access the call, participants may dial 1-877-407-0784, international callers may use 1-201-689-8560, and request to join the CSW Industrials earnings call.

A telephonic replay will be available shortly after the conclusion of the call and until Wednesday, November 13, 2024. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13749338. The call will also be available for replay via webcast link on the Investors portion of the CSWI website www.cswindustrials.com.

Safe Harbor Statement

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as “may,” “should,” “expects,” “could,” “intends,” “plans,” “anticipates,” “estimates,” “believes,” “forecasts,” “predicts” or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations, and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates, and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

Non-GAAP Financial Measures

This press release includes an analysis of adjusted diluted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted operating income and free cash flows, which are non-GAAP financial measures of performance. Attributable to CSWI is defined to exclude the income attributable to the non-controlling interest in the Whitmore JV.

CSWI utilizes adjusted EBITDA (earnings before interest, tax, depreciation and amortization) as an additional consolidated, non-GAAP financial measure, which consists of consolidated net income including income attributable to the non-controlling interest in the Whitmore JV, adjusted to remove the impact of income taxes, interest expense, depreciation, amortization and impairment, and significant nonrecurring items.

For a reconciliation of these measures to the most directly comparable GAAP measures and for a discussion of why we consider these non-GAAP measures useful, see the “Reconciliation of Non-GAAP Measures” section of this release.

About CSW Industrials, Inc.

CSW Industrials is a diversified industrial growth company with industry-leading operations in three segments: Contractor Solutions, Specialized Reliability Solutions, and Engineered Building Solutions. CSWI provides niche, value-added products with two essential commonalities: performance and reliability. The primary end markets we serve with our well-known brands include: HVAC/R, plumbing, electrical, general industrial, architecturally-specified building products, energy, mining, and rail transportation. For more information, please visit www.cswindustrials.com.

Investor Relations

Alexa Huerta
Vice President, Investor Relations and Treasurer
214-489-7113
alexa.huerta@cswindustrials.com

CSW INDUSTRIALS, INC. CONSOLIDATED STATEMENTS OF INCOME (unaudited)

	Three Months Ended September 30,						Six Months Ended September 30,
(Amounts in thousands, except per share amounts)		2024			2023			2024			2023
Revenues, net	$	227,926		$	203,653		$	454,103		$	407,013
Cost of revenues		(124,025	)		(112,694	)		(242,781	)		(223,887	)
Gross profit		103,901			90,959			211,322			183,126
Selling, general and administrative expenses		(52,352	)		(48,966	)		(104,712	)		(95,927	)
Operating income		51,549			41,993			106,610			87,199
Interest expense, net		(1,341	)		(3,306	)		(3,861	)		(7,315	)
Other income (expense), net		(677	)		1,926			(418	)		2,240
Income before income taxes		49,531			40,613			102,331			82,124
Provision for income taxes		(12,910	)		(10,431	)		(26,859	)		(20,885	)
Net income		36,621			30,182			75,472			61,239
Less: Income attributable to redeemable noncontrolling interest		(570	)		(127	)		(828	)		(572	)
Net income attributable to CSW Industrials, Inc.	$	36,051		$	30,055		$	74,644		$	60,667

Net income per share attributable to CSW Industrials, Inc.
Basic	$	2.27		$	1.93		$	4.75		$	3.91
Diluted		2.26			1.93			4.73			3.90

Weighted average number of shares outstanding:
Basic		15,866			15,544			15,701			15,532
Diluted		15,941			15,588			15,770			15,568

CSW INDUSTRIALS, INC. CONSOLIDATED BALANCE SHEETS (unaudited)
(Amounts in thousands, except for per share amounts)	September 30, 2024			March 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	273,220		$	22,156
Accounts receivable, net of allowance for expected credit losses of $1,127 and $908, respectively		135,265			142,665
Inventories, net		183,731			150,749
Prepaid expenses and other current assets		17,281			15,840
Total current assets		609,497			331,410
Property, plant and equipment, net of accumulated depreciation of $109,891 and $103,515, respectively		95,128			92,811
Goodwill		255,899			247,191
Intangible assets, net		333,326			318,819
Other assets		65,446			53,095
Total assets	$	1,359,296		$	1,043,326

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	63,191		$	48,387
Accrued and other current liabilities		96,259			67,449
Total current liabilities		159,450			115,836
Long-term debt		—			166,000
Retirement benefits payable		1,093			1,114
Other long-term liabilities		148,404			125,298
Total liabilities		308,947			408,248
Commitments and contingencies (See Note 13)
Redeemable noncontrolling interest		20,183			19,355
Equity:
Common shares, $0.01 par value		177			164
Additional paid-in capital		494,535			137,253
Treasury shares, at cost (982 and 952 shares, respectively)		(106,636	)		(95,643	)
Retained earnings		651,145			583,075
Accumulated other comprehensive loss		(9,055	)		(9,126	)
Total equity		1,030,166			615,723
Total liabilities, redeemable noncontrolling interest and equity	$	1,359,296		$	1,043,326

CSW INDUSTRIALS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
	Six Months Ended September 30,
(Amounts in thousands)		2024			2023
Cash flows from operating activities:
Net income	$	75,472		$	61,239
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		7,045			6,613
Amortization of intangible and other assets		13,214			11,730
Provision for inventory reserves		840			2,490
Provision for doubtful accounts		723			227
Share-based compensation		6,891			5,556
Net gain on disposals of property, plant and equipment		(39	)		(1,446	)
Net pension benefit		33			33
Impairment of assets		—			91
Net deferred taxes		1,516			411
Changes in operating assets and liabilities:
Accounts receivable		11,301			(3,917	)
Inventories		(25,282	)		7,739
Prepaid expenses and other current assets		(2,085	)		(5,478	)
Other assets		153			(466	)
Accounts payable and other current liabilities		39,626			8,975
Retirement benefits payable and other liabilities		61			1,139
Net cash provided by operating activities		129,469			94,936
Cash flows from investing activities:
Capital expenditures		(8,587	)		(7,785	)
Proceeds from sale of assets held for investment		—			1,665
Proceeds from sale of assets		43			42
Cash paid for investments		(500	)		—
Cash paid for acquisitions		(32,305	)		(2,623	)
Net cash used in investing activities		(41,349	)		(8,701	)
Cash flows from financing activities:
Borrowings on line of credit		32,723			38,681
Repayments of line of credit and term loan		(198,723	)		(118,681	)
Purchase of treasury shares		(12,287	)		(3,928	)
Proceeds from equity issuance		347,407			—
Dividends		(6,523	)		(5,900	)
Net cash provided by (used in) financing activities		162,597			(89,828	)
Effect of exchange rate changes on cash and equivalents		347			(1,016	)
Net change in cash and cash equivalents		251,064			(4,609	)
Cash and cash equivalents, beginning of period		22,156			18,455
Cash and cash equivalents, end of period	$	273,220		$	13,846

Reconciliation of Non-GAAP Measures

We use adjusted earnings per share attributable to CSWI, adjusted net income attributable to CSWI, adjusted operating income, and adjusted EBITDA, together with financial measures prepared in accordance with GAAP, such as revenue, cost of revenue, operating expense, operating income and net income attributable to CSWI, to assess our historical and prospective operating performance and to enhance our understanding of our core operating performance. Free cash flow is a non-GAAP financial measure and is defined as cash flow from operations less capital expenditures. We also believe these measures are useful for investors to assess the operating performance of our business without the effect of non-recurring items. In the following tables, there could be immaterial differences in amounts presented due to rounding.

CSW Industrials, Inc.
Reconciliation of Net Income Attributable to CSWI to EBITDA
(unaudited)

(Amounts in thousands)	Three months ended September 30,						Six Months ended September 30,
		2024			2023			2024			2023
Net Income attributable to CSWI	$	36,051		$	30,055		$	74,644		$	60,667
Plus: Income attributable to redeemable noncontrolling interest		570			127			828			572
Net Income	$	36,621		$	30,182		$	75,472		$	61,239

Adjusting Items:
Interest expense, net		1,341			3,306			3,861			7,315
Income tax expense		12,909			10,431			26,859			20,886
Depreciation & amortization		9,951			9,045			19,883			17,960
EBITDA	$	60,823		$	52,964		$	126,075		$	107,399
EBITDA % Revenue		26.7	%		26.0	%		27.8	%		26.4	%

CSW Industrials, Inc.
Reconciliation of Segment Operating Income to Segment EBITDA
(unaudited)

(Amounts in thousands)	Three months ended September 30, 2024
	Contractor Solutions			Specialized Reliability Solutions			Engineered Building Solutions			Corporate and Other			Consolidated
Revenue, net	$	158,835		$	38,535		$	32,673		$	(2,115	)	$	227,927

Operating Income	$	46,254		$	5,819		$	6,082		$	(6,606	)	$	51,550
% Revenue		29.1	%		15.1	%		18.6	%					22.6	%

Adjusting Items:
Other income (expense), net		(543	)		(121	)		(12	)		(2	)		(678	)
Depreciation & amortization		8,002			1,409			494			45			9,951
EBITDA	$	53,713		$	7,108		$	6,564		$	(6,562	)	$	60,823
% Revenue		33.8	%		18.4	%		20.1	%					26.7	%

(Amounts in thousands)	Three months ended September 30, 2023
	Contractor Solutions			Specialized Reliability Solutions			Engineered Building Solutions			Corporate and Other			Consolidated
Revenue, net	$	139,902		$	36,614		$	29,211		$	(2,075	)	$	203,653

Operating Income	$	39,025		$	4,829		$	5,233		$	(7,095	)	$	41,993
% Revenue		27.9	%		13.2	%		17.9	%					20.6	%

Adjusting Items:
Other income (expense), net		575			(54	)		3			1,402			1,926
Depreciation & amortization		7,045			1,505			453			42			9,045
EBITDA	$	46,645		$	6,280		$	5,690		$	(5,651	)	$	52,964
% Revenue		33.3	%		17.2	%		19.5	%					26.0	%

CSW Industrials, Inc.
Reconciliation of Segment Operating Income to Segment EBITDA
(unaudited)

(Amounts in thousands)	Six Months ended September 30, 2024
	Contractor Solutions			Specialized Reliability Solutions			Engineered Building Solutions			Corporate and Other			Consolidated
Revenue, net	$	319,252		$	75,327		$	63,566		$	(4,041	)	$	454,104

Operating Income	$	96,138		$	12,970		$	11,806		$	(14,304	)	$	106,610
% Revenue		30.1	%		17.2	%		18.6	%					23.5	%

Adjusting Items:
Other income (expense), net		(147	)		(183	)		(19	)		(68	)		(418	)
Depreciation & amortization		15,985			2,832			979			87			19,883
EBITDA	$	111,976		$	15,619		$	12,766		$	(14,285	)	$	126,075
% Revenue		35.1	%		20.7	%		20.1	%					27.8	%

(Amounts in thousands)	Six Months ended September 30, 2023
	Contractor Solutions			Specialized Reliability Solutions			Engineered Building Solutions			Corporate and Other			Consolidated
Revenue, net	$	279,857		$	74,326		$	56,798		$	(3,967	)	$	407,014

Operating Income	$	78,692		$	11,794		$	9,493		$	(12,780	)	$	87,199
% Revenue		28.1	%		15.9	%		16.7	%					21.4	%

Adjusting Items:
Other income (expense), net		747			(91	)		11			1,573			2,240
Depreciation & amortization		13,940			3,035			895			90			17,960
EBITDA	$	93,380		$	14,738		$	10,398		$	(11,117	)	$	107,399
% Revenue		33.4	%		19.8	%		18.3	%					26.4	%

CSW INDUSTRIALS, INC.
Reconciliation of Operating Cash Flow to Free Cash Flow
(Unaudited)

(Amounts in thousands)	Three Months Ended September 30,						Six Months ended September 30,
		2024			2023			2024			2023
Net cash provided by operating activities	$	66,814		$	44,679		$	129,469		$	94,936
Less: Capital expenditures		(5,486	)		(2,814	)		(8,587	)		(7,785	)
Free cash flow	$	61,328		$	41,865		$	120,882		$	87,151
Free cash flow % EBITDA		100.8	%		79.0	%		95.9	%		81.1	%

The MIL Network –

January 25, 2025

MIL-OSI: YieldMax™ ETFs Announces Distributions on YBIT (65.28%), TSLY (60.58%), TSMY (54.47%), YMAX (66.23%), YMAG (41.16%) and Others

Source: GlobeNewswire (MIL-OSI)

CHICAGO and MILWAUKEE and NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) — YieldMax™ today announced distributions for the YieldMax™ ETFs listed in the table below.

ETF Ticker¹	ETF Name	Reference Asset	Distribution per Share	Distribution Frequency	Distribution Rate^2,4,5	30-Day SEC Yield³	Ex-Date & Record Date	Payment Date
YMAX	YieldMax™ Universe Fund of Option Income ETFs	Multiple	$0.2247	*Weekly*	66.23%	50.85%	10/31/24	11/1/2024
YMAG	YieldMax™ Magnificent 7 Fund of Option Income ETFs	Multiple	$0.1528	*Weekly*	41.16%	62.93%	10/31/24	11/1/2024
TSLY	YieldMax™ TSLA Option Income Strategy ETF	TSLA	$0.5986	Every 4 Weeks	60.58%	3.09%	10/31/24	11/1/2024
CRSH	YieldMax™ Short TSLA Option Income Strategy ETF	TSLA	$0.4489	Every 4 Weeks	51.38%	3.61%	10/31/24	11/1/2024
GOOY	YieldMax™ GOOGL Option Income Strategy ETF	GOOGL	$0.3771	Every 4 Weeks	31.69%	3.28%	10/31/24	11/1/2024
YBIT	YieldMax™ Bitcoin Option Income Strategy ETF	Bitcoin ETP	$0.6717	Every 4 Weeks	65.28%	4.07%	10/31/24	11/1/2024
OARK	YieldMax™ Innovation Option Income Strategy ETF	ARKK	$0.2818	Every 4 Weeks	35.18%	3.37%	10/31/24	11/1/2024
XOMO	YieldMax™ XOM Option Income Strategy ETF	XOM	$0.3373	Every 4 Weeks	26.26%	3.32%	10/31/24	11/1/2024
SNOY	YieldMax™ SNOW Option Income Strategy ETF	SNOW	$0.5589	Every 4 Weeks	43.15%	3.44%	10/31/24	11/1/2024
TSMY	YieldMax™ TSM Option Income Strategy ETF	TSM	$0.8897	Every 4 Weeks	54.47%	3.48%	10/31/24	11/1/2024
Scheduled for next week: YMAX YMAG NVDY DIPS FBY GDXY BABO JPMO MRNY PLTY

The performance data quoted above represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted above. Performance current to the most recent month-end can be obtained by calling (833) 378-0717.

Note: DIPS, FIAT, CRSH and YQQQ are hereinafter referred to as the “Short ETFs”.

Distributions are not guaranteed. The Distribution Rate and 30-Day SEC Yield are not indicative of future distributions, if any, on the ETFs. In particular, future distributions on any ETF may differ significantly from its Distribution Rate or 30-Day SEC Yield. You are not guaranteed a distribution under the ETFs. Distributions for the ETFs (if any) are variable and may vary significantly from period to period and may be zero. Accordingly, the Distribution Rate and 30-Day SEC Yield will change over time, and such change may be significant.

Investors in the Funds will not have rights to receive dividends or other distributions with respect to the underlying reference asset(s).

¹ All YieldMax™ ETFs shown in the table above (except YMAX and YMAG) have a gross expense ratio of 0.99%. YMAX and YMAG have a Management Fee of 0.29% and Acquired Fund Fees and Expenses of 0.99% for a gross expense ratio of 1.28%. “Acquired Fund Fees and Expenses” are indirect fees and expenses that the Fund incurs from investing in the shares of other investment companies, namely other YieldMax™ ETFs.

² The Distribution Rate shown is as of close on October 29, 2024. The Distribution Rate is the annual distribution rate an investor would receive if the most recent distribution, which includes option income, remained the same going forward. The Distribution Rate is calculated by annualizing an ETF’s Distribution per Share and dividing such annualized amount by the ETF’s most recent NAV. The Distribution Rate represents a single distribution from the ETF and does not represent its total return. Distributions may also include a combination of ordinary dividends, capital gain, and return of investor capital, which may decrease an ETF’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment. These Distribution Rates may be caused by unusually favorable market conditions and may not be sustainable. Such conditions may not continue to exist and there should be no expectation that this performance may be repeated in the future.

³ The 30-Day SEC Yield represents net investment income, which excludes option income, earned by such ETF over the 30-Day period ended September 30, 2024, expressed as an annual percentage rate based on such ETF’s share price at the end of the 30-Day period.

⁴ Each ETF’s strategy (except those of the Short ETFs) will cap potential gains if its reference asset’s shares increase in value, yet subjects an investor to all potential losses if the reference asset’s shares decrease in value. Such potential losses may not be offset by income received by the ETF. Each Short ETF’s strategy will cap potential gains if its reference asset decreases in value, yet subjects an investor to all potential losses if the reference asset increases in value. Such potential losses may not be offset by income received by the ETF.

⁵ YieldMax™ ETF distributions may contain return of capital, but an estimate cannot be provided at this time. Please refer to the 19a-1 notices here for additional details regarding the distributions’ composition, once available.

Each Fund has a limited operating history and while each Fund’s objective is to provide current income, there is no guarantee the Fund will make a distribution. Distributions are likely to vary greatly in amount.

Standardized Performance

For YMAX, click here. For YMAG, click here. For TSLY, click here. For OARK, click here. For APLY, click here. For NVDY, click here. For AMZY, click here. For FBY, click here. For GOOY, click here. For NFLY, click here. For CONY, click here. For MSFO, click here. For DISO, click here. For XOMO, click here. For JPMO, click here. For AMDY, click here. For PYPY, click here. For SQY, click here. For MRNY, click here. For AIYY, click here. For MSTY, click here. For ULTY, click here. For YBIT, click here. For CRSH, click here. For GDXY, click here. For SNOY, click here. For ABNY, click here. For FIAT, click here. For DIPS, click here. For BABO, click here. For YQQQ, click here. For TSMY, click here. For SMCY, click here. For PLTY, click here.

Prospectuses

Click here.

Before investing you should carefully consider the Fund’s investment objectives, risks, charges and expenses. This and other information are in the prospectus. Please read the prospectuses carefully before you invest.

There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

Tidal Financial Group is the adviser for all YieldMax™ ETFs and ZEGA Financial is their sub-adviser.

THE FUND, TRUST, AND SUB-ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

Risk Disclosures (applicable to all YieldMax ETFs referenced above, except the Short ETFs)

YMAX and YMAG generally invest in other YieldMax™ ETFs. As such, these two Funds are subject to the risks listed in this section, which apply to all the YieldMax™ ETFs they may hold from time to time.

Investing involves risk. Principal loss is possible.

Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other portfolio holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (ARKK, TSLA, AAPL, NVDA, AMZN, META, GOOGL, NFLX, COIN, MSFT, DIS, XOM, JPM, AMD, PYPL, SQ, MRNA, AI, MSTR, Bitcoin ETP, GDX^®, SNOW, ABNB, BABA, TSM, SMCI, PLTR), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

Risk Disclosures (applicable only to BABO and TSMY)

Currency Risk: Indirect exposure to foreign currencies subjects the Fund to the risk that currencies will decline in value relative to the U.S. dollar. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad.

Depositary Receipts Risk: The securities underlying BABO and TSMY are American Depositary Receipts (“ADRs”). Investment in ADRs may be less liquid than the underlying shares in their primary trading market.

Foreign Market and Trading Risk: The trading markets for many foreign securities are not as active as U.S. markets and may have less governmental regulation and oversight.

Foreign Securities Risk: Investments in securities of non-U.S. issuers involve certain risks that may not be present with investments in securities of U.S. issuers, such as risk of loss due to foreign currency fluctuations or to political or economic instability, as well as varying regulatory requirements applicable to investments in non-U.S. issuers. There may be less information publicly available about a non-U.S. issuer than a U.S. issuer. Non-U.S. issuers may also be subject to different regulatory, accounting, auditing, financial reporting and investor protection standards than U.S. issuers.

Risk Disclosures (applicable only to GDXY)

Risk of Investing in Foreign Securities. The Fund is exposed indirectly to the securities of foreign issuers selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies. Investments in the securities of foreign issuers involve risks beyond those associated with investments in U.S. securities.

Risk of Investing in Gold and Silver Mining Companies. The Fund is exposed indirectly to gold and silver mining companies selected by GDX^®’s investment adviser, which subjects the Fund to the risks associated with such companies.

The Fund invests in options contracts based on the value of the VanEck Gold Miners ETF (GDX^®), which subjects the Fund to some of the same risks as if it owned GDX^®, as well as the risks associated with Canadian, Australian and Emerging Market Issuers, and Small-and Medium-Capitalization companies.

Risk Disclosures (applicable only to YBIT)

YBIT does not invest directly in Bitcoin or any other digital assets. YBIT does not invest directly in derivatives that track the performance of Bitcoin or any other digital assets. YBIT does not invest in or seek direct exposure to the current “spot” or cash price of Bitcoin. Investors seeking direct exposure to the price of Bitcoin should consider an investment other than YBIT.

Bitcoin Investment Risk: The Fund’s indirect investment in Bitcoin, through holdings in one or more Underlying ETPs, exposes it to the unique risks of this emerging innovation. Bitcoin’s price is highly volatile, and its market is influenced by the changing Bitcoin network, fluctuating acceptance levels, and unpredictable usage trends.

Digital Assets Risk: Digital assets like Bitcoin, designed as mediums of exchange, are still an emerging asset class. They operate independently of any central authority or government backing and are subject to regulatory changes and extreme price volatility. Potentially No 1940 Act Protections. As of the date of this Prospectus, there is only a single eligible Underlying ETP, and it is an investment company subject to the 1940 Act.

Bitcoin ETP Risk: The Fund invests in options contracts that are based on the value of the Bitcoin ETP. This subjects the Fund to certain of the same risks as if it owned shares of the Bitcoin ETP, even though it does not. Bitcoin ETPs are subject, but not limited, to significant risk and heightened volatility. An investor in a Bitcoin ETP may lose their entire investment. Bitcoin ETPs are not suitable for all investors. In addition, not all Bitcoin ETPs are registered under the Investment Company Act of 1940. Those Bitcoin ETPs that are not registered under such statute are therefore not subject to the same regulations as exchange traded products that are so registered.

Risk Disclosures (applicable only to the Short ETFs)

Investing involves risk. Principal loss is possible.

Price Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the value of the underlying reference asset. This strategy subjects the Fund to certain of the same risks as if it shorted the underlying reference asset, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the value of the underlying reference asset, the Fund is subject to the risk that the value of the underlying reference asset increases. If the value of the underlying reference asset increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses.

Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing (selling) strategy will impact the extent that the Fund participates in decreases in the value of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold put options and over longer periods.

Purchased OTM Call Options Risk. The Fund’s strategy is subject to potential losses if the underlying reference asset increases in value, which may not be offset by the purchase of out-of-the-money (OTM) call options. The Fund purchases OTM calls to seek to manage (cap) the Fund’s potential losses from the Fund’s short exposure to the underlying reference asset if it appreciates significantly in value. However, the OTM call options will cap the Fund’s losses only to the extent that the value of the underlying reference asset increases to a level that is at or above the strike level of the purchased OTM call options. Any increase in the value of the underlying reference asset to a level that is below the strike level of the purchased OTM call options will result in a corresponding loss for the Fund. For example, if the OTM call options have a strike level that is approximately 100% above the then-current value of the underlying reference asset at the time of the call option purchase, and the value of the underlying reference asset increases by at least 100% during the term of the purchased OTM call options, the Fund will lose all its value. Since the Fund bears the costs of purchasing the OTM calls, such costs will decrease the Fund’s value and/or any income otherwise generated by the Fund’s investment strategy.

Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying reference asset, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings.

Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

Price Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will participate in decreases in value experienced by the underlying reference asset over the Put Period.

Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment which diversifies risk or the market generally. The value of the Fund, for any Fund that focuses on an individual security (e.g., TSLA, COIN, NVDA), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

Risk Disclosures (applicable only to YQQQ)

Index Overview. The Nasdaq 100 Index is a benchmark index that includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market, based on market capitalization.

Index Level Appreciation Risk. As part of the Fund’s synthetic covered put strategy, the Fund purchases and sells call and put option contracts that are based on the Index level. This strategy subjects the Fund to certain of the same risks as if it shorted the Index, even though it does not. By virtue of the Fund’s indirect inverse exposure to changes in the Index level, the Fund is subject to the risk that the Index level increases. If the Index level increases, the Fund will likely lose value and, as a result, the Fund may suffer significant losses. The Fund may also be subject to the following risks: innovation and technological advancement; strong market presence of Index constituent companies; adaptability to global market trends; and resilience and recovery potential.

Index Level Participation Risk. The Fund employs an investment strategy that includes the sale of put option contracts, which limits the degree to which the Fund will benefit from decreases in the Index level experienced over the Put Period. This means that if the Index level experiences a decrease in value below the strike level of the sold put options during a Put Period, the Fund will likely not experience that increase to the same extent and any Fund gains may significantly differ from the level of the Index losses over the Put Period. Additionally, because the Fund is limited in the degree to which it will participate in decreases in value experienced by the Index level over each Put Period, but has significant negative exposure to any increases in value experienced by the Index level over the Put Period, the NAV of the Fund may decrease over any given period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the inverse of the performance of the Index level. The Fund’s ability to benefit from the Index level decreases will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put option contracts and will vary from Put Period to Put Period. The value of the options contracts is affected by changes in the value and dividend rates of component companies that comprise the Index, changes in interest rates, changes in the actual or perceived volatility of the Index and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the Index level changes and time moves towards the expiration of each Put Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly inversely correlate on a day-to-day basis with the returns of the Index level. The amount of time remaining until the options contract’s expiration date affects the impact that the value of the options contracts has on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the Index level will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than the inverse of the changes experienced by the Index level.

YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group, YieldMax™ ETFs or ZEGA Financial.

The MIL Network –

January 25, 2025

MIL-OSI: ACM Research Announces Preliminary Unaudited Revenue and Shipments for the Third Quarter 2024

Source: GlobeNewswire (MIL-OSI)

FREMONT, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — ACM Research, Inc. (“ACM”) (NASDAQ: ACMR), a leading supplier of wafer processing solutions for semiconductor and advanced wafer-level packaging applications, today announces expectations for preliminary unaudited revenue and total shipments for the third quarter of 2024. Today’s release coincides with the as-scheduled release of unaudited financial results by ACM Research (Shanghai), Inc., ACM’s principal operating subsidiary (“ACM Shanghai”), to the Shanghai Stock Exchange website [link to China Disclosure].

ACM will discuss its full financial results for the third quarter 2024 and its revenue outlook for the remainder of the year on its earnings call on Thursday, November 7, 2024, at 8 a.m. Eastern Time (9 p.m. China Time).

ACM announces the following:

preliminary unaudited revenue for the third quarter of 2024 is expected to be in the range of $200 million to $203 million, which would represent year-to-year growth of 19% to 20%.
preliminary total shipments are expected to be in the range of $245 million to $255 million, which would represent year-to-year growth of 15% to 19%.

Actual unaudited third quarter 2024 results are subject to the completion of ACM’s quarter end closing procedures and review by ACM’s independent registered public accounting firm.

ACM currently owns an 82.0% equity interest in ACM Shanghai, and a substantial majority of ACM’s consolidated revenue and net income is contributed by ACM Shanghai. The stand-alone financial results of ACM Shanghai are reported in RMB as prepared in accordance with Chinese generally accepted accounting principles, and those results will differ, potentially materially, from ACM’s consolidated revenue and net profit for the period, which will reflect additional financial and operational items and will be prepared in U.S. dollars in accordance with U.S. generally accepted accounting principles.

About ACM Research, Inc.

ACM develops, manufactures and sells semiconductor process equipment for single-wafer or batch wet cleaning, electroplating, stress-free polishing, vertical furnace processes, Track and PECVD, which are critical to advanced semiconductor device manufacturing and wafer-level packaging. ACM is committed to delivering customized, high performance, cost-effective process solutions that semiconductor manufacturers can use in numerous manufacturing steps to improve productivity and product yield. For more information, visit www.acmrcsh.com.

Forward-Looking Statements

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” “designed,” and similar words are intended to identify forward-looking statements. Forward-looking statements are based on ACM management’s current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings ACM makes with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by ACM. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. ACM undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

© ACM Research, Inc. The ACM Research logo is a trademark of ACM Research, Inc. For convenience, this trademark appears in this press release without a ™ symbol, but that practice does not mean that ACM will not assert, to the fullest extent under applicable law, its rights to such trademark.

For investor and media inquiries, please contact:

In the United States:	The Blueshirt Group
	Steven C. Pelayo, CFA
	+1 (360) 808-5154
	steven@blueshirtgroup.co

In China:	The Blueshirt Group Asia
	Gary Dvorchak, CFA
	+86 (138) 1079-1480
	gary@blueshirtgroup.co

The MIL Network –

January 25, 2025

MIL-OSI: Dayforce Reports Third Quarter 2024 Results¹

Source: GlobeNewswire (MIL-OSI)

Dayforce® recurring revenue of $333.2 million, up 19%

Total revenue of $440.0 million, up 17%

Year-to-date net cash provided by operating activities of $200.1 million, up 54%

MINNEAPOLIS and TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Dayforce, Inc. (“Dayforce” or the “Company”) (NYSE:DAY) (TSX:DAY), a global leader in human capital management (“HCM”) technology, today announced its financial results for the third quarter ended September 30, 2024.

“Our dedicated team achieved excellent results in the third quarter, positioning us to finish 2024 with strength,” said David Ossip, Chair and CEO of Dayforce. “Dayforce recurring revenue grew 19% year-over-year, and year-to-date cash flows from operating activities were up 54%, underscoring our ability to both grow and generate profits at scale. We continue to see organizations across the globe realize greater value as they simplify their people operations with the all-in-one Dayforce platform.”

“In the third quarter, we repurchased approximately $30 million worth of shares under our $500 million share repurchase program that we launched last quarter highlighting our progress in enhancing our overall profit profile and the flexibility of our cash-generative business model,” said Jeremy Johnson, CFO of Dayforce. “Looking forward, we are excited to meet many of our investors in-person at our inaugural Investor Day alongside our Dayforce Discover conference in Las Vegas where we will outline our strategy for future growth.”

Financial Highlights for the Third Quarter 2024¹

Total revenue was $440.0 million, an increase of 16.6%, or 16.7% on a constant currency basis.
Dayforce recurring revenue was $333.2 million, an increase of 19.2%, or 19.3% on a constant currency basis. Excluding float revenue, Dayforce recurring revenue was $292.0 million, an increase of 18.9%, or 19.0% on a constant currency basis.
Cloud recurring gross margin was 79.0%, compared to 77.0%. Adjusted cloud recurring gross margin was 79.9%, compared to 78.3%.
Operating profit was $20.8 million compared to $26.5 million. Adjusted operating profit was $103.2 million compared to $89.4 million.
Net income was $2.0 million, compared to net loss of $3.8 million. Adjusted net income was $74.5 million, compared to $58.3 million.
Adjusted EBITDA was $126.1 million, compared to $107.2 million.
Diluted net income per share was $0.01, compared to diluted net loss per share of $0.02. Adjusted diluted net income per share was $0.47, compared to $0.37.
Net cash provided by operating activities for the nine months ended September 30, 2024 was $200.1 million, compared to $129.6 million for the nine months ended September 30, 2023. Free cash flow for the nine months ended September 30, 2024 was $117.3 million, compared to $41.3 million for the nine months ended September 30, 2023.

Supplemental Detail

6,730 customers were live on the Dayforce platform as of September 30, 2024, an increase of 73 customers since June 30, 2024 and an increase of 384 customers since September 30, 2023, or 6.1% year-over-year.²
Dayforce recurring revenue per customer was $159,496 for the trailing twelve months ended September 30, 2024, an increase of 14.9%.³
The average float balance for Dayforce’s customer funds during the quarter was $4.48 billion and the average yield on Dayforce’s float balance was 4.0%, an increase of 20 basis points year-over-year. Float revenue from invested customer funds was $45.6 million for the three months ended September 30, 2024.
The average U.S. dollar to Canadian dollar foreign exchange rate was $1.36 for the three months ended September 30, 2024, compared to $1.34 for the three months ended September 30, 2023. Dayforce presents percentage change in revenue on a constant currency basis in order to exclude the effect of foreign currency rate fluctuations, which it believes is useful to management and investors. Percentage change in revenue was calculated on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period.

¹ The financial highlights are on a year-over-year basis, unless otherwise stated. All financial results are reported in United States (“U.S.”) dollars and in accordance with accounting principles generally accepted in the U.S. (“GAAP”), unless otherwise stated.
² Excluding Ascender, ADAM HCM, and eloomi.
³ Excluding float revenue, Ascender, ADAM HCM, and eloomi revenue, and on a constant currency basis. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.

Business Highlights

Dayforce was named a Leader in the 2024 Gartner Magic Quadrant for Cloud HCM Suites for 1,000+ Employee Enterprises for the fifth consecutive year in October 2024. The Company also scored highest in both North American Compliance Suite 1,000-2,500 and North American Compliance Suite 2,500+ in the 2024 Critical Capabilities report for Cloud HCM Suites for Enterprises with 1000+ Employees.
The Company earned a 2024 Top HR Products of the Year Award from Human Resources Executive Magazine for Dayforce Career Explorer and placed on the Constellation ShortList™ within four categories: Workforce Management Suites, HCM Suites with a North American Focus, Global HCM Suites, and Payroll for North American SMBs.
Dayforce attained a five-star rating for the second year in a row on Newsweek’s list of America’s Greenest Companies 2025, recognized by TIME Magazine as one of the World’s Most Sustainable Companies 2024, named a Top 10 company for workers by JUST Capital, placed on the Most Loved Workplaces list for young professionals, and awarded a TrustRadius Tech Cares award for the company’s efforts in social responsibility and volunteerism.

Sales Highlights

A North American hospitality company that specializes in managing and developing luxury hotels and resorts selected the full Dayforce suite to support 22,000 employees across U.S., Mexico, and Canada.
A major multi-brand Australian retailer has selected Dayforce as its unified HCM solution to support their 12,000 employees across Australia and New Zealand.
A global manufacturing and distribution leader, operating in over 12 countries, selected the full Dayforce suite to enhance the experience of 8,500 employees across the United States and Canada.
A wholesale distributor of food service and janitorial supplies, with 7,200 employees in the U.S. and Canada chose Dayforce as its comprehensive human capital management solution, opting for the full Dayforce suite of products with Managed Benefits.
A world-leading manufacturer and retailer of footwear chose the full Dayforce suite to support its 5,300 employees globally.
A U.S.-based online gaming and sports entertainment company chose Dayforce Managed Payroll Services to support its 4,100 employees across the U.S., Canada, and the United Kingdom (“U.K.”).
A U.K.-based clothing retailer chose the full Dayforce Talent suite and Global Payroll to effectively manage its workforce of 3,800 employees across 12 countries.
A U.S. construction company selected the full Dayforce suite for consolidating and modernizing its systems across 48 states and 32 unique FEINs for its 3,500 employees.
A regional commuter railroad corporation in the U.S. has chosen Dayforce as its unified HCM solution, including the full Talent Suite, to effectively manage its workforce of 3,300 employees.
A global manufacturer and distributor of medical devices operating in 33 countries, chose Dayforce for Global Pay, Time, and Managed Benefits in the U.S. to support 2,300 employees.

New Customer Highlights

A British multinational hotel and restaurant company with 38,000 employees went live across the U.K. with Dayforce Managed Payroll, HR, Workforce Management, and Talent.
A prominent U.S. manufacturer recently went live with Dayforce HR, Payroll, Time, Wallet, Document Management for its 10,000 employees.
A U.K. fashion retailer with 400 stores and 10,000 employees has recently implemented Dayforce HR, Workforce Management, Payroll, and Dayforce Wallet.
A leading senior living organization recently deployed the full Dayforce suite, supporting 6,300 active employees across the U.S.
A well-established U.S. logistics company has gone live with the full Dayforce suite to support its 5,200 employees.
A well-established U.S.-based insurance company has gone live with the full Dayforce suite supporting its 4,800 employees across North America.
A North American technology company migrated to Dayforce Managed Payroll to support nearly 4,700 U.S. employees.
A global office furniture manufacturer has implemented Dayforce HR, Payroll, Time, Analytics, and Dayforce Wallet for almost 4,000 U.S. employees.
A U.S.-based energy services company with 1,200 employees has implemented Dayforce Payroll, Benefits, Time, Core HR, Onboarding, and Recruiting.
A nonprofit organization dedicated to the governance and promotion of golf in America recently undertook a full-suite implementation of Dayforce to support its 400 employees.

Product Roadmap Highlights

In the third quarter, Dayforce launched new product capabilities to help Dayforce customers realize quantifiable value through enriched workforce engagement, enhanced analytics, and improved employee financial wellness, and to update their compliance capabilities.

The new Dayforce Learning was announced, with enhancements that will better equip organizations with the advanced learning and development capabilities needed to grow, engage, and enrich their workforces.
Dayforce People Analytics enhancements include:
- Measures, a new KPI and performance management tool, that surfaces performance across 28+ metrics, allowing organizations to configure intelligent nudges that can surface changes requiring their attention
- Data Cards display Measures in the Advanced Experience Hub, embedding awareness of performance metrics across the organization
- Machine learning enhanced prediction gives organizations a view into future performance
Dayforce Wallet updates include a new Savings feature, which allows users to route some of their earnings into a saving plan, a new Cashless Tips feature, which allows employers to pay out pre-tax or net tips by automating their distribution at the end of a shift, and a new Dayforce Wallet widget that integrates on-demand pay into Dayforce Hub, allowing employees to view and request available pay directly. As of September 30, 2024, over 1,290 customers were live on Dayforce Wallet.
Dayforce Payroll enhancements include a reimagined payroll experience that offers real-time insight into pay variances, helping users detect anomalies by highlighting areas needing attention.
240+ compliance updates up to the end of the third quarter, will bolster the Company’s industry-leading position in compliance by addressing changes in regional taxes, workers’ compensation, garnishments, and multiple state and city rate changes.

Business Outlook

Based on information available as of October 30, 2024, Dayforce is issuing the following guidance for the fourth quarter and full year of 2024 as indicated below. Comparisons are on a year-over-year basis, unless stated otherwise.

Guided Metrics	Full Year 2024	Fourth Quarter 2024
Total revenue	$1,747 million to $1,752 million, an increase of 15% to 16% on a GAAP basis or 16% on a constant currency basis.	$452 million to $457 million, an increase of 13% to 14% on a GAAP basis or 13% to 15% on a constant currency basis.
Dayforce recurring revenue, excluding float	$1,163 million to $1,168 million, an increase of 21% on a GAAP and on a constant currency basis.	$311 million to $316 million, an increase of 21% to 23% on a GAAP and on a constant currency basis.
Float revenue	$192 million	$37 million
Adjusted EBITDA	$492 million to $507 million	$120 million to $135 million

Dayforce is also providing an initial outlook for full year 2025 as follows:

Total revenue growth, excluding float, between 14% and 15%, on a constant currency basis
Adjusted EBITDA margin above 31%
Free cash flow as a percentage of total revenue above 12%

Dayforce has not reconciled the Adjusted EBITDA ranges, Adjusted EBITDA margin, or free cash flow for the fourth quarter or full years of 2024 or 2025 to the directly comparable GAAP financial measures because applicable information for the future period, on which these reconciliations would be based, is not available without unreasonable efforts due to uncertainty regarding, and the potential variability of, depreciation and amortization, share-based compensation expense and related employer taxes, changes in foreign currency exchange rates, and other items.

Foreign Exchange

For the fourth quarter of 2024, Dayforce’s guidance assumes an average U.S. dollar to Canadian dollar foreign exchange rate of $1.38, which results in an average rate of $1.37 for the full year of 2024, compared to an average rate of $1.36 and $1.35 for the fourth quarter and full year of 2023, respectively.

Conference Call Details

Dayforce will host a live webcast and conference call to discuss the third quarter 2024 earnings at 8:00 a.m. Eastern Time on October 30, 2024. Those wishing to participate via the webcast should access the call through the Investor Relations section of the Dayforce website. Those wishing to participate via the telephone may dial in at 877-497-9071 (USA) or 201-689-8727 (International). The webcast replay will be available through the Investor Relations section of the Dayforce website.

About Dayforce

Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact or relating to present facts or current conditions included in this press release are forward-looking statements. Forward-looking statements give Dayforce’s current expectations and projections relating to its financial condition, results of operations, plans, objectives, future performance, and business. Users can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. Forward-looking statements in this press release include statements relating to the fourth quarter and full fiscal years of 2024 and 2025, as well as those relating to future growth initiatives. These statements may include words such as “anticipate,” “estimate,” “expect,” “assume”, “project,” “seek,” “plan,” “intend,” “believe,” “will,” “may,” “could,” “continue,” “likely,” “should,” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events, but not all forward-looking statements contain these identifying words. The forward-looking statements contained in this press release are based on assumptions that Dayforce has made in light of its industry experience and its perceptions of historical trends, current conditions, expected future developments and other factors that it believes are appropriate under the circumstances. As users consider this press release, it should be understood that these statements are not guarantees of performance or results. These assumptions and Dayforce’s future performance or results involve risks and uncertainties (many of which are beyond its control). In particular:

its inability to maintain its high Cloud solutions growth rate, manage its domestic and international growth effectively, or execute on its growth strategy;
the impact of disruptions to the movement of funds to initiate payroll-related transactions on behalf of customers;
its failure to manage its aging technical operations infrastructure;
system breaches, interruptions or failures, including cyber-security breaches, identity theft, or other disruptions that could compromise customer information or sensitive company information, including its ongoing consent order with the Federal Trade Commission regarding data protection;
its failure to comply with applicable privacy, data protection, information security, and financial services laws, regulations and standards;
its inability to successfully compete in the markets in which Dayforce operates and expand its current offerings into new markets or further penetrate existing markets due to competition;
its failure to properly update its solutions to enable its customers to comply with applicable laws;
its failure to provide new or enhanced functionality and features, including those that may involve artificial intelligence or machine learning;
its inability to maintain necessary third-party relationships, and third-party software licenses, and identify errors in the software it licenses;
its inability to offer and deliver high-quality technical support, implementation, and professional services;
its inability to attract and retain senior management employees and highly skilled employees;
the impact of its outstanding debt obligations on its financial condition, results of operations, and value of its common stock;
its ability to maintain effective internal control over financial reporting, and the effect of the existing material weakness in its internal control over financial reporting on its business, financial condition, and results of operations; or
the impact of adverse economic and market conditions on its business, operating results, or financial condition.

Although Dayforce has attempted to identify important risk factors, additional factors or events that could cause Dayforce’s actual performance to differ from these forward-looking statements may emerge from time to time, and it is not possible for Dayforce to predict all of them. Should one or more of these risks or uncertainties materialize, or should any of Dayforce’s assumptions prove incorrect, its actual financial condition, results of operations, future performance, and business may vary in material respects from the performance projected in these forward-looking statements. In addition to any factors and assumptions set forth above in this press release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the general economy remains stable; the competitive environment in the HCM market remains stable; the demand environment for HCM solutions remains stable; Dayforce’s implementation capabilities and cycle times remain stable; foreign exchange rates, both current and those used in developing forward-looking statements, specifically U.S. dollar to Canadian dollar, remain stable at, or near, current rates; Dayforce will be able to maintain its relationships with its employees, customers, and partners; Dayforce will continue to attract qualified personnel to support its development requirements and the support of its new and existing customers; and that the risk factors noted above, individually or collectively, do not have a material impact on Dayforce. Any forward-looking statement made by Dayforce in this press release speaks only as of the date on which it is made. Dayforce undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.


Dayforce, Inc. Condensed Consolidated Balance Sheets (Unaudited)

	September 30,			December 31,
	2024			2023
(In millions, except per share data)
Assets
Current assets:
Cash and equivalents	$	494.1		$	570.3
Restricted cash		—			0.8
Trade and other receivables, net		255.8			228.8
Prepaid expenses and other current assets		153.3			126.7
Total current assets before customer funds		903.2			926.6
Customer funds		4,000.7			5,028.6
Total current assets		4,903.9			5,955.2
Right of use lease assets, net		14.7			19.1
Property, plant, and equipment, net		228.3			210.1
Goodwill		2,394.5			2,293.9
Other intangible assets, net		228.3			230.2
Deferred sales commissions		215.6			192.1
Other assets		131.7			110.3
Total assets	$	8,117.0		$	9,010.9

Liabilities and stockholders’ equity
Current liabilities:
Current portion of long-term debt	$	7.3		$	7.6
Current portion of long-term lease liabilities		6.0			7.0
Accounts payable		73.1			66.7
Deferred revenue		42.7			40.2
Employee compensation and benefits		77.9			92.9
Other accrued expenses		66.3			30.4
Total current liabilities before customer funds obligations		273.3			244.8
Customer funds obligations		4,004.6			5,090.1
Total current liabilities		4,277.9			5,334.9
Long-term debt, less current portion		1,209.9			1,210.1
Employee benefit plans		25.0			27.7
Long-term lease liabilities, less current portion		14.0			18.9
Other liabilities		34.2			21.1
Total liabilities		5,561.0			6,612.7
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par, 500.0 shares authorized, 157.8 and 156.3 shares issued and outstanding, respectively		1.6			1.6
Additional paid in capital		3,291.5			3,151.1
Accumulated deficit		(340.5	)		(317.8	)
Accumulated other comprehensive loss		(396.6	)		(436.7	)
Total stockholders’ equity		2,556.0			2,398.2
Total liabilities and stockholders’ equity	$	8,117.0		$	9,010.9


Dayforce, Inc. Condensed Consolidated Statements of Operations (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024		2023
(In millions, except per share data)
Revenue:
Recurring	$	375.9		$	325.4		$	1,123.6	$	958.2
Professional services and other		64.1			52.1			171.2		155.8
Total revenue		440.0			377.5			1,294.8		1,114.0
Cost of revenue:
Recurring		87.4			80.5			265.1		239.4
Professional services and other		75.1			66.1			210.8		197.0
Product development and management		55.4			53.3			166.8		153.5
Depreciation and amortization		20.8			17.1			58.6		47.4
Total cost of revenue		238.7			217.0			701.3		637.3
Gross profit		201.3			160.5			593.5		476.7
Selling and marketing		86.4			61.8			248.5		177.5
General and administrative		94.1			72.2			269.4		204.9
Operating profit		20.8			26.5			75.6		94.3
Interest expense, net		8.8			8.9			33.2		27.2
Other (income) expense, net		(6.3	)		5.1			5.7		6.6
Income before income taxes		18.3			12.5			36.7		60.5
Income tax expense		16.3			16.3			29.4		51.3
Net income (loss)	$	2.0		$	(3.8	)	$	7.3	$	9.2
Net income (loss) per share:
Basic	$	0.01		$	(0.02	)	$	0.05	$	0.06
Diluted	$	0.01		$	(0.02	)	$	0.05	$	0.06
Weighted average shares outstanding:
Basic		158.1			155.7			157.6		155.0
Diluted		159.7			155.7			159.9		158.2


Dayforce, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended September 30,
	2024			2023
(In millions)
Cash flows from operating activities
Net income	$	7.3		$	9.2
Adjustments to reconcile net income to net cash provided by operating activities:
Deferred income tax (benefit) expense		(27.5	)		13.9
Depreciation and amortization		151.5			84.1
Amortization of debt issuance costs and debt discount		3.2			3.3
Loss on debt extinguishment		4.3			—
Provision for doubtful accounts		4.7			4.2
Net periodic pension and postretirement cost		7.6			0.9
Share-based compensation expense		118.4			118.0
Change in fair value of contingent consideration		9.0			11.8
Other		(1.2	)		0.3
Changes in operating assets and liabilities, excluding effects of acquisitions:
Trade and other receivables		(26.2	)		(62.0	)
Prepaid expenses and other current assets		(4.5	)		(20.1	)
Deferred sales commissions		(22.9	)		(25.9	)
Accounts payable and other accrued expenses		5.9			8.5
Deferred revenue		(6.5	)		7.5
Employee compensation and benefits		(16.1	)		(23.2	)
Accrued taxes		22.5			11.0
Payment of contingent consideration		(20.9	)		—
Other assets and liabilities		(8.5	)		(11.9	)
Net cash provided by operating activities		200.1			129.6

Cash flows from investing activities
Purchases of customer funds marketable securities		(483.2	)		(252.0	)
Proceeds from sale and maturity of customer funds marketable securities		283.4			326.4
Purchases of marketable securities		(10.0	)		—
Proceeds from sale and maturity of marketable securities		7.6			—
Expenditures for property, plant, and equipment		(8.7	)		(15.4	)
Expenditures for software and technology		(74.1	)		(72.9	)
Acquisition costs, net of cash acquired		(173.1	)		—
Other		—			(1.0	)
Net cash used in investing activities		(458.1	)		(14.9	)

Cash flows from financing activities
(Decrease) increase in customer funds obligations, net		(1,049.9	)		311.0
Proceeds from issuance of common stock under share-based compensation plans		22.0			40.3
Repurchases of common stock		(28.8	)		—
Proceeds from debt issuance		650.0			—
Repayment of long-term debt obligations		(646.5	)		(6.0	)
Payment of debt refinancing costs		(11.4	)		—
Payment of contingent consideration		(3.0	)		—
Net cash (used in) provided by financing activities		(1,067.6	)		345.3

Effect of exchange rate changes on cash, restricted cash, and equivalents		(18.2	)		5.1
Net (decrease) increase in cash, restricted cash, and equivalents		(1,343.8	)		465.1
Cash, restricted cash, and equivalents at beginning of period		3,421.4			3,151.2
Cash, restricted cash, and equivalents at end of period	$	2,077.6		$	3,616.3

Reconciliation of cash, restricted cash, and equivalents to the condensed consolidated balance sheets
Cash and equivalents	$	494.1		$	510.3
Restricted cash		—			0.8
Restricted cash and equivalents included in customer funds		1,583.5			3,105.2
Total cash, restricted cash, and equivalents	$	2,077.6		$	3,616.3


Dayforce, Inc. Revenue Financial Measures (Unaudited)

	Three Months Ended September 30,				Percentage change in revenue			Impact of changes in foreign currency (a)			Percentage change in revenue on a constant currency basis (a)
	2024		2023		2024 vs. 2023						2024 vs. 2023
	(In millions)
Revenue:
Recurring revenue:
Dayforce recurring, excluding float	$	292.0	$	245.6		18.9	%		(0.1	)%		19.0	%
Dayforce float		41.2		34.0		21.2	%		(0.3	)%		21.5	%
Total Dayforce recurring		333.2		279.6		19.2	%		(0.1	)%		19.3	%
Powerpay recurring, excluding float		20.2		19.6		3.1	%		(2.0	)%		5.1	%
Powerpay float		4.2		4.4		(4.5	)%		(2.2	)%		(2.3	)%
Total Powerpay recurring		24.4		24.0		1.7	%		(2.0	)%		3.7	%
Total Cloud recurring		357.6		303.6		17.8	%		(0.3	)%		18.1	%
Other recurring (b)		18.3		21.8		(16.1	)%		0.9	%		(17.0	)%
Total recurring revenue		375.9		325.4		15.5	%		(0.2	)%		15.7	%
Professional services and other (c)		64.1		52.1		23.0	%		(—	)%		23.0	%
Total revenue	$	440.0	$	377.5		16.6	%		(0.1	)%		16.7	%

a)	Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
b)	Float attributable to Other recurring was $0.2 million and $0.4 million for the three months ended September 30, 2024, and 2023, respectively.
c)	For the three months ended September 30, 2024, Professional services and other consisted of $61.8 million and $2.3 million associated with Dayforce and Other, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $48.2 million, $3.8 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.

	Nine Months Ended September 30,				Percentage change in revenue			Impact of changes in foreign currency (a)			Percentage change in revenue on a constant currency basis (a)
	2024		2023		2024 vs. 2023						2024 vs. 2023
	(In millions)
Revenue:
Recurring revenue:
Dayforce recurring, excluding float	$	852.1	$	706.5		20.6	%		(0.2	)%		20.8	%
Dayforce float		139.9		112.5		24.4	%		(0.2	)%		24.6	%
Total Dayforce recurring		992.0		819.0		21.1	%		(0.2	)%		21.3	%
Powerpay recurring, excluding float		60.6		58.8		3.1	%		(1.2	)%		4.3	%
Powerpay float		14.4		13.4		7.5	%		(0.7	)%		8.2	%
Total Powerpay recurring		75.0		72.2		3.9	%		(1.1	)%		5.0	%
Total Cloud recurring		1,067.0		891.2		19.7	%		(0.3	)%		20.0	%
Other recurring (b)		56.6		67.0		(15.5	)%		(1.0	)%		(14.5	)%
Total recurring revenue		1,123.6		958.2		17.3	%		(0.3	)%		17.6	%
Professional services and other (c)		171.2		155.8		9.9	%		(0.2	)%		10.1	%
Total revenue	$	1,294.8	$	1,114.0		16.2	%		(0.3	)%		16.5	%

a)	Dayforce has calculated percentage change in revenue on a constant currency basis by applying the average foreign exchange rate in effect during the comparable prior period. Please refer to the “Non-GAAP Financial Measures” section for discussion of percentage change in revenue on a constant currency basis.
b)	Float attributable to Other recurring was $0.9 million and $1.6 million for the nine months ended September 30, 2024, and 2023, respectively.
c)	For the nine months ended September 30, 2024, Professional services and other consisted of $164.4 million, $6.6 million, and $0.2 million associated with Dayforce, Other, and Powerpay, respectively. For the three months ended September 30, 2023, Professional services and other consisted of $144.6 million, $11.1 million, and $0.1 million associated with Dayforce, Other, and Powerpay, respectively.


Dayforce, Inc. Share-Based Compensation Expense and Related Employer Taxes (Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
	(in millions)
Cost of revenue – Cloud	$	3.0	$	3.9	$	9.6	$	11.9
Cost of revenue – Other		0.6		0.5		1.7		1.2
Professional services and other		4.0		4.4		11.7		13.5
Product development and management		8.1		7.8		25.0		25.7
Sales and marketing		9.4		6.4		27.2		19.0
General and administrative		14.5		13.4		43.2		47.0
Total	$	39.6	$	36.4	$	118.4	$	118.3


Dayforce, Inc. Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

The following tables reconcile Dayforce’s reported results to its non-GAAP financial measures:

	Three Months Ended September 30, 2024
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	75.1		79.0	%	$	3.0	$	—	$	0.1		$	72.0		79.9	%

Operating profit	$	20.8		4.7	%	$	39.6	$	29.6	$	13.2		$	103.2		23.5	%

Net income	$	2.0		0.5	%	$	39.6	$	29.6	$	3.3		$	74.5		16.9	%
Interest expense, net		8.8					—		—		—			8.8
Income tax expense (c)		16.3					—		—		(4.0	)		20.3
Depreciation and amortization		52.1					—		29.6		—			22.5
EBITDA	$	79.2				$	39.6	$	—	$	7.3		$	126.1		28.7	%

Net income per share – diluted (d)	$	0.01				$	0.25	$	0.19	$	0.02		$	0.47

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net (loss) income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $3.2 million of restructuring expenses, $3.2 million of costs associated with the planned termination of its frozen U.S. pension plan, $1.0 million of fees associated with initiating the receivables securitization program, and $9.1 million of foreign exchange gain, along with a $4.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 159.7 million weighted average shares of common stock.

	Three Months Ended September 30, 2023
	As reported			As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	69.9			77.0	%	$	3.9	$	—	$	—		$	66.0		78.3	%

Operating profit	$	26.5			7.0	%	$	36.4	$	20.5	$	6.0		$	89.4		23.7	%

Net (loss) income	$	(3.8	)		(1.0	)%	$	36.4	$	20.5	$	5.2		$	58.3		15.4	%
Interest expense, net		8.9						—		—		—			8.9
Income tax expense (c)		16.3						—		—		(5.5	)		21.8
Depreciation and amortization		38.7						—		20.5		—			18.2
EBITDA	$	60.1					$	36.4	$	—	$	10.7		$	107.2		28.4	%

Net (loss) income per share – diluted (d)	$	(0.02	)				$	0.23	$	0.13	$	0.03		$	0.37

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $4.7 million of foreign exchange loss, $4.6 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $1.2 million of restructuring expenses, and $0.2 million related to the abandonment of certain leased facilities, along with a $5.5 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP diluted net loss per share is calculated based upon 155.7 weighted average shares of common stock, and Adjusted diluted net income per share is calculated based upon 158.8 million weighted average shares of common stock.

	Nine Months Ended September 30, 2024
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	228.5		78.6	%	$	9.6	$	—	$	0.9		$	218.0		79.6	%

Operating profit	$	75.6		5.8	%	$	118.4	$	87.5	$	25.7		$	307.2		23.7	%

Net income	$	7.3		0.6	%	$	118.4	$	87.5	$	5.5		$	218.7		16.9	%
Interest expense, net		33.2					—		—		—			33.2
Income tax expense (c)		29.4					—		—		(27.0	)		56.4
Depreciation and amortization		151.5					—		87.5		—			64.0
EBITDA	$	221.4				$	118.4	$	—	$	32.5		$	372.3		28.8	%

Net income per share – diluted (d)	$	0.05				$	0.74	$	0.55	$	0.03		$	1.37

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $15.7 million of restructuring expenses, $9.7 million of costs associated with the planned termination of its frozen U.S. pension plan, $9.0 million related to the fair value adjustment for the DataFuzion contingent consideration, $1.0 million of fees associated with initiating the receivables securitization program, and $2.9 million of foreign exchange gain, along with a $27.0 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 159.9 million weighted average shares of common stock.

	Nine Months Ended September 30, 2023
	As reported		As reported margins (a)			Share-based compensation		Amortization		Other (b)			As adjusted (b)		As adjusted margins (a)
	(Dollars in millions, except per share data)
Cost of Cloud recurring revenue	$	204.8		77.0	%	$	11.9	$	—	$	—		$	192.9		78.4	%

Operating profit	$	94.3		8.5	%	$	118.3	$	32.7	$	15.6		$	260.9		23.4	%

Net income	$	9.2		0.8	%	$	118.3	$	32.7	$	(1.8	)	$	158.4		14.2	%
Interest expense, net		27.2					—		—		—			27.2
Income tax expense (c)		51.3					—		—		(22.7	)		74.0
Depreciation and amortization		84.1					—		32.7		—			51.4
EBITDA	$	171.8				$	118.3	$	—	$	20.9		$	311.0		27.9	%

Net income per share – diluted (d)	$	0.06				$	0.75	$	0.21	$	(0.01	)	$	1.00

a)	Cloud recurring gross margin is defined as total Cloud recurring revenue less cost of Cloud recurring revenue as a percentage of total Cloud recurring revenue. Operating profit margin and net profit margin are determined by calculating the percentage operating profit and net income are of total revenue. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted margins.
b)	The as adjusted column is a non-GAAP financial measure, adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items including $11.8 million related to the impact of the fair value adjustment for the DataFuzion contingent consideration, $5.3 million of foreign exchange loss, $3.4 million of restructuring expenses, and $0.4 million related to the abandonment of certain leased facilities, along with a $22.7 million net adjustment for the effect of income taxes related to these items. Please refer to the “Non-GAAP Financial Measures” section for additional information on the as adjusted metrics.
c)	Income tax effects have been calculated based on the statutory tax rates in effect in the U.S. and foreign jurisdictions during the period.
d)	GAAP and Adjusted diluted net income per share are calculated based upon 158.2 million weighted average shares of common stock.


Dayforce, Inc. Reconciliation of Free Cash Flow (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
	(In millions)
Net cash provided by operating activities	$	91.8		$	36.6		$	200.1		$	129.6
Expenditures for property, plant, and equipment		(2.0	)		(5.3	)		(8.7	)		(15.4	)
Expenditures for software and technology		(26.4	)		(26.5	)		(74.1	)		(72.9	)
Free cash flow	$	63.4		$	4.8		$	117.3		$	41.3

Non-GAAP Financial Measures

Dayforce uses certain non-GAAP financial measures in this release including:

Non-GAAP Financial Measure		GAAP Financial Measure
EBITDA		Net (loss) income
Adjusted EBITDA		Net (loss) income
Adjusted EBITDA margin		Net profit margin
Adjusted Cloud recurring gross margin		Cloud recurring gross margin
Adjusted operating profit		Operating profit
Adjusted operating profit margin		Operating profit margin
Adjusted net income		Net (loss) income
Adjusted net profit margin		Net profit margin
Adjusted diluted net income per share		Diluted net (loss) income per share
Free cash flow		Net cash provided by operating activities
Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis		Percentage change in revenue, including total revenue and revenue by solution
Dayforce recurring revenue per customer		No directly comparable GAAP measure

Dayforce believes that these non-GAAP financial measures are useful to management and investors as supplemental measures to evaluate its overall operating performance including comparison across periods and with competitors. Dayforce’s management team uses these non-GAAP financial measures to assess operating performance because these financial measures exclude the results of decisions that are outside the normal course of its business operations, and are used for internal budgeting and forecasting purposes both for short- and long-term operating plans. Additionally, Adjusted EBITDA is a component of its management incentive plan and Adjusted Cloud recurring gross margin and Adjusted operating profit are components of certain performance based equity awards for its named executive officers. Additionally, Dayforce believes that the non-GAAP financial measure free cash flow is meaningful to investors because it is a measure of liquidity that provides useful information in understanding and evaluating the strength of Dayforce’s liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business. The exclusion of capital expenditures facilitates comparisons of Dayforce’s liquidity on a period-to-period basis and excludes items that management does not consider to be indicative of Dayforce’s liquidity.

These non-GAAP financial measures are not required by, defined under, or presented in accordance with, GAAP, and should not be considered as alternatives to Dayforce’s results as reported under GAAP, have important limitations as analytical tools, and its use of these terms may not be comparable to similarly titled measures of other companies in its industry. Dayforce’s presentation of non-GAAP financial measures should not be construed to imply that its future results will be unaffected by similar items to those eliminated in this presentation. Please refer to Dayforce’s full financial results, including further discussion of non-GAAP financial measures, on the Investor Relations portion of its website at investors.dayforce.com.

Dayforce defines its non-GAAP financial measures as follows:

EBITDA is defined as net (loss) income before interest, taxes, depreciation, and amortization, and Adjusted EBITDA is EBITDA, as adjusted to exclude share-based compensation expense and related employer taxes, and certain other items.
Adjusted EBITDA margin is determined by calculating the percentage Adjusted EBITDA is of total revenue.
Adjusted Cloud recurring gross margin is defined as Cloud recurring gross margin, as adjusted to exclude share-based compensation and related employer taxes, and certain other items, as a percentage of total Cloud recurring revenue.
Adjusted operating profit is defined as operating profit, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items.
Adjusted net income is defined as net (loss) income, as adjusted to exclude share-based compensation expense and related employer taxes, amortization of acquisition-related intangible assets, and certain other items, all of which are adjusted for the effect of income taxes.
Adjusted net profit margin is determined by calculating the percentage Adjusted net income is of total revenue.
Adjusted diluted net income per share is calculated by dividing adjusted net income by diluted weighted average common shares outstanding. When adjusted diluted net income per share is positive, diluted weighted average common shares outstanding incorporate the effect of dilutive equity instruments.
Free cash flow is defined as net cash provided by operating activities, as adjusted to exclude capital expenditures.
Percentage change in revenue, including total revenue and revenue by solution, on a constant currency basis is calculated by applying the average foreign exchange rate in effect during the comparable prior period.
Dayforce recurring revenue per customer is an indicator of the average size of Dayforce recurring revenue customers. To calculate Dayforce recurring revenue per customer, the Company starts with Dayforce recurring revenue on a constant currency basis by applying the same exchange rate to all comparable periods for the trailing twelve months and excludes float revenue and Ascender, ADAM HCM, and eloomi revenue. This amount is divided by the number of live Dayforce customers at the end of the trailing twelve month period, excluding Ascender, ADAM HCM, and eloomi. The Company has not reconciled the Dayforce recurring revenue per customer because there is no directly comparable GAAP financial measure.

Source: Dayforce, Inc.

For further information, please contact:

Investor Relations
1-844-829-9499
investors@dayforce.com

Public Relations
1-647-417-2117
teri.murphy@dayforce.com

The MIL Network –

January 25, 2025

MIL-OSI: Amplify ETFs Declares October Income Distributions for its Income ETFs

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Amplify ETFs announces October income distributions for its income ETFs.

ETF Name	Ticker	Amount per Share		Ex-Date	Record Date	Payable Date
Amplify Samsung SOFR ETF	SOFR	$	0.40475	10/30/24	10/30/24	10/31/24
Amplify Cash Flow High Income ETF	HCOW	$	0.17240	10/30/24	10/30/24	10/31/24
Amplify CWP Enhanced Dividend Income ETF	DIVO	$	0.16419	10/30/24	10/30/24	10/31/24
Amplify CWP International Enhanced Dividend Income ETF	IDVO	$	0.15609	10/30/24	10/30/24	10/31/24
Amplify CWP Growth & Income ETF	QDVO	$	0.15131	10/30/24	10/30/24	10/31/24
Amplify Natural Resources Dividend Income ETF	NDIV	$	0.12455	10/30/24	10/30/24	10/31/24
Amplify High Income ETF	YYY	$	0.12000	10/30/24	10/30/24	10/31/24

About Amplify ETFs
Amplify ETFs, sponsored by Amplify Investments, has over $10 billion in assets across its suite of ETFs (as of 10/21/2024). Amplify ETFs deliver expanded investment opportunities for investors seeking growth, income, and risk-managed strategies across a range of actively managed and index-based ETFs. Learn more visit AmplifyETFs.com.

Sales Contact:
Amplify ETFs
855-267-3837
info@amplifyetfs.com

Media Contacts:
Gregory FCA for Amplify ETFs
Kerry Davis
610-228-2098
amplifyetfs@gregoryfca.com

This information is not intended to provide and should not be relied upon for accounting, legal or tax advice, or investment recommendations. To receive a distribution, you must be a registered shareholder of the fund on the record date. Distributions are paid to shareholders on the payment date. There is no guarantee that distributions will be made in the future. Your own trading will also generate tax consequences and transaction expenses. Past distributions are not indicative of future distributions. Please consult your tax professional or financial adviser for more information regarding your tax situation.

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in Amplify Funds’ statutory and summary prospectuses, which may be obtained at AmplifyETFs.com. Read the prospectuses carefully before investing.

Investing involves risk, including the possible loss of principal.

Amplify ETFs are distributed by Foreside Services, LLC.

The MIL Network –

January 25, 2025

MIL-OSI: Xtract One’s New Gateway Selected to Secure Tift County Schools

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Xtract One Technologies (TSX: XTRA)(OTCQX: XTRAF)(FRA: 0PL) (“Xtract One” or the “Company”) today announced their newly-debuted Xtract One Gateway (“Gateway”) has been selected by Tift County Schools in Tifton, Georgia, to protect school entrances, ensuring a welcoming, streamlined, and secure experience for all individuals entering the buildings.

Tift County Schools is set to deploy Xtract One Gateway at the entrances of their high school and middle schools, with plans to deploy the system across all K-12 schools in the future. This installation aims to strengthen safety and security measures within the district, and highlights the joint dedication to prioritize the well-being of students and staff while maintaining a positive school atmosphere. By differentiating between everyday items—such as laptops, tablets, 3-ring binders, cell phones, and keys—and potential threats such as firearms, Gateway ensures a smooth and secure entry experience for students and visitors who enter carrying a medium volume of personal belongings. The system features advanced bi-directional screening technology for weapon detection and identification, allowing individuals to keep their personal belongings on them, and reducing the need for separate bag searches, thereby dramatically reducing screening times.

“As a district with 11 schools, nearly 7,700 students, and over 1,000 teachers and staff members, it’s critically important for us to prioritize our students’ learning, well-being, and overall school experience. We’re excited to be using Xtract One Gateway to further our mission to protect and nurture the future generations of Tift County,” said Jonathan Judy, Chief Information Officer at Tift County School District. “We investigated several technologies to secure our facilities and found that Gateway provided a broad set of weapons detection while also significantly reducing unnecessary bag searches, x-ray machines, or complex operations. Our students, teachers, staff, and visitors deserve the best, and with Xtract One’s enhanced security solution, we’ll be able to deliver an atmosphere district-wide for anyone entering our schools that is even more secure, with an experience that still remains inviting.”

“Safe schools are a prerequisite for student achievement and, to a larger extent, an important standard for the well-being of the surrounding community that supports the school. We’re continuing to deliver innovative security solutions that empower schools to address modern threats and enhance safety without compromising the welcoming environment that students deserve,” said Peter Evans, CEO of Xtract One. “With technology like Gateway complementing existing security operations, students will benefit from enhanced, non-invasive security that allows them to walk into school freely without needing to divest their personal belongings. This sets a new standard for school safety and allows students to focus on their education.”

To learn more, visit www.xtractone.com.

About Xtract One
Xtract One Technologies is a leading technology-driven provider of threat detection and security solutions leveraging AI to deliver seamless and secure experiences. The Company makes unobtrusive weapons and threat detection systems that enable facility operators to prioritize and deliver improved “Walk-right-In” experiences while providing unprecedented safety. Xtract One’s innovative portfolio of AI-powered Gateway solutions excels at allowing facilities to discreetly screen and identify weapons and other threats at points of entry and exit without disrupting the flow of traffic. With solutions built to serve the unique market needs for schools, hospitals, arenas, stadiums, manufacturing, distribution, and other customers, Xtract One is recognized as a market leader delivering the highest security in combination with the best individual experience. For more information, visit www.xtractone.com or connect on Facebook, X, and LinkedIn.

Forward Looking Statements
This news release contains forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, are “forward-looking statements”. Forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from any future results, events or developments expressed or implied by such forward looking statements. Such risks and uncertainties include, but are not limited to, the risks detailed from time to time in the continuous disclosure filings made by the Company with securities regulations. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. Although the Company has attempted to identify important risk factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other risk factors that cause actions, events or results to differ from those anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in forward-looking statements. The Company has no obligation to update any forward looking statement, even if new information becomes available as a result of future events, new information or for any other reason except as required by law.

No securities exchange or commission has reviewed or accepts responsibility for the adequacy or accuracy of this release.

For further information, please contact:
Xtract One Inquiries: info@xtractone.com, http://www.xtractone.com
Investor Relations: Chris Witty, Darrow Associates, cwitty@darrowir.com, 646-438-9385
Media Contact: Kristen Aikey, JMG Public Relations, kristen@jmgpr.com, 212-206-1645

The MIL Network –

January 25, 2025
MIL-OSI: Navient posts third quarter 2024 financial results

Source: GlobeNewswire (MIL-OSI)

HERNDON, Va., Oct. 30, 2024 (GLOBE NEWSWIRE) — Navient (Nasdaq: NAVI) today posted its 2024 third quarter financial results. Complete financial results are available on the company’s website at Navient.com/investors. The materials will also be available on a Form 8-K on the SEC’s website at www.sec.gov.

Navient will hold a live audio webcast today, Oct. 30, 2024, at 8 a.m. ET, hosted by David Yowan, president and CEO, and Joe Fisher, CFO.

Analysts and investors who wish to ask questions are requested to pre-register at Navient.com/investors at least 15 minutes ahead of start time to receive their personal dial-in access details. Others who wish to join in listen-only mode do not need to pre-register and may simply visit Navient.com/investors to access the webcast.

Supplemental financial information and presentation slides used during the call will be available no later than the start time. A replay of the webcast will be available approximately two hours after the event’s conclusion.

About Navient
Navient (Nasdaq: NAVI) provides technology-enabled education finance and business processing solutions that simplify complex programs and help millions of people achieve success. Our customer-focused, data-driven services deliver exceptional results for clients in education and government. Learn more at navient.com.

Contact:
Media: Paul Hartwick, 302-283-4026, paul.hartwick@navient.com
Investors: Jen Earyes, 703-984-6801, jen.earyes@navient.com

The MIL Network –

January 25, 2025
MIL-OSI: Banco Santander-Chile Announces Third Quarter 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Oct. 30, 2024 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results¹ for the nine-month period ended September 30, 2024, and third quarter 2024 (3Q24).

ROAE²of 23.1% in 3Q24³and 18.2% in 9M24⁴.

In the third quarter of 2024 (3Q24), the Bank’s net income attributable to shareholders totaled $243,133 million ($1.29 per share and US$ 0.58 per ADR), reflecting an increase of 11.7% compared to the previous quarter (2Q24), with an ROAE of 23.1%.

As of September 30, 2024, the Bank’s net income attributable to shareholders totaled $581.109 billion ($3.08 per share and US$1.37 per ADR), reflecting an increase of 81.9% compared to the same period of the previous year and with an ROAE of 18.2%.

The increase in results in the quarter is explained by an increase in the Bank’s main income lines, with operating income increasing by 6.3% in the quarter, driven by a better interest margin and readjustments.

Strong recovery of NIM⁵to 3.9% in 3Q24 and 3.4% in 9M24.

Net interest and readjustment income (NII) accumulated as of September 30, 2024 increased by 74.8% compared to the same period in 2023. This increase in NII was due to higher interest income due to improvements in the cost of funds resulting from a lower monetary policy rate, partially offset by lower readjustment income due to lower inflation in the period.

In 3Q24, total net interest and readjustment income increased by 4.2% compared to 2Q24. This is explained by higher net interest income due to lower funding costs and better investment portfolio performance, offset by lower net readjustment income due to lower UF variation in the quarter.

Net fees increase 8.3% in the quarter, reaching recurrence⁶levels of 63.4%.

Net fees increased 8.3% QoQ due to increased customer numbers and greater use of products such as mutual funds, cards and current accounts. With this, the recurrence ratio (total net fees divided by total core expenses) is 63.4% in 3Q24, demonstrating that more than half of the Bank’s expenses are financed by fees generated by our customers.

In the nine months to September 30, 2024, fees increased by 5.4% compared to the same period in 2023, mainly due to higher fees from current accounts, mutual fund brokerage and Getnet. This was partially offset by the impact of interchange fee regulation.

Getnet’s customer base continues to grow and its expansion continues

As a result of our strategy to strengthen digital products, the Bank’s market share in current accounts remains strong. According to the latest publicly available information, which is as of July 2024, our market share reaches 23.8% in current accounts, which includes products such as Santander Life and PYME Life, while our US$ current account solution is already attracting 41.2% of customers in this market. In total, our digital customers total around 2.2 million and represent 86% of our active customers, with the products with the greatest traction being deposits, credit cards, investment funds and general insurance brokerage.

Getnet’s entry into the Chilean acquiring market continues to surprise with good results, with net commissions of $54 billion in 9M24 (not including operating expenses). Customer reception has been high, with more than 182 thousand affiliated merchants and more than 243 thousand operational POSs, with a strong demand from SME clients and an expansion towards larger clients that require a Host to Host solution, offering an integrated payment system for more sophisticated clients. Thanks to Getnet and other initiatives such as the Cuenta Pyme Life, we are seeing significant growth in current accounts for SMEs and companies, growing 26.7% YoY by July 2024, and with a market share of 39.3% according to the CMF.

For the fifth consecutive year we are Top 1 in NPS among our Chilean peers

As a result of all our efforts, our customers are the most satisfied with us. As of September 2024, our NPS is 59 points, top 1 among our peers. We also rank first in net satisfaction in the evaluation of our account executives and contact center with 66 and 72 points respectively. Regarding digital channels, they also continue to be a strength, with the website standing out with a net satisfaction of 72 and the App with 74 points.

Efficiency ratio of 36.3% in the quarter as income improves and costs remain under control

The Bank’s efficiency ratio reached 40.0% as of September 30, 2024, better than the 48.0% of the same period last year, with a quarterly efficiency ratio of 36.3%, explained by the recovery of revenues in the quarter and solid cost control.

Core support expenses (salaries, administration and amortization) grew 4.4% in 9M24 compared to 9M23 and 0.4% compared to 2Q24, in line with the growth of inflation, as we mentioned in our previous guidance. Total operating expenses (which includes other expenses) increased 13.1% in 9M24 compared to the same period in 2023 driven by higher other operating expenses, related to a provision for the restructuring of our branch network and the transformation to Work/Café and also the progress in Digital Banking.

Cost of credit of 1.28% in 9M24, in line with the evolution of asset quality given the economic scenario.

During the Covid-19 pandemic, asset quality benefited from state aid and pension fund withdrawals, which led to a positive performance in assets during that period, before normalizing in line with the performance of the economy and the drainage of excess liquidity from households. Currently, our clients’ performance is reflecting the state of the economy and the labor market, where delinquency is higher than the levels we saw before the pandemic with the non-performing loans (NPL) ratio increasing to 3.1% and the impaired portfolio to 6.7% at September 2024. Overall the cost of credit remained stable at 1.28% in the quarter.

Solid capital levels with a BIS⁷ratio of 17.2% and a CET1⁸of 10.7%.

Our total BIS ratio reached 17.2% as of September 30, 2024 and the CET1 ratio remains solid at 10.7%, even considering that we increased the dividend provision for the 2024 income from 30% to 60% in June 2024 and then to 70% in September 2024. Risk-weighted assets (RWA) increased 0.8% since December 31, 2023 and 0.3% QoQ, explained by a growth in market risk-weighted assets offset by a decrease in credit risk-weighted assets. Additionally, in January 2024, the CMF announced the Pillar II charges for six banks in the Chilean system, and we highlight that, on this occasion, they did not assign a charge to the Bank.

Upgrading guidance for 2024 and soft guidance for 2025

Given the strong recovery in our results and our current economic estimates for the fourth quarter, we are improving our ROAE guidance for 2024 to 18%-19%. We have upgraded our medium term guidance for ROAEs to 18%-20% and our soft guidance for 2025 indicates a ROAE within this range.

Banco Santander Chile is one of the companies with the highest risk classifications in Latin America with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a Stable Outlook.

As of September 30, 2024, the Bank has total assets of $65,890,254 million (US$73,419 million), total gross loans (including loans to banks) at amortized cost of $40,362,740 million (US$44,975 million), total deposits of $29,617,085 million (US$33,001 million) and shareholders’ equity of $4,218,883 million (US$4,701 million). The BIS capital ratio was 17.2%, with a core capital ratio of 10.7%. As of September 30, 2024, Santander Chile employed 8,861 people and has 234 branches throughout Chile.

CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl Website: www.santander.cl

^¹ The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC).
^² Annualized net income attributable to shareholders of the Bank divided by the average equity attributable to equity holders
^³ The third quarter of 2024
^⁴ The nine months accumulated as of September 30, 2024
^⁵ NIM: Net interest margin. Annualized net interest income and annualized readjustments divided by interest-earning assets
^⁶Recurrence: Net commissions divided by structural operating expenses (excludes other operating expenses).
^⁷ Regulatory capital divided by risk-weighted assets, according to CMF BIS III definitions
^⁸ Core capital divided by risk-weighted assets, according to CMF BIS III definitions.

The MIL Network –

January 25, 2025
MIL-OSI: Dragonfly Energy to Report Third Quarter 2024 Financial and Operational Results on November 14, 2024

Source: GlobeNewswire (MIL-OSI)

RENO, Nev., Oct. 30, 2024 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (“Dragonfly Energy” or the “Company”) (Nasdaq: DFLI), maker of Battle Born Batteries^® and an industry leader in energy storage, today announced that the Company will release its financial and operational results for the third quarter ended September 30, 2024 after market close on Thursday, November 14, 2024. The earnings press release will be followed by a conference call on November 14, 2024 at 5:00 PM Eastern Time.

Interested investors and other parties may access the live webcast via the link found here or through the Events and Presentations page within the Investor Relations section of Dragonfly Energy’s website at https://investors.dragonflyenergy.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (800) 549-8228, toll-free in North America, or for international callers +1 (289) 819-1520, and referencing conference ID: 64729. Please log in to the webcast or dial in for the call at least 10 minutes prior to the start of the event.

An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Dragonfly Energy’s website, along with the earnings press release.

About Dragonfly Energy
Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.dragonflyenergy.com/investors.

Investor Relations
Caldwell Bailey
DragonflyIR@icrinc.com

Source: Dragonfly Energy Holdings Corp.

The MIL Network –

January 25, 2025
MIL-OSI: Redoxblox Closes $40.7 Million Series A to Support Industrial Decarbonization and Grid Storage with Next-Gen Thermochemical Energy Storage System

Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Redoxblox raised an additional $30M in Series A funding, led by Prelude Ventures and joined by Imperative Ventures and New System Ventures, alongside existing investors Breakthrough Energy Ventures and Khosla Ventures. This brings the total Series A round to $40.7M. Redoxblox is pioneering a new class of low-cost thermochemical energy storage systems (TCES) designed to accelerate industrial decarbonization and address long duration energy storage needs for the grid. The company’s TCES units store energy both chemically and as heat at high temperatures, allowing for continuous or on-demand discharge for industrial processes or electricity generation. The system can fast charge when electricity prices are low or during periods of surplus renewables generation.

Today, 95% of industrial heat is provided by fossil fuels, which accounts for 30% of global carbon emissions. Decarbonizing this sector has been historically challenging due to a lack of affordable emissions-free alternatives. With a conversion efficiency comparable to lithium-ion batteries, higher energy density, and direct high temperature air discharge, Redoxblox provides the first reliable, cost-competitive solution to effectively use electricity as an alternative to fossil fuels. The system also offers space efficient, grid-scale long duration energy storage, enabling intermittent renewables to meet baseload needs.

The company also announces the appointment of a new CEO, Pasquale Romano, formerly President and CEO of ChargePoint and currently Member of The President of the United States’ National Infrastructure Advisory Council (NIAC). Romano will lead the company through its next phase of growth, expanding into key industrial heat and long duration grid scale storage markets.

“Decarbonization depends on widespread adoption of cost-competitive alternatives to fossil fuels for industrial heat applications that address the time-varying nature of electricity demand and fluctuating renewable generation. Our goal is to address the density, cycle life, reliability, efficiency, and cost requirements to enable the world to decarbonize without economic compromise,” said Romano. “Decarbonization has to be a natural side effect of utilizing cost-competitive technologies to meet the world’s energy needs.”

The company’s Series A funding follows grants from the California Energy Commission (CEC) and the U.S. Department of Energy (DOE). Redoxblox was selected by the CEC for a project to demonstrate the ability to provide 24 hours of electricity storage capacity in collaboration with UC San Diego and the Electric Power Research Institute (EPRI). Similarly, the DOE’s Industrial Efficiency and Decarbonization Office chose Redoxblox for an industrial-scale thermochemical energy storage project, partnering with Dow Chemical and EPRI to decarbonize steam production at Dow’s West Virginia plant. Both initiatives represent significant strides toward decarbonizing industrial heat and grid storage at scale.

Redoxblox’s technology offers several advantages over traditional energy storage. The storage modules are built with stable, long-lasting, non-toxic, non-flammable, and recyclable materials that can operate at temperatures up to 1500°C. After extensive cycle testing, the material proved capable of supporting mission critical industrial applications and as a reliable energy store for the grid. A single unit can store up to 20 MWh of energy at 95% round trip efficiency. Multiple units can be combined to meet the energy requirements at large facilities and can charge in as little as two hours. The system is designed to integrate seamlessly into existing industrial processes, allowing businesses to adopt without significant alterations to how their business works.

“Redoxblox is tackling one of the toughest sectors to decarbonize, industrial heat,” said Gabriel Kra, Managing Partner at Prelude Ventures. “They’ve accomplished what once seemed impossible: creating an electrical alternative to natural gas that is affordable, easy to adopt, and charges more quickly than other solutions. We’re excited to support them as they continue to scale and bring this solution to market.”

About Redoxblox
Located in San Diego, Redoxblox is pioneering a new class of low-cost thermochemical energy storage systems (TCES) designed to accelerate industrial decarbonization and address long duration energy storage needs for the grid. The company’s TCES units store energy both chemically and as heat at very high temperatures that can be discharged continuously or as needed directly into industrial processes or as an energy source for electricity generation. The system can be fast charged when electricity prices are low or during surplus renewables generation and discharged as needed. Redoxblox is backed by Prelude Ventures, Khosla Ventures, Breakthrough Energy Ventures, Imperative Ventures, and New System Ventures. To learn more, visit the website or follow Redoxblox on LinkedIn.

About Prelude Ventures
Prelude Ventures is a climate-focused venture capital firm that invests in and supports early-stage startups with the greatest potential to mitigate climate change. For over a decade, Prelude Ventures has sought out purpose-driven founders and provided the capital and expertise needed to build the next generation of category-defining businesses that will reshape our global economy for the greater good of people and the planet. Located in San Francisco, Prelude Ventures has approximately $2 billion under management.

LaunchSquad for Prelude Ventures
prelude@launchsquad.com

The MIL Network –

January 25, 2025
MIL-OSI: Foresight Ventures Announces Strategic Partnership with Deep Blue and Arta TechFin to Enhance Stablecoin and RWA Business Initiatives

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Foresight Ventures, the leading investment firm specializing in Web3 projects, today announced a strategic partnership with Deep Blue, a newly launched Jersey-based stablecoin issuer and Arta TechFin Corporation Limited (Arta TechFin, HKSE: 0279), a Hong Kong listed company via its subsidiaries operating regulated financial institutions and leading blockchain developments. The alliance aims to drive innovation and growth of the Stablecoin and Real-World Asset (RWA) ecosystem.

Deep Blue is an issuance platform for Stablecoins bringing best-in-class practices and best partners in both digital assets and traditional finance, enabling users to operate across multiple use cases.

Arta TechFin will bring in its capabilities as a regulated blockchain financial services provider, collaborating with Foresight Ventures and Deep Blue on Stablecoin and RWA businesses including but not limited to origination, tokenization, market making, and providing liquidity.

Julien Bahurel, co-founder of Deep Blue, commented on the partnership: “We are excited to join forces with Foresight Ventures to accelerate our efforts in the Stablecoin and RWA sectors. This partnership represents a significant step forward in our mission to bridge the gap between traditional finance and the emerging blockchain economy; leveraging on key crypto partners, large Asia-based conglomerates and financial institutions.”

Foresight Ventures, known for its commitment to fostering Web3 projects that promote decentralization and mainstream adoption of cryptocurrency, will provide Deep Blue with strategic collaborations that include media and network resources. This partnership is expected to elevate Deep Blue’s initiatives, bringing them to a wider audience and enhancing their impact on the global financial landscape. Both parties look to leverage off each other’s access to the blockchain and traditional finance ecosystems.

Forest Bai, Representative at Foresight Ventures, expressed his enthusiasm for the partnership: “We are thrilled to collaborate with Deep Blue and ArtaTechFin, companies that share our vision of a decentralized future where blockchain and traditional finance coexist seamlessly. Our strategic resources and industry expertise will help Deep Blue scale its ecosystem and make a lasting impact in the stablecoin and RWA domains.”

This strategic partnership marks a new chapter for all companies as they work together to pioneer cutting-edge financial solutions that will shape the future of the global economy.

For more information, please visit Deep Blue Limited or ArtaTechFin

About Foresight Ventures

Foresight Ventures is the leading global crypto venture capital firm, managing over $400 million in assets across 100+ investments. With a research-driven approach, Foresight Ventures bridges Eastern and Western markets, focusing on early-stage opportunities in Web3. Its diverse portfolio spans blockchain infrastructure, AI and consumer applications with investments in top companies like Bitget, Aptos Labs, and TON. Through its premier owned media network, including The Block, Coinness and BlockTempo, the firm provides exposure to transformative technologies that shape the future of financial ecosystems.

Foresight Ventures backs the boldest upcoming innovations, encouraging concepts that challenge conventional platforms with real-life use cases built on emerging technologies. Dedicated to accelerating crypto adoption for billions of people worldwide, Foresight Ventures breaks down barriers empowering global financial freedom and inclusion to all.

For general enquiries, please email: fv@foresightventures.com

Contact

Media Team

Foresight Ventures

fv@foresightventures.com

The MIL Network –

January 25, 2025
MIL-OSI: Gilat Receives Approximately $5 Million in Orders from US Defense Customers

Source: GlobeNewswire (MIL-OSI)

PETAH TIKVA, Isreal, Oct. 30, 2024 (GLOBE NEWSWIRE) — Gilat Satellite Networks Ltd. (Nasdaq: GILT, TASE: GILT), a worldwide leader in satellite networking technology, solutions and services, today announced that it has been awarded contracts valued at approximately $5 million from multiple U.S. based defense organizations. These orders are for Gilat’s cutting-edge satellite communications (SATCOM) technologies and comprehensive services, set to enhance mission-critical connectivity and operational capabilities for defense applications worldwide. The orders are expected to be delivered within the coming months.

The equipment and services provided will ensure reliable, high-performance communication in a variety of challenging environments. Gilat will supply X, Ku, and Ka-band Block Upconverters (BUCs) for Communications-on-the-Move (COTM) systems, along with test and evaluation, repair, upgrades and engineering services, and field service.

“We are honored to support U.S. defense organizations with our cutting-edge SATCOM technology and full suite of essential services that meet the stringent requirements of mission-critical defense operations,” said Nicole Robinson, President of DataPath. “These orders reflect the confidence our defense customers place in our comprehensive approach to SATCOM connectivity, ensuring they remain connected in even the most challenging environments.”

About Gilat

Gilat Satellite Networks Ltd. (NASDAQ: GILT, TASE: GILT) is a leading global provider of satellite-based broadband communications. With over 35 years of experience, we create and deliver deep technology solutions for satellite, ground, and new space connectivity and provide comprehensive, secure end-to-end solutions and services for mission-critical operations, powered by our innovative technology. We believe in the right of all people to be connected and are united in our resolution to provide communication solutions to all reaches of the world.

Our portfolio includes a diverse offering to deliver high-value solutions for multiple orbit constellations with very high throughput satellites (VHTS) and software-defined satellites (SDS). Our offering is comprised of a cloud-based platform and high-performance satellite terminals; high-performance Satellite On-the-Move (SOTM) antennas; highly efficient, high-power Solid State Power Amplifiers (SSPA) and Block Upconverters (BUC) and includes integrated ground systems for commercial and defense, field services, network management software, and cybersecurity services.

Gilat’s comprehensive offering supports multiple applications with a full portfolio of products and tailored solutions to address key applications including broadband access, mobility, cellular backhaul, enterprise, defense, aerospace, broadcast, government, and critical infrastructure clients all while meeting the most stringent service level requirements. For more information, please visit: www.gilat.com

Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. The words “estimate”, “project”, “intend”, “expect”, “believe” and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. Many factors could cause the actual results, performance or achievements of Gilat to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, among others, changes in general economic and business conditions, inability to maintain market acceptance to Gilat’s products, inability to timely develop and introduce new technologies, products and applications, rapid changes in the market for Gilat’s products, loss of market share and pressure on prices resulting from competition, introduction of competing products by other companies, inability to manage growth and expansion, loss of key OEM partners, inability to attract and retain qualified personnel, inability to protect the Company’s proprietary technology and risks associated with Gilat’s international operations and its location in Israel, including those related to the current terrorist attacks by Hamas, and the war and hostilities between Israel and Hamas and Israel and Hezbollah. For additional information regarding these and other risks and uncertainties associated with Gilat’s business, reference is made to Gilat’s reports filed from time to time with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements for any reason.

Contact:

Gilat Satellite Networks
Hagay Katz, Chief Products and Marketing Officer
hagayk@gilat.com

The MIL Network –

January 25, 2025
MIL-OSI: DeFi Technologies’ Subsidiary Valour Expands Offerings with First-Ever Valour Bittensor (TAO) SEK ETP in the Nordics on Spotlight Stock Market
Source: GlobeNewswire (MIL-OSI)
- Introduction of Valour Bittensor (TAO) SEK ETP: DeFi Technologies’ subsidiary Valour Inc. has launched the Valour Bittensor (TAO) ETP on Sweden’s Spotlight Stock Market, marking the first Bittensor ETP in the Nordics and expanding its suite of digital asset products with this cutting-edge decentralized machine learning asset. With a market cap of $3.9 billion, TAO ranks #25 among digital assets globally.
- Investment Opportunities in Decentralized Machine Learning: The Valour Bittensor (TAO) SEK ETP provides Nordic investors with unique exposure to TAO, the native token of the Bittensor network, now accessible for the first time in the region. Bittensor revolutionizes machine learning by creating a decentralized, peer-to-peer marketplace where machine intelligence can be exchanged, fostered, and traded. This network functions as a hive mind, pooling AI model intelligence into an ever-growing digital knowledge base and incentivizing global collaboration among developers.
- Strategic Product Expansion: The launch of the first Valour Bittensor ETP in the Nordics underscores Valour’s commitment to bringing innovative digital assets to the market. Listed on the Spotlight Stock Market, this ETP offers Nordic investors the opportunity to invest in groundbreaking advancements within decentralized AI and machine learning, representing a significant step forward in providing regional access to transformative digital assets.
TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — DeFi Technologies Inc. (the “Company” or “DeFi Technologies”) (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF), a crypto-native technology company at the forefront of merging traditional capital markets with decentralized finance (“DeFi“), proudly announces that its subsidiary Valour Inc. (“Valour“), a leading issuer of exchange-traded products (“ETPs“) providing simplified access to digital assets, has listed the first-ever Valour Bittensor (TAO) ETP in the Nordics on the Spotlight Stock Market. This launch provides investors with seamless access to TAO, the token that fuels Bittensor’s decentralized machine learning protocol. With a market cap of $ 3.9 billion, TAO ranks #25 among digital assets globally.

The Valour Bittensor (TAO) SEK ETP (ISIN: CH1213604619) is the latest addition to Valour’s range of innovative digital asset products, now available to Nordic investors. The ETP brings unparalleled exposure to the Bittensor network, which turns machine intelligence into a tradable asset within a decentralized marketplace. TAO’s unique utility extends beyond traditional token use by representing individual contributions to this shared intelligence pool, embodying the collective insights within the Bittensor ecosystem. Featuring a 1.9% management fee, this ETP provides streamlined access to the rapidly growing world of decentralized AI.

“With the TAO ETP, we’re setting a new standard for AI-backed investments, linking investors to the future of decentralized intelligence,” commented Elaine Buehler, Head of Product at Valour. “This launch brings traditional investors into a dynamic AI ecosystem, pushing the boundaries of digital asset investment in the Nordics for the first time.”

Unlike traditional centralized machine learning models, Bittensor allows AI models to exchange capabilities and predictions directly in a peer-to-peer network. This decentralized structure encourages diversity and innovation, making Bittensor a key driver in the evolution of machine learning.

“By launching the Valour Bittensor ETP in Sweden, we’re expanding investor access to the transformative potential of decentralized machine learning,” said Johanna Belitz, Head of Nordics at Valour. “Our focus remains on providing high-quality products that reflect current market demands and foster innovation. This is an important milestone as the first Bittensor ETP in the Nordics.”

About DeFi Technologies
DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF) is a financial technology company that pioneers the convergence of traditional capital markets with the world of decentralized finance (DeFi). With a dedicated focus on industry-leading Web3 technologies, DeFi Technologies aims to provide widespread investor access to the future of finance. Backed by an esteemed team of experts with extensive experience in financial markets and digital assets, we are committed to revolutionising the way individuals and institutions interact with the evolving financial ecosystem. Follow DeFi Technologies on Linkedin and Twitter, and for more details, visit https://defi.tech/

About Valour
Valour Inc. and Valour Digital Securities Limited (together, “Valour”) issues exchange traded products (“ETPs”) that enable retail and institutional investors to access digital assets in a simple and secure way via their traditional bank account. Valour is part of the asset management business line of DeFi Technologies Inc. (CBOE CA: DEFI) (GR: R9B) (OTC: DEFTF).

In addition to their novel physical backed digital asset platform, which includes 1Valour Bitcoin Physical Carbon Neutral ETP, 1Valour Ethereum Physical Staking, and 1Valour Internet Computer Physical Staking, Valour offers fully hedged digital asset ETPs with low to zero management fees, with product listings across European exchanges, banks and broker platforms. Valour’s existing product range includes Valour Uniswap (UNI), Cardano (ADA), Polkadot (DOT), Solana (SOL), Avalanche (AVAX), Cosmos (ATOM), Binance (BNB), Ripple (XRP), Toncoin (TON), Internet Computer (ICP), Chainlink (LINK), Hedera (HBAR), Core (CORE), Enjin (ENJ), Valour Bitcoin Staking (BTC), Bitcoin Carbon Neutral (BTCN), Sui (SUI), Valour Digital Asset Basket 10 (VDAB10) and 1Valour STOXX Bitcoin Suisse Digital Asset Blue Chip ETPs with low management fees. Valour’s flagship products are Bitcoin Zero and Ethereum Zero, the first fully hedged, passive investment products with Bitcoin (BTC) and Ethereum (ETH) as underlyings which are completely fee free. For more information about Valour, to subscribe, or to receive updates, visit valour.com.

Cautionary note regarding forward-looking information:
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to the the listing of Valour Bittensor (TAO) ETP; the development of the TAO token; investor confidence in Valour’s ETPs; investor interest and confidence in digital assets; the regulatory environment with respect to the growth and adoption of decentralized finance; the pursuit by the Company and its subsidiaries of business opportunities; and the merits or potential returns of any such opportunities. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Such risks, uncertainties and other factors include, but is not limited the acceptance of Valour exchange traded products by exchanges; growth and development of decentralised finance and cryptocurrency sector; rules and regulations with respect to decentralised finance and cryptocurrency; general business, economic, competitive, political and social uncertainties. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

THE CBOE CANADA EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

For further information, please contact:

Olivier Roussy Newton
Chief Executive Officer
ir@defi.tech
(323) 537-7681

The MIL Network –
January 25, 2025
MIL-OSI: InspireSemi Announces Annual General and Special Meeting and Appointment of Director

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia and AUSTIN, Texas, Oct. 30, 2024 (GLOBE NEWSWIRE) — Inspire Semiconductor Holdings Inc. (TSXV: INSP) (“Inspire” or the “Company”), a chip design company that provides revolutionary high-performance, energy-efficient accelerated computing solutions for High Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads, is pleased to announce that the Annual General and Special meeting (the “AGSM“) for the year ended December 31, 2023 will be held in person at the Company’s offices at 11305 Four Points Drive, Suite 2-250, Austin, TX 78726 at 9:30 a.m. (Austin time) on November 20, 2024.

The Notice of AGSM, Management Information Circular (the “Circular”), Financial Statements Request Form, Form of Proxy and Voting Instruction Form (the “Materials”) will be mailed to shareholders and posted on the Company’s profile on SEDAR+ at www.sedarplus.ca not later than the date of this release. The Materials can also be found on the Company’s website at www.inspiresemi.com, investors tab.

Shareholders of record as of October 11, 2024 are entitled to vote their shares of the Company at the AGSM. The Company encourages its shareholders to vote in advance of the AGM using the instructions on the Voting Instruction Form or the Form of Proxy that were mailed to them with the Materials. Shareholders are reminded that proxies must be received by 9.30 a.m. (Austin Time) on November 18, 2024.

In addition to the usual matters presented to shareholders at an annual general meeting, the Company will be seeking the approval of its shareholders to delist its subordinate voting shares from the TSX Venture Exchange. For reasons further explained in the Circular, the Company deems the delisting to be an extremely important matter for the Company. The Company encourages all shareholders to review the information in the Circular and to vote in favour of the delisting at the AGSM.

If any shareholder has not received their voting instructions by mail by mid November and wishes to vote at the AGSM, the Company encourages those shareholders to contact the Corporate Secretary by email to secretary@inspiresemi.com who will be happy to assist with retrieving your individual voting instructions.

Advance Notice

This press release is deemed notice, in accordance with the Company’s Advance Notice By-Law (the “By-Law”), which amongst other things, includes a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (British Columbia) (the “Act”); or (ii) a shareholder proposal made pursuant to the provisions of the Act.

In the case of an annual meeting of shareholders, notice to the Company must be made not less than 30 nor more than 65 days prior to the date of the annual meeting; provided, however, that, in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement. Therefore, in this case of the AGSM notice of any nomination must be received by the Company by November 9, 2024.

Shareholders must provide notice of any nomination for director to the Corporate Secretary by email to secretary@inspiresemi.com and in proper written form and including all the details required in accordance with the By Law, a copy of which can be found on the Company’s website at www.inspiresemi.com, investors tab.

Appointment of Director

The Company is also pleased to announce that it has appointed Mr. Jeff Brown to its board of directors effective October 29, 2024.

Mr. Brown has had a long and successful career in the media industry, with extensive experience in distribution, digital marketing and brand management. He currently owns and runs JB & Associates, a strategic and business building consulting firm and is a Faculty Lecturer in Entertainment Media Management, Cinema and Television Arts at California State University.

Previously he was with Warner Bros for over 26 years as a prominent executive in the Home Entertainment division, ending as Executive Vice President in January 2023. He helped lead Warner Bros. with its move into streaming, digital (VOD/EST) and physical media (DVD/Blu-ray). He managed P&L for distribution of television content, including WBTV, HBO, Turner productions and third-party partner brands such as the BBC and Peanuts, leading to Warner Bros. holding the top placed market share for nearly 20 years. He
oversaw the implementation of new customer acquisition strategies and adherence to best-in-class data driven analytics. He also previously worked in brand management and finance for other large brands including Nestle, General Mills and the Gap.

Mr. Brown holds an MBA from Stanford Graduate School of Business, a BSE in Finance from Wharton, University of Pennsylvania and a BA in Political Science from University of Pennsylvania.

The Company welcomes Mr. Brown to the board and looks forward to his future contributions to the success of Inspire.

Mr. Brown was nominated as a director by Humanitario Capital LLC pursuant to nomination rights granted to it under the Convertible Loan Agreement between it and the Company dated September 23, 2024. Further information regarding the Convertible Loan Agreement can be found in the Company’s press released dated September 23, 2024.

About InspireSemi

InspireSemi (TSXV: INSP) provides revolutionary high-performance, energy-efficient accelerated computing solutions for High-Performance Computing (HPC), AI, graph analytics, and other compute-intensive workloads. The Thunderbird I ‘supercomputer-cluster-on-a-chip’ is a disruptive, next-generation datacenter accelerator designed to address multiple underserved and diversified industries, including financial services, computer-aided engineering, energy, climate modeling, cybersecurity, and life sciences & drug discovery. Based on the open standard RISC-V instruction set architecture, InspireSemi’s solutions set new standards of performance, energy efficiency, and ease of programming. InspireSemi is headquartered in Austin, TX.

For more information visit https://inspiresemi.com
Follow InspireSemi on LinkedIn

Company Contact
Ron Van Dell, CEO
(737) 471-3230
rvandell@inspiresemi.com

Cautionary Statement on Forward-Looking Information
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Statements concerning InspireSemi’s objectives, goals, strategies, priorities, intentions, plans, beliefs, expectations and estimates, and the business, operations, financial performance and condition of InspireSemi are forward-looking statements. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or “will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass.

Forward-looking information includes, but is not limited to, information regarding: (i) the business plans and expectations of the Company including expectations with respect to production and development; and (ii) expectations for other economic, business, and/or competitive factors. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this presentation, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of InspireSemi, to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company including information obtained from third-party industry analysts and other third-party sources and are based on management’s current expectations or beliefs. Any and all forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Forward-looking information reflects management’s current beliefs and is based on information currently available to them and on assumptions they believe to be not unreasonable in light of all of the circumstances. In some instances, material factors or assumptions are discussed in this news release in connection with statements containing forward-looking information. Such material factors and assumptions include, but are not limited to: (i) statements relating to the business and future activities of, and developments related to, the Company after the date of this press release; (ii) expectations for other economic, business, regulatory and/or competitive factors related to the Company or the technology industry generally; (iv) the risk factors referenced in this news release and as described from time to time in documents filed by the Company with Canadian securities regulatory authorities on SEDAR+ at www.sedarplus.ca; and (v) other events or conditions that may occur in the future. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is made as of the date of this news release and, other than as required by law, the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

Neither the Exchange nor its Regulation Services Provider (as that term is defined in policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.

The MIL Network –

January 25, 2025
MIL-OSI: Safe Harbor Financial to Report Third Quarter 2024 Financial Results on Tuesday, November 12, 2024

Source: GlobeNewswire (MIL-OSI)

GOLDEN, Colo., Oct. 30, 2024 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a/ Safe Harbor Financial (“Safe Harbor”) (NASDAQ: SHFS), a leader in facilitating financial services and credit facilities to the regulated cannabis industry, today announced that it will report financial results for the third quarter of 2024 ended September 30, 2024 on Tuesday, November 12, 2024, after the close of the market.

Safe Harbor will host a conference call and webcast at 4:30p.m. ET / 1:30p.m. PT on November 12, 2024, to discuss Safe Harbor’s financial results.

For those interested in listening in to the conference call, please dial in and ask to join the Safe Harbor Financial call.

About Safe Harbor
Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past eight years, Safe Harbor has facilitated more than $23 billion in deposit transactions for businesses with operations spanning over 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Safe Harbor Media
Nick Callaio, Marketing Manager
720.951.0619
Nick@SHFinancial.org

Safe Harbor Investor Relations
ir@SHFinancial.org

KCSA Strategic Communications
Phil Carlson
safeharbor@kcsa.com

The MIL Network –

January 25, 2025
MIL-OSI: Stock Yards Bancorp to Participate in the 2024 Hovde Group Financial Services Conference

Source: GlobeNewswire (MIL-OSI)

LOUISVILLE, Ky., Oct. 30, 2024 (GLOBE NEWSWIRE) — Stock Yards Bancorp, Inc. (NASDAQ: SYBT), parent company of Stock Yards Bank & Trust Company, with offices in Louisville, central, eastern and northern Kentucky, as well as the Indianapolis, Indiana and Cincinnati, Ohio metropolitan markets, today announced that Ja Hillebrand, Chairman and CEO and T. Clay Stinnett, EVP and CFO will participate in the 2024 Hovde Group Financial Services Conference to be held November 6^th through November 8^th, and will participate in a series of meetings with institutional investors.

Management’s discussion materials to be used at this conference will be posted to the investor section of the Company’s website, www.syb.com, on or before November 6, 2024.

Louisville, Kentucky-based Stock Yards Bancorp, Inc., with $8.4 billion in assets, was incorporated in 1988 as a bank holding company. It is the parent company of Stock Yards Bank & Trust Company, which was established in 1904. The Company’s common shares trade on The Nasdaq Stock Market under the symbol “SYBT.”

Contact:
T. Clay Stinnett
Executive Vice President,
Treasurer and Chief Financial Officer
(502) 625-0890

The MIL Network –

January 25, 2025
MIL-OSI: TC Energy lists Series 10 Preferred Shares

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) — News Release – TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) today announced that 1,297,203 of its 18,000,000 fixed rate Cumulative Redeemable First Preferred Shares, Series 9 (Series 9 Shares) were tendered for conversion today, on a one-for-one basis, into floating rate Cumulative Redeemable First Preferred Shares, Series 10 (Series 10 Shares). As a result of the conversion, TC Energy has 16,702,797 Series 9 Shares and 1,297,203 Series 10 Shares issued and outstanding. The Series 9 Shares will continue to be listed on the Toronto Stock Exchange (TSX) under the symbol TRP.PR.E. The Series 10 Shares will begin trading on the TSX today under the symbol TRP.PR.L.

The Series 9 Shares will continue to pay on a quarterly basis, for the five-year period beginning on Oct. 30, 2024, as and when declared by TC Energy’s Board of Directors (Board), a fixed dividend at an annualized rate of 5.080 per cent.

The Series 10 Shares will pay a floating rate quarterly dividend for the five-year period beginning on Oct. 30, 2024, as and when declared by the Board. The dividend rate for the Series 10 Shares for the first quarterly floating rate period commencing Oct. 30, 2024 to, but excluding Jan. 30, 2025, is 6.329 per cent and will be reset every quarter.

For more information on the terms of, and risks associated with an investment in the Series 9 Shares and the Series 10 Shares, please see the Corporation’s prospectus supplement dated Jan. 13, 2014 which is available on sedarplus.ca or on our website.

About TC Energy
We’re a team of 7,000+ energy problem solvers working to safely move, generate and store the energy North America relies on. Today, we’re delivering solutions to the world’s toughest energy challenges – from innovating to deliver the natural gas that feeds LNG to global markets, to working to reduce emissions from our assets, to partnering with our neighbours, customers and governments to build the energy system of the future. It’s all part of how we continue to deliver sustainable returns for our investors and create value for communities.

TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at TCEnergy.com.

FORWARD-LOOKING INFORMATION
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate”, “intend” or other similar words). Forward-looking statements in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov.

-30-

Media Inquiries:
Media Relations
media@tcenergy.com
403-920-7859 or 800-608-7859

Investor & Analyst Inquiries:
Gavin Wylie / Hunter Mau
investor_relations@tcenergy.com
403-920-7911 or 800-361-6522

PDF available: http://ml.globenewswire.com/Resource/Download/096f0f9a-e07b-4f40-9f7c-a836a4237f7c

The MIL Network –

January 25, 2025
MIL-OSI: Mattr to Present and Host 1×1 Investor Meetings at the 16th Annual Southwest Ideas Investor Conference on November 20th in Dallas, TX

Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR), today announced Mike Reeves, President & CEO and Tom Holloway, SVP Finance & CFO will present at the Southwest IDEAS Investor Conference on Wednesday November 20, 2024 at The Statler in Dallas, TX. Mattr’s presentation is scheduled to begin at 8:35am CT. The presentation is webcast and can be accessed through the conference host’s main website: https://www.threepartadvisors.com/southwest and in the investor relations section of the company’s website: http://www.mattr.com.

About IDEAS Investor Conferences

The mission of the IDEAS Conferences is to provide independent regional venues for quality companies to present their investment merits to an influential audience of investment professionals. Unlike traditional bank-sponsored events, IDEAS Investor Conferences are “SPONSORED BY INVESTORS. FOR INVESTORS.” and for the benefit of regional investment communities. Conference sponsors collectively have more than $200 billion in assets under management and include: 1102 Partners, Adirondack Research and Management, Allianz Global Investors: NFJ Investment Group, Ariel Investments, Aristotle Capital Boston, Ascend Wealth Advisors, Barrow Hanley Mewhinney & Strauss, BMO Global Asset Management, Constitution Research & Management, Inc., Diamond Hill, First Wilshire Securities Management, Inc., Granahan Investment Management, Great Lakes Advisors, Greenbrier Partners Capital Management, LLC, Hodges Capital Management, Ironwood Investment Management, Keeley Teton Advisors, Luther King Capital Management, Marble Harbor Investment Counsel, North Star Investment Management, Perritt Capital Management, Punch & Associates, Shepherd Kaplan Krochuk, Westwood Holdings Group, Inc., and William Harris Investors.

The IDEAS Investor Conferences are held annually and are produced by Three Part Advisors, LLC. Additional information about the events can be located at www.IDEASconferences.com.

If interested in participating or learning more about the IDEAS conferences, please contact Lacey Wesley at (817) 769 -2373 or lWesley@IDEASconferences.com.

About Mattr

Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. The Company operates through a network of fixed manufacturing facilities. Its two business segments, Composite Technologies and Connection Technologies, enable responsible renewal and enhancement of critical infrastructure while lowering risk.

For further information, please contact:

Meghan MacEachern

VP, External Communications & ESG

Telephone: 437.341.1848

Email: meghan.maceachern@mattr.com

Website: www.mattr.com

Source: Mattr Corp.

The MIL Network –

January 25, 2025
MIL-OSI: 94% of Canadians expect holiday spending to cause financial stress
Source: GlobeNewswire (MIL-OSI)

TORONTO, Oct. 30, 2024 (GLOBE NEWSWIRE) — As the holiday season approaches, a startling 94 per cent of Canadians say they expect it to cause financial stress, according to a new survey from CPA Canada and BDO Debt Solutions.

Nearly 40 per cent (39%) of respondents reported they expect to feel more financially stressed this year, while 55 per cent said they anticipate the same amount as last year.

Additionally, 56 per cent of respondents suggest they’ll rely on credit cards to cover their holiday expenses.

Canadians are planning to spend eight per cent less this year on holiday gifts—an average of $595, down from $645 last year.

“The notion that this should be a time of joy and generosity is sharply contrasted by the reality that many will start the new year in debt,” says Li Zhang, financial literacy leader at CPA Canada. “Given consumers are grappling with a consistently rising cost of living, it’s not surprising that the festive season has become a major source of anxiety.”

“It’s concerning that more than half of Canadians are relying on credit cards for holiday expenses.” says Nancy Snedden, Licensed Insolvency Trustee and President at BDO Debt Solutions. “Using credit cards for holiday shopping may ease the immediate financial burden, but it can create a much bigger problem down the line if balances aren’t paid off quickly.”

Other stand-out findings:
- Generational stress: Stress peaks among younger generations—Millennials and Gen Z report feeling the highest levels of stress during the holiday season.
- Expecting to overspend: While most respondents plan to maintain the same budget as last year, 18 per cent said they are likely to overspend.
- Credit card crutch: Credit cards were tied with savings and regular income as the primary way Canadians planned to finance their holiday spending. Younger generations mostly feel the weight of this burden, with 59 per cent of respondents ages 18 to 34 relying on credit cards.
- To travel or not to travel: 57 per cent of respondents are choosing not to travel this holiday season—with those who do plan to travel expecting to spend an average of 33 per cent more at $1,623 compared with $1,219 last year.
- Not feeling philanthropic: Only 24 per cent of respondents intend to donate to charity this holiday season, reflecting a drop in generosity from last year’s 30 per cent.
Survey methodology
Survey methodology Leger conducted the 2024 Holiday Spending OMNIbus online survey from Sept. 27 to Sept.29, 2024, among 1,626 randomly selected Canadians aged 18 and over. For the full survey results including regional breakdowns or to schedule an interview, please contact media@cpacanada.ca.

The MIL Network –
January 25, 2025
MIL-OSI: Deep Origin Launches First and Only Drug Discovery Assistant with Conversational AI Interface and Top Docking Technology
Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Oct. 30, 2024 (GLOBE NEWSWIRE) — Deep Origin, the company helping scientists solve diseases and extend healthspan by building tools that simplify R&D, today announced the launch of Balto, the first drug discovery assistant of its kind using proprietary, state-of-the-art molecular modeling tools. Developed by top AI engineers and computational chemists, its AI and physics-based docking and chemical property prediction models outperforms open source and other commercial tools by up to a 10x greater enrichment factor. Balto democratizes access to these models with a simple, conversational interface where users can load a protein structure, dock small molecules to it, analyze pose and docking score, and predict chemical properties. Unlike other chat solutions, Balto is aware of scientific context and concepts. Balto offers users a convenient way to gather information from multiple databases, and synthesize academic literature, simplifying the research process and increasing efficiency.

Today, developing a single new drug is a complex process that can take 12–15 years and cost in excess of $1 billion, without the guarantee of commercial success. This is due in part to the cost of lab and clinical validations, and the challenge of integrating a wide breadth of scientific knowledge in different disciplines and skill sets, ranging from human physiology to chemical synthesis. While tools exist to help find and filter potential drugs, their use is primarily limited to computational chemists because of the steep learning curve. Balto makes these tools accessible to medicinal chemists, who outnumber computational chemists by 10 to 1. This reduces a key bottleneck in drug discovery, enabling far more researchers to simulate potential drugs before making and testing them.

“Balto helps medicinal chemists and research teams expand their capabilities, spending less time searching for information and streamlining access to the state of the art simulation. The unique benefit of Balto is that it gathers data easily across the web databases and moves it into molecular simulations, producing results all within the same interface. We have already seen enthusiasm from research labs, biotech, and pharma teams around the world,” says Michael Antonov, CEO of Deep Origin. “We saw a great opportunity with Balto and our docking tools to make work easier for thousands of researchers. Balto is a significant step for the productivity of the drug discovery community and for us on our mission to model, organize, and accelerate biological R&D, enabling cures through deep understanding of science.”

“The quality and accuracy of our molecular models sets us apart,” says Garyk Papoian, CSO. “Stories of failures from researchers using existing tools highlighted the need for something better. That’s why we built our own suite of molecular modeling tools, from pocket-finding to docking and chemical property predictions. I’m incredibly proud of our team, because we haven’t just produced one top-performing model for one problem in molecular modeling – we’ve produced top models for each step.”

Balto is now accessible here. With Balto, users unlock:
- The ability to explore world-best molecular modeling without any prior training – Balto allows scientists to dive into complex protein-small molecule simulations without needing extensive training or expertise in computational chemistry
- The time-saving potential to load and interrogate molecular information from wide-ranging sources, including PDFs, in a simple conversational interface. Once the data is loaded, it can be fed directly to the simulation tools. Users can learn about molecular simulations as they interact with Balto – the user experience is seamless and requires no learning curve, similar to talking to a colleague
- Greater enrichment factor compared to several other open-source and commercial tools, giving researchers better results in real-world use
- Affordable pricing to democratize access for individual use – Balto Basic will be priced at $32/month
About Deep Origin
Deep Origin is the only biotech company that combines physics, AI, and computational infrastructure to enable faster and better drug discovery. Its mission is to help scientists solve diseases and extend healthspan by building tools that simplify R&D, simulate biology, and untangle the complexity of life. Its tools enable scientists to generate compounds quickly, predict their efficacy reliably, and manufacture them inexpensively. We foster collaboration by bringing together scientists, engineers, and entrepreneurs to explore the unknown and decipher the mechanisms of life. Discover more at www.deeporigin.com.

Media Contact
Leisha Douglass
deeporigin@karbocom.com

The MIL Network –
January 25, 2025
MIL-OSI: NANO Nuclear Energy Closes Full Over-Allotment Option Raising Total Funds of Over $40 Million From Recent Underwritten Follow-On Offering

Source: GlobeNewswire (MIL-OSI)

New York, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a leading vertically integrated advanced nuclear technology company developing proprietary, portable, and clean energy solutions, today announced the October 29, 2024 closing of the sale of an additional 317,646 shares of its common stock at $17.00 per share pursuant to the full exercise of underwriter’s over-allotment option granted in connection with NANO Nuclear’s recent underwritten follow-on public offering which closed on October 25, 2024.

The gross proceeds from this public offering, inclusive of the full over-allotment exercise, before deducting underwriting discounts and other offering expenses, were approximately $41.4 million, and net proceeds were approximately $37.7 million.

“The investor demand for this follow-on offering was significant, and we are grateful for the full exercise of the underwriter’s over-allotment option,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “With the support of our investors, we are building a dynamic, commercially focused nuclear energy company led by world-class nuclear engineers and scientists as well as esteemed national leaders in military and civilian energy policy, former nuclear regulatory licensing and government energy professionals, all with the goal of developing the best in class, smaller, cheaper and safer advanced portable nuclear microreactors and other nuclear energy technologies and services. We look forward to using these offering proceeds to innovate, grow and drive value for our shareholders and the nuclear energy sector.”

The Benchmark Company, LLC acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman LLP acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors.

Registration statements relating to this public offering were filed with the Securities and Exchange Commission and declared. This registration statement can be obtained by visiting the SEC website at www.sec.gov. Please see such registration statement for additional information regarding NANO Nuclear.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About NANO Nuclear Energy Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For further information, please contact:

Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206
PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
NANO Nuclear Energy LINKEDIN
NANO Nuclear Energy YOUTUBE
NANO Nuclear Energy TWITTER

Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release or related events contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements (including statements related to the public offering and the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, regulatory delays and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

The MIL Network –

January 25, 2025
MIL-OSI: Renault and Cerence Partner to Bring Generative AI to Reno, the Renault Connected Avatar

Source: GlobeNewswire (MIL-OSI)

BURLINGTON, Mass., Oct. 30, 2024 (GLOBE NEWSWIRE) — Cerence Inc. (NASDAQ: CRNC), AI for a world in motion, today announced its expanded partnership with Renault to bring generative AI-powered capabilities and human-like interaction to the automaker’s next-generation, multi-modal in-car companion, Reno.

Reno, the official Renault avatar, is an intelligent, helpful, and endearing in-car companion that brings customers a more intuitive and fun driving experience. Expanding on Renault and Cerence’s multi-year partnership to bring Reno to life with humanized, voice-powered interaction, Renault will now leverage generative AI-powered Cerence Chat Pro to advance Reno’s capabilities and bring Reno’s intelligence to an entirely new level. Cerence Chat Pro, a uniquely intelligent, automotive-grade large language model integration, will enable Renault customers to engage Reno in fun and conversational chit-chat, leveraging a multitude of sources, including ChatGPT, to provide accurate and relevant responses to nearly every query imaginable. The interaction with Reno will be even more enhanced by Cerence’s neural text-to-speech, which enables Reno to convey different emotions in its responses to drivers, including apprehensive, cheerful, empathetic, sad, and serious.

“Reno marks the next generation of the Renault in-car experience, offering intuitive and natural interaction that brings added value and enjoyment to our customers,” said Luc Julia, Chief Scientific Officer, Renault Group. “With Cerence Chat Pro, we’re leveraging the latest in generative AI but making it applicable to the driving experience, bringing a new level of intelligence and capability to Reno that will enhance learning to use an electric vehicle, as well as safety and comfort for the drivers and the passengers.”

At the foundation of Reno’s new, generative AI-powered capabilities is a deeply integrated, voice-enabled experience based on Cerence Assistant. In addition to voice-powered control of key vehicle features and functions, Reno leverages car data and sensors to proactively suggest ways to enhance driving performance, like changing the driving mode to maximize range or turning on the windshield defroster in certain weather. Reno can also answer the most commonly asked questions about the car, delivering credible and accurate information direct from Renault sources, powered by Cerence Car Knowledge.

“We’re proud to continue our long-term partnership with Renault to bring advanced capabilities to Reno as it transforms the in-car interaction experience for Renault customers,” said Christian Mentz, Chief Revenue Officer, Cerence. “As we look to the future of the in-car experience, Reno marks an important milestone in bringing more human-like interaction to the car – a fun, knowledgeable companion that delivers a host of expanded capabilities to support drivers’ every need.”

Reno made its debut in Renault 5 E-Tech electric in September 2024 and will also be available in Renault 4 E-Tech electric in 2025 .

To learn more about Cerence, visit www.cerence.com, and follow the company on LinkedIn.

About Cerence Inc.
Cerence (NASDAQ: CRNC) is the global industry leader in creating unique, moving experiences for the mobility world. As an innovation partner to the world’s leading automakers and mobility OEMs, it is helping advance the future of connected mobility through intuitive, AI-powered interaction between humans and their vehicles, connecting consumers’ digital lives to their daily journeys no matter where they are. Cerence’s track record is built on more than 20 years of knowledge and 500 million cars shipped with Cerence technology. Whether it’s connected cars, autonomous driving, e-vehicles, or two-wheelers, Cerence is mapping the road ahead. For more information, visit www.cerence.com.

About Renault
Renault, a historic mobility brand and pioneer of electric vehicles in Europe, has always developed innovative vehicles. With the ‘Renaulution’ strategic plan, Renault has embarked on an ambitious, value-generating transformation, moving towards a more competitive, balanced and electrified range. Its ambition is to embody modernity and innovation in technology, energy and mobility services in the automotive industry and beyond.

Contact Information

Kate Hickman | Tel: 339-215-4583 | Email: kate.hickman@cerence.com

The MIL Network –

January 25, 2025
MIL-OSI: American Rebel Light Beer Expands Distribution Network to the Commonwealth of Kentucky with Clark Distributing Company
Source: GlobeNewswire (MIL-OSI)

Nashville, TN, Oct. 30, 2024 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel, and American Rebel Beer (americanrebelbeer.com), entered an agreement in the Commonwealth of Kentucky with premier distributor Clark Distributing Company (ccclark.com) to distribute American Rebel Light Lager – America’s Patriotic Beer.

“We are excited to enter the Kentucky market with Clark Distributing Company,” said Andy Ross, Chief Executive Officer of American Rebel. “Clark Distributing Company is an institution in the state of Kentucky and adding them to our distributor roster will make American Rebel Beer available in another key state within our targeted expansion across this patriotic, God-fearing country of ours.”

Clark Distributing Company will begin distributing American Rebel Beer by the end of the year. Adding Clark will allow American Rebel to service retail and restaurant customers within Clark’s territory throughout Kentucky. American Rebel Beer recently introduced a 16oz “Tall Boy” can to its lineup joining the 12oz can.

“Clark Distributing Company provides American Rebel Light Beer a premier partner that has been around for over 55 years. Clark will help us reach new customers and continue positioning our beer for additional growth,” added American Rebel Beverages, LLC President Todd Porter.

Clark Distributing Company COO Dave Mansky commented on the new partnership, “We think that by leveraging our long history, deep relationships, and extensive infrastructure throughout the Commonwealth, we will be able to get American Rebel Light Beer to our over 5,000 customers who have been looking for a non-craft lager alternative.”

American Rebel Light Beer is produced in partnership with AlcSource, the largest integrated provider of beverage development, sourcing, and production solutions in the U.S. American Rebel Light Beer is a Premium Light Lager and is America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

For an updated list of locations featuring American Rebel Light, visit americanrebelbeer.com.

About American Rebel Holdings, Inc.

American Rebel Holdings, Inc. (NASDAQ: AREB) operates primarily as a designer, manufacturer and marketer of branded safes, personal security and self-defense products, and American Rebel Beer (americanrebelbeer.com). The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebel.com. For investor information, visit americanrebel.com/investor-relations.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued increase in revenues, actual size of Clark Distributing Company, actual sales to be derived from Clark Distributing Company, implied or perceived benefits resulting from the Clark Distributing Company agreement, actual launch timing and availability of American Rebel Beer in additional markets, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2022. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

Company Contact:
info@americanrebel.com

James “Todd” Porter
American Rebel Beverages, LLC
tporter@americanrebelbeer.com

Investor Relations:
Brian M. Prenoveau, CFA
MZ Group – MZ North America
areb@mzgroup.us
561-489-5315

Attachment
- American Rebel Holdings, Inc.
The MIL Network –
January 25, 2025
MIL-OSI: IQST – iQSTEL to Present at the AI & Technology Virtual Investor Conference October 31st
Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 30, 2024 (GLOBE NEWSWIRE) — iQSTEL Inc (OTCQX: IQST), based in Miami, Florida, focused on Telecommunications, Fintech, Cybersecurity and AI Services, today announced that Jose E. Puente, CEO of Reality Border (iQSTEL´s Subsidiary) and Leandro Jose Iglesias, CEO & President of iQSTEL, will present live at the AI & Technology Virtual Investor Conference hosted by VirtualInvestorConferences.com, on October 31^st, 2024.

DATE: October 31^st
TIME: 11:00 – 11:30 am ET
LINK: https://bit.ly/3ASgcyv
Available for 1×1 meetings: November 4^th and 5^th

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

Learn more about the event at www.virtualinvestorconferences.com.

Recent iQSTEL Highlights
1. Launch of High-Margin AIRWEB AI Solutions
  iQSTEL’s strategic focus on high-margin products, as shown by the launch of AIRWEB, is central to its growth plan. AIRWEB leverages the latest AI technology, positioning iQSTEL as a competitive player in the $741 billion global contact center market expected by 2030.
2. Partnership Expansion with Cycurion
  iQSTEL has partnered with Cycurion to provide cybersecurity solutions, extending its high-tech, high-margin product offerings. This aligns with iQSTEL’s strategic growth in diversified technology sectors, including Fintech, AI, and cybersecurity.
3. Engagement with ONAR for Branding Development
  iQSTEL has partnered with ONAR, a marketing agency, to enhance its branding and marketing presence. This collaboration strengthens iQSTEL’s positioning and brand awareness in high-tech and emerging markets, supporting the launch and visibility of innovations like AIRWEB.
4. Global Presence and Market Reach
  iQSTEL continues to expand internationally, now operating in 20 countries. This global reach allows the company to deploy solutions like Cybersecurity and AIRWEB across diverse markets, leveraging its established customer base for broader engagement.
5. $1 Billion Revenue Goal by 2027
  iQSTEL has set a goal to achieve $1 billion in revenue by 2027, and the launch of AIRWEB contributes to this vision by providing a scalable, AI-driven solution that enhances customer service while reducing costs, increasing profit potential in high-growth sectors.
These highlights reflect iQSTEL’s dedication to innovation, international growth, financial stability, and strategic partnerships, reinforcing its mission to become a leader in telecommunications, AI, and high-margin technology products

About Virtual Investor Conferences^®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

Virtual Investor Conferences
John M. Viglotti
SVP Corporate Services, Investor Access
OTC Markets Group
(212) 220-2221
johnv@otcmarkets.com

About Reality Border:

Reality Border (www.realityborder.com), the AI-Services subsidiary of iQSTEL, Inc. (OTCQX: IQST), specializes in providing AI-driven customer engagement solutions that help businesses scale and personalize their customer interactions. With a focus on simplicity and powerful AI technology, Reality Border enables businesses to achieve growth and operational efficiency with minimal complexity.

Company Website:

www.realityborder.com

Airweb Service Website:

www.airweb.ai

About iQSTEL (Updated Oct. 2024):

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based multinational publicly listed company in the final stages of the path to becoming listed on NASDAQ. With FY2023 revenues of $144 million and a forecasted $290 million in revenue, alongside positive operating income of seven digits for FY-2024, iQSTEL is positioning itself for explosive growth. iQSTEL’s mission is to serve basic human needs in today’s modern world by making essential tools accessible, regardless of race, ethnicity, religion, socioeconomic status, or identity. The company recognizes that modern human needs such as physiological, safety, relationship, esteem, and self-actualization are marginalized without access to ubiquitous communications, financial freedom, clean, affordable mobility, and information.

iQSTEL has been building a strong business platform with its customers, and by leveraging this trust, the company is now beginning to sell high-tech, high-margin products across its divisions. iQSTEL is strategically positioned to achieve $1 billion in revenue by 2027 through organic growth, acquisitions, and high-margin product expansion.
- Telecommunications Services Division (Communications):
  Includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.
- Fintech Division (Financial Freedom):
  Provides remittance services, top-up services, a MasterCard Debit Card, US bank accounts (no SSN required), and a Mobile App.
- Electric Vehicles (EV) Division (Mobility):
  Offers Electric Motorcycles and plans to launch a Mid-Speed Car.
- Artificial Intelligence (AI) Services Division (Information and Content):
  Provides AI solutions for unified customer engagement across web and phone channels, along with a white-label platform offering seamless access to services, entertainment, and support in a virtual 3D interface.
- Cybersecurity Services:
  Through a new partnership with Cycurion, iQSTEL will offer advanced cybersecurity solutions, including 24/7 monitoring, threat detection, incident response, vulnerability assessments, and compliance management, providing essential protection to telecommunications clients and beyond.
iQSTEL has completed 11 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions, further expanding its suite of products and services both organically and through mergers and acquisitions.

iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com

Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com

Company Website
www.iqstel.com

Safe Harbor Statement: Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The MIL Network –
January 25, 2025
MIL-OSI: Two Six Technologies Captures Strategic Win with Award on $4 Billion DTRA Contract

Source: GlobeNewswire (MIL-OSI)

ARLINGTON, Va., Oct. 30, 2024 (GLOBE NEWSWIRE) — Two Six Technologies (“Two Six”), a high-growth, technology-focused provider of products and expertise to U.S. national security customers, has established its next level of growth and success through its award on a 10-year, indefinite-delivery/indefinite-quantity (IDIQ) contract from the Defense Threat Reduction Agency’s (DTRA) Research and Development Directorate with a maximum cumulative ceiling of $4 billion.

“I could not be more proud of the Two Six team who won this next-tier contract award,” said Joe Logue, CEO of Two Six Technologies. “We went up against the large, legacy companies – all experts in their specific fields – and were selected for an award, which highlights our unique capabilities as a mission-driven company focused on rapid innovations, cutting-edge technologies, and solving complex national security challenges.”

The contract was designed for performing research, development, test and evaluation, maintenance, support, systems engineering and/or sustainment to provide scientific and technological solutions to meet the Department of Defense’s priority Combating Weapons of Mass Destruction objectives. Work within the program is divided into three pools: (1) artificial intelligence, machine learning, data science, and software development; (2) operations and countermeasures in a chemical, biological, radiological, and nuclear environment; and (3) targeting, information operations, and irregular warfare.

Two Six, among the youngest and smallest of the nine companies awarded slots on the contract, was selected based on the unique strategy it presented to DTRA, including its ability to adapt to client needs with proprietary products and expertise. The company expects to bid on specific task orders that fit within Two Six’s core expertise of innovative technology development, deep research and development capabilities, and agile project execution.

“Being named to this contract is meaningful and important on so many levels,” said Greg Bitel, Vice President of Business Development. “First, it demonstrates that Two Six has created a new and disruptive approach to winning competitive awards against much larger and longer-established firms. Second, it’s a massive growth opportunity for our company – and one we intend to seize upon. And third, it’s a recognition of the very intentional and strategic ways in which Two Six has grown and matured our capabilities to be a leader in the industry.”

Two Six Technologies was formed in February 2021, with the backing of global investment firm The Carlyle Group, as a new generation of technology company focused on U.S. Government customers. Over the past three years Two Six has accelerated its growth and strengthened its focus on five technical areas essential to national security missions: cyber, information operations, resilient communications, electronic systems, and zero trust solutions. The company’s driving force continues to be its two-part mission to deliver technological superiority for the nation and empower passionate people to succeed as a team.

About Two Six Technologies
Two Six Technologies is a high-growth technology company dedicated to providing innovative products and expertise for defense, intelligence, public safety, and national security customers. The company solves complex technical challenges in five focus areas that are key to missions on the modern battlefield: cyber, information operations, resilient communications, electronic systems, and zero trust solutions.

The company offers a robust suite of sole source contract vehicles with more than $1.5 billion of combined contract ceiling; a family of operationally deployed products including IKE™, Pulse, TrustedKeep™, SIGMA™, and TrustMobile; and a global operational footprint that includes technical access in more than 100 countries coupled with native proficiency in more than 20 languages.

Two Six supports national security customers across the Department of Defense, including U.S. Special Operations Command, U.S. Cyber Command and DARPA; Department of State; the Intelligence Community; and Civilian agencies.

Two Six is headquartered in Arlington, Virginia and employs more than 870 professionals working in 37 states across the country.

For more information, visit twosixtech.com and Two Six Technologies on LinkedIn.

Media Contact
David Leach
Vice President of Corporate Development
david.leach@twosixtech.com
703-782-9473

The MIL Network –

January 25, 2025
MIL-OSI: LaunchDarkly Launches Dedicated EU Region to Support EU Data Residency and Compliance Needs
Source: GlobeNewswire (MIL-OSI)

OAKLAND, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — LaunchDarkly, the platform for high-velocity engineering teams to release, monitor, and optimize great software, today announced the launch of its dedicated EU region. This strategic expansion of the LaunchDarkly platform addresses the critical data residency needs of European organizations by securely storing critical data within the European Union.

The launch of the EU region follows LaunchDarkly’s recent participation in the EU-US Data Privacy Framework, reinforcing the company’s commitment to upholding the highest standards of data privacy and security. As organizations across Europe grapple with increasing regulatory pressures, the dedicated EU region provides a vital solution, allowing businesses to focus on innovation while managing residency and compliance needs.

“Europe is home to some of the most exciting software innovation, so it’s no surprise that we are seeing a surge in demand for feature management, AI application oversight, and experimentation,” said Dan Rogers, CEO of LaunchDarkly. “Our new EU region responds directly to these needs, addressing crucial data residency concerns while empowering engineering teams to push boundaries with confidence.”

Key Features of the LaunchDarkly EU Region:
- EU Data Residency: All end-user data will be stored within the EU, giving organizations greater control and security over their sensitive information.
- Regulatory Compliance: Keeping data in the EU can address specific regulatory challenges that certain EU industries face.
- Security and Privacy Assurance: The LaunchDarkly EU region is backed by rigorous security protocols, including certifications like SOC 2 Type II and ISO 27001, ensuring the highest levels of data protection.
The LaunchDarkly EU region, based in Frankfurt, Germany, is designed for optimal performance, reducing latency for EU-based traffic while ensuring robust disaster recovery processes, and will include a secondary AWS EU region in Paris for backups. This infrastructure not only supports compliance but also empowers organizations to innovate, without some of the burdens of regulatory or compliance uncertainty. This is particularly important for highly-regulated industries like financial services, energy, and healthcare.

“Data residency has long been a significant hurdle for us when it comes to scaling beyond our homegrown solutions,” said Julien Femia, Director of Engineering at Alan. “We’re excited to partner with LaunchDarkly, as their new EU region allows us to confidently embrace feature management while adhering to our data compliance needs. This marks a key step forward in accelerating our product development and delivering even more innovative healthcare solutions to our users.”

As data residency becomes an increasingly pressing concern for European organizations, the LaunchDarkly EU region represents a pivotal step in simplifying compliance and fostering trust in cloud operations. LaunchDarkly encourages EMEA sales representatives to proactively engage with prospects and existing clients to share this crucial development and its implications for their data residency and compliance strategies.

For more information about the LaunchDarkly EU region, visit here.

About LaunchDarkly

LaunchDarkly is the leading release management platform that empowers engineering teams to deliver better software, faster and with less risk. With a comprehensive suite of capabilities, the LaunchDarkly platform facilitates real-time experimentation, AI-driven solutions, and progressive delivery, ensuring new features are rolled out smoothly and efficiently. Serving over 5,500 of the world’s most innovative enterprises, including a quarter of the Fortune 500, LaunchDarkly is trusted around the globe to deliver software with speed and safety, enhancing customer experiences across industry verticals. For more information, visit www.launchdarkly.com.

The MIL Network –
January 25, 2025

MIL-OSI: Four in Five Recent Home Buyers May Look to Refinance in the Next 12 Months to Help Alleviate Strain on Personal Finances

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 30, 2024 (GLOBE NEWSWIRE) — A new TransUnion (NYSE: TRU) survey found that many consumers feel their existing auto and new mortgage payments are putting a strain on their household finances, and the prospect of falling interest rates has them ready to consider refinancing those loans.

The surveys of current auto loan customers and those consumers who have taken out a mortgage in the last 24 months were conducted between September 18 and September 27, 2024. They resulted in responses from 1,002 and 1,025 auto and mortgage loan customers, respectively.

“We surveyed this specific group of recent borrowers to better understand the drivers of refinance for both mortgages and auto loans,” said Jason Laky, executive vice president and head of financial services at TransUnion. “Millions of people financed homes and autos during this period of high interest rates, and many will look to refinance as interest rates decline.”

TransUnion’s survey found four in five recent home buyers say their mortgage payments are straining their finances and are looking to refinance their mortgage payments in the next 12 months.

Many Recent Home Buyers Say Their Current Mortgage Payment is a Strain on Their Personal Finances

Opinions/Generation	All Consumers	Gen Z	Millennials	Gen X	Baby Boomers
Strongly Agree or Agree	80.1%	79.7%	88.7%	75.3%	54.9%
Neither Agree nor Disagree	8.0%	10.6%	4.6%	9.8%	12.1%
Disagree or Strongly Disagree	11.9%	9.7%	6.7%	14.9%	33.0%

Percent of Recent Home Buyers Who Anticipate Refinancing Their Mortgage in the Next Twelve Months if Rates Fall

Opinions/Generation	All Consumers	Gen Z	Millennials	Gen X	Baby Boomers
Very Likely or Likely	80.0%	77.0%	89.6%	78.5%	46.2%
Neither Likely nor Unlikely	7.1%	10.2%	4.2%	7.3%	13.2%
Unlikely or Very Unlikely	12.9%	12.8%	6.2%	14.2%	40.6%

Source: TransUnion U.S. consumer survey

When asked the biggest factor that would ultimately drive them to pull the trigger on a refinancing decision, 70% of these recent home buyers said that a more favorable loan term would be a key driver for them. However, a nearly identical percentage said that better interest rates (67%) and a cash-out refinance (61%) would also be significant drivers, reflecting broad economic interest.

“For many of these recent home buyers, their mortgage payment is their largest single payment each month,” said Satyan Merchant, senior vice president and mortgage and auto business leader for TransUnion. “The upside is that it is a payment that can be refinanced if the economic climate allows for it, and as interest rates begin to fall, this group of consumers should begin exploring this option. Conversely, lenders should be actively marketing to these refinance candidates, regardless of what their primary motivation to refinance may be.”

Similar Consumer Sentiments Found When Asked About Auto Loans

The survey also examined consumer sentiment towards their existing auto loans, payments and interest rates along with future plans regarding refinancing. Results indicated that there was a similar eagerness to refinance when interest rates eventually fall, and a similar response among consumers when asked if they feel that their current auto loan payments represent a strain on their household finances.

When asked the extent to which they agree that their current auto loan payment represented a strain on their personal finances, 65% of respondents indicated that they agree or strongly agree with this statement as opposed to 20% who disagree or strongly disagree. Nearly the same percentage of respondents, 63%, indicated that they were likely or very likely to refinance their existing auto loans if it could save them money on their monthly payments. 52% of respondents indicated they would consider refinancing if it would save them between $50 and $149 monthly.

The research also explored the sentiment of consumers who have already refinanced despite the relatively high interest rates. Many of these borrowers derived lower payments through longer terms.

From this standpoint, TransUnion data shows that credit unions continue to lead the way with 67% of the refinance share in 2023. Banks had the second largest share, at 20%. These figures have remained relatively stable in recent years and underscore consumers’ favorable perception of credit unions when they begin exploring refinancing opportunities.

“Credit unions may be able to offer their members rates and service that larger more traditional banks cannot,” said Sean Flynn, senior director of community financial institutions at TransUnion. “Credit unions should lean into this fact and leverage available tools such as trended data and advanced analytics to seek out those consumers who may be able to refinance.”

To learn more about how TruIQ™ by TransUnion helps lenders make better, data-driven decisions faster with advanced analytics consulting services and enabling technologies, click here. To learn how TruVision™ allows lenders to use trended data to more precisely balance risk and opportunity with risk management products that identify and manage best-fit customers across the account lifecycle, click here.

To learn more about the analysis above, click here.

About TransUnion (NYSE: TRU)

TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world.
http://www.transunion.com/business

Contact	Dave Blumberg
	TransUnion

E-mail	david.blumberg@transunion.com

Telephone	312-972-6646

The MIL Network –

January 25, 2025

MIL-OSI: Boba Mint Holdings Announces Major Milestones for Blockchain Game Tanjea Amidst Surging User Growth

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, Oct. 30, 2024 (GLOBE NEWSWIRE) — Boba Mint Holdings Ltd. (CSE: TNJ) (“Boba Mint” or the “Company”) is excited to celebrate remarkable growth milestones for its flagship blockchain mobile game, Tanjea. Since the last user download update in May, game downloads have doubled, now surpassing 409,670 total downloads, with over 24,000 monthly active users on the Android platform alone.

“I am impressed with the increase in game downloads—it’s a testament to the two engaging game modes we now have in the Tanjea ecosystem,” said CEO Rody Lazar. This impressive surge in user engagement underscores Boba Mint’s impact in the blockchain gaming industry and its commitment to redefining the mobile gaming experience.

TNJ Token Update

We anticipate that full withdrawal capabilities for our TNJ token will be available by the end of calendar year 2024, with plans for the token to trade on Uniswap in the future.

About Boba Mint Holdings Ltd.

Boba Mint Holdings Ltd. is focused on the development of blockchain mobile games that integrate ERC20 tokens and ERC721 NFTs. Its primary product is a mobile blockchain gaming ecosystem called Tanjea, where gamers collect NFT characters (primarily birds and wolves) in multiple mobile games and use them to earn $TNJ tokens.

Boba Mint is a pioneering blockchain gaming company dedicated to creating immersive, decentralized gaming experiences. Boba Mint has become synonymous with innovation and excellence in the blockchain gaming industry.

On Behalf of the Board of Directors,

Boba Mint Holdings Ltd.

“Rody Lazar” CEO

For further information, please contact:

Rody Lazar – CEO

Phone: 1-800-556-1015

Email: info@bobamint.com

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the CSE policies) accepts responsibility for this release’s adequacy or accuracy.

Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause Boba’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Such statements include those relating to game development and the Company’s expectations and plans. Although Boba believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments in the blockchain sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mobile video game industry and markets in Canada and generally; the ability of Boba to implement its business strategies; competition; and other assumptions, risks and uncertainties. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws. The foregoing statements expressly qualify any forward- looking information contained herein. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in Boba’ Form 2A Listing Statement dated April 19, 2024 which is available on Boba’s profile at http://www.sedarplus.ca and on the CSE website at https://thecse.com/listings/boba-mint-holdings- ltd/.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, and shall not constitute an offer, solicitation or sale in any state, province, territory or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state, province, territory or jurisdiction.
We seek Safe Harbor.

The MIL Network –

January 25, 2025
MIL-OSI: Bybit to Host Exclusive Forum: Bridging Islamic Finance and Cryptocurrency
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Oct. 30, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is excited to announce an exclusive forum dedicated to exploring the intersection of Islamic finance and cryptocurrency. This event will take place on November 18, 2024, at 6 PM Dubai at Bybit’s Dubai office.

The educational forum will feature esteemed speakers, including Dr. Muhammad Yusuf Abu Jazr (Abu Ubaidah), PhD in Comparative Jurisprudence, former member of the Iftaa’ Council, and founding director of the Crypto Halal Office, Dr. Mohammad Mahdy, Founder and Chief Executive Officer at Exaado and more. These renowned experts will share their insights on the principles of Islamic finance and the potential of cryptocurrency to align with Shariah principles.

Bybit’s launch of its Islamic Account represents a significant development in the intersection of cryptocurrency and Islamic finance, effectively bridging innovation with adherence to Sharia principles. This initiative not only caters to the growing demand for Sharia-compliant trading options among Muslim investors but also aligns with the broader trends in the digital future of Islamic finance.

The forum aims to educate and engage the community about Bybit’s Shariah-compliant trading products, highlighting the platform’s commitment to providing inclusive and ethical financial solutions.

Key Highlights of the Forum:
- In-depth discussion on the principles of Islamic finance and ethical investing
- Presentation on Bybit’s Islamic Account, including its features, benefits, and unique selling points
- Live product demonstration to showcase the user-friendly interface and seamless trading experience
- Engaging Q&A session to address questions and concerns from attendees
Bybit’s Islamic Account offers a comprehensive suite of Shariah-compliant trading products, providing Muslim traders with an inclusive platform to engage in the digital asset market. Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.

To RSVP, users can visit: https://lu.ma/fci5yk52

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, users can visit Bybit Press.

For media inquiries, users can contact: media@bybit.com

For more information, users can visit: https://www.bybit.com

For updates, users can follow: Bybit’s Communities and Social Media

Contact
Head of PR
Tony Au
Bybit
tony.au@bybit.com

The MIL Network –
January 25, 2025

MIL-OSI: ES Bancshares, Inc. Announces Third Quarter 2024 Results; Continues Trend of Net Interest Margin Expansion and Revenue Growth

Source: GlobeNewswire (MIL-OSI)

STATEN ISLAND, N.Y., Oct. 30, 2024 (GLOBE NEWSWIRE) — ES Bancshares, Inc. (OTCQX: ESBS) (the “Company”) the holding company for Empire State Bank, (the “Bank”) today reported net income of $582 thousand, or $0.08 per diluted common share, for the quarter ended September 30, 2024, compared to a net income of $158 thousand or $0.02 per diluted common share for the quarter ended June 30, 2024.

Key Quarterly Financial Data				2024 Highlights
Performance Metrics	3Q24	2Q24	3Q23	• The Cost of Funds for the three months ended September 30, 2024, improved to 3.02% from 3.17% in the prior linked quarter. • For 3 months ended September 30, 2024, the Company’s net interest margin increased to 2.30% compared to 2.21% for the 3 months ended June 30, 2024. • The Company repurchased $2million of its sub-debt during the quarter, resulting in a gain on extinguishment. • The Company has replaced $56 million of higher-costing wholesale funding with lower cost organic deposits over the nine-months in 2024. • Total Revenues for the quarter ended September 30, 2024, totaled $8.6 million increasing for an eighth consecutive quarter.
Return on average assets (%)	0.36	0.10	0.09
Return on average equity (%)	4.98	1.37	1.17
Return on average tangible equity (%)	5.04	1.38	1.18
Net interest margin (%)	2.30	2.21	2.67

Income Statement (a)	3Q24	2Q24	3Q23
Net interest income	$ 3,567	$ 3,447	$ 3,977
Non-interest income	$ 609	$ 329	$ 256
Net income	$ 582	$ 158	$ 133
Earnings per diluted common share	$ 0.08	$ 0.02	$ 0.02

Balance Sheet (a)	3Q24	2Q24	3Q23
Average total loans	$ 566,031	$ 565,363	$ 555,919
Average total deposits	$ 512,119	$ 510,050	$ 487,816
Book value per share	$ 6.85	$ 6.74	$ 6.79
Tangible book value per share	$ 6.77	$ 6.65	$ 6.71

(a) In thousands except for per share amounts

Phil Guarnieri, Director, and Chief Executive Officer of ES Bancshares, said, “We are pleased to report solid progress this quarter, reflecting our commitment to enhancing the earnings profile of the organization and maintaining disciplined expense management. Despite a challenging and competitive landscape, the Company’s net interest margin increased by nine basis points for the second straight quarter. The Company’s balance sheet and capital position remain robust, and through the open market, we’ve partially paid down our subordinated debt, which will positively impact the margin going forward.”

Selected Balance Sheet Information:

September 30, 2024 vs. December 31, 2023

As of September 30, 2024, total assets were $633.2 million, a decrease of $5.5 million, or 0.9%, as compared to total assets of $638.7 million on December 31, 2023. The decrease can be attributed to a slightly smaller loan portfolio.

Loans receivable, net of Allowance for Credit Losses on Loans totaled $560.0 million, a decrease of 0.7% from December 31, 2023. As of September 30, 2024, the Allowance for Credit Losses on Loans as a percentage of gross loans was 0.90%.

Nonperforming assets, which includes nonaccrual loans and foreclosed real estate were $5.1 million or 0.81% of total assets, as of September 30, 2024, increasing from $1.4 million or 0.22% of total assets at December 31, 2023. The ratio of nonaccrual loans to loans receivable was 0.91%, as of September 30, 2024, and 0.22% for December 31, 2023. The increase from December 31, 2023, was primarily due to one Commercial Real Estate loan and one 1-4 family investor loan being placed on non-accrual status. Both loans are deemed to be well collateralized and in total amount to $4.0 million.

Total liabilities decreased $6.8 million to $586.1 at September 30, 2024 from $592.9 million at December 31, 2023. The decrease can be attributed to repayments of brokered deposits and Federal Home Loan (FHLB) borrowings partially offset by growth in core deposits. The growth in deposits was driven by an increase in interest-bearing, non-maturity deposit accounts.

As of September 30, 2024, the Bank’s Tier 1 capital leverage ratio, common equity tier 1 capital ratio, Tier 1 capital ratio and total capital ratios were 9.18%, 13.67%, 13.67% and 14.92%, respectively, all in excess of the ratios required to be deemed “well-capitalized.” During the third quarter 2024 the Company did not repurchase shares under its stock repurchase program. Book value per common share was $6.85 at September 30, 2024 compared to $6.83 at December 31, 2023. Tangible common book value per share (which represents common equity less goodwill, divided by the number of shares outstanding) was $6.77 at September 30, 2024 compared to $6.74 at December 31, 2023.

Financial Performance Overview:

Three Months Ended September 30, 2024, vs. June 30, 2024

For the three months ended September 30, 2024, the Company net income totaled $582 thousand compared to a net income of $158 thousand for the three months ended June 30, 2024. The improvement can be attributed to an expanded margin and increased non-interest income quarter over quarter.

Net interest income for the three months ended September 30, 2024, increased $120 thousand, to $3.6 million from $3.4 million at three months ended June 30, 2024. The Company’s net interest margin widened by nine basis points to 2.30% for the three months ended September 30, 2024, as compared to 2.21% for the three months ended June 30, 2024. The increase in margin can be attributed to a reduction in the Company’s average cost for its Interest-bearing liabilities.

There was a reversal for credit losses of $38 thousand for the three months ended September 30, 2024, compared to a $9 thousand provision for credit losses taken for the three months ended June 30, 2024.

Non-interest income increased $280 thousand, to $609 thousand for the three months ended September 30, 2024, compared with non-interest income of $329 thousand for the three months ended June 30, 2024. The majority of the increase can be attributed to a $245 thousand gain on extinguishment of the Company’s subordinated debt.

Non-interest expenses totaled $3.4 million for the three months ended September 30, 2024, compared to $3.5 million for the three months ended June 30, 2024. The largest fluctuations quarter over quarter pertain to a 31% reduction in Professional fees, which decreased $70 thousand to a more normalized level during the quarter ended September 30, 2024.

Nine months ended September 30, 2024 vs. September 30, 2023

For the nine months ended September 30, 2024, net income totaled $637 thousand in comparison to $1.4 million for the nine months ended September 30, 2023. The decrease can mainly be attributed to higher costs paid on deposits which increased $5.0 million.

Net interest income for the nine months ended September 30, 2024, decreased 18% or $2.2 million, to $10.2 million from $12.4 million at September 30, 2023. The decrease can be attributed to increased interest expense for deposits, partially offset by increased interest income earned on the loan portfolio.

Provision for credit losses totaled $10 thousand for the nine months ended September 30, 2024, compared to a $103 thousand provision for the nine months ended September 30, 2023.

Non-interest income totaled $1.2 million for the nine months ended September 30, 2024, compared with noninterest income of $758 thousand for the nine months ended September 30, 2023. The increase can be attributed to the gain recorded on extinguishment of sub-debt which is partially offset by a decrease in gains recorded from loan sales period over period.

Operating expenses totaled $10.4 million for the nine months ended September 30, 2024, compared to $11.3 million for the nine months ended September 30, 2023, or a decrease of 8.1%. The decrease in non-interest expense can be attributed to initiatives taking effect from the cost-cutting program launched in 2024.

About ES Bancshares Inc.
ES Bancshares, Inc. (the “Company”) is incorporated under Maryland law and serves as the holding company for Empire State Bank (the “Bank”). The Company is subject to regulation by the Board of Governors of the Federal Reserve System while the Bank is primarily subject to regulation and supervision by the New York State Department of Financial Services. Currently, the Company does not transact any material business other than through the Bank, its subsidiary.

The Bank was organized under federal law in 2004 as a national bank regulated by the Office of the Comptroller of the Currency. The Bank’s deposits are insured up to legal limits by the FDIC. In March 2009, the Bank converted its charter to a New York State commercial bank charter. The Bank’s principal business is attracting commercial and retail deposits in New York and investing those deposits primarily in loans, consisting of commercial real estate loans, and other commercial loans including SBA and mortgage loans secured by one-to-four-family residences. In addition, the Bank invests in mortgage-backed securities, securities issued by the U.S. Government and agencies thereof, corporate securities and other investments permitted by applicable law and regulations.

We operate from our five Banking Center locations, a Loan Production Office and our Corporate Headquarters located in Staten Island, New York. The Company’s website address is www.esbna.com. The Company’s annual report, quarterly earnings releases and all press releases are available free of charge through its website, as soon as reasonably practicable.

Forward-Looking Statements

This release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained in this release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as “may”, “will”, “expect”, “believe”, “anticipate”, “estimate” or “continue” or comparable terminology, are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, and actual results may differ materially depending on a variety of factors, many of which are not within ES Bancshares, Inc’s. control. The forward-looking statements included in this release are made only as of the date of this release. We have no intention, and do not assume any obligation, to update these forward-looking statements.

Investor Contact:
Peggy Edwards, Corporate Secretary
(845) 451-7825

ES Bancshares, Inc.
Consolidated Statements of Financial Condition
(in thousands)
		September 30,		December 31,		September 30,
		2024		2023		2023
		\|—-(unaudited)—-\|				\|—-(unaudited)—-\|
Assets
Cash and cash equivalents	$	25,436		32,728		29,439
Securities, net		22,595		15,220		15,143
Loans receivable, net:
Real estate mortgage loans		545,445		551,250		543,870
Commercial and Lines of Credit		14,729		12,823		13,950
Home Equity and Consumer Loans		709		700		704
Deferred costs		4,210		4,233		4,362
Allowance for Loan Credit Losses		(5,100	)	(5,086	)	(5,028	)
Total loans receivable, net		559,993		563,920		557,858
Accrued interest receivable		2,670		2,625		2,533
Investment in restricted stock, at cost		4,342		5,191		5,782
Goodwill		581		581		581
Bank premises and equipment, net		5,050		5,600		5,608
Repossessed assets		–		–		164
Right of use lease assets		6,109		6,415		6,625
Bank Owned Life Insurance		5,450		5,341		5,305
Other Assets		1,014		1,129		1,278
Total Assets	$	633,240		638,750		630,316

Liabilities & Stockholders’ Equity
Non-Interest-Bearing Deposits		97,867		107,849		125,562
Interest-Bearing Deposits		389,340		329,695		302,509
Brokered Deposits		20,773		56,581		42,873
Total Deposits		507,980		494,125		470,944
Bond Issue, net of costs		11,780		13,708		13,701
Borrowed Money		50,267		70,805		83,980
Lease Liability		6,382		6,672		6,877
Other Liabilities		9,710		7,578		9,208
Total Liabilities		586,119		592,888		584,710
Stockholders’ equity		47,121		45,862		45,606
Total liabilities and stockholders’ equity	$	633,240		638,750		630,316

	ES Bancshares, Inc.
	Consolidated Statements of Income
	(in thousands)

	Three Months Ended							Nine Months Ended
	September 30, 2024			June 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
	\|————–(unaudited)————–\|							\|—-(unaudited)—-\|
Interest income
Loans	$	7,315		$	7,345	$	6,716	$	21,868	$	19,284
Securities		218			121		111		454		336
Other interest-earning assets		428			561		319		1,252		1,140
Total Interest Income		7,961			8,027		7,146		23,574		20,760
Interest expense
Deposits		3,674			3,837		2,459		11,096		6,107
Borrowings		720			743		710		2,261		2,220
Total Interest Expense		4,394			4,580		3,169		13,357		8,327
Net Interest Income		3,567			3,447		3,977		10,217		12,433
(Rev)Prov for Credit Losses		(38	)		9		86		10		103
Net Interest Income after (Rev)Prov for Credit Losses		3,605			3,438		3,891		10,207		12,330
Non-interest income
Service charges and fees		264			200		205		636		508
Gain on loan sales		–			–		12		1		138
Gain on extinguishment of Sub-debt		245			–		–		245		–
Other		100			129		39		271		112
Total non-interest income		609			329		256		1,153		758
Non-interest expenses
Compensation and benefits		1,719			1,728		1,856		5,168		5,664
Occupancy and equipment		618			605		729		1,891		2,010
Data processing service fees		315			317		397		958		1,039
Professional fees		155			225		315		561		747
FDIC & NYS Banking Assessments		100			99		71		296		183
Advertising		84			85		107		244		305
Insurance		55			46		54		151		140
Other		365			401		446		1,103		1,198
Total non-interest expense		3,411			3,506		3,975		10,372		11,286
Income prior to tax expense		803			261		172		988		1,802
Income taxes		221			103		39		351		414
Net Income	$	582		$	158	$	133	$	637	$	1,388


	ES Bancshares, Inc.
	Average Balance Sheet Data
	For the Three Months Ended (dollars in thousands)
	September 30, 2024						June 30, 2024						September 30, 2023
	Avg Bal		Interest		Average		Avg Bal		Interest		Average		Avg Bal		Interest		Average
	Rolling		Rolling				Rolling		Rolling				Rolling		Rolling
Assets	3 Mos.		3 Mos.		Yield/Cost		3 Mos.		3 Mos.		Yield/Cost		3 Mos.		3 Mos.		Yield/Cost
Interest-earning assets:
Loans receivable	$	566,031	$	7,315	5.17	%	$	565,363	$	7,345	5.20	%	$	555,919	$	6,716	4.83	%
Investment securities		22,480		218	3.87	%		15,513		121	3.13	%		16,151		111	2.75	%
Other interest-earning assets		31,656		428	5.29	%		41,652		561	5.33	%		24,532		319	5.12	%
Total interest-earning assets		620,167		7,961	5.13	%		622,528		8,027	5.16	%		596,602		7,146	4.79	%
Non-interest earning assets		17,919						16,398						17,371
Total assets	$	638,086					$	638,926					$	613,973
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing checking	$	33,512	$	55	0.65	%	$	36,692	$	71	0.77	%	$	29,162	$	28	0.38	%
Savings accounts		200,248		1,728	3.42	%		175,686		1,629	3.72	%		121,849		536	1.75	%
Certificates of deposit		173,577		1,891	4.32	%		194,806		2,137	4.40	%		212,094		1,895	3.54	%
Total interest-bearing deposits		407,337		3,674	3.58	%		407,184		3,837	3.78	%		363,105		2,459	2.69	%
Borrowings		52,984		519	3.89	%		55,510		522	3.77	%		51,557		488	3.76	%
Subordinated debenture		12,388		201	6.44	%		13,726		221	6.46	%		13,695		222	6.41	%
Total interest-bearing liabilities		472,709		4,394	3.69	%		476,420		4,580	3.86	%		428,357		3,169	2.93	%
Non-interest-bearing demand deposits		104,782						102,866						124,711
Other liabilities		13,842						13,429						15,348
Total non-interest-bearing liabilities		118,624						116,295						140,059
Stockholders’ equity		46,753						46,211						45,557
Total liabilities and stockholders’ equity	$	638,086					$	638,926					$	613,973
Net interest income			$	3,567					$	3,447					$	3,977
Average interest rate spread					1.45	%					1.30	%					1.86	%
Net interest margin					2.30	%					2.21	%					2.67	%


Five Quarter Performance Ratio Highlights		Three Months Ended
Five Quarter Performance Ratio Highlights		September 30, 2024		June 30, 2024		March 31, 2024			December 31, 2023		September 30, 2023
Performance Ratios (%) – annualized
	Return(loss) on Average Assets		0.36		0.10		(0.07	)		0.05		0.09
	Return(loss) on Average Equity		4.98		1.37		(0.90	)		0.73		1.17
	Return(loss) on Average Tangible Equity		5.04		1.38		(0.91	)		0.74		1.18
	Efficiency Ratio		81.70		92.86		101.08			99.31		93.89
Yields / Costs (%)
	Average Yield – Interest Earning Assets		5.13		5.16		5.03			4.92		4.79
	Average Cost – Interest-bearing Liabilities		3.69		3.86		3.82			3.55		2.93
	Net Interest Margin		2.30		2.21		2.12			2.28		2.67
Capital Ratios (%)
	Equity / Assets		7.44		7.12		7.34			7.18		7.24
	Tangible Equity / Assets		7.36		7.03		7.26			7.09		7.15
	Tier I leverage ratio (a)		9.18		9.30		9.52			9.45		9.54
	Common equity Tier I capital ratio (a)		13.67		13.81		13.63			13.60		13.47
	Tier 1 Risk-based capital ratio (a)		13.67		13.81		13.63			13.60		13.47
	Total Risk-based capital ratio (a)		14.92		15.06		14.88			14.85		14.63
Stock Valuation
	Book Value	$	6.85	$	6.74	$	6.75		$	6.83	$	6.79
	Tangible Book Value	$	6.77	$	6.65	$	6.67		$	6.74	$	6.71
	Shares Outstanding (b)		6,878		6,884		6,834			6,714		6,714
Asset Quality (%)
	ACL / Total Loans		0.90		0.90		0.89			0.89		0.89
	Non Performing Loans / Total Loans		0.91		0.22		0.24			0.22		0.25
	Non Performing Assets / Total Assets		0.81		0.19		0.21			0.22		0.25

	(a) Ratios at Bank level (b) Shares information presented in thousands

The MIL Network –

January 25, 2025