Market Newsdesk

RENO, Nev., Feb. 06, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and battery technology, today announced it has appointed AdvisIRy Partners as its new investor relations firm.

Chief Executive Officer, Dr. Denis Phares, stated, “Dragonfly Energy is an industry leader in providing innovative lithium-ion battery solutions across the RV, trucking, and industrial sectors. The Company is also working to revolutionize next generation battery cell manufacturing with our proprietary dry electrode technology. With Dragonfly Energy at a pivotal point in our evolution, we are pleased to partner with AdvisIRy Partners to help strengthen our investor relations program and communicate our vision and future prospects.”

AdvisIRy Partners was established as the successor to one of the largest investor relations firms in the U.S., Morgen-Walke Associates. With many years of sell-side, buy-side, and investor relations experience, the firm is unique in its commitment to senior level account management. The team representing Dragonfly Energy will be led by Eric Prouty, Partner, who will be working with the Company’s executive leadership team on investor relations strategies, messaging and outreach.

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.investors.dragonflyenergy.com.

About
AdvisIRy Partners

Headquartered in New York City, AdvisIRy Partners is an investor relations and corporate communications firm that was purpose-built to deliver tangible results for its corporate clients. The Firm brings together sell-side, buy-side and investor relations experience to provide senior level advisory work and implements customized programs for a growing roster of domestic and international clients. For further information on the firm’s approach, services and leadership team, please visit the AdvisIRy Partners website at www.advisiry.com.

Contact:

Eric Prouty
Szymon Serowiecki
[email protected]

NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — Y-mAbs Therapeutics, Inc. (the “Company” or “Y-mAbs”) (Nasdaq: YMAB), a commercial-stage biopharmaceutical company focused on the development and commercialization of novel radioimmunotherapy and antibody-based therapeutic products for the treatment of cancer, today announced that Michael Rossi, President and Chief Executive Officer, will participate in a fireside chat at the Oppenheimer 35^th Annual Life Sciences Conference on Tuesday, February 11, 2025 at 4:40 p.m. ET.

A live webcast will be available under the Events section of the Company’s investor relations website at ir.ymabs.com. The webcast will be archived and available for replay for 30 days after the event.

About Y-mAbs

Y-mAbs is a commercial-stage biopharmaceutical company focused on the development and commercialization of novel, radioimmunotherapy and antibody-based therapeutic cancer products. The Company’s technologies include its investigational Self-Assembly DisAssembly (“SADA”) Pretargeted Radioimmunotherapy Platform (“PRIT”) and bispecific antibodies generated using the Y-BiClone platform. The Company’s broad and advanced product pipeline includes the anti-GD2 therapy DANYELZA® (naxitamab-gqgk), the first FDA-approved treatment for patients with relapsed or refractory high-risk neuroblastoma in the bone or bone marrow after a partial response, minor response, or stable disease to prior therapy.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “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. Such statements include, but are not limited to, statements about our business model, including financial outlook for 2024 and beyond.Words such as ‘‘anticipate,’’ ‘‘believe,’’ “contemplate,” ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ “hope,” ‘‘intend,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘should,’’ ‘‘target,’’ “will,” ‘‘would’,’ “guidance,” “goal,” “objective,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company’s business is subject to risks and uncertainties affecting the Company including those described in the “Risk Factors” section included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company’s Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2024, and September 30, 2024, and future filings and reports by the Company. Any forward-looking statements contained in this press release speak only as of the date hereof, and the Company undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

SADA^®, SADA PRIT™, DANYELZA^® and Y-mAbs^® are registered trademarks of Y-mAbs Therapeutics, Inc.

Investor Contact:

Courtney Dugan
VP, Head of Investor Relations
[email protected]

DUBLIN, Feb. 06, 2025 (GLOBE NEWSWIRE) — Trinity Biotech plc (Nasdaq: TRIB), a commercial-stage biotechnology company focused on human diagnostics and diabetes management solutions, including wearable biosensors, today announced new findings from its latest pre-pivotal trial, highlighting significant improvements in first-day performance for its next-generation continuous glucose monitoring (CGM) system.

The latest analysis confirms that first-day accuracy – a critical performance metric for CGM users – shows an approximately 35% improvement in Mean Absolute Relative Difference (MARD) and a more than 50% improvement in Mean Absolute Difference (MAD) with Trinity Biotech’s redesigned CGM sensor compared to the previously marketed Waveform product. The first 24 hours of CGM wear have been a persistent weak spot across the industry, with sensor accuracy often fluctuating due to the body’s natural response to insertion. These advancements promise to address a key pain point for users, as inconsistent glucose readings on the first day of wear have historically led to user frustration and safety concerns.

Builds On Other Breakthrough Results from Latest Pre-Pivotal Trial

Trinity Biotech’s latest pre-pivotal trial involved 30 diabetic participants, primarily individuals with Type 1 diabetes, each of whom wore multiple sensors over a 15-day period. As previously reported, the trial evaluated modifications made by Trinity’s R&D team to technology acquired from Waveform Technologies, Inc. that enhance sensor design and performance, which in addition the significant first-day performance improvement, also yielded the following exceptional results:

• Superior Signal Quality: Significant improvements in signal clarity compared to previously released Waveform CGM sensors.
• Enhanced Reliability Post-Insertion: Sensor performance immediately after placement demonstrated markedly improved consistency, reducing variability for users.
• Breakthrough Accuracy: A 25-30% improvement in the key accuracy metric—mean absolute relative difference (MARD)—over earlier Waveform CGM sensors.
• Industry-Standard Low-Glucose Precision: Accuracy for low blood sugar readings (measured by mean absolute difference, or MAD) is now aligned with industry benchmarks, a critical achievement for hypoglycemia management.

Revolutionizing CGM Accessibility and Performance

Trinity Biotech’s redesigned ergonomic modular CGM system is designed with affordability, accuracy, and sustainability in mind. The device’s reusable and rechargeable components are designed to reduce costs for users while minimizing environmental impact. The Trinity CGM represents a paradigm shift in the market, and promises to make continuous glucose monitoring more accessible to millions of individuals who have previously been unable to afford it.

Next Steps: Advancing Toward Commercialization

These latest findings reinforce Trinity’s confidence in delivering a high-performance, calibration-free CGM system that meets the FDA’s iCGM standards. The Company remains on track for regulatory submissions in Europe in 2025, followed by a U.S. FDA filing in 2026, with commercialization efforts targeting both diabetes patients and broader health-conscious consumers. Building on the success of its latest trial, Trinity now plans to begin further pre-pivotal clinical trials in Q1 2025 on additional device enhancements.

To stay updated on Trinity Biotech’s CGM developments, visit https://cgm.trinitybiotech.com.

Forward-Looking Statements

This release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”), including but not limited to statements related to Trinity Biotech’s cash position, financial resources and potential for future growth, market acceptance and penetration of new or planned product offerings, and future recurring revenues and results of operations. Trinity Biotech claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” “anticipates,” or words of similar import, and do not reflect historical facts. Specific forward-looking statements contained in this release may be affected by risks and uncertainties, including, but not limited to, our ability to capitalize on the Waveform transaction and of our recent acquisitions, our continued listing on the Nasdaq Stock Market, our ability to achieve profitable operations in the future, the impact of the spread of COVID-19 and its variants, the possible pause and/or disruption in U.S. Government funding for HIV tests produced by Trinity Biotech potential excess inventory levels and inventory imbalances at the Company’s distributors, losses or system failures with respect to Trinity Biotech’s facilities or manufacturing operations, the effect of exchange rate fluctuations on international operations, fluctuations in quarterly operating results, dependence on suppliers, the market acceptance of Trinity Biotech’s products and services, the continuing development of its products, required government approvals, risks associated with manufacturing and distributing its products on a commercial scale free of defects, risks related to the introduction of new instruments manufactured by third parties, risks associated with competing in the human diagnostic market, risks related to the protection of Trinity Biotech’s intellectual property or claims of infringement of intellectual property asserted by third parties and risks related to condition of the United States economy and other risks detailed under “Risk Factors” in Trinity Biotech’s annual report on Form 20-F for the fiscal year ended December 31, 2023 and Trinity Biotech’s other periodic reports filed from time to time with the United States Securities and Exchange Commission. Forward-looking statements speak only as of the date the statements were made. Trinity Biotech does not undertake and specifically disclaims any obligation to update any forward-looking statements.

About Trinity Biotech

Trinity Biotech is a commercial stage biotechnology company focused on diabetes management solutions and human diagnostics, including wearable biosensors. The Company develops, acquires, manufactures and markets diagnostic systems, including both reagents and instrumentation, for the point-of-care and clinical laboratory segments of the diagnostic market and has recently entered the wearable biosensor industry, with the acquisition of the biosensor assets of Waveform Technologies Inc. and intends to develop a range of biosensor devices and related services, starting with a continuous glucose monitoring product. Our products are used to detect infectious diseases and to quantify the level of Haemoglobin A1c and other chemistry parameters in serum, plasma and whole blood. Trinity Biotech sells direct in the United States and through a network of international distributors and strategic partners in over 75 countries worldwide. For further information, please see the Company’s website: www.trinitybiotech.com.

Contact:		Trinity Biotech plc		RedChip Companies Inc.
		Gary Keating, Ph.D		Dave Gentry, CEO
		(353)-1-2769800		(1)-407-644-4256
				(1)-800-RED-CHIP (733-2447)
				[email protected]
				LifeSci Partners, LLC
				Eric Ribner
				(1)-646-751-4363
				[email protected]

Investors From December $9.5 Million Public Offering Exercise All Outstanding Series B Warrants

Fort Lauderdale, FL, Feb. 06, 2025 (GLOBE NEWSWIRE) — Algorhythm Holdings, Inc. (“Algorhythm”) (NASDAQ: RIME), an AI-driven technology and consumer electronics holding company, today announced that all outstanding Series B cashless warrants have been fully exercised. These warrants were issued in connection with a public offering that closed on December 4, 2024. As part of that transaction, the Company entered into a securities purchase agreement (the “Purchase Agreement”) related to the public offering of 4,200,000 shares of its common stock, par value $0.01 per share (“Common Stock”), and 51,682,352 Pre-Funded Warrants to purchase shares of Common Stock (the “Pre-Funded Warrants”) in lieu of shares of Common Stock.

Pursuant to the Purchase Agreement, the Company also issued Series A Warrants (the “Series A Warrants”) to purchase up to 55,882,352 shares of Common Stock and Series B Warrants (the “Series B Warrants”). The Series B Warrants were issued with a $0.34 strike price and included an alternative cashless exercise provision. On January 13, 2025, the Company’s stockholders approved a proposal to authorize, for purposes of complying with Nasdaq listing rule 5635(d), the issuance of both the Series A and Series B Warrants, the shares of Common Stock underlying those Warrants, and certain Warrant provisions, all in connection with the offering and sale of securities that was consummated on December 6, 2024. Four institutional investors previously held all of the Series B Warrants. As of February 4, 2025, the last of these Series B Warrants were exercised and eliminated from the Company’s capital structure.

Gary Atkinson, the Company’s CEO, commented, “We are pleased to have successfully cleared all of the cashless Series B warrants from our capital structure. This is a key step in completing the transformational capital raise we launched in December 2024. As a result, we have largely eliminated all significant liabilities from our balance sheet and now have sufficient capital to execute on our business plan.”

“We look forward to focusing on driving shareholder value through our AI logistics business, SemiCab, and our Singing Machine subsidiary,” concluded Mr. Atkinson.

About Algorhythm Holdings

Algorhythm Holdings, Inc. is a holding company with two primary investments. First, the Company owns SemiCab Holdings, an emerging leader in the AI-enabled global logistics industry. Second, the Company owns The Singing Machine Company, the worldwide leader in the consumer karaoke industry.

SemiCab is a cloud-based Collaborative Transportation Platform built to achieve the scalability required to predict and optimize millions of loads and hundreds of thousands of trucks. To orchestrate collaboration across manufacturers, retailers, distributors, and their carriers, SemiCab uses real-time data from API-based load tendering and pre-built integrations with TMS and ELD partners. To build fully loaded round trips, SemiCab uses AI/ML predictions and advanced predictive optimization models. On the SemiCab platform, shippers pay less and carriers make more while not having to change a thing.

Since 2020, SemiCab has enabled major retailers, brands and transportation providers to address these common supply-chain problems globally. SemiCab’s Orchestrated Collaboration^™ AI model has proven to increase transportation capacity, improve asset utilization, reduce empty miles, lower logistics costs, and provide visibility into the entire transportation network. Models show the technology has the capability of saving shippers tens of billions of dollars annually through optimization. Further, SemiCab’s technology also has the potential to play a key role in the improved sustainability model globally. Based on its proven ability to improve truck utilization rates from 65% to over 90%, this results in a dramatic reduction in the carbon footprint of the industry. The optimization of existing truck utilization can add approximately 30% more trucking capacity without adding more trucks, drivers or driven miles which addresses common problems plaguing the industry like severe driver shortage and road congestion. Trucking optimization could also eliminate approximately 25% of CO2 emissions attributable to road freight.

For additional information regarding SemiCab: http://www.semicab.com

The Singing Machine Company, Inc. is the worldwide leader in consumer karaoke products. Based in Fort Lauderdale, Florida, and founded over forty years ago, the Company designs and distributes the industry’s widest assortment of at-home and in-car karaoke entertainment products. Their portfolio is marketed under both proprietary brands and popular licenses, including Carpool Karaoke and Sesame Street. Singing Machine products incorporate the latest technology and provide access to over 100,000 songs for streaming through its mobile app and select WiFi-capable products and is also developing the world’s first globally available, fully integrated in-car karaoke system. The Company also has a new philanthropic initiative, CARE-eoke by Singing Machine, to focus on the social impact of karaoke for children and adults of all ages who would benefit from singing. Their products are sold in over 25,000 locations worldwide, including Amazon, Costco, Sam’s Club, Target, and Walmart. To learn more, go towww.singingmachine.com.

Investor Relations Contact:


[email protected]



www.algoholdings.com

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as “expects,” “anticipates,” “believes,” “will,” “will likely result,” “will continue,” “plans to,” “potential,” “promising,” and similar expressions. These statements are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company’s reports with the SEC, including, without limitation the Company’s Transition Report on Form 10-KT for the transition period from April 1, 2023 to December 31, 2023, the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.

You should not place undue reliance on any forward-looking statement, each of which applies only as of the date of this press release. Except as required by law, we undertake no obligation to update or revise publicly any of the forward-looking statements after the date of this press release to conform our statements to actual results or changed expectations, or as a result of new information, future events or otherwise.

PLYMOUTH, Mich. and ROLLE, Switzerland, Feb. 06, 2025 (GLOBE NEWSWIRE) — Garrett Motion Inc. (Nasdaq: GTX), a leading provider of differentiated automotive technology, today announced that it plans to release its fourth quarter financial results on Thursday, February 20, 2025, prior to the opening of the market trading in the United States.

Garrett will host a conference call that same day at 8:30 am EDT / 2:30 pm CET. To participate in the conference call, please dial +1-877-883-0383 (U.S.) or +1-412-902-6506 (international) and use the passcode 8581315.

The conference call will also be webcast and will include a slide presentation. To access the webcast and supporting materials, please visit the Investor Relations section of the Garrett Motion website at https://investors.garrettmotion.com/. A replay of the conference call will be available by dialing +1-877-344-7529 (U.S.) or +1-412-317-0088 (international) and using access code 4042707. The webcast will also be archived on Garrett’s website.

About Garrett Motion Inc.


A differentiated technology leader, Garrett Motion has a 70-year history of innovation in the automotive sector (cars, trucks) and beyond (off-highway equipment, marine, power generators). Its expertise in turbocharging has enabled significant reductions in engine size, fuel consumption, and CO₂ emissions. Garrett is expanding its positive impact by developing differentiated technology solutions for Zero Emission Vehicles, such as fuel cell compressors for hydrogen fuel cell vehicles, as well as electric propulsion and thermal management systems for battery electric vehicles. Garrett has five R&D centers, 13 manufacturing facilities and a team of more than 9,000 employees in more than 20 countries. Its mission is to enable the transportation industry to advance motion through unique, differentiated innovation. For more information, please visit www.garrettmotion.com.

Contacts:

INVESTOR RELATIONS
Cyril Grandjean
+1 734 392 55 04
[email protected]

MEDIA
Amanda Jones
+41 79 601 07 87
[email protected]

TORONTO, Feb. 06, 2025 (GLOBE NEWSWIRE) — BioPharma Ltd. (NASDAQ: QNTM) (CSE: QNTM) (FRA: 0K91) (Upstream: QNTM) (“Quantum BioPharma” or the “Company”), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions, today announced that its licensee Celly Nutrition Corporation, the company behind unbuzzd^TM – the scientifically-proven and game-changing beverage that accelerates alcohol metabolism, restores mental clarity and reduces hangover symptoms –announced that it has engaged a leading New York Investment Bank to raise up to $10 million USD in capital and explore an initial public offering on a major US public exchange, subject to requisite regulatory approval.

Quantum BioPharma Ltd. retains ownership of 25.71% (as of June 30, 2024) of Celly Nutrition www.unbuzzd.com. The agreement with Celly Nutrition also includes royalty payments of 7% of sales from unbuzzd™ until payments to Quantum BioPharma total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Quantum BioPharma retains 100% of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses.

Celly Nutrition Corp. signed, on February 4, 2025, a Letter of Engagement (“LOE”) with the Investment Bank to provide general financial advisory and investment banking services to the company to:

	(a)	advise the Company on matters relating to an uplisting to a major U.S. exchange, reverse merger into a public company or other transaction that results in the Company’s listing on a major U.S. exchange (each, a “Go-Public Transaction”);
	(b)	act as the exclusive managing underwriter and sole book running manager in connection with a proposed follow-on public offering of up to $10 million USD in Common Stock of Celly Nutrition Corp. (the “Public Offering”)

John Duffy, CEO of Celly Nutrition stated, “This is an important milestone for Celly Nutrition and unbuzzd. Having successfully launched unbuzzd in the US market in 2024, our focus in 2025 is to raise additional capital which will enable Celly Nutrition to accelerate unbuzzd’s marketing, retail, and direct-to-consumer sales development, and to expand the availability of unbuzzd to meet growing demand.” Mr. Duffy has more than two decades experience in leadership positions in the beverage industry, including as former VP of Marketing Assets and VP of National Sales at Coca-Cola Company.

Gerry David, Celly Board Co-Chair and former CEO of Celsius Holdings with their bestselling energy drink Celsius Energy, added, “I am confident that we have found the perfect Investment Banking partner to advise and guide Celly Nutrition as we work towards a capital raise and initial public offering. There is so much interest in unbuzzd, we want to give retail investors and markets the opportunity to participate in our success and to be part of the excitement surrounding unbuzzd.”

About Quantum BioPharma Ltd.

Quantum BioPharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid”), Quantum BioPharma is focused on the research and development of its lead compound, Lucid-MS. Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. Quantum BioPharma invented UNBUZZD™ and spun out its OTC version to a company, Celly Nutrition Corp. (“Celly Nutrition”), led by industry veterans. Quantum BioPharma retains ownership of 25.71% (as of June 30, 2024) of Celly Nutrition at www.unbuzzd.com. The agreement with Celly Nutrition also includes royalty payments of 7% of sales from unbuzzd™ until payments to Quantum BioPharma total $250 million. Once $250 million is reached, the royalty drops to 3% in perpetuity. Quantum BioPharma retains 100% of the rights to develop similar products or alternative formulations specifically for pharmaceutical and medical uses. Quantum BioPharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represents loans secured by residential or commercial property.

About Celly Nutrition Corporation

Celly Nutrition, a non-trading but fully reporting public issuer, stands as a pioneering force in the wellness and recovery supplement landscape. unbuzzd has been developed by a world-class R&D team in pharmacology and medicine, with a commitment to innovation and quality. A proprietary blend of vitamins, minerals, and herbs, unbuzzd helps your body process alcohol faster, restore mental alertness, and improve cognition so you can drink responsibly and drink refreshingly. unbuzzd appeals to a broad target audience of alcohol consumers who want to have a good time, be in control, and still feel great the next day.

Scientifically backed by a recently completed double-blind, randomized, placebo-controlled crossover design clinical trial, unbuzzd dramatically accelerates alcohol metabolism, speeds the reduction of blood alcohol concentration, restores mental clarity, and reduces the symptoms of intoxication, impairment and hangover. Key findings from the clinical trial include:

• 
  Accelerated Alcohol Metabolism
  : unbuzzd dramatically and rapidly reduced blood alcohol concentration in study participants. The rate at which BAC was lowered was, on average for most participants, more than 40 percent faster within 30 minutes of consuming unbuzzd compared to control subjects. This faster reduction of BAC after consuming unbuzzd was both statistically significant compared to placebo and was observed at each subsequent measurement of BAC over a four-hour period.
• 
  Rapid Improvements in Alertness
  : Study participants reported statistically significant improvement in alertness as soon as 30 minutes after consuming unbuzzd. Participants felt more alert and made fewer cognitive errors within 30 minutes of consuming unbuzzd, significantly outperforming placebo results.
• 
  Rapid Improvements in Physiologic Changes due to Intoxication
  : unbuzzd lessened the elevation in heart rate and the drop in blood pressure that often accompanies alcohol intoxication, stabilizing both. This result was statistically significant.
• 
  Reduced Perceived Impairment and Mental Fatigue
  : unbuzzd helped alleviate perceived impairment and mental fatigue caused by alcohol intoxication.
• 
  Hangover Relief
  : Participants in this study noted a statistically significant reduction in hangover symptoms. This included reduced cognitive and physical impairment, and reduced headache compared to placebo results, at both four hours (67 percent reduction in headache severity) and eight hours after consuming unbuzzd.
• 
  No Side Effects
  : unbuzzd was well-tolerated by all study participants, with no reported adverse side effects.

The full press release of the clinical trial can be found here.

unbuzzd ready-to-mix powder sticks are available in 3-pack and 18-pack formats at https://unbuzzd.com. unbuzzd^TM is a registered trademark of Celly Nutrition Corp.

Individual results may vary. unbuzzd is a dietary supplement. Consuming unbuzzd after alcohol ingestion does not permit you to operate a vehicle. Drink responsibly. DO NOT DRINK AND DRIVE.

Forward-Looking Information

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements related to such.

Forward-looking information in this press release are based on certain assumptions and expected future events.

These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to additional information relating to Quantum BioPharma, including its annual information form, can be located on the SEDAR+ website at www.sedarplus.ca and on the EDGAR section of the United States Securities and Exchange Commission’s website at www.sec.gov for a more complete discussion of such risk factors and their potential effects.

Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.

Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward- looking information, except as required by applicable law.

Contacts:

Quantum BioPharma Ltd.
Zeeshan Saeed, Founder, CEO and Executive Co-Chairman of the Board
Email: [email protected]
Telephone: (833) 571-1811

Investor Relations
Chris Tyson 
Executive Vice President
MZ North America
Direct: 949-491-8235
[email protected]
www.mzgroup.us

VONORE, Tenn., Feb. 06, 2025 (GLOBE NEWSWIRE) — MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) today announced financial results for its fiscal 2025 second quarter ended December 29, 2024.

The overview, commentary, and results provided herein relate to our continuing operations, which exclude our former Aviara segment.

Overview:

• Net sales for the second quarter were $63.4 million, down $26.4 million, or 29.4%, from the comparable prior-year period
• Planned decrease in production contributed to significantly lower dealer inventory levels compared to the prior-year
• Income from continuing operations was $0.4 million, or $0.03 per diluted share
• Adjusted Net Income, a non-GAAP measure, was $1.7 million, or $0.10 per diluted share
• Adjusted EBITDA, a non-GAAP measure, was $3.5 million, down $9.4 million from the comparable prior-year period
• All debt amounts have been repaid, leaving $62.9 million of cash and investments, with $100 million of availability on the revolving credit facility
• The dispositions of the Aviara brand and facility assets have been completed

Brad Nelson, Chief Executive Officer, commented, “Our business executed well during our fiscal second quarter by delivering results above expectations despite macroeconomic and retail environment headwinds. Early boat show season results have been encouraging, especially with strong demand for our new ultra-premium XStar lineup which has provided positive momentum as we near the summer selling season.”

Nelson continued, “We maintain a disciplined approach to capital allocation. During the quarter, we generated $13.9 million of cash flow from continuing operations despite low cycle production volumes. Our strong balance sheet provides us with the financial flexibility to pursue our strategic growth initiatives while we continue to return capital to shareholders through our share repurchase program.”

Second Quarter Results

For the second quarter of fiscal 2025, MasterCraft Boat Holdings, Inc. reported consolidated net sales of $63.4 million, down $26.4 million from the second quarter of fiscal 2024. The decrease in net sales was primarily due to planned lower unit volumes, leading to lower dealer inventory levels, and unfavorable model mix.

Gross margin percentage declined 610 basis points during the second quarter of fiscal 2025, compared to the prior-year period. Lower margins were the result of unfavorable model mix and lower cost absorption due to the decreased production volume.

Income from continuing operations was $0.4 million for the second quarter of fiscal 2025, compared to $8.7 million in the prior-year period. Diluted income from continuing operations per share was $0.03, compared to $0.51 for the second quarter of fiscal 2024.

Adjusted Net income was $1.7 million for the second quarter of fiscal 2025, or $0.10 per diluted share, compared to $9.5 million, or $0.55 per diluted share, in the prior-year period.

Adjusted EBITDA was $3.5 million for the second quarter of fiscal 2025, compared to $12.9 million in the prior-year period. Adjusted EBITDA margin was 5.6% for the second quarter, down from 14.4% for the prior-year period.

See “Non-GAAP Measures” below for a reconciliation of Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Net Income per share, which we refer to collectively as the “Non-GAAP Measures”, to the most directly comparable financial measures presented in accordance with GAAP.

Outlook

Concluded Nelson, “We are narrowing our full year guidance as a result of our second quarter outperformance and added confidence in our production plans from the encouraging XStar launch. We are planning for a range of industry and macroeconomic scenarios while implications of trade uncertainties on the broader economy remains largely unknown. With a strong balance sheet and cash flow generation, we maintain the financial flexibility to pursue our key growth initiatives while we continue to repurchase shares. As we move beyond inventory rebalancing, we are highly focused on positioning the business to capitalize on the upcoming market recovery.”

The Company’s outlook is as follows:

• For full year fiscal 2025, we now expect consolidated net sales to be between $275 million and $295 million, with Adjusted EBITDA between $19 million and $24 million, and Adjusted Earnings per share between $0.64 and $0.86. We continue to expect capital expenditures to be approximately $12 million for the year.
• For fiscal third quarter 2025, consolidated net sales are expected to be approximately $75 million, with Adjusted EBITDA of approximately $5 million, and Adjusted Earnings per share of approximately $0.17.

Conference Call and Webcast Information

MasterCraft Boat Holdings, Inc. will host a live conference call and webcast to discuss fiscal second quarter 2025 results today, February 6, 2025, at 8:30 a.m. EST. Participants may access the conference call live via webcast on the investor section of the Company’s website, Investors.MasterCraft.com, by clicking on the webcast icon. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. A replay of the conference call and webcast will be archived on the Company’s website.

About MasterCraft Boat Holdings, Inc.

Headquartered in Vonore, Tenn., MasterCraft Boat Holdings, Inc. (NASDAQ: MCFT) is a leading innovator, designer, manufacturer and marketer of recreational powerboats through its three brands, MasterCraft, Crest, and Balise. For more information about MasterCraft Boat Holdings, and its three brands, visit: Investors.MasterCraft.com, www.MasterCraft.com, www.CrestPontoonBoats.com, and www.BalisePontoonBoats.com.

Forward-Looking Statements

This press release includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can often be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “may,” “will,” “should,” “continue” and similar expressions, comparable terminology or the negative thereof, and include statements in this press release concerning the resilience of our business model, our intention to drive value and accelerate growth, the sale of our Merritt Island facility, and our financial outlook.

Forward-looking statements are subject to risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, including, but not limited to: changes in interest rates, general economic conditions, changes in trade priorities, policies and regulations (particularly as a result of the 2024 U.S. election), including the potential for increases or changes in duties, current and potentially new tariffs and quotas, demand for our products, persistent inflationary pressures, changes in consumer preferences, competition within our industry, our ability to maintain a reliable network of dealers, our ability to cooperate with our strategic partners, elevated inventories resulting in increased costs for dealers, our ability to manage our manufacturing levels and our fixed cost base, the successful introduction of our new products, the success of our strategic divestments, geopolitical conflicts, and financial institution disruptions. These and other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, filed with the Securities and Exchange Commission (the “SEC”) on August 30, 2024, could cause actual results to differ materially from those indicated by the forward-looking statements. The discussion of these risks is specifically incorporated by reference into this press release.

Any such forward-looking statements represent management’s estimates as of the date of this press release. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. We undertake no obligation (and we expressly disclaim any obligation) to update or supplement any forward-looking statements that may become untrue or cause our views to change, whether because of new information, future events, changes in assumptions or otherwise. Comparison of results for current and prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.

Use of Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements prepared in accordance with United States generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures in this release. Reconciliations of the Non-GAAP measures used in this release to the most comparable GAAP measures for the respective periods can be found in tables immediately following the consolidated statements of operations. The Non-GAAP Measures have limitations as analytical tools and should not be considered in isolation or as a substitute for the Company’s financial results prepared in accordance with GAAP.

Results of Operations for the Three and Six Months Ended December 29, 2024

MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
		Three Months Ended								Six Months Ended
		December 29, 2024				December 31, 2023				December 29, 2024				December 31, 2023
Net sales		$	63,368			$	89,750			$	128,727			$	184,055
Cost of sales			52,476				68,812				106,037				140,642
Gross profit			10,892				20,938				22,690				43,413
Operating expenses:
Selling and marketing			2,824				2,500				5,698				5,584
General and administrative			7,432				7,225				14,902				15,601
Amortization of other intangible assets			450				450				900				912
Total operating expenses			10,706				10,175				21,500				22,097
Operating income			186				10,763				1,190				21,316
Other income (expense):
Interest expense			(182	)			(854	)			(1,169	)			(1,732	)
Interest income			697				1,415				1,889				2,766
Income before income tax expense			701				11,324				1,910				22,350
Income tax expense			275				2,644				468				5,139
Income from continuing operations			426				8,680				1,442				17,211
Income (loss) from discontinued operations, net of tax			2,322				(2,794	)			(3,839	)			(5,130	)
Net income (loss)		$	2,748			$	5,886			$	(2,397	)		$	12,081
Income (loss) per share
Basic
Continuing operations		$	0.03			$	0.51			$	0.09			$	1.01
Discontinued operations			0.14				(0.16	)			(0.24	)			(0.30	)
Net income (loss)		$	0.17			$	0.35			$	(0.15	)		$	0.71
Diluted
Continuing operations		$	0.03			$	0.51			$	0.09			$	1.00
Discontinued operations			0.14				(0.17	)			(0.24	)			(0.30	)
Net income (loss)		$	0.17			$	0.34			$	(0.15	)		$	0.70
Weighted average shares used for computation of:
Basic earnings per share			16,454,776				17,010,116				16,499,858				17,083,204
Diluted earnings per share			16,543,502				17,091,633				16,499,858				17,158,124

MASTERCRAFT BOAT HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except per share data)
		December 29, 2024				June 30, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents		$	34,314			$	7,394
Short-term investments			28,548				78,846
Accounts receivable, net of allowances of $150 and $101, respectively			5,290				11,455
Income tax receivable			2,035				499
Inventories, net			36,988				36,972
Prepaid expenses and other current assets			4,554				8,686
Current assets associated with discontinued operations			—				11,222
Total current assets			111,729				155,074
Property, plant and equipment, net			52,841				52,314
Goodwill			28,493				28,493
Other intangible assets, net			32,750				33,650
Deferred income taxes			17,265				18,584
Other long-term assets			7,037				8,189
Non-current assets associated with discontinued operations			—				21,680
Total assets		$	250,115			$	317,984
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Accounts payable		$	8,443			$	10,431
Accrued expenses and other current liabilities			52,176				55,068
Current portion of long-term debt, net of unamortized debt issuance costs			—				4,374
Current liabilities associated with discontinued operations			—				8,063
Total current liabilities			60,619				77,936
Long-term debt, net of unamortized debt issuance costs			—				44,887
Unrecognized tax positions			8,625				8,549
Other long-term liabilities			2,365				2,551
Long-term liabilities associated with discontinued operations			—				182
Total liabilities			71,609				134,105
COMMITMENTS AND CONTINGENCIES
EQUITY:
Common stock, $.01 par value per share — authorized, 100,000,000 shares; issued and outstanding, 16,773,544 shares at December 29, 2024 and 16,759,109 shares at June 30, 2024			167				167
Additional paid-in capital			56,916				59,892
Retained earnings			121,223				123,620
MasterCraft Boat Holdings, Inc. equity			178,306				183,679
Noncontrolling interest			200				200
Total equity			178,506				183,879
Total liabilities and equity		$	250,115			$	317,984

Supplemental Operating Data

The following table presents certain supplemental operating data for the periods indicated:

		Three Months Ended													Six Months Ended
		December 29, 2024				December 31, 2023									December 29, 2024				December 31, 2023
										Change													Change
		(Dollars in thousands)
Unit sales volume:
MasterCraft			400				491				(18.5	)	%			774				985				(21.4	)	%
Pontoon			153				365				(58.1	)	%			330				727				(54.6	)	%
Consolidated			553				856				(35.4	)	%			1,104				1,712				(35.5	)	%
Net sales:
MasterCraft		$	55,097			$	72,699				(24.2	)	%		$	110,630			$	148,535				(25.5	)	%
Pontoon			8,271				17,051				(51.5	)	%			18,097				35,520				(49.1	)	%
Consolidated		$	63,368			$	89,750				(29.4	)	%		$	128,727			$	184,055				(30.1	)	%
Net sales per unit:
MasterCraft		$	138			$	148				(6.8	)	%		$	143			$	151				(5.3	)	%
Pontoon			54				47				14.9		%			55				49				12.2		%
Consolidated			115				105				9.5		%			117				108				8.3		%
Gross margin			17.2	%			23.3	%		(610) bps						17.6	%			23.6	%			(600) bps

Non-GAAP Measures

EBITDA, Adjusted EBITDA, EBITDA margin, and Adjusted EBITDA margin

We define EBITDA as income from continuing operations, before interest, income taxes, depreciation and amortization. We define Adjusted EBITDA as EBITDA further adjusted to eliminate certain non-cash charges or other items that we do not consider to be indicative of our core and/or ongoing operations. For the periods presented herein, the adjustments include share-based compensation, and CEO transition and organizational realignment costs. We define EBITDA margin and Adjusted EBITDA margin as EBITDA and Adjusted EBITDA, respectively, each expressed as a percentage of Net sales. 

Adjusted Net Income and Adjusted Net Income per share

We define Adjusted Net Income and Adjusted Net Income per share as income from continuing operations, adjusted to eliminate certain non-cash charges or other items that we do not consider to be indicative of our core and/or ongoing operations and reflecting income tax expense on adjusted net income before income taxes at our estimated annual effective tax rate. For the periods presented herein, these adjustments include other intangible asset amortization, share-based compensation, and CEO transition and organizational realignment costs.

The Non-GAAP Measures are not measures of net income or operating income as determined under GAAP. The Non-GAAP Measures are not measures of performance in accordance with GAAP and should not be considered as an alternative to net income, net income per share, or operating cash flows determined in accordance with GAAP. Additionally, Adjusted EBITDA is not intended to be a measure of cash flow. We believe that the inclusion of the Non-GAAP Measures is appropriate to provide additional information to investors because securities analysts and investors use the Non-GAAP Measures to assess our operating performance across periods on a consistent basis and to evaluate the relative risk of an investment in our securities. We use Adjusted Net Income and Adjusted Net Income per share to facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results prepared in accordance with GAAP, provides a more complete understanding of factors and trends affecting our business than does GAAP measures alone. We believe Adjusted Net Income and Adjusted Net Income per share assists our board of directors, management, investors, and other users of the financial statements in comparing our net income on a consistent basis from period to period because it removes certain non-cash items and other items that we do not consider to be indicative of our core and/or ongoing operations and reflecting income tax expense on adjusted net income before income taxes at our estimated annual effective tax rate. The Non-GAAP Measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and the Non-GAAP Measures do not reflect any cash requirements for such replacements;
• The Non-GAAP Measures do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments;
• The Non-GAAP Measures do not reflect changes in, or cash requirements for, our working capital needs;
• Certain Non-GAAP Measures do not reflect our tax expense or any cash requirements to pay income taxes;
• Certain Non-GAAP Measures do not reflect interest expense, or the cash requirements necessary to service interest payments on our indebtedness; and
• The Non-GAAP Measures do not reflect the impact of earnings or charges resulting from matters we do not consider to be indicative of our core and/or ongoing operations, but may nonetheless have a material impact on our results of operations.

In addition, because not all companies use identical calculations, our presentation of the Non-GAAP Measures may not be comparable to similarly titled measures of other companies, including companies in our industry.

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include acquisition-related costs, litigation charges or settlements, impairment charges, and certain other unusual adjustments.

The following table presents a reconciliation of income from continuing operations as determined in accordance with GAAP to EBITDA and Adjusted EBITDA, and income from continuing operations margin to EBITDA margin and Adjusted EBITDA margin (each expressed as a percentage of net sales) for the periods indicated:

(Dollars in thousands)		Three Months Ended														Six Months Ended
		December 29, 2024				% of Net sales			December 31, 2023				% of Net sales			December 29, 2024				% of Net sales			December 31, 2023				% of Net sales
Income from continuing operations		$	426			0.7%			$	8,680			9.7%			$	1,442			1.1%			$	17,211			9.4%
Income tax expense			275							2,644							468							5,139
Interest expense			182							854							1,169							1,732
Interest income			(697	)						(1,415	)						(1,889	)						(2,766	)
Depreciation and amortization			2,382							2,098							4,456							4,207
EBITDA			2,568			4.1%				12,861			14.3%				5,646			4.4%				25,523			13.9%
Share-based compensation			844							63							1,274							973
CEO transition and organizational realignment costs(a)			114							—							448							436
Adjusted EBITDA		$	3,526			5.6%			$	12,924			14.4%			$	7,368			5.7%			$	26,932			14.6%

The following table sets forth a reconciliation of income from continuing operations as determined in accordance with GAAP to Adjusted Net Income for the periods indicated:

(Dollars in thousands, except per share data)	Three Months Ended								Six Months Ended
	December 29, 2024				December 31, 2023				December 29, 2024				December 31, 2023
Income from continuing operations	$	426			$	8,680			$	1,442			$	17,211
Income tax expense		275				2,644				468				5,139
Amortization of acquisition intangibles		450				450				900				912
Share-based compensation		844				63				1,274				973
CEO transition and organizational realignment costs(a)		114				—				448				436
Adjusted Net Income before income taxes		2,109				11,837				4,532				24,671
Adjusted income tax expense(b)		422				2,368				906				4,934
Adjusted Net Income	$	1,687			$	9,469			$	3,626			$	19,737
Adjusted net income per common share
Basic	$	0.10			$	0.56			$	0.22			$	1.16
Diluted	$	0.10			$	0.55			$	0.22			$	1.15
Weighted average shares used for the computation of (c):
Basic Adjusted net income per share		16,454,776				17,010,116				16,499,858				17,083,204
Diluted Adjusted net income per share		16,543,502				17,091,633				16,499,858				17,158,124

The following table presents the reconciliation of income from continuing operations per diluted share to Adjusted Net Income per diluted share for the periods indicated:

	Three Months Ended								Six Months Ended
	December 29, 2024				December 31, 2023				December 29, 2024				December 31, 2023
Income from continuing operations per diluted share	$	0.03			$	0.51			$	0.09			$	1.00
Impact of adjustments:
Income tax expense		0.02				0.16				0.03				0.30
Amortization of acquisition intangibles		0.03				0.03				0.06				0.05
Share-based compensation		0.05				—				0.08				0.06
CEO transition and organizational realignment costs(a)		—				—				0.03				0.03
Adjusted Net Income per diluted share before income taxes		0.13				0.70				0.29				1.44
Impact of adjusted income tax expense on net income per diluted share before income taxes(b)		(0.03	)			(0.15	)			(0.07	)			(0.29	)
Adjusted Net Income per diluted share	$	0.10			$	0.55			$	0.22			$	1.15

(a)		Represents amounts paid for legal fees and recruiting costs associated with the CEO transition, as well as non-recurring severance costs incurred as part of the Company’s strategic organizational realignment undertaken in connection with the transition.
(b)		For fiscal 2025 and 2024, income tax expense reflects an income tax rate of 20.0% for each period presented.
(c)		Represents the Weighted Average Shares used for the computation of Basic and Diluted earnings per share as presented on the Consolidated Statements of Operations to calculate Adjusted Net Income per diluted share for all periods presented herein.

Investor Contact:

MasterCraft Boat Holdings, Inc.
John Zelenak
Manager of Treasury & Investor Relations
Email: [email protected]