Market Newsdesk

March 3, 2025 8:49 am

ATTENTION NASDAQ: MPWR INVESTORS: Contact Berger Montague About a Monolithic Power Class Action Lawsuit

PHILADELPHIA, March 03, 2025 (GLOBE NEWSWIRE) — A securities class action lawsuit has been filed against MONOLITHIC POWER SYSTEMS, INC. (“Monolithic Power” or the “Company”) (NASDAQ: MPWR). The lawsuit has been filed on behalf of purchasers of Monolithic Power securities between February 8, 2024 and November 8, 2024, inclusive (the “Class Period”).

CLICK HERE

TO LEARN MORE ABOUT THIS LAWSUIT.

Investors who purchased or acquired

MONOLITHIC POWER

securities during the Class Period may, no later than

APRIL 7, 2025

, seek to be appointed as a lead plaintiff representative of the class.

Monolithic Power, headquartered in Kirkland, WA, is a provider of power management components used in electronic systems. Its largest customer is Nvidia Corporation, the world’s leading supplier of GPUs.

On November 11, 2024, Edgewater Research published a report revealing that Nvidia had cancelled half of its outstanding Monolithic Power orders and intended to eliminate Monolithic Power products in its next-generation Blackwell chips due to “[p]erformance issues.” The report further disclosed that Nvidia had “lost confidence” in Monolithic Power and had decided to turn to other suppliers.

On this news, the price of Monolithic Power shares fell $114 per share, or 15%, from a closing price of $761.30 per share on November 8, 2024 to a close of $647.31 per share on November 11, 2024.

For additional information or to learn how to participate in this litigation, please contact Berger Montague: Andrew Abramowitz at

[email protected]

or (215) 875-3015, or Peter Hamner at

[email protected]

, or

CLICK HERE

.

A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Communicating with any counsel is not necessary to participate or share in any recovery achieved in this case. Any member of the purported class may move the Court to serve as a lead plaintiff through counsel of his/her choice, or may choose to do nothing and remain an inactive class member.

Berger Montague
, with offices in Philadelphia, Minneapolis, Delaware, Washington, D.C., San Diego, San Francisco and Chicago, has been a pioneer in securities class action litigation since its founding in 1970. Berger Montague has represented individual and institutional investors for over five decades and serves as lead counsel in courts throughout the United States.

Contact:

Andrew Abramowitz, Senior Counsel
Berger Montague
(215) 875-3015
[email protected]

Peter Hamner
Berger Montague PC
[email protected]

March 3, 2025 8:49 am

California Resources Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

Achieves Meaningful Capital Efficiency Improvements and Significant Cost Reductions Following Aera Merger

LONG BEACH, Calif., March 03, 2025 (GLOBE NEWSWIRE) — California Resources Corporation (NYSE: CRC) today reported financial and operating results for the fourth quarter and full year 2024, as well as its guidance for 2025. The Company plans to host a conference call and webcast at 1 p.m. ET (10 a.m. PT) on Monday, March 3, 2025. Participation details can be found within this release. Supplemental slides are available on CRC’s website at www.crc.com.

Fourth Quarter 2024 Highlights

Generated $206 million of net cash flow provided by operating activities, $258 million of operating cash flow before changes in operating assets and liabilities¹ and $118 million in free cash flow¹
Reported net income of $33 million, adjusted net income¹ of $84 million and adjusted EBITDAX¹ of $316 million
Delivered average net production of 141 thousand barrels of oil equivalent per day (MBoe/d) (79% oil); exited 2024 with 163 MBoe/d of gross production
Returned $92 million to shareholders (~78% of fourth quarter free cash flow¹) via share repurchases and dividends²
Received California’s first Environmental Protection Agency (EPA) Class VI well permits for underground carbon dioxide (CO₂) injection and storage into the 26R reservoir. See Carbon TerraVault’s 2024 Update for additional information

Full Year 2024 Highlights

Transformed and scaled the business through successful Aera merger, and achieved more than 70% of its targeted $235 million in merger-related synergies
Generated net cash flow provided by operating activities of $610 million, $707 million before changes in operating assets and liabilities¹ and $355 million in free cash flow¹
Posted net income of $376 million, adjusted net income¹ of $317 million and adjusted EBITDAX¹ of $1,006 million
Delivered average net production of 110 MBoe/d (73% oil)
Enhanced capital efficiency after deploying $123 million of drilling, completions and workover capital to achieve an entry-to-exit gross production decline of approximately 6%
Returned $303 million to shareholders (approximately 85% of free cash flow¹) via share repurchases and dividends²
Exited 2024 with $354 million in available cash³, $983 million in available borrowing capacity and liquidity¹ of $1,337 million³
Sold 0.9 acre Fort Apache real estate property in Huntington Beach for approximately $10 million
Signed new CO₂ management agreements⁴ (CDMA) and memoranda of understanding⁴ (MOU) to sequester up to 5.4 million metric tons per annum (MMTPA) of CO₂ emissions with reputable national partners and approved California’s first carbon capture and storage (CCS) project. See Carbon TerraVault’s 2024 Update for additional information

2025 Outlook and Highlights

Capital investments expected to range between $285 – $335 million, including drilling, completions and workover capital of $165 – $180 million and carbon management capital of $20 – $30 million
Net production expected to be 132 – 138 MBoe/d (79% oil), with an expected range between 5% – 8% entry-to-exit gross production decline
On track to achieve the remaining $65 million in Aera-related synergies by year-end
Redeemed $123 million of 2026 Senior Notes at par in February 2025 with the remaining balance of $122 million slated for redemption later this year
Announced a new up to 1.0 MMTPA of CO₂ emissions brownfield MOU⁴ with National Cement Company of California Inc. (National Cement); Targeting first CO₂ sequestration and cash flow from CCS project at Elk Hills Cryogenic Gas Plant. See Carbon TerraVault and National Cement Sign MOU for California’s First Net Zero Cement Facility for additional information

“We delivered exceptional results in 2024, while successfully completing our transformative merger with Aera Energy. We proved our ability to seamlessly integrate assets and drive synergies. Today, we have the right people, portfolio, and business plan to help lead California’s decarbonization efforts,” said CRC President and CEO Francisco Leon. “In 2025, we are focused on delivering value through our integrated asset portfolio, combining conventional oil and gas, carbon management and an expanding power solutions business. We will maintain financial strength to generate sustainable cash flow, while returning significant capital through dividends and opportunistic share buybacks to our shareholders.”

Fourth Quarter and Full Year 2024 Financial Results

Selected Production, Price Information and Results of Operations	4th Quarter			3rd Quarter		Total Year		Total Year
($ in millions)	2024			2024		2024		2023

Net oil production per day (MBbl/d)		112			113		80		52
Realized oil price with derivative settlements ($ per Bbl)	$	73.00		$	75.38	$	75.66	$	65.97
Net NGL production per day (MBbl/d)		10			11		10		11
Realized NGL price ($ per Bbl)	$	52.62		$	45.77	$	48.93	$	48.94
Net natural gas production per day (MMcf/d)		115			126		117		135
Realized natural gas price with derivative settlements ($ per Mcf)	$	3.65		$	2.68	$	2.99	$	8.59
Net total production per day (MBoe/d)		141			145		110		86

Margin from purchased commodities⁵ ($ millions)	$	6		$	8	$	42	$	183
Electricity margin⁶ ($ millions)	$	30		$	60	$	119	$	108
Net gain from commodity derivatives ($ millions)	$	(49	)	$	356	$	241	$	(12	)

Selected Financial Statement Data and non-GAAP measures:	4th Quarter			3rd Quarter			Total Year			Total Year
($ and shares in millions, except per share amounts)	2024			2024			2024			2023

Statements of Operations:
Revenues
Total operating revenues	$	877		$	1,353		$	3,198		$	2,801

Selected Expenses
Operating costs	$	323		$	311		$	966		$	822
General and administrative expenses	$	95		$	106		$	321		$	267
Adjusted general and administrative expenses¹	$	85		$	89		$	*279*		$	218
Taxes other than on income	$	80		$	85		$	242		$	165
Transportation costs	$	21		$	23		$	81		$	67
Operating Income	$	68		$	518		$	620		$	808
Interest and debt expense	$	(28	)	$	(29	)	$	(87	)	$	(56	)
Income tax (provision) benefit	$	(8	)	$	(138	)	$	(140	)	$	(184	)
Net income	$	33		$	345		$	376		$	564

EPS, Non-GAAP Measures and Select Balance Sheet Data
Adjusted net income¹	$	84		$	137		$	317		$	372
Weighted-average common shares outstanding – diluted		92.2			91.2			81.4			72.5
Net income per share – diluted	$	0.36		$	3.78		$	4.62		$	7.78
Adjusted net income¹ per share – diluted	$	0.91		$	1.50		$	3.89		$	5.13
Adjusted EBITDAX¹	$	316		$	402		$	1,006		$	862
Net cash provided by operating activities	$	206		$	220		$	610		$	653
Net cash provided by operating activities before changes in operating assets and liabilities, net¹	$	258		$	249		$	707		$	647
Capital investments	$	88		$	79		$	255		$	185
Free cash flow¹	$	118		$	141		$	355		$	468
Cash and cash equivalents	$	372		$	1,031		$	372		$	496

2024 Proved Reserves

As of December 31, 2024, CRC’s total proved reserves were 545 million Boe (MMBoe), of which approximately 81% was oil and 506 MMBoe was proved developed. CRC added 236 MMBoe of proved reserves related to the Aera merger in 2024. Estimated future net cash flows had a PV-10¹ value of $8,877 million based on SEC pricing of Brent spot price of $80.42 per barrel of oil and NYMEX gas price of $2.13 per MMBtu for natural gas. See Attachment 3 for complete information on CRC’s Non-GAAP Financial Measures and Reconciliations.

2025 Guidance

The following table provides key first quarter and full year 2025 financial and operating guidance. CRC expects to run a one rig program in the first half of 2025, increasing to two rigs in the second half of 2025. See Attachment 2 for complete information on CRC’s first quarter and full year 2025 guidance.

CRC Guidance⁷	1Q25E	Total Year 2025E
Net Production (MBoe/d)	138 – 142	132 – 138
Net Oil Production (%)	~79%	~79%
Capital ($ millions)	$60 – $70	$285 – $335
Adjusted EBITDAX¹ ($ millions)	$275 – $295	$1,100 – $1,200

Shareholder Returns and Dividend Announcements

CRC is committed to sustainably returning cash to shareholders through dividends and repurchases of its outstanding common stock. Since mid-2021, the Company has returned approximately $1,060 million to shareholders², including $793 million in share repurchases and $267 million in dividends.

In 2024, CRC repurchased 3.6 million shares of its common stock for $190 million² at an average price of $52.12 per share and returned $113 million to shareholders in dividends. As of December 31, 2024, CRC had approximately $557 million of capacity remaining under its share repurchase authorization.

On March 2, 2025, CRC’s Board of Directors declared a quarterly cash dividend of $0.3875 per share of common stock, payable to shareholders of record on March 10, 2025. The dividend is expected to be paid on March 21, 2025.

Balance Sheet and Liquidity

In November 2024, CRC reaffirmed its $1,500 million borrowing base under its Revolving Credit Facility (the Facility), extended its maturity date to March 16, 2029, amended the springing maturity to allow the 2026 Senior Notes to remain outstanding past October 31, 2025 subject to certain conditions, and increased elected commitments by $50 million, as well as other technical amendments.

At year-end 2024, CRC had $354 million in available cash and cash equivalents³, $983 million of available borrowing capacity under its Facility (which reflects $1,150 million of borrowing capacity less $167 million of outstanding letters of credit) and liquidity¹ of $1,337 million³.

2024 Sustainability Highlights

“In 2024, CRC demonstrated its unwavering commitment to sustainability by achieving significant milestones in environmental stewardship, safety, and community engagement,” said Leon. “We are proud that our assets in the Los Angeles Basin were MiQ ‘Grade A’ certified, and we plan to continue investing in the Kern County community through our Community Benefits Plan. These are just two examples of our dedication to the communities and areas where we live and work.”

Achieved a ‘Grade A’ certification from MiQ for methane emissions performance in the Los Angeles Basin, marking the first such certification for oil and gas operations in California and the Rocky Mountain region.
Eliminated 311 gas venting pneumatics, aligning with 2030 methane reduction goals and demonstrating a proactive approach to minimizing environmental impact by reducing methane emissions by over 260 metric tons per year.
Delivered more than 112 million barrels of water for agricultural use, exceeding internal consumption and supporting local agriculture.
Launched the Carbon TerraVault I Elk Hills Community Benefits Plan, committing 1% of each project investment toward programs and partnerships that provide transformative benefits to local communities in Kern County.

Upcoming Investor Conference Participation

CRC will be participating in the following events in March 2025:

DEP THRIVE Energy Conference on March 5 in Houston, TX
Morgan Stanley Global Energy & Power Conference on March 6 in New York, NY
CERAWeek 2025 on March 10 to 12 in Houston, TX
37th Annual ROTH Conference on March 17 in Dana Point, CA
2025 NYSE Investor Access Day on March 20, Virtual

CRC’s presentation materials will be available on the day of the event on its website. See the Events and Presentations page under the Investor Relations section on www.crc.com.

Conference Call Details

A conference call and webcast is planned for 1 p.m. ET (10 a.m. PT) on Monday, March 3, 2025. To participate in the call, dial (877) 328-5505 (International calls dial +1 (412) 317-5421) or access via webcast at www.crc.com. Participants may also pre-register for the conference call at https://dpregister.com/sreg/10194600/fe015c8aa0. A digital replay of the conference call will be available for approximately 90 days.

_{¹See Attachment 3 for the non-GAAP financial measures of operating costs per BOE (excluding effects of PSCs), adjusted net income (loss), adjusted net income (loss) per share – basic and diluted, net cash provided by operating activities before changes in operating assets and liabilities, net, adjusted EBITDAX, free cash flow, adjusted general and administrative expenses and capital efficiency including reconciliations to their most directly comparable GAAP measure, where applicable. See Attachment 2 for the 1Q25 and 2025 estimates of the non-GAAP measures of adjusted EBITDAX and adjusted general and administrative expenses, including reconciliations to its most directly comparable GAAP measure.}

_{²The total value of shares purchased includes approximately $2 million and $1 million in both the years ended December 31, 2024 and 2023 related to excise taxes on share repurchases, which was effective beginning in 2023. Commissions paid were not significant in all periods presented.}

_{³Excludes restricted cash of $18 million.}

_{⁴ MOUs and CDMAs are non-binding agreements. The projects and transactions described in an MOU or CDMA are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals.}

_{⁵Margin from purchased commodities is calculated as the difference between revenue from purchased commodities and costs related to purchased commodities, and excludes costs of transportation.}

_{⁶Electricity margin is calculated as the difference between electricity sales and electricity generation expenses.}

_{⁷ 1Q25 guidance assumes Brent price of $76.54 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $3.38 per mcf. Total year 2025 guidance assumes Brent price of $73.05 per barrel of oil, NGL realizations as a percentage of Brent consistent with prior years and a NYMEX gas price of $3.49 per mcf. CRC’s share of production under PSC contracts decreases when commodity prices rise and increases when prices fall.}

About California Resources Corporation

California Resources Corporation (CRC) is an independent energy and carbon management company committed to energy transition. CRC is committed to environmental stewardship while safely providing local, responsibly sourced energy. CRC is also focused on maximizing the value of its land, mineral ownership, and energy expertise for decarbonization by developing CCS and other emissions reducing projects. For more information about CRC, please visit www.crc.com.

About Carbon TerraVault

Carbon TerraVault (CTV), CRC’s carbon management business, is developing services to capture, transport and permanently store CO2 for its customers. CTV is engaged in a series of proposed CCS projects that if developed will inject CO2 captured from industrial sources into depleted reservoirs deep underground for permanent sequestration. For more information, visit carbonterravault.com.

Forward-Looking Statements

This document contains statements that CRC believes to be “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. All statements other than historical facts are forward-looking statements, and include statements regarding CRC’s future financial position, business strategy, projected revenues, earnings, costs, capital expenditures and plans and objectives of management for the future. Words such as “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy” or similar expressions are generally intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. Additionally, the information in this report contains forward-looking statements related to the recently announced Aera merger.

Although CRC believes the expectations and forecasts reflected in its forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond its control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause CRC’s actual results to be materially different than those expressed in its forward-looking statements include:

fluctuations in commodity prices, including supply and demand considerations for CRC’s products and services, and the impact of such fluctuations on revenues and operating expenses;
decisions as to production levels and/or pricing by OPEC or U.S. producers in future periods;
government policy, war and political conditions and events, including the military conflicts in Israel, Lebanon, Ukraine and the Middle East;
the ability to successfully execute integration efforts in connection with the Aera Merger, and achieve projected synergies and ensure that such synergies are sustainable;
regulatory actions and changes that affect the oil and gas industry generally and us in particular, including (1) the availability or timing of, or conditions imposed on, EPA and other governmental permits and approvals necessary for drilling or development activities or its carbon management segment; (2) the management of energy, water, land, greenhouse gases (GHGs) or other emissions, (3) the protection of health, safety and the environment, or (4) the transportation, marketing and sale of its products;
the efforts of activists to delay prevent oil and gas activities or the development of CRC’s carbon management segment through a variety of tactics, including litigation;
the impact of inflation on future expenses and changes generally in the prices of goods and services;
changes in business strategy and capital plan;
lower-than-expected production or higher-than-expected production decline rates;
changes to estimates of reserves and related future cash flows, including changes arising from CRC’s inability to develop such reserves in a timely manner, and any inability to replace such reserves;
the recoverability of resources and unexpected geologic conditions;
general economic conditions and trends, including conditions in the worldwide financial, trade and credit markets;
production-sharing contracts’ effects on production and operating costs;
the lack of available equipment, service or labor price inflation;
limitations on transportation or storage capacity and the need to shut-in wells;
any failure of risk management;
results from operations and competition in the industries in which it operates;
CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs;
environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions);
the creditworthiness and performance of its counterparties, including financial institutions, operating partners, CCS project participants and other parties;
reorganization or restructuring of its operations;
CRC’s ability to claim and utilize tax credits or other incentives in connection with our CCS projects;
CRC’s ability to realize the benefits contemplated by its energy transition strategies and initiatives, including CCS projects and other renewable energy efforts;
CRC’s ability to successfully identify, develop and finance carbon capture and storage projects and other renewable energy efforts, including those in connection with the Carbon TerraVault JV, and its ability to convert CDMAs to definitive agreements and enter into other offtake agreements;
CRC’s ability to maximize the value of its carbon management segment and operate it on a stand alone basis;
CRC’s ability to successfully develop infrastructure projects and enter into third party contracts on contemplated terms;
uncertainty around the accounting of emissions and its ability to successfully gather and verify emissions data and other environmental impacts;
changes to CRC’s dividend policy and share repurchase program, and its ability to declare future dividends or repurchase shares under its debt agreements;
limitations on CRC’s financial flexibility due to existing and future debt;
insufficient cash flow to fund its capital plan and other planned investments and return capital to shareholders;
changes in interest rates;
CRC’s access to and the terms of credit in commercial banking and capital markets, including its ability to refinance debt or obtain separate financing for its carbon management segment;
changes in state, federal or international tax rates, including CRC’s ability to utilize its net operating loss carryforwards to reduce its income tax obligations;
effects of hedging transactions;
the effect of CRC’s stock price on costs associated with incentive compensation;
inability to enter into desirable transactions, including joint ventures, divestitures of oil and natural gas properties and real estate, and acquisitions, and its ability to achieve any expected synergies;
disruptions due to earthquakes, forest fires, floods, extreme weather events or other natural occurrences, accidents, mechanical failures, power outages, transportation or storage constraints, labor difficulties, cybersecurity breaches or attacks or other catastrophic events;
pandemics, epidemics, outbreaks, or other public health events, such as the COVID-19 pandemic; and
other factors discussed in Part I, Item 1A – Risk Factors.

CRC cautions you not to place undue reliance on forward-looking statements contained in this document, which speak only as of the filing date, and CRC undertakes no obligation to update this information. This document may also contain information from third party sources. This data may involve a number of assumptions and limitations, and CRC has not independently verified them and does not warrant the accuracy or completeness of such third-party information.

Contacts:

Joanna Park (Investor Relations) 818-661-3731 [email protected]	Richard Venn (Media) 818-661-6014 [email protected]

Attachment 1
SUMMARY OF RESULTS

($ and shares in millions, except per share amounts)	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
($ and shares in millions, except per share amounts)	2024			2024			2023			2024			2023

Statements of Operations:
Revenues
Oil, natural gas and NGL sales	$	826		$	870		$	483		$	2,537		$	2,155
Net (loss) gain from commodity derivatives		(49	)		356			119			24			(12	)
Revenue from marketing of purchased commodities		59			51			71			235			407
Electricity sales		39			69			42			159			211
Interest and other revenue		2			7			11			26			40
Total operating revenues		877			1,353			726			3,198			2,801

Operating Expenses
Operating costs		323			311			186			966			822
General and administrative expenses		95			106			66			321			267
Depreciation, depletion and amortization		142			140			55			388			225
Asset impairment		1			—			—			14			3
Taxes other than on income		80			85			33			242			165
Costs related to marketing of purchased commodities		53			43			42			193			224
Electricity generation expenses		9			9			18			40			103
Transportation costs		21			23			18			81			67
Accretion expense		31			31			11			87			46
Net loss on natural gas purchase derivatives		19			9			8			30			8
Carbon management business expenses		20			13			17			56			37
Measurement period adjustments		(12	)		—			—			(12	)		—
Other operating expenses, net		31			65			14			183			58
Total operating expenses		813			835			468			2,589			2,025
Net gain on asset divestitures		4			—			25			11			32
Operating Income		68			518			283			620			808

Non-Operating (Expenses) Income
Interest and debt expense		(28	)		(29	)		(13	)		(87	)		(56	)
Loss from investment in unconsolidated subsidiaries		(1	)		(2	)		(3	)		(10	)		(9	)
Loss on early extinguishment of debt		—			(5	)		(1	)		(5	)		(1	)
Other non-operating income (loss), net		2			1			1			(2	)		6

Income Before Income Taxes		41			483			267			516			748
Income tax (provision)		(8	)		(138	)		(79	)		(140	)		(184	)
Net Income	$	33		$	345		$	188		$	376		$	564

Net income per share – basic	$	0.36		$	3.86		$	2.74		$	4.74		$	8.10
Net income per share – diluted	$	0.36		$	3.78		$	2.60		$	4.62		$	7.78

Adjusted net income	$	84		$	137		$	67		$	317		$	372
Adjusted net income per share – basic	$	0.93		$	1.53		$	0.98		$	4.00		$	5.34
Adjusted net income per share – diluted	$	0.91		$	1.50		$	0.93		$	3.89		$	5.13

Weighted-average common shares outstanding – basic		90.8			89.4			68.7			79.3			69.6
Weighted-average common shares outstanding – diluted		92.2			91.2			72.3			81.4			72.5

Adjusted EBITDAX	$	316		$	402		$	179		$	1,006		$	862
Effective tax rate		20	%		29	%		30	%		27	%		25	%

	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
($ in millions)	2024			2024			2023			2024			2023
Cash Flow Data:
Net cash provided by operating activities	$	206		$	220		$	131		$	610		$	653
Net cash used in investing activities	$	(67	)	$	(928	)	$	(42	)	$	(1,077	)	$	(175	)
Net cash (used) provided by financing activities	$	(8	)	$	(82	)	$	(72	)	$	343		$	(289	)

	December 31,			December 31,
($ in millions)	2024			2023
Selected Balance Sheet Data:
Total current assets	$	1,024		$	929
Property, plant and equipment, net	$	5,680		$	2,770
Deferred tax asset	$	73		$	132
Total current liabilities	$	980		$	616
Long-term debt, net	$	1,132		$	540
Noncurrent asset retirement obligations	$	995		$	422
Deferred tax liability	$	113		$	—
Total stockholders’ equity	$	3,538		$	2,219

GAINS AND LOSSES FROM COMMODITY DERIVATIVES

4th Quarter

3rd Quarter

4th Quarter

Total Year

($ millions)

2024

2023

2024

2023

Non-cash derivative (loss) gain

(51

)

373

160

274

252

Net received (paid) on settled commodity derivatives

(17

)

(49

)

(33

)

(272

)

Net (loss) gain from commodity derivatives

(49

)

356

111

241

(20

)

CAPITAL INVESTMENTS

	4th Quarter		3rd Quarter		4th Quarter		Total Year		Total Year
($ millions)	2024		2024		2023		2024		2023

Facilities ⁽¹⁾	$	44	$	36	$	20	$	111	$	47
Drilling and completions		17		19		16		69		67
Workovers		17		19		11		54		39
Total Oil and natural gas capital		78		74		47		234		153
CMB ⁽¹⁾		6		4		4		12		5
Corporate and other		4		1		15		9		27
Total capital program	$	88	$	79	$	66	$	255	$	185

⁽¹⁾Facilities capital includes $1 million in the fourth quarter of 2023, and $4 million for the total year 2023, to build replacement water injection facilities which will allow CRC to divert produced water away from a depleted oil and natural gas reservoir held by the Carbon TerraVault JV. Construction of these facilities supports the advancement of CRC’s carbon management business.

			Attachment 2
CRC GUIDANCE	Consolidated 1Q25E	Oil and Natural Gas 1Q25E	Carbon Management 1Q25E
Net Production (MBoe/d)	138 – 142
Net Oil Production (%)	~79%
Operating Costs and CMB Expenses ($ millions)	$335 – $365	$320 – $340	$15 – $25
Non-Energy Operating and Gas Processing Costs ($ millions)		$210 – $225
General and Administrative Expenses ($ millions)	$80 – $84	$10 – $12	$2 – $4
Adjusted General and Administrative Expenses ($ millions)	$75 – $80	$10 – $12	$2 – $4
Depreciation, Depletion and Amortization ($ millions)	$125 – $130	$117 – $121
Capital ($ millions)	$60 – $70	$51 – $55	$5 – $10
Drilling, completions and workovers ($ millions)	$33 – $35	$33 – $35
Facilities ($ millions)	$18 – $20	$18 – $20
Carbon management business ($ millions)	$5 – $10		$5 – $10
Corporate and other ($ millions)	$4 – $5
Adjusted EBITDAX ($ millions)	$275 – $295	$295 – $319	($20) – ($24)

Margin from Purchased Commodities ($ millions) ⁽¹⁾	$10 – $15
Electricity Margin ($ millions) ⁽²⁾	$0 – $5
Other Operating Revenue and Expenses, net ($ millions)⁽³⁾	($5) – $5
Transportation Costs ($ millions)	$18 – $22	$5 – $10
Taxes Other Than on Income ($ millions)	$70 – $78	$57 – $61
Interest and Debt Expense ($ millions)	$26 – $30

Other Assumptions:
Brent ($/Bbl)	$76.54
NYMEX ($/Mcf)	$3.38
Oil – % of Brent:	94% to 98%
NGL – % of Brent:	65% to 69%
Natural Gas – % of NYMEX:	110% to 115%
Deferred Income Taxes	38% – 42%
Effective Tax Rate	29%

CRC GUIDANCE	Consolidated 2025E	Oil and Natural Gas 2025E	Carbon Management 2025E
Net Production (MBoe/d)	132 – 138
Net Oil Production (%)	~79%
Operating Costs and CMB Expenses ($ millions)	$1,325 – $1,425	$1,265 – $1,335	$60 – $90
Non-Energy Operating and Gas Processing Costs ($ millions)		$825 – $855
General and Administrative Expenses ($ millions)	$325 – $345	$40 – $45	$10 – $15
Adjusted General and Administrative Expenses ($ millions)	$300 – $320	$40 – $45	$10 – $15
Depreciation, Depletion and Amortization ($ millions)	$490 – $530	$465 – $480
Capital ($ millions)	$285 – $335	$250 – $280	$20 – $30
Drilling, completions and workovers ($ millions)	$165 – $180	$165 – $180
Facilities ($ millions)	$85 – $100	$85 – $100
Carbon management business ($ millions)	$20 – $30		$20 – $30
Corporate and other ($ millions)	$15 – $25
Adjusted EBITDAX ($ millions)	$1,100 – $1,200	$1,187 – $1,296	($87) – ($96)

Margin from Purchased Commodities ($ millions) ⁽¹⁾	$80 – $95
Electricity Margin ($ millions) ⁽²⁾	$120 – $145
Other Operating Revenue and Expenses, net ($ millions) ⁽³⁾	($15) – $10
Transportation Costs ($ millions)	$85 – $92	$25 – $30
Taxes Other Than on Income ($ millions)	$275 – $300	$225 – $235
Interest and Debt Expense ($ millions)	$100 – $113

Commodity Assumptions:
Brent ($/Bbl)	$73.05
NYMEX ($/Mcf)	$3.49
Oil – % of Brent:	94% to 98%
NGL – % of Brent:	60% to 68%
Natural Gas – % of NYMEX:	95% to 105%

Deferred Income Taxes	35% – 45%
Effective Tax Rate	29%

⁽¹⁾Margin from purchased commodities is calculated as the difference between revenue from marketing of purchased commodities and costs related to marketing of purchased commodities, and excludes costs of transportation. ⁽²⁾Electricity margin is calculated as the difference between electricity sales and electricity generation expenses. ⁽³⁾Other operating revenue and expenses, net is calculated as the difference between other revenue and other operating expenses, net and includes exploration expense. See Attachment 3 for management’s disclosure of its use of these non-GAAP measures and how these measures provide useful information to investors about CRC’s results of operations and financial condition.

ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES RECONCILIATION

	1Q25E
	Consolidated						Oil and Natural Gas				Carbon Management
($ millions)	Low			High			Low		High		Low			High
General and administrative expenses	$	80		$	84		$	10	$	12	$	2		$	4
Equity-settled stock-based compensation		(4	)		(4	)		—		—		(1	)		(1	)
Other		(1	)		—			—		—		—			—
Estimated adjusted general and administrative expenses	$	75		$	80		$	10	$	12	$	1		$	3

	Total Year 2025E
	Consolidated						Oil and Natural Gas				Carbon Management
($ millions)	Low			High			Low		High		Low			High
General and administrative expenses	$	325		$	345		$	40	$	45	$	10		$	15
Equity-settled stock-based compensation		(23	)		(23	)		—		—		(5	)		(5	)
Other		(2	)		(2	)		—		—		—			—
Estimated adjusted general and administrative expenses	$	300		$	320		$	40	$	45	$	5		$	10

ESTIMATED ADJUSTED EBITDAX RECONCILIATION


	Consolidated
	1Q25E						2025E
($ millions)	Low			High			Low		High
Net income	$	77		$	92		$	278	$	292
Interest and debt expense, net		26			30			100		113
Depreciation, depletion and amortization		125			130			480		520
Income taxes		27			30			86		96
Unusual, infrequent and other items		(14	)		(22	)		13		32
Other non-cash items
Accretion expense		30			31			120		124
Stock-settled compensation		4			4			23		23
Estimated adjusted EBITDAX	$	275		$	295		$	1,100	$	1,200

Net cash provided by operating activities	$	115		$	130		$	752	$	772
Cash interest		8			14			94		100
Cash income taxes		—			—			66		76
Working capital changes		152			151			188		252
Estimated adjusted EBITDAX	$	275		$	295		$	1,100	$	1,200

	Oil and Natural Gas
	1Q25E						2025E
($ millions)	Low			High			Low			High
Segment profit	$	246		$	265		$	795		$	815
Depreciation, depletion and amortization		117			121			460			475
Unusual, infrequent and other items		(96	)		(100	)		(183	)		(119	)
Other non-cash items
Accretion expense		29			33			115			125
Estimated adjusted EBITDAX	$	295		$	319		$	1,187		$	1,296

Net cash provided by operating activities	$	340		$	365		$	1,247		$	1,267
Working capital changes		(45	)		(46	)		(60	)		29
Estimated adjusted EBITDAX	$	295		$	319		$	1,187		$	1,296

	Carbon Management
	1Q25E						2025E
($ millions)	Low			High			Low			High
Segment loss	$	(25	)	$	(30	)	$	(103	)	$	(113	)
Interest and debt expense, net		3			4			11			12
Other non-cash items
Stock-settled compensation		2			2			5			5
Estimated adjusted EBITDAX	$	(20	)	$	(24	)	$	(87	)	$	(96	)

Net cash provided by operating activities	$	(21	)	$	(26	)	$	(92	)	$	(102	)
Working capital changes		1			2			5			6
Estimated adjusted EBITDAX	$	(20	)	$	(24	)	$	(87	)	$	(96	)

Attachment 3
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

To supplement the presentation of its financial results prepared in accordance with U.S generally accepted accounting principles (GAAP), management uses certain non-GAAP measures to assess its financial condition, results of operations and cash flows. The non-GAAP measures include adjusted net income (loss), adjusted EBITDAX, adjusted EBITDAX for the oil and natural gas segment, adjusted EBITDAX for the carbon management business, net cash provided by operating activities before changes in operating assets and liabilities, net, free cash flow, adjusted general and administrative expenses, and operating costs per BOE. These measures are also widely used by the industry, the investment community and CRC’s lenders. Although these are non-GAAP measures, the amounts included in the calculations were computed in accordance with GAAP. Certain items excluded from these non-GAAP measures are significant components in understanding and assessing CRC’s financial performance, such as CRC’s cost of capital and tax structure, as well as the effect of acquisition and development costs of CRC’s assets. Management believes that the non-GAAP measures presented, when viewed in combination with CRC’s financial and operating results prepared in accordance with GAAP, provide a more complete understanding of the factors and trends affecting the Company’s performance. The non-GAAP measures presented herein may not be comparable to other similarly titled measures of other companies. Below are additional disclosures regarding each of the non-GAAP measures reported in this earnings release, including reconciliations to their most directly comparable GAAP measure where applicable.

ADJUSTED NET INCOME (LOSS)

Adjusted net income (loss) and adjusted net income (loss) per share are non-GAAP measures. CRC defines adjusted net income as net income excluding the effects of significant transactions and events that affect earnings but vary widely and unpredictably in nature, timing and amount. These events may recur, even across successive reporting periods. Management believes these non-GAAP measures provide useful information to the industry and the investment community interested in comparing CRC’s financial performance between periods. Reported earnings are considered representative of management’s performance over the long term. Adjusted net income (loss) is not considered to be an alternative to net income (loss) reported in accordance with GAAP. The following table presents a reconciliation of the GAAP financial measure of net income and net income attributable to common stock per share to the non-GAAP financial measure of adjusted net income and adjusted net income per share.

	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
($ millions, except per share amounts)	2024			2024			2023			2024			2023
Net income	$	33		$	345		$	188		$	376		$	564
Unusual, infrequent and other items:
Non-cash derivative loss (gain)		51			(373	)		(160	)		(274	)		(252	)
Asset impairment		1			—			—			14			3
Severance and termination costs		2			27			—			30			10
Aera merger related costs		1			30			—			57			—
Increased power and fuel costs due to power plant maintenance		6			8			—			50			—
Net gain on asset divestitures		(4	)		—			(25	)		(11	)		(32	)
Loss on early extinguishment of debt		—			5			1			5			1
Other, net		13			6			16			38			46
Total unusual, infrequent and other items		70			(297	)		(168	)		(91	)		(224	)
Income tax (benefit) provision of adjustments at effective tax rate		(19	)		89			47			32			63
Income tax benefit – out of period		—			—			—			—			(31	)
Adjusted net income	$	84		$	137		$	67		$	317		$	372

Net income per share – basic	$	0.36		$	3.86		$	2.74		$	4.74		$	8.10
Net income per share – diluted	$	0.36		$	3.78		$	2.60		$	4.62		$	7.78
Adjusted net income per share – basic	$	0.93		$	1.53		$	0.98		$	4.00		$	5.34
Adjusted net income per share – diluted	$	0.91		$	1.50		$	0.93		$	3.89		$	5.13

ADJUSTED EBITDAX

CRC defines adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other non-cash items. CRC believes this measure provides useful information in assessing its financial condition, results of operations and cash flows and is widely used by the industry, the investment community and its lenders. Although this is a non-GAAP measure, the amounts included in the calculation were computed in accordance with GAAP. Certain items excluded from this non-GAAP measure are significant components in understanding and assessing CRC’s financial performance, such as its cost of capital and tax structure, as well as depreciation, depletion and amortization of CRC’s assets. This measure should be read in conjunction with the information contained in CRC’s financial statements prepared in accordance with GAAP. A version of adjusted EBITDAX is a material component of certain of its financial covenants under CRC’s Revolving Credit Facility and is provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP. The following table represents a reconciliation of the GAAP financial measures of net income and net cash provided by operating activities to the non-GAAP financial measure of adjusted EBITDAX. CRC has supplemented its non-GAAP measures of consolidated adjusted EBITDAX with adjusted EBITDAX for its oil and gas segment (E&P adjusted EBITDAX) and its carbon management segment (CMB adjusted EBITDAX). Management believes these supplemental measures are useful for investors to understand the results of the core oil and gas business and its investment in developing the carbon management business.

	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
($ millions, except per BOE amounts)	2024			2024			2023			2024			2023
Net income	$	33		$	345		$	188		$	376		$	564
Interest and debt expense		28			29			13			87			56
Depreciation, depletion and amortization		142			140			55			388			225
Income tax provision		8			138			79			140			184
Exploration expense		—			1			1			2			3
Interest income		(4	)		(1	)		(7	)		(19	)		(21	)
Unusual, infrequent and other items ⁽¹⁾		70			(297	)		(168	)		(91	)		(224	)
Non-cash items
Accretion expense		31			31			11			87			46
Stock-based compensation		6			6			6			23			27
Taxes related to acquisition accounting		2			10			—			12			—
Pension and post-retirement benefits		—			—			1			1			2
Adjusted EBITDAX	$	316		$	402		$	179		$	1,006		$	862

Net cash provided by operating activities	$	206		$	220		$	131		$	610		$	653
Cash interest payments		42			24			1			88			49
Cash interest received		(4	)		(1	)		(7	)		(19	)		(21	)
Cash income taxes		50			29			41			105			121
Exploration expenditures		—			1			1			2			3
Adjustments to working capital changes		22			129			12			220			57
Adjusted EBITDAX	$	316		$	402		$	179		$	1,006		$	862

Adjusted EBITDAX per Boe	$	24.35		$	30.19		$	23.57		$	25.09		$	27.51

⁽¹⁾ See Adjusted Net Income (Loss) reconciliation.

SEGMENT ADJUSTED EBITDAX

CRC defines segments adjusted EBITDAX as earnings before interest expense; income taxes; depreciation, depletion and amortization; exploration expense; other unusual, infrequent and out-of-period items; and other non-cash items. CRC believes this segment measure provides useful information in assessing the financial results of each segment. Although this is a non-GAAP measure, the amounts included in the calculation were computed in accordance with GAAP. This measure should be read in conjunction with Note 16 Segment Information in CRC’s 2024 Annual Report.

Oil & Natural Gas Segment	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
($ millions, except per BOE amounts)	2024			2024			2023			2024			2023
Segment profit	$	273		$	305		$	223		$	815		$	922
Depreciation, depletion and amortization		125			126			46			354			205
Exploration expense		—			—			—			2			3
Accretion expense		31			31			11			87			46
Adjusted income items		(3	)		15			(22	)		54			(30	)
Adjusted EBITDAX – Oil and Natural Gas	$	426		$	477		$	258		$	1,312		$	1,146

Carbon Management Segment
Segment loss	$	(30	)	$	(25	)	$	(22	)	$	(94	)	$	(66	)
Interest on contingent liability (related to Carbon TerraVault JV)		3			3			1			9			5
Loss from investment in unconsolidated subsidiaries		1			3			—			5			—
Adjusted EBITDAX – Carbon Management	$	(26	)	$	(19	)	$	(21	)	$	(80	)	$	(61	)

FREE CASH FLOW

Management uses free cash flow, which is defined by CRC as net cash provided by operating activities less capital investments, as a measure of liquidity. The following table presents a reconciliation of CRC’s net cash provided by operating activities to free cash flow. CRC supplemented its non-GAAP measure of free cash flow with net cash provided by operating activities before changes in operating assets and liabilities, net, which it believes is a useful measure for investors to understand the predictability of CRC’s cash flow by removing fluctuations related to the timing of payments between periods. CRC defines adjusted free cash flow after special items as free cash flow before transaction and integration costs from the Aera Merger.

	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
($ millions)	2024			2024			2023			2024			2023

Net cash provided by operating activities before changes in operating assets and liabilities, net	$	258		$	249		$	104		$	707		$	647
Changes in operating assets and liabilities, net		(52	)		(29	)		27			(97	)		6
Net cash provided by operating activities		206			220			131			610			653
Capital investments		(88	)		(79	)		(66	)		(255	)		(185	)
Free cash flow	$	118		$	141		$	65		$	355		$	468
Add: Aera merger related costs		1			30			—			57			—
Free cash flow after special items	$	119		$	171		$	65		$	412		$	468

ADJUSTED GENERAL & ADMINISTRATIVE EXPENSES

Management uses a measure called adjusted general and administrative (G&A) expenses and adjusted G&A per BOE to provide useful information to investors interested in comparing CRC’s costs between periods and performance to its peers.

	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
($ millions)	2024			2024			2023			2024			2023
General and administrative expenses	$	95		$	106		$	66		$	321		$	267
Stock-based compensation		(6	)		(6	)		(6	)		(23	)		(27	)
Information technology infrastructure		—			—			(4	)		(3	)		(17	)
Accelerated vesting		(3	)		(9	)		—			(12	)		—
Retention awards		—			(2	)		—			(2	)		—
Other		(1	)		—			(1	)		(2	)		(5	)
Adjusted G&A expenses	$	85		$	89		$	55		$	279		$	218

Adjusted G&A per BOE	$	6.55		$	6.68		$	7.24		$	6.96		$	6.96

OPERATING COSTS PER BOE, EXCLUDING EFFECTS OF PSCs

The reporting of PSC-type contracts creates a difference between reported operating costs, which are for the full field, and reported volumes, which are only CRC’s net share, inflating the per barrel operating costs. The following table presents operating costs after adjusting for the excess costs attributable to PSCs.

	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
($ per BOE)	2024			2024			2023			2024			2023
Energy operating costs ⁽¹⁾	$	7.70		$	7.29		$	8.65		$	7.38		$	10.31
Gas processing costs ⁽²⁾		0.31			0.38			0.60			0.40			0.58
Non-energy operating costs⁽³⁾		17.34			16.06			15.24			16.73			15.35
Operating costs	$	25.35		$	23.73		$	24.49		$	24.51		$	26.24

Costs attributable to PSCs
Excess energy operating costs attributable to PSCs	$	(0.46	)	$	(0.75	)	$	(1.01	)	$	(0.64	)	$	(1.00	)
Excess non-energy operating costs attributable to PSCs		(0.76	)		(0.48	)		(1.32	)		(1.03	)		(1.25	)
Excess costs attributable to PSCs	$	(1.22	)	$	(1.23	)	$	(2.33	)	$	(1.67	)	$	(2.25	)

Energy operating costs, excluding effect of PSCs ⁽¹⁾	$	7.24		$	6.54		$	7.64		$	6.74		$	9.31
Gas processing costs, excluding effect of PSCs ⁽²⁾		0.31			0.38			0.60			0.40			0.58
Non-energy operating costs, excluding effect of PSCs⁽³⁾		16.58			15.58			13.92			15.70			14.10
Operating costs, excluding effects of PSCs	$	24.13		$	22.50		$	22.16		$	22.84		$	23.99

⁽¹⁾ Energy operating costs consist of purchased natural gas used to generate electricity for operations and steamfloods, purchased electricity and internal costs to generate electricity used in CRC’s operations.
⁽²⁾Gas processing costs include costs associated with compression, maintenance and other activities needed to run CRC’s gas processing facilities at Elk Hills.
⁽³⁾Non-energy operating costs equal total operating costs less energy operating costs and gas processing costs.

PV-10 AND STANDARDIZED MEASURE

The following table presents a reconciliation of the standardized measure of discounted future net cash flows (Standardized Measure) to the non-GAAP financial measure of PV-10 of cash flows:

($ millions)	As of December 31, 2024
Standardized Measure	$	6,702
Present value of future income taxes discounted at 10%		2,175
PV-10 of cash flows^(*)	$	8,877

^(*) PV-10 is a non-GAAP financial measure and represents the year-end present value of estimated future cash inflows from proved oil and natural gas reserves, less future development and operating costs, discounted at 10% per annum to reflect the timing of future cash flows and using SEC prescribed pricing assumptions for the period. PV-10 differs from Standardized Measure because Standardized Measure includes the effects of future income taxes on future net cash flows. Neither PV-10 nor Standardized Measure should be construed as the fair value of oil and natural gas reserves. Standardized Measure is prescribed by the SEC as an industry standard asset value measure to compare reserves with consistent pricing costs and discount assumptions. PV-10 facilitates the comparisons to other companies as it is not dependent on the tax-paying status of the entity.

Attachment 4
PRODUCTION STATISTICS

	4th Quarter	3rd Quarter	4th Quarter	Total Year	Total Year
Net Production Per Day	2024	2024	2023	2024	2023
Oil (MBbl/d)
San Joaquin Basin	86	90	32	58	33
Los Angeles Basin	17	17	18	17	19
Other Basins	9	6	—	5	—
Total	112	113	50	80	52

NGLs (MBbl/d)
San Joaquin Basin	10	11	11	10	11
Total	10	11	11	10	11

Natural Gas (MMcf/d)
San Joaquin Basin	98	111	114	99	119
Los Angeles Basin	1	1	1	1	1
Sacramento Basin	13	13	15	13	15
Other Basins	3	1	—	4	—
Total	115	126	130	117	135

Total Net Production (MBoe/d)	141	145	83	110	86

Gross Operated and Net Non-Operated	4th Quarter	3rd Quarter	4th Quarter	Total Year	Total Year
Production Per Day	2024	2024	2023	2024	2023
Oil (MBbl/d)
San Joaquin Basin	93	96	36	63	37
Los Angeles Basin	23	23	25	23	25
Other Basins	11	8	—	6	—
Total	127	127	61	92	62

NGLs (MBbl/d)
San Joaquin Basin	10	11	11	11	12
Other Basins	1	—	—	—	—
Total	11	11	11	11	12

Natural Gas (MMcf/d)
San Joaquin Basin	135	137	129	131	135
Los Angeles Basin	6	7	8	7	7
Sacramento Basin	17	16	18	17	19
Other Basins	3	3	—	2	—
Total	161	163	155	157	161
Total Gross Production (MBoe/d)	165	165	98	129	101

							Attachment 5
PRICE STATISTICS
	4th Quarter			3rd Quarter			4th Quarter			Total Year			Total Year
	2024			2024			2023			2024			2023
Oil ($ per Bbl)
Realized price with derivative settlements	$	73.00		$	75.38		$	71.34		$	75.66		$	65.97
Realized price without derivative settlements	$	72.82		$	77.10		$	82.00		$	76.92		$	80.41
NGLs ($/Bbl)	$	52.62		$	45.77		$	49.08		$	48.93		$	48.94
Natural gas ($/Mcf)
Realized price with derivative settlements	$	3.65		$	2.68		$	4.66		$	2.99		$	8.59
Realized price without derivative settlements	$	3.65		$	2.68		$	4.66		$	2.99		$	8.59

Index Prices
Brent oil ($/Bbl)	$	73.97		$	78.54		$	82.69		$	79.84		$	82.22
WTI oil ($/Bbl)	$	70.27		$	75.09		$	78.32		$	75.72		$	77.62
NYMEX average monthly settled price ($/MMBtu)	$	2.79		$	2.16		$	2.88		$	2.27		$	2.74

Realized Prices as Percentage of Index Prices
Oil with derivative settlements as a percentage of Brent		99	%		96	%		86	%		95	%		80	%
Oil without derivative settlements as a percentage of Brent		98	%		98	%		99	%		96	%		98	%

Oil with derivative settlements as a percentage of WTI		104	%		100	%		91	%		100	%		85	%
Oil without derivative settlements as a percentage of WTI		104	%		103	%		105	%		102	%		104	%

NGLs as a percentage of Brent		71	%		58	%		59	%		61	%		60	%
NGLs as a percentage of WTI		75	%		61	%		63	%		65	%		63	%

Natural gas with derivative settlements as a percentage of NYMEX contract month average		131	%		124	%		162	%		132	%		314	%

Natural gas without derivative settlements as a percentage of NYMEX contract month average		131	%		124	%		162	%		132	%		314	%

				Attachment 6
FOURTH QUARTER 2024 DRILLING ACTIVITY
	San Joaquin	Los Angeles	Ventura	Sacramento
Wells Drilled	Basin	Basin	Basin	Basin	Total

Development Wells
Primary	4	—	—	—	4
Waterflood	—	—	—	—	—
Steamflood	—	—	—	—	—
Total⁽¹⁾	4	—	—	—	4


TOTAL YEAR 2024 DRILLING ACTIVITY
	San Joaquin	Los Angeles	Ventura	Sacramento
Wells Drilled	Basin	Basin	Basin	Basin	Total

Development Wells
Primary	10	—	—	—	10
Waterflood	—	—	—	—	—
Steamflood	—	—	—	—	—
Total⁽¹⁾	10	—	—	—	10

⁽¹⁾ Includes steam injectors and drilled but uncompleted wells, which are not included in the SEC definition of wells drilled.

											Attachment 7
OIL HEDGES AS OF DECEMBER 31, 2024

	Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028

Sold Calls
Barrels per day		30,000		30,000		30,000		29,000		15,000		—		—
Weighted-average Brent price per barrel	$	87.08	$	87.08	$	87.08	$	87.13	$	85.00	$	—	$	—

Swaps
Barrels per day		52,837		46,506		44,126		42,626		30,449		13,882		1,697
Weighted-average Brent price per barrel	$	72.48	$	71.31	$	70.62	$	69.94	$	67.95	$	65.53	$	65.00

Purchased Puts
Barrels per day		30,000		30,000		30,000		29,000		15,000		—		—
Weighted-average Brent price per barrel	$	61.67	$	61.67	$	61.67	$	61.72	$	60.00	$	—	$	—

											Attachment 7
NATURAL GAS HEDGES AS OF DECEMBER 31, 2024

	Q1 2025		Q2 2025		Q3 2025		Q4 2025		2026		2027		2028

SoCal Border
MMBtu per day		10,000		29,074		25,750		22,408		660		—		—
Weighted-average price per MMBtu	$	6.02	$	3.44	$	3.48	$	3.53	$	6.29	$	—	$	—

Northwest Pipeline (NWPL) Rockies
MMBtu per day		50,999		51,750		51,750		51,750		44,618		12,616		1,576
Weighted-average price per MMBtu	$	5.48	$	2.95	$	2.95	$	4.22	$	4.01	$	4.34	$	3.95

PG&E Citygate
MMBtu per day		14,000		—		—		—		—		—		—
Weighted-average price per MMBtu	$	6.10	$	—	$	—	$	—	$	—	$	—	$	—

This press release was published by a CLEAR® Verified individual.

March 3, 2025 8:49 am

The Shyft Group to Celebrate 50th Anniversary and Showcase Cutting-Edge Work Truck Solutions at NTEA Work Truck Week 2025

PR Newswire

Marking Five Decades of Purpose-Built Innovation, Performance, and Sustainability
Press Conference: March 5, 3:15 PM ET | Booth #2921
Ride & Drive: Blue Arc Class 4 EV | Booth #2927, March 5-6, 11 AM – 3:30 PM

NOVI, Mich.
, March 3, 2025 /PRNewswire/ — The Shyft Group, Inc. (NASDAQ: SHYF), the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service markets, will celebrate its 50th anniversary and showcase its latest innovations at NTEA Work Truck Week 2025. Since 1975, Shyft has built a legacy of engineering excellence, delivering purpose-built fleet solutions that prioritize performance, durability, and sustainability while evolving to meet the ever-changing needs of its customers.

“For 50 years, The Shyft Group has been driven by a commitment to innovation, quality, and customer success,” said John Dunn, President and CEO of The Shyft Group. “As we celebrate our milestone anniversary at Work Truck Week, we are proud to showcase innovations that empower fleets, improve efficiency, and reinforce our commitment to quality and performance. Looking ahead, we remain focused on expanding our capabilities to better serve customers and drive continued growth.”

Building on this commitment, Shyft recently announced a merger agreement with Aebi Schmidt, which will bring together expertise in specialty vehicle manufacturing, upfitting, and infrastructure solutions. By leveraging highly complementary portfolios, the merger is expected to expand product offerings, improve efficiencies, and drive competitive growth—ultimately providing customers with more comprehensive and tailored solutions.

With a nationwide footprint and five decades of expertise, Shyft continues to lead the way in work truck innovation, delivering solutions that maximize uptime, enhance safety, and improve operational efficiency. At Booth #2921, attendees will experience the latest advancements in electrification, fleet technology, and upfit solutions, all designed with a customer-first approach to meet real-world demands.

Shyft’s portfolio of trusted brands—including Royal® Truck Body, DuraMag®, Magnum, Utilimaster, Strobes R Us, Builtmore, Blue Arc™, and Independent Truck Upfitters (ITU)—supports industries ranging from last-mile delivery and construction to service fleets and utility applications.

Featured Vehicles & Solutions
Attendees can explore a lineup of cutting-edge fleet solutions, including:

Utilimaster Trademaster – A redesigned, lightweight aluminum service body with enhanced storage, increased durability, and integrated safety lighting, ideal for tradespeople and service fleets.
Marketplace Dry Freight – A high-payload dry freight body built for fuel efficiency and durability in logistics and delivery.
Aeromaster® Walk-In-Van – A rivetless, aerodynamic walk-in van featuring optimized cargo space and advanced driver safety features, tailored for high-frequency delivery.
Light Weight Fleet Forward Concept Truck Body– Designed for durability and efficiency, this new lightweight solution will be displayed on the show floor. See Shyft Group team members for further details.
Blue Arc Class 4 EV Truck – A fully electric, zero-emission work truck, now in production and on the road. It features a 200+ mile range, lightweight composite body for increased payload, and an ergonomic design for superior driver comfort and efficiency.
Royal Crane Body with PALFINGER Crane – A heavy-duty contractor solution with advanced XP coatings for long-term durability and efficient lifting capabilities.
DuraMag Aluminum Dump Body & S-Series Service Body – Corrosion-resistant solutions built for landscaping, construction, and service industries.
Fleet Technology Advancements – Showcasing ITU Chassis Connect for real-time tracking, Rapid Cargo Cooling systems for optimized performance, and enhanced Strobes lighting for improved visibility and safety.

Press Conference: March 5, 3:15 PM ET | Booth #2921
Shyft leadership—including John Dunn, CEO, and Jacob Farmer, President, Fleet Vehicles & Services and Specialty Vehicles—will share insights into the company’s latest advancements, expanding industry partnerships, and vision for fleet mobility.

Ride & Drive: Blue Arc Class 4 EV | Booth #2927
Attendees can experience Blue Arc’s Class 4 EV firsthand during Ride & Drive sessions on March 5-6 from 11 AM – 3:30 PM. This all-electric, battery-powered commercial vehicle is designed for zero-emission fleets, featuring a lightweight aluminum and composite body with high payload capacity and advanced driver safety technology. With a nationwide manufacturing and service footprint, The Shyft Group continues to support fleet electrification efforts, helping customers seamlessly transition to sustainable, cost-effective solutions.

About The Shyft Group
The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. Our customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles and Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag® and Magnum®, Strobes-R-Us, Spartan® RV Chassis, Builtmore Contract Manufacturing™, and Independent Truck Upfitters. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 2,900 employees and contractors across campuses, and operates facilities in Arizona, California, Florida, Indiana, Iowa, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $786 million in 2024. Learn more at TheShyftGroup.com.

Forward Looking Statement

This release contains information, including our sales and earnings guidance, all other information provided with respect to our outlook for 2024 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using words such as “believe,” “expect,” “intend,” “potential,” “future,” “may,” “will,” “should,” and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, changes in supply and demand conditions and prices for our products, trade duties and other aspects of trade policy, statements regarding our future strategies, products and innovations, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. More information about factors that potentially could affect our financial results is included in our filings with the Securities and Exchange Commission (“SEC”), including our most recent Annual Report on Form 10-K and subsequent filings, which are available at www.sec.gov or our website. All forward-looking statements in this release are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. We undertake no obligation to publicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.

CONTACTS

Media:

Sydney Machesky

Director, Corporate Communications
The Shyft Group
[email protected]
586.413.4112

Investors:

Randy Wilson

Vice President, Investor Relations and Treasury
The Shyft Group
[email protected]
248.727.3755

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SOURCE The Shyft Group, Inc.

March 3, 2025 8:49 am

Carbon TerraVault Provides 2024 Update

Signs Carbon Management MOU¹ with National Cement for California’s First Net Zero Cement Facility

LONG BEACH, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Carbon TerraVault Holdings, LLC (CTV), a carbon management subsidiary of California Resources Corporation (NYSE: CRC), provided a 2024 update and announced the signing of a Memorandum of Understanding¹ (MOU) to help achieve California’s first net zero cement facility in partnership with National Cement Company of California Inc. (National Cement).

“Our team has made significant strides to expand Carbon TerraVault’s leadership in carbon management through key regulatory approvals, new carbon management agreements and strategic partnerships to accelerate decarbonization in California,” said Francisco Leon, CRC’s President and Chief Executive Officer. “Receiving California’s first Class VI well permits from the EPA advances our mission to provide scalable carbon storage solutions. Additionally, our new memorandum of understanding with National Cement to establish the state’s first net zero cement facility underscores our commitment to help hard-to-abate sectors transition to a low-carbon future. With a CCS project pipeline approaching 9 million metric tons per year and new partnerships advancing subsurface energy storage, CTV is a national leader in carbon management. In 2025, we are focused on executing our first CCS project at Elk Hills and driving impactful solutions for industrial decarbonization.”

2024 Highlights

Received EPA Class VI well permits for carbon dioxide (CO₂) storage in the CTV I – 26R reservoir and Kern County approval for the CTV I project
Expanded CO₂ storage portfolio by 70%, adding 134 million metric tons (MMT) in Class VI permit applications; total CO₂ storage capacity submitted to Environmental Protection Agency (EPA) for review is now 325 MMT
Signed 5.4 million metric tons per annum (MMTPA) of CO₂ management agreements¹ (CDMA) and MOUs¹ with major industrial partners to deliver innovative, reliable, and economically viable energy transition solutions in California
Awarded $12 million in funding and selected for an additional $35 million from the U.S. Department of Energy (DOE) to support decarbonization projects across California in partnership with various institutions
Developed new partnerships for subsurface energy storage and geothermal power in California
Launched CTV I Elk Hills Community Benefits Plan and became the LA Rams’ official carbon management partner
Successfully integrated Aera’s carbon management assets and teams into CTV

2025 Outlook and Highlights

Construction of California’s first carbon capture and storage (CCS) project at CRC’s Elk Hills cryogenic gas plant is planned to commence in the second quarter of 2025 and first CO₂ injection anticipated by year-end
Signed MOU¹ with National Cement for “Lebec Net Zero”, a first-of-its-kind initiative to produce carbon-neutral cement utilizing CTV’s transportation and sequestration solutions for up to 1 MMTPA of CO₂ emissions. See Carbon TerraVault and National Cement Sign MOU for California’s First Net Zero Cement Facility for additional information
CTV’s total CO₂ emissions from CCS projects under consideration now stands at nearly 9 MMTPA
Expected 2025 capital investments of $20 – $35 million with $14 – $18 million for the CCS project at CRC’s Elk Hills cryogenic gas plant

Fourth Quarter and Full Year 2024 Financial Results

Selected Financial Statement Data and non-GAAP measures:	4th Quarter		3rd Quarter		Total Year		Total Year
($ in millions)	2024		2024		2024		2023

Selected Expenses
CMB Expenses	$	20	$	13	$	56	$	37
General and administrative expenses²	$	5	$	5	$	15	$	12

Capital and Non-GAAP Measures
Capital investments	$	6	$	4	$	12	$	5

2025 Guidance

The following table provides key first quarter and full year 2025 financial and operating guidance.

CRC Guidance ($ in millions)	1Q25E	Total Year 2025E
Capital	$5 – $10	$20 – $35
CMB Expenses	$15 – $20	$60 – $90
General and Administrative Expenses	$2 – $4	$10 – $15

EPA Class VI Permitting

In December 2024, the EPA released final Class VI well permits for the CTV I – 26R reservoir. These are the first Class VI permits issued nationally for injection and storage of CO₂in depleted oil and natural gas fields. The 26R reservoir is part of CTV’s joint venture with Brookfield and is one of two depleted oil and natural gas storage sites that comprise the CTV I vault. Total capacity of 26R is estimated to be up to 38 MMT and has an expected injection rate of 1.46 MMTPA.

CRC has seven remaining Class VI permit applications under review with the EPA for a total estimated capacity of up to 287 MMT. For additional information regarding CTV’s Class VI permits, please visit www.epa.gov.

Carbon TerraVault JV Partnership with Brookfield

In February 2025, CRC and Brookfield agreed to defer the timing of the third and final installment of the 26R pore space contribution from Brookfield to the CTV JV³. This installment payment will now be triggered upon the earlier of CTV JV securing storage contracts for 35% of annual CO₂ storage capacity at 26R.

_{¹MOUs and CDMAs are non-binding agreements. The projects and transactions described in an MOU or CDMA are subject to certain conditions precedent, typically including the negotiation of definitive documents, a final investment decision by the parties and receipt of EPA Class VI permits and other regulatory approvals.}

_{²We realigned our workforce after the Aera Merger and adjusted our carbon management expenses for the third quarter of 2024 to be $5 million, which is an adjustment from the $2 million previously reported.}

_{³The initial investment by Brookfield in the CTV JV for the 26R reservoir is expected to total up to approximately $188 million and is payable in three installments. To date, CRC has received the first two installment payments amounting to $92 million. The amount of the last milestone payment will be calculated in accordance with the final permit volumes (subject to contractual adjustments) and is estimated to be up to $94 million.}

About Carbon TerraVault

Carbon TerraVault (CTV) is CRC’s carbon management business and is developing services to capture, transport and permanently store CO₂ for its customers. CTV is engaged in a series of CCS projects that will inject CO₂ captured from industrial sources into depleted underground reservoirs and permanently store CO₂ deep underground. For more information, visit carbonterravault.com.

About Carbon TerraVault Joint Venture

Carbon TerraVault Joint Venture (CTV JV) is a carbon management partnership focused on carbon capture and sequestration development formed between Carbon TerraVault I, LLC, a subsidiary of CRC, and Brookfield, to develop both infrastructure and storage assets required for CCS development in California. CRC owns 51% of CTV JV with Brookfield owning the remaining 49% interest.

About California Resources Corporation

Forward-Looking Statements

fluctuations in commodity prices, including supply and demand considerations for CRC’s products and services, and the impact of such fluctuations on revenues and operating expenses;
decisions as to production levels and/or pricing by OPEC or U.S. producers in future periods;
government policy, war and political conditions and events, including the military conflicts in Israel, Lebanon, Ukraine and the Middle East;
the ability to successfully execute integration efforts in connection with the Aera Merger, and achieve projected synergies and ensure that such synergies are sustainable;
regulatory actions and changes that affect the oil and gas industry generally and us in particular, including (1) the availability or timing of, or conditions imposed on, EPA and other governmental permits and approvals necessary for drilling or development activities or its carbon management segment; (2) the management of energy, water, land, greenhouse gases (GHGs) or other emissions, (3) the protection of health, safety and the environment, or (4) the transportation, marketing and sale of its products;
the efforts of activists to delay prevent oil and gas activities or the development of CRC’s carbon management segment through a variety of tactics, including litigation;
the impact of inflation on future expenses and changes generally in the prices of goods and services;
changes in business strategy and capital plan;
lower-than-expected production or higher-than-expected production decline rates;
changes to estimates of reserves and related future cash flows, including changes arising from CRC’s inability to develop such reserves in a timely manner, and any inability to replace such reserves;
the recoverability of resources and unexpected geologic conditions;
general economic conditions and trends, including conditions in the worldwide financial, trade and credit markets;
production-sharing contracts’ effects on production and operating costs;
the lack of available equipment, service or labor price inflation;
limitations on transportation or storage capacity and the need to shut-in wells;
any failure of risk management;
results from operations and competition in the industries in which it operates;
CRC’s ability to realize the anticipated benefits from prior or future efforts to reduce costs;
environmental risks and liability under federal, regional, state, provincial, tribal, local and international environmental laws and regulations (including remedial actions);
the creditworthiness and performance of its counterparties, including financial institutions, operating partners, CCS project participants and other parties;
reorganization or restructuring of its operations;
CRC’s ability to claim and utilize tax credits or other incentives in connection with our CCS projects;
CRC’s ability to realize the benefits contemplated by its energy transition strategies and initiatives, including CCS projects and other renewable energy efforts;
CRC’s ability to successfully identify, develop and finance carbon capture and storage projects and other renewable energy efforts, including those in connection with the Carbon TerraVault JV, and its ability to convert CDMAs to definitive agreements and enter into other offtake agreements;
CRC’s ability to maximize the value of its carbon management segment and operate it on a stand alone basis;
CRC’s ability to successfully develop infrastructure projects and enter into third party contracts on contemplated terms;
uncertainty around the accounting of emissions and its ability to successfully gather and verify emissions data and other environmental impacts;
changes to CRC’s dividend policy and share repurchase program, and its ability to declare future dividends or repurchase shares under its debt agreements;
limitations on CRC’s financial flexibility due to existing and future debt;
insufficient cash flow to fund its capital plan and other planned investments and return capital to shareholders;
changes in interest rates;
CRC’s access to and the terms of credit in commercial banking and capital markets, including its ability to refinance debt or obtain separate financing for its carbon management segment;
changes in state, federal or international tax rates, including CRC’s ability to utilize its net operating loss carryforwards to reduce its income tax obligations;
effects of hedging transactions;
the effect of CRC’s stock price on costs associated with incentive compensation;
inability to enter into desirable transactions, including joint ventures, divestitures of oil and natural gas properties and real estate, and acquisitions, and its ability to achieve any expected synergies;
disruptions due to earthquakes, forest fires, floods, extreme weather events or other natural occurrences, accidents, mechanical failures, power outages, transportation or storage constraints, labor difficulties, cybersecurity breaches or attacks or other catastrophic events;
pandemics, epidemics, outbreaks, or other public health events, such as the COVID-19 pandemic; and
other factors discussed in Part I, Item 1A – Risk Factors.

Contacts:

Joanna Park (Investor Relations) 818-661-3731 [email protected]	Richard Venn (Media) 818-661-6014 [email protected]

This press release was published by a CLEAR® Verified individual.

March 3, 2025 8:48 am

Airship AI Reports Full Year 2024 Financial Results

2024 Net Revenue of $23.1 Million, an 87% Increase over FY 2023 Net Revenue of $12.3 Million

No Debt on Balance Sheet Following Conversion of $2.8 million in Senior Secured Convertible Notes

New Pro-U.S. Border Security Administration Provides Additional Macro Tailwinds for 2025 & Beyond

REDMOND, Wash., March 03, 2025 (GLOBE NEWSWIRE) — Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today reported its financial and operational results for the quarter and year ended December 31, 2024.

FY 2024 Financial Highlights

Net revenues were $23.1 million.
Gross profit was $10.5 million.
Gross margin was 45.7%.
Operating loss was $3.5 million, which reflected increased stock-based compensation and transactions costs related to the merger and overall sales levels.

FY 2024 Financial Highlights

Dramatic Revenue Growth: In 2024, Airship AI delivered 87% year-over-year (“YoY”) revenue growth, growing from $12.3 million to $23.1 million. Revenue growth was driven mainly by increased sales to federal government customers, with multiple large awards for cloud-based Acropolis offerings and edge-based Outpost AI appliances.
Steady Gross Profit Margin: Full year gross profit as of December 31, 2024 was $10.5 million, flat YoY, primarily due to the continued high percentages of third-party hardware sales as part of turn-key solutions bundled by Airship AI with Outpost AI included. The Company is already seeing the value of these seeding opportunities in awarded business as well as pipeline opportunity growth.
Significant Operational Improvements: Full year operating loss as of December 31, 2024 was $3.5 million as compared to a $6.6 million loss in 2024. Numerous one-time charges were incurred in 2024, resulting from transaction costs associated with the transition to a public company, conversion of a senior secured promissory note, and partial payments to the founders for previous advances.
Strengthened Balance Sheet: Cash and cash equivalents as of December 31, 2024, was $11.4 million, along with $1.2 million in accounts receivable. With the conversion of issued senior secured convertible promissory notes of $2.8 million, Airship AI enters 2025 with no debt on the balance sheet.

Q4 2024 & Subsequent Operational Highlights

Backlog as of December 31, 2024 was $5.5 million, including orders received late in the second half of 2024 that are expected to be delivered and invoiced across Q1 and Q2 of 2025. Backlog is not indicative of future quarterly revenue as approximately 75% of quarterly revenue is transactional and recognized in the same quarter.
Total validated pipeline at the year-end of 2024 was approximately $135 million, consisting of single and multi-year opportunities for AI-driven edge, video, and sensor and data management platform across all our customer verticals. The pipeline includes opportunities at varying stages of progression with expected award timeframes throughout the next 18-24 months.
Due to the sensitive nature of many customers and deployment use cases, the Company is often restricted from publicly disclosing awards and or limited as to the specifics of the customer and use case. Consequently, most awards are executed on closed or restricted contract vehicles, which further limits the sharing of information that might otherwise be available.
Multiple large contracts awarded throughout and/or subsequent to the quarter include but are not limited to:
- $4.0 million firm-fixed price contract for an agency within the U.S. Department of Homeland Security (“DHS”), for advanced integrated solutions supporting real-time intelligence collection operations along the United States’ borders, leveraging the Company’s edge IoT appliance, Outpost AI.
- $1.2 million firm-fixed price support and maintenance contract for our existing deployment of Acropolis Enterprise Video and Data Management Platform supporting a Fortune 100 Transportation and E-Commerce company’ global operations.
- Follow-on seven-figure one (1) year system maintenance and sustainment contract for an existing Fortune 100 customer leveraging the Company’s Acropolis Enterprise Video and Data Management platform supporting operational and physical security requirements.
We began deploying new infrastructure supporting mission critical requirements along the U.S. southern border; follow-on work to our successful completion of a congressionally driven pilot opportunity earlier in the year. This follow-on work is in support of our single-largest opportunity, valued at more than $50 million over the next four (4) years. Estimated total contract value is conservatively based on data points from published market research, including size and scope, and pricing approved via awarded procurement efforts.
Completed $8.0 million at-the-market public offering with net proceeds to the Company of $7.0 million after deducting placement agent fees and offering expenses.
Hired new members of the team, at the C-Suite level and below, and promoted key members of the team to increasingly higher levels of strategic responsibility within the Company. Airship AI expects additional hires in 2025 in the sales and product development teams.
Launched a new routes-to-market strategy targeting business partners and resellers that are looking for differentiated alternatives in new verticals (for Airship AI) as well as partners that can help us scale more rapidly within existing verticals.
Put in place a marketing and branding campaign for 2025. This bifurcated plan is hyper focused on creating brand awareness in several new targeted verticals through a combination of partner and industry events, enabling partners to monetize that awareness through expanded routes to market.
We participated in JIFX, or Joint Interagency Field Exercise, an invite only event led by the Naval Post-Graduate School. The JIFX team leads experimentation in alternative methods to enable rapid technological development by cultivating a community of interest and hosting broadly scoped quarterly collaborative field events which enable the Department of Defense (“DoD”), the U.S. government, and allied stakeholders to identify, influence, and accelerate early-stage technology development that address national and collective security challenges.
We participated in TIDE, or Technology Innovation Discovery Event, an invite only DoD sponsored event that aims to help innovative small businesses and non-traditional DoD performers showcase new hardware and software technologies that can significantly improve existing software or meet new challenges in support of the National Defense Strategy.
We were a primary sponsor of and participant in UTAC, the premier unmanned aerial and robotic systems tactical event for Police, Public Safety, Government, and Defense agencies. UTAC is a fully immersive training event where public safety, government, enterprise, and defense operators gather to learn best practices, establish procedures, and gain experience with the latest innovations in unmanned aerial, ground, and maritime systems along augmenting technical solutions.

Capital Markets Update:

Participated at the 13th Annual ROTH Technology Conference and the Benchmark 13^th Annual Discovery One-on-One Conference.
Benchmark Company initiated coverage of Airship AI on November 13, 2024, with a Buy rating and price target of $6.

2025 Outlook

2025 net revenues of approximately $30 million, reflecting 30% revenue growth YoY, supported by a strong and validated pipeline of ~$135 million, improving gross profit margins, and a strong recurring revenue model.
Positive cash flow from business operations for the full year.
Expand AI offerings at the edge running on our Outpost AI platform and announce new offerings running at the datacenter level or in the cloud that increase customer operational efficiency using existing sources of data.
Continued innovation across our core Acropolis software platform supporting new workflows for on-premises and cloud-based deployments in highly secure operational environments.
Announce new offerings around our Digital Evidence Management System (DEMS) called Evidence Discovery Server (EDS) supporting stand-alone operations as well as integrations with other leading DEMS platforms.
Continue the digital transformation of our back-office operations to improve supply chain management and production-based process efficiencies to help drive continued margin expansion.
Launch new AI based offerings supporting partner engagement, training, and support as part of our larger strategy to provide differentiated offerings to those existing and to be recruited business partners and resellers.
Targeted focus on brand awareness and engagement in new verticals through targeted marketing outreach opportunities, social media platforms, Airship AI hosted technology events, and industry tradeshow events.

Management Commentary

“The past year has been an exciting journey as we completed our first full year as a public company amid significant shifts in domestic and global economic, social, and political landscapes,” said Paul Allen, President of Airship AI. “With this dynamic backdrop, we set ambitious goals for 2024, focusing on substantial revenue growth and strengthening our balance sheet to position the business for positive cash flow operations. The great news is that we made meaningful progress on both the top and bottom lines. We delivered 87% year-over-year revenue growth of $23.1 million at a gross margin of 46%. We ended the year with $11.4 million in cash and cash equivalents and $1.2 million in accounts receivable.

“Our recently completed capital raise has significantly enhanced our ability to execute many of the anticipated large transactions in our pipeline, particularly those involving substantial up-front costs of goods sold. The capital raise has also enabled us to expand our sales, business development, and partner marketing capabilities by bringing in specialized industry expertise and experience in managing these large-scale defense programs. We have already made progress toward this objective with the addition of several high-caliber team members, and we are in the process of bringing on even more talent to further strengthen our capabilities.

“As we entered 2025, we have a new administration in place that has stressed from day one that the focus is going to be on securing the border and strengthening public safety and security across the homeland. While the safety of the homeland has and should always be a bi-partisan issue, the approach to how it is done varies. The new administration has made clear many of its policies and approaches to this problem already, with technology itself and technology-based solutions playing a key role in most if not all of them. Specifically, the January 20th Secure Our Borders Executive Order states that the United States will establish a physical wall and other barriers monitored and supported by adequate personnel and technology.

“To that point, we remain under the cloud of Continuing Resolution, which affects the whole of government to fund its ability to execute daily, at least beyond that which it was approved to do so the prior year. While the budget to fund this and other related activities is being addressed, we remain engaged with our customers already focused on these challenges, engagement which includes already funded efforts or those which are already budgeted.

“While we are heavily focused on the agencies directly tasked to solve these challenges, we also have a larger existing business with other agencies and commercial customers that we remain focused on as well. These customers are involved daily in similarly protecting the homeland, ranging from countering the illegal trafficking of narcotics with a focus on fentanyl, protecting critical infrastructure such as courthouses, office buildings, and sensitive sites, and enforcing the laws of the land on the streets of mainstream America.

“With the work we have already done, and the relationships we have established, we believe we are well positioned in 2025 and for the next several years to be an integral part of providing a solution for a well-defined and challenging problem that impacts every one of our shareholders.

“Lastly, we look forward to seeing some of you at our upcoming Analyst Technology Showcase on Friday, March 14, 2025, in Dripping Springs, Texas,” concluded Mr. Allen.

About Airship AI Holdings, Inc.

Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

For more information, visit https://airship.ai.

Forward-Looking Statements

The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Investor Contact:

Chris Tyson/Larry Holub
MZ North America
949-491-8235
[email protected]

AIRSHIP AI HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS As of December 31, 2024 and 2023
	December 31, 2024			December 31, 2023
ASSETS

CURRENT ASSETS:
Cash and cash equivalents	$	11,414,830		$	3,124,413
Accounts receivable, net of allowance for credit losses of $0		1,226,757			1,648,904
Prepaid expenses and other		17,883			18,368
Income tax receivable		–			7,230
Total current assets		12,659,470			4,798,915

PROPERTY AND EQUIPMENT, NET		–			1,861

OTHER ASSETS
Other assets		165,960			182,333
Operating lease right of use asset		882,024			1,104,804

TOTAL ASSETS	$	13,707,454		$	6,087,913

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES:
Accounts payable – trade	$	759,480		$	2,908,472
Advances from founders		1,300,000			1,750,000
Accrued expenses		51,649			200,531
Senior Secured Convertible Promissory Notes		–			2,825,366
Current portion of operating lease liability		305,178			174,876
Deferred revenue- current portion		3,238,483			4,008,654
Total current liabilities		5,654,790			11,867,899

NON-CURRENT LIABILITIES:
Operating lease liability, net of current portion		638,525			943,702
Warrant liability		34,180,618			667,985
Earnout liability		23,304,808			5,133,428
Deferred revenue- non-current		2,951,850			4,962,126
Total liabilities		66,730,591			23,575,140

COMMITMENTS AND CONTINGENCIES (Note 9)

STOCKHOLDERS’ DEFICIT:
Preferred stock – no par value, 5,000,000 shares authorized, 0 shares issued and outstanding as of December 31, 2024 and December 31, 2023		–			–
Common stock – $0.0001 par value, 200,000,000 shares authorized, 30,588,413 and 22,812,048 shares issued and outstanding as of December 31, 2024 and 2023		3,056			2,281
Additional paid in capital		21,918,867			–
Accumulated deficit		(74,941,590	)		(17,476,700	)
Accumulated other comprehensive loss		(3,470	)		(12,808	)
Total stockholders’ deficit		(53,023,137	)		(17,487,227	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	13,707,454		$	6,087,913

AIRSHIP AI HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME For the years ended December 31, 2024 and 2023
	Year Ended			Yar Ended
	December 31, 2024			December 31, 2023
NET REVENUES:
Product	$	18,716,196		$	7,439,045
Post contract support		4,334,017			4,692,487
Other services		–			168,052
Revenues		23,050,213			12,299,584
COST OF NET REVENUES:
Cost of Sales		10,843,766			4,767,159
Post contract support		1,679,692			1,681,267
Other services		–			86,841
Cost of revenue		12,523,458			6,535,267
GROSS PROFIT		10,526,755			5,764,317
RESEARCH AND DEVELOPMENT EXPENSES		2,804,894			2,729,492
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES		11,226,974			9,675,190
TOTAL OPERATING EXPENSES		14,031,868			12,404,682
OPERATING LOSS		(3,505,113	)		(6,640,365	)
OTHER (EXPENSE) INCOME:
(Loss) gain from change in fair value of earnout liability		(18,171,380	)		21,976,349
(Loss) gain from change in fair value of warrant liability		(33,512,633	)		1,341,120
Loss from change in fair value of convertible debt		(141,636	)		(240,784	)
Loss on note conversion		(1,144,676	)		–
Interest expense, net		(1,003,096	)		(55,685	)
Other income (expense)		13,644			(9,501	)
Total other (expense) income, net		(53,959,777	)		23,011,499

(LOSS) INCOME BEFORE PROVISON FOR INCOME TAXES		(57,464,890	)		16,371,134

Provision for income taxes		–			–

NET (LOSS) INCOME		(57,464,890	)		16,371,134

OTHER COMPREHENSIVE INCOME (LOSS)
Foreign currency translation income (loss), net		9,338			(2,702	)

TOTAL COMPREHENSIVE (LOSS) INCOME	$	(57,455,552	)	$	16,368,432

NET (LOSS) INCOME PER SHARE:
Basic	$	(2.34	)	$	1.20
Diluted	$	(2.34	)	$	0.80

Weighted average shares of common stock outstanding
Basic		24,585,955			13,671,376
Diluted		24,585,955			20,390,663

AIRSHIP AI HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2024 and 2023
	Year Ended			Year Ended
	December 31, 2024			December 31, 2023

CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(57,464,890	)	$	16,371,134
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization		1,861			14,879
Stock-based compensation		1,078,344			715,727
Stock-based compensation- warrants		284,478			2,136,115
Amortization of operating lease right of use asset		222,780			596,556
Accelerated amortization of ROU asset – lease termination		–			265,130
Gain from lease termination		–			(344,093	)
Issuance of common stock for services		198,500			–
Noncash interest expense		1,008,419			–
Loss (gain) from change in fair value of warrant liability		33,512,633			(1,341,120	)
Loss (gain) from change in fair value of earnout liability		18,171,380			(21,976,349	)
Loss from change in fair value of convertible note		141,636			240,784
Loss on note conversion		1,144,676			–
Non cash interest, net		–			65,487
Changes in operating assets and liabilities:
Accounts receivable		422,147			(943,152	)
Prepaid expenses and other		485			(2,329	)
Other assets		16,373			(182,333	)
Operating lease liability		(174,875	)		(531,621	)
Payroll and income tax receivable		7,230			960,383
Accounts payable – trade and accrued expenses		(2,294,698	)		666,136
Deferred revenue		(2,780,447	)		(2,667	)
NET CASH USED IN OPERATING ACTIVITIES		(6,503,968	)		(3,291,333	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of common stock and warrants for offering, net		7,290,000			–
Proceeds from convertible promissory note		–			2,584,582
Proceeds from warrant exercise, net		7,704,540			–
Advances from founders, net		(450,000	)		1,150,000
Proceeds from reverse recapitalization		–			2,809,792
Proceeds from stock option exercises		240,507			–
Repayment of small business loan and line of credit		–			(424,540	)

NET CASH PROVIDED BY FINANCING ACTIVITIES		14,785,047			6,119,834

NET INCREASE IN CASH AND CASH EQUIVALENTS		8,281,079			2,828,501

Effect from exchange rate on cash		9,338			(2,702	)

CASH AND CASH EQUIVALENTS, beginning of period		3,124,413			298,614

CASH AND CASH EQUIVALENTS, end of period	$	11,414,830		$	3,124,413

Supplemental disclosures of cash flow information:
Interest paid	$	11,913		$	21,438
Taxes paid	$	2,410		$	17,247

Noncash investing and financing
Elimination of advances to founders in connection with contribution of Zeppelin by shareholders	$	–		$	1,100,000
Elimination of payables to founders in connection with contribution of Zeppelin by shareholders	$	–		$	1,100,000
Issuance of common stock for debt interest payment	$	1,008,442		$	–
Issuance of common stock for debt conversion	$	4,114,831		$	–
Recognition of warrant liability	$	–		$	15,418
Recognition of right-of-use asset	$	–		$	1,162,152
Recognition of operating lease liability	$	–		$	1,162,152
Noncash activity related to Merger-
Recognition of warrant liability	$	–		$	2,009,105
Recognition of earnout liability	$	–		$	27,109,777
Recognition of accounts payable	$	–		$	1,500,000

March 3, 2025 8:48 am

Consolidated Water Sets 2024 Full Year Investor Conference Call for Tuesday, March 18, 2025 at 11:00 a.m. ET

GEORGE TOWN, Cayman Islands, March 03, 2025 (GLOBE NEWSWIRE) — Consolidated Water Co. Ltd. (NASDAQ Global Select Market: CWCO), a leading designer, builder and operator of advanced water supply and treatment plants, will hold a conference call on Tuesday, March 18, 2025 at 11:00 a.m. Eastern time to discuss its results for the year ended December 31, 2024.

The financial results will be issued in a press release prior to the call. Consolidated Water management will host the call, followed by a question-and-answer period.

Date: Tuesday, March 18, 2025
Time: 11:00 a.m. Eastern time (8:00 a.m. Pacific time)
Toll-free dial-in number: 1-844-875-6913
International dial-in number: 1-412-317-6709
Conference ID: 1237348

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization. If you require any assistance connecting with the call, please contact CMA at 1-949-432-7566.

A replay of the call will be available after 1:00 p.m. Eastern time on the same day through March 25, 2025, as well as available for replay via the Investors section of the Consolidated Water website at www.cwco.com.

Toll-free replay number: 1-877-344-7529
International replay number: 1-412-317-0088
Replay ID: 1237348

About Consolidated Water Co. Ltd.

Consolidated Water Co. Ltd. develops and operates advanced water supply and treatment plants and water distribution systems. The company designs, constructs and operates seawater desalination facilities in the Cayman Islands, The Bahamas and the British Virgin Islands, and designs, constructs and operates water treatment and reuse facilities in the United States. The company recently entered the U.S. desalination market with a contract to design, construct, operate and maintain a seawater desalination plant in Hawaii.

The company also manufactures and services a wide range of products and provides design, engineering, management, operating and other services applicable to commercial and municipal water production, supply and treatment, and industrial water and wastewater treatment.

For more information, visit cwco.com.

Company Contact:

David W. Sasnett
Executive Vice President and CFO
Tel (954) 509-8200
Email Contact

Investor & Media Contact:

Ron Both or Grant Stude
CMA Investor & Media Relations
Tel (949) 432-7566
Email Contact

March 3, 2025 8:48 am

Howard Hughes Special Committee Provides Update on Engagement with Pershing Square

THE WOODLANDS, Texas, March 03, 2025 (GLOBE NEWSWIRE) — Howard Hughes Holdings Inc. (NYSE: HHH) (the “Company” or “HHH”) announced that the Special Committee of its Board of Directors (the “Special Committee”) responded to Pershing Square Capital Management L.P. (“Pershing Square”) indicating that the proposal received on February 13, 2025 (the “Revised Proposal”) is not acceptable in its current form. The Special Committee also announced that it has entered into a standstill agreement with Pershing Square to facilitate further discussions to explore potential alternatives. The standstill agreement will remain in effect until March 13, 2025, unless otherwise extended.

There can be no assurance that the foregoing will result in any particular outcome, and HHH does not intend to comment further on these matters until HHH determines that additional disclosure is appropriate or required by law. The Board and the Special Committee remain committed to acting in the best interests of HHH and its stockholders.

The Revised Proposal materials are included in the Schedule 13D/A filed by Pershing Square, which is publicly available with the U.S. Securities and Exchange Commission and can be found here.

Morgan Stanley & Co. LLC is acting as financial advisor to the Special Committee, and Hogan Lovells US LLP and Richards, Layton & Finger, P.A. are acting as legal counsel.

About Howard Hughes Holdings Inc.

Howard Hughes Holdings Inc. owns, manages, and develops commercial, residential, and mixed-use real estate throughout the U.S. Its award-winning assets include the country’s preeminent portfolio of master planned communities, as well as operating properties and development opportunities including Downtown Columbia^® in Maryland; The Woodlands^®, Bridgeland^® and The Woodlands Hills^® in the Greater Houston, Texas area; Summerlin^® in Las Vegas; Ward Village^® in Honolulu, Hawaiʻi; and Teravalis™ in the Greater Phoenix, Arizona area. The Howard Hughes portfolio is strategically positioned to meet and accelerate development based on market demand, resulting in one of the strongest real estate platforms in the country. Dedicated to innovative placemaking, the company is recognized for its ongoing commitment to design excellence and to the cultural life of its communities. Howard Hughes Holdings Inc. is traded on the New York Stock Exchange as HHH. For additional information visit www.howardhughes.com.

Safe Harbor Statement

Statements made in this press release that are not historical facts, including statements accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,” “plan,” “intend,” “assume,” “transform” and other words of similar expression, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s expectations, estimates, assumptions, and projections as of the date of this release and are not guarantees of future performance. Actual results may differ materially from those expressed or implied in these statements. Factors that could cause actual results to differ materially are set forth as risk factors in Howard Hughes Holdings Inc.’s filings with the Securities and Exchange Commission, including its Quarterly and Annual Reports. Howard Hughes Holdings Inc. cautions you not to place undue reliance on the forward-looking statements contained in this release. Howard Hughes Holdings Inc. does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release.

Contacts:

Media Relations
Andrew Siegel / Lyle Weston
Joele Frank
212-355-4449

Investor Relations
Eric Holcomb, 281-475-2144
Senior Vice President, Investor Relations
[email protected]

March 3, 2025 8:48 am

Thumzup Applauds the Creation of a U.S. Crypto Strategic Reserve, Including Bitcoin

PR Newswire

Company Supports Policies that Elevate Digital Assets and Strengthen the U.S. Position as a Global Crypto Leader

LOS ANGELES
, March 3, 2025 /PRNewswire/ — Thumzup Media Corporation (“Thumzup” or the “Company”) (Nasdaq: TZUP), an emerging leader in social media branding and programmatic marketing solutions, applauds President Trump’s recent announcement to establish a U.S. Crypto Strategic Reserve that includes Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple-linked XRP, and Cardano. This initiative marks a pivotal step in the broader adoption of cryptocurrency as a recognized asset class and a key component of financial strategy in the digital era.

The announcement Sunday, which spurred a surge in cryptocurrency prices₍₁₎, illustrates the importance of digital assets in the global economy. Bitcoin, often referred to as “digital gold,” has long been championed for its role as a hedge against inflation and economic instability. By incorporating these assets into a national reserve, the U.S. government is signaling a commitment to fostering innovation and financial resilience in the cryptocurrency sector.

“Thumzup strongly supports policies that promote the integration of cryptocurrency into mainstream financial systems,” said Robert Steele, Chief Executive Officer of Thumzup Media Corporation. “The creation of a U.S. Crypto Strategic Reserve aligns with our belief in Bitcoin and other digital assets as a transformative force in the future of finance. This move enhances credibility, legitimacy, and broader adoption of cryptocurrencies, which ultimately benefits businesses, investors, and consumers alike.”

Thumzup has been a vocal proponent of Bitcoin and blockchain technology, actively incorporating cryptocurrency into its business strategy. The Company has significantly increased its Bitcoin holdings and remains committed to leveraging digital assets to optimize financial stability and enhance shareholder value.

With the upcoming White House Crypto Summit, where industry leaders and government officials will discuss the future of digital assets, Thumzup looks forward to seeing continued momentum in policy development that supports cryptocurrency adoption and innovation.

The Thumzup app is available for download on the App Store and Google Play.

₍₁₎ https://www.wsj.com/finance/currencies/crypto-prices-jump-after-trump-announces-five-tokens-for-strategic-reserve-636f31d7?

About Thumzup®

Thumzup Media Corporation (Thumzup) is democratizing the multi-billion dollar social media branding and marketing industry. Its flagship product, the Thumzup platform, utilizes a robust programmatic advertiser dashboard coupled with a consumer-facing App to enable individuals to get paid cash for posting about participating advertisers on major social media outlets through the Thumzup App. The easy-to-use dashboard allows advertisers to programmatically customize their campaigns. Cash payments are made to App users/creators through PayPal and other digital payment systems.

Thumzup was featured on CBS Los Angeles and in KTLA.

Legal Disclaimer

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include, without limitation, statements about its potential growth, impacts on the advertising industry, plans for potential uplisting, and planned expansion. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results may differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in our filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

View original content to download multimedia:https://www.prnewswire.com/news-releases/thumzup-applauds-the-creation-of-a-us-crypto-strategic-reserve-including-bitcoin-302389776.html

SOURCE Thumzup Media Corporation

March 3, 2025 8:48 am

Tantech Holdings Regains Compliance with NASDAQ Minimum Bid Price Requirement

PR Newswire

LISHUI, China, March 3, 2025 /PRNewswire/ — Tantech Holdings Ltd (NASDAQ: TANH) (“Tantech” or the “Company”) announced today that on February 28, 2025, it received notification from The Nasdaq Stock Market LLC (“NASDAQ”) confirming the Company has regained compliance with NASDAQ’s minimum bid price requirement under Listing Rule 5550(a)(2). NASDAQ noted this matter is now closed.

About Tantech Holdings Ltd

For the past decade, Tantech has been a highly specialized high-tech enterprise producing, researching and developing bamboo charcoal-based products with an established domestic and international sales and distribution network. Since 2017, when the Company acquired 70% of Shangchi Automobile, a vehicle manufacturer based in Zhangjiagang City, Jiangsu Province, it has manufactured and sold vehicles. The Company established two new subsidiaries, Lishui Smart New Energy Automobile Co., Ltd. and Zhejiang Shangchi New Energy Automobile Co., Ltd., in November 2020, to produce and sell street sweepers and other electric vehicles. The Company is fully ISO 90000 and ISO 14000 certified and has received a number of national, provincial and local honors, awards and certifications for its products and scientific research efforts. The Company’s subsidiary, First International Commercial Factoring (Shenzhen) Co., LTD, is engaged in commercial factoring for businesses in and related to its supply chain. For more information please visit: https://tanhtech.com/.

Forward-Looking Statements

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning the sales, plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and service demand and acceptance, changes in technology, economic conditions, the impact of competition and pricing, government regulations, and other risks contained in reports filed by the Company with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by or on behalf of the Company, are expressly qualified by this cautionary statement and any other cautionary statements which may accompany the forward-looking statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

For more information, please contact:

Tantech Holdings Ltd
Investor Relations
Tel: +86 (578) 226-2305
[email protected]

View original content:https://www.prnewswire.com/news-releases/tantech-holdings-regains-compliance-with-nasdaq-minimum-bid-price-requirement-302389514.html

SOURCE Tantech Holdings Ltd.

March 3, 2025 8:48 am

ChoiceOne Financial Services, Inc. and Fentura Financial, Inc. Complete Merger

PR Newswire

SPARTA, Mich. and FENTON, Mich., March 3, 2025 /PRNewswire/ — ChoiceOne Financial Services, Inc., (NASDAQ: COFS) (“ChoiceOne”), today announced the completion of the merger of Fentura Financial, Inc. (OTCQX: FETM) (“Fentura”) with and into ChoiceOne, effective as of March 1, 2025. The combined organization is a bank holding company with assets exceeding $4 billion and operates 56 offices across Michigan.

“We are excited to welcome Fentura into our ChoiceOne family,” said ChoiceOne CEO Kelly Potes. “Our acquisition of Fentura is a natural geographical and cultural fit for ChoiceOne and allows us to expand our community bank franchise further into Central and Southeastern Michigan. Our combined company offers greater range and capacity for commercial and consumer lending as well as leading advancements in technology. We believe ChoiceOne offers substantial opportunity for our collective communities, customers, and employees while adding significant value for our shareholders. ChoiceOne will offer small businesses and consumers in West, Central and Southeast Michigan an extensive line of products and services delivered through an enhanced retail network including digital and branch banking.”

The combined organization will be headquartered in Sparta, Michigan. The consolidation of The State Bank with and into ChoiceOne Bank is expected to be effective on March 14, 2025 and the consolidated bank will operate under the ChoiceOne name and brand.

About ChoiceOne
ChoiceOne Financial Services, Inc. is a financial holding company headquartered in Sparta, Michigan and the parent corporation of ChoiceOne Bank and The State Bank. Members FDIC. Collectively, ChoiceOne Bank and The State Bank operate 56 offices in parts of Kent, Ottawa, Muskegon, Newaygo, Lapeer, St. Clair, Macomb, Genesee, Jackson, Livingston, Ingham, Saginaw, Shiawassee, and Bay counties. ChoiceOne Bank and The State Bank offer insurance and investment products through ChoiceOne Bank’s subsidiary, ChoiceOne Insurance Agencies, Inc. ChoiceOne Financial Services, Inc. common stock is quoted on the Nasdaq Capital Market under the symbol “COFS.” For more information, please visit Investor Relations at ChoiceOne’s website at choiceone.bank.

Forward-Looking Statements

This press release contains forward-looking statements. Words such as “anticipates,” “believes,” “estimates,” “expects,” “forecasts,” “intends,” “is likely,” “plans,” “predicts,” “projects,” “may,” “could,” “look forward,” “continue”, “future” and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements reflect current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions (“risk factors”) that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed, implied or forecasted in such forward-looking statements. Furthermore, ChoiceOne does not undertake any obligation to update, amend, or clarify forward-looking statements, whether as a result of new information, future events, or otherwise. Risk factors include, but are not limited to, the risk factors described in Item 1A in ChoiceOne’s Annual Report on Form 10-K for the year ended December 31, 2023, and in any of ChoiceOne’s subsequent SEC filings, which are available on the SEC’s website, www.sec.gov.

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SOURCE ChoiceOne Financial Services, Inc.