Market Newsdesk

January 23, 2025 8:35 am

Mixed Martial Arts Group Limited Publishes Annual Report and Form 20-F for Fiscal Year 2024.

New York, NY, Jan. 23, 2025 (GLOBE NEWSWIRE) —

Mixed Martial Arts Group Limited

(NYSE American: MMA) (“MMA.inc” or the “Company”), a leading technology company building the commercial and cultural epicenter for the mixed martial arts (MMA) and combat sports industry filed its annual report on 31 October, 2024 for fiscal year 2024 on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report is available at the company’s website (mma.inc) in the “Investors” section as well as at the SEC’s website (www.sec.gov).

A hard copy of the Company’s annual report on Form 20-F, including the complete audited consolidated financial statements, may be obtained from the Company free of charge upon request to the Company’s investor relations department by email at [email protected].

ABOUT MIXED MARTIAL ARTS GROUP LIMITED

Mixed Martial Arts Group Limited (MMA.inc) is a technology company dedicated to increasing consumer participation in martial arts and combat sports while enhancing community offerings within the sector.

With a rapidly growing presence, across the platform, MMA.inc has:

– over 5 million social media followers,
– 530,000 user profiles,
– 50,000 active students, and
– 18,000 published gyms, and 802 active locations across 16 countries,

creating significant opportunities for increasing engagement and driving monetization within the global MMA ecosystem. MMA.inc currently operates four business units designed to serve and monetize all key stakeholders, including fans, participants, coaches, gym owners, and athletes.

– TrainAlta (www.trainalta.com) partners with gyms and coaches to deliver a range of consumer products that drive participation in martial arts for fans and beginners.
– Hype (www.hype.co) is a mobile marketing platform designed to help gym owners, coaches and athlete partners grow revenue from their followers and audiences in today’s age of social media.
– MixedMartialArts.com (www.mixedmartialarts.com) is a leading platform for the MMA community, providing access to MMA news and media, fighter data, fight schedules and access to the legendary Underground forum.
– BJJLink (www.bjjlink.com) BJJLink offers the most complete gym management solution specifically catering to jiu jitsu academy needs around the world including a comprehensive suite of tools for payment processing, marketing, student engagement, website building, and content monetization.

For further information about Mixed Martial Arts Group Limited (NYSE American: MMA), please visit www.mma.inc

Forward-Looking Statements

This press release may include forward-looking statements. Any statements contained herein regarding our strategy, future operations, financial position, future revenues, projected costs, prospects, plans and objectives of management, other than statements of historical facts, are forward-looking statements. The forward-looking statements included herein include or may include, but are not limited to, statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain words, terms, phrases, or expressions such as “achieve,” “forecast,” “plan,” “propose,” “strategy,” “envision,” “hope,” “will,” “continue,” “potential,” “expect,” “believe,” “anticipate,” “project,” “estimate,” “predict,” “intend,” “should,” “could,” “may,” “might,” or similar words, terms, phrases, or expressions or the negative of any of these terms. Any statements in this press release that are not based upon historical fact are forward-looking statements and represent our best judgment as to what may occur in the future. Actual revenue may vary to current sales due to factors such as participant churn, cancellations, and changes in payment schedules. Any references to active gyms or partner gyms refer to a gym profile that has been claimed or created across the MMA.inc platform. Any references to estimated or targeted revenue per active gym do not guarantee that the gym will generate the specified revenue or any revenue at all. Forward-looking statements involve a number of known and unknown risks and uncertainties, including, but not limited to, those discussed in the “Risk Factors” section contained in our Registration Statement on Form F-1 as filed with the SEC. Given the risks and uncertainties, readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results which may not occur as anticipated. New risk factors emerge from time to time, and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such factors on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. You should carefully read the factors described in the “Risk Factors” section of the Form 20-F for the fiscal year ended June 30, 2024, filed with the SEC to better understand the risks and uncertainties inherent in our business and industry, and underlying any forward-looking statements. Except where required by law, the Company assumes no obligation to update, withdraw or revise any forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

Media Contacts

Peter Jarmain
Mixed Martial Arts Group Limited
E: [email protected]

January 23, 2025 8:35 am

OSI Systems Reports Fiscal 2025 Second Quarter Financial Results

OSI Systems Reports Fiscal 2025 Second Quarter Financial Results

Record Q2 Revenues of $420 Million (12% Growth Year-Over-Year)
Record Q2 Earnings Per Diluted Share
- GAAP EPS of $2.22
- Non-GAAP EPS of $2.42
Q2 Book-to-Bill Ratio of 1.2
Company Increases FY 2025 Revenue and Non-GAAP Diluted EPS Guidance

HAWTHORNE, Calif.–(BUSINESS WIRE)–
OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced its financial results for the three and six months ended December 31, 2024.

Ajay Mehra, OSI Systems’ President and Chief Executive Officer, stated, “We are pleased to report a record-breaking second quarter for revenues and earnings, led by continued strong execution in the Security division and solid performance in the Optoelectronics and Manufacturing division. Given our robust backlog and high visibility into our opportunity pipeline, we anticipate a strong second half of fiscal 2025.”

For Q2 FY25, the Company reported revenues of $419.8 million, a 12% increase over the $373.2 million reported for the same quarter of the prior year. Net income for Q2 FY25 was $37.8 million, or $2.22 per diluted share, compared to net income of $36.6 million, or $2.11 per diluted share, for the same quarter of the prior fiscal year. Non-GAAP net income for Q2 FY25 was $41.2 million, or $2.42 per diluted share, compared to non-GAAP net income for the same quarter of the prior year of $38.3 million, or $2.21 per diluted share.

For the six months ended December 31, 2024, revenues were $763.8 million, compared to $652.4 million in the same period a year ago. Net income for the six months ended December 31, 2024 was $55.8 million, or $3.27 per diluted share, compared to $49.4 million, or $2.87 per diluted share, for the same prior-year period. Non-GAAP net income for the six months ended December 31, 2024 was $62.5 million, or $3.67 per diluted share, compared to non-GAAP net income of $53.8 million, or $3.12 per diluted share, for the same prior-year period.

The Company’s book-to-bill ratio was 1.2 for the second quarter of fiscal 2025. As of December 31, 2024, the Company’s backlog was over $1.8 billion. For Q2 FY25, the Company generated cash from operations of $52.5 million, a significant improvement from cash used in operations of $23.5 million for the same quarter of the prior year. Capital expenditures were $5.5 million and $3.5 million for Q2 FY25 and Q2 FY24, respectively.

Mr. Mehra commented, “The results from our Security division highlight our substantial achievements, where revenues increased 16% year-over-year leading to operating income growth, despite facing a challenging comparison with the previous year’s quarter. This performance was driven by the growing demand for our products and services across multiple regions. The adjusted operating margin for the division was 19.9% in the fiscal 2025 second quarter representing the second strongest adjusted operation margin in our history. Bookings were strong and despite the sizable conversion of backlog to revenue in the quarter, the Security division quarter-ended backlog increased to a record high. This gives us significant confidence that the positive momentum in the Security division will continue.”

Mr. Mehra continued, “Our Optoelectronics and Manufacturing division again delivered solid financial results in the fiscal 2025 second quarter with year-over-year growth in revenues and operating income. This division continues to benefit from our vertically-integrated global manufacturing footprint and is well-positioned to take advantage of future growth opportunities.”

Mr. Mehra concluded, “We are encouraged by the Q2 sales growth and bookings momentum in our Healthcare division and continue to focus on new product development, principally in our patient monitoring portfolio.”

Fiscal Year 2025 Outlook

	Current Updated Guidance	Previous Guidance

Revenues	$1.685 billion – $1.710 billion	$1.670 billion – $1.695 billion
*Growth Rate*	9.5% – 11.1%	8.5% – 10.2%

Non-GAAP Diluted Earnings Per Share	$9.10 – $9.40	$9.00 – $9.30
*Growth Rate*	11.9% – 15.6%	10.7% – 14.4%

The Company is increasing its fiscal 2025 revenues and non-GAAP diluted earnings per share guidance, as reflected above. Actual revenues and adjusted diluted earnings per share could vary from this guidance due to factors discussed under “Forward-Looking Statements” or other factors.

The Company’s fiscal 2025 adjusted diluted earnings per share guidance is provided on a non-GAAP basis only. The Company does not provide a reconciliation of guidance for non-GAAP adjusted diluted EPS to GAAP diluted EPS (the most directly comparable GAAP measure) on a forward-looking basis because the Company is unable to provide a meaningful or accurate compilation of reconciling items and certain information is not available. This is due to the inherent difficulty and complexity in accurately forecasting the timing and amounts of various items included in the calculation of GAAP diluted EPS but excluded in the calculation of non-GAAP adjusted diluted EPS, such as acquisition costs and other non-recurring items that have not yet occurred, are out of the Company’s control or cannot otherwise reasonably be predicted. For the same reasons, the Company is unable to address the significance of unavailable information which may be material and therefore could result in GAAP diluted EPS, the most directly comparable GAAP financial measure, being materially different from projected non-GAAP adjusted diluted EPS.

Presentation of Non-GAAP Financial Measures

This earnings release includes a presentation of non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP operating income (loss) by segment and non-GAAP operating margin, all of which are non-GAAP financial measures. The presentation of these non-GAAP figures for all fiscal periods is provided to allow for the comparison of the underlying performance of the Company, net of impairment, restructuring and other charges (including certain legal costs), amortization of intangible assets acquired through business acquisitions, and their associated tax effects, and the impact of discrete income tax items. Although we exclude amortization of acquired intangible assets from our non-GAAP figures, revenue generated from such intangibles is included within revenue in determining non-GAAP financial performance of the Company. Management believes that the non-GAAP financial measures presented in this earnings release provide (i) enhanced insight into the ongoing operations of the Company, (ii) meaningful information regarding the Company’s financial results (excluding amounts management does not view as reflective of ongoing operating results) for purposes of planning, forecasting and assessing the performance of the Company’s businesses, (iii) a meaningful comparison of financial results of the current period against results of past periods and (iv) financial results that are generally more comparable to financial results of peer companies than are GAAP figures. Non-GAAP financial measures should not be assessed in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as measures used by other companies due to possible differences in methods and in the items or events for which adjustments are made.

Reconciliations of GAAP financial information to non-GAAP financial information are provided in the accompanying tables. The financial results calculated in accordance with GAAP and reconciliations from those financial results should be carefully evaluated.

Conference Call Information

The Company will host a conference call and simultaneous webcast beginning at 9:00am PT (12:00pm ET) today to discuss its financial results for the periods presented in this earnings release. To listen, please visit the Investor Relations section of the OSI Systems website at http://investors.osi-systems.com/index.cfm and follow the link that will be posted on the front page. A replay of the webcast will be available beginning shortly after the conclusion of the conference call until February 7, 2025. The replay can be accessed through the Company’s website at www.osi-systems.com.

About OSI Systems

OSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense and aerospace industries. The Company combines more than 40 years of electronics engineering and manufacturing experience with offices and production facilities in more than a dozen countries to implement a strategy of expansion into selective end-product markets. For more information on OSI Systems and its subsidiary companies, visit www.osi-systems.com. News Filter: OSIS-E

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to the Company’s current expectations, beliefs, and projections concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance and involve uncertainties, risks, assumptions, and contingencies, many of which are outside the Company’s control and which may cause actual results to differ materially from those described in or implied by any forward-looking statement. Forward-looking statements include, but are not limited to, information provided regarding expected revenues, earnings, growth, and operational performance in fiscal 2025 and beyond. The Company could be exposed to a variety of negative consequences as a result of delays related to the award of domestic and international contracts; failure to secure the renewal of key customer contracts; delays in customer programs; delays in revenue recognition related to the timing of customer acceptance; the impact of potential information technology, cybersecurity or data security breaches; changes in domestic and foreign government spending and budgetary, procurement and trade policies adverse to the Company’s businesses; the impact of the Russia-Ukraine conflict or conflicts in the Middle East, including the potential for broad economic disruption;global economic uncertainty; material delays and cancellations of orders or deliveries thereon, supply chain disruptions, plant closures, or other adverse impacts on the Company’s ability to execute business plans; unfavorable currency exchange rate fluctuations; unfavorable interest rate fluctuations; effect of changes in tax legislation; market acceptance of the Company’s new and existing technologies, products, and services; the Company’s ability to win new business and convert orders received to sales within the current fiscal year; contract and regulatory compliance matters, and actions which, if brought, could result in judgments, settlements, fines, injunctions, debarment, or penalties; and other risks and uncertainties, including, but not limited to, those detailed herein and from time to time in the Company’s Securities and Exchange Commission filings, which could have a material and adverse impact on the Company’s business, financial condition, and results of operations. For additional information on these and other factors that could cause the Company’s future results to differ materially from those in any forward-looking statements, see the section titled “Risk Factors” in the Company’s most recently filed Annual Report on Form 10-K and other risks described therein and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which are based on currently available information and speak only as of the date on which they are made. The Company assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent required to do so under federal securities laws.


OSI SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS *(in thousands, except per share data)*

	Three Months Ended December 31,						Six Months Ended December 31,
		2023			2024			2023			2024
Revenues:
Products	$	290,179		$	333,671		$	489,888		$	589,479
Services		83,056			86,149			162,557			174,348
Total net revenues		373,235			419,820			652,445			763,827
Cost of goods sold:
Products		187,385			224,087			324,368			394,509
Services		44,549			48,582			88,031			100,665
Total cost of goods sold		231,934			272,669			412,399			495,174
Gross profit		141,301			147,151			240,046			268,653
Operating expenses:
Selling, general and administrative		71,604			70,722			131,402			142,945
Research and development		16,350			18,257			32,272			36,030
Restructuring and other charges, net		1,026			215			1,492			1,393
Total operating expenses		88,980			89,194			165,166			180,368
Income from operations		52,321			57,957			74,880			88,285
Interest and other expense, net		(6,534	)		(8,619	)		(12,282	)		(15,978	)
Income before income taxes		45,787			49,338			62,598			72,307
Provision for income taxes		(9,234	)		(11,519	)		(13,166	)		(16,552	)
Net income	$	36,553		$	37,819		$	49,432		$	55,755

Diluted earnings per share	$	2.11		$	2.22		$	2.87		$	3.27
Weighted average shares outstanding – diluted		17,302			17,040			17,238			17,048


UNAUDITED SEGMENT INFORMATION *(in thousands)*

	Three Months Ended December 31,						Six Months Ended December 31,
		2023			2024			2023			2024
Revenues – by Segment:
Security division	$	249,975		$	289,987		$	414,604		$	514,301
Optoelectronics and Manufacturing division, including intersegment revenues		98,097			100,743			194,225			198,538
Healthcare division		41,850			44,854			79,637			81,956
Intersegment eliminations		(16,687	)		(15,764	)		(36,021	)		(30,968	)
Total	$	373,235		$	419,820		$	652,445		$	763,827

Operating income (loss) – by Segment:
Security division	$	51,856		$	54,053		$	72,465		$	82,909
Optoelectronics and Manufacturing division		11,621			12,282			23,058			22,891
Healthcare division		429			1,722			593			2,522
Corporate		(11,183	)		(9,670	)		(21,099	)		(19,180	)
Intersegment eliminations		(402	)		(430	)		(137	)		(857	)
Total	$	52,321		$	57,957		$	74,880		$	88,285


OSI SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)

	June 30, 2024		December 31, 2024
Assets

Cash and cash equivalents	$	95,353	$	101,633
Accounts receivable, net		648,155		703,933
Inventories		397,939		441,795
Prepaid expenses and other current assets		74,077		77,208
Total current assets		1,215,524		1,324,569
Property and equipment, net		113,967		124,023
Goodwill		351,480		382,166
Intangible assets, net		139,529		181,954
Other non-current assets		115,508		118,202
Total Assets	$	1,936,008	$	2,130,914

Liabilities and Stockholders’ Equity

Bank lines of credit	$	384,000	$	236,000
Current portion of long-term debt		8,167		8,200
Accounts payable and accrued expenses		248,427		261,960
Other current liabilities		174,043		197,558
Total current liabilities		814,637		703,718
Long-term debt		129,383		466,560
Other long-term liabilities		128,505		134,806
Total liabilities		1,072,525		1,305,084
Total stockholders’ equity		863,483		825,830
Total Liabilities and Stockholders’ Equity	$	1,936,008	$	2,130,914


RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND DILUTED EARNINGS PER SHARE *(in thousands, except earnings per share data)*

	Three Months Ended December 31,												Six Months Ended December 31,
	2023						2024						2023						2024
	Net income			EPS			Net income			EPS			Net income			EPS			Net income			EPS
GAAP basis	$	36,553		$	2.11		$	37,819		$	2.22		$	49,432		$	2.87		$	55,755		$	3.27
Restructuring and other charges, net		1,026			0.06			215			0.01			1,492			0.09			1,393			0.09
Amortization of acquired intangible assets		4,680			0.27			4,698			0.28			8,387			0.48			8,565			0.50
Tax benefit of above adjustments		(1,465	)		(0.08	)		(1,179	)		(0.07	)		(2,544	)		(0.15	)		(2,390	)		(0.14	)
Discrete tax benefit		(2,540	)		(0.15	)		(320	)		(0.02	)		(2,953	)		(0.17	)		(802	)		(0.05	)
Non-GAAP basis	$	38,254		$	2.21		$	41,233		$	2.42		$	53,814		$	3.12		$	62,521		$	3.67


RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME (LOSS) AND OPERATING MARGIN BY SEGMENT *(in thousands, except percentages)*


Three Months Ended December 31, 2023
	Security Division				Optoelectronics and Manufacturing Division				Healthcare Division				Corporate / Elimination			Total
			% of Sales				% of Sales				% of Sales							% of Sales
GAAP basis – operating income (loss)	$	51,856	20.7	%	$	11,621	11.8	%	$	429	1.0	%	$	(11,585	)	$	52,321	14.0	%
Restructuring and other charges, net.		164	0.1	%		525	0.5	%		–	–			337			1,026	0.3	%
Amortization of acquired intangible assets		3,339	1.3	%		1,039	1.1	%		302	0.7	%		–			4,680	1.2	%
Non-GAAP basis– operating income (loss)	$	55,359	22.1	%	$	13,185	13.4	%	$	731	1.7	%	$	(11,248	)	$	58,027	15.5	%


Three Months Ended December 31, 2024
	Security Division				Optoelectronics and Manufacturing Division				Healthcare Division				Corporate / Elimination			Total
			% of Sales				% of Sales				% of Sales							% of Sales
GAAP basis – operating income (loss)	$	54,053	18.6	%	$	12,282	12.2	%	$	1,722	3.8	%	$	(10,100	)	$	57,957	13.8	%
Restructuring and other charges, net.		–	–			–	–			–	–			215			215	0.1	%
Amortization of acquired intangible assets		3,722	1.3	%		590	0.6	%		386	0.9	%		–			4,698	1.1	%
Non-GAAP basis– operating income (loss)	$	57,775	19.9	%	$	12,872	12.8	%	$	2,108	4.7	%	$	(9,885	)	$	62,870	15.0	%

Six Months Ended December 31, 2023
	Security Division				Optoelectronics and Manufacturing Division				Healthcare Division				Corporate / Elimination			Total
			% of Sales				% of Sales				% of Sales							% of Sales
GAAP basis – operating income (loss)	$	72,465	17.5	%	$	23,058	11.9	%	$	593	0.7	%	$	(21,236	)	$	74,880	11.5	%
Restructuring and other charges, net.		436	0.1	%		576	0.3	%		–	0.0	%		480			1,492	0.2	%
Amortization of acquired intangible assets		5,966	1.4	%		1,818	0.9	%		603	0.8	%		–			8,387	1.3	%
Non-GAAP basis– operating income (loss)	$	78,867	19.0	%	$	25,452	13.1	%	$	1,196	1.5	%	$	(20,756	)	$	84,759	13.0	%


Six Months Ended December 31, 2024
	Security Division				Optoelectronics and Manufacturing Division				Healthcare Division				Corporate / Elimination			Total
			% of Sales				% of Sales				% of Sales							% of Sales
GAAP basis – operating income (loss)	$	82,909	16.1	%	$	22,891	11.5	%	$	2,522	3.1	%	$	(20,037	)	$	88,285	11.6	%
Restructuring and other charges, net.		479	0.1	%		547	0.3	%		152	0.2	%		215			1,393	0.2	%
Amortization of acquired intangible assets		6,708	1.3	%		1,170	0.6	%		687	0.8	%		–			8,565	1.1	%
Non-GAAP basis– operating income (loss)	$	90,096	17.5	%	$	24,608	12.4	%	$	3,361	4.1	%	$	(19,822	)	$	98,243	12.9	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250123484625/en/

For Additional Information, Contact:

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

Tel: (310) 349-2237

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Engineering Technology Other Technology Manufacturing Other Manufacturing Hardware

MEDIA:

January 23, 2025 8:35 am

Haoxi Health Technology Limited Announces 1-for-25 Reverse Share Split

BEIJING, Jan. 23, 2025 (GLOBE NEWSWIRE) — Haoxi Health Technology Limited (the “Company” or “HAO”), an online marketing solution provider headquartered in Beijing, China, today announced that it has resolved to effect a reverse share split of the Company’s ordinary shares, with the split ratio set at 1-for-25 (the “Reverse Share Split”). The Reverse Share Split was approved by the Company’s shareholders at an annual general meeting of shareholders held on January 10, 2025. The Company’s Class A ordinary shares will begin trading on an adjusted basis on the Nasdaq Capital Market, reflecting the Reverse Share Split, when the market opens on January 27, 2025, under the existing ticker symbol “HAO.” The new CUSIP number for the Company’s Class A ordinary shares will be G4290F118.

Upon the effectiveness of the Reverse Share Split, every twenty-five shares of the Company’s issued and outstanding Class A ordinary shares as of the effective date will automatically be combined into one Class A ordinary share, and every twenty-five shares of the Company’s issued and outstanding Class B ordinary shares as of the effective date will automatically be combined into one Class B ordinary share. This adjustment will reduce the total number of outstanding Class A ordinary shares of the Company from approximately 53.29 million to approximately 2.13 million, and the total number of outstanding Class B ordinary shares of the Company from approximately 17.27 million to approximately 0.69 million.

In conjunction with the Reverse Share Split, the Company also amended its Articles and Memorandum of Association to proportionately reduce the number of authorized shares for issuance and to adjust the par value of the post-reverse share split ordinary shares to $0.0025 per share.

No fractional shares will be issued; instead, shareholders who would otherwise be entitled to a fractional share will have their entitlement rounded up to the nearest whole share.

The Reverse Split is expected to lead the Company’s Class A ordinary shares to trade at approximately twenty-five times the price per share at which it trades prior to the effectiveness of the Reverse Split. The Company, however, cannot assure that the price of its Class A ordinary shares after the Reverse Split will reflect the 1 for 25 Reverse Split ratio, that the price per share following the effective time of the Reverse Split will be maintained for any period of time, or that the price will remain above the pre-split trading price.

Further details regarding the reverse share split and the associated changes to the Company’s share capital can be found in the Company’s notice of 2025 annual general meeting, filed with the Securities and Exchange Commission on December 19, 2024.

About Haoxi Health Technology Limited

Haoxi Health Technology Limited is an online marketing solution provider headquartered in Beijing, China, specializing in serving healthcare industry advertiser clients. The Company’s growth is driven by the rise of news feed ads and the rapid development of the healthcare sector. The Company offers one-stop online marketing solutions, especially in online short video marketing, helping advertisers acquire and retain customers on popular platforms in China, such as Toutiao, Douyin, WeChat, and Sina Weibo. The Company is dedicated to reducing costs, increasing efficiency, and providing easy online marketing solutions to advertisers. For more information, please visit: http://ir.haoximedia.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, underlying assumptions, and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s goals and strategies; the Company’s forecast on market trends; the Company’s future business development; the demand for and market acceptance for new services; expectation to receive customer orders for new services; the anticipated timing for the marketing and sales of new solutions; changes in technology; the Company’s ability to attract and retain skilled professionals; client concentration; and general economic conditions affecting the Company’s industry and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

For more information, please contact:

Investor Relations

WFS Investor Relations Inc.

Janice Wang, Managing Partner

Email: [email protected]

Phone: +86 13811768599

+1 628 283 9214

January 23, 2025 8:35 am

Barfresh Announces Major Northeast School District Wins as It Continues National Educational Expansion

Northeast Region Growth Adds Over 700 Schools as Barfresh’s K-12 Market Presence Strengthens

New Pop & Go™ 100% Juice Freeze Pops Receive Highest Rating Out of All New Products Tested with Major School District in The Northeast

LOS ANGELES, Jan. 23, 2025 (GLOBE NEWSWIRE) — Barfresh Food Group Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, today announced an expansion of its K-12 education channel across the Northeast United States. The expansion encompasses multiple new school districts, representing more than 700 schools and serving approximately half a million students throughout the region. Several of these major districts have already begun rolling out Barfresh’s Twist & Go™ smoothies into their breakfast programs and some of these school districts are planning to implement the products in upcoming menu cycles. Some of these School districts have also begun testing Barfresh’s new Pop & Go™ 100% Juice Freeze Pops for their lunch menus. It is important to note that lunch menu placement is approximately 3 to 5 times higher volume compared to breakfast menu placements, which is where Twist & Go™ is primarily offered.

Notably, among these new wins is Pennsylvania’s largest school district, serving approximately 200,000 students across 300+ schools, which recently commenced rolling out Barfresh’s Twist & Go™ smoothies on their breakfast menu. In addition to the Twist & Go™ rollout, this same school district recently completed administrator and student testing of Barfresh’s newest Pop & Go™ 100% Juice Freeze Pops, with exceptional results. All three flavors introduced during the testing phase ranked first, second, and third among all other new lunch menu item products tested by the school district, achieving the highest overall scores.

Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “This northeast expansion represents a significant step in our national growth strategy. The education channel continues to be a key driver for Barfresh, and these new wins demonstrate the strong market demand for our better-for-you product offerings. The initial implementations have been highly successful, and we’re excited to complete the remaining rollouts across these 700+ schools in the coming months and beginning in the new 2026 school year. The overwhelming positive response to our new Pop & Go™ 100% Juice Freeze Pop product during this large-scale student testing phase is a compelling indicator of its future potential on the lunch menus as we prepare to introduce this product into the broader education channel. The high volume lunch menu placements represent a significant opportunity to step up volume with the existing accounts that are currently only serving the Twist & Go™ smoothies. These test results validate both our innovation strategy and reinforce our position in the education channel.”

About Barfresh Food Group

Barfresh Food Group Inc. (Nasdaq: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for the education market, foodservice industry and restaurant chains, delivered as fully prepared individual portions or single serving and bulk formats for on-site preparation. The Company’s single serving, on-site prepared product utilizes a proprietary, patented system that uses portion-controlled pre-packaged beverage ingredients, delivering a freshly made frozen beverage that is quick, cost efficient, better for you and without waste. For more information, please visit www.barfresh.com.

Forward Looking Statements

Except for historical information herein, matters set forth in this press release are forward-looking, including statements about the Company’s commercial progress, success of its strategic relationship(s), and projections of future financial performance. These forward-looking statements are identified by the use of words such as “grow”, “expand”, “anticipate”, “intend”, “estimate”, “believe”, “expect”, “plan”, “should”, “hypothetical”, “potential”, “forecast” and “project”, “continue,” “could,” “may,” “predict,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The contents of this release should be considered in conjunction with the Company’s recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any warnings, risk factors and cautionary statements contained therein. Furthermore, the Company expressly disclaims any current intention to update publicly any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.

Investor Relations

John Mills
ICR
646-277-1254
[email protected]

Deirdre Thomson
ICR
646-277-1283
[email protected]

January 23, 2025 8:35 am

Safety Shot Reaches an Amicable Litigation Settlement Agreement, Strengthening Financial Position and Fostering Strategic Partnerships

SCOTTSDALE, Ariz., Jan. 23, 2025 (GLOBE NEWSWIRE) — Safety Shot, Inc. (Nasdaq: SHOT) (“Safety Shot” or the “Company”), a wellness and dietary supplement company, today announced that it has reached a settlement agreement with Bigger Capital LLC, resolving outstanding litigation and further solidifying the Company’s financial foundation for future growth.

This settlement allows Safety Shot to move forward with its strategic initiatives, including expanding its product portfolio, strengthening its distribution network, and pursuing new opportunities in the rapidly growing wellness and functional beverage market.

“We are pleased to have reached an amicable resolution in this matter,” said Jarrett Boon, CEO of Safety Shot. “This settlement eliminates uncertainty and allows us to focus our resources on executing our growth strategy and delivering value to our shareholders.”

Strengthening Financial Position and Strategic Relationships

The settlement provides Safety Shot with enhanced financial flexibility and fosters the development of key strategic relationships.

“I am glad to have the litigation resolved. I believe the Company’s vision and potential are impressive, and we are exploring ways to further enhance our relationship” said Michael Bigger of Bigger Capital.

As part of the litigation settlement, Bigger Capital insisted upon having a participation right of up to 25% in future Safety Shot financings to facilitate Safety Shot’s growth. A partnership with Bigger Capital provides Safety Shot with access to capital and strategic guidance as it continues to execute its growth strategy.

Focused on Future Growth

With this legal matter resolved, Safety Shot is well-positioned to capitalize on the growing demand for its innovative wellness products. The Company remains committed to expanding its product portfolio, strengthening its distribution network, and building strategic partnerships to drive growth and enhance shareholder value.

“Resolving this litigation removes a major obstacle and allows us to fully focus on our core business and strategic objectives,” said Boone. “We are excited about the future and confident in our ability to deliver value to our shareholders.”

There are no agreements, commitments, or understandings between the Company and Bigger Capital with respect to the terms of future financings or as to the level of participation, if any, with Bigger Capital in any such financings.

About Safety Shot, Inc.

Safety Shot, Inc., a wellness and dietary supplement company, has developed Sure Shot, the first patented wellness product on Earth that lowers blood alcohol content by supporting its metabolism, while boosting clarity, energy, and overall mood. Sure Shot is available for purchase online at www.sureshot.com, www.walmart.com and Amazon. The Company is introducing business-to-business sales of Sure Shot to distributors, retailers, restaurants, and bars throughout 2025.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to SHOT. All statements other than statements of historical facts contained in this press release, including statements regarding SHOT’s future results of operations and financial position, SHOT’s business strategy, prospective costs, timing and likelihood of success, plans and objectives of management for future operations, future results of current and anticipated operations of SHOT are forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including, but not limited to, risks relating to SHOT which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth economically and hire and retain key employees; costs; changes in applicable laws or regulations; the possibility that SHOT may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties, including those under “Risk Factors” in filings with the SEC made by SHOT. Moreover, SHOT operates in very competitive and rapidly changing environments. Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some of which are beyond SHOT’s control, you should not rely on these forward-looking statements as predictions of future events. Forward-looking statements speak only as of the date they are made. None of SHOT gives any assurance that SHOT will achieve its expectations. Readers are cautioned not to put undue reliance on forward-looking statements, and except as required by law, SHOT assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. There are no agreements, commitments, or understandings between the Company and Bigger Capital with respect to the terms of future financings or as to the level of participation, if any, with Bigger Capital in any such financings.

Investor Relations
Phone: 561-244-7100
Email: [email protected]

January 23, 2025 8:34 am

GATX Corporation Reports 2024 Fourth-Quarter and Full-Year Results

GATX Corporation Reports 2024 Fourth-Quarter and Full-Year Results

Fourth-quarter 2024 net income was $76.5 million or $2.10 per diluted share; full-year 2024 net income was $284.2 million or $7.78 per diluted share
Rail North America’s fleet utilization remained above 99%; Lease Price Index (LPI) at 26.7%
Full-year investment volume exceeded $1.6 billion
Company initiates 2025 earnings guidance of $8.30–$8.70 per diluted share

CHICAGO–(BUSINESS WIRE)–
GATX Corporation (NYSE: GATX) today reported 2024 fourth-quarter net income of $76.5 million or $2.10 per diluted share, compared to net income of $66.0 million or $1.81 per diluted share in the fourth quarter of 2023. The 2024 and 2023 fourth-quarter results include net positive impacts of $0.17 per diluted share and $0.07 per diluted share, respectively, from Tax Adjustments and Other Items.

Net income for the full-year 2024 was $284.2 million or $7.78 per diluted share, compared to $259.2 million or $7.12 per diluted share in the prior year. The 2024 full-year results include a net negative impact of $0.11 per diluted share from Tax Adjustments and Other Items. The 2023 full-year results include a net positive impact of $0.05 per diluted share from Tax Adjustments and Other Items. Details related to Tax Adjustments and Other Items are provided in the attached Supplemental Information.

“Based on strong performance throughout the year, GATX delivered 2024 full-year financial results that exceeded our original expectations,” said Robert C. Lyons, president and chief executive officer of GATX. “In Rail North America, demand for existing railcars remained steady, as expected. We continued to extend lease renewal terms at attractive rates while maintaining high fleet utilization and strong renewal success rate. This enabled us to embed a high level of quality, long-term committed cash flow into the business. In addition to the commercial results, we also invested over $1.1 billion in our North American rail business in 2024. We continued to expand the platform through opportunistic railcar purchases in addition to investments made under our existing supply agreement. Additionally, we experienced continued strong demand for GATX assets in the secondary market, allowing us to optimize the fleet through railcar sales and generate significant asset remarketing income.

“Rail International produced solid operating results. During the year, GATX Rail Europe and GATX Rail India reached significant fleet count milestones, crossing the 30,000 and 10,000 wagon marks, respectively. Our fleet utilization in both regions remained high, and we continued to experience increases in renewal lease rates compared to expiring rates for most railcar types.

“In Engine Leasing, the Rolls-Royce and Partners Finance affiliates and our wholly owned aircraft spare engine portfolio achieved excellent results as strong global demand for aircraft engines continued. Growth in passenger air travel was robust, and global air travel has exceeded pre-pandemic levels. During the year, we executed on attractive opportunities to increase our investment in engines, both directly and within RRPF. In 2024, we added 10 engines to our wholly owned portfolio for over $260 million, bringing the net book value of the portfolio to over $930 million. Separately, RRPF invested over $900 million, bringing the net book value of the joint venture’s portfolio to over $4.7 billion.”

Mr. Lyons added, “For 2025, we currently expect a stable railcar leasing market in North America. While we anticipate higher lease revenue as we continue to renew expiring leases at higher lease rates across many car types, net maintenance expense is likely to be higher as tank car qualification work is expected to remain elevated in 2025. Combined with higher interest expense and modestly lower asset remarketing income, we expect Rail North America’s 2025 segment profit to be up slightly from 2024. In Rail International, we anticipate higher segment profit driven by more railcars on lease at higher lease rates for most car types. In Engine Leasing, we expect RRPF and our wholly owned portfolio to produce strong results again, driving growth in segment profit, as expected increases in air travel demand will continue to drive aircraft engine demand.”

Mr. Lyons concluded, “In 2024, we once again executed on our strategy of investing in economically attractive opportunities in our core businesses. We believe these disciplined investments will continue to drive earnings growth at GATX in 2025 and beyond. Based on our current outlook, we expect 2025 earnings to be in the range of $8.30–$8.70 per diluted share.”

RAIL NORTH AMERICA

Rail North America reported segment profit of $84.5 million in the fourth quarter of 2024, compared to $66.7 million in the fourth quarter of 2023. For the full year, Rail North America reported segment profit of $356.0 million in 2024, compared to $307.3 million in 2023. Higher 2024 fourth-quarter and full-year segment profits were driven primarily by higher lease revenue, partially offset by higher interest expense.

As of Dec. 31, 2024, Rail North America’s wholly owned fleet was approximately 111,400 cars, including approximately 8,400 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.

Fleet utilization was 99.1% at the end of the fourth quarter, compared to 99.3% at the end of the prior quarter and 99.3% at 2023 year end. During the fourth quarter, the renewal lease rate change of the GATX Lease Price Index (LPI) was 26.7%. This compares to 26.6% in the prior quarter and 33.5% in the fourth quarter of 2023. The average lease renewal term for railcars included in the LPI during the fourth quarter was 60 months, compared to 59 months in the prior quarter and 65 months in the fourth quarter of 2023. The 2024 fourth-quarter renewal success rate was 89.1%, compared to 82.0% in the prior quarter and 87.1% in the fourth quarter of 2023. For the full-year 2024, asset remarketing income was $119.9 million and total investment volume was $1,162.4 million.

Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America’s business are provided in the attached Supplemental Information under Rail North America Statistics.

RAIL INTERNATIONAL

Rail International’s segment profit was $30.6 million in the fourth quarter of 2024, compared to $34.4 million in the fourth quarter of 2023. Full-year segment profit was $119.8 million in 2024, compared to $113.4 million in 2023. 2023 full-year results include a net positive impact of $0.3 million from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Impact of Tax Adjustments and Other Items.

2024 fourth-quarter segment profit was favorably impacted by more railcars on lease and negatively impacted by lower asset disposition gains and higher interest expense. Higher 2024 full-year segment profit was driven by more railcars on lease and higher lease rates on most car types.

As of Dec. 31, 2024, GATX Rail Europe’s (GRE) fleet consisted of over 30,000 cars and fleet utilization was 96.1%, compared to 95.9% at the end of the prior quarter and 95.9% at 2023 year end.

As of Dec. 31, 2024, Rail India’s fleet consisted of approximately 10,600 railcars and fleet utilization was 100%, consistent with the end of the prior quarter and at 2023 year end.

For the full year 2024, total investment volume at Rail International was $232.9 million. Additional fleet statistics for GRE and Rail India are provided on the last page of this press release.

ENGINE LEASING

Engine Leasing reported segment profit of $35.7 million in the fourth quarter of 2024, compared to segment profit of $31.3 million in the fourth quarter of 2023. 2023 fourth-quarter results include a net negative impact of $2.6 million from Tax Adjustments and Other Items.

2024 full-year segment profit was $117.3 million, compared to $106.4 million in 2023. 2024 and 2023 full-year results include a net positive impact of $0.6 million and a net negative impact of $4.0 million, respectively, from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Impact of Tax Adjustments and Other Items.

Excluding these impacts, higher 2024 fourth-quarter and full-year segment profits were driven by the strong operating performance at the Rolls-Royce and Partners Finance affiliates and more engines under ownership at GATX Engine Leasing, the Company’s wholly owned engine portfolio.

COMPANY DESCRIPTION

At GATX Corporation (NYSE:GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. Headquartered in Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919.

TELECONFERENCE INFORMATION

GATX Corporation will host a teleconference to discuss 2024 fourth-quarter and full-year results. Call details are as follows:

Thursday, Jan. 23, 2025

11 a.m. Eastern Time

Domestic Dial-In: 1-800-715-9871

International Dial-In: 1-646-307-1963

Replay: 1-800-770-2030 (Domestic) or 1-609-800-9909 (International) / Access Code: 7785277

Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. A replay will be available on the same site starting at 2 p.m. (Eastern Time), Jan. 23, 2025.

AVAILABILITY OF INFORMATION ON GATX’S WEBSITE

Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the “Investor Relations” tab.

FORWARD-LOOKING STATEMENTS

Statements in this Earnings Release not based on historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “outlook,” “continue,” “likely,” “will,” “would”, and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.

The following factors, in addition to those discussed in our other filings with the SEC, including our Form 10-K for the year ended December 31, 2023, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:

a significant decline in customer demand for our transportation assets or services, including as a result of:
- prolonged inflation or deflation
- high interest rates
- weak macroeconomic conditions and world trade policies
- weak market conditions in our customers’ businesses
- adverse changes in the price of, or demand for, commodities
- changes in railroad operations, efficiency, pricing and service offerings, including those related to “precision scheduled railroading” or labor strikes or shortages
- changes in, or disruptions to, supply chains
- availability of pipelines, trucks, and other alternative modes of transportation
- changes in conditions affecting the aviation industry, including global conflicts, geographic exposure and customer concentrations
- customers’ desire to buy, rather than lease, our transportation assets
- other operational or commercial needs or decisions of our customers
inability to maintain our transportation assets on lease at satisfactory rates and term length due to oversupply of assets in the market or other changes in supply and demand
competitive factors in our primary markets, including existing or new competitors with significantly lower costs of capital
higher costs associated with increased assignments of our transportation assets following non-renewal of leases, customer defaults, and compliance maintenance programs or other maintenance initiatives
events having an adverse impact on assets, customers, or regions where we have a concentrated investment exposure
financial and operational risks associated with long-term purchase commitments for transportation assets
reduced opportunities to generate asset remarketing income
inability to successfully consummate and manage ongoing acquisition and divestiture activities

reliance on Rolls-Royce in connection with our aircraft spare engine leasing businesses, and the risks that certain factors that adversely affect Rolls-Royce could have an adverse effect on our businesses
potential obsolescence of our assets
risks related to our international operations and expansion into new geographic markets, including laws, regulations, tariffs, taxes, treaties or trade barriers affecting our activities in the countries where we do business
failure to successfully negotiate collective bargaining agreements with the unions representing a substantial portion of our employees
inability to attract, retain, and motivate qualified personnel, including key management personnel
inability to maintain and secure our information technology infrastructure from cybersecurity threats and related disruption of our business
exposure to damages, fines, criminal and civil penalties, and reputational harm arising from a negative outcome in litigation, including claims arising from an accident involving transportation assets
changes in, or failure to comply with, laws, rules, and regulations
environmental liabilities and remediation costs
operational, functional and regulatory risks associated with climate change, severe weather events and natural disasters
U.S. and global political conditions and the impact of increased geopolitical tension and wars, including the ongoing war between Russia and Ukraine on domestic and global economic conditions in general, including supply chain challenges and disruptions
prolonged inflation or deflation
fluctuations in foreign exchange rates
deterioration of conditions in the capital markets, reductions in our credit ratings, or increases in our financing costs
inability to obtain cost-effective insurance
changes in assumptions, increases in funding requirements or investment losses in our pension and post-retirement plans
inadequate allowances to cover credit losses in our portfolio
asset impairment charges we may be required to recognize
inability to maintain effective internal control over financial reporting and disclosure controls and procedures
the occurrence of a widespread health crisis and the impact of measures taken in response.

GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (In millions, except per share data)

	Three Months Ended December 31						Twelve Months Ended December 31
		2024			2023			2024			2023
Revenues
Lease revenue	$	356.5		$	323.6		$	1,381.1		$	1,251.4
Non-dedicated engine revenue		19.6			13.1			64.6			37.6
Marine operating revenue		—			0.8			—			6.9
Other revenue		37.4			31.2			139.8			115.0
Total Revenues		413.5			368.7			1,585.5			1,410.9
Expenses
Maintenance expense		97.7			90.7			381.6			344.8
Depreciation expense		104.5			98.2			402.4			376.3
Operating lease expense		7.9			9.0			33.9			36.0
Marine operating expense		—			1.1			—			6.5
Other operating expense		16.2			12.6			57.7			46.6
Selling, general and administrative expense		64.6			59.3			236.3			212.7
Total Expenses		290.9			270.9			1,111.9			1,022.9
Other Income (Expense)
Net gain on asset dispositions		28.0			25.2			138.3			130.3
Interest expense, net		(91.5	)		(72.6	)		(341.0	)		(263.4	)
Other income (expense)		1.4			(2.3	)		(9.5	)		(9.4	)
Income before Income Taxes and Share of Affiliates’ Earnings		60.5			48.1			261.4			245.5
Income taxes		(8.1	)		(6.4	)		(60.0	)		(58.7	)
Share of affiliates’ earnings, net of taxes		24.1			24.3			82.8			72.4
Net Income	$	76.5		$	66.0		$	284.2		$	259.2

Share Data
Basic earnings per share	$	2.10		$	1.82		$	7.80		$	7.13
Average number of common shares		35.8			35.7			35.8			35.7

Diluted earnings per share	$	2.10		$	1.81		$	7.78		$	7.12
Average number of common shares and common share equivalents		35.9			35.8			35.9			35.7

Dividends declared per common share	$	0.58		$	0.55		$	2.32		$	2.20

GATX CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (In millions)

	December 31			December 31
		2024			2023
Assets
Cash and Cash Equivalents	$	401.6		$	450.7
Restricted Cash		0.2			0.1
Receivables
Rent and other receivables		86.5			87.9
Finance leases (as lessor)		118.3			136.4
Less: allowance for losses		(5.7	)		(5.9	)
		199.1			218.4

Operating Assets and Facilities		14,330.6			13,081.9
Less: allowance for depreciation		(3,880.9	)		(3,670.7	)
		10,449.7			9,411.2
Lease Assets (as lessee)
Right-of-use assets, net of accumulated depreciation		165.4			212.0

Investments in Affiliated Companies		663.3			627.0
Goodwill		114.1			120.0
Other Assets		303.1			286.6
Total Assets	$	12,296.5		$	11,326.0

Liabilities and Shareholders’ Equity
Accounts Payable and Accrued Expenses	$	217.1		$	239.6
Debt
Borrowings under bank credit facilities		10.4			11.0
Recourse		8,215.3			7,388.1
		8,225.7			7,399.1
Lease Obligations (as lessee)
Operating leases		180.0			226.8

Deferred Income Taxes		1,127.3			1,081.1
Other Liabilities		107.5			106.4
Total Liabilities		9,857.6			9,053.0
Total Shareholders’ Equity		2,438.9			2,273.0
Total Liabilities and Shareholders’ Equity	$	12,296.5		$	11,326.0

GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended December 31, 2024 (In millions)

	Rail North America			Rail International			Engine Leasing			Other		GATX Consolidated
Revenues
Lease revenue	$	255.7		$	84.7		$	8.1		$	8.0	$	356.5
Non-dedicated engine revenue		—			—			19.6			—		19.6
Other revenue		29.4			6.1			0.1			1.8		37.4
Total Revenues		285.1			90.8			27.8			9.8		413.5
Expenses
Maintenance expense		78.9			18.0			—			0.8		97.7
Depreciation expense		70.0			20.1			10.7			3.7		104.5
Operating lease expense		7.9			—			—			—		7.9
Other operating expense		6.3			6.6			2.6			0.7		16.2
Total Expenses		163.1			44.7			13.3			5.2		226.3
Other Income (Expense)
Net gain on asset dispositions		27.0			0.8			—			0.2		28.0
Interest (expense) income, net		(62.2	)		(18.7	)		(11.6	)		1.0		(91.5	)
Other (expense) income		(2.2	)		2.4			0.3			0.9		1.4
Share of affiliates’ pre-tax (loss) earnings		(0.1	)		—			32.5			—		32.4
Segment profit	$	84.5		$	30.6		$	35.7		$	6.7	$	157.5
Less:
Selling, general and administrative expense													64.6
Income taxes (includes $8.3 related to affiliates’ earnings)													16.4
Net income												$	76.5

Selected Data:
Investment volume	$	206.7		$	42.8		$	94.7		$	5.1	$	349.3

Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets	$	23.1		$	0.4		$	—		$	0.1	$	23.6
Residual sharing income		0.2			—			—			—		0.2
Non-remarketing net gains (1)		3.7			0.4			—			0.1		4.2
	$	27.0		$	0.8		$	—		$	0.2	$	28.0

_________ (1) Includes net gains from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Three Months Ended December 31, 2023 (In millions)

	Rail North America			Rail International			Engine Leasing			Other		GATX Consolidated
Revenues
Lease revenue	$	229.6		$	77.5		$	8.1		$	8.4	$	323.6
Non-dedicated engine revenue		—			—			13.1			—		13.1
Marine operating revenue		—			—			0.8			—		0.8
Other revenue		25.9			3.3			—			2.0		31.2
Total Revenues		255.5			80.8			22.0			10.4		368.7
Expenses
Maintenance expense		73.5			16.5			—			0.7		90.7
Depreciation expense		67.4			18.4			8.4			4.0		98.2
Operating lease expense		9.0			—			—			—		9.0
Marine operating expense		—			—			1.1			—		1.1
Other operating expense		5.7			3.2			2.9			0.8		12.6
Total Expenses		155.6			38.1			12.4			5.5		211.6
Other Income (Expense)
Net gain (loss) on asset dispositions		23.1			4.6			(2.5	)		—		25.2
Interest (expense) income, net		(49.5	)		(15.7	)		(8.9	)		1.5		(72.6	)
Other (expense) income		(6.7	)		2.8			0.7			0.9		(2.3	)
Share of affiliates’ pre-tax (loss) earnings		(0.1	)		—			32.4			—		32.3
Segment profit	$	66.7		$	34.4		$	31.3		$	7.3	$	139.7
Less:
Selling, general and administrative expense													59.3
Income taxes (includes $8.0 related to affiliates’ earnings)													14.4
Net income												$	66.0

Selected Data:
Investment volume	$	322.1		$	94.4		$	—		$	11.0	$	427.5

Net Gain (loss) on Asset Dispositions
Asset Remarketing Income:
Net gains (losses) on disposition of owned assets	$	23.3		$	4.4		$	(2.6	)	$	—	$	25.1
Residual sharing income		0.1			—			0.1			—		0.2
Non-remarketing net (losses) gains (1)		(0.3	)		0.5			—			—		0.2
Asset impairments		—			(0.3	)		—			—		(0.3	)
	$	23.1		$	4.6		$	(2.5	)	$	—	$	25.2

__________ (1) Includes net gains (losses) from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Twelve Months Ended December 31, 2024 (In millions)

	Rail North America			Rail International			Engine Leasing			Other			GATX Consolidated
Revenues
Lease revenue	$	983.5		$	333.6		$	32.4		$	31.6		$	1,381.1
Non-dedicated engine revenue		—			—			64.6			—			64.6
Other revenue		115.5			16.7			0.1			7.5			139.8
Total Revenues		1,099.0			350.3			97.1			39.1			1,585.5
Expenses
Maintenance expense		306.9			70.7			—			4.0			381.6
Depreciation expense		271.1			78.7			37.8			14.8			402.4
Operating lease expense		33.9			—			—			—			33.9
Other operating expense		26.4			17.4			9.6			4.3			57.7
Total Expenses		638.3			166.8			47.4			23.1			875.6
Other Income (Expense)
Net gain on asset dispositions		132.8			4.5			0.6			0.4			138.3
Interest (expense) income, net		(232.1	)		(71.4	)		(41.9	)		4.4			(341.0	)
Other (expense) income		(5.4	)		3.2			0.6			(7.9	)		(9.5	)
Share of affiliates’ pre-tax earnings		—			—			108.3			—			108.3
Segment profit	$	356.0		$	119.8		$	117.3		$	12.9		$	606.0
Less:
Selling, general and administrative expense														236.3
Income taxes (includes $25.5 related to affiliates’ earnings)														85.5
Net income													$	284.2

Selected Data:
Investment volume	$	1,162.4		$	232.9		$	260.8		$	18.3		$	1,674.4

Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets	$	119.4		$	1.7		$	0.6		$	0.3		$	122.0
Residual sharing income		0.5			—			—			—			0.5
Non-remarketing net gains (1)		12.9			2.8			—			0.1			15.8
	$	132.8		$	4.5		$	0.6		$	0.4		$	138.3

__________ (1) Includes net gains from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES SEGMENT DATA (UNAUDITED) Twelve Months Ended December 31, 2023 (In millions)

	Rail North America			Rail International			Engine Leasing			Other		GATX Consolidated
Revenues
Lease revenue	$	888.8		$	296.6		$	32.6		$	33.4	$	1,251.4
Non-dedicated engine revenue		—			—			37.6			—		37.6
Marine operating revenue		—			—			6.9			—		6.9
Other revenue		93.9			12.9			0.1			8.1		115.0
Total Revenues		982.7			309.5			77.2			41.5		1,410.9
Expenses
Maintenance expense		276.6			64.1			—			4.1		344.8
Depreciation expense		265.9			68.2			28.3			13.9		376.3
Operating lease expense		36.0			—			—			—		36.0
Marine operating expense		—			—			6.5			—		6.5
Other operating expense		25.9			10.4			7.3			3.0		46.6
Total Expenses		604.4			142.7			42.1			21.0		810.2
Other Income (Expense)
Net gain on asset dispositions		120.5			7.0			2.2			0.6		130.3
Interest (expense) income, net		(182.9	)		(56.2	)		(29.8	)		5.5		(263.4	)
Other (expense) income		(8.0	)		(4.2	)		0.2			2.6		(9.4	)
Share of affiliates’ pre-tax (loss) earnings		(0.6	)		—			98.7			—		98.1
Segment profit	$	307.3		$	113.4		$	106.4		$	29.2	$	556.3
Less:
Selling, general and administrative expense													212.7
Income taxes (includes $25.7 related to affiliates’ earnings)													84.4
Net income												$	259.2

Selected Data:
Investment volume	$	976.9		$	382.4		$	267.3		$	38.4	$	1,665.0

Net Gain on Asset Dispositions
Asset Remarketing Income:
Net gains on disposition of owned assets	$	111.7		$	4.9		$	2.9		$	0.3	$	119.8
Residual sharing income		0.4			—			0.5			—		0.9
Non-remarketing net gains (1)		8.4			2.4			—			0.3		11.1
Asset impairments		—			(0.3	)		(1.2	)		—		(1.5	)
	$	120.5		$	7.0		$	2.2		$	0.6	$	130.3

__________ (1) Includes net gains from scrapping of railcars.

GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except per share data)

Impact of Tax Adjustments and Other Items on Net Income⁽¹⁾

	Three Months Ended December 31						Twelve Months Ended December 31
		2024			2023			2024			2023
Net income (GAAP)	$	76.5		$	66.0		$	284.2		$	259.2
Adjustments attributable to consolidated pre-tax income:
Litigation claims settlements (2)	$	—		$	—		$	3.3		$	—
Environmental reserves (3)		—			—			10.7			—
Net (gain) loss on Specialized Gas Vessels at Engine Leasing (4)		—			2.6			(0.6	)		4.0
Net gain on Rail Russia at Rail International (5)		—			—			—			(0.3	)
Total adjustments attributable to consolidated pre-tax income	$	—		$	2.6		$	13.4		$	3.7
Income taxes thereon, based on applicable effective tax rate	$	—		$	—		$	(3.5	)	$	—
Other income tax adjustments attributable to consolidated income:
Income tax rate changes (6)	$	(6.0	)	$	(3.0	)	$	(6.0	)	$	(3.0	)
Net operating loss valuation allowance adjustment (7)		—			(2.3	)		—			(2.3	)
Total other income tax adjustments attributable to consolidated income	$	(6.0	)	$	(5.3	)	$	(6.0	)	$	(5.3	)
Net income, excluding tax adjustments and other items (non-GAAP)	$	70.5		$	63.3		$	288.1		$	257.6

Impact of Tax Adjustments and Other Items on Diluted Earnings per Share⁽¹⁾

	Three Months Ended December 31				Twelve Months Ended December 31
	2024		2023		2024		2023
Diluted earnings per share (GAAP)	$	2.10	$	1.81	$	7.78	$	7.12
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP)	$	1.93	$	1.74	$	7.89	$	7.07

GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued)

Impact of Tax Adjustments and Other Items on Return on Equity⁽¹⁾
	Twelve Months Ended December 31
	2024		2023
Return on Equity (GAAP)	12.1	%	12.0	%
Return on equity, excluding tax adjustments and other items (non-GAAP)	12.2	%	12.0	%

_________
(1)		In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income, diluted earnings per share, and return on equity because we believe these items are not attributable to our business operations. Management utilizes net income, excluding tax adjustments and other items, when analyzing financial performance because such amounts reflect the underlying operating results that are within management’s ability to influence. Accordingly, we believe presenting this information provides investors and other users of our financial statements with meaningful supplemental information for purposes of analyzing year-to-year financial performance on a comparable basis and assessing trends.
(2)		Expenses recorded for the settlements of litigation claims arising out of legacy business operations.
(3)		Reserves recorded for our share of anticipated environmental remediation costs arising out of prior operations and legacy businesses.
(4)		In 2022, we made the decision to sell the Specialized Gas Vessels. We have recorded gains and losses associated with the subsequent impairments and sales of these assets. As of December 31, 2023, all vessels had been sold.
(5)		In 2022, we made the decision to exit our rail business in Russia (“Rail Russia”). In 2023, we sold Rail Russia and recorded a gain on the final sale of this business.
(6)		Deferred income tax adjustments attributable to state tax rate reductions.
(7)		Valuation allowance adjustment associated with the realizability of state net operating losses in future tax years.

GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (In millions, except leverage) (Continued)

	12/31/2024			9/30/2024			6/30/2024			3/31/2024			12/31/2023
Total Assets, Excluding Cash, by Segment
Rail North America	$	7,741.1		$	7,643.7		$	7,416.0		$	7,214.1		$	6,984.9
Rail International		2,169.0			2,298.6			2,168.3			2,142.1			2,150.8
Engine Leasing		1,603.9			1,544.7			1,431.7			1,354.4			1,343.2
Other		380.7			389.1			382.8			389.3			396.3
Total Assets, excluding cash	$	11,894.7		$	11,876.1		$	11,398.8		$	11,099.9		$	10,875.2
Debt and Lease Obligations, Net of Unrestricted Cash
Unrestricted cash	$	(401.6	)	$	(503.7	)	$	(823.6	)	$	(479.1	)	$	(450.7	)
Borrowings under bank credit facilities		10.4			11.1			10.7			10.8			11.0
Recourse debt		8,215.3			8,293.5			8,235.7			7,624.5			7,388.1
Operating lease obligations		180.0			187.5			209.3			215.2			226.8
Total debt and lease obligations, net of unrestricted cash	$	8,004.1		$	7,988.4		$	7,632.1		$	7,371.4		$	7,175.2
Total recourse debt (1)	$	8,004.1		$	7,988.4		$	7,632.1		$	7,371.4		$	7,175.2
Shareholders’ Equity	$	2,438.9		$	2,436.7		$	2,343.4		$	2,324.3		$	2,273.0
Recourse Leverage (2)		3.3			3.3			3.3			3.2			3.2

_________
(1)		Includes recourse debt, borrowings under bank credit facilities, and operating lease obligations, net of unrestricted cash.
(2)		Calculated as total recourse debt / shareholder’s equity.

Reconciliation of Total Assets to Total Assets, Excluding Cash
Total Assets	$	12,296.5		$	12,379.9		$	12,222.6		$	11,579.1		$	11,326.0
Less: cash		(401.8	)		(503.8	)		(823.8	)		(479.2	)		(450.8	)
Total Assets, excluding cash	$	11,894.7		$	11,876.1		$	11,398.8		$	11,099.9		$	10,875.2

GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued)

	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023
Rail North America Statistics
Lease Price Index (LPI) (1)
Average renewal lease rate change	26.7	%	26.6	%	29.4	%	33.0	%	33.5	%
Average renewal term (months)	60		59		61		64		65
Renewal Success Rate (2)	89.1	%	82.0	%	84.1	%	83.4	%	87.1	%
Fleet Rollforward (3)
Beginning balance	102,697		102,086		101,687		101,167		100,656
Railcars added	1,126		1,474		1,337		1,422		1,688
Railcars scrapped	(309	)	(360	)	(389	)	(375	)	(354	)
Railcars sold	(548	)	(503	)	(549	)	(527	)	(823	)
Ending balance	102,966		102,697		102,086		101,687		101,167
Utilization	99.1	%	99.3	%	99.3	%	99.4	%	99.3	%
Average active railcars	102,150		101,629		101,181		100,677		100,197
Boxcar Fleet Rollforward
Beginning balance	8,779		8,990		9,670		9,311		9,087
Railcars added	—		—		—		587		424
Railcars scrapped	(349	)	(211	)	(555	)	(228	)	(152	)
Railcars sold	(35	)	—		(125	)	—		(48	)
Ending balance	8,395		8,779		8,990		9,670		9,311
Utilization	99.8	%	99.8	%	99.8	%	99.8	%	100.0	%
Average active railcars	8,552		8,848		9,304		9,583		9,207
Rail North America Industry Statistics
Manufacturing Capacity Utilization Index (4)	77.6	%	77.5	%	78.2	%	77.8	%	78.7	%
Year-over-year Change in U.S. Carloadings (excl. intermodal) (5)	(2.9	)%	(3.3	)%	(4.5	)%	(4.2	)%	0.7	%
Year-over-year Change in U.S. Carloadings (chemical) (5)	4.1	%	4.2	%	4.3	%	4.5	%	(0.3	)%
Year-over-year Change in U.S. Carloadings (petroleum) (5)	9.6	%	10.4	%	11.1	%	7.7	%	11.1	%
Production Backlog at Railcar Manufacturers (6)	n/a (7)		39,752		45,238		46,413		51,836

_________
(1)		GATX’s Lease Price Index (LPI) is an internally-generated business indicator that measures renewal activity for our North American railcar fleet, excluding boxcars. The LPI calculation includes all renewal activity based on a 12-month trailing average, and the renewals are weighted by the count of all renewals over the 12 month period. The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate. The average renewal lease term is reported in months and reflects the average renewal lease term in the LPI.
(2)		The renewal success rate represents the percentage of railcars on expiring leases that were renewed with the existing lessee. The renewal success rate is an important metric because railcars returned by our customers may remain idle or incur additional maintenance and freight costs prior to being leased to new customers.
(3)		Excludes boxcar fleet.
(4)		As reported and revised by the Federal Reserve.
(5)		As reported by the Association of American Railroads (AAR).
(6)		As reported by the Railway Supply Institute (RSI).
(7)		Not available, not published as of the date of this release.

GATX CORPORATION AND SUBSIDIARIES SUPPLEMENTAL INFORMATION (UNAUDITED) (Continued)

	12/31/2024		9/30/2024		6/30/2024		3/31/2024		12/31/2023
Rail Europe Statistics
Fleet Rollforward
Beginning balance	29,953		29,649		29,371		29,216		29,102
Railcars added	196		410		388		322		371
Railcars scrapped or sold	(122	)	(106	)	(110	)	(167	)	(257	)
Ending balance	30,027		29,953		29,649		29,371		29,216
Utilization	96.1	%	95.9	%	95.8	%	95.3	%	95.9	%
Average active railcars	28,812		28,626		28,198		27,984		28,003

Rail India Statistics
Fleet Rollforward
Beginning balance	10,361		9,904		9,501		8,805		7,884
Railcars added	222		457		408		696		921
Railcars scrapped or sold	—		—		(5	)	—		—
Ending balance	10,583		10,361		9,904		9,501		8,805
Utilization	100.0	%	100.0	%	100.0	%	100.0	%	100.0	%
Average active railcars	10,460		10,165		9,711		9,089		8,321

View source version on businesswire.com: https://www.businesswire.com/news/home/20250123181872/en/

GATX Corporation

Shari Hellerman

Senior Director, Investor Relations, ESG, and External Communications

312-621-4285

[email protected]

KEYWORDS: Illinois United States North America

INDUSTRY KEYWORDS: Rail Air Transport Other Transport

MEDIA:

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January 23, 2025 8:34 am

Sarah Salih Joins State Street as Head of North America Investment Services Business

Sarah Salih Joins State Street as Head of North America Investment Services Business

BOSTON–(BUSINESS WIRE)–
State Street Corporation (NYSE: STT) today announced the appointment of Sarah Salih to executive vice president and head of North America for its Investment Services business. Salih is based in Boston and reports to Joerg Ambrosius, president of State Street Investment Services.

In this new role, Salih will establish a cohesive operating model to deliver a consistent experience for clients in North America. In this capacity, she will develop and maintain deep client relationships, align with the company’s sales efforts, and further drive client centricity.

“Sarah’s more than three decades of deep industry knowledge and experience managing complex client relationships position her for success in this new role,” said Ambrosius. “I am confident she will help us further propel the successful execution of our strategy across North America.”

Salih joins from HSBC Securities (USA), where she was most recently head of Regional Coverage, Americas, leading Global Banking coverage of clients across multiple sectors in the Americas. Prior to HSBC, she held several senior positions with Deutsche Bank Securities across banking and markets.

About State Street Corporation

State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $46.6 trillion in assets under custody and/or administration and $4.7 trillion* in assets under management as of December 31, 2024, State Street operates globally in more than 100 geographic markets and employs approximately 53,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.

*Assets under management as of December 31, 2024 includes approximately $82 billion of assets with respect to SPDR^® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250123563641/en/

Media Contact:

Brendan Paul

Mobile: +1 401 644 9182

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Banking Professional Services Finance

MEDIA:

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January 23, 2025 8:34 am

Limoneira Monetizes Portion of Its Premium 21,000 Acre-Feet of Water Rights at $30,000 per Acre-Foot

Strategic Sale of Santa Paula Basin Water Pumping Rights Validates Long-Term Water Resource Strategy While Retaining Significant Portfolio Value

Three Separate Transactions Total $1.7 Million at $30,000 per Acre-Foot; Demonstrating the Value of 9,000 Acre-Feet of Water in Santa Paula Basin

SANTA PAULA, Calif.–(BUSINESS WIRE)–
Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today announced the successful completion of three separate water pumping rights transactions in the Santa Paula Basin, totaling $1.7 million. The sales, which valued the water pumping rights at $30,000 per acre-foot, underscore the increasing value of water resources in the region and validate the Company’s long-term strategy of optimizing water asset management.

The transactions represent a strategic monetization from the Company’s substantial portfolio of approximately 9,000 acre-feet of water pumping rights in the Santa Paula Basin, which Limoneira has accumulated through efficient water application practices and strategic land management over the past century. Limoneira retains approximately 21,000-acre feet of water rights, usage rights and pumping rights located in the Santa Paula and Fillmore Basins, the Paso Robles Basin, and Class 3 Colorado River water rights. These rights represent a strategic asset that may be opportunistically monetized for shareholder benefit while maintaining the Company’s core agricultural and development operations. The Company will continue to pursue industry leading irrigation and farm management practices in support of conserving water to satisfy regional demands while meeting its own requirements.

Harold Edwards, President and Chief Executive Officer of Limoneira Company, stated, “We are pleased to facilitate the sale of these water pumping rights to help the requirements of local buyers needing additional water. We are also pleased to create transactions that demonstrate the significant value these Santa Paula Basin water pumping rights have to our stockholders. Limoneira’s commitment to stewardship and sustainability have allowed us to create conserved water that we can monetize without compromising our present and future demands. We believe that over time these water pumping rights will continue to become more valuable and that opportunities to monetize additional conserved water will present themselves.”

About Limoneira Company

Limoneira Company, a 132-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 10,500 acres of rich agricultural lands, real estate properties, and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.

Forward-Looking Statements

This press release contains 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. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” “plans,” “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.

Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies, including the review and evaluation of strategic transactions; the process by which the Company engages in its evaluation of strategic transactions; the outcome of potential future strategic transactions and the terms thereof; the possibility that the evaluation of potential strategic transactions will not realize any additional value to our stockholders, and managing the risks involved in the foregoing; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250123018160/en/

Investor:

John Mills

Managing Partner

ICR 646-277-1254

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Utilities Agriculture Construction & Property Natural Resources Energy Food/Beverage Other Construction & Property Retail

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January 23, 2025 8:33 am

Pagaya Announces Timing of Fourth Quarter 2024 Earnings Release

Pagaya Announces Timing of Fourth Quarter 2024 Earnings Release

NEW YORK–(BUSINESS WIRE)–
Pagaya Technologies (NASDAQ: PGY) intends to announce its fourth quarter 2024 earnings on February 13, 2025. A conference call to discuss those earnings will be held on the same day at 8:30 a.m. ET / 3:30 p.m. IST.

Details to register for the live webcast presentation will be available on Pagaya’s IR website located at investor.pagaya.com. The webcast replay will be available on the IR website following the conclusion of the event.

About Pagaya Technologies

Pagaya (NASDAQ: PGY) is a global technology company making life-changing financial products and services available to more people nationwide, as it reshapes the financial services ecosystem. By using machine learning, a vast data network and an AI-driven approach, Pagaya provides consumer credit and other products for its partners, their customers, and investors. Its proprietary API and capital solutions integrate into its network of partners to deliver seamless user experiences and greater access to the mainstream economy. For more information, visit pagaya.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250123782157/en/

Investors & Analysts

Josh Fagen

Head of Investor Relations

[email protected]

Media & Press

Emily Passer

Head of PR & External Communications

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology Finance Fintech Other Technology Professional Services Data Analytics Data Management Other Professional Services Artificial Intelligence

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January 23, 2025 8:33 am

Zeta Global Appoints Ed See as New Chief Growth Officer

Zeta Global Appoints Ed See as New Chief Growth Officer

Former McKinsey & Company Partner to Elevate Zeta’s AI Marketing Solutions for Modern CMOs

NEW YORK–(BUSINESS WIRE)–Zeta Global (NYSE: ZETA), the AI marketing cloud, today announced the appointment of Ed See as Chief Growth Officer, effective Monday, February 10. Bringing over 30 years of experience in working with CMOs –the lasteight years of which were as a Partner at McKinsey & Company’s Marketing and Sales practice – Ed See has guided some of the world’s most iconic brands in developing cutting-edge marketing, digital and analytics capabilities. His appointment reflects Zeta’s commitment to scaling its AI-driven marketing solutions for transformative impact.

As Chief Growth Officer, Ed See will report to Zeta’s President, Steven Gerber, and will lead the charge in accelerating the company’s growth strategy. His priorities include deepening CMO and c-suite engagement, demonstrating the transformative potential of Zeta’s AI-driven solutions, and helping businesses achieve measurable, high-impact marketing outcomes.

“As Zeta enters its next chapter, Ed See is the ideal leader to drive our growth strategy and long-term success,” said David A. Steinberg, Co-Founder, Chairman, and CEO of Zeta. “With deep expertise in martech, trusted relationships with the industry’s most influential CMOs, and a proven track record of driving results, Ed embodies our commitment to leadership that accelerates Zeta’s position as a pioneer in AI marketing.”

“I am honored to join Zeta at such an exciting time in its journey,” said See. “Zeta’s focus on helping businesses grow through AI-powered marketing technology aligns with the needs of the modern marketer as businesses demand impact, effectiveness, and efficiency from their marketing investments,” said See. “I look forward to joining the exceptional team at Zeta and exploring innovative ways to help marketers unlock their potential and achieve their business goals in our rapidly evolving environment.”

Ed See succeeds Will Margiloff, previous Chief Growth Officer, who will transition to Vice Chairman.

For more information about Zeta’s leadership team, visit https://zetaglobal.com/about/leadership/.

About Ed See

Bringing deep marketing expertise to Zeta, Ed was most recently a Partner in McKinsey & Company’s Growth Marketing & Sales practice, focused on helping companies drive growth through modern marketing. While at McKinsey, he worked with large companies to identify growth opportunities and increase the value of their relationships with customers and consumers. His expertise includes digital strategy, digital marketing, growth and marketing analytics, segmentation, and advertising and marketing technology. Over the course of his career, Ed has advised some of the world’s major brands on how to apply new capabilities, analytics, and technology to improve their marketing and sales performance. Prior to joining McKinsey, Ed was a partner at Deloitte and held leadership roles at several other companies.

About Zeta Global

Zeta Global (NYSE: ZETA) is the AI Marketing Cloud that leverages advanced artificial intelligence (AI) and trillions of consumer signals to make it easier for marketers to acquire, grow, and retain customers more efficiently. Through the Zeta Marketing Platform (ZMP), our vision is to make sophisticated marketing simple by unifying identity, intelligence, and omnichannel activation into a single platform – powered by one of the industry’s largest proprietary databases and AI. Our enterprise customers across multiple verticals are empowered to personalize experiences with consumers at an individual level across every channel, delivering better results for marketing programs. Zeta was founded in 2007 by David A. Steinberg and John Sculley and is headquartered in New York City with offices around the world. To learn more, go to www.zetaglobal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250123175362/en/

Investor Relations

Matt Pfau

[email protected]

Press

Candace Dean

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Technology Mobile/Wireless Publishing Marketing Advertising Communications Software Internet Artificial Intelligence

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