Market Newsdesk

BOSTON, March 29, 2023 (GLOBE NEWSWIRE) — DraftKings Inc. (Nasdaq: DKNG) announced today that DK Horse, the digital gaming operator’s first-ever horse racing product, has launched in twelve (12) states and expects to launch in additional states by the Kentucky Derby on Saturday, May 6, 2023. The standalone, DK Horse-branded app allows eligible customers to access pari-mutuel wagering on horse racing. In November 2022, DraftKings and Churchill Downs Incorporated (Nasdaq: CHDN) (“CDI”) announced a multi-year agreement pursuant to which CDI’s subsidiary, TwinSpires, agreed to power the advance deposit pari-mutuel wagering technology for DK Horse.

“Together with Churchill Downs Incorporated, an industry leader with a deep-rooted history in horse racing, we will deliver an innovative, mobile customer experience,” said Jason Robins, CEO and Chairman of the Board of DraftKings. “Our goal is to provide our customers with best-in-class-sports and gaming products, and we expect DK Horse to provide a fun and new way to engage with renowned races like the upcoming Run for the Roses.”

DK Horse customers will be able to wager on some of the most renowned horse races in the U.S., including Churchill Downs’ premier racing products like the Oaks and Derby. DK Horse will also give customers the ability to handicap races, wager, and stream video of races all within their DK Horse account. Furthermore, DK Horse will offer a betting guide to inform its customers of upcoming races and the various ways to wager.

DK Horse will initially require customers to register and deposit funds into new accounts separately from their “one account, one wallet” tethered to DraftKings Sportsbook, Casino and daily fantasy sports apps.

An active member of the American Gaming Association (“AGA”), DraftKings is committed to promoting the AGA’s Have A Game Plan.® Bet Responsibly™ public service campaign, which educates customers on responsible gaming best practices, such as establishing and adhering to a budget and only engaging with legal, regulated operators. DraftKings is committed to creating inclusive and responsible pathways for people to build, create, imagine and innovate through the DraftKings S.E.R.V.E.S. program.

To learn more about DK Horse, customers can visit the website here.

About DraftKings

DraftKings Inc. is a digital sports entertainment and gaming company created to fuel the competitive spirit of sports fans with products that range across daily fantasy, regulated gaming and digital media. Headquartered in Boston, and launched in 2012 by Jason Robins, Matt Kalish and Paul Liberman, DraftKings is the only U.S.-based vertically integrated sports betting operator. DraftKings’ mission is to make life more exciting by responsibly creating the world’s favorite real-money games and betting experiences. DraftKings Sportsbook is live with mobile and/or retail sports betting operations pursuant to regulations in 23 states and in Ontario, Canada. The Company operates iGaming pursuant to regulations in 5 states and in Ontario, Canada under its DraftKings brand and pursuant to regulations in 3 states under its Golden Nugget Online Gaming brand. DraftKings’ daily fantasy sports product is available in 44 states, certain Canadian provinces and the United Kingdom. DraftKings is both an official daily fantasy and sports betting partner of the NFL, NHL, PGA TOUR and UFC, as well as an official daily fantasy partner of NASCAR, an official sports betting partner of the NBA and an authorized gaming operator of MLB. Launched in 2021, DraftKings Marketplace is a digital collectibles ecosystem designed for mainstream accessibility that offers curated NFT drops and supports secondary-market transactions. In addition, DraftKings owns and operates Vegas Sports Information Network (VSiN), a multi-platform broadcast and content company. DraftKings is committed to being a responsible steward of this new era in real-money gaming with a Company-wide focus on responsible gaming and corporate social responsibility.

DraftKings Forward-Looking Statements

Certain statements made in this press release are “forward looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside DraftKings’ control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see DraftKings’ filings with the U.S. Securities and Exchange Commission. DraftKings does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Media Contact:

[email protected]

@DraftKingsNews

FLORHAM PARK, N.J., March 29, 2023 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing pipeline of targeted immunotherapies for cancer and infectious disease, today announced that Dr. Frank Bedu-Addo, President and Chief Executive Officer, will participate in Cantor’s Future of Oncology Virtual Symposium being held on April 3-5, 2023.

Cantor Symposium

Presentation Date: Tuesday, April 4, 2023
Time: 3:00 PM ET

For more information about the conference, please contact your Cantor representative directly.

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies based on our proprietary Versamune^®, Versamune^® plus PDS0301, and Infectimune™ T cell-activating platforms. We believe our targeted immunotherapies have the potential to overcome the limitations of current immunotherapy approaches through the activation of the right type, quantity and potency of T cells. To date, our lead clinical candidate, PDS0101, has demonstrated the ability to reduce tumors and stabilize disease in combination with approved and investigational therapeutics in patients with a broad range of HPV16-associated cancers. Our Infectimune™ based vaccines have also demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also powerful T cell responses, including long-lasting memory T cell responses in pre-clinical studies to date. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

Investor Contacts:

Deanne Randolph
PDS Biotech
Phone: +1 (908) 517-3613
Email: [email protected] 

Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
Email: [email protected]

Media Contacts:

Tiberend Strategic Advisors, Inc.
Dave Schemelia
Phone: +1 (609) 468-9325
[email protected]

Bill Borden
Phone: +1 (732) 910-1620
[email protected]

BEIJING, March 29, 2023 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading independent cloud service provider in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2022.

Mr. Tao Zou, Chief Executive Officer of Kingsoft Cloud, commented, “We concluded the challenging year of 2022 with pleasing fourth quarter results. During the year, we have reaffirmed our original aspiration for sustainable high-quality growth, continued to build our business led by technology, and resolutely implemented cost reduction and efficiency initiatives. Our initiatives include the proactive scaling-down of delivery services, optimization of underlying resources, adjustment of customer mix and improvement of enterprise cloud project quality. Our strategy of building a healthy and sustainable business and improving profitability has been well executed and bear fruit in the fourth quarter. With these efforts, we have been improving our profitability steadily. Our gross margin reached 7.6% in Q4 2022, a significant increase from 1.0% in Q4 2021, and 6.2% in Q3 2022.”

Mr. Henry He, Chief Financial Officer of Kingsoft Cloud, added, “Our revenue for this quarter is in line with our guidance at RMB2.13 billion, and our profitability is well on an upward trend. Gross margin increased from 1.0% in the same period in 2021 and 6.2% last quarter to 7.6% this quarter. Further, we achieved record-high net operating cash inflow of RMB370.4 million this quarter, marking the third consecutive quarter with positive net operating cash flow, which, combined with prudent capital expenditure, brought about the first quarter with positive free cash flow of RMB259.6 million. On December 30, 2022, we successfully listed on the Main Board of the Stock Exchange of Hong Kong with primary listing status, followed by our inclusion into Heng Seng Composite Index, Shanghai-Hong Kong stock connect and Shenzhen-Hong Kong stock connect on March 13 2023. We are pleased to see broadened investor base and improved liquidity. We will adhere to our high-quality development principles and keep striving to provide long-term value to all our stakeholders.”

Fourth

Q

uarter 2022 Financial Results

Total Revenues reached RMB2,131.0 million (US$308.9¹ million), in line with our guidance, increased steadily by 8.2% quarter-over-quarter, but a decrease of 19.9% from RMB2,659.7 million in the same period of 2021. The decrease was mainly due to our proactive scaling down of CDN services, with its gross billings decreased by 20.7% on year-over-year basis, and more stringent project selection of enterprise cloud projects.

• Revenues from public cloud services slightly increased from RMB1,346.0 million in last quarter, but decreased by 12.2% to RMB1,344.3 million (US$194.9 million), compared with RMB1,530.5 million in the same quarter of 2021. The year-over-year decrease was mainly due to the above-mentioned scaling down of our CDN services.
• Revenues from enterprise cloud services were RMB785.9 million (US$113.9 million), representing a growth of 26.4% from RMB622.0 million last quarter and a decrease of 30.4% from RMB1,128.8 million in the same quarter of 2021. The year-over-year decrease was mainly due to the impact of the resurgence of COVID-19, as well as more stringent project selection.
• Other revenues were RMB0.8 million (US$0.1 million).

Cost of revenues was RMB1,969.1 million (US$285.5 million), representing a significant decrease of 25.2% from RMB2,631.8 million in the same quarter of 2021. IDC costs decreased significantly by 20.0% year-over-year from RMB1,321.9 million to RMB1,057.6 million this quarter. Depreciation and amortization costs increased by 6.4% from RMB227.2 million to RMB241.7 million. Solution development and services costs decreased by 6.3% from RMB497.2 million to RMB465.8 million this quarter. Fulfillment costs and other costs were RMB155.6 million and RMB48.4 million this quarter, which are in line with our enterprise cloud projects’ quality control strategy.

Gross profit was RMB162.0 million (US$23.5 million), a significant increase of 480.7% from RMB27.9 million in the same period in 2021. Gross margin was 7.6%, compared with 1.0% in the same period in 2021. Non-GAAP gross profit² was RMB168.5 million (US$24.4 million), compared with RMB33.2 million in the same period in 2021. Non-GAAP gross margin² was 7.9%, compared with 1.2% in the same period in 2021. The significant improvement of our gross profit and margin was mainly due to our strategic adjustment of revenue mix, optimized enterprise cloud project selection and efficient cost control measures.

Total operating expenses were RMB824.3 million (US$119.5 million), compared with RMB626.6 million last quarter and RMB698.6 million in the same period in 2021. Among which:

Selling and marketing expenses were RMB126.1 million (US$18.3 million), further decreased from RMB143.4 million last quarter and RMB177.1 million in the same period in 2021.

General and administrative expenses were RMB442.8 million (US$64.2 million), compared with RMB235.1 million last quarter and RMB243.3 million in the same period in 2021. The increase was mainly due to non-recurring Hong Kong listing expenses of RMB94.9 million and loss on disposal of property and equipment of RMB28.8 million.

Research and development expenses were RMB255.5 million (US$37.0 million), further decreased from RMB248.1 million last quarter and RMB278.2 million in the same period in 2021.

Operating loss was RMB662.4 million (US$96.0 million), compared with operating loss of RMB504.2 million last quarter and RMB670.7 million in the same quarter of 2021.

Net loss was RMB521.7 million (US$75.6 million), compared with net loss of RMB801.4 million last quarter and RMB482.2 million in the same quarter of 2021. Besides the impact from operating loss changes, the year-over-year increase of net loss was also impacted by the decrease of other gain and other income, which were mainly related to government subsidies.

Non-GAAP net loss

³
was RMB552.7 million (US$80.1 million), compared with net loss of RMB530.7 million last quarter and RMB404.4 million in the same quarter of 2021.

Non-GAAP EBITDA

⁴
was RMB-245.1 million (US$-35.5 million), impacted by non-recurring Hong Kong listing expenses of RMB94.9 million, and loss on disposal of property and equipment of RMB28.8 million, compared with RMB-202.0 million last quarter and RMB-126.3 million in the same quarter of 2021. Non-GAAP EBITDA margin was -11.5%, compared with -10.3% last quarter and -4.7% in the same quarter of 2021. If excluding the Hong Kong listing expenses and loss on disposal of property and equipment expenses, our Non-GAAP EBITDA margin would be -5.7%.

Basic and diluted net loss per share was RMB0.14 (US$0.02), compared with RMB0.22 last quarter and RMB0.13 in the same quarter of 2021.

Cash and cash equivalents and short-term investments were RMB4,672.8 million (US$677.5 million) as of December 31, 2022, representing strong and sustainable cash reserve. The decrease quarter-over-quarter was mainly due to our repayment of around RMB500 million loan from Kingsoft Group.

Net cash generated from operating activities amounted to RMB370.4 million, indicating the third consecutive quarter in which we recorded positive operating cash flow. Free cash flow, as measured by net cash generated from operating activities of RMB370.4 million minus capital expenditure of RMB110.8 million, was RMB259.6 million, marking the first quarter of positive free cash flow.

Fiscal Year 2022 Financial Results

Total Revenues reached RMB8,180.1 million (US$1,186.0 million), representing a decrease of 9.7% from RMB9,060.8 million in 2021. The decrease was due to proactive scale-down of delivery services within public cloud services, and more stringent project selection of enterprise cloud services.

• Revenues from public cloud services were RMB5,360.3 million (US$777.2 million), representing a decrease of 13.0% from RMB6,159.1 million in 2021. 

• Revenues from enterprise cloud services were RMB2,817.0 million (US$408.4 million), representing a decrease of 2.8% from RMB2,897.8 million in 2021. 

• Other revenues were RMB2.8 million (US$0.4 million).

Cost of revenues was RMB7,750.6 million (US$1,123.7 million), representing a decrease of 11.0% from RMB8,709.5 million in 2021. Among which: IDC costs decreased by 16.2% to RMB4,275.3 million (US$619.9 million) in 2022 from RMB5,101.5 million in 2021. The decrease was in line with our adjustment of public cloud services. Depreciation and amortization costs were RMB990.7 million (US$143.6 million) in 2022, compared with RMB785.2 million in 2021, mainly as a result of capital expenditures in electronic equipment. Fulfillment costs were RMB396.8 million (US$57.5 million), representing a decrease of 78.6% from RMB1,851.3 million in 2021. The decrease was mainly due to the decrease of revenues from Kingsoft Cloud enterprise cloud services that was due to COVID-19 negative impacts, and the decrease of fulfillment costs as percentages of total enterprise cloud services revenue due to our strategic focus on selected high quality projects. Solution development and services costs were RMB1,873.9 million (US$271.7 million) in 2022, compared with RMB678.2 million in 2021. The increase was mainly due to our full-year consolidation of Camelot in 2022. Other costs were RMB213.9 million (US$31.0 million) in 2022, compared with RMB293.3 million in 2021.

Gross profit increased to RMB429.5 million (US$62.3 million) in 2022, from RMB351.3 million in 2021. Gross margin increased to 5.3%, from 3.9% in 2021. Non-GAAP gross profit increased to RMB445.2 million (US$64.5 million) in 2022, from RMB368.8 million in 2021. Non-GAAP gross margin increased to 5.4% in 2022 from 4.1% in 2021. Such increases were primarily because of the optimization of revenue mix and our effective cost controls.

Selling and marketing expenses were RMB560.1 million (US$81.2 million), compared with RMB518.2 million in 2021. The increase was mainly due to the amortization expenses related to Camelot’s acquisition.

General and administrative expenses were RMB1,149.7 million (US$166.7 million), compared with RMB601.7 million in 2021. The increase was mainly due to the non-recurring Hong Kong listing expenses and loss on disposal of property and equipment, as well as Camelot share awards expenses, workforce optimization related compensations and credit loss.

Research and development expenses were RMB971.2 million (US$140.8 million), compared with RMB1,043.8 million in 2021. The decrease was mainly due to the workforce optimization.

Operating loss was RMB2,251.4 million (US$326.4 million), compared with RMB1,812.4 million in 2021.

Net loss was RMB2,688.4 million (US$389.8 million), compared with net loss of RMB1,591.8 million in 2021. The increase was due to the increase of workforce optimization related compensations, credit loss, Hong Kong listing expenses, Camelot share awards expenses, while offset by the improvement of gross profits and changes of foreign exchange rates.

Non-GAAP net loss was RMB1,993.9 million (US$289.1 million), compared with net loss of RMB1,195.2 million in 2021.

Non-GAAP EBITDA was RMB-755.0 million (US$-109.5 million), compared with RMB-343.8 million in 2021. Non-GAAP EBITDA margin was -9.2%, compared with -3.8% in 2021.

Basic and diluted net loss per share was RMB0.73 (US$0.11), compared with RMB0.46 in 2021.

Share Repurchase. During the year ended December 31, 2022, the Company repurchased approximately 12.3 million of ADSs, each representing 15 ordinary shares, from the open market for a total consideration of approximately US$29.2 million pursuant to the currently effective share repurchase program announced in September 2022.

Outstanding ordinary shares were 350,3710,905 as of December 31, 2022, equivalent to about 233,580,727 ADSs.

Business Outlook

For the first quarter of 2023, the Company expects total revenues to be between RMB1.85 billion and RMB2.05 billion. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Conference Call Information

Kingsoft Cloud’s management will host an earnings conference call on Wednesday, March 29, 2023 at 8:00 am, U.S. Eastern Time (8:00 pm, Beijing/Hong Kong Time on the same day).

Participants can register for the conference call by navigating to https://register.vevent.com/register/BI33f07c2440c0493cb833817afb236a9f. Once preregistration has been completed, participants will receive dial-in numbers, direct event passcode, and a unique access PIN.

To join the conference, simply dial the number in the calendar invite you receive after preregistering, enter the passcode followed by your PIN, and you will join the conference instantly.

Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.ksyun.com.

Use of Non-GAAP Financial Measures

The unaudited condensed consolidated financial information is prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In evaluating our business, we consider and use certain non-GAAP measures, Non-GAAP gross profit, Non-GAAP gross margin, Non-GAAP EBITDA, Non-GAAP EBITDA margin, Non-GAAP net loss and Non-GAAP net loss margin, as supplemental measures to review and assess our operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define Non-GAAP gross profit as gross profit excluding share-based compensation allocated in the cost of revenues, and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. We define Non-GAAP net loss as net loss excluding share-based compensation and foreign exchange (gain) loss, and we define Non-GAAP net loss margin as adjusted net loss as a percentage of revenues. We define Non-GAAP EBITDA as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. We present these non-GAAP financial measures because they are used by our management to evaluate our operating performance and formulate business plans. We also believe that the use of these non-GAAP measures facilitates investors’ assessment of our operating performance.

These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using these non-GAAP financial measures is that they do not reflect all items of income and expense that affect our operations. Further, these non-GAAP measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited.

We compensate for these limitations by reconciling these non-GAAP financial measures to the nearest U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We encourage you to review our financial information in its entirety and not rely on a single financial measure.

Exchan

g

e Rate Information

This press release contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from RMB to U.S. dollars, in this press release, were made at a rate of RMB6.8972 to US$1.00, the noon buying rate in effect on December 31, 2022 as certified for customs purposes by the Federal Reserve Bank of New York.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; the expectation regarding the rate at which to gain customers, especially Premium Customers; Kingsoft Cloud’s ability to monetize the customer base; fluctuations in general economic and business conditions in China; the impact of the COVID-19 to Kingsoft Cloud’s business operations and the economy in China and elsewhere generally; China’s political or social conditions and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Kin

g

soft Cloud Holdin

g

s Limited

Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading independent cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

For more information, please visit: http://ir.ksyun.com.

For investor and media inquiries, please contact:

Kingsoft Cloud Holdings Limited
Nicole Shan
Tel: +86 (10) 6292-7777 Ext. 6300
Email: [email protected]

Christensen
In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
Email: [email protected]

In US
Ms. Linda Bergkamp
Phone: +1-480-6143004
Email: [email protected]

_________________________

¹ This announcement contains translations of certain Renminbi (RMB) amounts into U.S. dollars (US$) at a specified rate solely for the convenience of the reader. Unless otherwise noted, the translation of RMB into US$ has been made at RMB6.8972 to US$1.00, the noon buying rate in effect on December 31, 2022 as certified for customs purposes by the Federal Reserve Bank of New York.

² Non-GAAP gross profit is defined as gross profit excluding share-based compensation allocated in the cost of revenues and we define Non-GAAP gross margin as Non-GAAP gross profit as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

³ Non-GAAP net loss is defined as net loss excluding share-based compensation and foreign exchange (gain) loss, and we define Non-GAAP net loss margin as adjusted net loss as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

⁴ Non-GAAP EBITDA is defined as Non-GAAP net loss excluding interest income, interest expense, income tax expense and depreciation and amortization, and we define Non-GAAP EBITDA margin as Non-GAAP EBITDA as a percentage of revenues. See “Use of Non-GAAP Financial Measures” set forth at the end of this press release.

KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
	Dec 31, 2021		Dec 31, 2022		Dec 31, 2022
	RMB		RMB		US$
ASSETS
Current assets:
Cash and cash equivalents	4,217,528		3,419,166		495,732
Restricted cash	239,093		114,560		16,610
Accounts receivable, net	3,570,975		2,402,430		348,320
Short-term investments	2,491,056		1,253,670		181,765
Prepayments and other assets	1,687,021		1,612,022		233,721
Amounts due from related parties	207,143		246,505		35,740
Total current assets	12,412,816		9,048,353		1,311,888
Non-current assets:
Property and equipment, net	2,364,103		2,132,994		309,255
Intangible assets, net	1,169,767		1,008,020		146,149
Prepayments and other assets	29,066		21,263		3,083
Equity investments	207,166		273,580		39,665
Goodwill	4,625,115		4,605,724		667,767
Amounts due from related parties	5,758		5,758		835
Operating lease right-of-use assets	256,451		220,539		31,975
Deferred tax assets, net	7,798		—		—
Total non-current assets	8,665,224		8,267,878		1,198,729
Total assets	21,078,040		17,316,231		2,510,617
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term bank loans	1,348,166		909,500		131,865
Accounts payable	2,938,632		2,301,958		333,753
Accrued expenses and other current liabilities	2,223,840		2,830,826		410,428
Income tax payable	60,217		51,892		7,524
Amounts due to related parties	836,435		427,727		62,015
Current operating lease liabilities	108,590		136,723		19,823
Total current liabilities	7,515,880		6,658,626		965,408
Non-current liabilities:
Deferred tax liabilities	205,889		167,052		24,220
Amounts due to related parties	472,882		413,464		59,947
Other liabilities	1,232,677		370,531		53,722
Non-current operating lease liabilities	158,289		123,059		17,842
Total non-current liabilities	2,069,737		1,074,106		155,731
Total liabilities	9,585,617		7,732,732		1,121,139
Shareholders’ equity:
Ordinary shares	24,782		25,062		3,634
Treasury stock	—		(208,385	)	(30,213	)
Additional paid-in capital	18,245,801		18,648,205		2,703,736
Accumulated deficit	(7,458,752	)	(10,116,936	)	(1,466,818	)
Accumulated other comprehensive (loss) income	(207,882	)	453,074		65,690
Total Kingsoft Cloud Holdings Limited shareholders’ equity	10,603,949		8,801,020		1,276,029
Non-controlling interests	888,474		782,479		113,449
Total equity	11,492,423		9,583,499		1,389,478
Total liabilities and shareholders’ equity	21,078,040		17,316,231		2,510,617

 

KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(All amounts in thousands, except for share and per share data)
	Three Months Ended								Twelve Months Ended
	Dec 31, 2021		Sep 30, 2022		Dec 31, 2022		Dec 31, 2022		Dec 31, 2021		Dec 31, 2022		Dec 31, 2022
	RMB		RMB		RMB		US$		RMB		RMB		US$
Revenues:
Public cloud services	1,530,476		1,346,038		1,344,293		194,904		6,159,085		5,360,282		777,168
Enterprise cloud services	1,128,775		621,975		785,918		113,947		2,897,817		2,816,976		408,423
Others	479		774		802		117		3,882		2,849		413
Total revenues	2,659,730		1,968,787		2,131,013		308,968		9,060,784		8,180,107		1,186,004
Cost of revenues	(2,631,839	)	(1,846,368	)	(1,969,056	)	(285,486	)	(8,709,496	)	(7,750,569	)	(1,123,727	)
Gross profit	27,891		122,419		161,957		23,482		351,288		429,538		62,277
Operating expenses:
Selling and marketing expenses	(177,081	)	(143,363	)	(126,081	)	(18,280	)	(518,167	)	(560,059	)	(81,201	)
General and administrative expenses	(243,315	)	(235,077	)	(442,764	)	(64,195	)	(601,702	)	(1,149,677	)	(166,687	)
Research and development expenses	(278,202	)	(248,149	)	(255,488	)	(37,042	)	(1,043,811	)	(971,216	)	(140,813	)
Total operating expenses	(698,598	)	(626,589	)	(824,333	)	(119,517	)	(2,163,680	)	(2,680,952	)	(388,701	)
Operating loss	(670,707	)	(504,170	)	(662,376	)	(96,035	)	(1,812,392	)	(2,251,414	)	(326,424	)
Interest income	20,601		20,408		21,688		3,144		71,942		80,743		11,707
Interest expense	(27,208	)	(37,845	)	(31,694	)	(4,595	)	(52,040	)	(137,812	)	(19,981	)
Foreign exchange gain (loss)	47,363		(218,941	)	132,290		19,180		37,822		(334,629	)	(48,517	)
Other gain (loss), net	62,467		(42,243	)	26,399		3,827		83,606		(43,810	)	(6,352	)
Other income (expense), net	89,253		(1,079	)	4,085		592		95,047		23,007		3,336
Loss before income taxes	(478,231	)	(783,870	)	(509,608	)	(73,887	)	(1,576,015	)	(2,663,915	)	(386,231	)
Income tax expense	(3,982	)	(17,577	)	(12,049	)	(1,747	)	(15,741	)	(24,473	)	(3,548	)
Net loss	(482,213	)	(801,447	)	(521,657	)	(75,634	)	(1,591,756	)	(2,688,388	)	(389,779	)
Less: Net loss attributable to non-controlling interests	(4,287	)	(8,387	)	(12,779	)	(1,853	)	(3,044	)	(30,204	)	(4,379	)
Net loss attributable to Kingsoft Cloud Holdings Limited	(477,926	)	(793,060	)	(508,878	)	(73,781	)	(1,588,712	)	(2,658,184	)	(385,400	)
Net loss per share:
Basic and diluted	(0.13	)	(0.22	)	(0.14	)	(0.02	)	(0.46	)	(0.73	)	(0.11	)
Shares used in the net loss per share computation:
Basic and diluted	3,630,916,768		3,660,755,177		3,528,680,363		3,528,680,363		3,441,729,444		3,623,838,985		3,623,838,985
Other comprehensive (loss) income, net of tax of nil:
Foreign currency translation adjustments	(119,133	)	414,142		(136,070	)	(19,728	)	(139,575	)	660,697		95,792
Comprehensive loss	(601,346	)	(387,305	)	(657,727	)	(95,362	)	(1,731,331	)	(2,027,691	)	(293,987	)
Less: Comprehensive loss attributable to non-controlling interests	(4,420	)	(8,390	)	(12,682	)	(1,839	)	(3,177	)	(30,463	)	(4,417	)
Comprehensive loss attributable to Kingsoft Cloud Holdings Limited shareholders	(596,926	)	(378,915	)	(645,045	)	(93,523	)	(1,728,154	)	(1,997,228	)	(289,570	)

 

KINGSOFT CLOUD HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for percentage)
	Three Months Ended				Twelve Months Ended
	Dec 31, 2021	Sep 30, 2022	Dec 31, 2022	Dec 31, 2022	Dec 31, 2021	Dec 31, 2022	Dec 31, 2022
	RMB	RMB	RMB	US$	RMB	RMB	US$
Gross profit	27,891	122,419	161,957	23,482	351,288	429,538	62,277
Adjustments:
– Share-based compensation expenses	5,280	2,233	6,557	951	17,481	15,618	2,264
Adjusted gross profit	33,171	124,652	168,514	24,433	368,769	445,156	64,541

KINGSOFT CLOUD HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for percentage)
	Three Months Ended						Twelve Months Ended
	Dec 31, 2021		Sep 30, 2022		Dec 31, 2022		Dec 31, 2021		Dec 31, 2022
Gross margin	1.0 %		6.2 %		7.6 %		3.9 %		5.3 %
Adjusted gross margin	1.2 %		6.3 %		7.9 %		4.1 %		5.4 %

 

KINGSOFT CLOUD HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for percentage)
	Three Months Ended								Twelve Months Ended
	Dec 31, 2021		Sep 30, 2022		Dec 31, 2022		Dec 31, 2022		Dec 31, 2021		Dec 31, 2022		Dec 31, 2022
	RMB		RMB		RMB		US$		RMB		RMB		US$
Net Loss	(482,213	)	(801,447	)	(521,657	)	(75,634	)	(1,591,756	)	(2,688,388	)	(389,779	)
Adjustments:
– Share-based compensation expenses	125,139		51,826		101,270		14,683		434,350		359,835		52,171
– Foreign exchange (gain) loss	(47,363	)	218,941		(132,290	)	(19,180	)	(37,822	)	334,629		48,517
Adjusted net loss	(404,437	)	(530,680	)	(552,677	)	(80,131	)	(1,195,228	)	(1,993,924	)	(289,091	)
Adjustments:
– Interest income	(20,601	)	(20,408	)	(21,688	)	(3,144	)	(71,942	)	(80,743	)	(11,707	)
– Interest expense	27,208		37,845		31,694		4,595		52,040		137,812		19,981
– Income tax expense	3,982		17,577		12,049		1,747		15,741		24,473		3,548
– Depreciation and amortization	267,565		293,672		285,515		41,396		855,604		1,157,424		167,811
Adjusted EBITDA	(126,283	)	(201,994	)	(245,107	)	(35,537	)	(343,785	)	(754,958	)	(109,458	)
– Loss on disposal of property and equipment	–		–		28,788		4,174		–		28,788		4,174
Excluding loss on disposal of property and equipment, normalized Adjusted EBITDA	(126,283	)	(201,994	)	(216,319	)	(31,363	)	(343,785	)	(726,170	)	(105,284	)

 

KINGSOFT CLOUD HOLDINGS LIMITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for percentage)
	Three Months Ended						Twelve Months Ended
	Dec 31, 2021		Sep 30, 2022		Dec 31, 2022		Dec 31, 2021		Dec 31, 2022
Net loss margin	-18.1%		-40.7%		-24.5%		-17.6%		-32.9%
Adjusted net loss margin	-15.2%		-27.0%		-25.9%		-13.2%		-24.4%
Adjusted EBITDA Margin	-4.7%		-10.3%		-11.5%		-3.8%		-9.2%
Normalized Adjusted EBITDA Margin	-4.7%		-10.3%		-10.2%		-3.8%		-8.9%

 

KINGSOFT CLOUD HOLDINGS LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(All amounts in thousands)
	Three Months Ended						Twelve Months Ended
	Dec 31, 2021		Dec 31, 2022		Dec 31, 2022		Dec 31, 2021		Dec 31, 2022		Dec 31, 2022
	RMB		RMB		US$		RMB		RMB		US$
Net cash generated from (used in) operating activities	38,006		370,446		53,709		(708,869	)	188,974		27,398
Net cash (used in) generated from investing activities	(226,519	)	900,951		130,626		(421,623	)	(32,865	)	(4,765	)
Net cash generated from (used in) financing activities	1,085,021		(806,656	)	(116,954	)	2,212,487		(1,152,146	)	(167,045	)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(34,654	)	(137,369	)	(19,917	)	(50,048	)	73,142		10,605
Net increase (decrease) in cash, cash equivalents and restricted cash	896,508		464,741		67,381		1,081,995		(996,037	)	(144,412	)
Cash, cash equivalents and restricted cash at beginning of period	3,594,767		3,206,354		464,878		3,424,674		4,456,621		646,149
Cash, cash equivalents and restricted cash at end of period	4,456,621		3,533,726		512,342		4,456,621		3,533,726		512,342
	—		—		—		—		—		—

Revised Offer Demonstrates Nano Dimension’s Commitment to Creating the Market Leader in Additive Manufacturing

Shareholders Will Receive Considerable Premium in 51% to 60-Day Volume Weighted Average Price

Urges Stratasys to Remove ‘Poison Pill’ and Allow Shareholders to Determine the Best Path Forward for Their Investment

Video Link at the bottom – for detailed Analysis by Chairman & CEO

Waltham, Mass., March 29, 2023 (GLOBE NEWSWIRE) — Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension”, “NANO” or the “Company”), a leading supplier of Additively Manufactured Electronics (“AME”) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (“AM”) 3D printers, today announced it has submitted a revised offer to acquire Stratasys Ltd. (Nasdaq: SSYS) (“Stratasys”) for $19.55 per share in cash (“Improved Proposal”).

Under the terms of the Improved Proposal, Nano Dimension would acquire the remaining shares of Stratasys it does not currently own for an aggregate of approximately $1.2 billion on a fully diluted basis. This offer represents a premium of 37% to the closing trading price as of March 3rd, 2023, a 40% premium to the Company’s 30-day VWAP, 51% premium to the 60-day VWAP and a 47% premium to the 90-day VWAP as of March 3rd, 2023. Nano Dimension has been the largest shareholder of Stratasys since July 2022 and currently owns approximately 14.5% of Stratasys’ outstanding shares (13.7% on a fully diluted basis).

“Our increased, all-cash offer demonstrates our commitment to consummating this strategic combination, which will deliver immediate and certain value to Stratasys shareholders at a compelling premium and enable us to create the preeminent leader in the rapidly growing AM market,” said Yoav Stern, Nano Dimension’s Chairman and Chief Executive Officer. “We are prepared to move quickly to complete our due diligence and engage with Stratasys to finalize a mutually agreeable transaction.”

Mr. Stern continued, “Nano Dimension believes in the quality of Stratasys management and its line-leaders, and we are therefore extending this Improved Proposal. We again invite the Stratasys’ board of directors (“Stratasys’ Board”) to engage in an open and constructive dialogue with us around a combination of our businesses. We also urge the Stratasys Board to take immediate steps to remove the company’s ‘poison pill’ and allow shareholders to voice their opinion on the proposed transaction and we are committed to giving Stratasys shareholders the power to decide on the merits of our compelling offer.”

Significantly Improved Value and Compelling Strategic Rationale

Nano Dimension’s Improved Proposal represents a significant increase in value of $1.55 per share, or 9%, as compared to its March 6^th, 2023, proposal and offers compelling and certain value to Stratasys shareholders at a time of ongoing market volatility.

Among other growth and value creation opportunities, the transaction would:

• 
  
  Position the Combined Company to Realize Market Consolidation Opportunity:
  
  
  

The combined company would be ideally positioned as a consolidator in the highly fragmented market landscape of small- and medium-sized businesses with numerous attractive potential targets.

• 
  
  Establish a Market-Leading Portfolio of Complementary Products and Solutions Addressing a Significant Market Opportunity:
  
  

Combination of Stratasys’ polymer-based 3D printing systems & PolyJet AM machines and Nano Dimension’s ceramic, and metals AM & AME capabilities provides a full suite of products to the additive manufacturing segment that is expected to grow from a market size of ~$16bn in 2021 to ~$105bn by 2030.

• 
  
  Capitalize on Opportunity to Realize Operational and Organizational Synergies:
  
  

The combined sales platform will accelerate revenue growth through cross-selling Nano Dimension’s products into Stratasys’ distribution network and eliminating duplicative corporate costs. In addition, combined R&D capabilities will drive accelerated innovation.

• 
  
  Enhance Market Penetration and New Customer Acquisition:
  
  

Increased opportunity to deepen existing relationships across shared customers and industries by providing more value-added services and solutions, while also presenting new customer acquisition opportunities with an expanded and diversified platform.

Yoav Stern, Chairman and Chief Executive Officer of the Company, in a face-to-face session, details an Analysis of Stratasys Transaction, and talks directly to

• NANO’s shareholders,
• Stratasys Shareholders
• Teams/employees of NANO and Stratasys

Click here for “Stratasys Transaction Analysis”: Yoav Stern for the face-to-face session – https://youtu.be/axulqEVq1Ak

Q4 and FY 2022 Earnings Call

Nano Dimension will release its full financial results for the fourth quarter and full year ended December 31st, 2022, before the Nasdaq Stock Market opens on Thursday, March 30th, 2023. Yoav Stern, Chairman and Chief Executive Officer of the Company, Yael Sandler, Chief Financial Officer of the Company, and Julien Lederman, VP of Corporate Development of the Company, will host a conference call on March 30th, 2023, at 9:00 a.m. ET, to discuss the financial results.

Callers can pre-register for the conference call using the following link: https://dpregister.com/sreg/10175112/f5aecf64c0

Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

A live, listen-only webcast of the call will be available at the following link:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=jXYiYYF0

Those without internet access or unable to pre-register may dial in by calling:
PARTICIPANT DIAL IN (TOLL FREE): 844-695-5517
PARTICIPANT INTERNATIONAL DIAL IN: 1-412-902-6751
ISRAEL TOLL FREE: 1-80-9212373

The webcast will be archived for three months on our investor relations website at https://investors.nano-di.com/investor-relations

About Nano Dimension

Nano Dimension’s (Nasdaq: NNDM) vision is to transform existing electronics and mechanical manufacturing into Industry 4.0 environmentally friendly & economically efficient precision additive electronics and manufacturing – by delivering solutions that convert digital designs to electronic or mechanical devices – on demand, anytime, anywhere.

Nano Dimension’s strategy is driven by the application of deep learning based AI to drive improvements in manufacturing capabilities by using self-learning & self-improving systems, along with the management of a distributed manufacturing network via the cloud.

Nano Dimension serves over 2,000 customers across vertical target markets such as aerospace & defense, advanced automotive, high-tech industrial, specialty medical technology, R&D and academia. The company designs and makes Additive Electronics and Additive Manufacturing 3D printing machines and consumable materials. Additive Electronics are manufacturing machines that enable the design and development of High-Performance-Electronic-Devices (Hi-PED®s). Additive Manufacturing includes manufacturing solutions for production of metal, ceramic, and specialty polymers-based applications – from millimeters to several centimeters in size with micron precision.

Through the integration of its portfolio of products, Nano Dimension is offering the advantages of rapid prototyping, high-mix-low-volume production, IP security, minimal environmental footprint, and design-for-manufacturing capabilities, which is all unleashed with the limitless possibilities of additive manufacturing.

For more information, please visit  www.nano-di.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Nano Dimension is using forward-looking statements in this press release when it discusses its commitment to consummate the strategic combination, its preparation to move quickly to finalize a mutually agreeable transaction, and the potential benefits and advantages of the Improved Proposal, and growth and value creation opportunities. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties. The execution of a definitive merger agreement between Nano Dimension and Stratasys would be subject to approval by each company’s Board of Directors and completion of the transaction would be subject to customary closing conditions, receipt of required regulatory approvals and approval of Stratasys shareholders. Actual results, performance, or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano Dimension’s annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third-party websites.

NANO DIMENSION INVESTOR RELATIONS CONTACT

Investor Relations | [email protected]

NANO DIMENSION MEDIA CONTACT

Kal Goldberg / Bryan Locke / Kelsey Markovich | [email protected] 

BRECKENRIDGE, Colo., March 29, 2023 (GLOBE NEWSWIRE) — Breckenridge Distillery, the world’s highest craft distillery and one of the most awarded bourbon brands, announces the launch of National Après Day, a new holiday in the U.S., celebrated on March 31^st to honor the joy of après ski culture.

Inspired by international après ski culture and celebrated among ski enthusiasts as enjoying time with friends after a day on the slopes, Breckenridge Distillery opens the conversation to share après moments with its new #AprèsAnywhere campaign on National Après Day. The inaugural holiday and campaign invites people around the world to raise a glass to anything they accomplish – whether skiing or not, and with any spirit of their choice, starting with inspiration from the distillery’s portfolio of award-winning products made with Rocky Mountain water from its hometown, and highlighting its beloved Breckenridge Bourbon.

“Bourbon brings people together, and that’s why we love what we do at Breckenridge Distillery,” said Jessie Unruh, director of marketing at Breckenridge Distillery. “This campaign is the epitome of what we’re all about. We love celebrating the rad things our fans do, from the backcountry to the big city, and we hope this spreads the après ski spirit across the country for more memorable moments with Breckenridge bourbon.”

As part of the campaign launch, consumers can enter to win the ultimate #AprèsAnywhere swag bag from Breckenridge Distillery by sharing how and where they après, by posting a photo to Instagram using the #AprèsAnywhere hashtag in the caption. Breckenridge Distillery will pick one lucky winner each month, between March 31, 2023 and August 31, 2023. Winners will be contacted via Instagram direct message from @breckdistillery.

For more information about National Après Day and how you can participate, visit the Breckenridge website at www.breckenridgedistillery.com/apresanywhere.

About Breckenridge Distillery

Founded in Colorado in 2008, Breckenridge Distillery is the “World’s Highest Distillery,” and best known for its award-winning blended bourbon whiskey, a high-rye mash American-style whiskey.

One of the most highly awarded distilleries in the U.S., the Breckenridge Distillery is proudly a 3x Icons of Whisky and 9xwinner of Best American Blended winner at the World Whiskies Awards by Whisky Magazine (2016, 2017, 2018, 2019, 2021, 2022 and 3x in 2023) and a 4x winner of Colorado Distillery of the Year by the New York International Spirits Competition. Most recently, their Breckenridge Gin was named 2021 World’s Best Compound Gin at the World Gin Awards by Gin Magazine.

The Breckenridge Distillery is more than award-winning spirits, offering an immersive guest experience. Named as one of the country’s Top Visitor Attractions by Whisky Magazine, guests can dine at their award-winning restaurant, enjoy show-stopping cocktails, learn about their highly awarded spirits with an in-depth tasting and get an inside look at their active production facility. New to the distillery, guests have the opportunity to blend their own whiskey as they learn the inner workings of whiskey production.

Breckenridge Distillery is a subsidiary of Tilray Brands, Inc. (NASDAQ | TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company inspiring and empowering the worldwide community to live their very best life. For more information about Breckenridge Distillery, visit www.breckenridgedistillery.com. Follow Breckenridge on Instagram @breckdistillery and become a fan at facebook.com/BreckDistillery.

For more information about Tilray Brands, visit www.tilray.com and follow @tilray on Instagram, Twitter, Facebook, and LinkedIn.

Forward-Looking Statements
Certain statements in this communication that are not historical facts constitute forward-looking information or forward-looking statements (together, “forward-looking statements”) under Canadian and U.S. securities laws and 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, that are intended to be subject to the “safe harbor” created by those sections and other applicable laws. Forward-looking statements can be identified by words such as “forecast,” “future,” “should,” “could,” “enable,” “potential,” “contemplate,” “believe,” “anticipate,” “estimate,” “plan,” “expect,” “intend,” “may,” “project,” “will,” “would” and the negative of these terms or similar expressions, although not all forward-looking statements contain these identifying words. Certain material factors, estimates, goals, projections, or assumptions were used in drawing the conclusions contained in the forward-looking statements throughout this communication. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance, or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to the Company or that the Company deems immaterial could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. For a more detailed discussion of these risks and other factors, see the most recently filed annual information form of Tilray and the Annual Report on Form 10-K (and other periodic reports filed with the SEC) of Tilray made with the SEC and available on EDGAR. The forward-looking statements included in this communication are made as of the date of this communication and the Company does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events, or otherwise unless required by applicable securities laws.

Media Contact:

Kelsey Bardach
[email protected]
970-924-0704 ext. 2105

A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/c5617b41-16d2-4b2b-aeb0-cebedb0b4e3f