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FDA Grants Priority Review for Biologics License Application (BLA) and EMA Accepts Marketing Authorisation Application (MAA) for Apitegromab as a Treatment for Spinal Muscular Atrophy

FDA Grants Priority Review for Biologics License Application (BLA) and EMA Accepts Marketing Authorisation Application (MAA) for Apitegromab as a Treatment for Spinal Muscular Atrophy

  • Apitegromab remains on track to be the first and only muscle-targeted treatment for people living with Spinal Muscular Atrophy
  • FDA to review BLA application under priority review, with a PDUFA date of September 22, 2025
  • Apitegromab Marketing Authorisation Application to the European Medicines Agency validated and under review

CAMBRIDGE, Mass.–(BUSINESS WIRE)–
Scholar Rock (NASDAQ: SRRK), a late-stage biopharmaceutical company focused on advancing innovative treatments for neuromuscular diseases, cardiometabolic disorders, and other serious diseases, today announced that the U.S. Food and Drug Administration (FDA) has accepted its Biologics License Application (BLA) for apitegromab, an investigational muscle-targeted treatment that is being developed to provide clinically meaningful improvement in motor function for people living with spinal muscular atrophy (SMA) who are receiving an SMN-targeted treatment. The FDA will review the application under priority review and has assigned a Prescription Drug User Fee Act (PDUFA) target action date of September 22, 2025. The FDA priority review designation conveys that the FDA has determined that if apitegromab is approved, it could offer significant improvement in the safety or effectiveness of treatment of the serious condition of SMA.

The Company has also submitted and received validation for its Marketing Authorisation Application (MAA) to the European Medicines Agency (EMA) for apitegromab for the treatment of SMA. Validation confirms that the application is complete and the formal review process by EMA can begin.

“We are delighted with the priority review designation for apitegromab, which is consistent with the potential of apitegromab to be a transformative therapy and the first muscle-targeted treatment for people living with SMA who continue to have decline in motor function despite receiving SMN-targeted treatments,” said Jay Backstrom, M.D., MPH, President and Chief Executive Officer of Scholar Rock. “In addition to the positive news from the FDA, we are pleased with the parallel acceptance of the MAA by the EMA and look forward to continue working with regulatory agencies to bring apitegromab to the SMA community as we prepare for our global commercial launch, starting with the U.S.”

Apitegromab’s regulatory submissions are based on positive efficacy and safety data from the pivotal Phase 3 SAPPHIRE trial (NCT05156320), for which the Company reportedpositive topline data in October 2024, as well as supportive data from the Phase 2 TOPAZ trial and long-term extension ONYX trial. The results from SAPPHIRE, including primary and secondary endpoint analyses, were featured in multiple clinical presentations at the 2025 Muscular Dystrophy Association (MDA) Clinical & Scientific Conference earlier this month.

SAPPHIRE achieved its primary endpoint, demonstrating a statistically significant and clinically meaningful motor function improvement in people with SMA receiving apitegromab and chronic dosing of SMN-targeted treatments (either nusinersen or risdiplam) versus placebo (nusinersen or risdiplam) as measured by the gold standard Hammersmith Functional Motor Scale Expanded (HFMSE).

In anticipation of potential regulatory approvals, Scholar Rock is planning for a U.S. commercial launch upon approval in 2025, with European launch anticipated in 2026.

About Apitegromab

Apitegromab is an investigational fully human monoclonal antibody inhibiting myostatin activation by selectively binding the pro- and latent forms of myostatin in the skeletal muscle. It is the first muscle-targeted treatment candidate in spinal muscular atrophy (SMA) to demonstrate clinical success in a pivotal phase 3 clinical trial. Myostatin, a member of the TGFβ superfamily of growth factors, is expressed primarily by skeletal muscle cells, and the absence of its gene is associated with an increase in muscle mass and strength in multiple animal species, including humans. Scholar Rock believes that its highly selective targeting of pro- and latent forms of myostatin with apitegromab may lead to a clinically meaningful improvement in motor function in patients with SMA. The U.S. Food and Drug Administration (FDA) has granted Fast Track, Orphan Drug and Rare Pediatric Disease designations, and the European Medicines Agency (EMA) has granted Priority Medicines (PRIME) and Orphan Medicinal Product designations, to apitegromab for the treatment of SMA. Apitegromab has not been approved for any use by the FDA or any other regulatory agency.

About the Phase 3 SAPPHIRE Trial

SAPPHIRE was a randomized, double-blind, placebo-controlled Phase 3 clinical trial that evaluated the safety and efficacy of apitegromab in nonambulatory patients with Types 2 and 3 SMA who were receiving current standard of care (either nusinersen or risdiplam). SAPPHIRE enrolled 156 patients aged 2-12 years old in the main efficacy population. These patients were randomized 1:1:1 to receive either apitegromab 10 mg/kg, apitegromab 20 mg/kg, or placebo by intravenous (IV) infusion every 4 weeks for 12 months. An exploratory population including 32 patients aged 13-21 years old was also evaluated. These patients were randomized 2:1 to receive either apitegromab 20 mg/kg or placebo every 4 weeks for 12 months.

The SAPPHIRE trial met its primary endpoint for the main efficacy population with a statistically significant 1.8-point improvement (p=0.0192) based on apitegromab combined dose (10 mg/kg and 20 mg/kg) and standard of care (SOC) versus placebo and SOC as measured by the Hammersmith Functional Motor Scale-Expanded at week 52 (additional details in the topline data release).

About Scholar Rock

Scholar Rock is a biopharmaceutical company that discovers, develops, and delivers life-changing therapies for people with serious diseases that have high unmet need. As a global leader in the biology of the transforming growth factor beta (TGFβ) superfamily, the company is named for the visual resemblance of a scholar rock to protein structures. Over the past decade, Scholar Rock has created a pipeline with the potential to advance the standard of care for neuromuscular disease, cardiometabolic disorders, cancer, and other conditions where growth factor-targeted drugs can play a transformational role.

This commitment to unlocking fundamentally different therapeutic approaches is powered by broad application of a proprietary platform, which has developed novel monoclonal antibodies to modulate protein growth factors with extraordinary selectivity. By harnessing cutting-edge science in disease spaces that are historically under-addressed through traditional therapies, Scholar Rock works every day to create new possibilities for patients. Learn more about our approach at ScholarRock.com and follow @ScholarRock and on LinkedIn.

Scholar Rock® is a registered trademark of Scholar Rock, Inc.

Availability of Other Information About Scholar Rock

Investors and others should note that we communicate with our investors and the public using our company website www.scholarrock.com, including, but not limited to, company disclosures, investor presentations and FAQs, Securities and Exchange Commission filings, press releases, public conference call transcripts and webcast transcripts, as well as on X (formerly known as Twitter) and LinkedIn. The information that we post on our website or on X (formerly known as Twitter) or LinkedIn could be deemed to be material information. As a result, we encourage investors, the media and others interested to review the information that we post there on a regular basis. The contents of our website or social media shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Scholar Rock’s future expectations, plans and prospects, including without limitation, Scholar Rock’s expectations regarding its growth, strategy, progress and plans for apitegromab, including expectations relating to regulatory review and approval timelines and commercial launch timelines in the US and Europe. The use of words such as “may,” “might,” “could,” “will,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “project,” “intend,” “future,” “potential,” or “continue,” and other similar expressions are intended to identify such forward-looking statements. All such forward-looking statements are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, without limitation, whether the results from the Phase 3 clinical trial of apitegromab, are not predictive of, may be inconsistent with, or more favorable than, data generated from future or ongoing clinical trials of the same product candidates, and may not be sufficient for regulatory approval; Scholar Rock’s ability to provide the financial support, resources and expertise necessary to identify and develop product candidates on the expected timeline; the data generated from Scholar Rock’s nonclinical studies and clinical trials; information provided or decisions made by regulatory authorities; competition from third parties that are developing products for similar uses; Scholar Rock’s ability to obtain, maintain and protect its intellectual property; Scholar Rock’s dependence on third parties for development and manufacture of product candidates including, without limitation, supply for apitegromab; and Scholar Rock’s ability to manage expenses and to obtain additional funding when needed to support its business activities and establish and maintain strategic business alliances; its ability to obtain regulatory approval of apitegromab; its ability to expand globally; as well as those risks more fully discussed in the section entitled “Risk Factors” in Scholar Rock’s Annual Report on Form 10-K for the year ended December 31, 2024, as well as discussions of potential risks, uncertainties, and other important factors in Scholar Rock’s subsequent filings with the Securities and Exchange Commission. Any forward-looking statements represent Scholar Rock’s views only as of today and should not be relied upon as representing its views as of any subsequent date. All information in this press release is as of the date of the release, and Scholar Rock undertakes no duty to update this information unless required by law.

Scholar Rock:

Investors & Media

Rushmie Nofsinger

[email protected]

[email protected]

857-259-5573

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Science Cardiology Biotechnology Research Pharmaceutical Health FDA Diabetes

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Bowman Secures $3.8M in Water Resource Contracts

Bowman Secures $3.8M in Water Resource Contracts

Wins support Bowman’s organic growth in water resources market

RESTON, Va.–(BUSINESS WIRE)–
Bowman Consulting Group Ltd. (NASDAQ: BWMN), a national engineering services and program management firm, has been awarded two major water resource contracts in rural Colorado totaling $3.8 million, including a complete collection system rehab and various water system improvements. These contracts underscore the company’s rapid expansion in the water/wastewater sector through organic growth and strategic acquisition and showcase the company’s ability to secure and service major infrastructure projects.

With a combined construction value of nearly $40 million, Bowman will oversee the full project lifecycle for both assignments, from design through construction oversight, while also providing inspection and survey services.

The collection system rehabilitation assignment includes extensive upgrade design, including replacing 73,000 linear feet of sewer main, installing 15,000 linear feet of cured-in-place piping, rehabilitating approximately 270 manholes and upgrading two lift stations. Meanwhile, the water system improvement project will enhance the capacity of a rural drinking water system and encompasses the construction of a 450,000-gallon elevated storage tank and the installation of nearly 14,000 linear feet of new water lines.

“These assignments underscore our deep expertise in revitalizing and improving aging water and wastewater infrastructure,” said Gary Bowman, chairman and CEO of Bowman. “Awards like these build on our strong client relationships and subject matter expertise, and they demonstrate the long-term rewards of our strategic growth strategy. As municipalities invest in modernizing their critical systems, Bowman remains well-positioned to provide innovative engineering solutions and program management services that drive long-term value.”

Bowman’s relationships with both clients span years of collaboration, including delivering reports, analyses and support for master plans. This history of successful partnership positions Bowman as the preferred engineering partner for future infrastructure initiatives in both communities, aligning with the company’s strategy to capture recurring revenue streams and expand its market share in municipal water and wastewater services.

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is a national engineering services firm delivering infrastructure, technology and project management solutions to customers who own, develop and maintain the built environment. With over 2,300 employees in more than 100 locations throughout the United States, Bowman provides extensive planning, engineering, geospatial, construction management, commissioning, environmental consulting, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

General Media Contact:

Christina Nichols

[email protected]

Investor Relations Contact:

Betsy Patterson

[email protected]

KEYWORDS: United States North America Virginia Colorado

INDUSTRY KEYWORDS: Engineering Other Professional Services Manufacturing Consulting Other Construction & Property Alternative Energy Energy Commercial Building & Real Estate Professional Services Construction & Property Other Natural Resources Environment Natural Resources Urban Planning

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EG America Selects PAR Technology to Transform Customer Loyalty with their New SmartRewards Program

EG America Selects PAR Technology to Transform Customer Loyalty with their New SmartRewards Program

Redefining What Loyalty Means for Millions of Shoppers

NEW HARTFORD, N.Y.–(BUSINESS WIRE)–
Millions of customers, one goal: making loyalty smarter, simpler, and more rewarding than ever before. EG America, LLC, one of the largest and fastest growing convenience store operators in the U.S., has selected PAR Technology (NYSE:PAR) to power the relaunch of SmartRewards. Built on PAR Retail™, PAR’s industry-leading loyalty platform purpose-built for convenience and fuel retail, this next-generation program raises the bar for personalized customer engagement.

The reimagined SmartRewards program is more than just points and perks — it’s a future-focused investment in customer connections. With more than 1,500 locations nationwide, EG America is using best-in-class technology to create deeper relationships with its guests, offering personalized benefits, seamless enrollment, and dynamic one-to-one promotions. The program transforms everyday visits into meaningful interactions, ensuring that every engagement delivers real value and makes loyalty feel effortless.

“This relaunch represents a huge step forward for EG America and our guests,” said John Carey, President & CEO at EG America. “SmartRewards is more than a program—it’s our way of saying, ‘We see you. We value you.’ Thanks to our partnership with PAR, we’re excited to create deeper connections and unforgettable experiences for every guest.”

The revamped program goes beyond transactional rewards, offering a data-driven approach to engagement that adapts to customer preferences in real-time. With PAR Retail’s technology, SmartRewards delivers high-impact, personalized promotions that help customers get the most out of every visit. Beyond discounts, members can expect a membership tier program, exclusive sweepstakes, first-to-market product launches, and more, creating an experience that feels more intuitive, rewarding, and engaging. SmartRewards has always been a key driver for EG America’s business, and with investments in stronger technology, it is expected to increase customer engagement by 275% this year.

“EG America knows that real loyalty isn’t about handing out points and hoping for the best—it’s about influencing behavior, deepening customer relationships, and delivering outcomes,” said Savneet Singh, CEO of PAR Technology. “EG America is a premium brand who was looking for a partner with a premium platform. That’s why they’re taking a smarter approach, powered by data and technology that delivers outcomes. At PAR, we don’t build ‘set-it-and-forget-it’ solutions—our platform and solutions deliver real business outcomes.”

EG America’s Investment in Future-Forward Innovation

EG America’s decision to revamp SmartRewards reflects its ongoing investment in technology-driven customer experiences. The company is leveraging PAR Retail’s enterprise-grade capabilities to build a program that scales with its growth and evolves with changing customer expectations.

“As EG America embarks on our digital transformation journey, our first milestone is the relaunch of the SmartRewards loyalty program,” said Whitney Johnson, SVP of Marketing at EG America. “To deliver personalized value to millions of members, the new program must exceed customer’s expectations. We’ve listened to our members and built a custom program tailored to their needs.”

“The flexibility and intelligence built into PAR Retail are unmatched in the c-store industry,” said Jake Kiser, General Manager of PAR Retail. “With EG America, we’re demonstrating how loyalty can drive both customer satisfaction and business outcomes.”

Looking Ahead

With the goal of enrolling millions of members in the first few months, EG America is poised to redefine loyalty in convenience retail. Powered by PAR Retail’s state-of-the-art technology, SmartRewards is more than a program—it’s a promise to make every interaction personal and rewarding.

For more information about PAR Retail’s loyalty solutions and how they transform customer engagement, visit partech.com.

About EG America:

With more than 1,500 retail locations and 18,000 team members across the U.S., EG America is one of the fastest-growing convenience store retailers in the country. As the operator of Certified Oil, Cumberland Farms, Fastrac, Kwik Shop, Loaf N’ Jug, Minit Mart, Quik Stop, Sprint Food Stores, Tom Thumb, and Turkey Hill stores, we are committed to becoming America’s preferred ‘one-stop’ destination by focusing on superior guest experience, high-quality grocery and fuel products, and supporting the communities in which we live and work. EG America is owned by EG Group, a UK-based fuel station and convenience store retailer with more than 50,000 team members across the UK & Ireland, Europe, Australia, and the US. For more information about EG America, visit us at eg-america.com or follow us on LinkedIn.

About PAR Technology:

For over four decades, PAR Technology Corporation (NYSE: PAR) has been at the forefront of technology innovation in foodservice, helping businesses create exceptional guest experiences and connections. Our comprehensive suite of software and hardware solutions, including point-of-sale, digital ordering, loyalty, back-office management, and payments, serves a diverse range of hospitality and retail clients across more than 110 countries. With our “Better Together” ethos, PAR continues to deliver unified solutions that drive customer engagement, efficiency, and growth, all to make it easier for our customers to manage their operations. To learn more, visit partech.com or connect with us on LinkedIn, X (formerly Twitter), Facebook, and Instagram.

Christopher R. Byrnes (315) 743-8376

[email protected], www.partech.com

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Technology Supermarket Specialty Software Restaurant/Bar Food/Beverage Hardware Data Management Supply Chain Management Retail

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Redwire Awarded NASA Contract to Expand Pharmaceutical Drug Development in Space for Future Commercialization

Redwire Awarded NASA Contract to Expand Pharmaceutical Drug Development in Space for Future Commercialization

JACKSONVILLE, Fla.–(BUSINESS WIRE)–
Redwire Corporation (NYSE: RDW), a leader in space infrastructure for the next-generation space economy, has been awarded a NASA contract to launch four additional pharmaceutical drug investigations to the International Space Station using the company’s innovative Pharmaceutical In-space Laboratory (PIL-BOX). The NASA-funded investigations aim to manufacture high-value seed crystals which could inform pharmaceutical manufacturing operations aboard the space station and future commercial space stations in low Earth orbit (LEO).

“NASA has been an instrumental partner and customer as we’ve scaled our pharmaceutical drug manufacturing program significantly over the last year,” said John Vellinger, Redwire’s President of In-Space Industries. “Additional PIL-BOX investigations from NASA and commercial partners will enable Redwire to optimize the infrastructure to launch, test, manufacture, and return high-value space enabled pharmaceutical products and establish a new market in LEO”

With 28 units flown and processed to date, PIL-BOX provides pharmaceutical researchers with novel and flexible services to leverage the microgravity environment to grow small-batch crystals of protein-based pharmaceuticals and other key pharmaceutically relevant molecules. Previous spaceflight investigations indicate that growing crystals in space could yield a more uniform product with fewer imperfections, which can improve the drug discovery and development process. Previous investigations have focused on unlocking insights to improve treatments for cardiovascular disease, obesity, and diabetes.

About Redwire

Redwire Corporation (NYSE: RDW) is a global space infrastructure and innovation company enabling civil, commercial, and national security programs. Redwire’s proven and reliable capabilities include avionics, sensors, power solutions, critical structures, mechanisms, radio frequency systems, platforms, missions, and microgravity payloads. Redwire combines decades of flight heritage and proven experience with an agile and innovative culture. Redwire’s approximately 750 employees working from 17 facilities located throughout the United States and Europe are committed to building a bold future in space for humanity, pushing the envelope of discovery and science while creating a better world on Earth. For more information, please visit redwirespace.com.

Media Contact:

Tere Riley

[email protected]

321-831-0134

OR

Investors:

[email protected]

904-425-1431

KEYWORDS: United States North America Florida

INDUSTRY KEYWORDS: Aerospace Technology Manufacturing Diabetes Health Pharmaceutical Other Technology Satellite Research Other Manufacturing Science

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Core & Main Announces Leadership Transition

Core & Main Announces Leadership Transition

Steve LeClair to Transition to Executive Chair

Mark Witkowski Appointed CEO and Director; Robyn Bradbury Appointed CFO

ST. LOUIS–(BUSINESS WIRE)–Core & Main, Inc. (NYSE: CNM) (“Core & Main” or the “Company”), a leading specialty distributor dedicated to advancing reliable infrastructure with local service, nationwide, today announced changes to its executive leadership team as part of the Company’s long-term succession planning.

After nearly two decades with Core & Main, Steve LeClair, the Company’s current chief executive officer, will transition to the role of executive chair, where he will act as an advisor to the business, while continuing to lead the board of directors of Core & Main as chair. Mark Witkowski, the Company’s current chief financial officer, has been selected by the board of directors to succeed Steve LeClair as chief executive officer. Witkowski has also been appointed to the Company’s board of directors. Additionally, Robyn Bradbury, the Company’s current senior vice president of finance and investor relations, will succeed Witkowski as chief financial officer. Each of them will assume their new roles on March 31, 2025.

Witkowski joined Core & Main in 2007, holding various roles of increasing responsibility and eventually becoming chief financial officer in 2016. He has a deep understanding of the Company, having played an integral role in the development, execution and achievement of Core & Main’s value creation strategies. Witkowski has a proven commitment to fostering innovation, driving growth strategies and strengthening the capabilities of the Company.

Bradbury joined Core & Main in 2009 and has served in various finance and strategy roles of increasing responsibility. Bradbury is a dynamic leader with a growth mindset and a passion for driving results and developing talent. She and her team established Core & Main’s investor relations function, leading a successful initial public offering in 2021 and the Company’s first investor day in 2023.

“Steve has left an incredible mark on Core & Main,” said James Castellano, lead independent director for Core & Main. “Under his leadership, the Company has delivered exceptional business performance and meaningful value to its customers, suppliers, shareholders and other stakeholders. We look forward to his continued contributions as executive chair and chair of the board.”

Castellano continued, “As we enter this next chapter, continuity of leadership is important. Mark and Robyn have been key members of the management team for many years. They know our business well and have been instrumental in building Core & Main into the industry leader it is today. Today’s announcement, together with the executive leadership changes we announced last July, further position the Company for continued growth and success.”

“Leading Core & Main for the last decade has been the privilege of a lifetime and I am incredibly proud of what we have accomplished together,” said Steve LeClair. “During my tenure, we transformed Core & Main from a division of HD Supply into a private equity-sponsored standalone business in 2017. We launched our initial public offering in 2021, one of the largest and most successful from that year, and we have delivered outstanding performance and significant value creation year-after-year since then. As proud as I am of the results we have generated, I am even more proud of the culture we have built, the great leadership talent and depth we have, and the opportunities we have charted for the future. Mark, Robyn and I have worked side-by-side over the last decade, and I couldn’t be more excited as Mark, Robyn and the rest of our leadership team take Core & Main to the next level.”

Witkowski added, “I am honored to have been selected to lead Core & Main as chief executive officer and to serve on its board of directors. This is an incredible business with the best talent in the industry, and I recognize that our associates and the culture we have fostered are key to delivering superior results. Having worked closely with Robyn for over a decade now, I know she is ideally suited to serve as our chief financial officer. As we enter this next chapter, I look forward to collaborating with the board and the rest of our talented executive team to build on the strong culture we have established. We have been fortunate to have benefited from Steve’s tremendous leadership for over a decade at Core & Main. I know that I speak for the entire Core & Main family in thanking him for his leadership and dedication. I also want to thank all our associates for their commitment to our customers in pursuit of advancing reliable infrastructure with local service, nationwide.”

About Core & Main

Based in St. Louis, Core & Main is a leader in advancing reliable infrastructure™ with local service, nationwide®. As a specialty distributor with a focus on water, wastewater, storm drainage and fire protection products, and related services, Core & Main provides solutions to municipalities, private water companies and professional contractors across municipal, non-residential and residential end markets, nationwide. With more than 370 locations across the U.S., the Company provides its customers local expertise backed by a national supply chain. Core & Main’s nearly 5,700 associates are committed to helping their communities thrive with safe and reliable infrastructure. Visit coreandmain.com to learn more.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this press release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include information concerning Core & Main’s financial and operating outlook, as well as any other statement that does not directly relate to any historical or current fact. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “could,” “should,” “forecasts,” “expects,” “intends,” “plans,” “anticipates,” “projects,” “outlook,” “believes,” “estimates,” “predicts,” “potential,” “continue,” “preliminary,” or the negative of these terms or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. These forward-looking statements relate to future events or our future financial performance and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to differ materially from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.

Additional information concerning these and other factors can be found in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

Investor Relations:

Robyn Bradbury, 314-995-9116

[email protected]

Media Relations:

Patrick Lunsford

[email protected]

KEYWORDS: United States North America Missouri

INDUSTRY KEYWORDS: Utilities Sustainability Energy Other Construction & Property Residential Building & Real Estate Commercial Building & Real Estate Environment Construction & Property Engineering Urban Planning Building Systems Manufacturing

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O-I Glass Pioneers Sustainable Glassmaking with Successful Biofuel Trial

  • Achieved significant reduction in greenhouse gas emissions using 100% biofuel
  • Successfully 
    demonstrated
    the technical viability of using biofuel at scale
  • T
    rial
    was
    part of the UK government’s “Net Zero Innovation Portfolio” program 

PERRYSBURG, Ohio /HARLOW, United Kingdom,, March 25, 2025 (GLOBE NEWSWIRE) — — O-I Glass, Inc. (“O-I Glass” or “O-I”) has recently successfully completed a groundbreaking trial in its plant in Harlow, UK, using 100% biofuel to replace natural gas in the furnace for the glass-making process. This achievement is part of a larger initiative led by Glass Futures, a UK-based glass R&D organization, and part of the UK government’s “Net Zero Innovation Portfolio” program, aimed at exploring sustainable fuel options for the industry in the UK.

Key Highlights:

  • Significant Reduction in Greenhouse Gas Emissions: By combining biofuel with advanced technologies such as cullet pre-heating, 88% cullet usage throughout the entire trial period, and an oxy-fuel furnace, the Harlow plant achieved a significant reduction in the CO2 footprint for the amber bottles produced.
  • Technical Viability:
     The trial at O-I’s Harlow plant has demonstrated the potential for using biofuel on a large scale. This successful trial indicates that O-I could implement this solution when biofuels become available in sufficient quantities and at a feasible cost for full-scale production.

“Our participation in this program is a testament to our unwavering dedication to driving positive change in the industry. The successful completion of the trial in Harlow has proven the feasibility of alternative fuels and has the potential to open up exciting new opportunities for the industry.” said Randy Burns, Chief Administrative & Sustainability Officer for O-I. “Glass is already recognized as the ideal sustainable packaging material, and our job is to integrate innovative approaches with efficient processes to further decarbonize glassmaking. By doing so, we aim to contribute to a more sustainable and economically viable future for the entire industry.”

This project underscores O-I’s dedication to continually innovate and unlock new sustainability opportunities.

A
bout
O-I GLASS   

At O-I Glass, Inc. (NYSE: OI), we love glass, and we are proud to be one of the leading producers of glass bottles and jars around the globe. Glass is not only beautiful, it is also pure, healthy, and completely recyclable, making it the most sustainable rigid packaging material. Headquartered in Perrysburg, Ohio (USA), O-I is the preferred partner for many of the world’s leading food and beverage brands. We innovate in line with customers’ needs to create iconic packaging that builds brands around the world. Led by our diverse team of approximately 21,000 people across 69 plants in 19 countries, O-I achieved revenues of $6.5 billion in 2024. Learn more about us:  o-i.com / Facebook / Twitter / Instagram / LinkedIn  



Jim Woods
Corporate Affairs
[email protected]

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Pony.ai FY2024 Revenue Hits Record High After 3-Yrs Growth

PR Newswire


GUANGZHOU, China
, March 25, 2025 /PRNewswire/ — On March 25th, Pony.ai (Nasdaq: PONY) announces unaudited Q4 and FY2024 financial results.

  • FY total revenue rose to US$75.0 million, up 4.3% from FY2023, largest L4 autonomous mobility company in China by revenue.
  • FY robotaxi service revenue was US$7.3 million, driven by service expansion in tier-1 Chinese cities. Co. expects growth to continue, supported by Gen-7 models deployment.
  • Non-GAAP R&D expenses rose 14% vs 2023 to support Gen-7 robotaxi R&D.
  • Cash and cash equivalents, short-term investments and restricted cash, and long-term debt instruments for wealth management were US$825.1 million as of end-2024. Ample funding to facilitate robotaxi scaling.
  • Firmly promotes “robotaxi first, China first, tier-1 cities first” strategy. Join hands with GAC Aion/BAIC BJEV in Q4 for robotaxi R&D, mass production.
  • To debut 3 Gen-7 robotaxi models in cooperation with Toyota, GAC, BAIC in 2025.
  • PonyWorld, the key tech behind co.’s Virtual Driver capabilities helped improve safety record by 16X; Reduce commercial insurance cost per vehicle to <50% of traditional taxis.
  • CEO James Peng: Eager to execute our mass production roadmap, accelerate beyond the inflection point of scaled commercialization, and build a world where autonomous mobility is safer, more efficient, and accessible than ever before.

Learn more: Pony AI Inc. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results

Media Contact: [email protected]

Cision View original content:https://www.prnewswire.com/news-releases/ponyai-fy2024-revenue-hits-record-high-after-3-yrs-growth-302410530.html

SOURCE Pony.ai

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Prospect Capital Repays March 2025 Bond and Achieves Track Record of $4.7 Billion in Cumulative Principal Bond Repayments During More Than 20 Year History

NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) — Prospect Capital Corporation (NASDAQ: PSEC) (“Prospect”, “our”, or “we”) today announced the full and timely repayment of our convertible bond due March 2025, marking another milestone in Prospect’s long-standing track record of responsible and low debt leverage balance sheet management.

With this latest repayment, Prospect has now over our more than 20-year history repaid approximately $4.7 billion in principal bond obligations across 874 debt tranches spanning diversified funding sources, reinforcing Prospect’s reputation as a reliable and disciplined issuer in the capital markets. Prospect’s repaid bond obligations include institutional non-convertible bonds, institutional convertible bonds, baby bonds, and programmatic medium-term notes.

“Our multi-decade track record of meeting obligations across a wide array of funding instruments, including in multiple capital markets that Prospect helped to pioneer in the industry, demonstrates the strength of our diversified and low leverage capital strategy,” said Grier Eliasek, President and Chief Operating Officer at Prospect. “We continue to prioritize building strong relationships with credit providers and institutional banks, delivering on our commitments, and maintaining access to a broad range of flexible, cost-effective funding sources.”

About Prospect Capital Corporation

Prospect is a business development company lending to and investing in private businesses. Prospect’s investment objective is to generate both current income and long-term capital appreciation through debt and equity investments.

Prospect has elected to be treated as a business development company under the Investment Company Act of 1940. We have elected to be treated as a regulated investment company under the Internal Revenue Code of 1986.

Caution Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, whose safe harbor for forward-looking statements does not apply to business development companies. Any such statements, other than statements of historical fact, are highly likely to be affected by other unknowable future events and conditions, including elements of the future that are or are not under our control, and that we may or may not have considered; accordingly, such statements cannot be guarantees or assurances of any aspect of future performance. Actual developments and results are highly likely to vary materially from any forward-looking statements. Such statements speak only as of the time when made, and we undertake no obligation to update any such statement now or in the future.

For further information, contact:
Grier Eliasek, President and Chief Operating Officer
[email protected]
Telephone (212) 448-0702



Posted on

Viomi Technology Co., Ltd Reports Second Half and Full Year 2024 Unaudited Financial Results

Full-year net revenues increased by 29.3%, and income from operations rose by 42.0%, both year-over-year, significantly exceeding previous guidance

GUANGZHOU, China, March 25, 2025 (GLOBE NEWSWIRE) — Viomi Technology Co., Ltd (“Viomi” or the “Company”) (NASDAQ: VIOT), a leading technology company for home water solutions in China, today announced its unaudited financial results for the second half and full year ended December 31, 2024.

Second Half 2024 Financial Highlights

1

  • Net revenues

    2
     reached RMB1,282.4 million (US$175.7 million), an increase of 42.8% from RMB897.9 million for the same period of 2023.
  • Net income was RMB56.8 million (US$7.8 million), compared to a net loss of RMB32.0 million for the same period of 2023.

Full Year 2024 Financial Highlights

  • Net revenues were RMB2,119.0 million (US$290.3 million), an increase of 29.3% from RMB1,638.7 million for 2023.
  • Net income was RMB62.3 million (US$8.5 million), compared to a net loss of RMB89.3 million for 2023. 

____________________

1 In August 2024, Viomi completed a strategic reorganization, divesting the Company’s IoT@Home portfolio products, excluding range hoods, gas stoves, and water heaters (the “Divested Business”). As a result, the Divested Business has been deconsolidated from the Company and its historical financial results are reported as discontinued operations in the Company’s consolidated financial statements. The financial information and non-GAAP financial information disclosed in this press release are presented based on continuing operations, unless specifically stated otherwise.
2 Starting from the second half of 2024, the Company has reclassified its revenue streams into three categories to better reflect the Company’s strategies and business focus: (i) home water systems, which include revenues from smart water purification products, water heaters, water kettles, water quality meters, and other related businesses; (ii) consumables, which include revenues from various water filters designed for the smart water purifiers; and (iii) kitchen appliances and others, which include revenues from range hoods, gas stoves, and other small appliances, as well as installation services for Viomi’s products.

Mr. Xiaoping Chen, Founder and CEO of Viomi, commented: “The successful completion of our business reorganization in August marked a pivotal milestone for Viomi, enabling us to sharpen our focus on our core home water solutions. This strategic shift has driven our strong performance in 2024, with full-year net revenues reaching RMB2.1 billion and income from operations totaling RMB156.3 million, both exceeding our previous guidance. Revenues from home water systems grew by 39.0% year over year, significantly fueling our overall business expansion. Additionally, we enhanced our operational efficiency, achieving a net income of RMB62.3 million, reversing the losses reported in 2022 and 2023. As we move forward, Viomi is back on a fast track to high-quality growth and is well-positioned to seize new opportunities in the market.”

“With growing public awareness of the importance of healthy drinking water and supportive policies fostering product innovations, the home water purification market presents huge opportunities. Leveraging over a decade of deep expertise in the water purification industry, Viomi remains committed to continuous product innovation and aims to redefine home water purification through AI technology. Our comprehensive product portfolio ranges from Point-of-Use RO series, such as under-the-sink and installation-free products, to whole-house softening and purification solutions. Advanced features such as natural mineral water infusion, instant heating and cooling, and ice making, empower users with real-time water quality monitoring, proactive filter replacement reminders, and seamless one-click reordering through our app. Furthermore, our intelligent self-cleaning water circuit technology, supported by AI diagnostics, greatly extends filter lifespan and reduces usage costs, enhancing both efficiency and sustainability. By addressing a wide range of household water usage scenarios and catering to diverse drinking water needs across the global market, Viomi provides a smarter, more reliable, and efficient water purification experience for consumers worldwide.”

“Our August 2024 business reorganization swiftly streamlined our organization, comprehensively improved our operational efficiency, and sharpened our focus on home water solutions, leveraging our core strengths to drive sustainable growth. We established the Integrated Product Marketing System (IPMS), which unifies our product, channel, and brand strategies under a cohesive marketing framework. By prioritizing consumer experience and aligning resources with market demand, we have strengthened Viomi’s brand awareness and expanded our market share in the water purification industry.”

“In the domestic market, Viomi leads the healthy mineral water trend. The first half of 2024 saw the launch of the Viomi Kunlun Mineral AI Water Purifier, integrating advanced AI technology to optimize the purification process. Featuring an innovative AI-powered mineralizing filter technology, it ensures the sustained release of beneficial minerals. This produces purified water with a mineral composition closely resembling natural mineral water, providing our users with fresh, mineral-rich water at home. During the 2024 Double 11 Shopping Festival, our AI water purifier ranked fourth, fifth, and ninth on the brand leaderboards of the Douyin, Pinduoduo, and Tmall platforms, respectively, further reinforcing our brand influence.”

“In North America, we introduced the Vortex series of under-the-sink RO water purifiers, designed for users who value convenience and efficiency. Its self-installation feature has been well-received, with over 80% of users reporting a smooth installation process averaging only 20 minutes. The Vortex’s tankless design and DIY filter replacement can greatly save space and time for users. A three-to-one wastewater ratio and four-year long-lasting filter lifespan enhance filtration efficiency, reduce water waste, and lower maintenance costs, delivering a superior user experience. This product made a strong international debut on the Kickstarter crowdfunding platform on November 5, 2024, surpassing its funding goal on the first day with 168 backers contributing over 1,200% of the target. Following this success, the Vortex series officially commenced sales on Amazon in the U.S. on December 16, 2024, receiving high recognition and positive feedback with strong customer demand. To further solidify our presence in the global market, Viomi participated for the first time in CES 2025 in Las Vegas in January 2025. Our intelligent home water solutions garnered widespread recognition from industry experts and attendees, reinforcing Viomi’s reputation as a smart home water solutions innovator.”

“Viomi’s ‘Water Purifier Gigafactory’ is fundamental to our manufacturing and technology development capabilities, featuring a highly integrated industrial chain and highly automated production lines. With 100% in-house manufacturing and a fully traceable quality control system for core components, we maximize economies of scale. To strengthen innovation, we have established two major laboratory systems focused on advanced technology research and product compliance and reliability. These laboratories meet the stringent testing standards of various global markets, allowing us to rapidly adapt to evolving and diversified market demands while maintaining consistent and reliable product performance. As of today, Viomi has filed nearly 1,800 global patent applications, significantly outpacing the industry average. Looking forward, powered by the dual engines of advanced manufacturing and continuous innovation, we are well-positioned to further elevate our competitive edge in the water purification industry.”

“Viomi is embarking on a new chapter as we move into 2025, guided by our vision of ‘Global Water’ and our commitment to providing fresh, healthy water to users worldwide. To achieve this, we will focus on four key strategic initiatives: First, we will strengthen our domestic market presence through ‘trade-in’ policy incentives and advancements in AI technology to accelerate product innovation, meeting consumers’ growing demand for an enhanced lifestyle. Second, we will drive international market expansion, further penetrating key markets such as North America and Southeast Asia. Through region-specific product development and enhanced brand positioning, we aim to elevate Viomi’s international market visibility. Third, we will continue to fortify our water purification product portfolio, maintaining an unwavering commitment to research and development. By leading industry innovation, we strive to provide smarter, healthier water purification solutions for customers worldwide. Fourth, we will continue to deepen collaborations with our strategic partners, maximizing the advantages of the ‘Water Purification Gigafactory’ to scale our advantages. This will enable us to achieve synergy in growth and profitability, ultimately creating long-term value for both our customers and shareholders,” Mr. Chen concluded.

Second Half 2024 Financial Results


REVENUES

Net revenues were RMB1,282.4 million (US$175.7 million), an increase of 42.8% from RMB897.9 million for the same period of 2023, primarily attributable to the growth in the home water systems.

  • Home water systems
    .

    3
     Revenues from home water systems were RMB925.7 million (US$126.8 million), an increase of 58.2% from RMB585.2 million for the same period of 2023, primarily due to the increased demand of the home water system products.
  • Consumables.

    4
     Revenues from consumables were RMB136.7 million (US$18.7 million), a decrease of 24.6% from RMB181.2 million for the same period of 2023, primarily due to the decreased sales of water purifier filters sold to Xiaomi, partially offset by an increase in demand for the Viomi-branded filters.
  • Kitchen appliances and others.

    5
     Revenues from kitchen appliances and others were RMB220.0 million (US$30.1 million), an increase of 67.2% from RMB131.5 million for the same period of 2023, primarily due to increased sales of kitchen appliances to Xiaomi.

____________________

3 “Home water systems” include revenues from smart water purification products, water heaters, water kettles, water quality meters, among others.
4 “Consumables” include revenues from a range of water filters for smart water purifiers.
5 “Kitchen appliances and others” include revenues from range hoods, gas stoves and other small appliances, as well as installation services for Viomi-branded products.


GROSS PROFIT

Gross profit was RMB289.5 million (US$39.7 million), compared to RMB294.5 million for the same period of 2023. Gross margin was 22.6%, compared to 32.8% for the same period of 2023. The decrease was primarily due to a change in product mix during the transition period, resulting from the increased revenue contribution of low gross margin products.


OPERATING EXPENSES

Total operating expenses were RMB221.5 million (US$30.4 million), an increase of 6.1% from RMB208.8 million for the same period of 2023, due to higher personnel expenses during the strategic transition period, as well as the increased inputs on product promotion.

Research and development expenses were RMB67.7 million (US$9.3 million), a decrease of 9.9% from RMB75.1 million for the same period of 2023, mainly due to lower depreciation and amortization expenses and personnel expenses, partially offset by increased share-based compensation expenses.

Selling and marketing expenses were RMB114.6 million (US$15.7 million), an increase of 9.6% from RMB104.6 million for the same period of 2023, mainly due to higher online promotion fees.

General and administrative expenses were RMB39.3 million (US$5.4 million), an increase of 34.8% from RMB29.1 million for the same period of 2023, primarily due to higher management personnel expenses, partially offset by a decrease in estimated allowance for accounts and notes receivables.


INCOME FROM OPERATIONS

Income from operations was RMB83.8 million (US$11.5 million), a decrease of 9.1% from RMB92.2 million for the same period of 2023.

Non-GAAP operating income6 was RMB89.7 million (US$12.3 million), a decrease of 1.5% from RMB91.1 million for the same period of 2023.

____________________

6 “Non-GAAP operating income” is defined as income from operations excluding share-based compensation expenses. See “Use of Non-GAAP Measures” and “Reconciliation of GAAP and Non-GAAP Results” included in this press release.


NET INCOME (LOSS)

Net income attributable to ordinary shareholders of the Company was RMB57.4 million (US$7.9 million), compared to a net loss attributable to ordinary shareholders of the Company of RMB29.7 million for the same period of 2023, primarily due to the strategic reorganization that involved divesting certain historically loss-making IoT@Home businesses and focusing on more advantageous home water solutions businesses to enhance profitability.

Non-GAAP net income attributable to ordinary shareholders7 of the Company was RMB63.3 million (US$8.7 million), compared to a net loss of RMB30.9 million for the same period of 2023.

____________________

7 “Non-GAAP net income/(loss) attributable to ordinary shareholders of the Company” is defined as net income/(loss) attributable to ordinary shareholders of the Company excluding share-based compensation expenses. See “Use of Non-GAAP Measures” and “Reconciliation of GAAP and Non-GAAP Results” included in this press release.


BALANCE SHEET

As of December 31, 2024, the Company had cash and cash equivalents of RMB1,026.2 million (US$140.6 million), restricted cash of RMB141.3 million (US$19.4 million), short-term deposits of RMB115.0 million (US$15.8 million), and short-term investments of RMB72.5 million (US$9.9 million), compared to RMB206.4 million, RMB18.9 million, RMB177.3 million, and RMB18.5 million, respectively, as of December 31, 2023.

Full Year 2024 Financial Results


REVENUES

Net revenues were RMB2,119.0 million (US$290.3 million), an increase of 29.3% from RMB1,638.7 million for 2023.

  • Home Water Systems. Revenues from home water systems were RMB1,498.4 million (US$205.3 million), an increase of 39.0% from RMB1,077.9 million for 2023.
  • Consumables. Revenues from consumables were RMB277.7 million (US$38.0 million), a decrease of 14.5% from RMB324.7 million for 2023.
  • Kitchen appliances and others. Revenues from kitchen appliances and others were RMB342.9 million (US$47.0 million), an increase of 45.2% from RMB236.1 million for 2023.


GROSS PROFIT

Gross profit was RMB548.7 million (US$75.2 million), compared to RMB522.0 million for 2023. Gross margin was 25.9%, compared to 31.9% for 2023.


OPERATING EXPENSES

Total operating expenses were RMB424.9 million (US$58.2 million), an increase of 1.0% from RMB420.8 million for 2023.

Research and development expenses were RMB142.9 million (US$19.6 million), a decrease of 4.0% from RMB148.9 million for 2023.

Selling and marketing expenses were RMB211.2 million (US$28.9 million), a decrease of 1.6% from RMB214.6 million for 2023.

General and administrative expenses were RMB70.8 million (US$9.7 million), an increase of 23.5% from RMB57.3 million for 2023.


INCOME FROM OPERATIONS

Income from operations was RMB156.3 million (US$21.4 million), an increase of 42.0% from RMB110.1 million for 2023.

Non-GAAP operating income was RMB172.8 million (US$23.7 million), an increase of 56.8% from RMB110.2 million for 2023.


NET INCOME (LOSS)

Net income attributable to ordinary shareholders of the Company was RMB63.4 million (US$8.7 million), compared to a net loss attributable to ordinary shareholders of the Company of RMB84.7 million for 2023.

Non-GAAP net income attributable to ordinary shareholders of the Company was RMB79.9 million (US$10.9 million), compared to a net loss of RMB84.6 million for 2023.

Conference Call

The Company’s management will host a conference call at 8:00 a.m. Eastern Time on Tuesday, March 25, 2025 (8:00 p.m. Beijing/Hong Kong time on March 25, 2025) to discuss financial results and answer questions from investors and analysts.

For participants who wish to join the conference using dial-in numbers, please complete online registration using the link provided below prior to the scheduled call start time.

Registration link: https://register-conf.media-server.com/register/BI15cd367c76a848efb1e451fe46778af3

Upon registration, each participant will receive details for the conference call, including dial-in numbers, and a unique access PIN. To join the conference, please dial the provided number, enter your PIN, and you will join the conference.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at http://ir.viomi.com. An archived replay will remain available for 12 months following the live session.

About Viomi Technology

Viomi’s mission is “AI for Better Water,” utilizing AI technology to provide better drinking water solutions for households worldwide.

As an industry-leading technology company in home water systems, Viomi has developed a distinctive “Equipment + Consumables” business model. By leveraging its expertise in AI technology, intelligent hardware and software development, the Company simplifies filter replacement and enhances water quality monitoring, thereby increasing the filter replacement rate. Its continuous technological innovations extend filter lifespan and lower user costs, promoting the adoption of water purifiers and supporting a healthy lifestyle while effectively addressing the rising global demand for cleaner, fresher and healthier drinking water. The Company operates a world-leading “Water Purifier Gigafactory” with an integrated industrial chain that boasts optimal efficiency and facilitates continuous breakthroughs in water purification. This state-of-the-art facility enables Viomi to achieve economies of scale and accelerate the global popularization of residential water filtration.

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

Use of Non-GAAP Measures

The Company uses non-GAAP operating income/(loss), non-GAAP net income/(loss), and non-GAAP net income income/(loss) attributable to ordinary shareholders of the Company, in evaluating its operating results and for financial and operational decision-making purposes. Non-GAAP operating income/(loss) is income/(loss) from operations excluding share-based compensation expenses. Non-GAAP net income/(loss) is net income/(loss) excluding share-based compensation expenses. Non-GAAP net income/(loss) attributable to ordinary shareholders of the Company is net income/(loss) attributable to ordinary shareholders excluding share-based compensation expenses. The non-GAAP adjustments do not have any tax impact as share-based compensation expenses are non-deductible for income tax purposes.

The Company believes that non-GAAP financial measures help identify underlying trends in its business by excluding the impact of share-based compensation expenses, which are non-cash charges, and these measures provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Non-GAAP financial measures should not be considered in isolation or construed as alternative to income from operations, net income, or any other measure of performance or as an indicator of the Company’s operating performance. Investors are encouraged to review the historical non-GAAP financial measures to the most directly comparable GAAP measures. Non-GAAP financial measures presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. We encourage investors and others to review its financial information in its entirety and not rely on a single financial measure. Reconciliations of the Company’s non-GAAP financial measures to the most directly comparable GAAP measures are included at the end of this press release.

Exchange Rate

The Company’s business is primarily conducted in China and the significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2993 to US$1.00, the effective noon buying rate for December 31, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on for December 31, 2024, or at any other rate.

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,” “confident” and similar statements. Among other things, the estimated revenue and income from operations from the Continuing Businesses, the business outlook and quotations from management in this announcement, as well as Viomi’s strategic and operational plans, contain forward-looking statements. Viomi may also make written or oral forward-looking statements in its periodic reports to the United States Securities and Exchange Commission (the “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 Fourth parties. Statements that are not historical facts, including statements about the Company’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: the Company’s growth strategies; the cooperation with Xiaomi, the recognition of the Company’s brand; trends and competition in global IoT-enabled smart home market; development and commercialization of new products, services and technologies; governmental policies and relevant regulatory environment relating to the Company’s industry and/or aspects of the business operations and general economic conditions in China and around the globe, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’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 the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Viomi Technology Co., Ltd
Claire Ji
E-mail: [email protected]

Piacente Financial Communications
Hui Fan
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: [email protected]

VIOMI TECHNOLOGY CO., LTD

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except shares, ADS, per share and per ADS data)
 
    As of December 31,   As of December 31,
    2023   2024   2024
    RMB   RMB   US$
    (Restated)        
Assets            
Current assets            
Cash and cash equivalents   206,405   1,026,188   140,587
Restricted cash   18,922   141,292   19,357
Short-term deposits   177,268   115,014   15,757
Short-term investments   18,505   72,500   9,932
Accounts and notes receivable from third parties   36,836   24,105   3,302
Accounts receivable from a related party   4,365   591,221   80,997
Other receivables from related parties   100   11,234   1,539
Inventories   157,303   112,325   15,388
Prepaid expenses and other current assets   101,319   71,363   9,777
Assets held for sale – current portion   1,561,679   –   –
             
Total current assets   2,282,702   2,165,242   296,636
             
Non-current assets            
Prepaid expenses and other non-current assets   10,535   18,053   2,473
Property, plant and equipment, net   307,226   315,309   43,197
Deferred tax assets   4,925   9,698   1,329
Intangible assets, net   10,901   8,524   1,168
Right-of-use assets, net   4,959   3,382   463
Land use rights, net   59,177   57,904   7,933
Long-term investment   3,538   7,588   1,040
Assets held for sale – non-current portion   70,425   –   –
             
Total non-current assets   471,686   420,458   57,603
             
Total assets   2,754,388   2,585,700   354,239
             
Liabilities and shareholders’ equity            
Current liabilities            
Accounts and notes payable   317,454   772,151   105,784
Advances from customers   29,833   11,537   1,581
Amount due to related parties   3,444   835   114
Accrued expenses and other liabilities   170,814   168,127   23,033
Short-term borrowing   –   50,000   6,850
Income tax payables   1,648   9,736   1,334
Lease liabilities due within one year   2,387   2,037   279
Long-term borrowing due within one year   28,029   29,300   4,014
Liabilities held for sale – current portion   712,962   –   –
Total current liabilities   1,266,571   1,043,723   142,989
             
Non-current liabilities            
Accrued expenses and other liabilities – non-current portion   –   14,492   1,985
Long-term borrowing   128,701   75,945   10,404
Lease liabilities   2,713   1,783   244
Liabilities held for sale – non-current portion   12,766   –   –
Total non-current liabilities   144,180   92,220   12,633
             
Total liabilities   1,410,751   1,135,943   155,622
             

VIOMI TECHNOLOGY CO., LTD

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(All amounts in thousands, except shares, ADS, per share and per ADS data)
 
    As of December 31,   As of December 31,
    2023    2024    2024 
    RMB   RMB   US$
    (Restated)          
             
Shareholders’ equity            
Class A Ordinary Shares (US$0.00001 par value; 4,800,000,000 shares authorized; 101,902,544 and 101,858,572 shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   6     6     1  
Class B Ordinary Shares (US$0.00001 par value; 150,000,000 shares authorized; 102,764,550 and 102,764,550 shares issued and outstanding as of December 31, 2023 and December 31, 2024, respectively)   6     6     1  
Treasury stock   (81,143 )   (85,426 )   (11,703 )
Additional paid-in capital   1,353,634     1,374,451     188,299  
Retained earnings   89,711     153,125     20,978  
Accumulated other comprehensive (loss) income   (14,328 )   2,279     313  
             
Total equity attributable to shareholders of the Company   1,347,886     1,444,441     197,889  
             
Non-controlling interests   (4,249 )   5,316     728  
             
Total shareholders’ equity   1,343,637     1,449,757     198,617  
             
Total liabilities and shareholders’ equity   2,754,388     2,585,700     354,239  
                   

VIOMI TECHNOLOGY CO., LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME

(All amounts in thousands, except shares, ADS, per share and per ADS data)
 
  Six Months Ended   Twelve Months Ended
  December
31, 2023 		December
31, 2024 		December
31, 2024 		  December
31, 2023 		December
31, 2024 		December
31, 2024
  RMB RMB US$   RMB RMB US$
  (Restated)       (Restated)    
               
Net revenues:              
A related party 734,880   1,146,448   157,063     1,292,880   1,819,098   249,215  
Third parties 163,038   135,910   18,620     345,856   299,884   41,084  
Total net revenues 897,918   1,282,358   175,683     1,638,736   2,118,982   290,299  
               
Cost of revenues (603,423 ) (992,863 ) (136,022 )   (1,116,720 ) (1,570,276 ) (215,126 )
               
Gross profit 294,495   289,495   39,661     522,016   548,706   75,173  
               
Operating expenses              
Research and development expenses (75,081 ) (67,682 ) (9,272 )   (148,879 ) (142,884 ) (19,575 )
Selling and marketing expenses (104,551 ) (114,563 ) (15,695 )   (214,610 ) (211,173 ) (28,931 )
General and administrative expenses (29,147 ) (39,301 ) (5,384 )   (57,346 ) (70,807 ) (9,701 )
               
Total operating expenses (208,779 ) (221,546 ) (30,351 )   (420,835 ) (424,864 ) (58,207 )
               
Other income, net 6,496   15,872   2,174     8,887   32,492   4,451  
               
Income from operations 92,212   83,821   11,484     110,068   156,334   21,417  
               
Interest income (loss) and short-term investment income (loss), net 2,733   (4,013 ) (550 )   16,831   5,264   721  
Other non-operating income 1,325   –   –     3,164   –   –  
               
Income before income tax expenses 96,270   79,808   10,934     130,063   161,598   22,138  
               
Income tax expense (10,058 ) (8,353 ) (1,144 )   (13,588 ) (16,913 ) (2,317 )
               
Net income from continuing operations 86,212   71,455   9,790     116,475   144,685   19,821  
               
Net loss from discontinued operations (118,261 ) (14,680 ) (2,011 )   (205,808 ) (82,341 ) (11,281 )
               
Net (loss) income (32,049 ) 56,775   7,779     (89,333 ) 62,344   8,540  
               
Less: Net loss attributable to the non-controlling interest shareholders (2,301 ) (656 ) (90 )   (4,659 ) (1,070 ) (147 )
               
Net
(loss)
income
attributable to ordinary shareholders of the Company 		(29,748 ) 57,431   7,869     (84,674 ) 63,414   8,687  
               
Including
： 		             
Net income from continuing operations attributable to ordinary shareholders of the Company 86,357   71,258   9,762     116,768   144,364   19,778  
Net loss from discontinued operations attributable to ordinary shareholders of the Company (116,105 ) (13,827 ) (1,893 )   (201,442 ) (80,950 ) (11,091 )
                           

VIOMI TECHNOLOGY CO., LTD

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF

COMPREHENSIVE INCOME (CONTINUED)

(All amounts in thousands, except shares, ADS, per share and per ADS data)
 
  Six Months Ended   Twelve Months Ended
  December
31, 2023 		December
31, 2024 		December
31, 2024 		  December
31, 2023 		December
31, 2024 		December
31, 2024
  RMB RMB US$   RMB RMB US$
  (Restated)       (Restated)    
               
Net (loss) income attributable to ordinary shareholders of the Company (29,748 ) 57,431   7,869     (84,674 ) 63,414   8,687  
               
Other comprehensive (loss) income, net of tax:              
Foreign currency translation adjustment (13,119 ) 8,959   1,227     10,007   16,607   2,275  
               
Total comprehensive 
(loss) 
income 
attributable to ordinary shareholders of the Company 		(42,867 ) 66,390   9,096     (74,667 ) 80,021   10,962  
               
Net (loss) income per ADS

*
 		             
-Basic (0.43 ) 0.84   0.12     (1.23 ) 0.93   0.13  
Continuing Operations 1.26   1.04   0.14     1.70   2.11   0.29  
Discontinued Operations (1.69 ) (0.20 ) (0.02 )   (2.93 ) (1.18 ) (0.16 )
-Diluted (0.43 ) 0.83   0.11     (1.22 ) 0.92   0.13  
Continuing Operations 1.25   1.03   0.14     1.69   2.10   0.29  
Discontinued Operations (1.68 ) (0.20 ) (0.03 )   (2.91 ) (1.18 ) (0.16 )
               
Weighted average number of ADS used in calculating net (loss) income per ADS              
-Basic              
Continuing Operations 68,632,052   68,301,401   68,301,401     68,786,862   68,273,154   68,273,154  
Discontinued Operations 68,632,052   68,301,401   68,301,401     68,786,862   68,273,154   68,273,154  
-Diluted              
Continuing Operations 69,020,191   68,988,933   68,988,933     69,213,748   68,907,531   68,907,531  
Discontinued Operations 69,020,191   68,988,933   68,988,933     69,213,748   68,907,531   68,907,531  
               
Net (loss) income per share attributable to ordinary shareholders of the Company              
-Basic (0.14 ) 0.28   0.04     (0.41 ) 0.31   0.04  
Continuing Operations 0.42   0.35   0.05     0.57   0.70   0.10  
Discontinued Operations (0.56 ) (0.07 ) (0.01 )   (0.98 ) (0.39 ) (0.06 )
-Diluted (0.14 ) 0.28   0.04     (0.41 ) 0.31   0.04  
Continuing Operations 0.42   0.34   0.05     0.56   0.70   0.10  
Discontinued Operations (0.56 ) (0.06 ) (0.01 )   (0.97 ) (0.39 ) (0.06 )
               
Weighted average number of ordinary shares used in calculating net (loss) income per share              
-Basic              
Continuing Operations 205,896,157   204,904,204   204,904,204     206,360,586   204,819,461   204,819,461  
Discontinued Operations 205,896,157   204,904,204   204,904,204     206,360,586   204,819,461   204,819,461  
-Diluted              
Continuing Operations 207,060,572   206,966,800   206,966,800     207,641,243   206,722,592   206,722,592  
Discontinued Operations 207,060,572   206,966,800   206,966,800     207,641,243   206,722,592   206,722,592  
               
*Each ADS represents 3 ordinary shares.              

(1) Share-based compensation was allocated in operating expenses as follows:
 
  Six Months Ended   Twelve Months Ended
  December
31, 2023 		December
31, 2024 		December
31, 2024 		  December
31, 2023 		December
31, 2024 		December
31, 2024
  RMB RMB US$   RMB RMB US$
  (Restated)       (Restated)    
               
General and administrative expenses 378   2,269 311   1,551   4,579 627
Research and development expenses (10 ) 2,613 358   121   8,151 1,117
Selling and marketing expenses (1,522 ) 1,018 139   (1,566 ) 3,720 510
                   

VIOMI TECHNOLOGY CO., LTD

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except shares, ADS, per share and per ADS data)
       
  Six Months Ended   Twelve 
Months Ended
  December
31, 2023 		December
31, 2024 		December

31, 2024 		  December
31, 
2023 		December
31, 
2024 		December
31, 
2024
  RMB RMB US$   RMB RMB US$
Income from operations 92,212   83,821   11,484     110,068   156,334   21,417  
Share-based compensation expenses (1,154 ) 5,900   808     106   16,450   2,254  
               
Non-GAAP operating income 91,058   89,721   12,292     110,174   172,784   23,671  
               
Net (loss) income (32,049 ) 56,775   7,779     (89,333 ) 62,344   8,540  
Share-based compensation expenses (1,154 ) 5,900   808     106   16,450   2,254  
               
Non-GAAP net (loss) income (33,203 ) 62,675   8,587     (89,227 ) 78,794   10,794  
               
Net (loss) income attributable to ordinary shareholders of the Company (29,748 ) 57,431   7,869     (84,674 ) 63,414   8,687  
Share-based compensation expenses (1,154 ) 5,900   808     106   16,450   2,254  
               
Non-GAAP net (loss) income attributable to ordinary shareholders of the Company (30,902 ) 63,331   8,677     (84,568 ) 79,864   10,941  
               
Non-GAAP net (loss) income per ADS              
-Basic (0.45 ) 0.93   0.13     (1.23 ) 1.17   0.16  
Continuing Operations 1.24   1.13   0.15     1.70   2.35   0.32  
Discontinued Operations (1.69 ) (0.20 ) (0.02 )   (2.93 ) (1.18 ) (0.16 )
-Diluted (0.45 ) 0.92   0.13     (1.22 ) 1.16   0.16  
Continuing Operations 1.23   1.12   0.16     1.69   2.34   0.32  
Discontinued Operations (1.68 ) (0.20 ) (0.03 )   (2.91 ) (1.18 ) (0.16 )
               
Weighted average number of ADS used in calculating Non-GAAP net (loss) income per ADS              
-Basic              
Continuing Operations 68,632,052   68,301,401   68,301,401     68,786,862   68,273,154   68,273,154  
Discontinued Operations 68,632,052   68,301,401   68,301,401     68,786,862   68,273,154   68,273,154  
-Diluted              
Continuing Operations 69,020,191   68,988,933   68,988,933     69,213,748   68,907,531   68,907,531  
Discontinued Operations 69,020,191   68,988,933   68,988,933     69,213,748   68,907,531   68,907,531  
               
Non-GAAP net 
(loss) income 
per ordinary share 		             
-Basic (0.15 ) 0.31   0.04     (0.41 ) 0.39   0.05  
Continuing Operations 0.41   0.38   0.05     0.57   0.78   0.11  
Discontinued Operations (0.56 ) (0.07 ) (0.01 )   (0.98 ) (0.39 ) (0.06 )
-Diluted (0.15 ) 0.31   0.04     (0.41 ) 0.39   0.05  
Continuing Operations 0.41   0.37   0.05     0.56   0.78   0.11  
Discontinued Operations (0.56 ) (0.06 ) (0.01 )   (0.97 ) (0.39 ) (0.06 )
               
Weighted average number of ordinary shares used in calculating Non-GAAP net (loss) income per share              
-Basic              
Continuing Operations 205,896,157   204,904,204   204,904,204     206,360,586   204,819,461   204,819,461  
Discontinued Operations 205,896,157   204,904,204   204,904,204     206,360,586   204,819,461   204,819,461  
-Diluted              
Continuing Operations 207,060,572   206,966,800   206,966,800     207,641,243   206,722,592   206,722,592  
Discontinued Operations 207,060,572   206,966,800   206,966,800     207,641,243   206,722,592   206,722,592  
               

Note: The non-GAAP adjustments do not have any tax impact as share-based compensation expenses are non-deductible for income tax purpose.



Posted on

Electra Confirms Private Placement is Fully Subscribed

TORONTO, March 25, 2025 (GLOBE NEWSWIRE) — Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to announce that its non-brokered private placement (the “Offering”), on the terms described in the press release of March 24, 2025, is now fully subscribed and allocated.

“The strong investor interest in the Offering reflects continued confidence in our strategy,” said Electra CFO Marty Rendall. “This capital will provide us with the flexibility to continue advancing our work supporting a North American critical minerals supply chain.”

The net proceeds raised from the Offering will be used to advance the Company’s Refinery project site in Temiskaming Shores, Ontario and for general corporate purposes. Completion of the Offering remains subject to regulatory approvals and completion of customary closing documentation.

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

About Electra Battery Materials

Electra is a leader in advancing North America’s critical minerals supply chain for lithium-ion batteries. Currently focused on developing North America’s only cobalt sulfate refinery, Electra is executing a phased strategy to onshore critical minerals refining and reduce reliance on foreign supply chains. In addition to establishing the cobalt sulfate refinery, Electra’s strategy includes nickel refining and battery recycling. Growth projects include integrating black mass recycling at its existing refining complex, evaluating opportunities for cobalt production in Bécancour, Quebec, and exploring nickel sulfate production potential in North America. For more information, please visit www.ElectraBMC.com.

Contact

Heather Smiles
Vice President, Investor Relations & Corporate Development
Electra Battery Materials
[email protected]
1.416.900.3891

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


Cautionary Note Regarding Forward-Looking Statements


This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements and include, but are not limited to, statements regarding the Offering, including the total proceeds, use of proceeds, payment of applicable finders fees, the anticipated completion of the Offering, and the approval of the Offering by the TSXV Venture Exchange. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Forward-looking statements are based on certain assumptions, and involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Among the bases for assumptions with respect to the potential for additional government funding are discussions and indications of support from government actors based on certain milestones being achieved. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR+ at www.sedarplus.com and with on EDGAR at www.sec.gov. Other factors that could lead actual results to differ materially include changes with respect to government or investor expectations or actions as compared to communicated intentions, and general macroeconomic and other trends that can affect levels of government or private investment. Although the Company believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.