Market Newsdesk

SEATTLE
, Feb. 20, 2025 /PRNewswire/ — While recent first-time home buyer rates have declined nationally, Black buyers have experienced the strongest rebound. A recent Zillow® survey found that 62% of Black home buyers purchased their first home in 2024, holding steady from the previous year. In comparison, overall, first-time buyers made up just 44% of the market, down from 50% in 2023.

After a sharp drop from 47% in 2019 to 35% in 2021, the share of Black first-time buyers rebounded to 55% in 2022 and hit a record 63% in 2023 — outpacing other racial groups and the national trend.

“Despite affordability challenges, Black first-time home buyers are demonstrating a strong commitment to homeownership, a key driver of generational wealth,” said Zillow Senior Economist Orphe Divounguy. “While income disparities and saving difficulties continue to delay home buying for Black households, programs like down payment assistance, first-time buyer tax credits and flexible lending options have helped increase access.”

The rise of remote work has also expanded opportunities, giving some Black renters more flexibility to pursue homeownership in more affordable areas. Zillow research shows that Black renters are 29% more likely than other renters to be at a tipping point where remote work could make homeownership achievable.

Still, high housing costs and strict building regulations in many metropolitan markets limit opportunities for many buyers across the country, disproportionately impacting lower-income households — particularly Black households and other households of color. These areas often face supply constraints that drive up prices, and in markets with stricter building regulations, even fewer listings are affordable for the typical Black household.

A key measure of housing affordability is the monthly housing burden compared to household income. Black households face the steepest barriers, earning a median income of $54,896 — far below the $95,213 needed to buy the typical U.S. home in 2024 without being cost-burdened (spending more than 30% of income on housing). As a result, just 17.6% of listings are affordable for the typical Black household, compared to 28.2% for Hispanic, 37.9% for white, and 56.8% for Asian households, underscoring persistent gaps in homeownership.

St. Louis is the most affordable¹ housing market for typical Black households — those households earning the median income — with 30.3% of listings within reach in 2024. Birmingham follows at 29.5%, and Memphis at 29.0%. Other affordable markets include Detroit (28.6%), Baltimore (25.8%), Pittsburgh (23.7%), Cleveland (22.8%), Indianapolis (22.0%), Atlanta (19.2%) and Oklahoma City (18.8%). In contrast, the least affordable markets for potential Black home buyers are concentrated on the West Coast, including major California metros and Seattle.

Despite a steeper decline in the share of home listings that were affordable to the median earner, Black homeownership increased more than white homeownership in 2024 compared to 2019.  Only Hispanic households saw a higher percentage increase in homeownership.

Black first-time home buyers are driving homeownership gains, but barriers remain. Zillow, a leader in real estate and technology, is helping to tackle some of these challenges through innovation and advocacy. Zillow Home Loans’ BuyAbility℠ tool gives buyers real-time, personalized insights on how interest rates impact their budget, showing estimated monthly payments and helping them find homes on Zillow that are within their price range. Zillow’s down payment assistance tool connects buyers with financial resources through a simple questionnaire and dedicated page. Beyond technology, Zillow advocates for policies that expand credit access, boost housing supply and improve affordability.

About Zillow Group:

Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate website in the United States, Zillow and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated partners and agents, and easier buying, selling, financing, and renting experiences.

Zillow Group’s affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans℠, Zillow Rentals®, Trulia®, Out East®, StreetEasy®, HotPads®, ShowingTime+℠, Spruce®, and Follow Up Boss®.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2025 MFTB Holdco, Inc., a Zillow affiliate.

¹ Affordability is based on total monthly costs — taxes, insurance, and maintenance — with a 20% down payment and mortgage costs under 30% of income, as of 2024.

 

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SOURCE Zillow

Matt J. Tobolski to succeed Gary D. Fields; Fields to become special advisor to the Board.

TULSA, Okla.
, Feb. 20, 2025 /PRNewswire/ — AAON, Inc. (NASDAQ: AAON) (“AAON” or the “Company”), a leading provider of high-performance, energy-efficient HVAC solutions, today announced that its Board of Directors has appointed Matt J. Tobolski, PhD, as Chief Executive Officer effective as of the Company’s Annual Shareholders’ meeting on May 13, 2025. Dr. Tobolski will succeed Gary Fields, who will remain a member of the Board of Directors and serve as a special advisor to the Board to help ensure a smooth transition.

Dr. Tobolski, currently serving as president and COO of the Company, will assume the CEO role as AAON continues to strengthen its market position through significant investments in data center cooling production capacity, positioning the Company for sustained growth. He brings extensive leadership experience and robust understanding of the engineering and manufacturing of HVAC systems, particularly in the data center thermal management market. Dr. Tobolski previously served as president of BASX Solutions, a company he co-founded in 2013 that AAON acquired in December 2021.

“The Board identified Matt as uniquely suited to lead AAON in its next chapter of growth,” said A.H. “Chip” McElroy II, independent chair of the board of directors. “We expect this will be a seamless process, especially in light of Matt’s leadership that we have witnessed over the past three years. As Gary was the right leader at the right time, so too is Matt. He has the vision, talent, drive, and skills to leverage the entire enterprise into a pattern of growth that will serve AAON and its customers for years to come.”

“It is an honor to be appointed CEO of AAON. I am excited to take on the challenge of leading the Company into its next phase of growth,” Dr. Tobolski said. “By leveraging the innovative spirit and highly talented engineering resources of both AAON and BASX, we are well-positioned to grow the Company’s prominence in the industry. As we enter this evolutionary phase, I look forward to strengthening relationships and continuing to deliver industry-leading solutions.”

“I am thankful for the opportunity to have led AAON these past few years,” said Mr. Fields. “I am confident that the executive leadership team, led by Matt, will take the Company to the next level. While I am transitioning out of the CEO role, I am not retiring. I will remain involved as a mentor and advisor to ensure a seamless transition and support the Company as it continues to evolve.”

Mr. Fields and Dr. Tobolski will work in tandem over the next three months as Dr. Tobolski prepares to assume the CEO role and position AAON for long-term growth and success.

About Matt J. Tobolski
Since January 2024, Matt has served as president and chief operating officer for AAON. He has been integral in the Company’s transformational reorganization and positioning both brands, AAON and BASX, for sustainable long-term growth. Since 2022, Matt was president of AAON’s BASX segment, a business that AAON acquired in 2021 and Matt co-founded in 2013. Prior to AAON acquiring BASX, Matt helped build the business into becoming an emerging player in the data center and cleanroom markets. His educational background consists of earning a bachelor’s degree in civil engineering from the University of Massachusetts Dartmouth and a Master’s and Doctorate in structural engineering from the University of California San Diego.

About Gary D. Fields
Gary has over 40 years of industry experience, beginning his HVAC career in 1983 as an equipment sales representative at Texas AirSystems, where he later became a member of the ownership group from 2000 to 2012. He joined AAON’s board of directors in 2015, became president of AAON in 2016, and has served as chief executive officer since May 2020. Through leveraging his immense knowledge of the industry and drawing upon his strong leadership skills, Gary was integral in leveraging what founder Norm Asbjornson had built and transforming the Company to becoming the enterprise it is today. Since Gary became president in 2016, sales of AAON have more than tripled and market capitalization of the Company has grown over 500%. After stepping down as CEO in May, Gary will remain a member of the Board of Directors and serve as special advisor to the Board.

About AAON, Inc.
Founded in 1988, AAON is a leader in HVAC solutions for commercial and industrial indoor environments. The company’s industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance, and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing capabilities enable continuous advancement toward a cleaner and more sustainable future. For more information or to locate an AAON representative, visit www.aaon.com.

Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions.

Contact Information

Joseph Mondillo

Director of Investor Relations
Phone (617) 877-6346
Email: [email protected]

To learn more about Dr. Tobolski, please click 
here
.

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SOURCE AAON

Announces Fourth Quarter and Full Year 2024


Earnings Release and Conference Call Schedule

HOUSTON
, Feb. 20, 2025 /PRNewswire/ — Drilling Tools International Corp., (NASDAQ: DTI) (“DTI” or the “Company”), a global oilfield services company that designs, engineers, manufactures and provides a differentiated, rental-focused offering of tools for use in onshore and offshore horizontal and directional drilling operations, as well as other cutting-edge solutions across the well life cycle, today updated its estimated 2024 full year financial outlook.

Updated Full Year 2024 Financial Outlook

• 2024 Revenue to be at the high-end of previously disclosed guidance
• 2024 Adjusted EBITDA to be near the midpoint of previously disclosed guidance
• 2024 Adjusted Net Income to be above the high-end of previously disclosed guidance
• 2024 Adjusted Free Cash Flow to be more than double the prior year period

Commenting on the Company’s updated 2024 financial outlook, Wayne Prejean, DTI’s Chief Executive Officer, stated, “I am pleased with the strong execution by our teams in the fourth quarter to close out 2024 despite a challenging demand environment in our industry. We continue to have success in integrating our latest acquisitions, realizing synergies and positioning DTI for the future. Although industry expectations are for a flat market environment this year, we anticipate building upon our 2024 results and activities.”

Fourth Quarter and Full Year 2024 Earnings Release and Conference Call Schedule

The Company plans to report 2024 fourth quarter and full year financial results prior to the Company’s live conference call, which can be accessed via dial-in or webcast, on Friday, March 14, 2025 at 10:00 a.m. Eastern Time (9:00 a.m. Central Time).

For those who cannot listen to the live call, a replay will be available through March 21, 2025, and may be accessed by dialing 1-201-612-7415 and using passcode 13751110#.  Also, an archive of the webcast will be available shortly after the call at https://investors.drillingtools.com/news-events/events for 90 days.  Please submit any questions for management prior to the call via email to [email protected].

About Drilling Tools International Corp.

DTI is a Houston, Texas based leading oilfield services company that manufactures and rents downhole drilling tools used in horizontal and directional drilling of oil and natural gas wells. With roots dating back to 1984, DTI now operates from 16 service and support centers across North America and maintains 11 international service and support centers across the EMEA and APAC regions. To learn more about DTI, please visit: www.drillingtools.com.

Contact:

DTI Investor Relations
Ken Dennard / Rick Black
[email protected]

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding the business combination and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “will,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, statements regarding DTI and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward looking statements in this press release may include, for example, statements about: (1) the demand for DTI’s products and services, which is influenced by the general level activity in the oil and gas industry; (2) DTI’s ability to retain its customers, particularly those that contribute to a large portion of its revenue; (3)  DTI’s ability to employ and retain a sufficient number of skilled and qualified workers, including its key personnel; (4) DTI’s ability to source tools and raw materials at a reasonable cost; (5) DTI’s ability to market its services in a competitive industry; (6) DTI’s ability to execute, integrate and realize the benefits of acquisitions, and manage the resulting growth of its business; (7) potential liability for claims arising from damage or harm caused by the operation of DTI’s tools, or otherwise arising from the dangerous activities that are inherent in the oil and gas industry; (8) DTI’s ability to obtain additional capital; (9) potential political, regulatory, economic and social disruptions in the countries in which DTI conducts business, including changes in tax laws or tax rates; (10) DTI’s dependence on its information technology systems, in particular Customer Order Management Portal and Support System, for the efficient operation of DTI’s business; (11) DTI’s ability to comply with applicable laws, regulations and rules, including those related to the environment, greenhouse gases and climate change; (12) DTI’s ability to maintain an effective system of disclosure controls and internal control over financial reporting; (13) the potential for volatility in the market price of DTI’s common stock; (14) the impact of increased legal, accounting, administrative and other costs incurred as a public company, including the impact of possible shareholder litigation; (15) the potential for issuance of additional shares of DTI’s common stock or other equity securities; (16) DTI’s ability to maintain the listing of its common stock on Nasdaq; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by DTI with the Securities and Exchange Commission (the “SEC”). You should carefully consider the risks and uncertainties described in the definitive proxy statement/prospectus/consent solicitation statement with the SEC by the Company on July 2, 2024 (the “Proxy Statement”), and the information presented in DTI’s annual report on Form 10-K filed March 28, 2024 (the “10-K”). Such forward-looking statements are based on the beliefs of management of DTI, as well as assumptions made by, and information currently available to DTI’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Proxy Statement or the 10-K. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of each of DTI, including those set forth in the Risk Factors section of the Proxy Statement and described in the 10-K. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

 

View original content:https://www.prnewswire.com/news-releases/drilling-tools-international-corp-updates-estimated-2024-full-year-financial-outlook-302381110.html

SOURCE Drilling Tools International Corp.

(All dollar amounts are in United States dollars unless otherwise indicated)

TSXV: 


MTA



NYSE American: MTA

VANCOUVER, BC
, Feb. 20, 2025 /PRNewswire/ – Metalla Royalty & Streaming Ltd. (“Metalla” or the “Company“) (NYSE American: MTA) (TSXV: MTA) is pleased to report the following recent developments in its royalty portfolio:

• Wharf (1.0% GVR) – Gold Measured and Indicated Resources more than doubled; Gold Inferred Resources more than tripled.
• Endeavor (4.0% NSR) – Production on track for Q2 2025 with A$35 million equity capital raise funding secured for the growth of Endeavor Mine.
• Taca Taca (0.42% NSR) – Key ESIA milestones met in Q4 2024 and updated NI 43-101 in progress ahead of expected RIGI incentive regime application.
• Wasamac (1.5% NSR) – Initial declaration of Mineral Reserves with further technical evaluation and exploration ongoing.
• Hoyle Pond (2.0% NSR) – New operator brings fresh perspective to exploration.
• Amalgamated Kirkland (0.45% NSR) – 2025 Guidance of 10 Koz gold and 50 – 60 Koz gold in 2026 and 2027.

WHARF (1.0% GVR)

Metalla holds a 1.0% Gross Value Return (“GVR“) royalty on Coeur Mining, Inc’s (“Coeur“) Wharf Mine (“Wharf“) in the Black Hills, South Dakota, USA.

On February 18, 2025, Coeur announced that mine optimization initiatives drove a substantial increase in Mineral Resources, positioning Wharf for significant mine life extensions as infill drilling is expected to accelerate in 2025. At year end, Proven and Probable Reserves totaled 757 Koz at 0.81 g/t gold, Measured Resources totaled 175 Koz at 0.53 g/t gold, Indicated Resources totaled 845 Koz at 0.53 g/t gold and Inferred Resources totaled 470 Koz at 0.56 g/t gold.

For more information, please view Coeur Mining’s February 18, 2025 Press Release.

ENDEAVOR (4.0% NSR)

Metalla holds a 4.0% Net Smelter Return (“NSR“) royalty on Polymetals Resources Ltd. (“Polymetals“) Endeavor project (“Endeavor“) in Cobar, Australia.

On February 10, 2025, Polymetals announced a A$35 million single-tranche equity capital raise to strengthen the balance sheet as Polymetals transitions towards first production at the Endeavor Mine in Q2 2025. Polymetals also stated they will accelerate near-mine and regional exploration activities. With a pro forma cash position of ~A$37 million and access to ~A$26 million in undrawn debt finance facilities, Polymetals is well positioned for the capital required for the near-term Endeavor mine restart.

Polymetals continues to reiterate that first production is expected in April 2025 and first cash flows in May 2025.

For more information, please view Polymetals Resources February 10 2025 Press Release.

TACA TACA (0.42% NSR)

Metalla holds a 0.42% NSR Royalty on First Quantum Minerals (“First Quantum“) Taca Taca project (“Taca Taca“) in Salta, Argentina.

On February 11, 2025, First Quantum reported that key ESIA milestones were met during the fourth quarter 2024, including an independent evaluation by SEGEMAR (Argentinian Geological and Mining Service). The ESIA continues to be reviewed by the Secretariat of Mining of Salta Province.

First Quantum is preparing an update of the Taca Taca’s NI 43-101 Technical Report, and plans to submit an application for the RIGI regime, a new incentive regime for large investments.

For more information, please view First Quantum MD&A dated February 11, 2025.

WASAMAC (1.5% NSR)

Metalla holds a 1.5% NSR royalty on Agnico Eagle Mines Limited’s (“Agnico“) Wasamac Mine (“Wasamac“) near Rouyn-Noranda, Canada.

On February 13, 2025, Agnico reported the initial declaration of Proven and Probable Mineral Reserves of 1.38 Moz at 2.9 g/t gold, an Indicated Resource of 667 Koz at 2.19 g/t gold (exclusive) and Inferred Resources were 312 Koz at 1.65 g/t gold.  This is the first declaration of Mineral Reserves by Agnico at Wasamac since its acquisition from Yamana Gold Inc. in 2023.

Agnico reported that it plans to spend $2.3 million for 10,000 meters of drilling at Wasamac in 2025 and an additional $6.8 million is expected to be spent in 2025 for further technical evaluation to assess various scenarios regarding optimal mining rates and milling strategies.

For more information, please view Agnico Exploration Press Release dated February 13, 2025.

HOYLE POND (2.0% NSR)

Metalla holds a 2.0% NSR royalty on a portion of Discovery Silver Corporation’s (“Discovery Silver“) planned acquisition of the Hoyle Pond mine (“Hoyle Pond“).

On January 27, 2025, Discovery Silver announced the acquisition of Newmont Corporation’s Porcupine complex, including the Hoyle Pond Underground mine. Discovery Silver outlined significant opportunities that exist to grow production, reduce costs and extend mine life at Hoyle Pond through improved ventilation systems, material handling and backfill systems, and increased automation. In addition, Discovery Silver plans to evaluate zones of mineralization that currently do not have Mineral Resource estimates and were not included in the life-on-mine plan, specifically the TVZ Zone.

Metalla’s 2.0% NSR royalty covers the main production zone called the S Vein and portions of the TVZ zone, subject to a 500 koz gold exemption. Metalla also holds a 2.0% NSR royalty on a claim block which partially covers the TVZ Zone, which is not subject to the exemption (see figure below).

For more information, please view Discovery Silver January 27, 2025 Press Release.

AMALGAMATED KIRKLAND (0.45% NSR)

Metalla holds a 0.45% NSR royalty on Agnico’s Amalgamated Kirkland project (“AK“) near Kirkland Lake, Canada.

On February 13, 2025, Agnico announced that AK ores will be processed at the LZ5 mill at LaRonde beginning in the fourth quarter of 2025. Production from the AK deposit is forecast to be approximately 10 Koz gold in 2025, and 50 – 60 Koz gold in 2026 and in 2027.

For more information, please view Agnico Eagle Mines February 13 2025 Press Release.

QUALIFIED PERSON

The technical information contained in this news release has been reviewed and approved by Charles Beaudry, geologist M.Sc., member of the Association of Professional Geoscientists of Ontario and of the Ordre des Géologues du Québec. Mr. Beaudry is a QP as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101“).

ABOUT METALLA

Metalla provides shareholders with leveraged gold, silver, and copper exposure by acquiring royalties and streams. Our goal is to increase share value by accumulating a diversified portfolio of royalties and streams with attractive returns. Our strong foundation of current and future cash-generating asset base, combined with an experienced team, gives Metalla a path to become one of the leading royalty companies.

For further information, please visit our website at www.metallaroyalty.com.

ON BEHALF OF METALLA ROYALTY & STREAMING LTD.

(signed) “Brett Heath”

Chief Executive Officer

Website: www.metallaroyalty.com

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

The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements.

Technical and Third-Party Information

Metalla has limited, if any, access to the properties on which Metalla holds a royalty, stream or other interest. Metalla is dependent on (i) the operators of the mines or properties and their qualified persons to provide technical or other information to Metalla, or (ii) publicly available information to prepare disclosure pertaining to properties and operations on the mines or properties on which Metalla holds a royalty, stream or other interest, and generally has limited or no ability to independently verify such information. Although Metalla does not have any knowledge that such information may not be accurate, there can be no assurance that such third-party information is complete or accurate. Some information publicly reported by operators may relate to a larger property than the area covered by Metalla’s royalty, stream or other interests. Metalla’s royalty, stream or other interests can cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, resources and production of a property. Ounces are converted to grams using a multiple of 31.1035.

Unless otherwise indicated, the technical and scientific disclosure contained or referenced in this alert,
‎
including any
‎
references to mineral resources or mineral reserves, was prepared in accordance with Canadian
‎
NI 43-101
‎
, which differs significantly from the requirements of the U.S. Securities and
‎
Exchange Commission (the
“
SEC
“
)
‎
applicable to U.S. domestic issuers. Accordingly, the scientific and technical
‎
information contained or referenced in this alert may not be comparable to similar information made
‎
public by U.S. companies subject to the reporting and
‎
disclosure requirements of the SEC.

‎
“
Inferred mineral resources
“
 have a great amount of uncertainty as to their existence and great uncertainty as to
‎
their
‎
economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will
‎
ever be
‎
upgraded to a higher category. Historical results or feasibility models presented herein are not guarantees
‎
or expectations of
‎
future performance.
‎

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This
alert contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) ‎within the meaning of applicable securities legislation. ‎Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “predicts”, “projects”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur, or be achieved. Forward-looking statements include, but are not limited to, the statements of the property owners/operators with respect to the properties on which Metalla holds a royalty; the positioning of Wharf for significant mine life expansion, and acceleration of infill drilling in 2025; timing for first silver and gold production and cash flows at Endeavour mine; review of the ESIA, the preparation of a new technical report and the submission of an application for the RIGI regime at Taca Taca; anticipated drilling and technical evaluation at Wasmac, including the timing thereof; benefits of new operator at Hoyle Pond, including opportunities to grow production, reduce costs and extend life of mine and evaluation of new zones of mineralization; and production guidance and anticipated ore processing, including timing thereof, at Amalgamated Kirkland;  the expectations generally of Metalla the property owners/operators and the authors of relevant technical reports and studies with respect to the mineral projects in which Metalla has an interest, including without limitation, estimates of mineral resources and mineral reserves and updates thereto, production, mine life, NPV, IRR, costs, drilling, development, permitting, water sourcing, commodity mix and prices, and the timing thereof;‎ ‎ future opportunities and acquisitions; ‎future exploration, financing, development, production and other anticipated developments on the properties in which the ‎Company has or has agreed to acquire an interest; ‎future growth, increased share value, cash generation and returns; and Metalla having a path to becoming a leading gold and silver royalty company.

Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Metalla to control or predict, that may cause Metalla’s actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: that Wharf mine life expansion and infill drilling will not occur as planned; that the timing for first silver and gold production and cash flows at Endeavour mine will not be as anticipated; that the ESIA at Taca Taca will not be approved, the technical report will not be prepared or the application for the RIGI regime at Taca Taca will not be submitted; that the anticipated drilling and technical evaluation at Wasmac, including the timing thereof, will not occur as planned; the benefits of new operator at Hoyle Pond, including opportunities to grow production, reduce costs and extend life of mine and evaluation of new zones of mineralization will not be realized; and production guidance and anticipated ore processing, including timing thereof, at Amalgamated Kirkland will not be as anticipated; ;the absence of control over mining operations from which Metalla will purchase precious metals or from which it will receive stream or royalty payments and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other metals; industry conditions, including commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax laws or the implementation of new tax laws; regulatory, political or economic developments in any of the countries where properties in which Metalla holds a royalty, stream or other interest are located or through which they are held; risks related to the operators of the properties in which Metalla holds a royalty or stream or other interest, including changes in the ownership and control of such operators; risks related to global pandemics, including the current novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens; influence of macroeconomic developments; business opportunities that become available to, or are pursued by Metalla; reduced access to debt and equity capital; litigation; title, permit or license disputes related to interests on any of the properties in which Metalla holds a royalty, stream or other interest; the volatility of the stock market; competition; future sales or issuances of debt or equity securities; use of proceeds; dividend policy and future payment of dividends; liquidity; market for securities; enforcement of civil judgments; and risks relating to Metalla potentially being a passive foreign investment company within the meaning of U.S. federal tax laws; and the other risks and uncertainties disclosed under the heading “Risk Factors” in the Company’s most recent annual information form, annual report on Form 40-F and other documents filed with or submitted to the Canadian securities regulatory authorities on the SEDAR website at www.sedar.com and the U.S. Securities and Exchange Commission on the EDGAR website at www.sec.gov. Metalla undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

View original content to download multimedia:https://www.prnewswire.com/news-releases/metalla-reports-portfolio-updates-302381148.html

SOURCE Metalla Royalty & Streaming Ltd.

Project will utilize Viridi’s innovative lithium-ion battery packs with integrated fire suppression systems that meet stringent safety requirements

TORONTO
, Feb. 20, 2025 /PRNewswire/ – SolarBank Corporation (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) (“SolarBank” or the “Company”) is pleased to announce that it is partnering with Viridi, the industry leader in fail-safe battery energy storage systems (BESS), on the development of a combined 3.06 MW DC ground-mount solar power project and related 1.2 MWH battery energy storage system (“BESS”) in Buffalo, New York (the “Project”). The Project is being constructed on a closed landfill site, transforming previously unusable land into a productive asset that generates clean energy for the community. The structure of the transaction is SolarBank, subject to the receipt of financing, intends to be the owner of the Project. Virdi will supply the BESS system.

Viridi’s innovative lithium-ion battery packs feature integrated fire suppression and pioneering anti-propagation technology, meeting strict safety standards. Unlike conventional approaches that modify battery cells, Viridi isolates each cell to prevent thermal runaway, ensuring that a single failure does not escalate. This fail-safe design eliminates secondary impacts, making Viridi’s energy storage solutions the safest and most adaptable in residential, commercial, and industrial settings. Whether deployed behind the meter to support Virtual Power Plants (VPPs), in front of the meter for grid-scale stability, or as a mobile power solution for remote, commercial, and industrial needs, Viridi delivers reliable, high-performance energy storage built for the demands of modern infrastructure.

The Company has secured a lease over the Project site and has applied for interconnection approval for the Project. Assuming the successful receipt of interconnection approval, the Company will work to complete the permitting process and secure the necessary financing for the construction of the Project.

Following receipt of the necessary permits and financing, the Company intends to commence the construction of the Project. Once completed, the Project will be operated as a community solar project with supporting BESS. Community solar is a group of solar panels with access to the local electricity grid. Once the panels are turned on and generating electricity, clean energy from the site feeds into the local power grid. Depending on the size and number of panels the project has, dozens or even hundreds of renters and homeowners can save money from the electricity that is generated by the project. By subscribing to a project, a homeowner earns credits on their electric bill every month from their portion of the solar that’s generated by the project, accessing the benefits of solar without installing panels on their home.

There are several risks associated with the development of the Project. The development of any project is subject to receipt of interconnection approvals, a community solar contract, required permits, the continued availability of third-party financing arrangements for the Company and the risks associated with the construction of a solar power project. In addition, governments may revise, reduce or eliminate incentives and policy support schemes for solar power, which could result in future projects no longer being economic. Please refer to “Forward-Looking Statements” for additional discussion of the assumptions and risk factors associated with the Project and statements made in this press release.

About Viridi

Viridi is transforming energy storage with its proprietary fail-safe lithium-ion battery technology. Viridi’s battery energy storage systems (BESS) feature breakthrough anti-propagation technology, preventing propagation and significantly reducing the risk of lithium-ion battery fires. Viridi’s commercial-scale BESS is among the first and only to be installed in an existing, occupied space, setting a new benchmark for safety and reliability. Engineered for seamless integration into virtually any environment, the BESS combines modular customization, advanced IoT, real-time AI optimization, data analytics, and connectivity to deliver unparalleled remote monitoring and energy optimization. Viridi enables clean, scalable energy solutions across industries, paving the way for a safer, more sustainable future.

For more information, visit: www.viridiparente.com

About SolarBank Corporation

SolarBank Corporation is an independent renewable and clean energy project developer and owner focusing on distributed and community solar projects in Canada and the USA. The Company develops solar, Battery Energy Storage System (BESS) and EV Charging projects that sell electricity to utilities, commercial, industrial, municipal and residential off-takers. The Company maximizes returns via a diverse portfolio of projects across multiple leading North America markets including projects with utilities, host off-takers, community solar, and virtual net metering projects. The Company has a potential development pipeline of over one gigawatt and has developed renewable and clean energy projects with a combined capacity of over 100 megawatts built. To learn more about SolarBank, please visit www.solarbankcorp.com.

FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements and forward-looking information ‎within the meaning of Canadian securities legislation (collectively, “forward-looking ‎statements”) that relate to the Company’s current expectations and views of future events. ‎Any statements that express, or involve discussions as to, expectations, beliefs, plans, ‎objectives, assumptions or future events or performance (often, but not always, through the ‎use of words or phrases such as “will likely result”, “are expected to”, “expects”, “will ‎continue”, “is anticipated”, “anticipates”, “believes”, “estimated”, “intends”, “plans”, “forecast”, ‎‎”projection”, “strategy”, “objective” and “outlook”) are not historical facts and may be ‎forward-looking statements and may involve estimates, assumptions and uncertainties ‎which could cause actual results or outcomes to differ materially from those expressed in ‎such forward-looking statements. In particular and without limitation, this news release ‎contains forward-looking statements pertaining to the Company’s expectations regarding its industry trends and overall market growth; the Company’s growth strategies the expected energy production from the solar power project and BESS mentioned in this press release; the number of homes expected to be powered; the receipt of permits and financing to be able to construct the Project; the receipt of incentives for the Project; and the size of the Company’s development pipeline. No assurance ‎can be given that these expectations will prove to be correct and such forward-looking ‎statements included in this news release should not be unduly relied upon. These ‎statements speak only as of the date of this news release.‎

Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. In making the forward looking statements included in this news release, the Company has made various material assumptions, including but not limited to: obtaining the necessary regulatory approvals; that regulatory requirements will be maintained; general business and economic conditions; the Company’s ability to successfully execute its plans and intentions; the availability of financing on reasonable terms; the Company’s ability to attract and retain skilled staff; market competition; the products and services offered by the Company’s competitors; that the Company’s current good relationships with its service providers and other third parties will be maintained; and government subsidies and funding for renewable energy will continue as currently contemplated. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and the Company cannot assure that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, investors should not place undue reliance on these forward-looking statements.

Whether actual results, performance or achievements will conform to the Company’s expectations and predictions is subject to a number of known and unknown risks, uncertainties, assumptions and other factors, including those listed under “Forward-‎Looking Statements” and “Risk ‎Factors” in the Company’s most recently completed Annual Information Form, and other public filings of the Company, which include: the Company may be adversely affected by volatile solar power market and industry conditions; the execution of the Company’s growth strategy depends upon the continued availability of third-party financing arrangements; the Company’s future success depends partly on its ability to expand the pipeline of its energy business in several key markets; governments may revise, reduce or eliminate incentives and policy support schemes for solar and battery storage power; general global economic conditions may have an adverse impact on our operating performance and results of operations; the Company’s project development and construction activities may not be successful; developing and operating solar projects exposes the Company to various risks; the Company faces a number of risks involving Power Purchase Agreements (“PPAs”) and project-level financing arrangements; any changes to the laws, regulations and policies that the Company is subject to may present technical, regulatory and economic barriers to the purchase and use of solar power; the markets in which the Company competes are highly competitive and evolving quickly; an anti-circumvention investigation could adversely affect the Company by potentially raising the prices of key supplies for the construction of solar power projects; foreign exchange rate fluctuations; a change in the Company’s effective tax rate can have a significant adverse impact on its business; seasonal variations in demand linked to construction cycles and weather conditions may influence the Company’s results of operations; the Company may be unable to generate sufficient cash flows or have access to external financing; the Company may incur substantial additional indebtedness in the future; the Company is subject to risks from supply chain issues; risks related to inflation; unexpected warranty expenses that may not be adequately covered by the Company’s insurance policies; if the Company is unable to attract and retain key personnel, it may not be able to compete effectively in the renewable energy market; there are a limited number of purchasers of utility-scale quantities of electricity; compliance with environmental laws and regulations can be expensive; corporate responsibility may adversely impose additional costs; the future impact of any resurgence of COVID-19 on the Company is unknown at this time; the Company has limited insurance coverage; the Company will be reliant on information technology systems and may be subject to damaging cyberattacks; the Company may become subject to litigation; there is no guarantee on how the Company will use its available funds; the Company will continue to sell securities for cash to fund operations, capital expansion, mergers and acquisitions that will dilute the current shareholders; and future dilution as a result of financings.

The Company undertakes no obligation to update or revise any ‎forward-looking statements, whether as a result of new information, future events or ‎otherwise, except as may be required by law. New factors emerge from time to time, and it ‎is not possible for the Company to predict all of them, or assess the impact of each such ‎factor or the extent to which any factor, or combination of factors, may cause results to ‎differ materially from those contained in any forward-looking statement. Any forward-‎looking statements contained in this news release are expressly qualified in their entirety by ‎this cautionary statement.‎

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SOURCE SolarBank Corporation

COLUMBIA, Mo.
, Feb. 20, 2025 /PRNewswire/ — American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT), an innovation company that provides product solutions for outdoor enthusiasts, today announced that it plans to release its third quarter fiscal 2025 financial results on Thursday, March 6, 2025, after the close of the market. The full text of the press release will be available on the company’s website at www.aob.com under the Investor Relations section. 

The company will host a conference call and webcast on Thursday, March 6, 2025, to discuss its third quarter fiscal 2025 financial and operational results. Speakers on the conference call will include Brian Murphy, President and Chief Executive Officer, and Andy Fulmer, Chief Financial Officer. The conference call may include forward-looking statements. The conference call and webcast will begin at 5:00 p.m. Eastern Time (2:00 p.m. Pacific). Those interested in listening to the conference call via telephone may call directly at (844) 481-2551 and ask to join the American Outdoor Brands call. No RSVP is necessary. The conference call audio webcast can also be accessed live on the company’s website at www.aob.com, under the Investor Relations section. 

About American Outdoor Brands, Inc.
American Outdoor Brands, Inc. (NASDAQ Global Select: AOUT) is an innovation company that provides product solutions for outdoor enthusiasts, including hunting, fishing, camping, shooting, outdoor cooking, and personal security and personal defense products. The Company produces innovative, high quality products under brands including BOG^®; BUBBA^®; Caldwell^®; Crimson Trace^®; Frankford Arsenal^®; Grilla Grills^®; Hooyman^®; Imperial^®; LaserLyte^®; Lockdown^®; MEAT!™; Old Timer^®; Schrade^®; Tipton^®; Uncle Henry^®; ust^®; and Wheeler^®. For more information about all the brands and products from American Outdoor Brands, Inc., visit aob.com.

Contact: 
Liz Sharp, VP, Investor Relations
[email protected]
(573) 303-4620 

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SOURCE American Outdoor Brands, Inc.

Zoom conference call scheduled for March 6, 2025, 9:00 AM ET

REHOVOT, Israel, Feb. 20, 2025 /PRNewswire/ — Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), a leading computational biology company targeting to revolutionize life-science product discovery and development, announced today that it will release its financial results for the fourth quarter of 2024, on Thursday, March 6, 2025.

Later that day, Company management will host a conference call to discuss the results at 9:00 AM Eastern Time (4:00 PM Israel time).

To join the conference, please register in advance:

https://us06web.zoom.us/webinar/register/WN_1cToyoipTfW8X0xtgEqPfw

The entire conference will be available online on the company’s website a few days after.

About Evogene:

Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN) is a computational biology company leveraging big data and artificial intelligence, aiming to revolutionize the development of life-science-based products by utilizing cutting-edge technologies to increase the probability of success while reducing development time and cost.

Evogene established three unique tech-engines – MicroBoost AI, ChemPass AI and GeneRator AI. Each tech-engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI).

Evogene uses its tech-engines to develop products through strategic partnerships and collaborations, and its four subsidiaries including:

1. Biomica Ltd. (www.biomicamed.com) – developing and advancing novel microbiome-based therapeutics to treat human disorders powered by MicroBoost AI;
2. 
   Lavie Bio
   
   Ltd. (www.lavie-bio.com) – developing and commercially advancing, microbiome-based ag-biologicals powered by MicroBoost AI;
3. AgPlenus Ltd. (www.agplenus.com) – developing next-generation ag chemicals for effective and sustainable crop protection powered by ChemPass AI;
4. Casterra Ag
   Ltd. (www.casterra.co) – developing and marketing superior castor seed varieties producing high yield and high-grade oil content on an industrial scale for the biofuel and other industries powered by GeneRator AI.

For more information, please visit: www.evogene.com.

Contact

[email protected]

Tel: +972-8-9311901

Logo – https://mma.prnewswire.com/media/1947468/4576969/Evogene_Logo.jpg

View original content:https://www.prnewswire.com/news-releases/evogene-schedules-fourth-quarter-2024-financial-results-release-302381283.html

SOURCE Evogene

Q4
 Net Revenue of $3.1 billion with 21.4 million Active Customers

BOSTON
, Feb. 20, 2025 /PRNewswire/ — Wayfair Inc. (“Wayfair,” “we,” or “our”) (NYSE: W), the destination for all things home, today reported financial results for its fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights

• Total net revenue of $3.1 billion, increased $7 million, up 0.2% year over year
• U.S. net revenue of $2.7 billion, increased $30 million, up 1.1% year over year
• International net revenue of $381 million decreased 23 million, down 5.7% year over year. International Net Revenue Constant Currency Growth was (5.0)%
• Gross profit was $941 million, or 30.2% of total net revenue
• Net loss was $128 million and Non-GAAP Adjusted EBITDA was $96 million
• Diluted loss per share was $1.02 and Non-GAAP Adjusted Diluted Loss Per Share was $0.25
• Net cash provided by operating activities was $162 million and Non-GAAP Free Cash Flow was $102 million
• Cash, cash equivalents and short-term investments totaled $1.4 billion and total liquidity was $1.9 billion, including availability under our revolving credit facility

Full Year 2024 Financial Highlights

• Total net revenue of $11.9 billion decreased $152 million, down 1.3% year over year
• U.S. net revenue of $10.4 billion decreased $109 million, down 1.0% year over year
• International net revenue of $1.5 billion decreased $43 million, down 2.8% year over year. International Net Revenue Constant Currency Growth was (2.7)%
• Gross profit was $3.6 billion or 30.2% of total net revenue
• Net loss was $492 million and Non-GAAP Adjusted EBITDA was $453 million
• Diluted loss per share was $4.01 and Non-GAAP Adjusted Diluted Earnings Per Share was $0.13
• Net cash provided by operating activities was $317 million and Non-GAAP Free Cash Flow was $83 million

“The fourth quarter was a strong conclusion to the year across multiple fronts. From a topline performance perspective, we ended 2024 on a high note – with net revenue showing positive year-over-year growth. These results enabled us to drive nearly $100 million dollars of adjusted EBITDA in the quarter, and deliver on our goal of approximately 50% year-over-year dollar growth for 2024,” said Niraj Shah, CEO, co-founder and co-chairman, Wayfair.

Shah continued, “Our strong financial performance enabled us to tap into the high yield markets for the first time, putting us in the strongest balance sheet position in many years. We’re making smart, high return investments across the business, and at the same time remain committed to growing adjusted EBITDA dollars year-over-year. We are confident this approach sets us up well for a compelling payoff over 2025 and are excited to bring all of our stakeholders with us on this next leg of the Wayfair journey.”

Other Fourth Quarter Highlights

• Active customers totaled 21.4 million as of December 31, 2024, a decrease of 4.5% year over year
• LTM net revenue per active customer was $555 as of December 31, 2024, an increase of 3.4% year over year
• Orders per customer, measured as LTM orders divided by active customers, was 1.85 for the fourth quarter of 2024, compared to 1.84 for the fourth quarter of 2023
• Orders delivered in the fourth quarter of 2024 were 10.7 million, a decrease of 5.3% year over year
• Repeat customers placed 79.4% of total orders delivered in both of the fourth quarters of 2024 and 2023
• Repeat customers placed 8.5 million orders in the fourth quarter of 2024, a decrease of 5.6% year over year
• Average order value was $290 in the fourth quarter of 2024, compared to $276 in the fourth quarter of 2023
• 64.5% of total orders delivered were placed via a mobile device in the fourth quarter of 2024, compared to 62.8% in the fourth quarter of 2023

Key Financial Statement and Operating Metrics

Webcast and Conference Call

Wayfair will host a conference call and webcast to discuss its fourth quarter and full year 2024 financial results today at 8 a.m. (ET). Investors and participants should register for the call in advance by visiting https://events.q4inc.com/attendee/117874179. After registering, instructions will be shared on how to join the call. The call will also be available via live webcast at https://registrations.events/direct/Q4I5693292. An archive of the webcast conference call will be available shortly after the call ends on Wayfair’s Investor website at investor.wayfair.com. Important information may be disseminated initially or exclusively via the Investor website; investors should consult the site to access this information.

About Wayfair

Wayfair is the destination for all things home, and we make it easy to create a home that is just right for you. Whether you’re looking for that perfect piece or redesigning your entire space, Wayfair offers quality finds for every style and budget, and a seamless experience from inspiration to installation.

The Wayfair family of brands includes:

• 
  Wayfair:
  Every style. Every home.
• 
  AllModern:
  Modern made simple.
• 
  Birch Lane:
  Classic style for joyful living.
• 
  Joss & Main:
  The ultimate style edit for home.
• 
  Perigold:
  The destination for luxury home.
• 
  Wayfair Professional:
  A one-stop Pro shop.

Wayfair generated $11.9 billion in net revenue for the year ended December 31, 2024 and is headquartered in Boston, Massachusetts with global operations.

Media Relations Contact:

Tara Lambropoulos

[email protected]

Investor Relations Contact:

James Lamb

[email protected]

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal and state securities laws. All statements other than statements of historical fact contained in this press release, including statements regarding our investment plans, including our advertisement and promotional spend, and anticipated returns on those investments, our future customer growth, our future results of operations and financial position, including our exit from the German market, our financial outlook, profitability goals, business strategy, plans and objectives of management for future operations, and, the impact of macroeconomic events and our response to such events, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “continues,” “could,” “intends,” “goals,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or the negative of these terms or other similar expressions.

Forward-looking statements are based on current expectations of future events. We cannot guarantee that any forward-looking statement will be accurate, although we believe that we have been reasonable in our expectations and assumptions. Investors should realize that if underlying assumptions prove inaccurate or that known or unknown risks or uncertainties materialize, actual results could vary materially from our expectations and projections. Investors are therefore cautioned not to place undue reliance on any forward-looking statements. We believe that these risks and uncertainties include, but are not limited to, adverse macroeconomic conditions, including economic instability, changes in tax laws, regulations and new or increased tariffs, including based on the recent U.S. presidential election, export controls, sustained higher interest rates, inflation, slower growth or the potential for recession, disruptions in the global supply chain and other conditions affecting the retail environment for products we sell, and other matters that influence consumer spending and preferences, as well as our ability to plan for and respond to the impact of these conditions; our ability to acquire and retain customers in a cost-effective manner; our ability to increase our net revenue per active customer; our ability to build and maintain strong brands; our ability to manage our growth initiatives; and our ability to expand our business and compete successfully. A further list and description of risks, uncertainties and other factors that could cause or contribute to differences in our future results include the cautionary statements herein and in our most recent Annual Report on Form 10-K and in our other filings and reports with the Securities and Exchange Commission. We qualify all of our forward-looking statements by these cautionary statements.

These forward-looking statements speak only as of the date of this press release and, except as required by applicable law, we undertake no obligation to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events or otherwise.

 

   

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), this earnings release and the accompanying tables and the related earnings conference call contain certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Adjusted Diluted Earnings or Loss per Share and Net Revenue Constant Currency Growth. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We have provided a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure in this earnings release.

We calculate Adjusted EBITDA as net income or loss before depreciation and amortization, equity-based compensation and related taxes, interest income or expense, net, other income or expense, net, provision or benefit for income taxes, net, non-recurring items and other items not indicative of our ongoing operating performance. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by Net Revenue. We disclose Adjusted EBITDA because it is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis as these costs may vary independent of business performance. For instance, we exclude the impact of equity-based compensation and related taxes as we do not consider this item to be indicative of our core operating performance. Investors should, however, understand that equity-based compensation and related taxes will be a significant recurring expense in our business and an important part of the compensation provided to our employees. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

We calculate Free Cash Flow as net cash provided by or used in operating activities less net cash used to purchase property and equipment and site and software development costs (collectively, “Capital Expenditures”). We disclose Free Cash Flow because it is an important indicator of our business performance as it measures the amount of cash we generate. Accordingly, we believe that Free Cash Flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management.

We calculate Adjusted Diluted Earnings or Loss per Share as net income or loss plus equity-based compensation and related taxes, provision or benefit for income taxes, net, non-recurring items, other items not indicative of our ongoing operating performance, and, if dilutive, interest expense associated with convertible debt instruments under the if-converted method divided by the weighted-average number of shares of common stock used in the computation of diluted earnings or loss per share. Accordingly, we believe that these adjustments to our adjusted diluted net income or loss before calculating per share amounts for all periods presented provide a more meaningful comparison between our operating results from period to period.

We calculate Net Revenue Constant Currency Growth by translating the current period local currency net revenue by the currency exchange rates used to translate the financial statements in the comparable prior-year period. We disclose Net Revenue Constant Currency Growth because it is an important indicator of our operating results. Accordingly, we believe that Net Revenue Constant Currency Growth provides useful information to investors and others in understanding and evaluating trends in our operating results in the same manner as our management.

We calculate forward-looking non-GAAP financial measures based on internal forecasts that omit certain amounts that would be included in forward-looking GAAP financial measures. We do not attempt to provide a reconciliation of forward-looking non-GAAP financial measures to forward looking GAAP financial measures because forecasting the timing or amount of items that have not yet occurred and are out of our control is inherently uncertain and unavailable without unreasonable efforts. Further, we believe that such reconciliations would imply a degree of precision and certainty that could be confusing to investors. Such items could have a substantial impact on GAAP measures of financial performance.

The non-GAAP financial measures have limitations as analytical tools. We do not, nor do we suggest that investors should consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors should also note that the non-GAAP financial measures we use may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies, including other companies in our industry.

The following table reflects the reconciliation of net income or loss to Adjusted EBITDA and Adjusted EBITDA margin for each of the periods indicated:

The following table presents Adjusted EBITDA attributable to our segments, and the reconciliation of net income or loss to Adjusted EBITDA is presented in the preceding table:

The following table presents a reconciliation of net cash provided by or used in operating activities to Free Cash Flow for each of the periods indicated:

A reconciliation of the numerator and denominator for diluted earnings or loss per share, the most directly comparable GAAP financial measure, to the numerator and denominator for Adjusted Diluted Earnings or Loss per Share, in order to calculate Adjusted Diluted Earnings or Loss per Share is as follows:

Quarterly Financial Metrics (Unaudited)

The following tables set forth selected financial quarterly metrics and other financial and operations data for the eight quarters ended December 31, 2024:

The following table reflects the reconciliation of net income or loss to Adjusted EBITDA for each of the periods indicated:

 

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SOURCE Wayfair Inc.

Reported quarterly and full year record revenue and record profitability

Achieved net operating cash flow of $84 million and record free cash flow in 2024 

RALEIGH, N.C.
, Feb. 20, 2025 /PRNewswire/ — Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“2024 was a transformative year for Bandwidth, delivering record financial results and groundbreaking product innovation,” said David Morken, CEO of Bandwidth. “Our capabilities in Voice AI and enterprise-grade solutions are resonating strongly with customers, driving deeper adoption of our cloud communications platform. As we enter 2025, we believe we are well-positioned to capitalize on our momentum, expand our market leadership, and help our customers unlock new value through innovative AI-powered communications solutions.”

Fourth Quarter and Full Year 2024 Financial Highlights

The following table summarizes the consolidated financial highlights for the three months and years ended December 31, 2024 and 2023 ($ in millions).

“Bandwidth delivered outstanding financial results in 2024, with 25 percent revenue growth, record non-GAAP gross margin, and a 70 percent increase in Adjusted EBITDA,” said Daryl Raiford, Bandwidth’s Chief Financial Officer. “Our business momentum remains strong, driven by enterprise adoption, AI-driven product innovation, and disciplined execution. Looking forward to 2025, we are guiding normalized revenue growth in the range of 8 to 11 percent, accompanied by continued growth in profitability and related free cash flow.”

Fourth
 Quarter Customer and Operational Highlights

• A Fortune 25 healthcare company chose Bandwidth to provide voice services for their cloud contact center, utilizing Maestro’s integration to seamlessly transition between CCaaS platforms.
• A well-known global cruise line selected Bandwidth for their first-ever cloud contact center deployment, seeking capability and flexibility for current and future communication needs. Maestro’s integration ensured a smooth migration to the cloud, while Bandwidth’s owner-operated network provided mission-critical reliability.
• Bandwidth was named a Leader for the fourth consecutive time in the IDC MarketScape: Worldwide CPaaS 2025 Vendor Assessment (doc #US52039625, Feb. 2025).

Financial Outlook

Bandwidth is providing guidance for its first quarter and full year 2025 as follows (in millions) based on current indications for its business.

For the full year 2025, Bandwidth’
s revenue guidance projects 8 percent to 11 percent year-over-year growth when adjusting for the expected cyclical reduction in political campaign messaging activity, which resulted in revenue in the first quarter and full year 2024 of approximately $8 million and $62 million, respectively.

Bandwidth has not reconciled its first quarter and full year 2025 guidance related to Adjusted EBITDA to GAAP net income or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Upcoming Investor Conference Schedule

• Citizens JMP Technology Conference in San Francisco, CA. Fireside chat with David Morken, CEO on Tuesday, March 4th at 9:30AM Pacific Time.
• Morgan Stanley Technology, Media, & Telecom Conference in San Francisco, CA. Fireside chat with David Morken, CEO on Tuesday, March 4th at 1:50PM Pacific Time.

About Bandwidth Inc.

Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world solve complex communications challenges to reach anyone, anywhere. For more information, visit www.bandwidth.com.

Conference Call

Bandwidth will host a conference call to discuss financial results for the fourth quarter and full year ended December 31, 2024 on February 20, 2025. Details can be found below and on the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the call.

Conference Call Details

February 20, 2025

8:00 am ET

Domestic dial-in:
844-481-2707
International dial-in:
412-317-0663

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An audio replay of this conference call will be available through February 27, 2025 by dialing 877-344-7529 or 412-317-0088 for international callers, and entering passcode 9463646.

Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, future financial and business performance for the quarter ending March 31, 2025 and year ending December 31, 2025, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, macroeconomic conditions both in the U.S. and globally, legal, reputational and financial risks which may result from ever-evolving cybersecurity threats, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties set forth in the “Risk Factors” section of our latest Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and any subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no obligation to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we provide investors with certain Non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these Non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these Non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of Non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our Non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.

We define Non-GAAP gross profit as gross profit after adding back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation. We add back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation because they are non-cash items. We eliminate the impact of these non-cash items, because we do not consider them indicative of our core operating performance. Their exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we believe that showing gross margin, as adjusted to remove the impact of these non-cash expenses, is helpful to investors in assessing our gross profit and gross margin performance in a way that is similar to how management assesses our performance. We calculate Non-GAAP gross margin by dividing Non-GAAP gross profit by cloud communications revenue, which is revenue less pass-through messaging surcharges.

We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) excludes stock-based compensation, amortization of acquired intangible assets related to acquisitions, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, net cost associated with early lease terminations and leases without economic benefit, (gain) loss on sale of business, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, non-recurring items not indicative of ongoing operations and other, and estimated tax impact of above adjustments, net of valuation allowances.

We define Adjusted EBITDA as net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, acquisition related expenses, stock-based compensation expense, impairment of intangible assets, (gain) loss on sale of business, net cost associated with early lease terminations and leases without economic benefit, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, and non-recurring items not indicative of ongoing operations and other. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.

We define free cash flow as net cash provided by or used in operating activities less net cash used in the acquisition of property, plant and equipment and capitalized development costs for software for internal use. We believe free cash flow is a useful indicator of liquidity and provides information to management and investors about the amount of cash generated from our core operations that can be used for investing in our business. Free cash flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, it does not take into consideration investment in long-term securities, nor does it represent the residual cash flows available for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with our condensed consolidated statements of cash flows.

We believe that these Non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making. While a reconciliation of Non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis as a result of the uncertainty regarding, and the potential variability of, many of these costs and expenses that we may incur in the future, we have provided a reconciliation of Non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

 

The Company recognized total stock-based compensation expense as follows:

 

 

 

 

 

 

 

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SOURCE Bandwidth Inc.