Market Newsdesk

OSWEGO, N.Y., March 31, 2025 (GLOBE NEWSWIRE) — James A. Dowd, President and CEO of Pathfinder Bancorp, Inc., the bank holding company of Pathfinder Bank (NASDAQ: PBHC) (listing: PathBcp), has announced that the Company has declared a cash dividend of $0.10 per share on the Company’s voting common and non-voting common stock, and a cash dividend of $0.10 per notional share for the issued warrant relating to the fiscal quarter ending March 31, 2025. The first quarter 2025 dividend will be payable to all shareholders of record on April 18, 2025 and will be paid on May 9, 2025.

About Pathfinder Bancorp, Inc.


Pathfinder Bank is a New York State chartered commercial bank headquartered in Oswego, whose deposits are insured by the Federal Deposit Insurance Corporation. The Bank is a wholly owned subsidiary of Pathfinder Bancorp, Inc., (NASDAQ SmallCap Market; symbol: PBHC, listing: PathBcp). The Bank has twelve full service offices located in its market areas consisting of Oswego and Onondaga County and one limited purpose office in Oneida County.

This release may contain certain forward-looking statements, which are based on management’s current expectations regarding economic, legislative, and regulatory issues that may impact the Company’s earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, loan demand, real estate values, and competition; changes in accounting principles, policies, or guidelines; changes in legislation or regulation; and economic, competitive, governmental, regulatory, and technological factors affecting the Company’s operations, pricing, products, and services.

CONTACT: James A. Dowd, President and CEO, (315) 343-0057 

RENO, Nev., March 31, 2025 (GLOBE NEWSWIRE) — Aqua Metals, Inc. (NASDAQ: AQMS), a pioneer in sustainable lithium battery recycling, today announced key achievements from 2024 and outlined progress for 2025 as the Company delivered critical technical milestones and high-purity material production through its proprietary Li AquaRefining™ process. In the past year, Aqua Metals delivered industry-first milestones, strengthened commercial partnerships and opportunities, and expanded its strategic vision to build a resilient, low-capex, and rapidly scalable platform for critical mineral recovery in the U.S.

The Company’s innovative Li AquaRefining™ process achieved key validation milestones, proving performance at scale while offering superior environmental and economic advantages over conventional recycling methods. With the primary building for Phase One of the Sierra ARC fully upgraded and ready for equipment installation, Aqua Metals is prepared to commence equipment installation and commissioning as well as the buildout of a new adjacent building to enable processing of 7,000 tonnes of black mass feedstock annually. These final steps in commercialization depend upon securing the remaining financing for the CAPEX and G&A funding required to complete the project — and position the Company to become a domestic leader in the closed-loop, clean energy supply chain.

2024 Progress and 2025 Momentum Highlights

Technology Proven, Products Validated

• Successfully operated the Li AquaRefining™ pilot for over a year, achieving >99% recovery of lithium, cobalt, and nickel with 83% lower CO₂ emissions than hydrometallurgy.
• Completed a three-week, 24/7 endurance run of the Li AquaRefining™ pilot in December 2024, demonstrating reliable, continuous performance and readiness for commercial scale-up.
• Produced more than 600 pounds of >99.5% pure lithium carbonate — one of the only current U.S.-based sources of battery-grade recycled lithium at this scale.
• Supplied AquaRefined high-purity battery grade lithium carbonate to multiple CAM producers for analysis and testing for LFP cell development.
• Achieved a major U.S. milestone by converting recycled domestic nickel into cathode active material (CAM) with a downstream CAM producer, now under validation by top-tier battery manufacturers in Asia and the U.S.

Commercial Scale in Motion: Sierra ARC

• Completed key Phase One construction and upgrade milestones at the Sierra ARC facility, intended to enable a rapid transition to accepting black mass for processing and initiating critical mineral production at scale.
• Expanded initial production scope to prioritize lithium carbonate and mixed hydroxide precipitate (MHP), more than doubling lithium output without significantly increasing capital cost.
• The updated plan, for which the company continues to seek financing, is designed to reduce capital equipment intensity, shorten time-to-revenue, and deliver a targeted three-year payback — even in a currently challenging strategic battery metals commodity market.

Strategic Partnership Advancements

• Signed a long-term supply agreement with 6K Energy to provide up to 30% of the recycled content for its domestic cathode manufacturing facility, creating one of North America’s first closed-loop battery material partnerships, pending further financing for both parties.
• Advanced multiple potential feedstock and offtake agreements to support consistent throughput and strengthen Sierra ARC’s commercial foundation.
• Exploring licensing and co-location opportunities to extend AquaRefining™ technology beyond Aqua Metals’ owned facilities.

Financial

• Raised approximately $15 million in equity with insider participation demonstrating internal confidence.
• Received a $2.2 million tax abatement from the State of Nevada, tied to the ARC’s projected $392 million economic impact and job creation, as calculated by the Nevada Governor’s Office of Economic Development.
• Closed $1.5M interim bridge financing in December 2024 — over two-thirds of which was contributed by Aqua Metals’ leadership and Board.

Recognition and Resilience

• Selected by the U.S. Department of Energy to join the ACME-REVIVE program, supporting domestic recovery of critical minerals.
• Named a “Top Project of 2024” by Environment + Energy Leader for groundbreaking work in clean battery materials.
• Recognized by Nevada’s economic development authorities for leadership in sustainability and clean energy job growth.
• Recognized as the only finalist in the Lithium loop of Nevada for “Best Places to Work in Northern Nevada Awards” by Northern Nevada Human Resources Association.
• Strengthened the Board with experienced leaders from the battery and finance sectors to guide commercialization and strategic growth.

“Our team delivered in 2024 — proving and de-risking our technology at the pilot plant, advancing existing and potential commercial partnerships, and preparing for commercialization,” said Steve Cotton, President and CEO of Aqua Metals. “In a year where much of the battery industry has faced delays and headwinds, we adapted with speed and discipline. The result is a more resilient, capital-efficient strategy that positions us to move fast and flexibly.”

“We’ve reimagined how to commercialize our first production facility to meet the realities of today’s strategic battery minerals market while staying true to our long-term vision,” Cotton added. “By prioritizing higher-margin products and deepening strategic partnerships, we believe that subject to securing the additional financing we need, we will steadily progress our path to revenue while building the foundation for a sustainable, closed-loop supply chain in the U.S.”

About Aqua Metals

Aqua Metals, Inc. (NASDAQ: AQMS) is reinventing metals recycling with its patented AquaRefining™ technology. The Company is pioneering a sustainable recycling solution for materials strategic to energy storage and electric vehicle manufacturing supply chains. AquaRefining™ is a low-emissions, closed-loop recycling technology that replaces polluting furnaces and hazardous chemicals with electricity-powered electroplating to recover valuable metals and materials from spent batteries with higher purity, lower emissions, and minimal waste. Aqua Metals is based in Reno, NV and operates the first sustainable lithium battery recycling facility at the Company’s Innovation Center in the Tahoe-Reno Industrial Center. To learn more, please visit www.aquametals.com.

Aqua Metals Social Media

Aqua Metals has used, and intends to continue using, its investor relations website (https://ir.aquametals.com), in addition to its Twitter, Threads, LinkedIn and YouTube accounts at https://twitter.com/AquaMetalsInc (@AquaMetalsInc), https://www.threads.net/@aquametalsinc (@aquametalsinc), https://www.linkedin.com/company/aqua-metals-limited and https://www.youtube.com/@AquaMetals respectively, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Safe Harbor

This press release contains forward-looking statements concerning Aqua Metals, Inc. Forward-looking statements include, but are not limited to, our plans, objectives, expectations, and intentions and other statements that contain words such as “expects,” “contemplates,” “anticipates,” “plans,” “intends,” “believes”, “estimates”, “potential” and variations of such words or similar expressions that convey the uncertainty of future events or outcomes, or that do not relate to historical matters. The forward-looking statements in this press release include our expectations for our advancement of proposed and existing partnerships, including our supply agreement with 6K Energy and our continued participation in the production of CAM made from 100% domestically sourced, recycled nickel, and the expected benefits from those partnerships; our intent to complete the development and commissioning of our Phase 1 facility; and our vision to build a resilient, low-capex, and rapidly scalable platform for mineral recovery. Those forward-looking statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ materially, including, but not limited to, the risk that (1) we have not commenced the development of our co-location facility with 6K Energy, (2) we do not have any definitive agreements with CAM manufacturers to provide them with recycled nickel from our AquaRefining process; (3) the risk we may not be able to successfully acquire the funding necessary to develop our Sierra ARC facility required to produce recycled nickel in commercial quantities, (4) even if we are to able acquire the necessary funding, the risk we may not be able to successfully develop the Sierra ARC facility or realize the expected benefits from such facility; (5) the risk that we may not be able to acquire the funding necessary to maintain our current level of operations; and (6) those risks disclosed in the section “Risk Factors” included in our Annual Report on Form 10-K filed on March 31, 2025. Aqua Metals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect on new circumstances or unanticipated events as they occur, except as required by law.

Contact Information

Investor Relations

Bob Meyers & Rob Fink
FNK IR
646-878-9204
[email protected]

Media

David Regan
Aqua Metals
415-336-3553
[email protected]

AQUA METALS, INC. Condensed Consolidated Balance Sheets – Unaudited (in thousands, except share and per share amounts)
		December 31,				December 31,
		2024				2023
ASSETS
Current assets
Cash and cash equivalents		$	4,079			$	16,522
Note receivable – LINICO			100				600
Accounts receivable			—				67
Inventory			251				929
Prepaid expenses and other current assets			214				181
Total current assets			4,644				18,299
Non-current assets
Property, plant and equipment, net			16,473				10,347
Intellectual property, net			146				281
Other assets			5,102				4,673
Total non-current assets			21,721				15,301
Total assets		$	26,365			$	33,600
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Accounts payable		$	1,227			$	1,836
Accrued expenses			3,130				2,467
Lease liability, current portion			289				275
Notes payable related-party, current portion			306				—
Notes payable, current portion			3,230				35
Total current liabilities			8,182				4,613
Lease liability, non-current portion			446				—
Notes payable, non-current portion			—				2,923
Warrant liability			1,493				—
Total liabilities			10,121				7,536
Commitments and contingencies (see Note 14)
Stockholders’ equity
Common stock; $0.001 par value; 300,000,000 shares authorized; 7,760,255 and 7,730,836, shares issued and outstanding as of December 31, 2024, respectively and 5,415,433 and 5,394,005 shares issued and outstanding as of December 31, 2023			8				5
Additional paid-in capital			264,198				249,790
Accumulated deficit			(247,770	)			(223,215	)
Treasury stock, at cost; common shares: 29,419 and 21,428 as of December 31, 2024 and December 31, 2023, respectively			(192	)			(516	)
Total stockholders’ equity			16,244				26,064
Total liabilities and stockholders’ equity		$	26,365			$	33,600

AQUA METALS, INC. Condensed Consolidated Statements of Operations – Unaudited (in thousands, except share and per share amounts)
		Year ended December 31,
		2024				2023
Product sales		$	—			$	25
Operating cost and expense
Plant operations			7,213				6,282
Research and development cost			1,587				1,741
Impairment expense			2,640				4,851
Loss (gain) on disposal of property, plant and equipment			440				(23	)
General and administrative expense			11,967				11,638
Total operating expense			23,847				24,489
Loss from operations			(23,847	)			(24,464	)
Other income and expense
Interest and other income			376				1,147
Interest expense			(574	)			(621	)
Change in fair value of warrant liability			(507	)			—
Total other income (expense), net			(705	)			526
Loss before income tax expense			(24,552	)			(23,938	)
Income tax expense			(3	)			—
Net loss		$	(24,555	)		$	(23,938	)
Weighted average shares outstanding, basic and diluted			6,419,607				4,696,597
Basic and diluted net loss per share		$	(3.83	)		$	(5.10	)

Annualized Recurring Revenue (“ARR”) of $836 million Grew 48% year-over-year

Revenue of $238 million Grew 29% year-over-year

ShareFile Integration Underway

BURLINGTON, Mass., March 31, 2025 (GLOBE NEWSWIRE) — Progress (Nasdaq: PRGS), the trusted provider of AI-powered digital experience and infrastructure software, today announced financial results for its fiscal first quarter ended February 28, 2025.

First
Quarter
2025
Highlights:

• Revenue and non-GAAP revenue of $238 million increased 29% year-over-year on an actual and 30% on a constant currency basis.
• Annualized Recurring Revenue (“ARR”) of $836 million increased 48% year-over-year on a constant currency basis.
• Operating margin was 14% and non-GAAP operating margin was 39%.
• Diluted earnings per share was $0.24 compared to $0.51 in the same quarter last year, a decrease of 53%. 
• Non-GAAP diluted earnings per share was $1.31 compared to $1.25 in the same quarter last year, an increase of 5%.

“We’re extremely pleased with our excellent Q1 results,” said Yogesh Gupta, CEO of Progress. “We are ahead, or on plan, with all our ShareFile integration milestones, which are providing significant contributions to ARR and revenues, as well as expense savings. Our solid performance on the top line was again driven by our product portfolio across the board, with our data platform and infrastructure management products having a particularly solid quarter. Our Net Retention Rate again surpassed 100%, which reflects the resiliency of our business and the strength of our customer relationships. Operationally, our first quarter was solid by every metric, and I am extremely proud of our team for their dedication and relentless commitment to our customers.”

Additional financial highlights included:

	Three Months Ended
	GAAP												Non-GAAP
(In thousands, except percentages and per share amounts)	February 28, 2025				February 29, 2024				% Change				February 28, 2025				February 29, 2024				% Change
Revenue	$	238,015			$	184,685				29	%		$	238,015			$	184,685				29	%
Income from operations	$	32,426			$	35,006				(7	)%		$	93,595			$	76,756				22	%
Operating margin		14	%			19	%			(500) bps				39	%			42	%			(300) bps
Net income	$	10,946			$	22,639				(52	)%		$	58,995			$	55,928				5	%
Diluted earnings per share	$	0.24			$	0.51				(53	)%		$	1.31			$	1.25				5	%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$	68,947			$	70,504				(2	)%		$	73,211			$	72,204				1	%
													$	87,954			$	78,079				13	%

See Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures, and Select Performance Metrics and a reconciliation of non-GAAP adjustments to Progress’ GAAP financial results at the end of this press release.

Other fiscal
first
quarter
2025
metrics and recent results included:

• Cash and cash equivalents were $124.2 million at the end of the quarter.
• Days sales outstanding was 48 days compared to 50 days in the fiscal first quarter of 2024 and 67 days in the fiscal fourth quarter of 2024.

“We’re off to a very strong start for FY25, as our Q1 results demonstrate. Revenues at the high end of guidance reflect steady demand; expenses remain well-controlled; cash flow was again strong; and our bottom-line results and raised EPS guidance reflect numerous positives,” said Anthony Folger, CFO of Progress. “Beyond excellent financial performance, we repurchased $30 million of Progress shares and accelerated repayment of the revolving credit line used to partially finance the ShareFile acquisition, paying down $30 million during Q1. The ShareFile integration is tracking well, and we expect to complete the integration by year-end.”

2025
Business Outlook

Progress provides the following guidance for the fiscal year ending November 30, 2025 and the fiscal second quarter ending May 31, 2025:

	Updated FY 2025 Guidance (March 31, 2025)						Prior FY 2025 Guidance (January 21, 2025)
(In millions, except percentages and per share amounts)	GAAP			Non-GAAP			GAAP			Non-GAAP
Revenue	$958 – $970			$958 – $970			$958 – $970			$958 – $970
Diluted earnings per share	$1.19 – $1.35			$5.25 – $5.37			$1.08 – $1.23			$5.00 – $5.12
Operating margin	14% – 15	%		38	%		14% – 15	%		37% – 38	%
Cash from operations (GAAP) / Adjusted free cash flow (non-GAAP) / Unlevered free cash flow (non-GAAP)	$216 – $228			$226 – $238			$216 – $228			$225 – $237
				$283 – $294						$282 – $294
Effective tax rate	19	%		20	%		21	%		20	%

	Q2 2025 Guidance
(In millions, except per share amounts)	GAAP			Non-GAAP
Revenue	$235 – $241			$235 – $241
Diluted earnings per share	$0.24 – $0.30			$1.28 – $1.34

Based on current exchange rates, the expected negative currency translation impact on our:

• Fiscal year 2025 business outlook compared to 2024 exchange rates is approximately $2.8 million on revenue.
• Fiscal Q2 2025 business outlook compared to 2024 exchange rates is approximately $0.1 million on revenue.

Based on current exchange rates, the currency translation impact is expected to be immaterial on our GAAP and non-GAAP diluted earnings per share for both fiscal year 2025 and Q2 2025.

To the extent that there are changes in exchange rates versus the current environment and/or our expectations, this may have an impact on Progress’ business outlook.

Conference Call

Progress will hold a conference call to review its financial results for the fiscal first quarter of 2025 at 5:00 p.m. ET on Monday, March 31, 2025. Participants must register for the conference call here: https://register-conf.media-server.com/register/BIb86bb577ced14b9fa67069eb761f36a9. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bt5rgqn7. The conference call will include comments followed by questions and answers. Attendees must register for the webcast and an archived version of the conference call and supporting materials will be available on the Progress website within the investor relations section after the live conference call.

About Progress

Progress (Nasdaq: PRGS) empowers organizations to achieve transformational success in the face of disruptive change. Our software enables our customers to develop, deploy and manage responsible AI-powered applications and digital experiences with agility and ease. Customers get a trusted provider in Progress, with the products, expertise and vision they need to succeed. Over 4 million developers and technologists at hundreds of thousands of enterprises depend on Progress. Learn more at www.progress.com.

Progress and Progress Software are trademarks or registered trademarks of Progress Software Corporation and/or its subsidiaries or affiliates in the U.S. and other countries. Any other names contained herein may be trademarks of their respective owners.

Investor Contact:		Press Contact:
Michael Micciche		Jeff Young
Progress Software		Progress Software
+1 781 850 8450		+1 781 280 4000
[email protected]		[email protected]

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended
(In thousands, except per share data)	February 28, 2025				February 29, 2024				% Change
Revenue:
Software licenses	$	58,445			$	64,100				(9	)%
Maintenance, SaaS, and professional services		179,570				120,585				49	%
Total revenue		238,015				184,685				29	%
Costs of revenue:
Cost of software licenses		2,925				2,731				7	%
Cost of maintenance, SaaS, and professional services		32,884				22,219				48	%
Amortization of acquired intangibles		10,422				7,859				33	%
Total costs of revenue		46,231				32,809				41	%
Gross profit		191,784				151,876				26	%
Operating expenses:
Sales and marketing		51,296				39,111				31	%
Product development		46,375				34,988				33	%
General and administrative		25,623				21,344				20	%
Amortization of acquired intangibles		25,808				17,389				48	%
Cyber vulnerability response expenses, net		737				987				(25	)%
Restructuring expenses		7,029				2,349				199	%
Acquisition-related expenses		2,490				702				255	%
Total operating expenses		159,358				116,870				36	%
Income from operations		32,426				35,006				(7	)%
Other expense, net		(19,124	)			(7,399	)			158	%
Income before income taxes		13,302				27,607				(52	)%
Provision for income taxes		2,356				4,968				(53	)%
Net income	$	10,946			$	22,639				(52	)%
Earnings per share:
Basic	$	0.25			$	0.52				(52	)%
Diluted	$	0.24			$	0.51				(53	)%
Weighted average shares outstanding:
Basic		43,256				43,802				(1	)%
Diluted		44,887				44,826				—	%
Cash dividends declared per common share	$	—			$	0.175				(100	)%

Stock-based compensation is included in the condensed consolidated statements of operations, as follows:
Cost of revenue	$	1,195			$	986				21	%
Sales and marketing		3,032				2,312				31	%
Product development		4,410				3,665				20	%
General and administrative		6,046				5,501				10	%
Total	$	14,683			$	12,464				18	%

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)	February 28, 2025				November 30, 2024
Assets
Current assets:
Cash and cash equivalents	$	124,161			$	118,077
Accounts receivable, net		126,366				163,575
Unbilled receivables		35,454				34,672
Other current assets		54,694				52,489
Total current assets		340,675				368,813
Property and equipment, net		13,233				13,746
Goodwill and intangible assets, net		1,980,181				2,015,748
Right-of-use lease assets		28,308				30,894
Long-term unbilled receivables		30,416				28,893
Other assets		69,605				68,872
Total assets	$	2,462,418			$	2,526,966
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable and other current liabilities	$	90,768			$	113,801
Short-term operating lease liabilities		8,975				9,202
Short-term deferred revenue, net		328,798				332,142
Total current liabilities		428,541				455,145
Long-term debt, net		700,000				730,000
Convertible senior notes, net		797,277				796,267
Long-term operating lease liabilities		24,260				26,259
Long-term deferred revenue, net		71,508				72,270
Other long-term liabilities		8,985				8,237
Stockholders’ equity:
Common stock and additional paid-in capital		353,469				354,592
Retained earnings		78,378				84,196
Total stockholders’ equity		431,847				438,788
Total liabilities and stockholders’ equity	$	2,462,418			$	2,526,966

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)  

	Three Months Ended
(In thousands)	February 28, 2025				February 29, 2024
Cash flows from operating activities:
Net income	$	10,946			$	22,639
Depreciation and amortization		39,209				27,544
Stock-based compensation		14,683				12,464
Other non-cash adjustments		3,070				1,327
Changes in operating assets and liabilities		1,039				6,530
Net cash flows from operating activities		68,947				70,504
Capital expenditures		(1,290	)			(309	)
Repurchases of common stock, net of issuances		(23,870	)			(14,917	)
Dividend equivalent and dividend payments to stockholders		(359	)			(8,171	)
Payments for acquisitions		(1,195	)			—
Principal payment on term loan and repayment of revolving line of credit		(30,000	)			(33,437	)
Other		(6,149	)			(7,406	)
Net change in cash and cash equivalents		6,084				6,264
Cash and cash equivalents, beginning of period		118,077				126,958
Cash and cash equivalents, end of period	$	124,161			$	133,222

RECONCILIATIONS OF GAAP TO NON-GAAP SELECTED FINANCIAL MEASURES

(Unaudited)

	Three Months Ended
(In thousands, except per share data)	February 28, 2025				February 29, 2024
Adjusted income from operations:
GAAP income from operations	$	32,426			$	35,006
Amortization of acquired intangibles		36,230				25,248
Stock-based compensation		14,683				12,464
Restructuring expenses		7,029				2,349
Acquisition-related expenses		2,490				702
Cyber vulnerability response expenses, net		737				987
Non-GAAP income from operations	$	93,595			$	76,756
Adjusted net income:
GAAP net income	$	10,946			$	22,639
Amortization of acquired intangibles		36,230				25,248
Stock-based compensation		14,683				12,464
Restructuring expenses		7,029				2,349
Acquisition-related expenses		2,490				702
Cyber vulnerability response expenses, net		737				987
Provision for income taxes		(13,120	)			(8,461	)
Non-GAAP net income	$	58,995			$	55,928
Adjusted diluted earnings per share:
GAAP diluted earnings per share	$	0.24			$	0.51
Amortization of acquired intangibles		0.80				0.56
Stock-based compensation		0.32				0.28
Restructuring expenses		0.16				0.05
Acquisition-related expenses		0.06				0.02
Cyber vulnerability response expenses, net		0.02				0.02
Provision for income taxes		(0.29	)			(0.19	)
Non-GAAP diluted earnings per share	$	1.31			$	1.25
Non-GAAP weighted avg shares outstanding – diluted		44,887				44,826

OTHER NON-GAAP FINANCIAL MEASURES

(Unaudited)

Adjusted Free Cash Flow and Unlevered Free Cash Flow
	Three Months Ended
(In thousands)	February 28, 2025				February 29, 2024				% Change
Cash flows from operations	$	68,947			$	70,504				(2	)%
Purchases of property and equipment		(1,290	)			(309	)			317	%
Free cash flow		67,657				70,195				(4	)%
Add back: restructuring payments		5,554				2,009				176	%
Adjusted free cash flow	$	73,211			$	72,204				1	%
Add back: tax-effected interest expense		14,743				5,875				151	%
Unlevered free cash flow	$	87,954			$	78,079				13	%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR
2025
GUIDANCE

(Unaudited)

Fiscal Year 2025 Updated Non-GAAP Operating Margin Guidance
	Fiscal Year Ending November 30, 2025
(In millions)	Low				High
GAAP income from operations	$	137.2			$	145.7
GAAP operating margins		14	%			15	%
Acquisition-related expense		6.0				6.0
Restructuring expense		9.4				9.4
Stock-based compensation		62.8				62.8
Amortization of acquired intangibles		144.9				144.9
Cyber vulnerability response expenses, net		4.2				4.2
Total adjustments(1)		227.3				227.3
Non-GAAP income from operations	$	364.5			$	373.0
Non-GAAP operating margin		38	%			38	%
(1)Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Fiscal Year 2025 Updated Non-GAAP Earnings per Share and Effective Tax Rate Guidance
	Fiscal Year Ending November 30, 2025
(In millions, except per share data)	Low				High
GAAP net income	$	53.2			$	60.9
Adjustments (from previous table)		227.3				227.3
Income tax adjustment(2)		(46.1	)			(46.2	)
Non-GAAP net income	$	234.4			$	242.0
GAAP diluted earnings per share	$	1.19			$	1.35
Non-GAAP diluted earnings per share	$	5.25			$	5.37
Diluted weighted average shares outstanding		44.7				45.1

2 Tax adjustment is based on a non-GAAP effective tax rate of approximately 20%, calculated as follows:
		Fiscal Year Ending November 30, 2025
		Low				High
Non-GAAP income from operations		$	364.5			$	373.0
Other (expense) income			(71.5	)			(70.5	)
Non-GAAP income from continuing operations before income taxes			293.0				302.5
Non-GAAP net income			234.4				242.0
Tax provision		$	58.6			$	60.5
Non-GAAP tax rate			20	%			20	%

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR FISCAL YEAR
2025
GUIDANCE

(Unaudited)

Fiscal Year 2025 Adjusted Free Cash Flow and Unlevered Free Cash Flow Guidance
	Fiscal Year Ending November 30, 2025
(In millions)	Low				High
Cash flows from operations (GAAP)	$	216			$	228
Purchases of property and equipment		(7	)			(7	)
Add back: restructuring payments		17				17
Adjusted free cash flow (non-GAAP)		226				238
Add back: tax-effected interest expense		57				56
Unlevered free cash flow (non-GAAP)	$	283			$	294

RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES FOR
Q2 2025
GUIDANCE

(Unaudited)

Q2 2025 Non-GAAP Earnings per Share Guidance
	Three Months Ending May 31, 2025
	Low				High
GAAP diluted earnings per share	$	0.24			$	0.30
Acquisition-related expense		0.04				0.04
Restructuring expense		0.03				0.03
Stock-based compensation		0.38				0.38
Amortization of acquired intangibles		0.83				0.83
Cyber vulnerability response expenses, net		0.01				0.01
Total adjustments(1)		1.29				1.29
Income tax adjustment		(0.25	)			(0.25	)
Non-GAAP diluted earnings per share	$	1.28			$	1.34
(1)Total adjustments include preliminary estimates relating to the valuation of intangible assets acquired from ShareFile and restructuring expenses. The final amounts will not be available until the Company’s internal procedures and reviews are completed.

Important Information Regarding Non-GAAP Financial Measures, Liquidity Measures and Select Performance Metrics

Progress furnishes certain non-GAAP supplemental information to our financial results. We use such non-GAAP financial measures to evaluate our period-over-period operating performance because our management team believes that excluding the effects of certain GAAP-related items helps to illustrate underlying trends in our business and provides us with a more comparable measure of our continuing business, as well as greater understanding of the results from the primary operations of our business. Management also uses such non-GAAP financial measures to establish budgets and operational goals, evaluate performance, and allocate resources. In addition, the compensation of our executives and non-executive employees is based in part on the performance of our business as evaluated by such non-GAAP financial measures. We believe these non-GAAP financial measures enhance investors’ overall understanding of our current financial performance and our prospects for the future by: (i) providing more transparency for certain financial measures, (ii) presenting disclosure that helps investors understand how we plan and measure the performance of our business, (iii) affords a view of our operating results that may be more easily compared to our peer companies, and (iv) enables investors to consider our operating results on both a GAAP and non-GAAP basis (including following the integration period of our prior and proposed acquisitions). However, this non-GAAP information is not in accordance with, or an alternative to, generally accepted accounting principles in the United States (“GAAP”) and should be considered in conjunction with our GAAP results as the items excluded from the non-GAAP information may have a material impact on Progress’ financial results. A reconciliation of non-GAAP adjustments to Progress’ GAAP financial results is included in the tables above.

In the noted fiscal periods, we adjusted for the following items from our GAAP financial results to arrive at our non-GAAP financial measures:

• Amortization of acquired intangibles – We exclude amortization of acquired intangibles because those expenses are unrelated to our core operating performance and the intangible assets acquired vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses acquired. Adjustments include preliminary estimates relating to the valuation of intangible assets from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
• Stock-based compensation – We exclude stock-based compensation to be consistent with the way management and, in our view, the overall financial community evaluates our performance and the methods used by analysts to calculate consensus estimates. The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. As such, we do not include these charges in operating plans.
• Restructuring expenses – In all periods presented, we exclude restructuring expenses incurred because those expenses distort trends and are not part of our core operating results. Adjustments include preliminary estimates relating to restructuring expenses from ShareFile. The final amounts will not be available until the Company’s internal procedures and reviews are completed.
• Acquisition-related expenses – We exclude acquisition-related expenses in order to provide a more meaningful comparison of the financial results to our historical operations and forward-looking guidance and the financial results of less acquisitive peer companies. We consider these types of costs and adjustments, to a great extent, to be unpredictable and dependent on a significant number of factors that are outside of our control. Furthermore, we do not consider these acquisition-related costs and adjustments to be related to the organic continuing operations of the acquired businesses and are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In addition, the size, complexity and/or volume of past acquisitions, which often drives the magnitude of acquisition-related costs, may not be indicative of the size, complexity and/or volume of future acquisitions.
• Cyber vulnerability response expenses, net – We exclude certain expenses resulting from the zero-day MOVEit Vulnerability, as more thoroughly described in our filings with the Securities and Exchange Commission since June 5, 2023. Expenses include costs to investigate and remediate these cyber related matters, as well as legal and other professional services related thereto. Expenses related to such cyber matters are provided net of expected insurance recoveries, although the timing of recognizing insurance recoveries may differ from the timing of recognizing the associated expenses. Costs associated with the enhancement of our cybersecurity program are not included within this adjustment. We expect to continue to incur legal and other professional services expenses in future periods associated with the MOVEit vulnerability. Expenses related to such cyber matters are expected to result in operating expenses that would not have otherwise been incurred in the normal course of business operations. We believe that excluding these costs facilitates a more meaningful evaluation of our operating performance and comparisons to our past operating performance.
• Provision for income taxes – We adjust our income tax provision by excluding the tax impact of the non-GAAP adjustments discussed above.
• Constant currency – Revenue from our international operations has historically represented a substantial portion of our total revenue. As a result, our revenue results have been impacted, and we expect will continue to be impacted, by fluctuations in foreign currency exchange rates. As exchange rates are an important factor in understanding period-to-period comparisons, we present revenue growth rates on a constant currency basis, which helps improve the understanding of our revenue results and our performance in comparison to prior periods. The constant currency information presented is calculated by translating current period results using prior period weighted average foreign currency exchange rates.

In the noted fiscal periods, we also present the following liquidity measures:

• Adjusted free cash flow (“AFCF”) and unlevered free cash flow (“Unlevered FCF”) – AFCF is equal to cash flows from operating activities less purchases of property and equipment, plus restructuring payments. Unlevered FCF is AFCF plus tax-effected interest expense on outstanding debt.

In the noted fiscal periods, we also present the following select performance metrics:

• Annualized Recurring Revenue (“ARR”) – We disclose ARR as a performance metric to help investors better understand and assess the performance of our business because our mix of revenue generated from recurring sources currently represents the substantial majority of our revenues and is expected to continue in the future. We define ARR as the annualized revenue of all active and contractually binding term-based contracts from all customers at a point in time. ARR includes revenue from maintenance, software upgrade rights, public cloud, and on-premises subscription-based transactions and managed services. ARR mitigates fluctuations in revenue due to seasonality, contract term and the sales mix of subscriptions for term-based licenses and SaaS. We use ARR to understand customer trends and the overall health of our business, helping us to formulate strategic business decisions.

  We calculate the annualized value of annual and multi-year contracts, and contracts with terms less than one year, by dividing the total contract value of each contract by the number of months in the term and then multiplying by 12. Annualizing contracts with terms less than one-year results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period. We generally do not sell non-SaaS-based contracts with a term of less than one year unless a customer is purchasing additional licenses under an existing annual or multi-year contract. The expectation is that at the time of renewal, such contracts with a term less than one year will renew with the same term as the existing contracts being renewed, such that both contracts are co-termed. Historically, such contracts with a term of less than one year renew at rates equal to or better than annual or multi-year contracts.

  For SaaS-based contracts, there is a meaningful percentage of monthly auto-renewing contracts for which annualizing the contracts results in amounts being included in our ARR that are in excess of the total contract value for those contracts at the end of the reporting period.

  Revenue from term-based license and on-premises subscription arrangements include a portion of the arrangement consideration that is allocated to the software license that is recognized up-front at the point in time control is transferred under ASC 606 revenue recognition principles. ARR for these arrangements is calculated as described above. The expectation is that the total contract value, inclusive of revenue recognized as software license, will be renewed at the end of the contract term.

  The calculation is done at constant currency using the current year budgeted exchange rates for all periods presented.

  ARR is not defined in GAAP and is not derived from a GAAP measure. Rather, ARR generally aligns to billings (as opposed to GAAP revenue which aligns to the transfer of control of each performance obligation). ARR does not have any standardized meaning and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

• Net Retention Rate (“NRR”) – We calculate net retention rate as of a period end by starting with the ARR from the cohort of all customers as of 12 months prior to such period end (“Prior Period ARR”). We then calculate the ARR from these same customers as of the current period end (“Current Period ARR”). Current Period ARR includes any expansion and is net of contraction or attrition over the last 12 months but excludes ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the net retention rate. Net retention rate is not calculated in accordance with GAAP and is not derived from a GAAP measure.

Note Regarding Forward-Looking Statements

This press release contains statements that are “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. Progress has identified some of these forward-looking statements with words like “believe,” “may,” “could,” “would,” “might,” “should,” “expect,” “intend,” “plan,” “target,” “anticipate” and “continue,” the negative of these words, other terms of similar meaning or the use of future dates. Forward-looking statements in this press release include, but are not limited to, statements regarding Progress’ business outlook (including future acquisition activity) and financial guidance. There are a number of factors that could cause actual results or future events to differ materially from those anticipated by the forward-looking statements, including, without limitation: (i) economic, geopolitical and market conditions can adversely affect our business, results of operations and financial condition, including our revenue growth and profitability, which in turn could adversely affect our stock price; (ii) our international sales and operations subject us to additional risks that can adversely affect our operating results, including risks relating to foreign currency gains and losses; (iii) we may fail to achieve our financial forecasts due to such factors as delays or size reductions in transactions, fewer large transactions in a particular quarter, fluctuations in currency exchange rates, or a decline in our renewal rates for contracts; (iv) if the security measures for our software, services, other offerings or our internal information technology infrastructure are compromised or subject to a successful cyber-attack, or if our software offerings contain significant coding or configuration errors or zero-day vulnerabilities, we may experience reputational harm, legal claims and financial exposure; and the results of inquiries, investigations and legal claims regarding the MOVEit Vulnerability remain uncertain, while the ultimate resolution of these matters could result in losses that may be material to our financial results for a particular period; and (v) future acquisitions may not be successful or may involve unanticipated costs or other integration issues that could disrupt our existing operations; and (vi) expected synergies and benefits of the ShareFile acquisition may not be realized which could negatively impact our future results of operations and financial condition. For further information regarding risks and uncertainties associated with Progress’ business, please refer to our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended November 30, 2024. Progress undertakes no obligation to update any forward-looking statements, which speak only as of the date of this press release.

SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) — Artiva Biotherapeutics, Inc. (Nasdaq: ARTV), a clinical-stage biotechnology company whose mission is to develop effective, safe, and accessible cell therapies for patients with devastating autoimmune diseases and cancers, today announced that management will present at the 24th Annual Needham Virtual Healthcare Conference on Monday, April 7, 2025, at 11:00 a.m. EDT.

Members of the Artiva management team will also be available to participate in investor meetings with investors who are registered to attend the conference.

Investors and the general public are invited to listen to a live webcast of the presentation through the “Investors” section on Artivabio.com. A webcast replay will be made available following the event for 90 days.

About Artiva Biotherapeutics

Artiva is a clinical-stage biotechnology company whose mission is to develop effective, safe and accessible cell therapies for patients with devastating autoimmune diseases and cancers. Artiva’s lead program, AlloNK^®, is an allogeneic, off-the-shelf, non-genetically modified, cryopreserved NK cell therapy candidate designed to enhance the antibody-dependent cellular cytotoxicity effect of monoclonal antibodies to drive B-cell depletion. AlloNK^® is currently in clinical trials for treatment of systemic lupus erythematosus, for patients with or without lupus nephritis, and in an investigator-initiated basket trial in multiple autoimmune indications. Artiva’s pipeline also includes CAR-NK candidates targeting both solid and hematologic cancers. Artiva was founded in 2019 as a spin out of GC Cell, formerly GC Lab Cell Corporation, a leading healthcare company in the Republic of Korea, pursuant to a strategic partnership granting Artiva exclusive worldwide rights (excluding Asia, Australia and New Zealand) to GC Cell’s NK cell manufacturing technology and programs. Artiva is headquartered in San Diego, California.

For more information, please visit https://www.artivabio.com/.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this press release that are not statements of historical fact are forward-looking statements. Such forward-looking statements include, without limitation, statements regarding upcoming events or Artiva Biotherapeutics, Inc.’s (the “Company”) participation at such events. These forward-looking statements are based on the beliefs of the management of the Company as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events and are subject to known and unknown risks and uncertainties. In light of these risks and uncertainties, the events or circumstances referred to in the forward-looking statements may not occur. These and other factors that may cause the Company’s actual results to differ from current expectations are discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this press release is given. Except as required by law, the Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts

Investors: Neha Krishnamohan, Artiva Biotherapeutics, [email protected]
Media: Jessica Yingling, Ph.D., Little Dog Communications Inc., [email protected],
+1.858.344.8091

Source: Artiva Biotherapeutics, Inc.

– Rademikibart demonstrated rapid onset of action with significant improvements in lung function observed at one week and maintained through 24 weeks –

– In patients with eosinophilic-driven asthma (≥300 eosinophils/µL) receiving rademikibart for
24 weeks, the mean difference from placebo in forced expiratory volume was +420 mL, amongst the largest increases reported for a biologic –

SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) — Connect Biopharma Holdings Limited (Nasdaq: CNTB) (Connect Biopharma), a clinical-stage biopharmaceutical company focused on transforming acute and chronic care of asthma and Chronic Obstructive Pulmonary Disease (COPD), today announced the online publication of positive results from the global Phase 2 trial of rademikibart in patients with moderate-to-severe uncontrolled asthma in the American Journal of Respiratory and Critical Care Medicine (AJRCCM). These data highlight rademikibart’s potential as a novel biologic treatment option for patients with asthma and Type 2 inflammation, demonstrating rapid onset of action, sustained improvement in forced expiratory volume in one second (FEV₁), and clinically important reductions in annual exacerbation rates.

In the global Phase 2 trial (CBP-201-WW002), 322 adult patients with moderate-to-severe, persistent, uncontrolled asthma were randomized 1:1:1 to two rademikibart groups (150 mg or 300 mg every 2 weeks, following a 600 mg loading dose) or placebo, administered subcutaneously, for 24 weeks. Two-thirds of the randomized patients were treated in the United States. Improvement in lung function based on the primary endpoint of prebronchodilator FEV₁ was clinically meaningful and highly statistically significant, beginning at week one following the 600 mg loading dose and sustained through 24 weeks of treatment:

• Significant increases in FEV₁ were observed in both rademikibart dose groups for all high eosinophil count subgroups of patients (i.e., subgroups ≥150 cells/µL at baseline, the initial protocol-specified lower limit entry criterion).
• At Week 24, in patients with ≥300 eosinophils/µL at baseline receiving rademikibart 300 mg (N=40), the mean difference from placebo in FEV₁ was +420 mL; the Week 1 FEV₁ improvement in these patients was +312 mL¹.
• Consistent with the improved airway function, patients receiving rademikibart had substantially fewer acute exacerbations (24 events in 214 patients) than those receiving placebo (26 events in 108 patients).
• Asthma control, as measured by the five-question Asthma Control Questionnaire (ACQ-5), improved rapidly reaching statistical significance for both rademikibart doses compared with placebo at Week 2, and continued to improve through Week 24 in the overall population.
• Rademikibart was generally well-tolerated with most treatment-emergent adverse events (TEAEs) being mild or moderate in intensity and no serious TEAEs were related to treatment with rademikibart.
• No eosinophilia-related TEAEs were reported for rademikibart in the study and no patient in the subgroup of patients receiving rademikibart who had baseline eosinophils over 500 cells/µL exhibited a peak eosinophil level of >3000 cells/µL. This compares very favorably to almost 13% reported in clinical trials of dupilumab in this subgroup of patients².

Based on the data from this trial, Connect Biopharma previously received agreement from the U.S. Food and Drug Administration in an end-of-Phase 2 meeting with the Division of Pulmonology, Allergy, and Critical Care, in the Office of Immunology and Inflammation, to advance rademikibart into Phase 3 trials for the maintenance treatment of asthma.

“It is notable that rademikibart, particularly in patients with true eosinophilic driven asthma, was associated with numerically larger placebo-adjusted improvements in FEV₁ than those previously reported for other biologics,” said Michael E. Wechsler, MD, MMSc, Professor of Medicine and Director, NJH Cohen Family Asthma Institute at National Jewish Health in Denver, Colorado. “These numerically larger improvements in efficacy were obtained with no incidents of hypereosinophilia, suggesting that increases in eosinophil levels previously observed are not an IL-4Rα class effect.”

“Publication in AJRCCM of the results from the Phase 2 study of rademikibart in patients with chronic moderate-to-severe asthma and Type 2 inflammation underscores the potentially significant impact of rademikibart for these patient populations. Given the substantial increases in FEV₁, clinically meaningful decreases in exacerbations, and the favorable safety profile observed in the Phase 2 trial, rademikibart has the potential to benefit patients with chronic asthma and patients with other respiratory diseases with Type 2 inflammation such as COPD,” said Barry Quart, Pharm.D., CEO and Board Director of Connect Biopharma. “Based on these data and post hoc analyses soon to be presented at the upcoming American Thoracic Society meeting, we believe there is a significant opportunity to study rademikibart during the four weeks following an acute exacerbation of asthma or COPD, a vulnerable period when approximately half of patients who receive current standard of care will experience another exacerbation and where no biologic therapies have been approved or systematically studied. We believe the unique clinical profile of rademikibart may provide significant benefit during this critical period and look forward to sharing the outcomes from our upcoming Phase 2 trials in acute asthma and COPD.”

The full publication can be accessed here.

About Connect Biopharma and Rademikibart

Connect Biopharma is a clinical-stage biopharmaceutical company dedicated to transforming care for asthma and COPD. Headquartered in San Diego, California, the company is advancing rademikibart, a next-generation, potentially best-in-class anti-interleukin-4-receptor alpha (IL-4Rα) antibody. With an initial focus on acute exacerbations—an area with significant unmet need—rademikibart has the potential to also drive chronic utilization in asthma and COPD amongst the approximately 1 million asthma patients and 1.3 million COPD patients in the U.S. who experience acute exacerbations annually. In a Phase 2 trial for asthma, rademikibart demonstrated strong efficacy and safety, with clinically meaningful reductions in exacerbations and rapid, statistically significant improvements in FEV₁, observed within one week—and in most cases, within 24 hours via home spirometry.

For more information, visit www.connectbiopharm.com.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended (the “Act”). Forward-looking statements are statements that are not of historical fact and include, without limitation, statements regarding future events, our future financial condition, results of operations, business strategy and plans, prospective products (as well as their potential to achieve a differentiated, competitive, or favorable benefit or profile or trend, including on safety, tolerability, improvement, maintenance, clinical response, dosing, efficacy and/or convenience), planned or expected product approval applications or approvals, anticipated milestones, expected data readouts and enrollments, research and development plans and costs, potential future partnerships, expectations about existing partnerships, timing and likelihood of success, objectives of management for future operations, future results of anticipated product development efforts, and adequacy of existing cash and potential partnership funding to fund operations and capital expenditure requirements, as well as statements regarding industry trends. These statements are based on management’s current expectations of future events only as of the date of this press release and are inherently subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control, including, among other things: the ability of our clinical trials to demonstrate safety and efficacy of our product candidates and other positive results; whether we will need expanded or additional trials in order to obtain regulatory approval for our product candidates; our ability to obtain and maintain regulatory approval of our product candidates; existing regulations and regulatory developments in the U.S., the PRC, Europe and other jurisdictions; the ability of our current cash and investments position to support planned operations; our plans and ability to obtain, maintain, protect and enforce our intellectual property rights and our proprietary technologies, including extensions of existing patent terms where available; our continued reliance on third parties to conduct additional clinical trials of our product candidates, and for the manufacture of our product candidates for preclinical studies and clinical trials; and the degree of market acceptance of our product candidates, if approved, by physicians, patients, healthcare payors and others in the medical community.

Words such as “aim,” “anticipate,” “believe,” “could,” “expect,” “feel,” “goal,” “intend,” “may,” “optimistic,” “plan,” “potential,” “promising,” “will,” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements necessarily contain these identifying words. The inclusion of forward-looking statements should not be regarded as a representation by Connect Biopharma that any of its expectations, projections or plans will be achieved. Actual results may differ materially due to the risks and uncertainties inherent in our business and other risks described in our filings with the U.S. Securities and Exchange Commission (the “SEC”). Further information regarding these and other risks is included under the heading “Risk Factors” in our annual and periodic reports filed with the SEC, including in our annual report on Form 10-K for the year ended December 31, 2024, and any subsequent filings with the SEC. These forward-looking statements should not be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such forward-looking statements have been made are correct or exhaustive or, in the case of the assumptions, fully stated in this presentation. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. Results in early-stage clinical trials may not be indicative of full results or results from later stage or larger scale clinical trials and do not ensure regulatory approval. You are cautioned not to place undue reliance on the scientific data presented or these forward-looking statements, which speak only as of the date of this presentation. Except as required by law, Connect Biopharma undertakes no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise. Connect Biopharma claims the protection of the safe harbor for forward-looking statements contained in the Act for all forward-looking statements.

This press release discusses product candidates that are under clinical study, and which have not yet been approved for marketing by the U.S. Food and Drug Administration or by any other regulatory agency. No representation is made as to the safety or effectiveness of these product candidates for the use for which such product candidates are being studied. The trademarks included herein are the property of the owners thereof and are used for reference purposes only.

Investor Relations Contact:

Alex Lobo
Precision AQ
[email protected]
(212) 698-8802

Media Contact:

Ignacio Guerrero-Ros, Ph.D., or David Schull
Russo Partners, LLC
[email protected] 
[email protected] 
(858) 717-2310 or (646) 942-5604

1. Data on file
2. Wechsler ME, Klion AD, et.al. Effect of Dupilumab on Blood Eosinophil Counts in Patients With Asthma, Chronic Rhinosinusitis With Nasal Polyps, Atopic Dermatitis, or Eosinophilic Esophagitis. J Allergy Clin Immunol Pract 2022; 10: 2695-2709.

DALLAS, March 31, 2025 (GLOBE NEWSWIRE) — Applied Digital Corporation (Nasdaq: APLD)(“Applied Digital” or the “Company”), a designer, builder, and operator of next-generation digital infrastructure designed for High-Performance Computing (HPC) applications, will host a conference call on Monday, April 14, 2025, at 5:00 p.m. Eastern Time to discuss its operations and financial results for the fiscal third quarter ended February 28, 2025. A press release detailing these results will be issued after the market closes on the same day.

Applied Digital management will provide prepared remarks, followed by a question-and-answer period.

Date: Monday, April 14, 2025
Time: 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time)
Participant Dial-In: 1-800-549-8228
Conference ID: 19309

The conference call will be broadcast live and available for replay for one year here.

Please call the conference telephone number approximately 10 minutes before the start time. An operator will register your name and organization. If you have difficulty connecting with the conference call, please get in touch with Applied Digital’s investor relations team at 1-949-574-3860.

A phone replay of the call will also be available from 8:00 p.m. Eastern Time on April 14, 2025, through April 21, 2025, at 11:59 p.m. Eastern Time.

Replay Dial-In: 1-888-660-6264
Playback Passcode: 19309#

About Applied Digital

Applied Digital (Nasdaq: APLD) develops, builds and operates next-generation data centers and cloud infrastructure. Different by design, the Company’s purpose-built facilities are engineered to unleash the power of accelerated compute and deliver secure, scalable and sustainable digital hosting, along with turnkey CSaaS and GPU-as-a-Service solutions. Backed by deep hyperscale expertise and a robust pipeline of available power, Applied Digital aims to accommodate AI Factories and beyond to support the world’s most exacting AI/ML, blockchain and high-performance computing (HPC) workloads.

Forward-Looking Statements

This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 regarding, among other things, future operating and financial performance, product development, market position, business strategy and objectives. These statements use words, and variations of words, such as “will,” “continue,” “build,” “future,” “increase,” “drive,” “believe,” “look,” “ahead,” “confident,” “deliver,” “outlook,” “expect,” and “predict.” Other examples of forward-looking statements may include, but are not limited to, (i) statements of Company plans and objectives, including our evolving business model, or estimates or predictions of actions by suppliers, (ii) statements of future economic performance, and (iii) statements of assumptions underlying other statements and statements about the Company or its business. You are cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events and thus are inherently subject to uncertainty. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the Company’s expectations and projections. These risks, uncertainties, and other factors include: our ability to complete construction of the Ellendale HPC data center; availability of financing to continue to grow our business, our ability to timely and successfully build new hosting facilities with the appropriate contractual margins and efficiencies; power or other supply disruptions and equipment failures; the inability to comply with developments and changes in regulation; cash flow and access to capital; decline in demand for our products and services; and maintenance of third-party relationships. Information in this release is as of the dates and time periods indicated herein, and the Company does not undertake to update any of the information contained in these materials, except as required by law.

Investor Relations Contacts

Matt Glover and Ralf Esper
Gateway Group, Inc.
(949) 574-3860
[email protected]

Media Contact

Buffy Harakidas, EVP and Jo Albers
JSA (Jaymie Scotto & Associates)
(856) 264-7827
[email protected]

Q4 Sequential Revenue Growth of 43% Driven by New Products and Technologies, and 131% Year over Year

New OEM and Distributor Relationships to Equip New Campers and RVs with Advanced Lithium-Ion Batteries

Began Shipping e360 Home Energy Storage Solutions

REDMOND, Ore., March 31, 2025 (GLOBE NEWSWIRE) — Expion360 Inc. (Nasdaq: XPON) (“Expion360” or the “Company”), an industry leader in lithium-ion battery power storage solutions, today reported its financial and operational results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 & Subsequent Financial & Operational Highlights

• Q4 2024 revenue totaled $2.0 million, up 131% from Q4 2023, and 43% sequentially from Q3 2024.
• Began fulfilling purchase orders for its Home Energy Storage Solutions (“HESS”).
• Signed a non-binding letter of intent with NeoVolta Inc. (“NeoVolta”), a leading innovator in energy storage solutions, providing the framework for a potential collaboration that aims to engineer a state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs, marking a significant milestone in the production of American-made batteries.
• Partnered with Scout Campers, a subsidiary of Adventurer Manufacturing, Inc., to equip its high-quality campers with Expion360’s advanced lithium-ion batteries as a standard option, enhancing the energy efficiency and reliability of Scout Campers’ products.
• Added several new original equipment manufacturers (“OEMs”) and one new distributor reflecting successful ongoing sales efforts to expand customer base across the United States.
• Closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

Management Commentary

“The fourth quarter of 2024 and early 2025 was highlighted by robust sequential revenue growth, a strengthened balance sheet, and the addition of new OEM customers,” said Brian Schaffner, Chief Executive Officer and Interim Chief Financial Officer of Expion360. “Revenue grew sequentially for a fourth consecutive quarter, improving 43% from Q3 2024, demonstrating the successful execution of our efforts to expand sales with our more than 300 resellers across the United States, consisting of dealers, wholesalers, private-label customers and OEMs who then sell our products to end consumers. Year-over-year sales continued to be impacted by the downturn in the RV market with the persistence of high interest rates. We believe the RV market will continue to gain ground through 2025, with shipments remaining steady in the short term and increasing traction heading into next year. In January we took the opportunity to strengthen our balance sheet with the close of a $2.6 million registered direct offering and private placement.

“We are making significant progress against our goals with the ongoing expansion of our OEM relationships and acquisition of several new OEM partnerships. New customers, including Scout Campers, Alaskan Campers, and K-Z Recreational Vehicles, are driving demand for high-quality lithium battery technology for their premium campers and vehicles.

“We are working with NeoVolta to combine our strengths toward a potential collaboration that aims to engineer a US-based state-of-the-art battery manufacturing facility and develop innovative lithium-ion battery cell and module product designs. A formal engagement would enable us to contribute our expertise in design and engineering, while NeoVolta plans to provide the necessary capital and manpower. Together we expect to bring high-performance, sustainable energy storage solutions to the market to address the growing demand for efficient energy management in both residential and commercial applications.

“We have continued our progress in our Home Energy Storage Solutions vertical, with production shipments   beginning in January 2025. We believe the HESS product line will benefit from a fast-growing battery energy storage market, and consumer uptake can rapidly scale with the introduction of products that improve price, flexibility, and integration. We also anticipate HESS will benefit from incentives available through California’s Self-Generation Incentive Program and federal tax credits available through the Inflation Reduction Act for home battery systems.

“Looking ahead, we anticipate our new OEM partnerships and distributors to generate incremental revenue of approximately $5.0 million for fiscal year 2025, with additional new customers expressing interest across our product line, including our next generation GC2, Group 27, and new Edge batteries. The anticipated revenue growth is expected to increase gross profits by an estimated $1.4 million for fiscal year 2025. We are also highly focused on further development of HESS and the introduction of new technologies and batteries. We look forward to announcements of additional wins and milestones in the months ahead,” concluded Mr. Schaffner.

Fourth Quarter 2024 Financial Summary

Revenue in the fourth quarter of 2024 totaled $2.0 million, an increase of 131% from $0.9 million in the prior year period. The increase was primarily due to increased OEM sales with existing and new customers.

Gross profit in the fourth quarter of 2024 totaled $438,552 or 22.1% of revenue, as compared to $205,114 or 23.9% of revenue in the prior year period. The decrease in gross profit was primarily due to OEM customer discounts issued in connection with higher-volume purchases.

Selling, general and administrative expenses in the fourth quarter of 2024 decreased to $1.6 million compared to $2.4 million in the prior year period. The decrease was primarily due to reductions in salaries related to a lower employee headcount and lower stock-based compensation.

Net loss in the fourth quarter of 2024 totaled $251,647, an 88% improvement from a net loss of $2.2 million in the prior year period. The decrease in net loss was primarily due to our sales growth.

Full Year 2024 Financial Summary

For the year ended December 31, 2024, revenue totaled $5.6 million, decreasing 6.0% from $6.0 million in the prior year. The decrease was primarily attributable to softness in the recreational market during the first two quarters, driving decreases in OEM sales during those same two periods.

Gross profit for the full year of 2024 totaled $1.2 million, a 20.5% gross margin as compared to $1.6 million or 26.3% of revenue in the same year-ago period. The decrease in gross profit was primarily attributable to lower sales volumes due to the slowdown in the RV industry resulting in lower economies of scale on fixed costs, as well as the liquidation of non-core product increasing cost of sales above what they would have been without the liquidation.

Selling, general and administrative expenses for the full year of 2024 decreased 9.6% to $7.9 million compared to $8.7 million in the prior year period. The decrease was primarily due to decreases in legal and professional fees, as well as salaries and benefits, which was partially offset by an increase in license and fee cash premiums paid when making repayment on our convertible note, as well as fees incurred in connection with our termination of our warehouse lease.

Net loss for the year ended December 31, 2024, totaled $13.5 million or $(21.03) per share, compared to net loss of $7.5 million or $(108.25) per share in the prior year. The net loss was primarily the result of $5.0 million in suspended liability expense due to our reverse stock split cash true-up payment provision in the Series A Warrants issued and sold in a public offering we consummated in August 2024, as well as increased interest incurred under our convertible note, and increased settlement expenses.

Cash and cash equivalents totaled $0.5 million as of December 31, 2024, compared to $3.9 million as of December 31, 2023. On January 3, 2025, the Company closed a $2.6 million registered direct offering and private placement priced at the market under Nasdaq rules.

Net cash used in operating activities totaled $9.6 million for the year ended December 31, 2024, compared to $5.5 million in the prior year period.

The share, per share, and resulting financial amounts in this press release, including prior period metrics, have been adjusted to reflect the reverse stock split of the Company’s common stock, par value $0.001 per share, which was effective on October 8, 2024.

Fourth Quarter & Full Year 2024 Results Conference Call

Brian Schaffner, Chief Executive Officer of Expion360, will host the conference call, followed by a question-and-answer period. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Date:	Monday, March 31, 2025
Time:	4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
Dial-in:	1-844-825-9789
International Dial-in:	1-412-317-5180
Conference Code:	10196334
Webcast:	https://viavid.webcasts.com/starthere.jsp?ei=1705725&tp_key=ca73831ad8

A telephone replay will be available approximately three hours after the call and will remain available through April 14, 2025, by dialing 1-844-512-2921 from the U.S., or 1-412-317-6671 from international locations, and entering replay pin number: 10196334. The replay can also be viewed through the webcast link above and the presentation utilized during the call will be available via the investor relations section of the Company’s website here.

About Expion360

Expion360 is an industry leader in premium lithium iron phosphate (LiFePO4) batteries and accessories for recreational vehicles, marine applications, Light EV and residential energy storage.

The Company’s lithium-ion batteries feature half the weight of standard lead-acid batteries while delivering three times the power and ten times the number of charging cycles. Expion360 batteries also feature better construction and reliability compared to other lithium-ion batteries on the market due to their superior design and quality materials. Specially reinforced, fiberglass-infused, premium ABS and solid mechanical connections help provide top performance and safety. With Expion360 batteries, adventurers can enjoy the most beautiful and remote places on Earth even longer.

The Company is headquartered in Redmond, Oregon. Expion360 lithium-ion batteries are available today through more than 300 dealers, wholesalers, private-label customers, and OEMs across the country. To learn more about the Company, visit expion360.com.

Forward-Looking Statements

The foregoing material may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation statements regarding the Company’s business prospects, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements included in this press release include, but are not limited to, statements relating to the Company’s beliefs, plans, and expectations about its operations, product development and pipeline, growth prospects, market opportunity, potential partnership with NeoVolta, the anticipated incremental revenue to be generated from new OEM partnerships and distributors, and the expected timing of the Company’s next conference call to discuss the Company’s financial results. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of risks and uncertainties that could significantly affect current plans. Should one or more of these risks or uncertainties materialize, or the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, performance, or achievements. Except as required by applicable law, including the security laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Company Contact:

Brian Schaffner, CEO and Interim CFO
541-797-6714
Email Contact

External Investor Relations:

Chris Tyson, Executive Vice President
MZ Group – MZ North America
949-491-8235
[email protected]
www.mzgroup.us

Expion360 Inc. Balance Sheets
		As of December 31, 2024				As of December 31, 2023
Assets
Current Assets
Cash and cash equivalents		$	547,565			$	3,932,698
Accounts receivable, net			613,022				154,935
Inventory			4,831,461				3,825,390
Prepaid/in-transit inventory			1,612,686				163,948
Prepaid expenses and other current assets			236,461				189,418
Total current assets			7,841,195				8,266,389
Property and equipment			914,081				1,348,326
Accumulated depreciation			(430,191	)			(430,295	)
Property and equipment, net			483,890				918,031
Other Assets
Operating leases – right-of-use asset			754,832				2,662,015
Deposits			27,471				58,896
Total other assets			782,303				2,720,911
Total assets		$	9,107,388			$	11,905,331
Liabilities and stockholders’ equity
Current liabilities
Accounts payable		$	338,091			$	286,985
Customer deposits			48,474				17,423
Accrued expenses and other current liabilities			187,464				292,515
Convertible note			—				2,082,856
Current portion of operating lease liability			256,153				522,764
Current portion of stockholder promissory notes			—				762,500
Current portion of long-term debt			31,758				50,839
Suspended Liability			4,985,948				—
Total current liabilities			5,847,888				4,015,882
Long-term debt, net of current portion and discount			198,412				298,442
Operating lease liability, net of current portion			542,764				2,241,325
Total liabilities		$	6,589,064			$	6,555,649
Stockholders’ equity
Preferred stock, par value $.001; 20,000,000 shares authorized; zero shares issued and outstanding			—				—
Common stock, par value $.001; 200,000,000 shares authorized; 2,096,082 and 69,230 issued and outstanding as of December 31, 2024 and 2023, respectively			2,096				69
Additional paid-in capital			37,091,468				26,445,378
Accumulated deficit			(34,575,240	)			(21,095,765	)
Total stockholders’ equity			2,518,324				5,349,682
Total liabilities and stockholders’ equity		$	9,107,388			$	11,905,331

Expion360 Inc. Statements of Operations
		For the Years Ended December 31,
		2024				2023
Net sales		$	5,624,939			$	5,981,134
Cost of sales			4,469,711				4,405,611
Gross profit			1,155,228				1,575,523
Selling, general and administrative			7,909,219				8,745,135
Loss from operations			(6,753,991	)			(7,169,612	)
Other (Income) / Expense
Interest income			(86,121	)			(125,854	)
Interest expense			976,618				124,511
Loss on sale of property and equipment			146,760				3,426
Settlement expense			709,900				281,680
Suspended liability expense			4,985,948				—
Other income			(6,073	)			(394	)
Total other expense			6,727,032				283,369
Loss before taxes			(13,481,023	)			(7,452,981	)
Tax (income) / expense			(1,548	)			3,293
Net loss		$	(13,479,475	)		$	(7,456,274	)
Net loss per share (basic and diluted)		$	(21.03	)		$	(108.25	)
Weighted-average number of common shares outstanding			641,011				68,882

Expion360 Inc. Statements of Cash Flows
		For the Years Ended December 31,
		2024				2023
Cash flows from operating activities
Net loss		$	(13,479,475	)		$	(7,456,274	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation			173,973				205,723
Amortization of convertible note costs			667,144				—
Loss on sale of property and equipment			146,760				3,426
Decrease in allowance for doubtful accounts			—				(18,804	)
Stock-based settlement			209,000				251,680
Stock-based compensation			616,632				560,365
Decrease in right-of-use assets and lease liabilities			(67,778	)			—
Increase in suspended liability			4,985,948				—
Changes in operating assets and liabilities:
(Increase) / Decrease in accounts receivable			(458,087	)			161,904
(Increase) / Decrease in inventory			(1,006,071	)			704,746
Increase in prepaid/in-transit inventory			(1,448,738	)			(22,338	)
Increase in prepaid expenses and other current assets			(47,043	)			(17,626	)
Decrease in deposits			31,425				5,005
Increase in accounts payable			51,106				56,735
Increase in customer deposits			31,051				17,365
Increase / (Decrease) in accrued expenses and other current liabilities			21,819				(13,649	)
Increase in right-of-use assets and lease liabilities			9,789				30,510
Net cash used in operating activities			(9,562,545	)			(5,531,232	)
Cash flows from investing activities
Purchases of property and equipment			(19,203	)			(20,170	)
Net proceeds from sale of property and equipment			132,611				36,748
Net cash provided by investing activities			113,408				16,578
Cash flows from financing activities
Proceed from / (Principal payment on) convertible note			(2,750,000	)			2,420,025
Principal payments on long-term debt			(119,111	)			(161,194	)
Principal payments on stockholder promissory notes			(762,500	)			(62,500	)
Proceeds from exercise of warrants			185,434				49,800
Settlement of fractional shares for cashless warrant exercise			—				(23	)
Net proceeds from issuance of common stock			9,510,181				—
Net cash provided by financing activities			6,064,004				2,246,108
Net change in cash and cash equivalents			(3,385,133	)			(3,268,546	)
Cash and cash equivalents, beginning			3,932,698				7,201,244
Cash and cash equivalents, ending			547,565				3,932,698