Market Newsdesk

Manhattan, KS, Feb. 04, 2025 (GLOBE NEWSWIRE) — Landmark Bancorp, Inc. (“Landmark”; Nasdaq: LARK) reported diluted earnings per share of $0.57 for the three months ended December 31, 2024, compared to $0.68 per share in the third quarter of 2024 and $0.46 per share in the same quarter last year. Net income for the fourth quarter totaled $3.3 million, compared to $2.6 million in the fourth quarter of 2023 and $3.9 million in the prior quarter. For the three months ended December 31, 2024, the return on average assets was 0.83%, the return on average equity was 9.54% and the efficiency ratio was 70.0%.

For the year ended December 31, 2024, diluted earnings per share totaled $2.26 compared to $2.13 during 2023. Net earnings for 2024 totaled $13.0 million, compared to $12.2 million in 2023, or an increase of 6.3%. For the year ended December 31, 2024, the return on average assets was 0.83%, the return on average equity was 10.01% and the efficiency ratio was 69.1%.

2024 Performance Highlights

	●	Fourth quarter loan growth totaled $50.5 million or an annualized increase of 20.1% over the prior quarter.
	●	For the year, gross loans grew $103.7 million or 10.9%.
	●	Net interest margin improved 21 basis points to 3.51% compared to 3.30% in prior quarter.
	●	Deposits increased $53.3 million, or 16.6% annualized, from the prior quarter.
	●	Total borrowings decreased $34.7 million in the fourth quarter.
	●	A pre-tax loss of $1.0 million was realized in the fourth quarter to reposition a portion of the investment portfolio.
	●	Credit quality remained good with net charge-offs totaling $219,000 in the fourth quarter.

In making this announcement, Abby Wendel, President and Chief Executive Officer of Landmark, commented, “During 2024, we experienced strong loan demand, especially for residential mortgages and commercial real estate loans. In the fourth quarter 2024, we saw strong growth in virtually all loan categories, with total gross loans increasing by $51 million or 20% (annualized). Total deposits also increased in the fourth quarter by more than $53 million, mostly due to seasonal growth in money market and interest checking accounts. The increase in deposits coupled with investment securities sales and maturities this quarter helped fund loan growth and reduce expensive short-term borrowings. For the year, net interest income grew 5.6% over the previous year while in the fourth quarter 2024 our net interest margin improved to 3.51%. Strategic investments in our people and product offerings resulted in higher non-interest expenses, particularly in the fourth quarter. Credit quality remained solid overall.”

Landmark’s Board of Directors declared a cash dividend of $0.21 per share, to be paid March 5, 2025, to common stockholders of record as of the close of business on February 19, 2025. On December 16, 2024, the Company issued a 5% stock dividend to common stockholders, representing the 24^th consecutive year that a stock dividend has been paid.

Management will host a conference call to discuss the Company’s financial results at 10:00 a.m. (Central time) on Wednesday, February 5, 2025. Investors may participate via telephone by dialing (833) 470-1428 and using access code 296482. A replay of the call will be available through February 12, 2025, by dialing (866) 813-9403 and using access code 817329.

Net Interest Income

Net interest income in the fourth quarter of 2024 amounted to $12.4 million representing an increase of $795,000, or 6.9%, compared to the previous quarter. The increase in net interest income was due mainly to lower interest expense on deposits and other borrowed funds. The net interest margin increased to 3.51% during the fourth quarter from 3.30% during the prior quarter. Compared to the previous quarter, interest income on loans increased $22,000 to $16.0 million due to higher average balances but partially offset by lower yields on loans. Average loan balances increased $24.5 million while the average tax-equivalent yield on the loan portfolio decreased 15 basis points to 6.28%. Interest on investment securities declined slightly due to lower balances while partially offset by higher earning rates. Compared to the third quarter 2024, interest on deposits decreased $480,000, or 8.2% mainly due to lower rates, while interest on other borrowed funds declined by $363,000, due to lower rates and balances. The average rate on interest-bearing deposits decreased 23 basis points to 2.25% while the average rate on other borrowed funds decreased 51 basis points to 5.10% in the fourth quarter.

Non-Interest Income

Non-interest income totaled $3.4 million for the fourth quarter of 2024, a decrease of $882,000 from the previous quarter. The decrease in non-interest income during the fourth quarter of 2024 was primarily due to a $1.0 million loss on the sales of lower yielding investment securities mentioned above, while the third quarter of 2024 did not include any sales of investment securities. Additionally, lower sales of residential mortgages this quarter resulted in a decline of $182,000 in gains on sales of these mortgages. The decline in other non-interest income of $221,000 this quarter compared to the prior quarter resulted from sales of premises, equipment and foreclosed assets that did not re-occur in the current quarter. Partially offsetting those declines was an increase of $722,000 in bank owned life insurance income.

Non-Interest Expense

During the fourth quarter of 2024, non-interest expense totaled $11.9 million, an increase of $1.3 million compared to the prior quarter. The increase in non-interest expense was primarily due to increases of $470,000 in professional fees and $461,000 in compensation and benefits. The increase in professional fees this quarter was primarily due to higher consulting costs on several initiatives. The increase in compensation and benefits was attributable to an increase in employees and higher incentive compensation costs.

Income Tax Expense (Benefit)

Landmark recorded an income tax benefit of $886,000 in the fourth quarter of 2024 compared to income tax expense of $867,000 in the prior quarter. The effective tax rate was (37.0%) in the fourth quarter of 2024 compared to 18.1% in the third quarter of 2024. The fourth quarter of 2024 included the recognition of $1.0 million of previously unrecognized tax benefits, which reduced the effective tax rate.

Balance Sheet Highlights

As of December 31, 2024, gross loans totaled $1.1 billion, an increase of $50.5 million, or 20.1% annualized since September 30, 2024. During the quarter, loan growth was primarily comprised of commercial real estate (growth of $21.1 million), commercial (growth of $10.7 million), agriculture (growth of $8.6 million) and one-to-four family residential real estate (growth of $7.8 million) loans. Investment securities decreased $38.5 million during the fourth quarter of 2024 and included sales of $36.0 million in low-rate U.S. treasury securities offset by purchases of $18.0 million in market rate U.S. treasury securities. Pre-tax unrealized net losses on the investment securities portfolio increased from $13.3 million at September 30, 2024 to $20.9 million at December 31, 2024 mainly due to higher market rates for these securities at year end.

Period end deposit balances increased $53.3 million to $1.3 billion at December 31, 2024. The increase in deposits was mainly driven by an increase in money market and checking (increase of $71.3 million) but partially offset by declines in certificates of deposit (decrease of $9.2 million) and non-interest-bearing demand deposits (decrease of $8.6 million). The increase in money market and checking accounts was mainly driven by seasonal growth in public fund deposit account balances. Total borrowings decreased $34.7 million during the fourth quarter 2024. At December 31, 2024, the loan to deposits ratio was 78.2% compared to 77.6% in the prior quarter.

Stockholders’ equity decreased to $136.2 million (book value of $23.59 per share) as of December 31, 2024, from $139.7 million (book value of $24.18 per share) as of September 30, 2024. The decrease in stockholders’ equity was due to an increase in accumulated other comprehensive losses as the unrealized net losses on investments securities increased during the fourth quarter. The ratio of equity to total assets decreased to 8.65% on December 31, 2024, from 8.93% on September 30, 2024.

The allowance for credit losses totaled $12.8 million, or 1.22% of total gross loans on December 31, 2024, compared to $11.5 million, or 1.15% of total gross loans on September 30, 2024. Net loan charge-offs totaled $219,000 in the fourth quarter of 2024, compared to $9,000 during the third quarter of 2024. A provision for credit losses for loans of $1.5 million was recorded in the fourth quarter of 2024 compared to $650,000 in the third quarter of 2024.

Non-performing loans totaled $13.1 million, or 1.25% of gross loans at December 31, 2024 compared to $13.4 million, or 1.34% of gross loans at September 30, 2024. Loans 30-89 days delinquent declined to $6.2 million, or 0.59% of gross loans, as of December 31, 2024, compared to $7.3 million, or 0.73% of gross loans, as of September 30, 2024.

About Landmark

Landmark Bancorp, Inc., the holding company for Landmark National Bank, is listed on the Nasdaq Global Market under the symbol “LARK.” Headquartered in Manhattan, Kansas, Landmark National Bank is a community banking organization dedicated to providing quality financial and banking services. Landmark National Bank has 29 locations in 23 communities across Kansas: Manhattan (2), Auburn, Dodge City (2), Fort Scott (2), Garden City, Great Bend (2), Hoisington, Iola, Junction City, La Crosse, Lawrence (2), Lenexa, Louisburg, Mound City, Osage City, Osawatomie, Overland Park, Paola, Pittsburg, Prairie Village, Topeka (2), Wamego and Wellsville, Kansas. Visit www.banklandmark.com for more information.

Contact:
Mark A. Herpich
Chief Financial Officer
(785) 565-2000

Special Note Concerning Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of Landmark. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of our management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. Additionally, all statements in this press release, including forward-looking statements, speak only as of the date they are made, and Landmark undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond our ability to control or predict, could cause actual results to differ materially from those in our forward-looking statements. These factors include, among others, the following: (i) the strength of the local, national and international economies, including the effects of changing inflationary pressures and supply chain constraints on such economies; (ii) changes in state and federal laws, regulations and governmental policies concerning banking, securities, consumer protection, insurance, monetary, trade and tax matters, including changes in interpretation or prioritization; (iii) changes in interest rates and prepayment rates of our assets; (iv) increased competition in the financial services sector and the inability to attract new customers, including from non-bank competitors such as credit unions and “fintech” companies; (v) timely development and acceptance of new products and services; (vi) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (vii) our risk management framework; (viii) interruptions in information technology and telecommunications systems and third-party services; (ix) changes and uncertainty in benchmark interest rates, including the timing of additional rate changes, if any, by the Federal Reserve; (x) the economic effects of severe weather, natural disasters, widespread disease or pandemics, or other external events; (xi) the loss of key executives or employees; (xii) changes in consumer spending; (xiii) integration of acquired businesses; (xiv) unexpected outcomes of existing or new litigation; (xv) changes in accounting policies and practices, such as the implementation of the current expected credit losses accounting standard; (xvi) the economic impact of past and any future terrorist attacks, acts of war, including the current Israeli-Palestinian conflict and the conflict in Ukraine, or threats thereof, and the response of the United States to any such threats and attacks; (xvii) the ability to manage credit risk, forecast loan losses and maintain an adequate allowance for loan losses; (xviii) fluctuations in the value of securities held in our securities portfolio; (xix) concentrations within our loan portfolio, large loans to certain borrowers, and large deposits from certain clients; (xx) the concentration of large deposits from certain clients who have balances above current FDIC insurance limits and may withdraw deposits to diversify their exposure; (xxi) the level of non-performing assets on our balance sheets; (xxii) the ability to raise additional capital; (xxiii) cyber-attacks; (xxiv) declines in real estate values; (xxv) the effects of fraud on the part of our employees, customers, vendors or counterparties; and (xxvi) any other risks described in the “Risk Factors” sections of reports filed by Landmark with the Securities and Exchange Commission. These risks and uncertainties should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. Additional information concerning Landmark and its business, including additional risk factors that could materially affect Landmark’s financial results, is included in our filings with the Securities and Exchange Commission.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Balance Sheets (unaudited)

		December 31,				September 30,				June 30,				March 31,				December 31,
(Dollars in thousands)		2024				2024				2024				2024				2023
Assets
Cash and cash equivalents		$	20,275			$	21,211			$	23,889			$	16,468			$	27,101
Interest-bearing deposits at other banks			4,110				4,363				4,881				4,920				4,918
Investment securities available-for-sale, at fair value:
U.S. treasury securities			64,458				83,753				89,325				93,683				95,667
Municipal obligations, tax exempt			107,128				112,126				114,047				118,445				120,623
Municipal obligations, taxable			71,715				75,129				74,588				75,371				79,083
Agency mortgage-backed securities			129,211				140,004				142,499				149,777				157,396
Total investment securities available-for-sale			372,512				411,012				420,459				437,276				452,769
Investment securities held-to-maturity			3,672				3,643				3,613				3,584				3,555
Bank stocks, at cost			6,618				7,894				9,647				7,850				8,123
Loans:
One-to-four family residential real estate			352,209				344,380				332,090				312,833				302,544
Construction and land			25,328				23,454				30,480				24,823				21,090
Commercial real estate			345,159				324,016				318,850				323,397				320,962
Commercial			192,325				181,652				178,876				181,945				180,942
Agriculture			100,562				91,986				84,523				86,808				89,680
Municipal			7,091				7,098				6,556				5,690				4,507
Consumer			29,679				29,263				29,200				28,544				28,931
Total gross loans			1,052,353				1,001,849				980,575				964,040				948,656
Net deferred loan (fees) costs and loans in process			(307	)			(63	)			(583	)			(578	)			(429	)
Allowance for credit losses			(12,825	)			(11,544	)			(10,903	)			(10,851	)			(10,608	)
Loans, net			1,039,221				990,242				969,089				952,611				937,619
Loans held for sale, at fair value			3,420				3,250				2,513				2,697				853
Bank owned life insurance			39,056				39,176				38,826				38,578				38,333
Premises and equipment, net			20,220				20,976				20,986				20,696				19,709
Goodwill			32,377				32,377				32,377				32,377				32,377
Other intangible assets, net			2,578				2,729				2,900				3,071				3,241
Mortgage servicing rights			3,061				3,041				2,997				2,977				3,158
Real estate owned, net			167				428				428				428				928
Other assets			26,855				23,309				28,149				29,684				28,988
Total assets		$	1,574,142			$	1,563,651			$	1,560,754			$	1,553,217			$	1,561,672
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest-bearing demand			351,595				360,188				360,631				364,386				367,103
Money market and checking			636,963				565,629				546,385				583,315				613,613
Savings			145,514				145,825				150,996				154,000				152,381
Certificates of deposit			194,694				203,860				192,470				191,823				183,154
Total deposits			1,328,766				1,275,502				1,250,482				1,293,524				1,316,251
FHLB and other borrowings			53,046				92,050				131,330				74,716				64,662
Subordinated debentures			21,651				21,651				21,651				21,651				21,651
Repurchase agreements			13,808				9,528				8,745				15,895				12,714
Accrued interest and other liabilities			20,656				25,229				20,292				20,760				19,480
Total liabilities			1,437,927				1,423,960				1,432,500				1,426,546				1,434,758
Stockholders’ equity:
Common stock			58				55				55				55				55
Additional paid-in capital			95,051				89,532				89,469				89,364				89,208
Retained earnings			56,934				60,549				57,774				55,912				54,282
Treasury stock, at cost			–				(396	)			(330	)			(249	)			(75	)
Accumulated other comprehensive loss			(15,828	)			(10,049	)			(18,714	)			(18,411	)			(16,556	)
Total stockholders’ equity			136,215				139,691				128,254				126,671				126,914
Total liabilities and stockholders’ equity		$	1,574,142			$	1,563,651			$	1,560,754			$	1,553,217			$	1,561,672

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Consolidated Statements of Earnings (unaudited)

		Three months ended,												Year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
(Dollars in thousands, except per share amounts)		2024				2024				2023				2024				2023
Interest income:
Loans		$	15,955			$	15,933			$	14,223			$	61,400			$	51,753
Investment securities:
Taxable			2,210				2,301				2,453				9,298				9,594
Tax-exempt			738				747				761				3,008				3,094
Interest-bearing deposits at banks			49				41				49				193				242
Total interest income			18,952				19,022				17,486				73,899				64,683
Interest expense:
Deposits			5,350				5,830				4,879				22,310				15,254
FHLB and other borrowings			737				1,100				1,203				3,886				4,048
Subordinated debentures			389				416				422				1,635				1,590
Repurchase agreements			77				72				96				344				499
Total interest expense			6,553				7,418				6,600				28,175				21,391
Net interest income			12,399				11,604				10,886				45,724				43,292
Provision for credit losses			1,500				500				50				2,300				349
Net interest income after provision for credit losses			10,899				11,104				10,836				43,424				42,943
Non-interest income:
Fees and service charges			2,710				2,880				2,763				10,742				10,220
Gains on sales of loans, net			522				704				255				2,386				2,269
Bank owned life insurance			976				254				242				1,723				913
Losses on sales of investment securities, net			(1,031	)			–				(1,246	)			(1,031	)			(1,246	)
Other			194				415				240				924				1,074
Total non-interest income			3,371				4,253				2,254				14,744				13,230
Non-interest expense:
Compensation and benefits			6,264				5,803				5,756				23,103				22,681
Occupancy and equipment			1,550				1,429				1,429				5,663				5,565
Data processing			452				464				462				1,889				1,940
Amortization of mortgage servicing rights and other intangibles			240				256				437				1,164				1,844
Professional fees			1,043				573				730				2,912				2,452
Valuation allowance on real estate held for sale			–				–				–				1,108				–
Other			2,325				2,034				1,748				8,240				7,501
Total non-interest expense			11,874				10,559				10,562				44,079				41,983
Earnings before income taxes			2,396				4,798				2,528				14,089				14,190
Income tax expense (benefit)			(886	)			867				(111	)			1,086				1,954
Net earnings		$	3,282			$	3,931			$	2,639			$	13,003			$	12,236
Net earnings per share (1)
Basic		$	0.57			$	0.68			$	0.46			$	2.26			$	2.13
Diluted			0.57				0.68				0.46				2.26				2.13
Dividends per share (1)			0.20				0.20				0.19				0.80				0.76
Shares outstanding at end of period (1)			5,775,198				5,776,282				5,751,475				5,775,198				5,751,475
Weighted average common shares outstanding – basic (1)			5,775,227				5,765,348				5,755,175				5,758,056				5,751,585
Weighted average common shares outstanding – diluted (1)			5,789,764				5,770,514				5,755,175				5,764,282				5,754,840
Tax equivalent net interest income		$	12,574			$	11,777			$	11,017			$	46,428			$	44,040

(1	)	Share and per share values at or for the periods ended September 30, 2024 and December 31, 2024 have been adjusted to give effect to the 5% stock dividend paid during December 2024.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Select Ratios and Other Data (unaudited)

		As of or for the three months ended,												As of or for the year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
(Dollars in thousands, except per share amounts)		2024				2024				2023				2024				2023
Performance ratios:
Return on average assets (1)			0.83	%			1.01	%			0.67	%			0.83	%			0.80	%
Return on average equity (1)			9.54	%			11.95	%			9.39	%			10.01	%			10.70	%
Net interest margin (1)(2)			3.51	%			3.30	%			3.11	%			3.28	%			3.17	%
Effective tax rate			-37.0	%			18.1	%			-4.4	%			7.7	%			13.8	%
Efficiency ratio (3)			70.0	%			66.5	%			71.9	%			69.1	%			71.2	%
Non-interest income to total income (3)			25.9	%			25.5	%			24.3	%			25.3	%			25.1	%
Average balances:
Investment securities		$	409,648			$	428,301			$	463,763			$	432,928			$	486,268
Loans			1,010,153				985,659				934,333				974,293				891,487
Assets			1,568,821				1,562,482				1,555,742				1,558,236				1,535,694
Interest-bearing deposits			944,969				936,218				910,610				938,223				892,373
FHLB and other borrowings			57,507				77,958				84,408				70,226				74,210
Subordinated debentures			21,651				21,651				21,651				21,651				21,651
Repurchase agreements			12,212				10,774				13,785				12,216				18,361
Stockholders’ equity		$	136,933			$	132,271			$	111,560			$	129,944			$	114,339
Average tax equivalent yield/cost (1):
Investment securities			3.03	%			2.99	%			2.86	%			3.00	%			2.76	%
Loans			6.28	%			6.43	%			6.04	%			6.30	%			5.81	%
Total interest-bearing assets			5.34	%			5.38	%			4.97	%			5.28	%			4.71	%
Interest-bearing deposits			2.25	%			2.48	%			2.13	%			2.38	%			1.71	%
FHLB and other borrowings			5.10	%			5.61	%			5.65	%			5.53	%			5.45	%
Subordinated debentures			7.15	%			7.64	%			7.73	%			7.55	%			7.34	%
Repurchase agreements			2.51	%			2.66	%			2.79	%			2.82	%			2.72	%
Total interest-bearing liabilities			2.52	%			2.82	%			2.54	%			2.70	%			2.13	%
Capital ratios:
Equity to total assets			8.65	%			8.93	%			8.13	%
Tangible equity to tangible assets (3)			6.58	%			6.84	%			5.98	%
Book value per share		$	23.59			$	24.18			$	22.07
Tangible book value per share (3)		$	17.53			$	18.11			$	15.87
Rollforward of allowance for credit losses (loans):
Beginning balance		$	11,544			$	10,903			$	10,970			$	10,608			$	8,791
Adoption of CECL			–				–				–				–				1,523
Charge-offs			(246	)			(153	)			(442	)			(659	)			(850	)
Recoveries			27				144				80				476				894
Provision for credit losses for loans			1,500				650				–				2,400				250
Ending balance		$	12,825			$	11,544			$	10,608			$	12,825			$	10,608
Allowance for unfunded loan commitments		$	150			$	300			$	200
Non-performing assets:
Non-accrual loans		$	13,115			$	13,415			$	2,391
Accruing loans over 90 days past due			–				–				–
Real estate owned			167				428				928
Total non-performing assets		$	13,282			$	13,843			$	3,319
Loans 30-89 days delinquent		$	6,201			$	7,301			$	1,582
Other ratios:
Loans to deposits			78.21	%			77.64	%			71.23	%
Loans 30-89 days delinquent and still accruing to gross loans outstanding			0.59	%			0.73	%			0.17	%
Total non-performing loans to gross loans outstanding			1.25	%			1.34	%			0.25	%
Total non-performing assets to total assets			0.84	%			0.89	%			0.21	%
Allowance for credit losses to gross loans outstanding			1.22	%			1.15	%			1.12	%
Allowance for credit losses to total non-performing loans			97.79	%			86.05	%			443.66	%
Net loan charge-offs to average loans (1)			0.09	%			0.00	%			0.15	%			0.03	%			-0.01	%

(1	)	Information is annualized.
(2	)	Net interest margin is presented on a fully tax equivalent basis, using a 21% federal tax rate.
(3	)	Non-GAAP financial measures. See the “Non-GAAP Financial Measures” section of this press release for a reconciliation to the most comparable GAAP equivalent.

LANDMARK BANCORP, INC. AND SUBSIDIARIES

Non-GAAP Finacials Measures (unaudited)

		As of or for the three months ended,												As of or for the year ended,
		December 31,				September 30,				December 31,				December 31,				December 31,
(Dollars in thousands, except per share amounts)		2024				2024				2023				2024				2023
Non-GAAP financial ratio reconciliation:
Total non-interest expense		$	11,874			$	10,559			$	10,562			$	44,079			$	41,983
Less: foreclosure and real estate owned expense			(13	)			(23	)			(40	)			(47	)			(61	)
Less: amortization of other intangibles			(151	)			(171	)			(174	)			(663	)			(765	)
Less: valuation allowance on real estate held for sale			–				–				–				(1,108	)			–
Adjusted non-interest expense (A)			11,710				10,365				10,348				42,261				41,157
Net interest income (B)			12,399				11,604				10,886				45,724				43,292
Non-interest income			3,371				4,253				2,254				14,744				13,230
Less: losses on sales of investment securities, net			1,031				–				1,246				1,031				1,246
Less: gains on sales of premises and equipment and foreclosed assets			(62	)			(273	)			–				(326	)			(1	)
Adjusted non-interest income (C)		$	4,340			$	3,980			$	3,500			$	15,449			$	14,475
Efficiency ratio (A/(B+C))			70.0	%			66.5	%			71.9	%			69.1	%			71.2	%
Non-interest income to total income (C/(B+C))			25.9	%			25.5	%			24.3	%			25.3	%			25.1	%
Total stockholders’ equity		$	136,215			$	139,691			$	126,914
Less: goodwill and other intangible assets			(34,955	)			(35,106	)			(35,618	)
Tangible equity (D)		$	101,260			$	104,585			$	91,296
Total assets		$	1,574,142			$	1,563,651			$	1,561,672
Less: goodwill and other intangible assets			(34,955	)			(35,106	)			(35,618	)
Tangible assets (E)		$	1,539,187			$	1,528,545			$	1,526,054
Tangible equity to tangible assets (D/E)			6.58	%			6.84	%			5.98	%
Shares outstanding at end of period (F)			5,775,198				5,776,282				5,751,475
Tangible book value per share (D/F)		$	17.53			$	18.11			$	15.87

NEW YORK, Feb. 04, 2025 (GLOBE NEWSWIRE) — Veea Inc. (NASDAQ: VEEA), a pioneer in edge computing and AI-driven solutions, today issued a Letter to Shareholders from Founder and Chief Executive Officer Allen Salmasi.

Dear Fellow Shareholders,

On the occasion of Veea ringing the Nasdaq Opening Bell on February 5, I want to welcome our shareholders and share our insights with respect to our vision, strategy, and the opportunities that lie ahead.

Connecting the World at the Edge
I am thrilled to share with you that a monumental shift in technology has occurred, one that now directly aligns with our vision of the future dating back to the founding of the company ten years ago. This transformation is the convergence of Edge Computing, Hyperconverged Networks, and the application of Artificial Intelligence (AI) at the very edge that all things connect to the network, commonly referred to as Edge AI.

We have developed a portfolio of fully integrated, scalable, and turnkey wireless and wired communications and computing devices and services – VeeaHub products, VeeaWare, and VeeaCloud – that deliver cloud-to-edge solutions and allow businesses to manage high volumes of data to enable real-time applications and maintain system reliability. Our solutions have been iterated over the last several years to minimize production costs, reduce installation expenses, and deliver scalability with easy integration to third party solutions, resulting in a lower total cost of ownership compared to typical edge computing solutions.

We possess more than 100 exclusively-owned patents covering 26 patent families, and a significant partner ecosystem. Our products have been deployed to enterprises and SMB/SMEs across several countries, providing real-world solutions across various end markets. We are transforming lives from remote villages in Indonesia, where Veea’s mesh network is empowering internet connectivity in health, education, and agriculture, to retailers in Mexico, farms in North America, a campus in Hong Kong, and a 21-acre commercial building complex in Orlando, Florida where our Veea Edge Platform is enabling common indoor and outdoor common area Wi-Fi.

Well Positioned to Support the 5

^th

Industrial Revolution
Significant advances in AI technologies are now driving the 5th Industrial Revolution, fundamentally reshaping how we live, work, and interact. Unlike previous industrial revolutions driven by mechanization, electricity, computing, and automation, the 5th Industrial Revolution is characterized by the seamless integration of AI and human intelligence to enhance decision-making, improve productivity, and drive innovation across every sector. This is not just a technological trend; it is a pivotal force shaping the future of industries, economies, and our organization.

AI inferencing is at the heart of this revolution, driving a new business paradigm that demands a fresh approach to technology infrastructure and service delivery. AI inferencing refers to the process where a trained AI model applies its learned knowledge to analyze new, unseen data and generate predictions or decisions based on the patterns it has identified during training; essentially, it’s the “action” of using an AI model to make sense of “new information” and draw conclusions from it. For many enterprise and consumer use cases massive amounts of data must be collected and processed at the edge. Among many of its utilities, this is what Veea Edge Platform does most efficiently.

Veea’s unique implementation of Edge AI brings the power of AI closer to where data is generated—at the “edge” of networks. This means faster decision-making, reduced latency, enhanced security, increased reliability, data privacy and sovereignty, and real-time insights without the dependency on centralized cloud infrastructure. Edge Computing complements this by processing data locally, significantly improving efficiency and reducing bandwidth costs.

Edge Computing is not just a supporting technology—it is the core capability that enables AI inferencing to deliver real-time, context-aware insights to both enterprises and consumers alike. By processing data closer to the source, Edge Computing ensures that AI applications are responsive, resilient, and efficient. This shift requires businesses to adopt new operational models, emphasizing agility, scalability, and decentralized intelligence.

AI-as-a-Service (AIaaS)
At Veea, we are at the forefront of this transformation, leveraging Edge Computing to power our AI-as-a-Service (AIaaS) offerings. Traditional business models are no longer sufficient to support the speed, scale, and complexity required by broadly adopted AI-driven applications. Some believe that AI Agents will eventually replace SaaS solutions.

Hyperconverged Networking (HCN) is the backbone that supports this rapid data processing and AI-driven environment. By integrating computing, storage, and networking into a unified system, HCN enhances scalability, simplifies IT infrastructure, and ensures robust data flow between edge devices and core systems. Veea’s virtualized software environment, supporting cloud-native applications, together with one of the most advanced HCN implementations, positions us very well to lead in the delivery of highly optimized solutions in this new era, creating unparalleled value for our customers and sustainable growth for our shareholders.

Through the seamless integration of Edge AI, Edge Computing, and Hyperconverged Networking, all supported by Veea’s cloud-managed products, we are driving:

– Innovation: Delivering cutting-edge products and services that meet the demands of the widest range of the rapidly evolving digital landscape.

– Operational Efficiency: Reducing costs and improving performance for many industries.

– Growth Opportunities: Expanding into new markets and sectors that are rapidly adopting AI inferencing and edge technologies.

– Shareholder Value: Enhancing our competitive advantage, creating revenue streams, and supporting long-term financial performance.

A Unique Business Model Supported by Technology that Delivers Solutions 
to Real World Problems
What sets Veea apart in this transformative era is our unique business model as a Managed Service Provider (MSP) that is delivering solutions such i) as 5G fixed wireless access through our VeeaHub edge computing products with AI-driven cybersecurity, and a range of value-added services currently being rolled-out by network operators to SMBs and SME, as one of its highly scalable use cases, and ii) Edge AI inferencing through our innovative AIaaS offering with complete turnkey hardware and software solutions (i.e., full stack). This model allows us to deliver AI-powered applications and insights at scale without requiring the end-users to invest heavily in infrastructure or specialized talent.

Through our AIaaS platform, we provide end-to-end management of AI workloads, from deployment and optimization to continuous monitoring and maintenance. This approach offers several key differentiators:

– Scalability: Clients can easily scale their AI capabilities as their business grows, without the complexities of managing hardware and software.

– Cost Efficiency: By offering AI on a subscription basis, we lower the barriers to entry, making advanced AI accessible to organizations of all sizes.

– Agility: Our managed services enable rapid deployment and iteration, allowing businesses to adapt quickly to changing market demands.

– Expertise: Clients benefit from our deep expertise in AI, edge computing, and hyperconverged networking, ensuring optimal performance and reliability.

AI inferencing supported by Edge AI represents a compelling business model and a significant growth opportunity for several reasons:

– Explosive Market Demand: The global demand for real-time, data-driven decision-making is rising across industries including retail, healthcare, manufacturing, smart buildings, smart cities, and smart farming. Organizations need solutions that process data instantly, making Edge AI inferencing critical.

– Recurring Revenue Streams: The MSP and AIaaS business models enable predictable, recurring revenue through subscription-based offerings. This stabilizes our financial outlook and supports sustainable growth.

– Competitive Advantage: Edge AI allows businesses to differentiate themselves through faster, smarter, and more secure operations. By providing managed AI inferencing services, we help our clients maintain a competitive edge, which in turn strengthens our market position.

– Lower Total Cost of Ownership (TCO): Our managed services reduce the cost and complexity for customers, making it more attractive for businesses to adopt advanced AI without large upfront investments.

– Global Scalability: The decentralized nature of Edge AI allows us to serve clients worldwide, expanding our reach and unlocking new markets without the limitations of traditional centralized data processing.

– Rapid Innovation Cycle: Continuous improvements in AI algorithms, edge devices, and networking technologies create opportunities for us to innovate and offer enhanced services regularly, driving both customer retention and new customer acquisition.

– Portable Software Stack: Our full stack software can run on third-party hardware (i.e., CPU-based or GPU-based servers, Access Points (APs), routers, etc.) with a Linux host that meet our minimum requirements, making our cloud-managed platform hardware agnostic.

In Closing
Our commitment to innovation and excellence, combined with a differentiated business model, not only strengthens our value proposition to customers but also positions us to develop a robust, recurring revenue stream that drives sustainable growth and profitability.

We are committed to investing in these transformative technologies, fostering strategic partnerships, and continuing to lead in innovation. Our goal is to ensure that Veea remains at the forefront of this technological revolution, delivering growth and value to our shareholders.

Thank you for your continued support and trust in our vision. Together, we are shaping the future.

Warm regards,

Allen Salmasi
Founder & Chief Executive Officer

About Veea
Veea Inc. (NASDAQ: VEEA) was formed in 2014 and is headquartered in New York City with a rich history of major innovations in the development of advanced networking, wireless and computing technologies. Veea makes living and working at the edge simpler and more secure. Veea has unified multi-tenant computing, multiaccess multiprotocol communications, edge storage and cybersecurity solutions through fully integrated cloud- and edge-managed products. Veea’s fully integrated turnkey solution offers end-to-end cloud management of devices, applications and services with Zero Trust Network Access (ZTNA), optionally with a highly simplified plug and play 5G-based Secure Access Service Edge (SASE) offering. Veea Edge Platform™ enables direct connections from the wide area optical fiber, cellular and satellite networks to devices on the local area networks created by a VeeaHub® mesh cluster over network-managed Wi-Fi and IoT devices – a unique patented capability called Multiprotocol Private Network Slicing (MPNS) for ISPs to offer subscription-based services for one or a group of endpoints. Veea Developer Portal and development tools provide for rapid development of edge applications including federated learning with pre-trained models for inferencing to cost-effectively enable Edge AI for most enterprise use cases.

Veea was recognized in 2023 by Gartner as a Leading Smart Edge Platform for the innovativeness and capabilities of our Veea Edge Platform™ and a Cool Vendor in Edge Computing in 2021. Veea was named in Market Reports World’s in its research report published in October 2023 as one of the top 10 Edge AI solution providers alongside IBM, Microsoft, Amazon Web Services among others. For more information about Veea and its product offerings, visit veea.com and follow us on LinkedIn.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements include, but are not limited to, risks and uncertainties including those regarding: the Company’s business strategies, and the risk and uncertainties described in “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note on Forward-Looking Statements” and the additional risk described in Veea’s Form 10-Q for the fiscal quarter ended September 30, 2024 and any subsequent filings which Veea makes with the U.S. Securities and Exchange Commission. You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in the press release relate only to events or information as of the date on which the statements are made in the press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

The Equity Group

Devin Sullivan

Managing Director
[email protected]

Conor Rodriguez
Analyst
[email protected]

SINGAPORE, Feb. 04, 2025 (GLOBE NEWSWIRE) — Bitdeer Technologies Group (NASDAQ: BTDR) (“Bitdeer” or the “Company”), a world-leading technology company for blockchain and high-performance computing, today announced the successful close of the acquisition of a fully licensed and permitted 101 MW site and gas-fired power project situated on 19 acres of land near Fox Creek, Alberta in an all-cash transaction for $21.7 million. The site has potential to scale to 1 GW of power, reflecting Alberta’s abundant energy resources, supportive regulatory posture and pro-business environment.

The 101 MW gas-fired power project includes all permits and licenses required to construct an on-site natural gas power plant, as well as approval for a 99 MW grid interconnection with Alberta Electric System Operator (“AESO”). Bitdeer will develop and construct the power plant in partnership with a leading Engineering, Procurement and Construction (“EPC”) company and is expected to be energized by Q4 2026.

Concurrently, the Company plans to build 99 MW of datacenter capacity for Bitcoin mining. This newly acquired site and power generation project provides the Company a unique opportunity to become the world’s first fully-vertically integrated Bitcoin miner at scale and potentially achieve some of the lowest Bitcoin mining production costs in the industry.

Strategic Benefits

• Full vertical integration: The Company will have control of the land, power generation, electrical and datacenter infrastructure as well as using its own internally developed and manufactured Bitcoin mining machines. The Company can deploy approximately [9] EH/s of its SEALMINER A3 mining machines upon completion, which are anticipated to have industry leading machine-level efficiency of 11-12 J/TH.
• Low Power Costs: Projected energy production costs of approximately $20 to $25 per MWh¹, based on current gas prices.
• Sustainability & Potential Carbon Credit Upside: As part of the project acquisition, Bitdeer will deploy a carbon utilization system that captures CO2 making the project a net zero carbon producer. This initiative aims to offset Canada’s carbon tax obligations and may generate future revenue through carbon credits.
• Energy Cost Optimization & Revenue Flexibility: The Company expects to curtail and sell power back to the Alberta grid to stabilize prices during periods of high demand. The Company estimates this could potentially optimize costs even further.

“We are really excited about planting roots in Alberta, our first site in Canada. This acquisition is the culmination of extensive collaboration with multiple government agencies and the Canadian Blockchain Consortium. It marks a significant step in our strategy to become the first fully-vertically integrated Bitcoin miner, giving us unmatched control over costs, energy efficiency, and scalability,” said Haris Basit, Chief Strategy Officer at Bitdeer. “By combining our own power generation, SEALMINER mining machines and opportunistic grid participation, we believe this site will set a new benchmark for industry unit economics.”

Regarding the project, Danielle Smith, Premier of Alberta said, “We are so pleased to welcome the world’s first net-zero, fully integrated off-grid Bitcoin mining facility — right here in Alberta. Today’s investment is another sign that Alberta continues to be a leader in technology and innovation not only across the country, but across the world. If you want to do business and have a plan to bring your own power, then Alberta is the place for you.”

Estimated Costs and Development Timeline

The Company plans to commence site preparation and initial infrastructure development in Q2 2025 and energization in Q4 2026.

Asset	Actual and Estimated Costs
101 MW Fox Creek Site and 19-acre land near Fox Creek, Alberta	$21.7 million cash
Gas-fired power plant	~$90 million
Electrical & datacenter infrastructure	$300K per MW or ~$30 million

About Bitdeer Technologies Group
Bitdeer is a world-leading technology company for blockchain and high-performance computing industry. Bitdeer is committed to providing comprehensive computing solutions for its customers. The Company handles complex processes involved in computing such as equipment procurement, transport logistics, datacenter design and construction, equipment management, and daily operations. The Company also offers advanced cloud capabilities to customers with high demand for artificial intelligence. Headquartered in Singapore, Bitdeer has deployed datacenters in the United States, Norway, and Bhutan. To learn more, visit https://ir.bitdeer.com/ or follow Bitdeer on X @ BitdeerOfficial and LinkedIn @ Bitdeer Group.

Investors and others should note that Bitdeer may announce material information using its website and/or on its accounts on social media platforms, including X, formerly known as Twitter, Facebook, and LinkedIn. Therefore, Bitdeer encourages investors and others to review the information it posts on the social media and other communication channels listed on its website.

Forward-Looking Statements

Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. The words “anticipate,” “look forward to,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including factors discussed in the section entitled “Risk Factors” in Bitdeer’s annual report on Form 20-F, as well as discussions of potential risks, uncertainties, and other important factors in Bitdeer’s subsequent filings with the U.S. Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof. Bitdeer specifically disclaims any obligation to update any forward-looking statement, whether due to new information, future events, or otherwise. Readers should not rely upon the information on this page as current or accurate after its publication date.

For investor and media inquiries, please contact:

Investor Relations
Orange Group
Yujia Zhai
[email protected]

Public Relations
BlocksBridge Consulting
Nishant Sharma
[email protected]

---

¹ Assumes natural gas costs of ~$2.06 / GJ, plus regular maintenance and O&M

SANTA CLARA, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — NVIDIA has received notice of an unsolicited “mini-tender” offer by TRC Capital Investment Corporation (TRC) dated January 21, 2025, to purchase up to 1,000,000 shares of NVIDIA’s common stock at a price of $131.50 per share in cash. The offer represents less than 0.01% of NVIDIA’s outstanding common stock.

The closing of TRC’s offer is conditioned on, among other things, the trading price per share of NVIDIA’s common stock not decreasing more than 5% from the closing price per share on January 21, 2025, unless waived by TRC prior to expiration of the offer.

TRC’s offer is currently scheduled to expire one minute after 11:59 p.m., New York City time, on February 20, 2025. TRC may extend the offer, or terminate it, before the expiration date.

NVIDIA is not affiliated with TRC and does not endorse the offer documentation or the offer itself.  NVIDIA expresses no opinion and is neutral on TRC’s offer and encourages shareholders to obtain current market quotations for their shares of NVIDIA common stock, consult with their brokers or financial advisors, and exercise caution with respect to TRC’s offer.

A mini-tender offer is an offer for less than 5% of a company’s shares. It is not subject to the disclosure and procedural requirements required by the U.S. Securities and Exchange Commission (SEC) for larger tender offers. The SEC’s guidance to investors on mini-tender offers is available at https://www.sec.gov/reportspubs/investor-publications/investorpubsminitendhtm.html.

NVIDIA requests that a copy of this news release be included with all distributions of materials relating to TRC’s mini-tender offer.

About NVIDIA

NVIDIA (NASDAQ: NVDA) is the world leader in accelerated computing.

Stewart Stecker
Investor Relations
[email protected]

Mylene Mangalindan
Corporate Communications
[email protected]

© 2025 NVIDIA Corporation. All rights reserved. NVIDIA and the NVIDIA logo are trademarks and/or registered trademarks of NVIDIA Corporation in the U.S. and other countries. 

ACHESON, Alberta, Feb. 04, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG” or “the Company”) (TSX:NOA.TO/NYSE:NOA) announced today that it will release its financial results for the fourth quarter ended December 31, 2024 on Wednesday, March 5, 2025 after markets close. Following the release of its financial results, NACG will hold a conference call and webcast on Thursday, March 6, 2025, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time).

The call can be accessed by dialing:
Toll free: 1-800-717-1738
Conference ID: 71653

A replay will be available through April 6, 2025, by dialing:
Toll Free: 1-888-660-6264
Conference ID: 71653
Playback Passcode: 71653

A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company’s website at www.nacg.ca/presentations/

The live presentation and webcast can be accessed at: North American Construction Group Ltd. Fourth Quarter Results Conference Call and Webcast Registration

A replay will be available until April 6, 2025, using the link provided.

About the Company

North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Canada, the U.S. and Australia. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

For further information, please contact:

Jason Veenstra, CPA, CA
Chief Financial Officer
North American Construction Group Ltd.
Phone: (780) 960-7171
Email: [email protected]