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Abbott Reports First-Quarter 2025 Results and Reaffirms Full-Year Guidance

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  • First-quarter GAAP diluted EPS of $0.76; adjusted diluted EPS of $1.09
  • First-quarter reported sales growth of 4.0 percent; organic sales growth of 6.9 percent or 8.3 percent when excluding COVID-19 testing-related sales1
  • Reported gross margin of 52.8 percent of sales; adjusted gross margin of 57.1 percent, which reflects a 140 basis point increase
  • Reported operating margin of 16.3 percent of sales; adjusted operating margin of 21.0 percent, which reflects a 130 basis point increase


ABBOTT PARK, Ill., April 16, 2025 /PRNewswire/ —  Abbott (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2025.

  • First-quarter sales increased 4.0 percent on a reported basis, 6.9 percent on an organic basis, or 8.3 percent when excluding COVID-19 testing-related sales.
  • First-quarter GAAP diluted EPS of $0.76 and adjusted diluted EPS of $1.09, which excludes specified items and reflects double-digit growth compared to the prior year.
  • Abbott reaffirms all previously provided full-year 2025 financial guidance.
  • In March, Abbott obtained CE Mark for its Volt™ PFA System to treat patients battling atrial fibrillation (AFib). With the earlier-than-expected CE Mark, Abbott has begun commercial PFA cases in the EU with physicians who have already gained experience with the Volt PFA System through participation in Abbott’s PFA clinical studies. The company will further expand the use of Volt in EU markets throughout the second half of the year.
  • In March, Abbott announced the initiation of its U.S. pivotal trial, TECTONIC, to evaluate its investigational Coronary Intravascular Lithotripsy (IVL) System in treating severe calcification in coronary arteries prior to implanting a stent.
  • In March, Abbott presented new two-year data from its TRILUMINATE™ pivotal trial that showed Abbott’s TriClip™ device significantly reduced the rate of heart failure-related hospitalizations, while continuing to provide a sustained reduction of tricuspid regurgitation and significant improvements in quality of life.
  • Abbott’s two new manufacturing and R&D investments in Illinois and Texas, totaling $0.5 billion, are projected to go live by the end of 2025.

“Once again, Abbott’s diversified business model delivered top-tier sales and EPS growth,” said Robert B. Ford, chairman and chief executive officer, Abbott. “It is this diversification and execution that allows Abbott to navigate through periods of uncertainty and continually deliver sustainable growth.”

FIRST-QUARTER BUSINESS OVERVIEW

Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange and the impact of discontinuing the ZonePerfect® product line in the Nutrition business, is an appropriate way for investors to best understand the core underlying performance of the business.

Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.  



First Quarter 2025 Results (1Q25)


Sales 1Q25 ($ in millions)


Total Company


Nutrition


Diagnostics


Established
Pharmaceuticals


Medical Devices

U.S.

4,168

955

871

—

2,339

International

6,190

1,191

1,183

1,260

2,556

Total reported

10,358

2,146

2,054

1,260

4,895


% Change vs. 1Q24

U.S.

8.4

8.8

(6.4)

n/a

15.0

International

1.2

0.1

(7.8)

2.7

5.7


Total reported


4.0


3.8


(7.2)


2.7


9.9

Impact of foreign exchange

(2.8)

(2.4)

(2.3)

(5.1)

(2.7)

Impact of business exit*

(0.1)

(0.6)

—

—

—


Organic


6.9


6.8


(4.9)


7.8


12.6

    U.S.

8.8

10.4

(6.4)

n/a

15.0

    International

5.7

4.2

(3.8)

7.8

10.5

 

Refer to table titled “Non-GAAP Revenue Reconciliation” for a reconciliation of adjusted historical revenue to reported revenue.

*Quarter to date March 31, 2025, reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024.

Total company sales increased 4.0 percent on a reported basis, 6.9 percent on an organic basis, or 8.3 percent when excluding COVID-19 testing-related sales1. 



Nutrition



First Quarter 2025 Results (1Q25)


Sales 1Q25 ($ in millions)


Total


Pediatric


Adult

U.S.

955

588

367

International

1,191

453

738

Total reported

2,146

1,041

1,105


% Change vs. 1Q24

U.S.

8.8

14.2

1.1

International

0.1

(8.4)

6.1


Total reported


3.8


3.2


4.4

Impact of foreign exchange

(2.4)

(1.7)

(2.9)

Impact of business exit*

(0.6)

—

(1.4)


Organic


6.8


4.9


8.7

    U.S.

10.4

14.2

4.8

    International

4.2

(4.8)

10.6

*Reflects the impact of discontinuing the ZonePerfect® product line. This action was initiated in March 2024.

Worldwide Nutrition sales increased 3.8 percent on a reported basis and 6.8 percent on an organic basis in the first quarter.

In Pediatric Nutrition, global sales increased 3.2 percent on a reported basis and 4.9 percent on an organic basis. Sales growth in the U.S. was driven by growth across Abbott’s comprehensive portfolio of products designed to meet the unique nutrition needs of infants and children.

In Adult Nutrition, global sales increased 4.4 percent on a reported basis and 8.7 percent on an organic basis, which was led by strong growth of Ensure®, Abbott’s market-leading complete and balanced nutrition brand, and Glucerna®, Abbott’s market-leading brand of products designed to meet the nutritional requirements for people with diabetes. 



Diagnostics



First Quarter 2025 Results (1Q25)


Sales 1Q25 ($ in millions)


Total


Core Laboratory


Molecular


Point of Care


Rapid
Diagnostics

U.S.

871

332

40

100

399

International

1,183

845

82

42

214

Total reported

2,054

1,177

122

142

613


% Change vs. 1Q24

U.S.

(6.4)

7.1

(4.4)

1.5

(16.9)

International

(7.8)

(5.6)

(6.7)

4.4

(17.9)


Total reported


(7.2)


(2.3)


(5.9)


2.4


(17.3)

Impact of foreign exchange

(2.3)

(3.2)

(2.4)

(0.8)

(1.2)


Organic


(4.9)


0.9


(3.5)


3.2


(16.1)

    U.S.

(6.4)

7.1

(4.4)

1.5

(16.9)

    International

(3.8)

(1.3)

(3.1)

7.3

(14.6)

 

Global Diagnostics sales decreased 7.2 percent on a reported basis, decreased 4.9 percent on an organic basis, or increased 0.5 percent when excluding COVID-19 testing-related sales1.

Diagnostics sales growth was impacted by the year-over-year decline in COVID-19 testing-related sales and volume-based procurement programs in China.

COVID-19 testing-related sales were $84 million in the quarter, compared to $204 million in the first quarter of the prior year.

Global Core Laboratory Diagnostics sales decreased 2.3 percent on a reported basis and increased 0.9 percent on an organic basis. Growth in the quarter was impacted by volume-based procurement programs in China. 



Established Pharmaceuticals



First Quarter 2025 Results (1Q25
)


Sales 1Q25 ($ in millions)


Total


Key Emerging
Markets


Other

U.S.

—

—

—

International

1,260

965

295

Total reported

1,260

965

295


% Change vs. 1Q24

U.S.

n/a

n/a

n/a

International

2.7

4.0

(1.2)


Total reported


2.7


4.0


(1.2)

Impact of foreign exchange

(5.1)

(5.3)

(4.3)


Organic


7.8


9.3


3.1

    U.S.

n/a

n/a

n/a

    International

7.8

9.3

3.1

 

Established Pharmaceuticals sales increased 2.7 percent on a reported basis and 7.8 percent on an organic basis in the first quarter.

Key Emerging Markets include several emerging countries that represent the most attractive long-term growth opportunities for Abbott’s branded generics product portfolio. Sales in these geographies increased 4.0 percent on a reported basis and 9.3 percent on an organic basis, led by double-digit growth in several countries across Asia, Latin America and the Middle East. 



Medical Devices



First Quarter 2025 Results (1Q25)


Sales 1Q25 ($ in millions)


Total


Rhythm
Management


Electro-


physiology


Heart
Failure


Vascular


Structural
Heart


Neuro-
modulation


Diabetes
Care

U.S.

2,339

304

299

262

268

282

176

748

International

2,556

281

330

77

442

295

52

1,079

Total reported

4,895

585

629

339

710

577

228

1,827


% Change vs. 1Q24

U.S.

15.0

12.3

11.1

10.6

5.5

20.9

(2.8)

27.1

International

5.7

(3.7)

4.0

14.3

1.6

4.6

16.3

10.1


Total reported


9.9


4.0


7.3


11.4


3.0


11.9


1.0


16.5

Impact of foreign exchange

(2.7)

(2.1)

(2.6)

(1.0)

(2.7)

(2.8)

(1.2)

(3.3)


Organic


12.6


6.1


9.9


12.4


5.7


14.7


2.2


19.8

    U.S.

15.0

12.3

11.1

10.6

5.5

20.9

(2.8)

27.1

    International

10.5

0.3

8.8

19.1

5.8

9.6

22.7

15.4

 

Worldwide Medical Devices sales increased 9.9 percent on a reported basis and 12.6 percent on an organic basis in the first quarter.

Sales growth in the quarter was led by Diabetes Care, Structural Heart, Heart Failure and Electrophysiology.

Several products contributed to the strong performance, including FreeStyle Libre®, Navitor®, TriClip®, Amplatzer® Amulet®, and AVEIR®.

In Diabetes Care, sales of continuous glucose monitors were $1.7 billion and grew 18.3 percent on a reported basis and 21.6 percent on an organic basis.

ABBOTT’S FINANCIAL GUIDANCE
Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.

Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales.

Abbott projects full-year 2025 adjusted diluted earnings per share of $5.05 to $5.25 and second-quarter 2025 adjusted diluted earnings per share of $1.23 to $1.27.

Abbott has not provided the related GAAP financial measures on a forward-looking basis for these forward-looking non-GAAP financial measures because the company is unable to predict with reasonable certainty and without unreasonable effort the timing and impact of certain items such as restructuring and cost reduction initiatives, charges for intangible asset impairments, acquisition-related expenses, and foreign exchange, which could significantly impact Abbott’s results in accordance with GAAP.

ABBOTT DECLARES 405th CONSECUTIVE QUARTERLY DIVIDEND
On Feb. 21, 2025, the board of directors of Abbott declared the company’s quarterly dividend of $0.59 per share. Abbott’s cash dividend is payable May 15, 2025, to shareholders of record at the close of business on April 15, 2025.

Abbott has increased its dividend payout for 53 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.

About Abbott:

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com and on LinkedIn, Facebook, Instagram, X and YouTube. 

Abbott will live-webcast its first-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the webcast will be available later in the day.

— Private Securities Litigation Reform Act of 1995 —

A Caution Concerning Forward-Looking Statements

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott’s operations are discussed in Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended Dec. 31, 2024, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

1.

In the first quarter of 2025, total worldwide sales were $10.358 billion, total Diagnostics sales were $2.054 billion and COVID-19 testing-related sales were $84 million. In the first quarter of 2024, total worldwide sales were $9.964 billion, total Diagnostics sales were $2.214 billion and COVID-19 testing-related sales were $204 million. In the first quarter of 2025, the impact of COVID-19 testing-related sales on Abbott and total Diagnostics was a decrease of 1.4 percent and 5.4 percent, respectively. Organic sales, excluding COVID-19 testing-related sales, increased 8.3 percent for Abbott and 0.5 percent for total Diagnostics.

 

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Earnings

First Quarter Ended March 31, 2025 and 2024

(in millions, except per share data)

(unaudited)


1Q25


1Q24


% Change

Net Sales

$10,358

$9,964

4.0

Cost of products sold, excluding amortization expense

4,468

4,463

0.1

Amortization of intangible assets

420

472

(11.0)

Research and development

716

684

4.6

Selling, general, and administrative

3,061

2,959

3.5

Total Operating Cost and Expenses

8,665

8,578

1.0

Operating Earnings

1,693

1,386

22.1

Interest expense, net

49

61

(18.6)

Net foreign exchange (gain) loss

(7)

—

n/m

Other (income) expense, net

(127)

(111)

14.9

Earnings before taxes

1,778

1,436

23.8

Taxes on earnings

453

211

n/m

1)

Net Earnings

$1,325

$1,225

8.2

Net Earnings excluding Specified Items, as described below

$1,919

$1,729

10.9

2)

Diluted Earnings per Common Share

$0.76

$0.70

8.6

Diluted Earnings per Common Share,

excluding Specified Items, as described below

$1.09

$0.98

11.2

2)

Average Number of Common Shares Outstanding

Plus Dilutive Common Stock Options

1,747

1,750

 

NOTES:

See table titled “Non-GAAP Reconciliation of Financial Information” for an explanation of certain non-GAAP financial information.

n/m = Percent change is not meaningful.

See footnotes on the following section.

1)

2025 Taxes on Earnings includes approximately $200 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

2024 Taxes on Earnings includes the recognition of approximately $10 million of net tax expense as a result of the resolution of various tax positions related to prior years.

2)

2025 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $594 million, or $0.33 per share, for intangible amortization, charges related to investment impairments, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions, and other net expenses.

2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $504 million, or $0.28 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.

 

Abbott Laboratories and Subsidiaries

Non-GAAP Reconciliation of Financial Information

First Quarter Ended March 31, 2025 and 2024

(in millions, except per share data)

(unaudited)


1Q25


As


Reported
(GAAP)


Specified
Items


As


Adjusted

Intangible Amortization


$            420

$          (420)


$              —

Gross Margin


5,470

448


5,918

R&D


716

(27)


689

SG&A


3,061

(10)


3,051

Other (income) expense, net


(127)

(35)


(162)

Earnings before taxes


1,778

520


2,298

Taxes on Earnings


453

(74)


379

Net Earnings


1,325

594


1,919

Diluted Earnings per Share


$           0.76

$           0.33


$           1.09

 

Specified items reflect intangible amortization expense of $420 million and other net expenses of $100 million associated with restructuring actions, costs associated with acquisitions, investment impairment charges and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.


1Q24


As


Reported
(GAAP)


Specified
Items


As


Adjusted

Intangible Amortization


$            472

$          (472)


$              —

Gross Margin


5,029

518


5,547

R&D


684

(21)


663

SG&A


2,959

(34)


2,925

Other (income) expense, net


(111)

(26)


(137)

Earnings before taxes


1,436

599


2,035

Taxes on Earnings


211

95


306

Net Earnings


1,225

504


1,729

Diluted Earnings per Share


$           0.70

$           0.28


$           0.98

 

Specified items reflect intangible amortization expense of $472 million and other net expenses of $127 million associated with restructuring actions, costs associated with acquisitions, investment impairment charges and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.

A reconciliation of the first-quarter tax rates for 2025 and 2024 is shown below: 


1Q25

($ in millions)


Pre-Tax


Income


Taxes on


Earnings


Tax


Rate


As reported (GAAP)


$         1,778


$            453


25.5 %

1)

Specified items

520

(74)


Excluding specified items


$         2,298


$            379


16.5 %


1Q24

($ in millions)


Pre-Tax


Income


Taxes on


Earnings


Tax


Rate


As reported (GAAP)


$         1,436


$            211


14.7 %

2)

Specified items

599

95


Excluding specified items


$         2,035


$            306


15.0 %

1)

2025 Taxes on Earnings includes approximately $200 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

2)

2024 Taxes on Earnings includes the recognition of approximately $10 million of net tax expense as a result of the resolution of various tax positions related to prior years.

 

Abbott Laboratories and Subsidiaries

Non-GAAP Revenue Reconciliation

First Quarter Ended March 31, 2025 and 2024

($ in millions)

(unaudited)

1Q25

1Q24

% Change vs. 1Q24

Non-GAAP

Abbott
Reported

Abbott
Reported

Impact
from
business
exit (a)

Adjusted
Revenue

Reported

Adjusted

Organic

Total Company

10,358

9,964

(13)

9,951

4.0

4.1

6.9

U.S.

4,168

3,846

(13)

3,833

8.4

8.8

8.8

Intl

6,190

6,118

—

6,118

1.2

1.2

5.7

Total Nutrition

2,146

2,068

(13)

2,055

3.8

4.4

6.8

U.S.

955

878

(13)

865

8.8

10.4

10.4

Intl

1,191

1,190

—

1,190

0.1

0.1

4.2

Adult Nutrition

1,105

1,059

(13)

1,046

4.4

5.8

8.7

U.S.

367

364

(13)

351

1.1

4.8

4.8

Intl

738

695

—

695

6.1

6.1

10.6

(a)

Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business. This action was initiated in March 2024.

 

Abbott Laboratories and Subsidiaries

Details of Specified Items

First Quarter Ended March 31, 2025

(in millions, except per share data)

(unaudited)

Acquisition or

Divestiture-

related (a)

Restructuring

and Cost

Reduction

Initiatives (b)

Intangible

Amortization

Other (c)

Total

Specifieds

Gross Margin

$                  —

$                  26

$                420

$                    2

$                448

R&D

(1)

(16)

—

(10)

(27)

SG&A

(3)

(7)

—

—

(10)

Other (income) expense, net

(24)

—

—

(11)

(35)

Earnings before taxes

$                  28

$                  49

$                420

$                  23

520

Taxes on Earnings (d)

(74)

Net Earnings

$                594

Diluted Earnings per Share

$               0.33

The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”

a)

Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses as well as a fair value adjustment to contingent consideration related to a business acquisition.

b)

Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.

c)

Other includes incremental costs to comply with the European Union’s Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products and investment impairment charges.

d)

Reflects the net tax benefit associated with the specified items. 2025 Taxes on Earnings includes approximately $200 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

 

Abbott Laboratories and Subsidiaries

Details of Specified Items

First Quarter Ended March 31, 2024

(in millions, except per share data)

(unaudited)

Acquisition or

Divestiture-

related (a)

Restructuring

and Cost

Reduction

Initiatives (b)

Intangible

Amortization

Other (c)

Total

Specifieds

Gross Margin

$                    1

$                  42

$                472

$                    3

$                518

R&D

(3)

(2)

—

(16)

(21)

SG&A

(14)

(9)

—

(11)

(34)

Other (income) expense, net

12

—

—

(38)

(26)

Earnings before taxes

$                    6

$                  53

$                472

$                  68

599

Taxes on Earnings (d)

95

Net Earnings

$                504

Diluted Earnings per Share

$               0.28

The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”

a)

Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as other costs related to business acquisitions.

b)

Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.

c)

Other includes various investment impairment charges and incremental costs to comply with the European Union’s Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products.

d)

Reflects the net tax benefit associated with the specified items. 

 

Cision View original content:https://www.prnewswire.com/news-releases/abbott-reports-first-quarter-2025-results-and-reaffirms-full-year-guidance-302430212.html

SOURCE Abbott

Posted on

Garrett Motion to Hold First Quarter 2025 Financial Results Conference Call on Thursday May 01, 2025

PLYMOUTH, Mich. and ROLLE, Switzerland, April 16, 2025 (GLOBE NEWSWIRE) — Garrett Motion Inc. (Nasdaq: GTX), a leading provider of differentiated automotive technology, today announced that it plans to release its first quarter financial results on Thursday, May 01, 2025, prior to the opening of the market trading in the United States.

Garrett will host a conference call that same day at 8:30 am EDT / 2:30 pm CET. To participate in the conference call, please dial +1-877-883-0383 (U.S.) or +1-412-902-6506 (international) and use the passcode 2829687.

The conference call will also be webcast and will include a slide presentation. To access the webcast and supporting materials, please visit the Investor Relations section of the Garrett Motion website at https://investors.garrettmotion.com/. A replay of the conference call will be available by dialing +1-877-344-7529 (U.S.) or +1-412-317-0088 (international) and using access code 5071316. The webcast will also be archived on Garrett’s website.


About Garrett Motion Inc.


A differentiated technology leader, Garrett Motion has a 70-year history of innovation in the automotive sector (cars, trucks) and beyond (off-highway equipment, marine, power generators). Its expertise in turbocharging has enabled significant reductions in engine size, fuel consumption, and CO2 emissions. Garrett is expanding its positive impact by developing differentiated technology solutions for Zero Emission Vehicles, such as fuel cell compressors for hydrogen fuel cell vehicles, as well as electric propulsion and thermal management systems for battery electric vehicles. Garrett has five R&D centers, 13 manufacturing facilities and a team of more than 9,000 employees in more than 20 countries. Its mission is to enable the transportation industry to advance motion through unique, differentiated innovation. For more information, please visit www.garrettmotion.com.

Contacts:

INVESTOR RELATIONS
Cyril Grandjean
+1 734 392 55 04
[email protected]

MEDIA
Amanda Jones
+41 79 601 07 87
[email protected]



Posted on

LAVA Therapeutics Granted Full Waiver for RVO Payment Obligation

Exemption from the $5.1 million repayment obligation strengthens LAVA’s balance sheet

Underscores focus on cost curtailment and strategic option evaluation

UTRECHT, The Netherlands and PHILADELPHIA, April 16, 2025 (GLOBE NEWSWIRE) — LAVATherapeuticsN.V. (NASDAQ: LVTX, “LAVA,” “the Company”), a clinical-stage immuno-oncology company focused on developing its proprietary Gammabody® platform of bispecific gamma delta T cell engagers, today announced that the Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO) granted a full waiver of the final payment obligation related to the Innovation Credit, in the amount of $5.1 million.

“As part of LAVA’s ongoing strategic review, we have implemented a targeted cost optimization initiative to enhance operational efficiency and financial flexibility,” said Steve Hurly, Chief Executive Officer of LAVA. “Securing the $5.1 million repayment waiver is a significant milestone in this effort. This waiver strengthens our balance sheet by eliminating this outstanding debt obligation. We are grateful for the opportunity to work with the RVO and be part of the Innovation Credit program.”

The Netherlands Enterprise Agency (Rijksdienst voor Ondernemend Nederland, RVO) Innovation Credit provides financing in the form of an interest-bearing loan to support the development of innovative programs according to defined criteria. LAVA was awarded a Netherlands Innovation Credit in 2019 related to the development of LAVA-051 and pledged certain assets of that project, including certain intellectual property (IP), as a guarantee.

About LAVA Therapeutics

LAVA Therapeutics N.V. is a clinical-stage immuno-oncology company focused on advancing its proprietary Gammabody® platform to develop a portfolio of bispecific gamma-delta T cell engagers for the potential treatment of solid tumors and hematologic malignancies. The Company utilizes bispecific antibodies engineered to selectively kill cancer cells by triggering Vγ9Vδ2 (Vgamma9 Vdelta2) T cell anti-tumor effector functions upon cross-linking to tumor-associated antigens.

LAVA’s pipeline includes three internal and partnered clinical-stage bispecific gamma-delta T cell engagers for the treatment of solid tumor and hematological cancers including LAVA 1266, targeting CD123+ cancers (ACTRN12624001214527); PF-08046052, targeting EGFR (NCT05983133); and JNJ-89853413, targeting hematological cancers (NCT06618001). The pipeline also includes preclinical programs. For more information on LAVA, please visit our website at www.lavatherapeutics.com or follow us on LinkedIn, X, and YouTube.

Gammabody® is a registered trademark of LAVA Therapeutics N.V.

LAVA’s
Cautionary
Note
on
Forward-Looking
Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release other than statements of historical facts are “forward-looking statements”. Words such as “anticipate”, “believe”, “could”, “will”, “may”, “expect”, “should”, “plan”, “intend”, “estimate”, “potential”, “suggests”, and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on LAVA’s expectations and assumptions as of the date of this press release and are subject to various risks and uncertainties that may cause actual results to differ materially from these forward-looking statements. Forward-looking statements contained in this press release include, but are not limited to, statements relating to LAVA’s initiatives to increase cost optimization and efficiencies. Many factors, risks and uncertainties may cause differences between current expectations and actual results, including, among other things, LAVA’s ability to leverage its initial programs to develop additional product candidates using its Gammabody® platform, the failure of LAVA’s collaborators to support or advance collaborations or LAVA’s product candidates, the timing and results of LAVA’s research and development programs and preclinical and clinical trials, the possibility that clinical trials may fail to establish sufficient efficacy, the risk that adverse events or safety signals may occur in clinical trials, the risk that results obtained in preclinical studies or clinical trials to date may not be indicative of results obtained in ongoing or future trials, the risk that adverse regulatory actions or other setbacks could occur in clinical trials even after promising results in earlier clinical trials or preclinical studies, LAVA’s ability to obtain regulatory approval for and commercialize its product candidates, LAVA’s ability to identify any strategic alternatives or if so identified, be able to consummate any such transactions on terms acceptable to LAVA and its shareholders, and the risk that setbacks in development could occur as a result of the difficulty and uncertainty of pharmaceutical product development and other factors. There may be adverse effects on LAVA’s business condition and results from general economic and market conditions and overall fluctuations in the United States and international credit and financial markets, including as a result of inflation, heightened interest rates, recent and potential future pandemics and other health crises, and hostilities, including the conflict in Ukraine and the conflict in the Middle East. These and other risks are described in greater detail under the caption “Risk Factors” in LAVA’s most recent Annual Report on Form 10-K and other filings LAVA makes with the U.S. Securities and Exchange Commission. LAVA assumes no obligation to update any forward-looking statements contained herein, whether as a result of any new information, future events, change in expectations or otherwise, except as otherwise required by law.


CONTACTS


Investor Relations
[email protected]

LifeSci Advisors (IR/Media)
Joyce Allaire
[email protected]



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Lyft Expands in Europe, Diversifies by Acquiring FREENOW

Lyft Expands in Europe, Diversifies by Acquiring FREENOW

Lyft poised for growth in an attractive market, with FREENOW’s premier taxi-first business and local expertise

Together, will operate in 11 countries across Europe, the United States, and Canada

SAN FRANCISCO & HAMBURG, Germany–(BUSINESS WIRE)–
Lyft, Inc. (Nasdaq: LYFT), a leading ride hailing marketplace, today announced it has entered into a definitive agreement to acquire FREENOW, a leading European multi-mobility app with a taxi offering at its core, from BMW Group and Mercedes-Benz Mobility for approximately €175 million or $197 million* in cash. FREENOW will continue operating as it does today, with its talented leadership team and employees in place to drive growth across 9 countries and over 150 cities across Ireland, the United Kingdom, Germany, Greece, Spain, Italy, Poland, France, and Austria. The transaction is expected to close in the second half of 2025, subject to customary closing conditions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250415370847/en/

Lyft found in FREENOW a partner to immediately fuel its growth strategy, unlock potential for partners, and level up the experience for drivers and riders alike. This marks Lyft’s most significant expansion outside North America, nearly doubling Lyft’s total addressable market to more than 300 billion personal vehicle trips per year, increasing annualized Gross Bookings by approximately €1 billion, diversifying revenue streams, and supporting Lyft’s multi-year targets.

“We’re on an ambitious path to build the best, most customer-obsessed mobility platform in the world, and entering Europe is an important step in our growth journey,” said David Risher, CEO of Lyft. “We found the perfect partner in FREENOW and can learn a lot from the team. FREENOW’s local-first approach mirrors Lyft’s values and embodies our purpose — to serve and connect.”

FREENOW brings market-leading European taxi expertise, fleet technology and strong relationships with regulators, unions and taxi fleet operators in every market. Lyft brings best-in-class marketplace expertise and customer-obsessed features. The business models are complementary and together will serve over 50 million combined annual riders, with plans to deliver a better product experience, improve service levels, strengthen fleet management capabilities, and bring greater global opportunities to existing and potential partners.

In Europe, the taxi aggregation business is strong and growing. Approximately 50% of taxi bookings in Europe still happen offline, but customers are hungry for more online bookings. FREENOW is primed to capitalize on that opportunity. FREENOW is the leading taxi platform in several major European cities, including Dublin, London, Athens, Berlin, Barcelona, Madrid, and Hamburg, with luxury vehicles making up a significant portion of its fleet. Taxis accounted for approximately 90% of FREENOW’s Gross Bookings in 2024 and will continue to be the backbone of FREENOW’s business.

“Joining forces with Lyft is a powerful step forward for FREENOW and marks the beginning of an ambitious new phase—one where we strengthen our role as a leading force in European mobility,” said FREENOW CEO Thomas Zimmermann. “Lyft’s strong, customer-first track record aligns perfectly with our deep roots in the taxi industry, and together we will push boundaries and raise expectations for fleet owners, taxi drivers, and riders across the continent. We stand with the industry—not above it—and remain proud partners of the community. This collaboration is about combining our strengths, learning from each other, and scaling what works best. We sincerely thank our former shareholders for their trust and enduring partnership throughout the years.”

The strategic acquisition is aligned with Lyft’s disciplined capital allocation strategy of investing in attractive growth opportunities with a customer-obsessed bias. The announcement follows a record-breaking year in 2024 for Lyft, with industry-leading service levels in Q4, record Gross Bookings, GAAP profitability, and record cash flow generation.

What’s next

While there will be no immediate changes to FREENOW’s customer experience, over time, new benefits will be made available to FREENOW drivers and riders. For drivers in many markets, that may look like more transparency around their earnings such as when to expect incentives and real-time information on the best times to drive. For riders, that may look like more consistent pricing, faster matching, and new features and modes. The companies will also focus on integration for riders to seamlessly use either app across the Atlantic, whether they’re in North America or Europe.

*$197 million is based on the EUR/USD foreign exchange rate on the date of signing.

Advisors

Guggenheim Securities, LLC is acting as financial advisor to Lyft, and Baker McKenzie is acting as its legal advisor. Lazard is acting as financial advisor to BMW Group and Mercedes-Benz Mobility, and DLA Piper is acting as their legal advisor.

Investor Presentation

The companies have published a presentation to provide an overview of the transaction, which is available on Lyft’s investor relations website at https://investor.lyft.com.

Lyft will hold an investor call in May when it reports Q1 2025 earnings.

Forward-Looking Statements

This press release contains 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. Forward-looking statements generally relate to future events or Lyft’s future financial or operating performance. In some cases, you can identify forward looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Lyft’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements regarding the acquisition of FREENOW including, the timing of the closing of the transaction, and the expected benefits of the transaction, including the timing of those benefits, the financial impact of the transaction on Lyft, the impact of the transaction on Lyft’s addressable market, partnership opportunities, the future operations of FREENOW and plans and expectations for the combined company. Lyft’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to the macroeconomic environment, risks and uncertainties related to the pending acquisition of FREENOW, including the failure to obtain, or delays in obtaining, required regulatory approvals, the risk that such approvals may result in the imposition of conditions that could adversely affect Lyft or the expected benefits of the proposed transaction, or the failure to satisfy any of the closing conditions to the proposed transaction on a timely basis or at all; costs, expenses or difficulties related to the acquisition of FREENOW; failure to realize the expected benefits and synergies of the proposed transaction in the expected timeframes or at all; and change in the regulatory environment that impact Lyft. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in Lyft’s filings with the Securities and Exchange Commission (“SEC”), including in our Annual Report on Form 10-K for the full fiscal year 2024 that was filed with the SEC on February 14, 2025. The forward-looking statements in this release are based on information available to Lyft as of the date hereof, and Lyft disclaims any obligation to update any forward-looking statements, except as required by law. This press release discusses “customers”. For rideshare, there are two customers in every car – the driver is Lyft’s customer, and the rider is the driver’s customer. We care about both.

About Lyft

Whether it’s an everyday commute or a journey that changes everything, Lyft is driven by our purpose: to serve and connect. In 2012, Lyft was founded as one of the first ridesharing communities in the United States, and is available today in the United States and Canada. Now, millions of drivers have chosen to earn on billions of rides. Lyft offers rideshare, bikes, and scooters all in one app — for a more connected world, with transportation for everyone.

About FREENOW

FREENOW is Europe’s multi-mobility app with taxi offering at its core, available in 9 European countries and over 150 cities. FREENOW users can access various mobility services within a single app, including taxis, private hire vehicles (PHV) or ridesharing, carsharing, car rental, eScooters, eBikes, eMopeds and public transport.

Aurélien Nolf, Investor Relations

[email protected]

Stephanie Rice, Media

[email protected]

KEYWORDS: Austria Germany North America Europe Italy United States Ireland United Kingdom California

INDUSTRY KEYWORDS: Technology Other Travel Transportation Apps/Applications Other Automotive Travel Other Transport Autonomous Driving/Vehicles General Automotive Transport Other Technology Automotive Software Public Transport Internet

MEDIA:

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Philip Morris International to Host Webcast of 2025 First-Quarter Results

Philip Morris International to Host Webcast of 2025 First-Quarter Results

STAMFORD, CT–(BUSINESS WIRE)–
Regulatory News:

Philip Morris International Inc. (PMI) (NYSE: PM) will host a live audio webcast at www.pmi.com/2025Q1earnings on Wednesday, April 23, 2025, at 9:00 a.m. ET, to discuss its 2025 first-quarter financial results, which will be issued at approximately 7:00 a.m. ET the same day.

The webcast will be hosted by Emmanuel Babeau, Chief Financial Officer, and will include discussion of PMI’s financial results and a Q&A session with the investment community. The webcast will be in a listen-only mode.

The webcast may also be accessed on mobile devices by downloading PMI’s Investor Relations App at www.pmi.com/irapp.

The webcast recording and the slides and script will be available at www.pmi.com/2025Q1earnings. The recording will be available until 5:00 p.m. ET on Friday, May 23, 2025.

Philip Morris International: Delivering a Smoke-Free Future

Philip Morris International is a leading international tobacco company, actively delivering a smoke-free future and evolving its portfolio for the long term to include products outside of the tobacco and nicotine sector. The company’s current product portfolio primarily consists of cigarettes and smoke-free products. Since 2008, PMI has invested over $14 billion to develop, scientifically substantiate and commercialize innovative smoke-free products for adults who would otherwise continue to smoke, with the goal of completely ending the sale of cigarettes. This includes the building of world-class scientific assessment capabilities, notably in the areas of pre-clinical systems toxicology, clinical and behavioral research, as well as post-market studies. In 2022, PMI acquired Swedish Match – a leader in oral nicotine delivery – creating a global smoke-free champion led by the companies’ IQOS and ZYN brands. Following a robust science-based review, the U.S. Food and Drug Administration has authorized the marketing of Swedish Match’s General snus and ZYN nicotine pouches and versions of PMI’s IQOS devices and consumables – the first-ever such authorizations in their respective categories. Versions of IQOS devices and consumables and General snus also obtained the first-ever Modified Risk Tobacco Product authorizations from the FDA. As of December 31, 2024, PMI’s smoke-free products were available for sale in 95 markets, and PMI estimates that 38.6 million adults around the world use PMI’s smoke-free products. The smoke-free business accounted for approximately 39% of PMI’s total full-year 2024 net revenues. With a strong foundation and significant expertise in life sciences, PMI has a long-term ambition to expand into wellness and healthcare areas and aims to enhance life through the delivery of seamless health experiences. References to “PMI”, “we”, “our” and “us” mean Philip Morris International Inc., and its subsidiaries. For more information, please visit www.pmi.com and www.pmiscience.com.

Philip Morris International

Investor Relations:

Stamford, CT: +1 (203) 904 2410

Lausanne: +41 (0)58 242 4666

Email: [email protected]

Media: David Fraser

Lausanne: +41 (0)58 242 4500

Email: [email protected]

KEYWORDS: Europe Switzerland United States North America Connecticut

INDUSTRY KEYWORDS: Tobacco Retail

MEDIA:

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EMCOR Group, Inc. Sets First Quarter 2025 Earnings Release Date and Webcast

EMCOR Group, Inc. Sets First Quarter 2025 Earnings Release Date and Webcast

NORWALK, Conn.–(BUSINESS WIRE)–
EMCOR Group, Inc. (NYSE: EME) announced today that it will release its financial results for the first quarter ended March 31, 2025, on Wednesday, April 30, 2025, prior to the market open.

In conjunction with this release, the Company will host an earnings conference call and webcast reviewing these results and its operations on Wednesday, April 30, 2025, at 10:30 am EDT.

The call will be hosted by Tony Guzzi, Chairman, President and Chief Executive Officer, Jason Nalbandian, Senior Vice President and Chief Financial Officer, and Andy Backman, Vice President, Investor Relations.

The call can be accessed by all interested parties through a WEBCAST link on the Home Page of EMCOR’s website at www.emcorgroup.com.

Please allow 10 minutes prior to the call to visit the site and download and install any necessary audio software. Additionally, investors can access a replay of the webcast through a REPLAY link two hours after the call on the Home Page of the Company’s website. A replay of the call will be available through May 30, 2025.

About EMCOR

EMCOR Group, Inc. is a Fortune 500 leader in mechanical and electrical construction services, industrial and energy infrastructure and building services. This press release and other press releases may be viewed at the Company’s Web site at www.emcorgroup.com.

Andy Backman

Vice President

Investor Relations

(203) 849-7938

FTI Consulting, Inc.

Investors: Blake Mueller

(718) 578-3706

KEYWORDS: United States North America Connecticut

INDUSTRY KEYWORDS: Engineering Utilities Manufacturing Energy Construction & Property Building Systems Machinery

MEDIA:

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Distribution Solutions Group Announces Timing for First Quarter Results and Conference Call

Distribution Solutions Group Announces Timing for First Quarter Results and Conference Call

FORT WORTH, Texas–(BUSINESS WIRE)–Distribution Solutions Group, Inc. (NASDAQ: DSGR) (“DSG” or the “Company”), a premier, multi-platform distribution company, today announced that it will report first quarter results for its fiscal year 2025 on Thursday, May 1st, 2025, pre-market. The Company will host a conference call with prepared remarks beginning at 9:00 a.m. Eastern Time. Refer to the Company’s investor relations Events page for the supplemental slides at https://investor.distributionsolutionsgroup.com/news/events.

By Phone:

At least 10 minutes before the call starts, please dial toll-free in the U.S. 1-888-506-0062 (internationally dial 1-973-528-0011), then use the participant access code 958334. A replay will be available through Thursday, May 15, 2025, by dialing 1-877-481-4010 (internationally dial 1-919-882-2331) using the replay passcode 52327.

 

By Webcast:

Connect to the webcast via the Events page of Distribution Solutions Group’s Investor Relations website at https://investor.distributionsolutionsgroup.com/news/events. Please log in at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call.

About Distribution Solutions Group, Inc.

DSG is a premier, multi-platform specialty distribution company providing high-touch, value-added distribution solutions to the maintenance, repair & operations (MRO), the original equipment manufacturer (OEM) and the industrial technologies markets. DSG was formed through the strategic combination of Lawson Products, a leader in MRO distribution of C-parts, Gexpro Services, a leading global supply chain services provider to manufacturing customers, and TestEquity, a leader in electronic test & measurement solutions.

Through its collective businesses, DSG is dedicated to helping customers lower their total cost of operation by increasing productivity and efficiency with the right products, expert technical support, and fast, reliable delivery to be a one-stop solution provider. DSG serves approximately 200,000 customers in several diverse end markets supported by approximately 4,400 dedicated employees and strong vendor partnerships. DSG ships from strategically located distribution and service centers to customers in North America, Europe, Asia, South America, and the Middle East.

For more information on Distribution Solutions Group, please visit www.distributionsolutionsgroup.com.

Company:

Distribution Solutions Group, Inc.

Ronald J. Knutson

Executive Vice President and Chief Financial Officer

1-888-611-9888

Investor Relations:

Three Part Advisors, Inc.

Steven Hooser / Sandy Martin

214-872-2710 / 214-616-2207

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Construction & Property Other Manufacturing Packaging Trucking Automotive Manufacturing Other Construction & Property Transport Manufacturing

MEDIA:

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Owens Corning to Announce First-Quarter Financial Results on May 7

Owens Corning to Announce First-Quarter Financial Results on May 7

TOLEDO, Ohio–(BUSINESS WIRE)–
Owens Corning (NYSE: OC) is scheduled to announce its first-quarter financial results on Wednesday, May 7, 2025, before the New York Stock Exchange opens. The company will host a call to discuss its financial results at 9 a.m. ET the same day.

Webcast

https://events.q4inc.com/attendee/560386840

A webcast replay will be available for one year using the same link.

Callers

Please dial in 10-15 minutes before the conference call is scheduled to begin and use the entry code 993845.

  • U.S.: 1.833.470.1428
  • Canada: 1.833.950.0062
  • Other international locations: +1.404.975.4839

Telephone replay

Telephone replay will be available one hour after the end of the call through Wednesday, May 14, 2025. Please use conference replay entry code 840489.

  • U.S.: 1.866.813.9403
  • Canada: 1.226.828.7578
  • Other international locations: +1.929.458.6194

About Owens Corning

Owens Corning is a residential and commercial building products leader committed to building a sustainable future through material innovation. Our products provide durable, sustainable, energy-efficient solutions that leverage our unique capabilities and market-leading positions to help our customers win and grow. We are global in scope, human in scale with more than 25,000 employees in 31 countries dedicated to generating value for our customers and shareholders and making a difference in the communities where we work and live. Founded in 1938 and based in Toledo, Ohio, USA, Owens Corning posted 2024 sales of $11.0 billion. For more information, visit www.owenscorning.com.

Owens Corning Company News / Owens Corning Investor Relations News

Media Relations:

Megan James

419.348.0768

Investor Relations:

Amber Wohlfarth

419.248.5639

KEYWORDS: United States North America Ohio

INDUSTRY KEYWORDS: Other Construction & Property Residential Building & Real Estate Manufacturing Commercial Building & Real Estate Construction & Property Building Systems Other Manufacturing

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Energous Partners with Fortune 10 Retailer to Scale Wireless Power Deployment Across 4,700 U.S. Locations

Energous Partners with Fortune 10 Retailer to Scale Wireless Power Deployment Across 4,700 U.S. Locations

PowerBridge Pro Transmitter Drives Nationwide Rollout of Wireless Power Networks

SAN JOSE, Calif.–(BUSINESS WIRE)–
Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT), a leader in scalable, over-the-air (OTA) wireless power networks (WPNs), today announced the acceleration of its deployment timeline with a Fortune 10 multinational retailer. This implementation is part of an infrastructure modernization initiative aimed at upgrading approximately 4,700 retail locations across the United States.

The rollout features the Energous PowerBridge Pro transmitter, a cornerstone of the retailer’s new WPN program. Since commencing the deployment phase in 2024, Energous has shipped over 4,000 PowerBridge Pro units for this project. Installation began in early 2025, with plans to equip over 500 stores and multiple grocery distribution centers by the end of fiscal year 2025. This deployment is designed to improve supply chain visibility and streamline inventory management for perishable and dry goods assets by enabling real-time asset tracking and full-scale automation across the customer’s entire operation, with 24/7/365 data processing, providing continuous insights into inventory health, operational efficiencies, and potential risks.

“We’re thrilled to achieve this pivotal milestone in the commercial adoption of our PowerBridge Pro transmitter technology,” said Mallorie Burak, CEO and CFO of Energous Wireless Power Solutions. “Since launching our initial Proof of Concept with this customer in 2023, we’ve worked hand-in-hand to deliver a comprehensive track and trace solution that exceeds expectations. Our WPN technology not only achieves four times the power output of our competition it also enables up to 99 percent visibility of tracked assets and inventory, compared to much lower values achieved with competitive products. From warehouse to store, we are meeting this retailer’s rigorous performance standards and KPIs.”

Burak added, “The compelling results from our pilot program fueled the expansion of our partnership, growing from perishable goods to now include dry goods distribution. This success was a driving factor in the retailer’s decision to roll out our WPN technology nationwide. Our PowerBridge Pro transmitters are set to transform grocery distribution by providing always-on access to critical data, improving visibility and control, and reducing reliance on batteries for smarter, more sustainable operations. As a core component of this retailer’s modernization strategy, our advanced technology positions us to play a key role in every phase of this groundbreaking program across more than 4,700 U.S. locations. This flagship deployment is expected to serve as a shining example for other large enterprises to follow.”

About Energous Wireless Power Solutions

Energous Corporation d/b/a Energous Wireless Power Solutions (NASDAQ: WATT) is pioneering scalable, over-the-air (OTA) wireless power networks that enable unprecedented levels of visibility, control, and intelligent business automation. The Company’s wireless power transmitter and receiver technologies deliver continuous access to wireless power, helping drive a new generation of battery-free devices for asset and inventory tracking and management—from retail sensors, electronic shelf labels, and asset trackers, to air quality monitors, motion detectors, and more. For more information, visit http://www.energous.com/ or follow on LinkedIn.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements may describe our future plans and expectations and are based on the current beliefs, expectations and assumptions of Energous. These statements generally use terms such as “believe,” “expect,” “may,” “will,” “should,” “could,” “seek,” “intend,” “plan,” “estimate,” “anticipate” or similar terms. Examples of forward-looking statements in this release include but are not limited to statements about our financial results and projections, statements about the success of our collaborations with our partners, statements about any governmental approvals we may need to operate our business, statements about our technology and its expected functionality, and statements with respect to expected company growth. Factors that could cause actual results to differ from current expectations include: uncertain timing of necessary regulatory approvals; timing of customer product development and market success of customer products; our dependence on distribution partners; and intense industry competition. We urge you to consider those factors, and the other risks and uncertainties described in our most recent annual report on Form 10-K as filed with the Securities and Exchange Commission (SEC), any subsequently filed quarterly reports on Form 10-Q as well as in other documents that may have been subsequently filed by Energous, from time to time, with the SEC, in evaluating our forward-looking statements. In addition, any forward-looking statements represent Energous’ views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Energous does not assume any obligation to update any forward-looking statements unless required by law.

Media Contacts:

Energous PR

[email protected]

Energous IR

[email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Hardware Home Goods Retail Semiconductor Alternative Energy Energy Technology Supply Chain Management Batteries Discount/Variety Other Retail Supermarket Networks Other Energy Food/Beverage Mobile/Wireless

MEDIA:

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Draganfly Establishes Public Safety Advisory Board, Appoints Homeland Security and Law Enforcement Expert Paul Goldenberg as Chair

Industry Veteran Joins Draganfly to Drive Innovation at the Intersection of Public Safety and Technology

Tampa, FL, April 16, 2025 (GLOBE NEWSWIRE) — Draganfly Inc. (NASDAQ: DPRO) (CSE: DPRO) (FSE: 3U8) (“Draganfly” or the “Company”), an industry-leading developer of drone solutions and systems, is proud to announce the formation of its Public Safety Advisory Board. This new initiative reinforces Draganfly’s commitment to delivering cutting-edge, mission-critical technologies that support enforcement and public safety agencies worldwide. Renowned global public safety expert and Homeland Security advisor Paul Goldenberg will serve as the inaugural Chair of the Board.

With more than 30 years of experience in law enforcement, global security, and national intelligence, Goldenberg brings unparalleled expertise to the role. Recently named America’s Most Influential Person in Homeland Security, he has advised U.S. Presidents, members of Congress, and international security bodies on counterterrorism, cybercrime, and public safety. As a former senior member of the U.S. Department of Homeland Security Advisory Council (HSAC), Goldenberg led pivotal initiatives, including the DHS Cybersecurity Task Force and the Countering Foreign Influence Task Force. He currently serves as Chief Advisor for Policy and International Policing at the Rutgers University Miller Center on Policing, a Distinguished Visiting Fellow for Transnational Security at the University of Ottawa, and a member of the National Sheriffs’ Association Southern Border Security Committee.

Goldenberg’s career also includes directing the OSCE (Organization for Security and Co-operation in Europe) transitional policing mission, working on the ground in regions such as Kosovo, Bosnia, Ukraine, and France. His efforts focused on strengthening police responses to extremism and fostering collaboration between law enforcement agencies and vulnerable communities.

“Draganfly’s commitment to utilizing technology to enhance public safety and law enforcement aligns with my lifelong mission to improve security and foster trust between agencies and the communities they serve,” said Goldenberg. “Given the challenges law enforcement agencies face, including recruitment and retention issues, drones have become an invaluable tool that helps officers protect both themselves and the communities they serve.”

Cameron Chell, CEO of Draganfly, emphasized the significance of Goldenberg’s appointment:
“Paul’s vast experience in homeland security, counterterrorism, and law enforcement makes him the ideal choice to lead our Public Safety Advisory Board. His leadership will be instrumental in advancing Draganfly’s mission to deliver innovative, AI-powered drone technologies that improve situational awareness and operational efficiency for law enforcement agencies across the globe.”

Goldenberg’s past roles have included serving as the first Chief of the New Jersey Attorney General’s Office for Hate Crime and Domestic Terrorism Investigations, managing major organized crime cases, spending six years deep undercover as part of the South Florida Task Force, and leading one of the United States’ largest social service and juvenile justice systems. His work has directly influenced modern policing strategies and shaped national and international policy.

The creation of Draganfly’s Public Safety Advisory Board marks a pivotal step in the Company’s continued efforts to strengthen public safety and law enforcement capabilities, offering innovative solutions that support officers in the field.

About Draganfly

Draganfly Inc. (NASDAQ: DPRO; CSE: DPRO; FSE: 3U8A) is a pioneer in drone solutions, AI-driven software, and robotics. With over 25 years of innovation, Draganfly has been at the forefront of drone technology, providing solutions for public safety, agriculture, industrial inspections, security, mapping, and surveying. The Company is committed to delivering efficient, reliable, and industry-leading technology that helps organizations save time, money, and lives.

For more information, visitwww.draganfly.com.

For investor details, visit:
CSE
NASDAQ
FRANKFURT

Media Contact
[email protected]

Company Contact
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Forward-Looking Statements

This release contains certain “forward looking statements” and certain “forward-looking ‎‎‎‎information” as ‎‎‎‎defined under applicable securities laws. Forward-looking statements ‎‎‎‎and information can ‎‎‎‎generally be identified by the use of forward-looking terminology such as ‎‎‎‎‎“may”, “will”, “expect”, “intend”, ‎‎‎‎‎“estimate”, “anticipate”, “believe”, “continue”, “plans” or similar ‎‎‎‎terminology. Forward-looking statements ‎‎‎‎and information are based on forecasts of future ‎‎‎‎results, estimates of amounts not yet determinable and ‎‎‎‎assumptions that, while believed by ‎‎‎‎management to be reasonable, are inherently subject to significant ‎‎‎‎business, economic and ‎‎‎‎competitive uncertainties and contingencies. Forward-looking statements ‎‎‎‎include, but are not ‎‎‎‎limited to, statements with respect to the Public Safety Advisory Board advancing Draganfly’s mission to deliver innovative, AI-powered drone technologies that improve situational awareness and operational efficiency for law enforcement agencies across the globe. Forward-‎‎‎‎looking statements and information are subject to various ‎known ‎‎and unknown risks and ‎‎‎‎‎uncertainties, many of which are beyond the ability of the Company to ‎control or ‎‎predict, that ‎‎‎‎may cause ‎the Company’s actual results, performance or achievements to be ‎materially ‎‎different ‎‎‎‎from those ‎expressed or implied thereby, and are developed based on assumptions ‎about ‎‎such ‎‎‎‎risks, uncertainties ‎and other factors set out here in, including but not limited to: the potential ‎‎‎‎‎‎‎impact of epidemics, ‎pandemics or other public health crises, including the ‎COVID-19 pandemic, on the Company’s business, operations and financial ‎‎‎‎condition; the ‎‎‎successful integration of ‎technology; the inherent risks involved in the general ‎‎‎‎securities markets; ‎‎‎uncertainties relating to the ‎availability and costs of financing needed in the ‎‎‎‎future; the inherent ‎‎‎uncertainty of cost estimates; the ‎potential for unexpected costs and ‎‎‎‎expenses, currency ‎‎‎fluctuations; regulatory restrictions; and liability, ‎competition, loss of key ‎‎‎‎employees and other related risks ‎‎‎and uncertainties disclosed under the ‎heading “Risk Factors“ ‎‎‎‎in the Company’s most recent filings filed ‎‎‎with securities regulators in Canada on ‎the SEDAR ‎‎‎‎website at www.sedar.com and with the United States Securities and Exchange Commission (the “SEC”) on EDGAR through the SEC’s website at www.sec.gov. The Company undertakes ‎‎‎no obligation to update forward-‎looking ‎‎‎‎information except as required by applicable law. Such forward-‎‎‎looking information represents ‎‎‎‎‎managements’ best judgment based on information currently available. ‎‎‎No forward-looking ‎‎‎‎statement ‎can be guaranteed and actual future results may vary materially. ‎‎‎Accordingly, readers ‎‎‎‎are advised not to ‎place undue reliance on forward-looking statements or ‎‎‎information.‎