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BEIJING, April 16, 2025 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced the commencement of an underwritten public offering (the “Public Offering”) of 18,500,000 of American depositary shares (the “ADSs”), each representing 15 ordinary shares of the Company, or a total of 277,500,000 ordinary shares (the “Firm Shares”). All ADSs will be offered by Kingsoft Cloud. Kingsoft Cloud expects to grant the underwriters a 30-day option to purchase additional ADSs. Investors have an option to receive ordinary shares of the Company to be traded on the HKEX (the “Shares”) in lieu of ADSs in this offering.

Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited, Deutsche Bank AG, Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited, and Merrill Lynch (Asia Pacific) Limited are acting as the underwriters for the Public Offering, which is subject to market and other conditions, and there can be no assurance as to whether or when the Public Offering may be completed.

Concurrently with, and subject to, among other closing conditions, the completion of the Public Offering, the Company’s existing shareholder, Kingsoft Corporation Limited (“Kingsoft Corporation”) has agreed to purchase from the Company certain number of its ordinary shares at a price per share equal to the Public Offering price per ordinary shares, in a concurrent private placement (the “Concurrent Private Placement”). The number of shares to be purchased by Kingsoft Corporation equals 20% of the aggregate number of (i) the Firm Shares and (ii) the shares to be purchased in the Concurrent Private Placement, subject to certain adjustments. The Concurrent Private Placement to Kingsoft Corporation is being made pursuant to Regulation S of the Securities Act of 1933, as amended. The Concurrent Private Placement constitutes connected transactions within the meaning of the Listing Rules of The Stock Exchange of Hong Kong Limited and are subject to, among other conditions, (i) the approval by independent shareholders in a shareholder meeting the Company plans to convene, and (ii) the completion of the Public Offering.

The Company plans to use the net proceeds from the Public Offering and the Concurrent Private Placement for (i) investments in upgrading and expanding infrastructure, (ii) investments in technology and product development, and (iii) general corporate and working capital purposes.

The ADSs and ordinary shares are offered in the Public Offering pursuant to an automatic shelf registration statement on Form F-3 filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus related to the proposed Public Offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by contacting Morgan Stanley Asia Limited, c/o Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, United States, or by telephone at +1-866-718-1649 or by emailing [email protected]; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing [email protected]; China International Capital Corporation Hong Kong Securities Limited, 29/F International Finance Center, No.1 Harbor View Street, Central, Hong Kong, by email at [email protected]; Deutsche Bank AG, Hong Kong Branch, Attention: Asia Equity Capital Market, Level 60, International Commerce Centre, 1 Austin Road West Kowloon, Hong Kong, or by phone at +852 22038166 or by email at [email protected]; HSBC Securities (USA) Inc. sales representative or by emailing [email protected]; or Merrill Lynch (Asia Pacific) Limited, c/o BofA Securities, Inc., Attention: Prospectus Department, One Bryant Park, New York, NY, 10036, United States, or by telephone at +1 (800) 294-1322 or by email at [email protected].

This press release does not constitute an offer to sell or the solicitation of an offer to buy ADSs, Shares or any other securities of the Company, nor shall there be any sale of ADSs or Shares in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to”, “could”, “potential” or other similar expressions. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; Kingsoft Cloud’s ability to monetize its customer base; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About Kingsoft Cloud Holdings Limited

Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

For more information, please visit: http://ir.ksyun.com.
  
For investor and media inquiries, please contact:

Kingsoft Cloud Holdings Limited
Nicole Shan
Tel: +86 (10) 6292-7777 Ext. 6300
Email: [email protected]

MIAMI, April 16, 2025 (GLOBE NEWSWIRE) — MSP Recovery, Inc. (NASDAQ: MSPR) (“MSP,” or the “Company”), a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery and technology leader, announced financial results for the fiscal year and fourth quarter ended December 31, 2024.

“MSP Recovery has overcome significant industry challenges to become the leader in enforcing Medicare Secondary Payer laws, protecting the Medicare Trust Fund, and paving the road for healthcare reimbursement recoveries,” said MSP Recovery Founder and CEO John H. Ruiz. “We’ve made legal and technological progress, holding primary payers accountable. Through pioneering legal strategy and healthcare innovation, we’ve exposed systemic flaws and secured meaningful settlements from Primary Payers. Our restructuring efforts and proprietary technology position MSP Recovery to scale recovery efforts with greater efficiency and impact.” Ruiz continued, “With deep expertise at the intersection of law, healthcare, and technology, we are uniquely equipped to combat systemic waste in the private and public sector, making a positive impact on the nation’s healthcare system and ultimately, helping improve patient care.”

Fiscal Year 2024 Highlights

Strategic Restructuring and Capital Initiatives

• Debt Reduction and Liquidity Enhancement: In April 2025, MSP entered into a term sheet with Virage Capital and Hazel Partners to reduce debt, streamline operations, and refocus on core Medicare and Medicaid recoveries. The agreement provides:
  • $9.75 million in bridge funding ($6.5 million available through July 2025);
  • Up to $25 million in working capital for a new, independently managed and operated servicing entity;
  • $144 million debt-to-equity conversion by CEO John H. Ruiz and CLO Frank C. Quesada (collectively, the “MSP Principals”) to significantly reduce leverage, subject to shareholder approval and other conditions;
  • A $25 million collateral pledge by MSP Principals to support future funding for the Company; and
  • Release of MSP Recovery’s corporate guarantee approx. $1.1B in obligations ($1.2B as of March 31, 2025), shifting liability away from the Company.

The transactions remain subject to final agreements, third-party and regulatory approvals, and other closing conditions. More information can be found on page i of the Company’s Annual Report on Form 10-K filed on April 15, 2025 (the “Annual Report”).

• Extension of Debt Maturity: The Company amended its agreement with YA II PN, Ltd. (“Yorkville”), extending the maturity date of its convertible notes and deferring the first monthly payment to November 30, 2026. This amendment also waived certain limitations, potentially enabling the Company to raise capital by selling shares to Yorkville over time.

Legal Settlements and Claims Recovery

• Pharmaceutical Litigation Settlement: In 2024, MSP entered into settlements in its pharmaceutical litigation portfolio totaling more than $8.0 million in cash recoveries plus non-monetary consideration, such as obtaining prescription drug claims data to assist in identifying and recovering against other responsible parties.
• Property & Casualty Insurer Settlements: The Company entered into comprehensive settlement agreements with property and casualty insurers totaling more than $10.0 million in cash recoveries, plus non-monetary consideration. These agreements included provisions for data sharing and collaborative processes to resolve future claims, enhancing the Company’s claims reconciliation capabilities.

Technological Advancements

• Launch of Clearinghouse Solution: The Company advanced initiatives to eliminate wasteful Medicare spending by launching its clearinghouse solution, built in partnership with Palantir Technologies, Inc. The clearinghouse platform integrates advanced artificial intelligence (“AI”) tools, natural language processing (“NLP”), and machine learning (“ML”) to create a robust data analytics system capable of capturing and managing extensive healthcare data from multiple sources. to identify and recover improper payments.
• Acquisition of Additional MSP Claims: In October 2024, the Company acquired additional Medicare Secondary Payer claims with an overall paid amount exceeding $10.6 billion, encompassing over 450,000 Medicare members. This acquisition enhances the Company’s ability to identify and recover improper payments.

Corporate Developments

• Brand Consolidation: In December 2024, the Company announced the consolidation of all lines of business under the MSP Recovery brand, and the Company’s Class A Common Stock, New Warrants, and Public Warrants began trading on Nasdaq under the ticker symbols “MSPR,” “MSPRW,” and “MSPRZ,” respectively. This strategic move aimed to streamline operations and align initiatives with the newly formed Department of Government Efficiency (DOGE).
• Reverse Stock Split: Effective November 15, 2024, the Company implemented a 1-for-25 reverse stock split of its common stock to regain compliance with Nasdaq’s minimum bid price requirement.

2024 Financial Highlights

• Revenue: Total revenue for the year ended December 31, 2024 was $18.2 million compared to $7.7 million for the year ended December 31, 2023, an increase of approximately 136% from the previous year. The $10.5 million increase for the year ended December 31, 2024 was driven by increased settlements during the period. While the Company remains in active settlement negotiations with several major insurers, the settlements finalized to date have been limited to carriers representing only a minor share of the property and casualty insurance market.
• Operating Loss: Operating loss for the year ended December 31, 2024 was $1,274 million, compared with $559.9 million during the year ended December 31, 2023. Adjusted operating loss for the year ended December 31, 2024 was $35.4 million, excluding non-cash claims amortization expense of $484.1 million, impairment of intangible assets of $752.7 million, and shared-based compensation of $2.1 million.¹
• Net Loss: Net loss for the year ended December 31, 2024 was $1,556.8 million and $360.5 million to controlling members, or net loss per share of $359.95 per share, based on 1,001,525 million weighted average shares outstanding. Adjusted net loss for the year ended December 31, 2024 was $41.3 million, excluding the non-cash item noted above, change in fair value of warrant and derivative liabilities of $136.9 million, and $413.6 million of non-cash expenses related to paid in kind interest.¹
• Liquidity: As of December 31, 2024, cash and cash equivalents were $12.3 million. The Company has potential additional capital resources, as set forth in more detail in Item 7 of our Annual Report.

^{(1) Additional information regarding the non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures has also been provided in the financial tables included below.}

Assigned Recovery Rights Claims Paid and Billed Value

The table below outlines the Company’s claims data received in the most recent periods. The amounts represent data received from current and new assignors:

	Year Ended December 31,
$ in billions	2024				2023				2022
Paid Amount	$	380.4			$	369.8			$	374.8
Paid Value of Potentially Recoverable Claims(2)		87.7				88.9				89.6
Billed Value of Potentially Recoverable Claims		375.3				373.5				377.8
Recovery Multiple(1)	0.08				N/A				N/A
Penetration Status of Portfolio		86.8	%			86.8	%			85.8	%

^{(1) During the year ended December 31, 2024, the Company received gross recoveries of $18.1 million, of which the Recovery Multiple for recoveries obtained pursuant to the MSP Laws was 1.32 times the Paid Amount, and the Recovery Multiple for recoveries obtained pursuant to non-MSP Laws, including antitrust and unfair trade practice laws, was 0.04 times the Paid Amount. During the years ended December 31, 2023 and 2022, recoveries were not meaningful, and so no multiple is provided.}

^{(2) On August 10, 2022, the United States Court of Appeals, Eleventh Circuit held that a four-year statute of limitations period applies to certain claims brought under the Medicare Secondary Payer Act’s private cause of action, and that the limitations period begins to run on the date that the cause of action accrued. This opinion may render certain Claims held by the Company unrecoverable and may substantially reduce PVPRC and BVPRC as calculated. As our cases were filed at different times and in various jurisdictions, and prior to data matching with a defendant we are not able to accurately calculate the entirety of damages specific to a given defendant, we cannot calculate with certainty the impact of this ruling at this time. However, the Company has deployed several legal strategies (including but not limited to seeking to amend existing lawsuits in a manner that could allow claims to relate back to the filing date as well as asserting tolling arguments based on theories of fraudulent concealment) that would apply to tolling the applicable limitations period and minimizing any material effect on the overall collectability of its claim rights. In addition, the Eleventh Circuit decision applies only to district courts in the Eleventh Circuit. Many courts in other jurisdictions have applied other statutes of limitations to the private cause of action, including borrowing the three-year statute of limitations applicable to the government’s cause of action; and borrowing from the False Claims Act’s six-year period. The most recent decision on the issue from the District Court of Massachusetts, for example, applies the same statute of limitations as Eleventh Circuit, but expressly disagrees with the Eleventh Circuit’s application of the “accrual” rule and instead adopted the notice-based trigger that the company has always argued should apply. This would mean that the limitations period for unreported claims has not even begun to accrue. This is a complex legal issue that will continue to evolve in jurisdictions across the country. Nevertheless, if the application of the statute of limitations as determined by the Eleventh Circuit was applied to all Claims assigned to us, we estimate that the effect would be a reduction of PVPRC by approximately $9.8 billion. As set forth in our Risk Factors, PVPRC is based on a variety of factors. As such, this estimate is subject to change based on the variety of legal claims being litigated and statute of limitations tolling theories that apply.}

• Total Paid Amount of owned claims has increased to $380.4 billion, as of December 31, 2024, up $10.6 billion or 2.9% from $369.8 billion as of December 31, 2023. This figure represents the amounts our clients/assignors have paid for in medical bills (including capitation payments).
• Paid Value of Potential Recoverable Claims has decreased to $87.7 billion, as of December 31, 2024, down $1.2 billion or 1.3% from $88.9 billion as of December 31, 2023. This figure represents the amounts the Company estimates are potentially recoverable as identified by its algorithms.

Financial Outlook

Recoveries Guidance: The Company continues to make progress in its recovery efforts, and management believes such projected recoveries are ultimately collectible. Recoveries are dependent on the completion of litigation and the negotiation of settlements, which are inherently uncertain and are subject to risk of delay and litigation outcomes. As a result, the Company will not provide future guidance on recoveries that are dependent on litigation or subrogation process.

Additional information regarding the non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to non-GAAP financial measures has also been provided in the financial tables accompanying this release.

Liquidity Outlook and Going Concern Assessment: The Company has concluded that, as of the date of this filing, substantial doubt exists regarding our ability to continue as a going concern within one year following the issuance of these consolidated financial statements.

The Company’s liquidity will depend on the ability to generate substantial Claims recovery income and Claims recovery services income in the near future, the timing of which is uncertain, as well as its ability to secure funding from capital sources. The Company’s principal liquidity needs have been working capital, debt service, and Claims financing obligations.

The Company anticipates sources of liquidity to include the Working Capital Credit Facility, the Yorkville SEPA, and beyond July 2025, the MSP Principals’ commitment to pledge $25 million of collateral to backstop additional working capital requirements of the Company, as disclosed in more detail in Note 9, Claims Financing Obligations and Notes Payable, and has taken several actions to address liquidity concerns. More information can be found in Part II, Item 7 of the Annual Report.

Impairment of Definite-Lived Intangible Assets: The Company’s estimation of the fair value of its CCRA intangible assets resulted in a non-cash impairment charge amounting to $752.7 million recorded during the fourth quarter of 2024 in Impairment of Intangible Assets in the statement of operations. For additional information, see Note 6, Intangible Assets, Net, to our Consolidated Financial Statements and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Estimates – Impairment of Intangible Assets.

About MSP Recovery

Founded in 2014, MSP Recovery has become a Medicare, Medicaid, commercial, and secondary payer reimbursement recovery leader, disrupting the antiquated healthcare reimbursement system with data-driven solutions to secure recoveries from responsible parties. MSP Recovery innovates technologies and provides comprehensive solutions for multiple industries including healthcare and legal. For more information, visit: MSPRecovery.com

Forward Looking Statements

This release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements may generally be identified by the use of words such as “anticipate,” “believe,” “expect,” “intend,” “plan” and “will” or, in each case, their negative, or other variations or comparable terminology. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. As a result, these statements are not guarantees of future performance or results and actual events may differ materially from those expressed in or suggested by the forward-looking statements. Any forward-looking statement made by MSP Recovery herein speaks only as of the date made. New risks and uncertainties come up from time to time, and it is impossible for MSPR to predict or identify all such events or how they may affect it. MSPR has no obligation, and does not intend, to update any forward-looking statements after the date hereof, except as required by federal securities laws. Factors that could cause these differences include, but are not limited to, MSPR’s ability to capitalize on its assignment agreements and recover monies that were paid by the assignors; the inherent uncertainty surrounding settlement negotiations and/or litigation, including with respect to both the amount and timing of any such results; the validity of the assignments of claims to MSPR; the ability to successfully expand the scope of MSPR’s claims or obtain new data and claims from MSPR’s existing assignor base or otherwise; MSPR’s ability to innovate and develop new solutions, and whether those solutions will be adopted by MSPR’s existing and potential assignors; negative publicity concerning healthcare data analytics and payment accuracy; and those additional factors included in MSPR’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other reports filed by it with the Securities and Exchange Commission. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

Media:

[email protected]

Investors:

[email protected]

MSP RECOVERY, INC. and Subsidiaries Consolidated Balance Sheets
		December 31,
(In thousands, except share and per share data)		2024				2023
ASSETS
Current assets:
Cash		$	12,328			$	11,633
Accounts receivable			295				217
Affiliate receivable (1)			1,204				1,188
Prepaid expenses and other current assets (1)			1,647				8,908
Total current assets			15,474				21,946
Property and equipment, net			5,159				4,911
Intangible assets, net (2)			1,898,223				3,132,796
Right-of-use assets			227				342
Total assets		$	1,919,083			$	3,159,995
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable		$	13,971			$	6,244
Affiliate payable (1)			21,664				19,822
Commission payable			1,342				821
Derivative liability			211				37
Warrant liability (1)			22,373				268
Guaranty obligation (1)			1,126,490				—
Claims financing obligation and notes payable (1)			31,200				—
Interest payable (1)			33,298				—
Other current liabilities (1)			14,765				19,314
Total current liabilities			1,265,314				46,506
Guaranty obligation (1)			—				941,301
Claims financing obligation and notes payable (1)			633,026				548,276
Lease liabilities			102				235
Loan from related parties (1)			130,328				130,709
Interest payable (1)			14,828				73,839
Other long-term liabilities			3,894				—
Total liabilities		$	2,047,492			$	1,740,866
Commitments and contingencies (Note 12)
Stockholders’ Equity:
Class A common stock, $0.0001 par value; 5,500,000,000 shares authorized; 2,184,958 and 586,393 issued and outstanding as of December 31, 2024 and 2023, respectively		$	—			$	—
Class V common stock, $0.0001 par value; 3,250,000,000 shares authorized; 4,962,704 and 4,965,296 issued and outstanding as of December 31, 2024 and 2023, respectively			—				—
Additional paid-in capital			546,635				357,941
Accumulated deficit			(446,050	)			(85,551	)
Total stockholders’ equity		$	100,585			$	272,390
Non-controlling interest			(228,994	)			1,146,739
Total equity		$	(128,409	)		$	1,419,129
Total liabilities and equity		$	1,919,083			$	3,159,995

^{1. As of December 31, 2024 and 2023, total affiliate receivable, affiliate payable, warrant liability, guaranty obligation and loan from related parties balances are with related parties. In addition, the prepaid expenses and other current assets, claims financing obligation and notes payable, other current liabilities, and interest payable include balances with related parties. See Note 14, Related Party Transactions, for further details.}

^{2. As of December 31, 2024 and 2023, intangible assets, net included $1.4 billion and $2.2 billion, respectively, related to a consolidated VIE. See Note 8, Variable Interest Entities, for further details.}

The accompanying notes are an integral part of these consolidated financial statements.

MSP RECOVERY, INC. and Subsidiaries Consolidated Statements of Operations
		Year Ended December 31,
(In thousands, except share and per share data)		2024				2023
Claims recovery income		$	18,122			$	7,207
Claims recovery service income			—				498
Other			127				—
Total Revenues		$	18,249			$	7,705
Operating expenses
Cost of revenues (1)			9,607				2,145
Claims amortization expense			484,076				476,492
General and administrative (2)			22,231				26,508
Professional fees			14,131				22,766
Professional fees – legal (3)			9,519				34,401
Impairment of intangible assets			752,697				—
Allowance for credit losses			—				5,000
Depreciation and amortization			277				263
Total operating expenses			1,292,538				567,575
Operating Loss		$	(1,274,289	)		$	(559,870	)
Interest expense (4)			(420,032	)			(289,169	)
Other income (expense), net			542				9,290
Change in fair value of warrant and derivative liabilities			136,934				4,604
Net loss before provision for income taxes		$	(1,556,845	)		$	(835,145	)
Provision for income tax expense			—				—
Net loss		$	(1,556,845	)		$	(835,145	)
Less: Net loss attributable to non-controlling interests			1,196,346				778,797
Net loss attributable to MSP Recovery, Inc.		$	(360,499	)		$	(56,348	)
Basic and diluted weighted average shares outstanding, Class A Common Stock			1,001,525				356,591
Basic and diluted net loss per share, Class A Common Stock		$	(359.95	)		$	(158.02	)

^{1. For the years ended December 31, 2024 and 2023, cost of Claim recoveries included $3.4 million and $0.3 million of related party expenses, respectively. This relates to contingent legal expenses earned from Claims recovery income pursuant to legal service agreements with the La Ley con John H. Ruiz P.A., d/b/a MSP Recovery Law Firm (the “Law Firm”). See Note 14, Related Party Transactions, for further details.}

^{2. For the years ended December 31, 2024 and 2023, general and administrative expenses included $0.2 million and $0.2 million of related party expenses, respectively.}

^{3. For the year ended December 31, 2024 and 2023, Professional Fees – Legal included $7.7 million and $19.2 million of related party expenses related to the Law Firm. See Note 14, Related Party Transactions, for further details.}

^{4. For the year ended December 31, 2024 and 2023, Interest expense included $318.9 million and $226.5 million, respectively, of interest expense to related parties.}

The accompanying notes are an integral part of these consolidated financial statements.

Non-GAAP Financial Measures

MSP RECOVERY, INC. and Subsidiaries Non-GAAP Reconciliation
		Year Ended December 31,
(In thousands)		2024				2023
GAAP Operating Loss		$	(1,274,289	)		$	(559,870	)
Professional fees paid in stock			2,072				830
Claims amortization expense			484,076				476,492
Impairment of intangible assets			752,697				—
Allowance for credit losses			—				5,000
Adjusted Operating Loss		$	(35,444	)		$	(77,548	)
GAAP Net Loss		$	(1,556,845	)		$	(835,145	)
Professional fees paid in stock			2,072				830
Claims amortization expense			484,076				476,492
Impairment of intangible assets			752,697				—
Allowance for credit losses			—				5,000
Interest expense (1)			413,648				204,287
Change in fair value of warrant and derivative liabilities			(136,934	)			(4,604	)
Adjusted Net Loss		$	(41,286	)		$	(153,140	)

^{(1) Interest expense included above excludes any interest expense payments made in cash during the year ended December 31, 2024.}

^{In addition to the financial measures prepared in accordance with GAAP, this Annual Report also contains non-GAAP financial measures. We consider “adjusted net loss” and “adjusted operating loss” as non-GAAP financial measures and important indicators of performance and useful metrics for management and investors to evaluate the Company’s ongoing operating performance on a consistent basis across reporting periods. We believe these measures provide useful information to investors. Adjusted net loss represents net loss adjusted for certain non-cash and non-recurring expenses and adjusted operating loss items represent operating loss adjusted for certain non-cash and non-recurring expenses. A reconciliation of these non-GAAP measures to their most relevant GAAP measure is included in Management’s Discussion and Analysis in the Annual Report Filed on Form 10-K.}

WAUKESHA, Wis., April 16, 2025 (GLOBE NEWSWIRE) — Generac Holdings Inc. (“Generac”) (NYSE: GNRC), a leading global designer, manufacturer, and provider of energy technology solutions and other power products, today announced plans to release its first quarter 2025 financial results before the market opens on Wednesday, April 30, 2025. Generac management will hold a conference call at 10:00 a.m. EDT on that day to discuss highlights of this earnings release.

A webcast of the conference call can be accessed at the following link: https://edge.media-server.com/mmc/p/ybd5daqe.

The webcast of the conference call will also be available on Generac’s website (http://www.generac.com), under the Investor Relations link. The webcast link will be made available on the Company’s website prior to the start of the call within the Events section of the Investor Relations website.

Following the live webcast, a replay will be available on the Company’s website.

About Generac

Generac is a total energy solutions company that empowers people to use energy on their own terms. Founded in 1959, Generac is a leading global designer, manufacturer, and provider of a wide range of energy technology solutions. The Company provides power generation equipment, energy storage systems, energy management devices & solutions, and other power products serving the residential, light commercial, and industrial markets. Generac introduced the first affordable backup generator and later created the automatic home standby generator category. The Company continues to expand its energy technology offerings for homes and businesses in its mission to Power a Smarter World and lead the evolution to more resilient, efficient, and sustainable energy solutions.

SOURCE: Generac Holdings Inc.

CONTACT:
Kris Rosemann
Director – Corporate Development & Investor Relations
(262) 506-6064
[email protected]

SAN DIEGO, April 16, 2025 (GLOBE NEWSWIRE) — Beam Global (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for transportation electrification and energy security, today announced the sale of its first EV ARC™ systems in Romania. This expansion marks a significant milestone as the country accelerates its transition to renewable energy in alignment with the European Union’s climate goals.

Romania, targeting 34% renewable energy production by 2030 under the EU’s Renewable Energy Directive, is increasingly prioritizing clean transportation solutions. Beam Global’s off-grid, solar-powered EV ARC™ systems offer a transportable, construction-free, and utility-free solution for electric vehicle (EV) charging and energy security, perfectly suited to meet the country’s growing demand for sustainable infrastructure.

Beam Global’s first sales in Romania has been executed by its Romanian reselling agent, Seltis Glass Design SRL, with whom the company has an existing successful relationship through its European subsidiary, selling street lighting solutions. This transaction demonstrates the efficacy of Beam Global’s strategy of leveraging external sales partners with proven track records in selling energy and transportation infrastructure products within key territories targeted by the company.

“Beam Global’s products provide a perfect solution for Romania’s electrification of transportation and energy security challenges,” said Alin Tanasi, Managing Director of Seltis Glass Design. “We have been successfully selling infrastructure products to government and enterprise entities in Romania for over a decade. We are excited about the opportunity to present Beam Global’s products to our existing and new customers. Beam Global’s unique benefits and innovative attributes were recognized at the 2025 Congress of Mayors. Many of those are already our customers and relationships. We believe we are off to a very good start and look forward to a successful relationship with Beam Global.”

In recognition of its role in driving innovation and enabling clean mobility, Beam Global was presented with the Award for Innovation in Sustainable Infrastructure at the 2025 Congress of Mayors and Local Administration of Romania. The award, presented by Eduard Dumitrascu, President of the Romanian Association for Smart City and Mobility, was accepted by Desmond Wheatley, CEO of Beam Global, on behalf of the company and its dedicated team.

“Romania has one of the fastest growing economies in Europe,” said Desmond Wheatley, CEO of Beam Global. “There is significant internal and EU investment in the electrification of transportation and sustainable energy infrastructure. Beam Global’s products are timely and ideally suited to solve for the expanding requirements in Romania. Securing our first sales here through a local reseller and being recognized for the innovative value that our products deliver at a congress of mayors and other government decision makers bode well for our growth opportunities in that country. This is another example of how our geographic expansion strategy enables us to increase sales without increasing investment. We intend to continue to replicate this model across the region.”

Beam Global was recognized “for developing and implementing advanced technological solutions that promote clean mobility and energy efficiency, significantly contributing to the transition toward a greener and more sustainable future.”

About Beam Global

Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Beam Global is headquartered in San Diego, CA with facilities in Broadview, IL and in Europe in Belgrade and Kraljevo, Serbia. Beam Global is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube, Instagram and X (formerly Twitter).

Forward-Looking Statements

This Beam Global Press Release may contain forward-looking statements. All statements in this Press Release other than statements of historical facts are forward-looking statements. Forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “anticipate,” “target,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may,” or other words and similar expressions that convey the uncertainty of future events or results. These statements relate to future events or future results of operations. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, which may cause Beam Global’s actual results to be materially different from these forward-looking statements. Except to the extent required by law, Beam Global expressly disclaims any obligation to update any forward-looking statements.

Media Contact

Andy Lovsted
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Investor Relations

Luke Higgins
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