Market Newsdesk

HAMBURG, Germany, Dec. 20, 2024 (GLOBE NEWSWIRE) — XCHG Limited (“XCharge” or the “Company”), (NASDAQ: XCH), a global leader in integrated EV charging solutions, acknowledges the recent unusual trading activity of its American Depositary Shares (“ADSs”).

The Company is not aware of any material news or events that would account for this activity.

XCharge is committed to sound corporate governance and transparent communication with its shareholders. The Company’s operations continue as normal, and its financial condition remains strong.

XCharge’s business focuses on EV charging solutions, and its ADSs are traded on the Nasdaq Global Market under the unique ticker symbol “XCH.”

The Company encourages investors to rely on factual information and consult with financial advisors when making investment decisions.

About XCharge

XCharge, founded in 2015, is a global leader in integrated EV charging solutions. The Company offers comprehensive EV charging solutions which primarily include the DC fast chargers, the advanced battery-integrated DC fast chargers, as well as its accompanying services. Through the combination of XCharge’s proprietary charging technology, energy storage system technology, and accompanying services, the Company enhances EV charging efficiency and unlocks the value of energy storage and management. Committed to providing innovative and efficient EV charging solutions, XCharge is actively working towards establishing a global green future that is critical to long-term growth and development.

For more information, please visit: https://investors.xcharge.com/

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to”, or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

XCharge
IR Department
Email: [email protected]

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Jenny Cai
Tel: +86 (10) 6508-0677
Email: [email protected]

SHANGHAI, Dec. 20, 2024 (GLOBE NEWSWIRE) — ECARX Holdings, Inc. (Nasdaq: ECX) (“ECARX” or “the Company”), a global mobility tech provider, today announced its board of directors has authorized a share repurchase program under which the Company may repurchase up to US$20,000,000 of its ordinary shares until the close of business on September 30, 2025, U.S. Eastern Time. The Company plans to adopt and implement this share repurchase program in accordance with applicable rules and requirements under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policy.

The Company’s proposed repurchases may be made from time to time in the open market at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and/or Rule 10b5-1 requirements. The Company’s board of directors will review the share repurchase program periodically, and may authorize adjustment of its terms and size. The Company expects to fund the repurchases out of its existing cash balance.

About ECARX

ECARX (Nasdaq: ECX) is a global automotive technology provider with capabilities to deliver turnkey solutions for next-generation smart vehicles, from the system on a chip (SoC), to central computing platforms, and software. As automakers develop new electric vehicle architectures from the ground up, ECARX is developing full-stack solutions to enhance the user experience, while reducing complexity and cost.

Founded in 2017 and listed on the Nasdaq in 2022, ECARX now has over 1,800 employees based in 12 major locations in China, UK, USA, Sweden, Germany, and Malaysia. The co-founders are two automotive entrepreneurs, Chairman and CEO Ziyu Shen, and Eric Li (Li Shufu), who is also the founder and chairman of Zhejiang Geely Holding Group — with ownership interests in global brands including Lotus, Lynk & Co, Geely Galaxy, Polestar, smart, and Volvo Cars. ECARX also works with other well-known automakers, including FAW and Dongfeng Peugeot-Citroën. To date, ECARX products can be found in over 7.3 million vehicles worldwide.

Safe Harbor Statement

This release contains statements that are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s beliefs and expectations as well as on assumptions made by and data currently available to management, appear in a number of places throughout this document and include statements regarding, amongst other things, results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. The use of words “expects”, “intends”, “anticipates”, “estimates”, “predicts”, “believes”, “should”, “potential”, “may”, “preliminary”, “forecast”, “objective”, “plan”, or “target”, and other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to a number of risks and uncertainties that could cause actual results to differ materially, including, but not limited to statements regarding our intentions, beliefs or current expectations concerning, among other things, results of operations, financial condition, liquidity, prospects, growth, strategies, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance, and the markets in which we operate. For a discussion of these and other risks and uncertainties that could cause actual results to differ materially from those expressed in any forward-looking statement, see ECARX’s filings with the U.S. Securities and Exchange Commission. ECARX undertakes no obligation to update or revise and forward-looking statements to reflect subsequent events or circumstances, except as required by applicable law.

Investor Contacts:

[email protected]

Media Contacts:

[email protected]

BOSTON, Dec. 20, 2024 (GLOBE NEWSWIRE) — Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced it has acquired a portfolio of primarily small bay industrial properties in Cincinnati, Ohio for $20.1 million, which equates to an anticipated initial NOI yield of 6.8%. The portfolio consists of nine buildings totaling 258,082 square feet that are currently 96.9% leased to 23 tenants with a weighted average lease term of approximately 2.75 years.

The Company has a second tranche of this portfolio that is under contract for $17.9 million, which equates to an anticipated initial yield of 7.3%, and is expected to close in the first quarter of 2025, contingent on the satisfaction of customary closing conditions, which cannot be assured. This portfolio consists of four buildings in Cincinnati totaling 240,578 square feet that are currently 98.0% leased to nine tenants with a weighted average lease term of approximately 3.75 years.

Jeff Witherell, Chairman and CEO of Plymouth Industrial REIT, noted, “We have an active pipeline of new investment opportunities we are pursuing in 2025. This portfolio is the first of these new transactions and is a strong addition to our existing presence that will now total over 3 million square feet in the Cincinnati market. We have purchased these buildings well below replacement cost with below-market rents. Consistent with the plans we have previously outlined to deploy our available capital, we expect to improve these initial returns significantly over the next two years through leasing and asset management.”

About Plymouth

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.

Forward-Looking Statements 

This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management’s plans, objectives and strategies, as well as statements regarding the timing of the consummation of the transactions, if at all, and the anticipated benefits therefrom, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

Contacts:

Plymouth Industrial REIT, Inc.

Tripp Sullivan
SCR Partners
[email protected]

— Dispensed applicator units in the fourth quarter of 2024 have exceeded the complete prior quarter even with significant cost reductions in sales and operational infrastructure

— Observed significant reduction in YCANTH distributor inventory levels

— New single applicator configuration for YCANTH

^®

expected to be available in the first quarter of 2025 to help meet growing product demand, reduce acquisition costs for physician practices and expand distribution and patient access

— Continue to advance pipeline of product candidates in common warts and basal cell carcinoma

WEST CHESTER, Pa., Dec. 20, 2024 (GLOBE NEWSWIRE) — Verrica Pharmaceuticals Inc. (“Verrica” or the “Company”) (Nasdaq: VRCA), a dermatology therapeutics company developing medications for skin diseases requiring medical interventions, today announced a business and operational update outlining the significant progress being made with respect to the new commercial strategy for YCANTH, Verrica’s lead product for the treatment of molluscum contagiosum (“molluscum”).

“Over the last several weeks since our November common stock offering, we have made significant progress across a number of key initiatives to help drive demand for YCANTH,” said Jayson Rieger, PhD MBA, President and Chief Executive Officer of Verrica. “First and foremost, we are executing effectively on our previously announced commercial strategy for YCANTH, as evidenced by achievement of fourth quarter dispensed applicator units already surpassing dispensed applicator units in the prior quarter. We are growing the YCANTH business while implementing highly targeted cost management initiatives to prioritize spend that creates value and reducing or eliminating inefficient and unnecessary expenses. We are also pleased to note a significant reduction in YCANTH inventory levels from our distribution partners.”

Dr. Rieger continued, “We are responding to the growing patient demand for YCANTH by increasing our distribution capabilities, making YCANTH available to more dermatologists and pediatricians through our previous distribution channels as well as through local independent pharmacies. Furthermore, we expect to provide a single applicator packaging configuration for YCANTH in the first quarter of 2025, which we anticipate will provide an added level of convenience for our independent and specialty pharmacy network. We also expect that the single applicator packaging will facilitate initial purchases of the product by health care providers who prefer same day treatment for patients by requiring significantly less cash outlay under our buy-and-bill distribution model. Finally, we expect this new packaging may increase patient access by providing added optionality to buying groups, hospitals and government entities for including YCANTH on formulary to service their patients. 

“As we enter 2025, we are excited about the opportunities that lie ahead for our company. As noted, we are already seeing favorable changes in the demand dynamics for YCANTH in response to our more focused and disciplined commercial strategy. Our recent financing also helped strengthen our balance sheet, while our ongoing efforts to improve Verrica’s operational efficiencies will help preserve our capital resources.”

Dr. Rieger concluded, “We also believe that our pipeline opportunities provide a tremendous source of potential upside for our company. Together with our development partner, Torii Pharmaceutical, we continue to advance YCANTH (referred to as TO-208 in Japan) for the treatment of common warts, which represents the opportunity to address the single largest unmet medical need in dermatology. Additionally, encouraging preliminary data from our Phase 2 study suggests that our oncolytic peptide, VP-315, may have the potential to become a new and differentiated treatment approach for basal cell carcinoma. In summary, we have made significant progress over a short period of time, and Verrica is becoming a more focused and efficient commercial-stage company.”

About YCANTH

^®

 (VP-102)

YCANTH® is a proprietary drug-device combination product that contains a GMP-controlled formulation of cantharidin delivered via a single-use applicator that allows for precise topical dosing and targeted administration for the treatment of molluscum. YCANTH® is the first and only commercially available product approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum — a common, highly contagious skin disease that affects an estimated six million people in the United States, primarily children. Approval of YCANTH® was based upon the positive results from two Phase 3 clinical trials in approximately 500 patients which demonstrated that YCANTH® was a safe and effective therapeutic for the treatment of molluscum. Approximately 228 million lives are eligible to receive YCANTH® covered by insurance. YCANTH® is available to all patients with and without insurance coverage for $25 per treatment, and further financial assistance is available for patients in need. Please visit YCANTHPro.com for additional information.

YCANTH® should only be administered by a trained healthcare professional. YCANTH® is not for home use.

About Verrica Pharmaceuticals Inc.

Verrica is a dermatology therapeutics company developing medications for skin diseases requiring medical interventions. Verrica’s product YCANTH® (VP-102) (cantharidin), is the first and only commercially available treatment approved by the FDA to treat adult and pediatric patients two years of age and older with molluscum contagiosum, a highly contagious viral skin infection affecting approximately 6 million people in the United States, primarily children. YCANTH® (VP-102) is also in development to treat common warts and external genital warts, two of the largest remaining unmet needs in medical dermatology. Verrica is developing VP-103, its second cantharidin-based product candidate, for the treatment of plantar warts. Verrica has also entered a worldwide license agreement with Lytix Biopharma AS to develop and commercialize VP-315 (formerly LTX-315 and VP-LTX-315) for non-melanoma skin cancers including basal cell carcinoma and squamous cell carcinoma. For more information, visit www.verrica.com.

Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “believe,” “expect,” “may,” “plan,” “potential,” “will,” and similar expressions, and are based on Verrica’s current beliefs and expectations. These forward-looking statements include statements about the availability of Verrica’s single applicator packaging configuration and the benefits of such configuration, the commercialization of YCANTH, cost management initiatives and preservation of capital resources, and the clinical development and benefits of Verrica’s product candidates, including YCANTH (VP-102). These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include risks and uncertainties related to market conditions, satisfaction of customary closing conditions related to the proposed public offering and other risks and uncertainties that are described in Verrica’s Annual Report on Form 10-K for the year ended December 31, 2023, Verrica’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 and other filings Verrica makes with the SEC. Any forward-looking statements speak only as of the date of this press release and are based on information available to Verrica as of the date of this release, and Verrica assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.

FOR MORE INFORMATION, PLEASE CONTACT:

Investors:

Kevin Gardner

LifeSci Advisors
[email protected]

Chris Calabrese

LifeSci Advisors
[email protected]

— Overall Performance Reflects Challenging Outdoor Recreation Market Environment —

— Barletta Continues to Expand U.S. Aluminum Pontoon Market Share, Driving Growth of Marine Segment —

— Company Repurchases
$30
Million of Shares During First Quarter —

— Fiscal Year 2025 EPS Guidance Range Narrowed; Midpoint Maintained —

EDEN PRAIRIE, Minn., Dec. 20, 2024 (GLOBE NEWSWIRE) — Winnebago Industries, Inc. (NYSE: WGO), a leading outdoor lifestyle product manufacturer, today reported financial results for the Company’s first quarter fiscal 2025.

First
Quarter Fiscal
2025
Financial Summary

• Revenues of $625.6 million
• Gross profit of $76.8 million, representing 12.3% gross margin
• Net loss per diluted share of $0.18
• Adjusted net loss per diluted share of $0.03⁽¹⁾

CEO Commentary

“As expected, the RV and marine operating environment remained challenging in the first quarter, marked by subdued consumer demand and a cautious dealer network reluctant to make significant commitments on new orders ahead of the historically slow winter season,” said Michael Happe, President and Chief Executive Officer of Winnebago Industries. “These industry challenges highlight the critical importance of our strategic focus on disciplined production, effective cost management and targeted investments in new products and technologies. These strategies, complemented by our healthy balance sheet, prudent capital spending and robust liquidity, enhance our competitive position for an anticipated market recovery in the second half of fiscal 2025.”

“Our first-quarter results reflected lower unit volumes in our RV segments, start-up costs associated with the Grand Design motorized RV rollout and ongoing product development, and a shift in product mix as we continue to introduce new products that meet the growing consumer preference for lower price-point models,” Happe said. “We continue to transform our product portfolio across brands and segments, refining product content and features to focus on delivering what consumers truly value, without compromising quality or functionality. While revenue and margins in our RV segments were down year over year, we were pleased with the performance of our Marine segment, which delivered top-line and margin growth sequentially and year-over-year. Our Barletta and Chris-Craft brands each generated retail market share growth through October, outperforming the industry in their respective categories.”

“From an industry perspective, encouraging retail trends in October and increasing consumer confidence, combined with ongoing inventory management efforts at the dealer level, are positive indicators of strengthening demand and a more balanced market environment,” Happe said. “While the second quarter of fiscal 2025 is likely to remain challenged, we remain confident in our strong positioning and long-term growth potential. That confidence is reflected in our balanced capital allocation strategy, highlighted by the $30 million in share repurchases executed in the first quarter as part of our ongoing commitment to delivering value to our shareholders.”

First Quarter Fiscal 2025 Results

Revenues were $625.6 million, a decrease of 18.0% compared to $763.0 million in the first quarter of last year, driven primarily by lower unit volume and a reduction in average selling price per unit related to product mix.

Gross profit was $76.8 million, a decrease of 33.7% compared to $115.8 million in the first quarter of last year. Gross profit margin decreased 290 basis points in the quarter to 12.3%, reflecting deleverage, higher warranty experience compared to the prior year and product mix, partially offset by operational efficiencies.

Operating expenses were $77.7 million, an increase of 1.3% compared to $76.7 million in the first quarter of last year. This increase was primarily driven by strategic investments, partially offset by cost containment efforts.

Operating loss was $0.9 million, compared to operating income of $39.1 million in the first quarter of last year.

Net loss was $5.2 million, compared to net income of $25.8 million in the first quarter of last year. Reported net loss per diluted share was $0.18, compared to reported net earnings per diluted share of $0.78 in the first quarter of last year. Adjusted loss per diluted share was $0.03⁽¹⁾, compared to adjusted earnings per diluted share of $0.95⁽¹⁾ in the first quarter of last year.

Consolidated Adjusted EBITDA was $14.4 million, a decrease of 73.4%, compared to $54.1 million in the first quarter of last year.

First Quarter Fiscal 2025 Segments Summary

Towable RV

	Three Months Ended
($, in millions)	November 30, 2024				November 25, 2023				Change (1)
Net revenues	$	254.0			$	330.8			(23.2)	%
Adjusted EBITDA	$	13.6			$	33.1			(59.0)	%
Adjusted EBITDA Margin		5.3	%			10.0	%		(470)	bps

⁽¹⁾  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

• Revenues for the Towable RV segment were down compared to the prior year, primarily driven by lower unit volume and a shift in product mix toward lower price-point models.
• Segment Adjusted EBITDA margin decreased compared to the prior year, primarily driven by volume deleverage and product mix, partially offset by cost containment efforts.

Motorhome RV

	Three Months Ended
($, in millions)	November 30, 2024				November 25, 2023				Change (1)
Net revenues	$	271.7			$	334.4			(18.7)	%
Adjusted EBITDA	$	2.7			$	21.3			(87.5)	%
Adjusted EBITDA Margin		1.0	%			6.4	%		(540)	bps

⁽¹⁾  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

• Revenues for the Motorhome RV segment were down from the prior year, primarily due to lower unit volume related to market conditions.
• Segment Adjusted EBITDA margin decreased compared to the prior year, primarily driven by volume deleverage, higher discounts and allowances, and higher warranty experience compared to the prior year, partially offset by operational efficiencies.

Marine

	Three Months Ended
($, in millions)	November 30, 2024				November 25, 2023				Change (1)
Net revenues	$	90.5			$	87.3			3.6	%
Adjusted EBITDA	$	8.4			$	7.2			16.7	%
Adjusted EBITDA Margin		9.3	%			8.2	%		110	bps

⁽¹⁾  Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

• Revenues for the Marine segment were up from the prior year, primarily due to targeted price increases and higher unit volume, partially offset by a reduction in average selling price per unit related to product mix.
• Segment Adjusted EBITDA margin increased compared to the prior year, primarily driven by targeted price increases, partially offset by product mix and higher warranty expense.

Balance Sheet and Cash Flow

As of November 30, 2024, the Company had total outstanding debt of $696.9 million ($709.3 million of debt, net of debt issuance costs of $12.4 million) and working capital of $556.1 million. Cash flow used in operations was $16.7 million in the Fiscal 2025 first quarter.

Quarterly Cash Dividend and Share Repurchases

On December 18, 2024, the Company’s Board of Directors approved a quarterly cash dividend of $0.34 per share payable on January 29, 2025, to common stockholders of record at the close of business on January 15, 2025. Winnebago Industries executed share repurchases of $30.0 million during the first quarter.

Outlook

For fiscal 2025, Winnebago Industries is reaffirming its expectation for consolidated revenues in the range of $2.9 billion to $3.2 billion. Based on its first-quarter 2025 results, and its outlook for the balance of the year, the Company is narrowing its fiscal 2025 reported EPS and adjusted EPS outlook while leaving the midpoints unchanged. The Company now expects reported earnings per diluted share of $2.50 to $3.80, compared with the prior range of $2.40 to $3.90 per diluted share, and adjusted earnings per share of $3.10 to $4.40⁽²⁾, compared with a prior range of $3.00 to $4.50 per diluted share. The Company’s outlook takes into account prevailing trends in the RV sector, including competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“We remain confident in our fiscal 2025 guidance,” said Happe. “Although the first half of the fiscal year comes with its typical seasonality and challenging market conditions, we are prepared to capitalize on the anticipated rise in demand as the RV and marine markets enter the spring selling season. This confidence comes from our robust lineup of new products, healthy channel relationships and strong financial foundation, all of which equip us to effectively serve our customers and navigate the current market landscape.”

Q1 FY 2025 Conference Call

Winnebago Industries, Inc. will discuss first quarter fiscal 2025 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company’s website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries

Winnebago Industries, Inc. is a leading North American manufacturer of outdoor lifestyle products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries’ investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2025. Investors are cautioned that forward-looking statements are inherently uncertain. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance (“ESG”) matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2025 Convertible Notes, 2030 Convertible Notes, and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party security analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company’s filings with the Securities and Exchange Commission (“SEC”) over the last 12 months, copies of which are available from the SEC or from the Company upon request. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company’s expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts

Investors: Ray Posadas
[email protected]

Media: Dan Sullivan
[email protected]

Winnebago Industries, Inc. Footnotes to News Release

Footnotes:

(1)	Beginning in the fourth quarter of Fiscal 2024, the Company updated its definition of Adjusted EPS to no longer adjust for the impact of a call spread overlay that was put in place upon the issuance of convertible notes, and which economically offsets dilution risk. Prior period amounts have been revised to conform to current year presentation.
(2)	Fiscal 2025 adjusted EPS guidance excludes the pretax impact of intangible amortization of approximately $22 million. ​​

Winnebago Industries, Inc. Condensed Consolidated Statements of Income (Unaudited and subject to reclassification)
	Three Months Ended
(in millions, except percent and per share data)	November 30, 2024							November 25, 2023
Net revenues	$	625.6			100.0	%		$	763.0		100.0	%
Cost of goods sold		548.8			87.7	%			647.2		84.8	%
Gross profit		76.8			12.3	%			115.8		15.2	%
Selling, general, and administrative expenses		72.1			11.5	%			71.1		9.3	%
Amortization		5.6			0.9	%			5.6		0.7	%
Total operating expenses		77.7			12.4	%			76.7		10.1	%
Operating (loss) income		(0.9	)		(0.1)%				39.1		5.1	%
Interest expense, net		5.8			0.9	%			4.1		0.5	%
Non-operating loss		—			—	%			0.6		0.1	%
(Loss) income before income taxes		(6.7	)		(1.1)%				34.4		4.5	%
Income tax (benefit) provision		(1.5	)		(0.2)%				8.6		1.1	%
Net (loss) income	$	(5.2	)		(0.8)%			$	25.8		3.4	%
(Loss) earnings per common share:
Basic	$	(0.18	)					$	0.87
Diluted	$	(0.18	)					$	0.78
Weighted average common shares outstanding:
Basic		28.6							29.6
Diluted		28.6							34.7

Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.

Winnebago Industries, Inc. Condensed Consolidated Balance Sheets (Unaudited and subject to reclassification)
(in millions)	November 30, 2024			August 31, 2024
Assets
Current assets
Cash and cash equivalents	$	262.5		$	330.9
Receivables, net		171.4			183.5
Inventories, net		435.5			438.7
Prepaid expenses and other current assets		38.9			35.6
Total current assets		908.3			988.7
Property, plant, and equipment, net		338.1			338.9
Goodwill		484.2			484.2
Other intangible assets, net		473.4			479.0
Investment in life insurance		29.7			29.6
Operating lease assets		46.4			46.6
Other long-term assets		17.9			17.2
Total assets	$	2,298.0		$	2,384.2
Liabilities and Shareholders’ Equity
Current liabilities
Accounts payable	$	113.6		$	144.7
Current maturities of long-term debt, net		59.2			59.1
Accrued expenses		179.4			200.9
Total current liabilities		352.2			404.7
Long-term debt, net		637.7			637.1
Deferred income tax liabilities, net		3.8			3.0
Unrecognized tax benefits		5.5			5.4
Long-term operating lease liabilities		44.7			45.6
Other long-term liabilities		13.9			15.1
Total liabilities		1,057.8			1,110.9
Shareholders’ equity		1,240.2			1,273.3
Total liabilities and shareholders’ equity	$	2,298.0		$	2,384.2

Winnebago Industries, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited and subject to reclassification)
	Three Months Ended
(in millions)	November 30, 2024				November 25, 2023
Operating activities
Net (loss) income	$	(5.2	)		$	25.8
Adjustments to reconcile net (loss) income to net cash used in operating activities
Depreciation		9.7				8.1
Amortization		5.6				5.6
Amortization of debt issuance costs		0.8				0.8
Last in, first-out expense		(0.2	)			0.1
Stock-based compensation		5.5				4.6
Deferred income taxes		0.8				1.0
Contingent consideration fair value adjustment		—				0.8
Other, net		(1.2	)			0.4
Change in operating assets and liabilities, net of assets and liabilities acquired
Receivables, net		12.0				(9.1	)
Inventories, net		3.4				(24.0	)
Prepaid expenses and other assets		0.1				(1.7	)
Accounts payable		(31.6	)			(23.4	)
Income taxes and unrecognized tax benefits		(1.5	)			8.7
Accrued expenses and other liabilities		(14.9	)			(19.1	)
Net cash used in operating activities		(16.7	)			(21.4	)
Investing activities
Purchases of property, plant, and equipment		(10.0	)			(11.8	)
Other, net		2.0				(2.9	)
Net cash used in investing activities		(8.0	)			(14.7	)
Financing activities
Borrowings on long-term debt		—				780.6
Repayments on long-term debt		—				(780.6	)
Payments of cash dividends		(10.2	)			(9.6	)
Payments for repurchases of common stock		(33.6	)			(44.2	)
Other, net		0.1				(0.4	)
Net cash used in financing activities		(43.7	)			(54.2	)
Net decrease in cash and cash equivalents		(68.4	)			(90.3	)
Cash and cash equivalents at beginning of period		330.9				309.9
Cash and cash equivalents at end of period	$	262.5			$	219.6
Supplemental Disclosures
Income taxes (received) paid, net	$	(0.1	)		$	—
Interest paid		0.7				2.5
Non-cash investing and financing activities
Capital expenditures in accounts payable	$	5.0			$	2.9

Winnebago Industries, Inc. Supplemental Information by Reportable Segment – Towable RV (in millions, except unit data) (Unaudited and subject to reclassification)
	Three Months Ended
	November 30, 2024			% of Revenues (1)			November 25, 2023			% of Revenues (1)			$ Change (1)				% Change (1)
Net revenues	$	254.0					$	330.8					$	(76.8	)		(23.2)%
Adjusted EBITDA		13.6		5.3	%			33.1		10.0	%			(19.5	)		(59.0)%
	Three Months Ended
Unit deliveries	November 30, 2024			Product Mix (2)			November 25, 2023			Product Mix (2)			Unit Change				% Change
Travel trailer		4,637		70.1	%			5,381		68.6	%			(744	)		(13.8)%
Fifth wheel		1,979		29.9	%			2,465		31.4	%			(486	)		(19.7)%
Total Towable RV		6,616		100.0	%			7,846		100.0	%			(1,230	)		(15.7)%
Dealer Inventory	November 30, 2024						November 25, 2023						Unit Change				% Change
Units		15,211						16,667						(1,456	)		(8.7)%

(1)	Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2)	Percentages may not add due to rounding differences.

Winnebago Industries, Inc. Supplemental Information by Reportable Segment – Motorhome RV (in millions, except unit data) (Unaudited and subject to reclassification)
	Three Months Ended
	November 30, 2024			% of Revenues (1)			November 25, 2023			% of Revenues (1)			$ Change (1)				% Change (1)
Net revenues	$	271.7					$	334.4					$	(62.7	)		(18.7)%
Adjusted EBITDA		2.7		1.0	%			21.3		6.4	%			(18.7	)		(87.5)%
	Three Months Ended
Unit deliveries	November 30, 2024			Product Mix (2)			November 25, 2023			Product Mix (2)			Unit Change				% Change
Class A		242		17.0	%			481		27.9	%			(239	)		(49.7)%
Class B		469		33.0	%			691		40.2	%			(222	)		(32.1)%
Class C		711		50.0	%			549		31.9	%			162			29.5	%
Total Motorhome RV		1,422		100.0	%			1,721		100.0	%			(299	)		(17.4)%
Dealer Inventory	November 30, 2024						November 25, 2023						Unit Change				% Change
Units		3,994						4,224						(230	)		(5.4)%

(1)	Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2)	Percentages may not add due to rounding differences.

Winnebago Industries, Inc. Supplemental Information by Reportable Segment – Marine (in millions, except unit data) (Unaudited and subject to reclassification)
	Three Months Ended
	November 30, 2024			% of Revenues (1)			November 25, 2023			% of Revenues (1)			$ Change (1)				% Change (1)
Net revenues	$	90.5					$	87.3					$	3.2			3.6	%
Adjusted EBITDA		8.4		9.3	%			7.2		8.2	%			1.2			16.7	%
	Three Months Ended
Unit deliveries	November 30, 2024						November 25, 2023						Unit Change				% Change
Boats		1,171						1,118						53			4.7	%
Dealer Inventory (2)	November 30, 2024						November 25, 2023						Unit Change				% Change
Units		3,143						3,767						(624	)		(16.6)%

(1)	Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2)	Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.

Winnebago Industries, Inc. Non-GAAP Reconciliation (Unaudited and subject to reclassification)

Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.

The following table reconciles diluted (loss) earnings per share to Adjusted diluted (loss) earnings per share:

	Three Months Ended
	November 30, 2024				November 25, 2023
Diluted (loss) earnings per share	$	(0.18	)		$	0.78
Acquisition-related costs(1)		—				0.04
Amortization(1)		0.20				0.16
Contingent consideration fair value adjustment(1)		—				0.02
Tax impact of adjustments(2)		(0.05	)			(0.05	)
Adjusted diluted (loss) earnings per share(3,4)	$	(0.03	)		$	0.95

(1)	Represents a pre-tax adjustment.
(2)	Income tax impact calculated using the statutory tax rate for the U.S. of 23.0% for Fiscal 2025 and Fiscal 2024.
(3)	Beginning in the fourth quarter of Fiscal 2024, the Company updated its definition of Adjusted EPS to no longer adjust for the impact of a call spread overlay that was put in place upon the issuance of convertible notes, and which economically offsets dilution risk. Prior period amounts have been revised to conform to current year presentation.
(4)	Per share numbers may not foot due to rounding.

The following table reconciles net (loss) income to consolidated EBITDA and Adjusted EBITDA.

	Three Months Ended
(in millions)	November 30, 2024				November 25, 2023
Net (loss) income	$	(5.2	)		$	25.8
Interest expense, net		5.8				4.1
Income tax (benefit) provision		(1.5	)			8.6
Depreciation		9.7				8.1
Amortization		5.6				5.6
EBITDA		14.4				52.2
Acquisition-related costs		—				1.3
Contingent consideration fair value adjustment		—				0.8
Non-operating income		—				(0.2	)
Adjusted EBITDA	$	14.4			$	54.1

Non-GAAP performance measures of Adjusted diluted (loss) earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted (loss) earnings per share is defined as diluted (loss) earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net (loss) income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net (loss) income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted (loss) earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.

SANTA CLARA, Calif., Dec. 20, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO), a provider of TCAD, EDA software and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, today announced a strategic sales partnership with Micon Global. The partnership between Silvaco and Micon Global is expected to drive Silvaco’s expansion across the EMEA market, leveraging Micon Global’s expertise to enhance client access to Silvaco’s design solutions.

“We are excited to partner with Micon Global to bring Silvaco’s TCAD, EDA, and SIP solutions to a broader customer base, as we expand our reach across the EMEA market,” said Ian Chen, Chief Revenue Officer at Silvaco Group. “We believe Micon Global’s deep expertise in the region and strong client relationships will be instrumental in increasing access to our cutting-edge semiconductor design and digital twin modeling solutions, empowering innovation and enabling success for our customers.”

Micon Global has team members across Europe, and a long history of connecting top fabs and fabless design houses with companies in the semiconductor, electronics and software sectors. With over 20 years of expertise, Micon Global is known for its customer-focused approach, extensive industry knowledge and professional service. Micon Global will be promoting the full Silvaco technology portfolio, including TCAD, EDA, and Semiconductor IP solutions. 

“Micon Global is pleased to extend its business partnership with Silvaco to further enhance Silvaco’s reach in the EMEA market,” stated Tal Oren, CEO of Micon Global.  “The Silvaco TCAD, EDA and IP solutions are in demand in an expanding semiconductor market and will allow us to address the most complex technology and design challenges of our customers.”

About Micon Global
Since 2001, Micon Global has represented leading providers in the semiconductor, electronics and software industries. With offices across the UK, Israel, Italy, France, Germany, Japan, Korea and Taiwan, Micon Global supports clients across the EMEA and APAC regions, offering localized expertise and driving success in the global technology market.

About Silvaco 
Silvaco is a provider of TCAD, EDA software and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore and Taiwan. For additional information, please visit https://silvaco.com/

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” provisions of those sections. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are typically identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue” and similar expressions, although not all forward-looking statements contain these words. These statements are based on the Company’s current expectations and assumptions and are subject to risks, uncertainties and other factors, including those described in the Company’s most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. These factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

Investor Relations:

Greg McNiff
[email protected]

Media Contact

Tyler Weiland
[email protected] 

New York, NY, Dec. 20, 2024 (GLOBE NEWSWIRE) — Alpha Star Acquisition Corporation (Nasdaq: ALSA) (the “Company”) announced that it has received a letter (the “Letter”) from the Listing Qualifications Department of the Nasdaq Stock Market LLC (“Nasdaq”) indicating that (i) the Staff has determined that the Company’s securities will be delisted from The Nasdaq Stock Market; (ii) trading of the Company’s Ordinary Shares, Units, Rights, and Warrants will be suspended at the opening of business on December 23, 2024; and (iii) a Form 25-NSE will be filed with the Securities and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on The Nasdaq Stock Market. Pursuant to Nasdaq Listing Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness of its IPO registration statement. Since the Company failed to complete its initial business combination by December 13, 2024, the Company did not comply with IM-5101-2, and its securities are now subject to delisting.

The Company will not appeal Nasdaq’s determination to delist the Company’s securities and accordingly, the Company’s securities will be suspended from trading on Nasdaq at the opening of business on December 23, 2024. The Company intends to apply for the listing of its securities on the OTC market under the same ticker symbols after they are delisted from Nasdaq. The delisting from Nasdaq does not affect the Company’s previously announced business combination with OU XDATA GROUP, a company incorporated in Estonia, as both parties continue to work to effectuate the closing of the business combination. The merged entity will apply for listing of its securities on the Nasdaq Stock Market in connection with the closing of the business combination.

On December 16, 2024, the Company filed a definitive proxy statement for an extraordinary general meeting of shareholders to be held on December 27, 2024, to, among other things, approve amendments to the investment management trust agreement between the Company and Wilmington Trust, N.A. providing the Company with the discretion to extend the date on which to commence liquidating the trust account (the “Trust Account”) established in connection with the Company’s initial public offering up to six (6) additional times, each by a period of one month, from December 15, 2024 to June 15, 2025 by depositing into the Trust Account $35,000 for each one-month extension. The Company believes that it is very likely that it will fully exercise such discretion to extend the business combination period. The Company and OU XDATA GROUP are working diligently to complete the business combination as soon as practicable.

The Company will remain a reporting entity under the Securities Exchange Act of 1934, as amended, with respect to continued disclosure of financial and operational information. 

About Alpha Star Acquisition Corporation

Alpha Star Acquisition Corporation is a blank check company formed under the laws of the Cayman Islands for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements”. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and final prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contacts:

Zhe Zhang
Chairman and Chief Executive Officer
100 Church Street, 8th Floor, New York, New York
(332) 233-4356
Email: [email protected]