Market Newsdesk

India Biodiesel


Generates


Revenues of


$33.6 million from


S


upply to


India Oil Marketing Companies

CUPERTINO, CA, Aug. 03, 2023 (GLOBE NEWSWIRE) — via NewMediaWire – Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on negative carbon intensity products, today announced its financial results for the three and six months ended June 30, 2023.

“Revenues of $45.1 million for the second quarter of 2023 reflect our India Biodiesel segment fulfilling $33.6 million of supply contracts from the three Oil Marketing Companies combined with the restart of the Keyes plant in late May as we completed the maintenance cycle which allowed for the acceleration of the implementation of several important ethanol plant efficiency upgrades,” said Todd Waltz, Chief Financial Officer of Aemetis.  “Investments in capital projects were $9.8 million for the first half of 2023 as our engineering and construction teams moved forward with the initiatives outlined in our Five-Year Plan,” added Waltz.

“We are pleased with the many milestones accomplished during the first half of 2023 regarding the Aemetis Biogas assets brought into service including seven biogas digesters and a 40-mile biogas pipeline; our India team fulfilling India government OMC biodiesel sales contracts at our India plant; land and air permitting progress for the Riverbank SAF/RD plant; permitting progress for the Aemetis Carbon Capture business that resulted in the first CO2 characterization well permit issued by the State of California; solar, ZEBREX, MVR and other energy efficiency projects at the Keyes ethanol plant supported by $16.7 million of California Energy Commission and PG&E utility grants; and restarting the Keyes plant in late May during a period of high margins for the ethanol industry,” said Eric McAfee, Chairman and CEO of Aemetis.  

We invite investors to review the Aemetis Corporate Presentation on the Aemetis home page prior to the earnings call. On Thursday, August 3, 2023, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).

Live Participant Dial In (Toll Free): +1-888-506-0062 enter code 340104
Live Participant Dial In (International): +1-973-528-0011 enter code 340104
Webcast URL:https://www.webcaster4.com/Webcast/Page/2211/48845

For details on the call, please visit http://www.aemetis.com/investors/conference-calls/

Financial Results for the Three Months Ended June 30, 20
2
3

Revenues during the second quarter of 2023 were $45.1 million compared to $65.9 million for the second quarter of 2022, principally driven by $33.6 million of sales from India Biodiesel. Our California Ethanol operations restarted after an extended maintenance cycle which allowed for the acceleration of the implementation of several important ethanol plant efficiency upgrades, allowing for the generation of $11.3 million of revenues during late May and June. Delivered corn price decreased significantly from an average price of $10.21 per bushel during the second quarter of 2022 to $6.84 per bushel during the second quarter of 2023.

Gross profit for the second quarter of 2023 was $2.0 million, a significant improvement compared to a $0.2 million gross loss during the second quarter of 2022.

Selling, general and administrative expenses were $9.7 million during the second quarter of 2023, compared to $7.4 million during the second quarter of 2022, including $1.3 million for fixed costs of goods sold that were allocated to selling, general and administrative during the Keyes plant maintenance period. SG&A included $1.8 million of non-cash expense related to stock options and other consideration issued under stock incentive plans.

Operating loss was $7.8 million and $7.7 million each for the second quarter of 2023 and 2022.

Interest expense during the second quarter of 2023 was $9.6 million, excluding accretion and other expenses in connection with Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to $6.7 million during the second quarter of 2022. Additionally, our Aemetis Biogas LLC subsidiary recognized $6.9 million of accretion and other expenses in connection with preference payments on its preferred stock during the second quarter of 2023 compared to $1.5 million during the second quarter of 2022.

Net loss was $25.3 million for the second quarter of 2023, compared to a net loss of $209 thousand for the second quarter of 2022, including the impact in 2022 of a grant of $14.2 million received from the United States Department of Agriculture (“USDA”) Biofuel Producer Program and the release of a litigation reserve of $1.4 million.

Our India plant contributed $5.1 million of Adjusted EBITDA during the three months ended June 30, 2023, offset by Adjusted EBITDA from the restart of the Keyes plant and other operations, for a total company negative Adjusted EBITDA of $4.2 million for the second quarter of 2023.

Cash at the end of the quarter was $3.5 million, compared to $4.3 million at the close of 2022.

Financial Results for the Six Months Ended June 30, 20
2
3

Revenues were $47.3 million for the first half of 2023, compared to $118.0 million for the first half of 2022, primarily generated from India Biofuels supplying fuel under contracts with India government oil marketing companies and offset by the extended maintenance cycle which allowed for the acceleration of the implementation of several important ethanol plant efficiency upgrades at the Keyes plant during the first half of 2023.

Gross profit for the first half of 2023 was $661 thousand, a significant improvement compared to a gross loss of $3.3 million during the first half of 2022.

Selling, general and administrative expenses were $20.5 million during the first half of 2023, compared to $14.7 million during the first half of 2022, including $4.0 million of fixed costs of goods sold charged to selling, general and administrative during the Keyes plant maintenance period.

Operating loss was $19.9 million for the first half of 2023, compared to $18.1 million for the first half of 2022.

Interest expense was $18.7 million during the first half of 2023, excluding accretion and other expenses of Series A preferred units in our Aemetis Biogas LLC subsidiary, compared to interest expense of $12.9 million during the first half of 2022. Additionally, our Aemetis Biogas LLC subsidiary recognized $12.4 million of accretion and other expenses in connection with preference payments on its preferred stock during the first half of 2023 compared to $3.1 million during the first half of 2022.

Net loss for the first half of 2023 was $51.7 million and Adjusted EBITDA was negative $11.8 million during the ethanol plant maintenance, upgrade and restart process, compared to a net loss of $18.5 million and Adjusted EBITDA of $3 million during the same period of 2022. Included in net income for 2022 is the receipt of a grant of $14.2 million from the United States Department of Agriculture (“USDA”) Biofuel Producer Program and the release of a litigation reserve of $1.4 million.  

Investments in capital projects of $9.8 million were made during the first half of 2023.   Investments in capital projects related to Aemetis Biogas were $7.8 million. Investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol and other initiatives were $2.0 million.

About
Aemetis

Aemetis has a mission to transform renewable energy with below zero carbon intensity transportation fuels. Aemetis has launched the Carbon Zero production process to decarbonize the transportation sector using today’s infrastructure.

Aemetis Carbon Zero products include zero-carbon fuels that can “drop-in” to be used in airplanes, trucks, and ship fleets. Aemetis low-carbon fuels have substantially reduced carbon intensity compared to standard petroleum fossil-based fuels across their lifecycle.

Headquartered in Cupertino, California, Aemetis is a renewable natural gas, renewable fuel and biochemicals company focused on the acquisition, development and commercialization of innovative technologies that replace petroleum-based products and reduce greenhouse gas emissions. Founded in 2006, Aemetis has completed Phase 1 and is expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis also owns and operates a 50 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin for customers in India and Europe. Aemetis is developing the Carbon Zero sustainable aviation fuel (SAF) and renewable diesel fuel biorefineries in California to utilize distillers corn oil and other renewable oils to produce low carbon intensity renewable jet and diesel fuel using cellulosic hydrogen from waste orchard and forest wood, while pre-extracting cellulosic sugars from the waste wood to be processed into high value cellulosic ethanol at the Keyes plant. Aemetis holds a portfolio of patents and exclusive technology licenses to produce renewable fuels and biochemicals. For additional information about Aemetis, please visit www.aemetis.com

NON-GAAP FINANCIAL INFORMATION

We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest expense, income tax expense, intangible and other amortization expense, accretion expense, depreciation expense, loss on lease termination, gain on litigation, and share-based compensation expense.

Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results and for budgeting and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison.

Safe Harbor Statement

This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts.   Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan, future growth in revenue, expansion into new markets, our ability to commercialize and scale the licensed patented technology, the ability to obtain sufficiently low Carbon Intensity scores to achieve below zero carbon intensity transportation fuels, the development of the Aemetis Biogas Dairy project, the development of the Aemetis Carbon Zero plant at the Riverbank site, the upgrades to the Aemetis Keyes ethanol plant, the development of the Aemetis Carbon Capture projects, and the ability to access the funding required to execute on project construction and operations.  Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2022, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2023 and June 30, 2023 and in our subsequent filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

External Investor Relations Contact: Kirin Smith PCG Advisory Group (646) 863-6519 [email protected]

Company Investor Relations/ Media Contact: Todd Waltz (408) 213-0940 [email protected]

 

(Tables follow)

AEMETIS, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(
unaudited
, in thousands except per share data)

	Three months ended											Six months ended
	June 30,									June 30,
		20 2 3				20 2 2					202 3					202 2
Revenues	$	45,112			$	65,901				$	47,263				$	117,950
Cost of goods sold		43,156				66,115					46,602					121,249
Gross profit (loss)		1,956				(214		)			661					(3,299	)
Research and development expense		37				51					79					87
Selling, general and admin. expense		9,709				7,421					20,495					14,727
Operating loss		(7,790	)			(7,686		)			(19,913		)			(18,113	)
Interest expense
Interest rate expense		8,299				4,928					15,377					9,363
Debt related fees and Amortization expense		1,330				1,740					3,299					3,566
Accretion and other expenses of Series A preferred units		6,885				1,506					12,449					3,146
Gain on litigation		–				(1,400		)			–					(1,400	)
Other income		(91	)			(14,254		)			(167		)			(14,295	)
Loss before income taxes		(24,213	)			(206		)			(50,871		)			(18,493	)
Income tax expense		1,066				3					818					10
Net loss	$	(25,279	)		$	(209		)		$	(51,689		)		$	(18,503	)
Net loss per common share
Basic	$	(0.68	)		$	(0.01		)		$	(1.40		)		$	(0.54	)
Diluted	$	(0.68	)		$	(0.01		)		$	(1.40		)		$	(0.54	)
Weighted average shares outstanding
Basic		37,179				34,536					36,804					34,128
Diluted		37,179				34,536					36,804					34,128

AEMETIS, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(
unaudited
, in thousands)

	June 30 , 202 3					December 31, 20 2 2
Assets
Current assets:
Cash and cash equivalents	$	3,494				$	4,313
Accounts receivable		6,157					1,264
Inventories		7,463					4,658
Prepaid and other current assets		3,794					7,901
Total current assets		20,908					18,136
Property, plant and equipment, net		182,783					180,441
Other assets		8,894					8,537
Total assets	$	212,585				$	207,114
Liabilities and stockholders’ deficit
Current liabilities:
Accounts payable	$	30,306				$	26,168
Current portion of long-term debt		21,458					12,465
Short term borrowings		41,396					36,754
Mandatorily redeemable Series B stock		4,289					4,082
Accrued property taxes and other liabilities		11,472					8,812
Total current liabilities		108,921					88,281
Total long term liabilities		342,601					320,687
Total stockholders’ deficit:
Series B convertible preferred stock		1					1
Common stock		38					36
Additional paid-in capital		247,017					232,546
Accumulated deficit		(480,674	)				(428,985		)
Accumulated other comprehensive loss		(5,319	)				(5,452		)
Total stockholders’ deficit		(238,937	)				(201,854		)
Total liabilities and stockholders’ deficit	$	212,585				$	207,114

RECONCILIATION OF ADJUSTED EBITDA TO NET LOSS

(
unaudited
, in thousands)

	Three Months Ended										Six Months Ended June 30,
	June 30,
			20 2 3				20 22					20 2 3				20 22
Net loss		$	(25,279	)		$	(209		)		$	(51,689	)		$	(18,503	)
Adjustments:
Interest expense			9,629				6,668					18,676				12,929
Depreciation expense			1,671				1,325					3,461				2,661
Accretion and other expenses of Series A preferred units			6,885				1,506					12,449				3,146
Share-based compensation			1,755				1,349					4,417				3,389
Intangibles and other amortization			11				11					23				23
Loss on lease termination			–				736					–				736
Gain on litigation			–				(1,400		)			–				(1,400	)
Income tax expense			1,066				3					818				10
Total adjustments			21,017				10,198					39,844				21,494
Adjusted EBITDA		$	(4,262	)		$	9,989				$	(11,845	)		$	2,991

PRODUCTION AND PRICE PERFORMANCE

(unaudited)

	Three months ended June 30,										Six months ended June 30,
		202 3				202 2				202 3							202 2
Ethanol
Gallons sold (in millions)		2.8				15.2				2.9						29.9
Average sales price/gallon	$	3.12			$	3.13			$	3.08					$	2.86
Percentage of nameplate capacity		20	%			111	%			11			%			109			%
WDG
Tons sold (in thousands)		24.3				104.0				24.3						204.4
Average sales price/ton	$	105			$	146			$	105					$	130
Delivered cost of corn
Bushels ground (in millions)		1.4				5.3				1.4						10.4
Average delivered cost / bushel	$	6.84			$	10.21			$	7.17					$	9.50
Dairy Renewable Natural Gas
MMBtu produced (in thousands)		54.1				14.9				75.4						28.9
MMBtu stored as inventory (in thousands)		86.7
Biodiesel
Metric tons sold (in thousands)		25.7				–				28.1						–
Average sales price per metric ton	$	1,276				–			$	1,210						–

PLEASANTON, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) — ProSomnus, Inc. (“the Company” or “ProSomnus”) (NASDAQ: OSA), a leading CPAP alternative for the treatment of Obstructive Sleep Apnea (“OSA”), today announced financial results for the second quarter ended June 30, 2023.

Recent Business Highlights

• Generated record quarterly revenues of $6.9 million in the second quarter of 2023, and $12.7 million in the first half of 2023.
• Delivered a 43% revenue increase from the second quarter of 2022, and a sequential revenue increase of 19% from the first quarter 2023.
• Updated, preliminary data from the Front Line Obstructive Sleep Apnea Treatment study (FLOSAT), a head to head study versus CPAP for moderate and severe OSA, was presented at three sleep industry conferences demonstrating ProSomnus precision devices as efficacious and patient-preferred. Timeline for initial data readout from the Severe Obstructive Sleep Apnea Study (SOS) in the first half of 2024 remains on track.
• Completing development of the next-generation precision OAT featuring embedded remote patient monitoring capabilities, with first commercial use expected in the fourth quarter of 2023.

“ProSomnus delivered record revenues, significant revenue growth and strong organizational execution in the second quarter of 2023,” said Len Liptak, Chief Executive Officer. “The rapidly increasing demand for our precision devices, buttressed by new clinical data supporting the effectiveness of our precision therapy, represents meaningful progress towards achieving our vision of making ProSomnus devices the leading treatment for OSA. Data presented by KOLs at scientific conferences further associated ProSomnus devices with effective, safe, and patient-preferred treatment. I am proud of our revenue growth which significantly exceeded expectations, and which we believe reflects the investments we have made toward our strategic growth plans. During the second quarter our team executed against these key initiatives including the expansion of our direct sales team, the development of our next generation sensor device, and the fielding of our Severe OSA Study and related severe OSA FDA label expansion.”

Financial Results for the Second Quarter of 2023

Revenues for the second quarter ended June 30, 2023 totaled $6.9 million, reflecting a 43% increase over $4.9 million reported for the same period in 2022 and a 19% sequential increase compared to $5.8 million reported for the first quarter of 2023. Year-to-date through June 30, 2023, revenues increase 48% to $12.7 million from $8.6 million for the same period during the prior year. Revenue growth and the underlying growth in deliveries of the Company’s products reflects the growing clinical adoption of ProSomnus’s precision devices in both the United States and Europe and positive impacts of the expanded field sales team during the first half of 2023.

Gross margins remain strong and consistent at 54% for the second quarter ended and year-to-date through June 30, 2023. Margins during the second quarter improved modestly compared to 53% for the first quarter of 2023 and 52% compared to the same period during 2022 and decreased slightly compared to year-to-date 2022 of 55%. Gross profit and gross margin include the costs of materials, labor and overhead costs to produce the Company’s products, including the new manufacturing facility into which the Company moved during 2023. The facility quadrupled the Company’s previous capacity and increased overhead costs absorbed into product costs. With the increased facility costs the Company has maintained strong margins and expects to leverage this, and other expenses, as volumes increase thereby increasing gross margin.

Operating expenses increased to $9.5 million for the second quarter ended June 30, 2023, an increase of $5.5 million compared to the same period during 2022, and $2.3 million compared to the first quarter of 2023. Year-to-date operating expenses increased to $16.7 million, an increase of $8.7 million compared to the same period last year. Increases in Sales and Marketing reflect planned increases in direct sales resources in the United States and in Europe. Increases in R&D reflect investments being made in the later stages of development of the Company’s RPMO₂ sensor enabled appliance that is expected to be introduced in late 2023. General and administrative (G&A) expenses reflect public company and post-listing expenses, including increased audit and review fees for routine filings and registration statements, legal fees for filings and routine compliance and governance, increases in compensation costs associate with hiring permanent and contract staff for public company compliance functions, and increased operational expenses associated with the Company’s new facility. The Company’s G&A in the first half of 2023 was atypically high as the Company was transitioning to being a public company. The Company expects its G&A expense to decrease in the second half of 2023 but for G&A expense to remain higher than 2022 levels.

Other income and expense includes interest expense on the Company’s outstanding senior and subordinated debt and accounting valuation adjustments.

Cash on hand totaled $6.2 million as of June 30, 2023.

Conference Call and Webcast Information

ProSomnus Chief Executive Officer, Len Liptak, and Chief Financial Officer, Brian Dow, will host a conference call at 5:30 am PT / 8:30 am ET to discuss the Company’s quarterly financial results and provide updated financial guidance for the remainder of 2023. Interested parties may register for the conference call using the following link ProSomnus Q2 2023 Conference Call. You may access the live webcast of the conference call by using the following link: ProSomnus Q2 2023 Webcast. The link will also be posted in the Investor Relations section of the ProSomnus website at News & Events.

About ProSomnus

ProSomnus (NASDAQ: OSA) is a leading CPAP alternative for the treatment of Obstructive Sleep Apnea, a serious medical disease affecting over 1 billion people worldwide, that is associated with comorbidities including heart failure, stroke, hypertension, morbid obesity, and type 2 diabetes. ProSomnus intraoral medical devices are engineered to precisely track the treatment plan and anatomy for each patient. Non-invasive, patient preferred and easy to use, ProSomnus devices have demonstrated excellent efficacy, safety, adherence, and overall outcomes in a growing body of clinical investigations. ProSomnus precision intraoral devices are FDA-cleared, patented, and covered by commercial medical insurance, Medicare, TRICARE and many Government sponsored healthcare plans around the world, representing over 200 million covered lives. To learn more, visit www.ProSomnus.com.

PROSOMNUS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Three-month period ended
		June 30,				March 31,				June 30,
		2023				2023				2022
Revenue		$	6,933,910			$	5,808,380			$	4,859,909
Cost of revenue			3,170,794				2,756,631				2,321,692
Gross profit			3,763,116				3,051,749				2,538,217
Operating expenses
Sales and marketing			3,642,718				2,824,048				2,013,392
Research and development			1,376,036				1,018,969				669,348
General and administrative			4,480,124				3,353,007				1,289,154
Total operating expenses			9,498,878				7,196,024				3,971,894
Loss from operations			(5,735,762	)			(4,144,275	)			(1,433,677	)
Other income (expense)
Interest expense			(1,240,159	)			(1,171,810	)			(1,197,237	)
Change in fair value of earnout liability			6,700,000				1,500,000				—
Change in fair value of warrant liability			2,106,398				(842,559	)			—
Change in fair value of debt			(802,430	)			(1,827,000	)			—
Other			(123,117	)			(406,527	)			(192,731	)
Total other income (expense)			6,640,692				(2,747,896	)			(1,389,968	)
Net income (loss)		$	904,930			$	(6,892,171	)		$	(2,823,645	)
Net income (loss) per share attributable to common stockholders:
Basic		$	0.06			$	(0.43	)		$	(0.71	)
Diluted (1)		$	(0.01	)		$	(0.43	)		$	(0.71	)
Weighted average shares outstanding:
Basic			16,048,717				16,041,464				3,958,258
Diluted			19,132,318				16,041,464				3,958,258

(1) Diluted net loss per share for the three-month period ended June 30, 2023 includes the effect of the following item:
Interest expense and fair value remeasurement of the Senior Convertible Notes

PROSOMNUS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
		Six-month period ended
		June 30,
		2023				2022
Revenue		$	12,742,290			$	8,603,052
Cost of revenue			5,927,425				3,900,188
Gross profit			6,814,865				4,702,864
Operating expenses
Sales and marketing			6,466,766				4,130,811
Research and development			2,395,005				1,226,980
General and administrative			7,833,131				2,642,889
Total operating expenses			16,694,902				8,000,680
Loss from operations			(9,880,037	)			(3,297,816	)
Other income (expense)
Interest expense			(2,411,969	)			(2,293,075	)
Change in fair value of earnout liability			8,200,000				—
Change in fair value of warrant liability			1,263,839				(20,756	)
Change in fair value of debt			(2,629,430	)			—
Other			(529,644	)			(192,731	)
Total other income (expense)			3,892,796				(2,506,562	)
Net loss		$	(5,987,241	)		$	(5,804,378	)
Net income (loss) per share attributable to common stockholders:
Basic and diluted		$	(0.43	)		$	(1.47	)
Weighted average shares outstanding:
Basic and diluted			16,045,110				3,950,009

 

PROSOMNUS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
		June 30,				December 31,
		2023				2022
ASSETS
Current assets:
Cash and cash equivalents		$	6,175,632			$	15,916,141
Accounts receivable, net			3,560,882				2,843,148
Inventory			1,309,982				639,945
Prepaid expenses and other current assets			1,162,921				1,846,870
Total current assets			12,209,417				21,246,104
Property and equipment, net			3,265,865				2,404,402
Right-of-use assets, net			9,403,098				9,283,222
Other assets			345,653				262,913
Total assets		$	25,224,033			$	33,196,641
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable		$	2,072,393			$	2,101,572
Accrued expenses			5,824,193				3,706,094
Current lease liabilities			1,559,576				1,282,603
Total current liabilities			9,456,162				7,090,269
Long term lease liabilities, net of current portion			8,025,303				7,792,617
Senior Convertible Notes at fair value			12,928,404				13,651,000
Subordinated Convertible Notes at fair value			15,225,000				10,355,681
Earnout liability			4,610,000				12,810,000
Warrant liability			727,664				1,991,503
Total noncurrent liabilities			41,516,371				46,600,801
Total liabilities			50,972,533				53,691,070
Stockholders’ deficit:
Common stock, $0.0001 par value, 100,000,000; 16,057,630 and 16,041,464 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively			1,606				1,604
Additional paid-in capital			191,031,730				190,298,562
Accumulated deficit			(216,781,836	)			(210,794,595	)
Total stockholders’ deficit			(25,748,500	)			(20,494,429	)
Total liabilities and stockholders’ deficit		$	25,224,033			$	33,196,641

Important Notice Regarding Forward-Looking Statements

This press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements regarding ProSomnus’s labeling expansion, the outcome and timing for ProSomnus’s trials, ProSomnus’s future growth, expenses and margins, and the growing markets for its devices, are forward-looking statements. These forward-looking statements can be identified by the use of forward-looking terminology, including the words “believes,” “estimates,” “anticipates,” “expects,” “intends,” “plans,” “may,” “will,” “potential,” “projects,” “predicts,” “continue,” or “should,” or, in each case, their negative or other variations or comparable terminology. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

Such risks and uncertainties include, but are not limited to: (i) uncertainty of the projected financial information with respect to ProSomnus; (ii) ProSomnus’s limited operating history and history of losses; (iii) ProSomnus’s ability to maintain and grow its profit margin from sales of ProSomnus oral devices; (iv) ProSomnus’s ability to expand internationally; (v) the roll-out of ProSomnus’s business and the timing of expected business milestones; (vi) ProSomnus’s ability to formulate, implement and modify as necessary effective sales, marketing, and strategic initiatives to drive revenue growth; (vii) expectations concerning the effectiveness of OSA treatment using ProSomnus oral devices and the potential for patient relapse after completion of treatment; (viii) the understanding and adoption by dentists and other healthcare professionals of ProSomnus oral devices for mild-to-moderate OSA; (ix) risk related to compliance debt covenants or successfully renegotiating such covenants; (x) ProSomnus’s ability to obtain additional funding and the risk of potential future significant dilution to stockholders resulting from any such financing or from lender conversions under the convertible debt financing; (xi) the viability of ProSomnus’s intellectual property and intellectual property created in the future; (xii) government regulations and ProSomnus’s ability to obtain applicable regulatory approvals and comply with government regulations, including under healthcare laws and the rules and regulations of the U.S. Food and Drug Administration; (xiii) the risk of downturns in the market and ProSomnus’s industry including, but not limited to, as a result of the COVID-19 pandemic; and (xiv) the outcome of any legal proceedings that may be instituted against ProSomnus. A further list and description of risks and uncertainties can be found in ProSomnus’s most recent annual report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) any subsequently filed quarterly reports on Form 10-Q, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Forward-looking statements do not represent our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements.

Investor Contact

Mike Cavanaugh
ICR Westwicke
Phone: +1.617.877.9641
Email: [email protected]

Media Contact

Sean Leous
ICR Westwicke
Phone: +1.646.866.4012
Email: [email protected]

CAMBRIDGE, Mass., Aug. 03, 2023 (GLOBE NEWSWIRE) — Spero Therapeutics, Inc. (Nasdaq: SPRO), a multi-asset clinical-stage biopharmaceutical company, focused on identifying, developing and commercializing treatments in high unmet need areas involving rare diseases and multi-drug resistant (MDR) bacterial infections, today announced that it will host a conference call and live audio webcast on Thursday, August 10, 2023 at 4:30 p.m. ET to report its second quarter 2023 financial results and provide an update on its business and pipeline.

To access the call, please dial 1-855-327-6837 (domestic) or 1-631-891-4304 (international) and refer to conference ID 10022241, or click on this link and request a return call. The audio webcast can be accessed on the “Events and Presentations” page under the “Connect” tab of the Company’s website at www.sperotherapeutics.com. The archived webcast will also be available on Spero’s website for 30 days following the call.

About Spero Therapeutics
Spero Therapeutics, headquartered in Cambridge, Massachusetts, is a multi-asset, clinical-stage biopharmaceutical company focused on identifying, developing, and commercializing novel treatments for bacterial infections, including multi-drug resistant bacterial infections and rare diseases.

• Spero Therapeutics is developing SPR720 as a novel oral therapy candidate for the treatment of a rare, orphan pulmonary disease caused by non-tuberculous mycobacterial infections.
• Tebipenem HBr is an investigational drug in the United States being developed for the treatment of complicated urinary tract infection (cUTI), including pyelonephritis, caused by certain bacteria, in adult patients who have limited treatment options; tebipenem HBr is not U.S. Food and Drug Administration (FDA)-approved.
• Spero Therapeutics also has an IV-administered next generation polymyxin product candidate, SPR206, developed from its potentiator platform, which is in development to treat MDR Gram-negative infections in the hospital setting.

For more information, visit https://sperotherapeutics.com.

Investor Relations Contact: 
Ted Jenkins
Vice President, Investor Relations and Strategic Finance
[email protected]
(617) 798-4039

Media Inquiries:
Lora Grassilli, Health Media Relations
Zeno Group
[email protected]
646-932-3735

BURLINGTON, Mass., Aug. 03, 2023 (GLOBE NEWSWIRE) — Avid® (NASDAQ: AVID), a leading technology provider that powers the media and entertainment industry, announced today that Jeff Rosica, Chief Executive Officer and President, and Ken Gayron, Chief Financial Officer and Executive Vice President, will host a conference call on Wednesday, August 9, 2023, at 5:30 p.m. ET to discuss the company’s earnings for the second quarter of 2023, ended June 30, 2023, which will be published after the market closes that day. Investors are invited to register for the Zoom video webinar by visiting https://ir.avid.com/events-and-presentations. A replay will be available for a limited time by visiting the Events & Presentations page on Avid’s investor relations website.

Avid Powers Greater Creators

People who create media for a living become greater creators with Avid’s award-winning technology solutions to make, manage and monetize today’s most celebrated video and audio content—from iconic movies and binge-worthy TV series, to network news and sports, to recorded music and the live stage. What began more than 30 years ago with our invention of nonlinear digital video editing has led to individual artists, creative teams and organizations everywhere subscribing to our powerful tools and collaborating securely in the cloud. We continue to re-imagine the many ways editors, musicians, producers, journalists and other content creators will bring their stories to life. Discover the possibilities at avid.com and join the conversation on social media with the multitude of brilliant creative people who choose Avid for a lifetime of success.

© 2023 Avid Technology, Inc., Avid and its logo are property of Avid. All rights reserved. Other trademarks are property of their respective owners.

Investor Contact:
Whit Rappole
Avid
[email protected]

PR Contact:
Jim Sheehan
Avid
[email protected]

MANITOWOC, Wis., Aug. 03, 2023 (GLOBE NEWSWIRE) — Orion Energy Systems, Inc. (NASDAQ: OESX) (Orion Lighting), a provider of energy-efficient LED lighting and controls, maintenance services and electric vehicle (EV) charging station solutions, announced the signing of a significant 3-year LED lighting preventative maintenance contract with an existing major retail customer. This partnership involves the maintenance of LED lighting systems at approximately 2,000 locations nationwide, formalizing an existing maintenance service relationship.

The selection of Orion as the maintenance provider was driven by its national maintenance footprint and its proven ability to effectively organize, manage, and communicate large-scale projects involving multiple vendors across all 50 states. This capability will greatly reduce the customer’s internal overhead dedicated to maintaining their lighting systems.

As a dependable partner, Orion is committed to promptly responding to maintenance requests, ensuring minimal disruptions to store operations. Orion’s proactive maintenance program will help the customer avoid interruptions and provide a seamless lighting experience for their retail customers.

“We are thrilled to be entrusted with this significant lighting maintenance contract for this highly respected retail customer,” said Mike Jenkins, CEO at Orion. “With our expertise and nationwide coverage, we are confident in our ability to deliver exceptional service and ensure the optimal performance of the LED lighting systems at our customer’s retail locations across the country.”

Orion’s comprehensive approach to lighting maintenance, coupled with its highly skilled technicians and state-of-the-art equipment, will guarantee the highest level of service quality and reliability. By leveraging its industry-leading expertise and customer service commitment, Orion aims to exceed customer expectations and establish long-term partnerships built on trust and exceptional results.

About Orion Energy Systems

Orion provides energy efficiency and clean tech solutions, including LED lighting and controls, maintenance services and electrical vehicle (EV) charging solutions. Orion specializes in turnkey design-through-installation solutions for large national customers, with a commitment to helping customers achieve their business and environmental goals with healthy, safe, and sustainable solutions that reduce their carbon footprint and enhance business performance.

Orion is committed to operating responsibly throughout all areas of our organization. Learn more about our ESG priorities, goals and progress here or visit our website at www.orionlighting.com.

Safe Harbor Statement

Certain matters discussed in this press release, are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements may generally be identified as such because the context of such statements will include words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or words of similar import. Similarly, statements that describe our future plans, objectives or goals, including business relationships with government customers, are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause results to differ materially from those expected including, but not limited to, the risks described in our filings with the Securities and Exchange Commission.

Shareholders, potential investors and other readers are urged to consider risks and uncertainties carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at http://www.sec.gov or at http://investor.oriones.com/ in the Investor Relations section of our Website. Except as required by applicable law, we assume no obligation to update any forward-looking statements publicly or to update the reasons why actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.

Engage with Us

Twitter: @OrionLighting and @OrionLightingIR
StockTwits: @Orion_LED_IR

Marketing Contact

Steve Paulus, Director, Marketing and Communications
Orion Energy Systems, Inc.
[email protected]
(920) 239-8007

Investor Relations Contacts

Per Brodin, CFO	William Jones; David Collins
Orion Energy Systems, Inc.	Catalyst IR
[email protected]	(212) 924-9800 or [email protected]

SOUTH SAN FRANCISCO, Calif., Aug. 03, 2023 (GLOBE NEWSWIRE) — Nkarta, Inc. (Nasdaq: NKTX), a biopharmaceutical company developing engineered natural killer (NK) cell therapies, today announced its participation at an upcoming investor conference:

Canaccord Genuity 43

^rd

Annual Growth Conference

August 10, 2023
12:00 p.m. ET – fireside chat

A simultaneous webcast of each event will be available on the Investors section of Nkarta’s website, www.nkartatx.com, and a replay will be archived on the website for approximately 90 days.

About Nkarta

Nkarta is a clinical-stage biotechnology company advancing the development of allogeneic, off-the-shelf natural killer (NK) cell therapies. By combining its cell expansion and cryopreservation platform with proprietary cell engineering technologies and CRISPR-based genome engineering capabilities, Nkarta is building a pipeline of future cell therapies engineered for deep anti-tumor activity and intended for broad access in the outpatient treatment setting. For more information, please visit the company’s website at www.nkartatx.com.  

Nkarta Media/Investor Contact:

Greg Mann
Nkarta, Inc.
[email protected]

PHILADELPHIA, Aug. 03, 2023 (GLOBE NEWSWIRE) — Kaskela Law LLC announces that it is investigating the recently announced proposed stockholder buyout of Sculptor Capital Management, Inc. (NYSE: SCU) (“Sculptor”) on behalf of the company’s shareholders.

On July 24, 2023, Sculptor announced that it would be acquired by Rithm Capital Corp. at a price of $11.15 per share in cash. Following the closing of the proposed transaction, Sculptor shareholders will be cashed out of their investment position.

The as agreed-to $11.15 per share buyout price appears to undervalue Sculptor’s shares. For example, at the time the proposed buyout was negotiated and announced, several stock analysts were maintaining price targets on SCU’s shares well above the $11.15 per share buyout price, including Credit Suisse who had assigned a $13.00 per share price target to the shares.

In light of the above, Kaskela Law is investigating whether Sculptor’s shareholders will be receiving sufficient cash consideration for their SCU shares in the proposed buyout, and whether Sculptor’s officers and/or directors breached their fiduciary duties or violated the securities laws in agreeing to sell the company to Rithm Capital Corp. at $11.15 per share.

Sculptor


shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888)


715 – 1740, or by email (




[email protected]




/




[email protected]




) or online at




https://kaskelalaw.com/cases/sculptor-capital-management/




, for additional information about this investigation and their legal rights and options with respect to this matter.

Kaskela Law LLC represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.

CONTACT:

KASKELA LAW LLC

D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(888) 715 – 1740
(484) 229 – 0750
www.kaskelalaw.com

DALLAS, Aug. 03, 2023 (GLOBE NEWSWIRE) — Asset Entities Inc. (NASDAQ: ASST) (the “Company” or “Asset Entities”), a provider of digital marketing and content delivery services across Discord and other social media platforms, announces that Matchbox Twenty has chosen Asset Entities to Design, Develop, and Manage its server on the Discord social community platform. Matchbox Twenty, the Multi-Platinum Band, whose career has generated sales of over 40 million records worldwide, attracts a massive following across all age groups from 7 to 70.

“Matchbox Twenty has decided to join the future of fan engagement via Discord to create its digital fan community, and the band chose to do it with Asset Entities. As we continue to grow our audience, we want to partner with the best in the game and when it comes to a new platform like Discord, Asset Entities is just that,” said Nick Lippman, Manager of Matchbox Twenty.

To join Matchbox Twenty’s new Discord where you can interact with Eddie the AI Rock Bot, go to https://Discord.gg/matchboxtwenty.

Jeff Blue, Asset Entities Head of Entertainment, who has a professional relationship with Lippman and the band which spans multiple decades, said, “When I met the guys in 1996, they were called Tabitha’s Secret. I felt their authenticity and incredible song writing would be legendary. Working with Matchbox Twenty is a fantastic opportunity for both Asset Entities and Matchbox Twenty, as Asset Entities further expands its objective of connecting and influencing today’s younger generations.” Blue went on to say, “Matchbox Twenty has built its legacy making a significant impact on the world with amazing hits like “Push” and “3AM.” It is impossible not to hum along (or even sing aloud) to generational anthems that also include smashes such as “Unwell,” “Bent,” “If You’re Gone,” and “How Far we’ve Come.” Matchbox Twenty is one of the first major recording artists we are bringing to Discord as part of our Asset Entertainment initiative, and we are extremely excited about this new chapter of our relationship with Nick and Matchbox Twenty.”

Matchbox Twenty has quietly woven their songs into the very fabric of American popular culture. The band has sold over 40 million records worldwide, dominated charts, garnered multiple GRAMMY Award nominations, and played to millions of fans in arenas, amphitheaters, and stadiums across continents.

Earning hits in each of the last three decades, Matchbox Twenty has gone from perennially dominating radio airwaves and ruling MTV to piling up streams in the billions, speaking to the enduring appeal of their music. Fueled by such classic songs as “Real World,” “Back 2 Good” and the No. 1 smash hits “Push” and “3AM,” 1996’s Diamond-certified Yourself or Someone Like You proved a worldwide sensation and instantly established the band as global superstars. 2000 saw the band release the four-times Platinum Mad Season, containing the No. 1 singles “Bent” and “If You’re Gone.” Their third release, More Than You Think You Are, also was certified double-Platinum and featured the No. 1 hit, “Unwell.” 2007’s greatest hits compilation album with six new songs, “Exile On Mainstream” yielded yet another No. 1 track, “How Far We’ve Come,” while 2012’s North, exploded into the top position on the Billboard 200 release – Matchbox Twenty’s first-ever chart-topper and No. 1 debut.

Now nearly eleven years later, the band sounds refreshed as ever on Where The Light Goes, benefiting from the musicians’ respective solo journeys. Rob Thomas has proven one of the most highly decorated artists of recent years – releasing five solo albums and receiving three GRAMMY Awards, 11 BMI Awards, the first-ever Songwriters Hall of Fame Hal David Starlight Award, two Billboard “Songwriter of the Year” honors, and top 5 placement on Billboard’s Top 20 Hot 100 Songwriters (2000-2011). Meanwhile, Paul Doucette has scored and contributed original music to film and television series such as Utopia, For All Mankind, and more.

Matchbox Twenty’s song “Push,” provides for a familiar and entertaining experience for fans. For the music video for the song, “Push”, visit: https://www.youtube.com/watch?app=desktop&v=HAkHqYlqops)
To learn about the AE.360.DDM suite of services, go to ae360ddm.com or https://discord.gg/ae360ddm.

To learn about Matchbox Twenty, see upcoming tour dates, and purchase their merchandise, visit: https://matchboxtwenty.com/

About Asset Entities

Asset Entities Inc. is a technology company providing social media marketing, management and content delivery across Discord, TikTok, Instagram, Twitter, and YouTube and other social media platforms. Asset Entities is believed to be the first publicly-traded Company based on the Discord platform, where it hosts some of Discord’s largest social community-based education and entertainment servers.

The Company’s AE.360.DDM suite of services is believed to be the first of its kind for the Design, Development and Management of Discord community servers. Asset Entities’ initial AE.360.DDM customers have included businesses and celebrities.

The Company’s Social Influencer Network (SiN) service offers white-label marketing, content creation, content management, TikTok promotions, and TikTok consulting to clients in all industries and markets. The Company’s SiN influencers can increase the social media reach of client Discord servers and drives traffic to their businesses.

Learn more at assetentities.com, and follow the Company on Twitter at $ASST and @assetentities.

Important Cautions Regarding Forward Looking Statements

This press release contains forward-looking statements. In addition, from time to time, representatives of the Company may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which are derived from the information currently available to the “Company. Such forward-looking statements relate to future events or the Company’s future performance, including its financial performance and projections, growth in revenue and earnings, and business prospects and opportunities. Forward-looking statements can be identified by those statement that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: (i) the Company’s limited operating history; (ii) the Company’s ability to introduce new products and services; (iii) regulatory and compliance requirements; (iv) the effect of the COVID-19 pandemic on the Company and its current or intended markets; and (v) other risks and uncertainties described herein, as well as those risks and uncertainties that are described more fully in the section titled “Risk Factors” in the final prospectus related to the initial public offering filed with the SEC and other reports filed with the SEC thereafter. These and other factors may cause the Company’s actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.

Company Contacts:

Arshia Sarkhani, President and Chief Executive Officer
Michael Gaubert, Executive Chairman
Asset Entities Inc.
Tel +1 (214) 459-3117        
Email Contact

Investor Contact:

Skyline Corporate Communications Group, LLC
Scott Powell, President
One Rockefeller Plaza, 11th Floor
New York, NY 10020
Office: (646) 893-5835
Email: [email protected]

SHANGHAI, China, Aug. 03, 2023 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“Intchains” or the “Company”), a provider of integrated solutions consisting of high-performance computing ASIC chips and ancillary software and hardware for blockchain applications, today announced that it will release its unaudited financial results for second quarter of 2023 after the U.S. market closes on Wednesday, August 16, 2023.

The Company will host an earnings conference call to discuss its financial results at 9:00 P.M. U.S. Eastern Time on August 16, 2023 (9:00 A.M. Beijing Time on August 17, 2023). Details for the conference call are as follows:

Event Title:	Intchains Group Limited Second Quarter 2023 Earnings Conference Call
Date:	August 16, 2023
Time:	9:00 P.M. U.S. Eastern Time
Registration Link:	https://register.vevent.com/register/BI41e89d9be4de44169f6ccdb152a02fe8

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://intchains.com/.

About Intchains Group Limited

Intchains Group Limited is a provider of integrated solutions consisting of high-performance ASIC chips and ancillary software and hardware for blockchain applications. The Company utilizes a fabless business model and specializes in the front-end and back-end of IC design, which are the major components of the IC product development chain. The Company has established strong supply chain management with a leading foundry, which helps to ensure its product quality and stable production output. The Company’s products consist of high-performance ASIC chips that have high computing power and superior power efficiency as well as ancillary software and hardware, which cater to the evolving needs of the blockchain industry. The Company has built a proprietary technology platform named “Xihe” Platform, which allows the Company to develop a wide range of ASIC chips with high efficiency and scalability. For more information, please visit the Company’s website at: https://intchains.com/.

For investor and media inquiries, please contact:

Intchains Group Limited

Investor relations
Email: [email protected]

Piacente Financial Communications

In China:

Helen Wu
Tel: +86-10-6508-0677
E-mail: [email protected]

In the United States:

Brandi Piacente
Tel: +1-212-481-2050
Email: [email protected]