Market Newsdesk

December 23, 2024 4:08 pm

POET Technologies Signs Manufacturing Agreement with Globetronics in Malaysia

Provides update on Super Photonics Joint Venture and recently announced US$25 Million Public Offering

TORONTO, Dec. 23, 2024 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Corporation”) (TSX Venture: PTK; NASDAQ: POET), the designer and developer of the POET Optical Interposer™, Photonic Integrated Circuits (PICs) and light sources for the data center, tele-communication and artificial intelligence markets, today announced that it has signed a Master Agreement, an Optical Engine Purchase Agreement and a Deed of Consignment with Globetronics Manufacturing Sdn. Bhd (“GMSB”), to manufacture optical engines for POET in Penang, Malaysia. Further information concerning GMSB is provided below POET also today provided an update on the announced acquisition of the minority equity interest of its existing joint venture in China, Super Photonics Xiamen (“SPX”) and its recently announced public offering.

POET has engaged GMSB to assemble and test Optical Engines based on designs made exclusively by POET. The Deed of Consignment relates to a suite of wafer-level process equipment recently purchased by POET that is being installed at the GMSB facility in Penang. Concurrent with the Deed and a Purchase Agreement, the Parties entered into a Master Agreement, covering a period of three years, which governs the overall relationship between the Parties. POET and GMSB have prepared an initial project plan and statement of work for the installation and start-up of the consigned tools, the costs for which will be absorbed by POET. POET will submit purchase orders under the Optical Engine Purchase Agreement, with pricing to be based on specific optical engine types. Globetronics Technology Berhad (“GTB”) has allocated RM7.7 million (approximately US$1.7 million) for additional capital expenditures in connection with manufacturing optical engines for POET over the 2025-2027 period.

Separately, and further to the Corporation’s November 25, 2024 announcement of a binding Memorandum of Understanding (MOU) with Quanzhou Sanan Optical Communication Technology Co., Ltd. (“SAIC”) to transfer to POET its 24.8% stake in the joint venture SPX, along with all the production equipment previously leased by SAIC to SPX, POET is pleased to confirm that the parties expect to shortly conclude their ongoing negotiations and that binding definitive agreements are expected to be signed by December 31, 2024. Terms of the transaction with SAIC remain subject to finalization and are expected to be announced upon signing of the definitive agreements As previously disclosed, it is the Corporation’s intention following completion of the transaction to continue to operate SPX in a manner consistent with past practice while it brings up a wafer-level assembly operation for optical engines in GMSB, thereby implementing its “China Plus One” strategy.

As a further update to the Corporation’s public offering announced on December 12, 2024, POET is pleased to confirm that the US$25 million offering has been fully subscribed by a single institutional investor. The closing of that offering is now expected to take place after completion of the SPX acquisition described above. Terms of the offering remain unchanged from those previously announced, and the offering remains subject to the receipt of all regulatory approvals, including the final acceptance of the TSX Venture Exchange, and the satisfaction of other customary closing conditions.

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

About POET Technologies Inc.

POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

Media Relations Contact: Adrian Brijbassi [email protected]		Corporation Contact: Thomas R. Mika, EVP & CFO [email protected]

About Globetronics Manufacturing Sdn. Bhd. (GMSB)

GMSB was incorporated on 16 May 2008 as a private company limited by shares and having its registered address at B-21-1, Level 21, Tower B, Northpoint Mid Valley City, No.1, Medan Syed Putra Utara, 59200 Kuala Lumpur, Wilayah Persekutuan. GMSB is a wholly-owned subsidiary of GTB. GMSB has an issued share capital of RM25,027,500 comprising 25,009,000 ordinary shares and is principally involved in the business of providing manufacturing and packaging services in semiconductors and turnkey manufacturing in encoder and sensor LEDs and related products.

Forward-Looking Statements

This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Corporation’s expectations with respect to its business partnership with GMSB, completion of the acquisition of the minority equity interest in SPX from SAIC, completion of its previously announced public offering, success of the Corporation’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Corporation’s technology as well as the market acceptance, inclusion and timing of the Corporation’s technology in current and future products and expectations regarding its successful penetration of the Artificial Intelligence hardware markets.

Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of definitive agreements with its SAIC concerning the acquisition of SPX, timing and conditionality for completion of its previously announced public offering, the negotiations with contract manufacturers, the size, future growth and needs of Artificial Intelligence network suppliers, management’s expectations regarding the success and timing for completion of its development efforts, the introduction of new products, financing activities, future growth, recruitment of personnel, reorganization efforts, plans for and completion of projects by the Corporation’s consultants, contractors and partners, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, including, without limitation, failure to receive necessary regulatory approvals for the Corporation’s arrangements with GMSB and SAIC, failure to complete the recently announced public offering, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Corporation’s products to meet performance requirements for AI and datacom networks, lack of sales in its products, lack of sales by its customers to end-users, operational risks in the completion of the Corporation’s projects, risks affecting the Corporation’s ability to complete its products, the ability of the Corporation to generate sales for its products, the ability of its customers to generate sales for products that incorporate the Corporation’s products, the ability to attract key personnel, the failure of its reorganization efforts and the ability to raise additional capital when needed. Although the Corporation believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Corporation’s securities should not place undue reliance on forward-looking statements because the Corporation can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Corporation assumes no obligation to update or revise this forward-looking information and statements except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

December 23, 2024 4:08 pm

James River Completes Closing of Adverse Development Cover and Common Equity Investment with Cavello Bay Reinsurance Limited

PEMBROKE, Bermuda, Dec. 23, 2024 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today announced the close of both the adverse development reinsurance agreement and $12.5 million common equity investment with Enstar subsidiary Cavello Bay Reinsurance Limited, as per the terms and agreements previously announced on November 11, 2024.

About James River Group Holdings, Ltd.

James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com.

For more information contact:

Zachary Shytle
Senior Analyst, Investments and Investor Relations
980-249-6848
[email protected]

December 23, 2024 4:08 pm

Savara Announces New Employment Inducement Grant

Savara Announces New Employment Inducement Grant

LANGHORNE, Pa.–(BUSINESS WIRE)–Savara Inc. (Nasdaq: SVRA), a clinical stage biopharmaceutical company focused on rare respiratory diseases, today announced the grant of inducement awards to five new employees.

On December 20, 2024, the Compensation Committee of Savara’s Board of Directors granted the inducement awards to five new employees who recently joined the Company. The inducement awards consist of options to purchase an aggregate of 100,000 shares of the Company’s common stock and restricted stock units (RSUs) covering an aggregate of 100,000 shares of the Company’s common stock. These equity awards were granted under the Savara Inc. 2021 Inducement Equity Incentive Plan pursuant to Rule 5635(c)(4) of the NASDAQ Listing Rules as an inducement material to the employees’ acceptance of employment with the Company.

The options have an exercise price of $3.23 per share, the closing trading price of the Company’s common stock on the NASDAQ Global Market on the grant date. Each option has a 10-year term and vests as to 1/16^th of the number of shares subject to the option on each quarterly anniversary of the employee’s first day of employment, subject to the employee’s continued employment on each such vesting date. The RSUs vest in full on the two-year anniversary of the employee’s first day of employment, subject to the employee’s continued employment on such vesting date.

About Savara

Savara is a clinical stage biopharmaceutical company focused on rare respiratory diseases. Our lead program, MOLBREEVI*, is a recombinant human granulocyte-macrophage colony-stimulating factor (GM-CSF) in Phase 3 development for autoimmune pulmonary alveolar proteinosis (aPAP). MOLBREEVI is delivered via an investigational eFlow^® Nebulizer System (PARI Pharma GmbH). Our management team has significant experience in rare respiratory diseases and pulmonary medicine, identifying unmet needs, and effectively advancing product candidates to approval and commercialization. More information can be found at www.savarapharma.com, X: @SavaraPharma, LinkedIn: www.linkedin.com/company/savara-pharmaceuticals/).

*MOLBREEVI is the FDA and EMA conditionally accepted trade name for molgramostim inhalation solution.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241223814372/en/

Media and Investor Relations Contact

Savara Inc.

Temre Johnson, Executive Director, Corporate Affairs

[email protected]

KEYWORDS: Pennsylvania United States North America

INDUSTRY KEYWORDS: Biotechnology FDA Health Pharmaceutical Clinical Trials

MEDIA:

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December 23, 2024 4:08 pm

Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2024 Financial Results

Limoneira Company Announces Fiscal Fourth Quarter and Full Year 2024 Financial Results

Net Revenues Grew 6% to a Record $191.5 Million in Fiscal Year 2024 Compared to Prior Year Driven by Record $25.1 Million Avocado Sales

Achieved Year-Over-Year Pricing Improvement in Fresh Lemons and Avocados for Fiscal Year 2024

Company Achieved Avocado and Lemon Volume Guidance for Fiscal Year 2024

Strategic Alternatives Exploration to Maximize Stockholder Value Continues to Progress

SANTA PAULA, Calif.–(BUSINESS WIRE)–
Limoneira Company (the “Company” or “Limoneira”) (Nasdaq: LMNR), a diversified citrus growing, packing, selling and marketing company with related agribusiness activities and real estate development operations, today reported financial results for the fiscal fourth quarter and full year ended October 31, 2024.

Management Comments

Harold Edwards, President and Chief Executive Officer of the Company, stated, “Our achievement of solid lemon revenue and record avocado production, reaching 15.1 million pounds of avocados sold in 2024, demonstrates the inherent strength of our agricultural platform and validates our strategic focus on this high-value segment. The exceptional performance in avocados reinforces our strategic decision to expand our avocado production by 1,000 acres through fiscal year 2027, a transformation that is expected to drive significant EBITDA growth. In addition, our lemon offering is achieving increased penetration in the foodservice and quick service restaurant channels, and we expect more meaningful market penetration in fiscal 2025. We anticipate that further growth will come from enhanced sourcing of third-party lemons, alongside the significant monetization potential of our water and real estate assets. Our compelling portfolio of agricultural and real estate assets, together with our valuable water resources and strong balance sheet, create multiple pathways intended to build lasting shareholder value.”

Mr. Edwards continued, “Our Harvest at Limoneira residential real estate joint venture with the Lewis Group of Companies (“Lewis”) continues to perform very well and we also anticipate meaningful water monetization transactions in fiscal year 2025. In addition, we continue to explore strategic alternatives for our assets and are very pleased with the interest. We remain committed to thoroughly exploring all options to maximize stockholder value and will provide updates if the board of directors finds that further disclosure is necessary or advisable.”

Fiscal Year 2024 Fourth Quarter Results

For the fourth quarter of fiscal year 2024, total net revenue was $43.9 million, compared to total net revenue of $41.4 million in the fourth quarter of the previous fiscal year. Agribusiness revenue was $42.5 million, compared to $40.1 million in the fourth quarter of last fiscal year. Other operations revenue was $1.4 million, compared to $1.3 million in the fourth quarter of last fiscal year.

Agribusiness revenue in the fourth quarter of fiscal year 2024 includes $8.4 million in fresh packed lemon sales, compared to $11.3 million of fresh packed lemon sales during the same period of fiscal year 2023. Approximately 470,000 cartons of U.S. packed fresh lemons were sold in aggregate during the fourth quarter of fiscal year 2024 at a $17.95 average price per carton, compared to approximately 550,000 cartons sold at a $20.39 average price per carton during the fourth quarter of fiscal year 2023. Brokered lemons and other lemon sales were $14.6 million and $13.2 million, in the fourth quarter of fiscal years 2024 and 2023, respectively.

The Company recognized $8.9 million of avocado revenue in the fourth quarter of fiscal year 2024, compared to no avocado revenue in the fourth quarter of last fiscal year. Approximately 4.6 million pounds of avocados were sold in aggregate during the fourth quarter of fiscal year 2024 at a $1.92 average price per pound.

The Company recognized $1.7 million of orange revenue in the fourth quarter of fiscal year 2024, compared to $1.9 million in the same period of fiscal year 2023. Approximately 91,000 cartons of oranges were sold during the fourth quarter of fiscal year 2024 at an $18.99 average price per carton, compared to approximately 69,000 cartons sold at a $28.32 average price per carton during the fourth quarter of fiscal year 2023.

Specialty citrus and other crops revenue was $3.6 million for the fourth quarter of fiscal year 2024, compared to $6.5 million in the same period of fiscal year 2023. The decrease in specialty citrus and other crops revenue in the fourth quarter of fiscal year 2024 was primarily due to decreased volume of specialty citrus sold and decreased wine grape revenue. During the fourth quarters of fiscal years 2024 and 2023, approximately 8,000 and 75,000 40-pound carton equivalents of specialty citrus were sold at average per carton prices of $42.63 and $32.64, respectively. Wine grape revenues were $2.3 million in the fourth quarter of fiscal year 2024, compared to $2.9 million in the same period of fiscal year 2023. Farm management revenues were $2.9 million in the fourth quarter of fiscal year 2024, compared to $3.1 million in the same period of fiscal year 2023 on similar acreage.

Total costs and expenses in the fourth quarter of fiscal year 2024 were $46.6 million, compared to $51.1 million in the fourth quarter of last fiscal year.

Operating loss for the fourth quarter of fiscal year 2024 was $2.8 million, compared to operating loss of $9.7 million in the fourth quarter of the previous fiscal year.

Net loss applicable to common stock, after preferred dividends, for the fourth quarter of fiscal year 2024 was $2.0 million, compared to net loss applicable to common stock of $3.6 million in the fourth quarter of fiscal year 2023. Net loss per diluted share for the fourth quarter of fiscal year 2024 was $0.11, compared to net loss per diluted share of $0.20 for the same period of fiscal year 2023.

Adjusted net loss for diluted EPS in the fourth quarter of fiscal year 2024 was $1.6 million or $0.09 per diluted share, compared to the fourth quarter of fiscal year 2023 adjusted net loss for diluted EPS of $2.6 million or $0.15 per diluted share. A reconciliation of net (loss) income attributable to Limoneira Company to adjusted net (loss) income for diluted EPS is provided at the end of this release.

Non-GAAP adjusted EBITDA was $1.2 million in the fourth quarter of fiscal year 2024, compared to a loss of $1.3 million in the same period of fiscal year 2023. A reconciliation of net (loss) income attributable to Limoneira Company to non-GAAP adjusted EBITDA is provided at the end of this release.

Fiscal Year 2024 Results

For the fiscal year ended October 31, 2024, total net revenue was $191.5 million, compared to $179.9 million for the same period in fiscal year 2023. The increase was primarily due to increased agribusiness revenues from avocados, partially offset by decreased agribusiness revenues from lemons and specialty citrus and other crops. Operating loss for fiscal year 2024 was $6.2 million, compared to operating income of $10.8 million in the same period last fiscal year, primarily due to net gain on disposal of assets. Net income applicable to common stock, after preferred dividends, was $7.2 million for fiscal year 2024, compared to $8.9 million last fiscal year. Net income per diluted share for fiscal year 2024 was $0.40, compared to net income per diluted share of $0.50 in fiscal year 2023.

For fiscal year 2024, adjusted net income for diluted EPS was $11.0 million compared to adjusted net loss for diluted EPS of $7.6 million for fiscal year 2023. In fiscal year 2024, adjusted net income per diluted share was $0.62 compared to adjusted net loss per diluted share of $0.43 for fiscal year 2023, based on approximately 17.7 million and 17.6 million, respectively, adjusted weighted average diluted common shares outstanding.

Balance Sheet and Liquidity

During the fiscal year ended October 31, 2024, net cash provided by operating activities was $17.9 million, compared to net cash used in operating activities of $15.9 million in the prior fiscal year. Net cash used in investing activities was $9.2 million for fiscal year 2024, compared to net cash provided by investing activities of $90.6 million in fiscal year 2023. For fiscal year 2024, net cash used in financing activities was $9.3 million, compared to $71.9 million in the prior fiscal year.

On January 31, 2023, the Company sold its Northern Properties, which resulted in total net proceeds of $98.4 million. The proceeds were used to pay down all the Company’s domestic debt except the AgWest Farm Credit $40.0 million non-revolving line of credit with an interest rate that is fixed at 3.57% through July 1, 2025. Long-term debt as of October 31, 2024, was $40.0 million, compared to $40.6 million at the end of fiscal year 2023. Debt levels as of October 31, 2024, less $3.0 million of cash on hand, resulted in a net debt position of $37.6 million at the end of fiscal year 2024. Additionally, the Company’s 50%/50% real estate development joint venture with Lewis closed an additional 554 residential homesites in April 2024 and distributed $30.0 million in June 2024, of which Limoneira received $15.0 million. As of October 31, 2024, the joint venture had $66.9 million of cash and cash equivalents on hand.

Real Estate Development and Property Sales

In October 2023, the Company’s joint venture closed on lot sales representing 121 residential units, thus completing the sell-out of Phase 1 of the development. In April 2024, the joint venture closed on lot sales representing 554 residential units, thus completing the sell-out of Phase 2 of the development. Total lot sales of 1,261 residential units closed since the project’s inception. In May 2024, the Company announced that the Santa Paula City Council approved the proposal brought by the joint venture to increase the total number of residential units for the project from 1,500 to 2,050 units. The 550-unit increase will provide 250 additional single family for-sale homesites within Phase 3 of Harvest. A separate joint venture with Lewis plans to construct 300 multi-family rental homes on a mixed-use portion of the project.

Updated Guidance

The Company expects fresh lemon volumes to be in the range of 5.0 million to 5.5 million cartons for fiscal year 2025. Avocado volumes are expected to be in the range of 7.0 million to 8.0 million pounds for fiscal year 2025.

The Company expects to receive total proceeds of $180 million from Harvest, LLCB II, LLC and East Area II spread out over seven fiscal years, with approximately $15 million received in fiscal year 2024.

Harvest at Limoneira Cash Flow Projections (in millions)

Fiscal Year

2024 Actual

2025

2026

2027

2028

2029

2030

Projected Distributions

$15

$18

$34

$41

$22

$42

The Company has 1,000 acres of non-bearing lemons and avocados estimated to become full bearing over the next four to five years, which the Company expects will enable strong organic growth in the coming years. Additionally, the Company plans to continue expanding its plantings of avocados over the next three years and expects to have an increase in third-party grower lemons. The foregoing describes organic growth opportunities and does not include potential acquisition opportunities for the Company in its highly fragmented industry.

Looking ahead, we continue to see a strong EBITDA outlook that is underpinned by plans to expand avocado production by 1,000 acres through fiscal year 2027 to capitalize on robust consumer demand trends. During this transition, the Company expects fiscal year 2025 avocado volume to be lower compared to fiscal year 2024 due to the alternate bearing nature of avocado trees. These operational results do not take into account anticipated additional gains from asset monetization.

Conference Call Information

The Company will host a conference call to discuss its financial results on December 23, 2024, at 1:30 pm Pacific Time (4:30 pm Eastern Time). Investors interested in participating in the live call can dial (877) 407-0789 from the U.S. International callers can dial (201) 689-8562. A telephone replay will be available approximately two hours after the call concludes and will be available through January 6, 2025, by dialing (844) 512-2921 from the U.S., or (412) 317-6671 from international locations; the passcode is 13749944.

About Limoneira Company

Limoneira Company, a 131-year-old international agribusiness headquartered in Santa Paula, California, has grown to become one of the premier integrated agribusinesses in the world. Limoneira (lē moñ âra) is a dedicated sustainability company with 10,500 acres of rich agricultural lands, real estate properties and water rights in California, Arizona, Chile and Argentina. The Company is a leading producer of lemons, avocados and other crops that are enjoyed throughout the world. For more about Limoneira Company, visit www.limoneira.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on Limoneira’s current expectations about future events and can be identified by terms such as “expect,” “may,” “anticipate,” “plans”, “intend,” “should be,” “will be,” “is likely to,” “strive to,” and similar expressions referring to future periods.

Limoneira believes the expectations reflected in the forward-looking statements are reasonable but cannot guarantee future results, level of activity, performance or achievements. Actual results may differ materially from those expressed or implied in the forward-looking statements. Therefore, Limoneira cautions you against relying on any of these forward-looking statements. Factors that may cause future outcomes to differ materially from those foreseen in forward-looking statements include, but are not limited to: success in executing the Company’s business plans and strategies, including the review and evaluation of strategic transactions; the process by which the Company engages in its evaluation of strategic transactions; the outcome of potential future strategic transactions and the terms thereof; the possibility that the evaluation of potential strategic transactions will not realize any additional value to our stockholders, and managing the risks involved in the foregoing; changes in laws, regulations, rules, quotas, tariffs and import laws; weather conditions that affect production, transportation, storage, import and export of fresh product; increased pressure from crop disease, insects and other pests; disruption of water supplies or changes in water allocations; disruption in the global supply chain; pricing and supply of raw materials and products; market responses to industry volume pressures; pricing and supply of energy; changes in interest and currency exchange rates; availability of financing for land development activities; political changes and economic crises; international conflict; acts of terrorism; labor disruptions, strikes or work stoppages; loss of important intellectual property rights; inability to pay debt obligations; inability to engage in certain transactions due to restrictive covenants in debt instruments; government restrictions on land use; and market and pricing risks due to concentrated ownership of stock. Other risks and uncertainties include those that are described in Limoneira’s SEC filings that are available on the SEC’s website at http://www.sec.gov. Limoneira undertakes no obligation to subsequently update or revise the forward-looking statements made in this press release, except as required by law.

LIMONEIRA COMPANY CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share data)

	October 31,
		2024			2023
Assets
Current assets:
Cash	$	2,996		$	3,631
Accounts receivable, net		14,734			14,458
Cultural costs		1,877			2,334
Prepaid expenses and other current assets		3,849			5,588
Receivables/other from related parties		2,390			4,214
Total current assets		25,846			30,225
Property, plant and equipment, net		162,046			160,631
Real estate development		10,201			9,987
Equity in investments		81,546			78,816
Goodwill		1,504			1,512
Intangible assets, net		5,221			6,657
Other assets		12,451			13,382
Total assets	$	298,815		$	301,210

Liabilities, Convertible Preferred Stock and Stockholders’ Equity
Current liabilities:
Accounts payable	$	7,260		$	9,892
Growers and suppliers payable		8,960			9,629
Accrued liabilities		12,483			8,651
Payables to related parties		5,542			4,805
Current portion of long-term debt		559			381
Total current liabilities		34,804			33,358
Long-term liabilities:
Long-term debt, less current portion		40,031			40,628
Deferred income taxes		20,084			22,172
Other long-term liabilities		1,395			4,555
Total liabilities		96,314			100,713
Commitments and contingencies		—			—
Series B Convertible Preferred Stock – $100.00 par value (50,000 shares authorized: 14,790 shares issued and outstanding at October 31, 2024 and October 31, 2023) (8.75% coupon rate)		1,479			1,479
Series B-2 Convertible Preferred Stock – $100.00 par value (10,000 shares authorized: 9,300 shares issued and outstanding at October 31, 2024 and October 31, 2023) (4% dividend rate on liquidation value of $1,000 per share)		9,331			9,331
Stockholders’ equity:
Series A Junior Participating Preferred Stock – $0.01 par value (20,000 shares authorized: zero issued or outstanding at October 31, 2024 and October 31, 2023)		—			—
Common Stock – $0.01 par value (39,000,000 shares authorized: 18,284,148 and 18,192,009 shares issued and 18,033,171 and 17,941,032 shares outstanding at October 31, 2024 and October 31, 2023, respectively)		180			179
Additional paid-in capital		170,243			168,441
Retained earnings		20,826			19,017
Accumulated other comprehensive loss		(6,614	)		(5,666	)
Treasury stock, at cost, 250,977 shares at October 31, 2024 and October 31, 2023		(3,493	)		(3,493	)
Noncontrolling interest		10,549			11,209
Total stockholders’ equity		191,691			189,687
Total liabilities, convertible preferred stock and stockholders’ equity	$	298,815		$	301,210

LIMONEIRA COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share data)

	Three Months Ended October 31,						Fiscal Year Ended October 31,
		2024			2023			2024			2023
Net revenues:
Agribusiness	$	42,478		$	40,085		$	185,923		$	174,381
Other operations		1,383			1,348			5,580			5,520
Total net revenues		43,861			41,433			191,503			179,901
Costs and expenses:
Agribusiness		39,820			42,894			164,807			169,169
Other operations		1,413			1,331			5,274			4,612
Impairment of intangible asset		—			—			643			—
(Gain) loss on disposal of assets, net		(378	)		350			(507	)		(28,849	)
Gain on legal settlement		—			—			—			(2,269	)
Selling, general and administrative		5,757			6,548			27,464			26,455
Total costs and expenses		46,612			51,123			197,681			169,118
Operating (loss) income		(2,751	)		(9,690	)		(6,178	)		10,783
Other income (expense):
Interest income		55			116			118			364
Interest expense, net of patronage dividends		(130	)		(77	)		(961	)		(494	)
Equity in earnings of investments, net		1,240			4,808			18,356			5,322
Other (expense) income, net		(12	)		16			212			(2,611	)
Total other income		1,153			4,863			17,725			2,581
(Loss) income before income tax (provision) benefit		(1,598	)		(4,827	)		11,547			13,364
Income tax (provision) benefit		(322	)		1,290			(4,373	)		(4,247	)
Net (loss) income		(1,920	)		(3,537	)		7,174			9,117
Net loss attributable to noncontrolling interest		61			82			542			283
Net (loss) income attributable to Limoneira Company		(1,859	)		(3,455	)		7,716			9,400
Preferred dividends		(125	)		(125	)		(501	)		(501	)
Net (loss) income applicable to common stock	$	(1,984	)	$	(3,580	)	$	7,215		$	8,899

Basic net (loss) income per common share	$	(0.11	)	$	(0.20	)	$	0.40		$	0.50

Diluted net (loss) income per common share	$	(0.11	)	$	(0.20	)	$	0.40		$	0.50

Weighted-average common shares outstanding-basic		17,760			17,622			17,715			17,603
Weighted-average common shares outstanding-diluted		17,760			17,622			17,715			17,603

Non-GAAP Financial Measures

Due to significant depreciable assets associated with the nature of the Company’s operations and interest costs associated with our capital structure, management believes that earnings before interest, income taxes, depreciation and amortization (“EBITDA”) and adjusted EBITDA, which excludes stock-based compensation, pension settlement cost, impairment of intangible asset, (gain) loss on disposal of assets, net, cash bonus related to sale of assets, gain on legal settlement and severance benefits are important measures to evaluate our results of operations between periods on a more comparable basis. Such measurements are not prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and should not be construed as an alternative to reported results determined in accordance with GAAP. The non-GAAP information provided is unique to the Company and may not be consistent with methodologies used by other companies.

EBITDA and adjusted EBITDA are summarized and reconciled to net (loss) income attributable to Limoneira Company, which management considers to be the most directly comparable financial measure calculated and presented in accordance with GAAP, as follows (in thousands):

	Three Months Ended October 31,						Fiscal Year Ended October 31,
		2024			2023			2024			2023
Net (loss) income attributable to Limoneira Company	$	(1,859	)	$	(3,455	)	$	7,716		$	9,400
Interest income		(55	)		(116	)		(118	)		(364	)
Interest expense, net of patronage dividends		130			77			961			494
Income tax provision (benefit)		322			(1,290	)		4,373			4,247
Depreciation and amortization		2,101			2,066			8,374			8,576
EBITDA		639			(2,718	)		21,306			22,353
Stock-based compensation		977			1,057			4,116			3,841
Pension settlement cost		—			—			—			2,700
Impairment of intangible asset		—			—			643			—
(Gain) loss on disposal of assets, net		(378	)		350			(507	)		(28,849	)
Cash bonus related to sale of assets		—			—			—			2,000
Gain on legal settlement		—			—			—			(2,269	)
Severance benefits		(38	)		—			1,160			—
Adjusted EBITDA	$	1,200		$	(1,311	)	$	26,718		$	(224	)

The following is a reconciliation of net (loss) income attributable to Limoneira Company to adjusted net (loss) income for diluted EPS (in thousands, except per share data):

	Three Months Ended October 31,						Fiscal Year Ended October 31,
		2024			2023			2024			2023
Net (loss) income attributable to Limoneira Company	$	(1,859	)	$	(3,455	)	$	7,716		$	9,400
Effect of preferred stock and unvested, restricted stock		(147	)		(152	)		(685	)		(589	)
Stock-based compensation		977			1,057			4,116			3,841
Pension settlement cost		—			—			—			2,700
Impairment of intangible asset		—			—			643			—
(Gain) loss on disposal of assets, net		(378	)		350			(507	)		(28,849	)
Cash bonus related to sale of assets		—			—			—			2,000
Gain on legal settlement		—			—			—			(2,269	)
Severance benefits		(38	)		—			1,160			—
Tax effect of adjustments at federal and state rates		(154	)		(386	)		(1,489	)		6,193
Adjusted net (loss) income for diluted EPS	$	(1,599	)	$	(2,586	)	$	10,954		$	(7,573	)

Diluted net (loss) income per common share	$	(0.11	)	$	(0.20	)	$	0.40		$	0.50
Adjusted diluted net (loss) income per common share	$	(0.09	)	$	(0.15	)	$	0.62		$	(0.43	)

Weighted-average common shares outstanding – diluted		17,760			17,622			17,715			17,603
Adjusted weighted-average common shares outstanding – diluted		17,760			17,622			17,715			17,603

Supplemental Information

(in thousands, except acres and average price amounts):

	Agribusiness Segment Information for the Three Months Ended October 31, 2024
	Fresh Lemons			Lemon Packing			Eliminations			Avocados		Other Agribusiness		Total Agribusiness
Revenues from external customers	$	24,073		$	1,375		$	—		$	8,869	$	8,161	$	42,478
Intersegment revenue		—			3,998			(3,998	)		—		—		—
Total net revenues		24,073			5,373			(3,998	)		8,869		8,161		42,478
Costs and expenses		25,621			7,301			(3,998	)		1,805		7,305		38,034
Depreciation and amortization		—			—			—			—		—		1,786
Operating income (loss)	$	(1,548	)	$	(1,928	)	$	—		$	7,064	$	856	$	2,658

	Agribusiness Segment Information for the Three Months Ended October 31, 2023
	Fresh Lemons			Lemon Packing			Eliminations			Avocados		Other Agribusiness		Total Agribusiness
Revenues from external customers	$	25,443		$	3,030		$	—		$	—	$	11,612	$	40,085
Intersegment revenue		—			3,725			(3,725	)		—		—		—
Total net revenues		25,443			6,755			(3,725	)		—		11,612		40,085
Costs and expenses		25,951			9,121			(3,725	)		—		9,834		41,181
Depreciation and amortization		—			—			—			—		—		1,713
Operating (loss) income	$	(508	)	$	(2,366	)	$	—		$	—	$	1,778	$	(2,809	)

Lemons	Q4 2024		Q4 2023		Lemon Packing	Q4 2024			Q4 2023
United States:					Cartons packed and sold		470			549
Acres harvested		1,900		2,000	Revenue	$	5,373		$	6,755
Limoneira cartons sold		186		208	Direct costs		7,301			9,121
Third-party grower cartons sold		284		341	Operating loss	$	(1,928	)	$	(2,366	)
Average price per carton	$	17.95	$	20.39
					Avocados	Q4 2024			Q4 2023
Chile:					Pounds sold		4,622			—
Lemon revenue	$	900	$	1,100	Average price per pound	$	1.92		$	—
40-pound carton equivalents		279		316
					Other Agribusiness	Q4 2024			Q4 2023
Other:					Orange cartons sold		91			69
Lemon packing	$	1,400	$	3,000	Average price per carton	$	18.99		$	28.32
Lemon by-product sales	$	100	$	—	Specialty citrus cartons sold		8			75
Brokered lemons and other lemon sales	$	14,600	$	13,200	Average price per carton	$	42.63		$	32.64
					Farm management	$	2,916		$	3,144
Agribusiness costs and expenses	Q4 2024		Q4 2023		Other	$	3,176		$	4,085
Packing costs	$	7,301	$	9,121
Harvest costs		3,444		2,039
Growing costs		8,273		9,193
Third-party grower and supplier costs		18,654		20,320
Other costs		362		508
Depreciation and amortization		1,786		1,713
Agribusiness costs and expenses	$	39,820	$	42,894

View source version on businesswire.com: https://www.businesswire.com/news/home/20241223272157/en/

Investors

John Mills

Managing Partner

ICR 646-277-1254

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Packaging Retail Restaurant/Bar Manufacturing Agriculture Natural Resources Food/Beverage

MEDIA:

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December 23, 2024 4:08 pm

Vertex to Present at the 43rd Annual J.P. Morgan Healthcare Conference on January 13

Vertex to Present at the 43rd Annual J.P. Morgan Healthcare Conference on January 13

BOSTON–(BUSINESS WIRE)–Vertex Pharmaceuticals Incorporated (Nasdaq: VRTX) today announced that Dr. Reshma Kewalramani, Chief Executive Officer and President, will present at the 43^rd Annual J.P. Morgan Healthcare Conference on Monday, January 13, 2025 at 10:30 a.m. ET/7:30 a.m. PT.

A live webcast of management’s remarks will be available through the Vertex website, www.vrtx.com in the “Investors” section under the “News and Events” page. A replay of the conference webcast will be archived on the company’s website.

About Vertex

Vertex is a global biotechnology company that invests in scientific innovation to create transformative medicines for people with serious diseases. The company has approved medicines that treat the underlying causes of multiple chronic, life-shortening genetic diseases — cystic fibrosis, sickle cell disease and transfusion-dependent beta thalassemia — and continues to advance clinical and research programs in these diseases. Vertex also has a robust clinical pipeline of investigational therapies across a range of modalities in other serious diseases where it has deep insight into causal human biology, including acute and neuropathic pain, APOL1-mediated kidney disease, IgA nephropathy, primary membranous nephropathy, autosomal dominant polycystic kidney disease, type 1 diabetes and myotonic dystrophy type 1.

Vertex was founded in 1989 and has its global headquarters in Boston, with international headquarters in London. Additionally, the company has research and development sites and commercial offices in North America, Europe, Australia, Latin America and the Middle East. Vertex is consistently recognized as one of the industry’s top places to work, including 15 consecutive years on Science magazine’s Top Employers list and one of Fortune’s 100 Best Companies to Work For. For company updates and to learn more about Vertex’s history of innovation, visit www.vrtx.com or follow us on LinkedIn, Facebook, Instagram, YouTube and X.

(VRTX-WEB)

View source version on businesswire.com: https://www.businesswire.com/news/home/20241223635085/en/

Vertex Pharmaceuticals Incorporated

Investors:

[email protected]

KEYWORDS: Massachusetts Europe United States North America

INDUSTRY KEYWORDS: Health Genetics Clinical Trials General Health Pharmaceutical Biotechnology

MEDIA:

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December 23, 2024 4:08 pm

Helen of Troy Limited Announces Earnings Release Date, Conference Call, and Webcast for Third Quarter Fiscal 2025 Results

Helen of Troy Limited Announces Earnings Release Date, Conference Call, and Webcast for Third Quarter Fiscal 2025 Results

EL PASO, Texas–(BUSINESS WIRE)–
Helen of Troy Limited (NASDAQ: HELE), designer, developer, and worldwide marketer of branded consumer home, outdoor, beauty, and wellness products, today announced that the Company will release its third quarter fiscal 2025 results before the stock market opens on Thursday, January 9, 2025. The Company will conduct a conference call to discuss its third quarter fiscal 2025 results on the same day, Thursday, January 9, 2025 at 9:00 a.m. Eastern Time. The conference call will be hosted by Noel Geoffroy, Chief Executive Officer; Brian Grass, Chief Financial Officer; and Sabrina McKee Budd, Senior Vice President, Business Development and Investor Relations.

Institutional investors and analysts interested in participating in the call are invited to dial (877) 407-3982 approximately ten minutes prior to the start of the call. The conference call will also be webcast live on the Events & Presentations page at: http://investor.helenoftroy.com/. A telephone replay of this call will be available at 1:00 p.m. Eastern Time on January 9, 2025, until 11:59 p.m. Eastern Time on January 23, 2025, and can be accessed by dialing (844) 512-2921and entering replay pin number 13750606. A replay of the webcast will remain available on the website for one year.

About Helen of Troy Limited

Helen of Troy Limited (NASDAQ: HELE) is a leading global consumer products company offering creative products and solutions for its customers through a diversified portfolio of well-recognized and widely-trusted brands, including OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools, Drybar, Curlsmith, Revlon and Olive & June. All trademarks herein belong to Helen of Troy Limited (or its subsidiaries) and/or are used under license from their respective licensors.

For more information about Helen of Troy, please visit http://investor.helenoftroy.com/

View source version on businesswire.com: https://www.businesswire.com/news/home/20241223490740/en/

Anne Rakunas

Director, External Communications

Helen of Troy Limited

Phone: (915) 225-4841

Allison Malkin

Partner

ICR, Inc.

Phone: (203) 682-8200

KEYWORDS: Texas United States North America

INDUSTRY KEYWORDS: Fashion Cosmetics Retail Department Stores Home Goods Supermarket

MEDIA:

Posted on December 23, 2024 4:08 pm
Albertsons Companies Announces Third Quarter Fiscal 2024 Earnings Release and Conference Call Date

Albertsons Companies Announces Third Quarter Fiscal 2024 Earnings Release and Conference Call Date

BOISE, Idaho–(BUSINESS WIRE)–
Albertsons Companies, Inc. (NYSE: ACI) will release financial results for the third quarter of fiscal 2024, which ended November 30, 2024, before the market opens on Wednesday, January 8, 2025. ACI will host a conference call that day at 8:30 a.m. Eastern Time. The conference call will be available at the following address by accessing the “Events & Presentations” link included therein:

http://albertsonscompanies.com/investors

A replay of the conference call will be available for approximately two weeks following completion of the call.

About Albertsons Companies

Albertsons Companies is a leading food and drug retailer in the United States. As of September 7, 2024, the Company operated 2,267 retail food and drug stores with 1,726 pharmacies, 405 associated fuel centers, 22 dedicated distribution centers and 19 manufacturing facilities. The Company operates stores across 34 states and the District of Columbia under more than 20 well known banners including Albertsons, Safeway, Vons, Jewel-Osco, Shaw’s, Acme, Tom Thumb, Randalls, United Supermarkets, Pavilions, Star Market, Haggen, Carrs, Kings Food Markets and Balducci’s Food Lovers Market. The Company is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. In 2023, along with the Albertsons Companies Foundation, the Company contributed more than $350 million in food and financial support, including more than $35 million through our Nourishing Neighbors Program to ensure those living in our communities and those impacted by disasters have enough to eat.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241223371436/en/

Media Contact:

For Investor Relations, contact [email protected]

For Media Relations, contact [email protected]

KEYWORDS: Idaho United States North America

INDUSTRY KEYWORDS: Retail Supermarket Food/Beverage

MEDIA:

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Posted on December 23, 2024 4:08 pm
Nextracker to Present at the Goldman Sachs Energy, CleanTech & Utilities Conference

Nextracker to Present at the Goldman Sachs Energy, CleanTech & Utilities Conference

FREMONT, Calif.–(BUSINESS WIRE)–
Nextracker (Nasdaq: NXT) announced today that Dan Shugar, Founder and CEO, will participate in a fireside chat at the Goldman Sachs Energy, CleanTech & Utilities Conference. The session is scheduled for 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time on Tuesday, January 7, 2025.

Live webcast will be available on investors.nextracker.com.

The webcast replay will be available on the Nextracker IR website following the conclusion of the event.

About Nextracker

Nextracker is a leading provider of intelligent, integrated solar trackers, foundations, and software solutions used in ground-mounted utility-scale and distributed generation solar projects around the world. Our products enable solar PV power plants to follow the sun’s movement across the sky and optimize plant performance. With power plants operating in more than forty countries worldwide, Nextracker offers solar tracker technologies that increase energy production while reducing costs for significant plant ROI. For more information, please visit Nextracker.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241223929273/en/

Investor Contact:

Sarah Lee

[email protected]

Media Contact:

Brandy Lee

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Utilities Environment Technology Alternative Energy Green Technology Energy Software

MEDIA:

Posted on December 23, 2024 4:05 pm
Bridgeline Announces Financial Results for the Fourth Quarter of Fiscal 2024

WOBURN, Mass., Dec. 23, 2024 (GLOBE NEWSWIRE) — Bridgeline Digital, Inc. (NASDAQ: BLIN), a global leader in AI-powered marketing technology, today announced financial results for its fiscal fourth quarter ended September 30, 2024.

“HawkSearch is the leader in AI-powered product discovery. This year we nearly doubled our sales contracts, launched a new HawkSearch site every week, had better than 103% net revenue retention for HawkSearch, and released 5 AI products under the HawkSearch brand,” said Ari Kahn, Bridgeline’s President and Chief Executive Officer. “We begin 2025 with the largest sales pipeline in the company’s history, an AI product suite that both existing customer and new customers need, and an outstanding industry reputation from customers and analysts.”

Financial Highlights – Fourth Quarter of Fiscal Year 2024

Total revenue was $3.9 million, compared to $3.8 million in the prior year period.

Subscription and licenses revenue was $3.0 million, compared to $3.1 million in the prior year period.

Gross profit was $2.7 million, compared to $2.6 million in the prior year period.

Gross margin was 69% compared to 68% in the prior year period.

Financial Highlights – Fiscal Year 2024

Total revenue was $15.4 million, compared to $15.9 million in the prior year period.

Subscription and licenses revenue was $12.1 million, compared to $12.7 million in the prior year period.

Gross profit was $10.4 million, compared to $10.9 million in the prior year period.

Gross margin was 68% compared to 68% in the prior year period.

Sales Highlights

In the fourth quarter of fiscal year 2024, Bridgeline signed 17 license sales, adding over $360 thousand in annual recurring revenue.

For fiscal year 2024, Bridgeline signed 83 license sales, adding $2.1 million in annual recurring revenue, totaling $6.2 million in new customer contracts.

Demand for AI-powered search is transforming sales, as companies align with customer expectations for smarter search experiences. This surge in demand for higher quality search is driving upgrades to Bridgeline’s HawkSearch platform.

Product Highlights

The Hawk AI Product Suite now includes advanced features like Smart Search, Smart Response, and Smart Tools. A new Smart Agent lets users adjust prompts and foundation model settings through an intuitive interface to optimize interactions with Hawk AI.

HawkSearch launched Conversational Search. Powered by GenAI, this feature uses NLP to interpret user intent and phrasing, transforming searches into conversational interactions with accurate, meaningful results.

HawkSearch launched Smart Facets for Concept Search. Powered by GenAI, Smart Facets transforms the search experience by enabling users to ask detailed, context-rich questions that automatically select relevant search facets.

HawkSearch announced a new Smart Response feature that analyzes PDF content and delivers specific answers to user queries. The innovation includes tools for extracting content from large PDF repositories and using GenAI to create helpful search features such as thumbnails of PDFs, summaries of pages within each PDF, and extraction of other important metadata such as file names and categorization.

HawkSearch’s Rapid UI Framework had a major update launched, which included a new GenAI capability component that accelerates the integration of Smart Response into search interfaces.

Partner Highlights

Optimizely is promoting HawkSearch as a top paid app in their app store and HawkSearch-AI was showcased at Opticon 2024 in San Antonio, Texas in November.

HawkSearch announced a leading distributor of fasteners and industrial supplies has selected HawkSearch to enhance their on-site search capabilities. This distributor, the first lead from our partner Xngage, will use HawkSearch to power their product discovery on the Optimizely platform using the Xngage XConnect connector for HawkSearch.

HawkSearch was named Moblico Partner of the Year. Moblico’s integration of HawkSearch’s AI capabilities enhances mobile engagement for distributors, optimizing real-time shopping experiences and increasing customer retention. This collaboration allows distributors to provide personalized customer experiences, leading to increased revenue and stronger market positioning.

Product Genius Technology, a leading provider of innovative solutions with decades of experience in the fastener industry, partnered with HawkSearch to provide patented search technology to enhance customer engagement and drive sales by simplifying the search, sort and display of complex product categories.

Human Element, Inc., a leading eCommerce services agency, will leverage HawkSearch AI-powered search technology to enhance customer engagement and drive sales for eCommerce platforms. Human Element will partner with HawkSearch to expand its offerings for B2B and B2C merchants to include AI-powered search technology, and the partnership gives Adobe Commerce (Magento), BigCommerce, and Shopify platform users easy access to HawkSearch’s AI-powered search.

Customer Highlights

Duda has expanded its partnership with the WooRank SEO platform. The agency now offers WooRank’s SEO insights and performance data as part of its top-tier SEO package, enhancing its clients’ digital marketing strategies.

An aftermarket automotive truck parts retailer has chosen HawkSearch to power product discovery for its eCommerce website. The retailer is set to boost sales using HawkSearch’s AI-powered Smart Search which allows customers to enter a concept or question into the search bar and receive more accurate, relevant results tailored to the customer’s query.

A top 10 U.S. electrical distributor has expanded its license with HawkSearch to enhance its Salesforce B2B Commerce experience. HawkSearch will support over 740 profit centers, improving the distributor’s product discovery with the Unit of Measure Conversion feature, while providing additional hosting services to address growing traffic demands.

A leader in fastener distribution has selected HawkSearch to enhance its search experience across 15 countries and 12 languages, leveraging HawkSearch’s Keyword & Concept Search to improve product discovery. Additionally, it will optimize part number searches, ensure accurate results for terms with varying spacing, support different format variations, and incorporate advanced machine learning and reporting capabilities.

A leading manufacturer and distributor of life safety gear, equipment, and training for first responders selected HawkSearch to improve their on-site search and merchandising powered by Salesforce Commerce Cloud. The manufacturer will also leverage Instant Engage for surfacing trending items, categories, and content as soon as the user clicks on the search box.

A prominent supplier in the construction materials testing equipment industry has selected HawkSearch and will leverage Instant Engage and Autocomplete to display popular products, category pages, and relevant content as soon as users interact with the search bar.

A leading wholesale hardware distributor has selected HawkSearch to deliver an improved product discovery experience with highly relevant, accurate search results and personalized recommendations for their Optimizely Configured Commerce site.

Financial Results –
Fourth Quarter of Fiscal Year 2024

Total revenue, which is comprised of Licenses and Services revenue, was $3.9 million for the quarter ended September 30, 2024, as compared to $3.8 million for the same period in 2023.

Subscription and licenses revenue, which is comprised of SaaS licenses, maintenance and hosting revenue and perpetual license revenue was $3.0 million for the quarter ended September 30, 2024, as compared to $3.1 million for the same period in 2023. As a percentage of total revenue, Subscription and licenses revenue was 78% of total revenue for the quarter ended September 30, 2024, compared to 81% for the same period in 2023.

Services revenue was $0.8 million for the quarter ended September 30, 2024, as compared to $0.7 million for the same period in 2023. As a percentage of total revenue, Services revenue accounted for 22% of total revenue for the quarter ended September 30, 2024, compared to 19% for the same period in 2023.

Cost of revenue was $1.2 million for the quarter ended September 30, 2024, as compared to $1.2 million for the same period in 2023. Gross profit was $2.7 million for the quarter ended September 30, 2024, as compared to $2.6 million for the same period in 2023.

Gross margin was 69% for the quarter ended September 30, 2024, as compared to 68% for the same period in 2023. Subscription and licenses gross margin was 72% for three months ended September 30, 2024, as compared to 73% for the same period in 2023. Services gross margin was 58% for the three months ended September 30, 2024, as compared to 46% for the same period in 2023.

Operating expenses were $3.1 million for the quarter ended September 30, 2024, as compared to $10.8 million for the same period in 2023 which included a goodwill impairment of $7.5 million.

Operating loss for the quarter ended September 30, 2024 was $0.5 million, as compared to $8.2 million for the same period in 2023 which included the impact of a goodwill impairment.

The warrant liability revaluation resulted in a nominal non-cash loss attributable to the change in the fair value of the warrant liabilities for the quarter ended September 30, 2024. This compares to a non-cash gain from revaluation of $0.2 million for the same period in 2023.

Net loss for the quarter ended September 30, 2024, was $0.4 million, compared to a net loss of $8.1 million for the same period in 2023 which included the impact of goodwill impairment.

Financial Results –
Year-to-Date Twelve Months of Fiscal Year 2024

Total revenue, which is comprised of Licenses and Services revenue, was $15.4 million for the twelve months ended September 30, 2024, as compared to $15.9 million for the same period in 2023.

Subscription and licenses revenue, which is comprised of SaaS licenses, maintenance and hosting revenue and perpetual license revenue was $12.1 million for the twelve months ended September 30, 2024, as compared to $12.7 million for the same period in 2023. As a percentage of total revenue, Subscription and licenses revenue was 79% of total revenue for the twelve months ended September 30, 2024, compared to 80% for the same period in 2023.

Services revenue was $3.2 million for the twelve months ended September 30, 2024, as compared to $3.1 million for the same period in 2023. As a percentage of total revenue, Services revenue accounted for 21% of total revenue for the twelve months ended September 30, 2024, compared to 20% for the same period in 2023.

Cost of revenue was $4.9 million for the twelve months ended September 30, 2024, as compared to $5.0 million for the same period in 2023. Gross profit was $10.4 million for the twelve months ended September 30, 2024, as compared to $10.9 million for the same period in 2023.

Gross margin was 68% for the twelve months ended September 30, 2024, as compared to 68% for the same period in 2023. Subscription and licenses gross margin were 72% for the twelve months ended September 30, 2024, as compared to 74% for the same period in 2023. Services gross margin was 52% for the twelve months ended September 30, 2024, as compared to 48% for the same period in 2023.

Operating expenses were $12.5 million for the twelve months ended September 30, 2024, as compared to $20.8 million for the same period in 2023 which included a goodwill impairment of $7.5 million.

Operating loss for the twelve months ended September 30, 2024, was $2.0 million, as compared to an operating loss of $9.9 million for the same period in 2023 which included the impact of the goodwill impairment.

The warrant liability revaluation resulted in a $0.1 million non-cash gain attributable to the change in the fair value of the warrant liabilities for the twelve months ended September 30, 2024. This compares to a non-cash gain the change in the fair value of $0.6 million for the same period in 2023.

Net loss for the twelve months ended September 30, 2024, was $2.0 million, compared to a net loss of $9.4 million for the same period in 2023, which included the impact of the goodwill impairment.

Conference Call

Bridgeline Digital, Inc. will hold a conference call today, December 23, 2024, at 4:30 p.m. Eastern Time to discuss these results. The Company’s President and Chief Executive Officer, Ari Kahn, and Chief Financial Officer, Thomas Windhausen, will host the call, followed by a question-and-answer period.

The details of the conference call and replay are as follows:

Bridgeline Digital Fourth Quarter 2024 Earnings Call

Monday, December 23, 2024, at 4:30 p.m. ET

Registration: https://register.vevent.com/register/BIa2b7e1f034b94ac0a2c6017e5f9e8d15

Listen Only: https://edge.media-server.com/mmc/p/7vs4y5pi

Participants can register for the conference call using the above URL above.
Once registered, participants will receive dial-in numbers and unique PIN number.

Non-GAAP Financial Measures

This press release contains the following Non-GAAP financial measures: Adjusted EBITDA, Non-GAAP adjusted net income (loss), and Non-GAAP adjusted net earnings (loss) per diluted share.

Adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortization, stock-based compensation expense, impairment of goodwill and intangible assets, non-cash warrant related income/expense, changes in fair value of contingent consideration, restructuring and acquisition-related costs, amortization of debt discounts, preferred stock dividends and any related tax effects. Bridgeline uses Adjusted EBITDA and Non-GAAP adjusted net income (loss) as supplemental measures of our performance that are not required by, or presented in accordance with, accounting principles generally accepted in the United States (“GAAP”).

Non-GAAP adjusted net income (loss) and Non-GAAP adjusted net income (loss) per diluted share are calculated as net income (loss) or net income (loss) per share on a diluted basis, excluding, where applicable, amortization of intangible assets, change in fair value of warrants, stock-based compensation, restructuring and acquisition-related costs, goodwill impairment charges, preferred stock dividends and any related tax effects.

Bridgeline’s management does not consider these Non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these Non-GAAP financial measures. To compensate for these limitations, Bridgeline management presents Non-GAAP financial measures in connection with GAAP results. Bridgeline urges investors to review the reconciliation of its Non-GAAP financial measures to the comparable GAAP financial measures, which is included in this press release, and not to rely on any single financial measure to evaluate Bridgeline’s financial performance.

Our definitions of Non-GAAP Adjusted EBITDA and adjusted net income (loss) may differ from and therefore may not be comparable with similarly titled measures used by other companies, thereby limiting their usefulness as comparative measures. As a result of the limitations that Adjusted EBITDA and Non-GAAP adjusted net income (loss) have as an analytical tool, investors should not consider them in isolation, or as a substitute for analysis of our operating results as reported under GAAP.

Safe Harbor for Forward-Looking Statements

Statement under the Private Securities Litigation Reform Act of 1995

All statements included in this press release, other than statements or characterizations of historical fact, are forward-looking statements. These “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, are based on our current expectations, estimates and projections about our industry, management’s beliefs, and certain assumptions made by us, all of which are subject to change. Forward-looking statements can often be identified by words such as “anticipates,” “expects,” “intends,” “plans,” “predicts,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” “would,” “could,” “potential,” “continue,” “ongoing,” similar expressions, and variations or negatives of these words. These statements appear in a number of places and include statements regarding the intent, belief or current expectations of Bridgeline Digital, Inc. These forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions, including, but not limited to, business operations and the business of our customers, suppliers and partners; our ability to retain and upgrade current customers, increasing our recurring revenue, our ability to attract new customers, our revenue growth rate; our history of net loss and our ability to achieve or maintain profitability, instability in the financial markets, including the banking sector; our liability for any unauthorized access to our data or our users’ content, including through privacy and data security breaches; any decline in demand for our platform or products; changes in the interoperability of our platform across devices, operating systems, and third party applications that we do not control; competition in our markets; our ability to respond to rapid technological changes, extend our platform, develop new features or products, or gain market acceptance for such new features or products, particularly in light of potential disruptions to the productivity of our employees resulting from remote work; our ability to manage our growth or plan for future growth, and our acquisition of other businesses and the potential of such acquisitions to require significant management attention, disrupt our business, or dilute stockholder value; the volatility of the market price of our common stock, the ability to maintain our listing on the NASDAQ Capital Market; or our ability to maintain an effective system of internal controls as well as other risks described in our filings with the Securities and Exchange Commission. Any of such risks could cause our actual results to differ materially and adversely from those expressed in any forward-looking statement. Bridgeline Digital, Inc. assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release, except as required by applicable law.

About Bridgeline Digital

Bridgeline is a marketing technology company that offers a suite of products that help companies grow online revenue by driving more traffic to their websites, converting more visitors to purchasers, and increasing average order value.

To learn more, please visit www.bridgeline.com or call (800) 603-9936.

Contact:

Bridgeline Digital, Inc.
Thomas R. Windhausen
Chief Financial Officer
[email protected]

BRIDGELINE DIGITAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(Unaudited)

ASSETS

September 30, September 30,

2024 2023

Current assets:

Cash and cash equivalents $ 1,390 $ 2,377

Accounts receivable, net 1,288 1,004

Prepaid expenses and other current assets 269 278

Total current assets 2,947 3,659

Property and equipment, net 74 151

Operating lease assets 163 390

Intangible assets, net 3,908 4,890

Goodwill, net 8,468 8,468

Other assets 42 73

Total assets $ 15,602 $ 17,631

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Current portion of long-term debt $ 282 $ 267

Current portion of operating lease liabilities 157 148

Accounts payable 1,112 1,255

Accrued liabilities 988 995

Deferred revenue 2,189 2,084

Total current liabilities 4,728 4,749

Long-term debt, net of current portion 244 435

Operating lease liabilities, net of current portion 6 241

Warrant liabilities 98 174

Other long-term liabilities 520 572

Total liabilities 5,596 6,171

Commitments and contingencies

Stockholders’ equity:

Preferred stock – $0.001 par value; 1,000,000 shares authorized;

Series C Convertible Preferred stock: 11,000 shares authorized; 350 shares issued and outstanding at September 30, 2024 and 2023 – –

Series D Convertible Preferred stock: 4,200 shares authorized; no shares issued and outstanding at September 2024 and 2023

Common stock – $0.001 par value; 50,000,000 shares authorized;10,417,609 shares issued and outstanding at September 30, 2024 and 2023 10 10

Additional paid-in-capital 101,833 101,275

Accumulated deficit (91,538 ) (89,577 )

Accumulated other comprehensive loss (299 ) (248 )

Total stockholders’ equity 10,006 11,460

Total liabilities and stockholders’ equity $ 15,602 $ 17,631

BRIDGELINE DIGITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

Three Months Ended Twelve Months Ended

September 30, September 30,

2024 2023 2024 2023

Revenue:

Subscription and perpetual licenses $ 3,025 $ 3,072 $ 12,134 $ 12,742

Digital engagement services 838 726 3,224 3,143

Total net revenue 3,863 3,798 15,358 15,885

Cost of revenue:

Subscription and perpetual licenses 859 815 3,392 3,364

Digital engagement services 352 391 1,532 1,650

Total cost of revenue 1,211 1,206 4,924 5,014

Gross profit 2,652 2,592 10,434 10,871

Operating expenses:

Sales and marketing 912 965 3,715 4,757

General and administrative 857 806 3,282 3,173

Research and development 1,022 1,070 4,160 3,679

Depreciation and amortization 201 385 1,086 1,528

Goodwill impairment – 7,517 – 7,517

Restructuring and acquisition related expenses 142 75 210 132

Total operating expenses 3,134 10,818 12,453 20,786

Loss from operations (482 ) (8,226 ) (2,019 ) (9,915 )

Interest expense and other, net (3 ) (170 ) (61 ) (189 )

Change in fair value of warrant liabilities (5 ) 214 76 575

Income (loss) before income taxes (490 ) (8,182 ) (2,004 ) (9,529 )

Provision for (benefit from) income taxes (58 ) (119 ) (43 ) (94 )

Net (loss) income $ (432 ) $ (8,063 ) $ (1,961 ) $ (9,435 )

Net (loss) income per share attributable to common shareholders:

Basic net (loss) income per share $ (0.04 ) $ (0.77 ) $ (0.19 ) $ (0.91 )

Diluted net (loss) income per share $ (0.04 ) $ (0.77 ) $ (0.19 ) $ (0.91 )

Number of weighted average shares outstanding:

Basic 10,417,609 10,417,609 10,417,609 10,417,609

Diluted 10,417,609 10,417,609 10,417,609 10,424,187

BRIDGELINE DIGITAL, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(in thousands, except per share data)

(Unaudited)

Three Months Ended Twelve Months Ended

September 30, September 30,

2024 2023 2024 2023

Reconciliation of GAAP net income (loss) to Adjusted EBITDA:

GAAP net loss $ (432 ) $ (8,063 ) $ (1,961 ) $ (9,435 )

Provision for income taxes (58 ) (119 ) (43 ) (94 )

Interest expense and other, net 3 170 61 189

Change in fair value of warrants 5 (214 ) (76 ) (575 )

Amortization of intangible assets 186 346 982 1,378

Depreciation and other amortization 22 45 130 177

Goodwill impairment – 7,517 – 7,517

Restructuring and acquisition related charges 142 75 210 132

Stock-based compensation 137 126 505 402

Adjusted EBITDA $ 5 $ (117 ) $ (192 ) $ (309 )

Reconciliation of GAAP net income (loss) to non-GAAP

adjusted net income (loss):

GAAP net loss $ (432 ) $ (8,063 ) $ (1,961 ) $ (9,435 )

Change in fair value of warrants 5 (214 ) (76 ) (575 )

Amortization of intangible assets 186 346 982 1,378

Goodwill impairment – 7,517 – 7,517

Restructuring and acquisition related charges 142 75 210 132

Stock-based compensation 137 126 505 402

Non-GAAP adjusted net loss $ 38 $ (213 ) $ (340 ) $ (581 )

Reconciliation of GAAP net earnings (loss) per diluted share to

non-GAAP adjusted net earnings (loss) per diluted share:

GAAP net loss per diluted share $ (0.04 ) $ (0.77 ) $ (0.19 ) $ (0.91 )

Change in fair value of warrants 0.00 (0.02 ) (0.01 ) (0.06 )

Amortization of intangible assets 0.02 0.03 0.09 0.13

Goodwill impairment – 0.72 – 0.72

Restructuring and acquisition related charges 0.01 0.01 0.02 0.01

Stock-based compensation 0.01 0.01 0.05 0.04

Non-GAAP adjusted net loss per diluted share $ 0.00 $ (0.02 ) $ (0.03 ) $ (0.06 )

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