FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-driven business solutions and services company, plans to report its first-quarter 2025 financial results on Wednesday, May 7, 2025 before market open. Management will present the results during a conference call and webcast at 9:00 a.m. ET.
The call will be available by live audiocast along with the news release and online presentation slides at https://investor.conduent.com.
The conference call will also be available by calling 877-407-4019 toll free. If requested, the conference ID is 13752430.
The international dial-in is +1 201-689-8337. The international conference ID is also 13752430.
A recording of the conference call will be available by calling 877-660-6853 three hours after the conference call concludes. The access ID for the recording is 13752430.
The call recording will be available until May 20, 2025.
We look forward to your participation.
About Conduent Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 55,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Trademarks Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
NEW ALBANY, Ohio, April 23, 2025 (GLOBE NEWSWIRE) — Commercial Vehicle Group (the “Company” or “CVG”) (NASDAQ: CVGI) will hold its quarterly conference call on Wednesday, May 7, 2025, at 8:30 a.m. ET, to discuss first quarter 2025 financial results. CVG will issue a press release and presentation prior to the conference call.
Toll-free participants dial (800) 549-8228 using conference code 57416. International participants dial (289) 819-1520 using conference code 57416. This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com where it will be archived for one year.
A telephonic replay of the conference call will be available until May 21, 2025. To access the replay, toll-free callers can dial (+1) 888 660 6264 using access code 57416 #, and toll callers in North America and other locations can dial (+1) 289 819 1325.
About CVG
At CVG, we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.
Investor Relations Contact: Ross Collins or Stephen Poe Alpha IR Group CVGI@alpha-ir.com
Ongoing Strategic Expansion of the Company’s Indie Horror Game Portfolio
CULVER CITY, Calif., April 23, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, officially announced that its independent indie publishing arm, Wandering Wizard, has acquired the publishing rights to Whispers of West Grove, an upcoming psychological horror game developed by NVNT Studios. Set to release on Steam, the title expands Wandering Wizard’s growing portfolio of indie horror content while further diversifying the Company’s revenue streams.
This strategic acquisition reflects the Company’s continued commitment to high-growth genres of the gaming market beyond its flagship ARK sandbox survival content. The Company believes the psychological horror genre in particular, has demonstrated remarkable resilience and consumer engagement. According to industry analysts1, the immersive horror games market is projected to grow at a compound annual growth rate (CAGR) of over 13% from 2024 to 2030, driven by the increasing popularity of narrative-driven and emotionally immersive gameplay experiences. The Company believes this acquisition adds momentum to Snail’s publishing strategy, which has seen significant growth over the past year through its indie division, Wandering Wizard’s expanding slate.
Whispers of West Grove invites players into the decaying corridors of West Grove Asylum, where they must navigate fear, fight monstrosities, and piece together a shattered psyche. Blending environmental storytelling with survival horror, the game centers on a patient’s desperate attempt to escape the sinister grasp of Dr. Kade, encountering disturbing visions, mind-bending puzzles, and a revolutionary gameplay mechanic that allows players to reshape the world around them.
Key gameplay features include:
Visceral combat that challenges players to hone survival instincts
Innovative puzzle design that integrates deeply with narrative pacing
Atmospheric environments packed with hidden items and lore
A reality-bending mechanic that transforms the game world at will
An original, dynamic score that shifts between haunting ambiance and intense dread
More details on launch timing for Whispers of West Grove will be shared in the months ahead.
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the strategic acquisition reflecting the Company’s continued commitment to potential high-growth genres of the gaming market beyond its flagship ARK sandbox survival content, such as the psychological horror genre, and the notion that such acquisition adds momentum to Snail’s publishing strategy, which has seen significant growth over the past year through its indie division, Wandering Wizard’s expanding slate. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
Recognized Biologics Executive to Oversee Critical Expansion of U.S.-Based Development Capabilities
ATLANTA, GA, April 22, 2025 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing vaccines and immunotherapies for infectious diseases and cancer, today announced the appointment of Senthil Ranganathan, Ph.D. as Vice President, Technical Development and CMC Operations. Dr. Ranganathan brings over 20 years of experience in biologics development to commercialization across vaccines, cell and gene therapies, monoclonal antibodies, and viral vector products.
This appointment comes at a pivotal time for GeoVax as it advances a comprehensive portfolio of infectious disease vaccines and cancer therapies, positioning the Company to address significant unmet medical needs, contributing to biodefense readiness, and improving vaccine and therapeutic equity through innovation and onshoring.
David Dodd, Chairman & CEO of GeoVax, stated: “We are delighted to welcome Senthil to GeoVax. His track record and expertise in a breadth of biologics development and preparation for registration and subsequent commercialization will support and enhance our progress as we proceed towards the authorization and subsequent commercialization stages for our exciting development portfolio.”
Dr. Ranganathan has held senior leadership roles across industry-leading biopharmaceutical companies, most recently serving as Head of Process Development CMC for the Boston site of National Resilience. He previously led global CMC and manufacturing operations at Athersys, Zymeworks, and Alder Biopharmaceuticals (acquired by Lundbeck Biopharmaceuticals). His career has spanned the development and validation of cell and gene therapies, vaccines, bispecific antibodies, and other biologics—from pre-IND through licensure and commercialization.
He holds a Ph.D. in Biochemistry from Loyola University Chicago and has authored numerous regulatory submissions and publications in support of breakthrough vaccines, biologics, and therapies.
“I am honored to join GeoVax during such a critical stage of the Company’s growth and development,” said Dr. Ranganathan. “I look forward to working with the outstanding GeoVax team as we develop and execute the roadmap that will bring the GeoVax portfolio to benefit patients and communities worldwide.”
About GeoVax
GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines against infectious diseases and therapies for solid tumor cancers. The Company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine currently in three Phase 2 clinical trials, being evaluated as (1) a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, (2) a booster vaccine in patients with chronic lymphocytic leukemia (CLL) and (3) a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. In oncology the lead clinical program is evaluating a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. The Company is also developing GEO-MVA, a vaccine targeting Mpox and smallpox. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.
Forward-Looking Statements
This release contains forward-looking statements regarding GeoVax’s business plans. The words “believe,” “look forward to,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “will,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Actual results may differ materially from those included in these statements due to a variety of factors, including whether: GeoVax is able to obtain acceptable results from ongoing or future clinical trials of its investigational products, GeoVax’s immuno-oncology products and preventative vaccines can provoke the desired responses, and those products or vaccines can be used effectively, GeoVax’s viral vector technology adequately amplifies immune responses to cancer antigens, GeoVax can develop and manufacture its immuno-oncology products and preventative vaccines with the desired characteristics in a timely manner, GeoVax’s immuno-oncology products and preventative vaccines will be safe for human use, GeoVax’s vaccines will effectively prevent targeted infections in humans, GeoVax’s immuno-oncology products and preventative vaccines will receive regulatory approvals necessary to be licensed and marketed, GeoVax raises required capital to complete development, there is development of competitive products that may be more effective or easier to use than GeoVax’s products, GeoVax will be able to enter into favorable manufacturing and distribution agreements, and other factors, over which GeoVax has no control.
Further information on our risk factors is contained in our periodic reports on Form 10-Q and Form 10-K that we have filed and will file with the SEC. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
SAN DIEGO, April 22, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a Technology Company in the Defense, National Security and Global Markets, today announced the continued expansion and operational deployment of its automated truck platooning systems in Ohio and Indiana.
Building upon the company’s March 2024 announcement of a contract to deploy its self-driving platooning technology between Ohio and Indiana along a major trucking corridor, this new milestone marks the success of Kratos’ autonomous trucks on I-70 automated driving deployment project, supported by the U.S. Department of Transportation, DriveOhio, and the Indiana Department of Transportation (INDOT). The initiative’s goal is to advance the adoption of truck automation technologies in the logistics industry across the Midwest.
“At Kratos, we have adapted advanced automated truck platooning technology, originally developed for the U.S. military, to address critical challenges facing commercial logistics, agriculture, energy, and mining sectors, all vital to national security,” said Maynard Factor, VP of Business Development at Kratos Defense. “This project offers a real-world opportunity to demonstrate how proven, automated-driving systems can increase safety, strengthen supply chain resilience, and ensure economic vitality. Operating along the I-70 corridor between Ohio and Indiana enables us to showcase performance in complex, all-weather conditions essential to Midwest freight operations and accelerates readiness for broad adoption. This marks a significant step forward in bringing scalable, next-generation automation to the industries that keep the nation moving.”
The deployment in Ohio and Indiana exemplifies Kratos’ long-standing strategy of leveraging dual-use technologies, originally developed for national security, into cost-effective, high-impact commercial and public infrastructure applications. These efforts multiply the value of internal research and development investments, facilities, and platforms across both sectors.
Kratos’ Leader-Follower platooning capability – where a human-driven lead truck is paired with an automated follower – has been deployed in the U.K. and across the U.S., with multiple systems deployed in states that include Colorado, California, Florida, Minnesota, Missouri, North Dakota, Ohio, Indiana, Oklahoma, Wisconsin, and Tennessee. These systems are proven adaptable to multiple national security adjacent industries from infrastructure maintenance to commercial supply chain operations increasing safety and maintaining business continuity.
Kratos’ automated platooning systems deliver transformative benefits across both the defense and commercial sectors. This proven technology addresses critical challenges to include the national truck driver shortage, a persistent bottleneck to supply chain resilience. Additionally, unlike human operators, the system does not suffer from fatigue or impairment, enhancing safety for the traveling public and offering the potential to lower insurance costs through improved predictability and reduced risk. In defense and industrial applications, these vehicles can protect lives by removing personnel from hazardous missions and maintain operational effectiveness in GPS-denied or harsh environments, critical for remote military and logistics operations.
Kratos is recognized as a national leader in unmanned systems, with a portfolio spanning tactical and target jet drones, unmanned ground vehicles (UGVs) for military applications, and autonomous commercial trucks. From high-performance platforms like the XQ-58A Valkyrie to autonomous ground systems used in infrastructure maintenance and supply chain industries, Kratos brings decades of innovation and operational expertise to the unmanned domain. Each system is designed to meet the exacting standards of U.S. and allied defense requirements while enabling cross-over potential for commercial use cases—making Kratos a pioneer in delivering dual-use, high-value unmanned solutions at scale.
For more information on Kratos’ autonomous vehicle programs, visit: www.kratosdefense.com.
About Kratos Defense & Security Solutions Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.
Notice Regarding Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
NEW YORK, April 22, 2025 (GLOBE NEWSWIRE) — Xcel Brands (NASDAQ: XELB), an industry leading media and consumer products company specializing in building influencer-driven brands through social commerce and livestreaming, is proud to announce an exciting partnership with Latina home and lifestyle creator Jenny Martinez. Jenny is a national best selling cookbook author and creator of Happy Bellies by Jenny. Together, they will launch a food and kitchenware brand designed to bring tradition and taste to every meal.
Jenny believes food connects, inspires, and creates lasting memories. Rooted in Mexican culture, her mission is to bring joy and creativity to every kitchen with thoughtfully designed, high-quality food and kitchenware. From authentic Latino flavors to new creations, Jenny Martinez products will bring the warmth of tradition into every bite.
“I’m so excited to partner with Xcel to create a truly authentic line of food and kitchenware that speaks to the Latina customer,” said Ms Martinez. “Xcel brings products to life for my audience to see and purchase directly.”
Jenny’s deep connection with her community and joyful approach to cooking made her a natural partner for Xcel Brands, which is committed to creating powerful lifestyle brands that resonate across cultures and generations. With a devoted following across social media and her growing online platforms, Jenny’s influence continues to bring families together through food, storytelling, and cultural pride.
“We are thrilled to partner with Jenny Martinez to launch this brand. Her expertise and deep love of cooking and her influence align perfectly with Xcel’s vision of creating innovative, lifestyle-driven consumer brands,” stated Robert W. D’Loren, Chairman and Chief Executive Officer of Xcel Brands. “This collaboration brings us one step closer to our goal of reaching over 100 million social media followers across our brand portfolio, reinforcing our commitment to transforming how consumers engage with the brands they love.”
This partnership will provide more than just high-quality products and educational resources— it’s a celebration of family, tradition, and authenticity. The Jenny Martinez Live brand is set to launch on live shopping channels and select retailers later this year. Stay updated on this exciting journey at www.xcelbrands.com
About Xcel Brands Xcel Brands, Inc. (NASDAQ: XELB) is a media and consumer products company engaged in the design, licensing, marketing, live streaming, and social commerce sales of branded apparel, footwear, accessories, fine jewelry, home goods and other consumer products, and the acquisition of dynamic consumer lifestyle brands. Xcel was founded in 2011 with a vision to reimagine shopping, entertainment, and social media as social commerce. Xcel owns the Halston, Judith Ripka, and C. Wonder brands, as well as the Tower Hill by Christie Brinkley co-branded collaboration, and holds noncontrolling interests in the Isaac Mizrahi brand and Orme Live. Xcel also owns and manages the Longaberger brand through its controlling interest in Longaberger Licensing LLC. Xcel has recently announced the launch of new pet brand, Trust-Respect-Love by Cesar Millan and bakeware and cooking brand with Gemma Stafford. Xcel is pioneering a true modern consumer products sales strategy which includes the promotion and sale of products under its brands through interactive television, digital live-stream shopping, social commerce, brick-and-mortar retail, and e-commerce channels to be everywhere its customers shop. The company’s brands have generated in excess of $5 billion in retail sales via livestreaming in interactive television and digital channels alone, growing social media presence approximately 40 million followers across their brand profile and talent, and over 20,000 hours of livestream content production time and social commerce. Headquartered in New York City, Xcel Brands is led by an executive team with significant live streaming, production, merchandising, design, marketing, retailing, and licensing experience, and a proven track record of success in elevating branded consumer products companies. www.xcelbrands.com
About Jenny Martinez Jenny Martinez is well-known across social media platforms for sharing her authentic Mexican family recipes to the delight of millions of fans on TikTok and Instagram. Jenny was born in Mexico and moved to Los Angeles at age four, yet she has never lost touch with her Mexican heritage. The traditional recipes she shares with her followers have been passed down for generations in her family. Although she later mastered her culinary arts on her own, Jenny started by learning most of her mother’s recipes at the age of thirteen. Jenny considers a well-fed family the key to a happy family and believes that dinner should be celebrated every day. Food brings people together, and Jenny’s videos and recipes convey the spirit of family and community. She lives with her family in Los Angeles, California. Jenny’s first cookbook My Mexican Mesa, Y Listo! (Simon & Schuster) debuted in Spring 2024 featuring 100 recipes ranging from breakfast, appetizers & entrees to desserts, and even cocktails! Providing family-style recipes for every occasion & beautifully photographed to capture the authentic spirit of the cuisine, the cookbook is a must-have for home cooks looking for their next delicious meal. In 2024, Jenny launched her own line of cookware and dinnerware/tabletop at over 600 department stores nationally, as well as a spice line sold in grocery stores and online.
Jenny is represented by John Frierson at The Bureau New York City and managed by Lisa Shotland at Shotlandia. Her attorney is Phil Daniels at Ginsberg Daniels Kallis LLP
Achieved Record Full-Year Sales and Profitability, Adjusted EPS of $5.20 and GAAP EPS of $1.79
FORT WORTH, Texas, April 21, 2025 /PRNewswire/ — AZZ Inc. (NYSE: AZZ), the leading independent provider of hot-dip galvanizing and coil coating solutions, today issued its audited consolidated financial statements contained in the Company’s Fiscal Year 2025 Annual Report on Form 10-K for the year ended February 28, 2025.
Fiscal Year 2025 Overview (as compared to prior fiscal year 2024(1)):
Total Sales $1,577.7 million, up 2.6%
Metal Coatings sales of $665.1 million, up 1.4%
Precoat Metals sales of $912.6 million, up 3.5%
Net income of $128.8 million, up 26.8%; Net Income available to common shareholders of $52.4 million reflects the redemption premium payment on the Series A Preferred Stock of $75.2 million; Adjusted net income of $156.8 million, up 18.1%
GAAP diluted EPS of $1.79 per share, down 48.3%, which includes full redemption of Series A Preferred Stock, and Adjusted diluted EPS of $5.20, up 14.8%
Adjusted EBITDA of $347.9 million, or 22.0% of sales, up 4.3% versus prior year of $333.6 million, or 21.7% of sales
Segment Adjusted EBITDA margin of 30.9% for Metal Coatings and 19.6% for Precoat Metals
Debt reduction of $110.0 million for the year, resulting in net leverage below 2.5x
Fourth Quarter 2025 Overview (as compared to prior fiscal year fourth quarter(1)):
Total Sales of $351.9 million, down 4.0%, primarily due to inclement weather during the quarter
Metal Coatings sales of $148.4 million, down 3.9%
Precoat Metals sales of $203.5 million, down 4.1%
Net Income of $20.2 million, up 41.7%, and Adjusted net income of $29.6 million, up 7.9%
GAAP diluted EPS of $0.67 per share, up 19.6%, and Adjusted diluted EPS of $0.98, up 5.4%
Adjusted EBITDA of $71.2 million or 20.2% of sales, versus prior year of $73.9 million, or 20.2% of sales
Segment Adjusted EBITDA margins of 29.2% for Metal Coatings and 17.8% for Precoat Metals
______________________________________
(1) Adjusted Net Income, Adjusted EPS, Adjusted EBITDA and net leverage ratio are non-GAAP financial measures as defined and reconciled in the tables below.
Tom Ferguson, President, and Chief Executive Officer of AZZ, commented, “Fiscal year 2025 was a successful year for AZZ. We delivered record full year results and made significant progress on our growth initiatives throughout the year. We are pleased with full-year sales growth of 2.6%, which includes record results in both Metal Coatings and Precoat Metals, despite navigating significant weather impacts in the fourth quarter. For the year, our Metal Coatings segment delivered sales of $665.1 million, and 30.9% EBITDA margin, while Precoat Metals delivered sales of $912.6 million and 19.6% EBITDA margin.
“With sales of $1.58 billion and cash flow from operations of $250 million, we were able to substantially complete our greenfield project in Washington, Missouri while significantly paying down debt in fiscal 2025. We successfully completed a secondary public offering of common stock, and fully redeemed the Company’s Series A Preferred Stock. We are pleased with the financial condition of the Company and plan to further strengthen our balance sheet. We expect to accelerate debt paydown with proceeds from the AVAIL transaction which is expected to close in the first quarter of fiscal 2026.
“I want to sincerely thank our entire AZZ team for their exceptional performance in fiscal 2025—our 38th consecutive year of profitability from continuing operations. As we capitalize on our strong market positions to meet rising demand in our end markets, I am confident in our ability to generate significant cash flow and drive long-term value. With a focus on strategic growth initiatives, we remain committed to enhancing shareholder value and seizing future opportunities as they arise,” Ferguson concluded.
Segment Performance
Full Year 2025 Metal Coatings
Strong sales of $665.1 million, up 1.4% from prior year. Improved sales were driven by an increase in volume for hot-dip galvanizing driven by continued strength within the renewables, utility and construction markets.
Segment EBITDA of $205.4 million was up 4.4% versus the prior year. EBITDA margin of 30.9% was at the upper end of our previously stated range of 25%-30%, and increased 90 basis points due to a higher volume of steel processed and operational efficiencies.
Full Year 2025 Precoat Metals
Sales of $912.6 million, up 3.5% from prior year due to higher volume.
Segment EBITDA of $179.0 million or 19.6% of sales, was up 6.9%, on higher volume.
Fourth Quarter 2025 Metal Coatings
Sales decreased 3.9% to $148.4 million and EBITDA decreased 2.1% to $43.2 million versus the prior quarter in fiscal 2024. Sales were lower as a result of decreased volume due to unfavorable weather conditions in the quarter.
Segment EBITDA margin increased to 29.2% of sales, or 60 basis points higher than the prior year fourth quarter EBITDA margin. The increase in EBITDA margin was a result of lower operating and selling, general and administrative costs.
Fourth Quarter 2025 Precoat Metals
Sales decreased 4.1% to $203.5 million and EBITDA decreased 3.9% to $36.2 million, versus the prior quarter in fiscal 2024. Sales were seasonally lower as a result of decreased volume due to unfavorable weather conditions and lower end market demand in transportation.
Segment EBITDA margin of 17.8% of sales, was flat compared to prior year fourth quarter EBITDA margin.
Balance Sheet, Liquidity and Capital Allocation
The Company generated significant operating cash of $249.9 million for fiscal 2025 through improved earnings and disciplined working capital management. At the end of the fourth quarter, the Company’s net leverage was below 2.5x trailing twelve months EBITDA. Consistent with the capital allocation strategy, the Company paid down debt of $110.0 million and returned cash to common shareholders through cash dividend payments totaling $23.1 million. Capital expenditures were $115.9 million during the year, which included $52.8 million for the greenfield facility in Washington, Missouri. Fiscal 2026 capital expenditures are expected to be approximately $60 – $80 million. In fiscal 2026, we will continue to allocate our strong cash flow generated from operations as well as the proceeds from the AVAIL joint venture transaction, which we now estimate will be over $200 million, to support our capital allocation strategy.
Financial Outlook — Reiterating Fiscal Year 2026 Guidance
We are reiterating our fiscal year guidance, reflecting our confidence in the Company’s strategic execution, operational resilience, and market positioning. Fiscal year 2026 guidance reflects our best estimates given expected market conditions for the full year, lower interest expense, an annualized effective tax rate of 25% and excludes M&A and any federal regulatory changes that may emerge.
FY2026 Guidance(1)
Sales
$1.625 – $1.725 billion
Adjusted EBITDA
$360 – $400 million
Adjusted Diluted EPS
$5.50 – $6.10
(1)
FY2026 Guidance Assumptions:
a.
Excludes the impact of any future acquisitions.
b.
Management defines adjusted earnings per share to exclude intangible asset amortization, acquisition expenses, transaction related expenses, certain legal settlements and accruals, and certain expenses related to non-recurring events from the reported GAAP measure.
c.
Assumes EBITDA margin range of 27 – 32% for the Metal Coatings segment and 17% – 22% for the Precoat Metals segment.
Conference Call Details
AZZ Inc. will conduct a live conference call with Tom Ferguson, Chief Executive Officer, Jason Crawford, Chief Financial Officer, and David Nark, Chief Marketing, Communications and Investor Relations Officer to discuss financial results for the fourth quarter of the fiscal year 2025, Tuesday, April 22, 2025, at 11:00 A.M. ET. Interested parties can access the conference call by dialing (844) 855-9499 or (412) 317-5497 (international). A webcast of the call will be available on the Company’s Investor Relations page at http://www.azz.com/investor-relations.
A replay of the call will be available at (877) 344-7529 or (412) 317-0088 (international), replay access code: 3079902 through April 29, 2025, or by visiting http://www.azz.com/investor-relations for the next 12 months.
About AZZ Inc.
AZZ Inc. is the leading independent provider of hot-dip galvanizing and coil coating solutions to a broad range of end-markets. Collectively, our business segments provide sustainable, unmatched metal coating solutions that enhance the longevity and appearance of buildings, products and infrastructure that are essential to everyday life.
Safe Harbor Statement
Certain statements herein about our expectations of future events or results constitute forward-looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements by terminology such as “may,” “could,” “should,” “expects,” “plans,” “will,” “might,” “would,” “projects,” “currently,” “intends,” “outlook,” “forecasts,” “targets,” “anticipates,” “believes,” “estimates,” “predicts,” “potential,” “continue,” or the negative of these terms or other comparable terminology. Such forward-looking statements are based on currently available competitive, financial, and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date they are made and are subject to risks that could cause them to differ materially from actual results. Certain factors could affect the outcome of the matters described herein. This press release may contain forward-looking statements that involve risks and uncertainties including, but not limited to, changes in customer demand for our manufactured solutions, including demand by the construction markets, the industrial markets, and the metal coatings markets. We could also experience additional increases in labor costs, components and raw materials including zinc and natural gas, which are used in our hot-dip galvanizing process, paint used in our coil coating process; supply-chain vendor delays; customer requested delays of our manufactured solutions; delays in additional acquisition opportunities; an increase in our debt leverage and/or interest rates on our debt, of which a significant portion is tied to variable interest rates; availability of experienced management and employees to implement AZZ’s growth strategy; a downturn in market conditions in any industry relating to the manufactured solutions that we provide; economic volatility, including a prolonged economic downturn or macroeconomic conditions such as inflation or changes in the political stability in the United States and other foreign markets in which we operate; tariffs, acts of war or terrorism inside the United States or abroad; and other changes in economic and financial conditions. AZZ has provided additional information regarding risks associated with the business, including in Part I, Item 1A. Risk Factors, in AZZ’s Annual Report on Form 10-K for the fiscal year ended February 28, 2025, and other filings with the SEC, available for viewing on AZZ’s website at www.azz.com and on the SEC’s website at www.sec.gov.
You are urged to consider these factors carefully when evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. These statements are based on information as of the date hereof and AZZ assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Company Contact: David Nark, Chief Marketing, Communications and Investor Relations Officer AZZ Inc. (817) 810-0095 www.azz.com
Investor Contact: Sandy Martin / Phillip Kupper Three Part Advisors (214) 616-2207 or (817) 368-2556 www.threepa.com
CHICAGO, April 21, 2025 (GLOBE NEWSWIRE) — FreightCar America, Inc. (NASDAQ: RAIL), a diversified manufacturer of railroad freight cars, today announced that it will release its first quarter 2025 financial results on Monday, May 5, 2025, after the market close and host a teleconference to discuss its first quarter 2025 results on the following day. Teleconference details are as follows:
Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call.
An audio replay of the conference call will be available beginning at 3:00 p.m. (Eastern Time) on Tuesday, May 6, 2025, until 11:59 p.m. (Eastern Time) on Tuesday, May 20, 2025. To access the replay, please dial (844) 512-2921 or (412) 317-6671. The replay passcode is 13753235. An archived version of the webcast will also be available on the FreightCar America Investor Relations website.
About FreightCar America
FreightCar America, headquartered in Chicago, Illinois, is a leading designer, producer and supplier of railroad freight cars, railcar parts and components. We also specialize in railcar repairs, complete railcar rebody services and railcar conversions that repurpose idled rail assets back into revenue service. Since 1901, our customers have trusted us to build quality railcars that are critical to economic growth and instrumental to the North American supply chain. To learn more about FreightCar America, visit www.freightcaramerica.com.
New Business Awards of $16.4 million in first quarter 2025; New Business Awards of over $150 million since Q1 2023; tracking ahead of its five-year plan
Company raises five-year Adjusted EBITDA margin target range to 13–14%, and reaffirms previous 2025 Adjusted EBITDA guidance
CHARLOTTE, N.C., April 21, 2025 (GLOBE NEWSWIRE) — NN (NASDAQ: NNBR) today announced an update on its new business wins program and its ongoing above-plan margin results.
Highlights:
First quarter 2025 new business wins were $16.4 million; we believe NN is on pace to meet its 2025 goal of $65 million of new business awards
Approximately $98 million of new business awards will ramp into revenue stream during 2025 and beyond
New wins for the quarter were in the key focus areas of non-automotive industrial products, electrical and power products, medical, and automotive products
NN is leveraging its installed base of $340 million of assets and is selectively adding new capacity in certain growth areas
NN has secured more than $150 million in new wins since Q1 2023, tracking ahead of its five-year goal and supporting its long-term net sales targets which also assumes a stable base market for ongoing business
NN’s new business pipeline continues to expand in non-automotive, medical, industrial, and automotive products
NN has built a $340+ million pipeline in the targeted areas of electrical, medical, and industrial; or about half of its pipeline
NN’s adjusted EBITDA rate is ahead of its five-year plan due to cost-improvement actions and new business
NN is increasing its five-year Adjusted EBITDA target range up to 13-14%, up from prior range of 12-13%
Company is incurring immaterial direct tariff impacts due to its indigenous footprint strategy in the US
NN is reaffirming prior adjusted EBITDA guidance for 2025
Harold Bevis, Chief Executive Officer of NN Inc. commented, “First quarter 2025 was a good quarter for NN as we continued to execute on our transformation strategy, highlighted by strong new business growth of $16.4 million. Our commercial pipeline is building upon the strong momentum delivered since the launch of the transformation, and we are proud to be solidifying our position as an elite and preferred supplier in our key growth portfolios. Our base business is slightly less than expected in certain areas due to uncertainties, but the company is adjusting its cost positions where needed.”
Bevis concluded, “Our team remains highly focused on accretive margin expansion and driving operational improvements across the company. Our efforts to date have resulted in profitability improvements that are tracking ahead of our initial transformation plan, and as a result, we are increasing our five-year Adjusted EBITDA margin target up to the range of 13-14%. We are well underway with improving our cost structure, onboarding accretive new business, pivoting our ongoing accumulated pipeline, and improving our margin mix through continued wins in our key growth areas of stampings, electrical, and medical markets. While we are pleased with the momentum and early success of our program, we are only getting started and will implement further growth and cost-out initiatives to strengthen profitability and expand our margins as part of our commitment to growing shareholder value.”
ABOUT NN
NN is a global industrial company that combines advanced engineering and production capabilities to deliver solutions for high-precision components and assemblies for a variety of markets on a global basis. Headquartered in Charlotte, North Carolina, NN has facilities in North America, Asia, Europe, and South America. For more information, visit www.nninc.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Except for specific historical information, many of the matters discussed in this press release may express or imply projections of revenues or expenditures, statements of plans and objectives or future operations or statements of future economic performance. These statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to NN, Inc. (the “Company”) based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “growth,” “guidance,” “intend,” “may,” “will,” “possible,” “potential,” “predict,” “project,” “trajectory” or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management’s control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the impacts of pandemics, epidemics, disease outbreaks and other public health crises, on our financial condition, business operations and liquidity; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuation, and other risks of doing business outside of the United States; inflationary pressures and changes in the cost or availability of materials, supply chain shortages and disruptions, the availability of labor and labor disruptions along the supply chain; our dependence on certain major customers, some of whom are not parties to long-term agreements (and/or are terminable on short notice); the impact of acquisitions and divestitures, as well as expansion of end markets and product offerings; our ability to hire or retain key personnel; the level of our indebtedness; the restrictions contained in our debt agreements; our ability to obtain financing at favorable rates, if at all, and to refinance existing debt as it matures; our ability to secure, maintain or enforce patents or other appropriate protections for our intellectual property; new laws and governmental regulations; the impact of climate change on our operations; and cyber liability or potential liability for breaches of our or our service providers’ information technology systems or business operations disruptions. The foregoing factors should not be construed as exhaustive and should be read in conjunction with the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. New risks and uncertainties may emerge from time to time, and it is not possible for the Company to predict their occurrence or how they will affect the Company. The Company qualifies all forward-looking statements by these cautionary statements.
Investor Relations: Joseph Caminiti or Stephen Poe, Investors NNBR@alpha-ir.com 312-445-2870
RESTON, Va., April 21, 2025 /PRNewswire/ — V2X (NYSE: VVX) has named Melon Yeshoalul to Senior Vice President, Chief Human Resources Officer effective April 21, 2025. In this role, she will be responsible for the company’s global human resources strategy and operations including talent management, recruitment, leadership development, and compensation and benefits. She will join the executive team and report directly to President and Chief Executive Officer, Jeremy C. Wensinger.
“As we continue to scale globally and invest in the growth of our people, Melon brings the right combination of experience and leadership to help shape the future of our workforce,” said Wensinger. “She is deeply committed to building strong cultures and high-performing teams, and I am confident she will elevate our employee experience and strengthen our position as an employer of choice.”
Bringing more than two decades of experience, Yeshoalul has established herself as a leading professional in recruiting, compensation, and HR business partnering. Most recently, she served in a senior leadership role at Amazon Web Services (AWS), where she helped deliver scalable talent and operations programs to support rapid growth and organizational effectiveness. Prior to AWS, she held top HR leadership positions at DXC Technology, PwC, and The Boeing Company.
“I’m thrilled to join V2X at such an exciting time in its evolution,” said Yeshoalul. “This is a company that is mission-driven, people-first, and poised for extraordinary growth. I look forward to working across the enterprise to unlock the potential of our talent, foster innovation, and drive a culture of excellence worldwide.”
Yeshoalul earned a bachelor’s degree from the State University of New York at Buffalo.
About V2X V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.
Investor Contact Mike Smith, CFA Vice President, Treasury, Corporate Development and Investor Relations IR@goV2X.com 719-637-5773
Media Contact Angelica Spanos Deoudes Director, Corporate Communications Angelica.Deoudes@goV2X.com 571-338-5195
CULVER CITY, Calif., April 21, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, announced that its wholly owned subsidiary, Interactive Films LLC (“Interactive Films”), has signed a Memorandum of Understanding (MOU) with Mega Matrix Inc. (NYSE American: MPU). Under this MOU, both parties will leverage their respective strengths to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas, further enhancing their presence in the entertainment industry.
Mr. Hai Shi, Chairman and Co-CEO of Snail Games, commented, “Today’s announcement represents a strategic step forward in advancing Interactive Films’ short-drama business line and expanding our growing portfolio of original short dramas alongside MPU. According to WiseGuyReports1, the global mini program short drama market is expected to grow at a strong 20.81% CAGR to $25.68 billion by 2032. North America particularly is a key market for short-form content driven by the rapid adoption of streaming services and the growing presence of major industry players. This accelerated momentum and rising global appetite for short dramas presents a compelling opportunity for us to further diversify our content portfolio, deepen production capabilities, and capitalize on our unique strengths in artificial intelligence and immersive storytelling. With a shared vision, both parties look forward to leveraging its respective platforms and proprietary apps to deliver a slate of innovative short films to audiences worldwide.”
Mr. Yucheng Hu, CEO of MPU, also commented, “This partnership marks an important step for MPU as we expand our content portfolio and strengthen our presence in the global short-drama industry. Short dramas are seeing increasing popularity, with audience demand for binge-worthy, serialized content on the rise. With Snail Games’ expertise in artificial intelligence (AI) and immersive storytelling, combined with MPU’s established production and distribution capabilities, we believe this collaboration has the potential to deliver compelling content that resonates with global audiences.”
Under the MOU, Interactive Films and MPU will collaborate on the creative direction and script development of short dramas, jointly overseeing production progress and budgeting. The content will be distributed globally through both companies’ platforms. Leveraging its experienced in-house team and extensive expertise in short-drama production, MPU will oversee outsourced production and post-production of the short drama to ensure high-quality content. Additionally, Snail Games’ expertise in AI and interactive technologies, honed through game development, may be integrated into personalized recommendations and interactive storytelling, delivering a next-generation immersive viewing experience for audiences.
Over the next 12 months (unless the MOU is earlier terminated upon 60 days’ written notice to the other party), Interactive Films and MPU have committed to co-developing at least 10 short dramas. By utilizing their well-established international distribution channels in gaming and micro-drama markets, the Company believes these productions will quickly reach audiences across North America, Southeast Asia, and other global regions, further amplifying both companies’ influence in the global entertainment sector.
This strategic partnership marks a further expansion of Snail Games’ short drama business and represents a significant milestone in MPU’s expansion within the entertainment industry. Through this collaboration, both companies can combine their strengths in content creation and technology, while leveraging MPU’s global distribution network to accelerate the global rollout of the short dramas. This collaboration is expected to accelerate Interactive Films’ business and short film portfolios while providing audiences with a diverse selection of high-quality short dramas.
About Mega Matrix Inc. Mega Matrix Inc. (NYSE American: MPU) is a holding company and operates FlexTV, a short-video streaming platform and producer of short dramas, through its subsidiary, Yuder Pte, Ltd. Mega Matrix Inc. is a Cayman Island corporation headquartered in Singapore. For more information, please contact info@megamatrix.io or visit: http://www.megamatrix.io.
About Snail Games Snail Games (Nasdaq: SNAL), is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices. For more information, please visit: https://snail.com/
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding the respective strengths of Snail and MPU to establish a comprehensive collaboration framework for the joint development, production, and global distribution of short dramas; however, the MOU is not fully binding on either party and may be terminated upon 60 days’ written notice to the other party. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Contacts:
Investors: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
LAKE ZURICH, Ill–(BUSINESS WIRE)– ACCO Brands Corporation (NYSE: ACCO) today announced that it will release its first quarter 2025 earnings after the market close on May 1, 2025. The Company will host a conference call and webcast to discuss the results on May 2 at 8:30 a.m. EST. The webcast can be accessed through the Investor Relations section of www.accobrands.com and will be available for replay.
About ACCO Brands Corporation
ACCO Brands is the leader in branded consumer products that enable productivity, confidence and enjoyment while working, when learning and while playing. Our widely recognized brands include AT-A-GLANCE®, Five Star®, Kensington®, Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More information about ACCO Brands Corporation (NYSE: ACCO) can be found at www.accobrands.com.
Christopher McGinnis Investor Relations (847) 796-4320
Vancouver, British Columbia–(Newsfile Corp. – April 17, 2025) – Hemisphere Energy Corporation (TSXV: HME) (OTCQX: HMENF) (“Hemisphere” or the “Company”) is pleased to provide its financial and operating results for the fourth quarter and year ended December 31, 2024.
2024 Highlights
Increased annual production by 10% to a record of 3,436 boe/d (99% heavy oil).
Generated annual revenue of $99.9 million, an 18% increase over the previous year.
Achieved a 16% increase in annual adjusted funds flow from operations (“AFF”)(1) to $45.8 million.
Invested $22 million to drill nine wells, upgrade facilities, and purchase land at Atlee Buffalo in Alberta, as well as drill five wells (three production wells and two injection wells) and build the facilities required to test a pilot polymer flood at Marsden, Saskatchewan.
Generated $23.9 million of annual free funds flow (“FFF”)(1), a 6% increase over annual FFF reported for 2023.
Achieved robust operating and transportation costs of $15.60/boe.
Distributed $9.8 million in quarterly base dividends to shareholders during the year.
Distributed $5.9 million in special dividends to shareholders during the year.
Purchased and cancelled 3.4 million shares at an average price of $1.62 per share under the Company’s normal course issuer bid (“NCIB”), returning $5.5 million to shareholders during the year.
Exited 2024 with a positive working capital(1) position of $6.4 million compared to $3.6 million at December 31, 2023.
Note: (1)Non-IFRS financial measure that is not a standardized financial measure under International Financial Reporting Standards (“IFRS”) and may not be comparable to similar financial measures disclosed by other issuers. Refer to “Non-IFRS and Other Financial Measures” section below.
Financial and Operating Summary
Selected financial and operational highlights should be read in conjunction with Hemisphere’s audited consolidated financial statements and related Management’s Discussion and Analysis for the year ended December 31, 2024. These reports, including the Company’s Annual Information Form for the year ended December 31, 2024, are available on SEDAR+ at www.sedarplus.ca and on Hemisphere’s website at www.hemisphereenergy.ca. All amounts are expressed in Canadian dollars unless otherwise noted.
Operations Update and Outlook
2024 marked another strong year for Hemisphere, with record production levels of over 3,400 boe/d (99% heavy oil), near record AFF of $45.8 million, record shareholder returns of over $21 million ($0.21/share) through dividends and share buybacks, and an increase in its net cash position at year end to $6.4 million. The Company’s first quarter 2025 field estimated production has since grown to 3,800 boe/d (99% heavy oil) through continued success of its polymer floods, despite no new wells being drilled since the third quarter of 2024.
Given the strong financial position and performance outlook of the Company, Hemisphere recently announced a special dividend of C$0.03 per common share to be paid on April 28, 2025 to shareholders of record on April 17, 2025. In 2024, Hemisphere’s total dividend payments to shareholders of C$0.16 per common share included two special dividends of C$0.03 per common share (in each of July and November), in addition to the base annual dividend of C$0.10 per common share. These special dividends are an important part of Hemisphere’s overall shareholder return model.
As seen over the first two weeks of April, pricing outlook for the oil market is experiencing significant volatility influenced by geopolitical developments, supply-demand dynamics, and trade tensions. Hemisphere’s 2025 budget is extremely flexible with minimal capital spending planned until summer. The Company’s robust balance sheet, ultra-low decline assets, and limited sustaining capital requirements for 2025 position Hemisphere well to withstand these economic headwinds.
About Hemisphere Energy Corporation
Hemisphere is a dividend-paying Canadian oil company focused on maximizing value-per-share growth with the sustainable development of its high netback, low decline conventional heavy oil assets through polymer flood enhanced oil recovery methods. Hemisphere trades on the TSX Venture Exchange as a Tier 1 issuer under the symbol “HME” and on the OTCQX Venture Marketplace under the symbol “HMENF”.
For further information, please visit the Company’s website at www.hemisphereenergy.ca to view its corporate presentation or contact:
Don Simmons, President & Chief Executive Officer Telephone: (604) 685-9255 Email: info@hemisphereenergy.ca
Certain statements included in this news release constitute forward-looking statements or forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. Forward-Looking statements are typically identified by words such as “anticipate”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “could”, “plan”, “intend”, “should”, “believe”, “outlook”, “potential”, “target” and similar words suggesting future events or future performance. In particular, but without limiting the generality of the foregoing, this news release includes forward-looking statements that a special dividend will be paid to shareholders on April 28, 2025 to shareholders of record on April 17, 2025; Hemisphere’s intention to have minimal capital spending until summer; and the Company’s view that its robust balance sheet, ultra-low decline assets, and limited sustaining capital requirements for 2025 position Hemisphere well to withstand economic headwinds.
Forward‐Looking statements are based on a number of material factors, expectations or assumptions of Hemisphere which have been used to develop such statements and information, but which may prove to be incorrect. Although Hemisphere believes that the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements because Hemisphere can give no assurance that such expectations will prove to be correct. In addition to other factors and assumptions which may be identified herein, assumptions have been made regarding, among other things: the current and go-forward oil price environment; that Hemisphere will continue to conduct its operations in a manner consistent with past operations; that results from drilling and development activities are consistent with past operations; current budgets; the quality of the reservoirs in which Hemisphere operates and continued performance from existing wells; the continued and timely development of infrastructure in areas of new production; the accuracy of the estimates of Hemisphere’s reserve volumes; certain commodity price and other cost assumptions; continued availability of debt and equity financing and cash flow to fund Hemisphere’s current and future plans and expenditures; the impact of increasing competition; the general stability of the economic and political environment in which Hemisphere operates; the general continuance of current industry conditions; the timely receipt of any required regulatory approvals; the ability of Hemisphere to obtain qualified staff, equipment and services in a timely and cost efficient manner; drilling results; the ability of the operator of the projects in which Hemisphere has an interest in to operate the field in a safe, efficient and effective manner; the ability of Hemisphere to obtain financing on acceptable terms; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; the timing and cost of pipeline, storage and facility construction and expansion and the ability of Hemisphere to secure adequate product transportation; future commodity prices; currency, exchange and interest rates; regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which Hemisphere operates; trade and tariff matters, including the impacts on costs and supply chains; and the ability of Hemisphere to successfully market its oil and natural gas products.
The forward‐looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Such information and statements, including the assumptions made in respect thereof, involve known and unknown risks, uncertainties and other factors that may cause actual results or events to defer materially from those anticipated in such forward‐looking statements including, without limitation: changes in commodity prices; changes in the demand for or supply of Hemisphere’s products, changes in Hemisphere’s budget, the early stage of development of some of the evaluated areas and zones; unanticipated operating results or production declines; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in development plans of Hemisphere or by third party operators of Hemisphere’s properties, increased debt levels or debt service requirements; inaccurate estimation of Hemisphere’s oil and gas reserve volumes; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; and certain other risks detailed from time‐to‐time in Hemisphere’s public disclosure documents, (including, without limitation, those risks identified in this news release and in Hemisphere’s Annual Information Form).
The forward‐looking statements contained in this news release speak only as of the date of this news release, and Hemisphere does not assume any obligation to publicly update or revise any of the included forward‐looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
This MD&A contains the terms adjusted funds flow from operations, free funds flow, operating field netback and operating netback, capital expenditures and working capital/net debt, which are considered “non-IFRS financial measures” and any of these measures calculated on a per boe basis, which are considered “non-IFRS financial ratios”. These terms do not have a standardized meaning prescribed by IFRS. Accordingly, the Company’s use of these terms may not be comparable to similarly defined measures presented by other companies. Investors are cautioned that these measures should not be construed as an alternative to net income (loss) or cashflow from operations determined in accordance with IFRS and these measures should not be considered more meaningful than IFRS measures in evaluating the Company’s performance.
a)Adjusted funds flow from operations “AFF“ (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): The Company considers AFF to be a key measure that indicates the Company’s ability to generate the funds necessary to support future growth through capital investment and to repay any debt. AFF is a measure that represents cash flow generated by operating activities, before changes in non-cash working capital and adjusted for tax provision and decommissioning expenditures, and may not be comparable to measures used by other companies. The most directly comparable IFRS measure for AFF is cash provided by operating activities. AFF per share is calculatedusing the same weighted-average number of shares outstanding as in the case of the earnings per share calculation for the period.
b)Free funds flow (“FFF”) (Non-IFRS Financial Measures): Calculated by taking adjusted funds flow and subtracting capital expenditures, excluding acquisitions and dispositions. Management believes that free funds flow provides a useful measure to determine Hemisphere’s ability to improve returns and to manage the long-term value of the business.
c)Capital Expenditures (Non-IFRS Financial Measure): Management uses the term “capital expenditures” as a measure of capital investment in exploration and production assets, and such spending is compared to the Company’s annual budgeted capital expenditures. The most directly comparable IFRS measure for capital expenditures is cash flow used in investing activities. A summary of the reconciliation of cash flow used in investing activities to capital expenditures is set forth below:
d)Operating field netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): A benchmark used in the oil and natural gas industry and a key indicator of profitability relative to current commodity prices. Operating field netback is calculated as oil and gas sales, less royalties, operating expenses, and transportation costs on an absolute and per barrel of oil equivalent basis. These terms should not be considered an alternative to, or more meaningful than, cash flow from operating activities or net income or loss as determined in accordance with IFRS as an indicator of the Company’s performance.
e)Operating netback (Non-IFRS Financial Measure and Ratio if calculated on a per boe basis): Calculated as the operating field netback plus the Company’s realized gain (loss) on derivative financial instruments on an absolute and per barrel of oil equivalent basis.
f)Working capital/Net debt (Non-IFRS Financial Measure): Closely monitored by the Company to ensure that its capital structure is maintained by a strong balance sheet to fund the future growth of the Company. Working capital/net debt is used in this document in the context of liquidity and is calculated as the total of the Company’s current assets, less current liabilities, excluding derivative financial instruments, decommissioning obligations, and lease liabilities, adjusted for tax provision and including any bank debt. There is no IFRS measure that is reasonably comparable to working capital/net debt.
g)Supplementary Financial Measures and Ratios
“Adjusted Funds Flow from operations per basic share” is comprised of funds from operations divided by basic weighted average common shares. “Adjusted Funds Flow from operations per diluted share” is comprised of funds from operations divided by diluted weighted average common shares. “Annual Free Funds Flow” is comprised of free funds flow from the current three-month period multiplied by four. “Operating expense per boe” is comprised of operating expense, as determined in accordance with IFRS, divided by the Company’s total production. “Realized heavy oil price” is comprised of heavy crude oil commodity sales from production, as determined in accordance with IFRS, divided by the Company’s crude oil production. “Realized natural gas price” is comprised of natural gas commodity sales from production, as determined in accordance with IFRS, divided by the Company’s natural gas production. “Realized combined price” is comprised of total commodity sales from production, as determined in accordance with IFRS, divided by the Company’s total production. “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the Company’s total production. “Transportation costs per boe” is comprised of transportation expenses, as determined in accordance with IFRS, divided by the Company’s total production.
The Company has provided additional information on how these measures are calculated in the Management’s Discussion and Analysis for the year ended December 31, 2024, which is available under the Company’s SEDAR+ profile at www.sedarplus.ca.
Oil and Gas Advisories
Any references in this news release to initial production rates (including as a result of recent water or polymer flood activities) are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue production and decline thereafter and are not necessarily indicative of long-term performance or ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production for the Company. Such rates are based on field estimates and may be based on limited data available at this time.
A barrel of oil equivalent (“boe”) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Definitions and Abbreviations
bbl
barrel
Mcf
thousand cubic feet
bbl/d
barrels per day
Mcf/d
thousand cubic feet per day
$/bbl
dollar per barrel
$/Mcf
dollar per thousand cubic feet
boe
barrel of oil equivalent
IFRS
International Financial Reporting Standards
boe/d
barrel of oil equivalent per day
WCS
Western Canadian Select
$/boe
dollar per barrel of oil equivalent
US$
United States Dollar
Mboe
thousand barrels of oil equivalent
C$
Canadian Dollar
MMboe
million barrels of oil equivalent
Neither the 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 news release.
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