Category:

Release – Bitcoin Depot Reports Fourth Quarter and Full Year 2024 Financial Results

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

March 18, 2025 8:00 AM EDT Download as PDF

Q4 Revenue of $136.8 Million Compared to $148.4 Million in the Prior Year Quarter

Q4 Operating Expenses Down 16% Year-Over-Year to $15.0 Million

Q4 Net Income up Significantly to $5.4 Million Compared to a Net Loss of $1.7 Million in the Prior Year Quarter

Q4 Adjusted Gross Profit up 18% Year-Over-Year to $25.4 Million

Q4 Adjusted EBITDA up 34% Year-Over-Year to $12.0 Million

ATLANTA, March 18, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today reported financial results for the fourth quarter and full year ended December 31, 2024. Bitcoin Depot will host a conference call and webcast at 10:00 a.m. ET today. An earnings presentation and link to the webcast will be made available at ir.bitcoindepot.com.

“As we highlighted in our fourth-quarter pre-announcement, 2024 ended on a strong note, driven by sequential revenue growth and substantial improvements in adjusted EBITDA, both sequentially and year-over-year,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “In the fourth quarter, we made significant progress in expanding our Bitcoin ATM network and optimizing existing machines to enhance profitability — and the results speak for themselves.

“Looking ahead, we are confident that the optimization efforts we implemented throughout 2024 will begin to positively impact our financial performance as we move through 2025. With our aggressive international and domestic kiosk expansion strategy, we anticipate that 2025 will mark a strong return to growth for the business. As part of this, we are reintroducing financial guidance, projecting robust growth in the first quarter. Additionally, we remain committed to leveraging our strong cash flow to drive shareholder value initiatives, including the potential for a cash dividend. We have also continued to strengthen our Bitcoin treasury holdings, recently increasing our total to 94 BTC, reflecting our confidence in Bitcoin as a valuable financial asset and an integral part of our business model.”

Fourth Quarter 2024 Financial Results

Revenue in the fourth quarter of 2024 was $136.8 million compared to $148.4 million in the fourth quarter of 2023. This decline was driven by the impact of unfavorable legislation that was passed in California that went into effect in January 2024, along with the Company’s continued process of relocating underperforming kiosks to optimize fleet profitability.

Total operating expenses declined 16% to $15.0 million for the fourth quarter of 2024 compared to $17.8 million for the fourth quarter of 2023 due to the costs of going public in 2023 that did not recur in 2024.

Net income for the fourth quarter of 2024 increased significantly to $5.4 million compared to a net loss of $1.7 million for the fourth quarter of 2023. The increase was due to lower depreciation and amortization and lower operating expenses in 2024.

Adjusted gross profit, a non-GAAP measure, in the third quarter of 2024 increased 18% to $25.4 million from $21.6 million for the fourth quarter of 2023. Adjusted gross profit margin, a non-GAAP measure, in the fourth quarter of 2024 increased approximately 400 basis points to 18.6% compared to 14.5% in the fourth quarter of 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Adjusted EBITDA, a non-GAAP measure, in the fourth quarter of 2024 increased 34% to $12.0 million compared to $9.0 million for the fourth quarter of 2023. The increase was primarily due to the higher net income. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Full Year 2024 Financial Results

Revenue in 2024 was $573.7 million from $689.0 million in 2023. This decline was largely driven by the impact of unfavorable legislation that was passed in California that went into effect in January 2024, along with the Company’s continued process of relocating underperforming kiosks in order to optimize fleet profitability.

Total operating expenses declined 5% to $67.2 million compared to $70.6 million in 2023 due to the costs of going public in 2023 that did not recur in 2024 as well as other cost saving measures.

Net income in 2024 increased by 432% to $7.8 million compared to $1.5 million in 2023. The increase was primarily due to expenses with going public in 2023 that did not recur in 2024 along with other expense reductions.

Adjusted gross profit, a non-GAAP measure, in 2024 was $91.4 million compared to $101.0 million in 2023. The adjusted gross profit margin, a non-GAAP measure, in 2024 increased 120 basis points to 15.9% compared to 14.7% in 2023. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Adjusted EBITDA, a non-GAAP measure, in 2024 was $38.7 million compared to $56.3 million in 2023. The decline was due to the lower revenue. Please see “Explanation and Reconciliation of Non-GAAP Financial Measures” below.

Cash, cash equivalents, and cryptocurrencies were $31.0 million as of the end of 2024 compared to $30.5 million at the end of 2023.

Q1 2025 Outlook

Q1 2025 is off to a very strong start as we continue to see growth from our relocation strategy. We anticipate Q1 revenues to be between $151 million and $154 million which would represent growth of between 9% and 11% compared to Q1 2024.

We are projecting adjusted EBITDA for Q1 2025 to be between $12 million and $14 million which would represent growth of over 200% compared to Q1 of 2024.

Conference Call

Bitcoin Depot will hold a conference call at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) today to discuss its financial results for the fourth quarter and full year ended December 31, 2024.

Call Date: Tuesday, March 18, 2025 
Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time) 

Phone Instructions
U.S. dial-in: 646-968-2525
International dial-in: 888-596-4144
Conference ID: 8224936

Webcast Instructions
Webcast link: https://edge.media-server.com/mmc/p/8kgtbeme

A replay of the call will be available beginning after 2:00 p.m. Eastern time through March 25, 2025.

U.S. & Canada replay number: 800-770-2030
U.S. toll number: 609-800-9909
Conference ID: 8224936

If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.

About Bitcoin Depot

Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com. 

Cautionary Statement Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Explanation and Reconciliation of Non-GAAP Financial Measures

Bitcoin Depot reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This press release includes both historical and projected Adjusted EBITDA, Adjusted Gross Profit, and certain ratios and other metrics derived therefrom such as Adjusted EBITDA margin and Adjusted Gross Profit margin, which are not prepared in accordance with GAAP.

Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, share-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. In addition, Bitcoin Depot defines Adjusted Gross Profit (a non-GAAP financial measure) as revenue less cost of revenue (excluding depreciation and amortization) and depreciation and amortization adjusted to add back depreciation and amortization. Bitcoin Depot believes Adjusted EBITDA and Adjusted Gross Profit each provide useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provide a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA and Adjusted Gross Profit are each key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA and Adjusted Gross Profit are not measures of financial performance calculated in accordance with GAAP and may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating these measures. Bitcoin Depot primarily relies on GAAP results and uses both Adjusted EBITDA and Adjusted Gross Profit on a supplemental basis. Neither Adjusted EBITDA or Adjusted Gross Profit should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of both Adjusted EBITDA and Adjusted Gross Profit may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures.

Due to the high variability and difficulty in making accurate forecasts and projections of some of the information excluded from the projections of Adjusted EBITDA, together with some of the excluded information not being ascertainable or accessible, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the forward-looking non-GAAP financial measures is included.

The following table presents a reconciliation of Net (loss) income to Adjusted EBITDA for the periods indicated: 

The following table presents a reconciliation of revenue to Adjusted Gross Profit for the periods indicated:

Contacts:

Investors 
Cody Slach,
Gateway Group, Inc. 
949-574-3860 
BTM@gateway-grp.com

Media 
Zach Kadletz, Brenlyn Motlagh, Ryan Deloney 
Gateway Group, Inc.
949-574-3860 
BTM@gateway-grp.com

Primary Logo

Source: Bitcoin Depot Inc.

Released March 18, 2025

Release – Gyre Therapeutics Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GYRE

March 17, 2025

PDF Version

Data from pivotal Phase 3 trial in CHB-associated liver fibrosis expected in Q2 2025

Commercial launch in the PRC of generic nintedanib for the treatment of IPF and avatrombopag maleate tablets for the treatment of CLD-associated thrombocytopenia expected in 2025

Initiation of U.S. Phase 2 trial of F351 in MASH-associated liver fibrosis expected in 2025

Full year 2025 total revenue guidance of $118 to $128 million

SAN DIEGO, March 17, 2025 (GLOBE NEWSWIRE) — Gyre Therapeutics (“Gyre”) (Nasdaq: GYRE), a self-sustainable, commercial-stage biotechnology company with clinical development programs focusing on organ fibrosis, today announced financial results for the fourth quarter and full year ended December 31, 2024 and provided a business update.

“2025 is shaping up to be a pivotal year for Gyre across both our commercial-stage and clinical-stage portfolios. We plan to expand and enhance our commercial product offerings through the additions of nintedanib for IPF, SSc-ILD and PF-ILD, as well as avatrombopag for CLD-associated thrombocytopenia and chronic idiopathic thrombocytopenia (“ITP”). Given our proven track record and extensive sales and marketing platform, we are confident in our ability to successfully launch and expand these two products in the PRC,” said Han Ying, Ph.D., Chief Executive Officer of Gyre Therapeutics. “In parallel, we expect to share topline data from our pivotal Phase 3 trial in CHB-associated liver fibrosis in the second quarter of 2025, which will help inform our U.S. Phase 2 proof-of-concept trial of F351 in MASH-associated liver fibrosis.”

Full Year 2024 Business Highlights and Upcoming Milestones

Commercial-Stage Updates

  • ETUARY (Pirfenidone) sales update: For the year ended December 31, 2024, Gyre Pharmaceuticals generated $105.0 million primarily in sales of ETUARY.
  • Nintedanib: In May 2024, Gyre Pharmaceuticals executed a comprehensive agreement with Jiangsu Wangao Pharmaceuticals Co., Ltd. to obtain the drug registration certificate for and became the marketing authorization holder of nintedanib, the other product approved for the treatment of treatment of idiopathic pulmonary fibrosis (“IPF”). In addition, it has also been approved for the treatment of SSc-ILD and PF-ILD. Gyre Pharmaceuticals plans to initiate commercialization of the nintedanib product in the PRC in 2025.
  • Avatrombopag: In June 2024, Gyre Pharmaceuticals received approval from China’s National Medical Products Administration (“NMPA”) for avatrombopag maleate tablets for the treatment of thrombocytopenia associated with chronic liver disease (“CLD”) and chronic idiopathic thrombocytopenia (“ITP”) in adult patients undergoing elective diagnostics procedures or therapy. Gyre Pharmaceuticals plans to begin commercialization of avatrombopag in 2025.

Pipeline Development Updates

F351 (Hydronidone):

  • All patients completed 52-week pivotal Phase 3 trial in chronic hepatitis B (“CHB”)-associated liver fibrosis in the PRC. In October 2024, Gyre Pharmaceuticals announced the last patient completed the 52-week pivotal Phase 3 trial. The trial is evaluating 248 patients with CHB-associated liver fibrosis in the PRC with a primary endpoint of the reduction of the liver fibrosis score (Ishak Scoring System) by at least one stage after taking F351 in combination with entecavir. Gyre expects to report topline data in the second quarter of 2025.
  • Plans to initiate a Phase 2 clinical trial in metabolic dysfunction-associated steatohepatitis (“MASH”)-associated liver fibrosis in 2025. Pending the results from the pivotal Phase 3 trial in CHB-associated liver fibrosis, Gyre intends to initiate a Phase 2 proof-of-concept trial in the U.S. to evaluate F351 for the treatment of MASH-associated liver fibrosis in 2025.

F573:

  • F573 is a caspase inhibitor and a potential Category 1 new drug for the treatment of acute/acute on-chronic liver failure (“ALF/ACLF”). Completion of the Phase 2 clinical trial of F573 as a treatment for ALF/ACLF is expected by the end of 2026.

F230:

  • F230, a selective endothelin receptor agonist for the treatment of pulmonary arterial hypertension (“PAH”), is expected to begin a Phase 1 trial in 2025.

F528:

  • F528, a novel anti-inflammation agent with the potential to modify the progression of chronic obstructive pulmonary disease (“COPD”), is undergoing preclinical studies as a potential first-line therapy for the treatment of COPD. Gyre plans to submit an IND application in 2026.

Corporate Updates

  • In January 2025, appointed Ping Zhang to the Company’s Board of Directors as the lead independent director and member of the Nominating Committee. In addition, Ying Luo, Ph.D., resigned as Chairman and member of the Board of Directors of Gyre and Gyre Pharmaceuticals, Gyre’s majority indirectly owned subsidiary in the People’s Republic of China (“PRC”), to focus on other responsibilities at GNI Group Ltd. Songjiang Ma has been appointed Chairman of the Board of Directors of Gyre Pharmaceuticals.

Financial Results

Cash Position

As of December 31, 2024, Gyre had cash, cash equivalents, short-term and long-term bank deposits of $51.2 million.

Financial Results for the Three Months Ended December 31, 2024

  • Revenues: Revenues for the three months ended December 31, 2024 were $27.9 million, compared to $27.1 million for the same period in 2023. The $0.8 million increase was primarily driven by a $1.0 million increase in ETUARY’s revenue and a $0.2 million decrease in generic drug revenue. The growth in ETUARY sales was attributed to the active expansion of the IPF treatment market, increased market penetration, and a stronger focus on ETUARY sales. To support future revenue growth, Gyre Pharmaceuticals plans to commercially launch two new products, nintedanib and avatrombopag, in 2025, which will be supported by its extensive sales and marketing platform in the PRC.
  • Cost of Revenues: For the three months ended December 31, 2024, cost of revenues was $1.2 million, compared to $1.3 million for the same period in 2023. The $0.1 million decrease was primarily driven by a $0.2 million decrease in generic drug cost due to the decrease in sales and a $0.1 million decrease in factory stoppage loss due to factory renovation in 2023, offset by a $0.2 million increase due to the increase of ETUARY’s cost due to the increase in sales.
  • Selling and Marketing Expense: For the three months ended December 31, 2024, selling and marketing expense was $16.9 million, compared to $16.5 million for the same period in 2023. The increase was primarily driven by a $2.1 million increase in promotion expense and conference expenses, offset by a $1.1 million decrease in selling and marketing payroll costs, a $0.3 million decrease in stock-based compensation expense and a $0.3 million decrease in travel and miscellaneous expenses.
  • Research and Development Expense: For the three months ended December 31, 2024, research and development expense was $3.7 million, compared to $4.6 million for the same period in 2023. The decrease was primarily driven by a $0.5 million decrease in pre-clinical and clinical research expenses and a $0.5 million decrease in stock-based compensation expense, offset by a $0.1 million increase in miscellaneous expense.
  • General and Administrative Expense: For the three months ended December 31, 2024, general and administrative expense was $5.5 million, compared to $10.1 million for the same period in 2023. The decrease was primarily driven by a $5.8 million decrease in stock-based compensation cost, offset by a $0.8 million increase in the functional and administrative department’s personnel cost and a $0.4 million increase in professional expense, including legal and consulting fees.
  • Income (Loss) from Operations: For the three months ended December 31, 2024, income from operations was $0.7 million, compared to $91.1 million loss from operation for the same period in 2023. The increase in income from operations was driven primarily by acquired in-process research and development expense recognized in the fourth quarter of 2023 and there was no such expense in the same period in 2024.
  • Net Income (Loss): For the three months ended December 31, 2024, net income was $0.6 million, compared to $101.0 million net loss for the same period in 2023.
  • Non-GAAP Adjusted Net Income: For the three months ended December 31, 2024, non-GAAP adjusted net income was $1.1 million, compared to $2.1 million for the same period in 2023. The decrease was primarily driven by the costs of being a public company for three months in 2024, as compared to two months in 2023.

Financial Results for the Full Year Ended December 31, 2024

  • Revenues: Revenues for the full year ended December 31, 2024 were $ 105.8 million, compared to $113.5 million for the same period in 2023. The $7.7 million decrease was primarily driven by a $7.1 million decrease in ETUARY’s revenue and a $0.6 million decrease in generic drug revenue as a result of decreased sales volumes. The decrease in ETUARY and generic drug sales volumes was due to fluctuations in the Chinese economy that significantly affected demand for anti-fibrosis drugs and decreasing healthcare spending generally. To support future revenue growth, Gyre plans to commercially launch two new products, nintedanib and avatrombopag, in 2025, which will be supported by Gyre Pharmaceuticals’ extensive sales and marketing platform across the PRC.
  • Cost of Revenues: For the full year ended December 31, 2024, cost of revenues was $3.9 million, compared to $4.6 million for the same period in 2023. The $0.7 million decrease was primarily driven by a $0.5 million factory stoppage loss due to factory renovation in 2023, which did not occur in 2024, and a $0.2 million decrease due to decreased sales volumes.
  • Selling and Marketing Expense: For the full year ended December 31, 2024, selling and marketing expense was $57.5 million, compared to $61.2 million for the same period in 2023. The decrease was primarily driven by a $2.4 million decrease in conference costs and promotion expense due to decreased sales activities, a $0.9 million decrease in selling and marketing payroll costs due to the decrease of sales of ETUARY in 2024, a $0.3 million decrease in share base compensation expense, and a $0.1 million decrease in miscellaneous expenses.
  • Research and Development Expense: For the full year ended December 31, 2024, research and development expense was $12.0 million, compared to $13.8 million for the same period in 2023. The decrease was primarily from Gyre Pharmaceuticals, and was driven by a $0.3 million decrease in materials and utilities, a $1.3 million decrease in pre-clinical research expense due to several research and development projects advancing to the clinical trials stage or reaching the application phase in 2024, and a $0.4 million decrease in staff cost due to reduced headcount, and a $0.5 million decrease in stock-based compensation, related to options being fully vested in 2023, which did not occur in 2024, This overall decrease was partially offset by a 0.7 million increase in general research and development expense from Gyre Therapeutics due to increased consulting fees.
  • General and Administrative Expense: For the full year ended December 31, 2024, general and administrative expense was $16.1 million, compared to $14.7 million for the same period in 2023. The increase was primarily driven by costs associated with being a public company, including a $1.9 million increase in professional expense, a $2.1 million increase in miscellaneous expenses and a $3.0 million increase in the functional and administrative department’s personnel cost, offset by a $5.6 million decrease in stock-based compensation cost.
  • Income (loss) from Operations: For the full year ended December 31, 2024, income from operations was $16.2 million, compared to $67.2 million loss for the same period in 2023. The increase in income from operations was driven primarily by acquired in-process research and development expense recognized in 2023 and there was no such expense in the same period in 2024.
  • Net Income (loss): For the full year ended December 31, 2024, net income was $17.9 million, compared to $85.5 million net loss for the same period in 2023.
  • Non-GAAP Adjusted Net Income: For the full year ended December 31, 2024, non-GAAP adjusted net income was $16.9 million, compared to $25.4 million for the same period in 2023. The decrease was primarily driven by a $7.7 million decline in revenue and a $1.1 million increase in operating expenses. Despite these changes, the gross profit margin remained consistent.

Full Year 2025 Financial Guidance

For the full year 2025, the Company expects to generate revenues of $118 to $128 million, representing growth of 11.3% to 20.8% over 2024 revenue, primarily driven by the anticipated commercial launches of nintedanib and avatrombopag and sales of ETUARY.

 Guidance Range
  
Total Revenue$118 to $128 million
  

Please note the following regarding the total revenue guidance:

  • Guidance assumes a constant foreign currency exchange rate.
  • Guidance assumes no significant economic disruption or downturn.

Use of Non-GAAP Financial Measures by Gyre Therapeutics, Inc.

Gyre reports financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). This release presents the financial measure “adjusted net income,” which is not calculated in accordance with GAAP. The most directly comparable GAAP measure for this non-GAAP financial measure is “net income.” Adjusted net income presents Gyre’s results of operations after excluding gain from change in fair value of warrants, stock-based compensation, and provision for income taxes. This is meant to supplement, and not substitute, Gyre’s financial information presented in accordance with GAAP. Adjusted net income as defined by Gyre may not be comparable to similar non-GAAP measures presented by other companies. Management believes that presenting adjusted net income provides investors with additional useful information in evaluating the Gyre’s performance and valuation. See the reconciliation of adjusted net income to net income in the section titled “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

About Hydronidone (F351)

F351 is a structural analogue of the approved anti-fibrotic (IPF) drug Pirfenidone and has been shown to inhibit in vitro both p38γ kinase activity and TGF-β1-induced excessive collagen synthesis in hepatic stellate cells (“HSCs”), which are recognized as critical event in the development and progression of fibrosis in the liver. This is further supported by its anti-proliferative effects on the HSCs in the liver. In vitro anti-fibrotic effects of F351 were also confirmed in several established in vivo models of liver fibrosis such as CCI4-induced liver fibrosis mouse model, DMN-induced liver fibrosis rat model, and HSA-induced liver rat model, as well as mouse model of MASH fibrosis (CCI4+Western High Fat Diet).

About Gyre Pharmaceuticals

Gyre Pharmaceuticals is a commercial-stage biopharmaceutical company committed to the research, development, manufacturing and commercialization of innovative drugs for organ fibrosis. Its flagship product, ETUARY® (Pirfenidone capsule), was the first approved treatment for IPF in the PRC in 2011 and has maintained a prominent market share (2024 net sales of $105.0 million). In addition, Gyre Pharmaceuticals is evaluating F351 in a Phase 3 clinical trial in CHB-associated liver fibrosis in the PRC, which is expected to readout topline data by Q2 2025. F351 received Breakthrough Therapy designation by the NMPA Center for Drug Evaluation in March 2021. Gyre Pharmaceuticals is also developing treatments for PD, DKD, COPD, PAH and ALF/ACLF. In October 2023, Gyre Therapeutics acquired an indirect majority interest in Gyre Pharmaceuticals (also known as Beijing Continent Pharmaceuticals Co., Ltd.).

About Gyre Therapeutics

Gyre Therapeutics is a biopharmaceutical company headquartered in San Diego, CA, with a primary focus on the development and commercialization of F351 (Hydronidone) for the treatment of MASH-associated fibrosis in the U.S. Gyre’s development strategy for F351 in MASH is based on the company’s experience in MASH rodent model mechanistic studies and CHB-induced liver fibrosis clinical studies. Gyre is also advancing a diverse pipeline in the PRC through its indirect controlling interest in Gyre Pharmaceuticals, including ETUARY therapeutic expansions, F573, F528, and F230.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which statements are subject to substantial risks and uncertainties and are based on estimates and assumptions. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including statements concerning: the expectations regarding Gyre’s research and development efforts, timing of expected clinical readouts, including timing of topline data from Gyre Pharmaceuticals’ Phase 3 clinical trial evaluating F351 for the treatment of CHB-associated liver fibrosis in the PRC, initiation of Gyre’s Phase 2 trial in the U.S. for F351 for the treatment of MASH-associated liver fibrosis, timing of completion of Gyre’s Phase 2 clinical trial in the PRC of F573 for ALF/ACLF, initiation of Phase 1 trial of F230 for the treatment of PAH and IND submission of F528 in COPD, the expectations regarding commercial launch of nintedanib and avatrombopag maleate tablets, interactions with regulators, expectations regarding future product sales, and Gyre’s financial position and cash resources. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “objective,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “design,” “estimate,” “predict,” “potential,” “plan” or the negative of these terms, and similar expressions intended to identify forward-looking statements. These statements reflect our plans, estimates, and expectations, as of the date of this press release. These statements involve known and unknown risks, uncertainties and other factors that could cause our actual results to differ materially from the forward-looking statements expressed or implied in this press release. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation: Gyre’s ability to execute on its clinical development strategies; positive results from a clinical trial may not necessarily be predictive of the results of future or ongoing clinical trials; the timing or likelihood of regulatory filings and approvals; competition from competing products; the impact of general economic, health, industrial or political conditions in the United States or internationally; the sufficiency of Gyre’s capital resources and its ability to raise additional capital. Additional risks and factors are identified under “Risk Factors” in Gyre’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on March 27, 2024 and in other filings with the Securities and Exchange Commission.

Gyre expressly disclaims any obligation to update any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

For Investors:
Stephen Jasper
stephen@gilmartinir.com

View Full Release Here.

Townsquare Media (TSQ) – Attractive Digital Momentum Continues

Posted on by cpereira@noblefcm.com


Tuesday, March 18, 2025

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 results. The company reported Q4 revenue of $117.8 million, up 2.6% year over year, and adj. EBITDA of $31.2 million, up 25.8%, both of which were modestly better than our estimates of $115.0 million and $30.4 million, respectively. Notably, the company’s digital businesses were a key revenue growth driver, up a strong 11%.  Digital revenue comprised 52% of total company revenue. Notably, revenue momentum appears favorable into the second quarter. 

Digital leads the way. Total digital revenue growth of 11% was comprised of digital advertising growth of 15% and a swing toward revenue growth in its subscription digital marketing solutions (DMS) of 1.9%. DMS returned to revenue growth for the first time since Q4 of 2022. Second quarter digital revenue continues to be strong, expected to increase a solid 7.3% in Q2. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

InPlay Oil (IPOOF) – 2024 Financial Results and 2025 Outlook

Posted on by cpereira@noblefcm.com


Tuesday, March 18, 2025

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Full-year 2024 financial results. InPlay Oil reported full-year net income and earnings per share of C$9.5 million and C$0.10, respectively, below our estimates of approximately C$11.4 million and C$0.12. The variance was primarily due to lower-than-expected natural gas revenue driven by weaker AECO pricing. Production for the year averaged 8,712 barrels of oil equivalent per day (boe/d) compared to 9,025 boe/d in 2023. Consequently, revenue decreased to C$153.7 million compared to C$179.4 million in 2023. Adjusted funds flow in 2024 was C$68.5 million, down from C$91.8 million in 2023.

Updated 2025 estimates. Please note that our revised estimates assume the closing of the pending Pembina acquisition on April 15th, 2025. For 2025, our oil and gas revenue estimate is C$333.5 million compared to our prior estimate of C$159.4 million. We have raised our 2025 AFF and EPS estimates to C$161.6 million and C$0.27, respectively, from C$71.7 million and C$0.14. We forecast net income of C$40.9 million, up from our previous estimate of C$13.2 million. Our 2025 estimates are based on an average annual production of 15,879 boe/d compared to our prior forecast of 8,901 boe/d.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Bit Digital (BTBT) – Building on its Pipeline

Posted on by cpereira@noblefcm.com


Tuesday, March 18, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

4Q Results. Total revenue for the quarter was $26.1 million, as the HPC business added $14.4 million from last year. We estimated revenue of $29.6 million. Higher G&A and D&A costs partially offset a $43.4 million digital asset gain, resulting in an operating income of $28.8 million. Net income was $29.0 million from $17,700 a year ago. Adjusted EBITDA was $40.1 million from $14.0 million last year.

Pipeline Building Up. Management noted that demand has surged for the B200 GPUs, and with the introduction of DeepSeek, customers are also in demand of the H100 and H200 GPUs. Furthermore, the Company’s data center pipeline has expanded to 510MW from 288MW last quarter. With the increase in demand and management in active discussions with potential customers, we expect more agreements to be announced sooner rather than later.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).Bit Digital (BTBT) – Building on its Pipeline

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Google to Acquire Cloud Security Firm Wiz for $32 Billion in Landmark Deal

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– Google’s $32 billion acquisition of Wiz marks its largest purchase ever, highlighting its commitment to cloud security
– Founded in 2020, Wiz achieved $100 million in annual recurring revenue in just 18 months before accepting Google’s offer
– Despite initial resistance to acquisition, Wiz will maintain multi-cloud functionality across AWS, Azure, and Oracle Cloud

Google has announced a definitive agreement to acquire Wiz, a fast-growing cloud security startup, for $32 billion in an all-cash deal. The acquisition, set to close in 2026, marks Google’s most significant purchase ever, surpassing its $12.5 billion Motorola deal in 2012. Wiz will become part of Google Cloud, strengthening the tech giant’s security capabilities amid rising cybersecurity threats and AI-driven advancements.

According to Google, the integration will leverage their cloud infrastructure leadership and AI expertise to enhance and scale Wiz’s solutions across major cloud platforms. This strategic combination aims to benefit customers and partners throughout the cloud ecosystem.

Founded in 2020, Wiz has grown rapidly under the leadership of co-founder Assaf Rappaport. The company reached $100 million in annual recurring revenue within just 18 months and has since positioned itself as a major player in cloud security. Wiz’s product portfolio includes prevention, detection, and response solutions that appeal to enterprises seeking robust cybersecurity defenses in increasingly complex environments.

Initially, Wiz had resisted acquisition offers. In July 2024, CNBC reported that Wiz walked away from a $23 billion acquisition offer from Google, choosing instead to pursue an initial public offering (IPO). Rappaport cited concerns over antitrust scrutiny and investor sentiment as factors in the decision. However, the latest agreement indicates a shift in strategy, with Wiz seeing Google’s backing as an opportunity to accelerate innovation rather than going public.

Rappaport has expressed that joining Google Cloud will dramatically accelerate their innovation capabilities beyond what would be possible as an independent company. This represents a significant change in perspective from their earlier position.

Google’s move to acquire Wiz is part of its broader effort to bolster its cybersecurity offerings. In 2022, the company acquired cybersecurity firm Mandiant for $5.4 billion, enhancing its threat detection and incident response capabilities. With Wiz’s cloud security expertise now joining the fold, Google positions itself to compete more effectively with industry rivals like Microsoft, which has also invested heavily in security software as cloud adoption continues to accelerate.

Despite the acquisition, Wiz’s products will continue to operate across competing platforms, including Amazon Web Services, Microsoft Azure, and Oracle Cloud. This cross-platform approach ensures that existing customers can maintain their security infrastructure without disruption, a critical factor for enterprises with multi-cloud strategies.

The deal is expected to face regulatory scrutiny, particularly as Alphabet, Google’s parent company, is already battling an antitrust lawsuit over its dominance in online search. However, Wall Street analysts believe that President Donald Trump’s administration may take a more favorable stance on tech industry mergers, potentially easing regulatory hurdles for this landmark acquisition.

With cybersecurity threats becoming more sophisticated and cloud adoption continuing to grow, Google’s acquisition of Wiz signals a strategic move to fortify its security offerings and drive long-term growth in the cloud computing space, where security has become a decisive factor for enterprise customers choosing between cloud providers.

AstraZeneca Strengthens Cell Therapy Portfolio with $1B EsoBiotec Acquisition

Posted on by slightbourne@noblecapitalmarkets.com
Key Points:
– AstraZeneca is acquiring Belgium-based EsoBiotec for $425 million upfront, with an additional $575 million contingent on milestones.
– The deal enhances AstraZeneca’s cell therapy capabilities through EsoBiotec’s ENaBL platform, which enables in vivo immune cell engineering.
– The acquisition aligns with AstraZeneca’s broader strategy of leveraging cell therapies, gene editing, and radioconjugates for oncology and immune disorders.

AstraZeneca has announced a significant expansion of its cell therapy pipeline with the planned acquisition of EsoBiotec, a Belgium-based biotech firm specializing in immune cell engineering. The deal, valued at up to $1 billion, consists of a $425 million upfront payment with the potential for an additional $575 million based on development and regulatory milestones. The acquisition is expected to close in the second quarter of 2025.

EsoBiotec’s ENaBL platform represents a transformative approach to cell therapy. Unlike conventional ex vivo cell therapies that require the extraction, modification, and reinfusion of patient cells, ENaBL allows for direct genetic programming of immune cells within the body. This eliminates the need for invasive lymphodepletion procedures and could significantly lower costs while improving accessibility for patients.

AstraZeneca has not yet disclosed specific target indications for EsoBiotec’s platform but has emphasized its potential applications in oncology and immune-mediated diseases. The ENaBL technology could help develop novel cancer treatments or autoreactive cell therapies for conditions such as autoimmune disorders.

This acquisition marks another step in AstraZeneca’s aggressive expansion into the cell therapy space. The pharmaceutical giant has been actively pursuing high-value deals to strengthen its pipeline in this emerging field. In 2022, AstraZeneca acquired TeneoTwo for up to $1.27 billion, securing its T cell engager TNB-486, now renamed AZD0486, which is in Phase III trials for follicular lymphoma and Phase II trials for B cell non-Hodgkin lymphoma.

Further reinforcing its position, AstraZeneca made another major investment in December 2023 with the $1 billion purchase of Gracell Biotechnologies. This deal added GC012F, now known as AZD0120, an investigational CAR T therapy targeting CD19 and BCMA for multiple myeloma and systemic lupus erythematosus.

Beyond acquisitions, AstraZeneca has formed strategic collaborations in cell therapy, including a $245 million agreement with Cellectis in November 2023 and a potential $2 billion partnership with Quell Therapeutics in June 2023. These investments highlight the company’s commitment to leveraging cutting-edge biotechnologies to expand its capabilities in immune modulation and oncology.

As a relative latecomer to the cell therapy market, AstraZeneca is rapidly scaling its presence through acquisitions and partnerships. By integrating EsoBiotec’s ENaBL platform into its pipeline, AstraZeneca positions itself to compete with industry leaders in the race to develop next-generation cell therapies that offer improved efficacy, lower costs, and enhanced patient accessibility.

With this latest acquisition, AstraZeneca continues to build a robust portfolio of cell therapies that could redefine treatment approaches for cancer and immune-related diseases. Investors and industry analysts will be closely monitoring how effectively AstraZeneca integrates these new technologies and translates them into viable commercial therapies.

Release – Townsquare Delivers Net Revenue and Adjusted EBITDA Growth in Q4 2024 Announces Increase in Dividend

Posted on by aweinsoff@channelchek.com

Research News and Market Data on TSQ

Released : 03/17/2025

Total Digital Net Revenue Growth of +10.8% in Q4 2024 
Townsquare Ignite (Digital Advertising) Net Revenue Growth of +15.5% in Q4 2024 
Repurchased $36 Million of Debt and $24 Million of Equity in 2024 
Completed Debt Refinancing, Extending Maturities to 2030

PURCHASE, N.Y., March 17, 2025 (GLOBE NEWSWIRE) — Townsquare Media, Inc. (NYSE: TSQ) (“Townsquare,” the “Company,” “we,” “us,” or “our”) announced today its financial results for the fourth quarter and year ended December 31, 2024.

“I am pleased to share that Townsquare’s performance improved meaningfully throughout 2024, culminating with fourth quarter net revenue growth of +2.6% year-over-year, and Adjusted EBITDA growth of +25.8% year-over-year, driven by the strong sequential improvement in our two digital businesses and the benefit of political revenue. In addition, net income (loss) improved $26.9 million year-over-year in the fourth quarter, and $32.1 million in the year, in large part due to a reduction in non-cash impairment charges. Consistent with our performance all year, fourth quarter net revenue and Adjusted EBITDA met our guidance, and our full year results met the guidance that we issued at the start of 2024,” commented Bill Wilson, Chief Executive Officer of Townsquare Media, Inc. “Our Broadcast Advertising net revenue declined in-line with our expectations for 2024 (mid-single digit ex-political decline) which aligns with our view that broadcast is a mature cash cow business that will continue to face headwinds going forward, as businesses will continue to share shift from traditional advertising to digital advertising. Thankfully, we are often the beneficiary in that case, as we frequently have the most comprehensive set of digital advertising solutions available in our markets. Digital is and will continue to be Townsquare’s growth engine, and we believe Townsquare’s ability to drive profitable, sustainable digital growth is a key differentiator for our Company, and consistent with our strategy of being a Digital First Local Media Company. Our digital segments ended the year on a very strong note, as fourth quarter Digital Advertising net revenue increased +15.5% year-over-year, and Townsquare Interactive net revenue returned to year-over-year revenue growth of +1.9%. In total, Townsquare’s Digital net revenue increased +10.8% year-over-year in Q4, and represented 52% of Townsquare’s total net revenue and our Digital Segment Profit represented 50% of Townsquare’s total Segment Profit in 2024.”

Mr. Wilson continued, “The strong cash generation characteristics of our assets allowed us to produce $49 million of cash flow from operations in 2024. We could not be more pleased to share that given our strong cash position, we were able to repurchase and retire approximately $36 million of our Senior Secured Notes during the year. In addition, we repurchased $24 million of our common stock, and paid a high-yielding dividend while also investing in our business, particularly our digital growth engine. We also ended the year with a strong cash balance of $33 million and net leverage of 4.33x, which is an improvement from prior year levels. In addition, we successfully completed the refinancing of our debt, entering into a new $490 million credit agreement, including a $470 million Term Loan B and a $20 million revolving credit facility, both due in 2030. As we did in 2024, we are confident in the Townsquare Team’s ability to continue to deliver attractive, current returns to our shareholders in the form of a high-yielding dividend, while also focusing on the financial health of the Company by reducing our net debt levels through strong cash generation and debt reduction.”

The Company announced today that its Board of Directors approved a quarterly cash dividend of $0.20 per share. The dividend will be payable on May 1, 2025 to shareholders of record as of the close of business on April 17, 2025. As of the last closing price that reflects a dividend yield of approximately 10%.

“The Board’s decision to once again increase the dividend reflects their ongoing confidence in our free cash flow generation and our differentiated Digital First business strategy. Our quarterly cash dividend of $0.20 per share, or $0.80 per share on an annual basis, reflects a +1.3% increase from the prior dividend, which we had previously raised by +5%,” concluded Mr. Wilson.

Segment Reporting
We have three reportable operating segments, Digital Advertising, Subscription Digital Marketing Solutions, and Broadcast Advertising. The Digital Advertising segment, marketed externally as Townsquare Ignite, includes digital advertising on our digital programmatic advertising platform and our owned and operated digital properties, and our first party data digital management platform. The Subscription Digital Marketing Solutions segment includes our subscription digital marketing solutions business, Townsquare Interactive. The Broadcast Advertising segment includes our local, regional, and national advertising products and solutions delivered via terrestrial radio broadcast, and other miscellaneous revenue that is associated with our broadcast advertising platform. The remainder of our business is reported in the Other category, which includes our live events business.

Fourth Quarter Results*

  • As compared to the fourth quarter of 2023:
    • Net revenue increased 2.6%, and decreased 2.2% excluding political
    • Net income increased $26.9 million
    • Adjusted EBITDA increased 25.8%
    • Total Digital net revenue increased 10.8%
      • Digital Advertising net revenue increased 15.5%
      • Subscription Digital Marketing Solutions (“Townsquare Interactive”) net revenue increased 1.9%
    • Total Digital Segment Profit increased 13.2%
      • Digital Advertising Segment Profit increased 21.6%
      • Subscription Digital Marketing Solutions Segment Profit decreased 0.8%
    • Broadcast Advertising net revenue decreased 4.1%, and decreased 13.3% excluding political
  • Net Income per diluted share was $1.42 and Adjusted Net Income per diluted share was $0.60
  • Repurchased an aggregate $11.5 million of our 2026 Senior Secured Notes at or close to par

Full Year Results*

  • As compared to the year ended December 31, 2023:
    • Net revenue decreased 0.7%, and 3.0% excluding political
    • Net loss decreased $32.1 million
    • Adjusted EBITDA increased 0.4%
    • Total Digital net revenue increased 0.6%
      • Digital Advertising net revenue increased 5.5%
      • Subscription Digital Marketing Solutions net revenue decreased 8.4%
    • Total Digital Segment Profit decreased 10.2%
      • Digital Advertising Segment Profit decreased 11.3%
      • Subscription Digital Marketing Solutions Segment Profit decreased 7.9%
    • Broadcast Advertising net revenue decreased 1.3%, and 6.1%, excluding political
  • Repurchased an aggregate $36.2 million of our 2026 Senior Secured Notes at or close to par
  • Repurchased 2.3 million shares of the Company’s common stock at an average price of $10.31
  • Repurchased and retired 3.2 million options expiring in July 2024 for a net purchase price of $3.60 per option

*See below for discussion of non-GAAP measures.

Guidance
For the first quarter of 2025, net revenue is expected to be between $98 million and $100 million, and Adjusted EBITDA is expected to be between $17 million and $18 million.

For the full year 2025, net revenue is expected to be between $435 million and $455 million, and Adjusted EBITDA is expected to be between $90 million and $98 million.

Quarter Ended December 31, 2024 Compared to the Quarter Ended December 31, 2023

Net Revenue
Net revenue for the three months ended December 31, 2024 increased $3.0 million, or 2.6%, to $117.8 million as compared to $114.8 million in the same period in 2023. Digital Advertising net revenue increased $5.6 million, or 15.5%, as compared to the same period in 2023, and Subscription Digital Marketing Solutions net revenue increased $0.4 million, or 1.9%. These increases were partially offset by a decrease of $2.4 million, or 4.1%, in Broadcast Advertising net revenue as compared to the same period in 2023. Excluding political revenue of $7.2 million and $1.7 million for the three months ended December 31, 2024 and 2023, respectively, net revenue decreased $2.5 million, or 2.2%, to $110.6 million, Broadcast Advertising net revenue decreased $7.5 million, or 13.3%, to $48.8 million, and Digital Advertising net revenue increased $5.2 million, or 14.4%, to $41.6 million.

Net Income (Loss)
For the three months ended December 31, 2024, we reported net income of $25.0 million, an increase of $26.9 million as compared to a net loss of $1.9 million in the same period last year. The increase was primarily due to a $23.4 million decrease in non-cash impairment charges, a $3.3 million decrease in direct operating expenses, and the $3.0 million increase in net revenue. Adjusted Net Income increased $4.2 million as compared to the same period last year.

Adjusted EBITDA
Adjusted EBITDA for the three months ended December 31, 2024 increased $6.4 million, or 25.8%, to $31.2 million, as compared to $24.8 million in the same period last year. Adjusted EBITDA (Excluding Political) increased $1.7 million, or 7.2%, to $25.1 million, as compared to $23.4 million in the same period last year.

Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023

Net Revenue
Net revenue for the year ended December 31, 2024, decreased $3.2 million, or 0.7%, to $451.0 million as compared to $454.2 million in the same period in 2023. Subscription Digital Marketing Solutions net revenue decreased $6.9 million, or 8.4%, and Broadcast Advertising net revenue decreased $2.8 million, or 1.3%, as compared to the same period in 2023. These declines were partially offset by a $8.3 million, or 5.5%, increase in Digital Advertising net revenue as compared to the same period in 2023. Excluding political revenue of $13.4 million and $2.9 million for the year ended December 31, 2024 and 2023, respectively, net revenue decreased $13.8 million, or 3.0% to $437.6 million, Broadcast Advertising net revenue decreased $12.6 million, or 6.1%, to $196.4 million, and Digital Advertising net revenue increased $7.7 million, or 5.1%, to $157.8 million.

Net Loss
For the year ended December 31, 2024, we reported a net loss of $10.9 million, a decrease of $32.1 million as compared to a net loss of $43.0 million in the same period last year. The decrease was due to a $52.9 million decrease in non-cash impairment charges, partially offset by increases in stock-based compensation and transaction and business realignment costs, the decrease in net revenue and a $7.4 million increase in the income tax provision driven by the valuation allowance for interest expense carryforwards and an increase in certain non-deductible compensation costs, partially offset by a $3.6 million decrease in direct operating expenses and corporate expenses. Adjusted Net Income decreased $5.5 million as compared to the same period last year.

Adjusted EBITDA
Adjusted EBITDA for the year ended December 31, 2024 increased $0.4 million, or 0.4% to $100.4 million, as compared to $100.0 million in the same period last year. Adjusted EBITDA (Excluding Political) decreased $8.6 million, or 8.8%, to $89.0 million, as compared to $97.5 million in the same period last year.

Liquidity and Capital Resources
As of December 31, 2024, we had a total of $33.0 million of cash and cash equivalents and $467.4 million of outstanding indebtedness, representing 4.66x and 4.33x gross and net leverage, respectively, based on Adjusted EBITDA for the year ended December 31, 2024, of $100.4 million.

The table below presents a summary, as of March 11, 2025, of our outstanding common stock (net of treasury shares).

Security Number
Outstanding		 Description
Class A common stock 14,803,902 One vote per share.
Class B common stock 815,296 10 votes per share.1
Class C common stock 500,000 No votes.1
Total 16,119,198  
1 Each share converts into one share of Class A common stock upon transfer or at the option of the holder, subject to certain conditions, including compliance with FCC rules.
 

Subsequent Events
On February 19, 2025, the Company entered into a $490 million credit agreement (the “Credit Agreement”) with Bank of America, N.A., as administrative agent and collateral agent and the lenders and financial institutions party thereto. The Credit Agreement provides for a five-year, $470 million senior secured term loan facility and a five-year, $20 million senior secured revolving credit facility. Net proceeds, together with cash on hand, was used to redeem all of the outstanding 2026 Notes on February 19, 2025, and to pay the fees and expenses related thereto.

Conference Call
Townsquare Media, Inc. will host a conference call to discuss certain fourth quarter 2024 financial results and 2025 guidance on Monday, March 17, 2025 at 8:00 a.m. Eastern Time. The conference call dial-in number is 1-800-717-1738 (U.S. & Canada) or 1-646-307-1865 (International) and the conference ID is “Townsquare”. A live webcast of the conference call will also be available on the investor relations page of the Company’s website at www.townsquaremedia.com.

A replay of the conference call will be available through March 24, 2025. To access the replay, please dial 1-844-512-2921 (U.S. and Canada) or 1-412-317-6671 (International) and enter confirmation code 1132370. A web-based archive of the conference call will also be available at the above website.

About Townsquare Media, Inc.
Townsquare is a community-focused digital and broadcast media and digital marketing solutions company principally focused outside the top 50 markets in the U.S.Townsquare Ignite, our robust digital advertising division, specializes in helping businesses of all sizes connect with their target audience through data-driven, results based strategies, by utilizing a) our proprietary digital programmatic advertising technology stack with an in-house demand and data management platform and b) our owned and operated portfolio of more than 400 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data. Townsquare Interactive, our subscription digital marketing services business, partners with SMBs to help manage their digital presence by providing a SAAS business management platform, website design, creation and hosting, search engine optimization and other digital services. And through our portfolio of local radio stations strategically situated outside the Top 50 markets in the United States, we provide effective advertising solutions for our clients and relevant local content for our audiences. For more information, please visit www.townsquaremedia.com, www.townsquareinteractive.com and www.townsquareignite.com.

Forward-Looking Statements
Except for the historical information contained in this press release, the matters addressed are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements often discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “believe,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms. Actual events or results may differ materially from the results anticipated in these forward-looking statements as a result of a variety of factors. While it is impossible to identify all such factors, factors that could cause actual results to differ materially from those estimated by us include the impact of general economic conditions in the United States, or in the specific markets in which we currently do business including supply chain disruptions, inflation, labor shortages and the effect on advertising activity, industry conditions, including existing competition and future competitive technologies, the popularity of radio as a broadcasting and advertising medium, cancellations, disruptions or postponements of advertising schedules in response to national or world events, our ability to develop and maintain digital technologies and hire and retain technical and sales talent, our dependence on key personnel, our capital expenditure requirements, our continued ability to identify suitable acquisition targets, and consummate and integrate any future acquisitions, legislative or regulatory requirements, risks and uncertainties relating to our leverage and changes in interest rates, our ability to obtain financing at times, in amounts and at rates considered appropriate by us, our ability to access the capital markets as and when needed and on terms that we consider favorable to us and other factors discussed in this section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this report and under “Risk Factors” in our 2024 Annual Report on Form 10-K, for the year ended December 31, 2024, filed with the SEC on March 17, 2025, as well as other risks discussed from time to time in our filings with the SEC. Many of these factors are beyond our ability to predict or control. In addition, as a result of these and other factors, our past financial performance should not be relied on as an indication of future performance. The cautionary statements referred to in this section also should be considered in connection with any subsequent written or oral forward-looking statements that may be issued by us or persons acting on our behalf. The forward-looking statements included in this report are made only as of the date hereof or as of the date specified herein. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures and Definitions
In this press release, we refer to Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income and Adjusted Net Income Per Share which are financial measures that have not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”).

We define Adjusted EBITDA as net income before the deduction of income taxes, interest expense, net, gain on repurchases of debt, transaction and business realignment costs, depreciation and amortization, stock-based compensation, impairments, net loss (gain) on sale and retirement of assets and other expense (income) net. We define Adjusted EBITDA (Excluding Political) as Adjusted EBITDA less political net revenue, net of a fifteen percent deduction to account for estimated national representative firm fees, music licensing fees and sales commissions expense. Adjusted Net Income is defined as net income before the deduction of transaction and business realignment costs, impairments, gains on sale of investments, change in fair value of investment, net loss (gain) on sale and retirement of assets, gain on repurchases of debt, gain on sale of digital assets, gain on insurance recoveries and net income attributable to non-controlling interest, net of income taxes stated at the Company’s applicable statutory effective tax rate. Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the weighted average shares outstanding. We define Net Leverage as our total outstanding indebtedness, net of our total cash balance as of December 31, 2024, divided by our Adjusted EBITDA for the twelve months ended December 31, 2024. These measures do not represent, and should not be considered as alternatives to or superior to, financial results and measures determined or calculated in accordance with GAAP. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. You should be aware that in the future we may incur expenses or charges that are the same as or similar to some of the adjustments in the presentation, and we do not infer that our future results will be unaffected by unusual or non-recurring items. In addition, these non-GAAP measures may not be comparable to similarly-named measures reported by other companies.

We use Adjusted EBITDA and Adjusted EBITDA (Excluding Political) to facilitate company-to-company operating performance comparisons by backing out potential differences caused by variations in capital structures (affecting interest expense), taxation and the age and book depreciation of facilities and equipment (affecting relative depreciation expense), which may vary for different companies for reasons unrelated to operating performance, and to facilitate year over year comparisons, by backing out the impact of political revenue which varies depending on the election cycle and may be unrelated to operating performance. We use Adjusted Net Income and Adjusted Net Income Per Share to assess total company operating performance on a consistent basis. We use Net Leverage to measure the Company’s ability to handle its debt burden. We believe that these measures, when considered together with our GAAP financial results, provide management and investors with a more complete understanding of our business operating results, including underlying trends, by excluding the effects of transaction costs, net loss (gain) on sale and retirement of assets, business realignment costs and certain impairments. Further, while discretionary bonuses for members of management are not determined with reference to specific targets, our board of directors may consider Adjusted EBITDA, Adjusted EBITDA (Excluding Political), Adjusted Net Income, Adjusted Net Income Per Share, and Net Leverage when determining discretionary bonuses.

Investor Relations
Claire Yenicay
(203) 900-5555
investors@townsquaremedia.com

View Full Release Here.

Release – SKYX Pre-Announces Record 4th Quarter 2024 Revenues of $23.7 Million Compared to 3rd Quarter Revenues of $22.2 Million, as it Continues to Grow its Market Penetration

Posted on by aweinsoff@channelchek.com

Research News and Market Data on SKYX

March 17, 2025 09:49 ET 

SKYX Revenues Increased from Quarter to Quarter During 2024 with $19M in Q-1, 21.4M in Q-2, $22.2M in Q-3, and $23.7M in Q-4

SKYX Filed an 8K Announcing Strategic $1 Million Preferred Funding in Addition to the $11 Million Strategic Funding in October 2024, totaling $12 million in Preferred Funding Led by The Shaner Group a Leading Marriott Hotels Owner with Over 70 Hotels

Company Expects Its Products to Be in 20,000 Units/Homes by The End of Q-1 2025 in the U.S and Canada to Both Retail and Pro Segments

SKYX’s Technologies Provide Opportunities for Recurring Revenues Through Interchangeability, Upgrades, Monitoring and Subscriptions

MIAMI, March 17, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive advanced and smart home platform technology company for homes and buildings, with more than 97 issued and pending patents globally and a portfolio of over 60 lighting and home décor websites, today announced record pre-audited financial results for the fourth quarter ended December 31, 2024, with revenues of $23.7 million, compared to $22.2 million in the third quarter. SKYX achieved consistent revenue growth throughout 2024, reporting:

  • $19 million in the first quarter
  • $21.4 million in the second quarter
  • $22.2 million in the third quarter
  • $23.7 million in the fourth quarter

Additionally, SKYX filed an 8-K announcing an additional $1 million in preferred funding, bringing the total to $12 million, following the $11 million strategic funding secured in October 2024. This funding round was led by The Shaner Group, a leading Marriott hotel owner with over 70 hotels.

The company expects its smart plug & play products to be in 20,000 homes/units by the end of the first quarter of 2025 across both retail and professional segments in the U.S. and Canada.

Recent Accomplishments
SKYX continues to expand its market presence, strengthen strategic partnerships, and enhance leadership as it accelerates adoption of its advanced and smart plug & play technologies.

  • Huey Long, former Amazon E-Commerce Director and executive at Walmart and Ashley Furniture, has joined as head of SKYX’s e-commerce platform. He will collaborate with the existing team to expand market penetration across 60 lighting and home décor websites and other key e-commerce channels in the U.S. and Canada.
  • A new collaboration with Cavco Homes, a leading U.S. prefabricated home manufacturer, will integrate smart plug & play technologies into Cavco’s high-end premium homes. The company has sold nearly one million homes and continues to deliver close to 20,000 annually.
  • Three luxury developments by Forte Developments, including an 80-story high-rise in Miami’s Brickell District and projects in Clearwater Beach and Jupiter, Florida, will feature SKYX’s technology. More than 12,000 smart plug & play products, including ceiling outlets, lighting, fans, and emergency fixtures, will be supplied across 400+ units.
  • Greg St. John, former Home Depot lighting head and CEO of Eglo and Cordelia Lighting, has been appointed President of Lighting, Fans, and Smart Home Products. With 30+ years of industry experience, he will lead expansion efforts in retail, homebuilder, and commercial markets, overseeing partnerships with Home Depot, Wayfair, and other major retailers.
  • A 1,000-unit mixed-use development by Jeremiah Baron Companies will incorporate smart plug & play technologies, with 140 units receiving initial product supply. This rollout, beginning January 2025, will include ceiling outlets, lighting, fans, and emergency fixtures, with deliveries continuing throughout construction.

Fourth Quarter 2024 Highlights

  • A $11 million strategic investment at $2.00 per share in preferred stock, led by Lance Shaner, Chairman & CEO of Shaner Hotel Group, strengthens SKYX’s ability to execute its growth strategy and achieve cash flow positivity in 2025.
  • Significant insider investments included $500,000 from President Steve Schmidt and $250,000 each from Co-CEOs Lenny Sokolow and John Campi, reinforcing confidence in SKYX’s long-term vision.
  • A collaboration with Wayfair, one of the world’s leading home décor retailers, will introduce smart plug & play lighting and ceiling fan products to the platform. These offerings, including retrofit kits, smart light fixtures, recessed lights, and ceiling outlet receptacles, will be available in the coming weeks for retail consumers and professional segments, including designers and architects.
  • A strategic partnership with JIT Electrical Supply, a leading builder supplier, will expand SKYX’s footprint in electrical, lighting, and ceiling fan markets. JIT, which has supplied over 100,000 U.S. homes, will distribute SKYX’s lighting solutions, ceiling fans, recessed lights, emergency lights, exit signs, and indoor/outdoor wall lights beginning early 2025.

Rani Kohen, Founder/Inventor and Executive Chairman, of SKYX Platforms, said, “SKYX continues to execute on its vision of making homes and buildings smarter, safer, and more advanced as the new standard. With strong financial backing, key strategic partnerships, and growing market adoption of our smart plug & play technologies, we are expanding across retail, professional, and e-commerce channels at an accelerated pace. The addition of industry-leading executives, collaborations with top developers and suppliers, and increasing penetration into high-growth markets reinforce our position as a disruptive force in home and building technology. We remain committed to delivering innovative solutions that drive efficiency, safety, and long-term value for our customers, partners, and investors.”

About SKYX Platforms Corp.

As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.

Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.

Investor Relations Contact:

Jeff Ramson
PCG Advisory
jramson@pcgadvisory.com

Release – V2X Selected for Navy’s WEXMAC 2.0 Contract, Enhancing Global Readiness

Posted on by aweinsoff@channelchek.com
V2X (PRNewsfoto/V2X, Inc.)

Research News and Market Data on VVX

March 17, 2025

Download(opens in new window)

RESTON, Va., March 17, 2025 /PRNewswire/ — V2X (NYSE: VVX) has been awarded a position on the U.S. Navy’s Worldwide Expeditionary Multiple Award Contract (WEXMAC) 2.0, a key vehicle for delivering enhanced global logistics capabilities.

Administered jointly by the Army Contracting Command and the Naval Supply Systems Command, WEXMAC 2.0 streamlines procurement processes and integrates technology to enhance logistical support for joint forces and federal agencies worldwide. The contract is designed to strengthen global military operations through rapid and efficient supply chain solutions.

V2X was selected to support 22 regions and will leverage its global footprint to deliver solutions and logistical capabilities that sustain and set the theater. This multiple-award, indefinite-delivery/indefinite-quantity contract has an initial five-year period with a ceiling value of $1.2 billion, with an option to extend up to 10 years for a total of $2.4 billion.

“This award reaffirms our commitment to delivering mission-critical solutions that strengthen global security and ensure warfighters have the resources they need,” said Jeremy C. Wensinger, President and Chief Executive Officer of V2X. “It advances the defense logistics framework, enabling exceptional support for global expeditionary missions with efficiency, reliability, and agility.”

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
Senior Director, Marketing and Communications  
Angelica.Deoudes@goV2X.com
571-338-5195

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/v2x-selected-for-navys-wexmac-2-0-contract-enhancing-global-readiness-302403121.html

SOURCE V2X, Inc.

Release – GeoVax to Report Fourth Quarter and Full Year 2024 Financial Results and Provide Corporate Update on March 27, 2025

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GOVX

GeoVax to Host Conference Call at 4:30 PM ET

Atlanta, GA, March 17, 2025 – GeoVax Labs, Inc. (Nasdaq: GOVX), a clinical-stage biotechnology company developing immunotherapies and vaccines against cancer and infectious diseases, today announced that it will report 2024 financial results on Thursday, March 27, 2025, after the close of U.S. markets. Following the release, management will host a live conference call and webcast, including Q&A, at 4:30 p.m. ET to provide a corporate update and discuss financial results.

Conference Call Details

To access the live conference call, participants may register here. The live audio webcast of the call will be available under “Events and Presentations” in the Investor Relations section of the GeoVax website at geovax.com/investors. To participate via telephone, please register in advance here. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. While not required, it is recommended that participants join the call ten minutes prior to the scheduled start. An archive of the audio webcast will be available on GeoVax’s website approximately two hours after the conference call and will remain available for at least 90 days following the event.

About GeoVax

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel vaccines for many of the world’s most threatening infectious diseases and therapies for solid tumor cancers. The company’s lead clinical program is GEO-CM04S1, a next-generation COVID-19 vaccine for which GeoVax was recently awarded a BARDA-funded contract to sponsor a 10,000-participant Phase 2b clinical trial to evaluate the efficacy of GEO-CM04S1 versus an approved COVID-19 vaccine. In addition, GEO-CM04S1 is 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(R), having recently completed a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. A Phase 2 clinical trial in first recurrent head and neck cancer, evaluating Gedeptin(R) combined with an immune checkpoint inhibitor is planned. GeoVax has a strong IP portfolio in support of its technologies and product candidates, holding worldwide rights for its technologies and products. The Company has a leadership team who have driven significant value creation across multiple life science companies over the past several decades. For more information about the current status of our clinical trials and other updates, visit our website: www.geovax.com.

Company Contact:

info@geovax.com

678-384-7220

Investor Relations Contact:

geovax@precisionaq.com

212-698-8696

Media Contact:

sr@roberts-communications.com

202-779-0929

Release – Naval Air Systems Command Awards Follow-On Contractor Logistics Support & Engineering Services Contract Valued at up to $19.1 Million to Kratos Defense for the BQM-177A Subsonic Aerial Target System

Posted on by aweinsoff@channelchek.com

Research News and Market Data on KTOS

March 17, 2025 at 8:00 AM EDT

PDF Version

SAN DIEGO, March 17, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, and industry-leading provider of high-performance, jet-powered unmanned aerial systems, announced today that Kratos was awarded $3,399,506 from the U.S. Navy for the base year of its next Contractor Logistics Support and Engineering Services contract supporting BQM-177A aerial target system operations.

BQM-177A Subsonic Aerial Target System

BQM-177A Subsonic Aerial Target System

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/095b7d6b-55d5-4d17-aaf4-c3d33254ebfc 

Steve Fendley, President of Kratos Unmanned Systems Division, said, “Often underestimated, logistics represents the behind-the-scenes enabler to system readiness. This contract illustrates the Navy’s commitment to readiness, and we’re equally committed to delivering readiness of the BQM-177A system and the critical capability it provides to the Navy for missions throughout each year.”

If all four option years awarded under this contract are exercised, this contract has a potential value of $19,118,645 with work conducted primarily in Kratos facilities in Sacramento and at Point Mugu, CA.

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, hypersonic 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.

Press Contact:
Claire Burghoff
claire.burghoff@kratosdefense.com

Investor Information:
877-934-4687
investor@kratosdefense.com

Primary Logo
BQM-177A Subsonic Aerial Target System

 

BQM-177A Subsonic Aerial Target System

Source: Kratos Defense & Security Solutions, Inc.

E.W. Scripps (SSP) – Heightened M&A Environment and Debt Reduction Should Drive Stock Valuation

Posted on by cpereira@noblefcm.com


Monday, March 17, 2025

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4 Results. Revenue increased a strong 18.3% to $728.4 million, beating our $716.1 million estimate. The results benefited from better core advertising ($147.4 million vs our $143.0 million est.) and higher Political revenue ($174.4 million vs our $172.0 million est.). Adj. EBITDA was $229.6 million, better than our $226.1 million estimate.

Cost efficiency focused. The company highlighted that it is on track to deliver improved margins in its Scripps Networks division by 400 to 600 basis points in 2025. Furthermore, we anticipate the cost reductions will largely be driven by reduced headcount, followed by more modest reductions in program license costs and other expenses.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.