Day: September 30, 2024

                                                                                           Symbols: TSXV: CYM
OTCQB: CYMHF

MISSISSAUGA, ON, Sept. 30, 2024 /PRNewswire/ – Cymat Technologies Ltd. CYM CYMHF (the “Company” or “Cymat“) is pleased to announce its results for the first quarter of the fiscal 2025 year – the three months ended July 31, 2024.

Cymat commenced its new fiscal year with a record-setting quarterly revenue of $2M and achieving positive cashflow from operations. Sales were led by Cymat’s architectural business as the Company delivered $1.8M of Alusion^TM panels. Sales included its first major order for the NEOM development in the Kingdom of Saudi Arabia, cladding for an Italian energy company’s new head office, and a major restocking order for its China-based Alusion^TM distributor.

While more modestly represented in the quarterly revenue figure, SmartMetal^TM – Cymat’s custom engineered stabilized aluminum foam (SAF) – commenced with initial deliveries under long-term contracts in key industry verticals.

One such vertical for SmartMetal^TM   is the defense and security sector.  SmartMetal^TM attributes particularly relevant to the needs of this market sector include its ability to dissipate blast and impact energy, its comparative lightweight, and its compatibility with composite systems designed for multi-threat protection applications.  Within this defense vertical, Cymat is pleased to announce that it has shipped the first 24 SmartMetal^TM underbelly protection kits to our Asian military vehicle manufacturer customer. This shipment is the leading edge of an expected initial 350 kit order. These SmartMetal^TM equipped transport vehicles have been ordered by the customer’s national military who is expanding its fleet by approximately 700 vehicles. While this order is still on a quoted-price basis, Cymat is in the final stages of approval for the definitive 3-year supply contract. The full value of the initial contract is anticipated to be in the $4M – $5M range. The OEM’s marketing efforts for this vehicle are expected to extend to the broader global military customer base, where earlier vehicle variants are in service.

Another key market for SmartMetal^TM is the energy infrastructure sector. In a recently issued press release, Cymat announced the receipt of a major order for SmartMetal^TM panels from NUVIA, a global specialist in nuclear technology based in France. Cymat has begun the shipment of these panels which NUVIA will integrate into its NuFoam^TM system to provide protection of sensitive nuclear power generation equipment from external threats. These panels represent the first $1M phase of a total $2.7M order.  France’s ongoing life extension programs for its nuclear power generating facilities is expected to result in a future stream of similar orders. By attaining this order, Cymat has demonstrated its ability to meet the exacting manufacturing standards of the nuclear energy industry. Based on the efficacy of SmartMetal^TM within the NuFoam^TM platform, Cymat has initiated conversations with several other entities interested in providing enhanced resilience for new energy infrastructure projects. 

Additionally, Cymat continues to place a high priority on business development efforts targeting the automotive industry, with a focus on electrified vehicle platforms. Recent media reports have highlighted the challenges that automotive OEMs are facing with regards to the expense of manufacturing BEVs and softening consumer demand. Cost reduction is clearly a key element necessary for OEMs to succeed in their journey to vehicle electrification. As proven by independently performed dynamic testing, a SmartMetal^TM based prototype successfully demonstrated its ability to protect the underside of battery enclosure from object impact while offering a reduced component weight, increased energy absorption and reduced post-crash deflection. Moreover, this SmartMetal^TM component can deliver cost savings and contribute to battery system simplification goals. Communication of enhanced SmartMetal^TM marketing material featuring the independent testing report from this prototype continues to drive discussions with several automotive OEMs and Tier One suppliers. For fiscal 2025, Cymat expects to build upon its investment in manufacturing, testing and information systems to further demonstrate its capability in meeting the requirements of the automotive manufacturing environment.

Cymat CEO and Chairman Michael Liik stated “We are extremely pleased with this significant turn around in our business after a challenging fiscal 2024. While Alusion continues to generate a significant portion of our revenues, the beginnings of long-term contractual revenue from our SmartMetal division should provide a much higher degree of predictability to our financial performance going forward.” He went on to say that “It is particularly satisfying to see our long term business and product development efforts in the nuclear and defence industries begin to yield results. We anticipate that these two business verticals will lay a strong and growing foundation to our business going forward.”

Michael Liik will lead an Investor Update call and presentation on Tuesday October 1^st at 11:00 AM Eastern Time (ET), hosted by Investor Cubed. Full details of the event are outlined below.

PRESENTATION DETAILS:

• Date: Tuesday , October 1^st, 2024
• Time: 11:00 AM Eastern Time (ET)

Please see below the link to the webinar. 

https://us06web.zoom.us/webinar/register/WN_9BKqPPs5TYWj4Pd7t-JGTw

The following table presents selected financial information for the three-month periods ended July 31, 2024, and July 31, 2023 (in $CAD 000’s).

About Cymat Technologies Ltd.

Cymat Technologies Ltd. has the global rights, through patents and established know-how, to manufacture and sell Stabilized Aluminum Foam (“SAF”), a unique, ultra-light, cellular metallic material. The proprietary production process entails the injection of gases through a molten bath of alloyed aluminum infused with ceramic particles. The result is an advanced, lightweight, recyclable material that exhibits unique characteristics including customizable density and dimensions; mechanical energy absorption; thermal and acoustic insulation; and time, temperature and strain-rate insensitivity. A key benefit of this continuous foam production process is its scalability and resultant low cost of production. SAF is used in such industries as architectural design, military and automotive. Cymat markets its architectural   SAF under the

Alusion^TM brand and its automotive and military SAF under the SmartMetal^TM brand. For further information, please visit our website at www.cymat.com.

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management’s current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “predicts”, “intends”, “targets”, “aims”, “anticipates” or “believes” or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Certain material assumptions regarding such forward-looking statements may be discussed in this news release and the Company’s annual and quarterly management’s discussion and analysis filed at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

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SOURCE Cymat Technologies Ltd.

WUXI, China, Sept. 30, 2024 (GLOBE NEWSWIRE) — LOBO EV Technologies Ltd. LOBO, (“LOBO” or the “Company”), an innovative e-bicycle, e-moped, e-tricycle, and electric off-highway four-wheeled shuttle designer, developer, manufacturer and seller, today announced its financial results for the six months ended June 30, 2024.

H1 2024 Financial Highlights:

• Total Revenue: $12.13 million, up 49% compared to $8.14 million in H1 2023.
• Gross Profit: $1.36 million, reflecting a gross margin of 11.2%.
• Net Loss: $(0.31) million compared to net income of $0.67 million in H1 2023.
• Units Sold: 56,000 units, up 45% from 38,600 units sold in H1 2023.
• Adjusted EBITDA: Loss of $(0.09) million, compared to positive EBITDA of $0.44 million in the same period last year.

Operational Performance:

Sales from electric vehicles and accessories grew 61%, contributing $12.08 million in total revenue. The Company delivered 56,000 units in the first half of 2024, a 45% year-over-year increase, driven by strong demand for LOBO’s e-bicycles, e-mopeds, and electric four-wheelers, with additional contributions from distribution channel expansion and entry into new markets.

LOBO made significant strides in expanding its distribution network domestically and internationally during H1 2024. The Company successfully entered new international markets, broadening its global footprint and making its products available to a larger audience. These efforts were instrumental in increasing unit sales and positioning LOBO for sustained future growth.

LOBO’s CEO, Huajian Xu, commented: “Our H1 results demonstrate the growing demand for sustainable transportation solutions. The 45% increase in units sold underscores our ability to scale production and meet rising global demand. Our expansion into new international markets has opened exciting growth opportunities, and we remain committed to delivering high-quality electric vehicles to an expanding customer base.”

Financial Overview:

• Revenue Growth: The 49% year-over-year increase was driven by significant growth in unit sales and LOBO’s ongoing expansion into new markets. The company sold 56,000 vehicles in H1 2024, compared to 38,600 in H1 2023.
• Gross Profit: Gross profit improved to $1.36 million, up from $1.18 million in H1 2023, reflecting improved operational efficiency despite rising production costs.
• Net Loss: The net loss of $(0.31) million was primarily due to increased operating expenses, including research and development investments and expanded administrative costs to support growth, particularly as LOBO entered new international markets.

Strategic Investments and Margin Outlook:

In H1 2024, LOBO increased its research and development spending by 86%, focusing on enhancing product features and developing advanced software solutions to meet customer needs in newly entered markets. The Company also expanded its inventory by 55% to support growing demand and facilitate the roll-out of new vehicle models in the second half of the year.

LOBO anticipates margin improvements in H2 2024 as the Company continues to scale operations and optimize its supply chain. The introduction of new vehicle models and increased sales in higher-margin international markets are expected to contribute to improved profitability. LOBO’s management remains focused on cost control measures and operational efficiencies to drive sustainable margin expansion in the second half of the year.

Outlook for the Full Year 2024:

With the successful execution of its growth strategy, including international expansion and product innovation, LOBO remains optimistic about continued momentum in the second half of 2024. The Company plans to launch several new vehicle models and further strengthen its presence in international markets, driving both unit sales and revenue growth.

Xu added: “Our strong revenue growth and expanded global reach underscores our long-term vision. As we continue to enter new markets and deliver innovative products, we are confident in our ability to sustain growth and deliver value to our shareholders.”

About LOBO EV Technologies Ltd.
LOBO is an innovative designer, developer, manufacturer and seller of e-bicycles, e-mopeds, e-tricycles, and electric off-highway four-wheeled shuttles such as golf carts and mobility scooters for the elderly and disabled persons. LOBO also provides automobile information and entertainment software development and design services to customers. Leveraging its cutting-edge technologies in connectivity, multimedia interactive systems and artificial intelligence, LOBO re-defines and develops its products in order to provide users with convenient, affordable and pleasant driving experiences. For more information, visit: https://loboev.io/. Any information displayed on, or that can be accessed through, our website or any other website or any social media is not a part of this press release.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) as well as Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created by those sections. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “will,” “should,” “would,” “could,” “seek,” “intend,” “plan,” “goal,” “project,” “estimate,” “anticipate,” “strategy,” “future,” “likely” or other comparable terms, although not all forward-looking statements contain these identifying words. All statements other than statements of historical facts included in this press release regarding the expected closing date of the public offering and the Company’s strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Important factors that could cause the Company’s actual results and financial condition to differ materially from those indicated in the forward-looking statements. Such forward-looking statements are subject to risk and uncertainties, including, but not limited to, those described in “Risk Factors,” “Operating and Financial Review and Prospects,” “Cautionary Note Regarding Forward-Looking Statements” in the Annual Report on Form 20-F filed with the SEC (File No. 333-270499) on April 30, 2024. LOBO undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events except as required by law. You should read this press release with the understanding that our actual future results may be materially different from what we expect.

Contact:
For more information, contact:
Zane Xu
IR Manager
ir@loboai.com

Dave Gentry
RedChip Companies Inc.
1 (407) 644-4256
LOBO@redchip.com

LOBO EV TECHNOLOGIES LTD UNAUDITED INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (In U.S. dollars except for number of shares)
	As of
	June 30,				December 31,
	2024				2023
Assets
Current assets:
Cash and cash equivalents	$	1,115,181			$	470,335
Accounts receivable, net		2,339,830				2,532,551
Inventories, net		8,886,337				5,737,781
Short-term investments		184,231				56,768
Prepaid expenses and other current assets		7,828,258				7,307,478
Total current assets		20,353,837				16,104,913
Property and equipment, net		986,122				1,080,747
Intangible assets, net		1,996,823				1,916,362
Operating lease right-of-use assets, net		1,122,664				569,462
Total Assets		24,459,446				19,671,484
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable	$	1,281,014			$	929,816
Advances from customers		2,613,072				1,555,424
Other current payables		393,297				370,913
VAT payable		6,450,933				6,078,846
Taxes payable		2,669,546				2,372,646
Amounts due to related parties		1,486,145				1,671,371
Operating lease liabilities, current		701,446				362,720
Total current liabilities		15,595,453				13,341,736
Long-term Loan		137,605				140,847
Operating lease liabilities, non-current		633,389				298,961
Other payables		–				11,320
Total liabilities		16,366,447				13,792,864
Commitments and contingencies		–				–
Equity:
Common stock (par value of $0.001 per share, 50,000,000 shares authorized, 7,780,000 and 6,400,000 issued and outstanding, as of June 30, 2024 and December 31, 2023, respectively)		7,780				6,400
Additional paid-in capital		5,708,280				3,013,333
Retained earnings		2,102,211				2,490,044
Accumulated other comprehensive income		(529,893	)			(377,790	)
Statutory reserve		606,881				521,566
Total LOBO EV Technologies LTD’s shareholders’ equity		7,895,259				5,653,553
Non-controlling interest		197,740				225,067
Total Equity		8,092,999				5,878,620
Total Liabilities and Equity	$	24,459,446			$	19,671,484

LOBO EV TECHNOLOGIES LTD UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In U.S. dollars except for number of shares)
	Six Months Ended
	June 30,
	2024				2023
Revenues	$	12,132,668			$	8,137,820
Cost of revenues		10,768,717				6,954,364
Gross Profit		1,363,951				1,183,456
Operating expenses
Selling and marketing expenses		329,471				325,800
General and administrative expenses		878,547				284,134
Research and development expenses		245,642				132,174
Total operating expenses		1,453,660				742,108
Operating (loss)/income		(89,709	)			441,348
Other expenses (income)
Interest expense (income)		(19,964	)			4,656
Other (income)		(45,537	)			(484,545	)
Total other income, net		(65,501	)			(479,889	)
(loss)/Income before income tax expense		(24,208	)			921,237
Income tax expense		289,039				249,200
Net (loss)/Income		(313,247	)			672,037
Net (loss)/Income		(313,247	)			672,037
Less: Net (loss)/income attributable to non-controlling interest		(10,729	)			14,263
Net (loss)/income attributable to LOBO EV Technologies LTD		(302,518	)			657,774
Net (loss)/Income		(313,247	)			672,037
Foreign currency translation adjustments		(168,701	)			(346,119	)
Total comprehensive (loss) income		(481,948	)			325,918
Less: Total comprehensive (loss) income attributable to noncontrolling interests		(27,327	)			5,889
Total comprehensive (loss) income attributable to LOBO EV Technologies LTD	$	(454,621	)		$	320,029
Net (loss)/income per share, basic and diluted	$	(0.04	)		$	0.11
Weighted average shares outstanding, basic and diluted		7,143,077				6,400,000

MIAMI, Sept. 30, 2024 /PRNewswire/ — Carnival Corporation & plc ((NYSE/LSE: CCL, NYSE:CUK) announced financial results for the third quarter 2024 and provided an updated outlook for the full year and an outlook for fourth quarter 2024.

• Third quarter net income was $1.7 billion, an increase of over 60 percent compared to 2023 and adjusted net income¹ outperformed June guidance by $170 million.
• Third quarter revenues hit an all-time high of $7.9 billion, up $1.0 billion compared to the prior year.
• Record operating income of $2.2 billion exceeded 2023 levels by $554 million.
• As a result of strong demand and cost saving opportunities, raised its full year 2024 adjusted EBITDA¹ guidance to approximately $6.0 billion, up over 40 percent compared to 2023 and better than June guidance by nearly $200 million.
• The cumulative advanced booked position for full year 2025 is above the previous 2024 record with prices (in constant currency) ahead of prior year.

“We delivered a phenomenal third quarter, breaking operational records and outperforming across the board. Our strong improvements were led by high-margin, same-ship yield growth, driving a 26 percent improvement in unit operating income, the highest level we have reached in fifteen years,” commented Carnival Corporation & plc’s Chief Executive Officer Josh Weinstein.

“We are poised to deliver record operating performance for full year 2024, with adjusted EBITDA now expected to cross $6 billion and adjusted return on invested capital¹ to be approximately 10.5 percent. Strong demand enabled us to increase our full year yield guidance for the third time this year and we improved our cost guidance driving more revenue to the bottom line,” Weinstein added.

“Looking forward, the momentum continues as our enhanced commercial execution drives demand well in excess of our capacity growth, leaving us well positioned with an even stronger base of business for 2025, a record start to 2026 and firmly on the path toward our SEA Change targets,” Weinstein noted. 

Third Quarter 2024 Results

• Net income was $1.7 billion, or $1.26 diluted EPS, an increase of $662 million compared to 2023. Adjusted net income of $1.8 billion, or $1.27 adjusted EPS¹, was higher than June guidance by $170 million driven by outperformance in both yield and cost.
• Record operating income of $2.2 billion exceeded 2023 levels by $554 million or 34 percent.
• Record adjusted EBITDA of $2.8 billion increased over 25 percent compared to 2023 and outperformed June guidance by $160 million.
• Third quarter revenues hit an all-time high of $7.9 billion, with record net yields¹ (in constant currency) and record net per diems¹ (in constant currency) both significantly exceeding 2023 levels.
• Gross margin yields increased by 19 percent compared to 2023 and net yields (in constant currency) exceeded 2023 levels by 8.7 percent.
  • Gross margin per diems were up 16 percent compared to 2023. Net per diems (in constant currency) were up nearly 6 percent compared to 2023 with both ticket prices and onboard spending up mid-single digits.
• Cruise costs per available lower berth day (“ALBD”) increased 3.4 percent compared to 2023. Adjusted cruise costs excluding fuel per ALBD¹ (in constant currency) decreased compared to 2023 and were significantly better than June guidance driven by cost saving opportunities, accelerated easing of inflationary pressures, benefits from one-time items and the timing of expenses between the quarters.
• Total customer deposits reached a third quarter record of $6.8 billion, surpassing the previous third quarter record of $6.3 billion as of August 31, 2023, despite lower capacity growth.

Bookings

“With nearly half of 2025 booked and less inventory remaining for sale than the prior year, we are leveraging strong demand to achieve record ticket pricing (in constant currency). Our brands continue to deliver robust bookings momentum, with all our brands ahead on price for 2025 sailings, based on the success of their demand generation efforts along with the exciting offerings and unparalleled experiences we consistently provide our guests. Likewise, 2026 is off to an unprecedented start achieving record booking volumes in the last three months,” Weinstein noted.

During the third quarter, booking volumes remained robust for 2025 sailings at higher prices (in constant currency) compared to the prior year.

The cumulative advanced booked position for full year 2025 is above the previous 2024 record with prices (in constant currency) ahead of prior year.

_____________________________
¹ See “Non-GAAP Financial Measures” at the end of this release for additional information.

2024 Outlook

For the full year 2024, the company expects:

• Net yields (in constant currency) up approximately 10.4 percent compared to 2023, better than June guidance, based on continued strength in demand.
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 3.5 percent compared to 2023, approximately 1 percentage point better than June guidance driven by cost saving opportunities, accelerated easing of inflationary pressures and benefits from one-time items.
• Adjusted EBITDA of approximately $6.0 billion, up over 40 percent compared to 2023 and better than June guidance by nearly $200 million.
• Adjusted return on invested capital (“ROIC”) of approximately 10.5 percent, an improvement of approximately 5.0 percentage points compared to 2023 and half a point better than June guidance.

For the fourth quarter of 2024, the company expects:

• Net yields (in constant currency) up approximately 5.0 percent compared to particularly strong 2023 levels.
• Adjusted cruise costs excluding fuel per ALBD (in constant currency) up approximately 8.0 percent compared to the fourth quarter of 2023 due primarily to higher dry-dock days and higher investment in advertising.
• Adjusted EBITDA of approximately $1.14 billion, up 20 percent compared to the fourth quarter of 2023.

See “Guidance” and “Reconciliation of Forecasted Data” for additional information on the company’s 2024 outlook.

Financing and Capital Activity

“We have continued to improve our leverage metrics and balance sheet with strong cash generation and continued debt reduction. We are pleased these efforts were recognized by both S&P and Moody’s with their recent credit rating upgrades. For 2024, we expect better than a two turn improvement in net debt to adjusted EBITDA¹ compared to 2023, approaching 4.5x, well on our way to investment grade. In fact, this year’s adjusted free cash flow¹ is expected to be over $3.0 billion,” commented Carnival Corporation & plc’s Chief Financial Officer David Bernstein.

The company continued its efforts to proactively manage its debt profile. Since June 2024, the company prepaid another $625 million of debt, bringing its total prepayments to $7.3 billion since the beginning of 2023. Additionally, the company has now fully utilized the accordion feature of its revolving credit facility, increasing the borrowing capacity by nearly $500 million and bringing the total undrawn commitment to $3.0 billion. The company ended the quarter with $4.5 billion of liquidity, including cash and borrowings available under the revolving credit facility.

During the third quarter, Fitch initiated its coverage of the company with a BB credit rating with a positive outlook. The company is now rated by all three major internationally recognized rating agencies. Additionally, S&P upgraded its credit rating to BB with a stable outlook and Moody’s upgraded to B1 with a positive outlook. The company believes this is a testament to its improved leverage metrics and continuing journey to investment grade ratings.

The company continues to strategically direct new capacity towards its highest returning brand with the recent order of three additional ships to Carnival Cruise Line for delivery in 2029, 2031 and 2033. These ships will become the largest ships in the company’s fleet and will carry more passengers than any other cruise ship to date. The company is following through on its measured capacity growth strategy of one to two ships per year on average, including just three ships scheduled for delivery through 2028. This will enable the company to utilize its substantial free cash flow to strategically improve its balance sheet by significantly reducing its leverage levels over the next several years.

The company obtained a new export credit facility, bringing its total committed financings related to ship deliveries to $3.4 billion, continuing its strategy to finance its newbuild program at preferential interest rates.

_____________________________
¹ See “Non-GAAP Financial Measures” at the end of this release for additional information.

Other Recent Highlights 

• Named by TIME as one of the World’s Best Companies of 2024 and by Forbes as one of America’s Best Employers for Women in 2024.
• Opened a new innovative Fleet Operations Center in Hamburg, Germany to support its European brands.
• Announced the expansion of Half Moon Cay. This popular private island will be enhanced to include an expanded beach, dining and beverage experiences along with a new pier that will allow the company’s larger ships to visit.
• In anticipation of Celebration Key’s debut in July 2025, Carnival Cruise Line opened bookings for the destination’s new exclusive retreat, Pearl Cove Beach Club, which will offer a premium experience for guests with a large selection of supervillas, cabanas and shore excursions.
• Carnival Conquest, AIDAdiva and AIDAluna became the first cruise ships to connect to shore power at PortMiami, the Port of Stockholm and the Port of Oslo.
• AIDA Cruises successfully piloted a new advanced blended biofuel, which is specifically intended for the maritime industry and lowers greenhouse gas emissions compared to conventional fossil fuels.
• Seabourn Pursuit was named in a historic expedition ceremony, debuting its new itineraries visiting the Kimberley region in Australia.

Guidance

(See “Reconciliation of Forecasted Data”)

 

 

 

Capital Expenditures

For the fourth quarter of 2024, newbuild capital expenditures are $0.2 billion and non-newbuild capital expenditures are $0.6 billion. These future capital expenditures will fluctuate with foreign currency movements relative to the U.S. Dollar. In addition, these figures do not include potential stage payments for ship orders that the company may place in the future.

Conference Call 

The company has scheduled a conference call with analysts at 10:00 a.m. EDT (3:00 p.m. BST) today to discuss its earnings release. This call can be listened to live, and additional information including the company’s earnings presentation and debt maturities schedule, can be obtained via Carnival Corporation & plc’s website at www.carnivalcorp.com and www.carnivalplc.com.

Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines – AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.

Additional information can be found on www.carnivalcorp.com, www.aida.de, www.carnival.com, www.costacruise.com, www.cunard.com, www.hollandamerica.com, www.pocruises.com.au, www.pocruises.com, www.princess.com and www.seabourn.com. For more information on Carnival Corporation’s industry-leading sustainability initiatives, visit www.carnivalsustainability.com.

Cautionary Note Concerning Factors That May Affect Future Results

Some of the statements, estimates or projections contained in this document are “forward-looking statements” that involve risks, uncertainties and assumptions with respect to us, including some statements concerning future results, operations, outlooks, plans, goals, reputation, cash flows, liquidity and other events which have not yet occurred. These statements are intended to qualify for the safe harbors from liability provided by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts are statements that could be deemed forward-looking. These statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and the beliefs and assumptions of our management. We have tried, whenever possible, to identify these statements by using words like “will,” “may,” “could,” “should,” “would,” “believe,” “depends,” “expect,” “goal,” “aspiration,” “anticipate,” “forecast,” “project,” “future,” “intend,” “plan,” “estimate,” “target,” “indicate,” “outlook,” and similar expressions of future intent or the negative of such terms.

Forward-looking statements include those statements that relate to our outlook and financial position including, but not limited to, statements regarding:

Because forward-looking statements involve risks and uncertainties, there are many factors that could cause our actual results, performance or achievements to differ materially from those expressed or implied by our forward-looking statements. This note contains important cautionary statements of the known factors that we consider could materially affect the accuracy of our forward-looking statements and adversely affect our business, results of operations and financial position. These factors include, but are not limited to, the following:

• Events and conditions around the world, including geopolitical uncertainty, war and other military actions, inflation, higher fuel prices, higher interest rates and other general concerns impacting the ability or desire of people to travel have led, and may in the future lead, to a decline in demand for cruises as well as negative impacts to our operating costs and profitability.
• Pandemics have in the past and may in the future have a significant negative impact on our financial condition and operations.
• Incidents concerning our ships, guests or the cruise industry have in the past and may, in the future, negatively impact the satisfaction of our guests and crew and lead to reputational damage.
• Changes in and non-compliance with laws and regulations under which we operate, such as those relating to health, environment, safety and security, data privacy and protection, anti-money laundering, anti-corruption, economic sanctions, trade protection, labor and employment, and tax may be costly and have in the past and may, in the future, lead to litigation, enforcement actions, fines, penalties and reputational damage.
• Factors associated with climate change, including evolving and increasing regulations, increasing global concern about climate change and the shift in climate conscious consumerism and stakeholder scrutiny, and increasing frequency and/or severity of adverse weather conditions could adversely affect our business.
• Inability to meet or achieve our targets, goals, aspirations, initiatives, and our public statements and disclosures regarding them, including those that are related to sustainability matters, may expose us to risks that may adversely impact our business.
• Breaches in data security and lapses in data privacy as well as disruptions and other damages to our principal offices, information technology operations and system networks and failure to keep pace with developments in technology may adversely impact our business operations, the satisfaction of our guests and crew and may lead to reputational damage.
• The loss of key team members, our inability to recruit or retain qualified shoreside and shipboard team members and increased labor costs could have an adverse effect on our business and results of operations.
• Increases in fuel prices, changes in the types of fuel consumed and availability of fuel supply may adversely impact our scheduled itineraries and costs.
• We rely on supply chain vendors who are integral to the operations of our businesses. These vendors and service providers may be unable to deliver on their commitments, which could negatively impact our business.
• Fluctuations in foreign currency exchange rates may adversely impact our financial results.
• Overcapacity and competition in the cruise and land-based vacation industry may negatively impact our cruise sales, pricing and destination options.
• Inability to implement our shipbuilding programs and ship repairs, maintenance and refurbishments may adversely impact our business operations and the satisfaction of our guests.
• We require a significant amount of cash to service our debt and sustain our operations. Our ability to generate cash depends on many factors, including those beyond our control, and we may not be able to generate cash required to service our debt and sustain our operations.
• Our substantial debt could adversely affect our financial health and operating flexibility.

The ordering of the risk factors set forth above is not intended to reflect our indication of priority or likelihood. Additionally, many of these risks and uncertainties are currently, and in the future may continue to be, amplified by our substantial debt balance incurred during the pause of our guest cruise operations. There may be additional risks that we consider immaterial or which are unknown.

Forward-looking statements should not be relied upon as a prediction of actual results. Subject to any continuing obligations under applicable law or any relevant stock exchange rules, we expressly disclaim any obligation to disseminate, after the date of this document, any updates or revisions to any such forward-looking statements to reflect any change in expectations or events, conditions or circumstances on which any such statements are based.

Forward-looking and other statements in this document may also address our sustainability progress, plans, and goals (including climate change and environmental-related matters). In addition, historical, current, and forward-looking sustainability- and climate-related statements may be based on standards and tools for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions and predictions that are subject to change in the future and may not be generally shared.

 

 

 

 

 

 

CARNIVAL CORPORATION & PLC
NON-GAAP FINANCIAL MEASURES (CONTINUED)

Gross margin per diems and net per diems were computed by dividing the gross margin and adjusted gross margin by PCDs. Gross margin yields and net yields were computed by dividing the gross margin and adjusted gross margin by ALBDs as follows:

CARNIVAL CORPORATION & PLC
NON-GAAP FINANCIAL MEASURES (CONTINUED)

Cruise costs per ALBD, adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD were computed by dividing cruise costs, adjusted cruise costs and adjusted cruise costs excluding fuel by ALBDs as follows:

Non-GAAP Financial Measures

We use non-GAAP financial measures and they are provided along with their most comparative U.S. GAAP financial measure:

The presentation of our non-GAAP financial information is not intended to be considered in isolation from, as a substitute for, or superior to the financial information prepared in accordance with U.S. GAAP. It is possible that our non-GAAP financial measures may not be exactly comparable to the like-kind information presented by other companies, which is a potential risk associated with using these measures to compare us to other companies.

Adjusted net income (loss) and adjusted earnings per share provide additional information to us and investors about our future earnings performance by excluding certain gains, losses and expenses that we believe are not part of our core operating business and are not an indication of our future earnings performance. We believe that gains and losses on ship sales, impairment charges, debt extinguishment and modification costs, restructuring costs and certain other gains and losses are not part of our core operating business and are not an indication of our future earnings performance.

Adjusted EBITDA provides additional information to us and investors about our core operating profitability by excluding certain gains, losses and expenses that we believe are not part of our core operating business and are not an indication of our future earnings performance as well as excluding interest, taxes and depreciation and amortization. In addition, we believe that the presentation of adjusted EBITDA provides additional information to us and investors about our ability to operate our business in compliance with the covenants set forth in our debt agreements. We define adjusted EBITDA as adjusted net income (loss) adjusted for (i) interest, (ii) taxes and (iii) depreciation and amortization. There are material limitations to using adjusted EBITDA. Adjusted EBITDA does not take into account certain significant items that directly affect our net income (loss). These limitations are best addressed by considering the economic effects of the excluded items independently and by considering adjusted EBITDA in conjunction with net income (loss) as calculated in accordance with U.S. GAAP.

Adjusted free cash flow provides additional information to us and investors to assess our ability to repay our debt after making the capital investments required to support ongoing business operations and value creation as well as the impact on the company’s liquidity level. Adjusted free cash flow represents net cash provided by operating activities adjusted for capital expenditures (purchases of property and equipment) and proceeds from export credits that are provided for related capital expenditures. Adjusted free cash flow does not represent the residual cash flow available for discretionary expenditures as it excludes certain mandatory expenditures such as repayment of maturing debt.

Net debt to adjusted EBITDA provides additional information to us and investors about our overall leverage. We define net debt to adjusted EBITDA as total debt less cash and cash equivalents excluding a minimum cash balance divided by twelve-month adjusted EBITDA.

Net per diems and net yields enable us and investors to measure the performance of our cruise segments on a per PCD and per ALBD basis. We use adjusted gross margin rather than gross margin to calculate net per diems and net yields. We believe that adjusted gross margin is a more meaningful measure in determining net per diems and net yields than gross margin because it reflects the cruise revenues earned net of only our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees.

Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD enable us and investors to separate the impact of predictable capacity or ALBD changes from price and other changes that affect our business. We believe these non-GAAP measures provide useful information to us and investors and expanded insight to measure our cost performance. Adjusted cruise costs per ALBD and adjusted cruise costs excluding fuel per ALBD are the measures we use to monitor our ability to control our cruise segments’ costs rather than cruise costs per ALBD. We exclude gains and losses on ship sales, impairment charges, restructuring costs and certain other gains and losses that we believe are not part of our core operating business as well as excluding our most significant variable costs, which are travel agent commissions, cost of air and other transportation, certain other costs that are directly associated with onboard and other revenues and credit and debit card fees. We exclude fuel expense to calculate adjusted cruise costs excluding fuel. The price of fuel, over which we have no control, impacts the comparability of period-to-period cost performance. The adjustment to exclude fuel provides us and investors with supplemental information to understand and assess the company’s non-fuel adjusted cruise cost performance. Substantially all of our adjusted cruise costs excluding fuel are largely fixed, except for the impact of changing prices once the number of ALBDs has been determined.

Adjusted ROIC provides additional information to us and investors about our operating performance relative to the capital we have invested in the company. We define adjusted ROIC as the twelve-month adjusted net income (loss) before interest expense and interest income divided by the monthly average of debt plus equity minus construction-in-progress, excess cash, goodwill and intangibles.

Reconciliation of Forecasted Data

We have not provided a reconciliation of forecasted non-GAAP financial measures to the most comparable U.S. GAAP financial measures because preparation of meaningful U.S. GAAP forecasts would require unreasonable effort. We are unable to predict, without unreasonable effort, the future movement of foreign exchange rates and fuel prices. We are unable to determine the future impact of gains and losses on ship sales, impairment charges, debt extinguishment and modification costs, restructuring costs and certain other non-core gains and losses.

Constant Currency

Our operations primarily utilize the U.S. dollar, Australian dollar, euro and sterling as functional currencies to measure results and financial condition. Functional currencies other than the U.S. dollar subject us to foreign currency translational risk. Our operations also have revenues and expenses that are in currencies other than their functional currency, which subject us to foreign currency transactional risk.

Constant currency reporting removes the impact of changes in exchange rates on the translation of our operations plus the transactional impact of changes in exchange rates from revenues and expenses that are denominated in a currency other than the functional currency.

We report adjusted gross margin, net yields, net per diems, adjusted cruise costs excluding fuel and adjusted cruise costs excluding fuel per ALBD on a “constant currency” basis assuming the current periods’ currency exchange rates have remained constant with the prior periods’ rates. These metrics facilitate a comparative view for the changes in our business in an environment with fluctuating exchange rates.

Examples:

• The translation of our operations with functional currencies other than U.S. dollar to our U.S. dollar reporting currency results in decreases in reported U.S. dollar revenues and expenses if the U.S. dollar strengthens against these foreign currencies and increases in reported U.S. dollar revenues and expenses if the U.S. dollar weakens against these foreign currencies.
  
  
• Our operations have revenue and expense transactions in currencies other than their functional currency. If their functional currency strengthens against these other currencies, it reduces the functional currency revenues and expenses. If the functional currency weakens against these other currencies, it increases the functional currency revenues and expenses.

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SOURCE Carnival Corporation & plc

Conference call via Zoom is scheduled for October 8, 2024 at 9 a.m. ET (9 p.m. SGT)

https://us06web.zoom.us/meeting/register/tZMrcOmppj0sGdA37lASywTyixRflo9w1TZT

SINGAPORE, Sept. 30, 2024 (GLOBE NEWSWIRE) — CytoMed Therapeutics Limited GDTC (“CytoMed” or “Company”), a Singapore-based biopharmaceutical company focused on harnessing its proprietary technologies to develop novel donor-derived, cell-based allogeneic immunotherapies for the treatment of a broad range of cancers including blood and solid tumors, today announced six months ended June 30, 2024 financial results and provided clinical and corporate updates.

“We are committed to advancing our “off-the-shelf” allogeneic cellular immunotherapies for a broad spectrum of cancer,” said Peter Choo, Chairman of CytoMed. “Taking advantage of our Southeast Asia’s low cost infrastructure and collaboration with our partners, we have made extraordinary progress thus far and look towards internationalization of our operations and provide affordable cancer care to no-option sufferers.”
  
“Various international parties have approached us with interest in our proprietary gamma delta T cells, validating our off-the-shelf cell therapy technology and this can further accelerate the reach of our cells internationally,” said Dr Tan Wee Kiat, PhD, the Co-CEO and COO of CytoMed.

Clinical Updates

In January 2023, the Company received formal approval from the Health Sciences Authority (“HSA”) in Singapore to conduct a first-in-human Phase I clinical trial (“ANGELICA Trial”) and has begun to recruit blood donors in July 2023. The ANGELICA Trial, in partnership with the National University Hospital (“NUH”), Singapore, will use healthy donor blood to manufacture allogeneic CAR-γδ T cells (“CTM-N2D”). The cells will be processed in CytoMed’s own current Good Manufacturing Practice (“cGMP”) facility in Malaysia.

The ANGELICA Trial comprises two parts. Part 1 (donor protocol) is ongoing with the recruitment of healthy blood donors at NUH. With the continued collaboration between CytoMed and NUH, the second part of the trial (recipient protocol) may now proceed with the recruitment of patients who have advanced cancers that are resistant to standard therapy regimens.

As of September 2024, the Company is translating two proprietary, exclusively licensed technologies, namely donor blood cell-based CAR-γδ T cell technology and induced pluripotent stem cell-based γδ NKT cell technology. The former has been granted patents in the US, China and Malaysia, the latter in China, Japan and Malaysia.

Financial Results for the Six months ended June 30, 2024

Net Loss: For the six months ended June 30, 2024, the Company’s unaudited net loss amounted to S$1.09 million (equivalent to US$803,235). If the costs associated with being a public listed company (listed on NASDAQ in April 2023) of S$153,920 are excluded, the loss for the six months ended June 30, 2024 will be reduced to S$934,623 (equivalent to US$689,657).

Cash and Bank Balances: As of June 30, 2024, the Company had cash and bank balances of S$6.47 million (equivalent to US$4.78 million).

Research Expenses: The Company’s research and development expenses were S$974,402 (equivalent to US$719,010) and S$811,319 for the six months ended June 30, 2024 and 2023, respectively. The increase of S$163,083 was mainly due an increase of pre-clinical expenses and higher employee benefits. This was partially offset by a reduction in laboratory consumables, decrease in professional fees and depreciation expenses.

G&A Expenses: The Company’s general and administrative expenses were S$902,910 (equivalent to US$666,256) and S$1.50 million for the six months ended June 30, 2024 and 2023, respectively. The decrease was primarily driven by non-recurring IPO expenses and the costs associated with being a public listed company in year 2023.

Conference Call Information

Conference call via Zoom is scheduled for October 8, 2024 at 9 a.m. ET (9 p.m. SGT). The investment community may participate in the conference call by tuning into the following Zoom:

https://us06web.zoom.us/meeting/register/tZMrcOmppj0sGdA37lASywTyixRflo9w1TZT

The management team will be available in New York City from October 28, 2024 to November 1, 2024 for meetings with shareholders and potential investors. Please contact us at enquiry@cytomed.sg if you wish to schedule a meeting.

About CytoMed Therapeutics Limited (CytoMed)

Incorporated in 2018, CytoMed was spun off from the Agency for Science, Technology and Research (A*STAR), Singapore’s leading research and development agency in the public sector. It is a biopharmaceutical company focused on harnessing its licensed proprietary technologies to create novel cell-based immunotherapies for the treatment of human cancers. The development of novel technologies has been inspired by the clinical success of existing CAR-T therapies in treating hematological malignancies, as well as the current clinical limitations and commercial challenges in extrapolating the CAR-T principle into treatment of solid tumors. For more information, please visit www.cytomed.sg and follow us on Twitter (“X”) @CytomedSG, on LinkedIn, and Facebook.

Forward Look Statements

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may, “will, “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s plans to develop and commercialize its product candidates; the initiation, timing, progress and results of the Company’s current and future pre-clinical studies and clinical trials and the Company’s R&D programs; the Company’s expectations regarding the impact of the ongoing COVID-19 pandemic on its business, the Company’s industry and the economy; the Company’s estimates regarding expenses, future revenue, capital requirements and needs for additional financing; the Company’s ability to successfully acquire or obtain licenses for additional product candidates on reasonable terms; the Company’s ability to establish and maintain collaborations and/or obtain additional funding and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof.

Contacts:

CytoMed Therapeutics Limited
Email: enquiry@cytomed.sg
Attention: Evelyn Tan, Chief Corporate Officer