Automakers Are Doing Their Best To Combat The EV Slowdown
Ford Motor F is trying to revitalize the sagging EV demand by addressing range anxiety or more precisely, by providing easier access to charging. Specifically, Ford offered free chargers by the end of the year in hopes to boost EV sales and leases.
Ford’s Attempt To Revive EV Demand
As of October 1st, all those who buy or lease a Ford Mustang Mach-E, F-150 Lightning pickup truck or E-Transit Cargo van receive the benefit of a free charger as well as of its installation. After its EV roadtrips across Europe and western U.S., Ford came to a realization that by focusing on the charging infrastructure on the road, automakers neglected that homes are the most reliable and consistent charging station for EV owners.
Additional charging help is also on the way.
This month, Worksport Ltd WKSP, a well-established innovator and manufacturer of “made-in-the-USA” pickup accessories and off-grid power solutions, initiated the Alpha launch of its clean power duo, the solar-powered tonneau cover SOLIS and COR mobile battery power generator. Also in September, Worksport announced it conducted successful lab test results of its COR portable energy system as a range extender for Tesla EVs, including the Model 3 and the Cybertruck.
Moreover, Worksport also just revealed it is progressing towards gaining the ISO 9000 certification at its state-of-the-art West Seneca, NY factory anticipated by early-mid 2025.
Worksport’s ISO 9000 Certification Update
With the ISO 9000 certification, Worksport would pave the way for OEM relationships, which means the possibility of indirect and direct sales to global car makers that include EV pioneers like Tesla Inc TSLA and Rivian Automotive RIVN, as well as traditional automakers like Ford, General Motors GM, Hyundai Motor Company HYMTF, Honda Motor Company HMC, Stellantis N.V. STLA, Nissan Motor Co Ltd NSANY, and Toyota Motor Corporation TM. While there are no guarantees, the ISO 9000 certification is a prerequisite for becoming a vendor and supply partner of the industry’s greatest names like Toyota, GM, Ford, Toyota and others. For Worksport, this would be a major strategic milestone in terms of both quality and operational excellence. Considering that only less than 7% of the tonneau cover industry holds this certification, it would position Worksport as a leading manufacturer, especially with its patented solar tonneau covers.
No matter what, the EV revolution is happening.
While these initiatives and novelties won’t fix the EV slowdown nor Ford’s $5 billion loss from its unprofitable EV unit that is expected this year, it does show that despite challenges, the EV evolution continues.
DISCLAIMER: This content is for informational purposes only. It is not intended as investing advice.
This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.
Market News and Data brought to you by Benzinga APIs
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Carnival Stock Retreats After Earnings Beat, Raised Guidance
Carnival stock slid from near a buy point Monday after clearing third-quarter estimates before the opening bell. Rival cruise line stocks eased in early trade.
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Carnival (CCL) reported earnings of $1.27 per share adjusted, up from 86 cents per share last year. FactSet expected adjusted earnings of $1.17 per share. Revenue increased 15% to a record $7.89 billion, compared to views for $7.82 billion.
The cruise line’s revenue growth slowed over the last seven quarters after rebounding following the coronavirus pandemic.
Carnival also noted record operating income of $2.2 billion, up $554 million from last year.
CEO Josh Weinstein said unit operating income increased by 26% due to operational improvements and high-margin, same-ship yield growth. Carnival’s advanced booked position for 2025 is already ahead of 2024’s record, with higher prices than last year. Weinstein added that Carnival is well-positioned with a stronger base of business for 2025 and set for a record start to 2026.
“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,” Weinstein said in the release. “Likewise, 2026 is off to an unprecedented start achieving record booking volumes in the last three months.”
Carnival hiked its 2024 guidance based on the strong quarterly results.
The cruise giant expects net yields to increase about 10.4% compared to last year, up from its June guidance of 10.25% growth. Carnival sees adjusted earnings before interest, taxes, depreciation and amortization increasing around 40% to about $6 billion, increasing from its Q2 guidance for $5.83 billion. FactSet expects full-year EBITDA of $5.92 billion.
For Q4, Carnival expects net yields up 5% with a 20% increase in adjusted EBITDA to $1.14 billion. Analysts predict Q4 EBITDA of $1.16 billion.
Carnival Stock Pares Losses
Carnival stock pared losses to 0.3% Tuesday. Shares are still holding above the 21-day line.
CCL stock is trading below a 19.09 buy point for a cup-with-handle base.
Rival Royal Caribbean (RCL) dipped a fraction, falling back into a buy zone for a cup-with-handle base. RCL stock also is off early lows. Shares broke out above the 169.47 buy point on Sept. 30.
Norwegian Cruise Line (NCLH) fell 2.1% Monday, right below the 20.65 buy point for a double-bottom base.
NCLH stock, off Monday’s lows, broke out on Sept. 20.
You can follow Harrison Miller for more stock news and updates on X/Twitter @IBD_Harrison
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Load Up on These 12%-Plus-Yielding Dividend Stocks, Says Wells Fargo
The Federal Reserve has officially started its rate-cutting cycle. On September 18, the central bank made a more aggressive move than anticipated, slashing the key funds rate by half a percent. This hawkish decision is projected to relieve some pressure on consumers, potentially leading to lower credit card and mortgage rates. While most experts had predicted a rate cut, the consensus expected a more modest quarter-percent reduction.
The larger cut shows that the Fed is upbeat on inflation. The rate of price increases fell to 2.5% in August, and the Fed clearly believes that it will soon hit the 2% target. The rate cut was the first since March of 2020, and puts the funds rate in the range of 4.75% to 5.0%.
With this shift in Fed policy, investors are naturally asking, what’s next? Wells Fargo analyst Donald Fandetti offers a clear recommendation: consider moving into REITs and specialty finance sectors, which historically perform well in rate-cutting cycles, while also providing the added incentive of high dividend yields.
“After underperforming through the rate hike cycle, we now see a favorable risk/reward for the shares, including double-digit div yields. Historically, the stocks do well when the Fed is cutting rates. Agency MBS spreads are still wide and banks could start buying after big hits from mark-to-mkt,” Fandetti opined.
Getting into specifics, Fandetti recommends two such stocks that are paying out dividend yields north of 12%. And he’s not alone in his optimism – according to the TipRanks database, both names are rated as Strong Buys by the analyst consensus. Let’s take a closer look.
Annaly Capital Management (NLY)
The first Wells Fargo pick is Annaly Capital Management, a REIT with a primary focus on residential real estate and mortgage-backed securities. The company has been notably successful in acquiring these assets, and has built up a total portfolio worth $75 billion. The firm has nearly $11 billion in permanent capital, and $6.3 billion in total assets available for financing. In its last financial release, Annaly stated that $66 billion of its total portfolio was held in the ‘highly liquid’ Agency segment.
The Agency business makes up 58% of Annaly’s capital allocation, with the remainder divided between mortgage servicing rights (22%) and residential credit (20%). The company follows a diversified capital management strategy, designed to create durable, long-term risk-adjusted returns across varying economic and interest rate cycles. At its heart, the strategy pairs short-term, floating-rate credit securities with the assets that populate the long-term, fixed-rate agency portfolio.
Annaly also focuses on attracting investors, by prioritizing capital return. The company has a long-standing dividend payment policy, with a payment record going back to the 1990s and a history of adjusting the payment when necessary. Of note, Annaly did not halt the dividend during the pandemic crisis. The company’s most recent declaration, made on September 10, was for a 65-cent payment per common share, to be sent out on October 31. This marks the seventh quarter in a row with the dividend at this rate. The annualized payment of $2.60 per common share gives a forward yield of 12.8%.
The company’s dividend is supported by the earnings available for distribution, or EAD. In the last reported quarter, 2Q24, this metric came to 68 cents per share, 4 cents better than had been expected – and more than enough to cover the 65-cent common share dividend payment.
Checking in with Fandetti, we find the Wells Fargo analyst upbeat on Annaly based on the company’s history and its prospects for improved value going forward. He writes, “We use NLY as a case study how its stock price and dividend reacted during prior Fed rate cycles, given the long history as a public company. Although it did not happen immediately as the Fed lowered interest rates from 2000-2002 the stock price and dividend increased… NLY did lower their dividend earlier in 2024 given the rate environment, but mgt seems to be signaling that the current dividend is sustainable… In terms of NLY’s interest rate sensitivity, for every -15bps MBS spread change, this would improve book value by +6.2%.”
Along with this, the analyst bumps up Annaly’s rating from Equal Weight (i.e. Neutral) to Overweight (i.e. Buy), and sets a $23 price target that implies an 11.5% upside for the coming year. With the annualized dividend, this stock’s one-year return can approach 24%. (To watch Fandetti’s track record, click here)
Overall, NLY shares get a Strong Buy consensus rating from the Street, based on 8 reviews that include 6 Buys and 2 Holds. (See NLY stock forecast)
AGNC Investment (AGNC)
Now we’ll turn our eyes to AGNC Investment, another REIT with a focus on mortgage-backed securities. AGNC is an internally managed firm, and its portfolio is valued at $66 billion. More than $59 billion of that – over 90% – is invested in Agency MBSs, and 96% of the portfolio is invested in 30-year fixed-rate instruments. AGNC also has significant investments in net TBA mortgage positions, CRTs, and non-agency instruments.
A look at the current dividend shows that the stock remains a sound choice for investors seeking a steady return. AGNC pays out its dividend monthly, at a rate of 12 cents per common share. This gives one important advantage, as many investors seek to use dividend stocks for an income stream – and this dividend, with its monthly payment, will fit better with most billing schedules. In addition, the dividend annualizes to $1.44 per common share, a figure that gives a forward yield of 13.9%.
On the financial side, AGNC last reported for 2Q24, and in that quarter the company had non-GAAP EPS of $0.53. While this missed the forecast by a penny, it provides full coverage of the dividend’s quarterly rate.
When we turn again to analyst Fandetti, we find that he likes this company’s prospects going forward, saying of AGNC, “We believe the rate environment could be a nice tailwind to AGNC’s book value… On AGNC’s sensitivity, for every -10bps MBS spread change, this would improve book value by +5%…”
The top-rated analyst is also bullish on the dividend, and adds to his comments, “And the dividend yield is attractive in our view… We believe the dividend is relatively secure at these levels as returns are in the mid-teens for new agency MBS investments. AGNC’s earnings report showed its core earnings of 53c, which is well above the quarterly 36c dividend.”
Taken together, these comments support Fandetti’s upgrade of AGNC from Equal Weight (i.e. Neutral) to Overweight (i.e. Buy), while his price target of $12 indicates potential for a one-year upside of ~14%. The combined upside/dividend return potential on this stock for the year ahead comes to ~28%.
From the Street as a whole, AGNC gets a Strong Buy consensus rating, a stance based on 9 reviews that break down to 7 Buys and 2 Holds. (See AGNC stock forecast)
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a tool that unites all of TipRanks’ equity insights.
Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
TFI International to Release 2024 Third Quarter Results
MONTREAL, Sept. 30, 2024 (GLOBE NEWSWIRE) — TFI International Inc. TFII, a North American leader in the transportation and logistics industry, today announced that it will release its financial results for the third quarter ended September 30, 2024 via news release on Monday, October 21, 2024 after market close. The company will host a webcast with Alain Bédard, Chairman, President and Chief Executive Officer, on Tuesday, October 22, 2024 at 8:30 AM Eastern Time, to discuss results.
Webcast Details:
- Date: Tuesday, October 22, 2024
- Time: 8:30 a.m. Eastern Time
- Live webcast & replay: Presentations & Reports within the Investors section of the Company website
ABOUT TFI INTERNATIONAL
TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States, Canada and Mexico through its subsidiaries. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TFI International companies service the following segments:
- Less-Than-Truckload;
- Truckload;
- Logistics.
TFI International Inc. is publicly traded on the New York Stock Exchange and the Toronto Stock Exchange under the symbol TFII. For more information, visit www.tfiintl.com.
For further information:
Alain Bédard
Chairman, President and CEO
TFI International Inc.
647-729-4079
abedard@tfiintl.com
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
A Gen Xer with a master's degree hasn't found work in 9 years. He says he's only landed four interviews.
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Chris Putro, 55, has been struggling to find a job for the last nine years.
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He has a master’s and over a decade of experience but says this hasn’t helped him get interviews.
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He said he’s on track to run out of savings in a few years.
In 2013, Chris Putro got fired from his financial analyst job at a tech company. More than a decade later, he’s still looking for work.
Despite having a bachelor’s and master’s degree in chemistry — and sending out countless applications — Putro said he’s had little luck in the job market.
“I’ve gotten a total of four phone interviews,” the 55-year-old, who’s based in Los Angeles, told Business Insider via email. Three of these employers ended up “ghosting” him, while the other one ended the interview call early after deciding he was overqualified for the job.
When Putro lost his job, he was in his 16th year working for the same employer. After taking stock of his finances, he estimated that he had enough savings to get by for a little over a decade if necessary.
“I made enough in those 16 years to survive for another 11,” he said.
We want to hear from you. Are you struggling to find a job and would be comfortable sharing your story with a reporter? Please fill out this form.
Based on his initial forecast, he would have run out of money sometime this year. However, Putro said his stock market investments have performed better than he expected, which he thinks could buy him a “few more years.”
Putro said it’s been helpful financially that he has no student debt or children. However, he said the only source of income over the last decade has been the $50 a week he gets for producing a standup comedy show in the Los Angeles area. He considers this to be effectively “volunteer work” that helps him stay busy, but as things stand, it’s not doing much to slow the steady decline of his savings.
“Thinking about when I might run out of money and lose all my possessions is a very difficult thought process for me,” he said.
Putro is among the Americans who are having a hard time finding work. In large part, it’s because businesses across the US have significantly pulled back on hiring. The ratio of job openings to unemployed people — an indicator of job availability — has declined considerably over the past two years.
To be sure, both the unemployment rate and layoff rate remain low compared to historical levels. However, the hiring slowdown means that many of the people who are looking for work — whether it be because they were laid off, have just graduated from college, or are returning to the workforce — are having a much harder time than the job seekers of a few years ago.
Putro shared his job search strategies — and why he’s unsure whether his age is helping or hurting him on his job hunt.
Application burnout can make it harder to find a job
In the early 1990s, Putro earned a bachelor’s in chemistry from La Salle University and a master’s in chemistry from UCLA. He worked at a pharmacy for a couple of years until 1998, when he landed a customer service job at a tech company. In 2006, he began working as a financial analyst for the same employer — a position he held until he was fired.
After losing his job, Putro didn’t immediately start applying for jobs. He said he took about two years to think about what he wanted to do with the rest of his life. Then, about nine years ago, his job hunt officially began.
Over the past decade, Putro said he’s applied “irregularly” for jobs — anywhere between zero and 40 applications in a given month.
“I get burned out and wait a bit and hope that there’s turnover in a company’s HR, he said.
Putro said he generally looks for roles through Indeed, LinkedIn, and the websites of major local employers like CBS and NBCUniversal. Given his prior work experience, job platforms tend to nudge him to apply for financial analyst roles.
“I apply for jobs I’m qualified for,” he said. “People have told me to apply for minimum-wage jobs, but I don’t know how to find them.”
Despite his efforts, Putro hasn’t had much luck. He said he’s not sure whether being 55 years old is helping or hurting him in the job market.
“I keep reading that employers will absolutely not hire anyone my age because of false assumptions, but also that they prefer people my age because millennials and younger have a poor work ethic,” he said.
Going forward, Putro plans to continue sending out applications. He said October is typically the month when he begins applying more aggressively.
“I applied to two jobs this week that I was a great match for on paper, but no reply as usual,” he said.
Read the original article on Business Insider
Aeries Technology Reports Results for the Full Fiscal Year 2024
NEW YORK, Sept. 30, 2024 (GLOBE NEWSWIRE) — Aeries Technology AERT, a global professional services and consulting partner for businesses in transformation mode and their stakeholders, today announced financial results for the fiscal year ended March 31, 2024.
“We are pleased to release our results for the fiscal year, which were in-line with our expectations,” said Sudhir Panikassery, CEO of Aeries Technology. “Expansion within existing client engagements and new client relationships were the main performance drivers and reflects our continued focus on expanding our footprint within the addressable pool of private equity portfolio companies and mid-size businesses. Coupled with our technology driven, solution specific approach, we believe we will derive positive outcomes over the next few years as we progress in our current growth phase.”
Fiscal Year Ended March 31, 2024 (Fiscal Year 2024) Financial Highlights
Revenues: Revenues for fiscal year 2024 were $72.5 million, up 37% compared to $53.1 million for fiscal year 2023.
Income from Operations: Income from operations for fiscal year 2024 was $3.0 million, up 28% compared to $2.3 million for fiscal year 2023.
Net Income: Net income for fiscal year 2024 was $17.3 million compared to $1.7 million for fiscal year 2023. Net income included $16.2 million dollars in non-cash income related to the Forward Purchase Agreements in connection with our SPAC business combination.
Adjusted EBITDA: Adjusted EBITDA for fiscal year 2024 was $9.2 million compared to $8.7 million for fiscal year 2023.
About Aeries Technology
Aeries Technology AERT is a global professional services and consulting partner for businesses in transformation mode and their stakeholders, including private equity sponsors and their portfolio companies, with customized engagement models that are designed to provide the right mix of deep vertical specialty, functional expertise, and digital systems and solutions to scale, optimize and transform a client’s business operations. Founded in 2012, Aeries Technology now has over 1,700 professionals specializing in Technology Services and Solutions, Business Process Management, and Digital Transformation initiatives, geared towards providing tailored solutions to drive business success. Aeries Technology’s approach to staffing and developing its workforce has earned it the Great Place to Work Certification.
Non-GAAP Financial Measures
The Company uses non-GAAP financial information and believes it is useful to investors as it provides additional information to facilitate comparisons of historical operating results, identify trends in its underlying operating results and provide additional insight and transparency on how it evaluates the business. The Company uses non-GAAP financial measures to budget, make operating and strategic decisions, and evaluate its performance. The Company has detailed the non-GAAP adjustments that it makes in the non-GAAP definitions below. The adjustments generally fall within the categories of non-cash items. The Company believes the non-GAAP measures presented herein should always be considered along with, and not as a substitute for or superior to, the related GAAP financial measures. In addition, similarly titled items used by other companies may not be comparable due to variations in how they are calculated and how terms are defined. For further information, see “Reconciliation of Non—GAAP Financial Measures” below, including the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures.
The Company defines Adjusted EBITDA as net income from operations before interest, income taxes, depreciation and amortization adjusted to exclude stock-based compensation and business combination related costs. Adjusted EBITDA is one of the key performance indicators the company uses in evaluating our operating performance and in making financial, operating, and planning decisions. The Company believes adjusted EBITDA is useful to investors in the evaluation of Aeries’ operating performance as such information was used by the Company’s management for internal reporting and planning procedures, including aspects of our consolidated operating budget and capital expenditures.
Forward-Looking Statements
All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “believe,” “continue,” “could,” “estimate”, “expect”, “hope”, “intend”, “may”, “might”, “should”, “would”, “will”, “understand” and similar words are intended to identify forward looking statements. These forward-looking statements include but are not limited to, statements regarding our future operating results, outlook, guidance and financial position, our business strategy and plans, our objectives for future operations, potential acquisitions and macroeconomic trends. While management has based any forward-looking statements included in this release on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties and other factors, many of which are outside of the control of Aeries and its subsidiaries, which could cause actual results to materially differ from such statements. Such risks, uncertainties, and other factors include, but are not limited to, changes in the business, market, financial, political and legal conditions in India, Singapore, the United States, Mexico, the Cayman Islands and other countries, including developments with respect to inflation, interest rates and the global supply chain, including with respect to economic and geopolitical uncertainty in many markets around the world, the potential of decelerating global economic growth and increased volatility in foreign currency exchange rates; the potential for our business development efforts to maximize our potential value; the ability to recognize the anticipated benefits of the business combination with Worldwide Webb Acquisition Corp., which may be affected by, among other things, competition, our ability to grow and manage growth profitably and retain its key employees; the ability to maintain the listing of our Class A ordinary shares and our public warrants on Nasdaq, and the potential liquidity and trading of our securities; changes in applicable laws or regulations and other regulatory developments in the United States, India, Singapore, Mexico, the Cayman Islands and other countries; our ability to develop and maintain effective internal controls, including our ability to remediate the material weakness in our internal controls over financial reporting; our success in retaining or recruiting, or changes required in, our officers, key employees or directors; our financial performance; our ability to continue as a going concern; our ability to make acquisitions, divestments or form joint ventures or otherwise make investments and the ability to successfully complete such transactions and integrate with our business; the period over which we anticipate our existing cash and cash equivalents will be sufficient to fund our operating expenses and capital expenditure requirements; the conflicts between Russia and Ukraine, and Israel and Hamas, and any restrictive actions that have been or may be taken by the U.S. and/or other countries in response thereto, such as sanctions or export controls; risks related to cybersecurity and data privacy; the impact of inflation; the impact of the COVID-19 pandemic and other similar pandemics and disruptions in the future; and the fluctuation of economic conditions, global conflicts, inflation and other global events on Aeries’ results of operations and global supply chain constraints. Further information on risks, uncertainties and other factors that could affect our financial results are included in Aeries’ periodic and current reports filed with the U.S. Securities and Exchange Commission. Furthermore, Aeries operates in a highly competitive and rapidly changing environment where new and unanticipated risks may arise. Accordingly, investors should not place any reliance on forward-looking statements as a prediction of actual results. Aeries disclaims any intention to, and undertakes no obligation to, update or revise forward-looking statements.
Contacts
Ryan Gardella
AeriesIR@icrinc.com
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except percentages) |
|||||||||||||||
| Year Ended March 31, |
|||||||||||||||
| 2024 | 2023 | $ Change | % Change | ||||||||||||
| Revenues, net | $ | 72,509 | $ | 53,099 | $ | 19,410 | 37 | % | |||||||
| Cost of Revenue | 50,868 | 39,442 | 11,426 | 29 | % | ||||||||||
| Gross Profit | 21,641 | 13,657 | 7,984 | 58 | % | ||||||||||
| Gross Profit Margin | 30 | % | 26 | % | 4 | % | |||||||||
| Operating expenses | |||||||||||||||
| Selling, general & administrative expenses | 18,654 | 11,326 | 7,328 | 65 | % | ||||||||||
| Total operating expenses | 18,654 | 11,326 | 7,328 | 65 | % | ||||||||||
| Income from operations | 2,987 | 2,331 | 656 | 28 | % | ||||||||||
| Other income / (expense) | |||||||||||||||
| Change in fair value of derivative liabilities | 16,167 | – | 16,167 | 100 | % | ||||||||||
| Interest income | 275 | 191 | 84 | 44 | % | ||||||||||
| Interest expense | (462 | ) | (185 | ) | (277 | ) | 150 | % | |||||||
| Other income, net | 160 | 429 | (269 | ) | (63 | )% | |||||||||
| Total other income / (expense), net | 16,140 | 435 | 15,705 | 3,610 | % | ||||||||||
| Income / (loss) before income taxes | 19,127 | 2,766 | 16,361 | 592 | % | ||||||||||
| Income tax expenses | (1,871 | ) | (1,060 | ) | (811 | ) | 77 | % | |||||||
| Net income | $ | 17,256 | $ | 1,706 | $ | 15,550 | 911 | % | |||||||
| Less: Net income attributable to noncontrolling interests | 202 | 260 | (58 | ) | (22 | )% | |||||||||
| Less: Net income attributable to redeemable noncontrolling interests | 1,397 | – | 1,397 | 100 | % | ||||||||||
| Net income attributable to the shareholders’ of Aeries Technology, Inc. | $ | 15,657 | $ | 1,446 | $ | 14,211 | 983 | % | |||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (In thousands, except percentages) |
|||||||
| Year Ended March 31, |
|||||||
| 2024 | 2023 | ||||||
| Net income | $ | 17,256 | $ | 1,706 | |||
| Income tax expense | 1,871 | 1,060 | |||||
| Interest income | (275 | ) | (191 | ) | |||
| Interest expenses | 462 | 185 | |||||
| Depreciation and amortization | 1,352 | 1,172 | |||||
| EBITDA | $ | 20,666 | $ | 3,932 | |||
| Adjustments | |||||||
| (+) Stock-based compensation | 1,626 | 3,805 | |||||
| (+) Business Combination related costs | 3,067 | 946 | |||||
| (+) Change in fair value of derivative liabilities | (16,167 | ) | – | ||||
| Adjusted EBITDA | $ | 9,192 | $ | 8,683 | |||
| (/) Revenue | 72,509 | 53,099 | |||||
| Adjusted EBITDA Margin | 12.7 | % | 16.4 | % | |||
| CASH FLOW (In thousands) |
|||||||||||||||
| Year Ended March 31, |
|||||||||||||||
| 2024 | 2023 | $ Change | % Change | ||||||||||||
| Cash at the beginning of period | $ | 1,131 | $ | 351 | $ | 780 | 222 | % | |||||||
| Net cash provided by operating activities | (4,299 | ) | 2,111 | (6,410 | ) | (304 | )% | ||||||||
| Net cash used in investing activities | (1,740 | ) | (1,557 | ) | (183 | ) | 12 | % | |||||||
| Net cash provided by financing activities | 7,056 | 252 | 6,804 | 2,700 | % | ||||||||||
| Effects of exchange rates on cash | (64 | ) | (26 | ) | (38 | ) | 146 | % | |||||||
| Cash at the end of period | $ | 2,084 | $ | 1,131 | $ | 953 | 84 | % | |||||||
| BALANCE SHEET (In thousands) |
|||||||
| As of March 31, |
|||||||
| 2024 | 2023 | ||||||
| (Restated) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 2,084 | $ | 1,131 | |||
| Accounts receivable, net of allowance of $1,263 and $0, as of March 31, 2024 and March 31, 2023, respectively | 23,757 | 13,416 | |||||
| Prepaid expenses and other current assets, net of allowance of $1 and $0, as of March 31, 2024 and March 31, 2023, respectively | 6,995 | 4,117 | |||||
| Deferred transaction costs | – | 1,921 | |||||
| Total current assets | $ | 32,836 | $ | 20,585 | |||
| Property and equipment, net | 3,579 | 3,125 | |||||
| Operating right-of-use assets | 7,318 | 5,627 | |||||
| Deferred tax assets | 1,933 | 1,237 | |||||
| Long-term investments, net of allowance of $126 and $0, as of March 31, 2024 and March 31, 2023, respectively | 1,612 | 1,564 | |||||
| Other assets, net of allowance of $1 and $0, as of March 31, 2024 and March 31, 2023, respectively | 2,129 | 2,259 | |||||
| Total assets | $ | 49,407 | $ | 34,397 | |||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTEREST AND SHAREHOLDERS’ EQUITY (DEFICIT) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 6,616 | $ | 2,474 | |||
| Accrued compensation and related benefits, current | 3,119 | 2,823 | |||||
| Operating lease liabilities, current | 2,080 | 1,648 | |||||
| Short-term borrowings | 6,778 | 1,376 | |||||
| Forward purchase agreement put option liability | 10,244 | – | |||||
| Other current liabilities | 9,288 | 4,201 | |||||
| Total current liabilities | $ | 38,125 | $ | 12,522 | |||
| Long term debt | 1,440 | 969 | |||||
| Operating lease liabilities, noncurrent | 5,615 | 4,261 | |||||
| Derivative warrant liabilities | 1,367 | – | |||||
| Deferred tax liabilities | 92 | 168 | |||||
| Other liabilities | 3,948 | 3,008 | |||||
| Total liabilities | $ | 50,587 | $ | 20,928 | |||
| Commitments and contingencies (Note 17) | |||||||
| Redeemable noncontrolling interest | 734 | – | |||||
| Shareholders’ equity (deficit) | |||||||
| Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued or outstanding | – | – | |||||
| Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; 15,619,004 shares issued and outstanding as of March 31, 2024 | 2 | – | |||||
| Common stock, no par value; 10,000 shares issued and paid-up as of March 31, 2024, no share issued and outstanding as of March 31, 2023 | – | – | |||||
| Class V ordinary shares, $0.0001 par value; 1 share authorized, issued and outstanding as of March 31, 2024 | – | – | |||||
| Net shareholders’ investment and additional paid-in capital | – | 7,221 | |||||
| Accumulated other comprehensive loss | (574 | ) | (1,349 | ) | |||
| (Accumulated deficit) retained earnings | (11,668 | ) | 6,318 | ||||
| Total Aeries Technology, Inc. shareholders’ equity (deficit) | $ | (12,240 | ) | $ | 12,190 | ||
| Noncontrolling interest | 10,326 | 1,279 | |||||
| Total shareholders’ equity (deficit) | (1,914 | ) | 13,469 | ||||
| Total liabilities, redeemable noncontrolling interest and shareholders’ equity (deficit) | $ | 49,407 | $ | 34,397 | |||
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Michael Dell Sells $1.2 Billion Worth Of Dell Stock, Reducing Stake Amid Company's Recent S&P 500 Relisting And AI Expansion
Michael Dell, the CEO of Dell Technologies Inc. DELL, has offloaded a significant portion of his shares in the company.
What Happened: According to a filing with the U.S. Securities and Exchange Commission on Thursday, Dell sold 10 million shares of Class C Common Stock at an average price of $122.4 per share.
This transaction amounts to a total value of over $1.2 billion. The sale was executed directly by Dell, reducing his holdings in the company to 16,912,241 shares.
Why It Matters: This significant sale comes on the heels of several notable events involving Michael Dell and Dell Technologies. Last week, Dell was included in the S&P 500 Index
In June, Dell expressed interest in Bitcoin BTC/USD, retweeting a message from Bitcoin advocate Michael Saylor, which sparked discussions about digital scarcity.
Additionally, Dell has been vocal about the rapid advancement of generative artificial intelligence, comparing its swift rise to the early days of the internet. He highlighted that AI’s adoption is happening at a pace much faster than previous technological waves.
In August, Jim Cramer called the bottom on Dell Technologies’ stock, emphasizing the company’s strong relationship with NVIDIA Corp NVDA and suggesting that the stock should be bought at that time.
Most recently, in September, a new analyst coverage began on a bullish note, reflecting positive sentiment around Dell Technologies.
Price Action: Dell Technologies Inc. stock closed at $118.54 on Monday, down 1.40% for the day. In after-hours trading, the stock dipped further by 0.33%. Year to date, Dell’s stock has surged by 58.50%, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
25 Worst Stocks to Own in October, Including CMG
September turned out to be a strong month for the market this year, despite its reputation as a historically weak period for stocks. October could bring its own challenges, however, as it’s been deemed volatile by several news sources, including MarketWatch.
With this backdrop in mind, we compiled a list of the worst stocks to own during this upcoming month, and Chipotle Mexican Grill Inc (NYSE:CMG) stands out amongst them. According to Schaeffer’s Senior Quantitative Analyst Rocky White, CMG finished the month of October lower eight times over the past 10 years, averaging a loss of 4.8%.
At last look today, CMG was down 0.4% at $57.56. The stock has been struggling to break out above the $58.50 region, and holds on to a 26% year-to-date lead.
Options traders have been betting on a move higher, and an unwinding of this optimism could provide headwinds. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), CMG’s 10-day call/put volume ratio of 3.56 ranks in the elevated 94th percentile of its annual range, showing a heavy penchant for calls lately.
Best-Performing ETF Areas Of September
Contrary to its odd reputation, Wall Street delivered an upbeat performance in September. The S&P 500 added 1.6%, the Dow Jones advanced 1.8%, the Nasdaq Composite gained 2.3% and the Russell 2000 ticked up 0.3% last month. The month can be easily marked by the first Fed rate cut in four years, ECB’s second rate cut and Chinese stimulus.
U.S. Economy Grows Faster Than Expected In Q2
The U.S. economy grew at an annualized rate of 3% in the second quarter of the year, surpassing Wall Street’s expectations. According to the Bureau of Economic Analysis’s third estimate, this growth rate remained unchanged from the previous estimate.
Economists had estimated the reading to show an annualized growth of 2.9%. The second-quarter growth marks a significant improvement from the 1.4% annualized growth seen in the first quarter (read: 4 Reasons to Buy Small-Cap ETFs Now).
Fed Rate Cut
The Federal Reserve kicked off the easing monetary era by slashing key interest rates by 50 bps to 4.75-5% after holding it at a 23-year high for 14 consecutive months since July 2023. This marked the first rate cut since 2020 to address slowing economic growth and showed greater confidence in the fact that inflation is moving sustainably toward the 2% target level.
Chinese Stimulus
On Sept. 24, 2024, China’s central bank, the People’s Bank of China (PBOC), announced a broad range of monetary stimulus measures aimed at boosting the world’s second-largest economy. This move indicates growing concerns within Xi Jinping’s administration over the nation’s slowing growth and declining investor confidence.
ECB Rate Cut
European Central Bank (ECB) slashed rates for the second time in three months in September. The reduction, from 3.75% to 3.5%, came on the heels of slowing inflation. The bank also intends to bolster the region’s sagging economy.
Best-Performing ETFs of September
Against this backdrop, below we highlight a few winning exchange-traded funds (ETFs) for the month of September.
China ETFs
Global X MSCI China Consumer Discretionary ETF CHIQ – Up 35%
KraneShares Hang Seng TECH Index ETF KTEC – Up 33.7%
China’s stimulus efforts boosted global markets, with mainland stocks notching their biggest weekly win since 2008. Shares of Alibaba BABA, JD.com JD, and Meituan jumped as investors showed renewed interest in Chinese equities (read: A Few Reasons to Buy China ETFs Now).
Technology ETFs
First Trust Dow Jones International Internet ETF FDNI – Up 24%
EMQQ The Emerging Markets Internet ETF EMQQ – Up 16.7%
International tech stocks have been in fine fettle due to global monetary policy easing. Since low rates are beneficial for growth sectors like technology, such an environment bodes well for international Internet stocks and ETFs. In general, Chinese stimulus and a Fed rate cut have favored the broader emerging market investing (read: Emerging Market ETFs Roar Back to New Heights).
Natural Gas
United States Natural Gas Fund LP UNG – Up 22.8%
The natural gas markets have rallied as traders worry that the refining and extraction of natural gas in the Gulf of Mexico could be hampered due to hurricanes. Total U.S. consumption of natural gas rose by 2.5% (1.7 Bcf/d) in the week ending Sept. 25, 2024 from the previous week, according to data from S&P Global Commodity Insights.
Lithium
iShares Lithium Miners and Producers ETF ILIT – Up 14.7%
Electric vehicle EV stocks gained momentum this month on speculation of higher EV sales. Electric car sales in the United States are on track for a record quarter, according to forecasts out Wednesday from Cox Automotive, as quoted on insideevs.com. Lithium-ion batteries are the most common type of battery used in electric vehicles. This fact explains the rally in ILIT ETF.
Airlines
U.S. Global Jets ETF JETS – Up 14.3%
Airlines stocks soared on strong demand, decelerating capacity and lower oil prices. The Airports Council International ACI World projects that global passenger volume will reach 9.5 billion in 2024, which is 104% of the 2019 level and a 10% increase from 2023, per Airport Council International.
U.S. Global Jets ETF provides exposure to the global airline industry, including airline operators and manufacturers from all over the world, by tracking the U.S. Global Jets Index. The product holds 60 securities and charges 60 bps on an annual basis.
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Zefiro Methane Corp. Announces Year-End Earnings Report & Provides Corporate Activities Update
The Company generated record revenue of $32.8 million USD and positive adjusted EBITDA for FYE 2024
FORT LAUDERDALE, Fla., Sept. 30, 2024 (GLOBE NEWSWIRE) — ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) ZEFIF (the “Company”, “Zefiro”, or “ZEFI”) today announced the Company’s consolidated financial results for the fiscal year ended June 30, 2024 (“FYE 2024”). For the FYE 2024, the Company generated record consolidated revenues of $32.8 million USD.
For the quarter ended June 30, 2024, the Company generated record consolidated revenues of $9.4 million USD, an approximate 10% increase from the quarter ending March 31, 2024. The increase in revenue resulted in a record gross profit of $2.9 million USD (approximate 31% gross profit margin). ZEFI generated adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) of $222,453 USD.
Please refer to Zefiro’s SEDAR+ profile at www.sedarplus.ca/ for full filings containing these financial results.
Zefiro Founder and Chief Executive Officer Talal Debs PhD commented, “Zefiro’s growth vector is expanding rapidly, and we have come a long way in the last year. Our corporate milestones, combined with our financial success, tell a story of momentum that is positioning the Company as a market leader driven by innovation, foresight, and impact. Our growing team brings the highest level of expertise to detecting and mitigating the large and often dangerous legacy problem of toxic methane emissions.”
In July 2024, Zefiro announced the appointment of Mohit Gupta as Chief Financial Officer. With over thirty years of experience in banking and energy trading, Gupta was one of the key founding members of J.P. Morgan’s Energy Trading business. He said, “Through Zefiro’s new partnerships and acquisitions, the Company now employs the most sophisticated capabilities in the industry and there is tremendous demand for it. Our forward momentum is accelerating swiftly on all fronts – acquisitions, client pipeline, talent acquisition – and we are having meaningful dialogues on global expansion. As an originator and distributor of quality carbon credits, we are positioned to capitalize on the growing need for offsets.”
Zefiro’s business strategy updates include:
1) Originating and distributing quality carbon offsets from reducing methane emissions
Zefiro announced the presale of a portion of its carbon offset portfolio to EDF Trading, a leading player in the international wholesale energy market and part of EDF Group, a global leader in low-carbon energies. Zefiro has expanded its efforts to seal potentially hazardous oil and gas wells and these credits, verified by certified third-party auditors, will be generated from this initiative.
The Company is also actively exploring commercialization opportunities to address the needs of corporate players who have committed to a carbon-neutral footprint by utilizing high-quality offsets such as those originated by Zefiro.
2) Expansion into new U.S. geographies
Zefiro expanded its oil and gas well-plugging operations into Oklahoma, which is expected to result in key growth within numerous markets critical to the environmental services industry, including Louisiana and other southern states, and the expansion of the Company’s portfolio of high-quality carbon offset products. ZEFI also continues to aggressively build out its business in Appalachia.
3) Participation in the allocation of infrastructure funds from federal and state governments to plug orphan wells
Zefiro successfully completed Pennsylvania’s first-ever Infrastructure Investment and Jobs Act (“Bipartisan Infrastructure Law“)-funded oil well remediation project. The federal legislation allocated $4.7 billion USD to help address the nationwide proliferation of abandoned oil and gas wells, including granting over $300 million USD to the Commonwealth of Pennsylvania alone.
4) Continuous evaluation of new products, offerings, and partnerships
ZEFI announced numerous commercial transactions to bolster the Company’s environmental services capabilities. This series of strategic transactions began with the acquisition of Appalachian Well Surveys, Inc. (“AWS”), a Cambridge, Ohio-based wireline company that has provided Zefiro the resources needed to expand their operational capacity within key markets and become the energy sector’s first comprehensive “end-of-life” provider for entities seeking to meet their well-retirement targets. ZEFI subsequently announced that the Company had purchased a minority ownership stake in Winterhawk Well Abandonment Ltd. (“Winterhawk”), a manufacturer of specialized downhole tools and technologies designed to expand casing in oil and gas wells. Specifically, Zefiro subsidiary Plants & Goodwin, Inc. (“P&G”) and Winterhawk entered into an exclusive patent license agreement for Winterhawk’s U.S. patents and the ability to sublicense Winterhawk Products to other entities operating in the United States.
In addition to these strategic investments in the Company’s well remediation services division, Zefiro also took steps to advance ZEFI’s accessibility throughout the global carbon offset marketplace. Specifically, Zefiro announced a strategic partnership with Fiùtur, a multi-party technology platform that provides digital measurement, verification, and Data Governance Framework services to environmental remediation companies. The agreement is aimed at expanding access to Zefiro products throughout the offering’s entire “lifecycle,” and stipulates that Zefiro will begin deploying its comprehensive methane leak abatement services through Fiùtur’s digital trust and verification platform during Q4 of 2024 and participate in Fiùtur’s Series A fundraising campaign.
5) Global expansion and development of a pipeline of opportunities
Zefiro is pursuing global initiatives to market its carbon credit portfolio to multinational corporations and global market participants, including through high-quality carbon offset exchanges.
Notable Highlights:
- The Company generated record consolidated revenues and Adjusted EBITDA for the year ended June 30, 2024.
- On April 23, 2024, the Company launched its Initial Public Offering on the Cboe Canada Inc. stock exchange. Zefiro shares also began trading on the Frankfurt Stock Exchange (“FSE”) under the symbol “Y6B” on May 2, 2024.
- On July 19, 2024, the Company announced that its common shares were listed in the U.S. on the OTCQB – “The Venture Market” – under the symbol “ZEFIF”.
Zefiro Founder and CEO Talal Debs (Left) is pictured with Zefiro CFO Mohit Gupta (Right) in a video recently posted to the Company’s YouTube channel. The video can be viewed by clicking here.
Readers using news aggregation services may be unable to view the media above. Please access SEDAR+ or the Investors section of the Company’s website for a version of this press release containing all published media.
Second Quarter 2024 Financial Highlights (in USD):
| For the three months ended | June 30, 2024 |
March 31, 2024 |
||
| Revenue | $9,385,282 | $8,539,165 | ||
| Gross profit | $2,937,349 | $2,657,229 | ||
| Total operating expenses | ($4,331,734) | ($3,448,913) | ||
| Net loss and comprehensive loss for the period | ($2,890,536) | ($885,370) | ||
| Basic and diluted loss per share for the period | ($0.04) | ($0.01) | ||
| Weighted average shares outstanding | 65,306,863 | 63,826,973 | ||
| Net loss for the period | ($2,916,263) | ($949,890) | ||
| Add: | ||||
| Amortization | 1,061,866 | 900,516 | ||
| Interest expense | 391,539 | 396,413 | ||
| Interest Income | (4,176) | – | ||
| Share-based compensation | 142,405 | 7,682 | ||
| Gain on debt modification | 30,559 | (73,737) | ||
| Settlement of convertible promissory note receivable | 87,500 | – | ||
| Loss on sale of equipment | (38,706) | 54,884 | ||
| Change in fair value of investments | – | 7,444 | ||
| Income tax recovery | 566,638 | (116,198) | ||
| Listing Fees | 415,379 | – | ||
| Foreign exchange gain (loss) | 37,995 | – | ||
| One-time transaction expenses | 729,789 | 280,187 | ||
| Adjustment for non-controlling interest | (281,509) | (198,423) | ||
| Adjusted EBITDA1 | $222,453 | $308,877 | ||
| As at | June 30, 2024 |
March 31, 2024 |
||
| Cash | $981,746 | $372,564 | ||
| Current assets | $10,223,370 | $8,469,797 | ||
| Total assets | $28,971,195 | $27,223,514 | ||
| Total liabilities | $20,288,328 | $18,258,775 | ||
| Total equity | $8,682,867 | $8,964,739 | ||
About Zefiro Methane Corp.
Zefiro is an environmental services company, specializing in methane abatement. Zefiro strives to be a key commercial force towards Active Sustainability. Leveraging decades of operational expertise, Zefiro is building a new toolkit to clean up air, land, and water sources directly impacted by methane leaks. The Company has built a fully integrated ground operation driven by an innovative monetization solution for the emerging methane abatement marketplace. As an originator of high-quality U.S.-based methane offsets, Zefiro aims to generate long-term economic, environmental, and social returns.
On behalf of the Board of Directors of the Company,
ZEFIRO METHANE CORP.
“Talal Debs”
Talal Debs, Founder & CEO
_________________________
1 See Non-IFRS Financial Measures
For further information, please contact:
Zefiro Investor Relations
1 (800) 274-ZEFI (274-9334)
investor@zefiromethane.com
For media inquiries, please contact:
Rich Myers – Profile Advisors (New York)
media@zefiromethane.com
+1 (347) 774-1125
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information is often, but not always, identified by the use of words such as “seeks”, “believes”, “plans”, “expects”, “intends”, “estimates”, “anticipates” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. In particular, this news release contains forward-looking information including statements regarding: the Company’s intention to reduce emissions from end-of-life oil and gas wells and eliminate methane gas; the Company’s partnerships with industry operators, state agencies, and federal governments; the Company’s expectations for continued increases in revenues and EBITDA growth as a result of these partnerships; the Company’s intentions to build out its presence in the United States; the anticipated federal funding for orphaned well site plugging, remediation and restoring activities; the Company’s expectations to become a growing environmental services company; the Company’s ability to provide institutional and retail investors alike with the opportunity to join the Active Sustainability movement; the Company’s ability to generate long-term economic, environmental, and social returns; and other statements regarding the Company’s business and the industry In which the Company operates. The forward-looking information reflects management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed timeframes or at all. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to: (i) adverse general market and economic conditions; (ii) changes to and price and volume volatility in the carbon market; (iii) changes to the regulatory landscape and global policies applicable to the Company’s business; (iv) failure to obtain all necessary regulatory approvals; and (v) other risk factors set forth in the Company’s Prospectus dated April 8, 2024 under the heading “Risk Factors”. The Company operates in a rapidly evolving environment where technologies are in the early stage of adoption. New risk factors emerge from time to time, and it is impossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ from those contained in any forward-looking information. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including, but not limited to, the assumption that general business and economic conditions will not change in a materially adverse manner. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The forward-looking information included in this news release is made as of the date of this news release and the Company expressly disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by applicable law.
Non-IFRS Financial Measures
Zefiro has included certain performance measures in this press release that do not have any standardized meaning prescribed by International Financial Reporting Standards (IFRS) including: (a) Adjusted EBITDA. The Company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Company’s performance and ability to generate cash flow.
(a) Adjusted EBITDA
Adjusted EBITDA is a non-IFRS measure which excludes from net income (loss): amortization, interest expense, share-based compensation, gains or losses on debt modification, gains or losses on sale of equipment, changes in fair value of investments held, income tax expense or recovery, non-recurring expenses related to the Company’s IPO transaction, and net income (loss) attributable to the Company’s non-controlling interest in its subsidiaries. Management uses Adjusted EBITDA to evaluate the Company’s operating performance, to plan and forecast its operations, and assess leverage levels and liquidity measures. The Company presents Adjusted EBITDA as it believes that certain investors use this information to evaluate the Company’s performance in relation to its peers who present on a similar basis (though Adjusted EBITDA does not have a standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers). However, Adjusted EBITDA does not represent and should not be considered an alternative to net income (loss) or cash flow provided by operating activities as determined under IFRS.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by Zefiro Methane Corp. can be found under the Company’s profile on SEDAR+ at www.sedarplus.ca/.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/485c53ef-3b95-4565-98f6-cd7d04b3a44c
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.