BingEx Limited Announces Third Quarter 2024 Financial Results
BEIJING, Nov. 27, 2024 (GLOBE NEWSWIRE) — BingEx Limited (“BingEx” or the “Company”) FLX, a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the third quarter ended September 30, 2024.
Third Quarter and Nine Months 2024 Highlights:
- Revenues were RMB1,154.8 million (US$164.6 million) in the third quarter of 2024. For the nine months ended September 30, 2024, revenues were RMB3,439.3 million (US$490.1 million), representing an increase of 3.7% year-over-year.
- Gross profit was RMB130.3 million (US$18.6 million) in the third quarter of 2024, representing an increase of 20.9% year-over-year. Gross profit margin reached 11.3%, improving from 9.0% in the same period last year. For the nine months ended September 30, 2024, gross profit was RMB387.6 million (US$55.2 million), representing an increase of 33.4% year-over-year.
- Income from operations was RMB46.2 million (US$6.6 million) in the third quarter of 2024, operating margin was 4.0%. For the nine months ended September 30, 2024, income from operations was RMB126.9 million (US$18.1 million), accounting for 3.7% of revenues, realizing a remarkable improvement in profitability compared with a loss from operations of RMB1.8 million in the same period last year.
- Net income was RMB23.8 million (US$3.4 million) in the third quarter of 2024, net income margin was 2.1%. For the nine months ended September 30, 2024, net income was RMB147.5 million (US$21.0 million), representing an increase of 91.6% year-over-year. Net income margin was 4.3%, compared with 2.3% in the same period last year.
- Non-GAAP net income1 was RMB57.6 million (US$8.2 million) in the third quarter of 2024, Non-GAAP net income margin was 5.0%. For the nine months ended September 30, 2024, Non-GAAP net income was RMB181.2 million (US$25.8 million), Non-GAAP net income margin was 5.3%.
- The number of orders fulfilled for the nine months ended September 30, 2024 was 211.4 million, representing an increase of 7.1% year-over-year, with the fulfilled orders in the third quarter contributed 73.3 million.
Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer, commented, “In the third quarter of 2024, BingEx demonstrated resilience in a competitive market, achieving a year-over-year growth in gross profit and a significant improvement in operational efficiency. Our strong focus on enhancing service quality and expanding our delivery network has allowed us to fulfill over 211 million orders, reaffirming our commitment to providing exceptional on-demand courier services. As we continue to innovate and adapt, we are confident in our ability to capture new growth opportunities and deliver greater value to our customers and stakeholders.”
“BingEx’s financial results for the third quarter of 2024 reflect our ongoing focus on disciplined execution and cost management,” said Mr. Luke Tang, Chief Financial Officer of BingEx. “We achieved a significant 20.9% year-over-year increase in gross profit, with our gross margin reaching 11.3 %, up from 9.0% in the same period of last year. As a result of our improved operational efficiency and enhanced profitability, we have achieved positive net income for eight consecutive quarters since the fourth quarter of 2022.”
Third Quarter 2024 Financial Results
Revenues were RMB1,154.8 million (US$164.6 million) in the third quarter of 2024, compared with RMB1,194.3 million in the same period of 2023.
Cost of revenues was RMB1,024.5 million (US$146.0 million) , compared with RMB1,086.4 million in the same period of 2023. The decrease was primarily attributable to the decrease in Flash-Riders’ remuneration and incentives to fulfill orders.
Gross profit was RMB130.3 million (US$18.6 million), compared with RMB107.8 million in the same period of 2023. Gross profit margin was 11.3%, compared with 9.0% in the same period last year.
Total operating expenses were RMB84.2 million (US$12.0 million), representing a decrease of 7.8% from RMB91.2 million in the same period of 2023.
Selling and marketing expenses were RMB43.9 million (US$6.3 million), relative flat compared with RMB43.5 million in the same period last year.
General and administrative expenses were RMB18.1 million (US$2.6 million), representing a 33.0% decrease from RMB27.0 million in the same period of 2023. The year-over-year decline was primarily due to decreases in staffing costs and professional service fees.
Research and development expenses were RMB22.2 million (US$3.2 million), representing a 6.8% increase from RMB20.8 million in the same period of 2023.
Income from operations was RMB46.2 million (US$6.6 million), compared with RMB16.6 million in the same period of 2023. Operating margin was 4.0%, compared with 1.4% in the same period last year.
Changes in fair value of long-term investments were RMB33.8 million (US$4.8 million), primarily reflecting the losses from fair value measurement of long-term investments.
Other income was RMB5.8 million (US$0.8 million), compared with RMB11.8 million in the same period of 2023. The decrease was mainly due to a decrease in the amount of government grants.
Net income was RMB23.8 million (US$3.4 million), compared with RMB35.0 million in the same period of 2023. Net income margin was 2.1%, compared with 2.9% in the same period last year.
Non-GAAP net income1 was RMB57.6 million (US$8.2 million), compared with RMB35.0 million in the same period of 2023. Non-GAAP net income margin was 5.0%, compared with 2.9% in the same period last year.
Net loss attributable to ordinary shareholders was RMB13.4 million (US$1.9 million), compared with RMB2.6 million in the same period last year.
Basic and diluted net loss per ordinary share. Basic and diluted net loss per share was RMB0.19 (US$0.03).
Adoption of 2024 Share Incentive Plan
In order to provide incentives to our personnel, the Company’s board of directors has approved the adopt of a 2024 Share Incentive Plan (the “2024 Plan”). Under the 2024 Plan, the maximum aggregate number of Class A ordinary shares that may be issued pursuant to the awards is initially 10,669,486, plus an annual increase on the first calendar day of each fiscal year of the Company during the term of the plan commencing with the fiscal year beginning January 1, 2025, by the lower of (i) an amount equal to 1% of the total number of ordinary shares issued and outstanding on the last day of the immediately preceding fiscal year, and (ii) such number of shares as may be determined by the board of directors. The 2024 Plan became effective on November 26, 2024 and will expire on the tenth anniversary of its effective date.
1 Non-GAAP net income and Non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.”
Conference Call
The Company will host an earnings conference call on Wednesday, November 27, 2024 at 8:00PM Beijing Time (7:00AM U.S. Eastern Time) to discuss the results.
Participants are required to pre-register for the conference call at:
https://register.vevent.com/register/BIe9d056d0687d428688467915cc4980b1
Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call.
A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session.
About BingEx Limited
BingEx Limited FLX is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, BingEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business.
For more information, please visit: http://ir.ishansong.com.
Use of Non-GAAP Financial Measures
To supplement our financial results presented in accordance with U.S. GAAP, we use Non-GAAP financial measures, namely Non-GAAP net income and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decision. Non-GAAP net income represents net income excluding changes in fair value of long-term investments. Non-GAAP net income margin is equal to Non-GAAP net income divided by revenues.
By excluding the impact of changes in fair value of long-term investments, which are non-cash charges, we believe that Non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that Non-GAAP financial measures provide useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making.
Our Non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of Non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited.
Reconciliations of our Non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the Non-GAAP financial measures.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.0176 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2024.
Safe Harbor Statement
This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.
Investor Relations Contact
In China:
BingEx Limited
Investor Relations
E-mail: ir@ishansong.com
Piacente Financial Communications
Helen Wu
Tel: +86-10-6508-0677
E-mail: FlashEx@thepiacentegroup.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
E-mail: FlashEx@thepiacentegroup.com
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands, except for number of shares and per share data) |
|||||||||||
| December 31, | September 30, | ||||||||||
| 2023 | 2024 | ||||||||||
| RMB | RMB | USD | |||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | 699,391 | 517,406 | 73,730 | ||||||||
| Short-term investments | 150,699 | — | — | ||||||||
| Accounts receivable | 12,115 | 17,199 | 2,451 | ||||||||
| Prepayments and other current assets | 58,119 | 65,677 | 9,361 | ||||||||
| Total current assets | 920,324 | 600,282 | 85,542 | ||||||||
| Non-current assets | |||||||||||
| Long-term investments | — | 259,819 | 37,024 | ||||||||
| Property and equipment, net | 5,544 | 3,867 | 551 | ||||||||
| Operating lease right-of-use assets | 59,852 | 47,814 | 6,813 | ||||||||
| Other non-current assets | 14,950 | 15,056 | 2,145 | ||||||||
| Total non-current assets | 80,346 | 326,556 | 46,533 | ||||||||
| Total assets | 1,000,670 | 926,838 | 132,075 | ||||||||
| LIABILITIES | |||||||||||
| Current liabilities | |||||||||||
| Accounts payable | 339,832 | 216,119 | 30,797 | ||||||||
| Deferred revenue | 51,945 | 60,388 | 8,605 | ||||||||
| Operating lease liabilities, current | 12,346 | 13,509 | 1,925 | ||||||||
| Accrued expenses and other current liabilities | 249,329 | 163,383 | 23,282 | ||||||||
| Total current liabilities | 653,452 | 453,399 | 64,609 | ||||||||
| Non-current liabilities | |||||||||||
| Operating lease liabilities, non-current | 45,360 | 32,355 | 4,611 | ||||||||
| Total non-current liabilities | 45,360 | 32,355 | 4,611 | ||||||||
| Total liabilities | 698,812 | 485,754 | 69,220 | ||||||||
| Mezzanine equity | 2,733,560 | 2,815,884 | 401,261 | ||||||||
| Shareholders’ deficit | (2,431,702 | ) | (2,374,800 | ) | (338,406 | ) | |||||
| Total liabilities, mezzanine equity and shareholders’ deficit | 1,000,670 | 926,838 | 132,075 | ||||||||
| BINGEX LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Amounts in thousands, except for number of shares and per share data) |
|||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Revenues | 1,194,276 | 1,154,788 | 164,556 | 3,316,495 | 3,439,284 | 490,094 | |||||||
| Cost of revenues | (1,086,434 | ) | (1,024,457 | ) | (145,984 | ) | (3,025,814 | ) | (3,051,636 | ) | (434,855 | ) | |
| Gross Profit | 107,842 | 130,331 | 18,572 | 290,681 | 387,648 | 55,239 | |||||||
| Operating expenses: | |||||||||||||
| Selling and marketing expenses | (43,518 | ) | (43,931 | ) | (6,260 | ) | (141,568 | ) | (133,669 | ) | (19,048 | ) | |
| General and administrative expenses | (26,969 | ) | (18,058 | ) | (2,573 | ) | (79,399 | ) | (63,563 | ) | (9,058 | ) | |
| Research and development expenses | (20,750 | ) | (22,171 | ) | (3,159 | ) | (71,480 | ) | (63,477 | ) | (9,045 | ) | |
| Total operating expenses | (91,237 | ) | (84,160 | ) | (11,992 | ) | (292,447 | ) | (260,709 | ) | (37,151 | ) | |
| Income (loss) from operations | 16,605 | 46,171 | 6,580 | (1,766 | ) | 126,939 | 18,088 | ||||||
| Interest income | 5,060 | 4,636 | 661 | 15,048 | 16,535 | 2,356 | |||||||
| Changes in fair value of long-term investments | — | (33,805 | ) | (4,817 | ) | — | (33,686 | ) | (4,800 | ) | |||
| Investment income | 1,448 | 1,004 | 143 | 3,661 | 3,441 | 490 | |||||||
| Other income | 11,849 | 5,823 | 830 | 60,076 | 34,351 | 4,895 | |||||||
| Income before income taxes | 34,962 | 23,829 | 3,397 | 77,019 | 147,580 | 21,029 | |||||||
| Income tax expense | — | — | — | — | (68 | ) | (10 | ) | |||||
| Net income | 34,962 | 23,829 | 3,397 | 77,019 | 147,512 | 21,019 | |||||||
| Accretion of redeemable convertible preferred shares to redemption value | (37,601 | ) | (37,253 | ) | (5,309 | ) | (108,959 | ) | (110,827 | ) | (15,793 | ) | |
| Net income (loss) attributable to ordinary shareholders | (2,639 | ) | (13,424 | ) | (1,912 | ) | (31,940 | ) | 36,685 | 5,226 | |||
| Net earnings (loss) per ordinary share | |||||||||||||
| — Basic and diluted — Class A and B | (0.04 | ) | (0.19 | ) | (0.03 | ) | (0.44 | ) | 0.19 | 0.03 | |||
| Weighted average number of shares outstanding used in computing net earnings (loss) per ordinary share | |||||||||||||
| — Basic and diluted – Class A | 26,422,222 | 26,422,222 | 26,422,222 | 26,422,222 | 26,422,222 | 26,422,222 | |||||||
| — Basic and diluted – Class B | 45,577,778 | 45,577,778 | 45,577,778 | 45,577,778 | 45,577,778 | 45,577,778 | |||||||
| BINGEX LIMITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS (Amounts in thousands, except for number of shares and per share data) |
|||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| 2023 | 2024 | 2024 | 2023 | 2024 | 2024 | ||||||||
| RMB | RMB | USD | RMB | RMB | USD | ||||||||
| Net income | 34,962 | 23,829 | 3,397 | 77,019 | 147,512 | 21,019 | |||||||
| Add: Changes in fair value of long-term investments | — | 33,805 | 4,817 | — | 33,686 | 4,800 | |||||||
| Non-GAAP net income | 34,962 | 57,634 | 8,214 | 77,019 | 181,198 | 25,819 | |||||||
| Net income margin | 2.9% | 2.1% | 2.3% | 4.3% | |||||||||
| Add: Changes in fair value of long-term investments as a percentage of revenues | — | 2.9% | — | 1.0% | |||||||||
| Non-GAAP net income margin | 2.9% | 5.0% | 2.3% | 5.3% | |||||||||
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MicroStrategy-Linked ETFs Skyrocket 400% This Year: Is This 'The Michael Saylor Effect'?
Analysts are closely examining the impact of Michael Saylor, co-founder of MicroStrategy Inc. MSTR, on exchange-traded funds (ETFs) that are linked to the company’s performance. This comes amid a significant surge in MicroStrategy’s stock, driven by its substantial Bitcoin BTC/USD holdings.
What Happened: The volatility of MicroStrategy has led to significant returns for ETFs tied to its performance. The stock has surged 416.19% year-to-date, impacting various ETFs.
The Bitwise Crypto Industry Innovators ETF BITQ with 18.35% MSTR holding saw a rise of 68.58% so far this year, while the Schwab Crypto Thematic ETF STCE, which gives 14.4% exposure to MSTR, increased by 55.07%.
The T-Rex 2x Long MSTR Daily Target MSTU experienced a remarkable 453.76% gain, and the Defiance Daily Target 2x Long MSTR ETF MSTX rose by 309.09%, Barron’s reported on Wednesday.
Both T-Rex and Defiance have hedged with inverse ETFs, but the T-Rex 2x Inverse MSTR Daily Target (MSTZ) holds only $155 million in assets.
See Also: Musk Tweet Sparks Dogecoin Surge, Fuels Speculation On X Payments
Matthew Tuttle, manager of the T-Rex ETF, attributes this phenomenon to “The Michael Saylor effect,” likening it to the influence of other high-profile CEOs like Elon Musk and Jensen Huang, reported Barron’s. Tuttle acknowledges the risk, noting that from a fundamental perspective, MicroStrategy’s valuation appears inflated.
Why It Matters: On Monday, MicroStrategy shares climbed 5.93% in pre-market trading before closing the session in the red. Over the weekend, Saylor revealed that the company is generating $500 million daily as Bitcoin edges closer to the $100,000 milestone.
According to Benzinga Pro data, MicroStrategy has a consensus price target of $449.5 based on the ratings of 12 analysts. The high is $690 issued by BTIG on Dec. 11, 2023. The low is $140 issued by Jefferies on Nov. 10, 2022.
The average price target of $563.33 between TD Cowen, Barclays, and Benchmark implies a 41.90% upside for MicroStrategy.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MARA Urges Incoming Trump Administration To Boost US Bitcoin Mining Operations To Prevent Manipulation From 'Adversarial' Nations
MARA Holdings Inc. MARA exhorted the incoming Donald Trump administration to expand domestic Bitcoin BTC/USD mining operations, emphasizing the significance of the U.S. controlling a larger portion of the global hash rate for economic sovereignty.
What Happened: In an X post on Tuesday, the company highlighted the increasing competitiveness of Bitcoin mining and the potential economic implications of not securing a significant share of the global hash rate.
The company stressed that by controlling a larger portion of the hash rate—the computational power used to validate transactions and add new blocks to the blockchain—the U.S. can protect its transactions from foreign interference.
“By controlling hash rate, a nation can prioritize access to block space, preventing adversarial nations from censoring or manipulating its transactions,” MARA added.
For the uninitiated, Bitcoin’s blockspace represents the finite capacity available in each block to include transaction data.
Access to block space is vital for participating in the Bitcoin economy, and miners or mining pools with a higher hash rate can prioritize transactions in a block.
Why It Matters: Mara’s recommendation follows President Trump’s assured support to the industry, with a vision to mine all remaining Bitcoins in the U.S.
The pledge, aligning with his “America First” policy, seemed to be directed against China, which, despite a ban on cryptocurrency trading and mining, still controls over 50% of the global Bitcoin hash rate.
According to Bitbo data, miner revenue in November increased by 3.4% from the previous month, primarily driven by the jump in Bitcoin’s price following Trump’s election victory.
The broader corporate Bitcoin mining sector has seen gains since the event, with CoinShares Valkyrie Bitcoin Miners ETF WGMI rising 18%.
Price Action: At the time of writing, Bitcoin was exchanging hands at $93,388.09, up 0.57% in the last 24 hours, according to data from Benzinga Pro. Shares of MARA were up 3.04% in pre-market trading hours.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Toll Brothers Announces New Luxury Home Community Coming Soon to Spring Hill, Tennessee
SPRING HILL, Tenn., Nov. 26, 2024 (GLOBE NEWSWIRE) — Toll Brothers, Inc. TOL, the nation’s leading builder of luxury homes, today announced its newest community, Toll Brothers at August Park, is coming soon to Spring Hill, Tennessee. The community will be located near the intersection of Round Hill Lane and Hunt Valley Drive. Construction of the model home is set to begin in January, and sales will begin in the spring of 2025.
Conveniently situated near the new June Lake Interstate 65 interchange, Toll Brothers at August Park will include 31 new single-family homes priced from $1 million. Home buyers will be able to choose from four exquisite home designs ranging from 2,950 to 4,000+ square feet with 4 to 5 bedrooms, 3 to 4 baths, and 2- to 3-car garages. Each home will be built with the outstanding quality, craftsmanship, and value for which Toll Brothers is known.
“With floor plans designed for today’s buyers and unrivaled personalization options available, Toll Brothers will offer residents the best in luxury living in one of Spring Hill’s most desirable new home communities within the August Park master plan,” said Jordan Hartigan, Division President of Toll Brothers in Tennessee. “In addition to the incredible homes available for personalization through our Design Studio experience, homeowners needing to move sooner will be able to select a quick move-in home with designer-appointed features in this very special community.”
Home buyers will enjoy proximity to nearby shopping, dining, arts and entertainment, and recreational destinations, both in the quickly developing June Lake area of Spring Hill and in nearby historic Franklin. Residents will also have access to a refreshing pool and pool house amenity within the August Park master planned community. Children will have the opportunity to attend school in the highly acclaimed Williamson County School District.
Major highways including Interstates 65 and 840 offer homeowners convenient access to Franklin, Brentwood, Downtown Nashville, and the entire South Nashville corridor.
Additional Toll Brothers new home communities in the Nashville area include Toll Brothers at The Nations in Nashville, Tomlinson Pointe in Mt. Juliet, and future community Meadowlark in Murfreesboro which will open in early 2025.
For more information, call (855) 949-8655 or visit TollBrothers.com/TN.
About Toll Brothers
Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 57 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Indiana, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.
In 2024, Toll Brothers marked 10 years in a row being named to the Fortune World’s Most Admired Companies™ list and the Company’s Chairman and CEO Douglas C. Yearley, Jr. was named one of 25 Top CEOs by Barron’s magazine. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.
From Fortune, ©2024 Fortune Media IP Limited. All rights reserved. Used under license.
Contact: Andrea Meck | Toll Brothers, Director, Public Relations & Social Media | 215-938-8169 | ameck@tollbrothers.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/858d223a-b7fe-493b-9c07-d5f6afda7513
Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
North America Household Appliance Market Set to Hit US$13.9 Billion by 2034: Smart Tech & Eco-Friendly Trends Lead the Way | Transparency Market Research
Wilmington, Delaware, United States, Transparency Market Research, Inc., Nov. 27, 2024 (GLOBE NEWSWIRE) — The North American household appliance market (北米家電市場), valued at US$ 8.1 billion in 2023, is on a robust growth trajectory, with an expected CAGR of 5.2% from 2024 to 2034. The market is projected to reach US$ 13.9 billion by 2034, driven by the growing adoption of smart home technologies and the increasing consumer demand for sustainable and energy-efficient appliances.
Smart Technology Integration: A Key Growth Driver
One of the biggest catalysts for market expansion in North America is the integration of smart technology in household appliances. As the demand for smart homes grows, consumers are increasingly seeking appliances that seamlessly integrate into their home automation systems. From smart refrigerators and IoT-enabled ovens to washing machines and dishwashers, connected appliances offer greater convenience, efficiency, and remote control through smartphones, voice assistants like Amazon Alexa or Google Assistant, or a central home hub.
This trend of smart living is not only transforming how consumers interact with everyday appliances but is also improving the overall user experience. Smart features such as energy-saving modes, remote monitoring, and voice-activated controls are expected to lead the market’s growth in the coming years.
Request a Sample PDF of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=86400
Sustainability and Eco-friendliness: A Strong Consumer Focus
Alongside technological advancements, sustainability is another driving force behind the North American household appliance market’s growth. With growing concerns over environmental impact, consumers are increasingly prioritizing eco-friendly, energy-efficient products. They’re looking for appliances that not only meet strict energy standards but also use recyclable materials and have a low carbon footprint.
Manufacturers are responding to this shift by developing products designed to reduce energy consumption and lower environmental impact. Appliances that offer both sustainability and advanced smart features are expected to capture the largest market share as consumers become more conscious of their environmental footprint.
Market Segmentation: Diverse Product Categories Driving Growth
By Product Type
Pedestal Fans
- Less than $50
- $50–$150
- $150–$250
- More than $250
Electric Indoor Space Heaters
- Ceramic
- Fan & Forced Air
- Radiant & Infrared
- Others (Oil Filled, Propane, etc.)
Blenders
- Small Blenders:
- Up to 500 ml
- 500 ml to 1000 ml
- Large Blenders:
- 1–2 Liters
- 2–3 Liters
- 3–4 Liters
- 4–5 Liters
Humidifiers
- Small Room Humidifiers (Under 300 sq. ft.)
- Medium Room Humidifiers (300–600 sq. ft.)
- Large Room Humidifiers (600–1000 sq. ft.)
- Extra-Large Room or Whole House Humidifiers (1000–2400+ sq. ft.)
Electric Mops
- Flat Type
- Spiral Type
- Others (Roller, etc.)
Food Waste Disposers
- Dry Grind Method:
- Less than 1000 ml
- 1000–2000 ml
- 2000–3000 ml
- Wet Grind Method:
- Less than 1000 ml
- 1000–2000 ml
- 2000–3000 ml
By Distribution Channel
D2C (Direct-to-Consumer)
Online
- General E-commerce Websites
- Specialty Websites
Offline
- Hypermarkets/Supermarkets
- Brand Stores
- Multi-brand Stores
- Other Retail Stores
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As smart technology and eco-friendly solutions gain more traction, we can expect products with advanced energy-saving features and remote control capabilities to lead the charge in this market.
Key Players Shaping the North American Household Appliance Market
The North American household appliance market is home to several major players who are driving innovation in both smart technology and sustainability:
- Whirlpool Corporation: Continues to enhance its smart appliance portfolio with energy-efficient refrigerators, washing machines, and smart ovens that integrate seamlessly with home automation systems.
- Samsung Electronics: A leader in the smart appliance revolution, Samsung’s SmartThings Hub connects various home appliances, offering enhanced control and convenience for consumers.
- LG Electronics: Capitalizing on the smart technology trend, LG’s ThinQ AI-powered appliances allow consumers to monitor and control their household devices through voice commands or mobile apps.
- Bosch and Electrolux: Both companies are responding to the growing demand for energy-efficient and smart appliances that prioritize sustainability, ensuring that consumers have access to eco-conscious products.
These companies are investing heavily in research and development to improve product features, particularly in the areas of energy efficiency, sustainability, and smart functionality. In addition, strategies such as mergers, acquisitions, and partnerships are helping these players expand their product portfolios and strengthen their positions in the market.
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Regional Insights: U.S. and Canada Lead the Charge
The United States and Canada are the dominant players in the North American household appliance market, both witnessing substantial investments in smart appliance technologies. The U.S. market, with its large consumer base, is particularly lucrative for companies focused on IoT integration and smart home solutions. Canada, with its growing interest in sustainable living and smart technologies, is also expected to experience significant growth in the coming years.
Looking Ahead: Strong Growth Prospects for the North America Household Appliance Market
The future of the North American household appliance market is promising, with smart technology and sustainability driving substantial growth. As the demand for connected, energy-efficient, and durable household appliances rises, companies that innovate and adapt to consumer needs will have significant opportunities to expand their market share.
With the market expected to reach US$ 13.9 billion by 2034, the North American household appliance industry is set for a transformative period, driven by smart home integration and eco-friendly innovation.
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Earnings Scheduled For November 27, 2024
Companies Reporting Before The Bell
• Codere Online Luxembourg CDRO is projected to report quarterly earnings at $0.01 per share on revenue of $49.81 million.
• CollPlant Biotechnologies CLGN is likely to report quarterly loss at $0.37 per share on revenue of $730 thousand.
• QuantaSing Group QSG is likely to report quarterly earnings at $0.27 per share on revenue of $134.60 million.
• Frontline FRO is projected to report quarterly earnings at $0.45 per share on revenue of $361.42 million.
• Golden Ocean Group GOGL is likely to report quarterly earnings at $0.33 per share on revenue of $196.25 million.
• 111 YI is expected to report earnings for its third quarter.
• Arbe Robotics ARBE is likely to report quarterly loss at $0.11 per share on revenue of $450 thousand.
• X Financial XYF is likely to report earnings for its third quarter.
• BOS Better Online Solns BOSC is expected to report earnings for its third quarter.
Companies Reporting After The Bell
This article was generated by Benzinga’s automated content engine and reviewed by an editor.
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Michael Saylor's MicroStrategy Plunges 23% In 5 Sessions While Bitcoin Slips Under 6%: Gary Black Quips 'Don't Say I Didn't Warn You'
MicroStrategy Inc. MSTR has become the epicenter of intense market speculation following a dramatic 23.64% stock decline over the past five sessions, while Bitcoin BTC/USD experienced a 5.52% drop during the same period.
What Happened: Prominent investment analyst Gary Black of The Future Fund LLC raised alarm bells about MicroStrategy’s valuation, arguing that the company’s stock price “makes no sense.” Black’s analysis suggests the stock should be valued at around $105 per share—approximately 75% lower than its current trading price.
“Don’t say I didn’t warn you,” Black wrote.
The company, led by CEO Michael Saylor, currently holds 386,700 Bitcoin, valued at $35.4 billion. With a market capitalization of $81.5 billion, MicroStrategy continues to trade at roughly 2.3 times the current value of its Bitcoin holdings.
The Kobeissi Letter highlighted unprecedented retail investor activity, noting that on a single Wednesday last week, retail investors purchased approximately $42 million of MSTR stock.
This marked the largest daily retail purchase on record, with total retail investment approaching $100 million for the week. The stock experienced extraordinary trading dynamics, with last week seeing $136 billion in trading volume—exceeding even Amazon Inc. AMZN, despite AMZN having a market cap nearly 29 times larger.
Why It Matters: Standard Chartered analyst Geoffrey Kendrick provided critical market insights, suggesting Bitcoin may test support zones between $85,000 and $88,700. His year-end price target remains $125,000, with a long-term projection of $200,000 by the end of 2025.
MicroStrategy’s investment approach involves a cyclical strategy of borrowing money through convertible notes, purchasing Bitcoin, driving price appreciation, selling shares at a premium, and reinvesting in more Bitcoin.
Analysts are questioning the sustainability of this model, particularly whether Saylor can continue raising debt to purchase Bitcoin and if institutional and retail investor enthusiasm will persist.
Bitcoin’s recent pullback from near $100,000 to around $93,440 reflects broader market uncertainties, including reduced U.S. Treasury term premiums, upcoming options expirations, and institutional repositioning.
Price Action: Bitcoin was trading at $93,433 at the time of writing, up by 0.80% in the last 24 hours.
According to Benzinga Pro data, the consensus price target for MicroStrategy is $449.50. The highest price target is $690, while the lowest is $140, implying a potential 54.56% upside based on the most recent analyst ratings.
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GOGL – Third Quarter 2024 Results
Hamilton, Bermuda, November 27, 2024 – Golden Ocean Group Limited (NASDAQ/OSE: GOGL) (the “Company” or “Golden Ocean”), the world’s largest listed owner of large size dry bulk vessels, today announced its unaudited results for the quarter ended September 30, 2024.
Highlights
- Net income of $56.3 million and earnings per share of $0.28 (basic) for the third quarter of 2024, compared to net income of $62.5 million and earnings per share of $0.31 (basic) for the second quarter of 2024.
- Adjusted EBITDA of $124.4 million for the third quarter of 2024, compared to $120.3 million for the second quarter of 2024.
- Adjusted net income of $66.7 million for the third quarter of 2024, compared to $63.4 million for the second quarter of 2024.
- Reported TCE rates for Capesize and Panamax vessels of $28,295 per day and $16,361 per day, respectively, and $23,726 per day for the entire fleet in the third quarter of 2024.
- Entered into agreements to sell one Newcastlemax vessel and one Panamax vessel for a total net consideration of $56.8 million.
- Announced the renewal of its share buy-back program for an additional 12 months.
- Entered into a $150 million facility to refinance six Newcastlemax vessels, at highly attractive terms.
- Estimated TCE rates, inclusive of charter coverage calculated on a load-to-discharge basis, are approximately:
- $26,300 per day for 82% of Capesize available days and $14,600 per day for 83% of Panamax available days for the fourth quarter of 2024.
- $21,060 per day for 27% of Capesize available days and $17,500 per day for 15% of Panamax available days for the first quarter of 2025.
- Announced a cash dividend of $0.30 per share for the third quarter of 2024, which is payable on or about December 18, 2024, to shareholders of record on December 9, 2024. Shareholders holding the Company’s shares through Euronext VPS may receive this cash dividend later, on or about December 20, 2024.
Peder Simonsen, Interim Chief Executive Officer and Chief Financial Officer, commented:
“Golden Ocean delivered strong performance with achieved market rates significantly above the indexes for the third quarter. This is attributable to our modern, fuel-efficient fleet, strong commercial capabilities, and industry leading low cash-break-even. We continue to execute on our strategy of divesting older and less efficient tonnage at attractive valuations. The macro and geopolitical environment creates volatility in the financial markets and freight market impacting sentiment, despite healthy trading volumes across all commodities. Looking ahead, the freight market is expected to benefit with tonne-mile growth, with the strong iron ore and bauxite exports out of Brazil and Guinea to Asia being the main driver. Combined with a healthy vessel supply outlook we remain optimistic for the years to come. With a modern fleet and strong balance sheet, Golden Ocean is well positioned to generate strong cash flow and attractive returns to our shareholders.”
The Board of Directors
Golden Ocean Group Limited
Hamilton, Bermuda
November 27, 2024
Questions should be directed to:
Peder Simonsen: Interim Chief Executive Officer and Chief Financial Officer, Golden Ocean Management AS
+47 22 01 73 40
The full report is available in the link below.
Forward-Looking Statements
Matters discussed in this earnings report may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995, or the PSLRA, provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company is taking advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection therewith. This document and any other written or oral statements made by the Company or on its behalf may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. This earnings report includes assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as “forward-looking statements.” The Company cautions that assumptions, expectations, projections, intentions and beliefs about future events may and often do vary from actual results and the differences can be material. When used in this document, the words “believe,” “expect,” “anticipate,” “estimate,” “intend,” “plan,” “targets,” “projects,” “likely,” “will,” “would,” “could” and similar expressions or phrases may identify forward-looking statements.
The forward-looking statements in this report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not to rely on any forward-looking statements.
In addition to these important factors and matters discussed elsewhere herein, important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements, include among other things: general market trends in the dry bulk industry, which is cyclical and volatile, including fluctuations in charter hire rates and vessel values; a decrease in the market value of the Company’s vessels; changes in supply and demand in the dry bulk shipping industry, including the market for the Company’s vessels and the number of newbuildings under construction; delays or defaults in the construction of the Company’s newbuilding could increase the Company’s expenses and diminish the Company’s net income and cash flows; an oversupply of dry bulk vessels, which may depress charter rates and profitability; the Company’s future operating or financial results; the Company’s continued borrowing availability under the Company’s debt agreements and compliance with the covenants contained therein; the Company’s ability to procure or have access to financing, the Company’s liquidity and the adequacy of cash flows for the Company’s operations; the failure of the Company’s contract counterparties to meet their obligations, including changes in credit risk with respect to the Company’s counterparties on contracts; the loss of a large customer or significant business relationship; the strength of world economies; the volatility of prevailing spot market and charter-hire charter rates, which may negatively affect the Company’s earnings; the Company’s ability to successfully employ the Company’s dry bulk vessels and replace the Company’s operating leases on favorable terms, or at all; changes in the Company’s operating expenses and voyage costs, including bunker prices, fuel prices (including increased costs for low sulfur fuel), drydocking, crewing and insurance costs; the adequacy of the Company’s insurance to cover the Company’s losses, including in the case of a vessel collision; vessel breakdowns and instances of offhire; the Company’s ability to fund future capital expenditures and investments in the construction, acquisition and refurbishment of the Company’s vessels (including the amount and nature thereof and the timing of completion of vessels under construction, the delivery and commencement of operation dates, expected downtime and lost revenue); risks associated with any future vessel construction or the purchase of second-hand vessels; effects of new products and new technology in the Company’s industry, including the potential for technological innovation to reduce the value of the Company’s vessels and charter income derived therefrom; the impact of an interruption or failure of the Company’s information technology and communications systems, including the impact of cybersecurity threats and data security breaches, upon the Company’s ability to operate; potential liability from safety, environmental, governmental and other requirements and potential significant additional expenditures (by the Company and the Company’s customers) related to complying with such regulations; changes in governmental rules and regulations or actions taken by regulatory authorities and the impact of government inquiries and investigations; the arrest of the Company’s vessels by maritime claimants; government requisition of the Company’s vessels during a period of war or emergency; the Company’s compliance with complex laws, regulations, including environmental laws and regulations and the U.S. Foreign Corrupt Practices Act of 1977; potential difference in interests between or among certain members of the Board of Directors, executive officers, senior management and shareholders; the Company’s ability to attract, retain and motivate key employees; work stoppages or other labor disruptions by the Company’s employees or the employees of other companies in related industries; potential exposure or loss from investment in derivative instruments; stability of Europe and the Euro or the inability of countries to refinance their debts; inflationary pressures and the central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; fluctuations in currencies; the impact that any discontinuance, modification or other reform or the establishment of alternative reference rates have on the Company’s floating interest rate debt instruments; acts of piracy on ocean-going vessels, public health threats, terrorist attacks and international hostilities and political instability; potential physical disruption of shipping routes due to accidents, climate-related (acute and chronic), political instability, terrorist attacks, piracy, international sanctions or international hostilities, including the developments in the Ukraine region and in the Middle East, including the conflicts in Israel and Gaza, and the Houthi attacks in the Red Sea; general domestic and international political and geopolitical conditions or events, including any further changes in U.S. trade policy that could trigger retaliatory actions by affected countries; the impact of adverse weather and natural disasters; the impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect to the Company’s Environmental, Social and Governance policies; changes in seaborne and other transportation; the length and severity of epidemics and pandemics and governmental responses thereto and the impact on the demand for seaborne transportation in the dry bulk sector; impacts of supply chain disruptions and market volatility surrounding impacts of the Russian-Ukrainian conflict and the developments in the Middle East; fluctuations in the contributions of the Company’s joint ventures to the Company’s profits and losses; the potential for shareholders to not be able to bring a suit against us or enforce a judgement obtained against us in the United States; the Company’s treatment as a “passive foreign investment company” by U.S. tax authorities; being required to pay taxes on U.S. source income; the Company’s operations being subject to economic substance requirements; the Company potentially becoming subject to corporate income tax in Bermuda in the future; the volatility of the stock price for the Company’s common shares, from which investors could incur substantial losses, and the future sale of the Company’s common shares, which could cause the market price of the Company’s common shares to decline; and other important factors described from time to time in the reports filed by the Company with the U.S. Securities and Exchange Commission, including the Company’s most recently filed Annual Report on Form 20-F for the year ended December 31, 2023.
The Company cautions readers of this report not to place undue reliance on these forward-looking statements, which speak only as of their dates. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this report or to reflect the occurrence of unanticipated events. These forward-looking statements are not guarantees of the Company’s future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Doors & Windows Market Estimated to Reach $244.21 billion by 2029 Globally, at a CAGR of 4.1%, says MarketsandMarkets™
Delray Beach, FL, Nov. 27, 2024 (GLOBE NEWSWIRE) — The Doors & Windows Market is projected to grow from USD 199.47 billion in 2024 to USD 244.21 billion by 2029, at a CAGR of 4.1% during the forecast period, as per the recent study by MarketsandMarkets. Doors & Windows are essential in various industries, by providing access and security while controlling airflow and privacy. Usually, doors & windows are made of wood, metal, and plastic and their primary function is to offer security and enhance aesthetic appeal, while controlling airflow, light, sound, and privacy, among other functionalities. The increased urbanization and population demand for both new construction and renovation projects, as more people migrate to urban areas for better employment and living conditions, there is a notable rise in the construction of residential buildings, commercial spaces, and public infrastructure, significantly boosting the demand for high-performance doors & windows.
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Browse in-depth TOC on “Doors & Windows Market”
335 – Market Data Tables
54 – Figures
272 – Pages
List of Key Players in Doors & Windows Market:
- ASSA ABLOY (Sweden)
- LIXIL Corporation (Japan)
- Cornerstone Building Brands, Inc. (US)
- JELD-WEN, Inc. (US)
- YKK AP Inc. (Japan)
- Masonite (US)
- PELLA CORPORATION (US)
- Schüco International KG (Germany)
- ANDERSEN CORPORATION (US)
- PGT INNOVATIONS (US)
Drivers, Restraints, Opportunities and Challenges in Doors & Windows Market:
- Driver: Improvement in the Housing Market
- Restraint: Elevated Expenses Linked to Advanced Doors & Windows and Environmental Challenges
- Opportunity: Increasing Demands from Emerging Markets
- Challenge: Challenges in the Supply Chain
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Based on product, Windows is the largest product segment of the doors & windows market.
Windows is the leading product segment in the doors & windows market format. The dominance is due to the outstanding properties of windows, which impart energy efficiency, technology incorporation, and enhanced aesthetics among other unique functionalities during use. Windows are so popular because of their demand for energy-efficient solutions, such as low E glass, thermal break frame, double & triple glazing, as well as the use of smart glass technology, which has boosted the expansion of the window segment
Based on Construction type, Swinging accounts for the 2nd largest construction segment of the doors & windows market.
Swinging accounts for the 2nd largest construction segment of doors & windows, with their hinged function, provide a traditional and adaptable solution for a variety of buildings & architectural designs. Suitable for residential, commercial, and industrial spaces these systems dominate the other construction types by various factors including convenience, security, and versatility. Recent advances in swinging doors & windows including improvements in weather stripping, multi-point locking systems, and energy-efficient glazing alternatives have enhanced insulation and reduced heat loss. These doors & windows are manufactured using materials like wood, metal, plastic, and others. This construction type is preferred due to its outstanding wear resistance, flexibility, and strength properties that withstand general environmental factors such as moisture, fire resistance, or chemicals. Growing demand from residential, commercial, and industrial buildings & architecture will continue to boost sales of swinging doors & windows owing to their wide-ranging applications and effective performance in varied scenarios.
Based on Material, Metal accounts for the 2nd largest material segment of the doors & windows market.
Metal accounts for the 2nd largest material segment of doors & windows. Metal doors and windows, notably those made of steel and aluminum, have long been praised for their strength, security, and aesthetics. Metal doors & windows dominate the other material types for various reasons, such as strength, durability, security, fire resistance, and weather resistance. Aluminum window frames are becoming increasingly popular in residential markets due to their durability, low maintenance requirements, and ability to be customized. The growing trend towards sustainability fuels the growth of the metal segment in the doors & windows market. Given the growing emphasis on sustainability in construction and a shift towards eco-conscious consumer choices, there’s a rising demand for doors and windows made from recycled or environmentally friendly materials. Aluminum, a highly recyclable metal, offers a sustainable solution to meet this demand. Therefore, there exists tremendous potential for growth in the doors & windows market due to its contributions towards enhancing the performance of metal doors & windows across multiple industries. Additionally, metal doors & windows are more commonly used in the industrial sector to withstand challenging environments.
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Based on the End-Use Industry, Residential accounts for the largest end-use segment of the doors & windows market.
Residential accounts for the largest end-use segment of the doors & windows. The residential sector is one of the biggest end-use industries for doors & windows. The increased focus on security, energy- efficiency, aesthetic appeal, and technology integration has been fueling the growth of doors & windows in the residential sector. The homeowners place more emphasis on energy efficiency and sustainability, the demand for modern, energy-efficient doors & windows grows. When housing markets improve, the doors & windows market benefits greatly, as there is a higher demand for both new construction and renovation projects. New housing structures require a large number of doors and windows, and homeowners are more eager to upgrade their buildings, increasing remodeling projects. This increases the demand for a wide range of door and window solutions, from basic versions to high-quality, energy-efficient alternatives.
Based on Region, Asia Pacific accounts for the largest segment of the doors & windows market.
The doors & windows market has been categorized into several key regions, including North America, Europe, Asia Pacific, the Middle East & Africa, and South America. Among these, Asia Pacific notably dominated the market in 2023 in terms of value. The Asia Pacific region dominates the doors & windows market both in terms of volume and value. The doors & windows market is poised for significant growth, particularly in the Asia Pacific, Middle East, and South American regions. The market for doors & windows in Asia Pacific is in a state of growth with a high demand from countries like China and India. These countries are experiencing rapid industrialization and urbanization processes which are driving the demand for new buildings & architecture for all sectors such as residential, commercial, and industrial. Additionally, rigorous regulations on energy efficiency and sustainability are fueling demand for energy-efficient doors & windows. Also, the rising consumer consciousness of environment-friendly solutions is driving manufacturers to develop doors & windows with recyclable materials, thereby contributing to the growth of the market. Therefore, Asia Pacific especially China and India has emerged as a major production and consumption region of doors & windows in the near future.
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About MarketsandMarkets™ MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report. MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients. Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. Contact: Mr. Rohan Salgarkar MarketsandMarkets Inc. 1615 South Congress Ave. Suite 103, Delray Beach, FL 33445 USA : 1-888-600-6441 UK +44-800-368-9399 Email: sales@marketsandmarkets.com Visit Our Website: https://www.marketsandmarkets.com/
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Prospera Energy Inc. Announces Q3 2024 Financial Results
CALGARY, Alberta, Nov. 27, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. TSX (“Prospera” or the “Corporation“)
Prospera Energy Inc. PEI (“Prospera” or the “Company”) is pleased to announce its operating and financial results for the three and nine months ended September 30th, 2024. Selected financial and operating information should be read in conjunction with Prospera’s unaudited consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2024. These filings are available on SEDAR+ at www.sedarplus.ca.
Financial & Operational Highlights
| (expressed in $, except number of shares) | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | |||
| P&NG sales revenue | 4,727,708 | 3,920,428 | 13,807,274 | 8,524,001 | |||
| Income (loss) for the period | (1,285,725 | ) | 71,011 | (1,827,016 | ) | (2,279,541 | ) |
| Income (loss) per share | (0.00 | ) | 0.00 | (0.00 | ) | (0.01 | ) |
| Funds flow provided by (used in) operations | 651,692 | 1,099,567 | 2,828,098 | 279,465 | |||
| Net cash flows provided by (used in) operating activities | (3,927,657 | ) | 4,237,560 | (3,275,900 | ) | (2,515,610 | ) |
| Net cash per share – operating activities | (0.01 | ) | 0.01 | (0.01 | ) | (0.01 | ) |
| Weighted average number of shares – basic | 426,954,797 | 385,599,221 | 424,797,150 | 341,460,783 |
Operating Netback
| Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | ||||||
| P&NG sales revenue ($) | 4,727,708 | 3,920,428 | 13,807,274 | 8,524,001 | |||||
| Royalties ($) | (490,330 | ) | (424,448 | ) | (1,105,956 | ) | (955,682 | ) | |
| Operating costs ($) | (2,496,800 | ) | (1,978,034 | ) | (6,841,939 | ) | (5,479,529 | ) | |
| Operating netback ($) | 1,740,578 | 1,517,946 | 5,859,379 | 2,088,790 | |||||
| Per BOE, except total BOE sales volumes | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | |||||
| P&NG sales revenue ($) | 79.39 | 82.15 | 76.23 | 72.36 | |||||
| Royalties ($) | (8.23 | ) | (8.89 | ) | (6.11 | ) | (8.11 | ) | |
| Operating costs ($) | (41.93 | ) | (41.45 | ) | (37.78 | ) | (46.52 | ) | |
| Operating netback per BOE ($) | 29.23 | 31.81 | 32.35 | 17.73 |
Sales Volumes
| Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 | ||||||
| Oil and condensate (bbls) | 58,785 | 42,595 | 171,835 | 110,488 | |||||
| Natural gas (mcf) | 4,529 | 30,716 | 55,696 | 43,763 | |||||
| Total BOE | 59,548 | 47,723 | 181,117 | 117,788 | |||||
| Liquids composition | 99% | 89% | 95% | 94% | |||||
| Oil and condensate bbls per day | 639 | 463 | 627 | 405 | |||||
| Natural gas mcf per day | 49 | 334 | 203 | 160 | |||||
| Total BOE per day | 647 | 519 | 661 | 431 |
Selected Financial Information
| (expressed in $, except shares outstanding) | September 30, 2024 | December 31, 2023 | ||
| Current assets | 9,072,026 | 4,433,398 | ||
| Current liabilities | 17,816,441 | 21,910,157 | ||
| Working capital | (8,744,415 | ) | (17,476,759 | ) |
| Property and equipment | 48,630,094 | 39,331,690 | ||
| Total assets | 61,754,512 | 49,168,314 | ||
| Non-current financial liabilities | 21,957,983 | 9,245,121 | ||
| Share capital | 31,201,163 | 30,516,664 | ||
| Total common shares outstanding | 426,954,767 | 421,191,515 |
Q3 Highlights:
During the third quarter of 2024, Prospera successfully completed the following strategic objectives:
- Executed a successful multi-well drilling program in the company’s Brooks light/medium oil property, in turn adding significant production and reserve value.
- Acquired an additional 10% working interest in the company’s core Saskatchewan properties (Cuthbert, Luseland & Hearts Hill) from a working interest partner in exchange for full settlement of the partner’s accounts receivable balance. As a result of this working interest acquisition, Prospera’s corporate weighted average working interest increased to an average of 95% in its core Saskatchewan assets.
- Closed term debt financing of $11 million in July 2024, providing strategic funding for the company’s development and optimization programs.
Operational highlights for the quarter are as follows:
- PEI realized average net sales of 647 boe/d in Q3 2024, an increase of 25% from Q3 2023 net sales of 519 boe/d. The increase was due to additional production realized from the 2023 and 2024 development programs and the increased working interest in PEI’s core Saskatchewan properties.
- Due to higher production levels, PEI realized a 21% increase in sales revenue to $4,727,708 in Q3 2024 compared to $3,920,428 in Q3 2023, despite a decrease in sales price decrease to $79.39/boe in Q3 2024, compared to $82.15/boe in Q3 2023.
- Consequently, the higher working interest attributed to an increase in operating costs totalling $2,496,800 in Q3 2024 compared to $1,978,034 in Q3 2023, however, operating costs per boe remained flat at $41.93/boe in Q3 2024 compared to $41.45/boe in Q3 2023.
- PEI earned an operating netback of $1,740,578 ($29.23/boe) in Q3 2024 compared to $1,517,946 ($31.81/boe) in Q3 2023 and $5,859,379 ($32.35/boe) in YTD 2024 as compared to $2,088,790 ($17.73/boe) in YTD 2023.
- As of September 30, 2024, Prospera reduced its accounts payable arrears by $4 million to $16.5 million, compared to $20.5 million on December 31, 2023. This has resulted in the improvement of company financial health, including a decrease in working capital deficit to $8.7 million at September 30, 2024, compared to $17.5 million at December 31, 2023.
About Prospera
Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Heart Hills, Red Earth, and Pouce Coupe. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.
For Further Information:
Shawn Mehler, PR
Email: Investors@prosperaenergy.com
Website: www.prosperaenergy.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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