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Nauticus Robotics Announces Results for the Third Quarter of 2024

12.11.2024 by admin

HOUSTON, Nov. 12, 2024 /PRNewswire/ — Nauticus Robotics, Inc. KITT, a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended September 30, 2024.

John Gibson, Nauticus CEO, stated, “We committed to producing commercial revenue in the third quarter of 2024 with our Aquanaut Mark 2. We achieved that objective. Our first commercial project not only exceeded customer expectations but also secured additional work for the fourth quarter. With the 2024 work season in the Gulf of Mexico ending, we are now fully focused on building a robust pipeline of commercial opportunities for 2025. Nauticus’ untethered, autonomous deepwater solutions have set us apart as the technical leader in this field, earning strong recognition from our customers.

On the financial front, we raised over $1 million in cash through a tranche of convertible debentures, with the option to access an additional $20 million. Alongside converting existing debentures into preferred equity, these steps bolster our shareholder equity and position us to regain compliance with NASDAQ listing requirements. This access to additional funds provides a solid financial foundation to cement our position as a leader in the ocean economy.”

Operational Highlights

Vehicle 2 Testing: Nauticus’ flagship vehicle, Aquanaut Mark 2 (Vehicle 2), completed deepwater qualification trials and began commercial operations in the Gulf of Mexico (GOM). The vehicle completed offshore operations for 2024 and will now be readied for the upcoming 2025 offshore season. The success of the commercial work performed this year resulted in continued discussions with current as well as new customers for 2025 work. The pipeline for Aquanaut services remains strong and the company expects that customers will continue placing the vehicle into their offshore execution models.

Vehicle 1 Assembly and Testing: Aquanaut Vehicle 1 deepwater electronics upgrades are complete and final assembly is expected to complete this month. Once the vehicle is fully assembled it is planned to ship to a testing facility to complete factory acceptance testing. We expect this to occur by the end of the year.

Vehicle 3 Assembly: Assembly of Aquanaut Vehicle 3 remains pending. Company focus remained on Vehicles 1 and 2 throughout the quarter. Work on this vehicle is not expected until sometime in 2025.

ToolKITT Software: ToolKITT performed reliably during Aquanaut vehicle operations this quarter. The team continues to progress the technology towards higher levels of autonomy and broader commercial functionality. ToolKITT is also expected to provide value added differentiation for third party platform integration. Discussions with third party ROV manufacturers and services providers are ongoing and Nauticus is targeting to sell its first commercial license in 2025.

Revenue: Nauticus reported third-quarter revenue of $0.4 million, compared to $1.6 million for the prior-year period and $0.5 million for the prior quarter.

Operating Expenses: Total expenses during the third quarter were $5.9 million, a $3.9 million decrease from the prior-year period, and a $0.6 million decrease from Q2 2024.

Net Income: For the third quarter, Nauticus recorded a net loss of $11.4 million, or basic loss per share of $4.24. This compares with a net loss of $17.7 million from the same period in 2023, and a net loss of $5.4 million in the prior quarter.

Adjusted Net Loss: Nauticus reported adjusted net loss of $11.4 million for the third quarter, compared to $8.1 million for the same period in 2023. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.

2024 G&A Cost: Nauticus reported G&A third-quarter costs of $2.8 million, which is a decrease of $3.9 million compared to the same period in 2023 and an additional $0.4 million decrease from the second quarter.

Balance Sheet and Liquidity

As of September 30, 2024, the Company had cash and cash equivalents of $2.9 million, compared to $0.8 million as of December 31, 2023.

Conference Call Details

Nauticus will host a conference call on November 13, 2024 at 10:00 a.m. Central Standard Time (11:00 a.m. EST) to discuss its results for the quarter ending September 30, 2024. To participate in the earnings conference call, participants should dial toll free at 800-225-9448, conference ID: KITT, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/559732352. A link to the webcast will also be available on the Company’s website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company’s website.

About Nauticus Robotics

Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company’s business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus’ services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ Annual Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30, 2024	December 31, 2023
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$2,915,757	$753,398
Restricted certificate of deposit	51,763	201,822
Accounts receivable, net	397,726	212,428
Inventories	2,229,509	2,198,797
Prepaid expenses	1,105,645	1,889,218
Other current assets	338,542	1,025,214
Assets held for sale	277,180	2,940,254
Total Current Assets	7,316,122	9,221,131

Property and equipment, net	16,158,525	15,904,845
Operating lease right-of-use assets	1,283,982	834,972
Other assets	229,296	187,527
Total Assets	$24,987,925	$26,148,475

LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current Liabilities:
Accounts payable	$4,734,093	$7,035,450
Accrued liabilities	7,269,833	7,339,099
Contract liability	697,818	2,767,913
Operating lease liabilities – current	433,820	244,774
Total Current Liabilities	13,135,564	17,387,236
Warrant liabilities	393,094	18,376,180
Operating lease liabilities – long-term	921,698	574,260
Notes payable – long-term, net of discount (related party)	46,148,307	31,597,649
Other liabilities	895,118	–
Total Liabilities	$61,493,781	$67,935,325

Stockholders’ Deficit:
Common stock, $0.0001 par value; 625,000,000 shares authorized, 5,634,942 and 1,389,884 shares issued, respectively, and 5,634,942 and 1,389,884 shares outstanding, respectively (As adjusted)	$563	$139
Additional paid-in capital (As adjusted)	98,628,931	77,004,714
Accumulated other comprehensive income	(26,983)	–
Accumulated deficit	(135,108,367)	(118,791,703)
Total Stockholders’ Deficit	(36,505,856)	(41,786,850)
Total Liabilities and Stockholders’ Deficit	$24,987,925	$26,148,475

NAUTICUS ROBOTICS, INC.
Unaudited Condensed Consolidated Statements of Operations

	Three Months Ended			Nine Months Ended
	9/30/2024	6/30/2024	9/30/2023	9/30/2024	9/30/2023

Revenue:
Service	$370,187	$501,708	$1,593,854	$1,336,249	$5,542,249
Service – related party	–	–	–	–	500
Total revenue	370,187	501,708	1,593,854	1,336,249	5,542,749
Costs and expenses:
Cost of revenue (exclusive of items shown separately below)	2,648,019	2,875,394	2,651,380	7,617,368	7,484,249
Depreciation	446,087	411,586	160,744	1,283,858	487,052
Research and development	–	–	275,154	64,103	984,882
General and administrative	2,845,956	3,227,288	6,704,890	9,502,685	17,478,099
Total costs and expenses	5,940,062	6,514,268	9,792,168	18,468,014	26,434,282

Operating loss	(5,569,875)	(6,012,560)	(8,198,314)	(17,131,765)	(20,891,533)

Other (income) expense:
Other (income) expense, net	2,278,909	118,274	(133,311)	2,300,710	1,015,908
Gain on lease termination	–	(8,532)	–	(23,897)	–
Foreign currency transaction loss	11,833	4,296	83,654	21,276	56,061
Loss on exchange of warrants	–	–	–	–	590,266
Change in fair value of warrant liabilities	(615,505)	(4,422,701)	8,656,392	(13,347,829)	(18,775,158)
Interest expense, net	4,111,844	3,669,423	873,738	10,234,639	7,365,402
Total other income, net	5,787,081	(639,240)	9,480,473	(815,101)	(9,747,521)

Net loss	$(11,356,956)	$(5,373,320)	$(17,678,787)	$(16,316,664)	$(11,144,012)

Basic loss per share (As adjusted)	$(4.24)	$(2.75)	$(15.46)	$(8.54)	$(9.92)
Diluted loss per share (As adjusted)	$(4.24)	$(2.75)	$(15.46)	$(8.54)	$(9.92)

Basic weighted average shares outstanding (As adjusted)	2,676,003	1,950,563	1,143,198	1,910,761	1,123,695
Diluted weighted average shares outstanding (As adjusted)	2,676,003	1,950,563	1,143,198	1,910,761	1,123,695

NAUTICUS ROBOTICS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years ended September 30,
	2024	2023
Cash flows from operating activities:
Net loss	$(16,316,664)	$(11,144,012)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,283,858	487,052
Amortization of debt discount	5,694,378	2,924,820
Amortization of debt issuance cost	486,758	–
Capitalized paid-in-kind (PIK) interest	927,485	–
Accretion of RCB Equities #1, LLC exit fee	73,058	3,183
Stock-based compensation	1,872,504	3,995,020
Loss on exchange of warrants	–	590,266
Change in fair value of warrant liabilities	(13,347,829)	(18,775,158)
Non-cash impact of lease accounting	314,859	332,787
Gain on disposal of assets	(1,695)	–
Write off of property and equipment	32,636	–
Gain on lease termination	(23,897)	–
Gain on short-term investments	–	(40,737)
Interest expense assumed into Convertible Senior Secured Term Loan	–	378,116
Changes in current assets and liabilities:
Accounts receivable	(185,298)	625,034
Inventories	(30,714)	(7,293,478)
Contract assets	–	547,183
Other assets	1,542,915	(206,702)
Accounts payable and accrued liabilities	(1,072,317)	11,155,980
Contract liabilities	(2,070,095)	152,000
Operating lease liabilities	(203,486)	(357,985)
Other liabilities	895,117	–
Net cash used in operating activities	(20,128,427)	(16,626,631)

Cash flows from investing activities:
Capital expenditures	(466,712)	(10,745,111)
Proceeds from sale of assets held for sale	420,220	–
Proceeds from sale of property and equipment	18,098	–
Proceeds from sale of short-term investments	–	5,000,000
Net cash used in investing activities	(28,394)	(5,745,111)

Cash flows from financing activities:
Proceeds from notes payable	14,305,000	10,596,884
Payment of debt issuance costs on notes payable	(1,316,791)	–
Proceeds from ATM offering	9,857,857	–
Payment of ATM commissions and fees	(499,903)	–
Proceeds from exercise of stock options	–	421,175
Proceeds from exercise of warrants	–	338,055
Net cash from financing activities	22,346,163	11,356,114

Effects of changes in exchange rates on cash and cash equivalents	(26,983)	–

Net change in cash and cash equivalents	2,162,359	(11,015,628)

Cash and cash equivalents, beginning of year	753,398	17,787,159
Cash and cash equivalents, end of year	$2,915,757	$6,771,531

NAUTICUS ROBOTICS, INC.
Unaudited Reconciliation of Net Income (Loss) Attributable to Common Stockholders (GAAP) to
Adjusted Net Loss Attributable to
Common Stockholders (NON-GAAP)

Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.

Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net income (loss) attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net income (loss) attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net income (loss) attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.

	Three Months Ended			Nine Months Ended
	9/30/2024	6/30/2024	9/30/2023	9/30/2024	9/30/2023

Net income (loss) attributable to common stockholders (GAAP)	$(11,356,956)	$(5,373,320)	$(17,678,787)	$(16,316,664)	$(11,144,012)
Change in fair value of warrant liabilities	(615,505)	(4,422,701)	8,656,392	(13,347,829)	(18,775,158)
Stock compensation expense	532,539	809,310	917,993	1,872,504	3,995,020
Sales and use tax assessment	–	–	–	–	1,189,164
Loss on exchange of warrants	–	–	–	–	590,266
Interest and penalties on RRA Amendment	–	–	–	–	4,320,690
Adjusted net loss attributable to common stockholders (non-GAAP)	$(11,439,922)	$(8,986,711)	$(8,104,402)	$(27,791,989)	$(19,824,030)

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SOURCE Nauticus Robotics, Inc.

Markets News

Sustainable Investment Under Trump: 'Performance Matters Far More Than Politics,' JPMorgan Analyst Says

12.11.2024 by admin

Wall Street is speculating on the effects of possible Donald Trump policy changes when he takes office in January 2025. JPMorgan analyst Virgina Martin Heriz weighs in on the potential impacts of a second Trump presidency on sustainable investing.

Onshoring: Heriz sees a second Trump administration modifying the Inflation Reduction Act (IRA), but doing so with a “scalpel, not a sledgehammer.”

The JPMorgan analyst sees the domestic content portions of the IRA as the “most safe incentives” due to bi-partisan support of supply chain onshoring. Heriz points to First Solar, Inc. FSLR, SunRun, Inc. RUN and Sunnova Energy International Inc. NOVA as clean tech companies particularly positioned to benefit from supply chain onshoring.

Hydrogen: Heriz also sees the 45V tax credit for clean hydrogen producers as likely to stay due to strong backing from traditional energy companies and Republican-leaning areas. Clean hydrogen companies including FuelCell Energy, Inc. FCEL and Plug Power Inc. PLUG are likely safe from policy changes under a second Trump administration, according to Heriz.

EV Incentives: The analyst does expect subsidies for electric vehicles to be downsized or repealed, including the 30D clean vehicle tax credit of up to $7,500 on the purchase of a qualifying EV. Additionally, Heriz anticipates tightening EV charging incentives like the 30C tax credit that covers up to 30% of the cost of each charger. Some companies that could be negatively impacted by the repeal of EV and related charging incentives include EVgo Inc. EVGO, ChargePoint Holdings, Inc. CHPT and Blink Charging Co. BLNK.

Oil & Gas: Domestic oil and gas production is more influenced by market prices and global supply and demand rather than government policies, Heriz said. For this reason, the analyst expects a potentially reduced regulatory burden to be “helpful to the industry, but not life-changing in the short-term.”

The Take-Away: While Heriz does expect policy changes to affect sustainable investing under the second Trump administration, she said that outflows in sustainable investing are mainly motivated by underperformance.

“Fund performance matters far more than politics,” the JPMorgan analyst said.

Photo: Earth phakphum via Shutterstock

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Lastest news News Tech

Massive Insider Trade At Impinj

12.11.2024 by admin

It was reported on November 12, that SYLEBRA CAPITAL LLC, 10% Owner at Impinj PI executed a significant insider sell, according to an SEC filing.

What Happened: LLC’s decision to sell 328,616 shares of Impinj was revealed in a Form 4 filing with the U.S. Securities and Exchange Commission on Tuesday. The total value of the sale is $66,614,240.

Monitoring the market, Impinj‘s shares down by 0.0% at $199.3 during Tuesday’s morning.

All You Need to Know About Impinj

Impinj Inc operates a platform that enables wireless connectivity to everyday items by delivering each item’s identity, location, and authenticity to business and consumer applications. Its platform includes endpoint integrated circuits (ICs) product, a miniature radios-on-a-chip, which attach to and identify their host items; and connectivity layer that comprises readers, gateways, and reader ICs to wirelessly identify, locate, authenticate, and engage endpoints via RAIN, as well as provide power to and communicate bidirectionally with endpoint ICs. Geographically, the company has a business presence in the Americas, Asia Pacific, Europe, Middle East and Africa, of which key revenue is derived from the operations in the Asia Pacific region.

Impinj: A Financial Overview

Revenue Growth: Impinj displayed positive results in 3 months. As of 30 September, 2024, the company achieved a solid revenue growth rate of approximately 46.45%. This indicates a notable increase in the company’s top-line earnings. As compared to competitors, the company surpassed expectations with a growth rate higher than the average among peers in the Information Technology sector.

Profitability Metrics: Unlocking Value

Gross Margin: The company shows a low gross margin of 49.97%, suggesting potential challenges in cost control and profitability compared to its peers.
Earnings per Share (EPS): Impinj’s EPS lags behind the industry average, indicating concerns and potential challenges with a current EPS of 0.01.

Debt Management: Impinj’s debt-to-equity ratio surpasses industry norms, standing at 2.15. This suggests the company carries a substantial amount of debt, posing potential financial challenges.

Market Valuation:

Price to Earnings (P/E) Ratio: Impinj’s stock is currently priced at a premium level, as reflected in the higher-than-average P/E ratio of 216.64.
Price to Sales (P/S) Ratio: With a relatively high Price to Sales ratio of 17.73 as compared to the industry average, the stock might be considered overvalued based on sales performance.
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation & Amortization): A high EV/EBITDA ratio of 124.57 reflects market recognition of Impinj’s value, positioning it as more highly valued compared to industry peers.

Market Capitalization Analysis: The company exhibits a lower market capitalization profile, positioning itself below industry averages. This suggests a smaller scale relative to peers.

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Navigating the Impact of Insider Transactions on Investments

While insider transactions provide valuable information, they should be part of a broader analysis in making investment decisions.

From a legal standpoint, the term “insider” pertains to any officer, director, or beneficial owner holding more than ten percent of a company’s equity securities as outlined in Section 12 of the Securities Exchange Act of 1934. This encompasses executives in the c-suite and significant hedge funds. These insiders are mandated to inform the public of their transactions through a Form 4 filing, to be submitted within two business days of the transaction.

A company insider’s new purchase is a indicator of their positive anticipation for a rise in the stock.

While insider sells may not necessarily reflect a bearish view and can be motivated by various factors.

Understanding Crucial Transaction Codes

Surveying the realm of stock transactions, investors often give prominence to those unfolding in the open market, systematically detailed in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C denotes the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.

Check Out The Full List Of Impinj’s Insider Trades.

Insider Buying Alert: Profit from C-Suite Moves

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This article was generated by Benzinga’s automated content engine and reviewed by an editor.

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Earnings News

Global Atomic Announces Q3 2024 Results

12.11.2024 by admin

TORONTO, Nov. 12, 2024 /CNW/ – Global Atomic Corporation (“Global Atomic” or the “Company”), GLO GLATF (FRANKFURT: G12) announced today its operating and financial results for the quarter ended September 30, 2024. For more detail, please refer to the Condensed Interim Consolidated Financial Statements and Management’s Discussion and Analysis for the three and nine months ended September 30, 2024, on the Company’s website at www.globalatomiccorp.com.

Q3 2024 HIGHLIGHTS

Dasa Uranium Project – Mine Development

Underground development, underway since November 2022, has now reached the ore zone with development ore now being hauled to surface. Recently, the ramp paving was completed and with the major ventilation infrastructure being completed, the ramping and level development will continue. Underground electrical services and pumping infrastructure are also underway.
Development tonnes brought to surface include 950 tonnes medium grade ore (3,000 to 5,000 ppm), 6,850 tonnes low grade ore (1,300 to 3,000 ppm) and 10,200 tonnes mineralized waste (240 to 1,300 ppm).
Raise Boring of the main Fresh Air Raise and Return Air Raise is now complete. Fans will now be installed and the system commissioned.
As of the date hereof, the Dasa Mine, operated by SOMIDA and overseen by Global Atomic Corporation, has achieved 825 days with no Lost Time Injury (“LTI”).

Dasa Uranium Project – Plant Construction

The Company continued earthworks in Q3 2024 to prepare the site for construction of the Dasa processing plant as well as preparing the mine camp for additional housing for employees and construction crews.
A 250-person housing facility has arrived on site. Civil works are underway and include cement pads, water and sanitary services. Construction is scheduled for completion January 2026.
Fabrication of one of the major processing plant components; the Acid Plant, has been completed and is now being shipped to site.
Procurement of most long-lead equipment is complete, with many items at or near manufacturing completion. Certain critical items like the SAG Mill and Acid Plant are now being shipped to the Dasa site.
Our EPCM contractors are nearing completion of detailed engineering and ordering the remaining components for the Process Plant.

Turkish Zinc Joint Venture

In Q3 2024, limited Electric Arc Furnace Dust (“EAFD”) was processed due to a planned maintenance shutdown and work stoppage pending a new employee contract, which has now been negotiated. The Iskenderun Plant is now running at capacity with good EAFD inventory.
Zinc contained in concentrate shipments totalled 4.0 million pounds and the average monthly LME zinc price was US$1.26 /lb. in Q3 2024.
The Company’s share of the Turkish JV EBITDA was $0.9 million in Q3 2024 (a loss of $1.9 million in Q3 2023).
The cash balance of the Turkish JV was US$3.3 million at the end of Q3 2024, and local working capital debt has been reduced to US$8.4 million from US$12 million as at Q4 2023.

Corporate: Financing – Private Placement

On July 31, 2024, Global Atomic closed a non-brokered private placement (the “Placement”) for gross proceeds of $19.9 million from the sale of 14,764,815 units at a price of $1.35 per unit.
Each unit consisted of one common share of the Company and one Common share purchase warrant. Each warrant entitles the holder to purchase one Common Share at a price of $1.80 for a period of 24 months following the issue date.
The warrants are subject to an acceleration clause whereby if (i) the 10-day volume weighted average price of the Common Shares is above $2.50 and, (ii) within a period of 5 trading days following the 10 day period the Company provides a notice via widely disseminated news release, the expiry date of the Warrants shall be accelerated to the date that is 30 days from the date of such news release.
The Company used the net proceeds from the Placement for the advancement of the Company’s Dasa Project and for general working capital purposes.

Corporate: Financing – At the money (ATM) offering

During Q3 the Company issued 2,063,200 common shares at an average price of $1.50 for gross proceeds of $3,097,596.

Corporate: Financing – Stock option exercise

During Q3 2024 the Company issued 1,425,546 common shares at an exercise price of $0.50 for gross proceeds of $712,773.

Corporate: Financing – Warrant Extension

On September 13, 2024, the company extended the expiry date of common share purchase warrants issued pursuant to the March 2023 financing from September 17, 2024, to December 31, 2024. The extension has since been approved by the TSX.

Niger Government Support

On May 3, 2024, during a site visit, the Mines Minister; Commissaire Colonel Ousmane Abarchi stated “We came here, we visited the mine, and we launched the earth breaking operations for the mill construction. Dasa is a reality everyone can see. We thank you all. We are supportive of the SOMIDA team and Global Atomic. This project is very important for us as a Government and as a shareholder. We want Dasa to be the start of a new Niger mining practice with expectations on State Income, Employment and Environment management.”
On August 15, 2024, Global Atomic received a letter in which the Conseil National pour la Sauvegarde de la Patrie Chairman, Head of State, His Excellency Brigadier General Abdourahamani Tiani instructed his Cabinet, the Minister of Mines and all stakeholders in the sector to facilitate the implementation of the Dasa Project, going on to state that the Dasa Project “is expected to play an important role as a cornerstone for socio-economic development. As such, Niger’s highest authorities support it totally.”

Corporate

Global Atomic received $2,306 in quarterly management fees and monthly sales commissions from the Turkish JV ($166,000 in Q3 2023), the significant decrease is attributable to the planned maintenance and work stoppage in Iskenderun which ended in September 2024.
Cash balance as of September 30, 2024, was $4.2 million.
Subsequent to the end of Q3 2024, the Company raised $40.25 million of gross proceeds under a public offering at $1.20 per unit.

Subsequent Event: Financing – Public Offering

On October 16, 2024, Global Atomic closed a public offering (the “Offering”) for gross proceeds, including the full exercise of an over-allotment option, of $40.25 million from the sale of up to 33,542,050 units of the Company at a price of $1.20 per unit.
Each unit consisted of one Common share of the Company and one Common share purchase warrant. Each warrant entitles the holder to purchase one Common share at a price of $1.50 for a period of 36 months following the issue date.
The Company intends to use the net proceeds from the Offering for development of its Dasa Project in Niger, working capital and general corporate purposes.

Subsequent Event: Financing – Bank Facility

On October 29, 2024, the Company announced that a U.S. development bank, with whom the Company is engaged in project finance discussions, provided an updated schedule for the approval of a debt facility to fund the development of Dasa.
The bank confirmed its support for Dasa and its intention to approve a debt facility for US$295 million, which will cover 60% of the planned project costs (includes an interest reserve, working capital and contingency amounts). By early Q1 2025, the bank intends to conclude its approval process, including Committee and Board level approvals.

Global Atomic President and CEO, Stephen G. Roman commented, “Global Atomic is a unique investment opportunity. The Company’s Dasa Project is the highest-grade uranium project under development in Africa or anywhere else in the world outside of Canada’s Athabasca Basin. Dasa is also the only greenfield uranium project being actively developed today, with commissioning and production on track to take advantage of the anticipated uranium supply shortfall. Financially attractive with an IRR of 57% at a uranium price of US$75 per pound, Dasa is fully permitted and in the final stages of obtaining approval for the major component of its construction financing.”

“The financing by a U.S. development bank has taken longer than anticipated. We have, however, answered all geo-political concerns raised by the bank and provided the bank with support letters from the Niger government and U.S. customers who have signed off-take agreements with us for yellowcake delivery starting in 2026. We have developed a strong relationship with the bank over the last few years as they conducted their site visits and completed their due diligence from a technical and ESG perspective. The bank has told us they intend to complete their internal approval process by early Q1 2025.”

“Once we have the bank financing approved, we believe that there will be many more options available to fulfill any residual capital needs, including pre-payments related to off-take agreements. To date, we have in place off-take agreements for approximately one third of our production in each of the first five years of our current 23-year mine plan. We plan to layer in new contracts over time to take advantage of the anticipated ascent in the price of uranium.”

OUTLOOK

Dasa Uranium Project

The Dasa Project schedule remains on track to achieve commissioning in Q1 2026.
Project financing for the Dasa Project is expected to be completed in Q1 2025.
In parallel, alternate funding discussion continue.
Dasa Mine main ventilation raises are complete with fan installation underway. This will enable continued ramp and level development.
Increase the size of the in-country construction team, which will increase the overall site complement from 450 to approximately 900 workers during the 2025 construction period.
Complete final engineering, site development and civil works for the Dasa processing plant and begin installation of equipment.
Continue marketing efforts to secure additional uranium off-take agreements.

Turkish Zinc Joint Venture

Significant quantities of EAFD were accumulated during Q3 which supports continuous plant operations during Q4.
The Company anticipates operations at its Turkish JV will be profitable in Q4 2024 due to high EAFD inventories and stronger zinc prices.

COMPARATIVE RESULTS

The following table summarizes comparative results of operations of the Company:

	Three months ended September 30,		Nine months ended September 30,
(all amounts in C$)	2024	2023	2024	2023

Revenues	$ 2,306	$ 165,669	$ 578,321	$ 498,783

General and administration	1,706,619	1,539,895	5,691,586	6,179,047
Share of equity loss (gain)	312,629	3,215,405	(856,827)	8,150,927
Finance income, net	(45,946)	(353,635)	(385,691)	(958,763)
Foreign exchange loss (gain)	4,541,102	(3,435,995)	(799,202)	(621,889)
Net loss	$ (6,512,098)	$ (800,001)	$ (3,071,545)	$ (12,250,539)
Net income (loss) attributable to:
Shareholders of the Company	(6,453,203)	(804,775)	(3,032,334)	(12,280,586)
Non-controlling interests	(58,895)	4,774	(39,211)	30,047
Other comprehensive income (loss)	1,907,930	$ 2,524,768	$ 4,253,274	$ (274,231)
Comprehensive (loss) income	$ (4,604,168)	$ 1,724,767	$ 1,181,729	$ (12,524,770)
Comprehensive income (loss) attributable to:
Shareholders of the Company	(4,533,221)	1,732,294	1,204,001	(12,523,442)
Non-controlling interests	(70,947)	(7,527)	(22,272)	(1,328)

Basic and diluted net loss per share	($0.02)	$0.00	($0.01)	($0.06)

Basic weighted-average number of shares outstanding	222,971,204	202,191,445	213,820,468	196,386,501
Diluted weighted-average number of shares outstanding	222,971,204	202,191,445	213,820,468	196,386,501


	September 30,	December 31,
	2024	2023

Cash	$ 4,201,669	$ 24,857,915
Property, plant and equipment	192,555,446	129,986,343
Exploration & evaluation assets	1,637,782	1,370,358
Investment in joint venture	15,987,445	12,628,251
Other assets	3,471,915	8,755,878
Total assets	$ 217,854,257	$ 177,598,745

Total liabilities	$ 21,534,421	$ 19,412,976

Total equity	$ 196,319,836	$ 158,185,769

The condensed interim consolidated financial statements reflect the equity method of accounting for Global Atomic’s interest in the Turkish JV. The Company’s share of net earnings and net assets are disclosed in the notes to the financial statements.

Uranium Business

Niger Mining Company

On December 23, 2020, GAFC was granted a Mining Permit for the Dasa Project on behalf of a Niger mining company to be incorporated. The Mining Permit is valid for an initial term of 10 years and is renewable for successive five-year terms until the resource is depleted. The Company’s Niger mining subsidiary, Société Minière de DASA S.A. (“SOMIDA”) was incorporated on August 11, 2022. In accordance with the mining agreement signed by GAFC and the Republic of Niger on September 25, 2007, the latter received a 10% free carried interest in the mining subsidiary and exercised its right to subscribe for an additional 10%, resulting in a total ownership of 20% of the shares of SOMIDA. Under the terms of the Company’s Mining Agreement, the Republic of Niger commits to fund its proportionate share of capital costs and operating deficits for the additional 10% interest. The Republic of Niger has no further option to increase its ownership.

Project Development Schedule

Mine development activities at the Dasa Project have been underway since November 2022. The current mine plan has been developed to coincide with the start-up of the processing plant in Q1 2026, with a target surface stockpile of 2 to 3 months production available for the processing plant at any time. Long lead equipment purchases have been made and detailed engineering is well advanced. Although some earthworks projects have been undertaken by SOMIDA and its staff over the past year, full-scale earthworks have been contracted out and commenced in May. Civils works have begun and processing plant equipment will begin arriving at site in Q4 2024. Erection of the processing plant and site infrastructure will take place from Q1 2025 through Q1 2026, with commissioning beginning in Q1 2026. Processing of ore through the plant is expected to begin in Q1 2026.

Project Financing

The Company has been advancing Project Financing. On October 10, 2023, the Company announced that because of the Coup d’Etat designation of the situation in Niger by the U.S. Government, the U.S. development bank would temporarily put the project financing on hold. The Company was subsequently advised that the U.S. Government expressed support for the Dasa Project, and the U.S. development bank was authorized to re-engage with the Company. The bank provided an updated schedule that the bank intends to conclude its approval process by Q1 2025, including Committee and Board level approvals. It is expected that the project financing will provide 60% of the total project costs plus 50% of the cost overrun facility.

The Company is also in discussions with alternative financing sources that are available. Such parallel discussions will continue so that alternative financing is available in case the banks further delay their approval process or choose not to proceed.

Turkish Zinc JV EAFD Operations

Global Atomic holds a 49% interest in Befesa Silvermet Turkey, S.L. (“BST” or the “Turkish JV”) which owns and operates an EAFD processing plant in Iskenderun, Türkiye. The plant processes EAFD containing 25% to 30% zinc that is obtained from electric arc steel mills, and produces a zinc concentrate grading 65% to 68% zinc that is then sold to zinc smelters. The Company’s investment is accounted for using the equity basis of accounting. Under this basis of accounting, the Company’s share of the BST’s earnings is shown as a single line in its Consolidated Statements of Income (Loss).

The following table summarizes comparative results for three and nine months ended September 30, 2024 and 2023 of the Turkish JV at 100%:

	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
	100 %	100 %	100 %	100 %
Net sales revenues	$ 5,874,044	$ 6,913,357	$ 28,897,876	$ 18,929,400
Cost of sales	4,026,866	10,758,575	20,328,867	27,387,786
Foreign exchange gain	22,375	6,236	351,129	908,851
EBITDA⁽¹⁾	$ 1,869,553	$ (3,838,982)	$ 8,920,138	$ (7,549,535)

Management fees & sales commissions	18,516	377,112	1,254,250	1,104,582
Depreciation	1,836,208	1,209,775	3,220,670	2,690,056
Interest expense	470,285	715,927	1,463,639	1,508,049
Foreign exchange loss	250,728	1,819,919	1,305,859	4,590,112
Monetary (loss) gain	(965,160)	3,278,789	(1,315,016)	4,379,811
Tax (recovery) expense	(1,055,700)	1,872,890	(1,739,051)	2,663,171
Net (loss) income	$ (638,019)	$ (6,562,052)	$ 1,748,626	$ (16,634,545)
Global Atomic’s equity share	$ (312,629)	$ (3,215,405)	$ 856,827	$ (8,150,927)

Global Atomic’s share of EBITDA	$ 916,081	$ (1,881,101)	$ 4,370,868	$ (3,699,272)

(1)

EBITDA is a non-IFRS measure, does not have a standardized meaning prescribed by IFRS and may not be comparable to similar terms and measures presented by other issuers. EBITDA comprises earnings before income taxes, interest expense (income), foreign exchange loss (gain) on debt and bank, depreciation, management fees, sales commissions, losses (gains) on sale of property, plant and equipment.

The Turkish JV realized significant growth in revenues during the nine months ended September 2024 compared to 2023. Operations for the nine months ended 2023 were adversely affected by significant earthquakes in Türkiye. In the nine months ended September 2024, the Turkish JV sold 20.6 million pounds of zinc concentrate, increase from the 17.8 million pounds sold in the corresponding period last year. Despite the LME zinc price remaining stable year over year, the profit margin experienced a positive impact primarily attributed to reduced unit costs in EAFD and coking coal, resulting in a favorable EBITDA.

Sales recorded in Q3 2024 reflect EAFD processed in June 2024 which was subsequently delivered to the smelters in July 2024. In Q3 2024, limited EAFD was processed due to a planned maintenance shutdown and work stoppage pending a new employee contract, which has now been negotiated. During this time the company accumulated EAFD inventory and anticipates achieving full operational capacity by Q4 2024.

The cash balance of the Turkish Zinc JV was US$3.3 million at September 30, 2024.

The following table summarizes comparative operational metrics of the Iskenderun facility.

	Three months ended September 30,		Nine months ended September 30,
	2024	2023	2024	2023
	100 %	100 %	100 %	100 %

Exchange rate (C$/TL, average)	24.58	19.99	23.73	16.53
Exchange rate (US$/C$, average)	1.36	1.34	1.36	1.35

Exchange rate (C$/TL, period-end)	25.32	20.28	25.32	20.28
Exchange rate (US$/C$, period-end)	1.35	1.35	1.35	1.35

Average monthly LME zinc price (US$/lb)	1.26	1.10	1.22	1.22

EAFD processed (DMT)	54	21,197	39,206	44,556

Production (DMT)	–	5,887	12,757	12,866
Sales (DMT)	2,749	2,881	14,315	12,387

Sales (zinc content ‘000 lbs)	3,969	4,109	20,593	17,853

Qualified Person

The scientific and technical disclosures in this Management’s Discussion and Analysis have been extracted from the 2024 Feasibility Study, which was reviewed and approved by Dmitry Pertel, M.Sc., MAIG, John Edwards, B.Sc. Hons., FSAIMM, Andrew Pooley, B. Eng (Hons)., FSAIMM who are “qualified persons” under National Instrument 43-101 – Standards of Disclosure for Mineral Properties.

About Global Atomic

Global Atomic Corporation (www.globalatomiccorp.com) is a publicly listed company that provides a unique combination of high-grade uranium mine development and cash-flowing zinc concentrate production.

The Company’s Uranium Division is currently developing the fully permitted, large, high grade Dasa Deposit, discovered in 2010 by Global Atomic geologists through grassroots field exploration. The “First Blast Ceremony” occurred on November 5, 2022, and commissioning of the processing plant is scheduled for Q1, 2026. Global Atomic has also identified 3 additional uranium deposits in Niger that will be advanced with further assessment work.

Global Atomic’s Base Metals Division holds a 49% interest in the Befesa Silvermet Turkey, S.L. (BST) Joint Venture, which operates a modern zinc recycling plant, located in Iskenderun, Türkiye. The plant recovers zinc from Electric Arc Furnace Dust (EAFD) to produce a high-grade zinc oxide concentrate which is sold to zinc smelters around the world. The Company’s joint venture partner, Befesa Zinc S.A.U. (Befesa) holds a 51% interest in and is the operator of the BST Joint Venture. Befesa is a market leader in EAFD recycling, with approximately 50% of the European EAFD market and facilities located throughout Europe, Asia and the United States of America.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

The information in this release may contain forward-looking information under applicable securities laws. Forward-looking information includes, but is not limited to, statements with respect to completion of any financings; Global Atomics’ development potential and timetable of its operations, development and exploration assets; Global Atomics’ ability to raise additional funds necessary; the future price of uranium; the estimation of mineral reserves and resources; conclusions of economic evaluation; the realization of mineral reserve estimates; the timing and amount of estimated future production, development and exploration; cost of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; currency exchange rates; government regulation of mining operations; and environmental and permitting risks. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “is expected”, “estimates”, variations of such words and phrases or statements that certain actions, events or results “could”, “would”, “might”, “will be taken”, “will begin”, “will include”, “are expected”, “occur” or “be achieved”. All information contained in this news release, other than statements of current or historical fact, is forward-looking information. Statements of forward-looking information are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Global Atomic to be materially different from those expressed or implied by such forward-looking statements, including but not limited to those risks described in the annual information form of Global Atomic and in its public documents filed on SEDAR from time to time.

Forward-looking statements are based on the opinions and estimates of management at the date such statements are made. Although management of Global Atomic has attempted to identify important factors that could cause actual results to be materially different from those forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance upon forward-looking statements. Global Atomic does not undertake to update any forward-looking statements, except in accordance with applicable securities law. Readers should also review the risks and uncertainties sections of Global Atomics’ annual and interim MD&As.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

SOURCE Global Atomic Corporation

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Markets News

Safe Harbor Financial's $3.3M Comeback: Turning Losses Into Profit Despite Revenue Drop

12.11.2024 by admin

Safe Harbor Financial SHFS reported a significant turnaround in the third quarter of 2024, achieving a net income of $354,000 – a stark improvement from the $748,000 loss in the same quarter of 2023. However, total revenue declined by 20%, dropping from $4.3 million to $3.5 million. The company attributed this decline to lower deposit and onboarding income following the Abaca acquisition.

Get Benzinga’s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. You can’t afford to miss out if you’re serious about the business.

Operating Expenses Drop Amid Cost-Cutting Efforts

Operating expenses decreased by 13%, down to $3.3 million from $3.8 million in Q3 2023. The company made cuts across several areas, including employee compensation, rent and general administrative costs. These reductions contributed to improved profitability, bolstered by a 48% increase in loan interest income, which reached $1.3 million.

“Our strategic priorities focused on innovation, operational excellence, and client service,” said CEO Sundie Seefried. “We delivered strong loan interest income growth and significantly improved net income while maintaining disciplined expense management.”

Nine-Month Results Reflect Strong Recovery

For the first nine months of 2024, Safe Harbor posted a net income of $3.3 million, a reversal from the $19.8 million net loss reported during the same period in 2023.

Revenue for the nine months totaled $11.6 million, down from $13.1 million last year, but operating expenses were slashed by 66%, falling to $10.8 million.

Despite ongoing regulatory challenges in the cannabis sector, Seefried expressed confidence in the company’s position, highlighting Safe Harbor’s commitment to long-term growth and shareholder value.

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Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!

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Taboola to Participate in Upcoming Investor Conferences

12.11.2024 by admin

NEW YORK, Nov. 12, 2024 (GLOBE NEWSWIRE) — Taboola TBLA, a global leader in powering recommendations for the open web, today announced that members of its management team will participate in the following investor conferences:

Event: Seaport Digital Media & Advertising Conference
Date: November 18, 2024
Presentation Time: 1:45 p.m. ET

Event: UBS Global Technology & AI Conference
Date: December 2 and 3, 2024
Presentation Time: 6:15 p.m. ET

Event: UBS Global Media & Communications Conference
Date: December 9, 2024
Presentation Time: 3:00 p.m. ET

A live webcast and replay of the fireside chats will be available on Taboola’s investor relations website at www.taboola.com/about/investors.

About Taboola
Taboola is a market leading technology powering recommendations for the open web.

The Company’s platform, powered by artificial intelligence, is used by digital properties, including websites, devices and mobile apps, to drive monetization and user engagement. Taboola has long-term partnerships with some of the top digital properties in the world, including CNBC, BBC, NBC News, Business Insider, The Independent and El Mundo.

Approximately 18,000 advertisers use Taboola to reach nearly 600 million daily active users in a brand-safe environment. Following the acquisition of Connexity in 2021, Taboola is a leader in powering e-commerce recommendations, driving more than 1 million monthly transactions. Leading brands, including Walmart, Macy’s, Wayfair, Skechers and eBay are among key customers.

Learn more at www.taboola.com and follow @taboola on X.

Investor Contact:
Jessica Kourakos & Aadam Anwar
investors@taboola.com

Press Contact:
Dave Struzzi
press@taboola.com

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Lastest news News

Taboola to Participate in Upcoming Investor Conferences

12.11.2024 by admin

Event: Seaport Digital Media & Advertising Conference
Date: November 18, 2024
Presentation Time: 1:45 p.m. ET

Event: UBS Global Technology & AI Conference
Date: December 2 and 3, 2024
Presentation Time: 6:15 p.m. ET

Event: UBS Global Media & Communications Conference
Date: December 9, 2024
Presentation Time: 3:00 p.m. ET

A live webcast and replay of the fireside chats will be available on Taboola’s investor relations website at www.taboola.com/about/investors.

About Taboola
Taboola is a market leading technology powering recommendations for the open web.

Learn more at www.taboola.com and follow @taboola on X.

Investor Contact:
Jessica Kourakos & Aadam Anwar
investors@taboola.com

Press Contact:
Dave Struzzi
press@taboola.com

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IRG Acquires Well-Positioned Industrial Portfolio in St. Cloud

12.11.2024 by admin

Central Minnesota Site Features Nearly 1 Million Square Feet

ST. CLOUD, Minn. , Nov. 12, 2024 /PRNewswire/ — Industrial Realty Group, LLC (IRG), one of the country’s largest owners of commercial and industrial properties, announced today that it has acquired a 965,134 square foot industrial portfolio in Central Minnesota.

The eight buildings acquired are part of the St. Cloud Industrial Park. Long the home to the fulfillment operation of Publisher’s Clearinghouse (PCH), IRG intends to redevelop and lease the buildings as PCH vacates space in the near future.

“IRG has a strong track record of acquiring similar assets and securing job-creating companies to lease the space,” said Justin Lichter, Chief Investment Officer of IRG. “We will continue to work in concert with local stakeholders to develop a plan benefiting the economy and community in St. Cloud.”

Minnesota has long been a market of interest for IRG, which holds approximately 4.8 million square feet of space in the state. This includes Rochester Technology Campus, home to IBM.

While the majority of the space in St. Cloud is currently leased, the transition out of several buildings by PCH provides the opportunity to attract a diverse mix of flex, distribution, warehousing and manufacturing users. Future space availabilities will range from +/- 50,000 to +/- 500,000 square feet. The property also has convenient access to both I-94 and Highway 10 and is railed served.

For Acquisition Inquiries –	Peter Goffstein, Executive Vice President, IRG
	pgoffstein@irg.cc, 513-404-6401

About IRG

IRG is a nationwide real estate development and investment firm specializing in the acquisition, development and management of commercial and industrial real estate throughout the United States. IRG, through its affiliated partnerships and limited liability companies, operates a portfolio containing over 150 properties in 31 states with over 100 million square feet of rentable space. IRG is nationally recognized as a leading force behind the adaptive reuse of commercial and industrial real estate, solving some of America’s most difficult real estate challenges.

Learn more at www.industrialrealtygroup.com.

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