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Ceragon Reports 20% Growth in the Fourth Quarter of 2023; Exceeds Full-Year 2023 Guidance

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9 months ago

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Company Guides for Double Digit Growth; Targeting to Further Penetrate Private Network Markets  

ROSH HA’AIN, Israel, Feb. 20, 2024 /PRNewswire/ — Ceragon Networks Ltd. (NASDAQ: CRNT), the global innovator and leading solutions provider of 5G wireless transport, today reported its financial results for the fourth quarter and full year period ended December 31, 2023.

Q4 2023 Financial Highlights:

Revenues of $90.4 million, up 20% year-over-yearSiklu acquisition, which closed on December 4, 2023, contributed modestly to quarterly revenue, in-line with expectationsOperating income of $4.2 million on a GAAP basis, or $7.8 million on a non-GAAP basisNet loss of $(1.2) million on a GAAP basis, and net income of $3.7 million on a non-GAAP basisEPS of $(0.01) per diluted share on a GAAP basis, or $0.04 per diluted share on a non-GAAP basis

FY 2023 Financial Highlights:

Revenues of $347.2 million, up 18% year-over-year, exceeding full-year guidanceCeragon would have achieved the higher-end of its full-year revenue guidance even without contribution from SikluOperating income of $21.2 million on a GAAP basis, or a record $29.0 million on a non-GAAP basisNet income of $6.2 million on a GAAP basis, and $16.7 million on a non-GAAP basisEPS of $0.07 per diluted share on a GAAP basis, or $0.20 per diluted share on a non-GAAP basis

Q4 2023 Business Highlights:

Completed the acquisition of Siklu, expanding presence in North America and augmenting Ceragon’s offering in the Fixed Wireless Access marketNorth America:Continued strong bookings, supported by demand for 5G capabilities from Tier-1 customers and increased footprint with private network customersFourth consecutive quarter of revenues exceeding $20 millionIndia:Continued strong bookings, including initial orders from the approximately $150 million project from global integrator, in support of a network modernization project for a Tier 1 OperatorStrongest region in terms of revenue, with record quarterly revenue since Q2 2018

Doron Arazi, CEO, commented: “Ceragon delivered revenue growth that exceeded our full-year outlook and record full-year non-GAAP operating income. We are encouraged with the recent acquisition of Siklu bolstering our position in the fastest-growing verticals of our market, and continued strong demand for our solutions. In our two key markets, North America and India, we continue to experience strong demand and we remain optimistic that these markets will continue to drive our growth. During 2023, we expanded our presence in the private network market, establishing a scalable foundation for continued growth.”

“We have also reached the point where we can unlock meaningful operating leverage,” continued Arazi. “Our non-GAAP gross margins in the quarter exceeded 35%, and we delivered record levels of annual non-GAAP operating profit. Ceragon has also generated significant full-year free cash flow, enabling us to continue enhancing our product portfolio while growing our profitability.” 

Primary Fourth Quarter 2023 Financial Results:

Revenues were $90.4 million, up 20% from $75.5 million in Q4 2022 and up 3.6% from $87.3 million in Q3 2023.

Gross profit was $31.1 million, giving us a gross margin of 34.4%, compared to gross margin of 32.5% in Q4 2022 and 34.7% in Q3 2023. 

Operating income was $4.2 million compared to $(10.6) million for Q4 2022 and $6.7 million for Q3 2023. The fourth quarter of 2023 included expenses related to the acquisition of Siklu and the consolidation of Siklu results since closing on December 4, 2023. 

Net income (loss) was $(1.2) million, or $(0.01) per diluted share, compared to $(15.0) million, or $(0.18) per diluted share for Q4 2022 and $3.4 million, or $0.04 per diluted share for Q3 2023.

Non-GAAP results were as follows: Gross margin was 35.1%, operating profit was $7.8 million, and net income of $3.7 million, or $0.04 per diluted share. Management continues to expect Siklu to be accretive to non-GAAP earnings by the second-half of 2024. 

Primary Full-Year 2023 unaudited Financial Results:

Revenues were $347.2 million, up 18% from $295.2 million in 2022. 

Gross profit was $119.9 million, giving us a gross margin of 34.5%, compared to a gross margin of 31.5% in 2022. 

Operating income (loss) was $21.2 million compared to $(10.9) million for 2022. 

Net income (loss) was $6.2 million, or $0.07 per diluted share, compared to $(19.7) million, or $(0.23) per diluted share for 2022.

Non-GAAP results were as follows: Gross margin was 34.8%, operating profit was $29.0 million, and net income was $16.7 million, or $0.20 per diluted share.

Balance Sheet

Cash and cash equivalents were $28.2 million at December 31, 2023, compared to $22.9 million at December 31, 2022.

For a reconciliation of GAAP to non-GAAP results, see the attached tables.

Revenue Breakout by Geography:

Q4 2023

India

34 %

North America    

27 %

Latin America    

13 %

Europe     

11 %

Africa    

8 %

APAC   

7 %

 

Outlook
For 2024, management expects:

Revenue of $385 million to $405 million, representing growth of 11% to 17% compared to 2023 revenue. This guidance includes the contribution from Siklu, which was acquired in December 2023.Non-GAAP operating margins are targeted to be at least 10% at the mid-point of the revenue guidance.As a result, management expects increased non-GAAP profit and positive free cash flow for the full year of 2024.

Conference Call

The Company will host a Zoom web conference today at 8:30 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. 

Investors are invited to register by clicking here. All relevant information will be sent upon registration. 

If you are unable to join the live call, a replay will be available on our website at www.ceragon.com within 24 hours after the call. 

About Ceragon Networks

Ceragon Networks Ltd. (NASDAQ: CRNT) is the global innovator and leading solutions provider of 5G wireless transport. We help operators and other service providers worldwide increase operational efficiency and enhance end customers’ quality of experience with innovative wireless backhaul and fronthaul solutions. Our customers include service providers, public safety organizations, government agencies and utility companies, which use our solutions to deliver 5G & 4G broadband wireless connectivity, mission-critical multimedia services, stabilized communications, and other applications at high reliability and speed.

Ceragon’s unique multicore technology and disaggregated approach to wireless transport provides highly reliable, fast to deploy, high-capacity wireless transport for 5G and 4G networks with minimal use of spectrum, power, real estate, and labor resources. It enables increased productivity, as well as simple and quick network modernization, positioning Ceragon as a leading solutions provider for the 5G era. We deliver a complete portfolio of turnkey end-to-end AI-based managed and professional services that ensure efficient network rollout and optimization to achieve the highest value for our customers. Our solutions are deployed by more than 400 service providers, as well as more than 800 private network owners, in more than 150 countries. For more information please visit: www.ceragon.com.

Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON ® is a trademark of Ceragon Networks Ltd., registered in various countries. Other names mentioned are owned by their respective holders.

Safe Harbor

This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon’s management about Ceragon’s business, financial condition, results of operations, micro and macro market trends and other issues addressed or reflected therein. Examples of forward-looking statements include, but are not limited to, statements regarding: projections of demand, revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, order timing, supply chain and shipping, components availability; growth prospects, product development, financial resources, cost savings and other financial and market matters. You may identify these and other forward-looking statements by the use of words such as “may”, “plans”, “anticipates”, “believes”, “estimates”, “targets”, “expects”, “intends”, “potential” or the negative of such terms, or other comparable terminology, although not all forward-looking statements contain these identifying words.

Although we believe that the projections reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material. Such forward-looking statements involve known and unknown risks and uncertainties that may cause Ceragon’s future results or performance to differ materially from those anticipated, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the effects of global economic trends, including recession, rising inflation, rising interest rates, commodity price increases and fluctuations, commodity shortages and exposure to economic slowdown; The effects of the evolving nature of the war situation in Israel, including in Gaza with the Hamas and in Lebanon with the Hezbollah and the related evolving regional conflict, including without limitation, the Houti attacks on marine vessels; risks associated with delays in the transition to 5G technologies and in the 5G rollout; the risks associated with the introduction of new products to the market, including but not limited to potential delays, unexpected costs, regulatory hurdles and potential technical flaws; risks relating to the concentration of our business on a limited number of large mobile operators and the fact that the significant weight of their ordering, compared to the overall ordering by other customers, coupled with inconsistent ordering patterns, could negatively affect us; risks resulting from the volatility in our revenues, margins and working capital needs; disagreements with tax authorities regarding tax positions that we have taken could result in increased tax liabilities;  the high volatility in the supply needs of our customers, which from time to time lead to delivery issues and may lead to us being unable to timely fulfill our customer commitments; risks associated with inaccurate forecasts or business changes, which may expose us to inventory-related losses on inventory purchased by our contract manufacturers and other suppliers, to increased expenses should unexpected production ramp up be required, or to write off to parts of our inventory, which would increase our cost of revenues; potential adverse reactions or changes to business relationships resulting from the completion of the transaction with Siklu, and ongoing or potential litigations or disputes, incidental to the conduct of Siklu’s business and other risks related to the integration of Siklu’s business into Ceragon business; disagreements with tax authorities regarding tax positions that we have taken could result in increased tax liabilities and such other risks, uncertainties and other factors that could affect our results of operation, as further detailed in Ceragon’s most recent Annual Report on Form 20-F, as published on May 1, 2023, as well as other documents that may be subsequently filed by Ceragon from time to time with the SEC. 

We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Ceragon does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.

While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Ceragon’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Ceragon does not assume any obligation to update any forward-looking statements unless required by law.

The results reported in this press-release are preliminary and unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.

Ceragon’s public filings are available on the Securities and Exchange Commission’s website at www.sec.gov and may also be obtained from Ceragon’s website at www.ceragon.com. 

Ceragon Investor & Media Contact:

Rob Fink 
FNK IR
Tel. 1+646-809-4048
crnt@fnkir.com 

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, U.S. dollars in thousands, except share and per share data)

(Unaudited)

Three months ended

December 31,

Year ended

December 31,

2023

2022

2023

2022

Revenues

$     90,359

$    75,531

$  347,179

$  295,173

Cost of revenues

59,296

50,999

227,310

202,110

Gross profit

31,063

24,532

119,869

93,063

Operating expenses:

Research and development, net

9,070

8,080

32,274

29,690

Sales and Marketing

10,544

8,998

40,577

35,795

General and administrative

6,445

17,826

23,793

34,295

Restructuring and related charges

–

–

897

–

Acquisition and integration-related charges

835

–

1,118

–

Other operating expenses (*)

–

249

–

4,220

Total operating expenses

26,894

35,153

98,659

104,000

Operating income (loss)

4,169

(10,621)

21,210

(10,937)

Financial expenses and others, net

3,402

3,012

8,468

6,306

Income (loss) before taxes

767

(13,633)

12,742

(17,243)

Taxes on income

1,970

1,385

6,522

2,446

Net income (loss)

$     (1,203)

$   (15,018)

$      6,220

$   (19,689)

Basic net income (loss) per share

$       (0.01)

$       (0.18)

$        0.07

$       (0.23)

Weighted average number of shares used in computing  basic net income (loss) per share

85,054,173

84,347,548

84,617,774

84,132,982

Diluted net income (loss) per share

$       (0.01)

$       (0.18)

$        0.07

$       (0.23)

Weighted average number of shares used in computing diluted net income (loss) per share

85,054,173

84,347,548

85,482,626

84,132,982

(*) Hostile attempt related costs.

                                  

CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

December 31,

2023

December 31,

2022

ASSETS

Unaudited

Audited

CURRENT ASSETS:

Cash and cash equivalents

$            28,237

$           22,948

Trade receivables, net

104,321

100,034

Other accounts receivable and prepaid expenses

16,571

15,756

Inventories

68,811

72,009

Total current assets

217,940

210,747

NON-CURRENT ASSETS:

   Severance pay and pension fund

4,985

4,633

   Property and equipment, net

30,659

29,456

   Operating lease right-of-use assets

18,837

17,962

   Intangible assets, net

16,401

8,208

   Goodwill

7,749

–

    Other non-current assets

1,954

18,312

Total non-current assets

80,585

78,571

Total assets

$         298,525

$         289,318

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Trade payables

67,032

67,384

Deferred revenues

5,507

3,343

Short-term loans

32,600

37,500

Operating lease liabilities

3,889

3,745

Other accounts payable and accrued expenses

23,925

20,864

Total current liabilities

132,953

132,836

LONG-TERM LIABILITIES:

Accrued severance pay and pension

9,399

9,314

Deferred revenues

670

11,545

Other long-term payables

7,768

2,653

Operating lease liabilities

13,716

13,187

Total long-term liabilities

31,553

36,699

SHAREHOLDERS’ EQUITY:

Share capital:

     Ordinary shares

222

224

Additional paid-in capital

437,161

432,214

Treasury shares at cost

(20,091)

(20,091)

Other comprehensive loss

(8,085)

(11,156)

Accumulated deficit

(275,188)

(281,408)

Total shareholders’ equity

134,019

119,783

Total liabilities and shareholders’ equity

$        298,525

$          289,318

 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(Unaudited, U.S. dollars, in thousands)

(Unaudited)

Three months ended

December 31,

Year ended

December 31,

2023

2022

2023

2022

Cash flow from operating activities:

Net income (loss)

$       (1,203)

$      (15,018)

$        6,220

$     (19,689)

Adjustments to reconcile net income (loss) to net cash
  provided by (used in) operating activities:

Depreciation and amortization

2,466

2,622

9,967

11,040

Loss from sale of property and equipment, net

–

–

61

20

Stock-based compensation expense

938

958

3,964

3,560

Increase (decrease) in accrued severance pay and pensions, net

88

245

(267)

(445)

Decrease (increase) in trade receivables, net

1,856

15,942

(2,370)

18,428

Decrease (increase) in other accounts receivable and prepaid
  expenses (including other long term assets)

15,085

1,414

16,994

(345)

Decrease (increase) in inventory

4,681

(7,845)

6,303

(11,155)

Decrease in operating lease right-of-use assets

794

845

3,781

3,571

Increase in trade payables

(1,121)

(5,191)

(1,847)

(2,018)

Increase (decrease) in other accounts payable and accrued
  expenses (including other long term liabilities)

(2,720)

(2,190)

1,677

(4,154)

Decrease in operating lease liability

(73)

(779)

(4,034)

(5,937)

Increase (decrease) in deferred revenues

(9,830)

494

(9,562)

2,229

Net cash provided by (used in) operating activities

$      10,961

$        (8,503)

$       30,887

$      (4,895)

Cash flow from investing activities:

Purchases of property and equipment, net

(2,548)

(1,432)

(9,955)

(10,464)

Purchases of intangible assets

(661)

(697)

(2,944)

(1,957)

Payments made in connection with business acquisitions, net
  of acquired cash

(7,971)

–

(7,971)

–

Net cash used in investing activities

$      (11,180)

$          (2,129)

$     (20,870)

$     (12,421)

Cash flow from financing activities:

Proceeds from exercise of options

9

–

39

410

Proceeds from (repayments of) bank credits and loans, net

(5,600)

7,600

(4,900)

22,700

Net cash provided by (used in) financing activities

$        (5,591)

$           7,600

$        (4,861)

$      23,110

Translation adjustments on cash and cash equivalents

$              81

$                16

$            133

$             75

Increase (decrease) in cash and cash equivalents

$        (5,729)

$          (3,016)

$         5,289

$        5,869

Cash and cash equivalents at the beginning of the period

33,966

25,964

22,948

17,079

Cash and cash equivalents at the end of the period

$        28,237

$          22,948

$        28,237

$      22,948

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(U.S. dollars in thousands, except share and per share data

(Unaudited)

Three months ended

         Year ended

December 31,

December 31,

2023

2022

2023

2022

GAAP cost of revenues

$

59,296

$

50,999

$

227,310

$

202,110

Stock-based compensation expenses

(115)

(169)

(482)

(587)

Changes in indirect tax positions

–

(279)

(3)

(281)

Amortization of acquired intangible assets

(57)

–

(57)

–

Excess cost on acquired inventory in business combination*

(525)

–

(525)

–

Non-GAAP cost of revenues

$

58,599

$

50,551

$

226,243

$

201,242

GAAP gross profit

$

31,063

$

24,532

$

119,869

$

93,063

Stock-based compensation expenses

115

169

482

587

Changes in indirect tax positions

–

279

3

281

Amortization of acquired intangible assets

57

–

57

–

Excess cost on acquired inventory in business combination

525

–

525

–

Non-GAAP gross profit

$

31,760

$

24,980

$

120,936

$

93,931

GAAP Research and development expenses

$

9,070

$

8,080

$

32,274

$

29,690

Stock-based compensation expenses

(156)

(217)

(828)

(405)

Loss from termination of joint development agreement

(1,199)

–

(1,199)

–

Non-GAAP Research and development expenses

$

7,715

$

7,863

$

30,247

$

29,285

GAAP Sales and Marketing expenses

$

10,544

$

8,998

$

40,577

$

35,795

Stock-based compensation expenses

(320)

(393)

(1,416)

(1,355)

Amortization of acquired intangible assets

(49)

–

(49)

–

Non-GAAP Sales and Marketing expenses

$

10,175

$

8,605

$

39,112

$

34,440

GAAP General and Administrative expenses

$

6,445

$

17,826

$

23,793

$

34,295

Stock-based compensation expenses

(347)

(179)

(1,238)

(1,213)

Retired CEO compensation

–

–

–

96

Non-GAAP General and Administrative expenses

$

6,098

$

17,647

$

22,555

$

33,178

GAAP Restructuring and related charges

$

–

$

–

$

897

$

–

Restructuring and related charges

–

–

(897)

–

Non-GAAP restructuring and related charges

$

–

$             –

$               –

$               –

GAAP Acquisition and integration-related charges

$

835

$

–

$

1,118

$

–

Acquisition and integration-related

(835)

–

(1,118)

–

Non-GAAP acquisition and integration-related charges

$

–

$             –

$               –

$               –

GAAP Other operating expenses

$

–

$

249

$

–

$

4,220

Hostile attempt related costs

–

(249)

–

(4,220)

Non-GAAP other operating expenses

$

–

$             –

$               –

$               –

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(U.S. dollars in thousands, except share and per share data

(Unaudited)

Three months ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

GAAP operating income (loss)                        

$

4,169

$

(10,621)

$

21,210

$

(10,937)

Stock-based compensation expenses

938

958

3,964

3,560

Changes in indirect tax positions

–

279

3

281

Amortization of acquired intangible assets

106

–

106

–

Excess cost on acquired inventory in business combination*

525

–

525

–

Loss from termination of joint development agreement

1,199

–

1,199

–

Retired CEO compensation

–

–

–

(96)

Hostile attempt related costs

–

249

–

4,220

Restructuring and other charges

–

–

897

–

Acquisition and integration-related charges

835

–

1,118

–

Non-GAAP operating income (loss)

$

7,772

$

(9,135)

$

29,022

$

(2,972)

GAAP financial expenses and others, net

$

3,402

$

3,012

$

8,468

$

6,306

Non-cash revaluation associated with acquisition

(110)

–

(110)

–

Leases – financial income (expenses)

(754)

(154)

253

2,278

Non-GAAP financial expenses & others, net

$

2,538

$

2,858

$

8,611

$

8,584

GAAP Tax expenses

$

1,970

$

1,385

$

6,522

$

2,446

Non–cash tax adjustments

(478)

(851)

(2,851)

(1,278)

Non-GAAP Tax expenses

$

1,492

$

534

$

3,671

$

1,168

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS

(U.S. dollars in thousands, except share and per share data

(Unaudited)

Three months ended

Year Ended

December 31,

December 31,

2023

2022

2023

2022

GAAP net income (loss)

$

(1,203)

$

(15,018)

$

6,220

$

(19,689)

Stock-based compensation expenses

938

958

3,964

3,560

Changes in indirect tax positions

–

279

3

281

Amortization of acquired intangible assets

106

–

106

–

Excess cost on acquired inventory in business combination*

525

–

525

–

Loss from termination of joint development agreement

1,199

–

1,199

–

Retired CEO compensation

–

–

–

(96)

Hostile attempt related costs

–

249

–

4,220

Restructuring and other charges

–

–

897

–

Acquisition and integration-related charges

835

–

1,118

–

Non-cash revaluation associated with acquisition

110

–

110

–

Non-cash tax adjustments

478

851

2,851

1,278

Leases – financial income (expenses)

754

154

(253)

(2,278)

Non-GAAP net income (loss) 

$

3,742

$

(12,527)

$

16,740

$

(12,724)

GAAP Basic net income (loss) per share

$

(0.01)

$

(0.18)

$

0.07

$

(0.23)

GAAP Diluted net income (loss) per share

$

(0.01)

$

(0.18)

$

0.07

$

(0.23)

Non GAAP Diluted net income (loss) per share (**)

$

0.04

$

(0.15)

$

0.20

$

(0.15)

(*) Consists of charges to cost of revenues for the difference between the fair value of acquired inventory in business combination, which was recorded at fair value, and the actual cost of this inventory, which impacts the Company’s gross profit.
(**) Weighted average number of shares used in computing diluted net income (loss) per share is the same as in GAAP

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Nuvilab: Advancing School Nutrition with AI-Powered Nutrition Coaching, Wins CES 2025 Innovation Award

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21 minutes ago

on

November 15, 2024

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SEOUL, South Korea, Nov. 15, 2024 /PRNewswire/ — Nuvilab announced that its innovative AI nutrition coaching solution, NutriTrex, was awarded the CES 2025 Innovation Award in the Digital Health category. This prestigious honor highlights Nuvilab’s groundbreaking approach to promoting healthy eating habits among children and adolescents, marking its third CES Innovation Award following recognition in 2021 for Digital Health and Sustainability advancements.

The AI nutrition coaching solution seamlessly integrates into schools and daycare centers, using AI to provide real-time feedback and personalized suggestions for children’s meals. By engaging children, teachers, and parents in a collaborative environment, Nuvilab empowers young learners to build lasting healthy eating habits. The platform not only tracks meal patterns but also offers actionable insights to support lifelong wellness, making healthy eating both fun and interactive.

CEO Logan Kim stated, “We are honored to see our solution recognized on the global stage. Nuvilab’s technology is transforming school nutrition environments in Korea and beyond, fostering healthier habits in children and creating meaningful impacts on their lifelong well-being. This award reaffirms our commitment to expanding our mission worldwide.”

With this CES accolade, Nuvilab is poised to accelerate its expansion into North America and other global markets. The company is actively collaborating with international clients in the food service sector, with plans to extend its reach into areas where nutrition management is essential.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nuvilab-advancing-school-nutrition-with-ai-powered-nutrition-coaching-wins-ces-2025-innovation-award-302306948.html

SOURCE Nuvilab

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MDA SPACE REPORTS THIRD QUARTER 2024 RESULTS

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21 minutes ago

on

November 15, 2024

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Q3 2024 Highlights Significant backlog of $4.6 billion at quarter-end, up 49% YoYStrong top line growth with revenues of $282.4 million, up 38% YoYSolid profitability with adjusted EBITDA1 of $55.5 million, up 30% YoY, and adjusted EBITDA margin1 of 19.7%Solid adjusted net income1 of $34.7 million, up 60% YoY, and adjusted diluted earnings per share1 of $0.28, up 56% YoY Strong operating cash flow of $258.8 millionNet debt to adjusted EBITDA1 ratio of 0.8x at quarter-end Updated 2024 full-year financial outlookRaised revenue guidance, narrowed adjusted EBITDA guidance and reaffirmed capital expenditures guidanceReaffirmed positive free cash flow in 2024

BRAMPTON, ON, Nov. 15, 2024 /PRNewswire/ – MDA Space Ltd. (TSX: MDA), a trusted space mission partner to the rapidly expanding global space industry, today announced its financial results for the third quarter ended September 30, 2024.     

“In Q3, the MDA Space team delivered another strong quarter with double digit growth in our top and bottom lines as we continued to execute and convert our backlog,” said Mike Greenley, Chief Executive Officer of MDA Space.

“The team continued to execute on our major programs, successfully conducting the preliminary design review for the Canadarm3 program, a critical milestone for the program. We also made significant progress on MDA CHORUS™, our next generation Earth Observation constellation, completing the spacecraft assembly and commencing spacecraft integration and testing. And in our Satellite Systems business, the team made solid progress advancing the engineering work for the Telesat Lightspeed program. In Q3, we also broke ground on our Satellite Systems facility expansion in Quebec which will add 185,000 square feet of advanced manufacturing capacity,” continued Mr. Greenley.

“I am also pleased to welcome Guillaume Lavoie to the MDA Space Team as Chief Financial Officer. Guillaume brings a wealth of financial leadership experience and will be instrumental in supporting our long-term growth plans and helping us deliver successfully for our customers and shareholders.”   

Q3 2024 HIGHLIGHTS  

Backlog of $4.6 billion at quarter-end provides good revenue visibility for 2025 and beyond and was up 49% compared to Q3 2023. The year-over-year increase in backlog is driven by new order bookings including the $1 billion award for Phases C/D of the Canadarm3 program announced in Q2 2024.Revenues of $282.4 million in Q3 2024 were up 38.0% year-over-year driven by higher work volumes across the business with strong contributions from the Satellite Systems and Robotics & Space Operations businesses.Adjusted EBITDA of $55.5 million in Q3 2024 compared to $42.8 million in Q3 2023, representing an increase of $12.7 million (or 29.7%) year-over-year. Adjusted EBITDA margin of 19.7% in Q3 2024 is consistent with the Company’s full year margin guidance of 19-20% and compares to adjusted EBITDA margin of 20.9% reported in the third quarter of 2023.Adjusted net income for Q3 2024 was $34.7 million compared to $21.7 million in Q3 2023, representing an increase of $13.0 million (or 59.9%) year-over-year driven by higher operating income. Adjusted diluted earnings per share of $0.28 in Q3 2024 compared to $0.18 in Q3 2023, representing an increase of 55.6% year-over-year.Operating cash flow was $258.8 million in Q3 2024 compared to $(30.0) million in Q3 2023. The year-over-year increase in operating cash flow was driven by positive working capital contributions primarily related to the Telesat Lightspeed program.At quarter-end, net debt to adjusted EBITDA ratio was 0.8x compared to 2.4x as of December 2023 (2.0x as of June 30, 2024) as the Company utilized its strong operating cash flow in Q3 2024 to make repayments to its revolving credit facility and deleverage the balance sheet while continuing to invest in its growth initiatives.

_______________________

1  As defined in the “Non-IFRS Financial Measures” section

2024 FINANCIAL OUTLOOK

As a trusted mission partner and leading global space technology provider, we are leveraging our capabilities and expertise to execute on targeted growth strategies across our end markets and business areas. Our strategic initiatives, which span across our three businesses, include investing in next generation space technology and services, expanding our presence in high growth markets and geographies, scaling and expanding skills, talent and operations to meet current and future market demand and leveraging strategic M&A to complement organic growth. We continue to make good progress against our long-term strategic plan.

MDA Space is well positioned to capitalize on strong customer demand and robust market activity given our diverse and proven technology offerings. Our growth pipeline is significant and underpinned by existing and new programs and our book of business is healthy. We see activities ramping up in line with our expectations and are encouraged by the team’s solid execution.

For fiscal 2024, we are raising our full year revenue guidance to $1,045 – $1,065 million from $1,020 – $1,060 million previously, representing robust year-over-year growth of approximately 30% at the mid-point of guidance compared to 2023 levels. We are narrowing our full year adjusted EBITDA range to $205 – $210 million from $200 – $210 million previously, representing approximately 19% – 20% adjusted EBITDA margin. We reaffirm our expectations that capital expenditures will be $200 – $220 million, comprising primarily growth investments to support CHORUS and the previously outlined growth initiatives across our three business areas. We continue to expect favourable working capital contributions related to the Telesat Lightspeed program to result in positive free cash flow in 2024 allowing us to continue to deleverage our balance sheet

FINANCIAL OVERVIEW  

KEY INDICATORS SUMMARY

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars, except per share data)

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Revenues

$

282.4

$

204.7

$

733.5

$

602.6

Gross profit

$

75.7

$

57.7

$

199.8

$

186.2

Gross margin

26.8 %

28.2 %

27.2 %

30.9 %

Adjusted EBITDA2

$

55.5

$

42.8

$

146.2

$

132.1

Adjusted EBITDA margin2

19.7 %

20.9 %

19.9 %

21.9 %

Adjusted Net Income2

$        34.7

$     21.7

$       76.0

$      70.1

Adjusted Diluted EPS2

$        0.28

$     0.18

$       0.61

$      0.58

As at

(in millions of Canadian dollars, except for ratios) 

September 30, 2024

 December 31, 2023

Backlog

$

4,578.1

$

3,097.0

Net debt2 to Adjusted TTM3 EBITDA ratio

0.8x

2.4x

REVENUES BY BUSINESS AREA

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars)

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Geointelligence

$

48.3

$

48.4

$

154.7

$

147.6

Robotics & Space Operations

66.5

61.9

215.1

183.5

Satellite Systems

167.6

94.4

363.7

271.5

Consolidated revenues

$

282.4

$

204.7

$

733.5

$

602.6

Revenues

Consolidated revenues for the third quarter of 2024 were $282.4 million, representing an increase of $77.7 million (or 38.0%) from the third quarter of 2023. The year-over-year increase in revenues was driven by higher work volumes across our business, with strong contributions from our Satellite Systems and Robotics & Space Operations businesses.

By business area, revenues in Geointelligence for the third quarter of 2024 were $48.3 million, which represents a decrease of $0.1 million (or 0.2%) from the same period in 2023 reflecting steady work volumes. Revenues in Robotics & Space Operations for the third quarter of 2024 were $66.5 million, which represents an increase of $4.6 million (or 7.4%) from the same period in 2023. The year-over-year increase is primarily driven by higher volume of work performed on the Canadarm3 program. Revenues in Satellite Systems for the third quarter of 2024 were $167.6 million, which represents an increase of $73.2 million (or 77.5%) from the same period in 2023 driven by higher contributions in the latest quarter from new programs including Telesat Lightspeed and the authorization to proceed (ATP) for an undisclosed customer for a NGSO satellite constellation (announced in Q4 2023). 

Consolidated revenues for the nine months ended September 30, 2024 were $733.5 million, representing an increase of $130.9 million (or 21.7%) from the same period of 2023. The year-over-year increase in revenues was primarily driven by increased work volume from our Satellite Systems and Robotics & Space Operations businesses.

By business area, revenues in Geointelligence for the first nine months of 2024 were $154.7 million, which represents an increase of $7.1 million (or 4.8%) from the same period in 2023 reflecting higher work volume on CSC and other new programs in 2024. Revenues in Robotics & Space Operations for the first nine months of 2024 were $215.1 million, which represents an increase of $31.6 million (or 17.2%) from the same period in 2023. The year-over-year increase is primarily driven by the higher volume of work performed on the Canadarm3 program. Revenues in Satellite Systems for the first nine months of 2024 were $363.7 million, which represents an increase of $92.2 million (or 34.0%) from the same period in 2023 driven by higher contributions from new programs including the Telesat Lightspeed program and the ATP for an undisclosed customer for a NGSO satellite constellation. 

________________________

2  As defined in the “Non-IFRS Financial Measures” section
3  TTM: Trailing twelve months

Gross Profit and Gross Margin

Gross profit reflects our revenues less cost of revenues. Q3 2024 gross profit of $75.7 million represents a $18.0 million (or 31.2%) increase over Q3 2023 driven by higher work volume in the current quarter. Gross margin in Q3 2024 was 26.8%, which is in line with the Company’s expectations and compares to gross margin of 28.2% in Q3 2023. The year- over-year change in gross margin is driven by evolving program mix and higher depreciation expense as new assets come into service. 

For the nine months ended September 30, 2024, gross profit of $199.8 million represents a $13.6 million (or 7.3%) increase over 2023 levels. Gross margin for the nine months ended September 30, 2024 was 27.2% which is in line with the Company’s expectations and compares to 30.9% for the same period in 2023. The year-over-year change in gross profit and gross margin metrics is driven by evolving program mix and higher depreciation expense as new assets come into service. 

Adjusted EBITDA and Adjusted EBITDA Margin

Adjusted EBITDA for the third quarter of 2024 was $55.5 million compared with $42.8 million for the third quarter of 2023, representing an increase of $12.7 million (or 29.7%) year-over-year driven by higher volume of work and steady operating expenses. Adjusted EBITDA margin of 19.7% for the third quarter of 2024 is consistent with the Company’s full year margin guidance of 19-20% and compares to adjusted EBITDA margin of 20.9% reported in the third quarter of 2023.

Adjusted EBITDA for the nine months ended September 30, 2024 was $146.2 million compared with $132.1 million for the same period in 2023, representing an increase of $14.1 million (or 10.7%) year-over-year. The improvement was driven by higher volumes of work performed year-over-year somewhat offset by program mix. Adjusted EBITDA margin was 19.9% for the nine months ended September 30, 2024 compared with 21.9% for the same period in 2023.

Adjusted Net Income

Adjusted net income for the third quarter of 2024 was $34.7 million compared with $21.7 million for the third quarter of 2023, representing an increase of $13.0 million (or 59.9%) year-over-year driven by higher operating income in the latest quarter.

Adjusted net income for the nine months ended September 30, 2024 was $76.0 million compared with $70.1 million for the same period in 2023, representing a increase of $5.9 million (or 8.4%) year-over-year driven by the aforementioned gross profit variance. 

Backlog

Backlog is comprised of our remaining performance obligations which represent the transaction price of firm orders less inception to date revenue recognized and excludes unexercised contract options and indefinite delivery or indefinite quantity contracts. Backlog as at September 30, 2024 was $4,578.1 million, an increase of $1,509.4 million compared with the backlog at September 30, 2023 driven by new order bookings, partially offset by continued conversion of our backlog into revenue. The following table shows the build up of backlog for Q3 2024 as compared with the same period in 2023. 

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Opening Backlog

$

4,596.0

$

1,098.3

$

3,097.0

$

1,378.2

Less: Revenue recognized

(282.4)

(204.7)

(733.5)

(602.6)

Add: Order Bookings

264.5

2,175.1

2,214.6

2,293.1

Ending Backlog

$

4,578.1

$

3,068.7

$

4,578.1

$

3,068.7

CONFERENCE CALL AND WEBCAST

MDA Space will host a conference call and webcast to discuss these financial results on Friday, November 15, 2024 at 8:30 a.m. ET. Interested parties can join the call by dialing 416-764-8609 (Toronto area) or 1-888-390-0605 (toll-free North America) or +44-800-652-2435 (toll-free United Kingdom) and entering the conference ID 94799731. A live webcast of the conference call and an accompanying slide presentation will be available at https://mda-en.investorroom.com/events-presentations.

A replay of the conference will be archived on the MDA Space website following the call. Parties may also access a recording of the call which will be available until November 22, 2024, by dialing 1-888-390-0541 and entering the passcode  799731 #.

NON-IFRS FINANCIAL MEASURES

This press release refers to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, the measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Earnings per Share, Order Bookings, Net Debt and Free Cash Flow, to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We define EBITDA as net income (loss) before: i) depreciation and amortization expenses, ii) provision for (recovery of) income taxes, and iii) finance costs. Adjusted EBITDA is calculated by adding to and deducting from EBITDA, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) unrealized foreign exchange gain or loss ii) unrealized gain or loss on financial instruments and iii) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted EBITDA margin represents Adjusted EBITDA divided by revenue. Order Bookings is the dollar sum of contract values of firm customer contracts. Adjusted Net Income is calculated by adding to and deducting from net income, as applicable, certain expenses, costs, charges or benefits incurred in such period which in management’s view are either not indicative of underlying business performance or impact the ability to assess the operating performance of our business, including i) amortization of intangible assets related to business combinations, ii) unrealized foreign exchange gain or loss, iii) unrealized gain or loss on financial instruments, and iv) share-based compensation expenses, and iv) other items that may arise from time to time. Adjusted Earnings per Share represents Adjusted Net Income divided by the weighted average number of shares outstanding. Order Bookings is indicative of firm future revenues; however, it does not provide a guarantee of future net income and provides no information about the timing of future revenue. Net Debt is the total carrying amount of long-term debt including current portions, as presented in the Q2 2024 Financial Statements, less cash (or plus bank indebtedness) and excluding any lease liabilities. Net Debt is a liquidity metric used to determine how well the Company can pay all of its debts if they were due immediately. Free Cash Flow is a supplemental measure used to monitor the availability of discretionary cash generated, and available to the Company to repay debt, make strategic investments, and meet other payment obligations. We define Free Cash Flow as operating cash flows less net capital expenditures.

FORWARD-LOOKING STATEMENTS

This press release may contain forward‐looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events. Forward‐looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward‐looking information. Such risks and uncertainties include, but are not limited to the factors discussed under “Risk Factors” in the Company’s Annual Information Form (AIF) dated February 28, 2024 and available on SEDAR+ at www.sedarplus.com. MDA Space does not undertake any obligation to update such forward‐looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

ABOUT MDA SPACE

Building the space between proven and possible, MDA Space (TSX:MDA) is a trusted mission partner to the global space industry. A robotics, satellite systems and geointelligence pioneer with a 55-year+ story of world firsts and more than 450 missions, MDA Space is a global leader in communications satellites, Earth and space observation, and space exploration and infrastructure. The MDA Space team of more than 3,000 space experts in Canada, the US and the UK has the knowledge and know-how to turn an audacious customer vision into an achievable mission – bringing to bear a one-of-a-kind mix of experience, engineering excellence and wide-eyed wonder that’s been in our DNA since day one. For those who dream big and push boundaries on the ground and in the stars to change the world for the better, we’ll take you there. For more information, visit www.mda.space.

MDA Space Ltd.
Unaudited Interim Condensed Statement of Comprehensive Income
For the three and nine months ended September 30, 2024 and 2023
(In millions of Canadian dollars except per share figures) 

Three months
ended Sept. 30,
2024

Three months
ended Sept. 30,
2023

Nine months
ended Sept. 30,
2024

Nine months
ended Sept. 30,
2023

Revenue

$

282.4

$

204.7

$

733.5

$

602.6

Cost of revenue

Materials, labour and subcontractors

(197.0)

(138.2)

(502.6)

(394.0)

Depreciation and amortization of assets

(9.7)

(8.8)

(31.1)

(22.4)

Gross profit

75.7

57.7

199.8

186.2

Operating expenses

Selling, general and administration

(18.4)

(17.8)

(57.9)

(52.2)

Research and development, net

(7.2)

(10.4)

(25.0)

(30.8)

Amortization of intangible assets

(11.6)

(11.0)

(35.5)

(34.8)

Share-based compensation

(3.0)

(2.8)

(8.6)

(6.9)

Operating income

35.5

15.7

72.8

61.5

Other income (expenses)

Unrealized gain (loss) on financial instruments

—

1.0

1.2

(0.1)

Foreign exchange gain (loss)

7.2

0.6

8.7

(0.8)

Finance income

2.3

0.3

3.7

0.3

Finance costs

(4.4)

(2.7)

(18.4)

(7.0)

Other income

—

—

6.6

—

Income before income taxes

40.6

14.9

74.6

53.9

Income tax expense

(11.1)

(5.6)

(20.3)

(18.6)

Net income

29.5

9.3

54.3

35.5

Other comprehensive income

Gain (loss) on translation of foreign operations

(0.8)

0.3

(1.0)

—

Gain (loss) on cash flow hedges

(5.1)

2.2

(3.2)

4.1

Remeasurement gain on defined benefit plans 

12.7

4.7

12.1

6.4

Total comprehensive income    

$

36.3

$

16.5

$

62.2

$

45.8

Earnings per share:

Basic

$

0.25

$

0.08

$

0.45

$

0.30

Diluted

0.24

0.08

0.44

0.29

Weighted-average common shares outstanding:

Basic

120,107,965

119,329,839

119,874,946

119,191,837

Diluted

124,286,353

121,912,874

123,610,686

120,546,321

MDA Space Ltd.
Unaudited Interim Condensed Statement of Financial Position
September 30, 2024
(In millions of Canadian dollars) 

As at

September 30, 2024

December 31, 2023

Assets

Current assets:

Cash

$

139.2

$

22.5

Trade and other receivables

143.7

169.5

Unbilled receivables

266.5

183.1

Inventories

10.1

9.9

Income taxes receivable

44.7

47.3

Other current assets

78.9

24.3

683.1

456.6

Non-current assets:

Property, plant and equipment

448.8

369.1

Right-of-use assets

87.2

71.8

Intangible assets

580.5

582.5

Goodwill

441.0

439.8

Deferred income tax assets

14.2

14.9

Other non-current assets

315.0

227.0

1,886.7

1,705.1

Total assets

$

2,569.8

$

2,161.7

Liabilities and shareholders’ equity

Current liabilities:

Accounts payable and accrued liabilities

$

235.2

$

219.1

Income taxes payable

3.1

4.4

Contract liabilities

523.1

76.9

Current portion of net employee benefit payable

48.7

57.4

Current portion of lease liabilities

13.6

10.9

Other current liabilities

1.7

4.5

825.4

373.2

Non-current liabilities: 

Net employee defined benefit payable

23.2

22.8

Lease liabilities

90.9

75.2

Long-term debt

293.8

438.9

Deferred income tax liabilities

190.0

180.8

Other non-current liabilities

6.6

6.1

604.5

723.8

Total liabilities

1,429.9

1,097.0

Shareholders’ equity

Common shares

963.6

956.1

Contributed surplus

36.8

31.3

Accumulated other comprehensive income

26.5

18.6

Retained earnings

113.0

58.7

Total equity

1,139.9

1,064.7

Total liabilities and equity

$

2,569.8

$

2,161.7

MDA Space Ltd.
Unaudited Interim Condensed Consolidated Statement of Cash Flows
For the three and nine months ended September 30, 2024 and 2023
(In millions of Canadian dollars) 

Three months
ended Sept. 30,

Three months
ended Sept. 30,

Nine months
ended Sept. 30,

Nine months
ended Sept. 30,

2024

2023

2024

2023

Cash flows from operating activities

Net income

$

29.5

$

9.3

$

54.3

$

35.3

Items not affecting cash:

Income tax expense

11.1

5.6

20.3

18.6

Depreciation of property, plant and equipment

4.1

3.5

14.2

9.4

Depreciation of right-of-use assets

2.4

2.5

8.1

6.8

Amortization of intangible assets

14.8

13.8

44.3

41.0

Gain on disposal of assets

—

—

(5.8)

—

Write-down of assets 

—

4.8

—

4.8

Share-based compensation expense

2.2

2.8

7.7

6.9

Investment tax credits accrued

(10.5)

(6.0)

(29.7)

(18.7)

Finance costs, net

2.1

2.4

14.7

6.7

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Changes in operating assets and liabilities

200.7

(59.9)

315.4

(38.8)

256.4

(22.2)

442.3

72.1

Interest paid

(6.9)

(4.9)

(19.4)

(12.9)

Income tax received (paid)

9.3

(2.9)

9.6

(4.5)

Net cash from operating activities

258.8

(30.0)

432.5

54.7

Cash flows from investing activities

Purchases of property and equipment

(36.8)

(37.1)

(86.4)

(100.7)

Purchase/development of intangible assets

(16.6)

(12.3)

(46.1)

(34.9)

Proceeds from disposal of assets

—

—

7.4

—

Investment in equity securities 

—

—

(9.2)

—

Acquisition of subsidiary, net of cash 

(4.0)

—

(27.3)

—

Net cash used in investing activities

(57.4)

(49.4)

(161.6)

(135.6)

Cash flows from financing activities

  Borrowings from senior credit facility

—

55.0

110.0

90.0

  Repayments to senior credit facility

(105.0)

—

(255.0)

(30.0)

  Payment of lease liability (principal portion)

(1.6)

(1.7)

(6.1)

(5.6)

  Proceeds from stock options exercised

2.2

0.2

3.0

0.6

Net cash provided by financing activities

(104.4)

53.5

(148.1)

55.0

Net decrease in cash

97.0

(25.9)

122.8

(25.9)

Net foreign exchange differences on cash

(4.2)

0.3

(6.1)

—

Cash, beginning of period

46.4

39.0

22.5

39.3

Cash, end of period

$

139.2

$

13.4

$

139.2

$

13.4

RECONCILIATION OF NON-IFRS MEASURES

The following tables provide a reconciliation of net income to EBITDA, adjusted EBITDA, and adjusted net income:

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30 2023

Net income

$

29.5

$

9.3

$

54.3

$

35.3

Depreciation and amortization of assets

9.7

8.8

31.1

22.4

Amortization of intangible assets related to business combination

11.6

11.0

35.5

34.8

Income tax expense

11.1

5.6

20.3

18.6

Finance income

(2.3)

(0.3)

(3.7)

(0.3)

Finance costs

4.4

2.7

18.4

7.0

EBITDA

$

64.0

$

37.1

$

155.9

$

117.8

Unrealized foreign exchange loss (gain)

(10.7)

(0.9)

(10.4)

2.5

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Impairment of long-lived assets

—

4.8

—

4.8

Gain on disposal of assets

—

—

(5.8)

—

Share-based compensation

2.2

2.8

7.7

6.9

Adjusted EBITDA

$

55.5

$

42.8

$

146.2

$

132.1

Third Quarters Ended

Nine Months Ended

(in millions of Canadian dollars) 

Sept. 30, 2024

Sept. 30, 2023

Sept. 30, 2024

Sept. 30, 2023

Net Income

$          29.5

$           9.3

$           54.3

$            35.3

Amortization of intangible assets related to business combination

11.6

11.0

35.5

34.8

Impairment of long-lived assets

—

4.8

—

4.8

Gain on disposal of assets

—

—

(5.8)

—

Unrealized (gain) loss on financial instruments

—

(1.0)

(1.2)

0.1

Net foreign exchange (gain) loss 

(7.2)

(0.6)

(8.7)

0.8

Embedded derivative effects

0.5

—

2.2

—

Share-based compensation

2.2

2.8

7.7

6.9

Income taxes related to the above items3

(1.9)

(4.6)

(8.0)

(12.6)

Adjusted Net income

$        34.7

$          21.7

$           76.0

$           70.1

Weighted average number of shares outstanding – diluted

124,286,353

121,912,874

123,610,686

120,546,321

Adjusted EPS – diluted

$       0.28

$       0.18

$           0.61

$           0.58

3 Standard income tax rate of 26.5% applied

View original content to download multimedia:https://www.prnewswire.com/news-releases/mda-space-reports-third-quarter-2024-results-302306490.html

SOURCE MDA Space

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Velotric Launches Black Friday and Cyber Week E-bike Deals – Save Up to $600! Plus, Exclusive Discounts on Accessories

Published

21 minutes ago

on

November 15, 2024

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Velotric is Offering Amazing Limited-Time Savings on High-Performance E-bikes and Gear, with Special Pricing on Top Models and Essential Cycling Accessories This Holiday Season

CARSON, Calif., Nov. 15, 2024 /PRNewswire/ — Velotric, a rapid leader in the e-bike market, renowned for their effortlessly comfortable e-bikes with their ComfortMax technology that deliver outstanding performance, top-tier safety, and a user-focused design, is excited to unveil their Black Friday and Cyber Week promotions, giving customers remarkable savings on their high-performance e-bikes.

Starting today, Velotric is offering shoppers exclusive discounts of up to $600 off their most popular models. This sale is one of Velotric’s biggest of the year, providing an ideal opportunity for riders to elevate their biking experience with savings on everything from urban commuter bikes to rugged adventure models. Discounts will be automatically applied at checkout. 

“Over the past two years, Velotric has empowered over 100,000 riders to log more than 50 million miles of reliable, sustainable transportation, offering a cleaner commuting option that reduces their carbon footprint,” said Adam Zhang, Co-founder and CEO of Velotric. “We’re proud to help people rethink their daily travel while making a positive impact on the environment.”

Black Friday Prelaunch: November 15 – November 28:  

Discover 2 (Premium Commuter) – $150 offSale Price: $1,749Summit 1 (Hybrid E-Mountain Bike) – $150 offSale Price: $1,849Discover 1+ (Urban Commuter) – $500 offSale Price: $1,099Nomad 1+ (Fat Tire) – $500 offSale Price: $1,299T1 ST+ (Better for Exercise) – $350 offSale Price: $1,199Fold 1 (Folding E-Bike) – $300 offSale Price: $1,099Get 3 accessories & unlock 30% Off – on select accessories

Buy TWO Save up to $400: November 22 – November 28:  

$150 off the Discover 2 and Summit 1; buy 2 and get an additional $100 off (total saving $400)

Limited 100 @ $999: November 22 – December 8:

Fold 1 Lite (Compact, Folding E-Bike) – $100 offSale Price: $999 (Only 100 units first come, first serve)30% Off select accessories when you buy 3

BLACK FRIDAY & CYBER WEEK: November 29 – December 5

Discover 2 (Premium Commuter) – $150 Off (Buy 2 get an extra $100 off)Sale Price: $1,749Summit 1 (Hybrid eMountain Bike) – $150 Off (Buy 2 get an extra $100 off)Sale Price: $1,849Discover 1+ (Urban Commuter) – $400 OffSale Price: $1,199Nomad 1+ (Fat Tire) – $400 OffSale Price: $1,399T1 ST+ (Better for Exercise) – $250 OffSale Price: $1,299Fold 1 (Folding E-Bike) – $200 OffSale Price: $1,199Go 1 (Compact Utility) – $400 OffSale Price: $1,299Packer 1 (Heavy-Duty Cargo) – $600 OffSale Price: $1,59950% Off on select accessoriesUnlock free additional 1-year extended warranty (3 years in total)

Post-Black Friday & Cyber Week: December 6 – December 8

Discover 2 (Premium Commuter) – $150 OffSale Price: $1,749Summit 1 (Hybrid Multi Terrain) – $150 OffSale Price: $1,849Discover 1+ (Urban Commuter) – $400 OffSale Price: $1,199Nomad 1+ (Fat Tire) – $400 OffSale Price: $1,399T1 ST+ (E-Bike for Better Exercise) – $250 OffSale Price: $1,299Fold 1 (Folding E-Bike) – $200 OffSale Price: $1,199Go 1 (Compact Utility) – $300 OffSale Price: $1,399Packer 1 (Heavy-Duty Cargo) – $500 OffSale Price: $1,69930% Off select accessories

For more details on deals, discounts, and extended holiday offers, visit Velotric’s website at Velotricbike.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/velotric-launches-black-friday-and-cyber-week-e-bike-deals–save-up-to-600-plus-exclusive-discounts-on-accessories-302306545.html

SOURCE Velotric

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