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Northern Data Group releases audited 2023 Financial Results

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Group 2023 revenue was EUR77.5 million, above market forecastFoundation laid for Northern Data Group’s continued transformation into a leading High-Performance Computing solutions providerInvesting substantially to increase revenue in 2024, with an anticipated range of EUR200EUR240 million and growing to EUR520EUR570 million in 2025

FRANKFURT, Germany, July 12, 2024 /PRNewswire/ — Northern Data AG (ETR: NB2) (“Northern Data Group” or “the Group”), a leading provider of High-Performance Computing (HPC) solutions, today announces its audited 2023 financial results, following the publication of its 2023 Annual Report. The financial statements have been audited by Liebhart & Kollegen in conjunction with Harris & Trotter, a firm that specializes in working with companies in the digital asset space, and have been issued with an unqualified audit opinion from Liebhart & Kollegen.

Northern Data Group achieved revenue of EUR77.5 million, above market guidance of EUR65 million to EUR75 million. Adjusted EBITDA was in line with expectations at EUR-5.5 million, following significant investment in the teams and structure required to realize the potential of HPC applications.

During 2023, the Group secured USD1billion in debt and equity funding to meet the growing demand for HPC and the Generative AI boom.

Building strong foundations for a successful 2024

Following the Group’s announcement of its investment strategy in late 2023, 2024 is set to be a year of significant development – with the aim of firmly positioning the Group as a leading HPC solutions provider to meet growing demand for HPC and the Generative AI boom.

Northern Data Group has announced the following significant investments in 2024:

–      Cloud – EUR730 million investment to secure the largest cluster of NVIDIA H100 Tensor Core GPUs in Europe.
–      Data Centers – EUR110 million investment to grow its physical and operational data center footprint across the U.S. and Europe.
–      Mining – EUR140 million investment into Peak Mining, which is already being deployed into next-generation mining hardware and facilities. 

Northern Data Group is expecting revenue in 2024 in the range of EUR200 millionEUR240 million – tripling 2023’s revenue and supporting the Group’s expectations of revenues of EUR520 million to EUR570 million in full-year 2025. Adjusted EBITDA for 2024 is expected to be in the range of EUR50 millionEUR80 million.

Aroosh Thillainathan, Founder and CEO, Northern Data Group, commented:

“2023 was an inflection point for Northern Data Group. We firmly positioned ourselves to become a leader in HPC, building the much-needed team and structure required to power growing demand for HPC and the Generative AI boom.

In 2024 we are investing strategically across our business to build the foundation required to provide cutting-edge organizations with HPC solutions that optimize performance. And we continue to build on and expand our strategic partnerships. We are well capitalized with significant cash on hand, and we expect to triple our revenues this year as we continue to scale.”

2023 results at a glance

2023

2022

Revenues

EUR million

77.5

193.3

Total output

EUR million

111.0

249.5

EBITDA

EUR million

-28.2

-58.1

Adjusted EBITDA1

EUR million

-5.5

42.4

EBIT

EUR million

-153.2

-265.4

Adjusted EBIT

EUR million

-130.4

-59.1

Net result

EUR million

-151.1

-265.8

Cash flow from operating activities

EUR million

-17.6

1.0

Cash flow from investing activities

EUR million

-84.7

-95.2

Cash flow from financing activities

EUR million

305.1

-82.9

Shares outstanding (undiluted)

Thousand units

28,941

23,816

Shares outstanding (diluted)

Thousand units

28,941

23,816

Earnings per share (undiluted)

EUR

-5.22

-11.16

Earnings per share (diluted)

EUR

-5.22

-11.16

Employees (annual average)

 

FTE

144

209

Dec. 31, 2023

Dec. 31, 2022

Cash and cash equivalents

EUR million

243.0

39.9

The complete 2023 Annual Report can be found at Northern Data’s website under: https://lp.northerndata.de/hubfs/Investor%20Relations/Financial%20Reports/NDG_Annual_Report_2023_EN.pdf

1) Adjusted EBITDA corresponds to EBITDA adjusted for non-cash and non-recurring items, which currently include (i) stock option plan expenses, (ii) lawsuits and other one-off legal fees, (iii) systems implementation, (iv) trading losses/gains from cryptocurrency, (v) restructuring costs and (vi) impairment losses related to third party bankruptcy and (vii) investment banking fees.

About Northern Data Group:
Northern Data Group (ETR: NB2) is a leading provider of High-Performance Computing (HPC) solutions to businesses and research institutions, utilizing GPU- and ASIC-based solutions. Our flexible compute power fuels innovation in our three core business divisions: Taiga Cloud, Ardent Data Centers, and Peak Mining. Through our HPC solutions, we pioneer ambitious computing innovation that drives progress in the AI, ML and Generative AI industries. Our close collaboration with industry-leading manufacturers including Gigabyte, AMD, and NVIDIA is fundamental to the acceleration of innovation across sectors including life sciences, financial services, and energy.

Disclaimer:
This IR release contains forward-looking statements. These statements are based on the current views, expectations, assumptions and information of the management, and are based on information currently available to the management. Forward-looking statements shall not be construed as a promise for the materialisation of future results and developments and involve known and unknown risks and uncertainties. Actual results, performance or events may differ materially from those described in such statements due to, among other things, changes in the general economic and competitive environment, risks associated with capital markets, currency exchange rate fluctuations, changes in international and national laws and regulations, in particular with respect to tax laws and regulations, affecting the Company, and other factors. Neither the Company nor any of its affiliates assumes any obligations to update any forward-looking statements.

View original content:https://www.prnewswire.co.uk/news-releases/northern-data-group-releases-audited-2023-financial-results-302195706.html

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National Center for Charter School Accountability Launches with Analysis of State Charter School Laws

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The National Center for Charter School Accountability provides research and recommendations on increasing transparency and accountability for charter schools.

NEW YORK, Sept. 23, 2024 /PRNewswire/ — The Network for Public Education (NPE) announces a new project, the National Center for Charter School Accountability (NCCSA), to provide research and recommendations on increasing transparency and accountability for charter schools. NPE is the leading organization that advocates revising state charter laws to make charter schools better align with the original vision of charter schools as teacher and parent-led schools of innovation that complement, not compete with, the public school system.

“The charter sector, now saturated with impersonal national chains and for-profit management corporations, has strayed far from the original mission of charter schools. A few states follow that vision; most do not. We regularly receive calls from charter school parents, teachers, and public school advocates raising concerns. The Center will educate the public with facts and provide information on how best to address concerns,” said Carol Burris, the Executive Director of NPE.

The Center includes a searchable database of news stories highlighting problems regarding charter schools. It also provides a portal where parents and taxpayers can submit questions and complaints. It also provides access to nine NPE research reports on charter schools, including reports on charter closures and for-profit-run charter schools.

In addition to research and reports, NCCSA evaluates state laws based on accountability, responsible growth, community input, and protections for students and taxpayers. An interactive map shows the number of open and closed charter schools in each state.

“The Center will grow over time, providing information unavailable on charter trade group sites. One million students have been displaced due to charter closures. In the age of choice, parents and taxpayers deserve the facts,” Burris added.

Commenting on the new project, NPE President Diane Ravitch noted, “NCCSA is a valuable resource for parents, taxpayers, policymakers, and the press who want to be informed about the status of charter schools. Accountability matters, and the Center will provide it via accurate and timely information.”

Access to NCCSA can be found here.

The Network for Public Education is a national advocacy organization with over 350,000 members and 200 grassroots groups. Its mission is to preserve, promote, improve, and strengthen public schools for current and future generations of students.

Contact: Carol Burris
cburris@networkforpubliceducation.org
(646) 678-4477

View original content:https://www.prnewswire.com/news-releases/national-center-for-charter-school-accountability-launches-with-analysis-of-state-charter-school-laws-302256096.html

SOURCE Network for Public Education

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Vermont State Dental Society, University of Detroit Mercy, Sanders, and Welch Announce Historic Effort to Advance Dental Care and Education Across State

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BURLINGTON, Vt., Sept. 23, 2024 /PRNewswire/ — The Vermont State Dental Society (VSDS), University of Detroit Mercy (UDM), Senator Bernie Sanders, and Senator Peter Welch are partnering to bring an innovative Dental Oral Health Education Center to Vermont in Fall 2027. This new dental clinic and education program would bring UDM students to Vermont to complete their final years of training – strengthening the dental care provider pipeline and expanding access to much-needed care across the state.

At a recent press conference, VSDS, UDM, Sanders, and Welch celebrated the program receiving its accreditation from the Commission of Dental Accreditation (CODA) – an essential step in establishing the teaching program in Vermont.

Sanders and Welch are working to secure $4.6 million in federal funding through the FY25 Congressionally Directed Spending process to support this historic initiative. The funding was recently approved by the Appropriations Committee and needs to be passed by the House and the Senate before being signed into law by President Biden.

The tentative location for the new center will be in Chittenden County.

VSDS, a nonprofit professional healthcare organization whose mission is to improve the oral health of Vermonters and to serve the profession of dentistry in the state, is pioneering the new institution with UDM as it brings more than 90 years of experience in educating dentists worldwide.

Beginning in the fall of 2025, this partnership will include two years of foundational and preclinical education at the UDM School of Dentistry Campus in Detroit, followed by two years of clinical and didactic education at a new dental clinic based in Colchester. The Detroit Mercy-Vermont dental program will offer DDS dental education in the state of Vermont, accredited by the Commission of Dental Accreditation (CODA).

University of Detroit Mercy-Vermont will house modern classrooms with on-site clinics to support its clinical education program and serve as a public health Medicaid clinic to provide dental care to qualifying individuals. Extending its reach beyond its Colchester facility, the new dental program will partner with clinical organizations in Vermont to reach areas with a shortage of dental health professionals and underserved populations.

As Vermont’s professional association for dentists, the VSDS works diligently to enhance the oral healthcare environment in the state. With just under 400 members, VSDS includes more than 80% of the state’s practicing dentists. VSDS provides resources, educational information, and support for its members and the public and advocates for public policies and systems to improve oral healthcare for all Vermonters.

University of Detroit Mercy is Michigan’s largest and most comprehensive independent Catholic university, sponsored by the Sisters of Mercy of the Americas and the Society of Jesus (the Jesuits). For more information, please visit www.udmercy.edu.

View original content:https://www.prnewswire.com/news-releases/vermont-state-dental-society-university-of-detroit-mercy-sanders-and-welch-announce-historic-effort-to-advance-dental-care-and-education-across-state-302256126.html

SOURCE University of Detroit Mercy

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eBay Announces Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary

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SAN JOSE, Calif., Sept. 23, 2024 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced the appointment of Samantha Wellington as Senior Vice President, Chief Legal Officer, General Counsel and Secretary. In this role, Samantha will oversee all global aspects of eBay’s legal department, including Government Relations, intellectual property, employment, litigation, regulatory and corporate work across our financial services, marketplaces, and product and technology organizations. Samantha will report directly to Jamie Iannone, eBay’s Chief Executive Officer, and will join the company on October 7, 2024.

Samantha joins eBay with a distinguished career in legal and business affairs, most recently serving as TriNet’s Executive Vice President of Business Affairs, Chief Legal Officer, and Secretary. In this role, Samantha led a team of professionals across Legal, Compliance, Government Affairs, Customer Service, Sales, Operations, Product Management, Engineering, Technology, and Risk. Her leadership focused on spearheading initiatives that address the evolving workplace dynamics for TriNet’s customers, facilitating capital access for small business owners, and enhancing customer service experiences to support business growth. Prior to TriNet, she spent 12 years at Oracle, where she held a number of senior legal positions.

“Samantha has successfully led multifaceted teams and navigated complex legal and regulatory environments throughout her career,” said Jamie Iannone, Chief Executive Officer, eBay. “Samantha’s expertise will be invaluable as we continue to innovate and grow our global marketplace while ensuring we meet our legal and ethical responsibilities. Her passion for empowering small businesses aligns perfectly with eBay’s purpose, and I’m excited to welcome her to the team.”

“My parents started their business by selling skateboard parts at the open market in Sydney, so I have a deep appreciation for eBay’s role in empowering businesses of all sizes,” said Samantha Wellington. “As a longtime eBay user and collector, I am passionate about helping others unlock similar opportunities and connecting people with what they love.”

Samantha holds Bachelor’s Degrees in Creative Arts and Laws from Wollongong University, as well as a Master of Laws in Communication and Technology Law from the University of New South Wales. She has served as a board member for the National Association of Professional Employer Organizations and BSA, The Software Alliance.

Samantha replaces Marie Oh Huber, who left eBay in June after nine years as General Counsel. 

About eBay
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for all. Our technology empowers millions of buyers and sellers in more than 190 markets around the world, providing everyone the opportunity to grow and thrive. Founded in 1995 in San Jose, California, eBay is one of the world’s largest and most vibrant marketplaces for discovering great value and unique selection. In 2023, eBay enabled more than $73 billion of gross merchandise volume. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.

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SOURCE eBay Inc.

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