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MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2024 FOURTH QUARTER AND FULL YEAR RESULTS

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Fiscal 2024 Revenues of $959.3 Million, up 13% Versus Prior Year and Above High-End of Guidance Range(1)

Fiscal 2024 Operating Income of $111.9 Million and AOI of $211.5 Million, Both Above High-End of Guidance Range(1)(2)

NEW YORK, Aug. 16, 2024 /PRNewswire/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2024.

Fiscal 2024 marked the first full year of operations for MSG Entertainment as a standalone public company. During the year, the Company hosted approximately 6.3 million guests at over 960 events, which reflects robust growth in the number of events in the Company’s bookings business, as well as regular season and playoff games at The Garden for both the Knicks and Rangers. It also reflects over 1 million tickets sold across 193 shows for the Christmas Spectacular production, which generated record-setting revenues in fiscal 2024. Positive operating momentum throughout the year led the Company to increase its financial guidance twice during fiscal 2024. A strong fiscal fourth quarter led by The Garden resulted in full year financial results that exceeded the high-end of the Company’s guidance ranges for revenues, operating income and adjusted operating income.(1)(2)

Financial results for the three and twelve months ended June 30, 2024 reflect the Company on a fully standalone basis. Results for the prior year through April 20, 2023, which was the date of the spin-off from Sphere Entertainment Co. (“Sphere Entertainment”), are presented in accordance with generally accepted accounting principles (“GAAP”) for the preparation of carve-out financial statements. These prior year results (through April 20, 2023) do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the periods presented. Therefore, results for the three and twelve months ended June 30, 2024 are not fully comparable with results for the prior year periods.

For fiscal 2024, the Company reported revenues of $959.3 million, an increase of $107.8 million, or 13%, as compared to the prior year. In addition, the Company reported operating income of $111.9 million, an increase of $6.9 million, and adjusted operating income of $211.5 million, an increase of $9.9 million, both as compared to the prior year.(2)

For the fiscal 2024 fourth quarter, the Company reported revenues of $186.1 million, an increase of $38.1 million, or 26%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $8.9 million and adjusted operating income of $13.1 million, representing improvements of $12.9 million and $12.4 million, respectively, as compared to the prior year quarter.(2)

Executive Chairman and CEO James L. Dolan said, “We delivered strong financial results in our first full year as a standalone entertainment company. Looking ahead, we believe our Company – with its unique portfolio of live entertainment offerings – is well positioned to generate robust adjusted operating income growth in fiscal 2025.”

Results for the Three and Twelve Months Ended June 30, 2024 and 2023:

Three Months Ended

Twelve Months Ended

June 30,

Change

June 30,

Change

$ millions

2024

2023

$

%

2024

2023

$

%

Revenues

$    186.1

$    147.9

$     38.1

26 %

$    959.3

$    851.5

$   107.8

13 %

Operating Income (Loss)

$       (8.9)

$     (21.8)

$     12.9

59 %

$    111.9

$    105.0

$       6.9

7 %

Adjusted Operating Income

$      13.1

$        0.7

$     12.4

NM

$    211.5

$    201.6

$       9.9

5 %

 

Note: Amounts may not foot due to rounding. NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.

(1)

The Company’s most recent financial guidance for fiscal 2024 was for revenues of $940-$950 million, operating income of $100-$110 million, and adjusted operating income of $200-210 million.

(2)

See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures. During the third quarter of fiscal 2024, the Company amended this definition so that the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with Madison Square Garden Sports Corp.  (“MSG Sports”) is no longer excluded in all periods presented. For the three and twelve months ended June 30, 2024, the non-cash portion of operating lease revenue was $2.5 million and $25.3 million, respectively, and for the three and twelve months ended June 30, 2023 the non-cash portion of operating lease revenue was $1.5 million and $26.5 million, respectively.

 

Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2024 fourth quarter revenues from entertainment offerings of $142.9 million increased $23.3 million, or 20%, as compared to the prior year period, primarily due to higher event-related revenues, an increase in revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements and, to a lesser extent, an increase in venue-related sponsorship, signage and suite license fees.

Event-related revenues increased $13.2 million, primarily due to an increase in the number of concerts at The Garden as compared to the prior year quarter.Revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $7.7 million, primarily due to higher suite license fee revenues as compared to the prior year quarter.Venue-related sponsorship, signage and suite license fees revenues increased $1.5 million as compared to the prior year quarter.

Fiscal 2024 fourth quarter arena license fees and other leasing revenues of $8.5 million increased $3.6 million, or 75%, as compared to the prior year period, primarily due to higher arena license fees, the result of more Rangers and Knicks regular season games played at The Garden as compared to the prior year quarter.

Fiscal 2024 fourth quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $99.7 million increased $11.7 million, or 13%, as compared to the prior year quarter. 

Event-related expenses increased $5.1 million, primarily due to higher expenses incurred as a result of the increase in event-related revenues.Expenses associated with the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $5.8 million, primarily due to higher expenses incurred as a result of the increase in suite license fee revenues.

Food, Beverage and Merchandise
Fiscal 2024 fourth quarter food, beverage and merchandise revenues of $34.7 million increased $11.2 million, or 48%, as compared to the prior year period. This reflects higher food and beverage sales at Rangers and Knicks games at The Garden (primarily due to more regular season and playoff home games) and, to a lesser extent, an increase in food and beverage sales at concerts and other live sporting and entertainment events at the Company’s venues, all as compared to the prior year quarter.

Fiscal 2024 fourth quarter food, beverage and merchandise direct operating expenses of $22.7 million increased $8.1 million, or 56%, as compared to the prior year quarter, primarily driven by the related increase in food and beverage revenues.

Selling, General and Administrative Expenses
Fiscal 2024 fourth quarter selling, general and administrative expenses of $55.8 million increased $3.1 million, or 6%, as compared with the prior year period.  Fiscal 2024 fourth quarter results reflect the Company on a fully standalone basis. Results for the fiscal 2023 fourth quarter reflect the allocation of corporate and administrative costs based on the accounting requirements for the preparation of carve-out financial statements through the April 20, 2023 spin-off date and reflect the Company on a fully standalone basis for the balance of the fiscal 2023 fourth quarter. Therefore, results for the fiscal 2023 fourth quarter do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the entire period.

Operating Income and Adjusted Operating Income
Fiscal 2024 fourth quarter operating loss of $8.9 million improved $12.9 million and adjusted operating income of $13.1 million increased $12.4 million, both as compared to the prior year quarter. The improvement in operating loss and the increase in adjusted operating income were primarily due to higher revenues, partially offset by higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses.

About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company’s portfolio includes a collection of world-renowned venues – New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre – that showcase a broad array of sporting events, concerts, family shows, and special events for millions of guests annually. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, which has been a holiday tradition for 90 years. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures
During the third quarter of fiscal 2024, the Company amended its definition of adjusted operating income (loss) so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in the calculation of adjusted operating income (loss) in all periods presented.

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, and (viii) amortization for capitalized cloud computing arrangement costs. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the executive deferred compensation plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other income (expense), net, which is not reflected in Operating income (loss).

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company on a consolidated and combined basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release.

Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Ari Danes, CFA
Senior Vice President, Investor Relations, Financial Communications & Treasury
Madison Square Garden Entertainment Corp.
(212) 465-6072

Justin Blaber
Vice President, Financial Communications
Madison Square Garden Entertainment Corp.
(212) 465-6109

Grace Kaminer
Vice President, Investor Relations & Treasury
Madison Square Garden Entertainment Corp.
(212) 631-5076

Conference Call Information:
The conference call will be Webcast live today at 8:30 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 888-660-6386 / Conference ID Number 8020251
Conference call replay number is 800-770-2030 / Conference ID Number 8020251 until August 23, 2024
Investor presentation available at investor.msgentertainment.com/events-and-presentations/

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three Months Ended

June 30,

Twelve Months Ended

June 30,

2024

2023

2024

2023

Revenues

Revenues from entertainment offerings

$       142,872

$       119,554

$       723,897

$       643,885

Food, beverage, and merchandise revenues

34,713

23,521

162,092

135,933

Arena license fees and other leasing revenue

8,489

4,860

73,276

71,678

Total revenues

$       186,074

147,935

959,265

851,496

Direct operating expenses

Entertainment offerings, arena license fees, and other leasing
direct operating expenses

(99,716)

(88,011)

(475,502)

(420,301)

Food, beverage, and merchandise direct operating expenses

(22,661)

(14,520)

(93,334)

(79,628)

Total direct operating expenses

(122,377)

(102,531)

(568,836)

(499,929)

Selling, general and administrative expenses

(55,807)

(52,679)

(206,963)

(180,216)

Depreciation and amortization

(13,904)

(14,094)

(53,876)

(60,463)

Gains, net on dispositions

—

—

—

4,361

Restructuring charges

(2,846)

(421)

(17,649)

(10,241)

Operating (loss) income

(8,860)

(21,790)

111,941

105,008

Interest income

701

1,440

2,976

7,244

Interest expense

(14,193)

(13,814)

(57,954)

(51,869)

Other (expense) income, net

(3,127)

10,605

(4,672)

17,389

(Loss) income from operations before income taxes

(25,479)

(23,559)

52,291

77,772

Income tax benefit (expense)

92,406

(924)

92,009

(1,728)

Net income (loss)

66,927

(24,483)

144,300

76,044

Less: Net loss attributable to nonredeemable noncontrolling
interest

—

—

—

(553)

Net income (loss) attributable to MSG Entertainment’s
stockholders

$         66,927

$       (24,483)

$       144,300

$         76,597

Earnings (loss) per share attributable to MSG
Entertainment’s stockholders:

Basic

$             1.42

$           (0.47)

$             2.99

$             1.48

Diluted

$             1.41

$           (0.47)

$             2.97

$             1.47

Weighted-average number of shares of common stock:

Basic

47,067

51,819

48,275

51,819

Diluted

47,599

51,819

48,589

52,278

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)

The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income as described in this earnings release:

Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Company’s Employee Stock Plan, Sphere Entertainment’s Employee Stock Plan, the Company’s Non-Employee Director Plan and Sphere Entertainment’s Non-Employee Director Plan.Gains, net on dispositions. This adjustment eliminates the impact of gains or losses from the disposition of assets or businesses.Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain corporate executives and employees.Merger, spin-off, and acquisition-related costs. This adjustment eliminates costs related to mergers, spin-offs and acquisitions, including merger-related litigation expenses.Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.

Three Months Ended

Twelve Months Ended

June 30,

June 30,

$ thousands

2024

2023

2024

2023

Operating (loss) income

$         (8,860)

$       (21,790)

$      111,941

$       105,008

Depreciation and amortization

13,904

14,094

53,876

60,463

Share-based compensation

4,983

7,541

24,544

29,521

Gains, net on dispositions

—

—

—

(4,361)

Restructuring charges

2,846

421

17,649

10,241

Merger, spin-off, and acquisition related costs(1)

—

—

2,035

—

Amortization for capitalized cloud computing arrangement costs

172

431

1,008

600

Remeasurement of deferred compensation plan liabilities

63

(11)

452

121

Adjusted operating income(2)

$         13,108

$              686

$      211,505

$       201,593

_________________

(1)

This adjustment represents non-recurring costs incurred and paid by the Company for the sale of the retained interest by Sphere Entertainment Co.

(2)

During the third quarter of fiscal 2024, the Company amended the definition of adjusted operating income so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in all periods presented. Pursuant to GAAP, recognition of operating lease revenue is recorded on a straight-line basis over the term of the agreement based upon the value of total future payments under the arrangement. As a result, operating lease revenue is comprised of a contractual cash component plus or minus a non-cash component for each period presented. Adjusted operating income includes operating lease revenue of (i) $4,159 and $42,769 of revenue collected in cash for the three and twelve months ended June 30, 2024, respectively, and $2,290 and $41,524 of revenue collected in cash for the three and twelve months ended June 30, 2023, respectively, and (ii) a non-cash portion of $2,467 and $25,299 for the three and twelve months ended June 30, 2024, respectively, and $1,467 and $26,545 for the three and twelve months ended June 30, 2023, respectively.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

 CONSOLIDATED BALANCE SHEETS (unaudited)

(in thousands)

June 30,

2024

2023

ASSETS

Current Assets:

Cash, cash equivalents and restricted cash

$         33,555

$         84,355

Accounts receivable, net

77,259

63,898

Related party receivables, current

17,469

69,466

Prepaid expenses and other current assets

90,801

77,562

Total current assets

219,084

295,281

Non-Current Assets:

Property and equipment, net

633,533

628,888

Right-of-use lease assets

388,658

235,790

Goodwill

69,041

69,041

Indefinite-lived intangible assets

63,801

63,801

Deferred tax assets, net

68,307

—

Other non-current assets

110,283

108,356

Total assets

$    1,552,707

$    1,401,157

LIABILITIES AND DEFICIT

Current Liabilities:

Accounts payable, accrued and other current liabilities

$       203,750

$       214,725

Related party payables, current

42,506

47,281

Long-term debt, current

16,250

16,250

Operating lease liabilities, current

27,736

36,529

Deferred revenue

215,581

225,855

Total current liabilities

505,823

540,640

Non-Current Liabilities:

Long-term debt, net of deferred financing costs

599,248

630,184

Operating lease liabilities, non-current

427,014

219,955

Deferred tax liabilities, net

—

23,518

Other non-current liabilities

43,787

56,332

Total liabilities

1,575,872

1,470,629

Commitments and contingencies

Deficit:

Class A Common Stock (a)

456

450

Class B Common Stock (b)

69

69

Additional paid-in capital

33,481

17,727

Treasury stock at cost (4,365 and 840 shares as of June 30, 2024 and June 30, 2023,
respectively)

(140,512)

(25,000)

Retained earnings (deficit)

115,603

(28,697)

Accumulated other comprehensive loss

(32,262)

(34,021)

Total deficit

(23,165)

(69,472)

Total liabilities and deficit

$    1,552,707

$    1,401,157

_________________

(a)

Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 45,556 and 45,024 shares issued as of June 30, 2024 and June 30, 2023, respectively.

(b)

Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of June 30, 2024 and June 30, 2023.

 

MADISON SQUARE GARDEN ENTERTAINMENT CORP.

SELECTED CASH FLOW INFORMATION

(in thousands)

(Unaudited)

Twelve Months Ended

June 30,

2024

2023

Net cash provided by operating activities

$       111,266

$       135,694

Net cash (used in) provided by investing activities

(62,371)

30,305

Net cash used in financing activities

(99,695)

(144,217)

Net (decrease) increase in cash, cash equivalents and restricted cash

(50,800)

21,782

Cash, cash equivalents and restricted cash, beginning of period

84,355

62,573

Cash, cash equivalents and restricted cash, end of period

$         33,555

$         84,355

 

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SOURCE Madison Square Garden Entertainment Corp.

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AI Wellness Launches “Ask My Avatar Challenge” at CES, Ushering in a Powerful New Way to Engage

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2 hours ago

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January 4, 2025

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Three Stations to Host Interactive Experiences from January 6–11

LAS VEGAS, Jan. 3, 2025 /PRNewswire/ — Assisted Intelligence Wellness (known worldwide as AI Wellness), a global leader in wellness innovation, proudly announces the Ask My Avatar Challenge, a groundbreaking interactive experience taking place during CES 2025. The event will be hosted across three premier locations:

 

IFEZ Innovation StationVenetian VIP SuiteDesert Moon Wellness

This weeklong activation from January 6–11 invites attendees to engage with cutting-edge AI-powered digital avatars representing some of the most influential visionaries in health, fitness, and wellness.

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Participants will also have the chance to win innovative products, including:

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And more!

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Attendees can interact with the avatars of renowned thought leaders, including:

Dr. Daniel Pompa – A Leader in Real Natural Detox Health Solutions.Bernard Hiller – Top Hollywood Acting Coach, providing guidance on social, emotional, and intellectual wellness.Dr. Gideon Kwok – The Lifestyle Architect, specializing in aesthetic wellness and holistic health.Dr. Nathan Bryan – The Father of Nitric Oxide, exploring the science of nitric oxide and its health benefits.Louie Schwartzberg – Visual Healing Innovator, combining art and neuroscience for wellness.Dr. Jessie Cheung – The Vitality Visionary, focusing on sexual wellness and hormonal health.Louis Chabert (Mr. Lulu): Expert in skincare, targeting pigmentation concerns and advancing professional skincare products.Dan Solomon – President of Mr. Olympia, representing the pinnacle of fitness excellence.

Additionally, attendees can engage with avatars from the Top 111 Innovations, each representing cutting-edge solutions and insights into the future of health, wellness, and technology.

Join the Challenge Across Three Stations

The Ask My Avatar Challenge will take place at three distinct locations:

IFEZ Innovation Station: Discover global health innovations and interact with top industry avatars.Venetian VIP Suite: A luxurious setting for engaging with expert avatars and wellness solutions.Desert Moon Wellness: A tranquil space for holistic wellness experiences, open through January 11th, featuring wellness activations that demonstrate how avatars integrate into clinic-like settings.

Our content creators, film crew, social media team, and TV host will be on-site to engage attendees, guide them to the stations, and highlight the interactive elements of the challenge.

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Quote from Founder, Abby Aboitiz

“The Ask My Avatar Challenge exemplifies how assisted intelligence and wellness can work together to create meaningful, engaging experiences. By bringing the wisdom of thought leaders and innovators to life through digital avatars, we’re bridging the gap between innovation and education in a way that’s accessible, exciting, and transformative.”

Quote from Dan Solomon, President of Mr. Olympia

“Technology and wellness are converging in incredible ways, and the Ask My Avatar Challenge is a perfect example. The top brands in the world are taking their game to an entirely new level by   By combining innovative tools like digital avatars with the knowledge of industry leaders, we’re shaping a future where fitness and health education are accessible, interactive, and transformative.”

About Assisted Intelligence Wellness (AI Wellness)

Assisted Intelligence Wellness is at the forefront of merging AI with health and wellness. From the Ask My Avatar Challenge to innovative partnerships, AI Wellness redefines how we engage with wellness through immersive digital experiences and cutting-edge technology.

For additional details or media inquiries:
Contact: info@aiwellness.ai
Website: aiwellness.ai

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SOURCE Assisted Intelligence Wellness, Inc.

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MALLINDA LAUNCHES GROUNDBREAKING VITRIMAX™ VHM RESIN, ENABLING ECONOMIC FULL RECYCLABILITY FOR COMPOSITES

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January 4, 2025

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DENVER, Jan. 3, 2025 /PRNewswire/ — Mallinda Inc., a pioneer in advanced polymer technology, today announced the commercial launch of Vitrimax™ Versatile Hot Melt (VHM) Resin, a revolutionary vitrimer-based composite resin system that transforms how manufacturers process and recycle high-performance composites. This breakthrough technology combines the superior mechanical properties of thermosets with the processing flexibility of thermoplastics, marking a significant advancement in sustainable manufacturing and, for the first time, enabling economic recyclability and reuse for high-performance composites. Mallinda targets 100% recycling and re-use of production scrap with Vitrimax™ VHM customers, and targets end-of-life circularity programs as well.  Due to molecular-level design for circularity, Vitrimax™ resins and their composites can always be profitably recycled at lower cost than their virgin inputs. Vitrimax™ VHM Resin and carbon fiber composite samples are available for immediate purchase at mallinda.com/shop. For more information about Vitrimax™ VHM and how it can transform your manufacturing processes, visit mallinda.com or contact info@mallinda.com. 

“Vitrimax VHM represents a paradigm shift in composite materials,” said Philip Taynton, CEO at Mallinda. “We’ve successfully bridged the gap between performance and sustainability, offering manufacturers unprecedented flexibility in scalable manufacturing and processing while maintaining the structural integrity demanded by modern applications.”

The launch follows successful commercial-scale production validation, with demonstrated batch consistency at 200L reactor scale and qualification for 2.1 tons per batch manufacturing. One day’s batch could produce 10,000 square meters of composite materials. Recognizing the transformative nature of this technology, multiple Fortune Global 500 companies already collaborate with Mallinda to commercialize VHM resins to their particular requirements.

Key Features and Benefits:

Revolutionary Vitrimer Technology: A new polymer class combining thermoset performance with thermoplastic processabilityInfinite Recyclability: Enables truly circular manufacturing with complete component material recoveryManufacturing Flexibility: Post-cure processing capabilities with tunable glass transition temperatureField Repairability: Parts can be reshaped and repaired on-demand, in the fieldSustainable Solution: Enables economically viable separation and recycling of resin, composite fabric, and integrated components including precious metalsSelf-Healing Properties: Enhanced durability through stress-relief capabilities.

“The industry has long sought a solution that doesn’t compromise between performance and sustainability,” said Eduardo Torres, CEO, MTorres America, “Vitrimax VHM delivers on both fronts, offering a truly circular solution for composite manufacturing.”  

This innovation addresses critical industry challenges, including manufacturing efficiency, waste reduction, and environmental sustainability. The technology enables manufacturers to reprocess scrap material and rejected parts, significantly lowering the overall carbon footprint of their manufacturing processes while maintaining high-performance standards. The product is optimized for the prepreg process and is ready for immediate application in UAV’s, sporting goods, automotive, marine, and aerospace secondary structures. The Vitrimax™ technology platform stands to have outsize impact on wind energy, hydrogen pressure vessels, and urban air mobility.

“The performance and recyclability of Mallinda’s vitrimer chemistry have been validated in multiple academic studies.  Circularity in composites is challenging, but the Vitrimax™ chemistry is likely one of the best places from which to start.” Said Professor Steven Nutt, Director of M.C. Gill Composites Center, University of Southern California.

About Mallinda

Mallinda Inc. is a leading global developer of Vitrimer resin systems and has identified advanced composite materials as the leading emerging market for its technology. Mallinda Inc. is headquartered in Denver, Colorado.

View original content:https://www.prnewswire.com/news-releases/mallinda-launches-groundbreaking-vitrimax-vhm-resin-enabling-economic-full-recyclability-for-composites-302342236.html

SOURCE Mallinda Inc.

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Technology

Human In Motion Robotics Invites Media to Experience CES 2025 Innovation Award-Winning XoMotion™ Exoskeleton

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January 4, 2025

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VANCOUVER, BC, Jan. 3, 2025 /PRNewswire/ – Human In Motion Robotics Inc. (HMR), a leading innovator in robotic mobility, invites media to visit its booth at CES 2025 and experience XoMotion™, the world’s most advanced medical exoskeleton recently honored with a CES 2025 Innovation Award.

Revolutionizing Rehabilitation Medicine

XoMotion has been recognized for its potential to transform rehabilitation by emulating natural human movement and empowering individuals with mobility impairments through innovation. This cutting-edge exoskeleton offers a leap forward in:

Patient Independence: Enables hands-free, self-balancing movement, fostering a sense of control and improving rehabilitation outcomes.Therapist Support: Reduces physical burden on therapists by assisting with lifting, mobilizing, and training patients, allowing them to focus on personalized care.Versatility: Suitable for various conditions, including spinal cord injury, stroke, and neurological impairments, at different stages of recovery.

Key Features of XoMotion:

Self-Balancing & Hands-Free Operation: Ensures stability and allows natural upper body function.Omnidirectional Movement: Provides true functionality with complex walking motions.Safe & Versatile: Reduces therapist strain and caters to a wide range of patients.

Meet the XoMotion Team at CES 2025

Join HMR at booth 54612 at the Venetian Exhibit Hall D from January 7th to 10th, 2025, to witness XoMotion in action and connect with the team. See firsthand how this innovative technology is empowering individuals and transforming rehabilitation.

Experience the Future of Mobility:

The media are encouraged to schedule a visit to the HMR booth to witness live demonstrations of XoMotion and learn how this cutting-edge technology is revolutionizing human mobility.

Meet Product Ambassador Chloe Angus

A highlight of the HMR booth will be the opportunity to meet Chloe Angus, Director of Lived Experience at HMR. Chloe, an XoMotion ambassador, will be available to share her inspiring story and answer questions from the media.

Meet the Co-Founders of HMR

Siamak Arzanpour, CEO and Edward Park, COO will both be in attendance at CES and will be available for interviews. 

CES 2025

Dates: January 7-10, 2025Location: Las Vegas, NevadaHMR Booth Number: 54612 at the Venetian Exhibit Hall D

To Schedule a Media Visit or to get a copy a link to our full Press Kit please contact:

Phil Astrachan
VP of Marketing
phil@humaninmotion.com
415-310-7466

About Human In Motion Robotics

Human In Motion Robotics is dedicated to enhancing human mobility through advanced exoskeleton solutions. XoMotion is a testament to the company’s commitment to improving patient outcomes and supporting healthcare professionals. Following its recent Canadian regulatory approval, HMR is committed to expanding global access to XoMotion. The company is pursuing regulatory clearances for XoMotion in the US, Asia, and the EU.

View original content to download multimedia:https://www.prnewswire.com/news-releases/human-in-motion-robotics-invites-media-to-experience-ces-2025-innovation-award-winning-xomotion-exoskeleton-302342217.html

SOURCE Human in Motion Robotics Inc.

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