Technology
VIAVI Announces First Quarter Fiscal 2025 Results
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CHANDLER, Ariz., Oct. 31, 2024 /PRNewswire/ — VIAVI (NASDAQ: VIAV) today reported results for its first quarter ended September 28, 2024 with the following highlights.
First Quarter
Net revenue of $238.2 million, down $9.7 million or 3.9% year-over-yearGAAP operating margin of 4.8%, down 170 bps year-over-yearNon-GAAP operating margin of 10.0%, down 240 bps year-over-yearGAAP net loss of $1.8 million, down $11.6 million or 118.4% year-over-yearNon-GAAP net income of $12.4 million, down $7.1 million or 36.4% year-over-year GAAP diluted loss per share of $(0.01), down $0.05 or 125.0% year-over-yearNon-GAAP diluted earnings per share (EPS) of $0.06, down $0.03 or 33.3% year-over-year
“VIAVI’s Q1FY25 revenue came in slightly below the midpoint of our guidance, with weaker demand in NSE partially offset by stronger OSP performance. On a positive side, we are starting to see a pickup in the NSE order momentum with our advanced fiber products such as 800G and recently announced 1.6Tb, being particularly strong. This aligns with our expectations for the beginning of NSE demand recovery in second half of FY25,” said Oleg Khaykin, VIAVI’s President and Chief Executive Officer.
Financial Overview:
The tables below (in millions, except percentage, and per share data) provide comparisons of quarterly results to prior periods, including sequential quarterly and year-over-year changes. A full reconciliation between the GAAP and non-GAAP measures included in the tables is contained in this release under the section titled “Use of Non-GAAP (Adjusted) Financial Measures.”
First Quarter Ended September 28, 2024
GAAP Results
Q1
Q4
Q1
Change
FY 2025
FY 2024
FY 2024
Q/Q
Y/Y
Net revenue
$ 238.2
$ 252.0
$ 247.9
(5.5) %
(3.9) %
Gross margin
57.1 %
57.8 %
58.2 %
(70) bps
(110) bps
Operating margin
4.8 %
(2.3) %
6.5 %
710 bps
(170) bps
Income (loss) from operations
$ 11.5
$ (5.7)
$ 16.0
301.8 %
(28.1) %
Net (loss) income per share
(0.01)
(0.10)
0.04
90.0 %
(125.0) %
Non-GAAP Results
Q1
Q4
Q1
Change
FY 2025
FY 2024
FY 2024
Q/Q
Y/Y
Gross margin
59.1 %
59.6 %
60.1 %
(50) bps
(100) bps
Operating margin
10.0 %
10.9 %
12.4 %
(90) bps
(240) bps
Income from operations
$ 23.9
$ 27.5
$ 30.8
(13.1) %
(22.4) %
Earnings per share
0.06
0.08
0.09
(25.0) %
(33.3) %
Net Revenue by Segment
Q1
Q4
Q1
Change
FY 2025
FY 2024
FY 2024
Q/Q
Y/Y
Network Enablement
$ 141.6
$ 158.5
$ 150.0
(10.7) %
(5.6) %
Service Enablement
17.8
23.7
20.4
(24.9) %
(12.7) %
Optical Security and Performance Products
78.8
69.8
77.5
12.9 %
1.7 %
Total
$ 238.2
$ 252.0
$ 247.9
(5.5) %
(3.9) %
Americas, Asia-Pacific and EMEA customers represented 37.2%, 36.1% and 26.7%, respectively, of total net revenue for the quarter ended September 28, 2024.As of September 28, 2024, the Company held $497.9 million in total cash, short-term investments and short-term restricted cash.As of September 28, 2024, the Company had $250 million aggregate principal amount of 1.625% Senior Convertible Notes and $400 million aggregate principal amount of 3.75% Senior Notes with a total net carrying value of $637.6 million.During the fiscal quarter ended September 28, 2024, the Company generated $13.5 million of cash flows from operations.
Business Outlook for the Second Quarter of Fiscal 2025
For the second quarter of fiscal 2025 ending December 28, 2024, the Company expects net revenue to be between $255 million to $265 million and non-GAAP EPS to be between $0.09 to $0.11.
With respect to our expectations above, the Company has not reconciled GAAP net loss per share to non-GAAP EPS in this press release because it is unable to provide a meaningful or accurate estimate of certain reconciling items described in the “Use of Non-GAAP (Adjusted) Financial Measures” section below and the information is not available without unreasonable effort as a result of the inherent difficulty of forecasting the timing and/or amounts of certain items, including certain charges related to restructuring, acquisition, integration and related charges. In addition, the Company believes such reconciliations would imply a degree of precision that may be confusing or misleading to investors.
Conference Call
The Company will discuss these results and other related matters at 1:30 p.m. Pacific Time on October 31, 2024 in a live webcast, which will also be archived for replay on the Company’s website at https://investor.viavisolutions.com. The Company will post supplementary slides outlining the Company’s latest financial results on https://investor.viavisolutions.com under the “Quarterly Results” section concurrently with this earnings press release. This press release is being furnished as a Current Report on Form 8-K with the Securities and Exchange Commission, and will be available at www.sec.gov.
About VIAVI Solutions
VIAVI (NASDAQ: VIAV) is a global provider of network test, monitoring and assurance solutions for telecommunications, cloud, enterprises, first responders, military, aerospace and railway. VIAVI is also a leader in light management technologies for 3D sensing, anti-counterfeiting, consumer electronics, industrial, automotive, government and aerospace applications.
Learn more about VIAVI at www.viavisolutions.com. Follow us on VIAVI Perspectives, LinkedIn and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include any expectation, anticipation or guidance as to future financial performance, including future revenue, gross margin, operating expense, operating margin, profitability targets, cash flow and other financial metrics, as well as the impact and duration of certain trends and market position and conditions, including market stabilization and recovery. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. In particular, the Company’s ability to predict future financial performance continues to be difficult due to, among other things: (a) continuing general limited visibility across many of our product lines; (b) quarter-over-quarter product mix fluctuations, which can materially impact profitability measures due to the broad gross margin ranges across our portfolio; (c) consolidations in our industry and customer base; (d) competitive pressures; (e) unforeseen changes or deceleration in the demand for current and new products, technologies, services, delays or unforeseen events in the roll-out of new industry platforms or evolving technology such as 3D sensing and customer purchasing delays due to macroeconomic conditions, tightening of expenditures or as they assess or transition to such new technologies and/or architectures, all of which limit near-term demand visibility, and could negatively impact potential revenue; (f) continued decline of average selling prices across our businesses; (g) notable seasonality and a significant level of in-quarter book-and-ship business; (h) various product and manufacturing transfers, site consolidations, product discontinuances and restructuring and workforce reduction plans, including anticipated cost savings associated with such plans; (i) challenges in execution of business strategy; (j) challenges integrating the businesses the Company has acquired and realizing all of the expected benefits and savings; (k) supply chain and materials constraints and the ability of our suppliers and contract manufacturers to meet production and delivery requirements to our forecasted demand; (l) potential disruptions or delays to our manufacturing and operations due to climate conditions and natural disasters in the regions where we operate, such as wildfires, drought conditions and related water shortages in Arizona, as well as wildfires in Northern California and related blackouts and power outages in that region; (m) the uncertain and ongoing impact to our supply chain of military conflicts, such as the ongoing conflict between Russia and Ukraine and the ongoing conflict between Israel and Hamas and the expansion of conflict in the Middle East, including in Lebanon and with Iran, tariffs, sanctions and other trade measures imposed by domestic and foreign governments, adverse actions and escalating tensions with foreign governments, including China, and the possibility of escalation of “trade wars,” cyber-attacks, and retaliatory measures; (n) the impact of infectious disease outbreaks, epidemics, and pandemics on our financial results, revenues, customer demand, business operations and manufacturing and on the business operations of our customers, contract manufacturers and suppliers; and (o) inherent uncertainty related to global markets, including inflationary pressures, recessions, tightening monetary policy and liquidity, and the effect of such markets on demand for our products. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. For more information on the risks and uncertainties associated with the Company’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the Company’s filings with the Securities and Exchange Commission, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The forward-looking statements contained in this press release are made as of the date thereof and the Company assumes no obligation to update such statements. We have not filed our Form 10-Q for the quarter ended September 28, 2024. As a result, all financial results described in this earnings release should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates, that are identified prior to the time we file the Form 10-Q.
Contact Information
Investors:
Vibhuti Nayar
408-404-6305
vibhuti.nayar@viavisolutions.com
Press:
Amit Malhotra
202-341-8624
amit.malhotra@viavisolutions.com
The following financial tables are presented in accordance with GAAP, unless otherwise specified.
-SELECTED PRELIMINARY FINANCIAL DATA –
VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
(unaudited)
PRELIMINARY
Three Months Ended
September 28,
2024
September 30,
2023
Net revenue
$ 238.2
$ 247.9
Cost of revenues
98.8
100.0
Amortization of acquired technologies
3.3
3.5
Gross profit
136.1
144.4
Operating expenses:
Research and development
49.4
49.9
Selling, general and administrative
74.1
77.2
Amortization of other intangibles
1.1
2.1
Restructuring and related benefits
—
(0.8)
Total operating expenses
124.6
128.4
Income from operations
11.5
16.0
Interest and other income, net
3.2
10.2
Interest expense
(7.5)
(7.8)
Income before income taxes
7.2
18.4
Provision for income taxes
9.0
8.6
Net (loss) income
$ (1.8)
$ 9.8
Net (loss) income per share:
Basic
$ (0.01)
$ 0.04
Diluted
$ (0.01)
$ 0.04
Shares used in per share calculations:
Basic
222.0
222.0
Diluted
222.0
224.2
The preliminary financial statements are estimated based on our current information.
VIAVI SOLUTIONS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
PRELIMINARY
September 28, 2024
June 29, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 467.9
$ 471.3
Short-term investments
25.2
19.9
Restricted cash
4.8
5.0
Accounts receivable, net
203.1
213.1
Inventories, net
93.2
96.5
Prepayments and other current assets
69.8
70.7
Total current assets
864.0
876.5
Property, plant and equipment, net
230.5
228.2
Goodwill, net
461.2
452.9
Intangibles, net
34.0
38.2
Deferred income taxes
86.1
82.5
Other non-current assets
61.8
58.0
Total assets
$ 1,737.6
$ 1,736.3
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 47.4
$ 50.4
Accrued payroll and related expenses
44.4
48.2
Deferred revenue
63.7
65.7
Accrued expenses
23.8
25.3
Other current liabilities
53.5
57.5
Total current liabilities
232.8
247.1
Long-term debt
637.6
636.0
Other non-current liabilities
165.1
171.6
Total liabilities
1,035.5
1,054.7
Total stockholders’ equity
702.1
681.6
Total liabilities and stockholders’ equity
$ 1,737.6
$ 1,736.3
The preliminary financial statements are estimated based on our current information.
VIAVI SOLUTIONS INC.
REPORTABLE SEGMENT INFORMATION
(in millions, unaudited)
PRELIMINARY
Three Months Ended September 28, 2024
Network and Service Enablement
Network
Enablement
Service
Enablement
Network and
Service
Enablement
Optical Security
and Performance
Products
Other Items (1)
Consolidated
GAAP Measures
Net revenue
$ 141.6
$ 17.8
$ 159.4
$ 78.8
$ —
$ 238.2
Gross profit
$ 86.3
$ 10.8
$ 97.1
$ 43.6
$ (4.6)
$ 136.1
Gross margin
60.9 %
60.7 %
60.9 %
55.3 %
57.1 %
Operating (loss) income
$ (7.3)
$ 31.2
$ (12.4)
$ 11.5
Operating margin
(4.6) %
39.6 %
4.8 %
Three Months Ended September 30, 2023
Network and Service Enablement
Network
Enablement
Service Enablement
Network and
Service
Enablement
Optical Security
and Performance
Products
Other Items (1)
Consolidated
GAAP Measures
Net revenue
$ 150.0
$ 20.4
$ 170.4
$ 77.5
$ —
$ 247.9
Gross profit
$ 94.6
$ 13.7
$ 108.3
$ 40.7
$ (4.6)
$ 144.4
Gross margin
63.1 %
67.2 %
63.6 %
52.5 %
58.2 %
Operating income
$ 1.5
$ 29.3
$ (14.8)
$ 16.0
Operating margin
0.9 %
37.8 %
6.5 %
(1) See Reconciliation of GAAP Measures from Continuing Operations to Non-GAAP Measures below for details of Other Items.
The preliminary financial schedules are estimated based on our current information.
Use of Non-GAAP (Adjusted) Financial Measures
The Company provides non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA financial measures as supplemental information regarding the Company’s operational performance. The Company uses the measures disclosed in this release to evaluate the Company’s historical and prospective financial performance, as well as its performance relative to its competitors. Specifically, management uses these items to further its own understanding of the Company’s core operating performance, which the Company believes represent its performance in the ordinary, ongoing and customary course of its operations. Accordingly, management excludes from core operating performance items such as those relating to certain purchase price accounting adjustments, amortization of acquisition-related intangibles, stock-based compensation, legal settlements, restructuring, changes in fair value of contingent consideration liabilities and certain investing and acquisition related expenses and other activities that management believes are not reflective of such ordinary, ongoing and core operating activities.
The Company believes providing this additional information allows investors to see Company results through the eyes of management. The Company further believes that providing this information allows investors to better understand the Company’s financial performance and, importantly, to evaluate the efficacy of the methodology and information used by management to evaluate and measure such performance.
The non-GAAP adjustments described in this release are excluded by the Company from its GAAP financial measures because the Company believes excluding these items enables investors to evaluate more clearly and consistently the Company’s core operational performance. The non-GAAP adjustments are outlined below.
Cost of revenues, costs of research and development and costs of selling, general and administrative: The Company’s GAAP presentation of gross margin and operating expenses may include (i) additional depreciation and amortization from changes in estimated useful life and the write-down of certain property, equipment and intangibles that have been identified for disposal but remained in use until the date of disposal, (ii) charges such as severance, benefits and outplacement costs related to restructuring plans, (iii) costs for facilities not required for ongoing operations, and costs related to the relocation of certain equipment from these facilities and/or contract manufacturer facilities, (iv) stock-based compensation, (v) amortization expense related to acquired intangibles, (vi) changes in fair value of contingent consideration liabilities and (vii) other charges unrelated to our core operating performance comprised mainly of acquisition related transaction costs, integration costs related to acquired entities, litigation and legal settlements and other costs and contingencies unrelated to current and future operations, including transformational initiatives such as the implementation of simplified automated processes, site consolidations, and reorganizations. The Company excludes these items in calculating non-GAAP gross margin, non-GAAP operating margin, non-GAAP net income, non-GAAP EPS, EBITDA and adjusted EBITDA.
Non-cash interest expense and other expense: The Company excludes certain investing expenses, including accretion of debt discount, and other non-cash activities that management believes are not reflective of such ordinary, ongoing and core operating activities, when calculating non-GAAP net income and non-GAAP EPS.
Income tax expense or benefit: The Company excludes certain non-cash tax expense or benefit items, such as the utilization of net operating losses where valuation allowances were released, intra-period tax allocation benefit and the tax effect for amortization of non-tax deductible intangible assets, when calculating non-GAAP net income and non-GAAP EPS.
Interest, taxes, depreciation, amortization and other adjustments: The Company’s EBITDA calculation primarily excludes interest income and other income (expense), interest expense, taxes, depreciation and amortization, and other items that are not part of its core operating performance described above. The Company’s adjusted EBITDA excludes items in addition to the items excluded from the EBITDA calculation, such as stock-based compensation, restructuring, gain or loss on sale of available for-sale investments, changes in fair value of contingent consideration liabilities arising from prior acquisitions and other charges related to activities that are not part of its core operating performance described above. Management believes adjusted EBITDA is a helpful indicator of the Company’s core operational cash flow.
Non-GAAP financial measures are not in accordance with, preferable to, or an alternative for, generally accepted accounting principles in the United States. The GAAP measure most directly comparable to non-GAAP net income is net income. The GAAP measure most directly comparable to non-GAAP EPS is net income per share. The Company believes these GAAP measures alone are not fully indicative of its core operating expenses and performance and that providing non-GAAP financial measures in conjunction with GAAP measures provides valuable supplemental information regarding the Company’s overall performance.
VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO NON-GAAP MEASURES
(in millions, except per share data)
(unaudited)
PRELIMINARY
The following tables reconcile GAAP measures to non-GAAP measures:
Three Months Ended
September 28, 2024
September 30, 2023
Gross
Profit
Gross
Margin
Gross
Profit
Gross
Margin
GAAP measures
$ 136.1
57.1 %
$ 144.4
58.2 %
Stock-based compensation
1.2
0.5 %
1.2
0.5 %
Other charges (benefits) unrelated to core operating performance
0.1
0.1 %
(0.1)
— %
Amortization of intangibles
3.3
1.4 %
3.5
1.4 %
Total related to Cost of Revenue
4.6
2.0 %
4.6
1.9 %
Non-GAAP measures
$ 140.7
59.1 %
$ 149.0
60.1 %
Three Months Ended
September 28, 2024
September 30, 2023
Operating
Income
Operating
Margin
Operating
Income
Operating
Margin
GAAP measures
$ 11.5
4.8 %
$ 16.0
6.5 %
Stock-based compensation
12.7
5.3 %
11.2
4.5 %
Change in fair value of contingent liability
(3.5)
(1.5) %
(1.4)
(0.6) %
Acquisition and integration related charges
0.6
0.3 %
—
— %
Other (benefits) charges unrelated to core operating performance (1)
(0.5)
(0.2) %
0.2
0.1 %
Amortization of intangibles
4.4
1.8 %
5.6
2.2 %
Restructuring and related charges
—
— %
(0.8)
(0.3) %
Litigation settlement
(1.3)
(0.5) %
—
— %
Total related to Cost of Revenue and Operating Expenses
12.4
5.2 %
14.8
5.9 %
Non-GAAP measures
23.9
10.0 %
30.8
12.4 %
Three Months Ended
September 28, 2024
September 30, 2023
Net (Loss)
Income
Diluted
EPS
Net
Income
Diluted
EPS
GAAP measures
$ (1.8)
$ (0.01)
$ 9.8
$ 0.04
Items reconciling GAAP Net (Loss) Income and EPS to Non-GAAP Net Income and EPS:
Stock-based compensation
12.7
0.06
11.2
0.05
Change in fair value of contingent liability
(3.5)
(0.01)
(1.4)
—
Acquisition and integration related charges
0.6
—
—
—
Other (benefits) charges unrelated to core operating performance (1)
(0.5)
—
0.2
—
Amortization of intangibles
4.4
0.02
5.6
0.02
Restructuring and related benefits
—
—
(0.8)
—
Litigation settlement
(1.3)
(0.01)
(7.3)
(0.03)
Non-cash interest expense and other expense
1.1
0.01
1.2
0.01
Provision for income taxes
0.7
—
1.0
—
Total related to Net (Loss) Income and EPS
14.2
0.07
9.7
0.05
Non-GAAP measures
$ 12.4
$ 0.06
$ 19.5
$ 0.09
Shares used in per share calculation for Non-GAAP EPS
224.0
224.2
Note: Certain totals may not add due to rounding.
(1) Included in the three months ended September 28, 2024 is a gain of $0.9 million on the sale of assets previously classified as held for sale and other charges unrelated to core operating performance of $0.4 million.
The preliminary financial schedules are estimated based on our current information.
VIAVI SOLUTIONS INC.
RECONCILIATION OF GAAP MEASURES FROM CONTINUING OPERATIONS
TO ADJUSTED EBITDA
(in millions, unaudited)
PRELIMINARY
Three Months Ended
September 28,
2024
September 30,
2023
GAAP Net (Loss) Income
$ (1.8)
$ 9.8
Interest and other income, net (1)
(3.2)
(10.2)
Interest expense
7.5
7.8
Provision for income taxes
9.0
8.6
Depreciation
9.7
9.8
Amortization
4.4
5.6
EBITDA
25.6
31.4
Restructuring and related benefits
—
(0.8)
Stock-based compensation
12.7
11.2
Change in fair value of contingent liability
(3.5)
(1.4)
Acquisition and integration related charges
0.6
—
Other (benefits) charges unrelated to core operating performance (2)
(1.9)
0.1
Adjusted EBITDA
$ 33.5
$ 40.5
Note: Certain totals may not add due to rounding.
(1) Includes favorable litigation settlement of $7.3 million recorded as a gain to Interest and other income, net in the Consolidated Statements of Operations for the three months ended September 30, 2023.
(2) Included in the three months ended September 28, 2024 is a gain on litigation settlement of $1.3 million, a gain on the sale of assets previously classified as held for sale of $0.9 million and other charges unrelated to core operating performance of $0.3 million.
The preliminary financial schedules are estimated based on our current information.
View original content to download multimedia:https://www.prnewswire.com/news-releases/viavi-announces-first-quarter-fiscal-2025-results-302293279.html
SOURCE VIAVI Financials
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CONTACT: Brenda Chang, brenda.chang@big-data.com.tw
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/hong-kong-top-5-across-the-border-hotpot-302293802.html
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NUS launches BLOCK71 Nagoya to strengthen Japan-Southeast Asia innovation exchange
Published
55 mins agoon
November 1, 2024By
BLOCK71 Nagoya will also be the gateway for Japanese start-ups to Southeast AsiaNUS partners ENEOS Holdings, Inc. to facilitate bilateral cooperation in growing innovation and enterprise ecosystems in both countries
NAGOYA, Japan, Nov. 1, 2024 /PRNewswire/ — NUS Enterprise, the entrepreneurial arm of the National University of Singapore (NUS) has launched BLOCK71 Nagoya today, marking its operational opening for start-ups. BLOCK71 Nagoya aims to create a technology-focused ecosystem connecting Japan and Southeast Asia, providing Southeast Asian start-ups with essential support to navigate Japan’s cultural and business nuances for successful expansion. At the same time, it will support Japanese start-ups to grow and scale effectively in Southeast Asia.
Nagoya is a key hub for technology start-ups looking to expand into Southeast Asia, backed by Aichi’s strength as Japan’s manufacturing powerhouse, which is home to leading companies in automotive, aviation, and robotics. These industries provide a strong foundation for technological growth and offer valuable collaboration opportunities with established corporations.
The opening of the centre was graced by His Excellency Hideaki Omura, the Governor of Aichi Prefecture, who was joined by Professor Tan Eng Chye, NUS President; Associate Professor Benjamin Tee, Vice President (Ecosystem Building), NUS Enterprise; Professor Naoshi Sugiyama, Nagoya University President; and Mr Hirotaka Sahashi, STATION Ai Corporation President and CEO.
BLOCK71 in Japan – a bridge between Southeast Asia and Japan
BLOCK71 is a technology-focused ecosystem builder and global connector that catalyses the start-up community. It has established itself as a leading force in global entrepreneurship, with offices spanning across Southeast Asia, the United States of America, China, and now Japan. As NUS’ first BLOCK71 location in Japan, the opening of the Nagoya office marks a significant addition to this network, representing a strategic move to promote market entry for Southeast Asian ventures (see Annexe A for background on BLOCK71).
Unlike other BLOCK71 global offices that focus on incubation, BLOCK71 in Japan prioritises market launch activities due to Japan’s mature and established start-up landscape. The Japanese offices will provide Japanese start-ups with the resources and networks to expand into Southeast Asia, while enabling Southeast Asian start-ups to establish a foothold in Japan.
Japan’s strong tradition of innovation presents immense opportunities for collaboration with Southeast Asia’s dynamic start-up ecosystems. BLOCK71 Nagoya will empower Japanese corporations and start-ups by connecting them to a broad network of Southeast Asian start-ups, investors, and industry leaders, fostering partnerships that drive innovative projects and facilitate market expansion. Similarly, Southeast Asian start-ups aiming to enter the Japanese market can benefit from BLOCK71 Nagoya to connect them with key stakeholders in the local innovation ecosystem.
“BLOCK71 Nagoya is not only a launchpad for Southeast Asian start-ups entering Japan, but also a gateway for Japanese start-ups looking to break into the diverse and rapidly growing Southeast Asian markets. By leveraging BLOCK71’s vast networks and experience, we aim to provide Japanese entrepreneurs with the tools, insights, and partnerships needed to navigate these emerging economies successfully,” said Professor Tan Eng Chye, NUS President.
BLOCK71 Nagoya will prioritise establishing key business milestones, including developing the Proof of Concept (PoC), fundraising, forging contracts, and integrating within BLOCK71’s extensive global network and quality start-up pool. Additionally, BLOCK71 in Japan will not only provide physical office spaces within their partners’ coworking space in key cities, but also deploy dedicated staff across the country to identify growth opportunities for start-ups by capitalising on Japan’s multifaceted market landscape.
Collaboration with ENEOS to enhance innovation
As part of its commitment to driving innovation, NUS Enterprise has established a strategic partnership with ENEOS Holdings, Inc. (ENEOS), one of the largest energy companies in Japan, through a Memorandum of Understanding (MOU) signed on 31 October 2024. The MOU was signed by Professor Tan Eng Chye, NUS President and Mr Toru Naganuma, General Manager, Emerging Business Development Department, ENEOS.
The collaboration aims to enhance venture-building activities for NUS start-ups by providing them with exposure to real-world industry challenges. Together, both organisations will identify promising Southeast Asian start-ups and innovative solutions that can address critical industry issues. Key focus areas include mobility, decarbonisation, the circular economy, and artificial intelligence.
In addition, this partnership enables established corporations like ENEOS to maintain competitiveness through continuous innovation in an ever-evolving global economy. Start-ups, recognised for their agility and creativity, often experiment with cutting-edge technologies and business models that can drive corporate innovation. By partnering with start-ups, ENEOS can respond more swiftly to market changes, diversify its product offerings, and penetrate new markets and customer segments. For NUS start-ups, this partnership opens up opportunities to expand into the Japanese market by addressing real-world challenges posed by ENEOS. Additionally, participating start-ups will gain valuable insights into the operations of traditional Japanese companies, enhancing their understanding of this unique market.
“The partnership between NUS Enterprise and ENEOS Holdings will leverage the strengths of our extensive BLOCK71 ecosystem and network to foster innovation and entrepreneurship. This collaboration connects our start-ups with real-world industry challenges, enhancing their ability to develop solutions that meet the evolving needs of the energy sector. By integrating the capabilities of NUS Enterprise with ENEOS’ expertise, we aim to create a vibrant ecosystem where agility and creativity drive impactful advancements. Together, we are committed to nurturing the next generation of Southeast Asian start-ups that will shape the future of sustainable energy and technology,” added Professor Tan Eng Chye, NUS President.
“Collaborating with NUS Enterprise provides ENEOS with a unique opportunity to harness the dynamic energy of Southeast Asia’s start-up ecosystem. By engaging with innovative start-ups, we can gain fresh insights and co-create solutions that address the pressing challenges in our industry. This partnership will not only enhance our ability to adapt to market changes but also position us at the forefront of sustainable energy advancements. We are eager to work alongside these visionary entrepreneurs to drive meaningful progress in the energy sector,” said Mr Miyata Tomohide, Representative Director, CEO of ENEOS.
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SOURCE NUS Enterprise
Technology
Aker Horizons ASA: Third-quarter results 2024
Published
55 mins agoon
November 1, 2024By
FORNEBU, Norway, Nov. 1, 2024 /PRNewswire/ — Aker Horizons ASA (OSE: AKH), a developer of green energy and industry, today announced results for the third quarter 2024. Aker Horizons’ net capital employed stood at NOK 6.1 billion, a decrease of NOK 1.0 billion from the second quarter, mainly driven by impairments in Mainstream. The company reported a cash position of NOK 3.0 billion and an undrawn credit facility of EUR 500 million, giving available liquidity of NOK 8.8 billion.
Third quarter main developments:
The JV between Aker Carbon Capture (ACC) and SLB was renamed SLB Capturi and announced its first US-based project:
SLB Capturi was awarded a FEED contract by CO280 Solutions for a large-scale carbon capture plant at a pulp and paper mill on the US Gulf Coast.The Board of Directors of ACC continues the process of determining the future strategy and structure of ACC and will communicate conclusions within Q1 2025.
Mainstream Renewable Power (Mainstream) is delivering on its pipeline in South Africa and focuses on business optimization:
The 50 MW solar project Ilikwa in South Africa reached financial close.The commercial margin of the Andes platform in Chile improved in Q3.Mainstream is streamlining its business to focus on growth in core markets South Africa, Australia and the Philippines, with continued investment in key offshore projects.
Aker Horizons Asset Development (AAD) completed a concept optimization for Narvik Green Ammonia; strong data center interest for sites in Northern Norway:
A concept optimization for the Narvik Green Ammonia project has been concluded with a decision to move the project to Lallasletta.An MoU was signed with Masdar to explore collaboration and investment opportunities in green hydrogen.Data center players are showing significant interest in Kvandal and other industrial sites in the Powered Land site portfolio.
SuperNode secured funding to advance superconducting transmission technology development:
Significant grants were secured from Irish and UK institutions to fund research & development.SuperNode opened a new Cable Technology Centre in Blyth, UK, enabling first production of superconducting cables for bulk electricity transmission
Lars P. Sørvaag Sperre, CEO of Aker Horizons, commented:
“We are pleased to see ACC and SLB Capturi reaching material milestones this quarter to enter the important US carbon capture market. Mainstream will now embark on a business plan that focuses on growth in selected core markets. This will enable Mainstream to speed up the development of projects. Furthermore, we have continued to develop and explore options for Aker Horizon’s green hydrogen projects and the Powered Land sites. It is really encouraging to see the strong interest from the data center industry around our activities in the Narvik area”.
Aker Horizons reports net capital employed to reflect a portfolio composed mainly of unlisted assets. Net capital employed includes Aker Horizons’ initial investment in the portfolio company, adjusted for any profit or loss and any additional investments, adjusted for foreign exchange fluctuations. As of the third quarter, Aker Horizons had NOK 2.4 billion net capital employed in ACC, NOK 2.8 billion in Mainstream, NOK 543 million in AAD, NOK 197 million in SuperNode and NOK 242 million in other assets.
The Q3 2024 presentation is attached.
Aker Horizons’ CEO Lars P. Sørvaag Sperre and CFO Kristoffer Dahlberg, and Mainstream’s CEO Mary Quaney will present the main developments in the third quarter 2024 today at 08:30 CEST, followed by a Q&A session. The presentation, which is open to all, will be held in English and will be webcast on Aker Horizons’ website:
https://akerhorizons.com/investors
For further information, please contact:
Stian Andreassen, Investor Relations, tel: +47 41 64 31 07, email: stian.andreassen@akerhorizons.com
Mats Ektvedt, Media, tel: +47 41 42 33 28, email: mats.ektvedt@corporatecommunications.no
About Aker Horizons
Aker Horizons develops green energy and green industry to accelerate the transition to Net Zero. The company is active in renewable energy, carbon capture and hydrogen and develops industrial-scale decarbonization projects. As part of the Aker group, Aker Horizons applies industrial, technological and capital markets expertise with a planet-positive purpose to drive decarbonization globally. Aker Horizons is listed on the Oslo Stock Exchange and headquartered in Fornebu, Norway. Across its portfolio, the company is present on five continents. www.akerhorizons.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements in Regulation EU 596/2014 and the Norwegian Securities Trading Act § 5-12. This stock exchange announcement was published by Mats Ektvedt, Partner in Corporate Communications, on 1 November 2024 at 07:00 CET.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/aker-horizons/r/aker-horizons-asa–third-quarter-results-2024,c4059993
The following files are available for download:
https://mb.cision.com/Public/20659/4059993/81b1b2d3cb4be27b.pdf
Aker-Horizons-Q3-2024-Presentation
View original content:https://www.prnewswire.co.uk/news-releases/aker-horizons-asa-third-quarter-results-2024-302293851.html
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