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MDA SPACE REPORTS THIRD QUARTER 2024 RESULTS

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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

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SOURCE MDA Space

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BOLLINGER MOTORS PARTNERS WITH NATIONAL AUTO FLEET GROUP FOR GOVERNMENT FLEET VEHICLE SALES

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21 minutes ago

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November 15, 2024

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Bollinger B4 Class 4 Electric Trucks Provide Electrification Solution Through NAFG Sourcewell Contract Agreement

OAK PARK, Mich., Nov. 15, 2024 /PRNewswire/ — Bollinger Motors, Inc., a commercial electric vehicle (“EV”) manufacturer, today announced it has partnered with National Auto Fleet Group (NAFG) to sell its all-electric Class 4 Bollinger B4 commercial trucks to government agencies through NAFG’s Sourcewell-awarded contract #032824-NAF.

“Bollinger Motors is excited to work with National Auto Fleet Group to bring the Bollinger B4 to one of our most important customer groups, government entities at all levels,” said Jim Connelly, chief revenue officer of Bollinger Motors. “Government agencies and municipalities are often early adopters for electrification and electric vehicle fleets. We look forward to partnering with NAFG, and their history of bringing innovative products and solutions to this important segment.”

The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commercial truck designed from the ground up with extensive fleet and upfitter input. The vehicle has a range of 185 miles and a payload of 7,394 lbs. Bollinger’s unique chassis design protects the 158-kwh battery pack and components to offer unparalleled capability, performance and safety in the commercial market. The Bollinger B4 is an excellent fit for commercial and government/municipal fleets looking for a world-class truck, capable of performing a variety of job functions.

“At National Auto Fleet Group, we take pride in helping municipalities find and manage their fleet vehicles,” said Ben Rodriguez, HD Manager of National Auto Fleet Group. “The Bollinger B4 is an excellent addition to our vehicle portfolio and will help fill a key product need for multiple government organizations developing electrification strategies.”

Sourcewell is a self-sustaining government organization, with more than 40 years of dedicated service helping government, education, and nonprofit agencies operate more efficiently through a variety of solutions. NAFG is a vehicle vendor catering to government agencies and municipalities across the country. The agreement with NAFG provides Bollinger Motors a conduit to winning more government contracts.

Bollinger Motors has passed numerous milestones in the past several months, including:

Its production launch on Sept. 16;Regulatory achievements including FMVSS compliance, receiving the Certificate of Conformity from the Environmental Protection Agency, and CARB certification;A 145-vehicle agreement with Momentum Group;A 70-vehicle agreement with Doering Fleet Management;A 50-vehicle agreement with EnviroCharge;The addition of Anderson Motors, TEC Equipment, Affinity Truck Center, Nacarato Truck Centers, Nuss Truck & Equipment, and LaFontaine Automotive Group as dealers and service centers;Working with Our Next Energy in Novi, Michigan, to supply battery packs;Providing a full warranty coverage of the B4 chassis cab; and,Announcing Syncron as its warranty administration partner and Amerit Fleet Solutions as its mobile service provider.

ABOUT BOLLINGER MOTORS

Founded in 2015 by Robert Bollinger, Bollinger Motors, Inc. is a U.S.-based company headquartered in Oak Park, Mich. Bollinger Motors is developing all-electric commercial chassis cab trucks, Classes 4-6. In September of 2022, Bollinger Motors became a majority owned company of Mullen Automotive, Inc. (NASDAQ: MULN). Learn more at www.BollingerMotors.com and www.MullenUSA.com.

FORWARD-LOOKING STATEMENT

Certain statements in this press release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as “continue,” “will,” “may,” “could,” “should,” “expect,” “expected,” “plans,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential” and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Bollinger Motors and are difficult to predict. Examples of such risks and uncertainties include: (a) Bollinger Motors’ continued partnership with NAFG and NAFG’s ability to sell Bollinger Motors vehicles; (b) Bollinger Motors’ ability to finalize a sales agreement with Momentum Group, Doering Fleet Management, and EnviroCharge and deliver purchased vehicles on schedule; (c) Bollinger Motors’ continued partnership with Nacarato Truck Centers, TEC Equipment, Affinity Truck Center, Nuss Truck & Equipment, and LaFontaine Automotive Group; (d) Bollinger Motors’ continued partnership with Our Next Energy as a battery supplier; (e) Bollinger Motors’ continued relationship with Syncron as its warranty administration provider; and (f) Bollinger Motors’ continued relationship with Amerit Fleet Solutions as its mobile service provider.

Additional examples of such risks and uncertainties include but are not limited to: (i) Bollinger Motors’ ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Bollinger Motors’ ability to maintain existing, and secure additional, contracts with manufacturers, parts and other service providers relating to its business; (iii) Bollinger Motors’ ability to successfully expand in existing markets and enter new markets; (iv) Bollinger Motors’ ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Bollinger Motors’ business; (viii) changes in government licensing and regulation that may adversely affect Bollinger Motors’ business; (ix) the risk that changes in consumer behavior could adversely affect Bollinger Motors’ business; (x) Bollinger Motors’ ability to protect its intellectual property; (xi) the vehicles developed will perform as expected and (xii) local, industry and general business and economic conditions. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K filed by Mullen Automotive, Inc., of which Bollinger Motors is a partially owned subsidiary, with the Securities and Exchange Commission. Bollinger Motors anticipates that subsequent events and developments may cause its plans, intentions, and expectations to change. Bollinger Motors assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether because of new information, future events, or otherwise, except as expressly required by law. Forward-looking statements speak only as of the date they are made and should not be relied upon as representing Bollinger Motors’ plans and expectations as of any subsequent date.

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SOURCE Bollinger Motors

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Furniture.com Launches Deal Finder to Help Shoppers Find Every Single Furniture Deal Online and In-Store this Holiday Season

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21 minutes ago

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November 15, 2024

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Furniture.com’s Deal Finder will source the best deals in furniture

ATLANTA, Nov. 15, 2024 /PRNewswire/ — Furniture.com, today announced the launch of its Deal Finder, a feature designed to connect shoppers with the best furniture and home goods deals online and in their neighborhoods. Deal Finder is the first of many shopper experience tools that Furniture.com will unveil as it grows in the US market.

About the Deal Finder
The Deal Finder aggregates every furniture deal and promotion from recognizable and trusted brands so customers don’t have to worry about finding the best deals in furniture. Customers easily input their location and find the most relevant deals online and near them.

By utilizing advanced algorithms and real-time data analytics, The Deal Finder will match shoppers with furniture that feels like them, is from a brand they trust, and is nearby.  By bridging the gap between consumers and retailers, and clearing out the unnecessary pop-ups and wild goose chases, Deal Finder will empower users to discover discounts and exclusive offers all while finding incredible design.

Shoppers will find deals from brands like One Kings Lane, Rooms To Go, Lamps Plus and more. To start shopping for better deals this holiday season, check it out here.

The Deal Finder is Part of Furniture.com’s Larger Plan to Re-invigorate Furniture Buying for Everyone.
Searching for furniture can be stressful and furniture buying has long been a point of contention for shoppers: 90% of furniture buyers prefer to test out furniture in-person before making a decision while 74% of buyers start the furniture search online. Furniture.com presents buyers with the tools they need to whittle down their furniture search process so that they can make their decisions faster and more confidently.

“Finding the best deal can be overwhelming. Our Deal Finder will help shoppers in a plethora of ways: from cutting down on hours spent online, to finding local furniture they can actually try out, to making sure they are getting the best deals,” said Alex Seaman, SVP and Co-Founder at Furniture.com “With Deal Finder, we are redefining the shopping experience by ensuring that every consumer can find the products they love without the hassle of endless searching.”

Furniture.com uses intuitive tech, AI, and location-based information to help shoppers find better deals and ultimately, the furniture they crave. The platform is set to transform the way consumers shop, making the furniture buying experience easier, more enjoyable and affordable.

“At Furniture.com, we’re focused on innovating the shopping experiences for retailers and consumers alike,” said Dan Bennett, Chief Marketing Officer at Furniture.com. “We’re committed to revolutionizing how we visualize, experience and purchase from brands in the home goods space and Deal Finder is just the beginning.”

About Furniture.com
Furniture.com is a high-growth technology business that is addressing fundamental challenges in the $200 billion U.S. furniture space. We have one mission: Make finding furniture easy and enjoyable. We have built an advanced discovery tool that facilitates, enhances, and streamlines the furniture purchase journey — both for B2C and B2B. Consumers can search across dozens of brands and thousands of products using our proprietary algorithm, AI tools, and comparison filters to find exactly what they’re looking for. For retail partners, we deliver a digital platform that’s been proven to expand their reach with a new, high-intent furniture audience.

Our team is comprised of world-class furniture experts, technologists, and brand builders. We are data-driven, solution-oriented, and general enthusiasts of beautiful designs and experiences. You can find us in one of our two offices, located in Atlanta and NYC.

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SOURCE Furniture.com

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CaloPal: The Calorie AI Assistant That Makes Weight Loss Easier

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21 minutes ago

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November 15, 2024

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NEW YORK, Nov. 15, 2024 /PRNewswire/ — As the focus on healthy lifestyles grows worldwide, CaloPal introduces a groundbreaking AI-powered calorie tracking assistant, providing global users with a simple and scientific tool for weight management. Using advanced AI technology, CaloPal helps users track their daily calorie intake in real time and offers personalized dietary and health management advice, simplifying the health management process and creating a more effective weight loss solution.

Science shows that the core of weight loss lies in balancing calorie intake and expenditure. However, many people don’t fully understand the connection between food and calories, making it challenging to track food calories and plan calorie intake. Previously, people had to manually input data and perform complex operations to obtain relevant information, which made these tools cumbersome and hard to maintain over time. Additionally, earlier health tools such as calorie counter and calorie tracker couldn’t offer personalized dietary advice, making weight control a lengthy and frustrating process. Now, everything is about to change. CaloPal ensures calorie data accuracy while providing users with personalized dietary recommendations, making weight loss a much easier journey.

Nick, the founder of CaloPal, stated, “CaloPal is a revolutionary AI calorie tracking application designed for users focused on health and weight management. We’ve simplified the calorie tracking process with the latest AI technology. Users only need to take a photo of their food, and CaloPal will automatically identify the food type, analyze its components, calculate calories, and provide a nutritional breakdown. CaloPal allows users to effortlessly track their daily calorie intake without manual input, making health management much more convenient and supporting long-term calorie tracking. Additionally, CaloPal offers personalized dietary recommendations based on users’ data, helping them achieve their weight management goals more easily through balanced nutrition.”

CaloPal assists users in controlling weight through the following features:

Smart Food RecognitionReal-Time Nutritional Data AnalysisPersonalized Weight Loss RecommendationsDiet and Weight Tracking

CaloPal is now available for users to try for free through the app (App Store download link: CaloPal on App Store) and the website, Fitness Pal will be released later this month。For more information about this product and the latest updates on CaloPal, please visit our website：https://calopal.ai/

Media Contact
contact@calopal.ai

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SOURCE CaloPal

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