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BAODING, China, Aug. 13, 2024 /PRNewswire/ -- IT Tech Packaging, Inc. (NYSE American: ITP) ("IT Tech Packaging" or the "Company"), a leading manufacturer and distributor of diversified paper products in North China, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Unaudited Financial Results For the Three Months Ended June 30, ($ millions) 2024 2023 % Change Revenues 26.25 30.02 -12.56 % Regular Corrugating Medium Paper ("CMP")* 21.98 21.93 0.24 % Light-Weight CMP** 4.23 4.54 -6.93 % Offset Printing Paper - 3.16 n/a Tissue Paper Products - 0.34 n/a Face Masks - 0.04 n/a Gross profit (loss) 3.27 1.18 176.75 % Gross profit margin 12.44 % 3.93 % 8.51 pp**** Regular Corrugating Medium Paper ("CMP")* 12.22 % 6.81 % 5.41 pp**** Light-Weight CMP** 12.82 % 7.14 % 5.68 pp**** Offset Printing Paper - 2.42 % n/a Tissue Paper Products*** - -206.06 % n/a Face Masks - -8.06 % n/a Operating income (loss) 0.55 -0.52 205.60 % Net income (loss) -0.08 -1.25 93.80 % EBITDA 3.93 2.83 38.87 % Basic and Diluted earnings (loss) per share -0.01 -0.12 -93.33 % * Products from PM6 ** Products from PM1 *** Products from PM8 and PM9 **** pp represents percentage points Revenue decreased by 12.56% to approximately $26.25 million, mainly due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024. Gross profit was approximately $3.27 million, compared with gross profit of $1.18 for the same period of last year. Total gross profit margin increased by 8.51 percentage point to 12.44%. Income from operations was approximately $0.55 million, compared to loss from operations of approximately $0.52 million for the same period of last year. Net loss was approximately $0.08 million, or loss per share of $0.01, compared to net loss of approximately $1.25 million, or loss per share of $0.12, for the same period of last year. Earnings before interest, taxes, depreciation and amortization ("EBITDA") was approximately $3.93 million, compared to $2.83 million for the same period of last year. Revenue For the second quarter of 2024, total revenue decreased by 12.56%, to approximately $26.25 million from approximately $30.02 million for the same period of last year. This was mainly due to the production suspension of offset printing paper and tissue paper products in the second quarter of 2024. The following table summarizes revenue, volume and ASP by product for the second quarter of 2024 and 2023, respectively: For the Three Months Ended June 30, 2024 2023 Revenue($'000) Volume(tonne) ASP($/tonne) Revenue($'000) Volume(tonne) ASP($/tonne) Regular CMP 21,984 62,813 350 21,931 60.063 365 Light-Weight CMP 4,229 12,552 337 4,544 12,877 353 Offset Printing Paper - - - 3,156 5,403 584 Tissue Paper Products - - - 344 293 1,175 Total 26,213 75,365 348 29,976 78,636 381 Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Face Masks - - - 44 1,411 31 Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 0.99%, to approximately $26.21 million and accounted for 99.86% of total revenue for the second quarter of 2024, compared to approximately $26.48 million, or 88.19% of total revenue for the same period of last year. The Company sold 75,365 tonnes of CMP at an ASP of $348/tonne in the second quarter of 2024, compared to 72,940 tonnes at an ASP of $363/tonne in the same period of last year. Of the total CMP sales, revenue from regular CMP increased by 0.24%, to approximately $21.98 million for the second quarter of 2024, compared to revenue of approximately $21.93 million for the same period of last year. The Company sold 62,813 tonnes of regular CMP at an ASP of $350/tonne during the second quarter of 2024, compared to 60,063 tonnes at an ASP of $365/tonne for the same period of last year. Revenue from light-weight CMP decreased by 6.93%, to approximately $4.23 million for the second quarter of 2024, compared to revenue of approximately $4.54 million for the same period of last year. The Company sold 12,552 tonnes of light-weight CMP at an ASP of $337/tonne for the second quarter of 2024, compared to 12,877 tonnes at an ASP of $353/tonne for the same period of last year. Revenue from offset printing paper was $nil and $3.16 million for the second quarter of 2024 and 2023. Production of offset printing products was suspended during the second quarter of 2024. Revenue from tissue paper products was $nil and $0.34 million for the three months ended June 30, 2024 and 2023, respectively. Production of tissue paper products was suspended during the second quarter of 2024. Revenue generated from selling face mask were $nil and $0.04 million for the three months ended June 30, 2024 and 2023, respectively. Gross Profit (Loss) and Gross Margin Total cost of sales decreased by 20.30%, to approximately $22.98 million for the second quarter of 2024 from approximately $28.84 million for the same period of last year. due to the decrease in sales quantity of offset printing paper and tissue paper products and the decrease of the unit material cost of CMP products. Total gross profit was approximately $3.27 million for the second quarter of 2024, compared to the gross profit of approximately $1.18 million for the same period of last year as a result of factors described above. Overall gross profit margin was 12.44% for the second quarter of 2024, compared to gross profit margin of 3.93% for the same period of last year. Gross profit (loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 12.22%, 12.82%, nil%, nil% and nil%, respectively, for the second quarter of 2024, compared to 6.81%, 7.14%, 2.42%, -206.06% and -8.06%, respectively, for the same period of last year. Selling, General and Administrative Expenses Selling, general and administrative expenses ("SG&A") increased by 105.35%, to approximately $2.72 million for the second quarter of 2024 from approximately $1.32 million for the same period of last year. The increase was mainly due to the increase in depreciation of idle fixed assets during production suspension. Income (Loss) from Operations Income from operations was approximately $0.55 million for the second quarter of 2024, an increase of 205.60%, from loss from operations of $0.52 million for the same period of last year. Operating margin was 2.09% for the second quarter of 2024, compared to operating loss margin was 1.73% for the same period of last year. Net Loss Net loss was approximately $0.08 million, or loss per share of $0.01 for the second quarter of 2024, compared to net loss of $1.25 million, or loss per share of $0.12 for the same period of last year. EBITDA EBITDA was approximately $3.93 million for the second quarter of 2024, compared to $2.83 million for the same period of last year. Note 1: Non-GAAP Financial Measures In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP. Reconciliation of Net Income to EBITDA(Amounts expressed in US$) For the Three Months Ended June 30, ($ millions) 2024 2023 Net income (loss) -0.08 -1.25 Add: Income tax 0.42 0.35 Net interest expense 0.21 0.27 Depreciation and amortization 3.38 3.46 EBITDA 3.93 2.83 First Half of 2024 Unaudited Financial Results For the Six Months Ended June 30, ($ millions) 2024 2023 % Change Revenues 33.11 49.81 -33.52 % Regular Corrugating Medium Paper ("CMP")* 27.73 38.40 -27.77 % Light-Weight CMP** 5.31 7.60 -30.23 % Offset Printing Paper - 3.16 n/a Tissue Paper Products - 0.57 n/a Face Masks - 0.08 n/a Gross profit (loss) 3.66 0.90 305.87 % Gross profit (loss) margin 11.07 % 1.81 % 9.26pp**** Regular Corrugating Medium Paper ("CMP")* 10.86 % 4.71 % 6.15 pp**** Light-Weight CMP** 10.90 5.86 % 5.04 pp**** Offset Printing Paper - 2.42 % n/a Tissue Paper Products*** - -249.58 % n/a Face Masks - -8.02 % n/a Operating income (loss) -2.95 -3.29 -10.24 % Net income (loss) -3.82 -3.99 -4.07 % EBITDA 3.91 4.03 -2.98 Basic and Diluted loss per share -0.38 -0.40 -5.00 % * Products from PM6 ** Products from PM1 *** Products from PM8 and PM9 **** pp represents percentage points Revenue For the first half of 2024, total revenue decreased by 33.52%, to approximately $33.11 million from approximately $49.81 million for the same period of last year. The increase in total revenue was mainly due to the production suspension of CMP in January and February of 2024, and production suspension of offset printing paper and tissue paper products in the first half of 2024. The following table summarizes revenue, volume and ASP by product for the first half of 2024 and 2023, respectively: For the Six Months Ended June 30, 2024 2023 Revenue($'000) Volume(tonne) ASP($/tonne) Revenue($'000) Volume(tonne) ASP($/tonne) Regular CMP 27,734 78,452 354 38,399 101,726 377 Light-Weight CMP 5,305 15,582 340 7,604 20,896 364 Offset Printing Paper - - - 3,156 5,403 584 Tissue Paper Products - - - 567 484 1,172 Total 33,040 94,034 351 49,726 128,509 387 Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Revenue($'000) Volume(thousandpieces) ASP($/thousandpieces) Face Masks - - - 79 2,516 32 Revenue from CMP, including both regular CMP and light-Weight CMP, decreased by 28.18%, to approximately $33.04 million and accounted for 99.78% of total revenue for first half of 2024, compared to approximately $46.00million, or 92.36% of total revenue for the same period of last year. The Company sold 94,034tonnes of CMP at an ASP of $351/tonne in first half of 2024, compared to 122,622 tonnes at an ASP of $375/tonne in the same period of last year. Of the total CMP sales, revenue from regular CMP decreased by 27.77%, to approximately $27.73 million for first half of 2024, compared to revenue of approximately $38.40 million for the same period of last year. The Company sold 78,452 tonnes of regular CMP at an ASP of $354/tonne during the first half of 2024, compared to 101,726 tonnes at an ASP of $377/tonne for the same period of last year. Revenue from light-weight CMP decreased by 30.23%, to approximately $5.31 million for the first half of 2024, compared to revenue of approximately $7.60 million for the same period of last year. The Company sold 15,582 tonnesof light-weight CMP at an ASP of $340/tonne for the first half of 2024, compared to 20,896 tonnes at an ASP of $364/tonne for the same period of last year. Revenue from offset printing paper was $nil for the first half of 2024. Revenue from tissue paper products was $nil for the first half of 2024,from approximately $0.57 million for the same period of last year. The Company sold nil tonnes of tissue paper products for the first half of 2024, compared to 484 tonnes at an ASP of $1,172/tonne for the same period of last year. Revenue from face masks was $nil for the first half of 2024, from $0.08 million for the same period of last year. The Company sold nil thousand pieces of face masks for the first half of 2024, compared to 2,516 thousand pieces of face masks for the same period of last year. Gross Profit and Gross Margin Total cost of sales decreased by 39.79%, to approximately $29.45 million for the first half of 2024 from approximately $48.91million for the same period of last year. The increase was mainly a result of the decrease in sales quantity and the decrease in the unit material costs of CMP. Costs of sales per tonne for regular CMP, light-weight CMP, offset printing paper, and tissue paper products were $315, $303,$nil and $nil, respectively, for the first half of 2024, compared to $360, $343, $570 and $4,097, respectively, for the same period of last year. Total gross profit was approximately $3.66 million for the first half of 2024, compared to the gross profit of approximately $0.90 million for the same period of last year as a result of factors described above. Overall gross margin was 11.07% for the first half of 2024, compared to 1.81% for the same period of last year. Gross profit(loss) margins for regular CMP, light-weight CMP, offset printing paper, tissue paper products and face mask products were 10.86%, 10.90%, nil%, nil% and nil%, respectively, for the first half of 2024, compared to 4.71%, 5.86%, 2.42%, -249.58% and -8.02%, respectively, for the same period of last year. Selling, General and Administrative Expenses Selling, general and administrative expenses ("SG&A") increased by 73.31%, to approximately $6.62 million for the first half of 2024 from approximately $3.82 million for the same period of last year. Income (Loss) from Operations Loss from operations was approximately $2.95 million for the first half of 2024, representing a decrease of 10.24%, from loss from operations of approximately $3.29 million for the same period of last year. Operating loss margin was 8.92% for the first half of 2024, compared to operating loss margin of 6.61% for the same period of last year. Net Income (Loss) Net loss was approximately $3.82 million, or loss per share of $0.38, for the first half of 2024, compared to net loss of approximately $3.99 million, or loss per share of $0.40, for the same period of last year. EBITDA EBITDA was approximately $3.91 million for the first half of 2024, compared to approximately $4.03 million for the same period of last year. Note 1: Non-GAAP Financial Measures In addition to our U.S. GAAP results, this press release includes a discussion of EBITDA, a non-GAAP financial measure as defined by the Securities and Exchange Commission ("SEC"). The Company defines EBITDA as net income before interest, income taxes, depreciation and amortization. EBITDA is a key measure used by management to evaluate our results and make strategic decisions. Management believes this measure is useful to investors because it is an indicator of operational performance. Because not all companies use identical calculations, the Company's presentation of EBITDA may not be comparable to similarly titled measures of other companies, and should not be viewed as an alternative to measures of financial performance or changes in cash flows calculated in accordance with the U.S. GAAP. Reconciliation of Net Income to EBITDA(Amounts expressed in US$) For the Six Months Ended June 30, ($ millions) 2024 2023 Net income (loss) -3.82 -3.99 Add: Income tax 0.45 0.35 Net interest expense 0.42 0.52 Depreciation and amortization 6.86 7.15 EBITDA 3.91 4.03 Cash, Liquidity and Financial Position As of June 30, 2024, the Company had cash and bank balances, short-term debt (including bank loans, current portion of long-term loans from credit union and related party loans), and long-term debt (including related party loans) of approximately $5.14 million, $8.39 million and $4.49 million, respectively, compared to approximately $3.92 million, $8.03 million and $4.50 million, respectively, as of December 31, 2023. Net accounts receivable was approximately $2.64 million as of June 30, 2024, compared to approximately $0.58 million as of December 31, 2023. Net inventory was approximately $5.28 million as of June 30, 2024, compared to approximately $3.56 million as of December 31, 2023. As of June 30, 2024, the Company had current assets of approximately $33.43 million and current liabilities of approximately $22.92 million, resulting in a working capital of approximately $10.51 million. This was compared to current assets of approximately $28.36 million and current liabilities of approximately $21.42 million, resulting in a working capital of approximately $6.94 million as of December 31, 2023. Net cash provided by operating activities was approximately $1.35 million for the second quarter of 2024, compared to approximately $5.75 million for the same period of last year. Net cash used in investing activities was approximately $0.06 million for the second quarter of 2024, compared to approximately $5.57 million for the same period of last year. Net cash provided by financing activities was approximately $0.42 million for the second quarter of 2024, compared to approximately $2.82 for the same period of last year. About IT Tech Packaging, Inc. Founded in 1996, IT Tech Packaging, Inc. is a leading manufacturer and distributor of diversified paper products and single-use face masks in North China. Using recycled paper as its primary raw material (with the exception of its tissue paper products), ITP produces and distributes three categories of paper products: corrugating medium paper, offset printing paper and tissue paper products. With production based in Baoding and Xingtai in North China's Hebei Province, ITP is located strategically close to the Beijing and Tianjin region, home to a growing base of industrial and manufacturing activities and one of the largest markets for paper products consumption in the country. ITP has been listed on the NYSE American since December 2009. For more information, please visit: http://www.itpackaging.cn/. Safe Harbor Statements This press release may contain forward-looking statements. These forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks outlined in the Company's public filings with the Securities and Exchange Commission, including the Company's latest annual report on Form 10-K. All information provided in this press release speaks as of the date hereof. Except as otherwise required by law, the Company undertakes no obligation to update or revise its forward-looking statements. IT TECH PACKAGING, INC.CONDENSED CONSOLIDATED BALANCE SHEETSAS OF JUNE 30, 2024 AND DECEMBER 31, 2023(unaudited) June 30, December 31, 2024 2023 ASSETS Current Assets Cash and bank balances $ 5,144,414 $ 3,918,938 Restricted cash 899,508 472,983 Accounts receivable (net of allowance for doubtful accounts of$61,000 and $11,745 as of June 30, 2024 and December 31,2023, respectively) 2,638,219 575,526 Inventories 5,282,420 3,555,235 Prepayments and other current assets 18,246,164 18,981,290 Due from related parties 1,219,553 853,929 Total current assets 33,430,278 28,357,901 Operating lease right-of-use assets, net 476,771 528,648 Property, plant, and equipment, net 155,624,752 163,974,022 Value-added tax recoverable 1,830,425 1,883,078 Deferred tax asset non-current - - Total Assets $ 191,362,226 $ 194,743,649 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Short-term bank loans $ 841,893 $ 423,567 Current portion of long-term loans 6,817,927 6,874,497 Lease liability 103,568 100,484 Accounts payable - 4,991 Advance from customers 73,386 136,167 Notes payable 429,451 - Due to related parties 731,486 728,869 Accrued payroll and employee benefits 369,565 237,842 Other payables and accrued liabilities 13,135,687 12,912,517 Income taxes payable 415,635 - Total current liabilities 22,918,598 21,418,934 Long-term loans 4,490,094 4,503,932 Lease liability - non-current 498,718 483,866 Derivative liability 5 54 Total liabilities (including amounts of the consolidated VIEwithout recourse to the Company of $21,006,676 and$20,084,995 as of June 30, 2024 and December 31, 2023,respectively) 27,907,415 26,406,786 Commitments and Contingencies Stockholders' Equity Common stock, 50,000,000 shares authorized, $0.001 par valueper share, 10,065,920 shares issued and outstanding as of June30, 2024 and December, 31, 2023. 10,066 10,066 Additional paid-in capital 89,172,771 89,172,771 Statutory earnings reserve 6,080,574 6,080,574 Accumulated other comprehensive loss (11,613,303) (10,555,534) Retained earnings 79,804,703 83,628,986 Total stockholders' equity 163,454,811 168,336,863 Total Liabilities and Stockholders' Equity $ 191,362,226 $ 194,743,649 IT TECH PACKAGING, INC.CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOMEFOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023(Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues $ 26,249,788 $ 30,019,914 $ 33,113,629 $ 49,810,791 Cost of sales (22,984,488) (28,840,056) (29,449,216) (48,907,932) Gross Profit 3,265,300 1,179,858 3,664,413 902,859 Selling, general and administrative expenses (2,717,548) (1,323,405) (6,618,331) (3,818,767) Loss on impairment of assets - (375,136) - (375,136) Income (Loss) from Operations 547,752 (518,683) (2,953,918) (3,291,044) Other Income (Expense): Interest income 2,807 53,637 4,990 189,905 Interest expense (211,551) (270,681) (421,841) (519,850) Gain (Loss) on derivative liability 15 (166,506) 49 (14,409) Income (Loss) before Income Taxes 339,023 (902,233) (3,370,720) (3,635,398) Provision for Income Taxes (416,770) (351,260) (453,563) (351,260) Net Loss (77,747) (1,253,493) (3,824,283) (3,986,658) Other Comprehensive Loss Foreign currency translation adjustment (756,150) (9,063,695) (1,057,769) (6,560,939) Total Comprehensive Loss $ (833,897) $ (10,317,188) $ (4,882,052) $ (10,547,597) Losses Per Share: Basic and Diluted Losses per Share $ (0.008) $ (0.12) $ (0.38) $ (0.40) Outstanding – Basic and Diluted 10,065,920 10,065,920 10,065,920 10,065,920 IT TECH PACKAGING, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSFOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023(Unaudited) Six Months Ended June 30, 2024 2023 Cash Flows from Operating Activities: Net income $ (3,824,283) $ (3,986,658) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 6,862,883 7,150,057 (Gain) Loss on derivative liability (49) 14,409 Loss from disposal and impairment of property, plant and equipment - 501,934 (Recovery from) Allowance for bad debts 49,462 (830,847) Allowances for inventories, net (2,948) - Deferred tax - - Changes in operating assets and liabilities: Accounts receivable (2,121,357) (1,674,665) Prepayments and other current assets 660,470 7,634,922 Inventories (1,751,011) (3,940,417) Accounts payable (4,974) 127,215 Advance from customers (62,107) 10,567 Notes payable 430,624 - Related parties (369,287) (90,617) Accrued payroll and employee benefits 133,504 154,398 Other payables and accrued liabilities 928,640 743,936 Income taxes payable 416,770 (67,515) Net Cash Provided by Operating Activities 1,346,337 5,746,719 Cash Flows from Investing Activities: Purchases of property, plant and equipment (62,640) (5,565,713) Proceeds from sale of property, plant and equipment - - Acquisition of land - - Net Cash Used in Investing Activities (62,640) (5,565,713) Cash Flows from Financing Activities: Proceeds from issuance of shares and warrants, net - - Proceeds from short term bank loans 844,191 860,919 Proceeds from long term loans - 2,582,756 Repayment of bank loans (422,095) (507,942) Payment of capital lease obligation - (112,136) Loan to a related party (net) - - Net Cash Provided by Financing Activities 422,096 2,823,597 Effect of Exchange Rate Changes on Cash and Cash Equivalents (53,792) (548,712) Net Increase in Cash and Cash Equivalents 1,652,001 2,455,891 Cash, Cash Equivalents and Restricted Cash - Beginning of Period 4,391,921 9,524,868 Cash, Cash Equivalents and Restricted Cash - End of Period $ 6,043,922 $ 11,980,759 Supplemental Disclosure of Cash Flow Information: Cash paid for interest, net of capitalized interest cost $ 278,188 $ 199,014 Cash paid for income taxes $ 36,793 $ 418,775 Cash and bank balances 5,144,414 11,980,759 Restricted cash 899,508 - Total cash, cash equivalents and restricted cash shown in the statement of cash flows 6,043,922 11,980,759
MANCHESTER, England, Aug. 13, 2024 /PRNewswire/ -- Smartkem (Nasdaq: SMTK), a company that has the potential to power the next generation of displays using its disruptive organic thin-film transistors (OTFTs), today provides a business update and reports financial results for the three and six months ended June 30, 2024. Recent Business Highlights During Q1 and Q2 2024, Smartkem: Announced that it had uplisted to The Nasdaq Stock Market. Commenced a project with RiTdisplay, with whom it entered into a joint development agreement in 2021, to develop the world's first commercially ready active-matrix OLED (AMOLED) display using OTFT technology. This new project is funded by Innovate UK (part of UK Research and Innovation (UKRI)), as part of the Taiwan-UK Research & Development Collaboration. Entered into a technology collaboration agreement with the Industrial Technology Research Institute (ITRI) in Taiwan. Began collaborating with FlexiIC to develop low-cost, rapid turnaround custom circuits using OTFT technology. Entered into a joint development agreement with Tianma to develop OTFT biosensors. Joined the Hi-Accµracy Project to develop active-matrix printed Q-LED displays. Exhibited and gave company presentations at key trade industry conferences including Touch Taiwan 2024 and Display Week 2024 in San Jose, where CEO Ian Jenks gave a keynote speech at the DSCC / SID Business Conference. Q2 2024 Financial Highlights: Cash and cash equivalents as of June 30, 2024, were $4.4 million compared to $8.8 million as of December 31, 2023. Operating expenses for the three months ended June 30, 2024, were $3.0 million compared $2.5 million for the same period of 2023. Revenues for the three months ended June 30, 2024, were $40.0 thousand compared to $8.0 thousand for the same period of 2023. In May 2024, Smartkem received approval to list its common stock on the Capital Market tier of The Nasdaq Stock Market LLC ("Nasdaq") under the symbol "SMTK". Trading on Nasdaq commenced with the open of trading on Friday, May 31, 2024. CEO Outlook Commentary: Smartkem Chairman and CEO, Ian Jenks, comments, "The most exciting 2024 milestone for the company so far is the recent announcement of our uplist to Nasdaq. We are proud to now be trading on the world's premier technology stock exchange and believe that it will result in increased marketability and liquidity." "In the first half of 2024, we delivered against our commitment to increase our marketing efforts and participation in the major global technology conferences, and, crucially, believe we have continued to demonstrate company success and viability through the delivery of our robust three-pillared commercialization strategy that has remained consistent: continuous improvement of our proprietary materials, the development of electronic design automation (EDA) tools, and access to foundry services." "We are committed to continuous improvement of our best-in-class materials, supported by ongoing confidence from both the industry and investor communities. We intend to deploy EDA tools to the market through our partnership with FlexiIC, enabling customers to rapidly develop circuitry at low cost for new applications in sensors, internet-of-things (IOT) or other applications. We also intend to grant our customers access to foundry services and have entered into a technology transfer agreement with the Industrial Technology Research Institute (ITRI) in Taiwan to enable product prototyping on its Gen2.5 line for customers as they approach product commercialization. "We remain confident that our continued efforts to pursue our three-pillared strategy will lead to commercialization and the sale of our materials to both foundry services and to our customers who have transferred our technology to their own fabrication lines." Q2 2024 Results: Revenue and Cost of revenue Smartkem had revenue of $40.0 thousand and cost of revenue $32.0 thousand in the three months ended June 30, 2024. Smartkem had revenue of $8.0 thousand and cost of revenue of $6.0 thousand in the same period of 2023. Both revenues and related cost of revenue for the three months ended June 30, 2024, and 2023 are a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes. Other operating income Other operating income was $0.2 million in the three months ended June 30, 2024, compared to $0.2 million in the same period of 2023. The primary source of the income is related to a research grant and research and development tax credits. Operating expenses Operating expenses were $3.0 million for the three months ended June 30, 2024, compared to $2.5 million in the same period of 2023, an increase of $0.5 million. Research and development expenses are incurred for the development of TRUFLEX® inks to make OTFT circuits and consist primarily of payroll and technical development costs. The research and development expenses represent 38.4% and 49.5% of the total operating expenses for the three months ended June 30, 2024, and 2023, respectively. Research and development expenses decreased $98 thousand for the three months ended June 30, 2024, compared to the same period for the prior year. This decrease is primarily related to lower personnel expenses due to a reduction in force in 2023 and additional personnel resignations in 2024, offset in part by higher technical service costs. Selling, general and administrative expenses consist primarily of payroll and professional services such as accounting, legal services and investor relations. These expenses represent 61.0% and 52.2% of our total operating expenses for the three months ended June 30, 2024, and 2023, respectively. Selling, general and administrative expenses increased by $0.5 million for the three months ended June 30, 2024, compared to the same period for the prior year. This increase was primarily a result of an increase in personnel expenses related to salary increases and bonus payouts and professional service fees related to the NASDAQ uplisting. Non-Operating income /Expense We recorded a loss of $81 thousand related to the valuation of the warrant liability for the three months ended June 30, 2024, compared to a gain of $3 thousand for the same period in 2023. We had transaction costs of $0.2 million related to a private placement financing for the three months ended June 30, 2023, with no similar costs in the same period of 2024. We recorded a loss on foreign currency transactions of $0.2 million for the three months ended June 30, 2024, compared to gain of $0.5 million in the same period on 2023. Cash Flow from Operating Activities Net cash used in operating activities was $4.4 million for the six months ended June 30, 2024, compared to $3.1 million for the six months ended June 30, 2023, an increase of $1.5 million. The increase is primarily related to the timing of payments made to vendors and the payout of bonuses. Smartkem's Nasdaq information can be found on the Nasdaq website: https://www.nasdaq.com/market-activity/stocks/smtk SMARTKEM, INC. Condensed Consolidated Balance Sheets (Unaudited) (in thousands, except number of shares and per share data) June 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 4,351 $ 8,836 Accounts receivable — 268 Research and development tax credit receivable 967 610 Prepaid expenses and other current assets 1,186 811 Total current assets 6,504 10,525 Property, plant and equipment, net 327 455 Right-of-use assets, net 226 285 Other assets, non-current 6 7 Total assets $ 7,063 $ 11,272 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued expenses $ 1,903 $ 1,178 Lease liabilities, current 209 230 Other current liabilities 347 360 Total current liabilities 2,459 1,768 Lease liabilities, non-current 16 19 Warrant liability — 1,372 Total liabilities 2,475 3,159 Commitments and contingencies (Note 7) — — Stockholders' equity: Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, 1,106 and 13,765 shares issued and outstanding, at June 30, 2024 and December 31, 2023, respectively — — Common stock, par value $0.0001 per share, 300,000,000 shares authorized, 1,721,900 and 889,668 shares issued and outstanding, at June 30, 2024 and December 31, 2023, respectively* — — Additional paid-in capital 112,965 104,757 Accumulated other comprehensive loss (1,422) (1,578) Accumulated deficit (106,955) (95,066) Total stockholders' equity 4,588 8,113 Total liabilities and stockholders' equity $ 7,063 $ 11,272 * reflects a one-for-thirty-five (1:35) reverse stock split effected on September 21, 2023 SMARTKEM, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except number of shares and per share data) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Revenue $ 40 $ 8 $ 40 $ 24 Cost of revenue 32 6 32 22 Gross profit 8 2 8 2 Other operating income 236 169 438 438 Operating expenses Research and development 1,158 1,257 2,434 2,536 Selling, general and administrative 1,844 1,324 3,206 2,757 Loss on foreign currency transactions 19 (43) 32 68 Total operating expenses 3,021 2,538 5,672 5,361 Loss from operations (2,777) (2,367) (5,226) (4,921) Non-operating income/(expense) Gain/(loss) on foreign currency transactions (243) 533 (249) 1,035 Transaction costs allocable to warrants — (198) — (198) Change in fair value of the warrant liability (81) 3 672 3 Interest income 3 2 9 6 Total non-operating income/(expense) (321) 340 432 846 Loss before income taxes (3,098) (2,027) (4,794) (4,075) Income tax expense (1) — (1) — Net loss $ (3,099) $ (2,027) $ (4,795) $ (4,075) Net loss $ (3,099) $ (2,027) $ (4,795) $ (4,075) Other comprehensive loss: Foreign currency translation 174 (517) 156 (973) Total comprehensive loss $ (2,925) $ (2,544) $ (4,639) $ (5,048) Common share data: Basic net loss per common share* $ (0.98) $ (1.82) $ (1.63) $ (4.18) Diluted net loss per common share* $ (0.98) $ (1.82) $ (4.04) $ (4.18) Dividend per common share $ — $ — $ (2.41) $ — Weighted average number of basic shares outstanding* 3,157,334 1,111,954 2,946,354 974,599 Weighted average number of diluted shares outstanding* 3,157,334 1,111,954 2,946,354 974,599 * reflects a one-for-thirty-five (1:35) reverse stock split effected on September 21, 2023 About Smartkem Smartkem is seeking to reshape the world of electronics with its disruptive organic thin-film transistors (OTFTs) that have the potential to drive the next generation of displays. Smartkem's patented TRUFLEX® semiconductor and dielectric inks, or liquid electronic polymers, can be used to make a new type of transistor that has the potential to revolutionize the display industry. Smartkem's inks enable low temperature printing processes that are compatible with existing manufacturing infrastructure to deliver low-cost displays that outperform existing models. The company's electronic polymer platform can be used in a number of display technologies including microLED, miniLED and AMOLED displays for next generation televisions, laptops, augmented reality (AR) and virtual reality (VR) headsets, smartwatches and smartphones. Smartkem develops its materials at its research and development facility in Manchester, UK and its semiconductor manufacturing processes at the Centre for Process Innovation (CPI) at Sedgefield, UK, It has a field application office in Taiwan. The company has an extensive IP portfolio including 125 granted patents across 19 patent families and 40 codified trade secrets. For more information, visit: www.smartkem.com and follow us on LinkedIn www.linkedin.com/company/smartkem-limited and Twitter @SmartkemOTFT. Forward-Looking Statements All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the Smartkem's expectations regarding its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem Inc.'s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as "may," will," "could," "would," "should," "anticipate," "predict," "potential," "continue," "expect," "intend," "plan," "project," "believe," "estimate," and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company's control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.
GALWAY, Ireland, Aug. 13, 2024 /PRNewswire/ -- Medtronic plc (NYSE:MDT), a global leader in healthcare technology, today announced that it will report financial results for its first quarter of fiscal year 2025 on Tuesday, August 20, 2024. A news release will be issued at approximately 5:45 a.m. Central Daylight Time (CDT) and will be available at https://news.medtronic.com. The news release will include summary financial information for the company's first quarter of fiscal year 2025, which ended on Friday, July 26, 2024. Medtronic will host a video webcast at 7:00 a.m. CDT on Tuesday, August 20, 2024, to discuss results for its first quarter of full fiscal year 2025. The webcast can be accessed at https://investorrelations.medtronic.com. Within 24 hours of the broadcast, a replay and transcript of the prepared remarks will be available by clicking on the Events link at https://investorrelations.medtronic.com. Looking ahead, Medtronic plans to report its second, third, and fourth quarter fiscal year 2025 results on Tuesday, November 19, 2024, Tuesday, February 18, 2025, and Wednesday, May 21, 2025, respectively. For these events, confirmation and additional details will be provided closer to the specific event. About MedtronicBold thinking. Bolder actions. We are Medtronic. Medtronic plc, headquartered in Galway, Ireland, is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic, visit www.Medtronic.com and follow Medtronic on LinkedIn. Any forward-looking statements are subject to risks and uncertainties such as those described in Medtronic's periodic reports on file with the Securities and Exchange Commission. Actual results may differ materially from anticipated results. Contacts: Erika Winkels Ryan Weispfenning Public Relations Investor Relations +1-763-526-8478 +1-763-505-4626
A Leader in Process Automation for the Sixth Consecutive Year SAN JOSE, Calif., Aug. 13, 2024 /PRNewswire/ -- Automation Anywhere, a leader in AI-powered automation solutions, today announced that Gartner named the company a 'Leader in Automation' for the sixth consecutive year in the August 2024 Magic Quadrant for Automation. Automation Anywhere was recognized as a Leader for its Completeness of Vision and Ability to Execute. Previously recognized as a Leader in the Gartner Magic Quadrants for Robotic Process Automation from 2019 through 2023, Automation Anywhere remains at the forefront of innovation in automation. The company's AI + Automation Enterprise System, powered by proprietary GenAI Process Models, empowers organizations to achieve increased business value, greater efficiency and faster time to delivery. Newly launched AI Agents for the enterprise can seamlessly manage complex cognitive tasks as part of long-running processes, automating more than ever before across multiple systems. "The fusion of AI with automation is revolutionizing the way our customers operate at scale, driving exponential business outcomes. This powerful combination not only increases their bottom line but also significantly accelerates employee productivity, enabling organizations to drive innovation and growth," said Adi Kuruganti, Chief Product Officer, Automation Anywhere. These AI Agents, architected for enterprise use cases, take automation to the next level with the ability to learn from enterprise data, make informed decisions, and take action responsibly across any enterprise system, significantly accelerating processes. AI Agent Studio features low-code tools, making it easy for developers of all skill levels to quickly create specialized AI Agents to help with their specific use cases – no data scientist required. A complimentary copy of the Gartner, Inc. August 2024 "Magic Quadrant for Automation" research report is available here. Automation Anywhere's latest offerings, including AI Agents and AI Agent Studio, and Automator AI, continue to drive value for customers, along with unprecedented levels of efficiency, enabling complex automation at scale and unlocking new opportunities for growth and innovation. Gartner disclaimer Gartner Magic Quadrant for Robotic Process Automation, Arthur Villa | Saikat Ray | Mike Helsel | Melanie Alexander l Sachin Joshi, August 2024. GARTNER is a registered trademark and service mark and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. About Automation Anywhere Automation Anywhere is a leader in AI-powered process automation that puts AI to work across organizations. The company's Automation Success Platform is powered with specialized AI, generative AI and offers process discovery, RPA, end-to-end process orchestration, document processing, and analytics, with a security and governance-first approach. Automation Anywhere empowers organizations worldwide to unleash productivity gains, drive innovation, improve customer service and accelerate business growth. The company is guided by its vision to fuel the future of work by unleashing human potential through AI-powered automation. Learn more at www.automationanywhere.com. Engage with Automation Anywhere: Webinars LinkedIn Threads Facebook Instagram Automation Anywhere is a registered trademark/service mark of Automation Anywhere, Inc. in the United States and other countries. Other marks referenced are the property of their respective owners.
新網站改善了產品搜尋功能，並可存取全面的資源，突顯公司致力於吸引客戶和使用者的承諾 德克薩斯州伍德蘭茲2024年8月13日 /美通社/ -- 全球領先的高性能添加劑、製程解決方案、製藥和化學中間體的開發商和製造商 SI Group 自豪地宣布，其網站在 www.siigroup.com 重新推出。新網站改善了產品搜尋功能，並可接達全面的資源，彰顯出公司致力於吸引客戶和使用者的承諾 新 SI Group 網站的主要特色 改良 產品搜尋 功能：改版後的網站，提供更直觀和功能強大的產品搜索功能。客戶現可輕鬆找到有關 SI Group 廣泛產品組合的詳細資訊，確保可以快速找到符合其特定應用、市場和技術的產品。 接達全面的資源:網站內有豐富的資源庫，包括技術文件、手冊和影片。讓產品資源更容易獲得，協助支援客戶的研究和決策過程。 以用家為中心的設計： 新網站擁有現代化，用戶友好的界面，可改善導航和接達性 (accessibility)。簡化的設計確保訪客可以輕鬆找到所需資訊，提高整體瀏覽體驗。 改良客戶支援工具：網站現在提供經過改良的客戶支援工具，包括「聯絡我們」部分，可讓包括技術專家的客戶更有效地接達 SI Group 的資源。 持續改進的承諾 重新推出網站，是 SI Group 更廣泛策略的一部分，旨在投資有助於提高客戶滿意度和卓越營運的技術。除了新的網站平台外，公司對研發 (R&D) 越來越重視，鞏固了其在提供高水平添加劑解決方案方面的業界領導地位。 人力資源和傳播部高級副主席 Brooke Manrique 表示：「我們欣然推出新網站，這是我們致力於改善整體客戶體驗的證明。這次重新推出，代表了我們在持續提升數碼形象，並為客戶提供成功所需的工具和資源的旅程中，一個重要的里程碑。」 SI Group 致力於在數碼化能力、支援服務和研發方面的重大投資來提升客戶體驗。請瀏覽新推出的網站 www.siigroup.com 以探索這些令人興奮的更新。 SI Group 簡介SI Group 是高性能添加劑、製作過程程解決方案和化學中間體創新技術的全球領導者。SI Group 的解決方案，有助提高塑料、橡膠和粘合劑、燃料和潤滑油、油田和製藥行業的工業和消費品的品質和性能。SI Group 總部位於美國德克薩斯州伍德蘭茲，在三大洲經營 19 個製造設施，在全球約 1,800 名員工的支援下，為 80 個國家的客戶提供服務。2023 年，SI Group 首次發布 ESG 報告，展示其對持續改進和可持續發展的承諾。SI Group 對安全、化學和非凡成果充滿熱情，堅持創新和推動變革來創造價值。了解更多資訊，請瀏覽 www.siigroup.com。 傳媒聯絡：Joseph Grandeph: + 1.413.684.2463joe@jgrandecommunications.com
SAN ANTONIO, Aug. 13, 2024 /PRNewswire/ -- Chromatography instruments and modular test equipment are revolutionising scientific analysis and industrial testing. By enabling precise separation and analysis of complex mixtures, chromatography plays a crucial role in ensuring pharmaceutical purity, food safety, and environmental compliance. With robust support and training, these technologies are also enhancing lab efficiency and return on investment (ROI). Manufacturers are increasingly focusing on providing reliable and efficient service, enhancing customer experience, and driving sales in a competitive market. In 2023, the global chromatography market generated revenues worth $5.11 billion, with significant contributions from gas, liquid, and ion chromatography. The expanding use of chromatography in pharmaceuticals, especially in drug development and clinical research, coupled with the food and beverage industry's heavy reliance on chromatography for quality control, is expected to accelerate market expansion to $6.60 billion in 2028. The top four companies currently control 64.3% of the industry, with a moderate pace of technical advancement. Automation, 3D Printing, and AI: Key Drivers of Industry Innovation Shruti Bapusaheb Yewale, Growth Expert at Frost & Sullivan, points to the increasing demand for automated gas chromatography (GC) systems as one of the most significant drivers of market growth. "Over the next five years, this segment is expected to grow to between $100 and $500 million. These systems are transforming quality control by optimising workflows and driving down costs. To capitalise on this opportunity, companies are encouraged to invest in research and development, while also focusing on customer education and training to ensure optimal use of these advanced systems." Meanwhile, 3D printing technology is unlocking new possibilities for the cost-effective and precise production of chromatography columns. This innovation presents a substantial growth opportunity, as it allows for the customisation of columns to meet specific analytical needs. Companies that focus on enhancing print resolution and improving the durability of printed columns will be well-positioned to lead this emerging market. "The integration of AI and machine learning into chromatography software is rapidly advancing the industry's predictive accuracy and operational efficiency. AI-driven models are enabling more precise analysis and faster decision-making processes. However, the success of these technologies depends on close collaboration with end-users to build comprehensive data sets. Companies that prioritise such partnerships will gain a competitive edge in the development of next-generation chromatography solutions," adds Yewale. Emerging Shifts: PAT Integration and Hydrogen Adoption in Gas Chromatography The chromatography industry is experiencing a wave of transformative trends that are reshaping the landscape of scientific analysis and industrial testing. A key driver of this evolution is the rising demand for Process Analytical Technology (PAT)-integrated instruments and online liquid chromatography (LC) systems, ensuring quality control throughout production processes. Another significant shift is occurring in gas chromatography (GC), where the industry is moving from helium to hydrogen as the preferred carrier gas. This transition is gaining traction as manufacturers develop advanced GC technologies and implement stringent safety. For further information on this analysis, please click here About Frost & Sullivan Frost & Sullivan, the growth pipeline company, helps clients accelerate growth and achieve best-in-class positions in innovation and leadership. Through Growth Pipeline as a Service, Frost & Sullivan provides CEOs and their teams with transformational strategies to drive powerful growth initiatives. With over 60 years of experience and a global presence across six continents, Frost & Sullivan partners with Global 1000 companies, emerging businesses, and the investment community. To engage with our growth experts for more information, click here Contact: Alix StrowelMarketing & CommunicationsCustomer Experience, Frost & Sullivanalix.strowel@frost.com+44 (0)20 331 01228
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