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HONG KONG SAR - Media OutReach Newswire - 14 March 2025 - UU Wallet, a leading global Web3 payment platform, recently announced that it has officially obtained the Money Services Business (MSB) license from the United States. This makes UU Wallet one of the few digital financial service platforms that combines robust security capabilities with global compliance credentials. The approval of this license signifies that UU Wallet can now operate compliantly within the U.S. regulatory framework, engaging in digital asset transactions, fiat currency exchange, and cross-border payments, further solidifying its position as the "most secure Web3 payment platform." Security and Compliance: Driving Global Strategy The U.S. MSB license, issued by the Financial Crimes Enforcement Network (FinCEN) under the Department of the Treasury, is a critical entry requirement for international financial institutions to provide monetary services. Passing the license audit indicates that UU Wallet has met stringent U.S. regulatory standards in areas such as anti-money laundering (AML), risk control systems, and user asset protection. Since its establishment in 2023, UU Wallet has rapidly grown into a Web3 payment ecosystem covering over 160 countries and regions, thanks to its technological innovation and commitment to security. With a team of over 100 professionals, UU Wallet focuses on four core businesses: digital currency and fiat exchange, prepaid cards, enterprise wallet services, and Web3 wealth management. Its daily transaction volume has surpassed $20 million. Four Core Features Redefining Secure Payment Experiences Instant Fiat Exchange, Secure and Frictionless UU Wallet supports instant conversions between mainstream fiat currencies such as the Philippine Peso (PHP), South Korean Won (KRW), Japanese Yen (JPY), US Dollar (USD), Hong Kong Dollar (HKD), and Malaysian Ringgit (MYR), and digital currencies. Utilizing intelligent routing and multi-signature cold wallet technology, users can complete cross-border fund transfers within 5 seconds, with end-to-end data encryption and a zero-risk incident record. Global Prepaid Cards: USDT Real-Time Circulation, Balancing KYC Efficiency and Security Users can instantly recharge prepaid cards with USDT, which are accepted in over 160 countries and regions for both online and offline purchases. The platform supports both virtual and physical cards, as well as B2B client integration. UU Wallet's unique "tiered KYC" mechanism allows basic consumption scenarios to complete identity verification in just 3 minutes, while larger transactions are secured through dynamic facial recognition and blockchain address tracking, striking a balance between convenience and security. Enterprise Wallet Services: Comprehensive Fund Protection For Web3 enterprises, UU Wallet offers payment and fund management solutions covering 50+ public chains and 10,000+ tokens. Through secure multi-party computation (MPC) technology, real-time risk warning systems, and monthly third-party audits, UU Wallet ensures transparent and traceable fund flows, mitigating risks of operational errors and hacker attacks. Web3 Asset Wealth Management: Balancing Returns and Risk Control The platform provides a variety of value-added services, including flexible staking, structured products, and compliant stablecoin wealth management. All products are executed automatically via smart contracts, with code security verified by top-tier auditing firms. Historical annualized returns range from 3% to 15%, ensuring users' assets grow steadily and securely. "Security is the lifeline of financial services," said a UU Wallet spokesperson. "With the MSB license, we will accelerate collaboration with global regulators and traditional financial institutions, driving deeper integration of Web3 payments with mainstream economic systems." Hashtag: #UUWallet The issuer is solely responsible for the content of this announcement.About UU WalletUU Wallet is a security-focused Web3 payment infrastructure provider dedicated to lowering the barriers to digital asset usage through technological innovation. The company has obtained financial licenses in the United States and the Philippines, serving over 500,000 individual users and 2,000 enterprises with a zero-security-incident record.
Trifecta of power, water and high-speed connectivity boost DC Hub's appeal KUALA LUMPUR, Malaysia, March 14, 2025 /PRNewswire/ -- Mah Sing DC Hub@Southville City will have an approximately 25km dedicated fiber trunk linking it to Cyberjaya, reinforcing its position as a premier data center location. This dedicated fiber trunk enhances regional connectivity by enabling high-speed, low-latency link to Cyberjaya's data hubs, which have direct fiber routes to Singapore. This seamless connection provides access to Singapore's cloud services, fintech ecosystem, and global internet exchanges, ensuring faster data transfer, improved redundancy, and greater scalability. Lionel Leong (first from left), Mah Sing’s Deputy Chief Executive Officer and Executive Director, and Mansor Mohd Kassim (second from the right), the Chief Executive Officer of Front Connect Sdn. Bhd. (“FCSB”), officiate the groundbreaking ceremony of the dedicated fiber trunk linking Mah Sing DC Hub@Southville City and Cyberjaya. Witnessing the event are Tan Sri Dato’ Sri Leong Hoy Kum (second from left), Mah Sing’s Founder and Group Managing Director and Sun Jian Wei (first from right), The groundbreaking ceremony was officiated by Lionel Leong, Mah Sing's Deputy Group Chief Executive Officer and Executive Director, and Mansor Mohd Kassim, the Chief Executive Officer of Front Connect Sdn. Bhd. ("FCSB"), a licensed Network Facility Provider (NFP) which has been awarded the job. Witnessing the ceremony was Tan Sri Dato' Sri Leong Hoy Kum, Mah Sing's Founder and Group Managing Director and Sun Jian Wei, FCSB's Director. "At Mah Sing, we take our project deliverables seriously, ensuring that every initiative is executed with precision and purpose. The dedicated fiber trunk is a testament to our commitment to building a well-equipped, future-ready data hub that meets the urgency of today's digital demands. By enhancing connectivity and ensuring redundancy, we are strengthening Mah Sing DC Hub@Southville City's position as a high-performance data center location, always ready to serve the evolving needs of the industry," said Lionel Leong. With immediate access to power infrastructure, water availability, and high-speed connectivity, Mah Sing DC Hub@Southville City provides a significant "speed to market" advantage. FCSB will serve as the custodian, operator, and sales representative, managing fiber connectivity for Mah Sing, the owner of the dedicated fiber trunk. Under a profit-sharing management, both parties will benefit from long-term growth and sustainability. Strategically positioned near Cyberjaya's data center ecosystem, Mah Sing DC Hub@ Southville City will offer seamless high-speed, low-latency connectivity. The fiber trunk is designed to meet the future expansion need. Mah Sing has also secured a secondary route through Fiberail's network to further enhance stability. The dedicated fiber trunk provides data center operators with direct access to dark fiber, enabling scalability, redundancy, and resilience. Operators can deploy custom network solutions, scale operations with unlimited bandwidth, and future-proof their connectivity needs. Furthermore, the connectivity to Cyberjaya Data Center will establish Mah Sing DC Hub@Southville City as an international gateway for data centers in Johor and Singapore, further solidifying its strategic importance in the region. Expanding Market for Data Centers and Dark Fiber Malaysia's data center market is rapidly growing, driven by cloud adoption, digital transformation, and 5G expansion. Dark fiber offers flexibility, cost-effectiveness, and full control over network infrastructure, allowing seamless expansion and custom configurations. Unlike traditional ISP bandwidth, leasing dark fiber provides long-term scalability without metered usage constraints, making it a more cost-effective option for data center operators. Mah Sing's investment aligns with the projected growth of the global dark fiber market. The fiber trunk will primarily support data center operators under long-term lease agreements, including 10 to 15-year Indefeasible Right of Use (IRU) contracts. Additionally, this infrastructure creates new opportunities for telecommunications providers, supporting 5G deployment and enhancing enterprise connectivity. By prioritizing connectivity and network redundancy, Mah Sing DC Hub@Southville City is set to become a strategic hub for global technology firms. With dark fiber readily available, data center operators will benefit from superior scalability, stability, and security, reinforcing Mah Sing's role in Malaysia's digital economy. Infrastructure Readiness and Speed to Market Advantage Spanning 150 acres, Mah Sing DC Hub@Southville City will become a key data center hub with a minimum 500MW power capacity, offering substantial space for data center development. The hub offers a unique competitive advantage due to its infrastructure readiness. With immediate access to power infrastructure, water availability, and high-speed connectivity, Mah Sing DC Hub@Southville City provides a significant "speed to market" advantage. This is particularly crucial given the ongoing shortage of power and water in other locations, making it challenging for operators to set up their data centers efficiently. Southville City's well-planned infrastructure allows businesses to get their facilities up and running faster compared to competing areas, positioning it as an attractive destination for data center investment. Mah Sing is also exploring a 42-acre site in Meridin East, Johor Bahru, for a potential 300MW power capacity data center, reinforcing its commitment to high-growth digital assets. Southville City: A Prime Location for Data Centers Southville City, a 428-acre integrated freehold township, is poised to become a preferred destination for data centers. With reliable power supply, water, and fiber connectivity, Southville City is ideally situated for data centers. It can potentially form a strategic triangle of data center hubs with Cyberjaya and Bukit Jalil which are both located approximately 20km from Southville City. Southville City's strategic position within Bangi, the Knowledge Hub of Selangor, ensures a steady supply of skilled talent from nearby government training centers and educational institutions, facilitating the smooth integration of new data center initiatives and businesses into a thriving ecosystem. Southville City offers excellent connectivity with direct access to the North-South Expressway and proximity to Kuala Lumpur and mature neighborhoods like Kajang and Putrajaya. This vibrant real estate landscape underscores Southville City's potential as a hub for high-tech infrastructure, meeting the evolving demands of the digital era. Mah Sing DC Hub@Southville City forms a strategic triangle of data centre hubs with Cyberjaya and Bukit Jalil, both approximately 20km away
AMSTERDAM, March 14, 2025 /PRNewswire/ -- Hassan Badrawi, CEO of OCI Global commented: "2024 has been a year of pivotal transformation for OCI Global. We have successfully executed a series of strategic transactions, significantly strengthened our balance sheet, and delivered exceptional returns to our shareholders. These milestones reflect our agility in navigating evolving market conditions while reinforcing our deep value creation ethos. Specifically, in the second half of 2024, we announced the divestment of OCI Methanol to Methanex and completed the divestments of our entire Fertiglobe equity stake to ADNOC, Iowa Fertilizer Company to Koch Industries, and OCI Clean Ammonia[1] to Woodside Energy. These transactions will collectively amount to over $11.6 billion in gross proceeds, which has allowed us to repay approximately $1.8 billion in debt and return $3.3 billion in cash distributions to shareholders in Q4 2024. An additional cash distribution of up to $1 billion ($4.75 per share) is further planned for Q2 2025, subject to the necessary approvals. This would take OCI's cash returns to shareholders to $6.4 billion over the course of a four-year period and bring total returns to shareholders via buybacks, share and cash distributions to more than $21 billion since our original listing in 1999. Looking ahead to 2025, our priority remains executing key outstanding deliverables including finalizing the OCI Methanol transaction, achieving Project Completion for OCI Clean Ammonia, and leveraging the operational excellence and strategic value of our European Nitrogen assets against a supportive European market backdrop. Latterly, our nitrogen production facility in Geleen, independent ammonia import terminal in Rotterdam and leading pan-European distribution platform are positioned favorably with respect to recent rationalization in the industry and increasing ammonia throughput into Europe; OCI is set to benefit further in the medium- to longer-term based on growing regulatory support and our expectation of normalized gas pricing. Beyond this, with a leaner, more agile and streamlined organization, OCI Global is well placed to navigate its future supported by financial strength and strategic optionality." Financial Highlights FY 2024 Key Highlights OCI Global (Euronext: OCI) reported FY 2024 Total Operations (Continuing and Discontinued Operations) revenue of $4,084 million compared to $5,022 million in FY 2023, and FY 2024 Total Operations adjusted EBITDA of $826 million compared to $1,214 million in FY 2023. OCI reported FY 2024 Continuing Operations (European Nitrogen and Corporate Entities segments) revenue of $975 million, an increase of 3% YoY and an FY 2024 adjusted EBITDA loss of $32 million compared to a loss of $126 million in the prior year. FY 2024 adjusted EBITDA for European Nitrogen (OCI's sole operating segment within Continuing Operations today) was $55 million compared to an adjusted EBITDA loss of $51 million in FY 2023. Earnings benefited from an improvement in volumes and lower average natural gas prices in 2024 compared to 2023 despite an increase in gas pricing in H2 2024. H2 2024 Key Highlights OCI reported H2 2024 Total Operations revenue of $1,648 million, a decrease of 28% compared to the same period last year and H2 2024 Total Operations adjusted EBITDA of $234 million compared to $552 million in H2 2023, largely reflecting the deconsolidation of IFCo and Fertiglobe in the period. OCI reported H2 2024 Continuing Operations revenue of $466 million, a 13% increase YoY while Continuing Operations adjusted EBITDA saw a $39 million loss in H2 2024 compared to a $14 million loss in H2 2023. Given recent divestments, OCI's corporate cost base does not yet fully reflect the reduced scope and scale of the Continuing Operations. As such, underlying corporate costs reported within Corporate Entities more than offset earnings from European Nitrogen in the period. H2 2024 revenue for European Nitrogen was $466 million while adjusted EBITDA was $7 million; this compares to $415 million and $20 million in H2 2023, respectively. Notwithstanding a +40% YoY increase in own-produced sales, European Nitrogen adjusted EBITDA deteriorated YoY as a result of lower nitrate pricing, higher and more volatile gas prices, other cost inflation and a reduced benefit from natural gas hedge gains. H2 2024 underlying corporate costs excluding one-offs within Corporate Entities were $46 million compared to $34 million in H2 2023. The YoY increase primarily reflects the cessation of corporate recharges for divested businesses, combined with a lag in achieved cost savings relative to the timing of transaction closings in 2024. Corporate costs also include certain stranded and restructuring costs not considered as one-offs. OCI continues to make substantial progress in right-sizing its corporate cost base to better serve the continuing structure and scale of the business, with corporate headcount 70% lower today compared to its peak in 2023. OCI expects to beat its previously guided target of $30 - $40 million of corporate costs on a run-rate basis by the end of 2025. Reported net profit attributable to shareholders from Total Operations was $4,969 million in H2 2024 compared to a reported net loss of $230 million in H2 2023, reflecting a $4,938 million gain from the sale of subsidiaries related to the sale of IFCo, Fertiglobe and OCI Clean Ammonia in H2 2024. Reported net profit attributable to shareholders from Continuing Operations was $4 million in H2 2024 compared to a reported net loss of $104 million in H2 2023. The adjusted net loss attributable to shareholders from Total Operations was $53 million in H2 2024 compared to an adjusted net loss of $141 million in H2 2023. For Continuing Operations, the adjusted net loss attributable to shareholders was $63 million in H2 2024 compared to an adjusted net loss of $95 million in H2 2023. Free Cash Flow and Net Debt Highlights Operating free cash outflow from Continuing Operations in H2 2024 was $250 million compared to a $449 million outflow in H2 2023. The H2 2024 cash outflow reflects exceptional costs related to the strategic review and cost optimization initiatives, as well as seasonal working capital movements in OCI's European Nitrogen business. The seasonal working capital impact has been more acute this year due to the conflation of delayed purchasing activity by farmers with higher input prices for producers on account of rapidly increasing gas prices in H2 2024. Longer-term, OCI expects to benefit from materially lower gas prices as TTF reverts to historical norms, as well as improved fertilizer pricing supported by the proposed introduction of CBAM in 2026 and the proposed implementation of progressive Russian and Belarusian import tariffs from 1 July 2025. Operating free cash outflow also includes maintenance capital expenditures, as well as tax, cash interest and lease payments. Capital expenditure including maintenance and growth capex for Continuing Operations was $29 million in H2 2024 compared to $80 million in H2 2023. Total project spend for OCI Clean Ammonia in H2 2024 amounted to $294 million of which $155 million was spent after the transaction closed on 30 September 2024. Total project spend as of 31 December 2024 was $954 million compared to a total project budget of $1.55 billion, including contingencies. From an accounting perspective, OCI Clean Ammonia expenditures following the 30 September 2024 close date are recorded as payments against a liability. Previously, spend has been categorized either as growth capital expenditure in Discontinued Operations or as pre-operating costs within the EBITDA of Discontinued Operations. Net cash from Continuing Operations was $1,371 million as of 31 December 2024 compared to a net debt position of $2,194 million as of 30 June 2024, and a net debt position of $2,001 million on 31 December 2023. The end-Q4 net cash position follows the closing of the Fertiglobe transaction in October 2024 and payment of the previously announced €14.50 extraordinary distribution in November 2024. The reported net debt/cash position for Continuing Operations for this period as well as the comparative period represents a deconsolidation of the balance sheet of Discontinued Operations. Key Strategic and Business Highlights 2024 has been a defining year for OCI, as the company executed several transformative strategic initiatives to unlock shareholder value and position itself for the future. Notable milestones in H2 included: Effective 15 October 2024, Mr. Hassan Badrawi was appointed Chief Executive Officer (CEO) of OCI and Mr. Beshoy Guirguis assumed the role of Chief Financial Officer (CFO) of OCI. Concurrently, Mr. Ahmed El-Hoshy stepped down as CEO of OCI to continue in his full-time role as CEO of Fertiglobe. On 8 September 2024, OCI entered into a binding equity purchase agreement for the sale of 100% of the equity interests in its global methanol business ("OCI Methanol") to Methanex Corporation ("Methanex") for a purchase price consideration of $2.05 billion on a cash-free debt-free basis. The transaction is expected to close in Q2 2025 and positions OCI favorably with regards to ongoing exposure to the methanol industry, with future upside optionality. - Pursuant to the sale announcement, OCI announced the accelerated repurchase of its 11% and 4% minority stakes in OCI Methanol from Alpha Dhabi Holding PJSC and ADQ respectively for a total consideration of $335 million, including the release of final dividends due. - Concerning the dispute over certain shareholder rights between OCI and its joint venture partner Proman with respect to the Natgasoline asset, after the Delaware Court of Chancery's ruling in OCI's favor on 29 January 2025, Proman filed a notice of appeal to the Delaware Supreme Court on 28 February 2025. Proman subsequently irrevocably withdrew its appeal and, as a result, the Court of Chancery's ruling in OCI's favor is now final. Following this successful resolution, OCI's indirect interest in the Natgasoline joint venture will be included as part of Methanex's acquisition of OCI Methanol. The transaction has been approved by the boards of directors of both OCI and Methanex and remains subject to receipt of certain regulatory approvals and other closing conditions. On 5 August 2024, OCI entered into a binding equity purchase agreement for the sale of 100% of its equity interest in its Clean Ammonia project currently under construction in Beaumont, Texas ("OCI Clean Ammonia", "Beaumont New Ammonia" or the "Project") to Woodside Energy Group Ltd ("Woodside") for a purchase price consideration of $2.35 billion on a cash-free debt-free basis and following a competitive process. On 30 September 2024, OCI announced the successful closing of the transaction with the receipt of 80% of the cash proceeds - or approximately $1,880 million and an additional $20 million adjustment for certain pre-paid expenses - and a deferred consideration of 20% - or approximately $470 million - to be received at Project Completion[2] expected in H2 2025. Subsequent to the closing date, final proceeds were adjusted for an additional $2 million of cash proceeds based upon actual net indebtedness and actual transaction expenses. OCI continues to be involved with the construction, commissioning, and start-up of the facility through Project Completion, with a financial obligation to pay for the remaining capital expenditure and costs to Project Completion. Construction is well advanced today with $954 million cash spent as of 31 December 2024 (including both historical capital expenditure and certain pre-operating expenses). OCI expects a total investment cost through Project Completion of approximately $1.55 billion, including contingencies. On 29 August 2024, OCI announced the successful completion of the sale of 100% of its equity interests in Iowa Fertilizer Company LLC ("IFCo") to Koch Ag & Energy Solutions ("KAES") following a competitive process. The transaction also included the sale and transfer of specified contracts of N-7, the trading entity selling the product of IFCo, to KAES. The total consideration received was $3.6 billion in cash, which included an estimated net debt and working capital settlement. Net proceeds received by OCI amounted to approximately $2.6 billion, after adjusting for bond defeasance, mark to market on outstanding hedges, and other transaction related costs. On 15 October 2024, OCI announced the successful completion of the divestiture of 50% of the equity interests of Fertiglobe to Abu Dhabi National Oil Company P.J.S.C. ("ADNOC"), whereby OCI fully exited and monetized its entire equity stake. In line with the definitive agreement signed in December 2023 and as a result of completion, OCI received a net cash consideration of $3,185 million and a $362 million contingent consideration held in escrow upon closing of the deal, post-closing adjustments of $70 million. Collection of the contingent consideration is dependent on the materialization of certain indemnifications agreed as part of the transaction. Management's estimate is that the amount held in escrow will cover such indemnifications[3]. The expected cumulative crystallization of approximately $11.6 billion of gross proceeds from these four transactions has afforded OCI significant flexibility to deliver on its capital allocation priorities, including deleveraging at a gross level, as well as returning a meaningful quantum of capital to shareholders. All OCI NV bank debt has now been repaid, including the revolving credit facility and bridge facility utilized during the transition period. The $698 million 2025 Senior Secured Notes were redeemed at par on 15 October 2024. Total debt repayment in H2 2024 amounted to $1,817 million. Remaining cash proceeds have been invested whilst OCI currently retains principal gross debt of $685 million, $600 million of which is in the form of its 2033 bonds. OCI's capital structure will be reviewed on the closing of the OCI Methanol transaction. Following the successful completion of the Fertiglobe and IFCo transactions, OCI paid an extraordinary distribution of €14.50 per share in aggregate (~$3.3 billion) to shareholders on 14 November 2024 via a capital repayment. OCI expects to make a further extraordinary distribution of up to $1 billion through another repayment of capital during Q2 2025, subject to the necessary approvals. Total, Continuing and Discontinued Operations Operational Highlights Further to the announcement of the expected divestiture of OCI's equity holdings in OCI Methanol, this segment is now classified as Discontinued Operations. Discontinued Operations for the second half of 2024 also includes results for IFCo, Fertiglobe and OCI Clean Ammonia for the period preceding the closing of the respective transactions. The sale of IFCo to KAES completed on 29 August 2024, the sale of Fertiglobe to ADNOC completed on 15 October 2024 and the sale of OCI Clean Ammonia to Woodside completed on 30 September 2024[4]. Expenditures for OCI Clean Ammonia following its close date are recorded as payments against a liability. Prior to the close date, spend on OCI Clean Ammonia was categorized either as growth capital expenditure in Discontinued Operations or as pre-operating costs within the EBITDA of Discontinued Operations. Continuing Operations as presented in this report reflects costs associated with the Corporate Entities and the operational performance of the European Nitrogen segment. Total Operations (Continuing and Discontinued) 12-month rolling recordable incident rate to 31 December 2024 was 0.43 incidents per 200,000 working hours[5]. H2 2024 own-product sales from Total Operations were 3,593 million tonnes, 31% lower against the same period last year: - Total own-produced nitrogen product sales volumes of 2,968 thousand tonnes decreased by 34% compared to H2 2023. The material reduction reflects the deconsolidation of Nitrogen US and Fertiglobe post divestment in H2 2024. Realized gas hedge losses from total operations were $69 million in H2 2024 compared to $73 million in H2 2023. Continuing Operations (European Nitrogen and Corporate Entities) European Nitrogen reported H2 2024 revenues of $466 million, 12% higher than the $415 million reported for H2 2023. The improvement was primarily driven by higher own-produced sales volumes, offsetting weaker nitrate pricing: - Own-produced sales volumes in the segment increased 40% YoY in H2 2024 to 918 thousand tonnes compared to the same-period last year, reflecting stronger CAN production, the launch of AdBlue (DEF) sales in Q2 2024, and improved asset utilization rates (AURs). Melamine volumes in H2 2024 also increased by 41% YoY compared to H2 2023 as market conditions improved. - Selling prices for CAN were 10% lower in H2 2024 compared to the same period last year, while UAN prices decreased 6% YoY. Adjusted EBITDA for European Nitrogen was $7 million in H2 2024, a reduction from $20 million in H2 2023. Notwithstanding higher own-produced sales volumes, profitability was impacted by weaker nitrate pricing, higher and more volatile gas prices, other cost inflation and a reduced benefit from gas hedge gains in H2 2024 compared to H2 2023. Despite signs of early spring demand towards the end of the second half, OCI's ability to pass on rising cost inflation was negatively impacted by purchaser price sensitivity in the period, exacerbated by the recent surge in imports of Russian mineral fertilizers into the European Union. As such, OCI welcomed the European Commission's proposal to impose progressive import tariffs on Russian and Belarusian nitrogen fertilizers from 1 July 2025. Within Corporate Entities, H2 2024 underlying corporate costs excluding one-offs were $46 million compared to $34 million in H2 2023. The YoY increase primarily reflects the cessation of corporate recharges for divested businesses, combined with a lag in achieved cost savings relative to the timing of transaction closings in 2024. Corporate costs also include certain stranded and restructuring costs not considered as one-offs. Discontinued Operations (OCI Methanol) The Methanol business includes the production and sale of conventional methanol, biomethanol, ammonia (produced at OCI Beaumont) as well as results from trading activities. The Methanol business reported H2 2024 revenue of $526 million compared to $508 million in H2 2023, and adjusted EBITDA of $91 million in H2 2024 compared to $39 million in H2 2023. The increase reflects higher methanol prices, reduced gas prices and improved ammonia pricing at OCI Beaumont. H2 2024 realized gas hedge losses of $39 million were largely unchanged from the $40 million gas hedge loss reported in H2 2023. Excluding realized gas hedge losses, adjusted EBITDA was $130 million in H2 2024 compared to $78 million in H2 2023. Total own-produced methanol sales volumes of 624 thousand tonnes represented a 15% decrease in H2 2024 compared to the same period last year. Production for the half was unfavorably impacted by an unplanned shutdown at Natgasoline from September 2024. Natgasoline resumed production at the end of December and operations have been running at nameplate capacity year to-date in 2025. As of the end of February 2025, Natgasoline has collected $55 million from insurance against the event and expects to receive a further payment in the coming weeks. OCI's HyFuels business contributed $18 million to adjusted EBITDA during H2 2024 compared to $28 million in H2 2023. OCI's HyFuels business is the world's largest producer of green methanol and a leader in green methanol transportation fuels applications. The medium-term outlook for the HyFuels business is positive, set to benefit from strong regulatory tailwinds mandating increasing emissions reduction across road, marine and aviation sectors. OCI expects both demand and pricing (premiums) to benefit from increasing uptake of renewable fuels of non-biological origins (RFNBO) across these end-markets. Market Outlook Nitrogen The outlook for OCI's European Nitrogen business is positive driven by healthy supply and demand dynamics, an expectation of normalizing gas markets, and supported by evolving regulatory measures including the introduction of the EU Carbon Border Adjustment Mechanism (CBAM) in 2026 and the proposed implementation of progressive tariffs on Russian and Belarusian nitrogen imports from 1 July 2025. Ammonia Northwest Europe ammonia prices increased to an average $581/t in H2 2024, a 22% increase compared to the average in H1 2024 driven by higher European gas prices, supply issues in Trinidad and North Africa, and delays in new capacity in the United States. OCI continues to see supportive ammonia markets in the medium-term driven by: - Rising near term downstream demand and curtailment of European capacity: Within Europe, elevated production costs are threatening the viability of higher-cost domestic ammonia production, leading to curtailments and increased reliance on imported merchant ammonia. Since 2023, approximately 2 mtpa of ammonia capacity has either been shut down indefinitely or permanently mothballed, representing approximately 10% of total European nameplate capacity of 19.5 mtpa before closures. A further 10% of swing nameplate capacity was temporarily shut down at the start of 2025. OCI European Nitrogen's ammonia production facilities are competitively positioned to capitalize upon any rationalization of the European industry with natural gas efficiencies of 32 MMBtu per ton of ammonia production, outperforming the EU average of 37MMBtu per ton. Moreover, OCI's uniquely situated Rotterdam terminal provides strategic flexibility to import ammonia during periods of elevated natural gas pricing, serving both proprietary needs as well as those of third parties. - Introduction of the European Union's CBAM: With CBAM set to enter its definitive phase on 1 January 2026, the introduction of regulated carbon costs for importers is projected to further support European ammonia and fertilizer prices. - Demand for low-carbon ammonia from new industries such as fuel for power generation, as a maritime bunker fuel, and as a carrier of clean hydrogen. OCI views ammonia a highly strategic component of value chains across Europe and integral to the region's ambitious decarbonization plans. Nitrates and other Premium Products The outlook for nitrate prices in 2025 is positive, underpinned by a seasonal increase in fertilizer demand ahead of the spring planting season, support from higher urea prices and attractive European nitrate premiums over urea. H2 2024 urea Egypt prices increased by 6% sequentially and prices have continued to rise in 2025 to $458/t as at the end of February. Fundamental demand for grains remains strong while prolonged disruptions in supply chains and trade flows present additional upside potential for crop prices, boosting farmer affordability to the benefit of fertilizer markets. We expect further near-term support for nitrates demand from the European Commission's recent proposal of progressive import tariffs on Russian and Belarusian nitrogen fertilizers from 1 July 2025. If voted through, the impact on European nitrates demand could be material given European producers' currently constrained ability to pass on higher costs due to competition from low gas cost Russian imports. The medium- to longer-term nitrates outlook is supported by CBAM regulation and positive decarbonization trends, which dictate a preference for nitrates over urea given higher nitrogen use efficiency, and since CAN is easier to decarbonize than urea with low carbon ammonia. The European Commission has implemented a new duty structure for melamine imports into the European Union, which came into effect in February 2025. The previous fixed duty system has been replaced with an ad valorem (%) duty, with the potential to significantly increase import costs for Chinese melamine. This duty structure could result in higher price floors and improved margins for melamine sales, benefitting European producers and OCI's European Nitrogen business. Methanol US methanol prices rose significantly in H2 2024, with spot prices up 12% and contract prices up 19% from H1 2024 due to supply constraints (reduced feedstock in the Atlantic basin), plant outages, stable demand and rising Chinese MTO production (the latter reaching ~81% utilization rates excluding MTP towards the end of December). Prices in Europe, a net importer of methanol, also rose in H2 2024, increasing 6% on average compared to H1 2024. Methanol fundamentals remain positive in the medium- to long-term, notwithstanding global macroeconomic uncertainties, with demand expected to outpace limited new export capacity expected globally within the next five years. Methanol is a key beneficiary from growth in industrial activity, supporting traditional chemical demand. Two new MTOs are under construction and are expected to add significant methanol demand over the next few years. Government policies are encouraging new applications for methanol due to emissions benefits, driving demand for methanol as a marine and road fuel. Total Financial Results at a Glance (Continuing and Discontinued) Table 1 - Financial Highlights Table 1 - https://mma.prnasia.com/media2/2641431/Table_1___Financial_Highlights.jpg?p=medium600 Table 2 and 3 - BS Highlights and Benchmark Prices Table 2 and 3 - https://mma.prnasia.com/media2/2641432/Table_2_and_3___BS_Highlights_and_Benchmark_Prices.jpg?p=medium600 Table 3 - Product Sales Volumes Table 3 - https://mma.prnasia.com/media2/2641433/Table_3___Product_Sales_Volumes.jpg?p=medium600 Table 4 - Segment Overview HY Table 4 - https://mma.prnasia.com/media2/2641434/Table_4___Segment_Overview_HY.jpg?p=medium600 Table 5 - Segment Overview FY Table 5 - https://mma.prnasia.com/media2/2641458/Table_5___Segment_Overview_FY.jpg?p=medium600 Reconciliation to Alternative Performance Measures Adjusted EBITDA Adjusted EBITDA is an Alternative Performance Measure (APM) that intends to give a clear reflection of the underlying performance of OCI's operations. The main APM adjustments in the second half of 2024 and 2023 relate to: Commodity hedge gains or losses: OCI does not apply hedge accounting on commodity hedges, therefore unrealized mark-to-market gains and losses are recognized in the P&L statement. Unrealized mark-to-market gains or losses are excluded from adjusted EBITDA and adjusted net profit. - A negative adjustment of $2 million within Continuing Operations was made for unrealized mark-to-market gains on natural gas hedge derivatives included within reported EBITDA in H2 2024. A $3 million realized natural gas hedge loss from hedges transferred from IFCo to OCI N.V. was reclassified from Continuing to Discontinued Operations in H2 2024. Other Continuing Operations adjustments in H2 2024 include $30 million in expenses and costs related to ongoing transactions; this compares to $6 million in H2 2023. Table 6 - APM EBITDA Table 6 - https://mma.prnasia.com/media2/2641436/Table_6___APM_EBITDA.jpg?p=medium600 Table 7 - APM Net Income Table 7 - https://mma.prnasia.com/media2/2641437/Table_7___APM_Net_Income.jpg?p=medium600 Table 8 - FCF Table 8 - https://mma.prnasia.com/media2/2641430/Table_8___FCF.jpg?p=medium600 Notes This report contains unaudited second half financial highlights of OCI Global ('OCI,' 'the Group' or 'the Company'), a public limited liability company incorporated under Dutch law, with its head office located at Honthorststraat 19, 1071 DC Amsterdam, the Netherlands. OCI Global is registered in the Dutch commercial register under No. 56821166 dated 2 January 2013. The Group is primarily involved in the production of nitrogen-based fertilizers and industrial chemicals. Auditor The financial highlights and the reported data in this report have not been audited by an external auditor. Investor and Analyst Conference Call On 14 March 2025 at 15:00 CET, OCI will host a conference call for investors and analysts. Investors can find the details of the call on the Company's website at www.oci-global.com. Market Abuse Regulation This press release contains inside information as meant in clause 7(1) of the Market Abuse Regulation. About OCI Global Learn more about OCI at www.oci-global.com. You can also follow OCI on Twitter and LinkedIn. Contact OCI Global Investor Relations Sarah Rajani, CFAEmail: sarah.rajani@oci-global.com www.oci-global.com OCI stock symbols: OCI / OCI.NA / OCI.AS [1] The OCI Clean Ammonia project has been renamed to Beaumont New Ammonia by Woodside to reflect change of ownership.[2] Production of lower carbon ammonia is conditional on supply of carbon abated hydrogen and ExxonMobil's CCS facility becoming operational.[3] The contingent consideration and the indemnifications are offset in the financial statements pursuant to IAS 32.[4] OCI continues to be involved with the construction, commissioning, and start-up of the facility through Project Completion with a financial obligation to pay for the remaining capital expenditure and costs to Project Completion. Following the transaction completion on 30 September 2024, costs related to OCI Clean Ammonia form part of Continuing Operations.[5] TRIR includes OCI Clean Ammonia, while it excludes IFCo operations from September 2024 and Fertiglobe operations from October 2024.
HONG KONG, March 14, 2025 /PRNewswire/ -- Teva Hong Kong ("Teva"), has announced a strategic partnership with Kerry Pharma, the subsidiary of Kerry Logistics Network Ltd ("KLN"). Leveraging Kerry Pharma's extensive logistics (fourth-party logistics, 4PL) distribution capabilities, this collaboration aims to enhance Teva's pharmaceutical distribution system in Hong Kong, Macau, and the Greater Bay Area, ensuring a stable supply of high-quality medical products. This initiative not only strengthens Teva's presence in Hong Kong, Macau, and the Greater Bay Area, enhancing product distribution system resilience and driving quality and efficiency improvements in the regional pharmaceutical industry, but also marks a crucial step in building an efficient, transparent, and sustainable pharmaceutical supply model that prioritizes patient care. Theodor Wee, The General Manager of Teva Greater China, and Samuel Lau, Managing Director - Integrated Logistics Asia of KLN exchanged the souvenir to celebrate the partnership Medicine commercial distribution stability remains a key focus in the healthcare sector. As a global pharmaceutical leader, Teva is dedicated to ensuring the safe, efficient, and reliable delivery of medicines. Under this collaboration, Kerry Pharma will serve as Teva's exclusive service provider in Hong Kong and Macau, leveraging its 4PL fulfilment solutions to establish a distribution network covering over 3,000 delivery points, including hospital pharmacies, clinics, drug stores and key chain channels. Through end-to-end pharmaceutical logistics solutions, the partnership will optimize inbound logistics, warehousing, distribution, billing, reporting and exports, ensuring operational efficiency and swift market responsiveness. Theodor Wee, General Manager of Teva Greater China, said, "The stable supply of medicines is crucial to patient health, and Teva is always committed to exploring innovative initiatives to improve patient access to medicines continuously. This collaboration also exemplifies Teva's global 'Pivot to Growth' strategy. In the future, we will accelerate to bring more medicines that will meet the evolving needs of patients. Teva looks forward to partnering with Kerry Pharma to promote medical integration and innovation in Hong Kong, Macau, and the Greater Bay Area, leveraging each other's strengths as a model of cooperation." Samuel Lau, Managing Director - Integrated Logistics Asia of KLN, said, "Kerry Pharma has been deeply involved in the healthcare product distribution sector, dedicated to delivering efficient, safe, and compliant integrated logistics solutions. Teva's trust, and support have enabled us to fully leverage our expertise in 4PL fulfilment solutions and multi-temperature storage. We are committed to ensuring the standards of safety and compliance throughout the delivery process, providing strong support for pharmaceutical distribution in the local market." Teva and Kerry Pharma celebrated the milestone of the strategic collaboration With the implementation of the digitalized system, Kerry Pharma has enabled data visibility for Teva, optimizing inventory forecasting and enhancing market responsiveness. Meanwhile, Kerry Pharma maintains strict temperature controls, accommodating storage requirements from 15-25°C for general pharmaceuticals to 2-8°C for sensitive items, ensuring complete cold chain integrity for all products. Additionally, building on the synergistic advantages of the ports, Kerry Pharma offers ocean freight and air freight for deliveries to Macau and the Greater Bay Area, equipped with cold chain solutions to safeguard product quality. Project team members from Teva and Kerry Pharma gathered to celebrate this meaningful moment together The partnership has already delivered promising results, with precise management of over 190 SKUs, improved supply chain efficiency and enhanced delivery timeliness. Looking ahead, Teva and Kerry Pharma will continue to explore innovative collaboration models, jointly facilitating the efficient introduction of Teva's global innovative medicines into the Greater Bay Area through policy such as the "Hong Kong and Macao Drug and Medical Device Transit". Simultaneously, by leveraging digital technologies, Teva and Kerry Pharma will enhance market demand trend forecasting and optimize resource allocation capabilities, establishing a more precise pharmaceutical distribution management system, accelerating the commercialization of Teva's innovative medicines in the Greater Bay Area and other regions across China. Upholding the purpose "We Are all in for Better Health", Teva remains committed to providing safer and more timely supply of medicines for patients across regions. In the future, Teva will continue to explore policy integration models, partnering with industry allies to establish a more innovative, efficient, and inclusive pharmaceutical ecosystem—creating greater healthcare benefits for patients across the Greater Bay Area. About Teva Teva (NYSE and TASE: TEVA) is a different kind of global pharmaceutical leader, one that operates across the full spectrum of innovation to reliably deliver medicines to patients worldwide. For over 120 years, Teva's commitment to bettering health has never wavered. Today, the company's global network of capabilities enables its 37,000 employees across 57 markets to advance health by developing medicines for the future while championing the production of generics and biologics. If patients have a need, we're already working to address it. Teva China has offices in Shanghai, Beijing, and Hong Kong. Teva China has established strong collaboration with partners across various sectors to enhance the product accessibility and affordability. To learn more about how Teva is all in for better health, visit www.tevapharm.com. About Kerry Logistics Network Limited (KLN) KLN (Stock Code 0636.HK) is an Asia-based, global 3PL with a highly diversified business portfolio and extensive coverage in Asia. It offers a broad range of supply chain solutions from integrated logistics, international freight forwarding (air, ocean, road, rail and multimodal) and e-commerce to industrial project logistics and infrastructure investment. With a global presence across 59 countries and territories, KLN has established a solid foothold in half of the world's emerging markets. Its diverse infrastructure, extensive coverage in international gateways and local expertise span across the Mainland of China, India, Southeast Asia, the CIS, Middle East, LATAM and other locations. KLN generated a revenue of over HK$47.4 billion in 2023. It is listed on the Hong Kong Stock Exchange and is a constituent of the Hang Seng Corporate Sustainability Benchmark Index.
- Delivered Strong Free Cash Flow in Q4 2024- Achieved High-Margin Expansion Driven by IPP and DSA Businesses NORWALK, Conn., March 14, 2025 /PRNewswire/ -- Emeren Group Ltd ("Emeren" or the "Company") (www.emeren.com) (NYSE: SOL), a leading global solar project developer, owner, and operator, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024, highlighting key growth catalysts for 2025. Fellow Shareholders, 2024 was a year of resilience, disciplined execution, and strategic growth for Emeren. Despite currency headwinds and project sale delays, we successfully monetized renewable energy assets, expanded our energy storage footprint, and generated positive free cash flow in Q4. Our Independent Power Producer (IPP) and Development Service Agreement (DSA) segments provided high margins and stable cash flows, while strategic project monetization strengthened our financial position. We ended the year with $50.0 million in cash, up 40% sequentially, positioning us for continued growth in 2025. Resilient Growth Driving Free Cash Flow In Q4 2024, we generated $10.5 million in operating cash flow and over $5 million in free cash flow, further strengthening our financial position amid a challenging market landscape. For the full year, we achieved $6.9 million in adjusted EBITDA, demonstrating disciplined execution and a high-margin business model. Our capital-light model fueled profitable growth while supporting investment. Strong liquidity and efficiency position us to capitalize on 2025 project sales and opportunities. Executing High-Margin Expansion Our resilient high-margin IPP and DSA segments enabled us to deliver $34.6 million in revenue and $4.8 million in gross profit, achieving a solid 14% gross margin in Q4. While FX losses due to the strength of U.S. dollar impacted net income, our operating loss improved by 35% Y/Y in Q4, reflecting strong cost discipline. Although project timing delays in the U.S. and Europe affected Q4 revenue recognition, these projects remain on track to close in 1H 2025, ensuring near-term revenue realization. Q4 2024 Highlights We achieved significant milestones across key markets in Q4, strengthening our position in renewable energy monetization and energy storage. Europe: Completed the COD sale of a 17 MW solar project portfolio in Poland, with 15 MW under a PPA, reinforcing our presence in a key market. Executed a 462 MW DSA of battery energy storage system (BESS) in Italy with Arpinge, expanding our footprint in energy storage. Finalized the sale of 65 MW of solar projects to Trina in Germany through a mixed DSA/SPA structure, reflecting the strength of our development partnerships. United States: Closed the COD sale of a 2.8 MW community solar project to Altus Power, demonstrating progress in the distributed generation segment. China: Commissioned 18 MWh BESS projects, successfully integrating them into Huaneng Power International's Virtual Power Plant (VPP) platform, strengthening our participation in China's evolving energy market. These achievements highlight our ability to execute across multiple regions, ensuring efficient project monetization, expanding our renewable energy portfolio, and strengthening contracted cash flow generation. Business Line Performance DSA The DSA business serves as a cornerstone of our high-margin growth strategy, providing strong revenue visibility while enabling us to monetize projects at early- and mid-development stages. We extended our DSA model into key markets, generating approximately $9.5 million (28% of Q4 revenue), primarily from Italy and Germany. For the full year, we generated approximately $19 million in DSA revenue, reflecting successful contract execution and geographic expansion. As of December 31, 2024, we have secured DSA contracts with nine partners for 40 projects totaling over 2.8 GW, comprising 85% BESS and 15% PV. These agreements are expected to generate approximately $84 million in contracted revenue over the next two to three years, in addition to $19 million recognized in 2024, further reinforcing our financial stability. Additionally, about 2.5 GW of DSAs are under negotiation, representing a potential revenue pipeline of over $100 million. With 75% of our DSA pipeline concentrated in Europe, we are well-positioned to benefit from strong regulatory support for renewable energy and increasing demand for energy storage solutions. Solar Power Project Development In addition to completing major transactions in Poland and the U.S., we were active in markets with strong long-term demand for renewable energy. Our solar development business continued to drive monetization opportunities, leveraging our expertise in advancing projects from development to sale. In 2024, we successfully monetized approximately 200 MW of solar PV projects, including 65 MW in Germany, 57 MW in France, 42 MW in Spain, 17 MW in Poland, 16 MW in China, and 3 MW in the U.S. We also monetized 1.3 GW of BESS projects, with 1,210 MW in Italy, 72 MW in the U.S., and 18 MW in China. These achievements reflect our disciplined approach to capital recycling while maintaining a robust development pipeline to support future growth, reinforcing our position as a leader in the sector. IPP The IPP segment was a cornerstone of our profitability, providing stable and predictable cash flows from long-term operating assets. In 2024, IPP revenue accounted for approximately 31% of total revenue and 64% of total gross profit, underscoring its high-margin contribution to our financial performance. The segment generated $5.4 million in Q4, down from Q3 due to seasonality. Our well-balanced IPP portfolio spans Europe and China, with a growing U.S. presence. In Q4, we optimized assets, including Branston in the U.K., and advanced our energy storage integration strategy. Notably, our newly commissioned 18 MWh BESS in China is now fully integrated into Huaneng Power International's Virtual Power Plant (VPP) platform, enhancing grid stability and efficiency. With China's merchant power market opening in 2025, our BESS assets are well-positioned to capitalize on price arbitrage, further strengthening long-term profitability and financial resilience. Full-Year 2024 Financial Summary For full-year 2024, we generated $92.1 million in revenue and $24.1 million in gross profit, achieving a 26% gross margin. We reported an operating loss of $0.5 million, while non-cash FX losses resulted in a net loss[1] of $12.5 million. Despite FX headwinds, operating cash flow improved significantly toward breakeven, reaching negative $4.2 million compared to negative $23.5 million a year ago. Adjusted EBITDA rose to $6.9 million, reflecting disciplined financial execution. Over the year, we successfully monetized a significant volume of renewable energy assets, including solar and battery storage projects, strengthening our financial position and reinforcing our capital-efficient business model. Our disciplined execution, successful project monetization, and strengthened financial position provide a strong foundation to scale our business efficiently while maintaining capital discipline. [1] Net loss attributed to Emeren Group Ltd. Outlook & Catalysts Looking ahead, we are confident in our ability to execute our growth strategy and deliver strong financial performance in 2025. The delay in Q4 revenue recognition does not reflect a loss of business, but rather timing issues, with the sale of these projects expected to close in 1H 2025. With a highly contracted revenue base, continued expansion of our DSA and IPP businesses, and strong tailwinds in the renewable energy sector, we are positioned for sustained profitability and long-term shareholder value creation. Key drivers supporting our 2025 financial outlook include: Strong contracted revenue base: We have secured about $84 million in contracted DSA revenue, with an additional over $100 million in potential revenue under negotiation, reinforcing long-term cash flow visibility. Profitability from high-margin segments: Our DSA and IPP businesses are key profit drivers, contributing strong gross margins and stable cash flows. With increasing energy storage integration and disciplined execution, our emphasis on high-margin growth drives sustained profitability and financial strength. Robust solar PV and BESS monetization pipeline: With 75% of our DSA pipeline concentrated in Europe, as well as strong solar and energy storage project sales in key markets, we are well-positioned to capitalize on growing demand. Overall, by the end of Q4 2024, our pipeline included over 4.3 GW of advanced-stage storage projects and 2.4 GW of advanced-stage solar PV projects, reinforcing our long-term growth potential. Expansion in BESS and merchant power trading: Our newly commissioned 18 MWh BESS in China is now fully integrated into the Huaneng Power International VPP platform, and we are set to benefit from China's merchant power market opening in 2025, unlocking new revenue streams through energy arbitrage. We expect full-year 2025 revenue to be in the range of $80 million to $100 million, with a gross margin of approximately 30% to 33%. IPP revenue is anticipated to be between $28 million and $30 million, with a gross margin of approximately 50%. Our DSA segment is expected to contribute between $35 million and $45 million in revenue. We also expect to achieve positive operating cash flow in 2025. For the first half of 2025, we anticipate revenue in the range of $30 million to $35 million, with a gross margin of approximately 30% to 33%. Full Year 2024 Financial Highlights: Revenue of $92.1 million, down 13% Y/Y, reflecting project timing shifts despite strong execution in high-margin segments. IPP and DSA contributed 52% of total revenue, which demonstrates solid and stable revenue visibility. Maintained a strong 26.2% gross margin, despite a slight Y/Y decline in gross profit to $24.1 million. Operating loss narrowed significantly to $0.5 million from $8.7 million in 2023, reflecting improved profitability and cost discipline. Adjusted EBITDA surged 102% Y/Y to $6.9 million, demonstrating strong margin expansion in DSA and IPP businesses. Net loss widened to $12.5 million from $3.2 million in 2023, largely due to non-cash FX losses. $ in millions 2024 2023 Y/Y Revenue $92.1 $105.6 -13 % Gross profit 24.1 25.0 -4 % Operating loss (0.5) (8.7) +94 % EBITDA (2.1) 4.9 ($7.1) Adjusted EBITDA 6.9 3.4 +102 % Net loss attributed to Emeren Group Ltd ($12.5) ($3.2) -292 % Revenue by segment: Segment ($ in thousands) 2024 Revenue % of Total Revenue Project development 25,874 28 % IPP 28,903 31 % DSA 18,959 21 % EPC 17,332 19 % Others 999 1 % Total 92,067 100 % Note: "Others" comprises revenue from ancillary revenues and expenses and other unallocated costs and expenses. Revenue by region: Region ($ in thousands) 2024 Revenue % of TotalRevenue Europe 66,963 73 % USA 7,273 8 % China 17,831 19 % Total 92,067 100 % Q4 2024 Financial Highlights: Revenue of $34.6 million, down 23% Y/Y and up 169% Q/Q. Gross profit of $4.8 million, down 6% Y/Y and 15% Q/Q. Operating loss of $4.4 million, a 35% Y/Y improvement, despite a $6.5 million increase Q/Q. Adjusted EBITDA of negative $2.4 million, a 27% Y/Y gain in performance. Cash and cash equivalents at the end of Q4 2024 were $50.0 million, up from $35.8 million in Q3 2024. Net loss widened to $11.8 million from $2.0 million in 2023, primarily due to FX losses and project timing. $ in millions Q4'24 Q3'24 Q/Q Q4'23 Y/Y Revenue $34.6 $12.9 +169 % $45.0 -23 % Gross profit 4.8 5.6 -15 % 5.1 -6 % Operating Income (loss) (4.4) 2.1 ($6.5) (6.7) +35 % EBITDA (11.5) 8.5 ($20.1) 1.1 ($12.6) Adjusted EBITDA (2.4) 4.1 ($6.4) (3.2) +27 % Net Income (loss) attributed to Emeren Group Ltd ($11.8) $4.8 ($16.6) ($2.0) -504 % Revenue by segment: Segment ($ in thousands) Q4'24 Revenue % of Total Revenue Project development 18,457 53 % IPP 5,414 16 % DSA 9,507 28 % EPC 493 1 % Others 679 2 % Total 34,550 100 % Note: "Others" comprises revenue from ancillary revenues and expenses and other unallocated costs and expenses. Revenue by region: Region ($ in thousands) Q4'24 Revenue % of Total Revenue Europe 25,901 75 % USA 5,249 15 % China 3,400 10 % Total 34,550 100 % Advanced-Stage and Early-Stage Solar Development Project Pipeline Project Pipeline by Region (as of December 31, 2024): Region AdvancedStage Early Stage Total (MW) Europe 1,439 3,855 5,294 U.S. 941 1,296 2,237 China 28 — 28 Total 2,408 5,151 7,559 Project Pipeline by Country (as of December 31, 2024): Country Advanced Stage Early Stage Total (MW) Poland 399 — 399 U.K. 100 163 263 Spain 214 3,033 3,247 Germany 129 177 306 France 114 5 119 Italy 483 477 960 U.S. 941 1,296 2,237 China 28 — 28 Total 2,408 5,151 7,559 Advanced-Stage and Early-Stage Solar Storage Project Pipeline Project Pipeline by Region (as of December 31, 2024): Region Advanced Stage Early Stage Total (MW) Europe 3,108 3,023 6,131 U.S. 1,105 1,057 2,162 China 43 — 43 Total 4,256 4,080 8,336 Project Pipeline by Country (December 31, 2024): Country AdvancedStage Early Stage Total (MW) Poland 878 50 928 U.K. 170 275 445 Spain 10 1,522 1,532 France 14 — 14 Italy 2,036 673 2,709 Germany — 503 503 U.S. 1,105 1,057 2,162 China 43 — 43 Total 4,256 4,080 8,336 Notes: The average hours per MW vary across regions. For example, in the U.S. and Europe, it ranged from 4 - 8 hours per MW of storage, while in China, it was ~2 hours. Growing IPP Asset Portfolio in Attractive PPA Regions As of December 31, we owned and operated IPP assets comprising approximately 293 MW of solar PV projects and 54 MWh of storage. Operating Assets PV Capacity (MW) Storage (MWh) China DG 167 54 Europe 102 - U.S. 24 - Total 293 54 Q4 2024 Financial Results: All figures refer to the fourth quarter of 2024, unless stated otherwise. Revenue Revenue of $34.6 million declined 23% Y/Y, primarily due to project delays pending government approvals. However, it surged 169% Q/Q, driven by successful project monetization. While timing delays in the U.S. and Europe impacted Q4 revenue recognition, these projects remain on track to close in 1H 2025, providing strong near-term visibility. Gross Profit and Gross Margin Gross profit was $4.8 million, compared to $5.6 million in Q3 2024 and $5.1 million in Q4 2023. Gross margin was 13.9%, down from 43.8% in Q3 2024 but up from 11.3% in Q4 2023. The year-over-year improvement reflects the continued strength of our high-margin IPP and DSA businesses. Operating Expense Operating expenses were $9.2 million, up from $3.5 million in Q3 2024 but down from $11.8 million in Q4 2023. The annual decline was primarily due to fewer write-offs and the absence of asset impairment losses. Net loss attributable to Emeren Group Ltd's common shareholders Net loss attributable to Emeren Group Ltd's common shareholders was $11.8 million, compared to net income of $4.8 million in Q3 2024 and net loss of $2.0 million in Q4 2023. Diluted net loss attributable to Emeren Group Ltd's common shareholders per American Depositary Share ("ADS") was $0.23, compared to diluted net income of $0.09 in Q3 2024 and diluted net loss of $0.04 in Q4 2023. Cash Flow Cash provided by operating activities was $10.4 million; cash used in investing activities was $5.0 million, and cash provided by financing activities was $2.8 million. Financial Position Cash and cash equivalents at the end of Q4 2024 were $50.0 million compared to $35.8 million in Q3 2024. Net asset value (NAV) is approximately $5.9 per ADS. Our debt-to-asset ratio at the end of Q4 2024 was 11.23%, compared to 10.18% at the end of Q3 2024. Conclusion The renewable energy sector is benefiting from strong tailwinds, driven by the global shift toward sustainability and the increasing role of solar and energy storage to meet rising power demand. Our disciplined execution, robust contracted revenue base, and expanding presence in high-margin segments position us for sustained growth. As we enter 2025, we remain focused on leveraging our strengths in Development Service Agreement (DSA), Independent Power Producer (IPP), and energy storage to drive long-term value creation. With a clear strategy, strong financial foundation, and commitment to innovation, we are confident in our ability to capitalize on industry momentum and deliver lasting shareholder value. Conference Call Details We will host a conference call today to discuss our fourth quarter and full year ended December 31, 2024 after the U.S. stock market close on Thursday, March 13, 2025. The call is scheduled to begin at 5:00 p.m. U.S. Eastern Time on Thursday, March 13, 2025. Please register in advance to join the conference call using the link provided below and dial in 10 minutes before the call is scheduled to begin. Conference call access information will be provided upon registration. Participant Online Registration: https://register.vevent.com/register/BI53bf135272a04765b47f029df565b83d Audio-only Webcast:https://edge.media-server.com/mmc/p/wfuup2dn Additionally, an archived webcast of the conference call will be available on the Investor Relations section of Emeren Group Ltd's website at https://ir.emeren.com/. About Emeren Group Ltd Emeren Group Ltd (NYSE: SOL), a renewable energy leader, showcases a comprehensive portfolio of solar projects and Independent Power Producer (IPP) assets, complemented by a significant global Battery Energy Storage System (BESS) capacity. Specializing in the entire solar project lifecycle — from development through construction to financing — we excel by leveraging local talent in each market, ensuring our sustainable energy solutions are at the forefront of efficiency and impact. Our commitment to enhancing solar power and energy storage underlines our dedication to innovation, excellence, and environmental responsibility. For more information, go to www.emeren.com. Safe Harbor Statement This press release contains statements that constitute ''forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when the Company describes what it "believes," "expects" or "anticipates" will occur, what "will" or "could" happen, and other similar statements), you must remember that the Company's expectations may not be correct, even though it believes that they are reasonable. The Company does not guarantee that the forward-looking statements will happen as described or that they will happen at all. Further information regarding risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements is included in the Company's filings with the U.S. Securities and Exchange Commission, including the Company's annual report on Form 10-K. The Company undertakes no obligation, beyond that required by law, to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made, even though the Company's situation may change in the future. For investor and media inquiries, please contact: Emeren Group Ltd - Investor Relations+1 (925) 425-7335ir@emeren.com The Blueshirt Group Gary Dvorchak+1 (323) 240-5796gary@blueshirtgroup.co Appendix 1: Unaudited Consolidated Statement of Operations Three Months Ended Twelve Months Ended Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 (in thousands, except per ADS data and ADS) Net revenues $ 34,550 $ 12,860 $ 44,972 $ 92,067 $ 105,642 Cost of revenues (29,763) (7,229) (39,899) (67,945) (80,629) Gross profit 4,787 5,631 5,073 24,122 25,013 Operating expenses: Sales and marketing (59) (8) (105) (183) (398) General and administrative (9,196) (3,959) (9,272) (23,131) (25,961) Other operating expenses, net 80 477 (2,075) (1,312) (5,624) Impairment loss of assets - - (366) (1,691) Total operating expenses (9,175) (3,490) (11,818) (24,626) (33,674) Income (loss) from operations (4,388) 2,141 (6,745) (504) (8,661) Other (expenses) income: Interest (expenses) income, net (231) (431) (574) (559) (411) Investment (loss) gain - (4) 39 (4) 278 Unrealized foreign exchange (loss) gain (9,047) 4,615 5,850 (8,522) 5,892 Total other (expense) income , net (9,278) 4,180 5,315 (9,085) 5,759 Income (loss) before income tax (13,666) 6,321 (1,430) (9,589) (2,902) Income tax benefit (expenses) 1,124 (647) (2,051) (2,021) (2,529) Net income (loss) (12,542) 5,674 (3,481) (11,610) (5,431) Less: Net income (loss) attributed to non-controlling interests (755) 831 (1,531) 867 (2,245) Net Income (loss) attributed to Emeren Group Ltd (11,787) 4,843 (1,950) (12,477) (3,186) Income (loss) attributed to Emeren Group Ltd per ADS Basic $ (0.23) $ 0.09 $ (0.04) $ (0.24) $ (0.06) Diluted $ (0.23) $ 0.09 $ (0.04) $ (0.24) $ (0.06) Weighted average number of ADS used in computing loss per ADS* Basic 51,317,227 51,254,956 55,197,797 51,845,257 56,526,716 Diluted 51,317,227 51,352,136 55,197,797 51,845,257 56,526,716 *Each American depositary shares (ADS) represents 10 common shares Appendix 2: Unaudited Consolidated Balance Sheet As of Dec 31, 2024 Dec 31, 2023 (in thousands) ASSETS Current assets: Cash and cash equivalents $ 50,012 $ 70,174 Accounts receivable trade, net 21,121 27,123 Accounts receivable unbilled, net 41,330 59,598 Advances to suppliers 568 4,283 Value added tax receivable 8,005 7,103 Project assets, current 54,267 39,914 Prepaid expenses and other current assets, net 16,085 18,255 Total current assets 191,388 226,450 Property, plant and equipment, net 194,839 163,114 Project assets, non-current 14,444 36,610 Operating lease, right-of-use assets 19,931 21,057 Finance lease, right-of-use assets 4,574 14,192 Other non-current assets 22,390 16,928 Total assets $ 447,566 $ 478,351 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable 11,892 16,203 Advances from customers 5,042 5,375 Amounts due to related parties 4,028 4,967 Long-term borrowings, current 1,181 1,385 Income tax payable 606 2,102 Salaries payable 1,265 718 Operating lease liabilities, current 659 363 Failed sales-leaseback and finance lease liabilities, current 5,014 4,559 Other current liabilities 19,831 21,320 Total current liabilities 49,518 56,992 Long-term borrowings, non-current 23,515 22,685 Operating lease liabilities, non-current 19,252 20,575 Failed sale-leaseback and finance lease liabilities, non-current 13,767 11,258 Deferred tax liabilities 3,494 3,532 Total liabilities $ 109,546 $ 115,042 Commitments and contingencies Shareholders' equity Common shares 806,714 806,714 Additional paid-in capital 15,104 14,728 Treasury stock, at cost (49,146) (41,938) Accumulated deficit (453,040) (440,563) Accumulated other comprehensive loss (19,116) (13,629) Emeren Group Ltd shareholders' equity 300,516 325,312 Non-controlling interest 37,504 37,997 Total shareholders' equity 338,020 363,309 Total liabilities and shareholders' equity $ 447,566 $ 478,351 Appendix 3: Unaudited Consolidated Statement of Cash Flow Three Months Ended Twelve Months Ended Dec 31, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 (in thousands) Net cash provided by (used in) operating activities $ 10,371 $ 7,236 $ (4,215) $ (23,488) Net cash provided by (used in) investing activities (5,013) 6,941 (15,658) 15,309 Net cash provided by (used in) financing activities 2,772 (3,563) (5,928) (25,263) Effect of exchange rate changes 6,126 379 5,639 (3,672) Net increase (decrease) in cash and cash equivalents and restricted cash 14,256 10,993 (20,162) (37,114) Cash and cash equivalents and restricted cash, beginning of the period 35,756 59,181 70,174 107,288 Cash and cash equivalents and restricted cash, end of the period $ 50,012 $ 70,174 $ 50,012 $ 70,174 Use of Non-GAAP Financial Measures To supplement Emeren Group Ltd's financial statements presented on a US GAAP basis, Emeren Group Ltd provides non-GAAP financial data as supplemental measures of its performance. To provide investors with additional insight and allow for a more comprehensive understanding of the information used by management in its financial and decision-making surrounding pro-forma operations, we supplement our consolidated financial statements presented on a basis consistent with U.S. generally accepted accounting principles, or GAAP, with EBITDA, Adjusted EBITDA as non-GAAP financial measures of earnings. EBITDA represents net income before income tax expense (benefit), interest expense, depreciation and amortization. Adjusted EBITDA represents EBITDA plus discount of electricity subsidy in China, plus share-based compensation, plus impairment of long-lived assets, plus loss/(gain) on disposal of assets, plus foreign exchange loss/(gain). Our management uses EBITDA, Adjusted EBITDA as financial measures to evaluate the profitability and efficiency of our business model. We use these non-GAAP financial measures to access the strength of the underlying operations of our business. These adjustments, and the non-GAAP financial measures that are derived from them, provide supplemental information to analyze our operations between periods and over time. We find these measures especially useful when reviewing pro-forma results of operations, which include large non-cash impairment of long-lived assets and loss on disposal of assets. Investors should consider our non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP. Appendix 4: Adjusted EBITDA Three Months Ended Twelve Months Ended Dec 31, 2024 Sep 30, 2024 Dec 31, 2023 Dec 31, 2024 Dec 31, 2023 (in thousands) Net income (loss) $ (12,542) $ 5,674 $ (3,481) $ (11,610) $ (5,431) Income tax expenses (benefit) (1,124) 647 2,050 2,021 2,529 Interest expenses (income), net 231 431 574 559 411 Depreciation & Amortization 1,917 1,781 1,979 6,919 7,438 EBITDA $ (11,518) $ 8,533 $ 1,122 $ (2,111) $ 4,947 Discount of electricity subsidy in China (35) (83) 603 272 656 Share based compensation 133 106 203 370 1,443 Loss on disposal of property, plant and equipment - - 616 - 2,128 Interest income of discounted electricity subsidy in China (2) 130 60 (198) 109 Foreign exchange loss (gain) 9,047 (4,615) (5,850) 8,522 (5,892) Adjusted EBITDA $ (2,375) $ 4,071 $ (3,246) $ 6,855 $ 3,391
Partnership combines Palantir's Artificial Intelligence Platform (AIP) and Databricks' Data Intelligence Platform to accelerate the production of AI applications and reduce TCO SAN FRANCISCO, March 13, 2025 /PRNewswire/ -- Databricks, the Data and AI company, and Palantir Technologies Inc. (NASDAQ: PLTR), the world's leading provider of enterprise operating systems, today announced a strategic product partnership that combines Palantir's world-class AI operating system and Databricks' leading platform for AI, data warehousing, and data engineering. The partnership will provide an open and scalable data architecture that combines Palantir's powerful Ontology System with Databricks' processing scale and industry-leading data and AI platform. With battle-tested improvements for joint customers in the field, Palantir and Databricks are delivering real-time, AI-powered autonomous workflows to customers through the integration of the Databricks Data Intelligence Platform and Palantir AIP. Through the combination of Unity Catalog through Delta Sharing and Palantir's multimodal security system, joint customers will be able to unlock the power of GenAI, machine learning, and data warehousing within a secure, unified and scalable environment. Customers want to maximize the value of their data by delivering AI-powered business processes without massive costs. This partnership lowers the technical and operational barriers to leveraging GenAI and increases customer value by efficiently deploying autonomous workflows into production. Through joint engineering, customers can consistently govern and secure their entire data estate with a combination of Databricks' Unity Catalog and Palantir's military-grade security so enterprises can build on a trusted foundation while maintaining efficiency and keeping TCO low. The integration of Databricks and Palantir is already serving a range of mission-critical outcomes for customers across both the public and private sectors – including the Department of Defense, the Department of the Treasury, the Department of Health and Human Services, bp, and others. "Databricks and Palantir customers in the public and private sectors were already looking for ways to integrate the two technologies to optimize performance and eliminate redundant costs," said Rory Patterson, Chairman of the Board of Databricks Federal. Over the past four months, we have been working with joint customers who have been amazed at how our two technologies seamlessly integrate into a unified, open, and scalable data architecture through the combination of Unity Catalog through Delta Sharing with the Palantir system. Combining Palantir's fast delivery of business value with Databricks' leading Data Intelligence Platform will deliver 'the best of both worlds' to our joint customers." "Operational integration of Palantir and Databricks reduces costs and complexity for our customers while providing a foundation to accelerate their operations into the age of AI," said Ted Mabrey, Palantir's Global Head of Commercial. "Palantir and Databricks are aligned to deliver on our customers' mission-critical objectives, and this partnership has already proven to accelerate those outcomes. The 'best of both worlds' technical approach means the best outcomes for our mutual customers." "A robust data foundation is key to delivering bp's reset strategy and our long-term competitiveness," said Emeka Emembolu, EVP Technology at bp. "Palantir and Databricks are vital partners for the next phase of our digital transformation. By building on the work we are doing together, we will be empowering teams across bp, maximising value of our data and accelerating AI adoption." About DatabricksDatabricks is the Data and AI company. More than 10,000 organizations worldwide — including Block, Comcast, Condé Nast, Rivian, Shell and over 60% of the Fortune 500 — rely on the Databricks Data Intelligence Platform to take control of their data and put it to work with AI. Databricks is headquartered in San Francisco, with offices around the globe and was founded by the original creators of Lakehouse, Apache Spark™, Delta Lake and MLflow. To learn more, follow Databricks on X, LinkedIn and Facebook. About PalantirFoundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com. Contact:Press@databricks.commedia@palantir.com
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