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CARsgen’s Allogeneic CD19/CD20 CAR-T Therapy Administers First Dose in a Patient with Autoimmune Disease

SHANGHAI, Feb. 28, 2025 /PRNewswire/ — CARsgen Therapeutics Holdings Limited (Stock Code: 2171.HK), a company focused on innovative CAR T-cell therapies for the treatment of hematologic malignancies and solid tumors, announces that KJ-C2219, an allogeneic CAR-T therapy targeting CD19/CD20, has administered at the starting dose specified in the clinical protocol to the first patient with systemic lupus erythematosus (SLE) in an investigator-initiated trial (IIT).

KJ-C2219 is developed using THANK-u Plus™ platform. The company is currently evaluating the therapy in an IIT in China for B-cell malignancies and in another IIT for systemic lupus erythematosus and systemic sclerosis.

About THANK-u Plus

CARsgen has developed the THANK-u Plus™ platform as an enhanced version of its proprietary THANK-uCAR® allogeneic CAR-T technology to address the potential impact of NKG2A expression levels on therapeutic efficacy. THANK-u Plus™ demonstrates sustained expansion regardless of varying NKG2A expression levels on NK cells and exhibits significantly improved expansion compared to THANK-uCAR®. Preclinical studies show that THANK-u Plus™ delivers superior antitumor efficacy in the presence of NK cells compared to THANK-uCAR®. Allogeneic BCMA or dual-targeting CD19/CD20 CAR-T cells developed using this platform exhibit robust antitumor activity in the presence of NK cells, indicating that THANK-u Plus™ has broad potential for developing diverse allogeneic CAR-T therapies.

About CARsgen Therapeutics Holdings Limited

CARsgen is a biopharmaceutical company with operations in China and the U.S., focusing on innovative CAR T-cell therapies for the treatment of hematologic malignancies and solid tumors. CARsgen has established a comprehensive CAR T-cell research and development platform that covers target discovery, innovative CAR T-cell development, clinical trials, and commercial-scale production. Internally, CARsgen has developed novel technologies and a product pipeline with global rights to address significant challenges faced by existing CAR T-cell therapies. Efforts include improving safety profile, enhancing the efficacy in treating solid tumors, and reducing treatment costs. CARsgen’s mission is to become a global biopharmaceutical leader that provides innovative and differentiated cell therapies for cancer patients worldwide and makes cancer curable.

Forward-looking Statements

All statements in this press release that are not historical fact or that do not relate to present facts or current conditions are forward-looking statements. Such forward-looking statements express the Group’s current views, projections, beliefs and expectations with respect to future events as of the date of this press release. Such forward-looking statements are based on a number of assumptions and factors beyond the Group’s control. As a result, they are subject to significant risks and uncertainties, and actual events or results may differ materially from these forward-looking statements and the forward-looking events discussed in this press release might not occur. Such risks and uncertainties include, but are not limited to, those detailed under the heading “Principal Risks and Uncertainties” in our most recent annual report and interim report and other announcements and reports made available on our corporate website, https://www.carsgen.com. No representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on, any projections, targets, estimates or forecasts contained in this press release.

Vice Chairman Chung Kisun of HD Hyundai: Driving Shipbuilding’s Future with AI and Digital Tech

  • Strengthening cooperation with global tech companies, including Palantir Technologies Inc. and Siemens
  • Building the Future of Shipyard (FOS) by 2030 which aims to minimize human intervention

SEOUL, South Korea, Feb. 28, 2025 /PRNewswire/ — “We are drawing on the latest innovation in AI (artificial intelligence), digital twin, and so much more to transform our shipyards.”

HD Hyundai Executive Vice Chairman Chung Kisun in a promotional video by the global big data analytics company, Palantir Technologies.
HD Hyundai Executive Vice Chairman Chung Kisun in a promotional video by the global big data analytics company, Palantir Technologies.

HD Hyundai Executive Vice Chairman Chung Kisun emphasized his commitment to building an integrated, optimized, and automated future shipyard that minimizes human intervention, highlighting the company’s intention to actively leverage technologies from global tech companies. To achieve this, HD Hyundai is strengthening its cooperation with global leaders, including Palantir, a software company that enables AI-driven decision making, and Siemens, a global industrial solutions provider.

Recently, Palantir released a promotional video on its official YouTube channel on the 26th showcasing its partnership with HD Hyundai to help digitally transform their shipyards. This video is a full version of what was shown at Palantir’s booth during the World Economic Forum Annual Meeting 2025 (Davos Forum) in Davos, Switzerland this January.

In the video, Executive Vice Chairman Chung Kisun stated “For many decades now, HD Hyundai has been leading the world’s shipbuilding industry with the most innovative technologies. Together with Palantir, (we are) drawing on the latest innovation in AI, digital twins, and so much more to transform our shipyards, unlocking a whole new level of productivity and safety.”

Emile Victor, Forward Deployed Engineer of Palantir said “I believe their commitment to leveraging software for operational innovation positions them as a leader in digital transformation within the shipbuilding industry.”

The video introduces the blueprint of HD Hyundai’s Future of Shipyard (FOS) project, specifically demonstrating how they are applying Palantir’s big data software platform, Foundry. FOS is an advanced shipyard project that HD Hyundai has been pursuing since 2021, integrating digital technologies such as data analytics, virtual and augmented reality, robotics, automation, and AI.

This three-phase project aims for completion by 2030. Following the first phase, the “Visible Shipyard”, the project is currently in its second phase, “Connected and Predictively Optimized Shipyard.” The final phase, “Intelligent Autonomous Operating Shipyard”, ultimately aims to minimize human intervention. Upon project completion, productivity is expected to increase by 30%, while shipbuilding time will be reduced by the same rate.

With AI gaining more importance, HD Hyundai is actively strengthening collaborations with global technology leaders while accelerating digital transformation across its business areas by adopting cutting-edge technologies.

Last March, NVIDIA CEO Jensen Huang captured global attention by showcasing HD Hyundai’s Digital Shipyard and LNG Carrier in real-time using advanced graphics technology at NVIDIA GTC 2024. HD Hyundai partnered with Siemens to create a digital twin of large-scale shipyard images using NVIDIA’s graphics technology. This project was highlighted as one of NVIDIA’s key collaboration cases.

Executive Vice Chairman Chung Kisun has consistently emphasized the importance of digital transformation and has been actively investing in future technologies. He has repeatedly stressed his commitment to “leading marine mobility technology through electrification, autonomous operation, and eco-friendly technologies while building a sustainable energy ecosystem by securing renewable resource utilization and high-efficiency green technologies.”

Meanwhile, HD Hyundai established its Global R&D Center in 2022, centralizing its subsidiaries’ research and development capabilities around the Advanced Research Center to secure leading technologies. Following the establishment of the India Technology Center in Pune in 2019, the company opened its European R&D Center in Germany in 2022. Through collaboration with global research institutions, HD Hyundai continues to accelerate the development of next-generation technologies.

J-Stories joins forces with SusHi Tech Tokyo 2025 as official media partner

TOKYO, Feb. 28, 2025 /PRNewswire/ — J-Stories, Japan’s solutions-focused multilingual news service, is proud to announce its role as an official media partner for SusHi Tech Tokyo 2025, Asia’s largest startup conference. This collaboration aims to amplify the event’s mission of fostering open innovation and addressing global urban challenges through cutting-edge technology and diverse ideas.

SusHi Tech Tokyo 2025, taking place from May 8-10 at Tokyo Big Sight, is expected to attract over 50,000 attendees, including more than 500 international venture capital firms and exhibiting startups. With over 5,000 business matching opportunities, the event will serve as a global platform for innovation and collaboration. The program will feature a wide array of sessions, booth exhibitions, pitch contests, and more, providing participants with valuable insights and networking opportunities.

As a media partner, J-Stories will leverage its extensive platform to provide comprehensive coverage of the event, highlighting groundbreaking innovations and facilitating connections between Japanese startups and the global community. This partnership underscores J-Stories’ commitment to promoting Japanese innovations that address global challenges.

J-Stories previously featured an in-depth article on last year’s event, showcasing key discussions, innovative startups, and the impact of SusHi Tech Tokyo 2024. Additionally, J-Stories covered this year’s kickoff, offering insights into the themes and vision for SusHi Tech 2025. Read the articles here:

SusHi Tech Tokyo 2024 article: https://jstories.media/article/sushi-tech-tokyo-opening

SusHi Tech Tokyo 2025 Curtain Raiser event article: https://jstories.media/article/sushi-tech-2025-curtain-raiser

We are thrilled to collaborate with SusHi Tech Tokyo 2025,” said Toshi Maeda, CEO of Pacific Bridge Media and Consulting and executive editor of J-Stories. “J-Stories has been covering and publishing English articles on SusHi Tech since its first edition in 2023, when it was launched under the name City-Tech Tokyo. With each edition, we have witnessed the growing international recognition of SusHi Tech and its expanding scale, which is truly exciting. As an official media partner, we look forward to further disseminating information about SusHi Tech to the world and contributing as a bridge between Tokyo and the global community.”

For more information about SusHi Tech Tokyo 2025, please visit the official website: https://sushitech-startup.metro.tokyo.lg.jp/en/

About SusHi Tech Tokyo 2025

SusHi Tech Tokyo 2025 is an innovation event aimed at fostering open innovation by connecting world-class startups with Japan to address global urban issues, focusing on sustainability and technology. Building on the success of previous editions, it has established itself as Asia’s largest startup conference.

About J-Stories

J-Stories is a solutions-focused media platform dedicated to introducing Japan-originated innovations that address global challenges such as environmental issues and food shortages. Since its launch in April 2022, J-Stories has published over 500 articles and has been widely disseminating innovations and ideas from Japanese startups, NGOs, and university research institutions through articles and videos.

J-Stories Website:

(English)   https://jstories.media
(Japanese)  https://jstories.media/jp
(Chinese) https://jstories.media/zh

Pacific Bridge Media and Consulting, Inc. (PBMC)

Founded in 2010 by experienced international journalist Toshi Maeda with the mission to “connect the world with trusted content and realize a rich and equitable human society,” PBMC specializes in creating diverse multilingual content that combines video, language, and technology. The company provides comprehensive services for enterprises looking to share information globally, including planning and producing articles, visual content such as videos and photos, CGI, website creation, and multilingual live event broadcasting. PBMC has a strong track record working with a wide range of clients — from major domestic and international corporations and media to startups and government agencies — establishing itself as a highly regarded international multimedia content provider.

Company Overview

Pacific Bridge Media and Consulting, Inc.

  • Main Fields of Business: Multilingual content strategy-building, production and distribution; cross-border public, media and investor relations, multilingual event planning, hosting and technical & editorial support; live-streaming and news/event conference support, news and media release production and distribution worldwide; startup & corporate media platform management and content production
  • Headquarters: 22nd Floor, Shiroyama Trust Tower, 4-3-1 Toranomon, Minato-ku, Tokyo
  • CEO: Toshi Maeda
  • Founded: June 30, 2010
  • URL: https://pacificbridge.jp

CONTACT:

PACIFIC BRIDGE MEDIA AND CONSULTING

Editorial department: Toshi Maeda (Executive Editor)・Takanori Isshiki (Deputy Executive Editor)・Anita De Michele (Editorial Coordinator)
email: info@pacificbridge.jp 
phone: +81- 50-5527-0955

Olive Young Global Mall’s ‘Big Bang Sale’ from March 1

Trendy K-Beauty Products at a Glance!

–  Olive Young, the leading K-beauty platform, will hold the ‘Big Bang Sale’ on its Global Mall from March 1 to March 7, showcasing the latest K-beauty trends

–  The more you buy, the greater the benefits… Offering country-specific products tailored to local weather and popular trends

–  “The ‘Big Bang Sale’ will provide an opportunity to discover the latest K-beauty trends and high-quality products from emerging K-beauty brands at reasonable prices.”

SEOUL, South Korea, Feb. 28, 2025 /PRNewswire/ — Olive Young Global Mall is holding its regular sale, showcasing trendy K-beauty products at reasonable prices.

Representative image of the ‘Big Bang Sale’ held at Olive Young Global Mall from March 1 to March 7
Representative image of the ‘Big Bang Sale’ held at Olive Young Global Mall from March 1 to March 7

CJ Olive Young (hereafter referred to as Olive Young) announced on the 28th that it will hold the ‘Big Bang Sale’ on Olive Young Global Mall from March 1 to March 7, offering discounts of up to 77% on popular K-beauty products.

Marking its 5th anniversary this year, the ‘Big Bang Sale’ is the Global Mall’s signature discount event held four times a year (March, June, September, and December). Known for its wide range of products, exceptional discounts, and country-specific promotions, it has become a beloved K-beauty shopping festival for global customers.

This sale will feature huge discounts on globally popular K-beauty brands, including: Anua, Beauty of Joseon, Clio, Mediheal, Round Lab and Torriden (listed in alphabetical order). With Western customers showing strong interest in skincare and color cosmetics, and Japanese customers being interested in a wide range of K-beauty and health products from K-wellness to haircare, the English and Japanese versions of the Global Mall will offer tailored benefits to cater to diverse customer preferences.

On the English version of the Global Mall, shopping cart coupons will be given to customers who spend a certain amount: 15% off for purchases over $89, 20% off for purchases over $109, and 25% off for purchases over $139. Free shipping will be available for those who purchase over $60.

With the arrival of spring, products from hydrating skincare brands and bright color cosmetic brands will be prominently featured. From ’24HOURS DEALS,’ which offers daily discounts on different products, best-selling items from trending K-beauty brands can be purchased at a special price for one day. ‘STEADY SELLER’ specials will feature steady-selling products in North America at reasonable prices.

On the Japanese version of the Global Mall, a shopping cart coupon worth ¥4,000 off purchases over ¥12,000 will be available from March 1 to 4. From March 5 to 7, two days before the end of the sale, a ¥5,000 discount coupon will be offered for purchases over ¥15,000, providing extra savings. Customers who purchase over ¥3,900 can also enjoy free shipping.

Amid growing interest in K-wellness among Japanese customers, the sale will include health supplements and hair care products alongside beauty products. ’24HOURS DEALS’ and ‘STEADY SELLER’ specials will also showcase popular products from trending brands in the Japanese local market at attractive prices.

An Olive Young representative stated, “Olive Young Global Mall is a leading platform for discovering the latest K-beauty trends,” and added, “Through the ‘Big Bang Sale,’ we hope customers will enjoy not only the most popular K-beauty products but also high-quality products from emerging K-beauty brands at great prices.”

The Olive Young Global Mall is a cross-border e-commerce platform accessible in over 150 countries. In addition to the latest K-beauty products, it offers over 10,000 items, including K-food, wellness products, and K-pop albums. With easy access via PC and app, as well as door-to-door delivery, it provides a seamless shopping experience. As of December last year, the platform had over 2.46 million registered members. Customers can set up pre-sale notifications on the Olive Young Global app to receive the latest updates on sales and exclusive offers tailored to their region.

The BrandLaureate BestBrand of the Year Award 2024-2025 Singapore

Your Brand, Your Award
Celebrating, Championing, Capitalising
The Best of Your Brand!

SINGAPORE, Feb. 27, 2025 /PRNewswire/ — The World Brands Foundation (TWBF) set the stage for an unforgettable evening of celebration, reflection, and recognition at The BrandLaureate BestBrand of the Year Award 2024-2025 in Singapore. The prestigious event honored global brands that have not only weathered the challenges of the past year but have also made a profound and lasting impact in their respective industries.

Your Brand, Your Award Celebrating, Championing, Capitalising The Best of Your Brand!
Your Brand, Your Award Celebrating, Championing, Capitalising The Best of Your Brand!

The BrandLaureate BestBrand of the Year Award 2024-2025, Singapore honored brands that exemplify innovation, adaptability, and the resilient spirit driving their success. Over the past year, businesses globally have faced a challenging landscape marked by  global economic uncertainty, shifting trends, market disruption amongst others causes. Yet, these recognized brands have showcased extraordinary resilience and innovation to overcome challenges.

The evening was a distinguished celebration of innovation, inspiration, and achievement. The atmosphere was filled with a sense of accomplishment as global entrepreneurs, C-suite executives, and top leaders gathered to applaud recognitions and forge meaningful connections. The event emphasized the universal impact of brands and the relentless dedication to excellence that defines the world’s most exceptional leaders and organizations.

Singapore, a global hub for innovation, commerce, and cultural diversity, was the ideal setting for The BrandLaureate Best Brand of the Year Award 2024-2025. Known for its strategic location, world-class infrastructure, and forward-thinking policies, Singapore has long been a hub for international businesses and a launchpad for brands aiming to make a global impact. The city-state’s reputation as a melting pot of ideas, talent, and innovation aligns perfectly with the values celebrated at the event—resilience, adaptability, and excellence.

Hosting the event in Singapore underscores the nation’s role as a bridge between East and West, offering a unique platform for brands to connect with diverse markets and audiences. As a global financial and technological powerhouse, Singapore symbolizes the future of business and the limitless possibilities of innovation.

In his welcoming speech, Prof. Dr. KK Johan set the tone for an inspiring evening, emphasizing the power of branding in shaping industries and driving global success. As The BrandLaureate celebrates its 20th anniversary, he reflected on its legacy of transforming brands—many of which have grown from small businesses to publicly listed companies with global recognition. He reaffirmed The BrandLaureate’s role as a catalyst for brands and branding, declaring, “A great brand never sleeps. It never rests on its laurels.”

He highlighted The BrandLaureate’s strength in acting swiftly, a crucial trait for staying ahead in today’s competitive landscape. “It is the 3Fs,” he declared. “The survival of the Fittest, Fastest, and Finest—a formula for success that defines industry leaders.”

For the past 20 years, The BrandLaureate has consistently driven progress through three core pillars:

  1. Innovation—constantly evolving to remain relevant and competitive.
  2. Influence—building trust and shaping the future of branding.
  3. Inspiration—fostering growth and development to create value for brands.

As the prestigious Gala Dinner unfolded, The BrandLaureate Best Brand of the Year Award 2024-2025 in Singapore proudly honored Brand Icons for their strong leadership in building their brands. These icons are celebrated for their  visionary leadership, remarkable achievements and enduring influence, they have redefined industry standards, inspired global audiences through transformative change and innovation, and made meaningful contributions to society.

Their unwavering commitment to excellence has left an indelible mark on their industries and communities, setting benchmarks for future generations. These Brand Icon Leadership include Prof. Datuk Jimmy Choo, OBE, Founder of The Jimmy Choo Academy (JCA); Ky. Col. Prof. Dr. Edward Roy Krishnan, Founder & Directeur General of European International University; Uma Rudd Chia, Executive Creative Director and Co-Founder of KVUR Pte Ltd; Rodin JS Kumar, Managing Director of AABA Creative (M) Sdn Bhd; Prof. Hanafie Mohd. Imam, Conductor & Composer; Siti Saleha Binti Mohd Baharum, Actress; Min-Kyoung Kim, Diana, Chief Executive Officer of KMK Color Research Institute; Lee Nai Kong, International Music Director & Producer of Nai Kong Music; and Leona Chin, Motorsport Athlete.

Following this, the ceremony awarded The BrandLaureate BestBrand of the Year Award 2024 – 2025, recognizing winning brands from numerous sectors that demonstrated exceptional branding and showcased qualities such as innovation, consistency, and adaptability while making significant contributions to their industries and communities. These recipients include BestBrands such as Adinas Travel & Tours, Bank Islam Brunei Darussalam, BAC Education, European International University, Gardens by the Bay, GPIS, Jerudong Park, Oriental Melaka Straits Medical Centre, Puncak Niaga, Southern University College, Sarawak Tourism Board, BAC, HERO 99, Wrise and European Wellness.

Continuing in the spirit of celebration for the night, outstanding SMEs were also acknowledged for their remarkable achievements, including Declarators, KVUR, Lord’s Tailor, Nuri, SAINT and Unique Cosmetique. These SMEs have showcased exceptional innovation, agility, resilience, and dedication, solidifying their position as key contributors to their industries and communities. By recognizing their success, we not only celebrate their economic and societal contributions but also emphasize the critical role of branding in amplifying their reach, strengthening their influence, and driving meaningful impact across their industries and beyond.

For the full list of winners with their categories, Click Here.

We, at The BrandLaureate extend our heartfelt congratulations to all the worthy recipients.  Starting the year on such a high note, we hope this milestone serves as a powerful source of inspiration, motivating you to carry your undefeatable spirit forward. Let 2025 be a year of growth, innovation, and purpose, as you continue to embrace each moment with a sense of victory and a commitment to achieving even greater heights.

The BrandLaureate is dedicated to recognizing and honoring the best of brands that have set benchmarks of excellence across industries. Through our awards, we aim to inspire organizations and individuals to strive for greater innovation, leadership, and impact.

If you have a successful story to tell or wish to explore opportunities with us, please connect with us at pr@thebrandlaureate.com.

For latest news on The BrandLaureate Awards, visit www.thebrandlaureate.com or our social media – Instagram | Facebook | YouTube | LinkedIn | TikTok | Spotify | Whatsapp Channel  for updates and all of the evening’s major highlight moments. 

The World Brands Foundation (TWBF), originally established in 2005 as the Asia Pacific Brands Foundation (APBF), stands today as the world’s premier branding foundation. With a legacy spanning over a decade of excellence, TWBF has redefined the branding landscape, continuously setting new benchmarks and reaching new heights of prominence. The Foundation’s primary objectives are clear: to elevate the status of brands, enhance branding practices, and instill a culture of excellence in entrepreneurship. To realise this vision, The BrandLaureate was instituted—a symbol of brand excellence that embodies TWBF’s mission and fulfils its core objectives.

Brands, often synonymous with organisations, products, and services, also reflect the individuals who bring them to life, embodying extraordinary qualities that transcend the ordinary. A truly outstanding brand resonates deeply, serving as both a beacon of information and a source of inspiration across both real and digital realms. The power of strong, high-ideal brands is undeniable; they leave an enduring mark, progressively influencing societal equilibrium on a global scale. In this spirit, TWBF, through The BrandLaureate, honours and recognises those who have set new standards of excellence—remarkable individuals and entities who, through their expertise and dedication, have contributed significantly to the world. As a trendsetter with a distinct approach to branding, The BrandLaureate has recognised more than 2,500 global brands and 500 personalities across over 80 countries worldwide.

Operating autonomously, TWBF remains independent from any government or external agencies. This independence reinforces TWBF’s dedication to celebrating and championing brands and personalities who have left an indelible mark on the hearts and minds of the masses.

Intelligent Living Application Group Inc. Announces Closing of $600,000 Public Offering of Ordinary Shares

HONG KONG, Feb. 28, 2025 /PRNewswire/ — Intelligent Living Application Group Inc. (NASDAQ: ILAG) (“Intelligent Living” or the “Company”), a premium lockset manufacturer in Hong Kong, today announced the closing of its previously announced “best efforts” public offering of 1,034,483 ordinary shares of the Company at a public offering price of $0.58 per share. Total gross proceeds from the offering, before deducting the placement agent’s fees and other offering expenses, is $600,000.  

Craft Capital Management LLC is acted as sole placement agent for the offering.

The Company intends to use the net proceeds from the offering for general corporate purposes, capital expenditures, working capital and general and administrative expenses. 

A shelf registration statement on Form F-3 (Registration No. 333-274495) relating to the public offering of the securities described above was previously filed with the Securities and Exchange Commission (SEC) and declared effective on December 4, 2023. A prospectus supplement and accompanying prospectus relating to the underwritten public offering was filed with the SEC and are available on the SEC’s website at www.sec.gov. The offering was made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.  A final prospectus supplement describing the terms of the public offering was filed with the SEC and forms a part of the effective registration statement. Copies of the prospectus supplement and accompanying prospectus relating to the offering may be obtained from Craft Capital Management, 377 Oak St., Lower Concourse, Garden City, NY 11530, Attention: Syndicate Dept.; email: info@craftcm.com

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

About Intelligent Living Application Group Inc.

Intelligent Living Application Group Inc. is a premium lockset manufacturer and distributor headquartered in Hong Kong. Intelligent Living manufactures and sells high quality mechanical locksets to customers mainly in the United States and Canada and has continued to diversify and refine its product offerings in the past 40 years to meet its customers’ needs. Intelligent Living obtained the ISO9001 quality assurance certificate and various accredited quality and safety certificates including American National Standards Institute (ANSI) Grade 2 and Grade 3 standards that are developed by the Builders Hardware Manufacturing Association (BHMA) for ANSI. Intelligent Living keeps investing in self-designed automated product lines, new craftsmanship and developing new products including smart locks. For more information, visit the Company’s website at http://www.i-l-a-g.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

Arcadium Lithium Releases Fourth Quarter and Full Year 2024 Results

PHILADELPHIA and PERTH, Australia, Feb. 28, 2025 /PRNewswire/ — Arcadium Lithium plc (NYSE: ALTM, ASX: LTM, “Arcadium Lithium” or the “Company”) today reported results for the fourth quarter and full year of 2024.

As a result of its pending acquisition by Rio Tinto, announced on October 9, 2024 (the “Transaction”), and as is customary during such transactions, Arcadium Lithium will not hold an earnings conference call in connection with its fourth quarter and full year financial results.  For the same reason, the Company withdrew its prior operating and financial guidance and will not be introducing guidance for 2025.

For further detail and discussion of Arcadium Lithium’s results for the fourth quarter and full year of 2024, please refer to Arcadium Lithium’s Annual Report on Form 10-K for the year ended December 31, 2024, being filed today with the Securities and Exchange Commission (the “SEC”).

Fourth Quarter and Full Year Highlights

Fourth quarter revenue was $289.0 million and reported attributable GAAP net loss was $14.2 million, or 1 cent per diluted share.  Adjusted EBITDA1 was $73.7 million and adjusted earnings per diluted share2 was 1 cent.  The increase in Adjusted EBITDA1 compared to the third quarter was largely attributable to higher volumes across all lithium products and reduced costs, partially offset by lower average realized pricing. 

Fourth quarter total volumes sold were 56% higher on an LCE3 basis versus the third quarter, but roughly flat versus the prior year, as customers close out their contractual commitments and demand needs during the typically active year-end in key end markets.

The Company realized average pricing of $15,700 per product metric ton for combined lithium hydroxide and carbonate volumes in the fourth quarter, compared to $16,200 in the third quarter.  Average realized pricing declined across most lithium products, with the exception of spodumene, due to weaker prevailing market prices.  However, lithium hydroxide pricing was roughly flat quarter-over-quarter, supported by customer mix and the benefit of existing long term commercial agreements.

Q4 2024

Revenue (M)

Volume

Unit

Price

Lithium Hydroxide and

Lithium Carbonate4

$211.1

~13,4505

product

metric ton

$15,700 / product MT

Butyllithium &

Other Lithium Specialties

$38.9

~470

LCE3

$82,800 / LCE

Spodumene Concentrate

$39.0

~54,100

dry metric ton

$721 / 5.4% dmt

(~$810 SC6 equivalent)

For the full year, Arcadium Lithium reported revenue of $1,007.8 million.  Attributable GAAP net income was $103.2 million, or 9 cents per diluted share.  Full year Adjusted EBITDA1 was $324.5 million and adjusted earnings per share were 14 cents per diluted share2.  Full year total volumes sold were slightly lower on an LCE3 basis, with higher combined lithium carbonate and hydroxide sales more than offset by lower spodumene sales due to reduced production at Mt Cattlin.  Average realized pricing over the full year declined across all lithium products in light of a weaker market environment compared to 2023.

FY 2024

Revenue (M)

Volume

Unit

Price

Lithium Hydroxide and

Lithium Carbonate4

$728.9

~42,3005

product

metric ton

$17,200 / product MT

Butyllithium &

Other Lithium Specialties

$169.2

~1,860

LCE3

$91,000 / LCE

Spodumene Concentrate

$109.7

~140,000

dry metric ton

$784 / 5.4% dmt

(~$880 SC6 equivalent)

“2024 was highlighted by a focus on executing key initiatives within our control while navigating challenging broader market conditions.  This included exercising cost and operational discipline while maintaining the flexibility to adapt to a quickly changing market environment,” said Paul Graves, president and chief executive officer of Arcadium Lithium.  “Our strong customer relationships and commercial strategy of securing long term contracts helped us to achieve higher realized pricing during the year than we would have under a fully market-based pricing approach.  Additionally, at our Investor Day in September we outlined an attractive plan to deliver significant growth over the coming years, leveraging the size and quality of our portfolio of assets and expansion projects.  We believe the pending combination with Rio Tinto will give us the ability to accelerate and expand this growth opportunity for the benefit of our customers, our employees, and the communities in which we operate.”

_______________________

1 Reconciliation of Adjusted EBITDA, a non-GAAP measure, to net income attributable to Arcadium Lithium plc, the most directly comparable financial measure presented in accordance with GAAP, is set forth in the reconciliation table accompanying this release.

2 Corresponds to Diluted adjusted after-tax earnings per share in the accompanying financial tables.  Reconciliation of Diluted adjusted after-tax earnings per share, a non-GAAP measure, to Diluted earnings per ordinary share (GAAP), the most directly comparable financial measure presented in accordance with GAAP, is set forth in the reconciliation table accompanying this release.

3 Lithium Carbonate Equivalents.

4 Includes 100% of Olaroz in which Arcadium Lithium has current economic interest of 66.5%.

5 Excludes lithium carbonate by-product.

Rio Tinto Transaction Timeline

On October 9, 2024, a definitive agreement (the “Transaction Agreement”) was announced under which Rio Tinto will acquire Arcadium Lithium in an all-cash transaction for US$5.85 per share.

Requisite Arcadium Lithium shareholder approval for the Transaction was obtained at special meetings held on December 23, 2024.

As announced on February 13, 2025, the Company has received all required pre-closing regulatory approvals in connection with the proposed acquisition.  This includes merger control clearance being satisfied or waived in Australia, Canada, China, Japan, South Korea, the United Kingdom and the United States (Hart-Scott-Rodino Antitrust Improvements Act of 1976), as well as investment screening approval being satisfied in Australia, Canada, Italy, the United Kingdom and the United States (CFIUS).

Arcadium Lithium and Rio Tinto are now targeting closing of the Transaction on March 6, 2025.  The Transaction remains subject to Court Order by the Royal Court of Jersey and other customary closing conditions. Arcadium Lithium cannot assure completion of the Transaction by any particular date, if at all, or that if completed, it will be completed on the terms set forth in the Transaction Agreement.

Full details of the terms and conditions of the Transaction are set out in the Transaction Agreement, which may be obtained, free of charge, on the SEC’s website (http://www.sec.gov).

Arcadium Lithium Contacts

Investors:
Daniel Rosen +1 215 299 6208
daniel.rosen@arcadiumlithium.com

Phoebe Lee +61 413 557 780
phoebe.lee@arcadiumlithium.com

Media:
Karen Vizental +54 9 114 414 4702
karen.vizental@arcadiumlithium.com

Supplemental Information 

In this press release, Arcadium Lithium uses the financial measures Adjusted EBITDA and Diluted adjusted after-tax earnings per share.  These terms are not calculated in accordance with generally accepted accounting principles (GAAP).  Definitions of these terms, as well as a reconciliation to the most directly comparable financial measure calculated and presented in accordance with GAAP, are provided on our website: ir.arcadiumlithium.com and elsewhere in this press release or the financial tables that accompany this press release.

About Arcadium Lithium

Arcadium Lithium is a leading global lithium chemicals producer committed to safely and responsibly harnessing the power of lithium to improve people’s lives and accelerate the transition to a clean energy future.  We collaborate with our customers to drive innovation and power a more sustainable world in which lithium enables exciting possibilities for renewable energy, electric transportation and modern life.  Arcadium Lithium is vertically integrated, with industry-leading capabilities across lithium extraction processes, including hard-rock mining, conventional brine extraction and direct lithium extraction (DLE), and in lithium chemicals manufacturing for high performance applications. We have operations around the world, with facilities and projects in Argentina, Australia, Canada, China, Japan, the United Kingdom and the United States.  For more information, please visit us at www.ArcadiumLithium.com.

Important Information and Legal Disclaimer:

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Certain statements in this news release are forward-looking statements. In some cases, we have identified forward-looking statements by such words or phrases as “will likely result,” “is confident that,” “expect,” “expects,” “should,” “could,” “may,” “will continue to,” “believe,” “believes,” “anticipates,” “predicts,” “forecasts,” “estimates,” “projects,” “potential,” “intends” or similar expressions identifying “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including the negative of those words and phrases. Such forward-looking statements are based on our current views and assumptions regarding future events, future business conditions and the outlook for Arcadium Lithium based on currently available information. There are important factors that could cause Arcadium Lithium’s actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the completion of the Transaction on anticipated terms and timing, including obtaining required shareholder and regulatory approvals, and the satisfaction of other conditions to the completion of the Transaction; potential litigation relating to the Transaction that could be instituted by or against Arcadium Lithium or its affiliates, directors or officers, including the effects of any outcomes related thereto; the risk that disruptions from the Transaction will harm Arcadium Lithium’s business, including current plans and operations; the ability of Arcadium Lithium to retain and hire key personnel; potential adverse reactions or changes to business or governmental relationships resulting from the announcement or completion of the Transaction; certain restrictions during the pendency of the Transaction that may impact Arcadium Lithium’s ability to pursue certain business opportunities or strategic transactions; significant transaction costs associated with the Transaction; the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances requiring Arcadium Lithium to pay a termination fee or other expenses; competitive responses to the Transaction; the supply and demand in the market for our products as well as pricing for lithium and high-performance lithium compounds; our ability to realize the anticipated benefits of the integration of the businesses of Livent and Allkem or of any future acquisitions; our ability to acquire or develop additional reserves that are economically viable; the existence, availability and profitability of mineral resources and mineral and ore reserves; the success of our production expansion efforts, research and development efforts and the development of our facilities; our ability to retain existing customers; the competition that we face in our business; the development and adoption of new battery technologies; additional funding or capital that may be required for our operations and expansion plans; political, financial and operational risks that our lithium extraction and production operations, particularly in Argentina, expose us to; physical and other risks that our operations and suppliers are subject to; our ability to satisfy customer qualification processes or customer or government quality standards; global economic conditions, including inflation, fluctuations in the price of energy and certain raw materials; the ability of our joint ventures, affiliated entities and contract manufacturers to operate according to their business plans and to fulfill their obligations; severe weather events and the effects of climate change; extensive and dynamic environmental and other laws and regulations; our ability to obtain and comply with required licenses, permits and other approvals; and other factors described under the caption entitled “Risk Factors” in Arcadium Lithium’s 2024 Form 10-K filed with the SEC on February 27, 2025, as well as Arcadium Lithium’s other SEC filings and public communications. Although Arcadium Lithium believes the expectations reflected in the forward-looking statements are reasonable, Arcadium Lithium cannot guarantee future results, level of activity, performance or achievements. Moreover, neither Arcadium Lithium nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Arcadium Lithium is under no duty to update any of these forward-looking statements after the date of this news release to conform its prior statements to actual results or revised expectations.

 

ARCADIUM LITHIUM PLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited, in millions, except per share data)

Three Months Ended

Twelve Months Ended

 December 31,

 December 31,

2024

2023 (1)

2024

2023 (1)

Revenue

$       289.0

$       181.8

$    1,007.8

$       882.5

Cost of sales

243.4

85.7

719.2

344.1

Gross margin

45.6

96.1

288.6

538.4

Impairment charges

51.7

Selling, general and administrative expenses

31.7

16.1

126.8

63.2

Research and development expenses

2.6

2.5

6.4

5.8

Restructuring and other charges

45.8

21.9

157.2

56.9

Total costs and expenses

323.5

126.2

1,061.3

470.0

(Loss)/income from operations before equity in net loss of

unconsolidated affiliates, interest income, net, loss on debt

extinguishment and other (gains)/losses

(34.5)

55.6

(53.5)

412.5

Equity in net loss of unconsolidated affiliates

1.6

1.1

7.5

23.1

Interest income, net

(1.5)

(20.3)

Loss on debt extinguishment

1.1

Other (gains)/losses

(50.4)

5.7

(252.4)

0.4

Income from operations before income taxes

15.8

48.8

210.6

389.0

Income tax expense

23.2

11.1

78.9

58.9

Net (loss)/income

$         (7.4)

$         37.7

$       131.7

$       330.1

Net income attributable to noncontrolling interests

6.8

28.5

Net (loss)/income attributable to Arcadium Lithium plc

$       (14.2)

$         37.7

$       103.2

$       330.1

Basic (loss)/earnings per ordinary share

$       (0.01)

$         0.09

$         0.10

$         0.76

Diluted (loss)/earnings per ordinary share

$       (0.01)

$         0.07

$         0.09

$         0.66

Weighted average ordinary shares outstanding – basic

1,075.5

432.6

1,069.8

432.4

Weighted average ordinary shares outstanding – diluted

1,075.5

503.0

1,138.7

503.4

_______________________

1.

For the three and twelve months ended December 31, 2023, basic and diluted earnings per ordinary share and weighted average ordinary shares outstanding – basic and diluted amounts represent predecessor Livent and have been adjusted to reflect the 2.406 Exchange Ratio. Represents the results of predecessor Livent’s operations for three and twelve months ended December 31, 2023 which do not include the operations of Allkem.

 

ARCADIUM LITHIUM PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

 

RECONCILIATION OF NET (LOSS)/ INCOME ATTRIBUTABLE TO ARCADIUM LITHIUM PLC TO ADJUSTED

EBITDA (NON-GAAP) 

(Unaudited)

Three Months Ended

Twelve Months Ended

 December 31,

 December 31,

(In Millions)

2024

2023 (1)

2024

2023 (1)

Net (loss)/income attributable to Arcadium Lithium plc

$         (14.2)

$           37.7

$         103.2

$         330.1

Add back:

Net income attributable to noncontrolling interests

6.8

28.5

Interest income, net

(1.5)

(20.3)

Income tax expense

23.2

11.1

78.9

58.9

Depreciation and amortization

45.9

8.1

113.7

29.6

EBITDA (Non-GAAP) (2)

60.2

56.9

304.0

418.6

Add back:

Argentina remeasurement (gains)/losses (a)

(44.7)

53.4

(171.0)

73.9

Impairment charges (b)

51.7

Restructuring and other charges (c)

45.8

21.9

157.2

56.9

Loss on debt extinguishment (d)

1.1

Inventory step-up, Allkem Livent Merger (e)

11.0

32.0

Other losses/(gains) (f)

1.4

0.9

(5.0)

16.7

Subtract:

Blue Chip Swap gain (g)

(42.2)

(45.2)

(63.6)

Argentina interest income (h)

(0.3)

Adjusted EBITDA (Non-GAAP) (2)

$           73.7

$           90.9

$         324.5

$         502.5

___________________

1.

Represents the results of predecessor Livent’s operations for three and twelve months ended December 31, 2023 which do not include the operations of Allkem.

2.

We evaluate operating performance using certain Non-GAAP measures such as EBITDA, which we define as net income attributable to Arcadium Lithium plc plus noncontrolling interests, interest expense, net, income tax expense and depreciation and amortization; and Adjusted EBITDA, which we define as EBITDA adjusted for Argentina remeasurement (gains)/losses, impairment charges, restructuring and other charges, Allkem Livent Merger inventory step-up, certain Blue Chip Swap gains and other losses/(gains). Management believes the use of these Non-GAAP measures allows management and investors to compare more easily the financial performance of its underlying business from period to period. The Non-GAAP information provided may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating EBITDA and Adjusted EBITDA. These measures should not be considered as a substitute for net income or other measures of performance or liquidity reported in accordance with U.S. GAAP. The above table reconciles EBITDA and Adjusted EBITDA from net income attributable to Arcadium Lithium plc.

a.

Represents impact of currency fluctuations primarily on deferred income tax assets and liabilities. Also includes impact of currency fluctuations on other tax assets and liabilities and on long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement (gains)/losses are included within Other (gains)/losses in our consolidated statements of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country.

b.

In the third quarter of 2024, the Company’s plan to place its Mt Cattlin spodumene operation in Western Australia into care and maintenance resulted in a non-cash charge of $51.7 million for the twelve months ended December 31, 2024, and was recorded to Impairment charges in the consolidated statement of operations. The impairment charges are excluded from our calculation of Adjusted EBITDA because the charges are nonrecurring.

c.

We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The three months ended December 31, 2024 and 2023 include costs related to the Allkem Livent Merger of $4.9 million and $21.8 million, respectively. The years ended December 31, 2024 and 2023 include costs related to the Allkem Livent Merger of $103.9 million and $54.1 million, respectively. 2024 also includes costs related to the Rio Tinto Transaction of $23.2 million. The years ended December 31, 2024 and 2023 include severance-related costs of $19.0 million and $2.4 million, respectively.

d.

The twelve months ended December 31, 2024 includes a $0.9 million prepayment fee incurred when the Sal de Vida Project Financing Facility was repaid in its entirety by SDJ on May 30, 2024 and $0.2 million for the partial write-off of deferred financing costs for amendments to the Revolving Credit Facility. The debt extinguishment losses are excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring.

e.

Relates to the step-up in inventory recorded for Allkem Livent Merger for the twelve months ended December 31, 2024 as a result of purchase accounting, excluded from Adjusted EBITDA as the step-up is considered a one-time, non-recurring cost.

f.

The three and twelve months ended December 31, 2024 primarily represents foreign currency remeasurement gains related to U.S. dollar-denominated cash balances temporarily held at a foreign currency-functional subsidiary. The three and twelve months ended December 31, 2023, prior to consolidation of Nemaska Lithium Inc. (“NLI”) on October 18, 2023, represents our 50% ownership interest in costs incurred for certain project-related costs to align NLI’s reported results with Arcadium’s capitalization policies and interest expense incurred by NLI, all included in Equity in net loss of unconsolidated affiliates in our consolidated statements of operations. The Company consolidates NLI on a one-quarter lag basis and prior to October 18, 2023, accounted for its equity method investment in NLI on a one-quarter lag basis.

g.

Represents non-recurring gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds due to the divergence of Argentina’s Blue Chip Swap market exchange rate from the official rate.

h.

Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods.

 

RECONCILIATION OF NET (LOSS)/INCOME ATTRIBUTABLE TO ARCADIUM LITHIUM PLC (GAAP) TO

ADJUSTED AFTER-TAX EARNINGS (NON-GAAP)

(Unaudited)

Three Months Ended

Twelve Months Ended

 December 31,

 December 31,

(In Millions, except per share amounts)

2024

2023 (1)

2024

2023 (1)

Net (loss)/income attributable to Arcadium Lithium plc

$       (14.2)

$         37.7

$       103.2

$       330.1

Add back:

Net income attributable to noncontrolling interests

6.8

28.5

Special charges:

Argentina remeasurement (gains)/losses (a)

(44.7)

53.4

(171.0)

73.9

Impairment charges (b)

51.7

Restructuring and other charges (c)

45.8

21.9

157.2

56.9

Loss on debt extinguishment (d)

1.1

Inventory step-up, Allkem Livent Merger (e)

11.0

32.0

Other losses/(gains) (f)

1.4

0.9

(5.0)

16.7

Blue Chip Swap gain (g)

(42.2)

(45.2)

(63.6)

Argentina interest income (h)

(0.3)

Non-GAAP tax adjustments (i)

6.4

(0.9)

10.0

(18.0)

Adjusted after-tax earnings (Non-GAAP) (2)

$         12.5

$         70.8

$       162.2

$       396.0

Diluted (loss)/earnings per ordinary share (GAAP)

$        (0.01)

$         0.07

$         0.09

$         0.66

Net income attributable to noncontrolling interests, per diluted share

0.01

0.03

Special charges per diluted share, before tax:

Argentina remeasurement (gains)/losses, per diluted share

(0.04)

0.11

(0.16)

0.15

Impairment charges, per diluted share

0.04

Restructuring and other charges, per diluted share

0.04

0.04

0.14

0.11

Inventory step-up, Allkem Livent Merger, per diluted share

0.01

0.03

Other losses, per diluted share

0.03

Blue Chip Swap gain, per diluted share

(0.08)

(0.04)

(0.12)

Non-GAAP tax adjustments per diluted share

0.01

(0.04)

Diluted adjusted after-tax earnings per share (Non-GAAP) (2)

$         0.01

$         0.14

$         0.14

$         0.79

Weighted average number of shares outstanding used in diluted adjusted

after-tax earnings per share computations (Non-GAAP) 

1,145.6

503.0

1,138.7

503.4

____________________

1.

For the three and twelve months ended December 31, 2023, diluted earnings per ordinary share (GAAP), weighted average ordinary shares outstanding – diluted (Non-GAAP) and all per diluted share amounts represent predecessor Livent and have been adjusted to reflect the 2.406 Exchange Ratio. Represents the results of predecessor Livent’s operations for three and twelve months ended December 31, 2023 which do not include the operations of Allkem.

2.

The Company believes that the Non-GAAP financial measures “Adjusted after-tax earnings” and “Diluted adjusted after-tax earnings per share” provide useful information about the Company’s operating results to management, investors and securities analysts. Adjusted after-tax earnings excludes the effects of nonrecurring charges/(income) and tax-related adjustments. The Company also believes that excluding the effects of these items from operating results allows management and investors to compare more easily the financial performance of its underlying business from period to period. Diluted adjusted after-tax earnings per share (Non-GAAP) is calculated using weighted average common shares outstanding – diluted.           

a.

Represents impact of currency fluctuations primarily on deferred income tax assets and liabilities. Also includes impact of currency fluctuations on other tax assets and liabilities and on long-term monetary assets associated with our capital expansion as well as foreign currency devaluations. The remeasurement (gains)/losses are included within Other (gains)/losses in our consolidated statements of operations but are excluded from our calculation of Adjusted EBITDA because of: i.) their nature as income tax related; ii.) their association with long-term capital projects which will not be operational until future periods; or iii.) the severity of the devaluations and their immediate impact on our operations in the country.

b.

In the third quarter of 2024, the Company’s plan to place its Mt Cattlin spodumene operation in Western Australia into care and maintenance resulted in a non-cash charge of $51.7 million for the twelve months ended December 31, 2024, and was recorded to Impairment charges in the consolidated statement of operations. The impairment charges are excluded from our calculation of Adjusted EBITDA because the charges are nonrecurring.

c.

We continually perform strategic reviews and assess the return on our business. This sometimes results in management changes or in a plan to restructure the operations of our business. As part of these restructuring plans, demolition costs and write-downs of long-lived assets may occur. The three months ended December 31, 2024 and 2023 include costs related to the Allkem Livent Merger of $4.9 million and $21.8 million, respectively. The years ended December 31, 2024 and 2023 include costs related to the Allkem Livent Merger of $103.9 million and $54.1 million, respectively. 2024 also includes costs related to the Rio Tinto Transaction of $23.2 million. The years ended December 31, 2024 and 2023 include severance-related costs of $19.0 million and $2.4 million, respectively.

d.

The twelve months ended December 31, 2024 includes a $0.9 million prepayment fee incurred when the Sal de Vida Project Financing Facility was repaid in its entirety by SDJ on May 30, 2024 and $0.2 million for the partial write-off of deferred financing costs for amendments to the Revolving Credit Facility. The debt extinguishment losses are excluded from our calculation of Adjusted EBITDA because the loss is nonrecurring.

e.

Relates to the step-up in inventory recorded for Allkem Livent Merger for the twelve months ended December 31, 2024 as a result of purchase accounting, excluded from Adjusted EBITDA as the step-up is considered a one-time, non-recurring cost.

f.

The three and twelve months ended December 31, 2024 primarily represents foreign currency remeasurement gains related to U.S. dollar-denominated cash balances temporarily held at a foreign currency-functional subsidiary. The three and twelve months ended December 31, 2023, prior to consolidation of Nemaska Lithium Inc. (“NLI”) on October 18, 2023, represents our 50% ownership interest in costs incurred for certain project-related costs to align NLI’s reported results with Arcadium’s capitalization policies and interest expense incurred by NLI, all included in Equity in net loss of unconsolidated affiliates in our consolidated statements of operations. The Company consolidates NLI on a one-quarter lag basis and prior to October 18, 2023, accounted for its equity method investment in NLI on a one-quarter lag basis.

g.

Represents non-recurring gain from the sale in Argentina pesos of Argentina Sovereign U.S. dollar-denominated bonds due to the divergence of Argentina’s Blue Chip Swap market exchange rate from the official rate.

h.

Represents interest income received from the Argentina government for the period beginning when the recoverability of certain of our expansion-related VAT receivables were approved by the Argentina government and ending on the date when the reimbursements were paid by the Argentina government but is excluded from our calculation of Adjusted EBITDA because of its association with long-term capital projects which will not be operational until future periods.

i.

The Company excludes the GAAP tax provision, including discrete items, from the Non-GAAP measure Diluted adjusted after-tax earnings per share, and instead includes a Non-GAAP tax provision based upon the annual Non-GAAP effective tax rate. The GAAP tax provision includes certain discrete tax items including, but not limited to: income tax expenses or benefits that are not related to operating results in the current year; tax adjustments associated with fluctuations in foreign currency remeasurement of certain foreign operations; certain changes in estimates of tax matters related to prior fiscal years; certain changes in the realizability of deferred tax assets and related accounting impacts; and changes in tax law. Management believes excluding these discrete tax items assists investors and securities analysts in understanding the tax provision and the effective tax rate related to operating results thereby providing investors with useful supplemental information about the Company’s operational performance. The income tax expense/(benefit) on special charges/(income) is determined using the applicable rates in the taxing jurisdictions in which the special charge or income occurred and includes both current and deferred income tax expense/(benefit) based on the nature of the Non-GAAP performance measure.

 

Three Months Ended

Twelve Months Ended

December 31,

December 31,

(in Millions)

2024

2023

2024

2023

Non-GAAP tax adjustments:

  Income tax benefit on restructuring and other charges and other corporate costs

$       (8.0)

$       (3.4)

$     (34.9)

$       (7.0)

  Revisions to our tax liabilities due to finalization of prior year tax returns

2.4

(1.7)

(0.4)

  Foreign currency remeasurement (net of valuation allowance) and other discrete items

7.1

(1.1)

45.5

(16.2)

  Blue Chip Swap gain

(0.2)

4.5

10.3

6.7

  Tax effect of impairment charges

(15.5)

  Other discrete items

5.1

(0.9)

6.3

(1.1)

 Total Non-GAAP tax adjustments

$        6.4

$       (0.9)

$      10.0

$     (18.0)

 

RECONCILIATION OF CASH (USED IN)/PROVIDED BY OPERATING ACTIVITIES (GAAP) TO ADJUSTED
CASH PROVIDED BY OPERATIONS (NON-GAAP)

(Unaudited)

Twelve Months Ended

 December 31,

(In Millions)

2024

2023 (1)

Cash (used in)/provided by operating activities (GAAP)

$         (176.0)

$           297.3

  Restructuring and other charges

192.1

28.7

  Argentina interest income

(1.5)

Adjusted cash provided by operations (Non-GAAP) (2)

$             14.6

$           326.0

___________________

1.

Represents the results of predecessor Livent’s operations for twelve months ended December 31, 2023 which do not include the operations of Allkem.

2.

The Company believes that the Non-GAAP financial measure Adjusted cash provided by operations provides useful information about the Company’s cash flows to investors and securities analysts. Adjusted cash provided by operations excludes the effects of transaction-related cash flows. The Company also believes that excluding the effects of these items from cash (used in)/provided by operating activities allows management and investors to compare more easily the cash flows from period to period.

 

RECONCILIATION OF LONG-TERM DEBT (GAAP) AND CASH AND CASH EQUIVALENTS (GAAP) TO

NET DEBT (NON-GAAP)

(Unaudited)

(In Millions)

December 31, 2024

December 31, 2023 (1)

Long-term debt (including current maturities) (GAAP) (a)

$                    960.6

$                    302.0

  Less: Cash and cash equivalents (GAAP)

(93.2)

(237.6)

Net debt (Non-GAAP) (2)

$                    867.4

$                      64.4

___________________

1.

Represents the financial position of predecessor Livent as of December 31, 2023, which does not include the financial position of Allkem.

2.

The Company believes that the non-GAAP financial measure “Net debt” provides useful information about the Company’s cash flows and liquidity to investors and securities analysts.

a.

Presented net of unamortized transaction costs and discounts of $73.8 million and $22.2 million as of December 31, 2024 and 2023, respectively.

RECONCILIATION OF CASH AND CASH EQUIVALENTS (GAAP) TO ADJUSTED CASH AND DEPOSITS (NON-GAAP)

The following table provides a reconciliation of Arcadium Lithium’s Cash and cash equivalents (GAAP) to Adjusted cash and deposits (Non-GAAP), on an unaudited basis for illustrative purposes. We define Adjusted cash and deposits (Non-GAAP) as Cash and cash equivalents, plus restricted cash in Other non-current assets, less Nemaska Lithium Cash and cash equivalents consolidated by Arcadium on a one-quarter lag, plus Nemaska Lithium Cash and cash equivalents not on a one-quarter lag. Our management believes that this measure provides useful information about the Company’s balances and liquidity to investors and securities analysts. Such measure may not be comparable to similar measures disclosed by other companies because of differing methods used by other companies in calculating Adjusted cash and deposits. These measures should not be considered as a substitute for Cash and cash equivalents or other measures of liquidity reported in accordance with U.S. GAAP.

December 31,

2024

 2023 (1)

(in Millions)

Arcadium Lithium Cash and cash equivalents (GAAP)

$                     93.2

$                   237.6

Allkem Cash and cash equivalents

681.4

Add:

Restricted cash in Other non-current assets:

Project Loan Facility guarantee – Stage 2 of Olaroz Plant (SDJ)

18.1

24.6

Project Financing Facility guarantee – Sal de Vida (SDV) (2)

32.5

Other

5.3

5.0

Less:

Nemaska Lithium Cash and cash equivalents as of Sept. 30, 2024 and October 18, 2023,

respectively, consolidated by Arcadium on a one-quarter lag

(11.4)

(133.5)

Arcadium Lithium, excluding Nemaska Lithium

105.2

847.6

Nemaska Lithium Cash and cash equivalents not on a one-quarter lag (3)

28.2

44.2

Adjusted cash and deposits (Non-GAAP) (4)

133.4

891.8

_________________

1.

This unaudited information of the combined company as of December 31, 2023 is for illustrative purposes and was derived from the historical consolidated financial information of Livent, Allkem and Nemaska Lithium.

2.

On May 30, 2024, SDV paid the outstanding principal balance of $47.0 million, a prepayment fee of $0.9 million and accrued interest and commitment fees of $1.3 million to repay the Project Financing Facility in its entirety.

3.

The presentation reflects NLI’s actual balance at that date, not on a one-quarter lag. This differs from Nemaska Lithium cash and cash equivalents included in Arcadium Lithium’s consolidated balance sheet as of December 31, 2024 of $11.4 million, representing NLI’s balance as of September 30, 2024 as we consolidate NLI on a one-quarter lag. In the fourth quarter of 2024, the Company contributed cash of $96.7 million to Nemaska Lithium which, due to one-quarter lag reporting, is not yet recorded in our consolidation of Nemaska. The balance is recorded to Other assets – noncurrent because the cash is expected to be used by Nemaska primarily for capital expenditures. IQ contemporaneously made an equal contribution in the fourth quarter of 2024 which, due to one-quarter lag reporting, is not recorded in our consolidation of Nemaska. On March 28, 2024 and January 3, 2025, Nemaska Lithium received cash of $150 million and $125 million related to the second and third advance payments, respectively, in connection with a customer supply agreement repayable in equal quarterly installments beginning in January 2027 and ending in October 2031.

4.

$124.7 million and $176.9 million is required to be reserved or restricted at December 31, 2024 and December 31, 2023, respectively, to provide collateral or cash backing for guarantees primarily on Allkem debt facilities, including $23.4 million and $62.1 million at December 31, 2024 and December 31, 2023, respectively, in Other non-current assets in our consolidated balance sheet.

 

ARCADIUM LITHIUM PLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

(In Millions)

December 31, 2024

December 31, 2023 (1)

Cash and cash equivalents

$                       93.2

$                    237.6

Trade receivables, net of allowance of  less than $0.1 in 2024 and $0.3 in 2023

130.3

106.7

Inventories, net

417.6

217.5

Prepaid and other current assets

218.7

86.4

Total current assets

859.8

648.2

Investments

36.9

34.8

Property, plant and equipment, net of accumulated depreciation of $351.2 in 2024 and $269.1 in 2023

7,371.2

2,237.1

Goodwill

1,362.9

120.7

Other intangibles, net

62.2

53.4

Deferred income taxes

37.8

1.4

Right of use assets – operating leases, net

47.0

6.8

Other assets

412.3

127.7

Total assets

$               10,190.1

$                 3,230.1

Total current liabilities

789.0

268.6

Long-term debt

671.7

299.6

Contract liability – long-term

238.1

217.8

Other long-term liabilities

1,310.5

160.3

Equity

7,180.8

2,283.8

Total liabilities and equity

$               10,190.1

$                 3,230.1

_________________

1.

Represents the financial position of predecessor Livent as of December 31, 2023, which does not include the financial position of Allkem.

 

ARCADIUM LITHIUM PLC

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Twelve Months Ended December 31,

(In Millions)

2024

2023 (1)

Cash (used in)/provided by operating activities

$                  (176.0)

$                    297.3

Cash used in investing activities

(445.3)

(228.3)

Cash provided by/(used in) financing activities

492.4

(20.4)

Effect of exchange rate changes on cash

(15.5)

(Decrease)/increase in cash and cash equivalents

(144.4)

48.6

Cash and cash equivalents, beginning of period

237.6

189.0

Cash and cash equivalents, end of period

$                       93.2

$                    237.6

___________________

1.

Represents the results of predecessor Livent’s operations for the twelve months ended December 31, 2023 which do not include the operations of Allkem.

 

ARCADIUM LITHIUM PLC

LONG-TERM DEBT

(Unaudited)

Interest Rate

Percentage

Maturity

Date

December 31,
2024

December 31,
2023

(in Millions)

SOFR
borrowings

Base rate
borrowings

Revolving Credit Facility (1)

6.18 %

8.25 %

2027

$          344.0

$                 —

4.125% Convertible Senior Notes due 2025

4.125 %

2025

245.8

245.8

Transaction costs – 2025 Notes

(0.9)

(2.4)

Nemaska – Prepayment agreement (2)

8.9 %

75.0

75.0

Discount – Prepayment agreement

(20.1)

(19.8)

Nemaska – Prepayment agreement – tranche 2 (2)

9.4 %

150.0

Discount – Prepayment agreement

(52.8)

Nemaska – Other

0.6

3.4

Debt assumed in Allkem Livent Merger (3)

Project Loan Facility – Stage 2 of Olaroz Plant

2.61 %

2029

135.0

Affiliate Loans with TTC

14.30 %

2030

81.5

Affiliate Loan with TLP

10.03 %

2026

2.5

Total debt assumed in Allkem Livent Merger

219.0

Subtotal long-term debt (including current maturities)

960.6

302.0

Less current maturities

(288.9)

(2.4)

Total long-term debt

$          671.7

$           299.6

________________________

1.

Represents the financial position of predecessor Livent as of December 31, 2023, which does not include the financial position of Allkem.

2.

Represents advance payments in connection with customer supply agreement which do not have a contractual interest rate or bear any actual interest and are repayable in equal quarterly installments beginning in January 2027 and ending in October 2031. Represents U.S. GAAP imputed interest rate.

3.

On September 10, 2024, SDJ paid the outstanding principal balance of $9.1 million to repay Stage 1 of the Olaroz Plan Project Loan Facility in its entirety. On May 30, 2024, SDV paid the outstanding principal balance of $47.0 million, a prepayment fee of $0.9 million and accrued interest and commitment fees of $1.3 million to repay the Project Financing Facility in its entirety.

 

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Smarter, Slimmer, and More Powerful: Roborock Saros 10 Revolutionises Home Cleaning in Australia

SYDNEY, Feb. 28, 2025 /PRNewswire/ — Following its global debut at CES earlier this year, Roborock, a global leader in ultra-intelligent home robotics, announces the launch of its latest flagship robotic vacuum, the Roborock Saros 10, in Australia. With a sleek height of just 7.98cm, the Saros 10 is Roborock’s slimmest design yet. This cutting-edge model features the company’s first retractable navigation system, enhanced obstacle avoidance for low-lying objects, improved hair tangling resistant, advanced mopping capabilities, and upgraded self-maintenance features that surpass its predecessors.

Roborock Saros 10
Roborock Saros 10

“At Roborock, we’ve always believed in pushing technology further to make home cleaning smarter and more effortless,” said Richard Chang, Founder & CEO of Roborock. “We set a new standard when we introduced the world’s most precise laser distance sensor, changing how robot vacuums navigate. Now, with the Saros 10, we’re advancing even further – its retractable LDS adapts to different spaces with ease, and Reactive 3.0 AI brings intelligence that evolves with every clean. Australians lead busy lives, and we’re committed to giving them more time back with a vacuum that works seamlessly, learns intuitively, and delivers a spotless home with minimal effort.

Next-Level Navigation with RetractSense Technology

The Roborock Saros 10 takes navigation to the next level with the innovative RetractSense™ Navigation System. This advanced system features the Upward Range Finder, which precisely measures space height, guiding the LDS module to lower when passing through low-clearance areas and raising promptly afterward. A top contact sensor detects inclined low-clearance space in real-time, reducing the risk of surface scratches.

The Wide-Angle Vision Module, with a 100-degree field of view, enhances room mapping accuracy, even when the LDS module is retracted. At just 7.98 cm in height, the ultra-thin Saros 10 glides effortlessly under furniture, delivering deep and efficient cleaning without getting stuck.

Reactive AI 3.0 Obstacle Recognition – Designed for Real Homes

The Saros 10 is equipped with Reactive AI 3.0 Obstacle Recognition, an advanced system that combines triple-structured light, an RGB camera, and VertiBeam™ lateral structured light for precise, millisecond-level obstacle reaction. This ensures real-time, adaptive responses for seamless, efficient cleaning.

A common challenge robotic vacuuming is navigating around unfolded cables and irregular furniture. Reactive AI 3.0 effectively minimises bumps and reduces the risk of entanglement with loose cables, ensuring smoother, uninterrupted cleaning.

Powerful Deep Cleaning with Certified 0% Hair Tangling

The Roborock Saros 10 sets a new standard in home cleaning with its 22,000Pa HyperForce®** suction, effectively capturing dirt and debris from all floor types, including carpets, tiles, and hardwood.

The Dual Anti-Tangle System tackles the common household cleaning issue of hair tangling. Featuring a DuoDivide® Main Brush and a liftable FlexiArm Riser Side Brush, this advanced system ensures 100% edge and corner cleaning***, 100% hair removal rate on carpets*, and 0% hair tangling****. 

The AdaptiLift™ Chassis dynamically adjusts its height by up to 10mm, allowing smooth transitions over mid-to-high pile carpets and thresholds up to 4cm*.

VibraRise® 4.0 – Advanced Mopping for Australian Homes

Roborock’s VibraRise® 4.0 technology features a denser, more absorbent mop that enhances moisture retention for superior stain removal. With dual sonic vibrating zones operating at 4,000 times per minute, up to 8N pressure, and a 26% larger vibration area*, it provides deeper and more efficient mopping.

For added convenience, the Saros 10 automatically detaches its mop in modes where mopping isn’t required, like Vacuum Only or Vacuum Carpets First, ensuring carpets stay dry. The improved edge mop function now lowers only when necessary to target hard-to-reach areas, delivering precise edge cleaning.

RockDock® Ultra 2.0 – Smarter, Faster, and More Convenient

The Roborock Saros 10 is fully compatible with the RockDock® Ultra 2.0, an advanced docking system designed to elevate the cleaning experience. Key features include:

  • 80°C Hot Water Mop Washing: Achieves a deeper cleaning while preventing stains, ensuring your floors to stay spotless for longer.
  • 60°C Dynamic Mop Washing: Effectively removes 99.99% of Staphylococcus aureus and Escherichia coli from the mop after self-cleaning*****.
  • Adaptive, Fast Charging: Charges the 6400mAh battery in just 150 minutes, with the dock automatically adjusting power based on the remaining cleaning area for optimal power usage.

Smart Cleaning with SmartPlan® 2.0

With the AI-powered SmartPlan® 2.0, the Saros 10 can identify your floor types and room categories, customising the ideal cleaning strategy for each area based on both the environment and previous cleaning patterns. The Roborock app also offers voice activation through the “Hello, Rocky!” command and supports Amazon Alexa, Google Home, Apple Siri Shortcuts, and the Apple Watch App for seamless remote control and monitoring. The Saros 10 will receive Matter 1.4 Protocol support through an OTA update, enabling seamless integration with smart home ecosystems like Apple Home.

Pricing and Availability in Australia

The Roborock Saros 10 will be available to pre-order in Australia from 28 February 2025 at $2,999 across Roborock Australia’s official retail channels, such as Roborock’s Official Online Store and other Participating Authorised Retailers. Pre-order customers will receive a $200 gift card, redeemable at the Roborock Official Online Store.

About Roborock  

Roborock is a leading smart cleaning brand renowned for its intelligent cleaning solutions. With a steadfast dedication to becoming a global leading smart appliance player, Roborock enriches lives with its innovative line of robotic, cordless, wet/dry vacuum cleaners, and washer-dryers. Rooted in a user-centric approach, our R&D-driven solutions cater to diverse cleaning needs in over 15 million homes across 170+ countries. Headquartered in Beijing and with strategic subsidiaries in key markets, including the United States, Japan, the Netherlands, Poland, Germany, and South Korea, Roborock is dedicated to elevating its market presence worldwide. For more information, visit https://au.roborock.com/.  

*Based on internal testing carried out by the manufacturer. Actual performance may vary due to environmental factors.

**Suction power values may vary by country or region. Please refer to information from your purchase channel for accurate details.

*** Certification No. 0217010051 by TÜV Rheinland. Actual results may vary depending on usage conditions.

**** Certified by SGS. For anti-hair entanglement in different modes, the certification no. is PT/24/GEN/0453. For side brush anti-hair entanglement, the certification no. is PT/24/GEN/045Actual results may vary depending on usage conditions.

***** Based on testing carried out by TUV Rheinland. Effectively removes 99.99% of Staphylococcus aureus and Escherichia coli from the mop after self-cleaning. Certification ID: 0000087672. Actual results may vary depending on usage conditions.