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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.

 

New Canopus SEER Platform Gives Ultimate Control over Data Powering AI Agents

Agentic-AI, real-time network observability platform with programmable sensors and curated data streams enables network teams to see every user and application experience in Ultra-HD clarity

SAN JOSE, Calif., Feb. 28, 2025 /PRNewswire/ — Canopus Networks today announced the launch of Canopus SEER, its Agentic-AI powered real-time network observability platform. Designed for enterprises and carriers drowning in monitoring data yet starving for actionable insights, Canopus reinvents observability by providing a fundamentally new way to extract real-time intelligence efficiently from networks at scale and power agentic AI workflows for network and security operations teams. The Canopus SEER platform is built on 12 years of cutting-edge networking and AI research, eight patents, and more than 30 academic papers.

The fundamental problem today is that despite applying AI/ML, observability remains largely reactive, relying on low-fidelity, siloed data, generating endless alerts requiring manual investigations,” says Bhaskar Dutta, Chief Product Officer at Canopus Networks, during his GSMA Mobile World Live interview today in San Jose, CA.

Most network telemetry today is fragmented, noisy, and ill-suited for agentic workflows, resulting in delayed insights, blind spots, and huge costs due to data lakes and human workflows. This leads to enterprises being caught in a ‘visibility paradox’ – where they are drowning in monitoring data, yet starving for real insights.

Canopus SEER offers more than just observability; it enables network teams to be supported in their decisioning by an army of real-time AI agents acting on high-quality, real-time data that they can control,” says Himal Kumar, CTO and co-founder of Canopus Networks.

Many think that the foundation of effective AI in observability is algorithms; however, having spent the past year building AI agents, we learned that it’s the quality of data they ingest that matters the most. When you need observability at scale, you need a radically different approach and that’s what Canopus SEER offers,” says Professor Vijay Sivaraman, founder and CEO, Canopus Networks.

S.E.E.R helps operations teams Sense, Examine, Evaluate and Respond
Built on three core innovations, the Canopus SEER platform helps operators make decisions faster, cheaper and more efficiently.

  1. Sense: Canopus SEER provides high-performance cloud native eBPF sensors that extract real-time telemetry from any network traffic, even when encrypted. These programmable sensors can be embedded at strategic network points, and extract per-user, per-app visibility data – at an unprecedented speed of 100 ms and scale of up to 400 Gbps on a single node – something no traditional system can do today.
  2. Examine: Canopus’s patented algorithms contextualize billions of real-time flows to create application fingerprints and behavioral fingerprints that can feed into traditional ML or Agentic AI workflows.
  3. Evaluate: Canopus SEER AI agents built on cutting-edge frameworks like Crew, LlamaIndex and Claude, automate repetitive and tedious tasks through autonomous workflows, reducing cognitive and memory load for human operators

The era of reactive, fragmented observability is over. With deep visibility, AI can finally make more accurate and autonomous decisions for your network,” says Stephen Spellicy, Strategic Advisor, Canopus Networks. “With deployments across mobile, broadband, and enterprise networks, Canopus is proving that real-time, AI-driven network intelligence is the future.”

Canopus integrates with many platforms like AWS, DataDog, Dynatrace, Google Cloud, Snowflake, and Splunk through open standards.

Availability
The Canopus SEER Platform is immediately available on a global basis. Contact the Canopus team to learn more or for an in-depth demo at: https://canopusnetworks.com/

About Canopus Networks
Founded in 2018 as a spin-off out of research in software-defined networking (SDN) and Artificial Intelligence (AI) technologies, Canopus Networks enables enterprises and carriers to power AI engines with fine-grained real-time intelligence on network performance, user behavior, and application experience. The company is headquartered in Sydney, Australia with an office in San Jose, California. More information: https://canopusnetworks.com/

Media Contact:
Bhaskar Dutta
info@canopusnet.com

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EPILEPSY COMMUNITY CALLS FOR MORE SUPPORT FOR THE UNSUNG HEROES OF EPILEPSY

While Australian researchers are paving the way in epilepsy care, findings show the significant burden on carers and parents with children living with severe epilepsies.

SYDNEY, Feb. 28, 2025 /PRNewswire/ — Australian findings into patients with developmental and epileptic encephalopathies (DEEs), the most severe group of epilepsies, highlight the significant burden and responsibility of the condition on parents and carers of children with DEEs.[1] DEEs are characterised by seizures and frequent epileptic activity on brainwave tracings (EEG) associated with developmental slowing or regression.[1] DEEs affect one in every 600 people, equating to 300 newly diagnosed children in Australia annually.[2]

Professor Ingrid Scheffer AO, Chair of Paediatric Neurology, University of Melbourne said, “Our research has led the way for better treatment, care and management of children and adults with the most severe epilepsies known as DEEs. World-leading researchers here in Australia are working tirelessly towards a common goal of one day – a cure. However, while the future is brighter for people living with a DEE than ever before, there is a huge disparity in support received by the carers, parents, and families, particularly of children and adults with DEEs.”

This March, Australia’s epilepsy community is coming together to Make March Purple and raise awareness and funds to support the ‘Unsung Purple Heroes’ in epilepsy, from parents, carers, and wider families of children with DEEs.

Research shows the majority of parents and carers of children with DEEs, mostly mothers, report constant anxiety, poor mental health, financial burden, and restriction on social life, as a result of the responsibility and burden of their child’s highly complex care needs.[1] Just over a half (55%) of carers say they had accessed a mental health/family support service for the parents or siblings of children living with the condition.[3]

“When a child is diagnosed with a DEE, their families experience understandable grief and need intense and ongoing support as the disease evolves. Parents and families quickly turn into fulltime carers, from learning all about their child’s condition to working with a multidisciplinary team to provide highly specialised care. This takes a significant toll on parents and carers and highlights the need for considerable ongoing support,” said Professor Scheffer AO.

Carol Ireland, CEO and Managing Director, Epilepsy Action Australia, said, “Caring for a child with a severe epilepsy is often a 24/7 responsibility. This can be isolating, leaving parents and carers with little to no time for themselves when it comes to work, relationships, and the overall management of everyday life. This year, we want to recognise and celebrate our purple unsung heroes — the Australian parents, carers, and families – who truly deserve all the support and recognition for the important role they play for their children with DEEs.”

Lachy Gillespie, aka Purple Wiggle said, “Epilepsy has been a part of my family’s life for as long as I can remember. My brother has lived with epilepsy since birth. His daughter, my niece, was diagnosed with a severe epilepsy known as Dravet syndrome as a baby.”

“Purple is a very special colour to me – as the colour of epilepsy awareness. This March, join me to help Make March Purple to raise awareness of epilepsy, recognise our unsung purple heroes, and fundraise for much-needed epilepsy services nationally to support not only individuals living with epilepsy but their parents, carers and families.”

Graeme Shears, CEO, Epilepsy Foundation, said, “People impacted by epilepsy have always shown incredible strength and resilience, despite the challenges they face. These are the qualities of heroes. Make March Purple is about shining a light on these people and bringing epilepsy out of the shadows. This year, we are determined to extend that light onto the unsung heroes who do so much to care and support people living with the condition.”

Make March Purple is an initiative that raises awareness and funds to support people living with epilepsy in Australia. Epilepsy Action Australia and the Epilepsy Foundation encourage you to be a Purple Hero and take on a Purple Challenge to show your support. All funds raised are donated to development and delivery of vital epilepsy support services, education, training, and research. To find out more about Make March Purple, please go to www.makemarchpurple.org.au.

If you need support, please contact the National Epilepsy Line – 1300 37 45 37 or the National Epilepsy Support Service – 1300 761 487.

References

1.     Scheffer, I.E., Zuberi, S., Mefford, H.C. et al. Developmental and epileptic encephalopathies. Nat Rev Dis Primers 10, 61 (2024). https://doi.org/10.1038/s41572-024-00546-6.

2.     Scheffer IE, Liao J. Deciphering the concepts behind “Epileptic encephalopathy” and “Developmental and epileptic encephalopathy”. Eur J Paediatr Neurol. 2020;24:11-4.

3.     Kelada L, Best S, Pierce K, et al. Fulfilling the needs of caregivers in delivering health services to children with developmental and epileptic encephalopathies. Eur J Paediatr Neurol. 2025. doi:10.1016/j.ejpn.2025.01.007.

Aduna and EnStream partner to unlock Canada’s telecom network APIs for global innovation

STOCKHOLM, Feb. 28, 2025 /PRNewswire/ — Aduna, a landmark venture between some of the world’s leading telecom operators and Ericsson (NASDAQ: ERIC), has announced a strategic partnership with Canada’s EnStream LP, marking a comprehensive Canadian expansion of its network API ecosystem.

The collaboration will enable seamless access to telecom network APIs from Bell, Rogers, and TELUS – Canada’s three leading nationwide operators – empowering developers and enterprises worldwide to build and scale next-generation digital services with greater security and efficiency.

EnStream, a joint venture between Bell, Rogers, and TELUS, has been instrumental in positioning Canada as a global leader in network APIs. By leveraging mobile data across the country’s largest telecom providers, EnStream has facilitated secure, frictionless authentication and fraud prevention solutions for businesses, including major financial institutions.

Through this partnership, EnStream’s powerful APIs will be integrated into Aduna’s platform, accelerating global adoption of telecom-enabled security and verification services. Among these are:

  • Number Verification: A seamless, silent authentication method that enhances user experience while strengthening security
  • SIM Swap Protection:A critical fraud prevention tool that detects potential account takeovers, helping businesses mitigate identity theft and cyber threats.

With full nationwide coverage exceeding 90 percent, Canada stands as a core innovation hub within Aduna’s ecosystem. Global enterprises will now have access to a live testbed for telecom-driven authentication and fraud prevention, gaining insights that can be scaled internationally through Aduna’s standardized (CAMARA-based) global network APIs.

This expansion reinforces Aduna’s footprint across North America – covering Canada, the U.S., and Mexico – a major region for the global network API market. Additionally, telecom operators worldwide can leverage insights from Canada’s real-world implementations to enhance their own network API strategies.

Upinder Saini, President and CEO, EnStream, says: “Our collaboration with Aduna represents a major step forward in bringing telecom-powered security and identity solutions to global enterprises. By combining Aduna’s extensive reach with EnStream’s expertise in telecom data, we are enabling businesses – both in Canada and globally – to seamlessly integrate secure, real-time authentication and fraud prevention capabilities.”

Anthony Bartolo, CEO, Aduna, says: “With full nationwide coverage in one of the world’s most advanced telecom markets, our partnership with EnStream is a game-changer for developers and enterprises. Aduna is at the forefront of the next wave of network innovation, delivering open, programmable, and standardized network APIs to drive global technology transformation.”

This partnership cements Canada’s role as a springboard for global network API success, offering enterprises unparalleled access to real-time, telecom-powered intelligence to drive security, innovation, and seamless digital experiences worldwide.

Notes to editors:
Media Contact:
Email: MediaRelations@adunaglobal.com
Tel: +46 10 719 69 92

About Aduna

Aduna is a landmark venture between some of the world’s leading telecom operators and Ericsson, dedicated to enabling developers worldwide to accelerate innovation by leveraging networks to their full potential via common network Application Programming Interfaces (APIs). Its venture partners include: América Móvil, AT&T, Bharti Airtel, Deutsche Telekom, KDDI, Orange, Reliance Jio, Singtel, Telefonica, Telstra, T-Mobile, Verizon and Vodafone. Aduna’s developer platform partners are Google Cloud, Infobip, Sinch and Vonage. By combining network APIs from multiple operators globally under a unified platform based on the CAMARA open-source project, driven by the GSMA and the Linux Foundation, Aduna provides a standardized platform to foster collaboration, enhance user experiences, and drive industry growth. To find out more about Aduna, visit adunaglobal.com.

ABOUT ENSTREAM

EnStream LP is a joint venture of Canada’s top mobile telecom companies-Bell Mobility, Rogers Communications, and TELUS Communications. Leveraging real-time mobile intelligence, EnStream provides cutting-edge identity verification and authentication services for a wide range of applications.

We are a trusted partner for leading financial institutions, technology firms, and public sector organizations, delivering services that support 90%+ of mobile users nationwide. Our solutions power major banks, cryptocurrency platforms, government agencies, insurance providers, gaming, healthcare, and more. By utilizing real-world, verified identities and network intelligence from trusted mobile devices and carriers, we continue to enhance online security, fraud prevention, and seamless user experiences for both consumers and businesses. To find out more about EnStream, visit www.enstream.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/ericsson/r/aduna-and-enstream-partner-to-unlock-canada-s-telecom-network-apis-for-global-innovation,c4110084

The following files are available for download:

https://mb.cision.com/Main/15448/4110084/3289949.pdf

PDF: Aduna and EnStream partner to unlock Canada’s telecom network APIs for global innovation

https://news.cision.com/ericsson/i/developer-working-on-a-laptop-outdoors-,c3380380

Developer working on a laptop outdoors.

 

Hard Rock International and Shakira Announce Year-Long Women Empowerment Initiative This International Women’s Day

Additional photos
Full press release

HOLLYWOOD, Fla., Feb. 28, 2025 /PRNewswire/ — In celebration of Hard Rock International’s annual “International Women’s Month” and International Women’s Day on Saturday, March 8, Hard Rock and global superstar & humanitarian, Shakira, announce a year-long partnership that aims to empower women around the world to tell their stories, be their authentic selves and unite through the power of music. The company is hosting 1,000 women-led performances and raising funds through Hard Rock Heals Foundation® throughout International Women’s Month. A portion of proceeds will benefit Pies Descalzos Foundation—Shakira’s non-profit enhancing the education and social development of girls in Colombia’s vulnerable communities—and local women’s organizations. The Hard Rock Heals Foundation is proud to donate $250,000 to Pies Descalzos Foundation.

Hard Rock International and Shakira announce a year-long partnership that aims to empower women around the world to tell their stories, be their authentic selves and unite through the power of music
Hard Rock International and Shakira announce a year-long partnership that aims to empower women around the world to tell their stories, be their authentic selves and unite through the power of music

“I’m excited to partner with Hard Rock, an organization with an incredible history of uplifting women through the power of music, to empower my sisters this International Women’s Day and beyond,” said Shakira. “Together we can use our voices to break barriers and make the world a more inclusive space where every woman feels confident being themselves.”

Shakira has collaborated with Hard Rock Cafes to serve her favorite dishes on menus worldwide for a limited time including a delicious “Hips Don’t Lie” cocktail made with tequila, elderflower liqueur, muddled strawberries and cucumbers, Chicken Fattoush Salad in homage to Shakira’s Lebanese heritage, Hamburguesa Colombiana and Dulce De Leche Hot Fudge Brownie. She’s also the model for Hard Rock’s official International Women’s Month t-shirt, hoodie and pin available at Rock Shops and shop.hardrock.com.  

“From concerts to her Las Mujeres Ya No Lloran album release party and being part of the Unity™ by Hard Rock loyalty program commercial, Hard Rock and Shakira’s shared values of honoring women through music has connected us over the course of her groundbreaking career,” said Elena Alvarez, Senior Vice President of Marketing and Brand Partnerships at Seminole Gaming and Hard Rock International. “This year, we encourage women to raise their voices, share their stories and lift each other up.”

Through Hard Rock Hotels exclusive Sound of Your Stay® program, guests can stream all-women Spotify playlists to set the scene for their explorations or relaxation and check out vinyl records from 10 iconic female artists to play in their rooms.

For all Hard Rock’s International Women’s Month activations, visit www.hardrock.com/women

 

STAK Inc. Announces Closing of Initial Public Offering

CHANGZHOU, China, Feb. 28, 2025 /PRNewswire/ — STAK Inc. (the “Company”) (Nasdaq: STAK), a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specialized production and maintenance equipment, today announced the closing of its initial public offering (the “Offering”) of 1,250,000 ordinary shares at a public offering price of US$4.00 per ordinary share. The ordinary shares began trading on the Nasdaq Capital Market on February 26, 2025, under the ticker symbol “STAK.”

The Company received aggregate gross proceeds of US$5 million from the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 187,500 ordinary shares, representing 15% of the ordinary shares sold in the Offering, at the public offering price less underwriting discounts.

The Offering was conducted on a firm commitment basis. Kingswood Capital Partners, LLC  acted as the representative of the underwriters.

A registration statement on Form F-1 relating to the Offering was filed with the Securities and Exchange Commission (the “SEC”) (File Number: 333-283258), as amended, and was declared effective by the SEC on February 25, 2025. The Offering was made only by means of a prospectus forming a part of the registration statement. Copies of the prospectus relating to the Offering may be obtained from Kingswood Capital Partners, LLC at 7280 W Palmetto Park Rd., Suite 301, Boca Raton, FL 33433, or via email at bherman@kingswoodus.com, or telephone at (561) 961-0505. In addition, copies of the prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About STAK Inc.

STAK Inc. is a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specific production and maintenance equipment. The Company designs and manufactures oilfield-specialized production and maintenance equipment, then collaborates with qualified specialized vehicle manufacturing companies to integrate the equipment onto vehicle chassis, producing specialized oilfield vehicles for sale. Additionally, the Company sells oilfield-specialized equipment components, related products, and provides automation solutions. Its vision is to help oilfield services companies reduce costs and increase efficiency by providing the cutting-edge integrated oilfield equipment and automation solutions service. Its mission is to become a powerful provider for the niche markets of specialized oilfield vehicles and equipment in China. For more information, please visit the Company’s website at https://www.stakindustry.com/ir/.

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 find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “potential,” “intend,” “plan,” “believe,” “likely to” or other similar expressions in this prospectus. 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.

For more information, please contact:

STAK Inc.
Investor Relations Department
Email: ir@stakindustry.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com