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Glacier Reports Year End 2024 Results - ForexTV

VANCOUVER, British Columbia, March 21, 2025 (GLOBE NEWSWIRE) -- Glacier Media Inc. (TSX: GVC) (“Glacier” or the “Company”) reported revenue and earnings for the year ended December 31, 2024. Summary Results (thousands of dollars)  except share and per share amounts  2024   2023      Revenue $141,946  $154,940 EBITDA (1) $9,712  $(4,169) EBITDA (1) margin  6.8%   (2.7%) EBITDA (1) per share $0.07  $(0.03) Capital expenditures $3,848  $4,316 Net loss attributable to common shareholder $(24,442)  $(99,250) Net loss attributable to common shareholder per share $(0.19)  $(0.76)      Weighted average shares outstanding, net  131,131,598   131,198,520      (1)  EBITDA is considered a non-GAAP measure. Refer to “EBITDA Reconciliation” below for a reconciliation of the Company’s net (loss) income attributable to common shareholders as reported under IFRS to EBITDA.      2024 performance Over the past two years, the Company has moved aggressively to close or sell underperforming print community media operations to focus on its core businesses. The Company objective is to focus on the long-term growth of its business information and consumer digital businesses. The Company is optimistic that its core operations can and will continue to perform well in the long term and will generate strong cash flows and enhance shareholder value. The respective brands, market positions, and value to customers remain strong. Certain remaining print operations continue to perform well, generating cash flow and providing value to customers and readers. The Company will operate these businesses while continuing to closely monitor their performance. The Company will take measures to address the underperforming legacy businesses. Consolidated revenue for the year ended December 31, 2024, was $141.9 million, down $13.0 million or 8.4% from the prior year. Consolidated EBITDA for the year was $9.7 million, an improvement of $13.9 million from an EBITDA loss of $4.2 million in the prior year. Capital expenditures for the year were $3.8 million as compared to $4.3 million in the prior year. In 2024, the Company revised the reporting of its operating segments to reflect the focus on the environmental risk and compliance information, commodity information, and consumer digital information businesses, as this is how senior management and decision makers view the business. Given the Company’s transformation, it was determined that a change in the segments better reflects the future of the Company and provides better insight into its areas of growth separate from the management of its legacy operations. The 8.4% year-over-year revenue decline was primarily driven by the closure and sale of underperforming print community media operations over the course of the last two years, and the sale of certain mining operations. Excluding print community media, where the bulk of the restructuring and sales/closures of businesses occurred, overall revenues increased by 1.8%. Lastly, the mix of revenues shifted between 2023 and 2024; the share of print community media revenues declined to 14.8% of total revenues in 2024 from 23.4% of total revenues in 2023. EBITDA for the year was $9.7 million, a $13.9 million improvement over an EBITDA loss of $4.2 million in 2023. The profitability improvement in the year resulted from a combination of restructuring legacy operations and improved profitability in several core operating businesses. EBITDA includes several grants and funding payments, which are relatively consistent with the prior year. Financial position As at December 31, 2024, the Company had a cash balance of $6.4 million and $6.8 million of non-recourse mortgages (which relate to land for the farm shows in Saskatchewan and Ontario). For further information please contact Mr. Orest Smysnuik, Chief Financial Officer, at 604-708-3264. About the Company Glacier Media Inc. is a broad portfolio of business information and consumer digital businesses. Serving a diverse array of industries and users, the businesses are typically leaders in their respective industry and/or geographic markets. Forward looking statements This news release contains forward-looking statements that relate to, among other things, the Company’s objectives, goals, strategies, intentions, plans, beliefs, expectations, and estimates. These forward-looking statements include, among other things, statements relating to our expectations as to the core operations performing well in the long-term, the generation of future cash flows, and that the Company will take measures to address the underperforming legacy businesses. These forward-looking statements are based on certain assumptions, including continued economic growth and recovery and the realization of cost savings in a timely manner and in the expected amounts, which are subject to risks, uncertainties and other factors which may cause results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, and undue reliance should not be placed on such statements. Important factors that could cause actual results to differ materially from these expectations include failure to implement or achieve the intended results from our strategic initiatives, and the other risk factors listed in our Annual Information Form under the heading “Risk Factors” and in our MD&A under the heading “Business Environment and Risks”, many of which are out of our control. These other risk factors include, but are not limited to that future cash flow from operations and the availability under existing banking arrangements are believed to be adequate to support financial liabilities, the ability of the Company to sell advertising and subscriptions related to its publications, foreign exchange rate fluctuations, the seasonal and cyclical nature of the agricultural and mining sectors, discontinuation of government grants, general market conditions in both Canada and the United States including the economic effect of potential tariffs, changes in the prices of purchased supplies including newsprint, the effects of competition in the Company’s markets, dependence on key personnel, integration of newly acquired businesses, technological changes, tax risk, financing risk, debt service risk and cybersecurity risk. The forward-looking statements made in this news release relate only to events or information as of the date on which the statements are made. Except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Non-IFRS financial measures Earnings before interest, taxes, depreciation and amortization (“EBITDA”), EBITDA margin and EBITDA per share, are not generally accepted measures of financial performance under IFRS. Management utilizes EBITDA as a financial performance measure to assess profitability and return on equity in its decision making. In addition, the Company, its lenders and its investors use EBITDA to measure performance and value for various purposes. Investors are cautioned; however, that EBITDA should not be construed as an alternative to net income (loss) attributable to common shareholders determined in accordance with IFRS as an indicator of the Company’s performance. The Company’s method of calculating these financial performance measures may differ from other companies and, accordingly, they may not be comparable to measures used by other companies. A quantitative reconciliation of these non-IFRS measures is included in the section entitled EBITDA Reconciliation. EBITDA Reconciliation (thousands of dollars)  except share and per share amounts  2024   2023      Net (loss) income attributable to common shareholders $(24,442) $(99,250)Add (deduct):    Non-controlling interests $1,015  $(2,436)Interest expense, net $4,951  $19,925 Depreciation and amortization $11,231  $11,873 (Gain) loss on disposal, net $(2,683) $2,726 Impairment expense $18,964  $13,588 Other income $(3,005) $(2,115)Restructuring and other expenses, net $7,499  $7,790 Share of (earnings) loss from    joint ventures and associates $(850) $(590)Income tax recovery $(2,968) $44,320 EBITDA (1) $9,712  $(4,169)Notes:    (1) Refer to "Non-IFRS Measures" section of MD&A for discussion of non-IFRS measures used in this table.

Huize Holding Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results - ForexTV

SHENZHEN, China, March 24, 2025 (GLOBE NEWSWIRE) -- Huize Holding Limited, (“Huize”, the “Company” or “we”) (NASDAQ: HUIZ), a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. Full Year 2024 Financial and Operational Highlights Record-high insurance premiums: Gross written premiums (“GWP”) reached a record high of RMB6,158.6 million for the full year of 2024, compared to RMB5,800.9 million for 2023. First year premiums (“FYP”) also hit an all-time high of RMB3,421.0 million in 2024, up 30.5% year-over-year, primarily fueled by robust demand for our long-term savings products, our solid omnichannel distribution capabilities, and our proactive expansion into international businesses.International businesses as new growth driver: Total revenue of our international businesses grew to RMB228.7 million in 2024. International revenue contribution reached 18% for the year ended 2024, on track in achieving our 30% target by 2026.The cumulative number of insurance clients served passed a significant milestone of 10 million and reached 10.6 million as of December 31, 2024. Huize cooperated with 139 insurer partners in mainland China and internationally, including 80 life and health insurance companies and 59 property and casualty insurance companies, as of December 31, 2024.As of December 31, 2024, cash and cash equivalents were RMB233.2 million (US$31.9 million). Mr. Cunjun Ma, Founder and CEO of Huize, said, “We are pleased to report another year of resilient business results in 2024, achieving record highs in both total GWP and FYP, reaching RMB6.2 billion and RMB3.4 billion, respectively. This marks our second consecutive year of non-GAAP profitability. These results reflect our ability to navigate an evolving regulatory environment in China, innovate with high-value products, and successfully execute our international expansion strategy. “Our focus on serving high-quality, mass-affluent customers continues to deliver strong results. In 2024, the average FYP ticket size for savings products surged by 39.1% year-over-year to over RMB75,000. Additionally, our 13th- and 25th-month persistency ratios for long-term life and health insurance products remained industry-leading, consistently exceeding 95% throughout the year. These metrics reflect the loyalty and trust of our high-quality customer base. “Poni Insurtech, our international arm, has become a cornerstone of our growth strategy, delivering exceptional results in 2024. Revenue from international operations accounts for 18% of our total revenue. This success reflects our efforts to capture market share in the international market as well as the seamless integration of Global Care, a leading Vietnam-based insurtech company we acquired in September 2024. Looking ahead, we are making steady progress toward entering two new markets—Singapore and the Philippines—within the next 12 months. These strategic initiatives will position us to capitalize on the tremendous opportunities across Southeast Asia and we are on track to materialize the international revenue contribution target of 30% by 2026. “The integration of our proprietary AI solutions across our operations has also been a key driver for efficiency and growth. Notably, we played a pioneering role in AI integration in the insurtech space by integrating DeepSeek into our Huize App, enabling us to deliver real-time, personalized, and data-driven recommendations. This advancement enhances the customer experience and supports the scalability of our growing customer base.” Fourth Quarter 2024 Financial Results GWP and operating revenue GWP facilitated on our platform was RMB1,043.0 million (US$142.9 million) in the fourth quarter of 2024, a decrease of 16.2% from RMB1,245.3 million in the same period of 2023. Within GWP facilitated in the fourth quarter of 2024, FYP accounted for RMB557.9 million (or 53.5% of total GWP), an increase of 33.3% year-over-year. Renewal premiums accounted for RMB485.1 million (or 46.5% of total GWP), a decrease of 41.3% year-over-year. Operating revenue was RMB286.0 million (US$39.2 million) in the fourth quarter of 2024, an increase of 21.2% from RMB236.0 million in the same period of 2023. The increase was primarily driven by the increase in FYP facilitated. Operating costs Operating costs were RMB186.8 million (US$25.6 million) in the fourth quarter of 2024, an increase of 37.0% from RMB136.3 million in the same period of 2023, primarily due to an increase in channel expenses. Operating expenses Selling expenses were RMB58.1 million (US$8.0 million) in the fourth quarter of 2024, an increase of 40.0% from RMB41.5 million in the same period of 2023, primarily due to an increase in personnel costs. General and administrative expenses were RMB42.3 million (US$5.8 million) in the fourth quarter of 2024, an increase of 55.1% from RMB27.3 million in the same period of 2023. This increase was primarily due to an increase in personnel costs. Research and development expenses were RMB15.9 million (US$2.2 million) in the fourth quarter of 2024, a decrease of 7.8% from RMB17.2 million in the same period of 2023, primarily due to a decrease in third-party development cost. Net profit and Non-GAAP net profit for the period Net loss attributable to common shareholders was RMB2.9 million (US$0.4 million) in the fourth quarter of 2024, compared to net profit attributable to common shareholders of RMB18.0 million in the same period of 2023. Non-GAAP net loss attributable to common shareholders was RMB1.3 million (US$0.2 million) in the fourth quarter of 2024, compared to non-GAAP net profit attributable to common shareholders of RMB16.4 million in the same period of 2023. Full Year 2024 Financial Results GWP and operating revenue GWP facilitated was RMB6,158.6 million (US$843.7 million) in 2024, an increase of 6.2% from RMB5,800.9 million in 2024. Of the GWP facilitated in 2024, FYP accounted for RMB3,421.0 million (or 55.5% of total GWP), an increase of 30.5% year-over-year. Renewal premiums accounted for RMB2,737.6 million (or 44.5% of total GWP), a decrease of 13.9% year-over-year. Operating revenue was RMB1,248.9 million (US$171.1 million) in 2024, an increase of 4.5% from RMB1,195.6 million in 2023. The increase in operating revenue was primarily driven by the increase in the FYP facilitated. Operating costs Operating costs were RMB868.3 million (US$119.0 million) in 2024, an increase of 15.9% from RMB749.0 million in 2023. The increase was primarily due to an increase in channel expenses. Operating expenses Selling expenses were RMB192.4 million (US$26.4 million) in 2024, a decrease of 5.8% from RMB204.3 million in 2023, which was primarily due to decreases in salaries and employment benefits and rental and utilities expenses. General and administrative expenses were RMB146.8 million (US$20.1 million) in 2024, an increase of 22.9% from RMB119.4 million in 2023. The increase was partly related to an increase in rental and utilities expenses. Research and development expenses were RMB62.4 million (US$8.5 million) in 2024, a decrease of 13.2% from RMB71.8 million in 2023, primarily due to a decrease in rental and utilities expenses. Net profit and Non-GAAP net profit for the year Net loss attributable to common shareholders in 2024 was RMB0.6 million (US$0.09 million), compared to a net profit attributable to common shareholders of RMB70.2 million in 2023. Non-GAAP net profit attributable to common shareholders in 2024 was RMB8.4 million (US$1.1 million), compared to a non-GAAP net profit attributable to common shareholders of RMB72.3 million in 2023. Cash and cash equivalents As of December 31, 2024, the Company’s cash and cash equivalents amounted to RMB233.2 million (US$31.9 million), compared to RMB249.3 million as of December 31, 2023. Conference Call The Company’s management team will hold an earnings conference call at 8:00 A.M. Eastern Time on Monday, March 24, 2025 (8:00 P.M. Beijing/Hong Kong Time on Monday, March 24, 2025). Details for the conference call are as follows: Event Title: Huize Holding Limited’s Fourth Quarter and Full Year 2024 Earnings Conference CallRegistration Link: https://register-conf.media-server.com/register/BIff2f67b8a24a43ce9c629fd34a76678d All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registration, each participant will receive a confirmation email containing dial-in numbers and a unique access PIN, which will be used to join the conference call. Additionally, a live and archived webcast of the conference call will also be available on the Company’s investor relations website at http://ir.huize.com. About Huize Holding Limited Huize Holding Limited is a leading insurance technology platform connecting consumers, insurance carriers and distribution partners digitally through data-driven and AI-powered solutions in Asia. Targeting mass affluent consumers, Huize is dedicated to serving consumers for their life-long insurance needs. Its online-to-offline integrated insurance ecosystem covers the entire insurance life cycle and offers consumers a wide spectrum of insurance products, one-stop services, and a streamlined transaction experience across all scenarios. By leveraging AI, data analytics, and digital capabilities, Huize empowers the insurance service chain with proprietary technology-enabled solutions for insurance consultation, user engagement, marketing, risk management, and claims service. Poni Insurtech Pte. Ltd. (“Poni Insurtech”) is the international arm of Huize. Headquartered in Singapore, Poni Insurtech is committed to building a pan-Asian digital insurance distribution platform. Featuring a presence in regional hubs including Singapore and Hong Kong (China), Poni Insurtech has made its debut in Vietnam in 2024, with plans to expand into other high-growth ASEAN markets such as Indonesia and the Philippines. Through its consumer facing apps and cloud-based API solutions, Poni Insurtech provides consumers with simple, affordable, and customized insurance solutions, empowers insurers with quick and hassle-free digitalization solutions to efficiently reach mass affluent consumers, and creates new revenue opportunities for partnering e-commerce platforms, merchants, and independent collaborators and agents. Poni Insurtech aims to reshape the insurance landscape by driving greater efficiency, accessibility, and value across the entire ecosystem. For more information, please visit http://ir.huize.com or follow us on social media via LinkedIn (https://www.linkedin.com/company/huize-holding-limited), X(https://x.com/huizeholding) and Webull(https://www.webull.com/quote/nasdaq-huiz). Use of Non-GAAP Financial Measure Statement In evaluating our business, we consider and use non-GAAP net profit/(loss) attributable to common shareholders as a supplemental measure to review and assess our operating performance. The presentation of the non-GAAP financial measure is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. We define non-GAAP net profit/(loss) attributable to common shareholders as net profit/(loss) attributable to common shareholders excluding share-based compensation expenses. Such adjustments have no impact on income tax because either the non-GAAP adjustments were recorded at entities located in tax free jurisdictions, such as the Cayman Islands or because the non-GAAP adjustments were recorded at operating entities located in the PRC for which the non-GAAP adjustments were not deductible for tax purposes. We present the non-GAAP financial measure because it is used by our management to evaluate our operating performance and formulate business plans. Non-GAAP net profit/(loss) attributable to common shareholders enables our management to assess our operating results without considering the impact of share-based compensation expenses. We also believe that the use of this non-GAAP financial measure facilitates investors’ assessment of our operating performance. This non-GAAP financial measure is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. The non-GAAP financial measure has limitations as an analytical tool. One of the key limitations of using adjusted net profit/(loss) attributable to common shareholders is that it does not reflect all items of income and expense that affect our operations. Further, the non-GAAP financial measure may differ from the non-GAAP financial information used by other companies, including peer companies, and therefore their comparability may be limited. The non-GAAP financial measure should not be considered in isolation or construed as an alternative to net profit/(loss) attributable to common shareholders or any other measure of performance or as an indicator of our operating performance. Investors are encouraged to review the historical non-GAAP financial measure in light of the most directly comparable GAAP measure, as shown below. The non-GAAP financial measure presented here may not be comparable to similarly titled measure presented by other companies. Other companies may calculate similarly titled measures differently, limiting the usefulness of such measures when analyzing our data comparatively. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.2993 to US$1.00, the exchange rate on December 31, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about Huize’s beliefs and expectations, are forward-looking statements. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, business outlook and quotations from management in this announcement, contain forward-looking statements. Huize may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Huize’s goal and strategies; Huize’s expansion plans; Huize’s future business development, financial condition and results of operations; Huize’s expectation regarding the demand for, and market acceptance of, its online insurance products; Huize’s expectations regarding its relationship with insurer partners and insurance clients and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Huize’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Huize does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Investor RelationsKenny LoInvestor Relations Managerinvestor@huize.com Media Relationsmediacenter@huize.com Christensen AdvisoryIn ChinaMs. Dee WangPhone: +86-10-5900-1548Email: dee.wang@christensencomms.com In U.S.Ms. Linda BergkampPhone: +1-480-614-3004Email: linda.bergkamp@christensencomms.com     Huize Holding LimitedUnaudited Condensed Consolidated Balance Sheets(all amounts in thousands, except for share and per share data)        As of December 31  As of December 31  2023   2024   RMB RMB USDAssets      Current assets      Cash and cash equivalents 249,258  233,207  31,949 Restricted cash 42,307  61,708  8,454 Short-term investments 8,879  5,000  685 Contract assets, net of allowance for doubtful accounts 41,481  71,085  9,739 Accounts receivables, net of allowance for impairment 178,294  157,080  21,520 Insurance premium receivables 927  1,763  242 Amounts due from related parties 383  995  136 Deferred costs 6,147  -  - Prepaid expense and other receivables 78,784  68,171  9,339 Total current assets 606,460  599,009  82,064        Non-current assets      Restricted cash 29,687  29,883  4,094 Contract assets, net of allowance for doubtful accounts 12,495  28,435  3,896 Property, plant and equipment, net 54,107  47,083  6,450 Intangible assets, net 50,743  68,840  9,431 Long-term investments 76,688  66,716  9,140 Operating lease right-of-use assets 115,946  20,715  2,838 Goodwill 461  14,536  1,991 Other assets 419                     8,981                 1,232 Total non-current assets 340,546  285,189  39,072 Total assets 947,006  884,198  121,136        Liabilities and Shareholders’ Equity      Current liabilities      Short-term borrowings 30,000  50,000  6,850 Accounts payable 211,905  202,054  27,681 Insurance premium payables 37,514  56,042  7,678 Contract liabilities 2,728  -  - Other payables and accrued expenses 34,850  44,434  6,087 Payroll and welfare payable 56,207  41,005  5,618 Income taxes payable 2,440  2,575  353 Operating lease liabilities 16,949  16,743  2,294 Amount due to related parties 2,451  2,495  342 Total current liabilities 395,044  415,348  56,903        Non-current liabilities      Deferred tax liabilities 12,048  14,875  2,038 Operating lease liabilities 129,299  24,082  3,299 Payroll and welfare payable 200  649  89 Total non-current liabilities 141,547  39,606  5,426 Total liabilities 536,591  454,954  62,329        Shareholders’ equity      Class A common shares 62  63  9 Class B common shares 10  10  1 Treasury stock (28,580)              (29,513)          (4,043)Additional paid-in capital 905,958  909,930  124,660 Accumulated other comprehensive loss (14,060)              (12,864)          (1,762)Accumulated deficits (458,237)             (458,886)         (62,867)Total shareholders’ equity attributable to Huize Holding Limited shareholders 405,153  408,740  55,998 Non-controlling interests 5,262  20,504  2,809 Total shareholders’ equity 410,415  429,244  58,807 Total liabilities and shareholders’ equity 947,006  884,198  121,136            Huize Holding LimitedUnaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) (all amounts in thousands, except for share and per share data)       For the Three Months Ended December 31, For the Twelve Months Ended December 31,  2023  2024 2023  2024   RMB RMB USD RMB RMB USDOperating revenue            Brokerage income 221,504  258,982  35,480         1,144,533         1,193,827  163,554 Other income 14,503  26,971  3,695  51,019  55,087  7,547 Total operating revenue 236,007        285,953  39,175  1,195,552      1,248,914  171,101 Operating costs and expenses            Cost of revenue (132,006) (185,370) (25,396) (729,068) (855,496) (117,202)Other cost (4,275) (1,390)                (190) (19,938) (12,790) (1,753)Total operating costs (136,281)      (186,760) (25,586) (749,006) (868,286) (118,955)Selling expenses (41,510) (58,120) (7,962) (204,261) (192,425)          (26,362)General and administrative expenses (27,301) (42,342) (5,801) (119,404) (146,769) (20,107)Research and development expenses (17,222) (15,887) (2,177) (71,842)         (62,391)           (8,548)Total operating costs and expenses (222,314) (303,109) (41,526) (1,144,513) (1,269,871) (173,972)Operating profit/(loss) 13,693  (17,156) (2,351) 51,039  (20,957) (2,871)             Other income/(expenses)            Interest income/(expenses) 492  779  107  2,789  4,139  567 Unrealized exchange (loss)/income (127) (414) (57) (436) (684) (94)Investment income/(loss) (728) 1,721  236  (1,656) (511) (70)Others, net 4,090            10,267  1,407  18,401  17,179  2,354 Profit/(loss) before income tax, and share of income/(loss) of equity method investee 17,420  (4,803) (658) 70,137  (834) (114)Income tax expense -  (135) (18) -  (135) (18)Share of income/(loss) of equity method investee 52  1,318  181  417  1,535  210 Net profit/(loss) 17,472  (3,620) (495) 70,554  566  78              Net (loss)/profit attributable to non-controlling interests (515) (759) (103) 366  1,215  167 Net (loss)/profit attributable to Huize Holding Limited 17,987  (2,861) (392) 70,188  (649)            (89)             Net profit/(loss) 17,472  (3,620) (495) 70,554              566                 78 Foreign currency translation adjustment, net of tax (4,854) 2,554                 350  3,635              1,196  164 Comprehensive (loss)/profit 12,618  (1,066) (145) 74,189             1,762  242 Comprehensive (loss)/income attributable to non-controlling interests (515) (759)                 (103) 366  1,215  167 Comprehensive (loss)/income attributable to Huize Holding Limited  13,133  (307) (42) 73,823  547  75              Weighted average number of common shares used in computing net profit per share            Basic and diluted 991,808,483  1,008,857,623  1,008,857,623  1,000,940,698  997,172,042  997,172,042 Net profit/ (loss) per share attributable to common shareholders            Basic and diluted 0.02                   (0.00)                 (0.00) 0.07                   (0.00)                    (0.00)                    Huize Holding LimitedUnaudited Reconciliations of GAAP and Non-GAAP Results(all amounts in thousands, except for share and per share data)       For the Three Months Ended December 31, For the Twelve Months Ended December 31,  2023  2024  2023 2024   RMB RMB USD RMB RMB USDNet profit attributable to common shareholders 17,987  (2,861)              (392) 70,188 (649)           (89)Share-based compensation expenses (1,600) 1,536  210                 2,109                9,021  1,236 Non-GAAP net profit attributable to common shareholders  16,387  (1,325) (182) 72,297 8,372  1,147

Valeura Energy Inc.: Another Year of Record Results in 2024 - ForexTV

SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) -- Valeura Energy Inc. (TSX:VLE, OTCQX:VLERF) ("Valeura" or the "Company") reports its financial and operating results for the three month period and year ended December 31, 2024. The complete reporting package for the Company, including the audited financial statements and associated management's discussion and analysis ("MD&A") and the 2024 annual information form ("AIF"), are being filed on SEDAR+ at www.sedarplus.ca and posted to the Company's website at www.valeuraenergy.com. 2024 Operational Highlights Production increased by 12% year-over-year to 22,825 bbls/d(1) on the back of a full year of drilling operations and development of the Nong Yao C Field;100% success rate in exploration and appraisal activities with discoveries at Niramai, Wassana North, and Nong Yao D;Company's first full year of operations completed with no significant health, safety, or environment incidents; andReduced greenhouse emissions intensity by approximately 20% compared to 2023 baseline. 2024 Financial Highlights Generated revenue of US$679 million, with average price realisation of US$81/bbl;Delivered Adjusted EBITDAX of US$378 million(2) and adjusted cashflow from operations of US$273 million(2);Strengthened the balance sheet with record high year-end cash position of US$259 million(3) and zero debt;Reduced asset retirement obligation ("ARO") by 54% since assuming operatorship in Q1, 2023;Completed internal restructuring to optimise operational and financial aspects of the Thai III petroleum concessions; andImplemented share buyback programme through a Normal Course Issuer Bid for up to 10% of the public float. 2024 Reserves Highlights Record high year-end reserves: 32 MMbbl proved (1P), 50 MMbbl proved plus probable (2P) and 60 MMbbl proved plus probable plus possible (3P) reserves;Delivered 2P reserves replacement ratio of 245%, even after production increase of 12%;Increased 2P reserves and extended the end of field life ("EOFL") at every field;Grew 2P net present value (NPV10) before tax to US$934 million and US$753 million after tax(4);Considering year-end 2024 cash position, increased 2P net asset value after tax to US$1,012 million, equating to C$13.6 per share(5); andDoubled contingent resources to 48 MMbbls compared to year-end 2023(6). (1) Working interest share production before royalties.(2) Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS Financial Measures and Ratios" section in the Company's MD&A.(3) Includes restricted cash of $22.8 million.(4) Discount rate 10%.(5) Proved plus probable (2P) NPV10 plus net cash at December 31, 2024, assuming $/C$ exchange rate of 1.435, and 106.65 million shares outstanding as of December 31, 2024.(6) Unrisked best estimate (2C) contingent resources. Dr. Sean Guest, President and CEO commented: "Our first full year of operations in Thailand were a success across all areas of our business and a trophy for value creation.  We have attained record production, record cash flow, and replaced nearly 2.5x the reserves we produced, all while continuing to strengthen our financial position.  Our business is stronger and has a longer line of sight than ever before. Continued drilling throughout 2024 added 20 new production wells, including those we drilled to develop the new Nong Yao C field, making Nong Yao the largest and most profitable asset in our portfolio.  We've also had success with the drill bit on both appraisal and exploration which has significantly increased the number of future development well locations.  This successful drilling, combined with detailed reservoir studies has resulted in a 32% increase in 2P reserves to 50 million bbls.  Moreover, the economic life of each of our fields has moved further into the future, such that all fields are now expected to remain economic beyond 2030.  We are focussed relentlessly on value, and with the combination of an increase in the net present value of our 2P reserves, and the record cash position of US$259 million at year-end, the net asset value of our business is now more than one billion US dollars.  On a per share basis, that equates to over C$13/share, meaning an investment in Valeura's shares continues to represent an excellent value proposition.  In addition to growing both the value and longevity of our existing portfolio, we continue to pursue several other avenues for growth, including exciting exploration opportunities, and potential merger and acquisition targets." Financial and Operating Results Summary   Three months ended Year ended  December 31, 2024December 31, 2023DeltaDecember 31, 2024December 31, 2023DeltaOil Production(1)('000 bbls)2,4031,763+36%8,3545,82543%Average Daily Oil Production(1)(bbls/d)26,10919,165+36%22,82520,440(2)+12%Average Realised Price(US$/bbl)76.785.5(10%)81.384.3(4%)Oil Volumes Sold('000 bbls)2,9481,987+48%8,3495,854+43%Oil Revenue(US$'000)226,148169,909+33%678,794493,457+38%Net Income(US$'000)213,98323,480+811%240,797244,313(1%)Adjusted EBITDAX(3)(US$'000)132,40296,679+37%377,985230,672+64%Adjusted Pre-Tax Cashflow from Operations(3)(US$'000)133,61288,326+51%356,627238,661+49%Adjusted Cashflow from Operations(3)(US$'000)107,13456,023+107%272,641152,375+79%Operating Expenses(US$'000)55,60749,622+12%186,407180,192+3%Adjusted Opex(3)(US$'000)54,66851,818+6%214,891165,077+30%Operating Expenses per bbl(US$/bbl)18.925.0(25%)22.330.9(28%)Adjusted Opex per bbl(3)(US$/bbl)22.829.4(22%)25.728.3(9%)Adjusted Capex(3)(US$'000)38,87030,374+28%134,258103,733+29%Weighted average shares outstanding - basic('000 shares)106,955102,652+4%105,77899,227+7%   As atComparison  December 31, 2024December 31, 2023%Cash & Cash equivalents(4)(US$'000)259,354151,165+72%Adjusted Net Working Capital(3)(US$'000)205,735118,143+74%Shareholder's Equity(US$'000)528,283 284,178+86%  (1) Working interest share production before royalties.(2) Average daily oil production of 20,440 bbls/d represents the average production from closing of the Mubadala Acquisition on March 22, 2023 to December 31, 2023 (285 days).(3) Non-IFRS financial measure or non-IFRS ratio - see "Non-IFRS Financial Measures and Ratios" section in the Company's MD&A.(4) Includes restricted cash of US$22.8 million at December 31, 2024 and restricted cash of US$17.3 million at December 31, 2023. Financial Update The Company's Q4 2024 oil production averaged 26,109 bbls/d (working interest share before royalties), representing a 36% increase from Q4 2023.  Full year 2024 oil production averaged 22,825 bbls/d, 12% higher than 2023.  This growth was primarily driven by production from the Wassana field, which was not in production for most of 2023 and the Nong Yao C development, which came online in August 2024.  Oil sales for Q4 2024 were 2.9 million bbls, compared to 2.0 million bbls in Q4 2023.  For the full year 2024, oil sales totalled 8.4 million bbls, up 43% from 5.8 million bbls in 2023.  The increase is due to higher production rates in 2024, coupled with the fact that in 2023 the Company had only 285 days of production operations (following closing of the Mubadala acquisition on March 22, 2023). The Company generated Q4 2024 revenue of US$226.1 million, a 33% increase from Q4 2023.  Full year 2024 revenue was US$678.8 million, representing a 38% increase from 2023.  Q4 2024 price realisations averaged US$76.7/bbl, achieving a US$2.0/bbl premium to the Brent benchmark.  Full year 2024 price realisations averaged US$81.3/bbl, reflecting a US$0.5/bbl premium to Brent.  Valeura reported Q4 2024 Adjusted EBITDAX (a non-IFRS measure which is more fully described in the "Non-IFRS Financial Measures and Ratios" section of the MD&A) of US$132.4 million, up 37% from Q4 2023, while full year 2024 Adjusted EBITDAX increased 64% to US$378.0 million. The Company demonstrated improved operational efficiency with Q4 2024 Adjusted Opex (a non-IFRS measure which is more fully described in the "Non-IFRS Financial Measures and Ratios" section of the MD&A) of US$22.8/bbl, down from US$29.4/bbl in Q4 2023.  Full year 2024 Adjusted Opex decreased to US$25.7/bbl from US$28.3/bbl in 2023.  Operating expenses for Q4 were US$18.9/bbl compared to US$25.0/bbl in Q4 2023, and US$22.3/bbl for the full 2024 versus US$30.9/bbl in 2023. These improved unit costs were driven primarily by increased production from the low-cost Nong Yao field, which has become the Company's largest production source. Valeura incurred total petroleum tax income and special remuneratory benefit tax of US$68.3 million and US$29.2 million respectively during the full year 2024, compared to US$71.2 million and US$15.1 million in the previous year.   The Company stands to benefit from a more efficient tax structure in 2025 as a result of the corporate restructuring which was completed in November 2024. This will result in Petroleum income tax loss carry-forwards that were previously associated with only the Wassana asset now being applied to all of the Company's Thai III petroleum concessions, being Wassana, Nong Yao, and Manora. The Company recorded Net income for the year of US$240.8 million following the recognition of deferred tax assets from the tax consolidation. As of December 31, 2024, Valeura had a strong cash position of US$259.4 million, including US$22.8 million in restricted cash.  The Company continues to operate with no current or non-current debt.  Valeura remains well-positioned for both organic reinvestment opportunities and potential strategic acquisitions. Operations Update and Outlook During Q4 2024, the Company had ongoing production operations on all of its Gulf of Thailand fields, comprised of the Jasmine, Nong Yao, Manora, and Wassana fields.  The Company has had one drill rig working continuously on contract since Q1 2023 full-time. Oil production averaged 26.1 mbbls/d during Q4 2024 (Valeura's working interest share, before royalties). Jasmine/Ban Yen Oil production before royalties from the Jasmine/Ban Yen field, in Licence B5/27 (100% operated interest) averaged 8.5 mbbls/d during Q4 2024, an increase of 12% from Q3 2024.  Increased production rates reflect the start-up of five new wells drilled as part of an infill drilling programme, with the last three wells coming onstream in late November 2024.  In addition to adding new production, the Jasmine programme also evaluated several secondary appraisal targets which will be the subject of further infill development drilling in due course.  Although the Jasmine field is the most mature asset in the Company's portfolio, ongoing drilling success underscores the field's ability to continue serving as a key source of cash generation for the business.  The Q4 Jasmine drilling results have been included in the Company's reserves evaluation for the year-ended December 31, 2024, and contributed to a further extension in the field's economic life, which on a 2P reserves basis, now lasts into mid 2031.  In February 2025 the drill rig returned to the Jasmine field where it has begun executing a seven-well infill campaign.  In total 10 development and appraisal wells are currently planned for the Jasmine field in 2025 and one exploration well at the Ratree prospect.  In addition, a workover rig is currently operating on the field completing two workovers. The low-BTU gas generator was delivered to the Jasmine B platform in Q1 2025 and is expected to be commissioned and operational in Q2 2025.  This creates an opportunity to significantly reduce greenhouse gas emissions from this platform as well as to reduce operating costs by using a waste gas stream for power generation. Nong Yao At the Nong Yao field, in Licence G11/48 (90% operated working interest), Valeura's working interest share production before royalties averaged 11.1 mbbls/d, an increase of 18% from Q3 2024.  Q4 production rates benefitted from a full quarter of operations at the Nong Yao C field extension, which came online in August 2024.  Performance from Nong Yao C is continuing in line with the Company's expectations.  The Nong Yao field is now the Company's largest source of production.  In addition, it also has the Company's lowest per unit Adjusted Opex and its oil fetches a premium to the Brent benchmark.  As a result, Nong Yao is the Company's most cash generative asset. In 2025, nine development wells are planned across the three Nong Yao platforms.  This programme is expected to commence in late Q2 2025.  Wassana Oil production at the Wassana field, in Licence G10/48 (100% operated interest), averaged 4.3 mbbls/d (before royalties), an increase of 55% over Q3 2024.  The increase reflects the effect of a full quarter of normal operations at the field, as compared to Q3 2024, during which the Company conducted a one-month precautionary suspension of production while performing underwater inspection work.  There was no drilling on the Wassana field in Q4 and no further drilling is planned at this location for 2025. Valeura has completed the front end engineering and design work for the potential redevelopment of the Wassana field.  Detailed contracting and procurement work commenced in late Q4 2024 to validate cost assumptions for the project.  Valeura expects to consider a final investment decision in early Q2 2025.  Manora At the Manora field, in Licence G1/48 (70% operated working interest), Valeura's working interest share of oil production before royalties averaged 2.2 mbbls/d, a decrease of 11% from Q3 2024.  During Q4, the Company began a five-well infill drilling campaign on the Manora field, including both production-oriented infill development wells and appraisal targets.  The programme was completed in Q1 2025 and for the month of March to date, working interest share production before royalties has averaged 2.9 mbbls/d.  In addition, several appraisal targets were evaluated, giving rise to between three and five potential future drilling targets, which will be further evaluated for inclusion in a future drilling programme. Türkiye The Company had no active operations in Türkiye during Q4 2024, however it continues to hold an interest in a potentially large deep gas play in the Thrace basin in the northwest part of the country.  In 2024 the Company received official confirmation that it's leases and licences covering the play had been extended into 2025, and more recently the Company was granted an additional one-year extension, bringing the expiry date to June 27, 2026.  Following the current period, Valeura may apply for a further two-year extension for appraisal purposes, and has engaged the government in discussions to that effect.  The Company believes the Thrace basin deep gas play could be a source of significant value in the longer term.  Valeura intends to farm out a portion of its interest to a new partner in order to jointly pursue the next phase of appraisal work.  Reserves and Resources Summary The results of Valeura's third-party independent reserves and resources assessment for its Thailand assets as of December 31, 2024 were announced on February 13, 2025.  Below are summary tables associated with the reserves. Summary of Reserves Replacement, Value and Field Life  Gross (Before Royalties) 2P Reserves, Working Interest ShareEnd of Field Life2P NPV10 After Tax (US$ million)FieldsDecember 31, 2023(MMbbl)2024 Production(MMbbl)Additions(MMbbl)December 31, 2024(MMbbl)Reserves Replacement Ratio (%)NSAI 2023 ReportNSAI 2024 ReportDecember 31, 2023December 31, 2024Jasmine10.4(2.9)9.216.8324%Dec 2028Aug 203181.8163.9Manora2.2(0.9)2.13.4223%Jul 2027Apr 203021.245.7Nong Yao12.4(3.1)7.716.9245%Dec 2028Dec 2033185.6416.1Wassana12.9(1.4)1.512.9102%Jun 2032Dec 2035139.9126.6Total37.9(8.4)20.550.0245%  428.5752.2 Summary of NPV and NAV  1P NPV102P NPV103P NPV10Before TaxAfter TaxBefore TaxAfter TaxBefore TaxAfter TaxNPV10 (US$ million)360.7358.6933.9752.21,339.1990.2Cash at December 31, 2024 (US$ million)(1)259.4259.4259.4259.4259.4259.4Net Asset Value (US$ million)620.1618.01,193.31,011.61,598.51,249.6Common shares (million)(2)106.65106.65106.65106.65106.65106.65Estimated NAV per basic share (C$ per share)(3)8.38.316.113.621.516.8  (1) Cash at December 31, 2024 of US$259.4 million, debt nil.(2) Issued and outstanding common shares as of December 31, 2024(3) US$/C$ exchange rate of 1.435 as at December 31, 2024 Webcast Valeura's management team will host an investor and analyst webcast at 08:00 Calgary / 14:00 London / 21:00 Bangkok / 22:00 Singapore on Wednesday, March 26, 2025 to discuss today's announcement.  Please register in advance via the link below. Registration link:  https://events.teams.microsoft.com/event/aa5e4d6a-cb5f-46da-ab85-0976e3600c84@a196a1a0-4579-4a0c-b3a3-855f4db8f64b As an alternative, an audio only feed of the event is available by phone using the Conference ID and dial-in numbers below. Thailand: +66 2 026 9035,,922648874#Singapore: +65 6450 6302,,922648874#Canada: (833) 845-9589,,922648874#Türkiye: 0800 142 034779,,922648874#United States: (833) 846-5630,,922648874#United Kingdom: 0800 640 3933,,922648874# Phone conference ID: 922 648 874# For further information, please contact: Valeura Energy Inc. (General Corporate Enquiries)                       +65 6373 6940Sean Guest, President and CEOYacine Ben-Meriem, CFOContact@valeuraenergy.com   Valeura Energy Inc. (Investor and Media Enquiries)              +1 403 975 6752 / +44 7392 940495Robin James Martin, Vice President, Communications and Investor RelationsIR@valeuraenergy.com Contact details for the Company's advisors, covering research analysts and joint brokers, including Auctus Advisors LLP, Canaccord Genuity Ltd (UK), Cormark Securities Inc., Research Capital Corporation, and Stifel Nicolaus Europe Limited, are listed on the Company's website at www.valeuraenergy.com/investor-information/analysts/. About the Company Valeura Energy Inc. is a Canadian public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Türkiye. The Company is pursuing a growth-oriented strategy and intends to re-invest into its producing asset portfolio and to deploy resources toward further organic and inorganic growth in Southeast Asia. Valeura aspires toward value accretive growth for stakeholders while adhering to high standards of environmental, social and governance responsibility. Additional information relating to Valeura is also available on SEDAR+ at www.sedarplus.ca. Oil and Gas Advisories Reserves and contingent resources disclosed in this news release are based on an independent evaluation conducted by the incumbent independent petroleum engineering firm, NSAI with an effective date of December 31, 2024. The NSAI estimates of reserves and resources were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation Handbook and in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities. The reserves and contingent resources estimates disclosed in this news release are estimates only and there is no guarantee that the estimated reserves and contingent resources will be recovered. This news release contains a number of oil and gas metrics, including "NAV", "reserves replacement ratio", "RLI", and "end of field life" which do not have standardised meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics are commonly used in the oil and gas industry and have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. "NAV" is calculated by adding the estimated future net revenues based on a 10% discount rate to net cash, (which is comprised of cash less debt) as of December 31, 2024.  NAV is expressed on a per share basis by dividing the total by basic common shares outstanding. NAV per share is not predictive and may not be reflective of current or future market prices for Valeura. "Reserves replacement ratio" for 2024 is calculated by dividing the difference in reserves between the NSAI 2024 Report and the NSAI 2023 Report, plus actual 2024 production, by the assets' total production before royalties for the calendar year 2024. "RLI" is calculated by dividing reserves by management's estimated total production before royalties for 2025. "End of field life" is calculated by NSAI as the date at which the monthly net revenue generated by the field is equal to or less than the asset's operating cost. Reserves Reserves are estimated remaining quantities of commercially recoverable oil, natural gas, and related substances anticipated to be recoverable from known accumulations, as of a given date, based on the analysis of drilling, geological, geophysical, and engineering data, the use of established technology, and specified economic conditions, which are generally accepted as being reasonable. Reserves are further categorised according to the level of certainty associated with the estimates and may be sub-classified based on development and production status. Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Developed reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g., when compared to the cost of drilling a well) to put the reserves on production. Developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Developed non-producing reserves are those reserves that either have not been on production, or have previously been on production, but are shut in, and the date of resumption of production is unknown. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves classification (proved, probable, possible) to which they are assigned. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of the estimated proved plus probable plus possible reserves. The estimated future net revenues disclosed in this news release do not necessarily represent the fair market value of the reserves associated therewith. The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for all properties, due to the effects of aggregation. Contingent Resources Contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies are conditions that must be satisfied for a portion of contingent resources to be classified as reserves that are: (a) specific to the project being evaluated; and (b) expected to be resolved within a reasonable timeframe. Contingent resources are further categorised according to the level of certainty associated with the estimates and may be sub‐classified based on a project maturity and/or characterised by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the Canadian Oil and Gas Evaluation Handbook as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate. The project maturity subclasses include development pending, development on hold, development unclarified and development not viable. The contingent resources disclosed in this news release are classified as either development unclarified or development not viable. Development unclarified is defined as a contingent resource that requires further appraisal to clarify the potential for development and has been assigned a lower chance of development until commercial considerations can be clearly defined. Chance of development is the likelihood that an accumulation will be commercially developed. Conversion of the development unclarified resources referred to in this news release is dependent upon (1) the expected timetable for development; (2) the economics of the project; (3) the marketability of the oil and gas production; (4) the availability of infrastructure and technology; (5) the political, regulatory, and environmental conditions; (6) the project maturity and definition; (7) the availability of capital; and, ultimately, (8) the decision of joint venture partners to undertake development. The major positive factor relevant to the estimate of the contingent development unclarified resources referred to in this news release is the successful discovery of resources encountered in appraisal and development wells within the existing fields. The major negative factors relevant to the estimate of the contingent development unclarified resources referred to in this news release are: (1) the outstanding requirement for a definitive development plan; (2) current economic conditions do not support the resource development; (3) limited field economic life to develop the resources; and (4) the outstanding requirement for a final investment decision and commitment of all joint venture partners. Development not viable is defined as a contingent resource where no further data acquisition or evaluation is currently planned and hence there is a low chance of development, there is usually less than a reasonable chance of economics of development being positive in the foreseeable future. The major negative factors relevant to the estimate of development not viable referred to in this news release are: (1) current economic conditions do not support the resource development; and (2) availability of technical knowledge and technology within the industry to economically support resource development. If these contingencies are successfully addressed, some portion of these contingent resources may be reclassified as reserves. Of the best estimate 2C contingent resources estimated in the NSAI 2024 Report, on a risked basis: 74% of the estimated volumes are light/medium crude oil, with the remainder being heavy oil; 77% are categorised as Development Unclarified, with the remainder being Development Not Viable.  Development Unclarified 2C resources have been assigned an average chance of development for the four fields ranging from 30% to 50% depending on oil type, while 2C Development Not Viable resources have been assigned an average chance of development ranging from 16% to 17%. Resources ProjectMaturity SubclassLight and Medium Crude Oil(Development Unclarified)Chance of Development (%)UnriskedRiskedGross (Mbbl)Net (Mbbl)Gross (Mbbl)Net (Mbbl)Contingent Low Estimate (1C) Development Unclarified8,2677,3343,1082,74238%Contingent Best Estimate (2C) Development Unclarified14,17812,5384,2273,72830%Contingent High Estimate (3C) Development Unclarified21,07218,6445,2894,67325% Resources ProjectMaturity SubclassHeavy Crude Oil(Development Unclarified)Chance of Development (%)UnriskedRiskedGross (Mbbl)Net (Mbbl)Gross (Mbbl)Net (Mbbl)Contingent Low Estimate (1C) Development Unclarified7,8077,3584,0453,81352%Contingent Best Estimate (2C) Development Unclarified10,64110,0295,3255,01850%Contingent High Estimate (3C) Development Unclarified14,52413,6896,5606,18245% Resources ProjectMaturity SubclassLight and Medium Crude Oil(Development Not Viable)Chance of Development (%)UnriskedRiskedGross (Mbbl)Net (Mbbl)Gross (Mbbl)Net (Mbbl)Contingent Low Estimate (1C) Development Not Viable11,29410,5021,6941,57515%Contingent Best Estimate (2C) Development Not Viable21,53919,9653,6523,31917%Contingent High Estimate (3C) Development Not Viable33,50330,9645,3634,80216% Resources ProjectMaturity SubclassHeavy Crude Oil(Development Not Viable)Chance of Development (%)UnriskedRiskedGross (Mbbl)Net (Mbbl)Gross (Mbbl)Net (Mbbl)Contingent Low Estimate (1C) Development Not Viable2,0691,95031029315%Contingent Best Estimate (2C) Development Not Viable2,0911,97134132116%Contingent High Estimate (3C) Development Not Viable3,0032,83081576827% The NSAI estimates have been risked, using the chance of development, to account for the possibility that the contingencies are not successfully addressed.  Due to the early stage of development for the development unclarified resources, NSAI did not perform an economic analysis of these resources; as such, the economic status of these resources is undetermined and there is uncertainty that any portion of the contingent resources disclosed in this new release will be commercially viable to produce. Glossary    bblbarrels of oilMbblthousand barrels of oilMMbbl million barrels of oil   Advisory and Caution Regarding Forward-Looking Information Certain information included in this news release constitutes forward-looking information under applicable securities legislation. Such forward-looking information is for the purpose of explaining management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions. Forward-looking information typically contains statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "target" or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this news release includes, but is not limited to, the profitability of the Nong Yao asset, relative to rest of the Company's portfolio; the increase in the number of future development well locations; the estimated net asset value of the Company; the belief that an investment in Valeura's shares represents an excellent value proposition; Valeura's expectation that it will benefit from a more efficient tax structure as a result of the corporate restructuring; the inclusion of appraisal-led drilling targets in further infill development drilling programmes; the ability for Jasmine to continue serving as a key source of cash generation; timing to commission the low-BTU gas generator and to reduce greenhouse gas emissions and operating costs; planned drilling and well workovers in 2025; timing to consider a final investment decision on the Wassana field redevelopment project; and the Company's belief that the Thrace basin deep gas play could be a source of significant value in the longer term.  In addition, statements related to "reserves" and "resources" are deemed to be forward-looking information as they involve the implied assessment, based on certain estimates and assumptions, that the resources can be discovered and profitably produced in the future. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information is based on management's current expectations and assumptions regarding, among other things: political stability of the areas in which the Company is operating; continued safety of operations and ability to proceed in a timely manner; continued operations of and approvals forthcoming from governments and regulators in a manner consistent with past conduct; ability to achieve extensions to licences in Thailand and Türkiye to support attractive development and resource recovery; future drilling activity on the required/expected timelines; the prospectivity of the Company's lands; the continued favourable pricing and operating netbacks across its business; future production rates and associated operating netbacks and cash flow; decline rates; future sources of funding; future economic conditions; the impact of inflation of future costs; future currency exchange rates; interest rates; the ability to meet drilling deadlines and fulfil commitments under licences and leases; future commodity prices; the impact of the Russian invasion of Ukraine; the impact of conflicts in the Middle East; royalty rates and taxes; management's estimate of cumulative tax losses being correct; future capital and other expenditures; the success obtained in drilling new wells and working over existing wellbores; the performance of wells and facilities; the availability of the required capital to funds its exploration, development and other operations, and the ability of the Company to meet its commitments and financial obligations; the ability of the Company to secure adequate processing, transportation, fractionation and storage capacity on acceptable terms; the capacity and reliability of facilities; the application of regulatory requirements respecting abandonment and reclamation; the recoverability of the Company's reserves and contingent resources; future growth; the sufficiency of budgeted capital expenditures in carrying out planned activities; the impact of increasing competition; the availability and identification of mergers and acquisition opportunities; the ability to successfully negotiate and complete any mergers and acquisition opportunities; the ability to efficiently integrate assets and employees acquired through acquisitions; global energy policies going forward; international trade policies; future debt levels; and the Company's continued ability to obtain and retain qualified staff and equipment in a timely and cost efficient manner. In addition, the Company's work programmes and budgets are in part based upon expected agreement among joint venture partners and associated exploration, development and marketing plans and anticipated costs and sales prices, which are subject to change based on, among other things, the actual results of drilling and related activity, availability of drilling, offshore storage and offloading facilities and other specialised oilfield equipment and service providers, changes in partners' plans and unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. Exploration, appraisal, and development of oil and natural gas reserves and resources are speculative activities and involve a degree of risk. A number of factors could cause actual results to differ materially from those anticipated by the Company including, but not limited to: the ability of management to execute its business plan or realise anticipated benefits from acquisitions; the risk of disruptions from public health emergencies and/or pandemics; competition for specialised equipment and human resources; the Company's ability to manage growth; the Company's ability to manage the costs related to inflation; disruption in supply chains; the risk of currency fluctuations; changes in interest rates, oil and gas prices and netbacks; the risk that the Company's tax advisors' and/or auditors' assessment of the Company's cumulative tax losses varies significantly from management's expectations of the same; potential changes in joint venture partner strategies and participation in work programmes; uncertainty regarding the contemplated timelines and costs for work programme execution; the risks of disruption to operations and access to worksites; potential changes in laws and regulations, including international treaties and trade policies; the uncertainty regarding government and other approvals; counterparty risk; the risk that financing may not be available; risks associated with weather delays and natural disasters; and the risk associated with international activity. See the most recent annual information form and management's discussion and analysis of the Company for a detailed discussion of the risk factors. Certain forward-looking information in this news release may also constitute "financial outlook" within the meaning of applicable securities legislation. Financial outlook involves statements about Valeura's prospective financial performance or position and is based on and subject to the assumptions and risk factors described above in respect of forward-looking information generally as well as any other specific assumptions and risk factors in relation to such financial outlook noted in this news release. Such assumptions are based on management's assessment of the relevant information currently available, and any financial outlook included in this news release is made as of the date hereof and provided for the purpose of helping readers understand Valeura's current expectations and plans for the future. Readers are cautioned that reliance on any financial outlook may not be appropriate for other purposes or in other circumstances and that the risk factors described above or other factors may cause actual results to differ materially from any financial outlook. The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This news release is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful. Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release. This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

17 Education & Technology Group Inc. Announces Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results - ForexTV

BEIJING, March 25, 2025 (GLOBE NEWSWIRE) -- 17 Education & Technology Group Inc. (NASDAQ: YQ) (“17EdTech” or the “Company”), a leading education technology company in China, today announced its unaudited financial results for the fourth quarter and the year ended December 31, 2024. Fourth Quarter 2024 Highlights1 Net revenues were RMB36.6 million (US$5.0 million), compared with net revenues of RMB47.3 million in the fourth quarter of 2023.Gross margin was 33.6%, compared with 43.4% in the fourth quarter of 2023.Net loss was RMB63.7 million (US$8.7 million), compared with net loss of RMB98.4 million in the fourth quarter of 2023.Net loss as a percentage of net revenues was negative 174.2% in the fourth quarter of 2024, compared with negative 207.9% in the fourth quarter of 2023.Adjusted net loss2 (non-GAAP), which excluded share-based compensation expenses of RMB23.7 million (US$3.2 million), was RMB40.1 million (US$5.5 million), compared with adjusted net loss (non-GAAP) of RMB81.8 million in the fourth quarter of 2023.Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 109.5% in the fourth quarter of 2024, compared with negative 172.8% adjusted net loss (non-GAAP) as a percentage of net revenues in the fourth quarter of 2023. Fiscal Year 2024 Highlights Net revenues were RMB189.2 million (US$25.9 million), compared with net revenues of RMB171.0 million in 2023.Gross margin was 36.6%, compared with 47.2% in 2023.Net loss was RMB192.9 million (US$26.4 million), compared with net loss of RMB311.8 million in 2023.Net loss as a percentage of net revenues was negative 102.0% in 2024, compared with negative 182.4% in 2023.Adjusted net loss (non-GAAP), which excluded share-based compensation expenses of RMB61.9 million (US$8.5 million), was RMB131.0 million (US$17.9 million), compared with adjusted net loss (non-GAAP) of RMB228.1 million in 2023.Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 69.2% in 2024, compared with negative 133.4% of adjusted net loss as a percentage of net revenues in 2023.     1For a reconciliation of non-GAAP numbers, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release.2Adjusted net income (loss) represents net income (loss) excluding share-based compensation expenses. Mr. Andy Liu, Founder, Chairman and Chief Executive Officer of the Company, commented, “We managed to deliver strong results with healthy top-line growth of 11% year-over-year for the full year, fueled by strategic market expansion and new contract acquisitions.” “As we continue to evolve our products and services, leveraging AI for enhanced automation and user experience, we received encouraging feedback and market recognition from users. Looking ahead, with a strong pipeline of AI-enhanced products and a customer-centric roadmap, we are poised to deliver sustainable growth and industry-leading innovations in the future,” he concluded. Mr. Michael Du, Director and Chief Financial Officer of the Company commented, “In the fourth quarter, our teaching and learning SaaS offering under subscription model experienced three-digit growth compared to the same quarter last year, bolstered by strong retention rates and multi-year subscription renewals. As we enhance operating efficiency, operating expenses decreased by 34% compared to the same quarter last year, resulting in a 35% reduction in net loss on a GAAP basis.” Fourth Quarter 2024 Unaudited Financial Results Net Revenues Net revenues for the fourth quarter of 2024 were RMB36.6 million (US$5.0 million), representing a year-over-year decrease of 22.7% from RMB47.3 million in the fourth quarter of 2023. This was mainly due to (i) the reduction in net revenues from district-level projects as we prioritize our resources on school-based projects under subscription model, and (ii) a higher proportion of contracts under the SaaS subscription model we signed in the fourth quarter of 2024 which requires longer period of revenue recognition. Cost of Revenues Cost of revenues for the fourth quarter of 2024 was RMB24.3 million (US$3.3 million), representing a year-over-year decrease of 9.2% from RMB26.8 million in the fourth quarter of 2023, which was mainly due to fewer district-level project deliveries for our teaching and learning SaaS offerings, as a result of the growing proportion of recurring revenue under subscription model that requires fewer hardware and software deliveries. Gross Profit and Gross Margin Gross profit for the fourth quarter of 2024 was RMB12.3 million (US$1.7 million), compared with RMB20.6 million in the fourth quarter of 2023. Gross margin for the fourth quarter of 2024 was 33.6%, compared with 43.4% in the fourth quarter of 2023. Total Operating Expenses The following table sets forth a breakdown of operating expenses by amounts and percentages of revenue during the periods indicated (in thousands, except for percentages):   For the three months ended December 31,   2023  2024     Year-   RMB  %  RMB  USD  %  over-year Sales and marketing expenses  29,903   63.2%  20,183   2,765   55.2%  -32.5%Research and development expenses  40,930   86.4%  16,969   2,325   46.4%  -58.5%General and administrative expenses  52,000   109.8%  44,206   6,056   120.8%  -15.0%Total operating expenses  122,833   259.4%  81,358   11,146   222.4%  -33.8% Total operating expenses for the fourth quarter of 2024 were RMB81.4 million (US$11.1 million), including RMB23.7 million (US$3.2 million) of share-based compensation expenses, representing a year-over-year decrease of 33.8% from RMB122.8 million in the fourth quarter of 2023. Sales and marketing expenses for the fourth quarter of 2024 were RMB20.2 million (US$2.8 million), including RMB4.3 million (US$0.6 million) of share-based compensation expenses, representing a year-over-year decrease of 32.5% from RMB29.9 million in the fourth quarter of 2023. This was mainly due to efficiency improvements in marketing and sales work force and expenses compared with the same period last year. Research and development expenses for the fourth quarter of 2024 were RMB17.0 million (US$2.3 million), including RMB3.9 million (US$0.5 million) of share-based compensation expenses, representing a year-over-year decrease of 58.5% from RMB40.9 million in the fourth quarter of 2023. The decrease was primarily due to the decrease in the share-based compensation and efficiency improvements in our research and development work force and expenses compared with the same period last year. General and administrative expenses for the fourth quarter of 2024 were RMB44.2 million (US$6.1 million), including RMB15.5 million (US$2.1 million) of share-based compensation expenses, representing a year-over-year decrease of 15.0% from RMB52.0 million in the fourth quarter of 2023. This was primarily attributable to staff optimization in line with business adjustment. Loss from Operations Loss from operations for the fourth quarter of 2024 was RMB69.1 million (US$9.5 million), compared with RMB102.3 million in the fourth quarter of 2023. Loss from operations as a percentage of net revenues for the fourth quarter of 2024 was negative 188.8%, compared with negative 216.0% in the fourth quarter of 2023. Net Loss Net loss for the fourth quarter of 2024 was RMB63.7 million (US$8.7 million), compared with net loss of RMB98.4 million in the fourth quarter of 2023. Net loss as a percentage of net revenues was negative 174.2% in the fourth quarter of 2024, compared with negative 207.9% in the fourth quarter of 2023. Adjusted Net Loss (non-GAAP) Adjusted net loss (non-GAAP) for the fourth quarter of 2024 was RMB40.1 million (US$5.5 million), compared with adjusted net loss (non-GAAP) of RMB81.8 million in the fourth quarter of 2023. Adjusted net loss (non-GAAP) as a percentage of net revenues was negative 109.5% in the fourth quarter of 2024, compared with negative 172.8% of adjusted net loss as a percentage of net revenues in the fourth quarter of 2023. Please refer to the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release for a reconciliation of net loss under U.S. GAAP to adjusted net income (loss) (non-GAAP). Fiscal Year 2024 Unaudited Financial Results Net Revenues Net revenues in 2024 were RMB189.2 million (US$25.9 million), representing a year-over-year increase of 10.7% from RMB171.0 million in 2023, mainly due to the increased number of teaching and learning SaaS contracts and the recurring revenue generated from on-going projects. Cost of Revenues Cost of revenues in 2024 was RMB120.0 million (US$16.4 million), representing a year-over-year increase of 33.0% from RMB90.3 million in 2023, which was due to the increase in project deliveries for our teaching and learning SaaS offerings during the period. Gross Profit and Gross Margin Gross profit in 2024 was RMB69.2 million (US$9.5 million), representing a year-over-year decrease of 14.2% from RMB80.7 million in 2023. Gross margin in 2024 was 36.6%, compared with 47.2% in 2023. Total Operating Expenses The following table sets forth a breakdown of operating expenses by amounts and percentages of revenue during the years indicated (in thousands, except for percentages):   For the year ended December 31,   2023  2024     Year-   RMB  %  RMB  USD  %  over-year Sales and marketing expenses  101,260   59.2%  76,088   10,424   40.2%  -24.9%Research and development expenses  167,932   98.2%  71,997   9,864   38.1%  -57.1%General and administrative expenses  154,261   90.2%  134,935   18,486   71.3%  -12.5%Total operating expenses  423,453   247.6%  283,020   38,774   149.6%  -33.2% Total operating expenses in 2024 were RMB283.0 million (US$38.8 million), representing a year-over-year decrease of 33.2% from RMB423.5 million in 2023. Sales and marketing expenses in 2024 were RMB76.1 million (US$10.4 million), representing a year-over-year decrease of 24.9% from RMB101.3 million in 2023. This was mainly due to the decrease of share-based compensation and efficiency improvements in marketing and sales work force and expenses compared with the same period last year. Research and development expenses in 2024 were RMB72.0 million (US$9.9 million), representing a year-over-year decrease of 57.1% from RMB167.9 million in 2023. The decrease was primarily due to the decrease in the share-based compensation and efficiency improvements in our research and development work force and expenses. General and administrative expenses in 2024 were RMB134.9 million (US$18.5 million), representing a year-over-year decrease of 12.5% from RMB154.3 million in 2023. The decrease was primarily due to the decrease of share-based compensation and the decrease in the office and professional service fees, as well as staff optimization in line with business adjustment. Loss from Operations Loss from operations in 2024 was RMB213.8 million (US$29.3 million), compared with RMB342.8 million in 2023. Loss from operations as a percentage of net revenues in 2024 was negative 113.0%, compared with negative 200.5% in 2023. Net Loss Net loss in 2024 was RMB192.9 million (US$26.4 million), representing a year-over-year decrease of 38.1% from RMB311.8 million in 2023. Net loss as a percentage of net revenues was negative 102.0% in 2024, compared with negative 182.4% in 2023. Adjusted Net Loss (non-GAAP) Adjusted net loss (non-GAAP) in 2024 was RMB131.0 million (US$17.9 million), compared with adjusted net loss (non-GAAP) of RMB228.1 million in 2023. Cash and Cash Equivalents, Restricted Cash and Term Deposit Cash and cash equivalents, restricted cash and term deposit were RMB359.3 million (US$49.2 million) as of December 31, 2024, compared with RMB476.7 million as of December 31, 2023. Resignation of Director Mr. Qin Wen has resigned as a director and Chief Operating Officer of the Company due to personal reasons, effective March 21, 2025. Mr. Wen’s resignation did not result from any disagreement with the Company. Following Mr. Wen’s departure, the remaining six (6) directors, including three (3) independent directors, will continue their services to the board of directors of the Company. Founder’s Subscription of Ordinary Shares The Company and Mr. Andy Chang Liu, Founder, Chairman and Chief Executive Officer of the Company, entered into a share purchase agreement on March 25, 2025, pursuant to which the Company proposed to issue, and Mr. Andy Chang Liu proposed to subscribe for 83,093,664 Class B ordinary shares and 18,252,336 Class A ordinary shares of the Company at a subscription price of the average closing price per ordinary share for the 30 trading days preceding the date of the share purchase agreement, pursuant and subject to, and consistent with, applicable laws, the Nasdaq rules and the Company’s securities trading policies. Following the share subscription, Mr. Liu will beneficially own approximately 40% of the Company’s total issued and outstanding share capital. This share subscription demonstrates Mr. Liu’s confidence in the value and long-term growth of the Company. Conference Call Information The Company will hold a conference call on Tuesday, March 25, 2025 at 8:00 a.m. U.S. Eastern Time (Tuesday, March 25, 2025 at 8:00 p.m. Beijing time) to discuss the financial results for the fourth quarter of 2024. Please note that all participants will need to preregister for the conference call participation by navigating to https://register-conf.media-server.com/register/BI45159210a51645e393c476d916c740ca. Upon registration, you will receive an email containing participant dial-in numbers, and PIN number. To join the conference call, please dial the number you receive, enter the PIN number, and you will be joined to the conference call instantly. Additionally, a live and archived webcast of this conference call will be available at https://ir.17zuoye.com/. Non-GAAP Financial Measures 17EdTech’s management uses adjusted net income (loss) as a non-GAAP financial measure to gain an understanding of 17EdTech’s comparative operating performance and future prospects. Adjusted net income (loss) represents net loss excluding share-based compensation expenses and such adjustment has no impact on income tax. Adjusted net income (loss) is used by 17EdTech’s management in their financial and operating decision-making as a non-GAAP financial measure; because management believes it reflects 17EdTech’s ongoing business and operating performance in a manner that allows meaningful period-to-period comparisons. 17EdTech’s management believes that such non-GAAP measure provides useful information to investors and others in understanding and evaluating 17EdTech’s operating performance in the same manner as management does, if they so choose. Specifically, 17EdTech believes the non-GAAP measure provides useful information to both management and investors by excluding certain charges that the Company believes are not indicative of its core operating results. The non-GAAP financial measure has limitations. It does not include all items of income and expense that affect 17EdTech’s income from operations. Specifically, the non-GAAP financial measure is not prepared in accordance with GAAP, may not be comparable to non-GAAP financial measures used by other companies and, with respect to the non-GAAP financial measure that excludes certain items under GAAP, does not reflect any benefit that such items may confer to 17EdTech. Management compensates for these limitations by also considering 17EdTech’s financial results as determined in accordance with GAAP. The presentation of this additional information is not meant to be considered superior to, in isolation from or as a substitute for results prepared in accordance with US GAAP. Exchange Rate Information The Company’s business is primarily conducted in China and all of the revenues are denominated in Renminbi (“RMB”). However, periodic reports made to shareholders will include current period amounts translated into U.S. dollars (“USD” or “US$”) using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the consolidated balance sheets and the related consolidated statements of operations, comprehensive loss, change in shareholders’ deficit and cash flows from RMB into USD as of and for the three months and the year ended December 31, 2024 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.2993 representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 31, 2024. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 31, 2024, or at any other rate. About 17 Education & Technology Group Inc. 17 Education & Technology Group Inc. is a leading education technology company in China, offering smart in-school classroom solution that delivers data-driven teaching, learning and assessment products to teachers, students and parents. Leveraging its extensive knowledge and expertise obtained from in-school business over the past decade, the Company provides teaching and learning SaaS offerings to facilitate the digital transformation and upgrade at Chinese schools, with a focus on improving the efficiency and effectiveness of core teaching and learning scenarios such as homework assignments and in-class teaching. The product utilizes the Company’s technology and data insights to provide personalized and targeted learning and exercise content that is aimed at improving students’ learning efficiency. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about 17EdTech’s beliefs and expectations, are forward-looking statements. 17EdTech may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: 17EdTech’s growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users; its ability to carry out its business and organization transformation, its ability to implement and grow its new business initiatives; the trends in, and size of, China’s online education market; competition in and relevant government policies and regulations relating to China's online education market; its expectations regarding demand for, and market acceptance of, its products and services; its expectations regarding its relationships with business partners; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in 17EdTech’s filings with the SEC. All information provided in this press release is as of the date of this press release, and 17EdTech does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: 17 Education & Technology Group Inc. Ms Lara ZhaoInvestor Relations ManagerE-mail: ir@17zuoye.com 17 EDUCATION & TECHNOLOGY GROUP INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands of RMB and USD, except for share and per ADS data, or otherwise noted)     As ofDecember 31,  As of December 31,   2023  2024  2024   RMB  RMB  USD ASSETS         Current assets         Cash and cash equivalents  306,929   234,144   32,078 Restricted cash  —   49   7 Term deposits  169,756   125,108   17,140 Accounts receivable  59,206   67,097   9,192 Prepaid expenses and other current assets  94,835   82,513   11,304 Total current assets  630,726   508,911   69,721 Non-current assets         Property and equipment, net  32,013   26,410   3,618 Right-of-use assets  20,007   11,768   1,612 Other non-current assets  1,780   2,428   333 TOTAL ASSETS  684,526   549,517   75,284 LIABILITIES         Current liabilities         Accrued expenses and other current liabilities  128,001   104,422   14,307 Deferred revenue and customer advances, current  44,949   40,397   5,534 Operating lease liabilities, current  7,647   6,798   931 Total current liabilities  180,597   151,617   20,772    As ofDecember 31,  As of December 31,   2023  2024  2024   RMB  RMB  USD Non-current liabilities         Operating lease liabilities, non-current  9,660   4,261   584 TOTAL LIABILITIES  190,257   155,878   21,356 SHAREHOLDERS' EQUITY         Class A ordinary shares  305   241   33 Class B ordinary shares  38   81   11 Treasury stock  (97)  (34)  (5)Additional paid-in capital  10,987,407   11,070,615   1,516,668 Accumulated other comprehensive income  77,363   86,410   11,838 Accumulated deficit  (10,570,747)  (10,763,674)  (1,474,617)TOTAL SHAREHOLDERS' EQUITY  494,269   393,639   53,928 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY  684,526   549,517   75,284  17 EDUCATION & TECHNOLOGY GROUP INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands of RMB and USD, except for share and per ADS data, or otherwise noted)   For the three months ended December 31,   2023  2024  2024   RMB  RMB  USD Net revenues  47,346   36,593   5,013 Cost of revenues  (26,775)  (24,309)  (3,330)Gross profit  20,571   12,284   1,683 Operating expenses (Note 1)      Sales and marketing expenses  (29,903)  (20,183)  (2,765)Research and development expenses  (40,930)  (16,969)  (2,325)General and administrative expenses  (52,000)  (44,206)  (6,056)Total operating expenses  (122,833)  (81,358)  (11,146)Loss from operations  (102,262)  (69,074)  (9,463)Interest income  5,805   2,899   397 Foreign currency exchange (loss) gain  (873)  620   85 Other (expenses) income, net  (1,111)  1,807   248 Loss before provision for income tax and income from equity method investments  (98,441)  (63,748)  (8,733)Income tax expenses  —   —   — Net loss  (98,441)  (63,748)  (8,733)Net loss available to ordinary shareholders of 17      Education & Technology Group Inc.  (98,441)  (63,748)  (8,733)Net loss per ordinary share      Basic and diluted  (0.23)  (0.15)  (0.02)Net loss per ADS (Note 2)      Basic and diluted  (11.50)  (7.50)  (1.00)Weighted average shares used in calculating net loss per ordinary share      Basic and diluted  434,815,360   433,337,710   433,337,710        Note 1: Share-based compensation expenses were included in the operating expenses as follows:         For the three months ended December 31,   2023  2024  2024   RMB  RMB  USD Share-based compensation expenses:      Sales and marketing expenses  2,906   4,271   585 Research and development expenses  6,034   3,879   531 General and administrative expenses  7,706   15,519   2,126 Total  16,646   23,669   3,242        Note 2: Each one ADS represents fifty Class A ordinary shares. Effective on December 18, 2023, the Company changed the ratio of its ADS to its Class A ordinary shares from one ADSs representing ten Class A ordinary shares to one ADS representing fifty Class A ordinary shares. All earnings per ADS figures in this report give effect to the foregoing ADS to share ratio change. 17 EDUCATION & TECHNOLOGY GROUP INC. Reconciliations of non-GAAP measures to the most comparable GAAP measures (In thousands of RMB and USD, except for share, per share and per ADS data)     For the three months ended December 31,   2023  2024  2024   RMB  RMB  USD Net Loss  (98,441)  (63,748)  (8,733)Share-based compensation  16,646   23,669   3,242 Income tax effect  —   —   — Adjusted net loss  (81,795)  (40,079)  (5,491) 17 EDUCATION & TECHNOLOGY GROUP INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands of RMB and USD, except for share and per ADS data, or otherwise noted)     For the year ended December 31,   2023  2024  2024   RMB  RMB  USD Net revenues  170,962   189,212   25,922 Cost of revenues  (90,259)  (120,004)  (16,440)Gross profit  80,703   69,208   9,482 Operating expenses (Note 1)         Sales and marketing expenses  (101,260)  (76,088)  (10,424)Research and development expenses  (167,932)  (71,997)  (9,864)General and administrative expenses  (154,261)  (134,935)  (18,486)Total operating expenses  (423,453)  (283,020)  (38,774)Loss from operations  (342,750)  (213,812)  (29,292)Interest income  27,811   16,260   2,228 Foreign currency exchange (loss) gain  (801)  226   31 Other income, net  3,958   4,399   603 Loss before provision for income tax and income from equity method investments  (311,782)  (192,927)  (26,430)Income tax expenses  —   —   — Net loss  (311,782)  (192,927)  (26,430)Net loss available to ordinary shareholders of 17         Education & Technology Group Inc.  (311,782)  (192,927)  (26,430)Net loss per ordinary share         Basic and diluted  (0.68)  (0.48)  (0.07)Net loss per ADS (Note 2)         Basic and diluted  (34.00)  (24.00)  (3.50)Weighted average shares used in calculating net loss per ordinary share         Basic and diluted  458,636,327   401,923,200   401,923,200           Note 1: Share-based compensation expenses were included in the operating expenses as follows:             For the year ended December 31,   2023  2024  2024   RMB  RMB  USD Share-based compensation expenses:         Sales and marketing expenses  17,243   10,204   1,398 Research and development expenses  26,954   14,656   2,008 General and administrative expenses  39,498   37,057   5,077 Total  83,695   61,917   8,483           Note 2: Each one ADS represents fifty Class A ordinary shares. Effective on December 18, 2023, the Company changed the ratio of its ADS to its Class A ordinary shares from one ADSs representing ten Class A ordinary shares to one ADS representing fifty Class A ordinary shares. All earnings per ADS figures in this report give effect to the foregoing ADS to share ratio change.  17 EDUCATION & TECHNOLOGY GROUP INC. Reconciliations of non-GAAP measures to the most comparable GAAP measures (In thousands of RMB and USD, except for share, per share and per ADS data)     For the year ended December 31,   2023  2024  2024   RMB  RMB  USD Net Loss  (311,782)  (192,927)  (26,430)Share-based compensation  83,695   61,917   8,483 Income tax effect  —   —   — Adjusted net loss  (228,087)  (131,010)  (17,947)

Fujifilm Announces Development of FUJINON LA30x7.8BRM-XB2 4K Broadcast Zoom Lens - ForexTV

Affordable, lightweight 2/3" zoom to be previewed at NAB 2025VALHALLA, N.Y., March 26, 2025 (GLOBE NEWSWIRE) -- FUJIFILM North America Corporation, Optical Devices Division, today announced the development of FUJINON LA30x7.8BRM-XB2 (hereafter “LA30x7.8”), a 4K broadcast zoom lens designed specifically to combine portability, ease of use, and superior performance at an affordable price point. Due to be released later in 2025, Fujifilm plans to display LA30x7.8 under glass at the 2025 NAB Show, one of the world’s largest international broadcast equipment trade shows, to be held in Las Vegas from April 6 - 9. “Due to the rapid expansion of video streaming platforms, the volume of video content for news, live production, house of worship, corporate, and sports productions has increased,” said Stosh Durbacz, vice president, Sales, Optical Devices Division, FUJIFILM North America Corporation. “As a result, there is a growing demand for equipment that can streamline content creation without compromising on image quality or functionality within limited production budgets. LA30x7.8 will satisfy that demand.” LA30x7.8 joins FUJINON LA16x8BRM-XB1A in the LA series of FUJINON 4K broadcast zoom lenses. Since its 2019 release, LA16x8BRM-XB1A has received continued praise for its compact (163.8mm) and lightweight (1.6kg) design, excellent optical performance, and affordable cost. LA30x7.8 continues that legacy. Main features 30x zoom range covering focal lengths of 7.8mm-234mm with a compact and lightweight design The lens boasts a 30x zoom, covering focal lengths of 7.8mm-234mm, while maintaining a compact and lightweight design, measuring just 190mm and weighing 1.8kg. This is achieved by adopting a rear focus mechanism[1], and optimizing the lens configuration and control methods, which Fujifilm has cultivated over many decades of lens design.Since it covers the range with compact and lightweight body, it can reduce the burden of shoulder-mounted operation and enable the capture of a variety of scenes. High functionality with newly developed drive unit The newly developed drive unit features high resolution 16-bit encoders for extremely accurate position detection of zoom, focus and iris in virtual and remote production, which contributes to streamlined production operations.The lens achieves maximum speed of 1.0 sec and minimum speed of 120 sec when zooming from wide to tele end. This versatile range helps to capture a fast-moving subject during live sport broadcast, while enabling ultra-slow zooms during live music to deliver creative capture of the footage. 4K optical performance across the entire zoom range By utilizing the latest optical simulation technology and suppressing various types of aberrations, the lens achieves 4K optical performance across the entire zoom range.Fujifilm’s unique multi-layer coating High Transmittance Electron Beam Coating (HT-EBC) boasts high light transmittance and accurate color reproduction. Equipped with features that support comfortable filming A single button on the lens provides electronic flange back[2] adjustment. The system provides faster and more efficient adjustment as compared to the manual process.The macro function allows for closer focus than minimum object distance (MOD) up to 0.05m from the front of the lens by sliding the unique focus ring forward. It enables the operator to film the extreme close-ups without letting go of their focusing hand. Pricing and Availability:FUJINON LA30x7.8BRM-XB2 is expected to be available in 2025. More detailed timing and pricing will be shared as it becomes available. For more information, please visit https://www.fujifilm.com/us/en/business/cine-and-broadcast/portable-lens/4k-portable-lens. About Fujifilm FUJIFILM North America Corporation, a marketing subsidiary of FUJIFILM Holdings America Corporation, consists of six operating divisions. The Imaging Division provides consumer and commercial photographic products and services, including silver halide consumables; inkjet consumables; digital printing equipment, along with service and support; personalized photo products fulfillment; film; one-time-use cameras; and the popular INSTAX line of instant cameras, smartphone printers, instant film, and accessories. The Electronic Imaging Division markets its GFX System and X Series lines of mirrorless digital cameras, lenses, and accessories to provide a variety of content creation solutions for both still and moving imagery. The Optical Devices Division provides optical lenses for the broadcast, cinematography, closed circuit television, videography, and industrial markets, and markets binoculars and other optical imaging solutions. The Graphic Communication Division utilizes its extensive industry knowledge to develop fully supported traditional and digital print solutions for industries including commercial print, wide format, and packaging with its comprehensive line of digital inkjet presses, production toner printers, and software. The Industrial Products Division delivers new products derived from Fujifilm technologies including data storage tape products, including OEM and FUJIFILM Ultrium LTO cartridges, desalination solutions, microfilters and gas separation membranes. The Non-Destructive Testing Division delivers radiography solutions to ensure high accuracy inspection of transportation infrastructure, and assets within aerospace, and oil and gas industries.  For more information, please visit https://www.fujifilm.com/us/en/about/region, go to www.twitter.com/fujifilmus to follow Fujifilm on Twitter, or go to www.facebook.com/FujifilmNorthAmerica Like Fujifilm on Facebook. FUJIFILM Holdings Corporation, headquartered in Tokyo, leverages its depth of knowledge and proprietary core technologies to deliver innovative products and services across the globe through the four key business segments of healthcare, electronics, business innovation, and imaging with over 70,000 employees. Guided and united by our Group Purpose of “giving our world more smiles,” we address social challenges and create a positive impact on society through our products, services, and business operations. Under its medium-term management plan, VISION2030, which ends in FY2030, we aspire to continue our evolution into a company that creates value and smiles for various stakeholders as a collection of global leading businesses and achieve a global revenue of 4 trillion yen (29 billion USD at an exchange rate of 140 JPY/USD). For more information, please visit: www.fujifilmholdings.com.  For further details about our commitment to sustainability and Fujifilm’s Sustainable Value Plan 2030, click here.  FUJIFILM and FUJINON are trademarks of FUJIFILM Corporation and its affiliates. © 2025 FUJIFILM North America Corporation and its affiliates. All rights reserved. [1] A mechanism that focuses by moving the rear part of the lens[2] Distance from the lens’s flange to a camera’s image sensor. CONTACT: Daniel Carpenter FUJIFILM Holdings America Corporation 9145292417 daniel.carpenter@fujifilm.com

Virtualware registered 91% EBITDA Growth and 0.5 Financial net debt to EBITDA ratio in 2024, as per audited results filed today before Euronext - ForexTV

Bilbao, 27 March 2025.  Virtualware (EPA: MLVIR), a leading expert in 3D-driven enterprise software, reported a 91% increase in EBITDA to 808,000 euros in its audited results submitted today to Euronext.  This growth was driven by the expanded adoption of the company's enterprise XR platform VIROO, through its subscription-based model and new contracts secured in North America. The company submitted its 2024 Audited Results today before Euronext, following up on the release of its unaudited results filed on February 6th.  The company will present these results to the market on an Investors Call that will take place online on April 9th at 11.00 am EDT. Virtualware operates under three pillars: expanding in the US and Canada, strengthening immersive and 3D-powered solutions, and pursuing inorganic growth to accelerate revenue. Audits show that in 2024, Virtualware's core XR unit registered 4.20 million euros in sales, or 30,000 euros more than initially reported.  Pre-tax profit climbed 1712% to 598,000 euros, or 36,163 euros more than reported initially in February.  Financial net debt to EBITDA ratio stood at 0.5 at the end of 2024.  Subscription-based services accounted for 41% of total revenue. VIROO XRaaS revenue grew from 590,555 euros in 2022 to 1,288,060 euros in 2023, reaching 1,725,719 euros by the end of 2024 and marking a 192% increase over two years.  VIROO, Virtualware's flagship product, is a ready-to-run XR solution that provides multiple, ready-to-use applications for users and tools for developers to create and distribute their own custom multi-user XR, simulation, and digital twin applications while ensuring security, scalability, and performance.  "These audited results prove that not only Virtualware is growing strong, but also that the way it conducts business is investor-oriented," said CEO Unai Extremo. "We have gained the market's trust for many years and intend to grow even further based on this."  At the start of 2024, Virtualware launched a Strategic Plan to expand its North American footprint over the next three years. North American sales represented 36% of total revenue in 2024. The company continues to grow in the region, with team expansions in Orlando, US, and Toronto, Canada, and 14 new channel partners.  Last October 2024, Virtualware bought Simumatik, a Swedish firm specializing in emulation software and digital twins, for 1.37 million euros.  Founded in 2004, the corporation has been trading on Euronext Paris' Access segment since April 2023. A few weeks ago, Virtualware announced its intention to uplist to Euronext Growth Paris in the second quarter of 2025.  In the past twenty years, Virtualware has built enterprise solutions for global conglomerates and institutions, including GE Vernova, Petronas, Volvo, Alstom, Gestamp, ADIF, Bosh, Biogen, Kessler Foundation, Invest Windsor Essex, McMaster University, and the Spanish Ministry of Defense.  The company's main office is in Bilbao, Spain, with additional offices in Orlando (USA), Toronto (Canada), and Skövde (Sweden). Safe HarborThis document is only provided for information purposes and does not constitute, nor should it be interpreted as, an offer to sell or exchange or acquire, or an invitation for offers to buy securities issued by any of the aforementioned companies. Any decision to buy or invest in securities in relation to a specific issue must be made solely and exclusively on the basis of the information set out in the pertinent prospectus filed by the company in relation to such specific issue. No one who becomes aware of the information contained in this report should regard it as definitive, because it is subject to changes and modifications.  This document contains or may contain forward looking statements regarding intentions, expectations or projections of Virtualware 2007, S.A. (“Virtualware” or the “Company”) or of its management on the date thereof, that refer to or incorporate various assumptions and projections, including projections about the future earnings of the business. The statements contained herein are based on our current projections, but the actual results may be substantially modified in the future by various risks and other factors that may cause the results or final decisions to differ from such intentions, projections or estimates. These factors include, without limitation, (1) the market situation, macroeconomic factors, regulatory, political or government guidelines, (2) domestic and international stock market movements, exchange rates and interest rates, (3) competitive pressures, (4) technological changes, (5) alterations in the financial situation, creditworthiness or solvency of our customers, debtors or counterparts. These factors could cause or result in actual events differing from the information and intentions stated, projected or forecast in this document or in other past or future documents. Virtualware does not undertake to publicly revise the contents of this or any other document, either if the events are not as described herein, or if such events lead to changes in the information contained in this document. This disclaimer needs to be taken into account by those persons which may take a decision over the base of this document or to elaborate or disseminate opinions based hereof.  This document may contain summarised information or information that has not been audited. This document is confidential and it cannot be revealed or disclosed to third parties different from the original recipients, even partially, without Virtualware’s prior consent.