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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.
Caledonia Mining Corporation Plc: Results for the year ended December 31, 2024 - ForexTV
Restated previous financial statements and non-reliance to the extent set out in this announcement Details of investor and analyst presentation Record Profit, Stable Production and Exploration Success ST HELIER, Jersey, March 31, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc ("Caledonia" or "the Company") announces its operating and financial results for the year ended December 31, 2024 (the "Year"). Caledonia also announces the restatement of previous financial statements due to an error that was identified in the accounting interpretation related to the calculation of deferred tax liabilities of Blanket Mine (“Blanket”). The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities. Further information on the financial and operating results for the Year and the quarter ended December 31, 2024 (the "Quarter" or "Q4"), as well as the restatement, can be found in the Management Discussion and Analysis ("MD&A"), and the Consolidated Audited Financial Statements (“Financial Statements”), which are available on the Company's website and are being filed on SEDAR+ and EDGAR. Financial Highlights Gross revenue of $183.0 million, up from $146.3 million in 2023, reflecting higher gold prices.Record gross profit of $77.0 million, up 86% from 2023 driven by a combination of higher gold prices and lower production costs at the Bilboes oxide mine (2023: $41.5 million).Net attributable profit of $17.9 million (2023: net loss of $7.9 million).Substantially stronger operating cash flow of $42.0 million compared to $14.8 million in 2023.Basic IFRS earnings per share (“EPS”) of 91.2 cents (2023: loss per share of 43.6 cents).Adjusted EPS1 of 125.2 cents (2023: loss per share of 10.3 cents).Net cash and cash equivalents improved to negative $8.7 million (31 December 2023: negative $11.0 million).As set out in news releases issued on March 24 and 28, 2025, Caledonia has declared a quarterly dividend of 14 cents per share, payable on April 17, 2025. Operating Highlights Blanket performed well with gold production of 76,656 ounces (2023: 75,416 ounces), within guidance.Bilboes oxide mine gold production of 1,645 ounces (2023: 3,050 ounces), reflecting the decision to place the mine on care and maintenance from September 30, 2023.Consolidated average realised gold price per ounce2 of $2,347 (2023: $1,910).On-mine cost per ounce2 of $1,073 (2023: $1,097).All-in sustaining cost (AISC)2 per ounce of $1,506 (2023: $1,499).In May 2024, the Company announced a 63% increase in measured and indicated mineral resources and a 26% increase in inferred mineral resources at Blanket.Encouraging results announced in November 2024 from the initial exploration programme at Motapa with more exploration work planned at the site in 2025. ______________________________1 Adjusted EPS excludes net foreign exchange movements (including the deferred tax effect and the non-controlling interest thereon) and deferred tax. A reconciliation of IFRS EPS to Adjusted EPS is set out in section 8 of the MD&A2 Non-IFRS measures such as “On-mine cost per ounce”, “All-in sustaining cost per ounce”, “average realised gold price per ounce” and “adjusted EPS” are used throughout this announcement. Refer to section 3.2 of the MD&A for a discussion of non-IFRS measures. Update on Bilboes Feasibility Study As announced on March 27, 2025, Caledonia, with the support of DRA Projects (Pty) Ltd and other technical consultants, has been making good progress on the Feasibility Study (“FS”) for the Bilboes project. While the FS was initially targeted for completion in Q1 2025, the Company has decided to extend the timeline to fully explore several material optimisation opportunities that have the potential to enhance project economics and reduce upfront capital requirements. Key areas of optimisation currently under review include: Engaging with the authorities to explore the potential sale of concentrate, which could significantly reduce upfront capital expenditures by deferring the capital expenditure on a BIOX processing circuit, at least in the first few years of production;Evaluating the potential relocation of the Tailings Storage Facility to a more efficient site, including on Caledonia’s Motapa property adjacent to Bilboes, where the topography could lead to lower initial construction costs; andIncorporating near-term opportunities at Motapa into the FS, following encouraging exploration results in 2024 and the additional exploration and development work planned at Motapa this year. In addition, Caledonia continues to assess near-term revenue opportunities across its portfolio. In particular, high-grade mineralisation recently identified at Blanket could make a meaningful contribution to the initial capital requirements for Bilboes, providing further flexibility around funding. The board remains fully committed to maximising shareholder value: this means ensuring that Bilboes is optimised both technically and financially, while continuing discussions with funding partners and relevant authorities in Zimbabwe. The optimisation work is advancing well, and the Company will provide a further update on the expected timing of the FS in due course. Board and Management Changes On February 14, 2025, Mr. Stefan Buys and Ms. Lesley Goldwasser joined the board as independent non-executive directors.As previously announced on February 19, 2025 and March 21, 2025, Mr. Chester Goodburn steps down as CFO today and is succeeded by Mr. Ross Jerrard.Mr. Johan Holtzhausen is not putting himself forward for reappointment as a director at the next annual general meeting in May 2025. Ms. Tariro Gadzikwa will take over as chair of the Audit Committee provided she is reappointed as a director at the annual general meeting. Strategy and Outlook Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million allocated to Blanket and $6.3 million for the Bilboes and Motapa projects.Strong start to 2025 with 11,782 ounces produced at the end of February.Caledonia’s strategic focus remains on: Maintaining stable production at Blanket while investing in modernising operations to improve efficiency;Continuing to optimise Bilboes to maximise net present value per share;Continued exploration activities at Blanket and Motapa; andBecoming a multi-asset, Zimbabwe-focused gold producer. Mark Learmonth, Chief Executive Officer, commented: “2024 was a year of significant progress for Caledonia, both financially and operationally. We delivered solid gold production at Blanket, achieving 76,656 ounces, towards the upper end of our guidance. Our financial performance benefited from a higher gold price environment, which resulted in a significant increase in gross profit and operating cashflows. “Bilboes remains a highly attractive project, and we are confident that we will find the optimal development method to maximise returns for shareholders. We continue to refine the feasibility study, exploring ways to enhance project economics and reduce upfront capital requirements. We are confident that by taking a disciplined approach we can develop the project in a way that creates long term value while maintaining financial prudence. “Our strategic vision remains to become a multi-asset, Zimbabwe-focused gold producer that delivers sustainable value for shareholders and respective stakeholders. I would like to thank our team and shareholders for your continued support, and I look forward to another year of progress and growth.” Restated previous financial statements In preparation of the Financial Statements, an error was identified in the accounting interpretation related to the calculation of deferred tax liabilities at Blanket. The restatement has no effect on historic reported cash or cashflow statements and has no effect on historic income tax calculations or submissions to the tax authorities. The restatement of financial statements due to this error is summarised below and is qualified in its entirety by the more comprehensive disclosure relating to the restatement in Caledonia’s MD&A. In October 2018, the local Zimbabwe currency known as RTGS$ was introduced in Zimbabwe at 1:1 to the USD. The RTGS$ was deemed the only legal tender in Zimbabwe, and all liabilities held previously were to be denominated in RTGS$. In 2019, Practice Note 26 (as described in note 3.1.5 of the Financial Statements) required all income tax returns to be calculated in RTGS$ for transactions occurring prior to introducing the multi-currency regime in 2023. Blanket’s deferred tax liabilities were incorrectly calculated in RTGS$ and accounted for as a monetary item where RTGS$ deferred tax temporary differences were translated to the USD functional currency. Gains related to the devaluation of the deferred tax liabilities were realised in profit or loss. Transactions from 2019 to 2022 affected the deferred tax liability calculation and continued to be denominated in RTGS$ in accordance with the legislated tax regime after the multi-currency regime was introduced. The accounting for the deferred tax liabilities in RTGS$ with the translation to USD remained consistent in all previous consolidated financial statements, yet the carrying value of the deferred tax liabilities should have been denominated in USD rather than RTGS$. The error, stemming from January 1, 2019, was corrected from the earliest period presented in the Financial Statements, as presented in the table below. Consolidated statements of profit or loss and other comprehensive income($'000's)December 31, 2023 December 31, 2022 As previously reported Adjustment As restated As previously reported Adjustment As restated Net foreign exchange (loss) profit(2,550)(4,222)(6,772)4,411 (10,088)(5,677)Tax expense(12,810)– (12,810)(16,770)2,411 (14,359)(Loss) profit for the year(618)(4,222)(4,840)22,866 (7,677)15,189 Total comprehensive income for the year(1,240)(4,222)(5,462)22,404 (7,677)14,727 Non-controlling interests3,580 (558)3,022 4,963 (1,013)3,950 Basic (loss) earnings per share ($)(0.24)(0.20)(0.44)1.36 (0.51)0.85 Diluted (loss) earnings per share ($)(0.24)(0.20)(0.44)1.35 (0.50)0.85 Consolidated statements of financial position ($’000’s) December 31, 2023January 1, 2023As previously reportedAdjustment As restatedAs previously reportedAdjustment As restatedRetained loss63,17233,971 97,14350,22230,307 80,529Non-controlling interests24,477(6,021)18,45622,409(5,463)16,946Deferred tax liabilities6,13139,992 46,1235,12335,770 40,893 Remediation efforts are ongoing and are expected to be completed in the second quarter of 2025. Going forward, management plans to reconsider critical accounting interpretations every 3 years. The remediation efforts to-date have included engaging and consulting with the external accounting advisors, considering authoritative and non-authoritative guidance available in the accounting literature, and conducting a detailed analysis of deferred tax accounting rules. The management team, including the Chief Executive Officer and Chief Financial Officer, have reaffirmed and re-emphasized the importance of internal control, control consciousness and a strong control environment. Should these remedial measures be insufficient to address the material weakness described above, or additional deficiencies arise in the future, material misstatements in our interim or annual financial statements may occur in the future. Material weakness and non-reliance on previous financial statements In the preparation of the Financial Statements, management identified the prior period error and determined that the restatement of financial information presented was necessary. As a result, management has determined that the control over accounting for deferred tax liabilities did not operate effectively and constitutes a material weakness for the annual and interim filings for the period January 1, 2019 to December 31, 2024. Based on the foregoing, each of the previously filed annual and interim financial statements for the annual and interim periods between January 1, 2019 and September 30, 2024 should not be relied upon in respect of the items set out in the tables above. Commentary Financial Performance In 2024, Caledonia achieved a significant financial turnaround, reporting a net attributable profit of $17.9 million, an improvement from the net loss of $7.9 million in 2023. This positive shift was driven by a 23% increase in the average realised gold price, rising to $2,347 per ounce from $1,910 per ounce in 2023 and cost improvements. Gross profit for the year reached $77.0 million, up from $41.5 million in the previous year, reflecting both the higher gold prices and effective cost management. Operating cash flow also saw an increase to $42.0 million compared to $14.8 million in 2023. This improvement in cash generation has strengthened the company’s financial position, with net cash and cash equivalents improving to negative $8.7 million from negative $11.0 million in the prior year. Outlook for 2025 Looking ahead, Blanket’s production guidance for 2025 is between 73,500 and 77,500 ounces of gold. On-mine cost per ounce is expected to be between $1,050 and $1,150, reflecting anticipated increases in labour and operating expenses. All-in sustaining cost per ounce is expected to be between $1,690 to $1,790 due to a high level of sustaining capital expenditure as Caledonia continues to invest in Blanket’s future. Capital investment for 2025 is budgeted at $41.0 million, with $34.1 million allocated to Blanket and $6.3 million designated for the Bilboes and Motapa projects. These investments aim to enhance operational efficiency and support the Company’s growth objectives. Details of Investor and Analyst Presentation A presentation for investors and analysts will be held as follows: When: March 31, 2025 at 2:00pm London time Topic: Full Year and Q4 2024 Results Call for Investors Register in advance for this webinar: https://brrmedia.news/CMCL_Q4 Enquiries: Caledonia Mining Corporation PlcMark LearmonthCamilla HorsfallTel: +44 1534 679 800Tel: +44 7817 841 793 Cavendish Capital Markets Limited (Nomad and Joint Broker)Adrian HaddenPearl KellieTel: +44 207 397 1965Tel: +44 131 220 9775 Liberum Panmure (Joint Broker)Scott MathiesonAilsa MacMasterTel: +44 20 3100 2000 Camarco, Financial PR/ IR (UK)Gordon PooleElfie KentFergus YoungTel: +44 20 3757 4980 3PPB (Financial PR, North America)Patrick ChidleyPaul DurhamTel: +1 917 991 7701Tel: +1 203 940 2538 Curate Public Relations (Zimbabwe)Debra TatendaTel: +263 77802131 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe)Lloyd MlotshwaTel: +263 (242) 745 119/33/39 This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Cautionary Note Concerning Forward-Looking Information Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, our strategic vision, the potential sale of concentrate, the potential relocation of the Tailings Storage Facility, the high-grade mineralisation at Blanket, the publication of the Bilboes feasibility study, the timing and ability to remediate the deficiency in control over accounting for deferred tax liabilities and the potential of being unable to prevent misstatements from occurring in the future. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act. Condensed Consolidated Statements of profit or loss and Other comprehensive income($'000's)3 months ended12 months endedDecember 31December 312024 2023 2024 2023 2022 *Restated *Restated *Restated Revenue47,515 38,661 183,018 146,314 142,082 Royalty(2,432)(1,987)(9,263)(7,637)(7,124)Production costs(20,239)(21,681)(80,744)(82,709)(62,998)Depreciation(3,915)(4,437)(16,021)(14,486)(10,141)Gross profit20,929 10,556 76,990 41,482 61,819 Other income725 136 1,090 263 60 Other expenses(2,862)(1,567)(6,940)(4,367)(11,782)Administrative expenses(5,429)(5,539)(15,658)(17,429)(11,941)Cash-settled share-based expense278 (165)(201)(463)(609)Equity-settled share-based expense(269)(76)(1,054)(640)(484)Net foreign exchange profit (loss)474 (494)(9,722)(6,772)(5,677)Net derivative financial instrument expense(335)(529)(831)(1,119)(1,198)Operating profit13,511 2,322 43,674 10,955 30,188 Net finance cost(787)(653)(3,131)(2,985)(640)Profit before tax12,724 1,669 40,543 7,970 29,548 Tax expense(5,208)(4,258)(17,489)(12,810)(14,359)Profit (loss) for the year7,516 (2,589)23,054 (4,840)15,189 Other comprehensive income Items that are or may be reclassified to profit or loss Exchange differences on translation of foreign operations(779)156 (116)(622)(462)Total comprehensive income (loss) for the year6,737 (2,433)22,938 (5,462)14,727 Profit (loss) attributable to: Owners of the Company5,865 (3,402)17,899 (7,862)11,239 Non-controlling interests1,651 813 5,155 3,022 3,950 Profit (loss) for the year7,516 (2,589)23,054 (4,840)15,189 Total comprehensive income (loss) attributable to: Owners of the Company5,086 (3,246)17,783 (8,484)10,777 Non-controlling interests1,651 813 5,155 3,022 3,950 Total comprehensive income for the year6,737 (2,433)22,938 (5,462)14,727 Earnings (loss) per share (cents) Basic earnings (loss) per share29.7 (18.7)91.2 (43.6)84.8 Diluted earnings (loss) per share29.7 (18.7)91.2 (43.6)84.7 Adjusted earnings per share (cents) Basic44.3 2.1 125.2 (10.3)217.7 Dividends paid per share (cents)14.0 14.0 56.0 70.0 50.0 * Refer to section 10 and section 11 of the MD&A. Summarised Consolidated Statements of Financial Position ($’000’s)As atDec 31Dec 31Dec 31 202420232022 *Restated*RestatedTotal non-current assets287,046274,074196,764Income tax receivable3551,12040Inventories23,76820,30418,334Derivative financial assets–88440Trade and other receivables12,6759,9529,185Prepayments6,7482,5383,693Cash and cash equivalents4,2606,7086,735Assets held for sale13,51213,519–Total assets348,364328,303235,191Total non-current liabilities68,50563,97045,061Cash-settled share-based payment6349201,188Income tax payable2,958101,324Lease liabilities95167132Loans and borrowings1,174––Loan note instruments8556657,104Trade and other payables26,64720,50317,454Derivative Financial Liabilities–––Overdrafts12,92817,7405,239Liabilities associated with assets held for sale104128–Total liabilities113,900104,10377,502Total equity234,464224,200157,689Total equity and liabilities348,364328,303235,191 * Refer to section 10 and section 11 of the MD&A. Condensed Consolidated Statements of Cash Flows ($`000)2024 2023 2022 Cash inflow from operations55,438 26,398 49,657 Interest received26 39 17 Finance costs paid(2,864)(2,462)(192)Tax paid(10,645)(9,206)(6,866)Net cash inflow from operating activities41,955 14,769 42,616 Cash flows used in investing activities Acquisition of property, plant and equipment(27,477)(28,556)(41,495)Acquisition of exploration and evaluation assets(3,835)(1,837)(2,596)Proceeds from derivative financial instruments– 178 – Acquisition of Put options(743)(946)(478)Proceeds from call options– – 416 Acquisition of call options– – (176)Net cash used in investing activities(32,055)(31,161)(44,329) Cash flows from financing activities Dividends paid(12,302)(11,099)(8,906)Payment of lease liabilities(182)(184)(150)Shares issued – equity raise (net of transaction cost)– 15,569 – Proceeds from loans and borrowings3,000 – – Repayments of loans and borrowings(326)– – Loan notes - Motapa payment– (7,250)– Loan notes - solar bond issue receipts (net of transaction cost)1,970 6,895 – Repayment of gold loan– – (3,698)Proceeds from share options exercised37 – – Net cash (used in) / from financing activities(7,803)3,931 (12,754) Net increase / (decrease) in cash and cash equivalents2,097 (12,461)(14,467)Effect of exchange rate fluctuations on cash and cash equivalents267 (67)(302)Net cash and cash equivalents at the beginning of the year(11,032)1,496 16,265 Net cash and cash equivalents at the end of the year(8,668)(11,032)1,496