Foreign currency news, articles, and videos can be found in a variety of sources, including online news sites, financial publications, and other websites. For example, The Wall Street Journal and Reuters both regularly publish stories related to foreign currency markets. There are also numerous blogs and websites devoted to discussing foreign currency trading and the impact of international exchange rates. Additionally, many central banks and finance ministries provide their own websites and resources with up-to-date information and analysis. Finally, YouTube and other video streaming sites are good sources for informational videos, interviews, and tutorials related to foreign currency and forex trading.

ForexTV

25.03.2025

Pony AI Inc. Announces Unaudited Fourth Quarter and Full Year 2024 Financial Results - ForexTV

NEW YORK, March 25, 2025 (GLOBE NEWSWIRE) -- Pony AI Inc. (“Pony.ai” or the “Company”) (Nasdaq: PONY), a global leader in the large-scale commercialization of autonomous mobility, today announced its unaudited financial results for the quarter and full year ended December 31, 2024. Dr. James Peng, Co-founder and Chief Executive Officer of Pony.ai, commented, “2024 marked a milestone year for Pony.ai as we transitioned to a public company. Our robotaxi-first, China-first, and tier-one cities-first approach has positioned us at the forefront of the race towards large-scale commercialization. The strategic partnerships with OEMs we have developed, also empowers us to rapidly scale production of our seventh-generation robotaxi. In 2025, we aim to build upon this momentum and accelerate beyond the inflection point of scaled commercialization, building a world with safer, more efficient, and accessible autonomous mobility.” Dr. Tiancheng Lou, Co-founder and Chief Technology Officer of Pony.ai, added, “Our years of engineering efforts have yielded cutting-edge technology that ensures the highest levels of safety at effective costs, and supports our large-scale operations. Reinforcement learning and PonyWorld generative virtual environment are powering our autonomous driving system with smarter decisions in complex real-world conditions. Notably, our robotaxi safety record has improved by 16 times and has driven insurance policy prices down to roughly 50% that of human-driven taxis – all these are clear indicators of safety and reliability in our technology.” Dr. Leo Wang, Chief Financial Officer of Pony.ai, commented, “We are proud of our revenue growth over the past three consecutive years, showcasing our ability to commercialize our leading autonomous mobility solutions. While the near-term financials reflected our strategic resource allocation to support the mass production and deployment of robotaxi services, we remain focused on improving unit economics in 2025. Our successful IPO has enhanced our financial strength and flexibility, providing us with ample capital for disciplined production scale-up and R&D investments.” Recent Developments Expanding Operations and Regulatory Approvals Expansion of Paid Robotaxi Services in Beijing On March 13, 2025, Pony.ai launched the first-ever paid robotaxi service at a major railway hub in urban Beijing, connecting Beijing South Railway Station and Yizhuang, the southeast suburb of Beijing. As one of the first companies to receive approval to test autonomous vehicles on highways in Beijing, Pony.ai can now offer autonomous ride-hailing services that connect key transport hubs such as Beijing South Railway Station, Beijing Daxing Airport, and Yizhuang Railway Station. Going forward, the Company plans to gradually expand its robotaxi services to Beijing city center. Partnership with ComfortDelGro to Jointly Launch Robotaxi Pilot Program in Guangzhou On March 12, 2025, Pony.ai and ComfortDelGro Corporation Limited (“ComfortDelGro”), a leading multi-modal transport operator, jointly launched a robotaxi pilot program in Guangzhou. This follows the signing of a Memorandum of Understanding (MoU) in June 2024. The program will deploy multiple autonomous vehicles for ride-hailing services across the city. Pony.ai will provide daily technical support with ComfortDelGro leveraging its expertise in large-scale fleet management to ensure service quality and handle customer support. Expansion of Paid Robotaxi Services in Guangzhou On February 21, 2025, Pony.ai launched paid robotaxi services connecting multiple locations in Guangzhou’s city center to Guangzhou Baiyun International Airport and Guangzhou South Railway Station. Notably, Pony.ai is the first and only company approved to provide robotaxi services on these high-demand routes. This expansion not only marks a major step in the integration of autonomous driving with the dynamic urban landscape of Guangzhou but also signifies another milestone in the Company’s commercialization of autonomous mobility. First Company in China Approved for Autonomous Truck Platooning Tests In December 2024, Pony.ai became the first company in China approved for robotruck platooning tests on cross-provincial highways connecting Beijing, Tianjin, and Hebei Province. This approval allows the Company to operate robotrucks in a “1+N” platoon, with only the lead truck requiring a safety operator, and the following trucks operating autonomously. Pony.ai will commence platooning tests on the Beijing-Tianjin-Tanggu Expressway, advancing toward fully autonomous truck platoons to enhance logistics efficiency. Partnership with Amap to Expand Robotaxi Services in Guangzhou On October 14, 2024, Pony.ai partnered with Amap, a leading provider of digital map, navigation and real-time traffic information in China and part of Alibaba Group, to integrate its robotaxis into Amap’s ride-hailing services. This partnership allows users in Guangzhou’s Nansha district to book rides in Pony.ai robotaxis through the Amap app, offering a futuristic, driverless travel experience. Both companies expect to expand this service to additional cities and regions in the future. Mass Production Updates Strategic Cooperation with GAC Aion to Develop Next-generation Robotaxi On December 11, 2024, Pony.ai and Guangzhou Automobile Group Co., Ltd. (“GAC”) Aion, the new energy vehicle division of GAC, signed a strategic cooperation agreement to jointly develop a fully driverless, mass-produced robotaxi, advancing the commercialization of Pony.ai’s leading autonomous driving technology. The new fully driverless robotaxi will integrate Pony.ai's seventh-generation autonomous driving system into GAC Aion’s global version of the vehicle. Both companies expect to produce over 1,000 robotaxis with the first deliveries expected in 2025. Initial deployment will be in China’s Greater Bay Area, with plans for future expansion to other regions and markets. Partnership with BAIC BJEV for L4 Robotaxi Development On October 31, 2024, Pony.ai and Beijing Automotive Industry Corporation Beijing Electric Vehicle Co., Ltd. (“BAIC BJEV”), the new energy vehicle arm of Beijing Automotive Group Co., Ltd., officially signed a technical cooperation agreement to develop L4 robotaxis using the ARCFOX αT5 model equipped with Pony.ai’s seventh-generation autonomous driving system, including both hardware and software stacks. The first batch of ARCFOX αT5 robotaxis are expected to launch in 2025, targeting the Chinese market. Beyond vehicle development, both companies will also cooperate on brand marketing, promotional activities, supply chain management, and vehicle sales to expand the adoption of intelligent technologies internationally and drive the growth of the autonomous driving industry in China. Expanding Global Footprint Secured Autonomous Driving Test Permit in Seoul On December 26, 2024, Pony.ai collaborated with PonyLink (formerly GemVaxLink) to secure a temporary autonomous driving test permit from South Korea’s Ministry of Land, Infrastructure, and Transport. The Company began public road testing in Seoul’s Gangnam district, covering 32 roads across 20.4 km². This marks a significant milestone in the global expansion of Pony.ai’s autonomous driving technology. The test fleet is composed of Hyundai KONA Electric vehicles featuring Pony.ai’s sixth-generation autonomous driving system, making it the world’s first fleet of robotaxis to operate fully autonomously with automotive-grade solid-state LiDAR technology. Expanding European Reach with Partnership in Luxembourg On October 23, 2024, Pony.ai Europe, the European division of the Company, signed a MoU with Emile Weber Group, Luxembourg's leading transport company, to advance the development of autonomous mobility in the Grand Duchy. Building on a March 2024 agreement with the Government of Luxembourg, Pony.ai established its European hub in Luxembourg in September 2024 which serves as a center for advanced R&D and the development of customized solutions for the European market. This milestone further advanced Pony.ai’s European expansion in 2024. Unaudited Fourth Quarter 2024 Financial Results Revenues Total revenues were US$35.5 million in the fourth quarter of 2024, representing a decrease of 29.8% from US$50.6 million in the fourth quarter of 2023. The decrease was mainly influenced by the timing of project-based revenue recognition, partially offset by an increase in other revenues.Robotaxi services were US$2.6 million in the fourth quarter of 2024, representing a decrease of 61.9% from US$6.7 million in the fourth quarter of 2023. The decrease was mainly driven by reduced service fees from providing autonomous vehicle engineering solutions based on our collaboration projects’ progression schedule. The decrease was partially offset by a significant increase in passenger fares driven by the expansion of our public-facing fare-charging robotaxi operations in Tier-one cities in China.Robotruck services were US$12.9 million in the fourth quarter of 2024, representing an increase of 72.7% from US$7.5 million in the fourth quarter of 2023. The increase was mainly due to the expansion of robotruck fleet operations into new regions.Licensing and applications were US$20.0 million in the fourth quarter of 2024, representing a decrease of 45.0% from US$36.4 million in the fourth quarter of 2023. The decrease was mainly influenced by the timing of project-based revenue recognition. Cost of Revenues Total cost of revenues was US$28.1 million in the fourth quarter of 2024, representing a decrease of 16.1% from US$33.4 million in the fourth quarter of 2023, in-line with revenue trend and revenue mix. Gross Profit and Gross Margin Gross profit was US$7.5 million in the fourth quarter of 2024, representing a decrease of 56.5% from US$17.1 million in the fourth quarter of 2023.Gross margin was 21.0% in the fourth quarter of 2024, compared to 33.9% in the fourth quarter of 2023. The decrease was mainly due to changes in the revenue mix. Operating Expenses Operating expenses were US$180.6 million in the fourth quarter of 2024, representing an increase of 313.9% from US$43.6 million in the fourth quarter of 2023. Non-GAAP1 operating expenses were US$55.7 million in the fourth quarter of 2024, representing an increase of 30.0% from US$42.8 million in the fourth quarter of 2023.Research and development expenses were US$147.8 million in the fourth quarter of 2024, representing an increase of 375.7% from US$31.1 million in the fourth quarter of 2023. The increase was mainly due to i) share-based compensation expenses recognized related to the share awards granted to employees with a performance condition related to the IPO; and ii) accelerated research and development investments in the fourth quarter of 2024 to support the seventh-generation vehicle development in collaboration with our original equipment manufacturer (“OEM”) partners. Non-GAAP research and development expenses were US$46.3 million, representing an increase of 50.6% from US$30.8 million in the fourth quarter of 2023.Selling, general and administrative expenses were US$32.7 million in the fourth quarter of 2024, representing an increase of 160.9% from US$12.5 million in the fourth quarter of 2023. The increase was mainly due to share-based compensation expenses recognized related to the share awards granted to employees with a performance condition related to the IPO. Non-GAAP selling, general and administrative expenses were US$9.3 million, representing a decrease of 22.6% from US$12.1 million in the fourth quarter of 2023. Loss from Operations Loss from operations was US$173.1 million in the fourth quarter of 2024, compared to US$26.5 million in the fourth quarter of 2023. Non-GAAP loss from operations was US$48.2 million, compared to US$25.7 million in the fourth quarter of 2023. Net Loss Net loss was US$181.1 million in the fourth quarter of 2024, compared to US$20.7 million in the fourth quarter of 2023. Non-GAAP net loss was US$56.2 million in the fourth quarter of 2024, compared to US$18.2 million in the fourth quarter of 2023. 1 Non-GAAP financial measures exclude share-based compensation expenses and changes in fair value of warrants liability, and such adjustment has no impact on income tax. For further details, see the “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release. Basic and Diluted Loss per ordinary share Basic and diluted net loss per ordinary share was both US$0.99 in the fourth quarter of 2024, compared to US$0.23 in the fourth quarter of 2023. Non-GAAP basic and diluted net loss per ordinary share was both US$0.31 in the fourth quarter of 2024, compared to US$0.20 in the fourth quarter of 2023. Each ADS represents one Class A ordinary share. Balance Sheet Cash and cash equivalents, short-term investments and restricted cash were US$745.2million as of December 31, 2024, compared to US$589.8 million as of December 31, 2023.Long-term investments was US$130.8 million as of December 31, 2024, compared to US$51.7 million as of December 31, 2023. Of which long-term debt instruments for wealth management was US$79.9 million, compared to US$1.9 million as of December 31, 2023. Unaudited Full Year 2024 Financial Results Revenues Total revenues were US$75.0 million in 2024, representing an increase of 4.3% from US$71.9 million in 2023.Robotaxi services were US$7.3 million in 2024, representing a decrease of 5.3% from US$7.7 million in 2023. The decrease was mainly driven by reduced service fees from providing autonomous vehicle engineering solutions based on our collaboration projects’ progression schedule. The decrease was partially offset by a significant increase in passenger fares driven by the expansion of our public-facing fare-charging robotaxi operations in Tier-one cities in China.Robotruck services were US$40.4 million in 2024, representing an increase of 61.3% from US$25.0 million in 2023. The increase was mainly due to the expansion of robotruck fleet operations into new regions.Licensing and applications were US$27.3 million in 2024, representing a decrease of 30.1% from US$39.2 million in 2023. The decrease was mainly influenced by the timing of project-based revenue recognition. Cost of Revenues Total cost of revenues was US$63.6 million in 2024, representing an increase of 15.6% from US$55.0 million in 2023, in line with revenue trend and revenue mix. Gross Profit and Gross Margin Gross profit was US$11.4 million in 2024, representing a decrease of 32.5% from US$16.9 million in 2023.Gross margin was 15.2% in 2024, compared to 23.5% in 2023. The decrease was mainly due to services with relatively lower gross margin contributed increasingly to our revenues in 2024 compared to 2023. Operating Expenses Operating expenses were US$296.9 million in 2024, representing an increase of 85.4% from US$160.1 million in 2023. Non-GAAP operating expenses were US$169.9 million in 2024, representing an increase of 8.7% from US$156.4 million in 2023.Research and development expenses were US$240.2 million in 2024, representing an increase of 95.7% from US$122.7 million in 2023. The increase was mainly due to i) share-based compensation expenses recognized related to the share awards granted to employees with a performance condition related to the IPO; and ii) accelerated research and development investments in the fourth quarter of 2024 to support the seventh-generation vehicle development in collaboration with our OEM partners. Non-GAAP research and development expenses were US$137.8 million, representing an increase of 14.0% compared to US$120.9 million in 2023.Selling, general and administrative expenses were US$56.7 million in 2024, representing an increase of 51.7% from US$37.4 million in 2023. The increase was mainly due to share-based compensation expenses recognized related to the share awards granted to employees with a performance condition related to the IPO. Non-GAAP selling, general and administrative expenses were US$32.1 million, representing a decrease of 9.5% compared to US$35.5 million in 2023. Loss from Operations Loss from operations was US$285.5 million in 2024, compared to US$143.2 million in 2023. Non-GAAP loss from operations was US$158.5 million in 2024, compared to US$139.5 million in 2023. Net Loss Net loss was US$275.0 million in 2024, compared to US$125.3 million in 2023. Non-GAAP net loss was US$153.6 million in 2024, compared to US$118.5 million in 2023. Basic and Diluted Net Loss per ordinary share Basic and diluted net loss per ordinary share was both US$2.40 in 2024, compared to US$1.40 in 2023. Non-GAAP basic and diluted net loss per ordinary share was both US$1.34 in 2024, compared to US$1.32 in 2023. Each ADS represents one Class A ordinary share. Conference Call Pony.ai will hold a conference call at 8:00 AM U.S. Eastern Time on Tuesday, March 25, 2025 (8:00 PM Beijing/Hong Kong Time on the same day) to discuss financial results and answer questions from investors and analysts. For participants who wish to join the call, please complete online registration using the link provided below prior to the scheduled call start time. Upon registration, participants will receive a confirmation email containing dial-in numbers, passcode, and a unique access PIN. Participant Online Registration: https://dpregister.com/sreg/10197111/fe90682903 A replay of the conference call will be accessible through April 1, 2025, by dialing the following numbers: United States:1-877-344-7529International:1-412-317-0088Replay Access Code:7405983 Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.pony.ai. Non-GAAP Financial Measures The Company uses non-GAAP financial measures, such as non-GAAP research and development expenses, non-GAAP selling, general and administrative expenses, non-GAAP operating expenses, non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to Pony AI Inc., non-GAAP basic and diluted net loss per ordinary share, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses and changes in fair value of warrants liability, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results” set forth at the end of this press release. About Pony AI Inc. Pony AI Inc. is a global leader in the large-scale commercialization of autonomous mobility. Leveraging its vehicle-agnostic Virtual Driver technology, a full-stack autonomous driving technology that seamlessly integrates Pony.ai’s proprietary software, hardware, and services, Pony.ai is developing a commercially viable and sustainable business model that enables the mass production and deployment of vehicles across transportation use cases. Founded in 2016, Pony.ai has expanded its presence across China, Europe, East Asia, the Middle East and other regions, ensuring widespread accessibility to its advanced technology. For more information, please visit: https://ir.pony.ai. Safe Harbor Statement This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Statements that are not historical facts, including statements about Pony.ai’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in Pony.ai’s filings with the SEC. All information provided in this press release is as of the date of this press release, and Pony.ai does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: Pony.aiInvestor RelationsEmail: ir@pony.ai Pony.aiMedia RelationsEmail: media@pony.ai Christensen AdvisoryEmail: pony@christensencomms.com Pony AI Inc.Unaudited Condensed Consolidated Balance Sheets(All amounts in USD thousands, except share and per share data)As ofAs ofDecember 31, 2023 December 31, 2024 AssetsCurrent assets:Cash and cash equivalents425,960 535,976Restricted cash, current49 21Short-term investments163,594 209,035Accounts receivable, net31,580 28,555Amounts due from related parties, current5,650 8,322Prepaid expenses and other current assets39,513 52,713Total current assets666,346 834,622Non-current assets: Restricted cash, non-current196 175Property, equipment and software, net15,420 17,241Operating lease right-of-use assets6,419 13,342Long-term investments51,712 130,799Prepayment for long-term investments - 52,823Other non-current assets7,024 1,819Total non-current assets80,771 216,199Total assets747,117 1,050,821Liabilities, Mezzanine Equity and Shareholders’ Deficit Current liabilities: Accounts payable and other current liabilities44,299 66,548Operating lease liabilities, current3,866 3,438Amounts due to related parties, current - 900Total current liabilities48,165 70,886Operating lease liabilities, non-current2,246 9,835Other non-current liabilities1,533 1,389Total liabilities51,944 82,110Total mezzanine equity1,361,278 - Total Pony AI Inc. shareholders’ (deficit) equity(677,250)951,122Non-controlling interests11,145 17,589Total shareholders’ (deficit) equity(666,105)968,711Total liabilities, mezzanine equity and shareholders’ (deficit) equity747,117 1,050,821 Pony AI Inc.Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss(All amounts in USD thousands, except share and per share data)Three Months Ended Year EndedDecember 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 Revenues50,595 35,516 71,899 75,025 Cost of revenues(33,447) (28,060) (55,015) (63,622)Gross profit17,148 7,456 16,884 11,403 Operating expenses: Research and development expenses(31,080) (147,840) (122,707) (240,179)Selling, general and administrative expenses(12,538) (32,714) (37,417) (56,747)Total operating expenses(43,618) (180,554) (160,124) (296,926)Loss from operations(26,470) (173,098) (143,240) (285,523)Investment income5,526 5,336 19,389 20,378 Changes in fair value of warrants liability(1,715) - (3,030) 5,617 Other income (expenses), net1,925 (13,356) 1,427 (15,477)Loss before income tax(20,734) (181,118) (125,454) (275,005)Income tax benefits (expenses)4 - 126 (1)Net loss(20,730) (181,118) (125,328) (275,006)Net loss attributable to non-controlling interests(147) (204) (516) (885)Net loss attributable to Pony AI Inc.(20,583) (180,914) (124,812) (274,121)Foreign currency translation adjustments2,084 (4,900) (3,841) (2,952)Unrealized gain on available-for-sale investments2,247 19,359 8,089 16,089 Total other comprehensive income4,331 14,459 4,248 13,137 Total comprehensive loss(16,399) (166,659) (121,080) (261,869)Less: Comprehensive income (loss) attributable to non-controlling interests59 6,835 (757) 6,444 Total comprehensive loss attributable to Pony AI Inc.(16,458) (173,494) (120,323) (268,313)Weighted average number of ordinary shares outstanding used in computing net loss per share, basic and diluted90,502,945 182,347,578 89,100,415 114,318,765 Net loss per ordinary share, basic and diluted(0.23) (0.99) (1.40) (2.40) Pony AI Inc.Unaudited Reconciliation of U.S. GAAP and Non-GAAP Results(All amounts in USD thousands, except share and per share data) Three Months Ended Year Ended December 31, 2023 December 31, 2024 December 31, 2023 December 31, 2024 Research and development expenses (31,080) (147,840) (122,707) (240,179)Share-based compensation expenses 317 101,505 1,832 102,383 Non-GAAP research and development expenses (30,763) (46,335) (120,875) (137,796) Selling, general and administrative expenses (12,538) (32,714) (37,417) (56,747)Share-based compensation expenses 461 23,366 1,926 24,620 Non-GAAP selling, general and administrative expenses (12,077) (9,348) (35,491) (32,127) Operating expenses (43,618) (180,554) (160,124) (296,926)Share-based compensation expenses 778 124,871 3,758 127,003 Non-GAAP operating expenses (42,840) (55,683) (156,366) (169,923) Loss from operations (26,470) (173,098) (143,240) (285,523)Share-based compensation expenses 778 124,871 3,758 127,003 Non-GAAP loss from operations (25,692) (48,227) (139,482) (158,520) Net loss (20,730) (181,118) (125,328) (275,006)Share-based compensation expenses 778 124,871 3,758 127,003 Changes in fair value of warrants liability 1,715 - 3,030 (5,617)Non-GAAP net loss (18,237) (56,247) (118,540) (153,620) Net loss attributable to Pony AI Inc. (20,583) (180,914) (124,812) (274,121)Share-based compensation expenses 778 124,871 3,758 127,003 Changes in fair value of warrants liability 1,715 - 3,030 (5,617)Non-GAAP net loss attributable to Pony AI Inc. (18,090) (56,043) (118,024) (152,735) Weighted average number of ordinary shares outstanding used in computing net loss per share, basic and diluted 90,502,945 182,347,578 89,100,415 114,318,765 Non-GAAP net loss per ordinary share, basic and diluted (0.20) (0.31) (1.32) (1.34)

ForexTV

25.03.2025

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)

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Financial Results for the Fourth Quarter of 2024 - ForexTV

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES TORONTO, March 28, 2025 (GLOBE NEWSWIRE) -- Helios Fairfax Partners Corporation (TSX: HFPC.U) today announced its financial results for the year ended December 31, 2024. All dollar amounts in this news release are expressed in U.S. dollars except as otherwise noted. The financial results are derived from the consolidated financial statements prepared using the recognition and measurement requirements of International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”), except as otherwise noted. Management Commentary “In 2024, we further advanced our strategy by deploying $55 million across high-growth sectors and divesting a key Legacy Non-Core asset for $16.3 million,” said Tope Lawani and Babatunde Soyoye, Co-CEOs of Helios Fairfax Partners. “Our investments contributed to the advancement of a number of new and exciting businesses including PFL Africa, a new regional league of the rapidly-growing Professional Fighters League; SeamlessHR, a Cloud-based HR and payroll platform digitizing employee lifecycle management; M2P Solutions, a rapidly expanding provider of infrastructure API and Banking-as-a-Service technology; and Moment, which offers integrated payments and other financial services to businesses and consumers. In the four years since the start of HFP’s relationship with Helios, the Helios Managed Investments have achieved an IRR of 14%. We remain committed to investment strategies that will enhance shareholder value while delivering on our mission to generate competitive returns through profitable, value-creating, and socially responsible businesses across Africa.” Highlights During the Fourth Quarter of 2024 Book value per share for the fourth quarter of 2024 was $3.84, compared to $4.23 in the third quarter of 2024.HFP reported a net loss of $41.6 million for the fourth quarter of 2024, compared to net earnings of $4.0 million in the third quarter of 2024.The decrease in book value per share compared to the third quarter of 2024 and the net loss in the fourth quarter were due to unrealized losses from the company’s investment in TopCo LP. These losses were offset by unrealized gains related to the Helios Managed Investments as well as interest and dividend income. Also contributing to the decrease in book value per share and net loss for the quarter was a loss on the forgiveness of the GP and management company loans and other expenses.HFP deployed $5.1 million under the loan facility with Digital Ventures during the quarter.HFP disposed of $16.3 million of Legacy Non-Core investments during the quarter, comprising $2.4 million for the sale of Indirect equity interest in AGH, $4.4 million for the sale of the AGH Loan, and $9.5 million for the sale of the Philafrica Facility. Financial Position and Results of Operations HFP reported a net loss of $41.6 million in the fourth quarter of 2024 as compared to a net loss of $80.9 million in the comparable period of 2023. The net loss includes $30.6 million of net losses on its investment in TopCo LP, partially offset by $12.8 million of net gains on its investment in Helios Managed Investments, and a $22.0 million loss on the forgiveness of the GP and management company loans and other expenses. The company reported a net loss of $58.8 million for the year ended December 31, 2024 compared to a net loss of $71.7 million for the year ended December 31, 2023. The net losses in 2024 and 2023 were driven primarily by unrealized losses on the company’s investment in TopCo. These unrealized losses were driven primarily by a decrease in carried interest expected to be received from TopCo Class A and by lower management fees for the Helios Strategies, which reduced the excess management fees to TopCo Class B. The unrealized losses were offset by unrealized gains related to Helios Managed Investments, due to the strong performance of the underlying investments in Helios Fund IV and Helios Sports and Entertainment Group. Also included in the net loss are expenses of $40.6 million, partially offset by interest income and dividends of $9.2 million. The increase in expenses compared to expenses incurred in 2023 primarily reflects the company’s business decision to forgive loans extended to the entities acting as general partners and management companies of certain new Helios strategies and certain Helios expenses absorbed by TopCo LP Class B in excess of the management fees received, which represents a realized loss to the company. The decrease in book value per share to $3.84 as of December 31, 2024, as compared to $4.39 as of December 31, 2023 was primarily from the unrealized losses on the company’s investment in TopCo LP. Included in book value per share is $38.3 million of cash and cash equivalents as at December 31, 2024. At December 31, 2024, HFP had 108,179,127 common shares outstanding, as compared to 108,169,817 common shares outstanding at December 31, 2023. HFP's detailed fourth quarter report can be accessed at its website www.heliosinvestment.com/helios-fairfax-partners. About Helios Fairfax Partners Corporation Helios Fairfax Partners Corporation is an investment holding company whose investment objective is to achieve long term capital appreciation, while preserving capital, by investing in public and private equity securities and debt instruments in Africa and African businesses or other businesses with customers, suppliers or business primarily conducted in, or dependent on, Africa. Contact Information Neil WeberLodeRock Advisorsneil.weber@loderockadvisors.com(647) 222-0574 This press release may contain forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements may relate to the company’s or a Portfolio Investment’s future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, dividends, plans and objectives of the company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities of the company, a Portfolio Investment, or the African market are forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. Forward-looking statements are based on our opinions and estimates as of the date of this press release and they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements, including but not limited to the following factors: geopolitical risks; inflation and fluctuating interest rates; tariffs; financial market fluctuations; pace of completing investments; minority investments; reliance on key personnel and risks associated with the Investment Advisory Agreement; concentration risk in Portfolio Investments, including geographic concentration and with respect to Class A and Class B limited partnership interests in the Portfolio Advisor; operating and financial risks of Portfolio Investments; valuation methodologies involve subjective judgments; lawsuits; cybersecurity and technology; reliance on third parties; use of leverage; foreign currency fluctuation; investments may be made in foreign private businesses where information is unreliable or unavailable; significant ownership by Fairfax Financial Holdings Limited (“Fairfax”) and HFP Investments Holdings SARL (“Principal Holdco”) may adversely affect the market price of the subordinate voting shares; emerging markets; South African black economic empowerment; South Africa’s grey-listing; economic risk; climate change, natural disaster, and weather risks; taxation risks; MLI; and trading price of subordinate voting shares relative to book value per share. Additional risks and uncertainties are described in the company’s annual information form dated March 28, 2025 which is available on SEDAR+ at www.sedarplus.ca and on the company’s website at www.heliosinvestment.com/helios-fairfax-partners. These factors and assumptions are not intended to represent a complete list of the factors and assumptions that could affect the company. These factors and assumptions, however, should be considered carefully. Although the company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The company does not undertake to update any forward-looking statements contained herein, except as required by applicable securities laws. Information on CONSOLIDATED BALANCE SHEETS as at December 31, 2024 and December 31, 2023 (US$ thousands) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents 38,320 95,913Portfolio Investments 394,949 386,002Total cash and investments 433,269 481,915 Interest receivable 762 412Income taxes refundable 437 2,874Other receivables from related parties 126 991Other assets 1,347 1,167Property and equipment 1,176 974Total assets 437,117 488,333 Liabilities Accounts payable and accrued liabilities 6,594 1,601Payable to related parties 846 1,096Lease liability 471 548Deferred income taxes 13,265 10,492Total liabilities 21,176 13,737 Equity Common shareholders’ equity 415,941 474,596 437,117 488,333 Book value per basic share 3.84 4.39 Information on CONSOLIDATED STATEMENTS OF EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS)for the three and twelve months ended December 31, 2024 and 2023 (US$ thousands except per share) (Unaudited) Fourth quarter Year ended December 31, 2024 2023 2024 2023 Income Interest and dividends 1,964 2,303 9,245 12,036 Net losses on investments (18,169) (68,728) (29,164) (53,143)Net foreign exchange gains (losses) (1,733) 816 (305) (4,816) (17,938) (65,609) (20,224) (45,923)Expenses Investment and advisory fees 729 1,104 4,055 3,492 Loss on loan forgiveness and other expenses 21,979 — 21,979 — Loss on uncollectible accounts receivable 441 — 441 — General and administration expenses 4,013 3,522 10,585 12,153 Transaction costs — — 1,725 — Interest expense 463 668 1,799 3,372 27,625 5,294 40,584 19,017 Earnings (loss) before income taxes (45,563) (70,903) (60,808) (64,940)Provision for (recovery of) income taxes (3,949) 9,996 (2,018) 6,747 Net earnings (loss) and comprehensive income (loss) (41,614) (80,899) (58,790) (71,687) Net earnings (loss) per share$(0.38) $(0.75) $(0.54) $(0.66)Shares outstanding (weighted average) 108,179,127 108,216,246 108,152,501 108,258,852 GLOSSARY OF NON-GAAP AND OTHER FINANCIAL MEASURES Management analyzes and assesses the financial position of the consolidated company in various ways. The measure included in this news release, which has been used consistently and disclosed regularly in the company's Annual Reports and interim financial reporting, does not have a prescribed meaning under IFRS Accounting Standards and may not be comparable to similar measures presented by other companies. This measure is described below. Book value per share - The company considers book value per share a key performance measure in evaluating its objective of long-term capital appreciation, while preserving capital. Book value per share is a key performance measure of the company and is closely monitored. This measure is calculated by the company as common shareholders' equity divided by the number of common shares outstanding. Internal rate of return - The company uses this measure to assess the performance of its investments. This measure represents the annualized rate of return calculated for the company’s portfolio investments, taking into account (i) the timing of cash flows (including cash consideration of purchases, cash proceeds on sales, cumulative interest and dividends received, and return of capital distributions) over the period of the company’s investment, and (ii) the fair value at the end of the reporting period for existing investments.

ForexTV

29.03.2025

Partners Value Investments L.P. Announces 2024 Annual Results - ForexTV

TORONTO, March 28, 2025 (GLOBE NEWSWIRE) -- Partners Value Investments L.P. (the “Partnership”, TSX: PVF.UN TSX:PVF.PR.U) announced today its financial results for the year ended December 31, 2024. All amounts are stated in U.S. dollars. The Partnership recorded net income of $74 million for the year ended December 31, 2024, compared to $15 million in the prior year. The increase in income was primarily driven by higher investment income and valuation gains as well as foreign currency gains. Income of $65 million was attributable to the Equity Limited Partners, and $9 million was attributable to Preferred Limited Partners. As at December 31, 2024, the market prices of a Brookfield Corporation (the “Corporation”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (the “Manager”, NYSE/TSX: BAM) share were $57.45 and $54.19, respectively. As at March 28, 2025, the market prices of a BN and BAM share were $51.85 and $48.50, respectively. Consolidated Statements of Operations For the years ended December 31 (Thousands, US dollars) 2024 2023 Investment income Dividends $ 95,071 $85,114 Other investment income 18,609 11,802 113,680 96,916 Expenses Operating expenses (6,552) (6,156)Financing costs (10,136) (9,484)Retractable preferred share dividends (39,879) (41,954) (56,567 ) (57,594) Other items Investment valuation gains (losses) 5,703 (6,237)Amortization of deferred financing costs (3,506) (3,380)Foreign currency gains (losses) 25,519 (10,435)Current taxes expense (3,514) (1,270)Deferred taxes expense (7,489) (3,280)Net income $73,826 $14,720 The information in the following table shows the changes in net book value: For the years ended December 312024 2023(Thousands, except per unit amounts) Total Per Unit Total Per UnitNet book value, beginning of year1$5,783,620 $70.74 $4,656,824 $57.60Net income2 65,054 5,368 Other comprehensive income2 2,690,274 1,443,806 Adjustment for impact of warrants1 (148,510) (89,755) Re-organization3 — 98,318 Distribution3 — (327,850) Equity LP repurchases (14,756) (3,091) Net book value, end of year4$8,375,682 $102.80 $5,783,620 $70.74 Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity Limited Partnership (“Equity LP”) unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners’ equity, non-controlling interests’ equity plus the value of consideration to be received on exercising of warrants, which as at December 31, 2024, was $114 million (December 31, 2023 – $263 million).Attributable to Equity Limited Partners.As a result of the 2023 re-organization, the Partnership issued net equity of $98 million and a distribution-in-kind of $328 million of net assets to Equity Limited Partners.At the end of the year, the diluted Equity LP units outstanding were 81,474,610 (December 31, 2023 – 81,760,920); this includes 5,640,600 (December 31, 2023 – nil) Equity LP units exchangeable on a one-for-one basis with shares held by a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2023 – 26,085,938) warrants held by partially-owned subsidiaries of the Partnership. Financial Profile The Partnership’s principal investments are its interest in approximately 121 million Class A Limited Voting Shares of the Corporation and approximately 31 million Class A Limited Voting Shares of the Manager. This represents approximately an 8% interest in the Corporation and a 7% interest in the Manager as at December 31, 2024. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests. The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position: Consolidated Statements of Financial Position As at (Thousands, US dollars) December 31, 2024 December 31, 2023Assets Cash and cash equivalents $ 156,977 $199,856Accounts receivable and other assets 48,924 31,416Deferred tax asset — 4,309Investment in Brookfield Corporation1 6,949,656 4,853,261Investment in Brookfield Asset Management Ltd.2 1,669,488 1,237,554Other investments carried at fair value 814,877 612,009 $9,639,922 $6,938,405Liabilities and equity Accounts payable and other liabilities $42,055 $34,150Corporate borrowings 208,168 225,789Preferred shares3 939,057 993,267Deferred tax liability 7,933 — 1,197,213 1,253,206Equity Equity Limited Partners 8,261,639 5,521,067General Partner4 — —Preferred Limited Partners 152,040 152,152Non-controlling interests 29,030 11,980 8,442,709 5,685,199 $9,639,922 $6,938,405 The investment in the Corporation consists of 121 million Corporation shares with a quoted market value of $57.45 per share as at December 31, 2024 (December 31, 2023 – $40.12).The investment in the Manager consists of 31 million Manager shares with a quoted market value of $54.19 per share as at December 31, 2024 (December 31, 2023 – $40.17).Represents $712 million of retractable preferred shares less $9 million of unamortized issue costs as at December 31, 2024(December 31, 2023 – $767 million less $10 million) and $236 million of three series of preferred shares (December 31, 2023 – $236 million).In connection with the 2023 re‐organization of Partners Value Investments LP on November 24, 2023, the General Partner’s interest was reduced to $1 from $1 thousand in the prior year. For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621. Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada. The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

ForexTV

29.03.2025

Partners Value Investments Inc. Announces 2024 Annual Results - ForexTV

TORONTO, March 28, 2025 (GLOBE NEWSWIRE) -- Partners Value Investments Inc. (the “Company”, TSX: PVF.WT, PVF.PR.V) announced today its financial results for the year ended December 31, 2024. All amounts are stated in U.S. dollars. The Company recorded net loss of $3.8 billion for the year ended December 31, 2024, compared to $333 million in the prior year. The decrease in income was primarily attributable to the current year remeasurement losses associated with the retractable shares and warrant liabilities, partially offset by higher investment income and valuation gains as well as foreign currency gains compared to the prior year. The Company’s retractable common shares are classified as liabilities due to their cash retraction feature. The remeasurement gains or losses in a given period are driven by the respective appreciation or depreciation of the Partners Value Investments L.P. (the “Partnership”) unit price as the exchangeable shares are recognized at fair value based on the quoted price of the Partnership’s Equity LP units. During the year, the Partnership unit price increased by $51.79 compared to $4.96 in the prior year. Excluding retractable share and warrant liability remeasurement gains and dividends paid on retractable shares, Adjusted Earnings for the Company was $122 million for the year ended December 31, 2024, compared to $27 million in the prior year. Adjusted Earnings were higher in the current year as a result of higher investment income and valuation gains as well as foreign currency gains. As at December 31, 2024, the market prices of a Brookfield Corporation (the “Corporation”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (the “Manager”, NYSE/TSX: BAM) share were $57.45 and $54.19, respectively. As at March 28, 2025, the market prices of a BN and BAM share were $51.85 and $48.50, respectively. Consolidated Statements of Operations For the years ended December 31(Thousands, US dollars) 2024 2023 Investment income Dividends $ 108,428 $96,269 Other investment income 18,607 11,802 127,035 108,071 Expenses Operating expenses (5,553) (5,843) Financing costs (38,777) (35,210) Retractable preferred share dividends (33,399) (35,456) (77,729) (76,509) Other items Investment valuation gains (losses) 5,703 (6,237) Retractable share remeasurement losses (3,575,080) (281,451) Warrant liability remeasurement losses (306,473) (52,694) Amortization of deferred financing costs (3,506) (3,380) Foreign currency gain (loss) 53,280 (15,983) Current tax expense (3,514) (1,270) Deferred tax expense (7,489) (3,280) Net loss $(3,787,773) $(332,733) Financial Profile The Company’s principal investments are its interest in 121 million Class A Limited Voting Shares of the Corporation and approximately 31 million Class A Limited Voting Shares of the Manager. This represents approximately an 8% interest in the Corporation and a 7% interest in the Manager as at December 31, 2024. In addition, the Company owns a diversified investment portfolio of marketable securities and private fund interests. The information in the following table has been extracted from the Company’s Consolidated Statements of Financial Position: Consolidated Statements of Financial Position As at(Thousands, US dollars) December 31, 2024 December 31, 2023 Assets Cash and cash equivalents $ 156,952 $199,856 Accounts receivable and other assets 69,776 31,456 Deferred tax assets — 4,309 Investment in Brookfield Corporation1 6,949,656 4,853,261 Investment in Brookfield Asset Management Ltd.2 1,669,488 1,237,554 Other investments carried at fair value 1,141,048 889,398 $9,986,920 $7,215,834 Liabilities and Equity Accounts payable and other liabilities $42,824 $34,916 Corporate borrowings 208,168 225,789 Preferred shares3 703,044 757,254 Retractable common shares 7,312,467 3,718,510 Warrant liability 494,710 218,051 Deferred tax liabilities 7,933 — 8,769,146 4,954,520 Equity Accumulated deficit (6,821,786) (3,034,013)Accumulated other comprehensive income 8,027,580 5,283,347 Non-controlling interest 11,980 11,980 $9,986,920 $7,215,834 The investment in Brookfield Corporation consists of 121 million Corporation shares with a quoted market value of $57.45 per share as at December 31, 2024 (December 31, 2023 – $40.12).The investment in Brookfield Asset Management Ltd. consists of 31 million Manager shares with a quoted market value of $54.19 per share as at December 31, 2024 (December 31, 2023 – $40.17).Represents $712 million of retractable preferred shares less $9 million of unamortized issue costs as at December 31, 2024 (December 31, 2023 – $767 million less $10 million). For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621. Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information. Although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information. Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Company’s documents filed with the securities regulators in Canada. The Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

FOREX IN WORLD

30.03.2025

Forex CLEVRFX Expert Advisor Download Link Inside | FOREX IN WORLD

Tired of scuffling with foreign currency trading? Losing sleep over guide chart evaluation, order entries, and emotional

Business World

01.04.2025

Banks’ outstanding FCDU loans inch up at end-2024 - BusinessWorld Online

OUTSTANDING LOANS granted by banks’ foreign currency deposit units (FCDU) inched up at end-2024, the Bangko Sentral ng Pilipinas (BSP) said on Monday. Outstanding FCDU loans rose by 0.5% to $15.82 billion at end-December from $15.75 billion at end-September as disbursements exceeded principal repayments, the BSP said in a statement. Year on year, loans granted […]

BusinessMole

01.04.2025

“Cash Cuisine: Eurochange Becomes Pioneer in Edible Foreign Currency Exchange!” - BusinessMole

Eurochange, the UK's leading travel money expert, has announced a groundbreaking new product set to revolutionize the world of currency. In a fusion of finance…

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Banks’ outstanding FCDU loans inch up at end-2024 - BusinessWorld Online

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