Latest news with #NOVI
Associated Press
a day ago
- Business
- Associated Press
Aitech to Debut New A230 Vortex AI GPGPU Supercomputer, Demonstrating Real-Time Pattern of Life Analysis and Asset Detection at the Ground Vehicle Systems Engineering & Technology Symposium (GVSETS) & Modernization Update
NOVI, Mich., Aug. 12, 2025 /PRNewswire/ -- (GVSETS, Booth 336) -- Aitech, a global leader in AI-powered, rugged embedded computing systems for defense and space applications, announced the Aitech A230 Vortex AI GPGPU (general-purpose computing on graphics processing units) supercomputer, a first-of-its-kind AI-on-the-edge solution. Designed to support military operations across all environments, the A230 is available in both conduction- and forced-air-cooled-variants, making it suitable for sea, land and air platforms. Its counterpart, the S-A2300 is radiation-tolerant and specifically designed for operation in harsh Low Earth Orbit (LEO) space environments. The A230 Vortex offers AI-on-the-edge computing with near-real-time pattern of life analysis and actionable intelligence, enabling smarter decision-making and optimizing the Observe, Orient, Decide, Act (OODA) loop, even in contested and disconnected environments. In today's increasingly complex battlespaces, giving warfighters an advantage means identifying critical datapoints for split-second decision-making. When equipped with the A230, ground vehicle operators can receive alerts within seconds if the GPGPU detects unusual objects or deviations in the surrounding environment, empowering the driver and crew with real-time intelligence to make faster, more informed decisions. 'As the need for smarter, faster and more adaptive technologies grows, ultimately to improve and accelerate the OODA loop, the focus is on AI solutions to help make critical decisions in real time; intelligent systems that can think and react quickly, no matter where they're deployed or what conditions they face,' said Pratish Shah, U.S. general manager, Aitech. 'The combination of Aitech's AI supercomputer and partner Intuidex's Watchman Analytics™ offers a breakthrough in delivering real-time insight for more accurate decisions within seconds and improved effectiveness of actions, making it a valuable asset for military ground vehicles and beyond.' At GVSETS, Aitech live demonstrations will be powered by Aitech's AI Supercomputer and Intuidex's Higher-Order Low-Resource Learning™ (HO-LRL™) AI/ML technology in Watchman Analytics™. With this blend of technology, tactical units can detect and track the type and position of virtually any asset in real-time. The new solution ensures that military operations are agile, precise and responsive, leading to better overall mission outcomes through new capabilities leveraging Watchman Analytics, including: The A230 AI Supercomputer is now available in an active fan-cooled option specifically designed to support the environmental requirements of today's military ground vehicle applications. Internal fans offer active cooling to help dissipate heat efficiently, ensuring the system can support prolonged operations with intense computational demands in environments with temperature extremes. Meanwhile, the fanless conduction-cooled A230 variant efficiently dissipates heat through heatsinks, fins and chassis-integrated cold plates, making it ideal for tightly sealed systems where active airflow isn't an option. For over four decades, Aitech has engineered solutions and systems that solve complex problems for military applications across sea, land, air, and space domains. Aitech will showcase its new AI-on-the-edge solution and convection-cooled supercomputer at the 17th Annual Ground Vehicle Systems Engineering & Technology Symposium ( GVSETS ) & Modernization Update from Aug. 12–15, in Novi, Michigan (booth 336). Live, hands-on demos will illustrate the impact of real-time insights and decision-making capabilities for military operations. About Aitech Leveraging four decades of experience providing reliable, rugged embedded systems for use in military, aerospace, and space platforms, Aitech is the world's first independent, open systems architecture, COTS/MOTS innovator offering customized boards as building blocks for integrated computing and networking subsystems. Offering customization services for rugged and severe environment military, aerospace, and space applications, Aitech delivers mission-optimized and proven system solutions across Sea, Land, Air, and Space domains. Aitech solutions are used by industry leaders like Airbus, BAE Systems, Boeing, Hindustan Aeronautics Limited (HAL), Israel Aerospace Industries (IAI), Larsen & Toubro Limited (L&T), Leonardo, Lockheed Martin, NASA, Northrop Grumman, Rafael, and Virgin Galactic. Aitech is supporting a better tomorrow with highly reliable, cost-effective, and proven rugged embedded solutions designed to meet your mission and platform requirements. For more information, please visit View original content to download multimedia: SOURCE Aitech
Washington Post
7 days ago
- Business
- Washington Post
Lineage: Q2 Earnings Snapshot
NOVI, Mich. — NOVI, Mich. — Lineage (LINE) on Wednesday reported a key measure of profitability in its second quarter. The results topped Wall Street expectations. The real estate investment trust, based in Novi, Michigan, said it had funds from operations of $211 million, or 81 cents per share, in the period.
Globe and Mail
24-07-2025
- Automotive
- Globe and Mail
Gentherm Reports 2025 Second Quarter Results
Delivered Revenue of $375 Million, Including Quarterly Record for Automotive Climate and Comfort Solutions Secured More Than $600 Million of Automotive New Business Awards in the Quarter; $1 Billion Year to Date 2025 Full Year Guidance Range Narrowed NOVI, Mich., July 24, 2025 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), a global market leader of innovative thermal management and pneumatic comfort technologies, today announced its financial results for the second quarter ending June 30, 2025. 'The Gentherm team delivered second quarter results in line with our expectations, with adjusted EBITDA improving sequentially, and strong commercial performance. Our Automotive New Business Awards reached over $1 billion year-to-date as a result of our continued innovation, technology leadership, and strong customer relationships,' said Bill Presley, the Company's President and CEO. Second Quarter Highlights Secured Automotive New Business Awards totaling $620 million, including Ford's next-generation F-Series truck platform and multiple awards for Puls.A™, our innovative pulsating massage solution. Product revenues of $375.1 million decreased 0.2% from $375.7 million in the prior year. Excluding the impact of foreign currency translation, product revenues decreased 1.6%, with Automotive decreasing 1.5% and Medical decreasing 4.8%. Automotive Climate and Comfort Solutions revenue increased 3.8% year over year, or 2.5% adjusting for the impact of foreign currency translation, outperforming S&P Global's mid-July light vehicle production report in our relevant markets by 10 basis points, with strong performance in North America/Europe, weighed down by Asia. Gross margin decreased 180 basis points year over year from 25.7% to 23.9%. The decrease was primarily driven by higher material costs, including unfavorable product mix, as well as higher labor costs and expenses related to our footprint realignment. Net income was $0.5 million, a decrease from $18.9 million in the prior year, primarily driven by net unrealized foreign currency losses of $18.9 million. Adjusted EBITDA was $45.9 million, or 12.2% of revenue, a decrease from $49.9 million, or 13.3% of revenue, in the prior year, primarily driven by lower gross margin. GAAP diluted earnings per share was $0.02, compared to $0.60 in the prior year. Adjusted diluted earnings per share was $0.54, compared to $0.66 in the prior year. Maintained net leverage ~0.5x, flat year over year; liquidity up to $416 million. Repurchased $10.0 million of the Company's common stock. Presley concluded, 'Our focus remains on executing our strategic priorities, while driving operating efficiencies throughout the business. Market sentiment has improved, however we continue to take a measured approach in managing our operations given the level of uncertainty in the macro environment. We remain on track to accomplish our full year goals.' Guidance The Company's guidance for full year 2025 as of July 24, 2025 is provided below¹: ¹Guidance based on tariffs currently in effect as of today, our current forecast of customer orders and expectations of near-term conditions, flat to slightly decreasing light vehicle production in our relevant markets for full year 2025 versus 2024, and a EUR to USD exchange rate of $1.13/Euro. Does not contemplate the impact of recently enacted U.S. and German tax reform, which is currently under evaluation. The Company provides various non-GAAP financial measures in this release. See 'Use of Non-GAAP Measures' below for additional information, including definitions, usefulness for investors and limitations, as well reconciliations below to the most directly comparable GAAP financial measures. Conference Call As previously announced, Gentherm will conduct a conference call today at 8:00 am Eastern Time to review these results. The dial-in number for the call is 1-877-407-4018 (callers in the U.S.) or +1-201-689-8471 (callers outside this U.S.). The passcode for the live call is 13754880. A live webcast and one-year archived replay of the call, as well as a copy of the supplemental materials that will be used during the conference call, can be accessed on the Events page of the Investor section of Gentherm's website at A telephonic replay will be available approximately two hours after the call until 11:59 pm Eastern Time on August 7, 2025. The replay can be accessed by dialing 1-844-512-2921 (callers in the U.S.), or +1-412-317-6671 (callers outside the U.S.). The passcode for the replay is 13754880. Investor Contact Gregory Blanchette investors@ 248.308.1702 Media Contact Melissa Fischer media@ 248.289.9702 About Gentherm Gentherm (NASDAQ: THRM) is a global market leader of innovative thermal management and pneumatic comfort technologies. Automotive products include Climate Control Seats (CCS®), Climate Control Interiors (CCI™), Lumbar and Massage Comfort Solutions, and Valve Systems. Medical products include patient temperature management systems. The Company is also developing a number of new technologies and products that will help enable improvements to existing products and to create new product applications for existing and new markets. Gentherm has more than 14,000 employees in facilities across 13 countries. In 2024, the company recorded annual sales of approximately $1.5 billion and secured $2.4 billion in automotive new business awards. For more information, go to Forward-Looking Statements Except for historical information contained herein, statements in this release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Gentherm Incorporated's goals, beliefs, plans and expectations about its prospects for the future and other future events. The forward-looking statements included in this release are made as of the date hereof or as of the date specified herein and are based on management's reasonable expectations and beliefs. In making these statements we rely on assumptions and analysis based on our experience and perception of historical trends, current conditions and expected future developments, third party information and projections from sources that management believes to be reputable, as well as other factors we consider appropriate under the circumstances. Such statements are subject to a number of important assumptions, significant risks and uncertainties (some of which are beyond our control) and other factors that may cause actual results or performance to differ materially from that described in or indicated by the forward-looking statements, including but not limited to: macroeconomic, geopolitical and similar global factors in the cyclical Automotive industry; the impact of, and our ability to mitigate the effects of, global economic and trade policies, including increases in duties, tariffs and taxation on the import or export of our products related to U.S. trade disputes; increasing U.S. and global competition, including with non-traditional entrants; our ability to effectively manage new product launches and research and development, and the market acceptance of such products and technologies; the evolution and challenges of the automotive industry towards electric vehicles, autonomous vehicles and mobility on demand services, and related consumer behaviors and preferences; our ability to convert automotive new business awards into product revenues; the constraints in the supply chain environment, and inflationary and other cost pressures; the production levels of our major customers and OEMs in our relevant markets and sudden fluctuations in such production levels; our business in China, which is subject to unique operational, competitive, geopolitical, regulatory and economic risks; the impact of our global operations, including our global supply chain, operations within Ukraine, and foreign currency and exchange risk; our product quality and safety and impact of product safety recalls and alleged defects in products; our ability to attract and retain highly skilled employees and wage inflation; a tightening labor market, labor shortages or work stoppages impacting us, our customers or our suppliers, such as recent labor strikes among certain OEMs and suppliers; our achievement of product cost reductions to offset customer-imposed price reductions or other pricing pressures; our ability to execute efforts to optimize our global supply chain and manufacturing footprint, including opening new facilities and transferring production; our ability to source, consummate, integrate and achieve planned benefits of strategic acquisitions, investments and, as applicable, exits; any security breaches and other disruptions to our information technology networks and systems, as well as privacy, data security and data protection risks, including risks associated with use of artificial intelligence capabilities in our business operations; any loss or insolvency of our key customers and OEMs, or key suppliers; our ability to project future sales volume based on third-party information, based on which we manage our business; the protection of our intellectual property in certain jurisdictions; our compliance with global anti-corruption laws and regulations; legal and regulatory proceedings and claims involving us or one of our major customers; the extensive regulation of our patient temperature management business; risks associated with our manufacturing processes; the effects of climate change and catastrophic events, as well as regulatory and stakeholder-imposed requirements to address climate change and other sustainability issues; our product quality and safety; our borrowing availability under our revolving credit facility, as well ability to access the capital markets, to support our planned growth; and our indebtedness and compliance with our debt covenants. The foregoing risks should be read in conjunction with the Company's reports filed with or furnished to the Securities and Exchange Commission (the 'SEC'), including 'Risk Factors,' in its most recent Annual Report on Form 10-K and subsequent SEC filings, for a discussion of these and other risks and uncertainties. In addition, with reasonable frequency, we have entered into business combinations, acquisitions, divestitures, strategic investments and other significant transactions. Such forward-looking statements do not include the potential impact of any such transactions that may be completed after the date hereof, each of which may present material risks to the Company's future business and financial results. Moreover, we operate in a very competitive and rapidly changing environment and new risks emerge from time to time. Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its strategies or expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Use of Non-GAAP Financial Measures In addition to the results reported in accordance with GAAP throughout this release, the Company has provided here or elsewhere information regarding: adjusted earnings before interest, taxes, depreciation and amortization ('Adjusted EBITDA'); Adjusted EBITDA margin; adjusted earnings per share ('Adjusted earnings per share' or 'Adjusted EPS'); free cash flow; net capital expenditures ('net CAPEX'); Net Debt, liquidity; net leverage ratio ('net leverage'); revenue, segment revenue and product revenue excluding foreign currency translation and other specified gains and losses; and adjusted operating expenses, each a non-GAAP financial measure. The Company defines Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, deferred financing cost amortization, non-cash stock based compensation expenses, restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by product revenues. The Company defines Adjusted EPS as earnings adjusted by restructuring expenses, net, unrealized currency gain or loss and other gains and losses not reflective of the Company's ongoing operations and related tax effects. The Company defines Free Cash Flow as Net cash from operating activities less Purchases of property and equipment. The Company defines net CAPEX as Purchases of property and equipment less Proceeds from the sale of property and equipment. The Company defines Net Debt as the principal amount of all Consolidated Funded Indebtedness (as defined in the Credit Agreement) less cash and cash equivalents. The Company defines liquidity as the sum of cash and cash equivalents and availability under the Company's revolving line of credit. The Company defines net leverage as Net Debt divided by Adjusted EBITDA for the trailing four fiscal quarters. The Company defines revenue, segment revenue or product revenue excluding foreign currency translation and other specified gains and losses as such revenue, excluding the estimated effects of foreign currency exchange on revenue by translating actual revenue using the prior period foreign currency exchange rates and excluding the other items specified. The Company defines adjusted operating expenses as operating expenses excluding related non-cash stock based compensation, restructuring expenses, net, and other gains and losses not reflective of the Company's ongoing operations. The Company's reconciliations are included in this release or can be found in the supplemental materials on the Company's website. In evaluating its business, the Company considers and uses Free Cash Flow, Net Debt, net leverage and liquidity as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management provides such non-GAAP financial measures so that investors will have the same financial information that management uses with the belief that it will assist investors in properly assessing the Company's performance on a period-over-period basis by excluding matters not indicative of the Company's ongoing operating or liquidity results and therefore enhance the comparability of the Company's results and provide additional information for analyzing trends in the business. In evaluating our non-GAAP financial measures, you should be aware that in the future we may incur revenues, expenses, and cash and non-cash obligations that are the same as or similar to some of the adjustments in our presentation of non-GAAP financial measures. Our presentation of non-GAAP financial measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. There also can be no assurance that we will not modify the presentation of our non-GAAP financial measures in the future, and any such modification may be material. Other companies in our industry may define and calculate these non-GAAP financial measures differently than we do and those calculations may not be comparable to our metrics. These non-GAAP measures have limitations as analytical tools, and when assessing the Company's operating performance or liquidity, investors should not consider these non-GAAP measures in isolation, or as a substitute for net income, revenue or other consolidated income statement or cash flow statement data prepared in accordance with GAAP. Non-GAAP measures referenced in this release and other public communications may include estimates of future Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EPS. The Company has not reconciled the non-GAAP forward-looking guidance included in this release to the most directly comparable GAAP measures because this cannot be done without unreasonable effort due to the variability and low visibility with respect to taxes and non-recurring items, which are potential adjustments to future earnings. We expect the variability of these items to have a potentially unpredictable, and a potentially significant, impact on our future GAAP financial results. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Product revenues $ 375,090 $ 375,683 $ 728,944 $ 731,698 Cost of sales 285,328 278,982 552,717 546,244 Gross margin 89,762 96,701 176,227 185,454 Operating expenses: Net research and development expenses 22,558 21,861 46,774 44,606 Selling, general and administrative expenses 41,087 39,410 79,565 80,131 Restructuring expenses, net 2,108 2,442 6,622 9,680 Loss on sale of land and building, net — — 2,196 — Total operating expenses 65,753 63,713 135,157 134,417 Operating income 24,009 32,988 41,070 51,037 Interest expense, net (4,043) (4,002) (7,598) (7,246) Foreign currency (loss) gain (17,432) (282) (27,730) 2,267 Other (loss) income — (284) (1,124) 689 Earnings before income tax 2,534 28,420 4,618 46,747 Income tax expense 2,057 9,544 4,269 13,086 Net income $ 477 $ 18,876 $ 349 $ 33,661 Basic earnings per share $ 0.02 $ 0.60 $ 0.01 $ 1.07 Diluted earnings per share $ 0.02 $ 0.60 $ 0.01 $ 1.06 Weighted average number of shares – basic 30,600 31,534 30,687 31,539 Weighted average number of shares – diluted 30,652 31,710 30,781 31,714 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 (a) % Change 2025 2024 (a) % Change Climate Control Seats $ 200,020 $ 199,766 0.1 % $ 391,173 $ 391,815 (0.2)% Lumbar and Massage Comfort Solutions 52,530 45,869 14.5 % 97,843 84,120 16.3 % Climate Control Interiors 49,585 47,031 5.4 % 94,926 91,429 3.8 % Climate and Comfort Electronics 5,906 4,157 42.1 % 13,621 8,383 62.5 % Automotive Climate and Comfort Solutions 308,041 296,823 3.8 % 597,563 575,747 3.8 % Valve Systems 25,143 29,267 (14.1)% 48,316 55,892 (13.6)% Other Automotive 30,668 37,912 (19.1)% 59,847 77,001 (22.3)% Subtotal Automotive segment 363,852 364,002 (0.0)% 705,726 708,640 (0.4)% Medical segment 11,238 11,681 (3.8)% 23,218 23,058 0.7 % Total Company $ 375,090 $ 375,683 (0.2)% $ 728,944 $ 731,698 (0.4)% Foreign currency translation impact (b) 5,514 — 93 — Total Company, excluding foreign currency translation impact $ 369,576 $ 375,683 (1.6)% $ 728,851 $ 731,698 (0.4)% (a) Prior period product categories have been recast to conform with the current period presentation. See "Revenue by Product Category Historical Recast" table below for additional information. (b) Foreign currency translation impacts for the Automotive segment and Medical segment were $5,396 and $117 respectively, for the three months ended June 30, 2025. Foreign currency translation impacts for Automotive Climate and Comfort Solutions were $3,916 for the three months ended June 30, 2025. Foreign currency translation impacts for the Automotive segment and Medical segment were $44 and $49 respectively, for the six months ended June 30, 2025. Foreign currency translation impacts for Automotive Climate and Comfort Solutions were $(355) for the six months ended June 30, 2025. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 477 $ 18,876 $ 349 $ 33,661 Add back: Depreciation and amortization 13,058 12,811 25,846 26,391 Income tax expense 2,057 9,544 4,269 13,086 Interest expense, net 4,043 4,002 7,598 7,246 Adjustments: Non-cash stock based compensation 3,992 3,610 6,589 7,407 Restructuring expenses, net 2,108 2,442 6,622 9,680 Unrealized currency loss (gain) 18,877 (497) 28,484 (2,353) Loss on sale of land and building, net — — 2,196 — Leadership transition expenses 1,260 — 2,158 — Non-automotive electronics inventory benefit — (712) — (1,772) Other (a) 25 (203) 1,127 69 Adjusted EBITDA $ 45,897 $ 49,873 $ 85,238 $ 93,415 Product revenues $ 375,090 $ 375,683 $ 728,944 $ 731,698 Net income margin 0.1 % 5.0 % 0.0 % 4.6 % Adjusted EBITDA margin 12.2 % 13.3 % 11.7 % 12.8 % (a) Includes a $1,294 write-down of an equity investment for the six months ended June 30, 2025. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net income $ 477 $ 18,876 $ 349 $ 33,661 Amortization of acquisition related intangibles 1,638 1,584 3,197 3,189 Restructuring expenses, net 2,108 2,442 6,622 9,680 Unrealized currency loss (gain) 18,877 (497) 28,484 (2,353) Loss on sale of land and building, net — — 2,196 — Leadership transition expenses 1,260 — 2,158 — Non-automotive electronics inventory benefit — (712) — (1,772) Other 25 (203) 1,127 69 Tax effect of above (7,709) (454) (11,840) (1,851) Adjusted net income $ 16,676 $ 21,036 $ 32,293 $ 40,623 Weighted average shares outstanding: Basic 30,600 31,534 30,687 31,539 Diluted 30,652 31,710 30,781 31,714 Earnings per share, as reported: Basic $ 0.02 $ 0.60 $ 0.01 $ 1.07 Diluted $ 0.02 $ 0.60 $ 0.01 $ 1.06 Adjusted earnings per share: Basic $ 0.54 $ 0.67 $ 1.05 $ 1.29 Diluted $ 0.54 $ 0.66 $ 1.05 $ 1.28 GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (Dollars in thousands, except share data) (Unaudited) June 30, 2025 December 31, 2024 ASSETS Current Assets: Cash and cash equivalents $ 128,297 $ 134,134 Accounts receivable, net 294,719 258,112 Inventory: Raw materials 130,029 137,511 Work in process 40,466 19,059 Finished goods 77,889 70,786 Inventory, net 248,384 227,356 Other current assets 87,415 64,413 Total current assets 758,815 684,015 Property and equipment, net 262,419 252,970 Goodwill 108,891 99,603 Other intangible assets, net 56,076 57,251 Operating lease right-of-use assets 59,510 43,954 Deferred income tax assets 78,336 75,041 Other non-current assets 37,354 34,722 Total assets $ 1,361,401 $ 1,247,556 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 254,133 $ 226,815 Current lease liabilities 9,913 7,517 Current maturities of long-term debt 146 137 Other current liabilities 112,733 105,824 Total current liabilities 376,925 340,293 Long-term debt, less current maturities 209,000 220,064 Non-current lease liabilities 51,135 37,052 Pension benefit obligation 3,906 4,017 Other non-current liabilities 20,690 29,183 Total liabilities $ 661,656 $ 630,609 Shareholders' equity: Common Stock: No par value; 55,000,000 shares authorized 30,519,826 and 30,788,639 issued and outstanding at June 30, 2025 and December 31, 2024, respectively — 2,049 Paid-in capital 1,590 4,290 Accumulated other comprehensive income (loss) 2,005 (85,193) Accumulated earnings 696,150 695,801 Total shareholders' equity 699,745 616,947 Six Months Ended June 30, 2025 2024 Operating Activities: Net income $ 349 $ 33,661 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 26,089 26,733 Deferred income taxes (12,202) 4,365 Stock based compensation 6,604 7,392 Loss on disposition of property and equipment 2,444 (42) Provisions for inventory 3,213 793 Other non-cash items, including unrealized foreign currency (gain) loss 31,364 (863) Changes in assets and liabilities: Accounts receivable, net (23,690) (14,310) Inventory (13,430) (12,338) Other assets (23,102) (36,874) Accounts payable 20,522 8,436 Other liabilities 13,540 9,871 Net cash provided by operating activities 31,701 26,824 Investing Activities: Purchases of property and equipment (23,728) (30,704) Proceeds from the sale of property and equipment 3,745 81 Proceeds from deferred purchase price of factored receivables 744 6,208 Cost of technology investments (590) (265) Net cash used in investing activities (19,829) (24,680) Financing Activities: Borrowings on debt 52,000 35,000 Repayments of debt (63,076) (35,420) Proceeds from the exercise of Common Stock options — 2,763 Taxes withheld and paid on employees' stock based compensation (1,238) (2,417) Cash paid for the repurchase of Common Stock (10,015) (21,703) Net cash used in financing activities (22,329) (21,777) Foreign currency effect 4,620 (6,574) Net decrease in cash and cash equivalents (5,837) (26,207) Cash and cash equivalents at beginning of period 134,134 149,673 Cash and cash equivalents at end of period $ 128,297 $ 123,466 Supplemental disclosure of cash flow information: Cash paid for taxes $ 12,843 $ 12,300 Cash paid for interest 6,757 6,723 Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Total operating expenses $ 65,753 $ 63,713 $ 135,157 $ 134,417 Restructuring expense, net (2,108) (2,442) (6,622) (9,680) Non-cash stock based compensation (3,883) (3,519) (6,232) (7,009) Leadership transition expenses (1,260) — (2,158) — Loss on sale of land and building, net — — (2,196) — Other — — — (840) Adjusted operating expenses $ 58,502 $ 57,752 $ 117,949 $ 116,888 REVENUE BY PRODUCT CATEGORY HISTORICAL RECAST (Dollars in thousands) (Unaudited) Product categories have been modified, and prior-period amounts have been recast to conform with the current period presentation. Climate Control Seats (CCS) includes CCS Heat (previously Seat Heaters), CCS Vent/CCS Active Cool (previously CCS) and CCS Neck Conditioners (previously included in Other Automotive). Climate Control Interiors (CCI) includes CCI Steering Wheel Heat and CCI Interior Heat (previously included in Other Automotive). Other Automotive includes Automotive Cables, Battery Performance Solutions, non-automotive electronics and contract manufacturing electronics (previously classified as Electronics). The table below shows the prior period amounts on a quarterly basis for the years 2023 and 2024 recast to conform with the current presentation: 2023 Q1 Q2 Q3 Q4 Full Year Climate Control Seats $ 193,395 $ 199,780 $ 201,221 $ 203,192 $ 797,588 Climate Control Interiors 42,947 46,084 45,398 43,547 177,976 Lumbar and Massage Comfort Solutions 38,738 37,604 33,260 35,321 144,923 Climate and Comfort Electronics 3,539 2,277 2,842 4,202 12,860 Automotive Climate and Comfort Solutions 278,619 285,745 282,721 286,262 1,133,347 Valve Systems 26,994 27,692 27,830 23,746 106,262 Other Automotive 47,079 48,096 44,231 43,937 183,343 Subtotal Automotive segment 352,692 361,533 354,782 353,945 1,422,952 Medical segment 10,933 10,790 11,413 12,988 46,124 Total Company $ 363,625 $ 372,323 $ 366,195 $ 366,933 $ 1,469,076 2024 Q1 Q2 Q3 Q4 Full Year Climate Control Seats $ 192,049 $ 199,766 $ 189,898 $ 189,597 $ 771,310 Climate Control Interiors 44,398 47,031 49,283 46,260 186,972 Lumbar and Massage Comfort Solutions 38,251 45,869 48,970 45,494 178,584 Climate and Comfort Electronics 4,226 4,157 4,883 4,097 17,363 Automotive Climate and Comfort Solutions 278,924 296,823 293,034 285,448 1,154,229 Valve Systems 26,625 29,267 26,082 23,082 105,056 Other Automotive 39,089 37,912 39,688 30,304 146,993 Subtotal Automotive segment 344,638 364,002 358,804 338,834 1,406,278 Medical segment 11,377 11,681 12,708 14,080 49,846 Total Company $ 356,015 $ 375,683 $ 371,512 $ 352,914 $ 1,456,124
Yahoo
27-05-2025
- Business
- Yahoo
Ascent Solar Technologies Signs Master Services Agreement to Provide NOVI Space with Rollable PV Array Blankets for Launch in 2026
THORNTON, Colo., May 27, 2025 (GLOBE NEWSWIRE) -- Ascent Solar Technologies ('Ascent' or the 'Company') (Nasdaq: ASTI), the leading U.S. innovator in the design and manufacturing of featherweight, flexible thin-film photovoltaic (PV) solutions, today announced the signing of a Master Services Agreement with NOVI Space, Inc. ('NOVI'), a Virginia-based space company that develops and operates AI-powered satellites with their TRL-9 edge computing technology. Ascent has been contracted to provide rollable PV array blankets to NOVI to deliver real-time Earth Observation insights directly from space. NOVI plans to utilize the Company's lightweight, rollable solar technology in their AI edge processing constellation, scheduled for launch in early 2026. As part of the supply agreement, NOVI will provide Ascent with solar array operational performance data from orbit. This allows the Company to rapidly iterate and validate product enhancements for future missions and continue to build upon years of R&D and specialty engineering for products suitable to thrive in the rigors of space. 'Having a high technology readiness level isn't enough assurance for discerning space operators, a challenge that Ascent can uniquely address with our thin-film photovoltaic production solutions,' said Paul Warley, CEO of Ascent Solar Technologies. 'The ability to reliably deliver power on shorter installation timelines removes solar arrays as a barrier to completion for mission schedules, allowing constellations of spacecraft to be completed sooner. Ascent combines both high TRL and MRL with mission-enabling features, helping partners like NOVI to do more, faster and with greater confidence.' Ascent has the capabilities to deliver mission-optimized solar array solutions based on CIGS PV products already developed with spaceflight heritage. Its high-maturity CIGS PV products in manufactured in its 5MW production facility in Thornton, CO enables delivery of arrays in just 6-8 weeks, versus market competition that typically struggles to meet aggressive delivery schedules and strives for 9–12-month lead times. Ascent's recent pair of orders received for spaceflight hardware assemblies are on schedule to be completed and delivered by the Company this summer. 'We are glad to have found a partner in Ascent that is able to provide plug and play arrays for our current bus, enabling NOVI to launch its first set of commercial satellites in Q1 of 2026. We look forward to incorporating Ascent's new, rollable technology into our constellation,' said Scott Steffan, CRO and Co-Founder of NOVI Space, Inc. About Ascent Solar Technologies, Inc. Backed by 40 years of R&D, 15 years of manufacturing experience, numerous awards, and a comprehensive IP and patent portfolio, Ascent Solar Technologies, Inc. is a leading provider of innovative, high-performance, flexible thin-film solar panels for use in environments where mass, performance, reliability, and resilience matter. Ascent's photovoltaic (PV) modules have been deployed on space missions, multiple airborne vehicles, agrivoltaic installations, in industrial/commercial construction as well as an extensive range of consumer goods, revolutionizing the use cases and environments for solar power. Ascent Solar's research and development center and 5-MW nameplate production facility is in Thornton, Colorado. To learn more, visit About NOVI: NOVI is a Space AI infrastructure and compute company. In addition to providing the space industry with TRL 9, flight-proven OBCs, NOVI is developing and deploying a constellation of multi-sensor edge-processing satellites for EO, coupled to a full-stack data, algorithm, and intelligence management platform named VISTAsat™. This is an innovative space AI marketplace that provides open-access to our growing satellite network, and enables commercial companies, governments and developers to harness real-time space-based sensors, processors and intelligence, further changing the cost paradigm to drive innovation, create new use-cases and redefine how industries leverage EO. Forward-Looking Statements Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" including statements about the financing transaction, our business strategy, and the potential uses of the proceeds from the transaction. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the company's actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. We have based these forward-looking statements on our current assumptions, expectations, and projections about future events. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as "will," "believes," "belief," "expects," "expect," "intends," "intend," "anticipate," "anticipates," "plans," "plan," to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's filings with the Securities and Exchange Commission including those discussed under the heading "Risk Factors" in our most recently filed reports on Forms 10-K and 10-Q. Ascent Solar Media Contact Spencer HerrmannFischTank PRascent@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
12-03-2025
- Business
- Associated Press
AIN Ventures Invests in NOVI Space to Revolutionize Earth Observation Services
New Partnership with AIN Ventures and NOVI Space Inc. (NOVI) to Accelerate NOVI's Mission of Accessible Earth Observation (EO), Space Domain Awareness and Autonomy ARLINGTON, VIRGINIA / ACCESS Newswire / March 12, 2025 / NOVI, a leading innovator in space-edge processing, announced a strategic investment from AIN Ventures as part of its seed round. The investment follows NOVI's successful January orbital deployment of its second-generation SP240 On-Board Computer (OBC), marking a significant milestone of an operational Versal-based edge-processor in LEO. 'NOVI's approach to space-edge processing represents a paradigm shift in collection and processing of satellite data,' said Sherman Williams, Managing Partner at AIN Ventures. 'Their technology significantly reduces the cost and complexity barriers that have historically limited the adoption of EO services. We're excited to partner with NOVI as they transform this $40B market and strengthen our nation's space capabilities.' NOVI is a leader in space-edge processing, transforming satellite-based EO data into actionable intelligence in orbit. By integrating advanced AI/ML algorithms, proprietary on-board computers, and low-cost multi-sensor satellites, NOVI drastically reduces costs and latency compared to traditional systems. With proven technology developed for the U.S. DoD and the launch of its VISTAsat™ platform, NOVI is creating an innovative space-AI marketplace and open access satellite network for applications across industries like agriculture, defense, and disaster response in a rapidly growing market. 'This investment from AIN Ventures validates our mission to make EO services more accessible and actionable,' said NOVI CEO, Dr. Michael Bartholomeusz. 'With their support and deep expertise in dual-use technologies, we're well-positioned to accelerate our growth and deliver innovative solutions that address critical challenges in both commercial and defense markets.' NOVI's leadership team brings extensive aerospace, AI, and technology commercialization expertise. CEO Dr. Michael Bartholomeusz is a global executive with over 25 years of enterprise management and transaction experience, including work on the space shuttle program. Co-founders Dr. Amit Mehra and Dr. Constantine Papageorgiou are seasoned entrepreneurs with deep expertise in aeronautics and AI. CRO Scott Steffan has led multi-million-dollar aerospace initiatives at Moog. They combine technical excellence and a proven track record in scaling deep-tech ventures. AIN Ventures' investment in NOVI was carried out in collaboration with Virginia Innovation Partnership Corporation (VIPC) 's Virginia Venture Partners (VVP) and its Virginia Invests fund of funds initiative. Launched in 2024, Virginia Invests has taken LP positions in six fund managers, including AIN Ventures, to accelerate the infusion of capital into Virginia startups and generate new opportunities for Virginia entrepreneurs to grow and innovate. The program, powered by the U.S. Department of Treasury State Small Business Credit Initiative (SSBCI), is designed to catalyze over $250 million in investments over the next 3-5 years. Other investors include Spirit Electronics Ventures, Tyger River Capital and Dr. Sachio Semmoto, a former Softbank board member. NOVI is a Space AI infrastructure and compute company with TRL 9, flight-proven OBCs deploying a constellation of multi-sensor edge-processing satellites for EO, coupled to a full-stack data, algorithm, and intelligence management platform named VISTAsat™. About AIN Ventures: AIN Ventures is an early-stage deep tech investment fund that specializes in dual-use technologies and believes technology can enable our country and its allies to overcome their toughest challenges.
