Financial Performance - Total net sales for the three months ended September 30, 2024, were $220.86 million, compared to $219.61 million for the same period in 2023, representing a 0.6% increase[8]. - Gross profit for the three months ended September 30, 2024, was $37.09 million, up from $35.07 million in the same period last year, indicating a 5.8% increase[8]. - The company reported a net loss of $14.26 million for the three months ended September 30, 2024, compared to a net income of $16.62 million for the same period in 2023[9]. - The company reported a comprehensive loss of $10.38 million for the three months ended September 30, 2024, compared to a comprehensive income of $19.86 million for the same period in 2023[9]. - The company reported a net loss of $55.691 million for the year ending December 31, 2023, reflecting a significant decline in performance[12]. - The company reported a net loss of $55.7 million for the nine months ended September 30, 2024, compared to a net loss of $14.5 million for the same period in 2023[15]. - The company reported a net loss of $14,259,000 for Q3 2024, compared to a net income of $16,621,000 in Q3 2023[175]. - The company reported a net loss attributable to common shareholders of $(14.2) million for the three months ended September 30, 2024, compared to a profit of $12.8 million in the same period of 2023[183]. Assets and Liabilities - Total current assets increased to $336.63 million as of September 30, 2024, from $313.05 million as of December 31, 2023, reflecting a 7.5% growth[6]. - Total liabilities rose to $692.84 million as of September 30, 2024, compared to $583.56 million as of December 31, 2023, marking an 18.7% increase[6]. - The company’s total assets increased to $1.08 billion as of September 30, 2024, from $971.51 million as of December 31, 2023, representing an 11% increase[6]. - The company’s cash and cash equivalents decreased to $22.36 million as of September 30, 2024, down from $37.20 million as of December 31, 2023[6]. - Total cash and cash equivalents at the end of the period were $32.7 million, down from $48.8 million at the end of September 2023[15]. - Total debt increased significantly from $279.0 million on December 31, 2023, to $449.6 million on September 30, 2024[75]. Expenses - Selling, general and administrative expenses for the three months ended September 30, 2024, were $46.13 million, compared to $37.05 million in the same period last year, a 24.6% increase[8]. - The company incurred transaction, restructuring, and integration expenses of $2.54 million for the three months ended September 30, 2024, down from $3.14 million in the same period in 2023[8]. - The company incurred depreciation and amortization expenses of $23.2 million, up from $18.4 million in the previous year[15]. - The company incurred interest expense of $6,889 thousand and transaction, restructuring, and integration expenses of $2,538 thousand during the three months ended September 30, 2024[148]. - Selling, general and administrative expenses increased to $142.2 million, representing 22.9% of total revenues, up from 16.2% in the prior year[203]. Segment Performance - Beverage Solutions segment net sales for the three months ended September 30, 2024, were $164.0 million, primarily due to a $16.4 million decrease in coffee and tea product sales[185]. - Sustainable Sourcing & Traceability segment net sales increased by 32.8% to $56.9 million, driven by a 35.9% increase in sales volume[186]. - For the nine months ended September 30, 2024, net sales for Beverage Solutions were $485,322,000, and for Sustainable Sourcing & Traceability were $143,204,000, totaling $621,749,000[152]. - Segment Adjusted EBITDA for the total reportable segments was $14,227 thousand for the three months ended September 30, 2024, with Beverage Solutions at $11,752 thousand and Sustainable Sourcing & Traceability at $2,475 thousand[148]. - Segment Adjusted EBITDA for the total reportable segments for the nine months ended September 30, 2024, was $39,033,000[152]. Equity and Capital - The issuance of common shares related to warrant exchange amounted to 5,424 shares, generating $36,938,000 in additional capital[10]. - The balance of common stock shares increased from 75,728,000 on June 30, 2023, to 88,039,000 by September 30, 2023[10]. - The total number of common stock shares is projected to reach 94,073,000 by September 30, 2024[12]. - The company granted 1,370,222 RSUs during the nine months ended September 30, 2024, with a weighted-average fair value at grant date of $9.66[136]. - The company recognized approximately $4.1 million of one-time employee severance costs during the nine months ended September 30, 2024, related to targeted restructuring activities[35]. Cash Flow and Financing - Cash flows from operating activities showed a net cash outflow of $16.0 million for the nine months ended September 30, 2024, an improvement from a net cash outflow of $75.1 million in the prior year[15]. - The company made capital expenditures of $141.5 million in property, plant, and equipment during the nine months ended September 30, 2024, compared to $121.5 million in the prior year[15]. - The company is required to maintain a secured net leverage ratio ranging from 4.50:1.00 to 6.25:1.00, stepping down to 4.50:1.00 by April 2026[81]. - The Company issued $72.0 million in convertible senior notes at a 5.00% interest rate, with $50.0 million from related parties[84]. - The company entered into a $5.0 million unsecured working capital trade finance facility, maturing on December 31, 2026, with stepped repayments totaling $5.0 million[91]. Market and Strategic Initiatives - The company has plans for market expansion and new product development, as indicated by the ongoing issuance of common shares and capital raising activities[12]. - The company’s proprietary technology in the SS&T segment aims to improve the lives of farming partners and enhance environmental accountability[169]. - The company is currently evaluating the impact of several recently issued accounting pronouncements, including ASU 2023-07 and ASU 2023-09, on its consolidated financial statements[44][45]. Taxation - The effective income tax rate for the nine months ended September 30, 2024, was (2.3%), significantly lower than the 18.7% rate for the same period in 2023, primarily due to an increase in the valuation allowance against domestic deferred tax assets[40]. - The company expects minimal impact from the OECD's Pillar Two legislation on its 2024 effective tax rate[41].

Financial Performance - Net sales for Q3 2024 were $220.9 million, an increase of $1.2 million or 0.6% compared to Q3 2023[4] - Gross profit for Q3 2024 was $37.1 million, up from $35.1 million in Q3 2023, despite including $0.5 million of non-cash mark-to-market losses[4] - The net loss for Q3 2024 was $14.3 million, compared to a net income of $16.6 million in Q3 2023[5] - Consolidated Adjusted EBITDA for Q3 2024 was $10.3 million, down from $11.6 million in Q3 2023, including $4.0 million of scale-up costs related to the Conway Facility[6] - Total operating expenses increased to $49,827 for the three months ended September 30, 2024, from $40,435 in the prior year, representing a rise of 23.5%[21] - The company reported a net loss of $14,259 for the three months ended September 30, 2024, compared to a net income of $16,621 in the same period last year[21] - Consolidated Adjusted EBITDA for the nine months ended September 30, 2024, was $33,845 thousand, an increase from $31,358 thousand for the same period in 2023[24] Segment Performance - The Beverage Solutions segment generated $164.0 million in net sales with Segment Adjusted EBITDA of $11.8 million for Q3 2024, compared to $176.8 million and $9.9 million, respectively, in Q3 2023[7] - Beverage Solutions segment net sales for the three months ended September 30, 2024, were $164,010, down from $176,818 in the same period of 2023, a decrease of 7.2%[23] - The Sustainable Sourcing & Traceability segment reported net sales of $56.9 million and Segment Adjusted EBITDA of $2.5 million for Q3 2024, up from $42.8 million and $1.7 million in Q3 2023[8] - Sustainable Sourcing & Traceability segment net sales increased to $56,850 for the three months ended September 30, 2024, from $42,794 in the prior year, marking a growth of 32.8%[23] - The company reported an Adjusted EBITDA of $11,752 for the Beverage Solutions segment for the three months ended September 30, 2024, compared to $9,884 in the same period last year, an increase of 18.8%[23] Future Expectations - The company expects to report $50.0 million of Consolidated Adjusted EBITDA for fiscal year 2024, including $10.0 million of scale-up costs associated with the Conway Facility[11] - For fiscal year 2025, the company anticipates Consolidated Adjusted EBITDA between $80.0 million and $100.0 million, driven by volume growth and new customer commitments[12] - The Conway Facility is expected to onboard over a dozen new customers in Q1 2025, projected to generate more annual Consolidated Adjusted EBITDA than the current base business[3] Cash Flow and Expenses - Cash used in operating activities for the nine months ended September 30, 2024, was $16,023, a significant improvement from $75,131 used in the same period of 2023[22] - Net cash provided by financing activities for the nine months ended September 30, 2024, was $151,364, compared to $223,147 in the prior year[22] - The company incurred $30,115 thousand in pre-production costs for the Conway extract and ready-to-drink facility during the nine months ended September 30, 2024[24] - Transaction, restructuring, and integration expenses totaled $9,901 thousand for the nine months ended September 30, 2024, down from $12,682 thousand in the same period of 2023[24] - Interest expense for the three months ended September 30, 2024, was $6,889 thousand, slightly down from $7,803 thousand in the prior year[24] - Depreciation and amortization increased to $7,680 thousand for the three months ended September 30, 2024, compared to $6,364 thousand in the same period last year[24] - Equity-based compensation for the three months ended September 30, 2024, was $3,028 thousand, compared to $2,439 thousand in the same period last year[24] Governance - Ken Parent has been appointed to the Board of Directors, bringing extensive experience from Pilot Flying J[10] Other Financial Metrics - The total liabilities, convertible preferred shares, and shareholders' equity amounted to $1,077,114 as of September 30, 2024, compared to $971,514 at the end of 2023[20] - The company reported a change in the fair value of warrant liabilities of $(5,481) thousand for the three months ended September 30, 2024[24] - Consolidated Adjusted EBITDA for the three months ended June 30, 2024, was revised to $12,434 thousand after excluding scale-up costs[25] - The company emphasizes that EBITDA and Consolidated Adjusted EBITDA are important non-GAAP measures for evaluating operating performance and profitability[26]

Deliveries of Bollinger B4 continue, with electric trucks to TEC Equipment OAK PARK, Mich., Oct. 30, 2024 /PRNewswire/ -- Bollinger Motors today announced it has made its first customer delivery on the West Coast, sending three 2025 Bollinger B4 Chassis Cabs to TEC Equipment's dealerships in Lacey, Washington; Fontana, California; and Oakland, California. The vehicles' total retail value equals nearly $500,000. Bollinger B4 Bollinger B4 The Bollinger B4 Chassis Cab is an all-new, all-electric Class 4 commer ...

VANCOUVER, BC, Oct. 21, 2024 /PRNewswire/ - Nevada King Gold Corp. (TSXV: NKG) (OTC: NKGFF) ("Nevada King" or the "Company") is pleased to announce commencement of its Phase III drill program with the mobilization of a reverse-circulation ("RC") drill to conduct drilling across the recently discovered Wild West Target ("WWT") (August 19, 2024 release) at its 5,166 hectares (51.6km2), 100%-owned Atlanta Gold Mine Project along the prolific Battle Mountain Trend 264km northeast of Las Vegas, Nevada.Wild West ...

Westrock Coffee Company (WEST) shares ended the last trading session 10.8% higher at $6.36. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 18.5% loss over the past four weeks. Westrock's stock rally is an extension of its innovative beverage solutions that have impressed investors. The company provides a comprehensive range of services, from coffee bean sourcing to final product distribution, demonstrating a stron ...

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Westrock Coffee Company (WEST) came out with a quarterly loss of $0.01 per share versus the Zacks Consensus Estimate of a loss of $0.04. This compares to loss of $0.21 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 75%. A quarter ago, it was expected that this company would post a loss of $0.02 per share when it actually produced a loss of $0.13, delivering a surprise of -550%. Over the last four quarters, the company has su ...

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VANCOUVER, B.C., July 30, 2024 (GLOBE NEWSWIRE) -- Trillion Energy International Inc. ("Trillion" or the "Company") (CSE: TCF) (OTCQB: TRLEF) (Frankfurt: Z62) is pleased to provide an update on perforations of the West Akcakoca-1 well at the SASB gas field located in the southwestern Black Sea and production progress to date. The West Akcakoca-1 well has now had the remaining three perforation intervals totaling 4 metres perforated for a total of five zones. Prior delays involving weather conditions and wai ...

In addition to the new satellite Helen M. Simpson hospital through the UPMC joint venture partnership, Select Medical also operates two inpatient rehabilitation and three critical illness recovery hospitals in Central Pennsylvania. About Select Medical MECHANICSBURG, Pa., July 10, 2024 /PRNewswire/ -- Joint venture partners Select Medical and UPMC announced plans to open Helen M. Simpson Rehabilitation Hospital - West Shore in Q2 2025. A satellite of its namesake, the acute inpatient rehabilitation hospital ...