ph365 google search
On Sunday, Stellantis ( STLA -6.29% ) announced that it had parted ways with CEO Carlos Tavares, who had led the company since it was formed in 2021 through the merger of Fiat Chrysler Automobiles and French automaker PSA Peugeot. Tavares sold the merger with promises that under his leadership, the combined company could generate double-digit-percentage operating margins year after year by cutting costs without cutting too many jobs. For a while, it worked. But it hasn't been working lately, and it appears that the board of directors lost patience. What Stellantis said about Tavares's departure In a statement , Stellantis said that its board of directors "accepted Carlos Tavares' resignation," and that it expects to hire a new permanent CEO in the first half of 2025. Tavares and the board had disagreed over how to address weakening sales and a slump in the company's stock price, though the details of the disagreement aren't yet clear. As of early afternoon Monday, the company's shares were down by about 47% year to date. Tavares had previously planned to retire in 2026. Until a new CEO is hired, the company will be led by an interim executive committee chaired by John Elkann. Elkann, the great-great-grandson of Fiat founder Giovanni Agnelli, is Stellantis's chairman and the CEO of the automaker's largest shareholder, the Agnelli family investment vehicle Exor NV . Higher prices and more shipments worked -- until they didn't As recently as a year ago, Tavares still looked like a genius. In 2023, Stellantis reported a record profit of 18.6 billion euros (about $19.7 billion), with an adjusted operating margin of 12.8% -- ahead of Tavares's 2030 goal of 12%. But those profits and margins came with a big caveat: The company's inventories were swollen. Stellantis had almost 1.5 million vehicles in its U.S. inventory at the end of 2023, about 50% more than it had a year earlier. Why so many? Stellantis, like most automakers, books revenue when vehicles are shipped to dealers. From the company's point of view, those vehicles were "sold," and those sales were counted in its year-end results -- even as they sat on dealer lots. But why weren't they selling to customers? Simply put, Tavares had demanded higher retail prices to support his margin goals, but those prices were turning away too many customers. Dealers were struggling to move the metal they had in stock even as more vehicles continued to arrive on their lots. Unwinding that inventory backlog-- with margin-crushing discounts -- has been the story of 2024 for Stellantis. The company warned in September that its adjusted operating margin for 2024 would be 7% at best, down from earlier guidance for over 10%, as it works to get its U.S. inventory down to just 330,000 vehicles by year's end. Baked into that was a plan to reduce vehicle shipments by more than 200,000 in the second half of 2024, and to offer even higher incentives on the 2024 -- and 2023 -- vehicles still on dealer lots. How should Stellantis proceed once its huge inventory sell-down is accomplished? Apparently, the board and Tavares had different answers to that question, and that's why Tavares is no longer CEO. The stock is looking cheap now. Is it a buy? Here is my carefully thought-out opinion: I wouldn't touch Stellantis's stock. Not yet. Right now, it's a company with too many brands, too much inventory, too many discounts, and probably too many factories -- and no superstar CEO to help offset those concerns. Before I would even consider investing, I would have to hear the company's plan for getting itself back on a sustainable path. It seems likely that any plan will require painful cuts, and such cuts may hurt Stellantis stock further in the near term. Chief Financial Officer Doug Ostermann will speak at a Goldman Sachs event on Wednesday. I'm hoping he'll tell us how the board of directors plans to fix this mess.
49ers running back Christian McCaffrey headed to IR with an injured right knee
Revenue grows 125% year over year Current hashrate surpasses 33.5 EH/s on track for 37 EH/s LAS VEGAS , Dec. 2, 2024 /PRNewswire/ -- CleanSpark, Inc. (Nasdaq: CLSK) (the "Company"), America's Bitcoin Miner®, today reported financial results for the fiscal year ended September 30, 2024 . "Our performance this year reflects a sustained growth trajectory, solidifying our position as one of the top Bitcoin miners in the world, as we move into an anticipated new bull market," said CleanSpark CEO Zach Bradford . "Reflecting on the past year, our results in FY 2024 and the positioning of the company going into 2025 demonstrated the wisdom of our counter-cyclical growth and capital allocation strategy. We produce durable, high performing growth and have been since our earliest days in Bitcoin mining," Bradford said. "CleanSpark has prioritized owned infrastructure as its core foundation, putting us in the best position to optimize our portfolio of data centers to drive ROI to our shareholders as we continue to rapidly deploy additional hashrate on our path to 37 EH by year-end and 50 EH and beyond in 2025." "We anticipated that there would be prime opportunities for M&A paired with organic growth, and over the past year we capitalized by adding 423 MWs to our operating portfolio bringing us to 726 MW, as of today. As we continue focusing on scale in FY 2025 and beyond, we will develop the remaining hundreds of MW in the near-term pipeline while always staying opportunistic," said Bradford. "The team produced our strongest year of financial performance to date, solidifying a track record of effective execution and keeping commitments to shareholders. This fiscal year included the fourth halving event in Bitcoin 's history, and our organizational commitment to operational excellence has allowed us to weather it more successfully than many of our industry peers," said CleanSpark CFO Gary Vecchiarelli . "Even with the halving event impacting block rewards and a significant increase in difficulty, our production outpaced both, yielding approximately 7,100 BTC thanks to our growth in hashrate and the efficiency improvements to our fleet. "CleanSpark's financial strength continued to grow in fiscal 2024," said Vecchiarelli. "Heading into 2025, we have significant scale and size, a healthy balance sheet, industry leading operations and a strong liquidity position, and we are well positioned to pursue diverse capital raising strategies," Vecchiarelli said. Financial Highlights: Full Fiscal Year 2024 Financial Results for the Fiscal Year Ended September 30, 2024 . Balance Sheet Highlights as of September 30, 2024 Assets Liabilities and Stockholders' Equity The Company had working capital of $517.5 million and $66.0 million of loans payable as of September 30, 2024 . 1 See "Non-GAAP Measure" and the related reconciliation below Investor Conference Call and Webcast The Company will hold its fiscal year 2024 earnings presentation and business update for investors and analysts today, December 2, 2024 , at 1:30 p.m. PT / 4:30 p.m. ET . Webcast URL: https://investors.cleanspark.com The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call. About CleanSpark CleanSpark (Nasdaq: CLSK), America's Bitcoin Miner ® , is a market-leading, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin , energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. Visit our website at www.cleanspark.com . Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the Company's ability to successfully completed acquisitions, including integration risks relating to completed and potential acquisitions, the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law. Non-GAAP Measure The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States ("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA. Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company's bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin related revenue. The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results. Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP. CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts) September 30, 2024 September 30, 2023 ASSETS Current assets Cash and cash equivalents $ 121,222 $ 29,215 Restricted cash 3,056 — Receivable for equity offerings — 9,590 Prepaid expense and other current assets 7,995 3,258 Bitcoin (See Note 2 and Note 6) 431,661 56,241 Receivable for bitcoin collateral (See Note 2 and Note 12) 77,827 — Note receivable from GRIID (see Note 7) 60,919 — Derivative investments 1,832 2,697 Investment in debt security, AFS, at fair value 918 726 Current assets held for sale — 445 Total current assets $ 705,430 $ 102,172 Property and equipment, net $ 869,693 $ 564,395 Operating lease right of use asset 3,263 688 Intangible assets, net 3,040 4,603 Deposits on miners and mining equipment 359,862 75,959 Other long-term asset 13,331 5,718 Goodwill 8,043 8,043 Total assets $ 1,962,662 $ 761,578 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 82,992 $ 39,900 Accrued liabilities 43,874 25,677 Other current liabilities 2,240 311 Current portion of loans payable 58,781 6,992 Current liabilities held for sale — 1,175 Total current liabilities $ 187,887 $ 74,055 Long-term liabilities Operating lease liability, net of current portion 997 519 Finance lease liability, net of current portion — 9 Loans payable, net of current portion 7,176 8,911 Deferred income taxes 5,761 2,416 Total liabilities $ 201,821 $ 85,910 Commitments and contingencies - Note 18 CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS (continued) (in thousands, except par value and share amounts) September 30, 2024 September 30, 2023 Stockholders' equity Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding (liquidation preference $0.02 per share) Series X shares; 1,000,000 and 0 authorized, issued and outstanding, respectively 3 2 Common stock; $0.001 par value; 300,000,000 shares authorized; 270,897,784 and 160,184,921 shares issued and outstanding, respectively 271 160 Additional paid-in capital 2,239,367 1,009,482 Accumulated other comprehensive income 418 226 Accumulated deficit (479,218) (334,202) Total stockholders' equity 1,760,841 675,668 Total liabilities and stockholders' equity $ 1,962,662 $ 761,578 The accompanying notes are an integral part of these consolidated financial statements. CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share and share amounts) For the year ended September 30, 2024 September 30, 2023 September 30, 2022 Revenues, net Bitcoin mining revenue, net $ 378,968 $ 168,121 $ 131,000 Other services revenue — 287 525 Total revenues, net $ 378,968 $ 168,408 $ 131,525 Costs and expenses Cost of revenues (exclusive of depreciation and amortization shown below) 165,516 93,580 41,234
Miracle Alzheimer's drug which could slow down the disease is being considered for use on the NHS - giving hope to millions of people By KATE PICKLES HEALTH CORRESPONDENT FOR THE DAILY MAIL Published: 16:07 EST, 29 December 2024 | Updated: 16:22 EST, 29 December 2024 e-mail View comments A daily pill which could be the first to slow Alzheimer’s disease is being considered for use on the NHS . Officials are assessing whether hydromethylthionine mesylate (HMTM) shows sufficient promise to be given the green light for NHS patients. The drug attacks a protein called tau which accumulates in tangles in the brain, affecting memory and cognition. Taken as a tablet, it would not require the complex infusions needed for other recent breakthrough Alzheimer’s treatments. Early trial data suggests it can slow progression of the disease with regulators set to make a decision as soon as April. If approved, it would mark the biggest milestone for the disease in decades, bringing hope to millions worldwide. Alzheimer’s disease is the most common cause of dementia and is set to affect more than a million Britons by the middle of this century. But there is growing hope the NHS must get ready for a future where it is treatable and even curable. A daily pill which could be the first to slow Alzheimer’s disease is being considered for use on the NHS (stock image) Officials are assessing whether hydromethylthionine mesylate (HMTM) shows sufficient promise to be given the green light for NHS patients (stock image) Developed by Aberdeen-based TauRX, early trials suggested the medication leads to sustained cognitive improvement at an early, clinically detectable stage of Alzheimer’s. The experimental compound belongs to a class of drugs known as tau aggregation inhibitors, which is hoped can undo the tangles, slowing and potentially altogether stopping memory loss. Former NHS clinical director for dementia and emeritus professor at the University of Manchester, Professor Alistair Burns, said it was potentially ‘great news for people with Alzheimer’s disease, their families and carers’. ‘We have reached an exciting time in the field of Alzheimer’s disease treatment,’ he told the Telegraph. ‘After no new therapies for a generation, we are on the threshold of having a range of new treatments, including a tau-targeted oral therapy, which have the real potential to slow the disease process.’ Read More BREAKING NEWS Anger as NHS patients told they WON'T get 'new hope' Alzheimer's drug donanemab The decision will follow the mixed fortunes of two breakthrough drugs for Alzheimer’s drugs - Lecanemab and Donanemab - having with UK regulators. Despite both being given the green light by the Medicines and Healthcare products Regulatory Agency (MHRA), hope was quickly extinguished when health spending watchdog National Institute of Health and Care Excellence (NICE) found they were not value for money for the NHS. Some experts question the potential benefits of HMTM, with the latest data yet to be peer-reviewed. Findings presented at the Alzheimer’s Disease International conference this year showed little or no benefit over placebo on memory and cognitive decline in people with Alzheimer’s disease. But the company said it was due to the unexpected effects of the placebo and is understood to be offering further evidence and results. The drug also appears to have a better safety profile than others coming through, suggesting it is less likely to cause adverse side effects. Dr Richard Oakley, the associate director of research and innovation at the charity Alzheimer’s Society, said: ‘Although the placebo was expected to have no effect at the dose it was given, it built up in participants’ bodies over time. ‘However, HMTM did reduce the levels of a marker of brain cell loss.’ He added: ‘In a small subset of participants with mild cognitive impairment who have features of Alzheimer’s disease in their brains, HMTM seemed to have a beneficial effect.’ The MHRA, NICE and TauRX were all approached for comment. NHS Share or comment on this article: Miracle Alzheimer's drug which could slow down the disease is being considered for use on the NHS - giving hope to millions of people e-mail Add commentT he two big worries about AI are that it is going to take over the world and it is going to do us all out of a job. I’m agnostic on the first but certain the second is misplaced, and I have new evidence to support my view: the Oura ring. This latest item of wearable tech was, I understand, de rigueur in the celebrity Christmas stocking. For those losers (including me) who hadn’t heard of it till yesterday, it’s a ring that monitors your vital signs when you’re asleep and tells you next morning whether you slept well. For only £299 plus a £5.99 monthly subscription you can have cutting-edge technology tell you what your brain already told you the moment you woke up.
Houthis join Samidoun on Canada’s list of terrorist entities with an agenda against Israel