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A key figure in a trucker protest that jammed Canada's capital and sparked a global movement against Covid mandates was found guilty Friday for his role in the blockade. The self-styled "Freedom Convoy" of big rig drivers and protesters rolled into Ottawa in early 2022 from across Canada to express anger at government protocols imposed to contain Covid-19. After three weeks of turmoil, Prime Minister Justin Trudeau invoked rarely used emergency powers to dislodge the protesters. Pat King was among hundreds of people arrested, and the first of the protest leaders to be convicted. Two other organizers, Tamara Lich and Chris Barber faced a separate criminal trial but those verdicts are not expected until 2025. King faces up to 10 years in prison after being convicted on five charges, including mischief, counselling others to commit mischief and disobeying a court order. Acquitted of more serious charges, he smiled at a packed courtroom of supporters as the judge read the verdict. "Mr King was not merely engaging in political speech," Justice Charles Hackland said. "Rather, he was inciting the protesters to continue their ongoing blockade of downtown Ottawa." King led hundreds of big rigs and thousands of protestors to Ottawa, bringing the capital to a standstill for more than three weeks. Residents and business owners complained of incessant honking and harassment. As the demonstrators' demands expanded to a broader anti-establishment agenda, solidarity rallies popped up at Canada-US trade corridors and various places abroad. Most of the evidence at trial consisted of videos King posted on social media in which he urged his nearly 300,000 followers to rail against government overreach. "Hold the line," he said in video posts, appearing also to delight in the gridlock and misery of locals: "Pretty hilarious that people haven't been able to sleep for 10 days." Trudeau faced strong criticisms from civil liberties groups and the opposition Conservatives for invoking the Emergencies Act to dislodge the protestors. But a commission of inquiry ruled it had been "appropriate," calling it "a drastic move, but... not a dictatorial one." amc/bs/bfm
Jurors end 1st day of deliberations without a verdict in the YSL gang and racketeering trialCopy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login The Dow Jones was pacing gains at midday in New York with the Nasdaq lagging amid a rotation out of tech stocks and into the blue-chip benchmark and small-cap shares. Bitcoin was slightly above $US99,000 near 4.45am. Gold rallied back above $US2700 an ounce, brent crude was near $US75 a barrel as geopolitical tensions kept commodities on edge. Copy link Copied Copy link Copied Subscribe to gift this article Gift 5 articles to anyone you choose each month when you subscribe. Already a subscriber? Login Introducing your Newsfeed Follow the topics, people and companies that matter to you. Latest In Equity markets Fetching latest articles Most Viewed In MarketsRunner's World: Top RBs take flight when Ravens entertain Eagles
Many Black Friday deals are already live at retailers, and we've rounded up the best deals you can find today. These include PlayStation 5 Consoles, Final Fantasy VII Rebirth, Metaphor: ReFantazio, SteelSeries Arctis Pro Wireless, Elden Ring, Astro Bot, iPad (10th Generation), and more. PlayStation Console Deals Are Now Live There are many PlayStation 5 console bundles on sale today, with the start of early Black Friday deals, making this the best time of 2024 to pick up a new console. You can purchase a PlayStation 5 Digital Edition for $374.99, saving $25 and scoring a free game at no extra cost. Or, you can opt for the PlayStation 5 Disc Console, which is priced at $424.99. Sony also has the PlayStation VR 2 on sale today, with the Horizon Call of the Mountain Bundle priced at $349.99 at Best Buy. Final Fantasy VII Rebirth for $39.99 Final Fantasy VII Rebirth was one of 2024's biggest games, continuing the story from 2020's Final Fantasy VII Remake. Cloud, Tifa, Aerith, Barret, and Red XIII begin their journey outside Midgar, meeting characters like Yuffie, Vincent, and Cid alongside the way. This experience offers well over 100 hours of content, with 36 sidequests and a main story over 40 hours long. Plus, there are dozens of minigames to discover. Metaphor: ReFantazio for $49.99 Metaphor: ReFantazio is the latest game from Persona 3, 4, and 5 Director Katsura Hashino and the team at Atlus' Studio Zero. For the first time since launch, you can score the game at a discount, saving $20 this Black Friday. In our 9/10 review , we stated, "Refining the Atlus RPG formula of weaving tough turn-based combat into compelling social sim mechanics, Metaphor: ReFantazio doesn’t just send a powerful message across its political drama, it becomes a beautiful expression of the real impact storytelling can have on all of us." 50% Off SteelSeries Arctis Pro Wireless The SteelSeries Arctis Pro Wireless Headset is perfect for any PC or PlayStation gamer. This model includes a wireless base station, which allows you to connect two devices at once and simultaneously switch between them. Additionally, the Arctis Pro Wireless supports hot-swappable batteries, so you can swap and continue playing with no downtime needed for charging. Elden Ring for $19.99 Elden Ring is on sale for an all-time low price today at Amazon, with PlayStation 4, PlayStation 5, and Xbox copies available for $19.99. Additionally, Elden Ring: Shadow of the Erdtree Edition is $30 off. This package includes the base game and the Shadow of the Erdtree expansion. In our 10/10 review , we said "Elden Ring is a massive iteration on what FromSoftware began with the Souls series, bringing its relentlessly challenging combat to an incredible open world that gives us the freedom to choose our own path." Astro Bot for $49.99 Astro Bot is on sale for the first time since launch, and there has never been a better time to pick up one of the PlayStation 5's best games . Building off Astro's Playroom, Astro Bot features many new abilities and bosses to fight, with over 300 bots to rescue across the galaxy. You'll find planets modeled after beloved PlayStation games like Ape Escape and Uncharted, and even surprise third-party bots like Leon S. Kennedy from Resident Evil 2 . Ghost Cipher Special Edition Xbox Controller for $49.99 Best Buy has the Ghost Cipher Special Edition Xbox Controller for just $49.99 today. This is one of the best Xbox controllers you can buy, as it offers a unique design and maximum comfort. Not only can you use this controller with Xbox One and Xbox Series X|S, but you can also pair it with a PC or mobile device. With its transparent design, this is sure to be a talking point for any Xbox fan. JBL Quantum 360 Headset for $59.95 Right now, you can save over 50% off the JBL Quantum 360 Wireless Gaming Headset. This headset features a detachable boom mic, memory foam ear cushions, and a 22 hour battery life. Plus, there is a game audio / voice chat control on the side, allowing you to get a perfect balance between the two. Both the Xbox and PlayStation editions of the headset are available on sale, so you can pick accordingly depending on your console of choice. iPad (10th Generation) for $249.99 The Apple iPad can be an incredibly useful device if you're needing something bigger than a phone. Powered by the A14 Bionic, you can sketch, create presentations, and watch content all day long, with up to 10 hours of battery life supported. The 10th Generation iPad includes support for Touch ID, Apple Pencil, Magic Keyboard Folio, and more.
Daiwa Securities Group Inc. Lowers Holdings in Novanta Inc. (NASDAQ:NOVT)
Elon Musk wants to abolish daylight savings time, and it might actually be a good idea
Britain's Pulling wins all-female F1 Academy titleCollins 3-5 0-0 6, Pelote 5-11 1-2 13, Emery 3-12 1-2 9, Morgan 1-2 0-0 2, Stansberry 2-11 2-2 7, Hyland 2-6 0-0 5, Kell 2-3 1-2 5, Livingston 3-6 3-4 10, McKey 0-0 0-0 0, F.Brown 0-1 0-0 0, Lemon 1-1 0-0 2, Kama.Jones 1-2 0-0 3, Car.Brown 0-0 0-0 0, White 0-0 0-0 0. Totals 23-60 8-12 62. Story continues below video Gold 5-11 0-0 12, Joplin 3-7 1-2 9, Kam.Jones 9-14 0-0 20, Mitchell 4-6 0-0 10, Ross 1-2 3-4 6, Parham 3-10 1-2 9, Lowery 3-6 0-0 8, Norman 1-3 0-0 2, Owens 3-3 0-0 7, Hamilton 4-6 1-2 9, Ciardo 1-3 0-0 2, O'Malley 0-0 0-0 0, Anderson 0-0 0-0 0, Cam.Brown 0-0 0-0 0, Lucas 0-1 0-0 0. Totals 37-72 6-10 94. Halftime_Marquette 49-30. 3-Point Goals_W. Carolina 8-27 (Pelote 2-6, Emery 2-8, Hyland 1-1, Kama.Jones 1-2, Livingston 1-2, Stansberry 1-7, Morgan 0-1), Marquette 14-40 (Mitchell 2-3, Kam.Jones 2-4, Lowery 2-4, Joplin 2-6, Gold 2-7, Parham 2-7, Owens 1-1, Ross 1-2, Ciardo 0-2, Hamilton 0-2, Norman 0-2). Rebounds_W. Carolina 31 (Pelote 8), Marquette 35 (Kam.Jones 6). Assists_W. Carolina 15 (Hyland 6), Marquette 21 (Kam.Jones 10). Total Fouls_W. Carolina 13, Marquette 16. A_15,442 (17,500).Trans Golfer Says LPGA Gender-Eligibility Rule 'Part of the Reason' for High Trans Suicide Rate
AP Business SummaryBrief at 6:48 p.m. ESTBy LOLITA BALDOR and FATIMA HUSSEIN WEST PALM BEACH, Fla. (AP) — President-elect Donald Trump said Wednesday that he has chosen Keith Kellogg, a highly decorated retired three-star general, to serve as his special envoy for Ukraine and Russia. Kellogg, who is one of the architects of a staunchly conservative policy book that lays out an “America First” national security agenda for the incoming administration, will come into the role as Russia’s invasion of Ukraine enters its third year in February. Trump made the announcement on his Truth Social account, and said “He was with me right from the beginning! Together, we will secure PEACE THROUGH STRENGTH, and Make America, and the World, SAFE AGAIN!” Kellogg, an 80 year-old retired Army lieutenant general who has long been Trump’s top adviser on defense issues, served as national security adviser to Vice President Mike Pence , was chief of staff of the National Security Council and then stepped in as an acting security adviser for Trump after Michael Flynn resigned. As special envoy for Ukraine and Russia, Kellogg will have to navigate an increasingly untenable war between the two nations. The Biden administration has begun urging Ukraine to quickly increase the size of its military by drafting more troops and revamping its mobilization laws to allow for the conscription of troops as young as 18. The White House has pushed more than $56 billion in security assistance to Ukraine since the start of Russia’s February 2022 invasion and expects to send billions more to Kyiv before Biden leaves office in less than months. Trump has criticized the billions that the Biden administration has poured into Ukraine. Washington has recently stepped up weapons shipments and has forgiven billions in loans provided to Kyiv. The incoming Republican president has said he could end the war in 24 hours, comments that appear to suggest he would press Ukraine to surrender territory that Russia now occupies. As a co-chairman of the American First Policy Institute’s Center for American Security, Kellogg wrote several of the chapters in the group’s policy book. The book, like the Heritage Foundation’s “Project 2025,” is a move to lay out a Trump national security agenda and avoid the mistakes of 2016 when he entered the White House largely unprepared. Kellogg in April wrote that “bringing the Russia-Ukraine war to a close will require strong, America First leadership to deliver a peace deal and immediately end the hostilities between the two warring parties.” Related Articles National Politics | Trump transition says Cabinet picks, appointees were targeted by bomb threats, swatting attacks National Politics | Southwest states certify election results after the process led to controversy in previous years National Politics | Political stress: Can you stay engaged without sacrificing your mental health? National Politics | Trump fills out his economic team with two veterans of his first administration National Politics | Trump chooses controversial Stanford professor Dr. Jay Bhattacharya to lead NIH Trump’s proposed national security advisor U.S. Rep. Michael Waltz (R-Fla.) tweeted Wednesday that “Keith has dedicated his life to defending our great country and is committed to bringing the war in Ukraine to a peaceful resolution.” Kellogg was a character in multiple Trump investigations dating to his first term. He was among the administration officials who listened in on the July 2019 call between Trump and Volodymyr Zelenskyy in which Trump prodded his Ukrainian counterpart to pursue investigations into the Bidens. The call, which Kellogg would later say did not raise any concerns on his end, was at the center of the first of two House impeachment cases against Trump, who was acquitted by the Senate both times. On Jan. 6, 2021, hours before pro-Trump rioters stormed the U.S. Capitol, Kellogg, who was then Pence’s national security adviser, listened in on a heated call in which Trump told his vice president to object or delay the certification in Congress of President Joe Biden ’s victory. He later told House investigators that he recalled Trump saying to Pence words to the effect of: “You’re not tough enough to make the call.” Baldor reported from Washington. AP writer Eric Tucker in Washington contributed to this report. 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Industry not consulted on Alberta's plan to challenge federal emissions capCould Australia's social media ban for under 16 work ?Ghanaian activist and lawyer, Oliver Barker-Vormawor, has sparked a nationwide debate with his critique of the President-elect’s intention to appoint 60 ministers in the incoming administration. In a Facebook post shared with MyNewsGH, Barker-Vormawor analyzed the proposed number of ministerial appointments, highlighting a significant challenge to the President-elect’s campaign promise of a lean government. According to Barker-Vormawor, achieving such a lean government would require drastic measures, including the abolition of the Regional Minister role. He pointed out that appointing 19 Cabinet Ministers, along with their deputies, would already fill 38 ministerial positions. Adding 16 Regional Ministers to the list brings the total to 54, leaving only six remaining slots to meet the proposed limit of 60 ministers. “My bold idea is that the President-elect must eliminate Regional Ministers entirely. We can do without them. That is the only way his idea for a lean government will work,” Barker-Vormawor argued, a proposal that has generated significant discussion and differing opinions across the political spectrum. This suggestion draws attention to the ongoing debate in Ghana over the balance between effective governance and political patronage. Over the years, successive governments have faced criticism for the size of their cabinets. In particular, the 2017 administration came under fire for appointing 110 ministers, a decision widely criticized as an unnecessary drain on state resources. While government officials justified these appointments as essential to fulfilling campaign promises, the perception of political favoritism and inefficiency persisted. Barker-Vormawor’s proposal to eliminate the role of Regional Ministers challenges the traditional structure of Ghana’s governance, prompting further reflection on the future direction of the country’s political landscape.
NoneIn a recent video posted to social media, the Vancouver Canucks had high praise for forward Conor Garland and what he brings to the team on a nightly basis. Vancouver Canucks forward Conor Garland doesn't get nearly enough credit for what he does night in, night out for the team. Since joining the Vancouver Canucks in the summer of 2021 from the Arizona Coyotes, Garland has been quite consistent, with the lowest point total during his time with the B.C.-based club being 46 in 2022-23. Conor Garland receiving the praise he truly deserves On Wednesday, the Vancouver Canucks shared a video on their social media accounts featuring Brock Boeser, Quinn Hughes and yes, the man himself - Conor Garland, as they discuss what he brings to the team and how important he is to them. He added, 'You know, he always contributes, makes plays. He plays a big part in our team and brings that consistency when we need it.' Captain Quinn Hughes added , 'He's just got a lot of passion, a little bit of a chip on his shoulder, produces, can carry a line. He respects being in the NHL every day, he knows how hard it was for him to get here. He's continued to work on his game every single year. Brings a lot of laughter and joy to the group and I think he's been great for us. Since the start of the 2024-25 season, Conor Garland has taken on a much bigger role with the Canucks , which included his promotion into the team's top-six forward group. The 28-year-old said that over the course of his career in both the junior ranks and professional level, he's had to believe in himself and work hard each and every day to get to this point. Being an undersized player too, he had to work extra hard and find way to be more detailed in his game to make it not only make it to the National Hockey League, but to stick around too. He added, 'I just think about having a motor, I just think about having my legs and then stuff you're kind of born with takes over and you make plays, be creative. For me that's when my feet are moving, like I'm an effective player.' The Vancouver Canucks are very luck to have Conor Garland on their roster and hopefully he won't be leaving the team anytime soon as he can become an unrestricted free agent in the summer of 2026. It'll be interesting to see if Patrik Allvin and Conor Garland's representatives start talking about a contract extension in the new year and if they can put pen-to-paper before the start of the 2025-26 season. This article first appeared on Canucks Daily and was syndicated with permission.Social media users had much to say after news broke that UnitedHealthcare's CEO Brian Thompson was assassinated in New York City on Wednesday morning, and most of it was critical of the late executive and the healthcare giant. Minnesota-based UnitedHealthcare, a subsidiary of UnitedHealth Group and the nation's largest health insurance provider, brought in $281 billion in revenue last year. Johnson was one of the highest-paid executives with a $10.2 million salary, bonus and stock options, according to Reuters. Johnson was expected to speak at an investor meeting on Wednesday in which he was to announce that the company was projected to make about $455 billion in 2025 . One reason the company may have become so profitable, as one X user pointed out, is by denying the most claims out of any health insurance provider. "Today we remember the legacy of UnitedHealthcare CEO Brian Thompson," Ken Klippenstein, a journalist at The Intercept, tweeted with an accompanying infographic of claim denial rates by insurance company. Today we remember the legacy of UnitedHealthcare CEO Brian Thompson pic.twitter.com/iyAJwUBe0w Johnson took over as CEO in 2021, the same year UnitedHealthcare implemented NaviHealth, an AI tool that continues to help the company make coverage decisions. In 2023, a class action lawsuit was filed on behalf of deceased patients. It alleged that the tool allowed UnitedHealthcare to "systematically deny claims" of Medicare beneficiaries requiring life-saving care. The program had a 90% error rate, which was calculated based on the percentage of payment denials reversed through internal appeals processes or administrative law judge rulings. The lawsuit alleged UnitedHealth knew about the astronomical error rate but continued using it knowing just 0.2% of patients would file appeals to overturn the decision, STAT News reported . X users voiced their dismay over UnitedHealthcare's practices, including NaviHealth, which they claim have killed many insured Americans. "Just a reminder that Brian Thompson, the CEO of UnitedHealth who got rich off denying healthcare to human beings with a [sic] families absolutely deserved worse than what he got," X user @NotDelMario wrote. Just a reminder that Brian Thompson, the CEO of UnitedHealth who got rich off denying healthcare to human beings with a families absolutely deserved worse than what he got. Rest in Piss "Fun fact: roughly three million Americans have medical debt greater than the $10,000 reward offered for information on the UnitedHealthcare CEO shooter!," another X user shared. Fun fact: roughly three million Americans have medical debt greater than the $10,000 reward offered for information on the UnitedHealthcare CEO shooter! "I will not shed one tear for the CEO of a greedy insurance company. Instead I weep for every person who has died due to lack of healthcare and for the 100 million Americans saddled with medical debt," X user @ProudSocialist posted. UnitedHealthcare CEO Brian Thompson was fatally shot in New York City today. I will not shed one tear for the CEO of a greedy insurance company. Instead I weep for every person who has died due to lack of healthcare and for the 100 million Americans saddled with medical debt. pic.twitter.com/1HPMjoeoU6 Other social media users, like X user @tobitax, pointed out that other CEOs and "industry leaders might want to read the comments and think hard about them." Saw mainstream news coverage about the killing of the CEO of United Healthcare on TikTok and I think political and industry leaders might want to read the comments and think hard about them pic.twitter.com/RuBii9KFH4 His tweet accompanied images of TikTok comments mirroring insurance companies' verbiage when denying health insurance claims. "I'm sorry, prior authorization is required for thoughts and prayers," one user wrote. "Sending prior authorization, denied claims, collections & prayers to his family," another quipped. "So many jokes and gallows humor around the murder of Brian Thompson! The greed of CEOs and health care profiteers has worked its way into our collective consciousness. Something wealthy people should pay attention to, but wont," X user @julia_doughty warned. So many jokes and gallows humor around the murder of Brian Thompson! The greed of CEOs and health care profiteers has worked its way into our collective consciousness. Something wealthy people should pay attention to, but wont. "was wondering how UnitedHealthcare gets away with being such a sh---y company and this probably has something to do with," Klippenstein stated in a follow-up tweet with an image of the insurance company's more than $100 million spent on lobbying since 1998. was wondering how UnitedHealthcare gets away with being such a shitty company and this probably has something to do with it pic.twitter.com/RFatM0rKW6 Other X users also pointed out Democrats' hypocrisy in mourning Johnson's death while remaining quiet about the ongoing genocide in Gaza. "It is no mystery who democrats actually work for, and it isn't you," X user @SxarletRed wrote. She also included screenshots of X posts from Rep. Dean Phillips (D-Minn.), Senator Amy Klobuchar (D-Minn.) and Rep. Ritchie Torres (D-NY) denouncing Johnson's murder. It is no mystery who democrats actually work for, and it isn’t you. pic.twitter.com/Galr84TGB9 "Democrats have shown infinitely more empathy for Brian Thompson than they ever have for any Palestinians," X user @marionumber 4 added. Democrats have shown infinitely more empathy for Brian Thompson than they ever have for any Palestinians https://t.co/GrieP7Y7Nf pic.twitter.com/PvDnMxGaJn "If you need to renew your hope for humanity, read the TikTok comments responding to the news of the UnitedHealthcare CEO's assassination," another X user posted with screenshots of several TikTok comments. If you need to renew your hope for humanity, read the TikTok comments responding to the news of the UnitedHealthcare CEO’s assassination pic.twitter.com/iZwEof6e1X "Will his family still be billed?" one user joked. "Did the ER wait to render care until they confirmed coverage?" another added. Originally published by Latin Times
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Maxwell Wealth Strategies Inc. Raises Stock Holdings in Alphabet Inc. (NASDAQ:GOOGL)SANTA CLARA, Calif., Nov. 26, 2024 (GLOBE NEWSWIRE) -- Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, today announced financial results for its third quarter of fiscal year 2025 ended October 31, 2024. Revenue for the third quarter of fiscal 2025 was $82.7 million, up 63% from $50.6 million in the same period in fiscal 2024. For the nine months ended October 31, 2024, revenue was $200.9 million, up 15% from $174.9 million for the nine months ended October 31, 2023. Gross margin under U.S. generally accepted accounting principles (GAAP) for the third quarter of fiscal 2025 was 60.6%, compared with 59.3% for the same period in fiscal 2024. For the nine months ended October 31, 2024, GAAP gross margin was 60.7%, compared with 60.6% for the nine months ended October 31, 2023. GAAP net loss for the third quarter of fiscal 2025 was $24.1 million, or loss per diluted ordinary share of $0.58, compared with GAAP net loss of $41.7 million, or loss per diluted ordinary share of $1.04, for the same period in fiscal 2024. GAAP net loss for the nine months ended October 31, 2024 was $96.9 million or loss per diluted ordinary share of $2.36. This compares with GAAP net loss of $108.8 million, or loss per diluted ordinary share of $2.74, for the nine months ended October 31, 2023. Financial results on a non-GAAP basis for the third quarter of fiscal 2025 are as follows: Gross margin on a non-GAAP basis for the third quarter of fiscal 2025 was 62.6%, compared with 62.6% for the same period in fiscal 2024. For the nine months ended October 31, 2024, non-GAAP gross margin was 63.0%, compared with 63.5% for the nine months ended October 31, 2023. Non-GAAP net income for the third quarter of fiscal 2025 was $4.5 million, or earnings per diluted ordinary share of $0.11. This compares with non-GAAP net loss of $11.2 million, or loss per diluted ordinary share of $0.28, for the same period in fiscal 2024. Non-GAAP net loss for the nine months ended October 31, 2024 was $11.6 million, or loss per diluted ordinary share of $0.28. This compares with non-GAAP net loss of $23.2 million, or loss per diluted ordinary share of $0.59, for the nine months ended October 31, 2023. Based on information available as of today, Ambarella is offering the following guidance for the fourth quarter of fiscal year 2025, ending January 31, 2025: Revenue is expected to be between $76.0 million and $80.0 million. Gross margin on a non-GAAP basis is expected to be between 61.5% and 63.0%. Operating expenses on a non-GAAP basis are expected to be between $49.0 million and $52.0 million. Ambarella reports gross margin, net income (loss) and earnings (losses) per share in accordance with GAAP and, additionally, on a non-GAAP basis. Non-GAAP financial information excludes the impact of stock-based compensation, acquisition-related costs and restructuring expense adjusted for the associated tax impact, which includes the effect of any benefits or shortfalls recognized. Non-GAAP financial information also excludes the impact of the release of a valuation allowance on certain deferred tax assets. A reconciliation of the GAAP to non-GAAP gross margin, net income (loss) and earnings (losses) per share for the periods presented, as well as a description of the items excluded from the non-GAAP calculations, is included in the financial statements portion of this press release. Total cash, cash equivalents and marketable debt securities on hand at the end of the third quarter of fiscal 2025 was $226.5 million, compared with $219.8 million at the end of the prior quarter and $222.3 million at the end of the same quarter a year ago. “Company specific factors are more than offsetting broad market weakness, and we are reporting 30% sequential revenue growth in fiscal Q3, above the high-end of our guidance range, with strength led again by our customers’ new products, especially those incorporating our higher priced AI inference processors. Edge AI revenue represented about 70% of our total revenue, establishing a new record level, and this momentum is expected to enable growth in both our IoT and Auto markets in F2025 and F2026,” said Fermi Wang, President and CEO. “With the anticipated revenue growth, we intend to drive positive operating leverage and build upon our 15 consecutive fiscal years of positive free-cash-flow.” Quarterly Conference Call Ambarella plans to hold a conference call at 4:30 p.m. Eastern Time / 1:30 p.m. Pacific Time today with Fermi Wang, President and Chief Executive Officer, and John Young, Chief Financial Officer, to discuss the third quarter of fiscal year 2025 results. A live and archived webcast of the call will be available on Ambarella’s website at http://www.ambarella.com/ for up to 30 days after the call. About Ambarella Ambarella’s products are used in a wide variety of human vision and edge AI applications, including video security, advanced driver assistance systems (ADAS), electronic mirror, drive recorder, driver/cabin monitoring, autonomous driving and robotics applications. Ambarella’s low-power systems-on-chip (SoCs) offer high-resolution video compression, advanced image and radar processing, and powerful deep neural network processing to enable intelligent perception, fusion and planning. For more information, please visit www.ambarella.com . "Safe harbor" statement under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements that are not historical facts and often can be identified by terms such as “outlook,” “projected,” “intends,” “will,” “estimates,” “anticipates,” “expects,” “believes,” “could,” “should,” or similar expressions, including the guidance for the fourth quarter of fiscal year 2025 ending January 31, 2025, and the comments of our CEO relating to our expectation of future revenue growth, customer demand for our edge AI inference products, the growth potential of our new products, and our ability to generate positive free-cash flow in future periods. The achievement or success of the matters covered by such forward-looking statements involves risks, uncertainties and assumptions. Our actual results could differ materially from those predicted or implied and reported results should not be considered as an indication of our future performance. The risks and uncertainties referred to above include, but are not limited to, global economic and political conditions, including possible trade tariffs and restrictions; revenue being generated from new customers or design wins, neither of which is assured; the commercial success of our customers’ products; our customers’ ability to manage their inventory requirements; our growth strategy; our ability to anticipate future market demands and future needs of our customers, particularly for AI inference applications; our ability to introduce, and to generate revenue from, new and enhanced solutions; our ability to develop, and to generate revenue from, new advanced technologies, such as computer vision, AI functionality and advanced networks, including vision-language models and GenAI; our ability to retain and expand customer relationships and to achieve design wins; the expansion of our current markets and our ability to successfully enter new markets, such as the OEM automotive and robotics markets; anticipated trends and challenges, including competition, in the markets in which we operate; risks associated with global health conditions and associated risk mitigation measures; our ability to effectively manage growth; our ability to retain key employees; and the potential for intellectual property disputes or other litigation. Further information on these and other factors that could affect our financial results is included in the company’s Annual Report on Form 10-K for our 2024 fiscal year, which is on file with the Securities and Exchange Commission. Additional information will also be set forth in the company’s quarterly reports on Form 10-Q, annual reports on Form 10-K and other filings the company makes with the Securities and Exchange Commission from time to time, copies of which may be obtained by visiting the Investor Relations portion of our web site at www.ambarella.com or the SEC's web site at www.sec.gov . Undue reliance should not be placed on the forward-looking statements in this release, which are based on information available to us on the date hereof. The results we report in our Quarterly Report on Form 10-Q for the third fiscal quarter ended October 31, 2024 could differ from the preliminary results announced in this press release. Ambarella assumes no obligation and does not intend to update the forward-looking statements made in this press release, except as required by law. Non-GAAP Financial Measures The company has provided in this release non-GAAP financial information, including non-GAAP gross margin, net income (loss), and earnings (losses) per share, as a supplement to the condensed consolidated financial statements, which are prepared in accordance with generally accepted accounting principles ("GAAP"). Management uses these non-GAAP financial measures internally in analyzing the company’s financial results to assess operational performance and liquidity. The company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting and analyzing future periods. Further, the company believes these non-GAAP financial measures are useful to investors because they allow for greater transparency with respect to key financial metrics that the company uses in making operating decisions and because the company believes that investors and analysts use them to help assess the health of its business and for comparison to other companies. Non-GAAP results are presented for supplemental informational purposes only for understanding the company’s operating results. The non-GAAP information should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from non-GAAP measures used by other companies. With respect to its financial results for the third quarter of fiscal year 2025, the company has provided below reconciliations of its non-GAAP financial measures to its most directly comparable GAAP financial measures. With respect to the company’s expectations for the fourth quarter of fiscal year 2025, a reconciliation of non-GAAP gross margin and non-GAAP operating expenses guidance to the closest corresponding GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability and low visibility with respect to the charges excluded from these non-GAAP measures. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future GAAP financial results. The following tables present details of stock-based compensation, acquisition-related costs and restructuring expense included in each functional line item in the condensed consolidated statements of operations above: The difference between GAAP and non-GAAP gross margin was 2.0% and 3.3%, or $1.7 million and $1.7 million, for the three months ended October 31, 2024 and October 31, 2023, respectively. The difference between GAAP and non-GAAP gross margin was 2.3% and 2.9%, or $4.6 million and $5.0 million, for the nine months ended October 31, 2024 and October 31, 2023, respectively. The differences were due to the effect of stock-based compensation, amortization of acquisition-related costs and restructuring expense. Contact: Louis Gerhardy 408.636.2310 lgerhardy@ambarella.com'Pink tote lid moments': Explaining the latest social media trend that strikes a serious tone
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