Technology

Avantor® Reports Second Quarter 2024 Results

Published

2 years ago

July 26, 2024

Net sales of $1.70 billion, decrease of 2.4%; organic decline of 2.0%Net income of $93 million; Adjusted EBITDA of $306 millionDiluted GAAP EPS of $0.14; adjusted EPS of $0.25Operating cash flow of $281 million; free cash flow of $235 million

RADNOR, Pa., July 26, 2024 /PRNewswire/ — Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today reported financial results for its second fiscal quarter ended June 30, 2024.

“Our teams delivered another solid quarter with sequential improvements to all key financial metrics. Improved mix from increased bioprocessing revenue together with the accelerated impact of our cost transformation initiative drove more than 100 basis points of sequential Adjusted EBITDA margin expansion, while disciplined working capital management led to free cash flow conversion above 100%,” said Michael Stubblefield, President and Chief Executive Officer.

“We are reaffirming our fiscal year 2024 guidance and remain focused on executing our long-term growth strategy and delivering value to our customers and shareholders,” Stubblefield concluded.

Second Quarter 2024

For the three months ended June 30, 2024, net sales were $1,702.8 million, a decrease of 2.4% compared to the second quarter of 2023. Foreign currency translation had a negative impact of 0.4%, resulting in a sales decline of 2.0% on an organic basis.

Net income increased to $92.9 million from ($7.3) million in the second quarter of 2023, and adjusted net income was $168.0 million as compared to $186.4 million in the comparable prior period. Net Income margin was 5.5%. Adjusted EBITDA was $305.6 million and Adjusted EBITDA margin was 17.9%. Adjusted Operating Income was $277.2 million and Adjusted Operating Income margin was 16.3%.

Diluted earnings per share on a GAAP basis was $0.14, while adjusted EPS was $0.25.

Operating cash flow was $281.1 million, while free cash flow was $235.3 million. Adjusted net leverage was 3.9x as of June 30, 2024.

Second Quarter 2024 – Segment Results

Laboratory Solutions

Net sales were $1,155.7 million, a reported decrease of 3.2%, as compared to $1,193.8 million in the second quarter of 2023. Sales declined 2.7% on an organic basis.Adjusted Operating Income was $150.9 million as compared to $179.7 million in the comparable prior period. Adjusted Operating Income margin was 13.1%.

Bioscience Production

Net sales were $547.1 million, a reported decrease of 0.5%, as compared to $550.1 million in the second quarter of 2023. Sales declined 0.3% on an organic basis.Adjusted Operating Income was $144.0 million, as compared to $154.2 million in the comparable prior period. Adjusted Operating Income margin was 26.3%.

Adjusted Operating Income is Avantor’s segment reporting profitability measure under generally accepted accounting principles and is used by management to measure and evaluate the performance of our Company’s business segments.

Conference Call
We will host a conference call to discuss our results today, July 26, 2024, at 8:00 a.m. Eastern Time. The live webcast and presentation, as well as a replay, will be available on the investor section of Avantor’s website.

About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedIn, X (Twitter) and Facebook.

Use of Non-GAAP Financial Measures
To evaluate our performance, we monitor a number of key indicators. As appropriate, we supplement our results of operations determined in accordance with U.S. generally accepted accounting principles (“GAAP”) with certain non-GAAP financial measures that we believe are useful to investors, creditors and others in assessing our performance. These measures should not be considered in isolation or as a substitute for reported GAAP results because they may include or exclude certain items as compared to similar GAAP-based measures, and such measures may not be comparable to similarly titled measures reported by other companies. Rather, these measures should be considered as an additional way of viewing aspects of our operations that provide a more complete understanding of our business. We strongly encourage investors to review our consolidated financial statements included in reports filed with the SEC in their entirety and not rely solely on any one single financial measure or communication.

The non-GAAP financial measures used in this press release are sales growth (decline) on an organic basis, Adjusted Operating Income, Adjusted Operating Income margin, Adjusted EBITDA, Adjusted EBITDA margin, adjusted net income, adjusted EPS, adjusted net leverage, free cash flow, and free cash flow conversion.

Sales growth (decline) on an organic basis eliminates from our reported net sales growth (decline) the impacts of revenues from any acquired businesses that have been owned for less than one year and changes in foreign currency exchange rates. We believe that this measure is useful to investors as a way to measure and evaluate our underlying commercial operating performance consistently across our segments and the periods presented. This measure is used by our management for the same reason.Adjusted Operating Income is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) losses on extinguishment of debt, (v) charges associated with the impairment of certain assets, (vi) and certain other adjustments. Adjusted Operating Income margin is Adjusted Operating Income divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason. Additionally, Adjusted Operating Income is our segment reporting profitability measure under GAAP.Adjusted EBITDA is our net income or loss adjusted for the following items: (i) interest expense, (ii) income tax expense, (iii) amortization of acquired intangible assets, (iv) depreciation expense, (v) losses on extinguishment of debt, (vi) charges associated with the impairment of certain assets, (vii) and certain other adjustments. Adjusted EBITDA margin is Adjusted EBITDA divided by net sales as determined under GAAP. We believe that these measures are useful to investors as ways to analyze the underlying trends in our business consistently across the periods presented. These measures are used by our management for the same reason.Adjusted net income is our net income or loss first adjusted for the following items: (i) amortization of acquired intangible assets, (ii) losses on extinguishment of debt, (iii) charges associated with the impairment of certain assets, (iv) and certain other adjustments. From this amount, we then add or subtract an assumed incremental income tax impact on the above-noted pre-tax adjustments, using estimated tax rates, to arrive at Adjusted Net Income. We believe that this measure is useful to investors as a way to analyze the business consistently across the periods presented. This measure is used by our management for the same reason.Adjusted EPS is our adjusted net income divided by our diluted GAAP weighted average share count adjusted for anti-dilutive instruments. We believe that this measure is useful to investors as an additional way to analyze the underlying trends in our business consistently across the periods presented. This measure is used by our management for the same reason.Adjusted net leverage is equal to our gross debt, reduced by our cash and cash equivalents, divided by our trailing 12-month Adjusted EBITDA (excluding stock-based compensation expense and including the expected run-rate effect of cost synergies and the incremental results of completed acquisitions as if those acquisitions had occurred on the first day of the trailing 12-month period). We believe that this measure is useful to investors as a way to evaluate and measure the Company’s capital allocation strategies and the underlying trends in the business. This measure is used by our management for the same reason.Free cash flow is equal to our cash flow from operating activities, plus acquisition-related costs paid in the period, less capital expenditures. Free cash flow conversion is free cash flow divided by adjusted net income. We believe that these measures are useful to investors as they provide a view on the Company’s ability to generate cash for use in financing or investment activities. These measures are used by our management for the same reason.

Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables accompanying this release.

Forward-Looking and Cautionary Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this press release are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, including our cost transformation initiative, objectives, future performance and business. These statements may be preceded by, followed by or include the words “aim,” “anticipate,” “assumption,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “long-term,” “near-term,” “objective,” “opportunity,” “outlook,” “plan,” “potential,” “project,” “projection,” “prospects,” “seek,” “target,” “trend,” “can,” “could,” “may,” “should,” “would,” “will,” the negatives thereof and other words and terms of similar meaning.

Forward-looking statements are inherently subject to risks, uncertainties and assumptions; they are not guarantees of performance. You should not place undue reliance on these statements. We have based these forward-looking statements on our current expectations and projections about future events. Although we believe that our assumptions made in connection with the forward-looking statements are reasonable, we cannot assure you that the assumptions and expectations will prove to be correct. Factors that could contribute to these risks, uncertainties and assumptions include, but are not limited to, the factors described in “Risk Factors” in our most recent Annual Report on Form 10-K, and subsequent quarterly reports on Form 10-Q, as such risk factors may be updated from time to time in our periodic filings with the SEC.

All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements. In addition, all forward-looking statements speak only as of the date of this press release. We undertake no obligations to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise other than as required under the federal securities laws.

Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
+1 805-617-5297
Christina.Jones@avantorsciences.com

Media Contact
Emily Collins
Vice President, External Communications
Avantor
+1 332-239-3910
Emily.Collins@avantorsciences.com

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of operations

(in millions, except per share data)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Net sales

$ 1,702.8

$ 1,743.9

$ 3,382.6

$ 3,524.2

Cost of sales

1,121.3

1,153.9

2,230.6

2,309.4

Gross profit

581.5

590.0

1,152.0

1,214.8

Selling, general and administrative expenses

405.7

357.5

829.9

751.1

Impairment charges

—

160.8

—

160.8

Operating income

175.8

71.7

322.1

302.9

Interest expense, net

(60.9)

(73.4)

(125.2)

(147.1)

Loss on extinguishment of debt

(1.9)

(1.6)

(4.4)

(3.9)

Other income, net

1.6

2.0

2.7

2.6

Income (loss) before income taxes

114.6

(1.3)

195.2

154.5

Income tax expense

(21.7)

(6.0)

(41.9)

(40.3)

Net income (loss)

$ 92.9

$ (7.3)

153.3

114.2

Earnings (Loss) per share:

Basic

$ 0.14

$ (0.01)

$ 0.23

$ 0.17

Diluted

$ 0.14

$ (0.01)

$ 0.22

$ 0.17

Weighted average shares outstanding:

Basic

679.4

675.3

678.7

675.0

Diluted

682.6

675.3

681.9

677.9

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated balance sheets

(in millions)

June 30, 2024

December 31, 2023

Assets

Current assets:

Cash and cash equivalents

$ 272.6

$ 262.9

Accounts receivable, net

1,129.0

1,150.2

Inventory

795.6

828.1

Other current assets

132.0

143.7

Total current assets

2,329.2

2,384.9

Property, plant and equipment, net

753.8

737.5

Other intangible assets, net

3,582.8

3,775.3

Goodwill, net

5,659.6

5,716.7

Other assets

368.1

358.3

Total assets

$ 12,693.5

$ 12,972.7

Liabilities and stockholders’ equity

Current liabilities:

Current portion of debt

$ 258.4

$ 259.9

Accounts payable

657.4

625.9

Employee-related liabilities

146.1

133.1

Accrued interest

49.9

50.2

Other current liabilities

352.8

411.2

Total current liabilities

1,464.6

1,480.3

Debt, net of current portion

4,856.6

5,276.7

Deferred income tax liabilities

575.4

612.8

Other liabilities

361.9

350.3

Total liabilities

7,258.5

7,720.1

Stockholders’ equity:

Common stock including paid-in capital

3,897.5

3,830.1

Accumulated earnings

1,644.8

1,491.5

Accumulated other comprehensive loss

(107.3)

(69.0)

Total stockholders’ equity

5,435.0

5,252.6

Total liabilities and stockholders’ equity

$ 12,693.5

$ 12,972.7

Avantor, Inc. and subsidiaries

Unaudited condensed consolidated statements of cash flows

(in millions)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Cash flows from operating activities:

Net income (loss)

$ 92.9

$ (7.3)

$ 153.3

$ 114.2

Reconciling adjustments:

Depreciation and amortization

102.6

202.2

203.7

Impairment charges

—

160.8

—

160.8

Stock-based compensation expense

11.1

9.2

23.8

21.9

Provision for accounts receivable and inventory

15.5

30.6

39.5

43.1

Deferred income tax benefit

(34.8)

(38.3)

(52.7)

(64.7)

Amortization of deferred financing costs

2.8

3.3

5.8

6.7

Loss on extinguishment of debt

1.9

1.6

4.4

3.9

Foreign currency remeasurement (gain) loss

(2.2)

(1.9)

3.1

(0.1)

Changes in assets and liabilities:

Accounts receivable

(2.7)

60.1

—

7.9

Inventory

(3.2)

(8.8)

(14.2)

(1.7)

Accounts payable

89.5

(75.0)

45.9

(74.4)

Accrued interest

9.2

9.9

(0.3)

(0.6)

Other assets and liabilities

(2.9)

(78.4)

6.4

(34.3)

Other

1.4

(0.2)

5.5

1.3

Net cash provided by operating activities

281.1

168.2

422.7

387.7

Cash flows from investing activities:

Capital expenditures

(45.8)

(30.1)

(80.5)

(58.1)

Other

0.9

0.7

1.4

Net cash used in investing activities

(44.9)

(29.4)

(79.1)

(56.7)

Cash flows from financing activities:

Debt borrowings

(28.9)

—

12.3

—

Debt repayments

(172.7)

(190.8)

(383.0)

(460.3)

Payments of debt refinancing fees and premiums

—

(2.3)

—

(2.3)

Proceeds received from exercise of stock options

5.3

2.1

50.8

4.7

Shares repurchased to satisfy employee tax
obligations for vested stock-based awards

(0.8)

(5.2)

(7.4)

(13.3)

Net cash used in financing activities

(197.1)

(196.2)

(327.3)

(471.2)

Effect of currency rate changes on cash and cash equivalents

(1.6)

(0.7)

(7.3)

4.1

Net change in cash, cash equivalents and restricted cash

37.5

(58.1)

9.0

(136.1)

Cash, cash equivalents and restricted cash, beginning of period

259.2

318.9

287.7

396.9

Cash, cash equivalents and restricted cash, end of period

$ 296.7

$ 260.8

$ 296.7

$ 260.8

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures

Adjusted EBITDA and Adjusted EBITDA Margin

(dollars in millions)

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$ 92.9

5.5 %

$ (7.3)

(0.4) %

$ 153.3

4.5 %

$ 114.2

3.2 %

Amortization

74.9

4.4 %

78.9

4.5 %

150.2

4.4 %

157.3

4.5 %

Loss on extinguishment of debt

1.9

— %

1.6

0.1 %

4.4

0.1 %

3.9

0.1 %

Integration-related expenses1

—

— %

(0.6)

— %

—

— %

8.1

0.2 %

Restructuring and severance charges2

9.7

0.6 %

7.2

0.4 %

32.9

1.0 %

11.9

0.3 %

Transformation expenses3

16.2

1.0 %

—

— %

29.5

0.9 %

—

— %

Other4

(0.3)

— %

(0.7)

— %

(0.8)

— %

(0.8)

— %

Impairment charges5

—

— %

160.8

9.2 %

—

— %

160.8

4.6 %

Income tax benefit applicable to
pretax adjustments

(27.3)

(1.6) %

(53.5)

(3.1) %

(50.9)

(1.5) %

(73.6)

(2.1) %

Adjusted net income

168.0

9.9 %

186.4

10.7 %

318.6

9.4 %

381.8

10.8 %

Interest expense, net

60.9

3.6 %

73.4

4.2 %

125.2

3.7 %

147.1

4.2 %

Depreciation

27.7

1.5 %

23.7

1.4 %

52.0

1.6 %

46.4

1.4 %

Income tax provision applicable
to Adjusted Net income

49.0

2.9 %

59.5

3.4 %

92.8

2.7 %

113.9

3.2 %

Adjusted EBITDA

$ 305.6

17.9 %

$ 343.0

19.7 %

$ 588.6

17.4 %

$ 689.2

19.6 %

━━━━━━━━━

Represents direct costs incurred with third parties and the accrual of a long-term retention incentive to integrate acquired companies. These expenses represent incremental costs and are unrelated to normal operations of our business. Integration expenses are incurred over a pre-defined integration period specific to each acquisition.

Reflects the incremental expenses incurred in the period related to restructuring initiatives to increase profitability and productivity. Costs included in this caption are specific to employee severance, site-related exit costs, and contract termination costs. The expenses recognized in 2024 represent costs incurred to achieve the Company’s publicly-announced cost transformation initiative.

Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

Represents net foreign currency (gain) loss from financing activities, other stock-based compensation expense (benefit) and charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

Related to impairment of the Ritter asset group.

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Adjusted Operating Income and Adjusted Operating Income Margin

(dollars in millions)

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$ 92.9

5.5 %

$ (7.3)

(0.4) %

$ 153.3

4.5 %

$ 114.2

3.2 %

Interest expense, net

60.9

3.6 %

73.4

4.2 %

125.2

3.7 %

147.1

4.2 %

Income tax expense

21.7

1.3 %

6.0

0.3 %

41.9

1.2 %

40.3

1.1 %

Loss on extinguishment of debt

1.9

— %

1.6

0.1 %

4.4

0.1 %

3.9

0.1 %

Other income, net

(1.6)

(0.1) %

(2.0)

(0.1) %

(2.7)

— %

(2.6)

— %

Operating income

175.8

10.3 %

71.7

4.1 %

322.1

9.5 %

302.9

8.6 %

Amortization

74.9

4.4 %

78.9

4.5 %

150.2

4.4 %

157.3

4.5 %

Integration-related expenses1

—

— %

(0.6)

— %

—

— %

8.1

0.2 %

Restructuring and severance charges2

9.7

0.6 %

7.2

0.4 %

32.9

1.0 %

11.9

0.3 %

Transformation expenses3

16.2

1.0 %

—

— %

29.5

0.9 %

—

— %

Other4

0.6

— %

0.9

0.1 %

0.9

— %

1.0

— %

Impairment charges5

—

— %

160.8

9.2 %

—

— %

160.8

4.6 %

Adjusted Operating Income

$ 277.2

16.3 %

$ 318.9

18.3 %

$ 535.6

15.8 %

$ 642.0

18.2 %

━━━━━━━━━

Represents incremental expenses directly associated with the Company’s publicly-announced cost transformation initiative, primarily related to the cost of external advisors.

Represents other stock-based compensation expense (benefit) and charges and legal costs in connection with certain litigation and other contingencies that are unrelated to our core operations and not reflective of on-going business and operating results.

Related to impairment of the Ritter asset group.

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Earnings per share

(shares in millions)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Diluted earnings (loss) per share (GAAP)

$ 0.14

$ (0.01)

$ 0.22

$ 0.17

Dilutive impact of convertible instruments

—

Fully diluted earnings (loss) per share (non-GAAP)

0.14

(0.01)

0.22

0.17

Amortization

0.11

0.12

0.22

0.23

Loss on extinguishment of debt

—

0.01

Integration-related expenses

—

0.01

Restructuring and severance charges

0.02

0.01

0.05

0.02

Transformation expenses

0.02

—

0.04

—

Other

—

Impairment charges

—

0.24

—

0.24

Income tax benefit applicable to pretax adjustments

(0.04)

(0.08)

(0.07)

(0.12)

Adjusted EPS (non-GAAP)

$ 0.25

$ 0.28

$ 0.47

$ 0.56

Weighted average shares outstanding:

Diluted (GAAP)

682.6

675.3

681.9

677.9

Incremental shares excluded for GAAP

—

2.4

—

Share count for Adjusted EPS (non-GAAP)

682.6

677.7

681.9

677.9

Free cash flow

(in millions)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Net cash provided by operating activities

$ 281.1

$ 168.2

$ 422.7

$ 387.7

Capital expenditures

(45.8)

(30.1)

(80.5)

(58.1)

Free cash flow (non-GAAP)

$ 235.3

$ 138.1

$ 342.2

$ 329.6

Adjusted net leverage

(dollars in millions)

June 30, 2024

Total debt, gross

$ 5,148.3

Less cash and cash equivalents

(272.6)

$ 4,875.7

Trailing twelve months Adjusted EBITDA

$ 1,208.5

Trailing twelve months ongoing stock-based compensation expense

42.3

$ 1,250.8

Adjusted net leverage (non-GAAP)

3.9 x

Avantor, Inc. and subsidiaries

Reconciliations of non-GAAP measures (continued)

Net sales by segment

(in millions)

June 30,

Reconciliation of net sales growth
(decline) to organic net sales growth
(decline)

Net sales
growth
(decline)

Foreign
currency
impact

Organic
net sales
growth
(decline)

2024

2023

Three months ended:

Laboratory Solutions

$ 1,155.7

$ 1,193.8

$ (38.1)

$ (5.4)

$ (32.7)

Bioscience Production

547.1

550.1

(3.0)

(1.3)

(1.7)

Total

$ 1,702.8

$ 1,743.9

$ (41.1)

$ (6.7)

$ (34.4)

Six months ended:

Laboratory Solutions

$ 2,312.8

$ 2,396.8

$ (84.0)

$ 3.6

$ (87.6)

Bioscience Production

1,069.8

1,127.4

(57.6)

1.7

(59.3)

Total

$ 3,382.6

$ 3,524.2

$ (141.6)

$ 5.3

$ (146.9)

Adjusted Operating Income by segment

(in millions)

Three months ended
June 30,

Six months ended
June 30,

2024

2023

2024

2023

Laboratory Solutions

$ 150.9

$ 179.7

$ 299.1

$ 351.9

Bioscience Production

144.0

154.2

270.9

321.7

Corporate

(17.7)

(15.0)

(34.4)

(31.6)

Total

$ 277.2

$ 318.9

$ 535.6

$ 642.0

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SOURCE Avantor and Financial News

Technology

B&R Technology Merger Corp. Announces the Separate Trading of its Class A Ordinary Shares and Warrants, Commencing September 10, 2026

Published

37 minutes ago

September 8, 2026

NEW YORK, Sept. 8, 2026 /PRNewswire/ — B&R Technology Merger Corp. (Nasdaq: BRTMU) (the “Company”) announced today that, commencing September 10, 2026, holders of the units sold in the Company’s initial public offering may elect to separately trade the Company’s Class A ordinary shares and warrants included in the units. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. The Class A ordinary shares and warrants that are separated will trade on the Nasdaq Stock Market under the symbols “BRTM” and “BRTMW,” respectively. Those units not separated will continue to trade on the Nasdaq Stock Market under the symbol “BRTMU.”

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About B&R Technology Merger Corp.

B&R Technology Merger Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company’s strategy allows for an initial business combination in any business or industry or at any stage of its corporate evolution, its primary focus is on technology growth businesses that has artificial intelligence (“AI”) tailwinds.

Forward-Looking Statements

This press release may include, and oral statements made from time to time by representatives of the Company may include, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact
David York
Clark Callander
Steve Fletcher
B&R Technology Merger Corp.
info@bandrtechnology.com

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SOURCE B&R Technology Merger Corp.

Technology

Georgia Power encourages customers to take action during National Preparedness Month

Published

37 minutes ago

September 8, 2026

Company highlights important safety information and resources to help customers prepare for emergencies

ATLANTA, Sept. 8, 2026 /PRNewswire/ — As the peak of hurricane season approaches, Georgia Power is reminding its 2.8 million customers to be prepared for emergencies. In support of National Preparedness Month, the company is once again partnering with the Federal Emergency Management Agency and the Georgia Emergency Management and Homeland Security Agency throughout September.

While the state has not yet experienced a major hurricane or tropical storm this season, National Preparedness Month encourages advance preparation for all types of potential emergencies in homes, businesses and communities.

Georgia Power continues to invest in a stronger, more resilient electric grid that improves reliability for customers on both blue-sky days and during severe weather. Through Smart Grid technology, automation and self-healing capabilities, the company can identify outages faster, reroute power remotely and restore service more efficiently. In 2025 alone, Grid Investment Program projects improved reliability for more than 535,000 customers and, together with self-healing technology, prevented 108 million customer outage minutes while playing a critical role during hurricane season.

Georgia Power encourages all customers to take proactive measures to safeguard their homes and families before disasters strike, including:

Build an emergency kit – Gather enough supplies to sustain everyone in your household for several days, including food, water, medications, and other essentials. Be sure to consider the unique needs of each family member and pet, especially if an evacuation becomes necessary. It’s also a good idea to prepare a grab-and-go emergency kit with essential items so you can evacuate quickly if needed. Have an emergency plan – Develop an emergency plan and discuss it with your family and close friends before an emergency. Establish how you will communicate, where you will meet and what steps you will take if you need to evacuate or shelter in place. Planning ahead can help reduce stress, save valuable time and minimize costs during an emergency. Understand your risks – Understand your risks by learning about the hazards and emergencies most likely to affect your area. Knowing what could happen where you live, work and travel can help you make informed decisions and take the right steps to protect yourself, your family and your property. Visit the company’s Storm Center page for more information on preparing your home, building an emergency kit, and knowing your risks.

Staying informed during emergencies such as hurricanes, tornadoes and severe thunderstorms is critical, and Georgia Power offers the following resources to help customers stay connected and informed:

Outage Alerts – Customers subscribed to the free Georgia Power Outage Alerts service will receive personalized notifications and updates via text message. Check that your contact number is up to date to receive the latest information. Outage & Storm Center – Available at www.GeorgiaPower.com/Storm, customers can visit this site to ensure their contact information is updated to receive Outage Alerts, report and check the status of outages, and access useful safety tips and information. Customers can also report and check the status of an outage 24 hours a day by contacting Georgia Power at 888-891-0938. Outage Map – Housed within the Outage & Storm Center, Georgia Power’s interactive Outage Map provides near real-time information, allowing users to see where outages are occurring across the state and track estimated restoration times. The map is updated regularly from teams in the field. Georgia Power Mobile App – Download the Georgia Power mobile app for Apple and Android devices to access storm and outage information on the go. Social Media – Follow Georgia Power on Facebook, Instagram and X for storm tips, outage updates, customer service and more.

Safety Tips for Customers and Crews

Watch for Georgia Power crews working across the state. If you must be on the roads, please move over one lane for utility vehicles stopped on the side of the road; it’s Georgia law. Never touch any downed or low-hanging wire. If going out, watch for and avoid down wires. They can be deadly. Never pull tree limbs off power lines yourself or enter areas with debris or downed trees, as downed power lines may be concealed. Customers should call 911 or Georgia Power immediately if they see a fallen or low-hanging power line. Take care if using a portable generator. Follow all manufacturer instructions, avoid using generators in enclosed spaces and be mindful of electrical safety. Visit our website for more generator safety tips.

About Georgia Power
Georgia Power is the largest electric subsidiary of Southern Company (NYSE: SO), America’s premier energy company. Value, Reliability, Customer Service and Stewardship are the cornerstones of the company’s promise to 2.8 million customers in all but four of Georgia’s 159 counties. Committed to delivering clean, safe, reliable and affordable energy, Georgia Power maintains a diverse, innovative generation mix that includes nuclear, coal and natural gas, as well as renewables such as solar, hydroelectric and wind. Georgia Power offers rates below the national average, focuses on delivering world-class service to its customers every day and the company is recognized by J.D. Power as an industry leader in customer satisfaction. For more information, visit www.GeorgiaPower.com and connect with the company on Facebook (Facebook.com/GeorgiaPower), X (X.com/GeorgiaPower) and Instagram (Instagram.com/ga_power).

www.georgiapower.com

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SOURCE Georgia Power

Technology

Nelnet Accessibility Services Now on Civic Marketplace

Published

37 minutes ago

September 8, 2026

State and local agencies can now access Nelnet’s accessibility assessment, remediation, and compliance services through a cooperative contract that requires no new request for proposal (RFP) ahead of approaching Department of Justice (DOJ) Americans with Disabilities Act (ADA) Title II compliance deadlines.

LINCOLN, Neb., Sept. 8, 2026 /PRNewswire/ — Nelnet Government Services today announced that its cooperative purchasing contract, awarded through the Alliance for Innovation (AFI), is now accessible through Civic Marketplace. By listing on Civic Marketplace, Nelnet gives local governments, public schools, and other public agencies nationwide a streamlined way to discover and procure its ADA Web Accessibility Consulting and ADA Web Accessibility Consulting and Design services.

As an awarded supplier through the AFI cooperative program, Nelnet’s services have already been competitively solicited and awarded in accordance with public procurement requirements. Through Civic Marketplace, eligible public agencies can access Nelnet’s services and pre-negotiated cooperative pricing without conducting a separate RFP, providing a faster path from accessibility need to implementation.

What Agencies Can Access

Accessibility Assessments: Expert-led audits of websites, applications, and documents that surface Web Content Accessibility Guidelines (WCAG) 2.1 barriers and produce a clear compliance roadmap.Remediation Services: Hands-on repair of websites, mobile apps, documents, and video so digital content works for people using assistive technology.Voluntary Product Accessibility Template (VPAT) and Accessibility Conformance Report (ACR) Reporting, Training & Ongoing Support: Standards-based compliance documentation, staff training, and Accessibility Team as a Service (ATaaS) for continuous governance as content changes.

“Every resident deserves digital services that work for them, and every agency deserves a partner who can help them get there without adding a lengthy procurement process,” said Marc Thorson, Lead Accessibility Architect at Nelnet. “Making our accessibility team available through Civic Marketplace means agencies can start real compliance work now, well ahead of the deadlines bearing down on them.”

Why This Matters

Under the Department of Justice’s ADA Title II rule, state and local government websites, apps, and digital content must meet WCAG 2.1 AA standards. The DOJ recently extended the compliance deadlines, giving larger public entities until April 26, 2027, and smaller public entities and special districts until April 26, 2028. But auditing, remediating, and retraining staff across years of legacy content takes longer than many agencies expect, and the deadline marks when compliance is required, not when the work should start.

Most agencies don’t need a seven-figure platform overhaul to get there. Many compliance gaps close for a fraction of that cost through focused assessment and remediation work, without the year a standalone RFP process usually consumes.

“Digital accessibility is a growing operational priority for local governments, and many agencies need specialized expertise to address it effectively,” said Michael Wilkes, President and CEO of the Alliance for Innovation. “Bringing Nelnet into our cooperative portfolio gives public agencies access to proven capabilities in an area that is becoming increasingly important to how governments operate and serve their communities.”

Nelnet has already put that model to work in state and local government: its accessibility team embedded with Colorado’s Office of Information Technology to bring the myColorado app, used by more than 1 million residents for driver’s licenses, DMV services, and benefit application, into WCAG 2.1 AA compliance.

Access This Contract Now on Civic Marketplace

Nelnet’s digital accessibility services are available now through Civic Marketplace. To explore the contract and begin procurement, view the Nelnet contract listing on Civic Marketplace, or contact Nelnet at AccessibilityWorkRequest@nelnet.net.

About Nelnet Government Services

Nelnet Government Services (NYSE: NNI) helps public sector organizations achieve and maintain digital accessibility compliance while creating more inclusive experiences for the people they serve. Our U.S.-based accessibility team partners with agencies to assess, remediate, monitor, and govern digital content, websites, applications, and documents. Through accessibility assessments, remediation services, training, reporting, and ongoing compliance support, we help agencies build sustainable accessibility programs that reduce risk, increase access, and improve service delivery. See Nelnet’s digital accessibility services at Nelnet.com.

About Alliance for Innovation

AFI is a nonprofit association of governments dedicated to fostering innovation and excellence in local government. AFI assists local governments in implementing innovative solutions to enhance efficiency, service delivery, and community impact. The organization emphasizes strategic thinking, emerging technologies, and best practices to equip public agencies with the knowledge and support to address evolving challenges.

AFI offers various programs, including innovation academies, workshops, and a comprehensive knowledge network that allows local governments to share success stories and lessons learned. It hosts annual conferences and webinars that unite municipal leaders, industry experts, and academic researchers to explore trends in governance, sustainability, civic engagement, and operational improvements. By promoting a culture of innovation, AFI empowers local governments to be more adaptive, resilient, and responsive to the needs of their communities, ultimately enhancing the quality of life for citizens nationwide.

About Civic Marketplace

Civic Marketplace is the AI procurement platform built for local governments and free for every SLED entity to use. By removing cost as a barrier, we make it easier for cities, counties, and school districts to modernize how they buy goods and services without adding strain to already tight budgets.

Our platform connects government buyers to a network of pre-approved suppliers, ensuring every contract meets compliance and quality standards from the start. We’re especially committed to expanding access for historically underutilized businesses, helping local governments support regional suppliers and strengthen the communities they serve.

Procurement doesn’t have to be slow, complicated, or expensive. Civic Marketplace is backed by venture investment and built to prove it. Learn more at civicmarketplace.com.

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SOURCE Nelnet Government Services