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OPENLANE, Inc. Reports Second Quarter 2024 Financial Results

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CARMEL, Ind., Aug. 7, 2024 /PRNewswire/ — OPENLANE, Inc. (NYSE: KAR), today reported its second quarter financial results for the period ended June 30, 2024.

“OPENLANE’s second quarter and year-to-date results clearly demonstrate the power of our differentiated platform and the strong scalability characteristics of our company,” said Peter Kelly, CEO of OPENLANE. “During the quarter, we grew marketplace and finance volumes, increased revenue and delivered strong adjusted EBITDA and operating cash flows. I am confident in OPENLANE’s strategy, we are investing in technology and people to further accelerate innovation and profitable growth.”

“OPENLANE’s continued focus on execution and profitable growth delivered solid financial results in the second quarter,” said Brad Lakhia, EVP and CFO of OPENLANE. “Consolidated revenue was $432 million, marketplace segment grew volumes by 7% and increased Gross Merchandise Value to nearly $7 billion. AFC was again a strong adjusted EBITDA contributor, and we improved our provision for loan losses versus the first quarter. Our year-to-date generation of $138 million of cash flow from operating activities clearly demonstrates the value — and potential — of our asset-light, digitally focused business.”

Second Quarter 2024 Financial Highlights

Marketplace volumes increased 7% YoYTotal revenue of $432 million in Q2 2024, representing 4% YoY growthMarketplace revenue of $336 million in Q2 2024, representing 5% YoY growthGross Merchandise Value (GMV) of approximately $7 billion, representing 6% YoY growthIncome from continuing operations of $11 millionAdjusted EBITDA of $71 million (with Marketplace contributing 46%), including the $2 million year-to-date impact for the newly enacted Canadian Digital Services Tax$138 million of cash flow from operating activities on a year-to-date basis

2024 Guidance
As a result of Canada’s abrupt implementation of a retroactive Digital Services Tax (DST), which was enacted on June 28, 2024 retroactive to January 1, 2022, the company has updated its 2024 annual guidance. During the second quarter of 2024, the company recorded $12 million of Canadian DST, of which $10 million related to 2022 and 2023. Assuming no changes to this legislation, including the scope of application, the company estimates this will result in approximately $5 million in incremental cost of services in 2024. The company anticipates taking steps to mitigate this incremental annual cost and therefore does not anticipate a material impact on future periods earnings and cash flows.

Annual

Guidance

Income from continuing operations (in millions)

$65 – $80

Adjusted EBITDA (in millions)

$285 – $305

Income from continuing operations per share – diluted *

$0.14 – $0.24

Operating adjusted net income from continuing operations per share – diluted

$0.77 – $0.87

* The company uses the two-class method of calculating income from continuing operations per diluted share. Under the two-class method, income from continuing operations is adjusted for dividends and undistributed earnings (losses) to the holders of the Series A Preferred Stock, and the weighted average diluted shares do not assume conversion of the preferred shares to common shares.

Earnings guidance does not contemplate future items such as business development activities, strategic developments (such as restructurings, spin-offs or dispositions of assets or investments), contingent purchase price adjustments, significant expenses related to litigation, tax adjustments and changes in applicable laws and regulations (including significant accounting and tax matters) and intangible impairments. The timing and amounts of these items are highly variable, difficult to predict, and of a potential size that could have a substantial impact on the company’s reported results for any given period. Prospective quantification of these items is generally not practicable. Operating adjusted net income from continuing operations per share excludes amortization expense associated with acquired intangible assets, as well as one-time charges, net of taxes. See reconciliations of the company’s guidance included below.

Earnings Conference Call Information
OPENLANE will be hosting an earnings conference call and webcast on Wednesday, August 7, 2024 at 5:00 p.m. ET. The call will be hosted by OPENLANE Chief Executive Officer Peter Kelly and Chief Financial Officer Brad Lakhia. The conference call may be accessed by calling 1-833-634-2155 and asking to join the OPENLANE call. A live webcast will be available at the investor relations section of corporate.openlane.com. Supplemental financial information for OPENLANE’s second quarter 2024 results is available at the investor relations section of corporate.openlane.com.

The archive of the webcast will be available following the call at the investor relations section of corporate.openlane.com for a limited time.

About OPENLANE
OPENLANE, Inc. (NYSE: KAR), provides sellers and buyers across the global wholesale used vehicle industry with innovative, technology-driven remarketing solutions. The company’s unique end-to-end platform supports whole car, financing, logistics and other ancillary and related services. Our integrated marketplaces reduce risk, improve transparency and streamline transactions for customers around the globe. Headquartered in Carmel, Indiana, the company has employees across the United States, Canada, Europe, Uruguay and the Philippines. For more information and the latest company news, visit corporate.openlane.com.

Forward-Looking Statements
Certain statements contained in this release include, and the company may make related oral, “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and which are subject to certain risks, trends and uncertainties. In particular, statements made that are not historical facts may be forward-looking statements. Words such as “should,” “may,” “will,” “would,” “anticipate,” “expect,” “project,” “intend,” “contemplate,” “plan,” “believe,” “seek,” “estimate,” “assume,” “can,” “could,” “continue,” “of the opinion,” “confident,” “is set,” “is on track,” “outlook,” “target,” “positioned,” “predict,” “initiative,” “goal,” “opportunity” and similar expressions identify forward-looking statements. Such statements are based on management’s current assumptions, expectations and/or beliefs, are not guarantees of future performance and are subject to substantial risks, uncertainties and changes that could cause actual results to differ materially from the results projected, expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section entitled “Risk Factors” in the company’s Form 10-K for the year ended December 31, 2023 and in the company’s other filings and reports filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release. The company undertakes no obligation to update any forward-looking statements.

 

OPENLANE, Inc.
Condensed Consolidated Statements of Income 
(In millions) (Unaudited)

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

Operating revenues

Auction fees

$      108.7

$      103.3

$      218.6

$      203.2

Service revenue

147.1

155.7

297.3

321.3

Purchased vehicle sales

80.2

60.4

138.4

115.9

Finance-related revenue

95.8

97.5

193.8

197.1

Total operating revenues

431.8

416.9

848.1

837.5

Operating expenses

Cost of services (exclusive of depreciation and amortization)

245.9

222.6

459.8

446.8

Selling, general and administrative

106.0

111.2

214.7

219.2

Depreciation and amortization

24.1

26.8

48.4

49.8

Goodwill and other intangibles impairment

—

250.8

—

250.8

Total operating expenses

376.0

611.4

722.9

966.6

Operating profit (loss)

55.8

(194.5)

125.2

(129.1)

Interest expense

37.4

38.8

77.1

77.1

Other (income) expense, net

0.2

(21.3)

0.7

(14.2)

Loss on extinguishment of debt

—

1.1

—

1.1

Income (loss) from continuing operations before income taxes

18.2

(213.1)

47.4

(193.1)

Income taxes

7.5

(19.3)

18.2

(12.0)

Income (loss) from continuing operations

10.7

(193.8)

29.2

(181.1)

Income from discontinued operations, net of income taxes

—

—

—

—

Net income (loss)

$        10.7

$    (193.8)

$        29.2

$    (181.1)

Net income (loss) per share – basic

Income (loss) from continuing operations

$           —

$      (1.87)

$        0.05

$      (1.86)

Income from discontinued operations

—

—

—

—

Net income (loss) per share – basic

$           —

$      (1.87)

$        0.05

$      (1.86)

Net income (loss) per share – diluted

Income (loss) from continuing operations

$           —

$      (1.87)

$        0.05

$      (1.86)

Income from discontinued operations

—

—

—

—

Net income (loss) per share – diluted

$           —

$      (1.87)

$        0.05

$      (1.86)

 

OPENLANE, Inc.
Condensed Consolidated Balance Sheets
(In millions) (Unaudited)

June 30, 
2024

December 31, 
2023

Cash and cash equivalents

$                 60.9

$                 93.5

Restricted cash

67.7

65.4

Trade receivables, net of allowances

292.1

291.8

Finance receivables, net of allowances

2,220.1

2,282.0

Other current assets

133.3

109.2

Total current assets

2,774.1

2,841.9

Goodwill

1,264.0

1,271.2

Customer relationships, net of accumulated amortization

126.8

136.1

Operating lease right-of-use assets

71.5

75.9

Property and equipment, net of accumulated depreciation

160.2

169.8

Intangible and other assets

221.2

231.4

Total assets

$             4,617.8

$             4,726.3

Current liabilities, excluding obligations collateralized by

     finance receivables and current maturities of debt

$                730.5

$                692.3

Obligations collateralized by finance receivables

1,573.6

1,631.9

Current maturities of debt

272.0

154.6

Total current liabilities

2,576.1

2,478.8

Long-term debt

—

202.4

Operating lease liabilities

65.5

70.4

Other non-current liabilities

35.5

35.2

Temporary equity

612.5

612.5

Stockholders’ equity

1,328.2

1,327.0

Total liabilities, temporary equity and stockholders’ equity

$             4,617.8

$             4,726.3

 

OPENLANE, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions) (Unaudited)

Six Months Ended
June 30,

2024

2023

Operating activities

Net income (loss)

$         29.2

$     (181.1)

Net income from discontinued operations

—

—

     Adjustments to reconcile net income (loss) to net cash provided by operating activities:

     Depreciation and amortization

48.4

49.8

     Provision for credit losses

29.1

28.4

     Deferred income taxes

0.4

(29.1)

     Amortization of debt issuance costs

4.7

4.4

     Stock-based compensation

10.1

8.9

     Contingent consideration adjustment

—

1.3

     Net change in unrealized (gain) loss on investment securities

—

(0.1)

     Investment and note receivable impairment

—

11.0

     Goodwill and other intangibles impairment

—

250.8

     Loss on extinguishment of debt

—

1.1

     Other non-cash, net

0.1

0.8

     Changes in operating assets and liabilities, net of acquisitions:

     Trade receivables and other assets

(23.7)

(76.2)

     Accounts payable and accrued expenses

39.4

75.2

     Payments of contingent consideration in excess of acquisition-date fair value

—

(2.6)

Net cash provided by operating activities – continuing operations

137.7

142.6

Net cash used by operating activities – discontinued operations

(0.1)

(0.1)

Investing activities

     Net decrease (increase) in finance receivables held for investment

33.1

(24.4)

     Purchases of property, equipment and computer software

(25.9)

(26.9)

     Investments in securities

(1.6)

(0.6)

 Proceeds from the sale of property and equipment

0.3

0.3

Net cash provided by (used by) investing activities – continuing operations

5.9

(51.6)

Net cash provided by investing activities – discontinued operations

—

7.0

Financing activities

     Net decrease in book overdrafts

(1.6)

(2.2)

     Net (repayments of) borrowings from lines of credit

(81.2)

39.2

     Net (decrease) increase in obligations collateralized by finance receivables

(56.1)

33.1

     Payments for debt issuance costs/amendments

(2.2)

(5.3)

     Payment for early extinguishment of debt

—

(140.1)

     Payments on finance leases

(0.6)

(1.1)

     Payments of contingent consideration and deferred acquisition costs

—

(12.4)

     Issuance of common stock under stock plans

0.8

1.6

     Tax withholding payments for vested RSUs

(3.4)

(2.5)

     Dividends paid on Series A Preferred Stock

(22.2)

(22.2)

Net cash used by financing activities – continuing operations

(166.5)

(111.9)

Net cash provided by financing activities – discontinued operations

—

—

Net change in cash balances of discontinued operations

—

—

Effect of exchange rate changes on cash

(7.3)

8.8

Net decrease in cash, cash equivalents and restricted cash

(30.3)

(5.2)

Cash, cash equivalents and restricted cash at beginning of period

158.9

277.7

Cash, cash equivalents and restricted cash at end of period

$       128.6

$       272.5

Cash paid for interest

$         74.6

$         72.8

Cash paid for taxes, net of refunds – continuing operations

$         29.4

$         21.4

Cash paid for taxes, net of refunds – discontinued operations

$             —

$             —

OPENLANE, Inc.
Reconciliation of Non-GAAP Financial Measures

EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share as presented herein are supplemental measures of our performance that are not required by, or presented in accordance with, generally accepted accounting principles in the United States (“GAAP”). They are not measurements of our financial performance under GAAP and should not be considered as substitutes for net income (loss) or any other performance measures derived in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the company’s results period over period and for the other reasons set forth below.

EBITDA is defined as net income (loss), plus interest expense net of interest income, income tax provision (benefit), depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for the items of income and expense and expected incremental revenue and cost savings as described in our senior secured credit agreement covenant calculations. Management believes that the inclusion of supplementary adjustments to EBITDA applied in presenting Adjusted EBITDA is appropriate to provide additional information to investors about one of the principal measures of performance used by our creditors. In addition, management uses EBITDA and Adjusted EBITDA to evaluate our performance.

Depreciation expense for property and equipment and amortization expense of capitalized internally developed software costs relate to ongoing capital expenditures; however, amortization expense associated with acquired intangible assets, such as customer relationships, software, tradenames and noncompete agreements are not representative of ongoing capital expenditures, but have a continuing effect on our reported results. Non-GAAP financial measures of operating adjusted net income (loss) and operating adjusted net income (loss) per share, in the opinion of the company, provide comparability of the company’s performance to other companies that may not have incurred these types of non-cash expenses or that report a similar measure. In addition, operating adjusted net income (loss) and operating adjusted net income (loss) per share may include adjustments for certain other charges.

EBITDA, Adjusted EBITDA, operating adjusted net income (loss) and operating adjusted net income (loss) per share have limitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of the results as reported under GAAP. These measures may not be comparable to similarly titled measures reported by other companies.

The following tables reconcile EBITDA and Adjusted EBITDA to income (loss) from continuing operations for the periods presented:

Three Months Ended
June 30,

Six Months Ended
June 30,

(In millions), (Unaudited)

2024

2023

2024

2023

Income (loss) from continuing operations

$      10.7

$   (193.8)

$      29.2

$   (181.1)

Add back:

Income taxes

7.5

(19.3)

18.2

(12.0)

Interest expense, net of interest income

37.1

37.5

76.4

74.9

Depreciation and amortization

24.1

26.8

48.4

49.8

EBITDA

79.4

(148.8)

172.2

(68.4)

Non-cash stock-based compensation

3.7

5.5

10.7

9.3

Loss on extinguishment of debt

—

1.1

—

1.1

Acquisition related costs

0.2

0.3

0.5

0.6

Securitization interest

(29.2)

(29.6)

(59.1)

(57.4)

Severance

6.0

1.0

7.7

1.5

Foreign currency (gains)/losses

0.5

0.3

2.5

0.4

Goodwill and other intangibles impairment

—

250.8

—

250.8

Contingent consideration adjustment

—

1.3

—

1.3

Net change in unrealized (gains) losses on investment securities

—

(0.2)

—

(0.1)

Professional fees related to business improvement efforts

0.7

2.1

1.5

2.8

Impact for newly enacted Canadian DST related to prior years

10.0

—

10.0

—

Other

0.1

—

0.2

0.8

  Total addbacks/(deductions)

(8.0)

232.6

(26.0)

211.1

Adjusted EBITDA

$      71.4

$      83.8

$     146.2

$     142.7

 

Three Months Ended June 30, 2024

(Dollars in millions), (Unaudited)

Marketplace

Finance

Consolidated

Income (loss) from continuing operations

$          (16.1)

$           26.8

$           10.7

Add back:

Income taxes

(1.2)

8.7

7.5

Interest expense, net of interest income

5.2

31.9

37.1

Depreciation and amortization

21.1

3.0

24.1

Intercompany interest

3.4

(3.4)

—

EBITDA

12.4

67.0

79.4

Non-cash stock-based compensation

3.6

0.1

3.7

Acquisition related costs

0.2

—

0.2

Securitization interest

—

(29.2)

(29.2)

Severance

5.4

0.6

6.0

Foreign currency (gains)/losses

0.5

—

0.5

Professional fees related to business improvement efforts

0.6

0.1

0.7

Impact for newly enacted Canadian DST related to prior years

10.0

—

10.0

Other

—

0.1

0.1

  Total addbacks/(deductions)

20.3

(28.3)

(8.0)

Adjusted EBITDA

$           32.7

$           38.7

$           71.4

Three Months Ended June 30, 2023

(Dollars in millions), (Unaudited)

Marketplace

Finance

Consolidated

Income (loss) from continuing operations

$        (219.4)

$           25.6

$        (193.8)

Add back:

Income taxes

(36.0)

16.7

(19.3)

Interest expense, net of interest income

5.4

32.1

37.5

Depreciation and amortization

24.5

2.3

26.8

Intercompany interest

8.1

(8.1)

—

EBITDA

(217.4)

68.6

(148.8)

Non-cash stock-based compensation

4.3

1.2

5.5

Loss on extinguishment of debt

1.1

—

1.1

Acquisition related costs

0.3

—

0.3

Securitization interest

—

(29.6)

(29.6)

Severance

0.9

0.1

1.0

Foreign currency (gains)/losses

0.5

(0.2)

0.3

Goodwill and other intangibles impairment

250.8

—

250.8

Contingent consideration adjustment

1.3

—

1.3

Net change in unrealized (gains) losses on investment securities

—

(0.2)

(0.2)

Professional fees related to business improvement efforts

1.7

0.4

2.1

  Total addbacks/(deductions)

260.9

(28.3)

232.6

Adjusted EBITDA

$           43.5

$           40.3

$           83.8

The following table reconciles operating adjusted net income and operating adjusted net income per diluted share to net income (loss) from continuing operations for the periods presented:

Three Months Ended
June 30,

Six Months Ended
June 30,

(In millions, except per share amounts), (Unaudited)

2024

2023

2024

2023

Net income (loss) from continuing operations (1)

$      10.7

$   (193.8)

$      29.2

$   (181.1)

   Acquired amortization expense

9.1

9.8

18.4

17.2

   Impact for newly enacted Canadian DST related to prior years

10.0

—

10.0

—

   Loss on extinguishment of debt

—

1.1

—

1.1

   Contingent consideration adjustment

—

1.3

—

1.3

   Goodwill and other intangibles impairment

—

250.8

—

250.8

   Income taxes (2)

(2.1)

(32.4)

(2.5)

(34.2)

Operating adjusted net income from continuing operations

$      27.7

$      36.8

$      55.1

$      55.1

Operating adjusted net income from discontinued operations

$          —

$          —

$          —

$          —

Operating adjusted net income

$      27.7

$      36.8

$      55.1

$      55.1

Operating adjusted net income from continuing operations per
share – diluted

$      0.19

$      0.25

$      0.38

$      0.38

Operating adjusted net income from discontinued operations per
share – diluted

—

—

—

—

Operating adjusted net income per share – diluted

$      0.19

$      0.25

$      0.38

$      0.38

Weighted average diluted shares – including assumed conversion
of preferred shares

144.4

145.3

145.1

145.2

(1)

The Series A Preferred Stock dividends and undistributed earnings allocated to participating securities have not been included in the calculation of operating adjusted net income and operating adjusted net income per diluted share.

(2)

For the three and six months ended June 30, 2024 and 2023, each tax deductible item was booked to the applicable statutory rate. The deferred tax benefits of $52.5 million and $6.5 million associated with the goodwill and tradename impairments in the second quarter of 2023, respectively, resulted in the U.S. being in a net deferred tax asset position. Due to the three-year cumulative loss related to U.S. operations, we currently have a $41.1 million valuation allowance against the U.S. net deferred tax asset.

The following table reconciles EBITDA and Adjusted EBITDA to income from continuing operations for the 2024 guidance presented:

2024 Guidance

(In millions), (Unaudited)

Low

High

Income from continuing operations

$                65

$                80

Add back:

Income taxes

38

47

Interest expense, net of interest income

147

145

Depreciation and amortization

100

98

EBITDA

350

370

  Total addbacks/(deductions), net

(65)

(65)

Adjusted EBITDA

$              285

$              305

The following table reconciles operating adjusted net income from continuing operations and operating adjusted net income from continuing operations per diluted share to income from continuing operations for the 2024 guidance presented:

2024 Guidance

(In millions, except per share amounts), (Unaudited)

Low

High

Income from continuing operations

$                65

$                80

   Total adjustments, net

46

46

Operating adjusted net income from continuing operations

$              111

$              126

Operating adjusted net income from continuing operations per share – diluted

$             0.77

$             0.87

Weighted average diluted shares – including assumed conversion of preferred
shares

145

145

 

Analyst Inquiries:

Media Inquiries:

Itunu Orelaru

Laurie Dippold  

(317) 249-4559

(317) 468-3900

investor_relations@openlane.com 

laurie.dippold@openlane.com  

View original content to download multimedia:https://www.prnewswire.com/news-releases/openlane-inc-reports-second-quarter-2024-financial-results-302217026.html

SOURCE OPENLANE, Inc.

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Toronto firm fined $5,000 for unauthorized use of professional engineer’s seal

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22 minutes ago

on

May 6, 2026

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TORONTO, May 6, 2026 /CNW/ – The Ontario Court of Justice has fined a Toronto firm $5,000 for applying a facsimile of a professional engineer’s seal to an engineering report without the engineer’s knowledge or consent.

In June 2023, 11951076 Canada Inc., operating as Studio Four, affixed an engineer’s seal to an engineering report and submitted it to the City of Hamilton in connection with a residential building project. The engineer whose seal was used did not authorize the use of the seal.

A complaint was made to Professional Engineers Ontario (PEO), which investigated and laid charges under the Professional Engineers Act (PEA).

On April 24, 2026, Studio Four pleaded guilty to one count of breaching section 40(3)(b) of the PEA. The firm’s two directors, Salim Afroz and Ashweek Chhabra, also pleaded guilty to breaching section 40(5) of the Act in connection with this conduct.

Studio Four was ordered to pay a $5,000 fine. The two directors each received suspended sentences.

As the regulator of professional engineering in Ontario, PEO reminds the public that the unauthorized use or forgery of a professional engineer’s seal on construction or design drawings is a quasi-criminal offence under the PEA. Such conduct may also result in criminal charges under the Criminal Code of Canada.

PEO administers the Professional Engineers Act to serve and protect the public interest by licensing Ontario’s more than 98,000 professional engineers and engineering firms. Professional engineers can be identified by the “P.Eng.” designation following their names.

Members of the public can verify a professional engineer or engineering firm by searching PEO’s public directories at peo.on.ca/directory. Concerns about unlicensed individuals or unauthorized firms may be reported through PEO’s enforcement hotline at 416-840-1444, 1-800-339-3716 ext. 1444, or enforcement@peo.on.ca.

SOURCE Professional Engineers Ontario

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Tell a Friend, Save on Travel! EF World Journeys Launches Cross-Brand Referral Program That Rewards Travelers to Inspire the People in Their Lives to Tour the Globe

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New benefit allows travelers to unlock savings on future trips by introducing friends and family to EF Go Ahead Tours, EF Ultimate Break, and EF Adventures

CAMBRIDGE, Mass., May 6, 2026 /PRNewswire/ — EF World Journeys, a leader in guided, experiential travel for adults from Gen Z to Baby Boomers, today announced the launch of a new referral program, a travel rewards benefit that can be redeemed across EF Go Ahead Tours, EF Ultimate Break, and EF Adventures.

Under the new program, travelers will receive $100 in travel credit for every friend who books a trip using their referral, with every fifth referral earning you $500 and no cap on total rewards earned. In short, the more friends or family who book from your referral, the more you save on your next trip.

Each year, guided trips across EF World Journeys’ portfolio bring travelers together through shared experiences that extend far beyond the journey itself. Many of those travelers continue to engage with the people they meet on tour, often exchanging photos, stories, and future travel inspiration well after returning home. The new referral program builds on the natural desire to share those experiences, offering travelers easy ways to connect and invite friends, family members, and fellow adventurers to experience a guided group tour for themselves.

“At EF, we’ve always believed that one of the most powerful parts of travel is the connections and communities we create along the way,” said Heidi Durflinger, CEO of EF World Journeys USA. “This referral program makes that even easier, giving our travelers a way to bring friends and family into the experience while continuing to grow a global community of people who choose to explore the world together.”

How it works: Give $100. Get $100.

Refer a friend: Any traveler who has taken a trip with or is currently booked on tour  with EF Go Ahead Tours, EF Ultimate Break, or EF Adventures can now share a personal referral link via email, text, social media, or their respective EF World Journeys mobile app. Friends must be new to EF World Journeys, 18 or older, and have a valid email address to qualify.Both travelers earn $100: When the referred traveler books, both receive $100 in travel credit. Rewards are issued 60 days after booking confirmation, and referrals must book within six months.Earn $500 on every fifth referral: Referring travelers receive $500 for every fifth successful referral. There is no limit to how many referrals can be made, and rewards NEVER expire.

To celebrate the launch of the new referral program, EF Go Ahead Tours is offering an additional limited-time incentive. For the month of May 2026, travelers who refer a friend that books an EF Go Ahead Tours trip will receive an extra $100 referral reward on top of the standard program credit. The promotional bonus applies exclusively to EF Go Ahead Tours bookings and is available for a limited time.

One program. Three brands. Built for every kind of traveler.

EF World Journeys’ referral benefits are available when booking across its entire portfolio of guided, experiential travel companies, allowing travelers to earn and share rewards regardless of which tour operator they or their friends or family choose.

EF Go Ahead Tours offers curated guided travel for adults of all ages, including multi-generational travel groups and private or customized group tours.EF Ultimate Break serves travelers ages 18–35 with social, immersive itineraries.EF Adventures provides hiking, biking, and multi-adventure trips for active adults with a focus on lifelong learning, wellness and community.

Because the referral program spans all three tour operators at EF World Journeys, credits can move naturally within families and friend networks whose travel styles differ.

For example, a traveler who just had a life-changing trip on EF Go Ahead Tours’ A Week in Greece can refer her college-aged daughter to EF Ultimate Break’s Europe’s Icons: London, Paris & Rome and both receive $100 towards their next tour. She can then refer her basketball coach who is a hiking enthusiast to EF Adventure’s Italy Hiking: The Dolomites — and earn again.

This cross brand traveler benefit ensures that no matter how or where someone chooses to book travel across EF Go Ahead Tours, EF Ultimate Break, or EF Adventures – the rewards follow.

For EF Go Ahead Tours, please visit: https://www.goaheadtours.com/about/referrals
For EF Ultimate Break, please visit: https://www.efultimatebreak.com/traveling-with-us/refer-a-friend
For EF Adventures, please visit: https://www.efadventures.com/about/referrals-program

About EF World Journeys
EF World Journeys  is a leader in guided, experiential travel. We connect cultures, communities, and people through guided, group travel with leading tour operator brands like EF Ultimate Break (adults 18-35), EF Go Ahead Tours (adults 35+), and our newest brand, EF Adventures, focused on adventure tours for the active traveler in you. EF World Journeys is part of EF Education First. For over 60 years, EF has planned guided tours with a focus on education and cultural immersion. EF offers travelers 24/7 global support, affordable payment plans, and supports tours in more than 400 destinations worldwide. Since 1965, EF has been committed to opening the world through education. At EF World Journeys, we do just that, helping people of all ages experience the magic of travel, connecting travelers with new places, cultures, and, best of all, a diverse community of people excited to explore the world.

About EF Go Ahead Tours
EF Go Ahead Tours offers more than 200 guided trips across six continents. Each carefully planned, expertly led tour makes it easy for curious travelers of all ages to get to the heart of a destination. With a maximum group size well below the industry average, each trip has the perfect balance of planned sightseeing and free time to explore.

EF Go Ahead Tours is a tour operator brand within EF World Journeys, one of North America’s leading guided, experiential travel companies.

Join EF Go Ahead Tours’ affiliate program, supported by AWIN and earn commissions on booked tours.

About EF Ultimate Break
EF Ultimate Break is the best way to experience the world for anyone 18-35. With over 175 trips, we handle logistics for everything that makes travel a great experience from accommodations to flights to amazing tour directors to memory-making excursions. Our affordable interest-free payment plans make international travel possible for every traveler. EF Ultimate Break is part of EF World Journeys, a leader in guided, experiential travel with tour operator brands that also include EF Go Ahead Tours (adults 35+) and EF Adventures (all ages, 14+ with adult supervision). 

Are you an influencer or creator who wants to lead tours with your growing audience? Earn commissions on each booking by joining our influencer-hosted tour program. 

Media partners can now participate in EF Ultimate Break’s affiliate marketing program and earn commissions for tour bookings. Click here to learn more.

About EF Adventures
EF Adventures is an education-based adventure travel company offering 40+ guided tours across 25 countries and 5 continents. Launched in September 2024 as part of the EF World Journeys family of experiential travel brands, EF Adventures builds on more than 30 years of EF’s global expertise in educational and cultural immersion.

Each small-group tour blends active exploration with authentic learning, inviting travelers to engage with local traditions, communities, and ecosystems through guided experiences like hiking, biking, and multi-adventure activities such as kayaking, yoga, ziplining, and more. Designed for varied fitness levels and age groups, the EF Adventures experience combines adventure-based activity with hands-on cultural discovery that transforms how people see the world.

EF Adventures invites publishers and creators to become part of its growing affiliate network. Earn competitive commissions on confirmed bookings by referring travelers to efadventures.com. Learn more and apply here.

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SOURCE EF World Journeys

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Technology

NEO Battery Partners with Highest-Ranking ROK Army’s Capital Defense Command for Defense Drone & Robotics Batteries

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22 minutes ago

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May 6, 2026

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Defense technology partnership with Republic of Korea (“ROK) Army’s Capital Defense Command (“CDC”), one of the highest-ranking command units responsible for securing the Presidential Office, the capital and key national infrastructureFocuses on battery supply and integration within CDC defense drone and robotics units, featuring specialized drone training and technical battery advisoryLeverages the CDC’s decision-making authority to accelerate the adoption of Korea-made battery technology across broader national defense and military units

TORONTO, May 6, 2026 /CNW/ – NEO Battery Materials Ltd. (“NEO” or the “Company”) (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and physical AI, is pleased to announce it has entered into a significant defense partnership agreement (the “Agreement”) with the Republic of Korea (“ROK”) Army’s Capital Defense Command (CDC) – a direct reporting unit to the President of South Korea and the Joint Chiefs of Staff. Stationed in Seoul and known as the “Shield Unit”, the CDC is one of the highest-ranking national command units, responsible for protecting the Presidential Office (Blue House), the capital and key national infrastructure.

This partnership represents a strategic expansion into a higher command level within the ROK Army, operating directly under the Army Headquarters with significant decision-making and procurement authority. The Agreement builds on NEO’s momentum in its Korean Defense Integration Strategy (see previously announced partnerships with the 12th Infantry Division dated April 1, 2026, and the Capital Mechanized Infantry Division dated April 22, 2026), and serves as a critical milestone due to the CDC’s ability to advocate for the prompt implementation of non-Chinese battery solutions that meet stringent security clearance and performance requirements.

The Agreement will focus on the supply and deployment of high-performance, defense batteries within the CDC’s drone and robotics units to enhance operational runtime and energy efficiency. Furthermore along with Korean drone partners, NEO will provide specialized drone training and technical battery advisory to support CDC’s personnel, all of whom are required to be certified in drone operations. This Agreement followed a successful live demonstration of NEO’s high-energy drone batteries held at the CDC’s parade ground on April 30, 2026.

Lieutenant General Changjoon Eo, Commander of the Capital Defense Command, expressed, “The CDC was highly impressed with the drone flight time performance exhibited by NEO’s high-performance batteries compared to commercial Chinese products. As the ROK Army and its units initiate the transition towards a Korea-made supply chain, NEO Battery will act as an integral partner for the CDC and its sub-units to ensure traceability and performance for defense batteries in our drone and robotics platforms.”

“Securing this partnership with a high-ranking command unit such as the CDC further validates the effectiveness of NEO’s battery technology,” stated Spencer Huh, President & CEO of NEO. “As the CDC is a heavy consumer of drone technology and requires high-performance, non-Chinese components to ensure national security, NEO’s in-country presence, along with our robust performance data and wide technology offering, aptly positions us to meet stringent scopes of work for the highest levels of the ROK military.”

About the ROK Army’s Capital Defense Command
Operating under the name “Shield Unit” or Chungjeongdae, the ROK Army’s Capital Defense Command is one of the highest-ranking, corps-level military organizations within the Republic of Korea’s Armed Forces and Operations Command. The CDC is primarily responsible for defending the Presidential Office, the capital, the Ministry of National Defense facilities, major government buildings, and key national infrastructure. The Command exercises several subordinate units, including the 1st Security Group, the 1st Air Defense Brigade, the CDC Military Police Group, and the 52nd and 56th Infantry Divisions.

About NEO Battery Materials Ltd.
NEO Battery Materials is a Canadian-South Korean battery technology company focused on developing and producing silicon-enhanced lithium-ion batteries in drones, robotics, physical AI, electric vehicles, and energy storage systems. With a patent-protected, low-cost silicon manufacturing process, NEO Battery enables longer-running and ultra-fast charging properties and provides end-to-end battery solutions from materials selection, cell architecture, and process optimization. The Company aims to be a globally-leading producer of high-performance lithium-ion batteries and materials, building a secure, robust battery supply chain for Western manufacturers. For more information, please visit the Company’s website at: https://www.neobatterymaterials.com/.

On Behalf of the Board of Directors
Spencer Huh
Director, President, and CEO

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified notably by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: volatile stock prices; the general global markets and economic conditions; the possibility of write-downs and impairments; the risk associated with the research and development of battery-related technologies; the risk associated with the effectiveness and feasibility of battery material, electrode, and cell technologies that have not yet been tested or proven on commercial scale or under real-world operating conditions; the risks associated with battery-related manufacturing process scale-up, including maintaining consistent material, component, and cell quality, production yields, and process reproducibility at a pilot, semi-commercial, or commercial scale; the risks associated with compatibility of existing battery chemistries, formulations, components, or designs; unforeseen risks associated with entering into and maintaining collaborations, joint ventures, partnerships, or commercial contracts with battery cell manufacturers, original equipment manufacturers, and various companies in the global battery and downstream end-user supply chain; the risks associated with the failure to develop and produce commercially viable battery-related products or that technical goals may not be achieved within expected timelines or budgets under a joint development or collaboration; the risks associated with the Company’s technologies and products not meeting performance requirements or customer specifications; the risks that prototype and pilot-scale products do not advance into commercially produced products or translate into commercial orders; the risk associated with battery components and cell purchase orders and offtake supply that may not be fulfilled in full, on time, or at all as actual revenue realization depends on delivery schedules, achievement of technical milestones, and customer acceptance and validation; the risk associated with losing official vendor registration or status with existing customers; counterparty risk upon delivery of prototype and commercial products; the risks associated with constructing, completing, securing, and financing pilot, semi-commercial, and commercial battery materials, components, and cell manufacturing facilities including the Canadian and South Korean facilities; the risks associated with potential delays or increased costs with site preparation, equipment procurement and installation, and facility commissioning; the risks associated with integrating silicon anode material production, electrode manufacturing, and cell assembly within a single operational cluster or the Company’s business portfolio; the risks associated with supply chain disruptions or cost fluctuations in raw materials, processing chemicals, and additive prices, impacting production costs and commercial viability; the risks associated with uninsurable risks arising during the course of research, development and production; competition faced by the Company in securing experienced personnel, contracts and sales, and financing; access to adequate infrastructure and resources to support battery materials, components, and cell research and development activities; the risks associated with changes in the technology regulatory regime governing the Company; the risks associated with the timely execution of the Company’s strategies and business plans; the risks associated with the lithium-ion battery industry and end-users’ demand and adoption of the Company’s silicon anode technology and battery products; market adoption and integration challenges, including the difficulty of incorporating silicon anodes and silicon battery products within battery manufacturers and OEMs’ systems; the risks associated with the various environmental and political regulations the Company is subject to; risks related to regulatory and permitting delays; the reliance on key personnel; liquidity risks; the risk of litigation; risk management; and other risk factors as identified in the Company’s recent Financial Statements and MD&A and in recent securities filings for the Company which are available on www.sedarplus.ca. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued R&D and commercialization activities, no material adverse change in precursor, raw material, equipment, and relevant cost prices, development and commercialization plans to proceed in accordance with plans and such plans to achieve their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operations, research and development, and commercialization plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE NEO Battery Materials Ltd.

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