Technology

Nikola Corporation Reports Third Quarter 2024 Results

Published

1 year ago

October 31, 2024

Record 88 wholesale deliveries of hydrogen fuel cell electric trucks in Q3, up 22% quarter over quarterFCEV Fleet adoption up 78% year-to-date, with 16 end fleets deploying Nikola FCEVs, 32 distinct end fleets across both powertrainsExpanded dealer network for the first time since launch of the FCEVReiterating our year-end volume guidance of 300-350 FCEVs

PHOENIX, Oct. 31, 2024 /PRNewswire/ — Nikola Corporation (Nasdaq: NKLA), a global leader in zero-emissions transportation and energy supply and infrastructure solutions, via the HYLA brand, today reported financial results and business updates for the quarter ended September 30, 2024.

“Year-to-date, we had record sales of hydrogen fuel cell electric trucks, a 78% increase in FCEV fleet adoption, and a nearly 350% increase in hydrogen fuel dispensed at our commercial stations,” said Steve Girsky, President and CEO of Nikola. “We also returned 78 BEV “2.0s” back to end fleets and dealers. With every truck delivered and fueled at our HYLA stations, we continue to deliver proof points to the market that zero-emission trucks are driving the future of Class 8 mobility.”

Hydrogen Fuel Cell Electric Truck
We delivered record sales of 88 FCEVs to our dealer network, up 22% from last quarter. On the retail front, we continued to see strong organic growth from existing end fleets. National fleet partners such as Kenan Advantage Group and DHL Supply Chain recently announced deployment of Nikola FCEVs and noted the important role we play in not only helping them meet their sustainability goals, but those of their end customers, which includes Nestlé and Diageo.

We expanded our dealer network for the first time since the launch of our FCEV with the addition of GTS Group, in Southern California. GTS, a successful traditional truck dealership, recently introduced a new division, created for the sales and service of Nikola trucks called “Next Generation Truck” or NGT. This additional dealer brings the number of Nikola sales and service locations up to nineteen across the U.S.

We reiterate FCEV volume guidance of 300-350 trucks by year-end.

HYLA Energy
We expect to deliver 10 HYLA fueling solutions by year-end. We are focusing our strategy on providing more support at existing stations to better serve our customers as we scale. Operationally, over the lifetime of the entire HYLA network, we have recorded more than 5900 fueling events, dispensing more than 210 metric tons of hydrogen, for an average of 36kg per fill. The year-to-date ramp-up in mobile hydrogen refueling stations has been very strong. Since we began measuring commercial fueling operations in Q1, total hydrogen dispensing has grown nearly 350% year-to-date.

Battery-Electric Truck
We are excited that the BEV “2.0” is back on the road, hauling freight, and validating its use case. Since putting the BEV 2.0 back into service, 19 end fleets have accumulated more than 715K in-service road miles. The BEV 2.0 has been the truck of choice for our end fleets not only for its performance but also to meet the sustainability goals of end fleet partners. Program-to-date, we’ve returned 78 BEVs back to the market to overwhelmingly positive feedback.

Third Quarter Operational and Financial Highlights

Three Months Ended
September 30,

Nine Months Ended
September 30,

(In thousands, except share and per share data)

2024

2023

2024

2023

Trucks produced

N/A

203

Trucks shipped

203

Total revenues

$ 25,181

$ (1,732)

$ 63,997

$ 24,307

Gross profit (loss)

$ (61,943)

$ (125,503)

$ (174,244)

$ (175,831)

Gross margin

(246) %

7246 %

(272) %

(723) %

Loss from operations

$ (178,791)

$ (226,167)

$ (455,278)

$ (521,993)

Net loss from continuing operations

$ (199,781)

$ (425,764)

$ (481,177)

$ (711,025)

Net loss on discontinued operations

$ —

$ (101,661)

Net loss

$ (199,781)

$ (425,764)

$ (481,177)

$ (812,686)

Adjusted EBITDA (1)

$ (123,610)

$ (188,563)

$ (337,037)

$ (417,318)

Net loss from continuing operations per share, basic and diluted

$ (3.89)

$ (14.90)

$ (10.12)

$ (30.20)

Net loss from discontinued operations

$ —

$ (4.32)

Non-GAAP net loss per share, basic and diluted(1)

$ (2.75)

$ (9.04)

$ (8.05)

$ (21.97)

Weighted-average shares outstanding, basic and diluted

51,388,962

28,573,800

47,553,460

23,544,174

(1) A reconciliation of the non-GAAP versus GAAP information is provided below in the financial statement tables in this press release.

Webcast and Conference Call Information
Nikola will host a webcast to discuss its third quarter results and business progress at 7:30 a.m. Pacific Time (10:30 a.m. Eastern Time) on October 31, 2024. To access the webcast, parties in the United States should follow this link.

The live audio webcast, along with supplemental information, will be accessible on the Company’s Investor Relations website here. A recording of the webcast will also be available following the earnings call.

About Nikola Corporation
Nikola Corporation’s mission is clear: pioneering solutions for a zero-emissions world. As an integrated truck and energy company, Nikola is transforming commercial transportation, with our Class 8 vehicles, including battery-electric and hydrogen fuel cell electric trucks, and our energy brand, HYLA, driving the advancement of the complete hydrogen refueling ecosystem, covering supply, distribution and dispensing.

Nikola headquarters is based in Phoenix, Ariz. with a manufacturing facility in Coolidge, Ariz.

Experience our journey to achieve your sustainability goals at nikolamotor.com or engage with us on social media via Facebook @nikolamotorcompany, Instagram @nikolamotorcompany, YouTube @nikolamotorcompany, LinkedIn @nikolamotorcompany or X / Twitter @nikolamotor

Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of federal securities laws with respect to Nikola Corporation (the “Company”), including statements relating to: the Company’s belief that the third quarter is an example of how it is executing its strategic and operational objectives by strengthening its resolve to push forward, meet the demands of end fleets, and lay a path for a sustainable future; the Company’s belief that zero-emission trucks are driving the future of Class 8 mobility; the Company’s beliefs regarding its role in helping to meet sustainability goals; the Company’s future financial and business performance, truck sale guidance, business plan, strategy, focus, opportunities and milestones; the benefits and momentum in the Company’s profitability flywheel; customer demand for trucks; the Company’s beliefs regarding its competition and competitive position; the Company’s business outlook; the Company’s expectations regarding hydrogen refueling solutions and timelines; expectations related to the battery-electric truck recall; and the Company’s beliefs regarding the benefits and attributes of its trucks, and customer experience. These forward-looking statements other than statements of historical fact, and generally are identified by words such as “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections, and other statements about future events based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the Company’s ability to continue as a going concern; the Company’s cash needs and obligations, and changes in its cash needs and obligations; the Company’s its ability to raise sufficient capital to continue to operate its business; the Company’s ability to achieve cost reductions and decrease its cash usage; the ability of the Company to successfully execute its business plan; design and manufacturing changes and delays, including shortages of parts and materials and other supply challenges; the continued availability of hydrogen refueling solutions; general economic, financial, legal, regulatory, political and business conditions and changes in domestic and foreign markets; demand for and customer acceptance of the Company’s trucks and hydrogen refueling solutions; the results of customer pilot testing; the execution and terms of definitive agreements with strategic partners and customers; the failure to convert LOIs or MOUs into binding orders; the cancellation of orders; risks associated with development and testing of fuel cell power modules and hydrogen storage systems; risks related to the recall, including higher than expected costs, the discovery of additional problems, delays retrofitting the trucks and delivering such trucks to customers, supply chain and other issues that may create additional delays, order cancellations as a result of the recall, litigation, complaints and/or product liability claims, and reputational harm; risks related to the rollout of the Company’s business and milestones and the timing of expected business milestones; the effects of competition on the Company’s business; the Company’s capital needs ability to raise capital; the Company’s ability to achieve cost reductions and decrease its cash usage; the grant, receipt and continued availability of federal and state incentives; and the factors, risks and uncertainties regarding the Company’s business described in the “Risk Factors” section of the Company’s Quarterly Report on Form 10-Q, for the quarter ended June 30, 2024 filed with the SEC, in addition to the Company’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financial Measures
This press release references Adjusted EBITDA and non-GAAP net loss per share, basic and diluted, all of which are non-GAAP financial measures and are presented as supplemental measures of the Company’s performance. The Company defines Adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation expense, and certain other items determined by the Company. Non-GAAP net loss is defined as net loss adjusted for stock-based compensation expense and certain other items determined by the Company. Non-GAAP net loss per share, basic and diluted is defined as non-GAAP net loss divided by weighted average basic and diluted shares outstanding. These non-GAAP measures are not substitutes for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.

The Company believes that presenting these non-GAAP measures provides useful supplemental information to investors about the Company in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share data)

(Unaudited)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Revenues:

Truck sales

$ 24,847

$ (2,368)

$ 61,008

$ 19,693

Service and other

334

636

2,989

4,614

Total revenues

25,181

(1,732)

63,997

24,307

Cost of revenues:

Truck sales

82,205

122,679

222,946

195,902

Service and other

4,919

1,092

15,295

4,236

Total cost of revenues

87,124

123,771

238,241

200,138

Gross loss

(61,943)

(125,503)

(174,244)

(175,831)

Operating expenses:

Research and development (1)

41,800

41,966

121,458

168,286

Selling, general, and administrative (1)

41,629

57,982

126,157

159,443

Impairment expense

33,419

—

33,419

—

Loss on supplier deposits

—

716

—

18,433

Total operating expenses

116,848

100,664

281,034

346,162

Loss from operations

(178,791)

(226,167)

(455,278)

(521,993)

Other income (expense):

Interest expense, net

(10,875)

(52,680)

(17,094)

(71,262)

Gain on divestiture of affiliate

—

70,849

Loss on debt extinguishment

(871)

—

(3,184)

(20,362)

Other income (expense), net

(9,417)

(146,654)

(4,664)

(151,969)

Loss before income taxes and equity in net profit (loss) of affiliates

(199,954)

(425,501)

(480,220)

(694,737)

Income tax expense

—

Loss before equity in net profit (loss) of affiliates

(199,954)

(425,502)

(480,312)

(694,738)

Equity in net profit (loss) of affiliates

173

(262)

(865)

(16,287)

Net loss from continuing operations

(199,781)

(425,764)

(481,177)

(711,025)

Discontinued operations:

Loss from discontinued operations

—

(76,726)

Loss from deconsolidation of discontinued operations

—

(24,935)

Net loss from discontinued operations

—

(101,661)

Net loss

$ (199,781)

$ (425,764)

$ (481,177)

$ (812,686)

Basic and diluted net loss per share (2):

Net loss from continuing operations

$ (3.89)

$ (14.90)

$ (10.12)

$ (30.20)

Net loss from discontinued operations

$ —

$ (4.32)

Net loss

$ (3.89)

$ (14.90)

$ (10.12)

$ (34.52)

Weighted-average shares outstanding, basic and diluted (2)

51,388,962

28,573,800

47,553,460

23,544,174

(1) Includes stock-based compensation as follows:

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

Cost of revenues

$ 434

$ 414

$ 1,114

$ 1,813

Research and development

2,473

3,383

7,825

19,043

Selling, general, and administrative

5,694

14,862

16,398

48,060

Total stock-based compensation expense

$ 8,601

$ 18,659

$ 25,337

$ 68,916

(2) Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

(Unaudited)

September 30,

December 31,

2024

2023

Assets

Current assets

Cash and cash equivalents

$ 198,301

$ 464,715

Restricted cash and cash equivalents

3,374

1,224

Accounts receivable, net

51,773

17,974

Inventory

76,076

62,588

Prepaid expenses and other current assets

61,996

25,911

Total current assets

391,520

572,412

Restricted cash and cash equivalents

16,086

28,026

Long-term deposits

17,256

14,954

Property, plant and equipment, net

490,244

503,416

Intangible assets, net

52,130

85,860

Investment in affiliate

56,197

57,062

Goodwill

—

5,238

Other assets

12,610

7,889

Total assets

$ 1,036,043

$ 1,274,857

Liabilities and stockholders’ equity

Current liabilities

Accounts payable

$ 57,161

$ 44,133

Accrued expenses and other current liabilities

205,508

207,022

Debt and finance lease liabilities, current

73,111

8,950

Total current liabilities

335,780

260,105

Long-term debt and finance lease liabilities, net of current portion

270,018

269,279

Operating lease liabilities

6,806

4,765

Other long-term liabilities

44,193

21,534

Total liabilities

656,797

555,683

Commitments and contingencies

Stockholders’ equity

Preferred stock

—

Common stock

Additional paid-in capital

3,931,702

3,790,401

Accumulated deficit

(3,552,246)

(3,071,069)

Accumulated other comprehensive loss

(216)

(162)

Total stockholders’ equity

379,246

719,174

Total liabilities and stockholders’ equity

$ 1,036,043

$ 1,274,857

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Nine Months Ended September 30,

2024

2023

Cash flows from operating activities

Net loss

$ (481,177)

$ (812,686)

Less: Loss from discontinued operations

—

(101,661)

Loss from continuing operations

(481,177)

(711,025)

Adjustments to reconcile net loss from continuing operations to net cash used in operating activities:

Depreciation and amortization

33,408

28,758

Stock-based compensation

25,337

68,916

Equity in net loss of affiliates

865

16,287

Revaluation of financial instruments

6,284

195,132

Revaluation of contingent stock consideration

—

(43,981)

Inventory write-downs

56,587

64,500

Non-cash interest expense

11,906

72,846

Loss on supplier deposits

—

18,433

Gain on divestiture of affiliate

—

(70,849)

Loss on debt extinguishment

3,184

20,362

Loss on disposal of assets

2,921

—

Impairment expense

33,419

—

Other non-cash activity

5,674

3,888

Changes in operating assets and liabilities:

Accounts receivable, net

(33,799)

20,932

Inventory

(71,085)

(9,983)

Prepaid expenses and other current assets

(14,017)

(48,332)

Other assets

(1,595)

(2,384)

Accounts payable, accrued expenses and other current liabilities

(3,478)

(1,672)

Long-term deposits

(262)

(1,377)

Operating lease liabilities

(2,769)

(1,191)

Other long-term liabilities

29,064

2,316

Net cash used in operating activities

(399,533)

(378,424)

Cash flows from investing activities

Purchases and deposits of property, plant and equipment

(43,740)

(108,409)

Proceeds from the sale of assets

21,398

20,742

Divestiture of affiliate

—

35,000

Payments to Assignee

—

(2,725)

Investments in affiliate

—

(250)

Net cash used in investing activities

(22,342)

(55,642)

Cash flows from financing activities

Proceeds from the exercise of stock options

—

7,393

Proceeds from issuance of shares under the Tumim Purchase Agreements

—

67,587

Proceeds from registered direct offering, net of underwriter’s discount

—

63,456

Proceeds from public offering, net of underwriter’s discount

—

32,244

Proceeds from issuance of common stock under Equity Distribution Agreement, net of commissions and other fees paid

73,464

115,027

Proceeds from issuance of convertible notes

80,000

217,075

Proceeds from issuance of financing obligation, net of issuance costs

—

53,548

Proceeds from insurance premium financing

4,598

5,223

Repayment of debt and promissory notes

(522)

(45,287)

Payment for Coupon Make-Whole Premium

(4,579)

—

Payments on insurance premium financing

(3,661)

(3,550)

Payments on finance lease liabilities and financing obligation

(3,549)

(459)

Payments for issuance costs

(80)

—

Net cash provided by financing activities

145,671

512,257

Net increase (decrease) in cash and cash equivalents, including restricted cash and cash equivalents

(276,204)

78,191

Cash and cash equivalents, including restricted cash and cash equivalents, beginning of period

493,965

313,909

Cash and cash equivalents, including restricted cash and cash equivalents, end of period

$ 217,761

$ 392,100

Cash flows from discontinued operations:

Operating activities

$ —

$ (4,964)

Investing activities

—

(1,804)

Financing activities

—

(572)

Net cash used in discontinued operations

$ —

$ (7,340)

Reconciliation of GAAP Financial Metrics to Non-GAAP

(In thousands, except share and per share data)

(Unaudited)

Reconciliation of Net Loss from continuing operations to EBITDA and Adjusted EBITDA

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands)

Net loss from continuing operations

$ (199,781)

$ (425,764)

$ (481,177)

$ (711,025)

Interest expense, net

10,875

52,680

17,094

71,262

Income tax expense

—

Depreciation and amortization

11,720

16,996

33,408

28,758

EBITDA

(177,186)

(356,087)

(430,583)

(611,004)

Impairment expense

33,419

—

33,419

—

Stock-based compensation

8,601

18,659

25,337

68,916

Loss on supplier deposits

—

716

—

18,433

Gain on divestiture of affiliate

—

(70,849)

Loss on debt extinguishment

871

—

3,184

20,362

Loss / (gain) on disposal of assets

(237)

—

2,921

—

Equipment purchase cancellation

—

15,613

—

Revaluation of financial instruments

8,431

145,717

6,284

151,151

Regulatory and legal matters (1)

2,491

2,432

6,788

5,673

Adjusted EBITDA

$ (123,610)

$ (188,563)

$ (337,037)

$ (417,318)

(1) Regulatory and legal matters include legal, advisory, and other professional service fees incurred in connection with a short-seller article from September 2020, and investigations and litigation related thereto.

Reconciliation of GAAP to Non-GAAP Net Loss, and GAAP to Non-GAAP Net Loss per Share, basic and diluted

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands, except share and per share data)

Net loss from continuing operations

$ (199,781)

$ (425,764)

$ (481,177)

$ (711,025)

Impairment expense

33,419

—

33,419

—

Stock-based compensation

8,601

18,659

25,337

68,916

Debt issuance costs for Senior Convertible Notes

4,890

—

4,890

—

Loss on supplier deposits

—

716

—

18,433

Gain on divestiture of affiliate

—

(70,849)

Loss on debt extinguishment

871

—

3,184

20,362

Revaluation of financial instruments

8,431

145,717

6,284

151,151

Loss / (gain) on disposal of assets

(237)

—

2,921

—

Equipment purchase cancellation

—

15,613

—

Regulatory and legal matters (1)

2,491

2,432

6,788

5,673

Non-GAAP net loss

$ (141,315)

$ (258,240)

$ (382,741)

$ (517,339)

Net loss from continuing operations per share, basic and diluted (2)

$ (3.89)

$ (14.90)

$ (10.12)

$ (30.20)

Non-GAAP net loss per share, basic and diluted

$ (2.75)

$ (9.04)

$ (8.05)

$ (21.97)

Weighted average shares outstanding, basic and diluted (2)

51,388,962

28,573,800

47,553,460

23,544,174

(2) Shares issued and outstanding have been adjusted to reflect the one-for-thirty (1-for-30) reverse stock split that became effective on June 24, 2024.

Reconciliation of Cash flows to Adjusted Free Cash Flow

Three Months Ended September 30,

Nine Months Ended September 30,

2024

2023

2024

2023

(in thousands)

Most comparable GAAP measure:

Net cash used in operating activities

$ (149,377)

$ (91,259)

$ (399,533)

$ (378,424)

Net cash used in investing activities

(13,558)

(115)

(22,342)

(55,642)

Net cash provided by financing activities

98,080

188,119

145,671

512,257

Non-GAAP measure:

Net cash used in operating activities

(149,377)

(91,259)

(399,533)

(378,424)

Purchases of property, plant and equipment

(13,558)

(20,690)

(43,740)

(108,409)

Adjusted free cash flow

$ (162,935)

$ (111,949)

$ (443,273)

$ (486,833)

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SOURCE Nikola Corporation

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Greenzie releases 2025 Annual Safety Report, documenting multi-year safety performance at commercial scale

Published

2 hours ago

April 23, 2026

The data shows zero lost-time injuries, zero OSHA medical attentions and zero human near-misses across real-world operation

ATLANTA, April 23, 2026 /PRNewswire/ — Greenzie, the technology platform powering commercial autonomy across multiple OEMs, today shared multi-year safety data from real-world commercial operation, documenting more than 150,000 autonomous miles with zero lost-time injuries, zero OSHA medical attentions and zero human near-misses. The data is published in Greenzie’s 2025 Annual Safety Report, available at greenzie.com/safety.

The report is based on extensive operational data spanning more than 5.4 billion square feet of turf mowed, 68,000+ hours of autonomous mowing and more than 50,000 operator days, the equivalent of 265 mowing seasons.

“Greenzie is helping define safety in autonomous landscape operations, and transparency is a critical part of that,” said Steve Bush, chief operating officer of Greenzie. “These results show that commercial autonomy is operating safely at meaningful scale in the field. Transparency matters because as this category matures, real-world data helps build confidence in what responsible deployment looks like.”

The report’s findings are particularly significant in the context of the U.S. landscaping industry, which employs roughly 1.3 million workers and experiences a higher-than-average rate of workplace accidents compared to other fields. Greenzie’s multi-year operating data shows that autonomy is not theoretical; it is already being deployed consistently and performing safely at scale.

“Greenzie Powered Autonomy™ has been validated through years of sustained use in the field,” Bush said. “That level of real-world performance reinforces both the reliability of our platform and the broader readiness of commercial autonomy.”

Greenzie attributes this performance to a disciplined safety approach that includes robust perception, tested operating standards and continuous validation in real-world commercial environments.

For more information about Greenzie, visit greenzie.com.

About Greenzie

Founded in 2018, Greenzie is the technology platform powering commercial autonomy. Created to solve the landscape industry’s labor and productivity challenges, Greenzie works with leading equipment manufacturers to deliver the software, navigation and safety systems that enable mowing and other outdoor power equipment to operate autonomously in real-world commercial environments. Today, Greenzie’s platform is running on hundreds of machines in active use, helping manufacturers bring autonomy to market and allowing operators to get more done with limited labor—moving autonomy from early experimentation to everyday operations. For more information, visit greenzie.com.

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SOURCE Greenzie

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CGI renews global SAP S/4HANA operations and SAP BTP operations certifications, reinforcing its consistent, quality delivery at scale

Published

2 hours ago

April 23, 2026

Stock Market Symbols
GIB.A (TSX)
GIB (NYSE)
cgi.com/newsroom

MONTRÉAL, April 23, 2026 /CNW/ – CGI (NYSE: GIB) (TSX: GIB.A), one of the largest independent IT and business consulting services firms in the world, announced that it has achieved the following recertifications for its global operation capabilities:

SAP S/4HANA operations and works with RISE with SAP SAP BTP operations and works with RISE with SAP

These recertifications highlight CGI’s ability to deliver consistent, high-quality managed SAP services and operations across regions, including services aligned with RISE with SAP. CGI’s SAP-based services help clients reduce operational risk, improve performance and efficiency and scale transformation with greater predictability. This also builds on CGI’s SAP alliance relationship momentum, including its recent AWS SAP Competency Partner status which highlights CGI’s expertise in modernizing mission-critical SAP workloads with AI-enabled cloud solutions.

“Running SAP at enterprise scale requires a partner with proven capabilities, delivery discipline and the ability to innovate securely, including through the integration of AI to deliver tangible outcomes,” said Didier Thérond, President, CGI France operations, and Global Executive Sponsor for CGI’s partnership with SAP. “These global recertifications reinforce CGI’s end-to-end SAP capabilities, including AI-enabled services, helping clients operate mission-critical systems with confidence and advance their modernization and cloud strategies.”

“CGI remains a trusted partner in our SAP Operations Partner program, consistently demonstrating a structured and disciplined approach to certification,” said Rudolf Scheipers, VP, Head of SAP Operations Partner Certification, SAP Partner Innovation Lifecycle Services. “These recertifications highlight the company’s mature operating model and commitment to the high standards we expect globally, ensuring clients running SAP environments can rely on consistent, secure, and efficient operations.”

CGI’s global alliance strategy features partnerships with more than 150 technology companies and supports its local relationship model complemented by a global delivery network. Through its SAP alliance, CGI helps organizations accelerate innovation, deploy and manage SAP solutions globally, and deliver industry-specific business outcomes with rapid, scalable, and AI-enabled cloud and ERP services.

About CGI
Founded in 1976, CGI is among the largest independent IT and business consulting services firms in the world. With 94,000 consultants and professionals across the globe, CGI delivers an end-to-end portfolio of capabilities, from strategic IT and business consulting to systems integration, managed IT and business process services and intellectual property solutions. CGI works with clients through a local relationship model complemented by a global delivery network that helps clients digitally transform their organizations and accelerate results. CGI Fiscal 2025 reported revenue is CA$15.91 billion and CGI shares are listed on the TSX (GIB.A) and the NYSE (GIB). Learn more at cgi.com.

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SOURCE CGI Inc.

Technology

Scholastic Corporation Announces Final Results of Modified Dutch Auction Tender Offer

Published

2 hours ago

April 23, 2026

NEW YORK, April 23, 2026 /PRNewswire/ — Scholastic Corporation (the “Company” or “Scholastic”) (Nasdaq: SCHL), the global children’s publishing, education and media company, today announced the final results of its “modified Dutch Auction” tender offer for shares of its common stock, which expired at 5:00 p.m., New York City time, on April 20, 2026.

Based on the final count by Computershare Trust Company, N.A., the depositary for the tender offer, a total of 2,834,018 shares of Scholastic’s common stock, par value $0.01 per share (each share of Scholastic’s common stock, a “Share,” and collectively, “Shares”), were properly tendered and not properly withdrawn at or below the purchase price of $40.00 per Share, including 989,343 Shares that were tendered by notice of guaranteed delivery.

Scholastic has accepted for purchase a total of 2,834,018 Shares through the tender offer at a price of $40.00 per Share, for an aggregate cost of $113,360,720.00, excluding fees and expenses relating to the tender offer. The total of 2,834,018 Shares that Scholastic has accepted for purchase represents approximately 13.7% of the total number of Shares outstanding as of April 19, 2026.

J.P. Morgan Securities LLC served as the dealer manager for the tender offer. Georgeson LLC served as the information agent. Holders of common stock who have questions or need information about the tender offer may call Georgeson LLC at (866) 539-9980 (toll free). Banks and brokers may call Georgeson at (866) 539-9980 or J.P. Morgan Securities LLC at (877) 371-5947 (toll free).

About Scholastic

For more than 100 years, Scholastic Corporation (Nasdaq: SCHL) has been meeting children where they are – at school, at home and in their communities – by creating quality content and experiences, all beginning with literacy. Scholastic delivers stories, characters, and learning moments that empower all kids to become lifelong readers and learners through bestselling children’s books, literacy- and knowledge-building resources for schools including classroom magazines, and award-winning, entertaining children’s media. As the world’s largest publisher and distributor of children’s books through school-based book clubs and book fairs, classroom libraries, school and public libraries, retail, and online, and with a global reach into more than 135 countries, Scholastic encourages the personal and intellectual growth of all children, while nurturing a lifelong relationship with reading, themselves, and the world around them. Learn more at www.scholastic.com.

Forward-Looking Statements

This news release contains certain forward-looking statements. Such forward-looking statements are subject to various risks and uncertainties, including the conditions of the children’s book and educational materials markets generally and acceptance of the Company’s products within those markets, and other risks and factors identified from time to time in the Company’s filings with the Securities and Exchange Commission. Actual results could differ materially from those currently anticipated.

SCHL: Financial

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SOURCE Scholastic Corporation