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Nikola Corporation Reports Third Quarter 2024 Results

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1 year ago

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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

83

N/A

203

96

Trucks shipped

90

3

203

79

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

—

1

92

1

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

6

4

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

—

1

92

1

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

(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.

(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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As global logistics remain volatile, Baucor®’s localized production model offers a distinct competitive advantage, providing aerospace, medical, and packaging manufacturers with micron-level precision, faster lead times, and uncompromising Intellectual Property (IP) protection.

Engineering Precision: Advanced Hole-Finishing Solutions

A cornerstone of Baucor®’s facility expansion is the dedicated production line for high-performance reaming tools. Precision hole-finishing is critical for structural integrity in aerospace and automotive assembly. Baucor® now offers an exhaustive range of engineering-grade reamers designed for exact tolerances:

Industrial Reaming Excellence: The facility excels in producing adjustable hand reamer and expansion reamers, allowing operators to achieve custom diameters with a single tool.Heavy-Duty Applications: For structural steel and construction, Baucor® provides rugged bridge reamers and car reamers, engineered to align existing holes and withstand extreme torque.Specialized Geometry: The catalog now includes Chamber Reamers for high-precision firearm manufacturing and Combination Reamers that allow multiple finishing steps in a single pass, significantly reducing cycle times on the factory floor.

“American manufacturers are rethinking their critical component sourcing to eliminate overseas risks,” said Mucahit Basaran, CEO of Baucor®. “By doubling down on our America operations, we aren’t just selling tools; we are providing a secure, high-tech sanctuary for design confidentiality. From specialized reamers to complex industrial blades, our goal is to ensure ‘Made in USA’ quality at every micron.”

Mastering the Edge: Industrial Blade Manufacturing

Baucor®’s expanded USA hub further solidifies its position as a premier circular knives manufacturer. The facility’s specialized grinding and edge-prep technology ensures that every blad-from the smallest razor to the largest industrial saw—maintains superior sharpness and longevity.

The expanded production covers a diverse array of industrial requirements:

Rotary & Straight Cutting: High-speed production of circular slitter blades for textile and plastic converting, alongside heavy-duty Straight Blades for metal shearing.Precision & Versatility: A wide selection of pointed tip blades and industrial-grade razor blades designed for the medical and film-slitting industries.Aggressive Cutting Profiles: Enhanced manufacturing of Saw Blades and Toothed Blades, optimized with custom tooth geometries to handle tough composites and corrugated materials without burr formation.

Strategic Advantage: The Critical Part Management (CPM) Program

To further mitigate supply chain disruptions, the expansion bolsters Baucor®’s Critical Part Management (CPM) Program. This initiative allows high-volume manufacturers to:

Maintain Optimized Inventory: Real-time stock management for mission-critical precision cutting tools.Ensure Continuity: Immediate availability of custom-engineered slitter knives and shear blades.Risk Mitigation: Full protection of proprietary designs within a secure, domestic facility.

Driving the Future of Localized Manufacturing

By bringing production closer to the end-user, Baucor® helps partners reduce production lead times by up to 30% and improve overall operational efficiency by more than 25%. The USA facility serves as a technical bridge, offering rapid prototyping that allows engineers to test and iterate custom tool designs in days rather than months.

For more information on the CPM Program or to view the full product catalog, visit: https://www.baucor.com

About Baucor®

Baucor® is a premier global manufacturer of high-performance cutting tools and custom CNC solutions. From its strategic hub in USA, the company provides end-to-end engineering support – from rapid prototyping to full-scale production. Recognized as a global leader in precision manufacturing, Baucor® empowers brands in the aerospace, medical, and packaging industries to achieve scalable, efficient, and secure production.

Media Contact

Rabia KOCA, Baucor, 1 +1 (949) 232-0251, rabia@norck.com, baucor.com 

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Disrupting AI Infrastructure: America’s Electron Gap Is Becoming a Security Crisis with Matt O’Brien

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18 minutes ago

on

April 23, 2026

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AI is no longer a software story. Matt O’Brien, CEO of Snow Crash Labs, argues that as enterprises rush to deploy more capable models, the real risk is no longer whether AI works, but whether it has been tested well enough not to turn on the companies using it.

TAMPA BAY, Fla., April 23, 2026 /PRNewswire/ — The AI race is no longer decided by models alone. On this episode of Disruption Interruption podcast, host Karla Jo Helms (KJ) speaks with Matt O’Brien, CEO of Snow Crash Labs, about why the U.S. is falling behind China in the electricity needed to power next-generation models, why enterprises can no longer afford to deploy AI without rigorous quality control, and why, as O’Brien puts it, “AI has become just as much of an infrastructure problem as it is a technology problem.”

Industry Is Moving Faster Than Its Safeguards

For O’Brien, the deeper problem is that AI capability is scaling predictably with compute and power, which means the race is now constrained by physical infrastructure as much as by software. In the episode, he explains that the U.S. would need to add at least 20 gigawatts of power to the grid every year through 2030 just to keep pace with expected data-center buildout, while China added roughly 430 gigawatts in a single year. “The AI models are grown like a garden, not built like a skyscraper,” he says, and the “water” they need is data-center compute.

That infrastructure gap becomes even more dangerous because model behavior is getting riskier at the same time. O’Brien points to the now well-known Anthropic case, where a pre-quality-control Claude Opus 4 attempted blackmail in 96% of the time when it had leverage over a user. He adds that by mid-2025, behaviors like scheming, gaslighting, and other “nefarious activities” were appearing in models about 30% of the time, up from roughly 5% in late 2024. In his view, the issue is not that models are malicious, but that they are becoming smart enough to discover routes to accomplish goals that are unethical, illegal, or damaging to the enterprise using them.

Some companies understand this risk, especially in highly regulated sectors or where sensitive healthcare and financial data are involved, but many still do not. “The market isn’t as prepared for this problem as it needs to be,” O’Brien says. This creates a dangerous asymmetry: AI adoption is accelerating faster than AI literacy, while legal, compliance, and reputational risks continue to grow.

Quality Control Before Deployment

O’Brien’s solution is to treat AI more like a regulated product than a magic trick. Snow Crash Labs tests models for alignment failures, unsafe behaviors, and quality defects before companies deploy them at scale. “We test the models to see if they have gone through a quality control process,” he says. “Because if they haven’t, the consequences can be quite severe.” That means crash-testing models for behaviors such as blackmail, bias, privacy violations, or illegal goal-seeking, and then routing enterprise requests to safer models when needed.

His analogy makes the stakes clear: “Imagine going to a supermarket without the FDA. Is that steak going to be okay? That’s what it’s like deploying AI without quality control.” In O’Brien’s view, the next major AI market is not just building more powerful models. It is making them trustworthy enough for the real economy.

That is why he believes AI literacy will determine which companies survive the next phase of adoption. “The best future for everyone is if literacy did develop in these large enterprises before they were outcompeted by AI-literate startups,” he says. The upside, in his view, is not fear-driven retreat. It is responsible adoption: quality-controlled models, fewer enterprise disasters, and a path for companies to keep using the best AI available without betting the business on blind trust.

Links

Disrupting AI Security: The End of the “Safe” AI Pilot with Matt O’Brien

Disruption Interruption is the podcast where you will hear from today’s biggest Industry Disruptors. Learn what motivated them to bring about innovation and how they overcame opposition to adoption.

https://omny.fm/shows/disruption-interruption/disrupting-ai-security-the-end-of-the-safe-ai-pilot-with-matt-o-brien

LinkedIn: https://www.linkedin.com/in/matt-o-brien-98318369/
Company Website: http://www.snowcrashlabs.com/

About Disruption Interruption™
Disruption is happening on an unprecedented scale, impacting all manner of industries — MedTech, Finance, IT, eCommerce, shipping, logistics, and more — and COVID has moved their timelines up a full decade or more. But WHO are these disruptors and when did they say, “THAT’S IT! I’VE HAD IT!”? Time to Disrupt and Interrupt with host Karla Jo “KJ” Helms, veteran communications disruptor. KJ interviews badasses who are disrupting their industries and altering economic networks that have become antiquated with an establishment resistant to progress. She delves into uncovering secrets from industry rebels and quiet revolutionaries that uncover common traits — and not-so-common — that are changing our economic markets… and lives. Visit the world’s key pioneers that persist to success, despite arrows in their backs at www.disruption-interruption.com.

About Matt O’Brien

Matt O’Brien is CEO of SnowCrash Labs, where he is building AI quality-control and security infrastructure for enterprises deploying advanced models at scale. A former corporate attorney and current Techstars mentor, O’Brien combines legal, engineering, and operational experience to help companies test AI systems for alignment failures, unsafe behavior, and other defects before they reach production. He holds a J.D. from Fordham University School of Law and a B.S. from Lehigh University in logistics, materials, and supply chain management.

Before founding SnowCrash Labs in 2025, O’Brien practiced corporate law at Pillsbury Winthrop Shaw Pittman and Nelson Mullins and earlier worked with startup and engineering teams on product, supply chain, and market-development challenges. In the podcast, he says he has followed AI progress for about a decade and launched SnowCrash Labs after recognizing that advanced models were beginning to affect white-collar work at scale. Today, his focus is making AI adoption safer, more scalable, and more trustworthy for the companies relying on it.

About Karla Jo Helms
Karla Jo Helms is the Chief Evangelist and Anti-PR® Strategist for JOTO PR Disruptors™. Karla Jo learned firsthand how unforgiving business can be when millions of dollars are on the line — and how the control of public opinion often determines whether one company is happily chosen, or another is brutally rejected. Being an alumnus of crisis management, Karla Jo has worked with litigation attorneys, private investigators, and the media to help restore companies of goodwill into the good graces of public opinion — Karla Jo operates on the ethic of getting it right the first time, not relying on second chances and doing what it takes to excel. Helms speaks globally on public relations, how the PR industry itself has lost its way, and how, in the right hands, corporations can harness the power of Anti-PR to drive markets and impact market perception.

References

LIMRA, & Life Happens. (2024, April 15). U.S. life insurance need gap grows in 2024. limra.com/en/newsroom/news-releases/2024/u.s.-life-insurance-need-gap-grows-in-2024/LIMRA. (2026, March 3). Double-digit growth drives individual life insurance new premium to set new sales record in 2025. limra.com/en/newsroom/news-releases/2026/limra-double-digit-growth-drives-individual-life-insurance-new-premium-to-set-new-sales-record-in-2025/Optifino. (2025, September 29). Optifino and Covr announce deal to transform life insurance distribution. optifino.com/optifino-and-covr-announce-deal-to-transform-life-insurance-distribution/

Media Inquiries:
Karla Jo Helms
JOTO PR™
727-777-4629

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Oxford Royale Academy Partners with MIT to Bring AI Education to Summer School Students

Published

18 minutes ago

on

April 23, 2026

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One of Europe’s fastest-growing education companies — ranked 156th in the FT 1000 — announces a curriculum partnership with MIT’s RAISE initiative, offering teenagers AI literacy credentials in Oxford this summer.

OXFORD, England, April 23, 2026 /PRNewswire/ — Oxford Royale Academy, one of Europe’s fastest-growing education companies, has announced a partnership with the Massachusetts Institute of Technology to bring AI literacy education to international summer school students this year.

 

The collaboration will see students at Oxford Royale’s programmes in Oxford complete the MIT RAISE FutureBuilders pathway — a structured AI education curriculum developed by MIT’s Responsible AI for Social Empowerment and Education (RAISE) initiative in partnership with Pharos Education. Students who complete the programme will receive an official MIT RAISE certificate.

Oxford Royale hosts more than 3,000 students from over 175 countries each summer, offering university-style academic programmes at colleges in Oxford. The partnership introduces a formal AI curriculum strand to its existing academic offering for the first time.

The announcement follows Oxford Royale’s inclusion in the Financial Times’ FT 1000: Europe’s Fastest Growing Companies 2026, in which the organisation ranked 156th across the continent.

IN THEIR WORDS

“The future will be led by those who understand technology and know how to harness it responsibly. Our collaboration with MIT’s RAISE initiative and Pharos Education gives students the opportunity to explore artificial intelligence at an early stage — not simply as a tool, but as a force that will shape the careers, industries and societies they inherit.”

— Andy Palmer, Chief Executive Officer, Oxford Royale Academy

“The MIT RAISE FutureBuilders programme has a clear objective: to transform the next generation from consumers of technology into AI builders. Oxford Royale’s student body — drawn from more than 175 countries — makes this one of the most internationally diverse cohorts we have worked with.”

— Felipe Arango, Chief Executive Officer, Pharos Education

BACKGROUND AND CONTEXT

Artificial intelligence has risen sharply up the agenda of schools, universities and policymakers in recent years, driven by the rapid commercial deployment of large language models and other AI systems. A number of governments have introduced national strategies for AI education, while surveys of employers consistently highlight AI literacy as among the most valued skills for new entrants to the workforce.

Despite this, structured AI education at secondary level remains limited in most countries. Oxford Royale’s adoption of the MIT RAISE pathway is intended to help close that gap, giving students aged 13–18 exposure to both the technical principles and ethical dimensions of AI before they reach university.

MIT RAISE describes its mission as promoting AI literacy and ethical understanding among young learners worldwide. Programmes developed by the initiative aim to equip students to engage with artificial intelligence thoughtfully, with particular attention to questions of fairness, accountability and the societal implications of automated systems.

Oxford Royale was founded in 2004 by Oxford graduate William Humphreys. Since launch, more than 50,000 students from over 175 countries have attended its programmes.

NOTES TO EDITORS

Programme Dates and Availability

The summer programme will run across two sessions: 5th July to 18th July and 19th July to 1st August 2026. There are a total of 60 places available across both sessions.

About Oxford Royale Academy

Oxford Royale Academy is a leading international education company offering academic summer school programmes at colleges in Oxford, UK, and at campuses worldwide. Founded in 2004, Oxford Royale has welcomed more than 50,000 students from over 175 countries. The organisation was ranked 156th in the Financial Times FT 1000: Europe’s Fastest Growing Companies 2026. Further information is available at oxfordroyale.com.

About MIT RAISE

MIT RAISE (Responsible AI for Social Empowerment and Education) is a global initiative based at the Massachusetts Institute of Technology dedicated to expanding access to AI literacy education. Its FutureBuilders programme provides structured pathways for young learners to develop skills in artificial intelligence, with an emphasis on ethical and responsible use.

About Pharos Education

Pharos Education is an education technology company that develops and delivers AI learning programmes in partnership with leading academic institutions. Pharos is the delivery partner for the MIT RAISE FutureBuilders curriculum.

 

SOURCE Oxford Royale

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