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5N Plus Inc. Reports 2024 Third Quarter Financial Results

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25% year-over-year increase in revenue to $78.8 million62% year-over-year increase in Adjusted EBITDA[1] to $15.6 millionAdjusted gross margin1 of 31.1%Backlog1 of $250 million, representing 289 days of annualized revenue, as at September 30, 2024

MONTREAL, Nov. 4, 2024 /CNW/ – 5N Plus Inc. (TSX: VNP) (“5N+” or “the Company”), a leading global producer of specialty semiconductors and performance materials, today announced its financial results for the third quarter of fiscal 2024 ended September 30, 2024 (“Q3 2024”). All amounts in this press release are expressed in U.S. dollars unless otherwise stated.

“Our strong results in the third quarter of 2024 reflect sustained growth momentum in our Specialty Semiconductors business, coupled with a stellar performance by our Performance Materials segment. Our teams are also executing seamlessly on the operational front with our specialty semiconductor capacity initiatives, enabling us to meet near term contracted demand and to efficiently expand capacity in future. Given our strong results year to date, we now expect to be able to surpass our previously disclosed guidance range and to slightly exceed $50 million in Adjusted EBITDA for the full fiscal year,” said Gervais Jacques, President and CEO of 5N+.

“Looking ahead, our collective work and strong execution of our strategy over the last few years also position us well for the next chapter of our growth as a valued and trusted global actor in advanced materials technology. We are now in a strong position to efficiently capture additional organic growth and actively on the lookout for external growth opportunities. We will remain focused on opportunities that enable us to extend or leverage our competitive advantages, capabilities and Specialty Semiconductor value chain, while ensuring that our advanced materials remain a critical enabler of our customer’s product without being a critical cost component,” concluded Mr. Jacques.

Q3 2024 Highlights

Revenue in Q3 2024 increased by 25% to $78.8 million, compared to $62.9 million in Q3 2023, primarily driven by strong growth under Specialty Semiconductors.Adjusted EBITDA in Q3 2024 increased by 62% to $15.6 million, compared to $9.6 million in Q3 2023, driven by higher volume from the terrestrial renewable energy and space solar power sectors, better prices over inflation, and a strong quarterly performance under Performance Materials from a product mix and operating costs perspective.Adjusted gross margin increased by 56% to reach $24.5 million in Q3 2024, favourably impacted by the same factors as above. Adjusted gross margin as a percentage of sales was 31.1%, compared to 24.9% in Q3 2023.Net earnings in Q3 2024 were $6.4 million, compared to $1.5 million in Q3 2023.Backlog stood at $249.7 million, representing 289 days of annualized revenue as at September 30, 2024, 11 days lower than the previous quarter and at a similar level than the same period last year, primarily due to the timing of contract signings and renewals.Net debt1 was $93.7 million as at September 30, 2024, compared to $73.8 million as at December 31, 2023, reflecting an increase in working capital1 and planned capital expenditures in the first half of 2024 under Specialty Semiconductors. The Company’s net-debt-to-EBITDA ratio1 stood at 1.99x as at September 30, 2024.

__________________________________

1 These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See Non-IFRS Measures for more information.

Other Developments

On October 15, 2024, 5N+ announced the completion of its 2024 production capacity program ahead of schedule at its wholly-owned subsidiary, AZUR SPACE Solar Power GmbH (“AZUR”), and that it expanded its capacity by 35% over 2022 levels, surpassing its initial 30% target. 5N+ also announced that AZUR intends to increase its space solar cell production capacity by a further 30% in early 2025, with minimal additional investments as most of the equipment has been purchased and delivered.

Outlook

In Specialty Semiconductors, 5N+ continues to benefit from its position as the leading global supplier of ultra-high purity semiconductor compounds outside China, with long-term partnerships with key customers. Growing demand remains the rule, particularly in terrestrial renewable energy and space solar power. 5N+ is well-positioned to capitalize on future opportunities in these high-growth sectors, as well as other markets, including sensing and medical imaging.

Management expects growth in the Performance Materials segment to be primarily derived from health and pharmaceutical products, which provide high profitability and predictable cashflows. Additional long-term opportunities are expected to stem from product expansion and development initiatives, including through partnerships.

Based on its performance to date, management has revised its Adjusted EBITDA guidance for 2024 upward and now expects to slightly exceed $50 million in Adjusted EBITDA. This is over and above the top end of its previously disclosed guidance range for 2024 of between $45 and $50 million in Adjusted EBITDA. Its Adjusted EBITDA guidance range for 2025 of between $50 million and $55 million remains unchanged. As in previous years, management will communicate guidance for 2025 and 2026 as part of its full year 2024 earnings release.

Conference Call

5N+ will host a conference call on Tuesday, November 5, 2024, at 8:00 am Eastern Time to discuss third quarter of 2024 financial results. All interested parties are invited to participate in the live broadcast on the Company’s website at www.5nplus.com.

To participate in the conference call:

Toronto area: 646-357-8785Toll‐Free: 1-800-836-8184Enter access code: 74914

A replay of the conference call will be available two hours after the event and until November 12, 2024. To access the recording, please dial 1-888-660-6345 and enter access code 74914.

About 5N+

5N+ is a leading global producer of specialty semiconductors and performance materials. The Company’s ultra‐pure materials often form the core element of its customers’ products. These customers rely on 5N+’s products to enable performance and sustainability in their own products. 5N+ deploys a range of proprietary and proven technologies to develop and manufacture its products. The Company’s products enable various applications in several key industries, including renewable energy, security, space, pharmaceutical, medical imaging and industrial. Headquartered in Montréal, Quebec, 5N+ operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia.

Forward‐Looking Statements

Certain statements in this press release may be forward‐looking within the meaning of applicable securities laws. Such forward‐looking statements are based on a number of estimates and assumptions that the Company believes are reasonable when made, including that 5N+ will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that 5N+ will continue to operate its business in the normal course, that 5N+ will be able to implement its growth strategy, that 5N+ will be able to successfully and timely complete the realization of its backlog, that 5N+ will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that 5N+ will be able to generate new sales, produce, deliver, and sell its expected product volumes at the expected prices and control its costs, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict and may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. A description of the risks affecting the Company’s business and activities appears under the heading “Risk and Uncertainties” of the Company’s 2023 MD&A dated February 27, 2024, and note 10 of the unaudited condensed interim consolidated financial statements for the three and nine-month periods ended September 30, 2024 and September 30, 2023 available on www.sedarplus.ca.

Forward‐looking statements can generally be identified by the use of terms such as “may”, “should”, “would”, “believe”, “expect”, the negative of these terms, variations of them or any similar terms. No assurance can be given that any events anticipated by the forward‐looking statements in this press release will transpire or occur, or if any of them do so, what benefits that 5N+ will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N+. The forward‐looking statements contained in this press release is made as of the date hereof and the Company has no obligation to publicly update such forward‐looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward‐looking statements.

5N PLUS INC.
INTERIM CONSOLIDATED STATEMENTS OF EARNINGS
For the three and nine-month periods ended September 30
(in thousands of United States dollars, except per share information) (unaudited)

Three months

Nine months

2024

2023

2024

2023

$

$

$

$

Revenue

78,828

62,946

218,427

177,308

Cost of sales

57,904

50,389

160,309

135,156

Selling, general and administrative expenses

8,135

6,249

24,169

20,711

Other expenses (income), net

3,295

943

7,874

(1,891)

69,334

57,581

192,352

153,976

Operating earnings

9,494

5,365

26,075

23,332

Financial expense

Interest on long-term debt

2,191

2,081

6,132

6,254

Imputed interest and other interest expense

452

308

591

451

Foreign exchange and derivative gain

(450)

(238)

(835)

(497)

2,193

2,151

5,888

6,208

Earnings before income taxes

7,301

3,214

20,187

17,124

Income tax expense (recovery)

Current

1,347

2,293

6,038

6,062

Deferred

(416)

(597)

483

(2,053)

931

1,696

6,521

4,009

Net earnings

6,370

1,518

13,666

13,115

Basic earnings per share

0.07

0.02

0.15

0.15

Diluted earnings per share

0.07

0.02

0.15

0.15

Net earnings are completely attributable to equity holders of 5N+.

5N PLUS INC.
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of United States dollars) (unaudited)

September 30, 2024

December 31, 2023

$

$

Assets

Current

Cash and cash equivalents

24,565

34,706

Accounts receivable

45,371

33,437

Inventories

124,459

105,850

Income tax receivable

1,666

1,672

Derivative financial assets

6,183

591

Other current assets

6,187

5,707

Total current assets

208,431

181,963

Property, plant and equipment

90,592

84,600

Right-of-use assets

30,421

29,290

Intangible assets

25,376

29,304

Goodwill

11,825

11,825

Deferred tax assets

8,074

8,261

Other assets

5,541

4,959

Total non-current assets

171,829

168,239

Total assets

380,260

350,202

Liabilities

Current

Trade and accrued liabilities

40,186

37,024

Income tax payable

5,624

4,535

Current portion of deferred revenue

11,833

13,437

Current portion of lease liabilities

2,034

1,811

Current portion of long-term debt

25,000

Total current liabilities

59,677

81,807

Long-term debt

118,271

83,500

Deferred tax liabilities

5,579

5,284

Employee benefit plan obligations

13,444

13,393

Lease liabilities

29,597

28,328

Deferred revenue

9,125

5,629

Other liabilities

825

3,669

Total non-current liabilities

176,841

139,803

Total liabilities

236,518

221,610

Equity

143,742

128,592

Total liabilities and equity

380,260

350,202

Non‐IFRS Measures
EBITDA means net earnings (loss) before interest expenses, income tax expense (recovery), depreciation and amortization. 5N+ uses EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business, without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.

EBITDA is reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

Q3 2024

Q3 2023

YTD 2024

YTD 2023

$

$

$

$

Net earnings

6,370

1,518

13,666

13,115

Interest on long-term debt, imputed interest and other interest expense

2,643

2,389

6,723

6,705

Income tax expense

931

1,696

6,521

4,009

Depreciation and amortization

4,424

3,979

12,418

12,053

EBITDA

14,368

9,582

39,328

35,882

Adjusted EBITDA means operating earnings (loss) as defined before the effect of impairment of inventories, share-based compensation expense (recovery), loss (gain) on disposal of property, plant and equipment, impairment of non-current assets, litigation and restructuring costs (income), and depreciation and amortization. 5N+ uses Adjusted EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenues.

Adjusted EBITDA and Adjusted EBITDA margin are reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

Q3 2024

Q3 2023

YTD 2024

YTD 2023

$

$

$

$

Revenues

78,828

62,946

218,427

177,308

Operating expenses

(69,334)

(57,581)

(192,352)

(153,976)

Operating earnings

9,494

5,365

26,075

23,332

Share-based compensation expense

252

305

597

1,018

(Gain) loss on disposal of property, plant and equipment

(2,089)

(2,089)

1,051

Impairment of non-current assets

2,519

2,826

608

Litigation and restructuring costs (income)

1,021

1,021

(8,772)

Depreciation and amortization

4,424

3,979

12,418

12,053

Adjusted EBITDA

15,621

9,649

40,848

29,290

Adjusted EBITDA margin

19.8 %

15.3 %

18.7 %

16.5 %

Adjusted gross margin is a measure used to monitor the sales contribution after paying cost of sales, excluding depreciation and inventory impairment charges. 5N+ also expressed this measure in percentage of revenues by dividing the adjusted gross margin value by the total revenue.

Adjusted gross margin is reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

Q3 2024

Q3 2023

YTD 2024

YTD 2023

$

$

$

$

Total revenue

78,828

62,946

218,427

177,308

Cost of sales

(57,904)

(50,389)

(160,309)

(135,156)

Gross margin

20,924

12,557

58,118

42,152

Depreciation included in cost of sales

3,553

3,113

9,802

9,467

Adjusted gross margin

24,477

15,670

67,920

51,619

Adjusted gross margin percentage

31.1 %

24.9 %

31.1 %

29.1 %

Backlog represents the expected orders the Company has received, but has not yet executed, and that are expected to translate into sales within the next twelve months, expressed in dollars and estimated in number of days not to exceed 365 days. Bookings represent orders received during the period considered, expressed in number of days, and calculated by adding revenues to the increase or decrease in backlog for the period considered, divided by annualized year revenues. 5N+ uses backlog to provide an indication of expected future revenues in days, and bookings to determine its ability to sustain and increase its revenues.

Net debt is calculated as total debt less cash and cash equivalents. Any introduced IFRS 16 reporting measures in reference to lease liabilities are excluded from the calculation. 5N+ uses this measure as an indicator of its overall financial position.

The net debt to EBITDA ratio is defined as net debt divided by the trailing 12 months EBITDA.

Total debt and Net debt are reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

As at September 30, 2024

As at December 31, 2023

$

$

Bank indebtedness

Long-term debt including current portion

118,271

108,500

Lease liabilities including current portion

31,631

30,139

Subtotal Debt

149,902

138,639

Lease liabilities including current portion

(31,631)

(30,139)

Total Debt

118,271

108,500

Cash and cash equivalents

(24,565)

(34,706)

Net Debt

93,706

73,794

Working capital is a measure of liquid assets that is calculated by taking current assets and subtracting current liabilities. Given that the Company is currently indebted, it uses it as an indicator of its financial efficiency and aims to maintain it at the lowest possible level. 

Working capital ratio is calculated by dividing current assets by current liabilities.

Working capital is reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

As at September 30, 2024

As at December 31, 2023

$

$

Inventories

124,459

105,850

Other current assets excluding inventories

83,972

76,113

Current assets

208,431

181,963

Current liabilities

(59,677)

(81,807)

Working capital

148,754

100,156

Working capital current ratio

3.49

2.22

SOURCE 5N Plus Inc.

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ACEC California Awards More Than $100,000 in Scholarships to Engineering and Land Surveying Students

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SACRAMENTO, Calif., May 4, 2026 /PRNewswire/ — The American Council of Engineering Companies of California (ACEC California) has announced the recipients of its 2026 Scholarship Program, awarding a total of $102,500 to 14 students, including six graduate students and eight undergraduates, pursuing degrees in engineering and land surveying at colleges and universities throughout California.

Administered by the ACEC California Scholarship Foundation, the annual program supports accomplished undergraduate and graduate students preparing for careers in engineering and land surveying. In addition to scholarships awarded by ACEC California, students may also receive accompanying funds through the ACEC national organization and local ACEC California chapters.

“I commend the American Council of Engineering Companies of California for its investment in students that helps strengthen California’s infrastructure and engineering workforce,” said Senator Dave Cortese (D-San Jose). “These scholarships expand access to the education and training needed for students to pursue meaningful careers in engineering and land surveying related fields. California’s future depends on a strong pipeline of skilled professionals, and programs like this ensure our communities will benefit from their expertise for decades to come. I commend San Jose State University student, and Senate District 15 resident, Thao Huynh, along with all recipients of this prestigious scholarship program.”

The 2026 scholarship recipients reflect a strong combination of academic achievement and real‑world experience, pairing rigorous coursework with internships, professional employment, applied research and leadership roles in student and industry organizations. The group also represents the diverse pathways into today’s engineering and land surveying professions, including first‑generation college students, veterans, and professionals returning to school to advance their careers.

“ACEC California is honored to recognize these exceptional students who represent the future of our industry,” said Tyler Munzing, executive director of ACEC California. “As our state continues to prioritize the modernization of our critical infrastructure, investing in the next generation of engineers and land surveyors has never been more vital. We are proud to support these dedicated individuals as they prepare to lead California toward a more innovative and efficient future.”

More than 150 applications were reviewed by the ACEC California Scholarship Foundation’s volunteer Board of Trustees, chaired by Chris Diaz of Diaz•Yourman & Associates. Trustees include Donald Blackburn of Blackburn Consulting; Jeff Gavazza of KPFF Consulting Engineers; Michael Jaeger of Tanner Pacific; Henry Liang of MKN, an Ardurra Company; Jane Rozga of GHD; and Aundrea Tirapelle of Psomas.

Scholarship funds will be distributed to recipients at the beginning of the fall 2026 semester.

2026-27 Scholarship Foundation Award Recipients

Todd Allen-Gifford, Stanford University, pursuing a master’s in structural engineering and construction engineering.Owen Daulton, Loyola Marymount University, pursuing a master’s in mechanical engineering.Thao Huynh, San Jose State University, pursuing a bachelor’s in software engineering.Caden Kakoschke, California State University, Long Beach, pursuing a bachelor’s in mechanical engineering and naval architecture and marine engineering.Gaurav Kumar, University of California, Los Angeles, pursuing a bachelor’s in computer engineering.Grace Murphy, California Polytechnic State University, San Luis Obispo, pursuing a bachelor’s in mechanical engineering.Carlos Navea, San Diego State University, pursuing a master’s in civil engineering and structural engineering.Ryan Nguyen, California Polytechnic State University, Pomona, pursuing a master’s in civil engineering.Jacey Niiya, Stanford University, pursuing a master’s in structural engineering.Peter Otoshi, California Polytechnic State University, Pomona, pursuing a bachelor’s in civil engineering.Emily Petersen, California State University, Fresno, pursuing a bachelor’s in surveying and geomatics engineering technology.Paisley Tabor, Stanford University, pursuing a bachelor’s in mechanical engineering.Victor Vega, University of the Pacific, pursuing a bachelor’s in civil engineering and structural engineering.Zenia Zipp, California State University, Fresno, pursuing a master’s in civil engineering and surveying and geomatics engineering.

Learn more about the ACEC California Scholarship Foundation program and the awarded students at www.acec-ca.org/scholarship.

ACEC California represents over 1,000 engineering and land surveying firm offices and nearly 25,000 professionals who are involved in all aspects of the design, construction, and repair of California’s residential, commercial, industrial, and public works infrastructure.

View original content to download multimedia:https://www.prnewswire.com/news-releases/acec-california-awards-more-than-100-000-in-scholarships-to-engineering-and-land-surveying-students-302760472.html

SOURCE American Council of Engineering Companies, California

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HDT Conducts Hunter WOLF Training with 10th Mountain Division

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Second training event in one month highlights continued Army engagement, evaluation

FREDERICKSBURG, Va., May 4, 2026 /PRNewswire/ — HDT Robotics is conducting a new round of training and evaluation activities with Hunter WOLF unmanned ground vehicles (UGVs) at Fort Polk, Louisiana, with soldiers from the U.S. Army’s 10th Mountain Division.

The Hunter WOLF is a robotic multi-mission unmanned ground vehicle designed to reduce workload, extend operational duration, and keep soldiers in the field longer, with less fatigue and at safer distances. Built specifically for military operations, it delivers mobility, payload, and power in a compact system, engineered to perform in demanding environments where commercial vehicles fail.  

“The Hunter WOLF is a proven platform that’s ready to support operations today. It’s not a concept still in development like other options,” said Tom Van Doren, President, Robotics Sector at HDT Robotics. “Training directly with units like the 10th Mountain Division ensures the system continues to meet operational requirements and provides a dependable solution the military can confidently deploy.”

The training event will provide hands-on experience for soldiers in one of the Army’s elite light infantry units, known for rapid deployment and operations in complex, extreme environments, including mountainous and cold-weather conditions. During the event, soldiers will operate and evaluate the Hunter WOLF in real-world scenarios, gaining experience in system operation, mission integration, and sustainment across a range of mission tasks.

“Training events like this show how adaptable the Hunter WOLF’s modular design is across different mission requirements,” said John Conway, VP of Business Development, Robotics at HDT Robotics. “Soldiers are able to configure it quickly and apply it to operational tasks without adding complexity.”

During training, soldiers will operate Hunter WOLF vehicles configured for communications, sustainment, support, and employment of equipment normally too heavy for dismounted units to transport, such as loitering munitions. These configurations include:

Two Vehicle-mounted Tactical Radios (AN/VRC-158)Five Universal Battery Chargers (UBC)60-gallon Water Purification SystemsCasualty Evacuation (CASEVAC)15kW Mobile Power Export (120/240VAC inverter offload)Extended Cargo Rails for Equipment Transport

The training marks the second Hunter WOLF event conducted with the Army in the past month, reinforcing HDT’s commitment to delivering proven, field-ready robotic platforms that enhance operations while prioritizing soldier safety.

About HDT Robotics: HDT develops rugged, modular robotic systems to perform tasks in hazardous and demanding environments. Building on a legacy of advanced government and industrial robotics development, the company engineers precision manipulators and mobile platforms that reduce personnel risk while enabling critical operations in expeditionary, contaminated, or unsafe environments. For more information, visit HDTHunterWOLF.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hdt-conducts-hunter-wolf-training-with-10th-mountain-division-302761065.html

SOURCE HDT Robotics

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Roomba Pioneer Colin Angle Unveils New Venture, Familiar Machines & Magic, Introducing a New Platform for Consumer Physical AI

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After building iRobot into a multi-billion-dollar business and architecting the global consumer robotics industry, Angle launches a new company to build emotionally intelligent robots designed for trust, interaction, and long-term connection.

BOSTON, May 4, 2026 /PRNewswire/ — More than two decades after introducing the Roomba and helping define consumer robotics, Colin Angle is returning with a more ambitious vision: Artificial Life. On stage today at The Wall Street Journal’s Future of Everything conference, Angle unveiled Familiar Machines & Magic, bringing the company out of stealth and introducing Familiars – physically embodied AI systems designed to perceive, adapt, and interact with people in ways that feel natural and consistent.

“The next era of robotics is not just about dexterity or humanoid form – it’s about machines that can build and sustain human connection,” said Colin Angle, cofounder and CEO of Familiar Machines & Magic. “Today, we’re emerging from stealth to share our vision for systems that move beyond task execution and become a natural part of daily life.”

FM&M uses the term “Familiars” to describe emotionally intelligent, physically embodied AI systems that perceive their environment, develop a distinct personality, and respond in ways that learn and evolve through life with the people around them.

Physical AI’s Next Frontier: From Capability to Human Connection
The global race to build Physical AI is on. From humanoid robots promising factory labor to autonomous systems reshaping logistics, tens of billions of dollars are flowing into machines designed to move, lift, sort, and transport. But this is only half the opportunity – the back-end, industrial physical AI opportunity. The other half is consumer-facing, for all of the use cases where robots will interact with humans, and it requires a fundamentally different approach.

Consumer Physical AI demands human connection – the ability to not just perform physical tasks, but to understand, communicate, and respond in ways that feel intuitive and supportive. This opportunity extends across daily life – anywhere people and machines intersect – not just within the home.

Consumer Physical AI outperforms screens in these types of emotional work because people respond more strongly to physical presence. While chatbots are widely used for emotional support, they are often less effective and beneficial for their users.

FM&M is focused on developing Consumer Physical AI systems that deliver this kind of interaction at scale by building Familiars.

The company’s leadership team has already brought consumer robotics to global scale. As leaders behind the Roomba platform at iRobot, they deployed more than fifty million robots into homes worldwide, turning a once-experimental category into a household technology. FM&M also brings together talent from Disney Research, MIT, Amazon, Boston Dynamics, Bose, and Sonos, applying deep experience in robotics, AI, and human-machine interaction to this next frontier.

Bringing Familiars to Life: Meet the First Familiar
During a live conversation with Wall Street Journal Technology columnist Christopher Mims at Future of Everything, Angle introduced the first Familiar – the inaugural system powered by FM&M’s Consumer Physical AI platform.

“iRobot proved that robots could deliver value at scale,” Angle said. “But they were still task machines. My goal has always been to create systems that understand context, remember interactions, and behave with consistency over time. That’s what we’re doing at Familiar Machines & Magic.”

A Familiar is purpose-built for social interaction rather than industrial performance. Its hardware and AI architecture are optimized for expressive, whole-body movement that communicates attention, awareness, and intent without relying on a screen.

The first Familiar is a quadruped, specifically designed for human-robot interaction, with 23 degrees of freedom enabling both lifelike movement and expressive behaviors. The Familiar is covered with a custom touch-sensitive coat, a vision system, and a microphone array and audio system, to support rich interactions. Its onboard edge AI stack is powered by a custom small multimodal model optimized for social reasoning, combining vision, audio, language, and memory to create socially responsive behaviors in real time.

Unlike humanoid robots designed to replicate human form for industrial uses, the Familiar is intentionally designed to be approachable and expressive, with a form factor optimized for interaction in everyday environments. It integrates context, memory, and adaptive behavior to create a consistent presence over time. Familiars are optimized for interaction, for presence, and for everyday use.

Today’s reveal marks FM&M’s emergence from stealth, not a commercial product launch. Specific applications, form factors, and timelines will be shared in future updates.

The Path Forward: The First to Scale Physical AI
The Consumer Physical AI market will not be won by the most impressive demo – but by the system people choose to live with. Familiar Machines & Magic is building a Physical AI platform focused on real-world deployment, measurable value, and responsible scaling.

Unlike cloud-dependent AI systems that rely on continuous data streaming, FM&M’s architecture prioritizes on-device, edge AI to reduce latency and strengthen privacy. The company has also established clear data governance guardrails as it develops systems designed for daily life.

By focusing on systems that can scale broadly, FM&M is building a platform that improves through real-world use rather than speculative demonstrations.

Follow the Journey
Familiar Machines & Magic will share updates, research, and progress as it develops its Familiars platform; this is just the beginning. If you’re curious what life with a Familiar could look like, sign up at familiarmachines.com or follow FM&M on LinkedIn and X.

About Familiar Machines & Magic
Familiar Machines & Magic is pioneering Consumer Physical AI, beginning with Familiars – physically embodied AI systems designed to form long-term, emotionally intelligent relationships with people. The company’s mission is to create artificial life to build a more caring world.

Founded by Colin Angle, cofounder and former CEO of iRobot, FM&M builds on more than three decades of consumer robotics experience. Angle is joined by cofounders Ira Renfrew, Chief People and Product Officer (C2PO), and Dr. Chris Jones, Chief Research and Development Officer (CRDO) – veteran robotics and AI leaders with experience spanning iRobot, Amazon, and other global consumer technology platforms.

Collectively, the founding team has deployed over 50 million consumer robots worldwide and led advances in navigation, machine learning, and human-robot interaction. The broader team brings additional expertise from institutions including Disney Research, MIT, Boston Dynamics, and USC.

With offices in Boston, LA, and Hong Kong, Familiar Machines & Magic is building a long-term platform for Artificial Life in partnership with leading researchers, engineers, and strategic collaborators.

For more information, visit: familiarmachines.com.

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SOURCE Familiar Machines & Magic

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