Technology
5N Plus Inc. Reports 2024 Third Quarter Financial Results
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1 year agoon
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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
Published
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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.
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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
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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.
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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.
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Roomba Pioneer Colin Angle Unveils New Venture, Familiar Machines & Magic, Introducing a New Platform for Consumer Physical AI
Published
37 minutes agoon
May 4, 2026By
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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