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Whirlpool Announces Fourth-Quarter and Full-Year Results; Provides 2025 Guidance

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— Fourth-quarter net sales decline of (18.7)% due to the Europe divestiture; organic net sales(1) growth of 1.9% driven by strong small domestic appliances and international businesses

— Delivered approximately $300 million of net cost take out in 2024, as expected

— Q4 GAAP net earnings margin (loss) of (9.5)%; GAAP earnings (loss) per diluted share of $(7.10) driven by the non-cash impact of Maytag brand impairment, GAAP tax rate of (44)%

— Q4 Ongoing (non-GAAP) EBIT margin(2) of 6.0%; ongoing earnings per diluted share(3) of $4.57 supported by favorable adjusted (non-GAAP) effective tax rate of (54)%

— 2025 outlook includes full-year GAAP earnings per diluted share of approximately $8.75, and ongoing earnings per diluted share(3) of approximately $10.00; including GAAP and adjusted (non-GAAP) tax rate of 20 to 25%; cash provided by operating activities of approximately $1 billion and free cash flow(4) of approximately $500 to $600 million

— Intend to reduce ownership stake in Whirlpool of India Ltd. to ~20% in 2025 via market sale

— Expect to pay down approximately $700 million of debt in 2025

BENTON HARBOR, Mich., Jan. 29, 2025 /PRNewswire/ — Whirlpool Corporation (NYSE: WHR), today reported fourth-quarter and full-year 2024 financial results.

“In 2024, we continued to make progress in our operations and delivered on our cost take out commitment of $300 million while achieving the closure of the Europe transaction, supporting our ongoing portfolio transformation,” said Marc Bitzer. “In 2025, we expect to deliver more than $200 million of cost take out and position our business for the eventual U.S. housing recovery.”
MARC BITZER, CHAIRMAN AND CHIEF EXECUTIVE OFFICER 

Earnings Results

Fourth Quarter Results

Full Year Results

2024*

2023

Change

2024*

2023

Change

Net sales ($M)

$4,136

$5,088

(18.7) %

$16,607

$19,455

(14.6) %

Organic net sales ($M)(1)

$4,174

$4,254

1.9 %

$16,052

$15,991

(0.4) %

GAAP net earnings (loss) available to Whirlpool ($M)

$(393)

$491

nm

$(323)

$481

nm

Ongoing EBIT(2) ($M)

$248

$266

(6.8) %

$887

$1,191

(25.5) %

GAAP net earnings margin

(9.5) %

9.7 %

(19.2pts)

(1.9) %

2.5 %

(4.4pts)

Ongoing EBIT margin(2)

6.0 %

5.2 %

0.8pts

5.3 %

6.1 %

(0.8pts)

GAAP earnings (loss) per diluted share

$(7.10)

$8.90

nm

$(5.87)

$8.72

nm

Ongoing earnings per diluted share(3)

$4.57

$3.85

18.7 %

$12.21

$16.16

(24.4) %

*Excludes net sales from our previously-owned MDA Europe business; full-year results exclude net sales from the second through fourth quarter

Free Cash Flow

2024

2023

Change

Cash provided by (used in) operating activities ($M)

$835

$915

$(80)

Free cash flow(4) ($M)

$385

$366

$19

“We are proud of the actions we took to strengthen our balance sheet, paying down $500 million in debt and driving significant working capital efficiency,” said Jim Peters. “In 2025, our clear capital allocation priorities along with the anticipated India transaction will maximize shareholder value and further strengthen our balance sheet.”
JIM PETERS, CHIEF FINANCIAL AND ADMINISTRATIVE OFFICER

SEGMENT REVIEW

SEGMENT INFORMATION ($M)

Q4 2024

Q4 2023

Change

MDA North America

Net Sales

$2,595

$2,632

(1.4) %

EBIT

$173

$213

(18.8) %

     % of sales

6.7 %

8.1 %

(1.4pts)

MDA Latin America

Net Sales

$920

$958

(4.0) %

EBIT

$70

$50

40.0 %

     % of sales

7.6 %

5.2 %

2.4pts

MDA Asia

Net Sales

$238

$221

7.6 %

EBIT

$3

$(1)

nm

     % of sales

1.2 %

(0.5) %

1.7pts

SDA Global

Net Sales

$384

$363

5.7 %

EBIT

$48

$50

(4.0) %

     % of sales

12.5 %

13.8 %

(1.3pts)

MDA: Major Domestic Appliances; SDA: Small Domestic Appliances

MDA NORTH AMERICA

Excluding currency, net sales decreased 1.2 percent year-over-year, and EBIT margin(5) decreased year-over-year, driven by a sizeable trade inventory reduction coupled with strong sell through in the quarter, negatively impacting price/mix

MDA LATIN AMERICA

Excluding currency, net sales increased 7.3 percent year-over-year, with strong industry demand in Brazil and MexicoEBIT margin(5) increased year-over-year, driven by cost take out actions and fixed cost leverage

MDA ASIA

Excluding currency, net sales increased 8.8 percent year-over-year, with increased volumes from share gains and industry growthEBIT margin(5) increased year-over-year, driven by fixed cost leverage

SDA GLOBAL

Excluding currency, net sales increased 6.4 percent year-over-year, driven by strong direct-to-consumer sales and new product launchesEBIT margin(5) decreased year-over-year, impacted by marketing investments in new product launches

FULL-YEAR 2025 OUTLOOK

Guidance Summary

2024 Reported

2024 Like-for- Like (6)

2025 Guidance

Net sales ($B)

$16.6

~$15.4

~$15.8

Cash provided by operating activities ($M)

$835

N/A

~$1,000

Free cash flow ($M)(4)

$385

N/A

$500 – $600

GAAP net earnings margin (%)

(1.9) %

N/A

3.0 %

Ongoing EBIT margin (%)(2)

5.3 %

~5.8%

~6.8%

GAAP earnings per diluted share

$(5.87)

N/A

~$8.75

Ongoing earnings per diluted share(3)

$12.21

N/A

~$10.00

GAAP tax rate

(5.5) %

N/A

20 – 25%

Adjusted (non-GAAP) tax rate

(28.6) %

N/A

20 – 25%

Expect full-year net sales of approximately $15.8 billion; approximately 3% growth on a like-for-like(6) basisExpect to deliver more than $200 million of structural cost take out actionsExpect full-year GAAP earnings per diluted share of approximately $8.75 and full-year ongoing earnings per diluted share(3) of approximately $10.00Cash provided by operating activities of approximately $1 billion and free cash flow(4) of $500 to $600 millionExpect net cash proceeds of $550 to $600 million from the anticipated India transactionOur capital allocation priorities demonstrate our strong commitment to strengthen our balance sheet; expect approximately $700 million of debt pay down in 2025

(1)  

A reconciliation of organic net sales, a non-GAAP financial measure, to reported net sales and other important information, appears below.

(2)        

A reconciliation of earnings before interest and taxes (EBIT) and ongoing EBIT, non-GAAP financial measures, to reported net earnings (loss) available to Whirlpool, and a reconciliation of EBIT margin and ongoing EBIT margin, non-GAAP financial measures, to net earnings (loss) margin and other important information, appears below.

(3)        

A reconciliation of ongoing earnings per diluted share, a non-GAAP financial measure, to reported net earnings (loss) per diluted share available to Whirlpool and other important information, appears below.

(4)   

A reconciliation of free cash flow, a non-GAAP financial measure, to cash provided by (used in) operating activities and other important information, appears below.

(5)        

Segment EBIT represents our consolidated EBIT broken down by the Company’s reportable segments and are metrics used by the chief operating decision maker in accordance with ASC 280. Consolidated EBIT also includes corporate “Other/Eliminations” of $(507) million and $67 million for the fourth quarters of 2024 and 2023, respectively.

(6)        

Like-for-like refers to pro forma results for 2024, which exclude the first quarter results for the historical Europe major domestic appliances business (MDA Europe) and July through December results for the Whirlpool of India business, to provide a comparative baseline for 2025 guidance. This comparison uses a prior period baseline that is aligned to the ongoing business expectations for 2025, with the Europe transaction closed April 1, 2024 and the intended Whirlpool of India transaction expected to close by mid to late 2025. The like-for-like GAAP net earnings margin and corresponding reconciliation cannot be provided without unreasonable effort or expense. Please see below for a reconciliation of ongoing EBIT for the full year to GAAP net earnings.

ABOUT WHIRLPOOL CORPORATION

Whirlpool Corporation (NYSE: WHR) is a leading home appliance company, in constant pursuit of improving life at home. As the last-remaining major U.S.-based manufacturer of kitchen and laundry appliances, the company is driving meaningful innovation to meet the evolving needs of consumers through its iconic brand portfolio, including Whirlpool, KitchenAid, JennAir, Maytag, Amana, Brastemp, Consul, and InSinkErator. In 2024, the company reported approximately $17 billion in annual sales – close to 90% of which were in the Americas –  44,000 employees and 40 manufacturing and technology research centers. Additional information about the company can be found at WhirlpoolCorp.com. 

WEBSITE DISCLOSURE

We routinely post important information for investors on our website, WhirlpoolCorp.com, in the “Investors” section. We also intend to update the “Hot Topics Q&A” portion of this webpage as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the “Investors” section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our webpage is not incorporated by reference into, and is not a part of, this document.

WHIRLPOOL ADDITIONAL INFORMATION

This document contains forward-looking statements about Whirlpool Corporation and its consolidated subsidiaries (“Whirlpool”) within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Whirlpool intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with those safe harbor provisions. Any statements made in this press release that are not statements of historical fact, including statements regarding future financial results, long-term value creation goals, restructuring expectations, productivity, raw material prices and related costs, supply chain, portfolio transformation expectations, asset impairment, debt repayment expectations, India transaction timing and benefits expectations, trade customer inventory expectations, and the impact of housing recovery-related benefits on our operations are forward-looking statements and should be evaluated as such. Such statements can be identified by the use of terminology such as “may,” “could,” “will,” “should,” “possible,” “plan,” “predict,” “forecast,” “potential,” “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “may impact,” “on track,” “margin lift,” and similar words or expressions. Many risks, contingencies and uncertainties could cause actual results to differ materially from Whirlpool’s forward-looking statements. Among these factors are: (1) intense competition in the home appliance industry, and the impact of the changing retail environment, including direct-to-consumer sales; (2) Whirlpool’s ability to maintain or increase sales to significant trade customers; (3) Whirlpool’s ability to maintain its reputation and brand image; (4) the ability of Whirlpool to achieve its business objectives and successfully manage its strategic portfolio transformation; (5) Whirlpool’s ability to understand consumer preferences and successfully develop new products; (6) Whirlpool’s ability to obtain and protect intellectual property rights; (7) acquisition, divestiture, and investment-related risks, including risks associated with our past acquisitions; (8) the ability of suppliers of critical parts, components and manufacturing equipment to deliver sufficient quantities to Whirlpool in a timely and cost-effective manner; (9) risks related to our international operations; (10) Whirlpool’s ability to respond to unanticipated social, political and/or economic events, including epidemics/pandemics; (11) information technology system and cloud failures, data security breaches, data privacy compliance, network disruptions, and cybersecurity attacks; (12) product liability and product recall costs; (13) Whirlpool’s ability to attract, develop and retain executives and other qualified employees; (14) the impact of labor relations; (15) fluctuations in the cost of key materials (including steel, resins, and base metals) and components and the ability of Whirlpool to offset cost increases; (16) Whirlpool’s ability to manage foreign currency fluctuations; (17) impacts from goodwill, intangible asset and/or inventory impairment charges; (18) health care cost trends, regulatory changes and variations between results and estimates that could increase future funding obligations for pension and postretirement benefit plans; (19) impacts from credit rating agency downgrades; (20) litigation, tax, and legal compliance risk and costs; (21) the effects and costs of governmental investigations or related actions by third parties; (22) changes in the legal and regulatory environment including environmental, health and safety regulations, data privacy, taxes and generative AI; (23) the impacts of changes in foreign trade policies, including tariffs; (24) Whirlpool’s ability to respond to the impact of climate change and climate change or other environmental regulation; and (25) the uncertain global economy and changes in economic conditions. In addition, factors that could cause actual results to differ materially from our India transaction expectations include, among other things, failure or delays in launching transaction based on Board approval, market conditions or other factors, failure or delays in share settlement and closing, transaction proceeds being lower than expected, alternative uses for proceeds received, brand license valuation expectations not being met, and strategic, economic or industry expectations for India not being realized. Additional information concerning these and other factors can be found in Whirlpool’s filings with the Securities and Exchange Commission, including the most recent annual report on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. These cautionary statements should not be construed by you to be exhaustive and the forward-looking statements are made only as of the date of this press release. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

WHIRLPOOL CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

FOR THE PERIODS ENDED DECEMBER 31

(Millions of dollars, except per share data)

 

Three Months Ended

Twelve Months Ended

2024

2023

2024

2023

Net sales

$       4,136

$        5,088

$       16,607

$         19,455

Expenses

Cost of products sold

3,465

4,296

14,026

16,285

Gross margin

671

792

2,581

3,170

Selling, general and administrative

418

557

1,684

1,993

Intangible amortization

7

1

31

40

Restructuring costs

(2)

2

79

16

Impairment of goodwill and other intangibles

381

—

381

—

Loss (gain) on sale and disposal of businesses

4

(180)

264

106

Operating profit

(136)

412

143

1,015

Other (income) expense

Interest and sundry (income) expense

—

(6)

(27)

71

Interest expense

83

92

358

351

Earnings (loss) before income taxes

(218)

326

(188)

593

Income tax expense (benefit)

95

(191)

10

77

Equity method investment income (loss), net of tax

(76)

(25)

(107)

(28)

Net earnings (loss)

(391)

492

(305)

488

Less: Net earnings (loss) available to noncontrolling interests

2

1

18

7

Net earnings (loss) available to Whirlpool

$         (393)

$           491

$           (323)

$               481

Per share of common stock

Basic net earnings (loss) available to Whirlpool

$        (7.10)

$          8.93

$          (5.87)

$              8.76

Diluted net earnings (loss) available to Whirlpool

$        (7.10)

$          8.90

$          (5.87)

$              8.72

Dividends declared

$          1.75

$          1.75

$            7.00

$              7.00

Weighted-average shares outstanding (in millions)

Basic

55.4

55.1

55.1

55.0

Diluted

55.4

55.2

55.1

55.2

 

WHIRLPOOL CORPORATION

CONSOLIDATED CONDENSED BALANCE SHEETS

(Millions of dollars, except share data)

 

December 31, 2024

December 31, 2023

(Unaudited)

Assets

Current assets

Cash and cash equivalents

$          1,275

$          1,570

Accounts receivable, net of allowance of $46 and $47, respectively

1,317

1,529

Inventories

2,035

2,247

Prepaid and other current assets

612

717

Assets held for sale

—

144

Total current assets

5,239

6,207

Property, net of accumulated depreciation of $5,414 and $5,259, respectively

2,275

2,234

Right of use assets

841

721

Goodwill

3,322

3,330

Other intangibles, net of accumulated amortization of $447 and $440, respectively

2,717

3,124

Deferred income taxes

1,433

1,317

Other noncurrent assets

474

379

Total assets

$       16,301

$       17,312

Liabilities and stockholders’ equity

Current liabilities

Accounts payable

$          3,530

$          3,598

Accrued expenses

455

491

Accrued advertising and promotions

682

603

Employee compensation

228

238

Notes payable

18

17

Current maturities of long-term debt

1,850

800

Other current liabilities

560

614

Liabilities held for sale

—

587

Total current liabilities

7,323

6,948

Noncurrent liabilities

Long-term debt

4,758

6,414

Pension benefits

122

147

Postretirement benefits

96

107

Lease liabilities

711

612

Other noncurrent liabilities

357

547

Total noncurrent liabilities

6,045

7,827

Stockholders’ equity

Common stock, $1 par value, 250 million shares authorized, 65 million and 114 million shares issued, respectively, and 55 million and 55 million shares outstanding, respectively

64

114

Additional paid-in capital

3,462

3,078

Retained earnings

1,311

8,358

Accumulated other comprehensive loss

(1,545)

(2,178)

Treasury stock, 9 million and 60 million shares, respectively

(609)

(7,010)

Total Whirlpool stockholders’ equity

2,683

2,362

Noncontrolling interests

250

175

Total stockholders’ equity

2,933

2,537

Total liabilities and stockholders’ equity

$       16,301

$       17,312

 

WHIRLPOOL CORPORATION

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE PERIODS ENDED DECEMBER 31

(Millions of dollars)

 

Twelve Months Ended

2024

2023

Operating activities

Net earnings (loss)

$           (305)

$              488

Adjustments to reconcile net earnings to cash provided by (used in) operating activities:

Depreciation and amortization

333

361

Impairment of goodwill and other intangibles

381

—

Loss (gain) on sale and disposal of businesses

264

106

Equity method investment (income) loss, net of tax

107

28

Changes in assets and liabilities:

Accounts receivable

(14)

159

Inventories

172

(123)

Accounts payable

125

1

Accrued advertising and promotions

63

(37)

Accrued expenses and current liabilities

7

122

Taxes deferred and payable, net

(183)

(97)

Accrued pension and postretirement benefits

(24)

(59)

Employee compensation

97

103

Other

(188)

(137)

Cash provided by (used in) operating activities

835

915

Investing activities

Capital expenditures

(451)

(549)

Proceeds from sale of assets and businesses

95

10

Acquisition of businesses, net of cash acquired

—

(14)

Cash held by divested businesses

(245)

—

Other

(1)

—

Cash provided by (used in) investing activities

(602)

(553)

Financing activities

Net proceeds from borrowings of long-term debt

300

304

Net repayments of long-term debt

(801)

(750)

Net proceeds (repayments) from short-term borrowings

11

34

Dividends paid

(384)

(384)

Repurchase of common stock

(50)

—

Sale of minority interest in subsidiary

462

—

Common stock issued

—

4

Other

(14)

—

Cash provided by (used in) financing activities

(476)

(792)

Effect of exchange rate changes on cash and cash equivalents

(149)

45

Less: change in cash classified as held for sale

—

(3)

Increase (decrease) in cash and cash equivalents

(391)

(388)

Cash and cash equivalents at beginning of year (1)

1,667

1,958

Cash and cash equivalents at end of period

$          1,275

$          1,570

(1) Cash and cash equivalent at the beginning of 2024 include $1,570 million of cash and cash equivalents and cash of $97 million classified as held for sale as of December 31, 2023.

 

SUPPLEMENTAL INFORMATION – CONSOLIDATED FINANCIAL STATEMENTS RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(Millions of dollars except per share data) (Unaudited)

We supplement the reporting of our financial information determined under U.S. generally accepted accounting principles (GAAP) with certain non-GAAP financial measures, some of which we refer to as “ongoing” measures. These measures may include earnings before interest and taxes (EBIT), EBIT margin, ongoing EBIT, ongoing EBIT margin, ongoing earnings per diluted share, ongoing interest and sundry (income) expense, adjusted effective tax rate, organic net sales, net debt leverage (Net Debt/Ongoing EBITDA), return on invested capital (ROIC) and free cash flow.

Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.

Sales excluding foreign currency: Current period net sales translated in functional currency, to U.S. dollars using the applicable prior period’s exchange rate compared to the applicable prior period net sales. Management believes that sales excluding foreign currency provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations.
Organic net sales: Sales excluding the impact of certain acquisitions or divestitures, and foreign currency. Management believes that organic net sales provides stockholders with a clearer basis to assess our results over time, excluding the impact of exchange rate fluctuations and certain acquisitions and/or divestitures.
Ongoing EBIT margin: Ongoing earnings before interest and taxes divided by net sales. Ongoing measures exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations and provide a better baseline for analyzing trends in our underlying businesses.
Ongoing earnings per diluted share: Diluted net earnings per share from continuing operations, adjusted to exclude items that may not be indicative of, or are unrelated to, results from our ongoing operations. Ongoing measures provide a better baseline for analyzing trends in our underlying businesses.
Ongoing interest and sundry (income) expense: Reported interest and sundry (income) expense adjusted to exclude certain unique items. Management believes that ongoing interest and sundry (income) expense provides stockholders with a meaningful, consistent comparison of the Company’s interest and sundry (income) expense, excluding the impact of certain unique items.
Ongoing equity method income (loss): Reported equity method income (loss) adjusted to exclude equity method investee restructuring charges. Management believes that ongoing equity method income (loss) provides stockholders with a meaningful, consistent comparison of the Company’s equity method income (loss), excluding the impact of equity method investee restructuring charges.
Net debt leverage: Net debt to ongoing earnings before interest, taxes, depreciation, and amortization (EBITDA) ratio is net debt outstanding, including long-term debt, current maturities of long-term debt, and notes payable, less cash and cash equivalents, divided by ongoing EBITDA. Management believes that net debt leverage provides stockholders with a view of our ability to generate earnings sufficient to service our debt.
Return on invested capital: Ongoing EBIT after taxes divided by total invested capital, defined as total assets less non-interest bearing current liabilities (NIBCLS). NIBCLS is defined as current liabilities less current maturities of long-term debt and notes payable. This ROIC definition may differ from other companies’ methods and therefore may not be comparable to those used by other companies. Management believes that ROIC provides stockholders with a view of capital efficiency, a key driver of stockholder value creation.
Adjusted effective tax rate: Effective tax rate, excluding pre-tax income and tax effect of certain unique items. Management believes that adjusted tax rate provides stockholders with a meaningful, consistent comparison of the Company’s effective tax rate, excluding the pre-tax income and tax effect of certain unique items.
Free cash flow: Cash provided by (used in) operating activities less capital expenditures. Management believes that free cash flow provides stockholders with a relevant measure of liquidity and a useful basis for assessing the Company’s ability to fund its activities and obligations.

Whirlpool does not provide a non-GAAP reconciliation for its forward-looking long-term value creation goals, such as organic net sales, EBIT, free cash flow conversion, free cash flow benefit as a result of Europe transaction closing, ROIC and net debt leverage, as these long-term management goals are not annual guidance, and the reconciliation of these long-term measures would rely on market factors and certain other conditions and assumptions that are outside of the Company’s control.

We believe that these non-GAAP measures provide meaningful information to assist investors and stockholders in understanding our financial results and assessing our prospects for future performance, and reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP financial measures, provide a more complete understanding of our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. These ongoing financial measures should not be considered in isolation or as a substitute for reported net earnings available to Whirlpool per diluted share, net earnings, net earnings available to Whirlpool, net earnings margin, return on assets, net sales, effective tax rate and cash provided by (used in) operating activities, the most directly comparable GAAP financial measures.

We also disclose segment EBIT as an important financial metric used by the Company’s Chief Operating Decision Maker to evaluate performance and allocate resources in accordance with ASC 280 – Segment Reporting.

GAAP net earnings available to Whirlpool per basic or diluted share (as applicable) and ongoing earnings per diluted share are presented net of tax, while individual adjustments in each reconciliation are presented on a pre-tax basis; the income tax impact line item aggregates the tax impact for these adjustments. The tax impact of individual line item adjustments may not foot precisely to the aggregate income tax impact amount, as each line item adjustment may include non-taxable components. Historical quarterly earnings per share amounts are presented based on a normalized tax rate adjustment to reconcile quarterly tax rates to full-year tax rate expectations. We strongly encourage investors and stockholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

FOURTH-QUARTER 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our fourth-quarter GAAP tax rate was (43.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our fourth-quarter adjusted tax rate (non-GAAP) of (53.8)%.

Three Months Ended

Earnings Before Interest & Taxes Reconciliation:

December 31, 2024

Net earnings (loss) available to Whirlpool

$                             (393)

Net earnings (loss) available to noncontrolling interests

2

Income tax expense (benefit)

95

Interest expense

83

Earnings before interest & taxes

$                             (212)

Net sales

$                           4,136

Net earnings (loss) margin

(9.5) %

 

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$                   (212)

$                     (7.10)

Restructuring expense (a)

Restructuring costs

(2)

(0.04)

Impairment of goodwill,
intangibles and other assets (b)

Impairment of goodwill
and other intangibles

381

6.88

Impact of M&A
transactions (c)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

9

0.16

Legacy EMEA legal matters (d)

Interest and sundry
(income) expense

(2)

(0.04)

Equity method investee –
restructuring charges (e)

Equity method investment
income (loss), net of tax

74

1.34

Income tax impact

Income tax impact

4.47

Normalized tax rate
adjustment (f)

Normalized tax rate
adjustment

(1.10)

Ongoing measure

$                     248

$                       4.57

Net sales

$                  4,136

Ongoing EBIT margin

6.0 %

Note: Numbers may not reconcile due to rounding.

FOURTH-QUARTER 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the three months ended December 31, 2023. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our fourth-quarter GAAP tax rate was (58.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our fourth-quarter adjusted tax rate (non-GAAP) of (19.0)%.

Three Months Ended

Earnings Before Interest & Taxes Reconciliation:

December 31, 2023

Net earnings (loss) available to Whirlpool

$                              491

Net earnings (loss) available to noncontrolling interests

1

Income tax expense (benefit)

(191)

Interest expense

92

Earnings before interest & taxes

$                              393

Net sales

$                           5,088

Net earnings (loss) margin

9.7 %

 

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$                     393

$                       8.90

Impact of M&A transactions (c)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative & including
equity method investment

(123)

(2.23)

Legacy EMEA legal matters (d)

Interest and sundry
(income) expense

(4)

(0.06)

Total income tax impact

(0.44)

Normalized tax rate adjustment (f)

(2.32)

Ongoing measure

$                     266

$                       3.85

Net sales

$                  5,088

Ongoing EBIT margin

5.2 %

Note: Numbers may not reconcile due to rounding.

FULL-YEAR 2024 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2024. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was (43.6)%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (28.6)%.

Twelve Months Ended

Earnings Before Interest & Taxes Reconciliation:

December 31, 2024

Net earnings (loss) available to Whirlpool

$                            (323)

Net earnings (loss) available to noncontrolling interests

18

Income tax expense (benefit)

10

Interest expense

358

Earnings before interest & taxes

$                               63

Net sales

$                        16,607

Net earnings (loss) margin

(1.9) %

 

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$                       63

$                     (5.87)

Restructuring expense (a)

Restructuring costs

79

1.44

Impairment of goodwill,
intangibles and other assets (b)

Impairment of goodwill
and other intangibles

381

6.92

Impact of M&A transactions (c)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

292

5.30

Legacy EMEA legal matters (d)

Interest and sundry
(income) expense

(2)

(0.04)

Equity method investee –
restructuring charges (e)

Equity method investment
income (loss), net of tax

74

1.34

Total income tax impact

4.28

Normalized tax rate adjustment (f)

(1.16)

Ongoing measure

$                     887

$                     12.21

Net Sales

$                16,607

Ongoing EBIT Margin

5.3 %

Note: Numbers may not reconcile due to rounding.

FULL-YEAR 2023 ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE 

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings (loss) available to Whirlpool and net earnings (loss) per diluted share available to Whirlpool, for the twelve months ended December 31, 2023. Net earnings (loss) margin is calculated by dividing net earnings (loss) available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our full-year GAAP tax rate was 13.0%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our full-year adjusted tax (non-GAAP) rate of (6.7)%.

Twelve Months Ended

Earnings Before Interest & Taxes Reconciliation:

December 31, 2023

Net earnings (loss) available to Whirlpool

$                              481

Net earnings (loss) available to noncontrolling interests

7

Income tax expense (benefit)

77

Interest expense

351

Earnings before interest & taxes

$                              916

Net sales

$                         19,455

Net earnings (loss) margin

2.5 %

 

Results classification

Earnings before
interest & taxes

Earnings per
diluted share

Reported measure

$                     916

$                       8.72

Impact of M&A transactions (c)

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative & including
equity method investment

181

3.27

Legacy EMEA legal matters (d)

Interest and sundry
(income) expense

94

1.71

Total income tax impact

0.35

Normalized tax rate adjustment (f)

2.11

Ongoing measure

$                  1,191

$                     16.16

Net Sales

$                19,455

Ongoing EBIT Margin

6.1 %

Note: Numbers may not reconcile due to rounding

FULL-YEAR 2025 OUTLOOK FOR ONGOING EARNINGS BEFORE INTEREST AND TAXES AND ONGOING EARNINGS PER DILUTED SHARE 

The reconciliation provided below reconciles the non-GAAP financial measures ongoing earnings before interest and taxes and ongoing earnings per diluted share, with the most directly comparable GAAP financial measures, net earnings available to Whirlpool and net earnings per diluted share available to Whirlpool, for the twelve months ending December 31, 2025. Net earnings margin is calculated by dividing net earnings available to Whirlpool by net sales. Ongoing EBIT margin is calculated by dividing ongoing EBIT by net sales. EBIT margin is calculated by dividing EBIT by net sales. The earnings per diluted share GAAP measure and ongoing measure are presented net of tax, while each adjustment is presented on a pre-tax basis. Our anticipated full-year GAAP tax rate is approximately 20 – 25%. The aggregate income tax impact of the taxable components of each adjustment is presented in the income tax impact line item at our anticipated full-year adjusted tax (non-GAAP) rate of 20 – 25%.

Twelve Months Ending

December 31, 2025

Results classification

Earnings before
interest & taxes*

Earnings per
diluted share

Reported measure

                          ~$975 

                    ~$8.75 

Restructuring Expense

Restructuring Costs

                               ~75 

                       ~1.25 

Impact of M&A transactions

(Gain) loss on sale and
disposal of businesses &
Selling, general and
administrative

                               ~20 

                       ~0.25 

Total income tax impact

                      (~0.25)

Ongoing measure

                      ~$1,070 

                  ~$10.00  

Note: Numbers may not reconcile due to rounding.

*Earnings Before Interest & Taxes (EBIT) is a non-GAAP measure. The Company does not provide a forward-looking quantitative reconciliation of EBIT to the most directly comparable GAAP financial measure, net earnings available to Whirlpool, because the net earnings available to noncontrolling interests item of such reconciliation — which has historically represented a relatively insignificant amount of the Company’s overall net earnings — implicates the Company’s projections regarding the earnings of the Company’s non wholly-owned subsidiaries and joint ventures that cannot be quantified precisely or without unreasonable efforts.

FOOTNOTES

 

a.   

RESTRUCTURING EXPENSE – In March 2024, the Company committed to workforce reduction plans in the United States and globally, in an effort to reduce complexity and simplify our organizational model after the European major domestic appliance transaction. The workforce reduction plans included involuntary severance actions as of the end of the first quarter of 2024. Total  costs for these actions were $21 million, of which we incurred $14 million in employee termination costs and $7 million other associated costs.

 

During the second quarter of 2024, the Company evaluated additional restructuring actions as part of the Company’s organizational simplification efforts. Total costs for these actions were $58 million, which were primarily employee termination costs.

b.    

IMPAIRMENT OF GOODWILL, INTANGIBLES AND OTHER ASSETS – During the fourth quarter of 2024, we determined that the carrying value of the Maytag trademark exceeded its fair value, resulting in an impairment charge of $381 million.

c.    

IMPACT OF M&A TRANSACTIONS – On January 16, 2023, the Company signed a contribution agreement to contribute our European major domestic appliance business into a newly formed entity with Arcelik.  In connection with the transaction, which closed on April 1, 2024, the Company recorded a loss on disposal of $298 million and $106 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively.

 

Additionally, the Company incurred other unique transaction related costs related to portfolio transformation for a total of $28 million and $75 million for the twelve months ended December 31, 2024 and December 31, 2023, respectively. These transaction costs are recorded in Selling, General and Administrative expenses on our Consolidated  Statements of Comprehensive Income (Loss).

 

The Company also recorded a gain of $34 million during the third quarter of 2024 related to the sale of the Company’s Brastemp-branded water filtration subscription business related to our portfolio transformation.

d.    

LEGACY EMEA LEGAL MATTERS – During the fourth quarter of 2024 we recorded immaterial amounts related to  legacy matters  of our European major domestic appliance business.

 

During the first quarter of 2023, the Company accrued $62 million related to the Competition Investigation and unrelated trade customer insolvency matter of our European major domestic appliance business. During the second quarter of 2023, the accrual was increased by $36 million resulting in an aggregate amount of $98 million for the six months ended June 30, 2023. An immaterial adjustment was made in the fourth quarter of 2023 related to these matters. For certain additional information, see Note 7 to the Consolidated Financial Statements.

e.    

EQUITY METHOD INVESTEE – RESTRUCTURING CHARGES – During the fourth quarter of 2024, we recorded our proportionate share of restructuring charges related to certain previously announced restructuring actions by our European equity method investee.

f.    

NORMALIZED TAX RATE ADJUSTMENT – For the full year 2024, the Company calculated a GAAP tax rate of (5.5)%.  Ongoing earnings per share was calculated using an adjusted tax rate of (28.6)%, which excludes the tax impacts related to M&A transactions, the Maytag intangible impairment charge, and certain other tax impacts related to the Europe transaction.

 

For the full-year 2023, the Company calculated a GAAP tax rate of 13%. Ongoing earnings per share was calculated using an adjusted tax rate of (6.7)%, which excludes certain tax related impacts of M&A transactions and certain tax related impacts  to legal entity restructuring transactions.

ONGOING EBIT EXCLUDING MDA EUROPE FIRST QUARTER AND JULY THROUGH DECEMBER INDIA

The reconciliation provided below reconciles the impact of removing Q1 MDA Europe and July through December India from our net sales and ongoing EBIT, for the twelve months ended December 31, 2024 for the Whirlpool business. Please see elsewhere in this Supplemental Information section for a reconciliation of Ongoing EBIT to GAAP reported net earnings (loss) available to Whirlpool. 

2024 As
Reported

Q1 2024
MDA
Europe*

July –
December
2024 India**

2024
Like-for-Like

Net Sales (in billions)

$16.6

$0.8

$0.4

         ~$15.4     

Ongoing EBIT (in millions)

887

(9)

3

             ~893     

Ongoing EBIT Margin

5.3 %

(1.1) %

0.7 %

          ~5.8          %

Note: Numbers may not reconcile due to rounding.

 

*Q1 historical segment financial data (unaudited).

** July through December India financial data (unaudited).

FREE CASH FLOW

Free cash flow is cash provided by (used in) operating activities after capital expenditures. The reconciliation provided below reconciles twelve months ended December 31, 2024 and 2023 and 2025 full-year free cash flow with cash provided by (used in) operating activities, the most directly comparable GAAP financial measure. Free cash flow as a percentage of net sales is calculated by dividing free cash flow by net sales.

Twelve Months Ended

December 31,

(millions of dollars)

2024

2023

2025
Outlook

Cash provided by (used in) operating activities

$835

$915

~$1,000

Capital expenditures

(451)

(549)

(~450)

Free cash flow

$385

$366

$500 – $600

Cash provided by (used in) investing activities*

(602)

(553)

Cash provided by (used in) financing activities*

(476)

(792)

*Financial guidance on a GAAP basis for cash provided by (used in) financing activities and cash provided by (used in) investing activities has not been provided because in order to prepare any such estimate or projection, the Company would need to rely on market factors and certain other conditions and assumptions that are outside of its control.

ORGANIC NET SALES

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for twelve months ended December 31, 2023 and 2024 for the Whirlpool business.

Twelve Months Ended

December 31,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$16,607

$19,455

(14.6) %

Less: EMEA Divested Business

804

3,403

Less: Currency

(188)

—

Organic Net Sales

$15,991

$16,052

(0.4) %

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended December 31, 2023 and 2024 for the Whirlpool business.

Three Months Ended

December 31,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$4,136

$5,088

(18.7) %

Less: EMEA Divested Business

—

914

Less: Currency

(118)

—

Organic Net Sales

$4,254

$4,174

1.9 %

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended September 30, 2023 and 2024 for the Whirlpool business.

Three Months Ended

September 30,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$3,993

$4,926

(18.9) %

Less: EMEA Divested Business

—

829

Less: Currency

(76)

—

Organic Net Sales

$4,069

$4,097

(0.7) %

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended June 30, 2023 and 2024 for the Whirlpool business.

Three Months Ended

June 30,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$3,989

$4,792

(16.8) %

Less: EMEA Divested Business

—

814

Less: Currency

(37)

—

Organic Net Sales

$4,026

$3,978

1.2 %

The reconciliation provided below reconciles the non-GAAP financial measure organic net sales to GAAP reported net sales, for three months ended March 31, 2023 and 2024 for the Whirlpool business.

Three Months Ended

March 31,

(Approximate impact in dollars)

2024

2023

Change

Net Sales

$4,490

$4,649

(3.4) %

Less: EMEA Divested Business

804

846

Less: Currency

43

—

Organic Net Sales

$3,643

$3,803

(4.2) %

Note: Numbers may not reconcile due to rounding.

 

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SOURCE Whirlpool Corporation

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Technology

140th Canton Fair Amplifies Visibility for Hundreds of Product Debuts, Connecting Innovation with Global Demand

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GUANGZHOU, China, Oct. 19, 2026 /PRNewswire/ — The 140th Canton Fair opened on October 15 and will be held in three phases. Over 700 New Collection events will take place, representing a 15% increase from the previous session. To share these innovations with a broader audience, the fair has introduced a range of initiatives designed to enhance product visibility and facilitate business connections.

Canton Fair New Collection Gallery Debuts

A dedicated Canton Fair New Collection Gallery has been introduced for the first time at the 140th Canton Fair. Located near the high-traffic platform connecting Area A and B, the gallery is divided into three sections: a product display area, a digital interactivity area and a business matching area.

Together, these sections create an integrated platform that combines product showcase and commercial matchmaking. The setup enables buyers and exhibitors to connect more efficiently, supporting on-site trade discussions and demand matching throughout the event.

Exhibition Meets Livestreaming

To help global buyers stay updated on emerging opportunities in real time, the Canton Fair is combining its physical exhibition with livestreaming programs. A series of featured broadcasts will highlight exhibition tours, product demonstrations and new product launches across a wide range of industries.

By extending product showcases beyond the exhibition floor, these livestreams provide international buyers with convenient access to the latest innovations and market trends regardless of their location.

Theme Release Events

The fair also hosts daily New Collection Theme Release events at the central platform between Area A and B. During Phase 1, featured themes include smart living appliances, service robots, low-altitude smart inspection, smart electronics, precision tools and green energy storage. These sessions provide exhibitors with additional opportunities to present newly launched products and engage directly with buyers from around the world.

As the Canton Fair continues to evolve alongside global trade, its expanded launch platforms, digital engagement initiatives and business matching services reflect a growing commitment to helping innovative products gain market exposure and accelerate commercial opportunities. By creating more touchpoints between exhibitors and buyers, the fair is bolstering a 70-year history as a gateway for international business collaboration in China and a leading product innovation showcase.

For more convenient attendance, please click here for pre-registration:
https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

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SOURCE Canton Fair

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Technology

FF EAI Robotics Ecosystem Inc. (FFR) Highlights Faraday Future Founder and Global CEO YT Jia’s Weekly Investor Update: Three New Product Offerings Launched; More Details on FFR’s Acquisition of FFAI’s Robotics Business and Independent Public Listing

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On October 26, FFR will hold its listing ceremony and first Investor Day at the Nasdaq Tower in New York, where management will share more about FFR’s strategy and business plans, with more details to follow soon.Two new EAI Devices launched including FF Nova—America’s first entry-level EAI humanoid robot under $2,500, and the second is Nova Mini, a humanoid robot for foundational Physical AI education, priced at $299, with the accompanying curriculum at $499.FF EAI launched two new education and developer training initiatives, the Physical AI Spark Program Curriculum and the Nova Reinforcement Learning Developer Program, while also opening enrollment for its developer community to help expand participation in its embodied AI ecosystem.

LOS ANGELES, Oct. 18, 2026 /PRNewswire/ — FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) (“FFR” or the “Company”), a U.S.-based Embodied AI (EAI) robotics company, today highlighted a weekly business update from YT Jia, Founder and Global CEO of Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future” or “FF”). For purposes of attribution, references to “we,” “our,” and “FF” in the following transcript refer to FFAI and its robotics business, except where FFR named.

“Welcome to Weekly Report 77. This week, let’s start with some big news from FFR. On October 26, we will hold FFR’s listing ceremony and first Investor Day at the Nasdaq Tower in New York. Our management team will share more about our strategy and business plans. We’ll also have the chance to talk with investors face to face. To our stockholders and partners, we hope you can join us and help open this new chapter for FFR. Formal invitations to the event will go out tomorrow! Now, let me share what we’ve been working on this week.

This week, FFR and FFAI jointly launched three new offerings.

1. Two new EAI Devices. The first is FF Nova—America’s first entry-level EAI humanoid robot under $2,500. Your Physical AI lab in a backpack. The Nova device costs $2,490, and the Developer Skills Package is $390. The second is Nova Mini, our humanoid robot for foundational Physical AI education. The robot is priced at $299, and the accompanying curriculum is $499. With these additions, the “One-Brain Multi-Form Multi-Capability” FF EAI Robot World 2.0 we are building now includes more than 20 EAI Devices across 11 models, seven series, and three robot forms.

2. A new FF EAI Education Skills product—the “Physical AI Spark Program Curriculum.”

3. The Nova Reinforcement Learning Developer Program. We also opened enrollment in our developer community. 

Our EAI Brain and Developer Platform Cores also made two breakthroughs this week.

Regarding the EAI brain, The All-New Futurist now fully supports SONIC. That opens up more room for development and applications on more advanced robotics platforms. This is how our approach of combining in-house development with open collaboration is starting to deliver more value. 

On the Developer Platform side, we’ve made the NVIDIA SONIC data, models, and deployment solutions based on FF Master fully open source through GitHub and Hugging Face. What does that mean for developers? You now have a complete path from open-source research and testing algorithms to deploying robots and building solutions. And that path is open to universities, research institutions, and industry partners around the world, too. 

Over the past few days, we’ve received some questions from stockholders about FFR’s acquisition of FFAI’s robotics business and its independent public listing. Let me take a moment to clarify a few points and explain what this means. Giving the robotics business its own operations, financing, and public listing is much more than moving assets within FFAI. It fundamentally reshapes FFR and unlocks its value.  We see this as the starting point for a major breakthrough in business value and a faster release of value in the capital markets. Let me explain this in four areas.

One is a sharper strategic focus. We will concentrate our resources on delivering our “Four-Core Full-Stack AI” robotics strategy. Every dollar we invest, every decision we make, and every financing round will serve that goal. This focus will help us refine what we do, deepen our expertise, expand our scale, and strengthen our business.

Another is a clearer basis for valuation. With its own public listing as a pure-play robotics business, FFR can be valued directly against its industry peers. Its valuation will no longer be held back by other factors affecting FFAI.  Combined with continued deliveries at positive contribution margins, this gives FFR significant room to unlock value.

We will also have more transparent business results and cleaner financial statements. You will be able to see how each financing round translates into business performance. That transparency can help attract strategic investors and long-term capital. After closing, FFR will have almost no debt. Its balance sheet, income statement, and cash flow statement will be cleaner, making the company’s value easier to see.

The fourth area is lower funding needs and financing costs. FFR has seven unique advantages, including our “Four-Core Full-Stack AI” EAI technology and asset-light operating model. Building on these strengths, we aim to achieve positive operating cash flow no later than the third quarter of 2028. Until then, we expect to need no more than $150 million in total financing. 

For FFAI, once the transaction closes, we will remain FFR’s controlling and majority stockholder and continue to share in its potential future growth in value. As a Physical AI investment company following a Berkshire-style model, FFAI will share further business updates soon. We want to reward our stockholders for your continued support.

Over the years, we’ve received encouragement, faced ridicule, and taken harsh criticism, yet we’ve seldom felt the need to explain ourselves. Our passion for building a business is still there. It comes from working alongside people who share our vision, and driving change in the industry together. Failure itself doesn’t stop us. What stops us is losing the belief that we can try again. “Try again.” A message to myself, and to every entrepreneur who keeps going. Thank you for being part of this journey. See you next week.”

About FF EAI Robotics Ecosystem Inc. 

FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) (renamed from AIxCrypto Holdings, Inc. and AIXC, effective September 30, 2026) is a U.S.-based Embodied AI (EAI) robotics company that is in the process of acquiring the FF EAI Robotics business. Upon completion of the acquisition, the Company will focus on the research and development, manufacturing, commercialization, and deployment of intelligent robotic technologies, products, and industry solutions.  

The Company is committed to building a “Four-Core Full-Stack” AI ecosystem covering the full lifecycle of robotics, consisting of EAI Brain & Developer Platform, EAI Devices, Industry Productivity Solutions, and EAI Data Factory. Guided by the technology and product philosophy of “One Brain, Multi-forms, Multi-capabilities,” the Company aims to empower humanoid, biomimetic, and other robotic form factors through a unified EAI Brain, while continuously expanding their multi-task and multi-scenario capabilities. The ecosystem is designed to support the full robotics lifecycle, including R&D, deployment, data collection and training, operations, and commercial applications.  

The FF EAI Robotics business has already achieved commercial deliveries of humanoid and biomimetic robotic products. Through its multi-form-factor robotic products, EAI technology platform, closed-loop data capabilities, and industry solutions, the business continues to advance the scaled adoption of robotics across real-world applications. The Company also operates RoboShare, a robot-sharing and services platform designed to connect robotic assets, service capabilities, customer demand, and ecosystem partners, further strengthening its robotics commercialization and service ecosystem. 

For more information, visit www.ff.com. 

About Faraday Future 

Founded in 2014, Faraday Future (FF) is a U.S.-based Physical AI ecosystem company dedicated to reshaping the future of robotics and mobility solutions through AI innovation and technologies. FF focuses on two major product strategies within the Embodied AI (EAI) robotics business: EAI humanoid and bionic robots, and EAI automotive-focused robots. By building a “Four-Core Full-Stack AI” ecosystem of EAI Brain and Developer Platform, EAI Devices, Industry Productivity Solutions and EAI Data Factory, FF aims to create an evolutionary flywheel: scaled device delivery, data collection and training, continuous evolution of the EAI Brain, stronger product capability, and even larger-scale delivery and deployment. Through this flywheel, FF seeks to maximize its commercial value and lead to the advancement of Physical AI. For more information, please visit Faraday Future’s official website: https://www.ff.com/ 

FFR Forward-Looking Statements 

This communication, including any presentation, press release, investor materials or other document of which it forms a part (this “Communication”), contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws, regarding FF EAI Robotics Ecosystem Inc. (“FFR,” the “Company,” “us,” “our,” or “we”) and our industry. All statements, whether written or oral, other than statements of historical fact, including any financial projections and any statements regarding future events, our strategy, our transition to robotics operations, our plans for RoboShare, our digital asset disposition plans, the proposed acquisition of the FF EAI Robotics business, the projections referenced in this communication, our name and ticker change, any related financing, and the anticipated benefits and timing of the foregoing, our objectives, expectations, or anticipated actions or results, are forward-looking statements. You can often identify forward-looking statements by words such as “may,” “might,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” “likely,” or “continue,” or the negative of these terms or other similar expressions; the absence of these words does not mean a statement is not forward-looking. These statements reflect our current expectations and projections about future events as of the date of this Communication and are necessarily based on estimates and assumptions that, while considered reasonable by management, are inherently uncertain. FFR can give no assurance that such forward-looking statements or financial projections will prove to be correct. 

Actual results may differ materially from those expressed or implied by these forward-looking statements as a result of numerous risks and uncertainties, both general and specific, including, but not limited to: 

The proposed acquisition transaction and PIPE. The definitive agreements may be terminated in accordance with their terms, and the proposed transactions may not be completed on the terms described or at all; the conditions to closing, including the completion of FFAI’s internal restructuring of the robotics business, the execution of key employee agreements and other customary conditions, and the parties’ ability to satisfy them; the risk that the stockholder approval required under Nasdaq listing rules for the conversion of the preferred stock issued as consideration is not obtained or is delayed, and the effect of the conversion restrictions and the information statement process on the timing of conversion; the timing of the transaction and the costs of pursuing it; the issuance of a substantial number of shares as consideration and the resulting dilution to existing stockholders; the fact that the counterparty is our controlling stockholder, that it will hold a substantial majority of our outstanding shares following closing, that certain members of management serve both companies, and the conflicts of interest inherent in the transaction; the risk that the agreed valuations do not reflect the market value of our shares or of the acquired business; our dependence on the counterparty for transition, supply and support following any closing; the scope and enforceability of the non-competition and governance arrangements; the consequences of the transaction under Nasdaq listing rules, including the possibility that Nasdaq determines that the transaction requires us to satisfy initial listing requirements in connection with a business combination, change of control or change in the nature of our business; the risk that the PIPE financing, on which the transaction is not conditioned, is not completed on the anticipated terms or at all; the risk of litigation relating to the transaction; our ability to integrate and operate the acquired business; and the risk that the acquired business performs differently than anticipated. 

Projections. The projections referenced in this communication were prepared by FFAI management for the FF EAI Robotics business on a standalone basis and do not reflect our existing business, transaction-related expenses or the combined company. We have not independently verified them or adopted them as guidance. They were not prepared with a view toward public disclosure or toward compliance with the published guidelines of the Securities and Exchange Commission or the American Institute of Certified Public Accountants regarding prospective financial information, and no independent registered public accounting firm has examined, compiled or performed any procedures with respect to them, and none expresses an opinion or any other form of assurance with respect to them. The projections reflect estimates and assumptions that are inherently uncertain and subject to change, including through due diligence and the review of our special committee and its financial advisor. Actual results are likely to differ, and may differ materially. 

Liquidity, capital and going concern. Our limited cash and liquidity position and our history of operating losses and negative operating cash flow; substantial doubt regarding our ability to continue as a going concern, as described in our periodic reports; our need to obtain additional financing on acceptable terms or at all, and the substantial dilution to existing stockholders that additional financing may cause, including any financing completed in connection with the proposed transaction, which may not be completed or may be on less favorable terms than anticipated; our ability to fund operations pending and following the disposition of our digital asset positions; and our ability to satisfy the continued listing requirements of The Nasdaq Stock Market, including stockholders’ equity, minimum bid price and other applicable standards. 

Our strategic transition and the disposition of digital assets. Risks associated with a fundamental shift in our business strategy and the redeployment of resources from a digital asset treasury strategy to robotics operations; our ability to execute the disposition of our digital asset positions in an orderly manner and on acceptable terms; the risk that amounts realized on disposition are materially less than carrying value as a result of price volatility, market depth, execution timing, custody or transfer constraints, or other limitations; tax, accounting and regulatory consequences of the dispositions; the continued volatility and regulatory uncertainty associated with digital assets and cryptocurrencies during the wind-down period; the concentration of a substantial portion of our assets in a single equity investment, including an investment in a related party, and the illiquidity, valuation uncertainty, holding-period and transfer restrictions associated with that investment; and risks arising from our relationships and agreements with related parties and significant stockholders.  

Our robotics operations business. Our limited operating history in robotics operations and commercialization and the absence of a meaningful revenue history; the early stage of RoboShare and the risk that customer demand, repeat demand, pricing, utilization or unit economics do not develop as anticipated; our dependence on a small number of customers, on a single initial geographic market, and on individual events or engagements, and the risk that the loss of, or a change in the terms of, any such relationship has a disproportionate effect; our dependence on third-party robot owners, operators, suppliers, original equipment manufacturers and local partners, and on their willingness to make robots available on our platform; risks relating to the availability, cost, quality, maintenance, transport, insurance and technological obsolescence of robots and related equipment, and to supply chains, tariffs and trade measures affecting them; and our ability to expand into additional markets and to attract and retain participants on both sides of our marketplace. 

Operations, safety and liability. Risks of property damage, personal injury or death arising from the operation of humanoid robots, quadrupeds and other autonomous or semi-autonomous machines in proximity to performers, employees, guests and the public, including at live events and in uncontrolled environments; product liability, premises liability, negligence and related claims and the adequacy, scope, availability and cost of our insurance coverage and of contractual indemnities from customers, owners and suppliers; the allocation of responsibility among us, robot owners, venues, event producers and customers; permitting, licensing, occupational safety and event-specific regulatory requirements; and the reputational consequences of any safety incident. 

Technology, data and intellectual property. Systems, network, telecommunications or service disruptions, failures, defects or cyber-attacks; the performance, reliability and autonomy limitations of robotic systems and of the software, models and networks that support them; our collection, use, storage, transmission and protection of personal information, including images and any biometric or biometric-adjacent data captured in the course of robot deployments, and evolving privacy, biometric and artificial intelligence laws and regulations across the jurisdictions in which we operate or intend to operate; our ability to obtain, maintain, protect and enforce our intellectual property rights and to defend against third-party claims of infringement or misappropriation; and our reliance on third-party technology, platforms and licenses. 

Legal, regulatory and general. The regulated industries and jurisdictions in which we operate; current or future laws or regulations and new interpretations of existing laws or regulations, including those applicable to digital assets, robotics, autonomous systems, consumer protection, advertising and endorsements; the risk that our marketplace arrangements, or the manner in which they are described, are characterized differently than we intend by regulators or courts; the failure of counterparties to perform their contractual obligations; litigation, regulatory inquiries, investigations and enforcement actions, and their costs and outcomes; business, economic, market and capital-market conditions; competition in our industry; changes in market demand for, and the pricing of, our products and services; our ability to define, design and release new products and services in a timely manner that meet customer needs; our ability to attract, retain and motivate qualified personnel, including key management; our ability to manage our growth and our transition; and our ability to maintain effective internal control over financial reporting and disclosure controls and procedures. 

This list of factors is not exhaustive. Additional risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Reports on Form 10-Q, and our subsequent filings, which are available on the SEC’s website at www.sec.gov. Investors are urged to review the liquidity, capital resources and going concern disclosures contained in those reports.  

The forward-looking statements in this Communication speak only as of the date hereof. Except as required by law, neither FFR nor any other person undertakes any obligation to update or revise any forward-looking statement or financial projection set out herein, whether as a result of new information, future events or otherwise. This Communication is provided for informational purposes only, does not constitute an offer to sell or the solicitation of an offer to buy any security, and does not constitute investment, tax or legal advice or any investment recommendation, and does not take into account the investment objectives or financial situation of any person. FFR reserves the right to amend or replace the information contained herein, in whole or in part, at any time, and undertakes no obligation to notify any recipient thereof. Readers are cautioned not to place undue reliance on these forward-looking statements. This caution is made under, and these forward-looking statements are intended to be covered by, the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

FFAI FORWARD LOOKING STATEMENTS

Important factors that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations, which it currently lacks; the availability of sufficient share capital to meet its current obligations and execute on its strategy; the willingness of convertible debt investors to fund the Company; demand for the Company’s robotics products; competition in the robotics industry, which includes companies with far superior experience, funding and name recognition; the ability of the Company to build an EAI education ecosystem that serves both the B2C consumer market and the B2B institutional education market; the acceptance by teachers and students of the Company’s robotics products in the education market; the ability of the Company to expand into additional markets for its robotics products; the Company’s reliance on a single OEM for most of its robotics products; the Company’s reliance on Chinese OEMs for all of its robotics products; the possibility of the federal government banning imports of Chinese robotics products; the Company’s ability to get the planned robotics products to comply with all applicable U.S. rules and regulations; the ability of the robotics OEM to timely supply robotics to the Company; tariff uncertainty for imported products, particularly from China; the ability of the Company to close its transaction with FF EAI Robotics Ecosystem Inc. (FFR) for the sale of its robotics business; demand from automobile dealers for robotics products; the Company’s ability to homologate FX vehicles for sale; the Company’s ability to secure the necessary funding to execute on the FX strategy, which is substantial; the Company’s ability to secure an occupancy certificate covering all of its Hanford facility; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of substantial losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s ability to execute on its plans to enter the robotaxi and cybercab industries; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings; the volatility of the Company’s stock price; the ability of the Company to maintain its stock price above $1.00; and the ability of the Company to maintain compliance with Nasdaq regulations for continued listing. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 13, 2026; the quarter ended March 31, 2026, filed with the SEC on May 14, 2026; and Form 10-K filed with the SEC on March 31, 2026, and other documents filed by the Company from time to time with the SEC.

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SOURCE FF EAI Robotics Ecosystem Inc.

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TAILG Showcases Breakthrough Innovations at the 140th Canton Fair

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GUANGZHOU, China, Oct. 18, 2026 /PRNewswire/ — The 140th China Import and Export Fair (Canton Fair) officially opened in Guangzhou on October 15. Under the theme “Powered by Tech, Go Further,” TAILG, a leading electric two-wheeler brand, showcased 22 models, highlighting its latest advances in long-range performance, charging solutions, and smart technologies while strengthening connections with international buyers.

Long-range innovation was a key highlight of TAILG’s exhibition. The Flare Series attracted attention with its futuristic design, long-range capabilities, and convenient charging solutions. Among the featured models, the T91 Ultra-L (X9) is equipped with a 74V 90Ah lithium battery, offering a range of up to 150 km. Its compatibility with AC charging stations provides greater charging flexibility for daily commuting and longer journeys.

TAILG also presented a diverse lineup of electric motorcycles, electric bicycles, and e-bikes. Models such as the T77L and T51N feature TFT smart displays, allowing riders to monitor vehicle information in real time. The lineup demonstrates TAILG’s continued innovation in meeting diverse mobility needs across global markets.

With more than 2,000 patents, TAILG continues to advance technological innovation across four key areas: energy, power, intelligence, and charging solutions. By integrating these technologies into its products, TAILG aims to enhance riding range, power performance, smart features, and charging convenience, delivering reliable and efficient electric mobility solutions.

During the exhibition, TAILG engaged with international buyers through product demonstrations, technical exchanges, and business discussions. These interactions provided opportunities to better understand local market needs, explore potential partnerships, and expand its presence in overseas markets.

Looking ahead, TAILG will continue to leverage its technological strengths and long-range innovations to deepen cooperation with global partners, bringing reliable, high-quality electric mobility solutions to more markets worldwide.

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SOURCE TAILG

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