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Enova Reports Fourth Quarter and Full Year 2024 Results

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Originations rose 20% and total company revenue increased 25% from the fourth quarter of 2023Diluted earnings per share of $2.30 increased 104% and adjusted earnings per share1 of $2.61 rose 43% compared to the fourth quarter of 2023Net revenue margin of 57% in the fourth quarter of 2024, compared to 56% in the fourth quarter of 2023, was in line with our expectations and reflects continued strong credit performanceLiquidity, including cash and marketable securities and available capacity on facilities, totaled $1.3 billion at December 31

CHICAGO, Feb. 4, 2025 /PRNewswire/ — Enova International (NYSE: ENVA), a leading financial services company powered by machine learning and world-class analytics, today announced financial results for the fourth quarter and full year ended December 31, 2024. 

“We are pleased to report our strongest year yet with full year 2024 originations, revenue and adjusted EPS all reaching the highest levels in our company’s history.  This success was driven by our world class team, strong competitive position and dedication to unit economics” said David Fisher, Enova’s CEO. “Our portfolio expanded to nearly $4 billion, as a result of continued strength in both our SMB and consumer businesses. Looking ahead, we believe we have significant momentum heading into 2025 and are confident in our ability to continue meeting our customer needs while creating value for our shareholders.”

Fourth Quarter 2024 Summary

Total revenue of $730 million increased 25% from $584 million in the fourth quarter of 2023.Net revenue margin of 57% was consistent with 56% in the fourth quarter of 2023, reflecting continued solid credit performance.Net income of $64 million, or $2.30 per diluted share, increased 83% from $35 million, or $1.13 per diluted share, in the fourth quarter of 2023.Adjusted EBITDA1 of $174 million increased 34% from $130 million in the fourth quarter of 2023.Adjusted earnings per share1 of $2.61 increased 43% from $1.83 per diluted share in the fourth quarter of 2023.Total company combined loans and finance receivables1 increased 20% from the end of the fourth quarter of 2023 to a record $4.0 billion with total company originations of $1.7 billion in the quarter.Repurchased $51 million of common stock under the company’s share repurchase program.

Full Year 2024 Summary

Total revenue of $2.7 billion increased 26% from $2.1 billion in 2023.Net revenue margin of 58% was flat compared to 2023.Net income of $209 million, or $7.43 per diluted share, increased 20% from $175 million, or $5.49 per diluted share, in 2023.Adjusted EBITDA1 of $657 million increased 31% from $503 million in 2023.Adjusted earnings per share1 of $9.15 increased 34% from $6.85 in 2023.

1 Non-GAAP measure. Refer to “Non-GAAP Financial Measures,” “Loans and Finance Receivables Financial and Operating Data,” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below for additional information.

“We are proud to close out 2024 with record top- and bottom-line results,” said Steve Cunningham, CFO of Enova. “Our strong financial results for the fourth quarter and full-year 2024 continue to showcase the powerful combination of our diversified product offerings, scalable operating model, world-class risk management capabilities and balance sheet flexibility that have driven our ability to deliver consistently strong financial results.”

Conference Call

Enova will host a conference call to discuss its fourth quarter and full year 2024 results at 4 p.m. Central Time / 5 p.m. Eastern Time today, February 4th. The live webcast of the call can be accessed at the Enova Investor Relations website at http://ir.enova.com, along with the company’s earnings press release and supplemental financial information. The U.S. dial-in for the call is 1-855-560-2575 (1-412-542-4161 for non-U.S. callers). Please ask to join the Enova International call. A replay of the conference call will be available until February 11, 2025, at 10:59 p.m. Central Time / 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Enova International Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-344-7529 (1-412-317-0088). The replay access code is 6182379.

About Enova

Enova International (NYSE: ENVA) is a leading financial services company with powerful online lending that serves small businesses and consumers who are underserved by traditional banks. Through its world-class analytics and machine learning algorithms, Enova has provided more than 11.8 million customers with over $59 billion in loans and financing. You can learn more about the company and its portfolio of businesses at www.enova.com.

Cautionary Statement Concerning Forward Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 about the business, financial condition and prospects of Enova. These forward-looking statements give current expectations or forecasts of future events and reflect the views and assumptions of Enova’s senior management with respect to the business, financial condition and prospects of Enova as of the date of this release and are not guarantees of future performance. The actual results of Enova could differ materially from those indicated by such forward-looking statements because of various risks and uncertainties applicable to Enova’s business, including, without limitation, those risks and uncertainties indicated in Enova’s filings with the Securities and Exchange Commission (“SEC”), including our annual report on Form 10-K, quarterly reports on Forms 10-Q and current reports on Forms 8-K. These risks and uncertainties are beyond the ability of Enova to control, and, in many cases, Enova cannot predict all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this release, the words “believes,” “estimates,” “plans,” “expects,” “anticipates” and similar expressions or variations as they relate to Enova or its management are intended to identify forward-looking statements. Enova cautions you not to put undue reliance on these statements. Enova disclaims any intention or obligation to update or revise any forward-looking statements after the date of this release.

Non-GAAP Financial Measures

In addition to the financial information prepared in conformity with generally accepted accounting principles in the United States, or GAAP, Enova provides historical non-GAAP financial information. Enova presents non-GAAP financial information because such measures are used by management in understanding the activities and business metrics of Enova’s operations. Management believes that these non-GAAP financial measures reflect an additional way of viewing aspects of Enova’s business that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Management provides non-GAAP financial information for informational purposes and to enhance understanding of Enova’s GAAP consolidated financial statements. Readers should consider the information in addition to, but not instead of or superior to, Enova’s financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

Combined Loans and Finance Receivables
The combined loans and finance receivables measures are non-GAAP measures that include loans and finance receivables that Enova owns or has purchased and loans that Enova guarantees. Management believes these non-GAAP measures provide management and investors with important information needed to evaluate the magnitude of potential receivable losses and the opportunity for revenue performance of the loans and finance receivable portfolio on an aggregate basis. Management also believes that the comparison of the aggregate amounts from period to period is more meaningful than comparing only the amounts reflected on Enova’s consolidated balance sheet since revenue is impacted by the aggregate amount of receivables owned by Enova and those guaranteed by Enova as reflected in its consolidated financial statements.

Adjusted Earnings Measures
Enova provides adjusted earnings and adjusted earnings per share, or, collectively, the Adjusted Earnings Measures, which are non-GAAP measures. Management believes that the presentation of these measures provides investors with greater transparency and facilitates comparison of operating results across a broad spectrum of companies with varying capital structures, compensation strategies, derivative instruments and amortization methods, which can provide a more complete understanding of Enova’s financial performance, competitive position and prospects for the future. Management utilizes, and also believes that investors utilize, the Adjusted Earnings Measures to assess operating performance, recognizing that such measures may highlight trends in Enova’s business that may not otherwise be apparent when relying on financial measures calculated in accordance with GAAP. In addition, management believes that the Adjusted Earnings Measures are useful to management and investors in comparing Enova’s financial results during the periods shown without the effect of certain items that are not indicative of Enova’s core operating performance or results of operations.

Adjusted EBITDA Measures
Enova provides Adjusted EBITDA and Adjusted EBITDA margin, or, collectively, the Adjusted EBITDA measures, which are non-GAAP measures. Adjusted EBITDA is a non-GAAP measure that Enova defines as earnings excluding depreciation, amortization, interest, foreign currency transaction gains or losses, taxes, stock-based compensation and certain other items, as appropriate, that are not indicative of our core operating performance. Adjusted EBITDA margin is a non-GAAP measure that Enova defines as Adjusted EBITDA as a percentage of total revenue. Management utilizes, and also believes that investors utilize, Adjusted EBITDA Measures to analyze operating performance and evaluate Enova’s ability to incur and service debt and Enova’s capacity for making capital expenditures. Enova believes that Adjusted EBITDA is useful to management and investors in comparing Enova’s financial results during the periods shown without the effect of certain non-cash items and certain items that are not indicative of Enova’s core operating performance or results of operations. Adjusted EBITDA Measures are also useful to investors to help assess Enova’s estimated enterprise value.

 

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(dollars in thousands, except per share data)

(Unaudited)

December 31,

2024

2023

Assets

Cash and cash equivalents

$

73,910

$

54,357

Restricted cash

248,758

323,082

Loans and finance receivables at fair value

4,386,444

3,629,167

Income taxes receivable

40,690

44,129

Other receivables and prepaid expenses

63,752

71,982

Property and equipment, net

119,956

108,705

Operating lease right-of-use asset

18,201

14,251

Goodwill

279,275

279,275

Intangible assets, net

10,951

19,005

Other assets

24,194

41,583

Total assets

$

5,266,131

$

4,585,536

Liabilities and Stockholders’ Equity

Accounts payable and accrued expenses

$

249,970

$

261,156

Operating lease liability

32,165

27,042

Deferred tax liabilities, net

223,590

113,350

Long-term debt

3,563,482

2,943,805

Total liabilities

4,069,207

3,345,353

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.00001 par value, 250,000,000 shares authorized, 46,520,916 and 45,339,814 shares

issued and 25,808,096 and 29,089,258 outstanding as of December 31, 2024 and 2023, respectively

Preferred stock, $0.00001 par value, 25,000,000 shares authorized, no shares issued and outstanding

Additional paid in capital

328,268

284,256

Retained earnings

1,697,754

1,488,306

Accumulated other comprehensive loss

(13,691)

(6,264)

Treasury stock, at cost (20,712,820 and 16,250,556 shares as of December 31, 2024 and 2023, respectively)

(815,407)

(526,115)

Total stockholders’ equity

1,196,924

1,240,183

Total liabilities and stockholders’ equity

$

5,266,131

$

4,585,536

 

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

(Unaudited)

Three Months Ended

Year Ended

December 31,

December 31,

2024

2023

2024

2023

Revenue

$

729,551

$

583,592

$

2,657,800

$

2,117,639

Change in Fair Value

(316,515)

(258,556)

(1,128,351)

(887,717)

Net Revenue

413,036

325,036

1,529,449

1,229,922

Operating Expenses

Marketing

151,178

122,226

523,569

414,460

Operations and technology

58,431

47,089

224,391

194,905

General and administrative

38,035

49,148

156,524

160,265

Depreciation and amortization

10,196

9,034

40,207

38,157

Total Operating Expenses

257,840

227,497

944,691

807,787

Income from Operations

155,196

97,539

584,758

422,135

Interest expense, net

(76,989)

(57,208)

(290,442)

(194,779)

Foreign currency transaction (loss) gain, net

(902)

49

(1,064)

57

Equity method investment income (loss)

92

1,251

(16,460)

116

Other nonoperating expenses

(3)

(5,691)

(282)

Income before Income Taxes

77,397

41,628

271,101

227,247

Provision for income taxes

13,702

6,860

61,653

52,126

Net income

$

63,695

$

34,768

$

209,448

$

175,121

Earnings Per Share:

Earnings per common share:

Basic

$

2.44

$

1.17

$

7.78

$

5.71

Diluted

$

2.30

$

1.13

$

7.43

$

5.49

Weighted average common shares outstanding:

Basic

26,141

29,687

26,920

30,673

Diluted

27,666

30,887

28,202

31,921

 

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW

(dollars in thousands)

(Unaudited)

Year Ended December 31,

2024

2023

Cash flows provided by operating activities

$

1,538,576

$

1,166,869

Cash flows from investing activities

Loans and finance receivables

(1,867,773)

(1,449,417)

Property and equipment additions

(43,422)

(45,241)

Total cash flows used in investing activities

(1,911,195)

(1,494,658)

Cash flows provided by financing activities

318,882

526,541

Effect of exchange rates on cash

(1,034)

287

Net change in cash and cash equivalents and restricted cash

(54,771)

199,039

Cash, cash equivalents and restricted cash at beginning of year

377,439

178,400

Cash, cash equivalents and restricted cash at end of period

$

322,668

$

377,439

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES
LOANS AND FINANCE RECEIVABLES FINANCIAL AND OPERATING DATA
(dollars in thousands)

The following table includes financial information for loans and finance receivables, which is based on loan and finance receivable balances for the three months ended December 31, 2024 and 2023.

Three Months Ended December 31

2024

2023

Change

Ending combined loan and finance receivable principal balance:

Company owned

$

3,810,444

$

3,154,735

$

655,709

Guaranteed by the Company(a)

19,859

13,537

6,322

Total combined loan and finance receivable principal balance(b)

$

3,830,303

$

3,168,272

$

662,031

Ending combined loan and finance receivable fair value balance:

Company owned

$

4,386,444

$

3,629,167

$

757,277

Guaranteed by the Company(a)

28,414

18,534

9,880

Ending combined loan and finance receivable fair value balance(b)

$

4,414,858

$

3,647,701

$

767,157

Fair value as a % of principal(c)

115.3

%

115.1

%

0.2

%

Ending combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:

Company owned

$

3,966,486

$

3,297,082

$

669,404

Guaranteed by the Company(a)

23,826

16,351

7,475

Ending combined loan and finance receivable balance(b)

$

3,990,312

$

3,313,433

$

676,879

Average combined loan and finance receivable balance, including principal and accrued fees/interest outstanding:

Company owned(d)

$

3,842,144

$

3,141,479

$

700,665

Guaranteed by the Company(a)(d)

22,060

16,341

5,719

Average combined loan and finance receivable balance(a)(d)

$

3,864,204

$

3,157,820

$

706,384

Installment loans as percentage of average combined loan and finance receivable balance

44.9

%

50.2

%

(5.3)

%

Line of credit accounts as percentage of average combined loan and finance receivable balance

55.1

%

49.8

%

5.3

%

Revenue

$

719,410

$

574,721

$

144,689

Change in fair value

(314,091)

(256,412)

(57,679)

Net revenue

405,319

318,309

87,010

Net revenue margin

56.3

%

55.4

%

0.9

%

Combined loan and finance receivable originations and purchases

$

1,714,919

$

1,425,785

$

289,134

Delinquencies:

>30 days delinquent

$

297,832

$

263,524

$

34,308

>30 days delinquent as a % of loan and finance receivable balance(c)

7.5

%

8.0

%

(0.5)

%

Charge-offs:

Charge-offs (net of recoveries)

$

342,183

$

305,436

$

36,747

Charge-offs (net of recoveries) as a % of average loan and finance receivable balance(d)

8.9

%

9.7

%

(0.8)

%

(a)

Represents loans originated by third-party lenders through the CSO programs, which are not included in our consolidated balance sheets.

(b)

Non-GAAP measure.

(c)

Determined using period-end balances.

(d)

The average combined loan and finance receivable balance is the average of the month-end balances during the period.

 

ENOVA INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(dollars in thousands, except per share data)

 

Adjusted Earnings Measures

Three Months Ended

Year Ended

December 31,

December 31,

2024

2023

2024

2023

Net income

$

63,695

$

34,768

$

209,448

$

175,121

Adjustments:

Transaction-related costs(a)

755

327

755

Lease termination and cease use costs(b)

1,698

Equity method investment (income) loss(c)

(92)

(1,251)

16,460

(116)

Other nonoperating expenses(d)

3

5,691

282

Intangible asset amortization

2,014

2,014

8,055

8,385

Stock-based compensation expense

8,297

7,458

31,816

26,738

Foreign currency transaction loss (gain), net

902

(49)

1,064

(57)

Cumulative tax effect of adjustments

(2,608)

(2,293)

(14,789)

(9,456)

Regulatory settlement(e)

15,201

15,201

Adjusted earnings

$

72,208

$

56,606

$

258,072

$

218,551

Diluted earnings per share

$

2.30

$

1.13

$

7.43

$

5.49

Adjusted earnings per share

$

2.61

$

1.83

$

9.15

$

6.85

Adjusted EBITDA

Three Months Ended

Year Ended

December 31,

December 31,

2024

2023

2024

2023

Net income

$

63,695

$

34,768

$

209,448

$

175,121

Depreciation and amortization expenses

10,196

9,034

40,207

38,157

Interest expense, net

76,989

57,208

290,442

194,779

Foreign currency transaction loss (gain), net

902

(49)

1,064

(57)

Provision for income taxes

13,702

6,860

61,653

52,126

Stock-based compensation expense

8,297

7,458

31,816

26,738

Adjustments:

Transaction-related costs(a)

755

327

755

Equity method investment (income) loss(c)

(92)

(1,251)

16,460

(116)

Regulatory settlement(e)

15,201

15,201

Other nonoperating expenses(d)

3

5,691

282

Adjusted EBITDA

$

173,689

$

129,987

$

657,108

$

502,986

Adjusted EBITDA margin calculated as follows:

Total Revenue

$

729,551

$

583,592

$

2,657,800

$

2,117,639

Adjusted EBITDA

173,689

129,987

657,108

502,986

Adjusted EBITDA as a percentage of total revenue

23.8

%

22.3

%

24.7

%

23.8

%

(a)

In the first quarter of 2024 and the fourth quarter of 2023, the Company recorded $0.3 million ($0.2 million net of tax) and $0.8 million ($0.6 million net of tax), respectively, of costs related to a consent solicitation for the Senior Notes due 2025.

(b)

In the first quarter of 2023, the Company recorded a loss of $1.7 million ($1.3 million net of tax) related to the exit of leased office space.

(c)

In the third quarter of 2024, the Company recorded an equity method investment loss of $16.6 million ($13.3 million net of tax) related to the write-down of its investment in Linear.

(d)

In the twelve-month periods ended December 31, 2024 and 2023, the Company recorded other nonoperating expenses of $5.7 million ($4.3 million net of tax) and $0.3 million ($0.2 million net of tax), respectively, related to early extinguishment of debt.

(e)

In the fourth quarter of 2023, the Company reached an agreement with the Consumer Financial Protection Bureau, or the CFPB, pursuant to which it agreed to pay a civil money penalty of $15.0 million, which is nondeductible for tax purposes.

 

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SOURCE Enova International, Inc.

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Technology

Aquiline Drones Debuts First Anti-Graffiti Drone in Nationwide Campaign

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Aquiline Drones Embarks on Nationwide Campaign – Using Disruptive Technologies: Drones and AI cameras to Fight Unsightly Graffiti.

HARTFORD, Conn., Feb. 15, 2025 /PRNewswire-PRWeb/ — Aquiline Drones Embarks on Nationwide Campaign – Using Disruptive Technologies: Drones and AI cameras to Fight Unsightly Graffiti.

Unsightly graffiti is a menace to communities and metropolises, worldwide! More than just a nuisance, graffiti is a form of vandalism, making it a crime that devalues property and consumes valuable police time and other public resources.

Moreover, graffiti negatively affects communities by creating a perception of neglect or disorder, lowering property values, deterring businesses, and contributing to feelings of insecurity among residents, especially if associated with gang activity or offensive content.

Globally, cities like Sydney invest in anti-graffiti technologies such as surveillance cameras and protective coatings on walls, to prevent graffiti before it happens. Clearly however, these efforts, while seemingly progressive, prove inadequate by only scratching the surface. As is the case with graffiti tagging, the problem recurs – even increasing and likely fostering retaliation by taggers.

Thankfully, a more complete solution has emerged. An absolute game-changer in the fight against graffiti by taking it one step farther and aiming to largely eradicate it. This timely solution blends key technologies – smart cameras, artificial intelligence (AI) and graffiti drones…yes, drones, ready to get the job done once and for all!

CT-based Aquiline Drones (AD) – a drone technology enterprise, has debuted the only proven solution available today. that is a complete and highly effective technology solution that can reduce the recurrence of graffiti by a factor of 10, especially in harder-to-reach areas.

Having successfully incubated this solution aided by prime customer, Washington State Department of Transportation (WSDOT), AD now embarks on a nationwide campaign targeting States, and their municipalities and regions to significantly reduce the occurrence of this problem.

“If technology benefits society, I say let it. And let’s be deliberate about success while we’re at it!” says Barry Alexander, Founder and CEO of Aquiline Drones. “Time to make America clean again” Alexander continues.

Currently, graffiti-based vandalism is on a sharp increase in America – globally too, costing an estimated $12 billion (in the US alone) in annual cleanup expenses! Even worse is that this expense is incurred by public entities and thus, taxpayers. In most cases, residents also incur costs to remove graffiti from their private property.

Disruptive Technology that Works – AD’s Graffiti Abatement (GA) solution

AD’s GA solution is results-oriented. Its primary goal is to significantly reduce graffiti tagging incidences nationwide by a factor of 10. As an example, in Seattle, Washington, a city of approximately 755,000 residents, city agencies removed 5,000 graffiti tags in 2019 and 8,700 in 2021. In 2023, KIRO-TV reported that there were around 20,000 graffiti reports in 2021 – a sharp and uncontrollable increase!

Using the city of Seattle again as an example, the city’s Graffiti Nuisance Ordinance requires property owners to remove graffiti within 10 days of receiving a notice. If graffiti is gang or hate related, it must be removed within 48 hours. Property owners who don’t remove graffiti within the 10-day window may face fines of up to $5,000.

Applying AD’s turnkey GA solution to the city of Seattle and its stats, would probably realize a reduction in the number of graffiti tags from 20,000 (in 2023) to 2,000 while remaining sensitive to societal expression through acceptable forms of street art. Contextually, while Seattle has an ordinance against graffiti tagging, the city does recognize the value of street art and has commissioned murals from local artist.

AD’s solution starts with surveillance. Single or multiple sites can be monitored simultaneously, equipped with security cameras. AD’s cameras are solar powered, cloud connected via LTE and have night vision IR (infrared), with its live feed stored both locally and on AD’s proprietary cloud and backed up on Amazon Web Services (AWS). AD’s AI framework accesses these camera feeds and uses Machine Vision to analyze the data to detect any human object(s) in the vicinity of the monitored sites. This refined model uses AI detection to identify specific acts such as graffiti painting, other illegal acts, loitering, etc. The camera data is then analyzed and persons detected in the vicinity triggers email notifications to email addresses supplied by the Department of Transportation (DoT) and sent to Traffic Management Centers (TMCs) and law enforcement. Analyzed data is stored and made available to the client(s). Data transmission and storage occurs within the US, on local servers.

AD’s framework utilizes domestic LTE carriers along with AWS (Amazon’s cloud) as backup to the AD Cloud, which provides the highest levels of data security.

AD’s GA solution is broken down into two distinctive phases: 1) Surveillance/monitoring, analytics, and push notification; and 2) Graffiti abatement using AD’s Spartacus Endure drones.

For surveillance, AD uses AI enabled smart cameras to provide real time monitoring while computing on the edge, to detect occurrences of graffiti and vandalism. For suspected incidents, AD uses highly accurate computer vision and machine learning on the AD Cloud to further eliminate false positives. This process is highly autonomous and strongly protective of all personally identifiable information (PII) from the processed data.

Graffiti Abatement (GA). At center stage of the solution is AD’s anti-graffiti drone – the Spartacus Endure, Power-Washing, Painting & Graffiti drone, which is the most versatile in its class. The Endure is the only drone on the market capable of performing multiple challenging tasks using the same drone by simply swapping out its payload (its undercarriage).

Customers can choose from an assortment of payloads: spray bars, straight lances, carrying baskets, winches, cameras/sensors, seed spreaders/hoppers, ag spraying tanks and bars, droppers (used for lifeguard pontoon drops), etc. to have an absolute workhorse like no other!

“Think of the Endure as your trusted John Deere tractor. Change out the bucket and off you go.” Alexander continues.

The versatility of AD’s Spartacus Endure drone is what makes it unique. It’s literally unmatched, giving users’ ultimate freedom and flexibility. This versatility is highly-beneficial to those customers already owning an Endure drone, for example, increasing its utility by targeting seasonal work.

Existing Endure owners or prospective customers wanting to start their own power-washing or painting and graffiti-removal business now have the right tool to target these never-ending graffiti removal contracting opportunities. On the public sector (municipalities) side of things, customers can perform different tasks within their jurisdiction, using the same drone.

Imagine municipalities across its many regions using the same drone or a fleet of drones simultaneously, to target multiple sites for graffiti removal and then switch out payloads if desired, in three minutes or less to go power-wash overhead retro reflective highway signage, or to go de-ice electrical pylons, etc. The list goes on, and on!

In his final report, Mike Gauger, Maintenance Superintendent at WASDOT and program visionary adds “The drone program provides a very effective additional tool for graffiti removal in locations where it can mitigate the risk of employee injury due to the graffiti’s precarious locations. It also provides a more cost-effective way to handle graffiti removal from all locations where specialized equipment is required”

Mike concludes by saying “The use of drones to remove graffiti in dangerous and difficult locations is also a better use of resources. It takes less time to remove the graffiti with a drone compared to traditional methods, which deters “retagging.” His story is shared in this short, but one of many, YouTube videos: https://www.youtube.com/watch?v=iVbHRiLVveE

AD provides the entire solution and gives customers the option to pick from an a-la-carte menu:

Drones and associated hardware (built in-house – made in America, Hartford CT.)

Surveillance cameras/hardware (vendor supplied). Back-end digital dashboard, AI analytics, push notifications, etc. (all done by AD)

Training (online, in-house and onsite option). Online training: AD’s proprietary online prep course (Flight to the Future or F2F). Watch YouTube video tutorial: https://www.youtube.com/watch?v=hgd0zD-mcw4&t=17s

With one simple way to get started – via phone call or email:

Email: Info@aquilinedrones.com
Phone: (860) 361-7958

ABOUT AQUILINE DRONES:

Aquiline Drones Corporation (AD) is an all-American drone technology company specializing in drone manufacturing, artificial intelligence (AI), and superior drone pilot training. AD is also self-insured through Aquiline Drones Indemnity Corporation (ADIC). AD’s core management comprises highly experienced aviators, systems engineers, IT gurus, military personnel (including veterans), and business strategists. AD delivers a vertically integrated blend of products and services. AD’s full spectrum of technological solutions is widely applicable across countless industries and environments for superior, real-time data processing and insights. Visit www.AquilineDrones.com for more information.

Media Contact
Barry Alexander, Aquiline Drones Corporation, 1 860-361-7958, info@aquilinedrones.com, https://aquilinedrones.com/

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SOURCE Aquiline Drones Corporation

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FAU Joins the Nation’s Most Elite Research Universities and Colleges

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Carnegie Classification of Institutions of Higher Education Designates FAU as ‘R1: Very High Research Spending and Doctorate Production’

BOCA RATON, Fla., Feb. 15, 2025 /PRNewswire/ — Florida Atlantic University has officially established itself among the most prestigious colleges and universities in the United States for its notable accomplishments in research. It now holds the esteemed designation of “R1: Very High Research Spending and Doctorate Production” by the Carnegie Classification of Institutions of Higher Education, and shares this status with less than 5% of the nearly 4,000 universities in the U.S.

“The R1 designation is a highly coveted achievement in the collegiate world, symbolizing the pinnacle of research excellence,” said FAU President Stacy Volnick. “This designation is more than just a title; it serves as a powerful catalyst for transformation, opening doors to major donors and research grants that will elevate our institution’s capabilities and reach.”

In the competitive landscape of higher education, the Carnegie Classification of Institutions of Higher Education plays a pivotal role in determining a university’s standing. To qualify for the R1 status, institutions must meet a stringent set of criteria such as the number of research doctorates awarded and total research expenditures. FAU is now the sixth institution in the Florida State University System to hold R1 status.

“Since its inception, the university’s efforts have been propelled by the tremendous support of our federal congressional delegation and the state’s steadfast commitment to advancing academic research that is crucial to the United States’ safety, security and global competitiveness,” Volnick said.

FAU faculty members drive the university’s rapidly expanding external funding portfolio through their scholarly work, including externally funded research projects, peer-reviewed publications, and initiatives in indexing and polling. In fiscal year 2023-24, FAU received 408 awards and garnered approximately $109 million in research expenditures. Among its most notable awards last year, was a $10 million grant awarded to FAU’s College of Education and College of Engineering and Computer Science from the U.S. Department of Education to train people with disabilities for high-tech jobs.

The prestige associated with R1 status acts like a magnet, drawing in world-class faculty and top-tier students eager to be part of an elite academic community. This influx of talent enhances the university’s academic landscape and boosts its national prestige.

“Ultimately, the R1 designation empowers Florida Atlantic to address pressing societal issues head-on, contributing to advances in health, technology and policy,” said Gregg Fields, Ph.D., FAU vice president for research. “This alignment with societal needs enhances the university’s mission and reinforces its commitment to making a meaningful impact on the world. In this way, the R1 status is beyond an accolade; it’s a vital tool for driving progress.”

FAU is a trailblazer in research, pioneering high-resolution imaging and innovative underwater technologies, including submersibles and remotely operated vehicles. In 1965, it launched the nation’s first undergraduate ocean engineering program, now a State University Program of Distinction. FAU also drives innovation in national security, cybersecurity and biomedical research, making breakthroughs in neuroscience, cardiovascular health and cancer. Its environmental research tackles renewable energy, water quality, sustainability and habitat conservation. Beyond the natural sciences, FAU excels in social sciences, education, arts, literature, history and political science, fostering interdisciplinary connections between culture and society.

FAU’s robust graduate programs also play a crucial role in supporting the research enterprise, cultivating a skilled workforce and nurturing the next generation of researchers. Students benefit from unique research opportunities and internships, immersing themselves in a rich academic environment that encourages exploration and discovery. Research laboratories benefit from talented graduate student assistance in the discovery process.

Looking toward the future, FAU is focused on expanding its graduate programs in key areas such as biotechnology, AI, cybersecurity and marine sciences. The university is committed to fostering interdisciplinary collaboration, ensuring that students and faculty members work across departments to drive innovation. To support this growth, FAU plans to enhance its research infrastructure, investing in state-of-the-art laboratories, specialized centers and advanced technology to facilitate leading-edge research in various fields such as life sciences, engineering and smart health.

Collaboration will remain a cornerstone of FAU’s development, with established partnerships like those with the Max Planck Florida Institute for Neuroscience, Memorial Healthcare, Florida Power & Light and many others — and is expected to grow even stronger. The university also is committed to expanding its global reach, building international research partnerships and providing students with opportunities for global engagement.

“At Florida Atlantic, we are not just building a university — we are shaping a future where discovery knows no boundaries, collaboration drives innovation, and education transforms lives,” Fields said. “The challenges we face today demand bold solutions, and Florida Atlantic is prepared to lead the way.”

About Florida Atlantic University: Florida Atlantic University, established in 1961, officially opened its doors in 1964 as the fifth public university in Florida. Today, Florida Atlantic serves more than 30,000 undergraduate and graduate students across six campuses located along the Southeast Florida coast. In recent years, the University has doubled its research expenditures and outpaced its peers in student achievement rates. Through the coexistence of access and excellence, Florida Atlantic embodies an innovative model where traditional achievement gaps vanish. Florida Atlantic is designated as a Hispanic-serving institution, ranked as a top public university by U.S. News & World Report, and holds the designation of “R1: Very High Research Spending and Doctorate Production” by the Carnegie Classification of Institutions of Higher Education. Florida Atlantic shares this status with less than 5% of the nearly 4,000 universities in the United States. For more information, visit www.fau.edu.

Media Contacts: Gisele Galoustian
Senior Media Relations Director, Research and Health
ggaloust@fau.edu
Mobile: 561-985-4615

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Sigenergy Tackles Africa’s Energy Challenges with Next-Gen Storage Solutions and Real-World Case Studies

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JOHANNESBURG, Feb. 15, 2025 /PRNewswire/ — Sigenergy, a leading energy innovator, hosted an exclusive event on February 14 in Johannesburg to highlight its groundbreaking commercial and industrial (C&I) energy storage solutions. The event featured a real-world case study that showcased the impact of Sigenergy’s products in addressing energy challenges in the region. With over 350 industry leaders, distributors, and installers from across Africa in attendance, the event facilitated thought-provoking discussions among professionals on the growing importance of energy storage in shaping the continent’s future.

Driving Rapid Growth and Global Market Leadership

Sigenergy’s rapid expansion in energy storage was highlighted by Samuel Zhang, President and CTO of Sigenergy, in his opening speech. Zhang specifically acknowledged the crucial support from Herholdt’s Group, South Africa’s largest distributor. “In just one year, Sigenergy has become the fastest-growing inverter company in history. With the backing of our global network of partners, we’ve become the preferred choice for top distributors in markets such as the UK, Ireland, South Africa, Sweden, Australia, and the U.S.,” Zhang stated.

In South Africa alone, Sigenergy achieved nearly 100 MWh in order volume within just seven months, capturing close to 10% of the market share. Globally, the company’s SigenStor system has received high satisfaction ratings, with approximately 90% of homeowners and installers expressing their approval in a 2024 global customer survey.

Addressing Load-Shedding with 0ms Switching

A key highlight of the event was the on-site demonstration of Sigenergy’s SigenStor energy storage solution at South Ocean Electric Wire, a cable manufacturer based in Alberton, South Africa. The company had faced frequent load-shedding, which not only disrupted production but also caused significant financial losses. Relying on costly and environmentally harmful diesel generators had become unsustainable. However, after installing 96 SigenStor units, providing a total of 4.1 MWh of capacity, the factory is now able to operate without interruption.

Sigenergy also enabled a seamless transition from grid to off-grid power with 0ms switching. The system includes Sigenergy’s Energy Gateway C1200, which delivers 1200 kW of power and ensures up to five hours of backup during load-shedding events. As the only company in Africa able to offer such large-scale gateways, Sigenergy can also customize even larger gateways to meet the diverse needs of clients, all with incredibly fast response times.

Innovating for the Future: New Solutions

During the event, Sigenergy unveiled several cutting-edge products that underscore its commitment to continuous innovation. The SigenStack, in particular, stood out as a premier energy storage solution for large-scale C&I and utility applications. Featuring a modular architecture and hybrid inverter, SigenStack delivers between 50 kW and 125 kW of power, with a scalable design that supports up to 100 units in parallel, achieving capacities of several hundred megawatts. This adaptability makes it ideal for even the most complex energy projects.

Additionally, Sigenergy introduced the Sigen Hybrid 2nd Generation and Sigen Gateway HomePro SP/TP. Alongside its hardware advancements, Sigenergy continues to prioritize software development, with the mySigen App offering an industry-leading energy management experience. Regular updates every 3-4 weeks ensure the app remains at the forefront, delivering a smarter, more intuitive experience for installers and end-users alike.

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