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Stoneridge Reports First Quarter 2025 Results

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Strong Quarter-to-Quarter Margin Progression

MirrorEye® and SMART 2 Tachograph Set Quarterly Sales Records

Maintaining Previously Provided Full-Year 2025 Guidance

2025 First Quarter Results

Sales of $217.9 millionGross profit of $46.3 million (21.2% of sales)Adjusted gross profit of $47.7 million (21.9% of sales)Operating loss of $(3.2) million ((1.5)% of sales)Adjusted operating loss of $(0.4) million ((0.2)% of sales)Net loss of $(7.2) million ((3.3)% of sales)Adjusted net loss of $(5.1) million ((2.4)% of sales)Adjusted EBITDA of $7.6 million (3.5% of sales)

 2025 Full-Year Guidance

Maintaining previously provided full-year 2025 guidance ranges

NOVI, Mich., April 30, 2025 /PRNewswire/ — Stoneridge, Inc. (NYSE: SRI) today announced financial results for the first quarter ended March 31, 2025. 

The Company announced first quarter sales of $217.9 million, gross profit of $46.3 million (21.2% of sales) and adjusted gross profit of $47.7 million (21.9% of sales). Operating loss was $(3.2) million ((1.5)% of sales) while adjusted operating loss was $(0.4) million ((0.2)% of sales). Net loss was $(7.2) million and adjusted net loss was $(5.1) million. Loss per share (EPS) was $(0.26) and adjusted EPS was $(0.19). Adjusted EBITDA was $7.6 million (3.5% of sales).

The exhibits attached hereto provide reconciliation detail on normalizing adjustments of non-GAAP financial measures used in this press release.

Jim Zizelman, president and chief executive officer, commented, “During the first quarter, we drove significant margin expansion by continuing to focus on material cost improvement and reduced quality-related costs, resulting in quarter-to-quarter operating margin performance improvement in all of our segments. Overall adjusted gross margin improved by 210 basis points driven by material cost improvement and a $2.5 million reduction in quality-related costs relative to the fourth quarter of last year. First quarter adjusted EBITDA was $7.6 million, an improvement of $1.6 million over the fourth quarter. Finally, our focus on cash and inventory management drove positive free cash flow of approximately $4.9 million, an increase of approximately $1.5 million versus the first quarter of last year. Sales remained flat relative to the fourth quarter of last year, as expected, highlighted by record quarterly sales for both MirrorEye and SMART 2, including a 24% increase in MirrorEye sales as previously launched OEM programs continued to ramp-up, along with strong sales in the global bus market.” 

Zizelman concluded, “We continue to monitor potential direct and indirect impacts related to tariffs. Although we saw very little direct impact of tariffs in the first quarter, we continued to implement mitigation strategies to further offset potential tariffs that have been discussed or are scheduled to be implemented. Our primary tariff exposure is related to products manufactured in our Juarez, Mexico facility and sold to U.S. customers receiving the product for U.S. consumption. Approximately 91% of these product sales are USMCA certified and are currently not subject to tariffs. Additionally, we have successfully addressed most of the complexities in component purchases through the strength of our current supply chain structure. We have and will continue to implement mitigation activities for existing and proposed tariffs through strategic supply chain sourcing and customer pricing strategies to mitigate any cost increases that may occur. For example, we have already secured, or are well down the path of securing, price increases with certain customers that have products that are impacted by tariffs. That said, we recognize that there is increased uncertainty in consumer demand and production volumes caused by the implementation of the tariffs. We will continue to monitor shifts in macroeconomic policies and the impacts on our business to ensure that we act quickly to offset any incremental costs, as we have done historically.”

First Quarter in Review

Electronics first quarter sales of $140.5 million decreased by 6.0% relative to the fourth quarter of 2024. This was primarily driven by lower production volumes in the commercial vehicle end market and lower off-highway sales, offset by the continued growth of MirrorEye and continued strong demand for the Company’s next generation tachograph, the SMART 2. First quarter adjusted operating margin of 4.9% increased by 130 basis points relative to the fourth quarter of 2024, due in part to lower quality-related costs.

Control Devices first quarter sales of $69.9 million increased by 10.6% relative to the fourth quarter of 2024 driven by higher production volumes for the Company’s North American passenger vehicle customers. First quarter adjusted operating margin of 2.2% increased by 470 basis points relative to the fourth quarter of 2024, primarily due to contribution on higher sales as well as lower D&D and reduced quality-related costs.

Stoneridge Brazil first quarter sales of $14.4 million increased by $2.0 million, or 15.9%, relative to the fourth quarter of 2024, driven by higher OEM sales. First quarter operating income of $0.6 million increased by approximately $0.5 million relative to the fourth quarter of 2024, primarily due to contribution on higher sales.

Relative to the first quarter of 2024, Electronics first quarter sales decreased by 10.0%. This decrease was primarily driven by lower production volumes in the North American and European commercial vehicle end markets, partially mitigated by higher MirrorEye revenue, including the ramp-up of recently launched OEM programs and higher sales for the SMART 2 tachograph. First quarter adjusted operating margin of 4.9% increased by 40 basis points relative to the first quarter of 2024, driven by improved gross margin offset by higher D&D expense as customer reimbursements declined more than spending, as well as lower contribution from lower sales.

Relative to the first quarter of 2024, Control Devices first quarter sales decreased by 10.4%. This decrease was primarily due to lower customer production volumes in the North American passenger vehicle end market, as well as the expected wind-down of end-of-life programs. First quarter adjusted operating margin of 2.2% decreased by 60 basis points relative to the first quarter of 2024, primarily due to reduced contribution on lower sales, partially offset by lower D&D and reduced quality-related costs.

Relative to the first quarter of 2024, Stoneridge Brazil first quarter sales increased by $2.2 million, or 18.0%. This increase was primarily driven by higher OEM product sales. First quarter operating income of $0.6 million increased by approximately $0.4 million relative to the first quarter of 2024.

Cash and Debt Balances

As of March 31, 2025, Stoneridge had cash and cash equivalents totaling $79.1 million and total debt of $203.2 million. During the first quarter of 2025, the Company generated $10.9 million in net cash provided by operating activities and $4.9 million in free cash flow, an increase of $1.8 million and $1.5 million, respectively, over the first quarter of 2024.

For Credit Facility compliance purposes, adjusted net debt was $148.9 million while adjusted EBITDA for the trailing twelve months was $37.5 million, resulting in an adjusted net debt to trailing twelve-month EBITDA compliance leverage ratio of 3.97x relative to a required leverage ratio of not greater than 6.00x as per the amended Credit Facility agreement.

The Company continues to expect to remain compliant with all amended compliance ratios and is maintaining the previously communicated targeted compliance net debt to EBITDA leverage ratio of 2.0x to 2.5x by the end of the year, relative to a 3.50x leverage ratio requirement by the end of the year.

2025 and Future Outlook

The Company is maintaining its guidance ranges for its full-year 2025 performance including sales guidance of $860 million to $890 million, adjusted gross margin guidance of 22.0% to 22.5%, adjusted operating margin guidance of 0.75% to 1.25%, and adjusted EBITDA guidance of $38 million to $42 million, or approximately 4.4% to 4.7% of sales. The Company is also maintaining its full-year 2025 guidance for free cash flow of $25 million to $30 million.

Matt Horvath, chief financial officer, commented, “We delivered a strong first quarter that exceeded our previously outlined expectations across each of our key metrics. Operating margins improved compared to the previous quarter in each of our segments driven by lower quality-related costs, material cost reductions, structural cost control and our long-standing focus on operational excellence. Sales for our key growth products achieved record sales and cash performance exceeded our expectations as we remain focused on working capital improvement through inventory management and strict management of capital expenditures.”

Horvath continued, “We are taking a deliberate and thoughtful approach for the remainder of the year as we expect some volatility in our end markets and supply chains as a result of volatile macroeconomic and political factors, including tariff uncertainties. That said, we are maintaining our full-year guidance ranges based on our first quarter outperformance and run-rate margin improvement, as well as our original, relatively conservative assumptions related to vehicle production volumes. Even considering the most recent external production forecasts, we expect to perform within our previously provided EBITDA guidance range. Consistent with the outperformance we saw in the first quarter, we expect continued progress on our material cost improvement initiatives and quality-related costs for the remainder of the year. We will continue to manage structural costs and make adjustments as necessary to align our operating structure with current market conditions.” 

Horvath concluded, “We remain focused on building a strong foundation for continued earnings expansion as we capitalize on our impressive portfolio of advanced technologies. Stoneridge remains well positioned to continue to outperform our underlying markets and drive margin expansion resulting in long-term shareholder value creation.”

Conference Call on the Web
A live Internet broadcast of Stoneridge’s conference call regarding 2025 first quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, May 1, 2025, at www.stoneridge.com, which will also offer a webcast replay.

About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global supplier of safe and efficient electronic systems and technologies. Our systems and products power vehicle intelligence, while enabling safety and security for on- and off-highway transportation sectors around the world. Additional information about Stoneridge can be found at www.stoneridge.com

Forward-Looking Statements
Statements in this press release contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words “will,” “may,” “should,” “designed to,” “believes,” “plans,” “projects,” “intends,” “expects,” “estimates,” “anticipates,” “continue,” and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by these statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:

the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary;global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries;tariffs specifically in countries where we have significant direct or indirect manufacturing or supply chain exposure and our ability to either mitigate the impact of tariffs or pass any incremental costs to our customers;our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;the reduced purchases, loss, financial distress or bankruptcy of a major customer or supplier;the costs and timing of business realignment, facility closures or similar actions;a significant change in commercial, automotive, off-highway or agricultural vehicle production;competitive market conditions and resulting effects on sales and pricing;foreign currency fluctuations and our ability to manage those impacts;customer acceptance of new products;our ability to successfully launch/produce products for awarded business;adverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers’ products;our ability to protect our intellectual property and successfully defend against assertions made against us;liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;labor disruptions at our facilities, or at any of our significant customers or suppliers;business disruptions due to natural disasters or other disasters outside of our control;the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;capital availability or costs, including changes in interest rates;the failure to achieve the successful integration of any acquired company or business;risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; andthe items described in Part I, Item IA (“Risk Factors”) in the Company’s 2024 Form 10-K.

The forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.

Use of Non-GAAP Financial Information

This press release contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2025 and 2024 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.

In evaluating its business, the Company considers and uses free cash flow and net debt as supplemental measures of its liquidity and the other non-GAAP financial measures as supplemental measures of its operating performance. Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted debt, adjusted net debt, adjusted cash and free cash flow are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods.

Adjusted gross profit and margin, adjusted operating income (loss) and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted debt, adjusted net debt, adjusted cash and free cash flow should not be considered in isolation or as a substitute for gross profit, operating income (loss), income (loss) before tax, income tax expense (benefit), net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.

 

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

March 31,
2025

December 31,
2024

(Unaudited)

ASSETS

Current assets:

Cash and cash equivalents

$            79,109

$            71,832

Accounts receivable, less reserves of $699 and $1,060, respectively

156,683

137,766

Inventories, net

151,794

151,337

Prepaid expenses and other current assets

30,435

26,579

Total current assets

418,021

387,514

Long-term assets:

Property, plant and equipment, net

99,289

97,667

Intangible assets, net

41,260

39,677

Goodwill

34,610

33,085

Operating lease right-of-use asset

9,607

10,050

Investments and other long-term assets, net

54,572

53,563

Total long-term assets

239,338

234,042

Total assets

$         657,359

$         621,556

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$            97,037

$            83,478

Accrued expenses and other current liabilities

78,127

66,494

Total current liabilities

175,164

149,972

Long-term liabilities:

Revolving credit facility

203,186

201,577

Deferred income taxes

5,344

5,321

Operating lease long-term liability

6,186

6,484

Other long-term liabilities

14,383

12,942

Total long-term liabilities

229,099

226,324

Shareholders’ equity:

Preferred Shares, without par value, 5,000 shares authorized, none issued

Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966
shares issued and 27,846 and 27,695 shares outstanding at March 31,2025 and
December 31, 2024, respectively, with no stated value

Additional paid-in capital

221,130

225,712

Common Shares held in treasury, 1,120 and 1,271 shares at March 31,2025 and
December 31, 2024, respectively, at cost

(32,936)

(38,424)

Retained earnings

172,789

179,985

Accumulated other comprehensive loss

(107,887)

(122,013)

Total shareholders’ equity

253,096

245,260

Total liabilities and shareholders’ equity

$         657,359

$         621,556

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three months ended
March 31,

(in thousands, except per share data)

2025

2024

Net sales

$         217,890

$         239,157

Costs and expenses:

Cost of goods sold

171,593

190,800

Selling, general and administrative

31,696

30,423

Design and development

17,826

17,603

Operating (loss) income

(3,225)

331

Interest expense, net

3,167

3,634

Equity in (earnings) loss of investee

(294)

277

Other (income) expense, net

(466)

2,036

Loss before income taxes

(5,632)

(5,616)

Provision for income taxes

1,564

510

Net loss

$            (7,196)

$            (6,126)

Loss per share:

Basic

$              (0.26)

$              (0.22)

Diluted

$              (0.26)

$              (0.22)

Weighted-average shares outstanding:

Basic

27,680

27,529

Diluted

27,680

27,529

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended March 31, (in thousands)

2025

2024

OPERATING ACTIVITIES:

Net loss

$              (7,196)

$              (6,126)

Adjustments to reconcile net loss to net cash provided by (used for) operating activities:

Depreciation

5,428

6,601

Amortization, including accretion of deferred financing costs

2,054

2,164

Deferred income taxes

(402)

(2,279)

(Earnings) loss of equity method investee

(294)

277

Loss on sale of fixed assets

4

266

Share-based compensation expense

1,136

1,092

Excess tax deficiency related to share-based compensation expense

440

230

Changes in operating assets and liabilities:

Accounts receivable, net

(14,610)

(6,676)

Inventories, net

5,263

3,699

Prepaid expenses and other assets

(1,379)

1,377

Accounts payable

10,792

(709)

Accrued expenses and other liabilities

9,661

9,193

Net cash provided by operating activities

10,897

9,109

INVESTING ACTIVITIES:

Capital expenditures, including intangibles

(6,070)

(5,795)

Proceeds from sale of fixed assets

82

81

Net cash used for investing activities

(5,988)

(5,714)

FINANCING ACTIVITIES:

Revolving credit facility borrowings

30,500

Revolving credit facility payments

(24,500)

Proceeds from issuance of debt

6,699

7,798

Repayments of debt

(7,260)

(7,790)

Repurchase of Common Shares to satisfy employee tax withholding

(226)

(620)

Net cash (used for) provided by financing activities

(787)

5,388

Effect of exchange rate changes on cash and cash equivalents

3,155

(1,184)

Net change in cash and cash equivalents

7,277

7,599

Cash and cash equivalents at beginning of period

71,832

40,841

Cash and cash equivalents at end of period

$             79,109

$             48,440

Supplemental disclosure of cash flow information:

Cash paid for interest, net

$               3,309

$               4,194

Cash paid for income taxes, net

$               1,852

$               2,653

 

Regulation G Non-GAAP Financial Measure Reconciliations

Exhibit 1 – Reconciliation of Adjusted Gross Profit

(USD in millions)

Q1 2024

Q1 2025

Gross Profit

$         48.4

$         46.3

Add: Pre-Tax Business Realignment Costs

1.4

Adjusted Gross Profit

$         48.4

$         47.7

Exhibit 2 – Reconciliation of Adjusted Operating Income (Loss)

(USD in millions)

Q1 2024

Q1 2025

Operating Income (Loss)

$           0.3

$         (3.2)

Add: Pre-Tax Business Realignment Costs

2.8

Adjusted Operating Income (Loss)

$           0.3

$         (0.4)

 

Exhibit 3 – Reconciliation of Adjusted Tax Rate

(USD in millions)

Q1 2025

Tax Rate

Loss Before Tax

$            (5.6)

Add: Pre-Tax Business Realignment Costs

2.8

Adjusted Loss Before Tax

$            (2.8)

Income Tax Expense

$             1.6

(27.8) %

Add: Tax Impact from Pre-Tax Adjustments

0.8

Adjusted Income Tax Expense on Adjusted Loss Before Tax

$             2.3

(82.6) %

 

Exhibit 4 – Reconciliation of Adjusted Net Loss and EPS

(USD in millions, except EPS)

Q1 2025

Q1 2025 EPS

Net Loss

$             (7.2)

$           (0.26)

Add: After-Tax Business Realignment Costs

2.1

0.07

Adjusted Net Loss

$             (5.1)

$           (0.19)

 

Exhibit 5 – Reconciliation of Adjusted EBITDA

(USD in millions)

Q1 2024

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Income (Loss) Before Tax

$     (5.6)

$       1.9

$     (3.7)

$     (6.2)

$     (5.6)

Interest expense, net

3.6

3.8

3.6

3.4

3.2

Depreciation and amortization

8.6

8.5

8.8

8.3

7.3

EBITDA

$       6.6

$     14.2

$       8.8

$       5.5

$       4.8

Add: Pre-Tax Business Realignment Costs

1.9

0.3

0.4

2.8

Add: Pre-Tax Environmental Remediation Costs

0.2

Adjusted EBITDA

$       6.6

$     16.1

$       9.2

$       6.0

$       7.6

 

Exhibit 6 – Segment Adjusted Operating Income (Loss)

Reconciliation of Control Devices Adjusted Operating Income (Loss)

(USD in millions)

Q1 2024

Q4 2024

Q1 2025

Control Devices Operating Income (Loss)

$          2.2

$          (1.8)

$           1.2

Add: Pre-Tax Business Realignment Costs

0.2

0.4

Control Devices Adjusted Operating Income (Loss)

$          2.2

$          (1.6)

$           1.5

Reconciliation of Electronics Adjusted Operating Income

(USD in millions)

Q1 2024

Q4 2024

Q1 2025

Electronics Operating Income

$          7.1

$            5.1

$          5.5

Add: Pre-Tax Business Realignment Costs

0.2

1.4

Electronics Adjusted Operating Income

$          7.1

$            5.3

$          6.9

 

Exhibit 7 – Reconciliation of Free Cash Flow

(USD in millions)

Q1 2024

Q1 2025

Cash Flow from Operating Activities

$           9.1

$         10.9

Capital Expenditures, including Intangibles

(5.8)

(6.1)

Proceeds from Sale of Fixed Assets

0.1

0.1

Free Cash Flow

$           3.4

$           4.9

 

Exhibit 8 – Reconciliation of Compliance Leverage Ratio

Reconciliation of Adjusted EBITDA for Compliance Calculation

(USD in millions)

Q2 2024

Q3 2024

Q4 2024

Q1 2025

Income (Loss) Before Tax

$       1.9

$     (3.7)

$     (6.2)

$     (5.6)

Interest Expense, net

3.8

3.6

3.4

3.2

Depreciation and Amortization

8.5

8.8

8.3

7.3

EBITDA

$     14.2

$       8.8

$       5.5

$       4.8

Compliance adjustments:

Add: Non-Cash Impairment Charges and Write-offs or Write
Downs

0.4

Add: Adjustments from Foreign Currency Impact

(2.4)

(0.6)

(1.1)

(2.1)

Add: Extraordinary, Non-recurring or Unusual Items

Add: Cash Restructuring Charges

0.5

0.7

0.3

1.6

Add: Charges for Transactions, Amendments, and Refinances

Add: Adjustment to Autotech Fund II Investment

0.1

0.8

0.2

(0.3)

Add: Accrual-based Expenses

7.1

1.3

6.4

7.3

Less: Cash Payments for Accrual-based Expenses

(3.7)

(3.3)

(2.8)

(6.1)

Adjusted EBITDA (Compliance)

$     15.8

$       7.6

$       8.9

$       5.3

Adjusted TTM EBITDA (Compliance)

$     37.5

Reconciliation of Adjusted Cash for Compliance Calculation

(USD in millions)

Q1 2025

Total Cash and Cash Equivalents

$       79.1

Less: 35% of Cash in Foreign Locations

(23.3)

Total Adjusted Cash (Compliance)

$       55.8

Reconciliation of Adjusted Debt for Compliance Calculation

(USD in millions)

Q1 2025

Total Debt

$     203.2

Outstanding Letters of Credit

1.5

Total Adjusted Debt (Compliance)

$     204.7

Adjusted Net Debt (Compliance)

$     148.9

Compliance Leverage Ratio (Net Debt / TTM EBITDA)

3.97x

Compliance Leverage Ratio Maximum Requirement

6.00x

 

 

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SOURCE Stoneridge, Inc.

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Host of the Italian Wine Podcast Receives Vinitaly Lifetime Achievement Award

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Professor Attilio Scienza, host of the Italian Wine Podcast show “Everybody Needs a Bit of Scienza”, has been awarded Vinitaly’s highly prestigious Lifetime Achievement Award at a formal inauguration ceremony in Verona on Sunday 12 April 2026. Launched in 2025, the Lifetime Achievement Award recognizes figures who have made a fundamental contribution to the Italian wine sector.

VERONA, Italy, April 18, 2026 /PRNewswire/ — Professor Attilio Scienza is a prominent academic, geneticist, and one of the world’s leading experts in viticulture and oenology. A full professor at the University of Milan (now retired), he has led important research on the physiology, genetics, and agricultural techniques of the grapevine, and has authored over 350 scientific publications. Alongside Stevie Kim, he has hosted the popular “Everybody Needs a Bit of Scienza” podcast show in which he responds to questions from the international wine community, since 2017. He is also the Chief Scientist of the Vinitaly International Academy which trains and certifies a global network of Italian Wine Ambassadors.

Professor Scienza remains extremely active in the wine community and is a highly sought after speaker and oenological consultant. At this year’s Vinitaly, he delivered advanced seminars on the subjects of Italy’s autochthonous vines, Sangiovese and the concept of vocation, and the complex inter-relationship between woodlands and vineyards. He also found time to launch his latest book, An Italian Wine Pilgrimage, another successful collaboration with Italian wine evangelist Stevie Kim.

Translation of Professor Attilio Scienza’s acceptance speech (delivered in Italian): “Vinitaly should have the courage to become not just an annual showcase, but also a think tank. It should produce a manifesto. A manifesto that clearly states the current critical issues, the sector’s priorities, and proposals to address them. A cultural and political platform, a meeting point for producers, consumers, institutions, research, and regions. European wine can defend itself if it can reposition itself within a broader narrative, capable of speaking not only to producers but to society, one that rethinks wine as one of the most significant forms of Mediterranean and European culture, one that has allowed it to become an extraordinary “tool” for socialization. The annual meeting at Vinitaly should include French, Spanish, and Greek partner institutions. Perhaps it’s just a dream, but one day I hope it will even be possible for Italy and France to come together with the common purpose of promoting their wine together.”

Stevie Kim, Professor Scienza’s co-host on the Italian Wine Podcast, said “I am absolutely delighted that Vinitaly has recognized the truly remarkable contribution of my friend and mentor, Professor Attilio Scienza. Not only is he the world’s leading academic expert on Italian wine, with a depth and breadth of knowledge that is mind blowing, he is also unfailingly generous with his time and expertise, sharing his passion and knowledge of Italian wine and his gift for storytelling with the Italian Wine Podcast’s international audience of listeners and the global community of students of the Vinitaly International Academy. We are truly blessed to have him.”

The motivation accompanying Professor Scienza’s Lifetime Achievement Award reads: “A central figure in the history of Italian wine, an internationally renowned academic, vine geneticist, agronomist, and narrator of the anthropology of wine, Attilio Scienza has opened new horizons in the study and understanding of wine as an expression of culture and in education, thereby defining key concepts such as terroir, identity, and tradition. As Chief Scientist of the Vinitaly International Academy since 2018, he continues to inspire producers, students and enthusiasts by translating scientific knowledge into narratives that ennoble Italian winegrowing and strengthen the positioning of Italian wine in the global scientific and cultural panorama, thereby opening new perspectives on the link between science, culture and wine storytelling”.

About the Italian Wine Podcast: Cin Cin with Italian Wine People! launched in 2017 as a project dedicated exclusively to the Italian wine world. The program uncovers the unique world of Italian wine in conversation with some of its key protagonists. Under the umbrella brand of Mamma Jumbo Shrimp, Italian Wine Podcast aims to inform, educate, and entertain listeners with content for wine professionals and casual listeners alike. The only daily wine podcast in the world, content includes wine business, food & travel, diversity and inclusion, wine producers, science, and marketing and communication. Italian Wine Podcast is available on SoundCloud, iTunes, Spotify, Stitcher, XimalayaFM (for China), and on the official website. It now boasts over 2,600 recorded episodes with a growing online following of over 8 million listens. Donations to the show are welcomed and help fund a portion of the show’s equipment, production, and publication costs. To advertise on the show, please request a prospectus and/or customized advertising plan from info@italianwinepodcast.com. Cin Cin!

www.italianwinepodcast.com
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Akemona to Power Upcoming Tokenized Offering for Industrialized Innovation Impact Portfolio I

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The initiative is designed to support the tokenization and commercialization of 100 companies formed around acquired innovation-related intellectual property.

FULLERTON, Calif., April 18, 2026 /PRNewswire/ — Akemona, Inc., a provider of tokenization and digital asset issuance infrastructure, announced today that a tokenized offering for Industrialized Innovation Impact Portfolio I LLC is now available through the Akemona platform.

The initiative is centered on 100 companies formed through the acquisition of innovation-related intellectual property and associated commercialization rights. Tokenization is intended to support the commercialization of these companies through a structured digital asset framework.

According to information provided to Akemona, Industrialized Innovation Impact Portfolio I is designed to offer diversified exposure to 100 early-stage companies created through FyrstGen’s Company Building as a Service (CBaaS®) model. The portfolio is structured through a special purpose vehicle and is intended to hold 50% equity positions in 100 FyrstGen companies spanning sectors such as green energy, sustainable agriculture, public health, and other innovation-driven markets.

Industrialized Innovations has stated that the portfolio is part of a broader effort to transform underutilized intellectual property into commercially oriented operating companies. The underlying companies are built and run by FyrstGen itself through its proprietary CBaaS® platform. Acting as the centralized entrepreneur, CBaaS® executes company formation, strategic planning, commercialization, scaling, and exit preparation end-to-end — eliminating founder dependency by design.

“Through our partnership with Akemona, for the first time ever, we can standardize the refinancing of innovation — a major milestone in the global rollout of our new ecosystem,” said Philipp Assmus, Chief Executive Officer of Industrialized Innovations and Fyrst Limited. Clémence Kopeikin, Chief Operating Officer at FyrstGen, added, “For too long, entire regions, communities, and brilliant minds have been excluded from value creation. We’re opening the door for those who have historically been left out of the process, all while bringing innovation to market, addressing some of the world’s biggest challenges.”

The initiative comes at a time when tokenization is receiving increased attention in the United States as policymakers and regulators work toward greater clarity for digital assets and tokenized securities. Recent developments, including the House passage of the CLARITY Act in 2025 and SEC staff guidance on tokenized securities in January 2026, have added momentum to the broader market discussion, even as the legislative process continues.

For Akemona, the project reflects how tokenization can be applied not only to individual assets but also to larger multi-company structures. Akemona’s technology is designed to support digital asset issuance, blockchain-based ownership records, investor access workflows, and smart contract-enabled transaction infrastructure.

“Tokenization is moving beyond isolated use cases and becoming a serious infrastructure layer for modern capital formation,” said Alex de Lorraine, Chief Executive Officer of Akemona. “This initiative stands out because of its scale and architecture. Bringing 100 companies into a single tokenized framework demonstrates how blockchain technology can support more structured, transparent, and efficient approaches to private market participation.”

The offering materials provided to Akemona state that the portfolio companies are derived from intellectual property sourced from universities and independent research, with an emphasis on commercial potential and real-world impact. The stated use of proceeds includes supporting commercialization infrastructure, initial product orders, and portfolio scaling activities intended to position the companies for future acquisition pathways.

Akemona provides blockchain-based infrastructure for digital asset issuance and management, helping businesses and financial institutions modernize capital formation through tokenized securities and other blockchain-native financial instruments. The company’s platform supports digital issuance workflows, investor onboarding, smart contract deployment, and ownership administration for tokenized assets.

Additional information about the offering is available through the Akemona platform at https://investors.akemona.com/offerings/impact.

Media Contact
Email: info@akemona.com

Disclaimer
This press release is provided for informational purposes only and is intended solely to notify the public about an upcoming offering expected to become available through the Akemona platform.

Akemona, Inc. is distributing this communication solely in its capacity as a technology platform provider. Akemona does not recommend or endorse any issuer, investment opportunity, or offering, and does not provide investment, legal, tax, accounting, or other professional advice. Nothing in this press release should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, sell, or hold any security.

Any offering referenced in this communication is the responsibility of the applicable issuer and is expected to be conducted pursuant to Rule 506(c) of Regulation D, or another available exemption from registration. The securities referenced herein have not been registered under the Securities Act of 1933, as amended, or with the U.S. Securities and Exchange Commission or any state securities regulator, and may be offered and sold only to investors who are verified as accredited investors under applicable law. Such securities will be subject to restrictions on transfer and resale.

No federal or state securities regulator, including the SEC, has approved, passed upon, or endorsed the merits of any offering, or determined whether this communication is accurate or complete. Any investment decision should be made only after careful review of the applicable offering materials and in consultation with the investor’s own legal, tax, financial, accounting, and other professional advisers.

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SOURCE Akemona, Inc.

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AIxCrypto’s Designated Investor and Faraday Future Complete Amendment to $12 Million Investment Agreement,Exploring RWA-Related Applications and Integration of Real-World Assets with Blockchain Infrastructure

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Key Points:

An amendment to the securities purchase agreement dated January 30, 2026 (the “SPA”) removed the true-up share mechanism and replaced it with a milestone-linked warrant capped at one million shares at $1.50 per shareThe Amended and Restated SPA increases the total investment amount to $12 millionThe warrant has a term expiring in April 2030 and is exercisable only upon delivery of 500 FX Super One vehiclesThe AIXC ecosystem is exploring the potential for a portion of the acquired FFAI shares to serve as underlying assets for future equity tokenization initiatives facilitated by ecosystem participants, subject to applicable regulatory and third-party approvals

LOS ANGELES, April 17, 2026 /PRNewswire/ — AIxCrypto Holdings, Inc. (NASDAQ: AIXC) (“AIxC” or the “Company”), a Nasdaq-listed technology company building a three-layer architecture spanning the infrastructure, protocol, and application layers, today provided an update regarding the amended and restated securities purchase agreement entered into by Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“FFAI”) and Gold King Arthur Holding Limited (“GKA”), a designated third-party investor identified by AIxC, in connection with the investment transaction previously announced by the parties. The amendment increases the total investment amount from $10 million to $12 million and includes updates to the transaction structure, pricing mechanism, and other terms.

Under the amended structure, the investment consists of a combination of common stock and preferred equity, with $500,000 used to purchase FF Class A common stock and $11.5 million used to purchase newly created Series C preferred stock. In addition, the original True-Up provision has been removed and replaced with a warrant to purchase up to 1,000,000 shares of FF common stock at an exercise price of $1.50 per share, expiring in April 2030. The warrant will become exercisable after FF delivers its 500th FX Super One vehicle.

The amendment also adjusts the pricing mechanism. The purchase price of the common stock and the conversion price of the preferred stock are based on the average closing price over the 10 trading days prior to signing. Based on a reference price of $0.25956 per share as of April 14, 2026, the $500,000 common stock investment corresponds to approximately 1,926,337 shares of Class A common stock.

The transaction was facilitated through a designated third-party investment entity and represents one of the Company’s approaches to exploring the integration of Real World Assets (RWA) with blockchain infrastructure. The Company is exploring the potential use of the associated equity as underlying assets for future tokenization-related applications, aiming to expand the role of digital assets in real-world economic scenarios.

The Company stated that it will continue to advance its RWA-related framework and strengthen its capabilities in connecting traditional capital markets with Web3 infrastructure.

Management Commentary

Kevin Richardson, Co-CEO of AIxC, stated: “The amendment to the securities purchase agreement reflects our continued confidence in Faraday Future’s execution roadmap. The milestone-linked warrant ensures this investment retains meaningful upside tied to FF’s vehicle delivery progress, while securing a more flexible framework to support our blockchain ecosystem.”

About AIxCrypto:

AIxCrypto Holdings, Inc. (Nasdaq: AIXC) is a Nasdaq-listed technology company building a three-layer architecture spanning the infrastructure, protocol, and application layers. Through the convergence of AI Agents and Embodied AI (EAI) devices, AIXC enables heterogeneous intelligent entities—robots, smart vehicles, drones, and other edge devices—to autonomously discover, collaborate, and transact with one another without centralized intermediaries, driving the advancement of the Silicon Economy.

FORWARD LOOKING STATEMENTS:  
This press release contains “forward-looking statements”, including statements regarding AIxCrypto Holdings, Inc. (“AIxCrypto”) within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All of the statements in this press release, including financial projections, whether written or oral, that refer to expected or anticipated future actions and results of AIxCrypto are forward-looking statements. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements reflect our current projections and expectations about future events as of the date of this presentation. AIxCrypto cannot give any assurance that such forward-looking statements and financial projections will prove to be correct.   

The information provided in this press release does not identify or include any risk or exposures of AIxCrypto that would materially and adversely affect the performance or risk of the company. By their nature, forward-looking statements and financial projections involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur, which may cause the Company’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements and financial projections. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: business, economic and capital market conditions; the heavily regulated industry in which AIxCrypto carries on business; current or future laws or regulations and new interpretations of existing laws or regulations; the inherent volatility and regulatory uncertainty associated with cryptocurrency investments; legal and regulatory requirements; market conditions and the demand and pricing for our products; our relationships with our customers and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers’ needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; failure of counterparties to perform their contractual obligations; systems, networks, telecommunications or service disruptions or failures or cyber-attack; ability to obtain additional financing on reasonable terms or at all; litigation costs and outcomes; our ability to successfully maintain and enforce our intellectual property rights and defend third party claims of infringement of their intellectual property rights; and our ability to manage our growth. Readers are cautioned that this list of factors should not be construed as exhaustive.

All information contained in this press release is provided as of the date of the press release issuance and is subject to change without notice. Neither AIxCrypto, nor any other person undertakes any obligation to update or revise publicly any of the forward-looking statements and financial projections set out herein, whether as a result of new information, future events or otherwise, except as required by law. This is presented as a source of information and not an investment recommendation. This press release does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. AIxCrypto reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof.

Readers are advised not to place undue reliance on forward-looking statements, as there is no guarantee that the plans, intentions, or expectations they are based on will be realized. While management believes these statements are reasonable at the time of preparation, actual results may differ materially. These forward-looking statements reflect the Company’s expectations as of the date of this presentation and are subject to change without notice. The Company is not obligated to update or revise these statements, unless required by law.   

Forward-looking statements are often identified by words such as “may,” “could,” “would,” “might,” or “will,” indicating possible future actions, events, or outcomes. These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ significantly from what is expected.    

Actual results may differ materially due to factors such as the ability to secure financing, complete transactions, meet exchange requirements, consumer demand, competition, and unexpected costs. These forward-looking statements are based on assumptions that may prove incorrect, and the Company does not assume any obligation to update them except as required by law. Given the uncertainties involved, readers should not place undue reliance on these statements.   

You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this news release, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.   

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SOURCE AIxCrypto

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