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OneStream Announces Fourth Quarter and Fiscal Year 2024 Financial Results

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1 year ago

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BIRMINGHAM, Mich., Feb. 11, 2025 /PRNewswire/ — OneStream, Inc. (Nasdaq: OS), the leading enterprise Finance management platform that modernizes the Office of the CFO by unifying core finance and operational functions — including financial close, consolidation, reporting, planning and forecasting — today announced financial results for its fourth quarter and fiscal year ended December 31, 2024. 

Fourth Quarter 2024 Financial Highlights

Total Revenue: $132.5 million, an increase of 29% year-over-year.

Subscription Revenue: $118.6 million, an increase of 35% year-over-year.

GAAP Operating Income / Loss and Operating Margin: GAAP operating loss was $47.4 million compared to income of $0.2 million for the fourth quarter of 2023, and GAAP operating margin was (36%) compared to 0% for the fourth quarter of 2023. This included equity-based compensation expense of $52.6 million, compared to $1.2 million for the fourth quarter of 2023.

Non-GAAP Operating Income and Non-GAAP Operating Margin: Non-GAAP operating income was $8.7 million compared to $1.4 million for the fourth quarter of 2023, and non-GAAP operating margin was 7% compared to 1% for the fourth quarter of 2023.

GAAP Net Loss Per Share – Basic: GAAP basic net loss per share was ($0.19).

Non-GAAP Net Income Per Share: Non-GAAP net income per share was $0.07.

Net Cash Provided by Operating Activities: Net cash provided by operating activities was $25.1 million compared to $26.8 million for the fourth quarter of 2023.

Free Cash Flow: Free cash flow was $24.7 million compared to $26.6 million for the fourth quarter of 2023.

Fiscal Year 2024 Financial Highlights

Total Revenue: $489.4 million, an increase of 31% year-over-year.

Subscription Revenue: $428.2 million, an increase of 41% year-over-year.

GAAP Operating Loss and Operating Margin: GAAP operating loss was $319.5 million compared to $30.5 million for 2023, and GAAP operating margin was (65%) compared to (8%) for 2023. This included equity-based compensation expense of $316.4 million, compared to $8.3 million for 2023.

Non-GAAP Operating Income / Loss and Non-GAAP Operating Margin: Non-GAAP operating income was $1.2 million compared to a loss of $22.2 million for 2023, and non-GAAP operating margin was 0% compared to (6%) for 2023.

GAAP Net Loss Per Share – Basic: GAAP basic net loss per share was ($1.23).

Non-GAAP Net Income Per Share: Non-GAAP net income per share was $0.14.

Net Cash Provided by Operating Activities: Net cash provided by operating activities was $61.2 million compared to $21.3 million for 2023.

Free Cash Flow: Free cash flow was $58.5 million compared to $18.7 million for 2023.

“Capping a year of incredible innovation and solid execution, we posted 35% year-over-year subscription revenue growth in the fourth quarter, and were free cash flow positive and non-GAAP profitable,” said Tom Shea, CEO of OneStream. “In fact, 2024 was one of the most transformative years in our history, with the introduction of 15 new innovations, highlighted by our growing Finance AI portfolio. We’re excited to bring new products to market in 2025, paving the way for OneStream to become the operating system for modern Finance.” 

Recent Developments and Business Highlights

Innovation

As part of the new innovations for Finance AI and core finance, we unveiled a suite of AI-powered solutions, including GenAI and machine learning, which enable Finance leaders to create real-time forecasts from trusted Enterprise data, with greater accuracy and speed.

We launched CPM Express with pre-built functionality of our core capabilities to simplify reporting and forecasting and enable 6 to 8 week implementations.

We introduced our first integrated business planning product for sales performance management in partnership with Infinity SPM. 

We grew our strategic relationship with Microsoft, launching deeper integrations into the Office 365 Suite, including Certified Power BI connector and Narrative Reporting to make financial reporting more integrated, collaborative and iterative.

At our Wave Developer Conference in November 2024, we previewed AI-powered anomaly detection and scenario modeling capabilities that can help uncover errors in real-time and create scenarios from a company’s own financial and operational data set.

Industry Recognition

OneStream was recognized for the third consecutive year as a Leader in the Gartner® Magic Quadrant™ for Financial Planning Software. Gartner evaluated providers based on their Ability to Execute and Completeness of Vision and placed OneStream in the Leaders Quadrant once again.

OneStream was named a leader in IDC’s Record to Report MarketScape, based on reporting strengths, including a robust AI roadmap and OneStream Solution Exchange, and the Microsoft Certified Power BI Connector.

ISG Software Research recognized OneStream as Exemplary in their Business Planning Buyers Guide for 2024, with the highest overall rating across all vendors. In the report, OneStream received top scores in Product Experience, Adaptability, Capability, and Manageability.

OneStream was a 2024 Business Intelligence Artificial Excellence Award winner in the Product – Machine Learning category and a 2024 AI Breakthrough Awards Winner – Machine Learning Innovation Award for sensible machine learning.

Business

In November 2024, OneStream completed a secondary offering of 17,250,000 shares of its Class A common stock sold by certain stockholders, including the full exercise of the underwriters’ option to purchase additional shares (the “Secondary Offering”). OneStream did not receive any proceeds from the sale of shares by the selling stockholders in the public offering. OneStream used all of the net proceeds to it from the public offering to purchase issued and outstanding LLC units of OneStream Software LLC (and purchase and cancel an equal number of shares of Class C common stock) as part of a non-dilutive “synthetic secondary” transaction. Accordingly, OneStream did not retain any proceeds from the Secondary Offering and, upon its closing, the total number of outstanding shares of common stock of OneStream and LLC units of OneStream Software LLC remained the same.

Financial Outlook

OneStream is providing the following guidance for the first quarter of 2025 and fiscal year 2025:

Q1’25

FY25

Total Revenue

$130M – $132M

$583M – $587M

Non-GAAP Operating Margin

(9%) – (7%)

(1%) – 1%

Non-GAAP Net Income / (Loss) per Share

($0.04) – ($0.02)

$0.01 – $0.09

Equity-Based Compensation

$45M – $50M

$125M – $135M

 

OneStream has not provided a reconciliation of its forward outlook for non-GAAP operating margin and non-GAAP net income / (loss) per share to their most directly comparable GAAP financial measures in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. OneStream is unable to predict with reasonable certainty the amount and timing of adjustments that are used to calculate these non-GAAP financial measures, particularly related to equity-based compensation and employee stock transactions and the related tax effects.

Earnings Webcast Information

OneStream will host a conference call for analysts and investors to discuss its financial results for the fourth quarter and fiscal year 2024 and its outlook for the first quarter of 2025 and fiscal year 2025 today at 4:30 p.m. Eastern time / 1:30 p.m. Pacific time. A webcast replay will be available on the Investor Relations Section of OneStream’s website following the call.

Date:

Tuesday, February 11, 2025

Time:

4:30 p.m. ET / 1:30 p.m. PT

Webcast:

https://investor.onestream.com

 

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this press release may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions. Forward-looking statements contained in this press release include, but are not limited to, statements regarding our business strategy and future growth, including statements regarding our Finance AI portfolio, CPM Express and Infinity SPM products, AI-powered anomaly detection and scenario modeling capabilities, and our guidance for total revenue, non-GAAP operating margin, non-GAAP net income / (loss) per share and equity-based compensation for the first quarter of 2025 and fiscal year 2025. Forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other factors. Some of these risks are described in greater detail in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, which we filed with the Securities and Exchange Commission on November 7, 2024. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause our actual results to differ materially from those contained in any forward-looking statements we may make. These factors may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not rely on these statements or regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified timeframe, or at all. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Measures

In addition to GAAP financial measures, this press release includes non-GAAP financial measures that we use to help us evaluate our business, identify trends affecting our business, formulate business plans and make strategic decisions. These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income per share and free cash flow, and their respective definitions are presented below.

There are limitations to the non-GAAP financial measures included in this press release, and they may not be comparable to similarly titled measures of other companies. The non-GAAP financial measures included in this press release should not be considered in isolation from or as a substitute for their most directly comparable GAAP financial measures. Our management believes that our non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses that may not be indicative of our ongoing core operating performance. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and when planning, forecasting and analyzing future periods.

For a reconciliation of the non-GAAP financial measures presented for historical periods to their most directly comparable GAAP financial measures, please see the tables captioned “Reconciliation of Non-GAAP Financial Measures” included at the end of this press release. We encourage you to review the reconciliation in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future periods, we may exclude similar items, may incur income and expenses similar to these excluded items and may include other expenses, costs and non-recurring items.

Non-GAAP Operating Income (Loss)

We define non-GAAP operating income (loss) as income / loss from operations adjusted for non-cash, non-operational and non-recurring items, including equity-based compensation expense, employer taxes on employee stock transactions, Secondary Offering costs and amortization of acquired intangible assets.

Non-GAAP Operating Margin

We define non-GAAP operating margin as non-GAAP operating income (loss) as a percentage of total revenue.

Non-GAAP Net Income (Loss)

We define non-GAAP net income (loss) as net income / loss adjusted for non-cash, non-operational and non-recurring items, including equity-based compensation expense, employer taxes on employee stock transactions, Secondary Offering costs and amortization of acquired intangible assets.

Non-GAAP Net Income (Loss) Per Share

We define non-GAAP net income (loss) per share as basic net loss per share adjusted for non-cash, non-operational and non-recurring items, including equity-based compensation expense, employer taxes on employee stock transactions, Secondary Offering costs, amortization of acquired intangible assets and net loss attributable to non-controlling interests.

Free Cash Flow

We define free cash flow as net cash provided by operating activities less purchases of property and equipment.

About OneStream

OneStream is how today’s Finance teams can go beyond just reporting on the past and Take Finance Further by steering the business to the future. It’s the leading enterprise finance platform that unifies financial and operational data, embeds AI for better decisions and productivity, and empowers the CFO to become a critical driver of business strategy and execution.

We deliver a comprehensive cloud-based platform to modernize the Office of the CFO. Our Digital Finance Cloud unifies core financial and broader operational data and processes and embeds AI for better planning and forecasting, with an extensible architecture, so customers can adopt and develop new solutions, achieving greater value as their business needs evolve.

With over 1,600 customers, including 17% of the Fortune 500, more than 300 go-to-market, implementation, and development partners and over 1,500 employees, our vision is to be the operating system for modern finance. To learn more, visit onestream.com.

Investor Relations Contacts

INVESTOR CONTACT

Anne Leschin
VP, Investor Relations and Strategic Finance
OneStream
investors@onestreamsoftware.com 

MEDIA CONTACT

Victoria Borges
Media Relations Contact
OneStream
media@onestreamsoftware.com 

 

CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)

 

As of

December 31,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$

544,174

$

117,087

Accounts receivable, net

129,014

107,308

Unbilled accounts receivable

23,294

31,519

Deferred commissions

20,682

17,225

Prepaid expenses and other current assets

20,202

13,098

Total current assets

737,366

286,237

Unbilled accounts receivable, noncurrent

800

2,009

Deferred commissions, noncurrent

44,228

41,030

Operating lease right-of-use assets

16,705

18,559

Property and equipment, net

10,084

10,266

Intangible assets, net

2,567

—

Goodwill

9,280

—

Other noncurrent assets

2,191

3,458

Total assets

$

823,221

$

361,559

Liabilities and stockholders’ / members’ equity

Current liabilities:

Accounts payable

$

19,563

$

8,274

Accrued compensation

27,543

22,436

Accrued commissions

9,007

10,158

Deferred revenue, current

239,291

177,465

Operating lease liabilities, current

3,237

2,505

Other accrued expenses and current liabilities

13,534

11,532

Total current liabilities

312,175

232,370

Deferred revenue, noncurrent

4,515

5,141

Operating lease liabilities, noncurrent

15,357

17,522

Other noncurrent liabilities

216

—

Total liabilities

332,263

255,033

Stockholders’ / members’ equity:

Members’ interest

—

281,306

Preferred stock, $0.0001 par value, 100,000,000 shares authorized, no shares issued or outstanding as of December 31, 2024

—

—

Class A common stock, $0.0001 par value, 2,500,000,000 shares authorized, 51,456,091 shares issued and outstanding as of December 31, 2024

5

—

Class B common stock, $0.0001 par value, 300,000,000 shares authorized, no shares issued and outstanding as of December 31, 2024

—

—

Class C common stock(1), $0.0001 par value, 300,000,000 shares authorized, 63,929,619 shares issued and outstanding as of December 31, 2024

6

—

Class D common stock(1), $0.0001 par value, 600,000,000 shares authorized, 122,196,307 shares issued and outstanding as of December 31, 2024

12

—

Additional paid-in capital

718,084

—

Accumulated other comprehensive loss

(599)

(625)

Accumulated deficit

(331,334)

(174,155)

Total stockholders’ equity attributable to OneStream, Inc. / members’ equity

386,174

106,526

Non-controlling interests

104,784

—

Total stockholders’ / members’ equity

490,958

106,526

Total liabilities and stockholders’ / members’ equity

$

823,221

$

361,559

(1) Each share of Class C common stock is convertible at any time at the option of the holder into one share of Class B common stock, and each share of Class D common stock is convertible at any time at the option of the holder into one share of Class A common stock.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share amounts)

(Unaudited)

 

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

Revenues:

Subscription

$

118,608

$

87,583

$

428,150

$

302,923

License

6,961

7,579

31,779

40,518

Professional services and other

6,906

7,432

29,478

31,480

Total revenue

132,475

102,594

489,407

374,921

Cost of revenues:

Subscription(2)

30,907

20,899

112,914

74,146

Professional services and other(2)

13,018

9,587

66,415

40,356

Total cost of revenue

43,925

30,486

179,329

114,502

Gross profit

88,550

72,108

310,078

260,419

Operating expenses:

Sales and marketing(2)

65,618

39,554

328,843

175,795

Research and development(2)

36,896

15,675

156,812

55,289

General and administrative(2)

33,442

16,671

143,951

59,847

Total operating expenses

135,956

71,900

629,606

290,931

(Loss) income from operations

(47,406)

208

(319,528)

(30,512)

Interest income, net

5,929

1,360

14,248

4,062

Other (expense) income, net

(1,765)

1,829

498

(1,065)

(Loss) income before income taxes

(43,242)

3,397

(304,782)

(27,515)

Provision for income taxes

1,263

646

1,877

1,416

Net (loss) income

$

(44,505)

$

2,751

$

(306,659)

$

(28,931)

Less: Net loss attributable to non-controlling interests

(13,056)

—

(90,458)

—

Net (loss) income attributable to OneStream, Inc.

$

(31,449)

$

2,751

$

(216,201)

$

(28,931)

Net loss per share of Class A and Class D common stock–basic(1)

$

(0.19)

$

(1.23)

Net loss per share of Class A and Class D common stock–diluted(1)

$

(0.19)

$

(1.25)

Weighted-average shares of Class A and Class D common stock outstanding–basic(1)

165,844

163,469

Weighted-average shares of Class A and Class D common stock outstanding–diluted(1)

234,644

234,043

(1) Represents net loss per share of Class A common stock and Class D common stock and weighted-average shares of Class A common stock and Class D common stock outstanding for the period following OneStream Inc.’s IPO and related reorganization transactions.

(2) Includes equity-based compensation expense as follows:

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

Cost of subscription

$

958

$

—

$

5,939

$

—

Cost of professional services and other

2,985

—

24,871

15

Sales and marketing

19,228

356

135,215

3,938

Research and development

14,421

105

77,926

518

General and administrative

14,990

722

72,446

3,799

Total equity-based compensation

$

52,582

$

1,183

$

316,397

$

8,270

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(Unaudited)

 

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

Cash flows from operating activities:

Net (loss) income

$

(44,505)

$

2,751

$

(306,659)

$

(28,931)

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

Depreciation and amortization

1,069

657

3,655

2,887

Noncash operating lease expense

605

764

2,908

2,433

Amortization of deferred commissions

5,234

4,316

20,440

16,977

Equity-based compensation

52,582

1,183

316,397

8,270

Other noncash operating activities, net

422

69

(980)

3,249

Changes in operating assets and liabilities:

Accounts receivable, net

(14,328)

(3,169)

(13,361)

(11,668)

Deferred commissions

(8,485)

(10,673)

(27,095)

(26,381)

Prepaid expenses and other assets

(7,882)

(3,564)

(9,277)

(9,971)

Accounts payable

826

(5,285)

16,546

(11,644)

Deferred revenue

33,850

32,935

61,199

66,233

Accrued and other liabilities

5,750

6,811

(2,621)

9,811

Net cash provided by operating activities

25,138

26,795

61,152

21,265

Cash flows from investing activities:

Purchases of property and equipment

(441)

(222)

(2,618)

(2,589)

Acquisition of business, net of cash acquired

—

—

(7,594)

—

Sales of marketable securities

—

—

—

87,339

Net cash (used in) provided by investing activities

(441)

(222)

(10,212)

84,750

Cash flows from financing activities:

Proceeds from initial public offering, net of underwriting discounts and commissions

—

—

409,598

—

Repurchases of LLC Units

(206,709)

—

(263,372)

—

Payments of deferred offering costs

(494)

—

(5,437)

—

Proceeds from Secondary Offering

206,709

—

206,709

—

Proceeds from option exercises

25,014

—

28,955

247

Payments of deferred financing costs

—

(546)

—

(546)

Repayments of borrowings on revolving credit facility

—

—

—

(3,500)

Principal payments on finance lease obligation

—

—

—

(46)

Net cash provided by (used in) financing activities

24,520

(546)

376,453

(3,845)

Effect of exchange rate changes on cash and cash equivalents

(501)

324

(306)

230

Net increase in cash and cash equivalents

48,716

26,351

427,087

102,400

Cash and cash equivalents – Beginning of period

495,458

90,736

117,087

14,687

Cash and cash equivalents – End of period

$

544,174

$

117,087

$

544,174

$

117,087

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)

 

Non-GAAP Operating Income (Loss)

 

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

(in thousands)

(Loss) income from operations

$

(47,406)

$

208

$

(319,528)

$

(30,512)

Equity-based compensation expense

52,582

1,183

316,397

8,270

Employer taxes on employee stock transactions

1,904

—

2,297

—

Secondary Offering costs

1,325

—

1,325

—

Amortization of acquired intangible assets

275

—

733

—

Non-GAAP operating income (loss)

$

8,680

$

1,391

$

1,224

$

(22,242)

 

Non-GAAP Operating Margin

 

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

(in thousands)

Operating margin

(36)

%

—

(65)

%

(8)

%

Equity-based compensation expense

40

%

1

%

65

%

2

%

Employer taxes on employee stock transactions

1

%

—

—

—

Secondary Offering costs

1

%

—

—

—

Amortization of acquired intangible assets

—

—

—

—

Non-GAAP operating margin(1)

7

%

1

%

—

(6)

%

(1) Non-GAAP operating margin may not foot due to rounding.

 

Non-GAAP Net Income (Loss)

 

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

(in thousands)

Net (loss) income

$

(44,505)

$

2,751

$

(306,659)

$

(28,931)

Equity-based compensation expense

52,582

1,183

316,397

8,270

Employer taxes on employee stock transactions

1,904

—

2,297

—

Secondary Offering costs

1,325

—

1,325

—

Amortization of acquired intangible assets

275

—

733

—

Non-GAAP net income (loss)

$

11,581

$

3,934

$

14,093

$

(20,661)

 

Non-GAAP Net Income Per Share

 

Three Months Ended
December 31, 2024

Year Ended
December 31, 2024

Net loss per share–basic

$

(0.19)

$

(1.23)

Equity-based compensation expense

0.32

1.91

Employer taxes on employee stock transactions

0.01

0.01

Secondary Offering costs

0.01

0.01

Amortization of acquired intangible assets

—

—

Net loss attributable to non-controlling interests

(0.08)

(0.55)

Non-GAAP net income per share(1)

$

0.07

$

0.14

(1) Non-GAAP net income per share may not foot due to rounding.

 

Free Cash Flow

 

Three Months Ended December 31,

Year Ended December 31,

2024

2023

2024

2023

(in thousands)

Net cash provided by operating activities

$

25,138

$

26,795

$

61,152

$

21,265

Purchases of property and equipment

(441)

(222)

(2,618)

(2,589)

Free cash flow

24,697

26,573

58,534

18,676

Net cash (used in) provided by investing activities

$

(441)

$

(222)

$

(10,212)

$

84,750

Net cash provided by (used in) financing activities

$

24,520

$

(546)

$

376,453

$

(3,845)

 

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SOURCE OneStream, Inc.

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Technology

Toronto firm fined $5,000 for unauthorized use of professional engineer’s seal

Published

48 minutes ago

on

May 6, 2026

By

TORONTO, May 6, 2026 /CNW/ – The Ontario Court of Justice has fined a Toronto firm $5,000 for applying a facsimile of a professional engineer’s seal to an engineering report without the engineer’s knowledge or consent.

In June 2023, 11951076 Canada Inc., operating as Studio Four, affixed an engineer’s seal to an engineering report and submitted it to the City of Hamilton in connection with a residential building project. The engineer whose seal was used did not authorize the use of the seal.

A complaint was made to Professional Engineers Ontario (PEO), which investigated and laid charges under the Professional Engineers Act (PEA).

On April 24, 2026, Studio Four pleaded guilty to one count of breaching section 40(3)(b) of the PEA. The firm’s two directors, Salim Afroz and Ashweek Chhabra, also pleaded guilty to breaching section 40(5) of the Act in connection with this conduct.

Studio Four was ordered to pay a $5,000 fine. The two directors each received suspended sentences.

As the regulator of professional engineering in Ontario, PEO reminds the public that the unauthorized use or forgery of a professional engineer’s seal on construction or design drawings is a quasi-criminal offence under the PEA. Such conduct may also result in criminal charges under the Criminal Code of Canada.

PEO administers the Professional Engineers Act to serve and protect the public interest by licensing Ontario’s more than 98,000 professional engineers and engineering firms. Professional engineers can be identified by the “P.Eng.” designation following their names.

Members of the public can verify a professional engineer or engineering firm by searching PEO’s public directories at peo.on.ca/directory. Concerns about unlicensed individuals or unauthorized firms may be reported through PEO’s enforcement hotline at 416-840-1444, 1-800-339-3716 ext. 1444, or enforcement@peo.on.ca.

SOURCE Professional Engineers Ontario

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Tell a Friend, Save on Travel! EF World Journeys Launches Cross-Brand Referral Program That Rewards Travelers to Inspire the People in Their Lives to Tour the Globe

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May 6, 2026

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New benefit allows travelers to unlock savings on future trips by introducing friends and family to EF Go Ahead Tours, EF Ultimate Break, and EF Adventures

CAMBRIDGE, Mass., May 6, 2026 /PRNewswire/ — EF World Journeys, a leader in guided, experiential travel for adults from Gen Z to Baby Boomers, today announced the launch of a new referral program, a travel rewards benefit that can be redeemed across EF Go Ahead Tours, EF Ultimate Break, and EF Adventures.

Under the new program, travelers will receive $100 in travel credit for every friend who books a trip using their referral, with every fifth referral earning you $500 and no cap on total rewards earned. In short, the more friends or family who book from your referral, the more you save on your next trip.

Each year, guided trips across EF World Journeys’ portfolio bring travelers together through shared experiences that extend far beyond the journey itself. Many of those travelers continue to engage with the people they meet on tour, often exchanging photos, stories, and future travel inspiration well after returning home. The new referral program builds on the natural desire to share those experiences, offering travelers easy ways to connect and invite friends, family members, and fellow adventurers to experience a guided group tour for themselves.

“At EF, we’ve always believed that one of the most powerful parts of travel is the connections and communities we create along the way,” said Heidi Durflinger, CEO of EF World Journeys USA. “This referral program makes that even easier, giving our travelers a way to bring friends and family into the experience while continuing to grow a global community of people who choose to explore the world together.”

How it works: Give $100. Get $100.

Refer a friend: Any traveler who has taken a trip with or is currently booked on tour  with EF Go Ahead Tours, EF Ultimate Break, or EF Adventures can now share a personal referral link via email, text, social media, or their respective EF World Journeys mobile app. Friends must be new to EF World Journeys, 18 or older, and have a valid email address to qualify.Both travelers earn $100: When the referred traveler books, both receive $100 in travel credit. Rewards are issued 60 days after booking confirmation, and referrals must book within six months.Earn $500 on every fifth referral: Referring travelers receive $500 for every fifth successful referral. There is no limit to how many referrals can be made, and rewards NEVER expire.

To celebrate the launch of the new referral program, EF Go Ahead Tours is offering an additional limited-time incentive. For the month of May 2026, travelers who refer a friend that books an EF Go Ahead Tours trip will receive an extra $100 referral reward on top of the standard program credit. The promotional bonus applies exclusively to EF Go Ahead Tours bookings and is available for a limited time.

One program. Three brands. Built for every kind of traveler.

EF World Journeys’ referral benefits are available when booking across its entire portfolio of guided, experiential travel companies, allowing travelers to earn and share rewards regardless of which tour operator they or their friends or family choose.

EF Go Ahead Tours offers curated guided travel for adults of all ages, including multi-generational travel groups and private or customized group tours.EF Ultimate Break serves travelers ages 18–35 with social, immersive itineraries.EF Adventures provides hiking, biking, and multi-adventure trips for active adults with a focus on lifelong learning, wellness and community.

Because the referral program spans all three tour operators at EF World Journeys, credits can move naturally within families and friend networks whose travel styles differ.

For example, a traveler who just had a life-changing trip on EF Go Ahead Tours’ A Week in Greece can refer her college-aged daughter to EF Ultimate Break’s Europe’s Icons: London, Paris & Rome and both receive $100 towards their next tour. She can then refer her basketball coach who is a hiking enthusiast to EF Adventure’s Italy Hiking: The Dolomites — and earn again.

This cross brand traveler benefit ensures that no matter how or where someone chooses to book travel across EF Go Ahead Tours, EF Ultimate Break, or EF Adventures – the rewards follow.

For EF Go Ahead Tours, please visit: https://www.goaheadtours.com/about/referrals
For EF Ultimate Break, please visit: https://www.efultimatebreak.com/traveling-with-us/refer-a-friend
For EF Adventures, please visit: https://www.efadventures.com/about/referrals-program

About EF World Journeys
EF World Journeys  is a leader in guided, experiential travel. We connect cultures, communities, and people through guided, group travel with leading tour operator brands like EF Ultimate Break (adults 18-35), EF Go Ahead Tours (adults 35+), and our newest brand, EF Adventures, focused on adventure tours for the active traveler in you. EF World Journeys is part of EF Education First. For over 60 years, EF has planned guided tours with a focus on education and cultural immersion. EF offers travelers 24/7 global support, affordable payment plans, and supports tours in more than 400 destinations worldwide. Since 1965, EF has been committed to opening the world through education. At EF World Journeys, we do just that, helping people of all ages experience the magic of travel, connecting travelers with new places, cultures, and, best of all, a diverse community of people excited to explore the world.

About EF Go Ahead Tours
EF Go Ahead Tours offers more than 200 guided trips across six continents. Each carefully planned, expertly led tour makes it easy for curious travelers of all ages to get to the heart of a destination. With a maximum group size well below the industry average, each trip has the perfect balance of planned sightseeing and free time to explore.

EF Go Ahead Tours is a tour operator brand within EF World Journeys, one of North America’s leading guided, experiential travel companies.

Join EF Go Ahead Tours’ affiliate program, supported by AWIN and earn commissions on booked tours.

About EF Ultimate Break
EF Ultimate Break is the best way to experience the world for anyone 18-35. With over 175 trips, we handle logistics for everything that makes travel a great experience from accommodations to flights to amazing tour directors to memory-making excursions. Our affordable interest-free payment plans make international travel possible for every traveler. EF Ultimate Break is part of EF World Journeys, a leader in guided, experiential travel with tour operator brands that also include EF Go Ahead Tours (adults 35+) and EF Adventures (all ages, 14+ with adult supervision). 

Are you an influencer or creator who wants to lead tours with your growing audience? Earn commissions on each booking by joining our influencer-hosted tour program. 

Media partners can now participate in EF Ultimate Break’s affiliate marketing program and earn commissions for tour bookings. Click here to learn more.

About EF Adventures
EF Adventures is an education-based adventure travel company offering 40+ guided tours across 25 countries and 5 continents. Launched in September 2024 as part of the EF World Journeys family of experiential travel brands, EF Adventures builds on more than 30 years of EF’s global expertise in educational and cultural immersion.

Each small-group tour blends active exploration with authentic learning, inviting travelers to engage with local traditions, communities, and ecosystems through guided experiences like hiking, biking, and multi-adventure activities such as kayaking, yoga, ziplining, and more. Designed for varied fitness levels and age groups, the EF Adventures experience combines adventure-based activity with hands-on cultural discovery that transforms how people see the world.

EF Adventures invites publishers and creators to become part of its growing affiliate network. Earn competitive commissions on confirmed bookings by referring travelers to efadventures.com. Learn more and apply here.

View original content to download multimedia:https://www.prnewswire.com/news-releases/tell-a-friend-save-on-travel-ef-world-journeys-launches-cross-brand-referral-program-that-rewards-travelers-to-inspire-the-people-in-their-lives-to-tour-the-globe-302761895.html

SOURCE EF World Journeys

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NEO Battery Partners with Highest-Ranking ROK Army’s Capital Defense Command for Defense Drone & Robotics Batteries

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48 minutes ago

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May 6, 2026

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Defense technology partnership with Republic of Korea (“ROK) Army’s Capital Defense Command (“CDC”), one of the highest-ranking command units responsible for securing the Presidential Office, the capital and key national infrastructureFocuses on battery supply and integration within CDC defense drone and robotics units, featuring specialized drone training and technical battery advisoryLeverages the CDC’s decision-making authority to accelerate the adoption of Korea-made battery technology across broader national defense and military units

TORONTO, May 6, 2026 /CNW/ – NEO Battery Materials Ltd. (“NEO” or the “Company”) (TSXV: NBM) (OTC: NBMFF), a low-cost, silicon-enhanced battery developer that enables longer-running, rapid-charging batteries for drones, robotics, and physical AI, is pleased to announce it has entered into a significant defense partnership agreement (the “Agreement”) with the Republic of Korea (“ROK”) Army’s Capital Defense Command (CDC) – a direct reporting unit to the President of South Korea and the Joint Chiefs of Staff. Stationed in Seoul and known as the “Shield Unit”, the CDC is one of the highest-ranking national command units, responsible for protecting the Presidential Office (Blue House), the capital and key national infrastructure.

This partnership represents a strategic expansion into a higher command level within the ROK Army, operating directly under the Army Headquarters with significant decision-making and procurement authority. The Agreement builds on NEO’s momentum in its Korean Defense Integration Strategy (see previously announced partnerships with the 12th Infantry Division dated April 1, 2026, and the Capital Mechanized Infantry Division dated April 22, 2026), and serves as a critical milestone due to the CDC’s ability to advocate for the prompt implementation of non-Chinese battery solutions that meet stringent security clearance and performance requirements.

The Agreement will focus on the supply and deployment of high-performance, defense batteries within the CDC’s drone and robotics units to enhance operational runtime and energy efficiency. Furthermore along with Korean drone partners, NEO will provide specialized drone training and technical battery advisory to support CDC’s personnel, all of whom are required to be certified in drone operations. This Agreement followed a successful live demonstration of NEO’s high-energy drone batteries held at the CDC’s parade ground on April 30, 2026.

Lieutenant General Changjoon Eo, Commander of the Capital Defense Command, expressed, “The CDC was highly impressed with the drone flight time performance exhibited by NEO’s high-performance batteries compared to commercial Chinese products. As the ROK Army and its units initiate the transition towards a Korea-made supply chain, NEO Battery will act as an integral partner for the CDC and its sub-units to ensure traceability and performance for defense batteries in our drone and robotics platforms.”

“Securing this partnership with a high-ranking command unit such as the CDC further validates the effectiveness of NEO’s battery technology,” stated Spencer Huh, President & CEO of NEO. “As the CDC is a heavy consumer of drone technology and requires high-performance, non-Chinese components to ensure national security, NEO’s in-country presence, along with our robust performance data and wide technology offering, aptly positions us to meet stringent scopes of work for the highest levels of the ROK military.”

About the ROK Army’s Capital Defense Command
Operating under the name “Shield Unit” or Chungjeongdae, the ROK Army’s Capital Defense Command is one of the highest-ranking, corps-level military organizations within the Republic of Korea’s Armed Forces and Operations Command. The CDC is primarily responsible for defending the Presidential Office, the capital, the Ministry of National Defense facilities, major government buildings, and key national infrastructure. The Command exercises several subordinate units, including the 1st Security Group, the 1st Air Defense Brigade, the CDC Military Police Group, and the 52nd and 56th Infantry Divisions.

About NEO Battery Materials Ltd.
NEO Battery Materials is a Canadian-South Korean battery technology company focused on developing and producing silicon-enhanced lithium-ion batteries in drones, robotics, physical AI, electric vehicles, and energy storage systems. With a patent-protected, low-cost silicon manufacturing process, NEO Battery enables longer-running and ultra-fast charging properties and provides end-to-end battery solutions from materials selection, cell architecture, and process optimization. The Company aims to be a globally-leading producer of high-performance lithium-ion batteries and materials, building a secure, robust battery supply chain for Western manufacturers. For more information, please visit the Company’s website at: https://www.neobatterymaterials.com/.

On Behalf of the Board of Directors
Spencer Huh
Director, President, and CEO

This news release includes certain forward-looking statements as well as management’s objectives, strategies, beliefs and intentions. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified notably by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: volatile stock prices; the general global markets and economic conditions; the possibility of write-downs and impairments; the risk associated with the research and development of battery-related technologies; the risk associated with the effectiveness and feasibility of battery material, electrode, and cell technologies that have not yet been tested or proven on commercial scale or under real-world operating conditions; the risks associated with battery-related manufacturing process scale-up, including maintaining consistent material, component, and cell quality, production yields, and process reproducibility at a pilot, semi-commercial, or commercial scale; the risks associated with compatibility of existing battery chemistries, formulations, components, or designs; unforeseen risks associated with entering into and maintaining collaborations, joint ventures, partnerships, or commercial contracts with battery cell manufacturers, original equipment manufacturers, and various companies in the global battery and downstream end-user supply chain; the risks associated with the failure to develop and produce commercially viable battery-related products or that technical goals may not be achieved within expected timelines or budgets under a joint development or collaboration; the risks associated with the Company’s technologies and products not meeting performance requirements or customer specifications; the risks that prototype and pilot-scale products do not advance into commercially produced products or translate into commercial orders; the risk associated with battery components and cell purchase orders and offtake supply that may not be fulfilled in full, on time, or at all as actual revenue realization depends on delivery schedules, achievement of technical milestones, and customer acceptance and validation; the risk associated with losing official vendor registration or status with existing customers; counterparty risk upon delivery of prototype and commercial products; the risks associated with constructing, completing, securing, and financing pilot, semi-commercial, and commercial battery materials, components, and cell manufacturing facilities including the Canadian and South Korean facilities; the risks associated with potential delays or increased costs with site preparation, equipment procurement and installation, and facility commissioning; the risks associated with integrating silicon anode material production, electrode manufacturing, and cell assembly within a single operational cluster or the Company’s business portfolio; the risks associated with supply chain disruptions or cost fluctuations in raw materials, processing chemicals, and additive prices, impacting production costs and commercial viability; the risks associated with uninsurable risks arising during the course of research, development and production; competition faced by the Company in securing experienced personnel, contracts and sales, and financing; access to adequate infrastructure and resources to support battery materials, components, and cell research and development activities; the risks associated with changes in the technology regulatory regime governing the Company; the risks associated with the timely execution of the Company’s strategies and business plans; the risks associated with the lithium-ion battery industry and end-users’ demand and adoption of the Company’s silicon anode technology and battery products; market adoption and integration challenges, including the difficulty of incorporating silicon anodes and silicon battery products within battery manufacturers and OEMs’ systems; the risks associated with the various environmental and political regulations the Company is subject to; risks related to regulatory and permitting delays; the reliance on key personnel; liquidity risks; the risk of litigation; risk management; and other risk factors as identified in the Company’s recent Financial Statements and MD&A and in recent securities filings for the Company which are available on www.sedarplus.ca. Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued R&D and commercialization activities, no material adverse change in precursor, raw material, equipment, and relevant cost prices, development and commercialization plans to proceed in accordance with plans and such plans to achieve their stated expected outcomes, receipt of required regulatory approvals, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operations, research and development, and commercialization plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is made as of the date of this presentation, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE NEO Battery Materials Ltd.

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