Connect with us

Technology

Flex LNG – First Quarter 2025 Earnings Release

Published

1 year ago

on

HAMILTON, Bermuda, May 21, 2025 /PRNewswire/ — Flex LNG Ltd. (“Flex LNG” or the “Company”) today announced its unaudited financial results for the three months ended March 31, 2025.

Highlights:

Vessel operating revenues of $88.4 million for the first quarter 2025, compared to $90.9 million for the fourth quarter 2024.Net income of $18.7 million and basic earnings per share of $0.35 for the first quarter 2025, compared to net income of $45.2 million and basic earnings per share of $0.84 for the fourth quarter 2024.Average Time Charter Equivalent (“TCE”) rate of $73,891 per day for the first quarter 2025, compared to $75,319 per day for the fourth quarter 2024.Adjusted EBITDA of $65.6 million for the first quarter 2025, compared to $68.7 million for the fourth quarter 2024.Adjusted net income of $29.4 million for the first quarter 2025, compared to $30.8 million for the fourth quarter 2024.Adjusted basic earnings per share of $0.54 for the first quarter 2025, compared to $0.57 for the fourth quarter 2024.In March 2025, Flex Constellation was re-delivered from the existing time charter contract and was employed in the short-term market, until the commencement of a 15-year time charter contract during the first or second quarter of 2026.In April 2025, the charterer of Flex Artemis elected not to exercise the option under the time charter. The vessel is expected to be re-delivered from the original 5-year variable hire contract in the third quarter of 2025. Following the re-delivery, Flex Artemis will perform her scheduled dry-docking and subsequently will be marketed for short and long-term contracts.In May 2025, we received a credit approved term sheet for a $175.0 million, 10-year sale and leaseback with an Asian-based lease provider for Flex Courageous. The refinancing will repay the outstanding amount relevant to Flex Courageous, under the $330 Million Sale and Leaseback.In May 2025, the Company announces that it has initiated the process of refinancing the vessels Flex Resolute and Flex Constellation, aiming to free up liquidity, reduce the cost of debt and extend the debt maturities. The Company aims to secure commitments and conclude the new financings during the second half of 2025In May 2025, at the 2025 Annual General Meeting of Shareholders (AGM), the Company’s shareholders approved the delisting of the Company’s common shares from the Oslo Stock Exchange (OSE) and authorised the Board of Directors to take steps to implement the delisting including filing an application to the OSE on behalf of the Company.In May 2025, the Company published its ESG report for 2024, its seventh comprehensive and stand-alone sustainability report, which provides an opportunity to reflect on the Company’s ESG journey thus far.The Company declared a dividend for the first quarter 2025 of $0.75 per share. The dividend is payable on or about June 20, 2025 to shareholders, on record as of June 6, 2025.

Marius Foss, Interim CEO of Flex LNG Management AS, commented:

“Flex LNG delivered solid results for the first quarter, with revenues of $88.4 million, or $86.8 million excluding EUAs. Net income came in at $18.7 million, translating to earnings per share (EPS) of $0.35 and adjusted net income came in at $29.4 million, or $0.54 per share. As expected, revenue decreased by $3 million compared to Q4 2024 primarily due to lower earnings from Flex Artemis, operating on a variable index hire. Additionally, Flex Constellation was redelivered at the end of February and commenced a new spot voyage in late March. Flex Constellation is expected to remain in the spot market until she begins a 15-year time charter in H1 2026.

Flex Artemis has been on a 5-year Time Charter and will be redelivered in Q3-2025, after which she will undergo her 5-year special survey drydocking. With her full reliquefaction system, she is highly attractive for charterers on long-term Time Charters.

Late last year, we strengthened our earnings foundation by securing up to 37 years of new contract backlog for Flex Constellation, Flex Courageous and Flex Resolute. As a result, our total minimum firm backlog now stands at 59 years, with the potential to expand to 88 years through charterers’ extension options. This provides strong earnings visibility going forward.

Following these contract additions we see opportunities for attractive refinancings. Today we announce that we have received a credit approved term sheet for a $175m sale and leaseback at very attractive terms for the refinancing of Flex Courageous. We also announce that we have initiated the process of refinancing the Flex Resolute and Flex Constellation, aiming to free up liquidity, reduce cost of debt and extend debt maturities.

We see increasing momentum in the US LNG sector, evidenced by Woodside’s FID on the Louisiana LNG project. This positive news flow signals a wave of upcoming liquefaction capacity. These new projects are expected to come on stream just as some of our vessels conclude their existing charters, creating an ideal opportunity to re-contract.

Today, we are pleased to release our 2024 ESG Report — the seventh edition since our inaugural report in 2018. We are proud to report a Lost Time Injury Frequency (LTIF) of zero, which is a testament to our relentless focus on health and safety. We encourage readers to explore the report to understand our continuous commitment to sustainability.

With solid earnings, substantial backlog and our strong balance sheet with $410 million of cash and no debt maturities prior to 2028, the Board is pleased to announce another quarterly dividend per share of $0.75. This is equal to a quarterly dividend pay-out of approximately $41 million. Therefore, we have paid trailing twelve months dividends of $3.0 per share, giving our investors a running yield of about 12 per cent. This is our fifteenth ordinary quarterly dividend of $0.75, and when adding the special dividends we will have paid out approximately $650 million since Q4-2021.”

First Quarter 2025 Result Presentation

In connection with the earnings release, a video webcast will be held at today 15:00 CEST (09:00 a.m. EST).

In order to watch the webcast, use the following link:

First Quarter 2025 Earnings Presentation

A Q&A session will be held after the webcast. Information on how to submit questions will be given at the beginning of the session.

The presentation material which will be used in the live video webcast can be downloaded on www.flexlng.com and replay details will also be available at this website.

For further information, please contact:
Mr. Knut Traaholt, Chief Financial Officer of Flex LNG Management A
Telephone: +47 23 11 40 00
Email: ir@flexlng.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “believe,” “expect,” “forecast,” “anticipate,” “aim,” “commit,” “estimate,” “intend,” “plan,” “possible,” “potential,” “pending,” “target,” “project,” “likely,” “may,” “will,” “would,” “should,” “could” and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although management believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company’s control, there can be no assurance that the Company will achieve or accomplish these expectations, beliefs or projections. As such, these forward-looking statements are not guarantees of the Company’s future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. The Company undertakes no obligation, and specifically declines any obligation, except as required by applicable law or regulation, to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the effect of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement.

In addition to these important factors, other important factors that, in the Company’s view, could cause actual results to differ materially from those discussed in the forward-looking statements include: unforeseen liabilities, future capital expenditures, the strength of world economies and currencies, inflationary pressures and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the LNG tanker market, the impact of public health threats, changes in the Company’s operating expenses, including bunker prices, drydocking and insurance costs, the fuel efficiency of the Company’s vessels, the market for the Company’s vessels, availability of financing and refinancing, ability to comply with covenants in such financing arrangements, failure of counterparties to fully perform their contracts with the Company, changes in governmental rules and regulations or actions taken by regulatory authorities, including those that may limit the commercial useful lives of LNG tankers, customers’ increasing emphasis on environmental and safety concerns, potential liability from pending or future litigation, global and regional economic and political conditions or developments, armed conflicts, including the war between Russia and Ukraine, as well as the developments in the Middle East, including continued conflicts between Israel and Hamas and the conflict regarding the Houthi attack in the Red Sea, trade wars, tariffs, embargoes and strikes, the impact of restrictions on trade, including the imposition of new tariffs, port fees and other

import restrictions by the United States on its trading partners and the imposition of retaliatory tariffs by China and the European Union on the United States, business disruptions, including supply chain disruption and congestion, due to natural or other disasters or otherwise, potential physical disruption of shipping routes due to accidents, climate-related incidents, or political events, potential cybersecurity or other privacy threats and data security breaches, vessel breakdowns and instances of off-hire, and other factors, including those that may be described from time to time in the reports and other documents that the Company files with or furnishes to the U.S. Securities and Exchange Commission (“Other Reports”). For a more complete discussion of certain of these and other risks and uncertainties associated with the Company, please refer to the Other Reports.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/flex-lng/r/flex-lng—first-quarter-2025-earnings-release,c4153189

The following files are available for download:

 

View original content:https://www.prnewswire.com/news-releases/flex-lng–first-quarter-2025-earnings-release-302461505.html

SOURCE Flex LNG

Related Topics:
Continue Reading

Technology

Home Companion Robot Mobo to Debut Globally and Open Pre-orders as AiMOGA Showcases Its Robot Family at the 2026 OMODA & JAECOO International User Summit

Published

37 minutes ago

on

November 7, 2026

By

WUHU, China, Nov. 7, 2026 /PRNewswire/ — As AI becomes part of everyday family life, how will it transform the homes of the future? The 2026 OMODA & JAECOO International User Summit, co-presented by CHERY, OMODA｜JAECOO, ICAUR, Lepas and AiMOGA, took place in Wuhu from October 19 to 24 under the theme “DRIVE TO THE NEXT VIBE.” During the summit, AiMOGA Robotics officially launched Mobo—its consumer-grade humanoid robot for home companionship—and opened global pre-orders. The launch took embodied AI into the home, extending proven automotive-grade technologies and supply-chain capabilities beyond vehicle manufacturing to a broader ecosystem of intelligent living.

Meet Mobo: A Thoughtful, Expressive and Caring Companion. A key highlight of the summit, Mobo makes its global debut with pre-orders opening worldwide. Having previously appeared at the World Robot Conference and the World Manufacturing Convention, it has already drawn strong interest. Powered by AiMOGA’s proprietary MoAgent AI brain, Mobo goes beyond rigid single-command responses: it independently breaks down complex instructions and plans long-horizon tasks, turning Q&A into goal-driven assistance. Designed for family life, it combines spatial perception with multimodal interaction—autonomous navigation, dynamic obstacle avoidance, and voice-plus-vision conversation that identifies objects and makes companionship feel natural. With a full-body motion system of 22 degrees of freedom, it delivers smooth movements and dance routines, remembers each family member’s habits and preferences, and builds in privacy protection from the outset—a companion blending advanced technology with warmth and care.

Bringing Automotive Expertise to Robotics. Unlike start-ups building from scratch, AiMOGA draws on the extensive automotive engineering experience and global R&D network of CHERY and its brands—OMODA｜JAECOO, ICAUR and Lepas—adapting proven technologies, including high-precision environmental perception and automotive-specific large AI models, for robotics. During the summit, its full robot portfolio will appear in zones recreating real-world applications: police robots patrolling mock traffic settings, healthcare robots guiding visitors, Mornine acting as an AI presenter, the Argos Pro quadruped demonstrating following and load carrying, and Mobo offering hands-on demonstrations as pre-orders open. AiMOGA already operates robots across more than 100 use cases—from dealerships and retail to traffic management, security, education and healthcare—with cumulative deliveries exceeding 3,000 units across more than 60 countries and regions.

Beyond Automotive Manufacturing. As these brands move from vehicles into robotics, they extend accumulated R&D, supply-chain and manufacturing expertise to wider intelligent applications; automotive–robotics integration provides the industrial foundation, while the MoAgent brain supports understanding, planning and execution. Guided by the philosophy “In Somewhere, For Somewhere, Be Somewhere,” CHERY, OMODA｜JAECOO, ICAUR, Lepas and AiMOGA are bringing intelligent technology into everyday life and delivering meaningful support to people worldwide.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/home-companion-robot-mobo-to-debut-globally-and-open-pre-orders-as-aimoga-showcases-its-robot-family-at-the-2026-omoda–jaecoo-international-user-summit-302932549.html

SOURCE OMODA & JAECOO

Continue Reading

Technology

CassTime Unveils AI-Driven “T+D Solution” to Tackle Data and Repair Bottlenecks in the Global Automotive Aftermarket

Published

3 hours ago

on

November 7, 2026

By

LAS VEGAS, Nov. 6, 2026 /PRNewswire/ — At the recently concluded AAPEX 2026, more than 45,000 professionals from 128 countries and regions and over 2,500 exhibitors gathered in Las Vegas, a clear sign of sourcing demand across the global automotive aftermarket. At the same time, a long-standing industry challenge has become harder to ignore: as vehicle model counts keep climbing and model refresh cycles shorten, global repair networks are commonly facing difficulties in parts data matching, fragmented supply sources, low quotation efficiency, and insufficient repair technical capabilities.

In response to these bottlenecks, Li Li, CEO of International Business at CassTime, introduced an AI-driven “T+D Solution” at the 2026 CassTime Partner Conference. T refers to Digital Trade, which connects supply with overseas procurement demand through the CassChoice platform; D refers to an intelligent localized service platform, which uses PartGrid to bring parts matching, repair support, and insurance claims assessment capabilities to local markets. The solution has already been put into practical operation in markets such as Saudi Arabia.

Industry Bottlenecks: Data Matching and Repair Capability Are Global Challenges

Li Li noted that channel and market-access conditions vary significantly across regions: the Middle East has many new vehicle models and a growing number of supply channels; Brazil has a complex channel and market-access system; Central Asia’s supply channels are being restructured; and North America has mature certification and channel requirements for branded parts. The common challenges are concentrated in four areas: data matching, supply stability, quotation and delivery efficiency, and local repair service capability. Insufficient data leads to matching difficulties, fragmented demand leads to unstable supply, and local repair capabilities are difficult to build up quickly.

“After decades of development, the automotive aftermarket has formed a complete supply chain system, and CassTime has also built a digital system covering the entire value chain,” Li Li said. “We hope to translate proven digital practices into a holistic solution that can be implemented overseas, covering both parts and repair services.”

Li Li emphasized that China’s auto parts industry has been tempered through intense competition and has long built a comprehensive domestic supply chain. In particular, its parts SKU coverage for Chinese-brand vehicles is especially complete: Chinese vehicle models have a large installed base and rapid update and iteration cycles. Leveraging deep accumulation in the local market, CassTime has formed the industry’s most complete coverage in parts data, VIN decoding, and repair cases for Chinese-brand vehicles. This is also the foundation of the T+D Solution. Supported by this most complete Chinese-brand vehicle SKU database, wherever Chinese-brand vehicles go in the world, CassTime can bring along the parts supply and repair experience already proven in China, enabling overseas partners to share the best practices of China’s supply chain.

CassChoice: Digital Trade to Solve Supply-Demand Matching Challenges

In traditional procurement scenarios, when a customer submits demand for hundreds of thousands of SKUs, it usually requires manual order splitting, separate inquiries to multiple suppliers, quotation consolidation, and delivery in batches—a long and inefficient process. The CassChoice system can automatically break down demand, generate batch quotations, track order status, and output reports. The relevant data can also be used for demand tracking and analysis—a direct manifestation of using AI and digital tools to solve “difficult data matching and fragmented supply.”

According to CassTime, its overseas platform has accumulated more than 5 million SKUs—with particularly complete SKU data for Chinese-brand vehicles—and can generate quotes in seconds for more than 10,000 SKUs. On the supply side, CassChoice connects factories, brands, and distributors, helping overseas customers complete sourcing, procurement, and local delivery, and efficiently matching fragmented supply with fragmented demand on a digital platform.

PartGrid: AI Agents to Fill Local Repair Capability Gaps

To address matching challenges caused by the large number and rapid updates of vehicle models, PartGrid integrates CassTime’s VIN decoding system to help local partners achieve precise matching just as they would in China, reducing error rates. Multilingual communication is handled by AI, enabling barrier-free interaction. The platform can use formats such as WhatsApp Chatbot to connect with local users, adapting to the usage habits of small repair businesses and end users.

Beyond parts circulation, PartGrid also provides three AI agent service capabilities: an AI Repair Master, which synchronizes accumulated repair data and cases to local markets to help solve technical difficulties, especially overseas repair of Chinese vehicle models; an insurance claims assessment agent, which combines real-time fault analysis, parts matching information, and labor-hour estimation to support efficient implementation of insurance business; and an AI Seller, which provides accurate and timely quotations around the clock. Together, these three capabilities form a localized service loop of “parts + repair + insurance,” directly addressing the industry bottleneck of “repair capability falling behind.”

Saudi Arabia Case: Localized Operations Starting from Claims Scenarios

CassTime’s partner in Saudi Arabia is a Middle East technology company that manages insurance business. Its digital platform, Tamam, handles related business for nearly half of Saudi Arabia’s insurance companies. The two parties began their cooperation with online access in claims scenarios: through PartGrid, the partner’s platform connects local car owners, workshops, and the supply chain to enable digital tracking and management of the process; through CassChoice, it connects supply, opening up the parts value chain from source to end user.

On this basis, the cooperation has three expansion directions: extending application scenarios from claims to more end-user demand; as workshops adoption and business volume grow, more local suppliers join the platform; and upstream factories, brands, and distributors connecting to supply.

At present, CassTime has advanced implementation in the Middle East and is extending the mature model to Central Asia, South America, and other regions, accelerating the construction of a global parts service network. CassTime stated that it will continue to rely on AI and digital capabilities and work with local partners to jointly build a sustainable overseas service ecosystem.

About CassTime

CassTime Holding Co., Ltd. ( “CassTime”) is a leading digital intelligence platform for the automotive aftermarket in China. It is committed to building AI-enabled digital infrastructure for all participants across the automotive aftermarket value chain, driving the industry’s upgrade toward digital intelligence, standardization and efficient collaboration. The company focuses on auto parts trading, supply chain integration, digital intelligence management for workshops and end-consumer vehicle owner services. It has built a full-value-chain ecosystem covering upstream OEMs and auto parts manufacturers, auto parts distributors, auto service workshops and car owners.

Media Contact

Ben Chan
General Manager, North & South America
Email: ben.chen@casstime.com 
Phone: +86 186 6512 3710

Related Links

CassChoice – China Auto Parts, Direct Supply Worldwide

https://www.facebook.com/people/CassTime/61595799821591/

View original content to download multimedia:https://www.prnewswire.com/news-releases/casstime-unveils-ai-driven-td-solution-to-tackle-data-and-repair-bottlenecks-in-the-global-automotive-aftermarket-302932534.html

SOURCE CassTime

Continue Reading

Technology

Sensitron Introduces 16-Channel, 270VDC Programmable SSPC Series

Published

3 hours ago

on

November 7, 2026

By

SPHM/SEHM Series consolidates circuit protection, load switching and real-time monitoring in a single networked COTS module

HAUPPAUGE, N.Y., Nov. 6, 2026 /PRNewswire/ — Sensitron Semiconductor, a U.S.-based manufacturer of high-reliability power electronics, today announced the SPHM/SEHM Series, a family of programmable Solid State Power Controllers (SSPCs) for 270VDC power distribution. Built on a microcontroller-based, commercial off-the-shelf (COTS) architecture, the series replaces discrete circuit breakers, solid state relays and system monitors with one intelligent unit that switches, protects and reports on up to 16 electrical loads.

Sensitron Semiconductor programmable 16-Channel Solid State Power Controllers (SSPCs) for 270VDC power distribution.

Flexible, high-capacity power distribution

Each SPHM/SEHM module provides 16 independently controlled high-side channels, each programmable from 1A to 10A, for a total capacity of up to 160A. Channels can be paralleled to drive higher-current loads, letting system designers tailor the power architecture to the platform rather than the other way around.

View the latest specifications at sensitron.com/270Vdc_SSPC.

Protection built in

True I²t protection with thermal memory, instant-trip capability and a trip-free reset circuit safeguard both loads and wiring. Soft turn-on and turn-off limit inrush and reduce electromagnetic interference (EMI).

Visibility at the system level

Integrated current, voltage and temperature sensing delivers readings accurate to within 5% across the full operating temperature range. Measurements and channel status are reported to the system controller over dual CAN or dual RS485 interfaces, enabling remote diagnostics, power budgeting, load shedding and condition-based reconfiguration.

Additional features

Start-up and continuous built-in self-test (BIT)

Galvanic isolation between the control interface and line power

Programmable interface I/O signals

Bootloader with field-updatable runtime code

Onboard code space for customer-developed application software

Conduction cooling with an operating range of −45°C to +100°C

“The introduction of our latest 270VDC Solid State Power Controller represents a significant leap forward in thermal management, effectively reducing junction temperatures by 15% compared to industry standard components.”  said Joseph Castaldo, Sensitron’s Vice President of Sales and Marketing. “By leveraging advanced wide-bandgap semiconductor materials, Sensitron Semiconductor is empowering engineers to push the boundaries of power distribution in the most demanding aerospace and defense applications.”

Configurations and applications

The SPHM Series is supplied as an open-frame card for integration into existing enclosures, while the SEHM Series adds an IP67-rated enclosure for harsh environments. Target applications include military ground vehicles, unmanned and manned aerial vehicles, marine vessels, command and communication centers, energy exploration equipment and off-highway vehicles.

Availability

For configuration options, availability and current specifications, visit www.sensitron.com/270Vdc_SSPC or contact sales@sensitron.com.

About Sensitron Semiconductor

Headquartered in New York, Sensitron Semiconductor is a U.S. company that for more than 50 years has delivered high-reliability power semiconductors and power management solutions to military, aerospace, space, medical and other demanding markets.

About Sensitron Semiconductor

Headquartered in Hauppauge, New York, Sensitron Semiconductor is a U.S. company that designs and manufactures high-reliability power semiconductors and power management solutions for military, aerospace, space, medical and industrial applications. With over 50 years of experience, Sensitron offers solid state power controllers, motor drives, power modules, rectifiers and transient voltage protection devices. Standard and custom solutions help customers meet demanding electrical, thermal and mechanical requirements. For more information, visit www.sensitron.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sensitron-introduces-16-channel-270vdc-programmable-sspc-series-302932535.html

SOURCE Sensitron Semiconductor

Continue Reading

Trending