FOR Hunter music fans, 2024 was the year that ageless performers like Alice Cooper and Tom Jones re-established their credentials, when old favourites like Pink and Missy Higgins dazzled us with renewed spirit, and young guns like Full Flower Moon Band and RVG impressed through their potential. Login or signup to continue reading Yet there's no denying the year also featured various blows. None hit harder than the shock announcement in February that the Hunter's biggest annual music festival, Groovin The Moo, had been cancelled due to insufficient ticket sales. It wasn't just festival-goers who were left dudded by cancellations. UK indie-rock band Catfish & The Bottlemen and hip-hop royalty Public Enemy both cancelled their shows. However, the most controversial cancellation was undoubtedly in July when Hollywood star Jack Black cancelled Tenacious D's gig mere hours before showtime while in Newcastle, following the negative fallout from his bandmate Kyle Gass's joke about Donald Trump. Despite these lows, there were positives. Locally-produced festivals Gum Ball and West Best Bloc Fest grew stronger, and new festivals like Portside and The Act sprang to life. We count down Weekender's 10 favourite concerts of 2024. Often gigs fail to meet the high bar fans set, and at other times, you're pleasantly surprised when shows exceed your expectations. It was the latter when '80s pop diva Belinda Carlisle finally returned to Newcastle . After three cancellations due to COVID and knee surgery, Novocastrians couldn't be blamed for running out of patience. However, the 66-year-old Carlisle made their wait worthwhile with an impressive display of pop nous and a back catalogue that invited you to sing, scream, and dance with abandon. We wrote: "Many of her songs have been fairly criticised for being formulaic and too-slickly produced, but Carlisle imbued them with an authenticity that is largely lacking in modern pop music." If concerts were purely judged on their enjoyment level, the faces of the middle-aged women dancing in the front row made it clear that Carlisle delivered a five-star performance. The Australian Rock Collective supergroup of Kram (Spiderbait), Davey Lane (You Am I), Darren Middleton (Powderfinger) and Mark Wilson (Jet) have explored The Beatles' Abbey Road and Let It Be and Neil Young's Harvest on previous tours. For Led Zeppelin's IV , ARC took it to another level. This was undoubtedly the foursome's most exciting show. Led Zeppelin's high-energy brand of blues-rock and folk was perfectly tailored to the stage. It was simply spine-tingling to hear Kram tackle Robert Plant's primal scream on the opening Black Dog . Middleton, while not the strongest vocalist, aptly delivered Stairway To Heaven , before handing over the legendary solo to Lane. For those of us too young to actually see Led Zep live, this was the next best thing. Everybody needs to, at least once in their life, experience the voice of Josh Teskey live. The Melbourne soul-rockers can write a tune, but undoubtedly their masterstroke is Josh Teskey's vocal. It's rich, nostalgic and soaked in the traditions of Wilson Pickett and Otis Redding. We wrote: "The biggest compliment the Civic Theatre audience paid was that they rarely sang along. They just listened. Intently." The Teskey Brothers had previously played at Dashville Skyline, prior to their celebrated debut album, Half Mile Harvest , but their Civic Theatre show was their first headline concert in Newcastle . The larger stage was no obstacle. Josh Teskey's capella version of Hold Me in the encore turned the Civic Theatre into a southern church. The congregation left, believing. On January 18 The Teskey Brothers step up to Bimbadgen with US southern rockers Band Of Horses. Country music strangely became the flavour of the month in 2024. Even Beyoncé went country and donned the cowboy hat and spurs on her acclaimed album Cowboy Carter. But unlike Morgan Wallen and Luke Combs, 40-year-old Texan Charley Crockett is the real deal. He treads the long lineage of country troubadours trailblazed by Hank Williams and Johnny Cash. A tightly packed Bar On The Hill had the opportunity to see Crockett and band in full flight on a steaming January night. Crockett literally sweated buckets for his art. A constant flow of perspiration trickled out of his jacket sleeve as he performed his most well-known cuts like $10 Cowboy , the Cash-esque Welcome To Hard Times , The Man From Waco , and Jamestown Ferry . We wrote: "And damn, it's an explosive chemistry alive on stage, honed by a ferocious and demanding touring schedule. After years of hard work, Crockett's star is quickly on the rise. " This was country music done right. Authentic, heartfelt, and with enough danger to threaten to go off the rails. Newcastle is a Cold Chisel town. It always has been and always will be. Novocastrians naturally bought up tickets en masse for Chisel's Big Five-0 Tour to celebrate their 50th anniversary as one of Australia's greatest rock bands. The performance didn't quite reach the heights of their electrifying night at the first Newcastle Supercars 500 in 2017, but still saw Chisel operating on high octane. We wrote: "The sold-out crowd of 6100 were treated to an almost two-hour, 24-song set, which mostly stuck to the band's legendary run in the late '70s and early '80s. "This was a show without bells or whistles. There were no video screens or even elaborate lighting. It was just the band performing the songs that have forged an indelible mark on Australian culture." If this was Cold Chisel's farewell to Newcastle, Jimmy Barnes & Co. ensured it was a fitting swan song. If there was a countdown for the most shambolic build-up for a tour in 2024, Pandemonium claimed No.1 by a country mile. Firstly, Newcastle was getting separate Blondie and Alice Cooper shows. But after poor ticket sales, the gigs were combined into one night of '70s rock nostalgia. Deborah Harry tried in vain, but Cooper was the star of the evening . The master of the macabre was superb, accompanied by his blondie bombshell guitarist, Nita Strauss. The 75-year-old Cooper didn't stray from his successful formula, and why would he? It's a proven masterclass of glam rock. We wrote: "Yes, it's cheesy as hell with the cartoonish Frankenstein suits, straight jackets and fake severed head, and if you caught his 2017 gig at the Broadmeadow shed, you've seen the majority of the show before. "But it's fun. Pure and simple. It's what rock'n'roll was intended to be. The audience lapped it up with giant smiles." There's nothing sadder in music than watching a former powerhouse struggle on stage to hang on to past glories. Thankfully for Welsh icon Tom Jones, there's nothing former about his ability to project his distinctive voice. The 83-year-old remains a powerhouse. However, Jones didn't attempt to give the mostly baby boomer audience the slick '60s pop star or the mature Sexbomb , who made a successful comeback in the '90s. Rather, Jones presented a crooner contemplating a wonderful career and life and at peace with his approaching mortality. We wrote: "When Jones shuffled across the stage, he appeared every bit the octogenarian, but when he opened his mouth and projected his rich baritone, he sounded like a man still in his prime. "Elton John, 77, and Paul McCartney, 81, have both been famous visitors to Newcastle in recent times, but neither could boast the vocal performance Jones delivered." While many of the finest performances we reviewed in 2024 were from established acts with decades of experience, the most thrilling rock performance of the year was undoubtedly Full Flower Moon Band. The 100 or so punters who caught the emerging Brisbane band at the upstairs Warehouse room at King Street left knowing they'd seen the next possible star of Australian indie. Frontwoman and songwriter Kate Dillon produced a primal performance as she transformed into her "Babyshakes" alter-ego to the sludgy riffs of her bandmates. We wrote: "It's clear Dillon has learnt to harness that sexual energy. She can hypnotise an audience like a Chrissy Amphlett armed with an electric guitar. "Megaflower is essentially an album of lust and desire, and Dillon was ready to present the full experience to the three-quarter-full King Street Warehouse." Full Flower Moon Band returns to King Street on March 22. Mark it on the calendar. It was a remarkable year for Missy Higgins. An ARIA Hall of Fame induction, her first album in six years, The Second Act , topped the charts, and her Sound Of White Tour sold out across Australia. The Sound of White Tour included two shows at the Civic Theatre and the audience came away feeling a deeper connection to Higgins. The biggest compliment you can pay Higgins is that she's a songwriter and performer who relates real emotion to her audience. "Higgins's willingness to be so genuine and honest with her audience is undoubtedly the reason why her two shows at Newcastle's Civic Theatre sold out like hot cakes," we wrote. "She also possesses an endearing and self-deprecating sense of humour." It's rare that an audience finds itself laughing and crying in equal measure, but that's the kind of singer-songwriter Higgins is. From the moment Pink burst onto the stage out of a giant mouth , you knew this wasn't an ordinary performance. Whether you enjoy Pink's pop music or not, you cannot ignore the fact that Alecia Moore is a fantastic performer. Even if you didn't want to hear pop-rock bangers like Raise Your Glass and So What , you couldn't help but be dazzled by the theatrical dancers, flamingo scooters and Pink's acrobatic routine, which saw her fly higher across McDonald Jones Stadium than an Andrew Johns bomb. Outside of the high-wire theatrics and pyrotechnics, Pink gave her fans a glimpse behind the makeup and sequins. "Pink's contralto might breeze through notes most of us couldn't hope to hit and her acrobatic routines are spell-bounding, but like any parent she can tell funny stories about weird things her kids say and can describe the ongoing grief she feels at losing her father," we wrote. "It was in those moments that fans saw beyond Pink the pop megastar and caught a real glimpse of Alecia Moore the person." At the fourth and most recent concert at McDonald Jones Stadium, Pink set the bar ridiculously for whoever comes next at Turton Road. Josh Leeson is a news and features journalist, who focuses on Lake Macquarie, politics and entertainment at the Newcastle Herald. He first joined the masthead in 2008 after stints at the Namoi Valley Independent and Port Stephens Examiner and has previously covered sport, including the Asian Cup, A-League, Surfest, cricket and rugby league. Josh Leeson is a news and features journalist, who focuses on Lake Macquarie, politics and entertainment at the Newcastle Herald. He first joined the masthead in 2008 after stints at the Namoi Valley Independent and Port Stephens Examiner and has previously covered sport, including the Asian Cup, A-League, Surfest, cricket and rugby league. DAILY Today's top stories curated by our news team. Also includes evening update. WEEKDAYS Grab a quick bite of today's latest news from around the region and the nation. WEEKLY The latest news, results & expert analysis. WEEKDAYS Catch up on the news of the day and unwind with great reading for your evening. WEEKLY Get the editor's insights: what's happening & why it matters. WEEKLY Love footy? We've got all the action covered. WEEKLY Every Saturday and Tuesday, explore destinations deals, tips & travel writing to transport you around the globe. WEEKLY Get the latest property and development news here. WEEKLY Going out or staying in? 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PHILADELPHIA — Victoria Perrone wasn’t a spokesperson for Sen. John Fetterman’s 2022 Senate campaign. As his treasurer, she worked with numbers and spreadsheets. But when the campaign asked her to speak about her sister who relied in part on Medicaid at her Delaware County elementary school, she agreed. “My sister passed away from Ovarian Cancer in June and Dr. Oz became the Republican nominee,” she said on stage at Nether Providence Elementary School, sporting a ‘Made in Delco’ hoodie. “When I found out Dr. Oz lied to millions of TV viewers that one of his ‘miracle cures’ would decrease ovarian cancer by 75%, I got really mad, like Delco Mad.” Javascript is required for you to be able to read premium content. Please enable it in your browser settings.None
Patrick Fishburn leads at Sea Island as Joel Dahmen keeps alive hopes of keeping his jobNEW YORK (AP) — U.S. stocks tiptoed to more records amid a mixed Tuesday of trading, tacking a touch more onto what’s already been a stellar year so far. The S&P 500 edged up by 2 points, or less than 0.1%, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium. The Dow Jones Industrial Average slipped 76 points, or 0.2%, while the Nasdaq composite added 0.4% to its own record set a day earlier. AT&T rose 4.6% after it boosted its profit forecast for the year. It also announced a $10 billion plan to send cash to its investors by buying back its own stock, while saying it expects to authorize another $10 billion of repurchases in 2027. On the losing end of Wall Street was U.S. Steel, which fell 8%. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker. Nippon Steel announced plans last December to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. Earlier this year, President Joe Biden also came out against the acquisition. Tesla sank 1.6% after a judge in Delaware reaffirmed a previous ruling that the electric car maker must revoke Elon Musk’s multibillion-dollar pay package. The judge denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. All told, the S&P 500 rose 2.73 points to 6,049.88. The Dow fell 76.47 to 44,705.53, and the Nasdaq composite gained 76.96 to 19,480.91. In the bond market, Treasury yields held relatively steady after a report showed U.S. employers were advertising slightly more job openings at the end of October than a month earlier. Continued strength there would raise optimism that the economy could remain out of a recession that many investors had earlier worried was inevitable. The yield on the 10-year Treasury rose to 4.23% from 4.20% from late Monday. Yields have seesawed since Election Day amid worries that Trump’s preferences for lower tax rates and bigger tariffs could spur higher inflation along with economic growth. But traders are still confident the Federal Reserve will cut its main interest rate again at its next meeting in two weeks. They’re betting on a nearly three-in-four chance of that, according to data from CME Group. Lower rates can give the economy more juice, but they can also give inflation more fuel. The key report this week that could guide the Fed’s next move will arrive on Friday. It’s the monthly jobs report , which will show how many workers U.S. employers hired and fired during November. It could be difficult to parse given how much storms and strikes distorted figures in October. Based on trading in the options market, Friday’s jobs report appears to be the biggest potential market mover until the Fed announces its next decision on interest rates Dec. 18, according to strategists at Barclays Capital. In financial markets abroad, the value of South Korea’s currency fell 1.1% against the U.S. dollar following a frenetic night where President Yoon Suk Yeol declared martial law and then later said he’d lift it after lawmakers voted to reject military rule. Stocks of Korean companies that trade in the United States also fell, including a 1.6% drop for SK Telecom. Japan’s Nikkei 225 jumped 1.9% to help lead global markets. Some analysts think Japanese stocks could end up benefiting from Trump’s threats to raise tariffs , including for goods coming from China . Trade relations between the U.S. and China took another step backward after China said it is banning exports to the U.S. of gallium, germanium, antimony and other key high-tech materials with potential military applications. The counterpunch came swiftly after the U.S. Commerce Department expanded the list of Chinese technology companies subject to export controls to include many that make equipment used to make computer chips, chipmaking tools and software. The 140 companies newly included in the so-called “entity list” are nearly all based in China. In China, stock indexes rose 1% in Hong Kong and 0.4% in Shanghai amid unconfirmed reports that Chinese leaders would meet next week to discuss planning for the coming year. Investors are hoping it may bring fresh stimulus to help spur growth in the world’s second-largest economy. In France, the CAC 40 rose 0.3% amid continued worries about politics in Paris , where the government is battling over the budget. AP Business Writers Yuri Kageyama and Matt Ott contributed.
Ruud van Nistelrooy admits he was “hurt” at having to leave Manchester United last month. Van Nistelrooy returned to Old Trafford as Erik ten Hag’s assistant in the summer and had a four-game interim spell in charge following his compatriot’s sacking in October. He left the club in the wake of Ruben Amorim’s appointment but was only out of work for two weeks after being appointed Leicester’s new manager on a deal until 2027. The 48-year-old had a glittering playing career with United and was disappointed his return had to end so soon. “The moment I took over the interim job what I said was I’m here to help United and to stay to help United, and I meant it,” he said. “So I was disappointed, yeah, very much so, and it hurt I had to leave. “The only job I would take as an assistant was at United because of the bond that I have with the people in the club and the fans. “But in the end I got my head around it because I also understand the new manager. I’m in football long enough, and I’ve managed myself, that you can think of a situation, me being there, I understand. “I spoke to Ruben about it, fair enough to him, the conversation was grateful, man to man, person to person, manager to manager, and that helped a lot to move on and straightaway get into talks with new possibilities which of course lifted my spirits.” The Dutchman takes on a difficult job at the King Power Stadium as he is tasked with keeping Leicester in the Premier League. He inherits an influential dressing room, which has seen a number of managers come and go over the last few years. Ruud's here for his first press conference as our Manager 😃 — Leicester City (@LCFC) Van Nistelrooy revealed he has done his due diligence and also let the players know as well. “It’s the only way you can work. It’s mutual respect. I also mentioned to the players yesterday that I looked at the squad and started to make phone calls about players, because in football everyone knows everyone,” he said. “With two or three phone calls you hear stories about 20 players and for me it was important that you hear there are good characters there. That’s important, that there are good people there. “I look at the players how they play. I obviously don’t know them but I got general information and the individuals that they are a good bunch of people. That was important for me to get in.”
Stock market today: Wall Street inches higher to set more records
Britain's Secretary of State for Foreign Affairs David Lammy has hailed the bold economic reforms of Dr Manmohan Singh as a legacy which continues to shape modern India. In a social media tribute to the former prime minister who was cremated in New Delhi on Saturday, David Lammy also credited Singh for laying the foundations of the "thriving" bilateral partnership between India and the UK. "Dr Manmohan Singh's bold economic reforms transformed India's economy," Mr Lammy said in a post on X on Friday evening. "His legacy continues to shape modern India, and his vision laid the foundations for today's thriving UK-India partnership. My deepest condolences to his family and the Indian people," he said. Manmohan Singh, who was prime minister between 2004 and 2014 and finance minister before that, has been widely hailed the world over as the architect of India's economic liberalisation. He died aged 92 and was laid to rest with full state honours in a ceremony attended by leading political dignitaries and included a 21-gun salute. Following his death on Thursday night, the government declared seven days of national mourning. Earlier, British High Commissioner to India Lindy Cameron took to social media to pay tribute to "a great Prime Minister, Finance Minister and global statesman who advanced India's interests through bold economic reforms and played a key role in putting India in its rightful place on the world stage and stabilising the global economy after the financial crisis". "The UK will always be proud of his invaluable partnership with three UK Prime Ministers, and proud of him as an alumnus of two of our great universities. My thoughts and wishes are with his family and the people of India," she said. Dr Singh's tenure overlapped with Labour prime ministers Tony Blair and Gordon Brown and Conservative David Cameron, who later wrote in his memoir that he "got on well" with this "saintly man" who was robust on the threats India faced. "On a later visit he told me that another terrorist attack like that in Mumbai in July 2011, and India would have to take military action against Pakistan," notes the former UK PM in 'For the Record', published in 2019. The Guardian' newspaper referenced Dr Singh's "trademark sky-blue turbans and home-spun white kurta pyjamas" in its obituary. "Singh, called India's 'reluctant prime minister' due to his shyness and preference for being behind the scenes, was considered an unlikely choice to lead the world's biggest democracy. But when Congress leader Sonia Gandhi led her party to a surprise victory in 2004, she turned to Singh to be prime minister," the newspaper notes. The BBC, in its obituary, hailed Dr Singh as one of India's longest-serving prime ministers who was considered the "architect of key liberalising economic reforms, as premier from 2004-2014 and before that as finance minister". "In his maiden speech as finance minister he famously quoted Victor Hugo, saying that 'no power on Earth can stop an idea whose time has come'. That served as a launchpad for an ambitious and unprecedented economic reform programme: he cut taxes, devalued the rupee, privatised state-run companies and encouraged foreign investment," reads the report. (This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.) Track Latest News Live on NDTV.com and get news updates from India and around the world
Halliburton Co. stock outperforms competitors on strong trading dayThe Philadelphia Eagles ruled wide receiver DeVonta Smith out for Sunday night's game at the Los Angeles Rams due to a hamstring injury. Smith did not practice all week and will miss his second game of the season and just the third of his four-year NFL career. He was inactive in a Week 4 loss at Tampa Bay due to a concussion. Smith, 26, leads the Eagles with 41 receptions and four touchdown catches ands ranks second with 516 receiving yards in nine starts this season. The former Heisman Trophy winner has 281 catches for 3,694 yards and 23 scores in 59 games (58 starts) since the Eagles drafted him with the 10th overall pick in 2021. NFC East-leading Philadelphia (8-2) takes a six-game winning streak to Los Angeles (5-5), which has won four of its last five games. --Field Level MediaUSC men’s basketball: 3 takeaways before Big Ten debut
Five types process of motor dipping paint 12-02-2024 10:12 PM CET | Industry, Real Estate & Construction Press release from: ABNewswire 1. PouringWhen pouring, place the stator vertically on the paint dripping tray with one end of the winding facing upward, and use a paint pot or paint brush to pour paint on the upper end of the winding. When the winding gap is filled with paint and begins to seep out from the gap at the other end, turn the stator over and pour paint on the winding at the other end until it is fully poured. 2. Drip leaching Formula. 6101 epoxy resin (mass ratio), 50% tung oil maleic anhydride. Preheating: Heat the winding for about 4 minutes, and control the temperature between 100 and 115 degrees C (measured with a spot thermometer), or place the winding in a drying furnace and heat it for about 0.5 hours. Drip. Place the motor stator vertically on the paint tray, and start dripping paint manually when the motor temperature drops to 60-70. After 10 minutes, turn the stator over and drip paint on the other end of the winding until it is thoroughly soaked. Curing. After dripping, the winding is energized for curing, and the winding temperature is maintained at 100-150 degrees C; the insulation resistance value is measured until it is qualified (20M ohm ), or the winding is placed in a drying furnace for heating at the same temperature for about 2 hours (depending on the size of the motor), and it is taken out of the oven when the insulation resistance exceeds 1.5M ohm . 3. Roller paintThis method is suitable for the varnishing of medium-sized motors. When rolling the paint, pour the insulating paint into the paint tank, place the rotor in the paint tank, and the paint surface should immerse the rotor winding for more than 200mm. If the paint tank is too shallow and the area of the rotor winding immersed in the paint is small, the rotor should be rolled several times, or the paint should be applied with a brush while the rotor is rolled. 4. ImmersionWhen repairing small and medium-sized motors in batches, the windings can be immersed in paint. When immersing, first put a proper amount of insulating paint into the paint can, then hang the motor stator in, so that the paint liquid submerges the stator by more than 200mm. When the paint liquid penetrates all the gaps between the windings and the insulating paper, the stator is lifted up and the paint is dripped. 0.3~0.5MPa pressure is added during the immersion. 5. Vacuum pressure immersionThe windings of high-voltage motors and small and medium-sized motors with high insulation quality requirements can be subjected to vacuum pressure dipping. During dipping, the stator of the motor is placed in a closed paint container and moisture is removed using vacuum technology. After the windings are dipped in paint, a pressure of 200 to 700 kPa is applied to the paint surface to allow the paint liquid to penetrate into all gaps in the windings and deep into the pores of the insulating paper. Image: https://www.mingtengmotor.com/uploads/0801cb33.png Media Contact Company Name: Anhui Mingteng Permanent-Magnetic Machinery & Electrical Equipment Co., Ltd. Email:Send Email [ https://www.abnewswire.com/email_contact_us.php?pr=five-types-process-of-motor-dipping-paint ] Country: China Website: https://www.mingtengmotor.com/ This release was published on openPR.
Revenue grows 125% year over year Current hashrate surpasses 33.5 EH/s on track for 37 EH/s LAS VEGAS , Dec. 2, 2024 /PRNewswire/ -- CleanSpark, Inc. CLSK (the "Company"), America's Bitcoin Miner®, today reported financial results for the fiscal year ended September 30, 2024 . "Our performance this year reflects a sustained growth trajectory, solidifying our position as one of the top Bitcoin miners in the world, as we move into an anticipated new bull market," said CleanSpark CEO Zach Bradford . "Reflecting on the past year, our results in FY 2024 and the positioning of the company going into 2025 demonstrated the wisdom of our counter-cyclical growth and capital allocation strategy. We produce durable, high performing growth and have been since our earliest days in Bitcoin mining," Bradford said. "CleanSpark has prioritized owned infrastructure as its core foundation, putting us in the best position to optimize our portfolio of data centers to drive ROI to our shareholders as we continue to rapidly deploy additional hashrate on our path to 37 EH by year-end and 50 EH and beyond in 2025." "We anticipated that there would be prime opportunities for M&A paired with organic growth, and over the past year we capitalized by adding 423 MWs to our operating portfolio bringing us to 726 MW, as of today. As we continue focusing on scale in FY 2025 and beyond, we will develop the remaining hundreds of MW in the near-term pipeline while always staying opportunistic," said Bradford. "The team produced our strongest year of financial performance to date, solidifying a track record of effective execution and keeping commitments to shareholders. This fiscal year included the fourth halving event in Bitcoin 's history, and our organizational commitment to operational excellence has allowed us to weather it more successfully than many of our industry peers," said CleanSpark CFO Gary Vecchiarelli . "Even with the halving event impacting block rewards and a significant increase in difficulty, our production outpaced both, yielding approximately 7,100 BTC thanks to our growth in hashrate and the efficiency improvements to our fleet. "CleanSpark's financial strength continued to grow in fiscal 2024," said Vecchiarelli. "Heading into 2025, we have significant scale and size, a healthy balance sheet, industry leading operations and a strong liquidity position, and we are well positioned to pursue diverse capital raising strategies," Vecchiarelli said. Financial Highlights: Full Fiscal Year 2024 Financial Results for the Fiscal Year Ended September 30, 2024 . The Company's annual revenues were $378.9 million , an increase of $210.5 million , or 125%, from $168.4 million for the prior fiscal year. Net loss for the year ended September 30, 2024 , was ($145.8) million or ($0.69) basic loss per share compared to a net loss of ($138.1) million or ($1.30) loss per share for the prior fiscal year. Adjusted EBITDA was $245.8 million , an increase of $220.8 million from $25.0 million for the prior fiscal year. 1 Balance Sheet Highlights as of September 30, 2024 Assets Cash: $122.2 million Bitcoin : $509.5 million (includes bitcoin receivable of $77.8 million posted as collateral), based upon 8,049 bitcoin at a price of $63,301 at September 30, 2024 Total Current Assets: $705.4 million Total Mining Assets (including prepaid deposits & deployed miners): $902.0 million Total Assets: $2.0 billion Liabilities and Stockholders' Equity Current Liabilities: $187.9 million Total Liabilities: $201.8 million Total Stockholders' Equity: $1.8 billion The Company had working capital of $517.5 million and $66.0 million of loans payable as of September 30, 2024 . 1 See "Non-GAAP Measure" and the related reconciliation below Investor Conference Call and Webcast The Company will hold its fiscal year 2024 earnings presentation and business update for investors and analysts today, December 2, 2024 , at 1:30 p.m. PT / 4:30 p.m. ET . Webcast URL: https://investors.cleanspark.com The webcast will be accessible for at least 30 days on the Company's website and a transcript of the call will be available on the Company's website following the call. About CleanSpark CleanSpark CLSK , America's Bitcoin Miner ® , is a market-leading, pure play bitcoin miner with a proven track record of success. We own and operate a portfolio of mining facilities across the United States powered by globally competitive energy prices. Sitting at the intersection of Bitcoin , energy, operational excellence and capital stewardship, we optimize our mining facilities to deliver superior returns to our shareholders. Monetizing low-cost, high reliability energy by securing the most important finite, global asset – Bitcoin – positions us to prosper in an ever-changing world. Visit our website at www.cleanspark.com . Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this press release, forward-looking statements include, but may not be limited to, statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. 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," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: the risk that the electrical power available to our facilities does not increase as expected; the success of its digital currency mining activities; the volatile and unpredictable cycles in the emerging and evolving industries in which we operate, including the volatility of BTC prices; increasing difficulty rates for bitcoin mining; bitcoin halving; new or additional governmental regulation; the anticipated delivery dates of new miners; the Company's ability to successfully completed acquisitions, including integration risks relating to completed and potential acquisitions, the ability to successfully deploy new miners; the dependency on utility rate structures and government incentive programs; dependency on third-party power providers for expansion efforts; the expectations of future revenue growth may not be realized; and other risks described in the Company's prior press releases and in its filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in those filings. Forward-looking statements contained herein are made only as to the date of this press release, and we assume no obligation to update or revise any forward-looking statements as a result of any new information, changed circumstances or future events or otherwise, except as required by applicable law. Non-GAAP Measure The Company presents adjusted EBITDA, which is not a measurement of financial performance under generally accepted accounting principles in the United States ("GAAP"). The Company's non-GAAP "Adjusted EBITDA" excludes (i) impacts of interest, taxes, and depreciation; (ii) the Company's share-based compensation expense, unrealized gains/losses on securities, and, changes in the fair value of contingent consideration with respect to previously completed acquisitions, all of which are non-cash items that the Company believes are not reflective of the Company's general business performance, and for which the accounting requires management judgment, and the resulting expenses could vary significantly in comparison to other companies; (iii) non-cash impairment losses related to long-lived assets (including goodwill); (iv) realized gains and losses on sales of equity securities, the amounts of which are directly related to the unrealized gains and losses that are also excluded; (v) legal fees related to litigation and various transactions, which fees management does not believe are reflective of the Company's ongoing operating activities; (vi) gains and losses on disposal of assets, the majority of which are related to obsolete or unrepairable machines that are no longer deployed; (vii) gains and losses related to discontinued operations that would not be applicable to the Company's future business activities; and (viii) severance expenses. The Company previously excluded non-cash impairment losses related to digital assets and realized gains and losses on sales of bitcoin from its calculation of adjusted EBITDA, but has determined such items are part of the Company's normal ongoing operations and will no longer be excluding them from its calculation of adjusted EBITDA. Management believes that providing this non-GAAP financial measure that excludes these items allows for meaningful comparisons between the Company's core business operating results and those of other companies, and provides the Company with an important tool for financial and operational decision making and for evaluating its own core business operating results over different periods of time. In addition to management's internal use of non-GAAP adjusted EBITDA, management believes that adjusted EBITDA is also useful to investors and analysts in comparing the Company's performance across reporting periods on a consistent basis. Management believes the foregoing to be the case even though some of the excluded items involve cash outlays and some of them recur on a regular basis (although management does not believe any of such items are normal operating expenses necessary to generate the Company's bitcoin related revenues). For example, the Company expects that share-based compensation expense, which is excluded from adjusted EBITDA, will continue to be a significant recurring expense over the coming years and is an important part of the compensation provided to certain employees, officers, and directors. Additionally, management does not consider any of the excluded items to be expenses necessary to generate the Company's bitcoin related revenue. The Company's adjusted EBITDA measure may not be directly comparable to similar measures provided by other companies in our industry, as other companies in the Company's industry may calculate non-GAAP financial results differently. The Company's adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating (loss) income or any other measure of performance derived in accordance with GAAP. Although management utilizes internally and presents adjusted EBITDA, the Company only utilizes that measure supplementally and does not consider it to be a substitute for, or superior to, the information provided by GAAP financial results. Accordingly, adjusted EBITDA is not meant to be considered in isolation of, and should be read in conjunction with, the information contained in the Company's consolidated financial statements, which have been prepared in accordance with GAAP. CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except par value and share amounts) September 30, 2024 September 30, 2023 ASSETS Current assets Cash and cash equivalents $ 121,222 $ 29,215 Restricted cash 3,056 — Receivable for equity offerings — 9,590 Prepaid expense and other current assets 7,995 3,258 Bitcoin (See Note 2 and Note 6) 431,661 56,241 Receivable for bitcoin collateral (See Note 2 and Note 12) 77,827 — Note receivable from GRIID (see Note 7) 60,919 — Derivative investments 1,832 2,697 Investment in debt security, AFS, at fair value 918 726 Current assets held for sale — 445 Total current assets $ 705,430 $ 102,172 Property and equipment, net $ 869,693 $ 564,395 Operating lease right of use asset 3,263 688 Intangible assets, net 3,040 4,603 Deposits on miners and mining equipment 359,862 75,959 Other long-term asset 13,331 5,718 Goodwill 8,043 8,043 Total assets $ 1,962,662 $ 761,578 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 82,992 $ 39,900 Accrued liabilities 43,874 25,677 Other current liabilities 2,240 311 Current portion of loans payable 58,781 6,992 Current liabilities held for sale — 1,175 Total current liabilities $ 187,887 $ 74,055 Long-term liabilities Operating lease liability, net of current portion 997 519 Finance lease liability, net of current portion — 9 Loans payable, net of current portion 7,176 8,911 Deferred income taxes 5,761 2,416 Total liabilities $ 201,821 $ 85,910 Commitments and contingencies - Note 18 CLEANSPARK, INC. CONSOLIDATED BALANCE SHEETS (continued) (in thousands, except par value and share amounts) September 30, 2024 September 30, 2023 Stockholders' equity Preferred stock; $0.001 par value; 10,000,000 shares authorized; Series A shares; 2,000,000 authorized; 1,750,000 issued and outstanding (liquidation preference $0.02 per share) Series X shares; 1,000,000 and 0 authorized, issued and outstanding, respectively 3 2 Common stock; $0.001 par value; 300,000,000 shares authorized; 270,897,784 and 160,184,921 shares issued and outstanding, respectively 271 160 Additional paid-in capital 2,239,367 1,009,482 Accumulated other comprehensive income 418 226 Accumulated deficit (479,218) (334,202) Total stockholders' equity 1,760,841 675,668 Total liabilities and stockholders' equity $ 1,962,662 $ 761,578 The accompanying notes are an integral part of these consolidated financial statements. CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share and share amounts) For the year ended September 30, 2024 September 30, 2023 September 30, 2022 Revenues, net Bitcoin mining revenue, net $ 378,968 $ 168,121 $ 131,000 Other services revenue — 287 525 Total revenues, net $ 378,968 $ 168,408 $ 131,525 Costs and expenses Cost of revenues (exclusive of depreciation and amortization shown below) 165,516 93,580 41,234 Professional fees 13,806 10,869 6,469 Payroll expenses 74,095 45,714 40,920 General and administrative expenses 30,185 20,823 10,423 Loss on disposal of assets 5,466 1,931 (643) Gain on fair value of bitcoin, net (see Note 2 and Note 6) (113,423) — — Other impairment expense (related to bitcoin) — 7,163 12,210 Impairment expense - fixed assets 197,041 — — Impairment expense - other 716 — 250 Impairment expense - goodwill — — 12,048 Realized gain on sale of bitcoin — (1,357) (2,567) Depreciation and amortization 154,609 120,728 49,045 Total costs and expenses $ 528,011 $ 299,451 $ 169,389 Loss from operations $ (149,043) $ (131,043) $ (37,864) Other income (expense) Other income — 11 308 Change in fair value of contingent consideration — 2,484 306 Recognized gain on bitcoin collateral returned 91 — — Change in fair value of bitcoin collateral 1,384 — — Realized gain on sale of equity security — — 1 Unrealized loss on equity security — — (2) Unrealized loss on derivative security (965) (259) (1,950) Interest income 8,555 481 190 Interest expense (2,455) (2,977) (1,078) Total other income (expense) $ 6,610 $ (260) $ (2,225) Loss before income tax expense (142,433) (131,303) (40,089) Income tax expense 3,344 2,416 — Loss from continuing operations $ (145,777) $ (133,719) $ (40,089) Discontinued operations Loss from discontinued operations $ — $ (4,429) $ (17,237) Income tax expense — — — Loss on discontinued operations $ — $ (4,429) $ (17,237) Net loss $ (145,777) $ (138,148) $ (57,326) Preferred stock dividends 3,422 — 336 Net loss attributable to common shareholders $ (149,199) $ (138,148) $ (57,662) Other comprehensive income, net of tax 192 116 115 Total comprehensive loss attributable to common shareholders $ (149,007) $ (138,032) $ (57,547) CLEANSPARK, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (continued) (in thousands, except per share and share amounts) For the year ended September 30, 2024 September 30, 2023 September 30, 2022 Loss from continuing operations per common share - basic $ (0.69) $ (1.30) $ (0.95) Weighted average common shares outstanding - basic 216,860,819 102,707,509 42,614,197 Loss from continuing operations per common share - diluted $ (0.69) $ (1.30) $ (0.95) Weighted average common shares outstanding - diluted 216,860,819 102,707,509 42,614,197 Loss on discontinued operations per common share - basic $ - $ (0.04) $ (0.40) Weighted average common shares outstanding - basic 216,860,819 102,707,509 42,614,197 Loss on discontinued operations per common share - diluted $ - $ (0.04) $ (0.40) Weighted average common shares outstanding - diluted 216,860,819 102,707,509 42,614,197 CLEANSPARK, INC. RECONCILIATION OF ADJUSTED EBITDA (Unaudited, in thousands) For the Year Ended September 30, 2024 2023 Net income (loss) $ (145,777) $ (138,148) Adjustments: Loss on discontinued operations — 4,429 Impairment expense – fixed assets 197,041 — Impairment expense – other 716 — Depreciation and amortization 154,609 120,728 Share-based compensation expense 29,555 24,142 Other income — (11) Change in fair value of contingent consideration — (2,484) Unrealized loss (gain) of derivative security 965 259 Interest income (8,555) (481) Interest expense 2,455 2,977 Loss on disposal of assets 5,466 1,931 Income tax expense 3,344 2,416 Fees related to financing & business development transactions 4,059 697 Litigation & settlement related expenses 1,970 7,872 Severance and other expenses — 701 Total Adjusted EBITDA $ 245,848 $ 25,028 Investor Relations Contact Brittany Moore 702-989-7693 ir@cleanspark.com Media Contact Eleni Stylianou 702-989-7694 pr@cleanspark.com View original content to download multimedia: https://www.prnewswire.com/news-releases/cleanspark-reports-record-breaking-fy-2024-results-outpacing-halving-and-difficulty-302320036.html SOURCE CleanSpark, Inc. © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
SANTA ANA, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) -- NKGen Biotech, Inc. (Nasdaq: NKGN) (“NKGen” or the “Company”), a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic natural killer cell therapeutics, today announced it has been selected as the preferred stalking horse bidder for NKMax Co., Ltd. (“NKMax”) in NKMax’s court-managed rehabilitation process in South Korea. NKMax filed for rehabilitation in South Korea, roughly similar to Chapter 11 in the US, on April 18, 2024, and currently holds an approximate 25% equity interest in NKGen. NKGen’s proposal included up to $18 million in committed funding from a third-party investor. As is typical in US bankruptcies, there will now be a public offering process, with NKGen having final right of first refusal on any other qualified offers, with the final decision and ultimate rehabilitation plan approved by NKMax’s creditors and the court expected in February 2025 and closing thereafter (the “Acquisition”). NKGen and its financing partners expect to hold a majority of the equity of NKMax at closing. NKMax currently holds master global rights to the intellectual property (“IP”) for troculeucel (formerly known as SNK01) and other proprietary IP that is licensed to NKGen for markets outside Asia. Such an acquisition is expected to put global rights under the control of NKGen. Prior to entering into the rehabilitation process, NKMax announced plans and commenced initial groundwork to commercialize the troculeucel treatment for Alzheimer’s and other neurodegenerative diseases in Japan and South Korea, where such NK cell treatment is legal already. Additional production capacity at NKMax’s GMP facility will be an added benefit which could help accelerate production for US trials. “As we have made tremendous progress in our clinical program especially with the launch of our phase II trial for moderate stage Alzheimer’s disease, we felt that it was essential for us to preserve the very close scientific and clinical partnership with the NKMax team, rather than have NKMax acquired by someone without any cell therapy knowledge or experience”, commented Paul Y. Song, MD, Chairman and CEO of NKGen Biotech. “As we continue to work towards US FDA approval, we will be able to begin to commercialize troculeucel in countries like Japan, Thailand, Malaysia, Mexico and others where an autologous non-genetically modified cell therapy is considered as a legal treatment and already readily available. We believe that we will be much stronger and will deliver more value for our patients and shareholders when operated as one global team.” NKGen does not believe the NKMax rehabilitation process has had any material negative impact on NKGen’s business or prospects. About Troculeucel Troculeucel is a novel cell-based, patient specific ex vivo expanded autologous natural killer (“NK”) cell, immunotherapeutic drug candidate. NKGen is developing troculeucel for the treatment of neurodegenerative disorders and a broad range of cancers. Troculeucel is the International Nonproprietary Name (“INN”) for SNK01 assigned by the World Health Organization (“WHO”). The WHO INN approval of troculeucel establishes a universally recognized nonproprietary drug name for SNK01 and marks a significant step on our journey toward bringing this therapy to market. About NKMax Founded in 2002 and headquartered in Seoul, South Korea, NKMax Co., Ltd. is a clinical-stage biotechnology company focused on advancing immune cell therapies. In addition to its therapeutic innovations, NKMax develops and commercializes bioreagents and immunodiagnostic kits, with revenues derived from these products as well as health supplements. In 2016, NKMax completed its GMP-certified manufacturing facility, and obtained approval from the Korean MFDS (Ministry of Food and Drug Safety) in 2018, strengthening its capabilities in high-quality cell therapy production. Listed on the KOSDAQ, a South Korean stock exchange, NKMax's trading has since been suspended during the course of ongoing rehabilitation efforts. About NKGen Biotech NKGen is a clinical-stage biotechnology company focused on the development and commercialization of innovative autologous and allogeneic NK cell therapeutics. NKGen is headquartered in Santa Ana, California, USA. For more information, please visit www.nkgenbiotech.com . Forward-Looking Statements Statements contained in this press release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Because such statements are subject to risks and uncertainties, many of which are outside of the Company’s control, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, the closing of the Acquisition, which may not close on the terms or timing anticipated, or at all, the satisfaction or waiver of any conditions to the closing of the Acquisition, the anticipated impacts or benefits of the Acquisition, the closing of the expected funding for the Acquisition, the risk of shareholder litigation in connection with the Acquisition, including resulting expense or delay; the risk that NKMax’s business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected, the successful and timely completion and the commercialization of troculeucel, statements regarding the Company’s plans and expected timing for developing troculeucel and SNK02, including the expected timing of completing and announcing further results from its ongoing clinical studies; and the Company’s expected timing for developing its product candidates and potential benefits of its product candidates. Risks that contribute to the uncertain nature of the forward-looking statements include: the Company’s ability to execute its plans and strategies; risks related to performing clinical studies; the risk that initial and interim results of a clinical study do not necessarily predict final results and that one or more of the clinical outcomes may materially change as patient enrollment continues, following more comprehensive reviews of the data, and as more patient data become available; potential delays in the commencement, enrollment and completion of clinical studies and the reporting of data therefrom; the risk that studies will not be completed as planned; the risk that the abstract will not be published as planned including delays in timing, format, or accessibility; and NKGen’s ability to raise additional funding to complete the development of its product candidates. These and other risks and uncertainties are described more fully under the caption “Risk Factors” and elsewhere in the Company’s filings and reports, which may be accessed for free by visiting the Securities and Exchange Commission’s website at www.sec.gov and on the Company’s website under the subheading “Investors—Financial and Filings”. Investors should take such risks into account and should not rely on forward-looking statements when making investment decisions. All forward-looking statements contained in this press release speak only as of the date on which they were made. The Company undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made, except as required by law. Internal Contact: Denise Chua, MBA, CLS, MLS (ASCP) SVP, Corporate Affairs 949-396-6830 dchua@nkgenbiotech.com External Contacts: Chris Calabrese Managing Director LifeSci Advisors, LLC ccalabrese@lifesciadvisors.com Kevin Gardner Managing Director LifeSci Advisors, LLC kgardner@lifesciadvisors.comAmerican University to Welcome Recent Graduate Sean Astin, SPA/MPAP '24, as Commencement Speaker for Fall Commencement
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