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#jlbet ARLINGTON, Va., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Fluence Energy, Inc. (Nasdaq: FLNC) (“Fluence” or the “Company”), a global market leader delivering intelligent energy storage, operational services, and asset optimization software, today announced its results for the three months and full fiscal year ended September 30, 2024. Fiscal Year 2024 Financial Highlights Financial Position Fiscal Year 2025 Outlook The Company is initiating fiscal year 2025 guidance as follows: The foregoing Fiscal Year 2025 Outlook statements represent management's current best estimate as of the date of this release. Actual results may differ materially depending on a number of factors. Investors are urged to read the Cautionary Note Regarding Forward-Looking Statements included in this release. Management does not assume any obligation to update these estimates. "Our record financial results for 2024 are a testament to our team's dedication, operational efficiency, and commitment to delivering value to our stakeholders as we achieved our highest ever revenue and profitability, marking a significant milestone in the Company's growth trajectory. Furthermore, we had our second consecutive quarter of signing more than $1 billion of new orders, which brought our backlog to $4.5 billion, underscoring the market's strong confidence in our energy storage solutions," said Julian Nebreda, the Company’s President and Chief Executive Officer. "As we look forward, we see unprecedented demand for battery energy storage solutions across the world, driven principally by the U.S. market. We believe we are well positioned to continue capturing this market with our best-in-class domestic content offering which utilizes U.S. manufactured battery cells." "We are pleased with our strong fiscal year-end performance, achieving record revenue growth, robust margin expansion and free cash flow. We also generated positive net income for the first time," said Ahmed Pasha, Chief Financial Officer. "With backlog and development pipeline at record levels, we enter fiscal 2025 poised for sustained profitable growth." Share Count The shares of the Company’s common stock as of September 30, 2024 are presented below: Conference Call Information The Company will conduct a teleconference starting at 8:30 a.m. EST on Tuesday, November 26, 2024, to discuss the fourth quarter and full fiscal year 2024 financial results. To participate, analysts are required to register by clicking Fluence Energy Inc. Q4 Earnings Call Registration Link . Once registered, analysts will be issued a unique PIN number and dial-in number. Analysts are encouraged to register at least 15 minutes before the scheduled start time. General audience participants, and non-analysts are encouraged to join the teleconference in a listen-only mode at: Fluence Energy Inc. Q4 Listen Only - Webcast , or on http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Supplemental materials that may be referenced during the teleconference will be available at: http://fluenceenergy.com , by selecting Investors, News & Events, and Events & Presentations. A replay of the conference call will be available after 1:00 p.m. EST on Tuesday, November 26, 2024. The replay will be available on the Company’s website at http://fluenceenergy.com by selecting Investors, News & Events, and Events & Presentations. Non-GAAP Financial Measures We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as Adjusted EBITDA, Adjusted Gross Profit, Adjusted Gross Profit Margin, and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with GAAP. These measures have limitations as analytical tools, including that other companies, including companies in our industry, may calculate these measures differently, reducing their usefulness as comparative measures. Adjusted EBITDA is calculated from the consolidated statements of operations using net income (loss) adjusted for (i) interest income, net, (ii) income taxes, (iii) depreciation and amortization, (iv) stock-based compensation, and (v) other non-recurring income or expenses. Adjusted EBITDA also includes amounts impacting net income related to estimated payments due to related parties pursuant to the Tax Receivable Agreement, dated October 27, 2021, by and among Fluence Energy, Inc., Fluence Energy, LLC, Siemens Industry, Inc. and AES Grid Stability, LLC (the “Tax Receivable Agreement”). Adjusted Gross Profit is calculated using gross profit, adjusted to exclude (i) stock-based compensation expenses, (ii) amortization, and (iii) other non-recurring income or expenses. Adjusted Gross Profit Margin is calculated using Adjusted Gross Profit divided by total revenue. Free Cash Flow is calculated from the consolidated statements of cash flows and is defined as net cash provided by (used in) operating activities, less purchase of property and equipment made in the period. We expect our Free Cash Flow to fluctuate in future periods as we invest in our business to support our plans for growth. Limitations on the use of Free Cash Flow include (i) it should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures (for example, cash is still required to satisfy other working capital needs, including short-term investment policy, restricted cash, and intangible assets); (ii) Free Cash Flow has limitations as an analytical tool, and it should not be considered in isolation or as a substitute for analysis of other GAAP financial measures, such as net cash provided by operating activities; and (iii) this metric does not reflect our future contractual commitments. Please refer to the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures included in this press release and the accompanying tables contained at the end of this release. The Company is not able to provide a quantitative reconciliation of full fiscal year 2025 Adjusted EBITDA to GAAP Net Income (Loss) on a forward-looking basis within this press release because of the uncertainty around certain items that may impact Adjusted EBITDA, including stock compensation and restructuring expenses, that are not within our control or cannot be reasonably predicted without unreasonable effort. About Fluence Fluence Energy, Inc. (Nasdaq: FLNC) is a global market leader delivering intelligent energy storage and optimization software for renewables and storage. The Company's solutions and operational services are helping to create a more resilient grid and unlock the full potential of renewable portfolios. With gigawatts of projects successfully contracted, deployed and under management across nearly 50 markets, the Company is transforming the way we power our world for a more sustainable future. For more information, visit our website, or follow us on LinkedIn or X. To stay up to date on the latest industry insights, sign up for Fluence's Full Potential Blog. Cautionary Note Regarding Forward-Looking Statements The statements contained in this press release and statements that are made on our earnings call that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements set forth above under “Fiscal Year 2025 Outlook,” and other statements regarding the Company's future financial and operational performance, future market and industry growth and related opportunities for the Company, anticipated Company growth and business strategy, including future incremental working capital and capital opportunities, liquidity and access to capital and cash flows, demand for electricity and impact to energy storage, demand for the Company's energy storage solutions, services, and digital applications offerings, our positioning to capture market share with domestic content offering and future offerings, expected impact and benefits from the Inflation Reduction Act of 2022 and U.S. Treasury domestic content guidelines on us and on our customers, anticipated timeline of U.S. battery module production and timing of our domestic content offering, expectations relating to our contracting manufacturing capacity, potential impact to tariffs, related policies, and regulations from the change in political administration, new products and solutions and product innovation, relationships with new and existing customers and suppliers, expectations relating to backlog, pipeline, and contracted backlog, future revenue recognition, future results of operations, future capital expenditures and debt service obligations, and projected costs, beliefs, assumptions, prospects, plans and objectives of management. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “may,” “possible,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” "commits", “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions and variations thereof and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments, as well as a number of assumptions concerning future events, and their potential effects on our business. These forward-looking statements are not guarantees of performance, and there can be no assurance that future developments affecting our business will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, our relatively limited operating and revenue history as an independent entity and the nascent clean energy industry; anticipated increasing expenses in the future and our ability to maintain prolonged profitability; fluctuations of our order intake and results of operations across fiscal periods; potential difficulties in maintaining manufacturing capacity and establishing expected mass manufacturing capacity in the future; risks relating to delays, disruptions, and quality control problems in our manufacturing operations; risks relating to quality and quantity of components provided by suppliers; risks relating to our status as a relatively low-volume purchaser as well as from supplier concentration and limited supplier capacity; risks relating to operating as a global company with a global supply chain; changes in the global trade environment; changes in the cost and availability of raw materials and underlying components; failure by manufacturers, vendors, and suppliers to use ethical business practices and comply with applicable laws and regulations; significant reduction in pricing or order volume or loss of one or more of our significant customers or their inability to perform under their contracts; risks relating to competition for our offerings and our ability to attract new customers and retain existing customers; ability to maintain and enhance our reputation and brand recognition; ability to effectively manage our recent and future growth and expansion of our business and operations; our growth depends in part on the success of our relationships with third parties; ability to attract and retain highly qualified personnel; risks associated with engineering and construction, utility interconnection, commissioning and installation of our energy storage solutions and products, cost overruns, and delays; risks relating to lengthy sales and installation cycle for our energy storage solutions; risks related to defects, errors, vulnerabilities and/or bugs in our products and technology; risks relating to estimation uncertainty related to our product warranties; fluctuations in currency exchange rates; risks related to our current and planned foreign operations; amounts included in our pipeline and contracted backlog may not result in actual revenue or translate into profits; risks related to acquisitions we have made or that we may pursue; events and incidents relating to storage, delivery, installation, operation, maintenance and shutdowns of our products; risks relating to our impacts to our customer relationships due to events and incidents during the project lifecycle of an energy storage solution; actual or threatened health epidemics, pandemics or similar public health threats; ability to obtain financial assurances for our projects; risks relating to whether renewable energy technologies are suitable for widespread adoption or if sufficient demand for our offerings do not develop or takes longer to develop than we anticipate; estimates on size of our total addressable market; risks relating to the cost of electricity available from alternative sources; macroeconomic uncertainty and market conditions; risk relating to interest rates or a reduction in the availability of tax equity or project debt capital in the global financial markets and corresponding effects on customers’ ability to finance energy storage systems and demand for our energy storage solutions; decline in public acceptance of renewable energy, or delay, prevent, or increase in the cost of customer projects; severe weather events; increased attention to ESG matters; restrictions set forth in our current credit agreement and future debt agreements; uncertain ability to raise additional capital to execute on business opportunities; ability to obtain, maintain and enforce proper protection for our intellectual property, including our technology; threat of lawsuits by third parties alleging intellectual property violations; adequate protection for our trademarks and trade names; ability to enforce our intellectual property rights; risks relating to our patent portfolio; ability to effectively protect data integrity of our technology infrastructure and other business systems; use of open-source software; failure to comply with third party license or technology agreements; inability to license rights to use technologies on reasonable terms; risks relating to compromises, interruptions, or shutdowns of our systems; barriers arising from current electric utility industry policies and regulations and any subsequent changes; reduction, elimination, or expiration of government incentives or regulations regarding renewable energy; potential changes in tax laws or regulations; risks relating to environmental, health, and safety laws and potential obligations, liabilities and costs thereunder; failure to comply with data privacy and data security laws, regulations and industry standards; risks relating to potential future legal proceedings, regulatory disputes, and governmental inquiries; risks related to ownership of our Class A common stock; risks related to us being a “controlled company” within the meaning of the NASDAQ rules; risks relating to the terms of our amended and restated certificate of incorporation and amended and restated bylaws; risks relating to our relationship with our Founders and Continuing Equity Owners; risks relating to conflicts of interest by our officers and directors due to positions with Continuing Equity Owners; risks related to short-seller activists; we depend on distributions from Fluence Energy, LLC to pay our taxes and expenses and Fluence Energy, LLC’s ability to make such distributions may be limited or restricted in certain scenarios; risks arising out of the Tax Receivable Agreement; unanticipated changes in effective tax rates or adverse outcomes resulting from examination of tax returns; risks relating to improper and ineffective internal control over reporting to comply with Sarbanes-Oxley Act; risks relating to changes in accounting principles or their applicability to us; risks relating to estimates or judgments relating to our critical accounting policies; and other factors set forth under Item 1A.“Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended September 30, 2024, to be filed with the Securities and Exchange Commission (“SEC”), and in other filings we make with the SEC from time to time. New risks and uncertainties emerge from time to time and it is not possible for us to predict all such risk factors, nor can we assess the effect of all such risk factors on our business or the extent to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking statements. Should one or more of these risks or uncertainties materialize, or should any of the assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements made in this press release. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Accounts payable with related parties of $2.5 million and Accruals with related parties of $3.7 million as of September 30, 2023, were reclassified from Deferred revenue and payables with related parties to Accounts payable and Accruals and provisions, respectively, on the consolidated balance sheet. The reclassification had no impact on the total current liabilities for any period presented. Corresponding reclassifications were also reflected on the consolidated statement of cash flows for the fiscal year ended September 30, 2023 and 2022. The reclassifications had no impact on cash provided by (used in) operations for the period presented. Provision on loss contracts, net of $6.1 million and $30.0 million for the fiscal years ended September 30, 2023 and 2022, respectively, was reclassified to current accruals and provisions on the consolidated statement of cash flows. The reclassification had no impact on cash provided by (used in) operations for the period presented. The following tables present our key operating metrics for the fiscal years ended September 30, 2024 and 2023. The tables below present the metrics in either Gigawatts (GW) or Gigawatt hours (GWh). Our key operating metrics focus on project milestones to measure our performance and designate each project as either “deployed”, “assets under management”, “contracted backlog”, or “pipeline”. The following table presents our order intake for the three months and fiscal years ended September 30, 2024 and 2023. The table is presented in Gigawatts (GW): Deployed Deployed represents cumulative energy storage products and solutions that have achieved substantial completion and are not decommissioned. Deployed is monitored by management to measure our performance towards achieving project milestones. Assets Under Management Assets under management for service contracts represents our long-term service contracts with customers associated with our completed energy storage system products and solutions. We start providing maintenance, monitoring, or other operational services after the storage product projects are completed. In some cases, services may be commenced for energy storage solutions prior to achievement of substantial completion. This is not limited to energy storage solutions delivered by Fluence. Assets under management for digital software represents contracts signed and active (post go live). Assets under management serves as an indicator of expected revenue from our customers and assists management in forecasting our expected financial performance. Contracted Backlog For our energy storage products and solutions contracts, contracted backlog includes signed customer orders or contracts under execution prior to when substantial completion is achieved. For service contracts, contracted backlog includes signed service agreements associated with our storage product projects that have not been completed and the associated service has not started. For digital applications contracts, contracted backlog includes signed agreements where the associated subscription has not started. We cannot guarantee that our contracted backlog will result in actual revenue in the originally anticipated period or at all. Contracted backlog may not generate margins equal to our historical operating results. We have only recently begun to track our contracted backlog on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our contracted backlog fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Contracted/Order Intake Contracted, which we use interchangeably with “order intake”, represents new energy storage product and solutions contracts, new service contracts and new digital contracts signed during each period presented. We define “Contracted” as a firm and binding purchase order, letter of award, change order or other signed contract (in each case an “Order”) from the customer that is received and accepted by Fluence. Our order intake is intended to convey the dollar amount and gigawatts (operating measure) contracted in the period presented. We believe that order intake provides useful information to investors and management because the order intake provides visibility into future revenue and enables evaluation of the effectiveness of the Company’s sales activity and the attractiveness of its offerings in the market. Pipeline Pipeline represents our uncontracted, potential revenue from energy storage products and solutions, service, and digital software contracts, which have a reasonable likelihood of contract execution within 24 months. Pipeline is an internal management metric that we construct from market information reported by our global sales force. Pipeline is monitored by management to understand the anticipated growth of our Company and our estimated future revenue related to customer contracts for our battery-based energy storage products and solutions, services and digital software. We cannot guarantee that our pipeline will result in actual revenue in the originally anticipated period or at all. Pipeline may not generate margins equal to our historical operating results. We have only recently begun to track our pipeline on a consistent basis as performance measures, and as a result, we do not have significant experience in determining the level of realization that we will achieve on these contracts. Our customers may experience project delays or cancel orders as a result of external market factors and economic or other factors beyond our control. If our pipeline fails to result in revenue as anticipated or in a timely manner, we could experience a reduction in revenue, profitability, and liquidity. Annual Recurring Revenue (ARR) ARR represents the net annualized contracted value including software subscriptions including initial trial, licensing, long term service agreements, and extended warranty agreements as of the reporting period. ARR excludes one-time fees, revenue share or other revenue that is non-recurring and variable. The Company believes ARR is an important operating metric as it provides visibility to future revenue. It is important to management to increase this visibility as we continue to expand. ARR is not a forecast of future revenue and should be viewed independently of revenue and deferred revenue as ARR is an operating metric and is not intended to replace these items. The following tables present our non-GAAP measures for the periods indicated. ____________________________ 1 Non-GAAP Financial Metric. See the section below titled “Non-GAAP Financial Measures” for more information regarding the Company's use of non-GAAP financial measures, as well as a reconciliation to the most directly comparable financials measure stated in accordance with GAAP. 2 Backlog represents the unrecognized revenue value of our contractual commitments, which include deferred revenue and amounts that will be billed and recognized as revenue in future periods. The Company’s backlog may vary significantly each reporting period based on the timing of major new contractual commitments and the backlog may fluctuate with currency movements. In addition, under certain circumstances, the Company’s customers have the right to terminate contracts or defer the timing of its services and their payments to the Company. 3 Total cash includes Cash and cash equivalents + Restricted Cash + Short term investments. Contacts Analyst Lexington May, Vice President, Finance & Investor Relations +1 713-909-5629 Email : InvestorRelations@fluenceenergy.com Media Email: media.na@fluenceenergy.comRunner's World: Top RBs take flight when Ravens entertain Eagles

SANTA CLARA, Calif., Nov. 25, 2024 (GLOBE NEWSWIRE) -- Agora, Inc. (NASDAQ: API) (the “Company”), a pioneer and leader in real-time engagement technology, today announced its unaudited financial results for the third quarter ended September 30, 2024. “Recently, we launched our Conversational AI SDK in collaboration with OpenAI’s Realtime API to allow developers to bring voice-driven AI experiences to any app. We believe multimodal AI agents that can interact with human through natural voice will gain widespread adoption across many use cases such as customer support, education and wellness, and Agora is well positioned to become a key infrastructure provider for real-time conversational AI,” said Tony Zhao, founder, chairman and CEO of Agora. “To support this vision, we recently made some structural changes, aligning our organization to fully leverage the accelerating conversational AI opportunities, and operate in a faster, leaner, and more responsive fashion. These changes will help us build the next generation real-time engagement technology for the Generative AI era and strengthen our position as the leader in real-time engagement space.” Third Quarter 2024 Highlights Total revenues for the quarter were $31.6 million, a decrease of 9.8% from $35.0 million in the third quarter of 2023, which included decreased revenue from certain end-of-sale products of $2.4 million. Agora : $15.7 million for the quarter, an increase of 2.6% from $15.3 million in the third quarter of 2023. Shengwang : RMB112.9 million ($15.9 million) for the quarter, a decrease of 20.0% from RMB141.2 million ($19.7 million) in the third quarter of 2023, which included decreased revenue from certain end-of-sale products of RMB17.5 million ($2.4 million). Active Customers Agora : 1,762 as of September 30, 2024, an increase of 5.9% from 1,664 as of September 30, 2023. Shengwang : 3,641 as of September 30, 2024, a decrease of 9.7% from 4,034 as of September 30, 2023. Dollar-Based Net Retention Rate Agora : 94% for the trailing 12-month period ended September 30, 2024. Shengwang : 78% for the trailing 12-month period ended September 30, 2024. Net loss for the quarter was $24.2 million, which included expenses of $11.4 million in relation to the cancellation of certain employees’ equity awards, severance expenses of $4.8 million, and losses from equity in affiliates of $4.2 million, compared to net loss of $22.5 million in the third quarter of 2023. After excluding share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets and income tax related to acquired intangible assets, non-GAAP net loss for the quarter was $10.4 million, compared to the non-GAAP net loss of $15.6 million in the third quarter of 2023. Total cash, cash equivalents, bank deposits and financial products issued by banks as of September 30, 2024 was $362.6 million. Net cash used in operating activities for the quarter was $4.6 million, compared to $3.0 million in the third quarter of 2023. Free cash flow for the quarter was negative $6.0 million, compared to negative $3.2 million in the third quarter of 2023. Third Quarter 2024 Financial Results Revenues Total revenues were $31.6 million in the third quarter of 2024, a decrease of 9.8% from $35.0 million in the same period last year. Revenues of Agora were $15.7 million in the third quarter of 2024, an increase of 2.6% from $15.3 million in the same period last year, primarily due to our business expansion and usage growth in sectors such as live shopping. Revenues of Shengwang were RMB112.9 million ($15.9 million) in the third quarter of 2024, a decrease of 20.0% from RMB141.2 million ($19.7 million) in the same period last year, primarily due to a decrease in revenues of RMB 17.5 million ($2.4 million) due to the end-of-sale of certain products and reduced usage from customers in certain sectors such as social and entertainment as a result of challenging macroeconomic and regulatory environment. Cost of Revenues Cost of revenues was $10.5 million in the third quarter of 2024, a decrease of 16.4% from $12.6 million in the same period last year, primarily due to the end-of-sale of certain products and the decrease in bandwidth usage and costs, which was offset partially by severance expenses for customer support teams of $0.3 million. Gross Profit and Gross Margin Gross profit was $21.0 million in the third quarter of 2024, a decrease of 6.1% from $22.4 million in the same period last year. Gross margin was 66.7% in the third quarter of 2024, an increase of 2.7% from 64.0% in the same period last year, mainly due to the end-of-sale of certain low-margin products, which was offset partially by higher severance expenses in the third quarter of 2024. Operating Expenses Operating expenses were $45.9 million in the third quarter of 2024, an increase of 24.3% from $36.9 million in the same period last year, primarily due to the increase in restructuring and severance expenses in the third quarter of 2024, which included share-based compensation of $11.4 million as a result of the cancellation of certain employees’ equity awards and immediate recognition of relevant remaining unrecognized compensation expenses, as well as severance expenses of $4.4 million. Research and development expenses were $29.3 million in the third quarter of 2024, an increase of 46.1% from $20.0 million in the same period last year, primarily due to restructuring and severance expenses in the third quarter of 2024, including share-based compensation of $9.0 million due to equity award cancellation and severance expenses of $3.6 million. Sales and marketing expenses were $6.9 million in the third quarter of 2024, a decrease of 11.9% from $7.8 million in the same period last year, primarily due to a decrease in personnel costs as the Company optimized its global workforce, which was offset partially by severance expenses of $0.7 million in the third quarter of 2024. General and administrative expenses were $9.7 million in the third quarter of 2024, an increase of 7.4% from $9.1 million in the same period last year, primarily due to restructuring and severance expenses in the third quarter of 2024, including share-based compensation of $2.4 million as a result of the equity award cancellation, which was offset partially by a decrease in personnel costs as the Company optimized its global workforce. Loss from Operations Loss from operations was $24.7 million in the third quarter of 2024, compared to $13.9 million in the same period last year. Interest Income Interest income was $3.9 million in the third quarter of 2024, compared to $4.9 million in the same period last year, primarily due to the decrease in the average balance of cash, cash equivalents, bank deposits and financial products issued by banks and the decrease in average interest rate realized. Losses from equity in affiliates Losses from equity in affiliates were $4.2 million in the third quarter of 2024, primarily due to an impairment loss on an investment in certain private company of $4.1 million. Net Loss Net loss was $24.2 million in the third quarter of 2024, compared to $22.5 million in the same period last year. Net Loss per American Depositary Share attributable to ordinary shareholders Net loss per American Depositary Share (“ADS”) 1 attributable to ordinary shareholders was $0.26 in the third quarter of 2024, compared to $0.23 in the same period last year. _____________ 1 One ADS represents four Class A ordinary shares. Share Repurchase Program During the three months ended September 30, 2024, the Company repurchased approximately 6.8 million of its Class A ordinary shares (equivalent to approximately 1.7 million ADSs) for approximately US$3.9 million under its share repurchase program, representing 1.9% of its US$200 million share repurchase program. As of September 30, 2024, the Company had repurchased approximately 129.4 million of its Class A ordinary shares (equivalent to approximately 32.3 million ADSs) for approximately US$113.7 million under its share repurchase program, representing 57% of its US$200 million share repurchase program. As of September 30, 2024, the Company had 368.3 million ordinary shares (equivalent to approximately 92.1 million ADSs) outstanding, compared to 449.8 million ordinary shares (equivalent to approximately 112.5 million ADSs) outstanding as of January 31, 2022 before the share repurchase program commenced. The current share repurchase program will expire at the end of February 2025. Executive Leadership Update Today the Company announced that Chief Security Officer Roger Hale will be leaving the Company, effective immediately. Mr. Hale has served in this role for the past 2.5 years, during which he made significant contributions to enhancing the Company’s security, compliance, and data protection protocols. Mr. Hale will work closely with senior leadership to ensure a smooth transition of his responsibilities. Moving forward, Patrick Ferriter and Robbin Liu will assume responsibility for security and compliance, reflecting the Company’s commitment to maintaining a strong and effective security framework. Mr. Hale will continue to provide strategic advice as an advisor to the Company. “We are grateful for Roger’s dedication and expertise over the past two and a half years. His leadership has been invaluable in strengthening our security & compliance foundation,” said Tony Zhao, founder, chairman and CEO of Agora. “Security and compliance remain top priorities for Agora, and we will continue to uphold the highest standards to protect our customers and stakeholders.” Financial Outlook Based on currently available information, the Company expects total revenues for the fourth quarter of 2024 to be between $34 million and $36 million, compared to $31.6 million in the third quarter of 2024, and $33.3 million in the fourth quarter of 2023 if revenues from certain end-of-sale low-margin products were excluded. The Company also expects significant improvement in net income / (loss) in the fourth quarter. This outlook reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change. Earnings Call The Company will host a conference call to discuss the financial results at 5 p.m. Pacific Time / 8 p.m. Eastern Time on November 25, 2024. Details for the conference call are as follows: Event title: Agora, Inc. 3Q 2024 Financial Results The call will be available at https://edge.media-server.com/mmc/p/wie28zvr Investors who want to hear the call should log on at least 15 minutes prior to the broadcast. Participants may register for the call with the link below. https://register.vevent.com/register/BIf58a0b6f500c4362b1a8c64f9fa4cea8 Please visit the Company’s investor relations website at https://investor.agora.io on November 25, 2024 to view the earnings release and accompanying slides prior to the conference call. Use of Non-GAAP Financial Measures The Company has provided in this press release financial information that has not been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company uses these non-GAAP financial measures internally in analyzing its financial results and believe that the use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing its financial results with other companies in its industry, many of which present similar non-GAAP financial measures. Besides free cash flow (as defined below), each of these non-GAAP financial measures represents the corresponding GAAP financial measure before share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill. The Company believes that such non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the effects of such share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill that it includes in its cost of revenues, total operating expenses and net income (loss). The Company believes that all such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. A reconciliation of its historical non-GAAP financial measures to the most directly comparable GAAP measures has been provided in the tables captioned “Reconciliation of GAAP to Non-GAAP Measures” included at the end of this press release, and investors are encouraged to review the reconciliation. Definitions of the Company’s non-GAAP financial measures included in this press release are presented below. Non-GAAP Net Income (Loss) Non-GAAP net income (loss) is defined as net income (loss) adjusted to exclude share-based compensation expenses, acquisition related expenses, amortization expenses of acquired intangible assets, income tax related to acquired intangible assets and impairment of goodwill. Free Cash Flow Free cash flow is defined as net cash provided by operating activities less purchases of property and equipment (excluding the acquisition of land use right and the payment for the headquarters project). The Company considers free cash flow to be a liquidity measure that provides useful information to management and investors regarding net cash provided by operating activities and cash used for investments in property and equipment required to maintain and grow the business. Operating Metrics The Company also uses other operating metrics included in this press release and defined below to assess the performance of its business. Active Customers An active customer at the end of any period is defined as an organization or individual developer from which the Company generated more than $100 of revenue during the preceding 12 months. Customers are counted based on unique customer account identifiers. Generally, one software application uses the same customer account identifier throughout its life cycle while one account may be used for multiple applications. Dollar-Based Net Retention Rate Dollar-Based Net Retention Rate is calculated for a trailing 12-month period by first identifying all customers in the prior 12-month period, and then calculating the quotient from dividing the revenue generated from such customers in the trailing 12-month period by the revenue generated from the same group of customers in the prior 12-month period. As the vast majority of revenue generated from Agora’s customers is denominated in U.S. dollars, while the vast majority of revenue generated from Shengwang’s customers is denominated in Renminbi, Dollar-Based Net Retention Rate is calculated in U.S. dollars for Agora and in Renminbi for Shengwang, which has substantially removed the impact of foreign currency translations. Shengwang excluded the revenues from certain end-of-sale products, Easemob’s CEC business and K12 academic tutoring sector. The Company believes Dollar-Based Net Retention Rate facilitates operating performance comparisons on a period-to-period basis. Safe Harbor Statements This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements, including but not limited to statements regarding the Company’s financial outlook, beliefs and expectations. Forward-looking statements include statements containing words such as “expect,” “anticipate,” “believe,” “project,” “will” and similar expressions intended to identify forward-looking statements. Among other things, the Financial Outlook in this announcement contain forward-looking statements. These forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties. The Company’s actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to the growth of the RTE-PaaS market; the Company’s ability to manage its growth and expand its operations; the continued impact of COVID-19 on global markets and the Company’s business, operations and customers; the Company’s ability to attract new developers and convert them into customers; the Company’s ability to retain existing customers and expand their usage of its platform and products; the Company’s ability to drive popularity of existing use cases and enable new use cases, including through quality enhancements and introduction of new products, features and functionalities; the Company’s fluctuating operating results; competition; the effect of broader technological and market trends on the Company’s business and prospects; general economic conditions and their impact on customer and end-user demand; and other risks and uncertainties included elsewhere in the Company’s filings with the Securities and Exchange Commission (“SEC”), including, without limitation, the final prospectus related to the IPO filed with the SEC on June 26, 2020. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement, and the Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof. About Agora, Inc. Agora, Inc. is the Cayman Islands holding company of two independent divisions, under Agora brand and Shengwang brand, respectively, whose businesses are conducted through separate entities. Headquartered in Santa Clara, California, Agora is a pioneer and global leader in Real-Time Engagement Platform-as-a-Service (PaaS), providing developers with simple, flexible, and powerful application programming interfaces, or APIs, to embed real-time voice, video, interactive live-streaming, chat, whiteboard, and artificial intelligence capabilities into their applications. Headquartered in Shanghai, China, Shengwang is a pioneer and leading Real-Time Engagement PaaS provider in the China market. For more information on Agora, please visit: www.agora.io For more information on Shengwang, please visit: www.shengwang.cn Agora, Inc. Condensed Consolidated Balance Sheets (Unaudited, in US$ thousands) Agora, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited, in US$ thousands, except share and per ADS amounts) Agora, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in US$ thousands) Agora, Inc. Reconciliation of GAAP to Non-GAAP Measures (Unaudited, in US$ thousands, except share and per ADS amounts)

Saquon Barkley and the Philadelphia Eagles make their second-to-last road trip of the regular season Sunday to face Derrick Henry and the Baltimore Ravens. The NFC East-leading Eagles (9-2) have won seven in a row and play four of their final six games in Philadelphia, traveling only about 125 miles to visit the Ravens (8-4) this weekend and the Washington Commanders in Week 16. Sunday's game features the NFL's two leading rushers. Barkley (1,392 yards) and Henry (1,325) are far ahead of Green Bay's Josh Jacobs (944) in third place. Henry leads the league with 13 rushing touchdowns. Barkley (10) is tied for fourth and Philadelphia quarterback Jalen Hurts (11) tied for second. The matchup also features two of the top candidates for Most Valuable Player honors entering Week 13 in Barkley and Baltimore quarterback Lamar Jackson, who won his second MVP award last season. Their competition includes quarterbacks Josh Allen of Buffalo and Jared Goff of Detroit, with Allen widely considered the favorite. "Lamar Jackson and Derrick Henry are phenomenal football players that help their team win football games, and Jalen Hurts and Saquon Barkley are phenomenal football players that help their team win football games," Eagles coach Nick Sirianni said. "Excited about the opportunity this week because it's our next one. It will be a really good opponent, really well coached, good players, good atmosphere that will be there. Excited about the opportunity this week. And we're going to have to be on it against a really good team." The showdown at M&T Bank Stadium also pits Baltimore's No. 1 offense (426.7 yards per game) and No. 2 scoring offense (30.3 points per game) against Philadelphia's No. 1 defense (274.6) and No. 6 scoring defense (18.1). The Eagles have held seven consecutive opponents to under 300 total yards, while the Ravens have gained at least 329 yards of offense in all 11 games. Philadelphia is coming off a 37-20 road win over the Los Angeles Rams on Sunday night in which Barkley smashed the franchise record with 255 rushing yards. Baltimore also earned a prime-time win in Los Angeles, defeating the Chargers 30-23 in the "Harbaugh Bowl" on Monday night behind Jackson's three touchdowns (two passing, one rushing). Jackson said he's looking forward to the Barkley and Henry show. "I've known Saquon from high school. We were in the all-star game together and he jumped over somebody's head," Jackson recalled Wednesday. "So I've pretty much seen him before I even got to the league, college, anything. I've been knowing about Saquon, but Derrick Henry -- King Henry -- I'm with him every day and I'm seeing what he's capable of, so it's going to be a great matchup." Ravens linebacker Roquan Smith practiced Wednesday after sitting out Monday with a hamstring issue. Nose tackle Michael Pierce (calf) was designated to return from injured reserve. Tight end Charlie Kolar (broken arm) is out for several weeks and cornerback Arthur Maulet (calf) did not practice. The Eagles lost veteran defensive end Brandon Graham to a season-ending triceps injury Sunday. Wideout DeVonta Smith (hamstring) missed the win over the Rams and did not practice Wednesday. Neither did cornerbacks Darius Slay (concussion) or Kelee Ringo (calf). Philadelphia is 5-1 away from home this season -- 6-1 if you count their season-opening "home" victory against the Packers in Sao Paulo, Brazil. Baltimore is 4-1 at home. The Ravens hold a 3-2-1 lead in the series with the Eagles. They haven't met since Baltimore's 30-28 win in Week 6 at Philadelphia in 2020. --Field Level MediaTwo charged in connection with Iran drone strike that killed 3 US troops in the Middle EastIsrael govt orders official boycott of critical newspaper, minister 'advocates a free press' but not 'incitement'

Busted: Streaming and IPTV services have largely overtaken torrents and direct downloads as the most popular technologies for online piracy. European law enforcement agencies just dismantled a large operation dealing in unlawful streaming, arresting several operators and seizing thousands of IPTV channels. The Italian State Police just announced the dismantling of a pirate streaming service with over 22 million global users. Officials claim it was a business unlawfully making €250 million ($264 million US) monthly. The law enforcement agency worked with Europol, Eurojust, and other international authorities to investigate the alleged administrators of illegal operations in Europe and other countries. "Operation Taken Down" is the most extensive law enforcement action against audiovisual piracy ever led, according to the Italian State Police. More than 270 Italian police officers and international colleagues conducted searches in several Italian regions, the UK, Netherlands, Romania, Croatia, and China, targeting 102 different suspects. Officials discovered over 2,500 illegal channels, with nine servers in Romania and Hong Kong as the central relays for the pirate streams. Three "higher-level" administrators were tracked down in England and the Netherlands, while officers discovered 80 control panels for managing the streaming channels across Italy. The cyber-criminals were selling popular live and on-demand TV content coming from well-established platforms such as Sky, Dazn, Mediaset, Amazon Prime, Netflix, Paramount, Disney+, and more. Officials took the unlawful IPTV business offline yesterday after a two-year investigation provided a clear picture of the complex network and identified its alleged perpetrators. The Croatian police arrested 11 people, though the masterminds of the entire operation were mostly based in Italy and other European countries. Operation Taken Down was primarily led by the Italian Postal Police as ordered by the Catania Prosecutor's Office. The criminals had a widespread organization to resell the pirated IPTV channels, with different people covering specific roles in a highly organized mafia-like operation. The Italian police confiscated €1.6 million in cryptocurrencies and €40,000 in cash--just a drop in the bucket for an illegal business estimated to bring around €3 billion annually. The criminal organization also used different methods to hide its activity, including encrypted messaging applications. The criminals used false identities and ID documents to register mobile accounts, obtain credit cards, rent servers, and sign up for TV subscriptions.

PG&E wants another hike in residential rates

Ambassador Jalali talks cooperation, regional developments with parliamentary delegation in RussiaMagic Publishers Unveils Its New Product, The Santa Muerte Colors Tarot Deck 12-16-2024 11:46 PM CET | Leisure, Entertainment, Miscellaneous Press release from: Getnews / PR Agency: Brand Featured Miami, FL - December 16, 2024 - Magic Publishers [ http://www.santamuertecolors.com/ ], creator of unique spiritual tools, announces the release of its Santa Muerte Colors Tarot Deck , a new tarot deck that merges traditional art with the power of AI-generated art. Developed using OpenAI's DALL-E technology, this deck brings the culturally rich symbolism of Santa Muerte to life through AI-generated designs, offering a modern twist on spiritual practices. Image: https://www.globalnewslines.com/uploads/2024/12/86cbe66d9ffc57a486b84ba124d49f24.jpg The Santa Muerte Colors Tarot Deck raises a critical discussion in the art world today: Does AI art require an artist to create it? For Magic Publishers founder Nait Sabes, the answer is yes. "While AI technology provides powerful tools, it is the artist's vision and craftsmanship that guide the process. Just as photography was once questioned as an art, AI art is an extension of human creativity, not a replacement," Sabes explained. The deck's creator emphasizes that this project, which took over 400 hours to complete, is a testament to the collaboration between technology and artistic mastery. Santa Muerte, a figure with deep cultural significance, traces its origins back to the colonization of Mexico when indigenous devotees secretly worshiped her during times of persecution. The figure of Santa Muerte embodies love, protection, and the connection between life and death, unlike the traditional grim reaper, making her a symbol of profound spiritual strength. The Santa Muerte Colors Tarot Deck is unique in that it highlights the colors and symbolism that devotees of Santa Muerte hold dear, offering a fresh perspective on tarot. It challenges traditional tarot imagery, such as the Rider-Waite tarot deck, while embracing Santa Muerte's powerful narrative. By combining AI with rich cultural storytelling, Magic Publishers opens up new possibilities for tarot cards with guidebooks, offering users a deeper understanding of spiritual practices. While AI art has been met with some skepticism, it is clear that when used thoughtfully, Sabes believes that AI can enhance human artistry. The Santa Muerte Colors Tarot Deck demonstrates this intersection, offering a harmonious blend of innovation and tradition. "Just like a translator of poetry from one language to another must themselves be a poet, an artist creating computer-art must themselves be an artist," Sabes explained. For more information on the deck's physical copy on Amazon, visit this link [ https://a.co/d/5eFyU33 ]. To download the digital version on Deckible, click here [ https://www.deckible.com/card-decks/4lS-santa-muerte-colors-tarot-your-own-spirit-guides-are-welcome-here-too-magic-publishers ]. Image: https://www.globalnewslines.com/uploads/2024/12/5b357ba83480719a9457c4ecf659e335.jpg About Magic Publishers Magic Publishers creates unique spiritual tools that combine tradition and innovation. The Santa Muerte Colors Tarot Deck features 78 beautifully designed cards, inspired by the powerful Santa Muerte tradition. Each card offers vibrant artwork and rich symbolism, providing clarity and intuitive insights for readers of all levels. Available in both physical and digital formats, this new tarot deck empowers individuals on their spiritual journey, blending mystery and self-discovery with every reading. Media Contact Company Name: Magic Publishers Contact Person: Nait Sabes Email: Send Email [ http://www.universalpressrelease.com/?pr=magic-publishers-unveils-its-new-product-the-santa-muerte-colors-tarot-deck ] Country: United States Website: http://www.santamuertecolors.com/ This release was published on openPR.

NoneWASHINGTON — Special counsel Jack Smith moved to abandon two criminal cases against Donald Trump on Monday, acknowledging that Trump’s return to the White House will preclude attempts to federally prosecute him for retaining classified documents or trying to overturn his 2020 election defeat. The decision was inevitable, since longstanding Justice Department policy says sitting presidents cannot face criminal prosecution. Yet it was still a momentous finale to an unprecedented chapter in political and law enforcement history, as federal officials attempted to hold accountable a former president while he was simultaneously running for another term. Trump emerges indisputably victorious, having successfully delayed the investigations through legal maneuvers and then winning re-election despite indictments that described his actions as a threat to the country's constitutional foundations. “I persevered, against all odds, and WON," Trump exulted in a post on Truth Social, his social media website. He also said that “these cases, like all of the other cases I have been forced to go through, are empty and lawless, and should never have been brought.” The judge in the election case granted prosecutors' dismissal request. A decision in the documents case was still pending on Monday afternoon. The outcome makes it clear that, when it comes to a president and criminal accusations, nothing supersedes the voters' own verdict. In court filings, Smith's team emphasized that the move to end their prosecutions was not a reflection of the merit of the cases but a recognition of the legal shield that surrounds any commander in chief. “That prohibition is categorical and does not turn on the gravity of the crimes charged, the strength of the Government’s proof, or the merits of the prosecution, which the Government stands fully behind,” prosecutors said in one of their filings. They wrote that Trump’s return to the White House “sets at odds two fundamental and compelling national interests: on the one hand, the Constitution’s requirement that the President must not be unduly encumbered in fulfilling his weighty responsibilities . . . and on the other hand, the Nation’s commitment to the rule of law.” In this situation, “the Constitution requires that this case be dismissed before the defendant is inaugurated,” they concluded. Smith’s team said it was leaving intact charges against two co-defendants in the classified documents case — Trump valet Walt Nauta and Mar-a-Lago property manager Carlos De Oliveira — because “no principle of temporary immunity applies to them.” Steven Cheung, Trump's incoming White House communications director, said Americans “want an immediate end to the political weaponization of our justice system and we look forward to uniting our country.” Trump has long described the investigations as politically motivated, and he has vowed to fire Smith as soon as he takes office in January. Now he will start his second term free from criminal scrutiny by the government that he will lead. The election case brought last year was once seen as one of the most serious legal threats facing Trump as he tried to reclaim the White House. He was indicted for plotting to overturn his defeat to Joe Biden in 2020, an effort that climaxed with his supporters' violent attack on the U.S. Capitol on Jan. 6, 2021. But the case quickly stalled amid legal fighting over Trump’s sweeping claims of immunity from prosecution for acts he took while in the White House. The U.S. Supreme Court in July ruled for the first time that former presidents have broad immunity from prosecution, and sent the case back to U.S. District Judge Tanya Chutkan to determine which allegations in the indictment, if any, could proceed to trial. The case was just beginning to pick up steam again in the trial court in the weeks leading up to this year’s election. Smith’s team in October filed a lengthy brief laying out new evidence they planned to use against him at trial, accusing him of “resorting to crimes” in an increasingly desperate effort to overturn the will of voters after he lost to Biden. In dismissing the case, Chutkan acknowledged prosecutors' request to do so “without prejudice,” raising the possibility that they could try to bring charges against Trump when his term is over. She wrote that is “consistent with the Government’s understanding that the immunity afforded to a sitting President is temporary, expiring when they leave office.” But such a move may be barred by the statute of limitations, and Trump may also try to pardon himself while in office. immunity afforded to a sitting President is temporary, expiring when they leave office. The separate case involving classified documents had been widely seen as legally clear cut, especially because the conduct in question occurred after Trump left the White House and lost the powers of the presidency. The indictment included dozens of felony counts accusing him of illegally hoarding classified records from his presidency at his Mar-a-Lago estate in Palm Beach, Florida, and obstructing federal efforts to get them back. He has pleaded not guilty and denied wrongdoing. The case quickly became snarled by delays, with U.S. District Judge Aileen Cannon slow to issue rulings — which favored Trump’s strategy of pushing off deadlines in all his criminal cases — while also entertaining defense motions and arguments that experts said other judges would have dispensed with without hearings. In May, she indefinitely canceled the trial date amid a series of unresolved legal issues before dismissing the case outright two months later. Smith’s team appealed the decision, but now has given up that effort. Trump faced two other state prosecutions while running for president. One them, a New York case involving hush money payments, resulted in a conviction on felony charges of falsifying business records. It was the first time a former president had been found guilty of a crime. The sentencing in that case is on hold as Trump's lawyers try to have the conviction dismissed before he takes office, arguing that letting the verdict stand will interfere with his presidential transition and duties. Manhattan District Attorney Alvin Bragg's office is fighting the dismissal but has indicated that it would be open to delaying sentencing until Trump leaves office. Bragg, a Democrat, has said the solution needs to balance the obligations of the presidency with “the sanctity of the jury verdict." Trump was also indicted in Georgia along with 18 others accused of participating in a sprawling scheme to illegally overturn the 2020 presidential election there. Any trial appears unlikely there while Trump holds office. The prosecution already was on hold after an appeals court agreed to review whether to remove Fulton County District Attorney Fani Willis over her romantic relationship with the special prosecutor she had hired to lead the case. Four defendants have pleaded guilty after reaching deals with prosecutors. Trump and the others have pleaded not guilty. Associated Press writers Colleen Long, Michael Sisak and Lindsay Whitehurst contributed to this story. ___

CWTI Provides Revised Update on Canada Postal Strike Delay Mailing of the Company's 2024 Annual General Meeting MaterialsSmoggy Sasolburg illustrates conflict between economy and clean airEnterprise Backup and Recovery Software Market Set to Reach $21.8 Billion by 2031 with an 8.9% CAGR Growth

If you've ever had to buy oil for your car, motorcycle, lawn mower, snowmobile, or any other internal combustion engine, you've likely encountered the SAE acronym — or what used to be an acronym, anyway. You may have even wondered what SAE stands for. After all, some automotive acronyms you probably already know , such as ABS, CVT, EV, SOHC, and DOHC, are prevalent in today's society. It turns out, however, that SAE no longer stands for anything in particular, according to a blog posted by the organization at SAE.org entitled "2023 Reflections: It's Actually Just 'SAE.'" However, when the organization was formed in 1905, the letters stood for Society of Automobile Engineers. Early automobile manufacturing pioneers like Henry Ford and Andrew Riker, among others, saw the need for standardized methods in the burgeoning automotive industry. As the use of the Society's standards spread to other mobility industries, such as aeronautics, engineers of those disciplines joined the organization. It became apparent that the Automobile in SAE excluded some of the organization's brightest prospects, so in 1917, it changed its meaning to the Society of Automotive Engineers in an attempt to include all forms of "self-propelled vehicles." In 2006, in light of the ever-changing landscape of manufacturing and the global reach of the organization, the Society once again updated its name. The new name, SAE International, seems likely to stand the test of time, at least for some time. Your first encounter with SAE might occur on the engine oil aisle of your local auto parts store, but you'll see it again when buying wrenches and sockets for your DIY garage mechanic toolbox . The threaded fasteners that hold the majority of mechanical components together have standardized hexagonal heads in fractional-inch or metric sizes. While the inch sizes are often referred to as SAE, in reality, nearly all common threaded fasteners adhere to SAE International standards. Among SAE International's newest endeavors is Sustainable Mobility Solutions, an effort to standardize EV charging connections across North America. Another partnership in the autonomous technology sector earned recognition from industry leaders like former Microsoft CEO Bill Gates. While Gates applauded SAE International for its work to standardize the Levels of Driving Automation , he inadvertently called the organization the Society of American Engineers. Yet another reason to stick with, "just SAE." In today's global economy, standardized manufacturing processes are more important than ever. Imagine the complex mechanics involved with stopping your car on a rain-slick highway as an animal steps onto the roadway. It's critical that the myriad of sensors, cameras, actuators, and assemblies manufactured around the world work together for safe motor vehicle operation. It'll be even more critical as we depend on the cars of the future to navigate our roads safely without human intervention.The U.S. Navy is transforming a costly flub into a potent weapon with the first shipborne hypersonic weapon, which is being retrofitted aboard the first of its three stealthy destroyers. The USS Zumwalt is at a Mississippi shipyard where workers have installed missile tubes that replace twin turrets from a gun system that was never activated because it was too expensive. Once the system is complete, the Zumwalt will provide a platform for conducting fast, precision strikes from greater distances, adding to the usefulness of the warship. The USS Zumwalt is seen at the Huntington Ingalls shipyard Nov. 21 in Pascagoula, Miss. “It was a costly blunder. But the Navy could take victory from the jaws of defeat here, and get some utility out of them by making them into a hypersonic platform,” said Bryan Clark, a defense analyst at the Hudson Institute. The U.S. has had several types of hypersonic weapons in development for the past two decades, but recent tests by both Russia and China have added pressure to the U.S. military to hasten their production. Hypersonic weapons travel beyond Mach 5, five times the speed of sound, with added maneuverability making them harder to shoot down. Last year, The Washington Post reported that among the documents leaked by former Massachusetts Air National Guard member Jack Teixeira was a defense department briefing that confirmed China had recently tested an intermediate-range hypersonic weapon called the DF-27. While the Pentagon previously acknowledged the weapon's development, it had not recognized its testing. One of the U.S. programs in development and planned for the Zumwalt is the “Conventional Prompt Strike." It would launch like a ballistic missile and then release a hypersonic glide vehicle that would travel at speeds seven to eight times faster than the speed of sound before hitting the target. The weapon system is being developed jointly by the Navy and Army. Each of the Zumwalt-class destroyers would be equipped with four missile tubes, each with three of the missiles for a total of 12 hypersonic weapons per ship. In choosing the Zumwalt, the Navy is attempting to add to the usefulness of a $7.5 billion warship that is considered by critics to be an expensive mistake despite serving as a test platform for multiple innovations. The USS Zumwalt is seen at the Huntington Ingalls shipyard Nov. 21 in Pascagoula, Miss. The Zumwalt was envisioned as providing land-attack capability with an Advanced Gun System with rocket-assisted projectiles to open the way for Marines to charge ashore. But the system featuring 155 mm guns hidden in stealthy turrets was canceled because each of the rocket-assisted projectiles cost between $800,000 and $1 million. Despite the stain on its reputation, the three Zumwalt-class destroyers remain the Navy’s most advanced surface warship in terms of new technologies. Those innovations include electric propulsion, an angular shape to minimize radar signature, an unconventional wave-piercing hull, automated fire and damage control and a composite deckhouse that hides radar and other sensors. The Zumwalt arrived at the Huntington Ingalls Industries shipyard in Pascagoula, Mississippi, in August 2023 and was removed from the water for the complex work of integrating the new weapon system. It is due to be undocked this week in preparation for the next round of tests and its return to the fleet, shipyard spokeswoman Kimberly Aguillard said. A U.S. hypersonic weapon was successfully tested over the summer and development of the missiles is continuing. The Navy wants to begin testing the system aboard the Zumwalt in 2027 or 2028, according to the Navy. The U.S. weapon system will come at a steep price. It would cost nearly $18 billion to buy 300 of the weapons and maintain them over 20 years, according to the Congressional Budget Office. Critics say there is too little bang for the buck. “This particular missile costs more than a dozen tanks. All it gets you is a precise non-nuclear explosion, some place far far away. Is it really worth the money? The answer is most of the time the missile costs much more than any target you can destroy with it,” said Loren Thompson, a longtime military analyst in Washington, D.C. The U.S. Navy intercepted Houthi missiles and drones targeting two warships and three merchant vessels in the Gulf of Aden. But they provide the capability for Navy vessels to strike an enemy from a distance of thousands of kilometers — outside the range of most enemy weapons — and there is no effective defense against them, said retired Navy Rear Adm. Ray Spicer, CEO of the U.S. Naval Institute, an independent forum focusing on national security issues, and former commander of an aircraft carrier strike force. Conventional missiles that cost less aren’t much of a bargain if they are unable to reach their targets, Spicer said, adding the U.S. military really has no choice but to pursue them. “The adversary has them. We never want to be outdone,” he said. The U.S. is accelerating development because hypersonics have been identified as vital to U.S. national security with “survivable and lethal capabilities,” said James Weber, principal director for hypersonics in the Office of the Assistant Secretary of Defense for Critical Technologies. “Fielding new capabilities that are based on hypersonic technologies is a priority for the defense department to sustain and strengthen our integrated deterrence, and to build enduring advantages,” he said. Image Credit: Jacob Lund / Shutterstock The financial challenges facing U.S. military households are a significant concern throughout the year. Holidays such as Memorial Day, Armed Forces Day, or Veterans Day highlight the ongoing struggles that service members face, particularly amid rising costs for everyday essentials. Recent data from the U.S. Census Bureau’s Household Pulse Survey shows a troubling trend: Military personnel and their families are finding it more difficult to cover basic household expenses such as food, housing, and transportation than the average American. Our analysis examines how service members are faring in today’s economy compared to civilian households, highlighting the states where military families report the greatest challenges in managing their finances. As we enter Giving Season, we’ve also highlighted meaningful ways to support service members and their families through charitable contributions, offering an opportunity to make a direct impact on those who serve our nation. Service members are struggling more financially than the average American. Image Credit: Upgraded Points According to recent Household Pulse Survey data, members of the armed services are experiencing financial strain at higher rates than the general U.S. population. Over 40% of service members report difficulty covering their usual household expenses, compared to 36.6% of all U.S. adults. The data also shows heightened anxiety among service members regarding rising prices. Nearly 80% of military personnel express stress about recent price increases, significantly higher than the 71.8% of all U.S. adults who share similar feelings. Furthermore, 81.8% of service members are concerned about future price hikes, reflecting widespread uncertainty about inflation’s long-term impact on household budgets. More than half of service members in certain states have difficulty covering basic household expenses. Image Credit: Upgraded Points Across the U.S., the financial burden on service members varies significantly from state to state, primarily influenced by local economic conditions. According to the most recent data, Utah leads with 53.7% of service members reporting difficulty covering basic household expenses, closely followed by Louisiana (52.9%) and Alaska (52.8%). Other states where over half of service members are struggling include Indiana (52.0%), Tennessee (51.2%), New York (50.8%), and Florida (50.3%). A key issue service members frequently raise is that their Basic Allowance for Housing (BAH) has not kept pace with the rapidly rising cost of housing. In states where service members face the greatest financial difficulties, such as Utah, Indiana, Tennessee, and Florida, home price increases have far exceeded the national average, exacerbating the strain on household budgets. Another critical factor affecting military families is the employment challenges military spouses face. According to the Department of Defense, the military spouse unemployment rate was 21% in 2023, compared to a national rate of 3.6% that year. Many military bases are located in rural or remote areas, limiting job opportunities for spouses, particularly in specialized fields. Additionally, frequent relocations make it difficult for spouses to sustain long-term careers, especially for those in professions requiring state-specific occupational licenses that can be difficult to transfer. Service members are also more likely to report financial struggles in states with higher-than-average unemployment rates, such as Louisiana, Alaska, and New York. Conversely, the state unemployment rate is below average in 9 of the 10 states where service members report the least financial difficulty. This suggests that strong local employment opportunities, particularly for spouses, significantly ease the financial burden on military households. Photo Credit: Bumble Dee / Shutterstock One of the most impactful ways to support service members, veterans, and their families who are facing financial hardships is through donations to reputable charities. These organizations are dedicated to addressing the unique challenges faced by military families and veterans, providing vital assistance in areas like housing, medical expenses, scholarships, and career training. To help guide your generosity, we’ve compiled a list of top-rated charities based on scores from Charity Navigator , CharityWatch , and GuideStar , which assess organizations on criteria such as impact, efficiency, accountability, and transparency. Here are some of the best charities supporting military families and veterans in need: 1. USO For over 80 years, the USO has provided crucial support to active-duty service members and their families. From financial assistance programs to community-building initiatives, the USO helps service members stay connected to loved ones while addressing their most pressing needs during deployments and transitions. 2. Homes For Our Troops This charity is focused on providing specially adapted homes for severely injured post-9/11 veterans. It helps veterans regain independence. Homes For Our Troops also provides financial planning and household budgeting to ensure long-term stability for the recipients. 3. Iraq and Afghanistan Veterans of America (IAVA) Dedicated to advocating for veterans of the Iraq and Afghanistan wars, IAVA works to improve government policies and programs that support military families. Its advocacy ensures veterans have access to financial resources, healthcare, and education opportunities. 4. Fisher House Foundation This foundation builds “comfort homes” near military and VA medical centers, allowing families to stay free of charge while a loved one is hospitalized. By reducing travel and lodging expenses, Fisher House eases financial stress during difficult times. 5. Hope For The Warriors Offering a range of programs focused on financial stability, wellness, social support, and education, Hope For The Warriors provides critical support to service members, veterans, and their families. Its services include direct financial assistance for transitioning service members and veterans in need, career training and job placement, and scholarships for spouses. 6. Semper Fi & America’s Fund Semper Fi & America’s Fund assists wounded, ill, and injured service members and their families through direct financial assistance and case management during hospitalization and recovery. The organization also provides educational support, career assistance, and health and wellness services. 7. Wounded Warriors Family Support (WWFS) WWFS supports families of those wounded or killed in combat through programs like medical travel grants, meal and housekeeping assistance, in-home care services, and family retreats. By addressing these families' immediate and ongoing needs, WWFS alleviates the financial burdens of those suffering from recent tragic events. For more information, a detailed methodology, and complete results, see Rising Costs Hit Military Families Hard: Here’s How You Can Help on Upgraded Points . Photo Credit: Jacob Lund / Shutterstock Upgraded Points conducted the analysis using the latest data from the U.S. Census Bureau Household Pulse Survey Phase 4.0–4.2 , covering the period from January 9, 2024, to September 16, 2024. Service members were defined as adults currently serving in the U.S. armed forces (Active Duty, Reserve, or National Guard) and their spouses. This analysis focuses on 3 key questions from the survey: Statistics with fewer than 50 survey responses were omitted from the analysis. Additional statistics on home prices were sourced from Zillow’s Home Value Index , and unemployment rates were sourced from the U.S. Census Bureau’s 2023 American Community Survey 1-Year Estimates . For complete results, see Rising Costs Hit Military Families Hard: Here’s How You Can Help on Upgraded Points. Get local news delivered to your inbox!