Nautilus Biotechnology Co-founder and Chief Scientist Parag Mallick, Ph.D., Honored with the Academy for Radiology and Biomedical Imaging Research’s Distinguished Investigator Award – Science News Today – EIN Presswire
Wildfire Hazard Technology Guides Placer County’s $1.6B Wildfire Resilience Challenge – Technology Today – EIN Presswire
(MENAFN- GlobeNewsWire – Nasdaq) NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES LONDON, Ontario, Oct. 31, 2024 (GLOBE NEWSWIRE) — Aduro Clean Technologies Inc . (“ Aduro ” or the“ Company ”) (CSE: ACT ) (OTCQX: ACTHF ) (FSE: 9D5 ), a clean technology company using the power of chemistry to transform lower value feedstocks, like waste plastics, heavy bitumen, and renewable oils, into resources for the 21st century, has filed its interim consolidated financial results for the three months ended August 31, 2024, and has provided the following highlights. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated. Ofer Vicus, CEO of Aduro, remarked,“This quarter, Aduro continued to achieve essential milestones that underscore our technical progress towards higher market readiness. We advanced our engagement with TotalEnergies from an extended technical evaluation phase into an augmented research and collaboration agreement. In addition, we continue to make great progress on the design of our Next Generation Process, while filing a new patent application, further strengthening our intellectual property and expanding our addressable market.” “Q1 featured notable financial and structural improvements that strengthen Aduro’s operational foundation,” remarked Mena Beshay, CFO of Aduro.“The successful private placement significantly strengthened our capital structure and bolstered our research and development and scale-up up activities. These steps collectively place Aduro in a stronger financial position to continue advancing our technology applications and customer engagement initiatives.” First Quarter 2025 – Financial Highlights Quarterly revenue was $55,000 for Q1 2025, a slight decrease of 6% compared to revenue of $58,545 generated in Q1 2024. Loss from operations was $2,462,532 for Q1 2025, as compared to loss from operations of $1,570,322 in Q1 2024. Property, plant, and equipment carrying cost as of August 31, 2024, was $3.92 million representing an increase of approximately $0.313 million over Q1 2025, signifying an increased investment in research and laboratory equipment. The Company maintained a strong cash position of approximately $5.95 million as of August 31, 2024. First Quarter 2025 – Corporate Highlights and Subsequent Events Private Placement : Completed a $3.52 million non-brokered private placement, bolstering funds for ongoing R&D and operational growth. Stock Option Grants : Issued 2,685,000 stock options to directors, officers, employees, and a consultant, exercisable over five years with monthly vesting over 24 months, aligning incentives with corporate growth and execution. Investor Engagement : Engaged KCSA Strategic Communications, a leading New York-based communications firm, to provide investor relations and digital services. Using the AmplifIR platform to expand investor outreach and strengthen brand presence, the Company expects that KCSA will be able to facilitate greater awareness and widespread dissemination of the Company’s news and progress. Conversion of Class B Warrants and Share Consolidation : Upon reaching the Second Milestone in the Securities Exchange Agreement between the Company and Aduro Energy Inc. dated October 22, 2020, as amended, the Company converted the Class B Special Warrants and issued 4,102,563 post-consolidation common shares. Additionally, the Company executed a 3.25-to-1 common share consolidation effective August 20, 2024, reducing the common shares issued and outstanding from 88,316,467 shares to 27,174,297 common shares inclusive of the Class B warrant conversion. Entered New Phase of Collaboration with TotalEnergies : After two positive technical evaluation programs with TotalEnergies, Aduro has advanced to a new research and development collaboration phase with TotalEnergies to optimize HydrochemolyticTM technology for complex multi-polymer waste, establishing parameters for potential commercial deployment. Next Generation Process (NGP) : Conducted semi-industrial experiments to finalize reactor configurations for the NGP. Aduro aims to complete NGP design by calendar year-end, advancing its scale-up program and expanding its capabilities to expand collaborations within its Customer Engagement Program. New Patent Filing : Submitted a patent for a cost-effective and efficient process to produce BTX chemicals (benzene, toluene, and xylenes) from waste plastics and renewable oils, strengthening Aduro’s IP and addressing high-demand markets. BTX compounds are essential building blocks for a wide array of high-value chemicals and materials, including plastics, paints, sealants, coatings, and pharmaceuticals. Aromatic chemicals like BTX are key building blocks, accounting for 40% of petrochemical production by volume. The new patent application marks significant progress towards a key objective set out by Aduro at the beginning of 2024, the expansion of the Company’s technology and intellectual property position. Conference Participation : Participated in the International Refining & Petroleum Conference 2024 (IRPC), highlighting advancements and fostering potential partnerships to support ongoing innovation and commercialization efforts. These achievements underscore Aduro’s commitment to scaling innovative technology solutions and positioning itself as a leader in sustainable chemical processing. For a more detailed discussion of Aduro’s Q1 2025 results, please refer to the Company’s condensed interim consolidated financial statements and interim management discussion & analysis for the three months ended August 31, 2024, which are available at . Upcoming Annual General Meeting The Company’s Annual General Meeting (AGM) is scheduled for November 22, 2024, at 11:00 a.m. Eastern Time, and will be accessible via Zoom and teleconference. Shareholders will vote on important matters, including the election of directors and auditor appointments. The AGM circular, containing the access link and agenda, has been sent to shareholders of record as of October 16, 2024. Shareholders are encouraged to vote by proxy in advance and join the AGM via Zoom or teleconference. To access the Meeting by Zoom, please join via the following link:Meeting ID: 810 8606 1737 Passcode: 010600 To dial-in by phone find your local number here: About Aduro Clean Technologies Aduro Clean Technologies is a developer of patented water-based technologies to chemically recycle waste plastics; convert heavy crude and bitumen into lighter, more valuable oil; and transform renewable oils into higher-value fuels or renewable chemicals. The Company’s HydrochemolyticTM technology relies on water as a critical agent in a chemistry platform that operates at relatively low temperatures and cost, a game-changing approach that converts low-value feedstocks into resources for the 21st century. For further information, please contact: Abe Dyck, Investor Relations…+1 226 784 8889 KCSA Strategic Communications Jack Perkins, Vice President… Forward-Looking Statements This news release contains forward-looking statements. All statements, other than statements of historical fact that address activities, events, or developments that the Company believes, expects, or anticipates will or may occur in the future, are forward-looking statements. The forward-looking statements reflect management’s current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking statements. In this news release, the forward-looking statements include, but are not limited to, the ongoing progress of the design of the Company’s Next Generation Process, strengthening the Company’s intellectual property and expansion of the total addressable market; the plan to continue strengthening the Company’s capital structure and bolster research and development and scale-up activities; the anticipated stronger financial position and continued advancement of the Company’s technology applications and customer engagement initiatives; the intended use of proceeds from private placement financings for ongoing R&D and operational growth; the issuance of stock options intended to align employee incentives with corporate growth and execution; the engagement of KCSA Strategic Communications with an intention to expand investor outreach and strengthen brand presence, including facilitation of greater awareness and widespread dissemination of the Company’s news and progress; the anticipated collaboration phase with TotalEnergies aimed to establish parameters for potential commercial deployment; the participation by the Company in conferences aimed to highlight advancements and foster potential partnerships to support ongoing innovation and commercialization efforts; the Company’s intention to scale innovative technology solutions and position itself as a leader in sustainable chemical processing; and the Company’s plans for the upcoming annual general meeting. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance, and, accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, the various factors that may impede or prevent the Company’s ongoing progress for the design of the Next Generation Process, the strengthening its intellectual property and expansion of the total addressable market; that the Company may for various reasons fail to strengthen its capital structure or bolster research and development and scale-up activities; that the Company’s financial position may not continue to improve as anticipated for various reasons; that the advancement of the technology applications and customer engagement initiatives of the Company may fail to progress for various reasons; that the proceeds from private placement financings may be used for other unanticipated purposes; that the incentive equity awards may not incentivize employees to align with corporate growth and execution; that the engagement of KCSA may fail to expand the investor outreach or strengthen brand presence as anticipated; that the collaboration phase with TotalEnergies may not proceed as anticipated or may fail to establish any viable parameters for potential commercial deployment; that the participation by the Company in conferences may not achieve desired results or foster partnerships supporting commercialization; that the Company may be unsuccessful in scaling its technology solutions and be unable to establish itself as a leader in sustainable chemical processing due to other competing technologies or unforeseen circumstances; and that adverse market conditions and other factors beyond the control of the parties may negatively affect the company and its business. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events, or otherwise, except as required by applicable law. The CSE has not reviewed, approved, or disapproved the content of this news release. A photo accompanying this announcement is available at MENAFN31102024004107003653ID1108837492
Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.CloseRead moreThere’s an underrated found footage film available to stream that will terrify you this Halloween.For horror fans, successfully finding a film that genuinely unnerves you – or disturbs you so much you need to stop watching it entirely – is an increasingly challenging task.But Horror in the High Desert might do the trick. The film, which was released in 2021, is a faux documentary about the strange disappearance of hiker Gary Hinge (Eric Mencis) in the High Desert region of Nevada.Talking heads, including Gary’s sister (Tonya Williams-Ogden) and a private investigator working the case (David Morales), share details about Hinge, as the film attempts to shed light on the whereabouts of the missing hiker. As the film draws on, it becomes clear there is something more sinister at play – and the film ends with a sequence that is not for the faint-hearted.The trailer for the film informs the viewer: “Over 600,000 people go missing in the United States every year. an estimated 90 per cent are recovered annually… dead or alive. It is suspected that the remaining 10 per cent vanish into the American wildlands.”Instead of being a jumpy horror, the film, written and directed by Dutch Marich, builds up dread slowly, but effectively, and is one of the more chilling found footage films in recent years. Some fans have compared it to Lake Mungo, an Australian found footage film that has generated a cult fanbase since its release in 2008.‘Horror in the High Desert’ is a scary must-watch
Your support helps us to tell the storyFrom reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.Your support makes all the difference.CloseRead moreThere’s an underrated found footage film available to stream that will terrify you this Halloween.For horror fans, successfully finding a film that genuinely unnerves you – or disturbs you so much you need to stop watching it entirely – is an increasingly challenging task.But Horror in the High Desert might do the trick. The film, which was released in 2021, is a faux documentary about the strange disappearance of hiker Gary Hinge (Eric Mencis) in the High Desert region of Nevada.Talking heads, including Gary’s sister (Tonya Williams-Ogden) and a private investigator working the case (David Morales), share details about Hinge, as the film attempts to shed light on the whereabouts of the missing hiker. As the film draws on, it becomes clear there is something more sinister at play – and the film ends with a sequence that is not for the faint-hearted.The trailer for the film informs the viewer: “Over 600,000 people go missing in the United States every year. an estimated 90 per cent are recovered annually… dead or alive. It is suspected that the remaining 10 per cent vanish into the American wildlands.”Instead of being a jumpy horror, the film, written and directed by Dutch Marich, builds up dread slowly, but effectively, and is one of the more chilling found footage films in recent years. Some fans have compared it to Lake Mungo, an Australian found footage film that has generated a cult fanbase since its release in 2008.‘Horror in the High Desert’ is a scary must-watch
MOSCOW – The Kremlin on Thursday declined to comment when asked if Russia was helping North Korea to develop its missile and other military technology following a test launch by Pyongyang of an intercontinental ballistic missile.
North Korea said it had tested the missile on Thursday, upgrading what it called the “world’s most powerful strategic weapon”, as Seoul warned Pyongyang could get missile technology from Russia for helping with the war in Ukraine.
The United States and NATO say some North Korean soldiers are in the Kursk region, a Russian border area which Ukrainian forces punched their way into in August and where they continue to hold territory. A couple of thousand more North Korean troops were heading there, the Pentagon said on Tuesday.
Moscow has neither denied nor directly confirmed the presence of North Korean troops on its soil, with President Vladimir Putin saying it is Russia’s business whether or not it decides to use North Korean troops.
When asked on a conference call on Thursday whether Moscow was helping North Korea with missile or other military technology, Kremlin spokesman Dmitry Peskov told reporters: “I do not have that information, it is specialised information and you should ask the Ministry of Defence.”
Peskov referred to the importance of a comprehensive strategic partnership, which included a mutual defence clause, that was signed by Putin and North Korean leader Kim Jong Un during a visit to Pyongyang by the Russian leader in June.
“Once again, I can only repeat that we remain committed to the treaty that we signed, we remain committed to our interests to develop relations with our neighbour in all areas, and this should not worry and concern anyone,” said Peskov.
“It is the sovereign right of Russia and the DPRK (Democratic People’s Republic of Korea) to develop relations as neighbouring states.”
Russia said on Wednesday that North Korean Foreign Minister Choe Son Hui was on her way to Moscow to hold strategic consultations with her Russian counterpart Sergei Lavrov, her second visit to Russia in six weeks. REUTERS
Philadelphia District Attorney Larry Krasner’s suit against Elon Musk and his political action committee has been placed on hold while the tech billionaire attempts to move the case to federal court.Though the parties were scheduled to appear Thursday for an emergency hearing before Common Pleas Court Judge Angelo Foglietta, Musk did not show.“He is a very busy man who can’t just materialize on 12-hours notice,” his attorney, Matt Haverstick, said during the brief proceeding.Either way, Foglietta said he was not able to act until learning whether the federal courts will take the case or relinquish it back to his courtroom.As for the schedule of Musk, who also owns the spacecraft manufacturer SpaceX, Foglietta agreed: “He’s not going to get on a rocket ship and land in Philadelphia.”Krasner sued Musk and his America PAC earlier this week, saying they were violating state lottery and consumer protection laws by running a $1 million daily giveaway to registered voters in Pennsylvania and other battleground states.To enter, residents must be registered voters and sign a petition organized by the PAC affirming their support for free speech and the right to bear arms.Musk, who has emerged as a top Trump surrogate in the state, has said he hoped the giveaways would drive up Republican voter registration numbers. But several election law experts — and the Justice Department — have warned that the giveaway appears to violate federal laws banning giving money or other things of value in exchange for votes or registering to vote.Krasner’s lawsuit took a slightly different approach, targeting Musk under state laws that prohibit anyone but the state from running a lottery in Pennsylvania. He also accused the PAC of failing to provide information on how it was protecting the personal information of entrants.But in seeking to move the case to federal court, Haverstick accused Krasner — in court papers late Wednesday — of trying to shoehorn a federal case into a state court.“Allegations of interference in a federal election for President of the United States … are matters for the federal judiciary,” he wrote.Haverstick also said during Thursday’s hearing that he believed Musk was named as a defendant in the suit as a “publicity stunt,” and that the intent was to create a “circus atmosphere” in the courtroom.Krasner’s attorneys denied that. And they sought to challenge the assertion that the case was better suited for federal court, saying a district attorney can use local laws to stop illegal behavior even if it happens to collide with an election. One of the lawyers, John Summers, used the example of a person shooting voters at the polls, saying a prosecutor’s office could charge that person with homicide — and it would not have to be a federal case.Summers spent more time objecting to what he characterized as Musk’s last-minute attempt to change the case’s jurisdiction. He called it “frivolous” and cast it as an attempt to stall the proceedings in order to continue running the sweepstakes.“This was both cowardly as well as irresponsible,” Summers said. “The district attorney is here to proceed.”Meanwhile, the case has temporarily been assigned to U.S. District Judge Gerald J. Pappert, who has not yet scheduled a hearing on whether he will take up the matter or send it back to state court.This is a developing story that will be updated.
The three partner countries constituting the AUKUS trilateral security partnership on October 25 have concluded this years Autonomous Warrior (AW) exercise. The event lasted one month, testing thirty capabilities provided by Australia, the United Kingdom and the United States. Autonomous Warrior dates back to 2018, held annually between the three nations with further partners for selected events. Notably for the 2024-iteration Japan participated as an observer. The step is in line with Japan’s interest in joining the Pillar 2-element of AUKUS. Pillar 2 focuses on advanced capabilities and technology sharing among partners. This element of AUKUS complements Pillar 1, which aims to provide a nuclear powered submarine-capability to the Australian Navy (RAN).
Large range of drones included some unidentified systems
Swift Sea Stalker and MAPC GARC at AW 2024, Image via Australian Defence.
Ocean Aero Triton dual USV/UUV at AW 2024. Image via Australian Defence.
Unidentified large UUV at AW 2024, reminiscent of Kongsberg Hugin series. Image via Australian Defence.
Remus 600 series UUV at AW 2024. Image via Australian Defence.
The Ocius Bluebottle featured prominently at AW 2024. Image via Australian Defence.
High altitude balloon providing communications relay at AW 2024. Image via Australian Defence.
Notable systems featured in AW 2024 included the Ghost Shark, Remus 600 and Speartooth UUVs. The range of surface drones (USV) featured the Australian Ocius Bluebottle. US contributions included the Saronic Cutlass, the Global Autonomous Reconnaissance Craft, or GARC built by Maritime Applied Physics Corporation. Swift’s Sea Stalker and the Ocean Aero Triton, a combined USV and UUV, were further entries. Airborne systems included what the US DoD in a statement described as “a low-cost gondola, which supports operations in the upper stratosphere with minimum manpower or logistics requirements”. Another US-system were “T-200 high-altitude balloons, which provide resilient communications in denied environments from the stratosphere.”. Australia contributed the OWL-B loitering munition manufactured by Innovaero.
Footage released by Australia also showed a range of unidentified capabilities. These included a delta-winged UAV with pusher prop launched off a moving vehicle. An unknown large UUV resembled Kongsberg’s Hugin-range of underwater drones. Possibly related to the ASW-element of AW 2024 was an unidentified effector discharged from a Collins-class submarine at berth, presumably related to submarine countermeasure capabilities.
First appearance of Ghost Shark In Exercise
For Anduril’s Ghost Shark this years Autonomous Warrior exercise was the first published appearance in a complex testing environment. Image via Australian Defence.
Neither Anduril nor Australian Defence would provide further information on Ghost Shark within the scope of AW 2024. Image via Australian Defence.
For Anduril’s Ghost Shark AW 2024 represented the first publicised exercise in which the large uncrewed underwater vehicle has participated. Anduril earlier this year had also shipped a prototype from Australia to Hawaii, where the company promoted the design at RIMPAC 2024. Nevertheless information on Ghost Shark including basic capabilities and design features such as its propulsion remain unknown. Neither the manufacturer nor Australian officials have released more detailed information on the effort.
Networked Communication As Key Element Of AW 2024
Communications, command and control formed key aspects of AW 2024. Related PR material prominently included soft- and hardware such as an “AUKUS Common Control” workstation. Described as “Common Control System (CCS)” by the US statement the setup is “built on an open architecture to provide uncrewed vehicles hardware and software that works across several different systems. This effort supports future work to create an AUKUS-wide Common Control System, fusing best elements of the three countries’ existing systems.”
In this context the US also emphasized the “Multi-Domain Uncrewed Secure Integrated Communications (MUSIC) tested for its ability to enable seamless communication and coordination across diverse unmanned systems and operational environments.” Meanwhile the UK statement highlighted “Strike Net”, which also serves to integrate partner assets into national command and control-infrastructure. Additionally the Royal Navy contributed “SONIX”, an ASW information sharing-network utilizing sonobuoy-sensor data.
Joint operations centre at Autonomous Warrior 2024, highlighting trilateral efforts in command and control. Image via Australian Defence.
Australia and the United States also highlighted Autonomous Warrior in the overall series of AUKUS trilateral efforts dubbed “Maritime Big Play” (MBP). The US describe MBP as “a series of integrated trilateral experiments and exercises that are enhancing capability development, improving interoperability, and increasing the sophistication and scale of autonomous systems in the maritime domain.”. The three partners have not yet released schedule and planning information on next years Autonomous Warrior-iteration, or how it would evolve from the existing testing environment.
“They say I’m Hitler. I am the opposite of a
Nazi.” From rumors about Haitians eating dogs and cats to rally jokes
about Puerto Ricans, it’s hard to say the Republican candidate’s campaign has
dispelled any misunderstandings, nor has it really tried. On the contrary, it
has played with the full range of dubious sentiments and populist emotions.
Isn’t white male discontent the raison d’être of Trumpism?
While Donald Trump loves to paint himself as the victim,
his opponents have ample ammunition to depict him as the worst of demons. Among
many examples, consider his recent remarks about Xi Jinping, the most
authoritarian Chinese leader since the dark days of Maoism: “A brilliant
guy,” Trump opined. “He controls 1.4 billion people with an iron
fist.” His admiration for dictators is no secret. There’s reason to fear
that a second Trump term, surrounded by an even more submissive entourage, could
bring a wave of revenge and transgressions. The march of his supporters on the
Capitol after his defeat four years ago already had all the signs of an
attempted coup. Disorganized, perhaps. But next time?
Many who worked with him behind the closed doors
of the White House have now expressed grave concerns. According to John F. Kelly, a
former Marine general and his former chief of staff, if fascism is defined as “a
far-right, authoritarian, and ultranationalist political ideology and movement,
characterized by a dictatorial leader, centralized autocracy, militarism,
forced suppression of opposition, and belief in a natural social
hierarchy,” then, yes, “Trump is certainly a fascist.” Should we
take this accusation lightly?
Concerns for the future of American democracy are
widespread—and not only from the far right. Neo-puritanism on the left, in the
form of cancel culture, also has troubling characteristics. Trumpism draws much
of its strength, perhaps even its raison d’être, from this mirror game where
intolerance from one side fuels fanaticism on the other. Democracy only works
as long as opponents are not turned into enemies to be crushed.
How far off seems the era when people prophesied “the end of history” with the universal triumph of liberal democracy!
Few foresaw—perhaps only St. John Paul II—that the system that had just overcome
communism would soon face its own moral turbulence. Military coups in Africa,
the “holy alliance” of Russian, Chinese, North Korean, and Iranian
dictators, “illiberal democracy” following the Hungarian or Turkish
models… To this troubling list, add “gray” tools for surveillance,
control, and manipulation of public opinion. These tools are being refined with
technological progress even as public attachment to freedoms declines.
Trump is merely another name for an existential
crisis. Can this be resisted? The answer falling to a few thousand voters in
Pennsylvania or North Carolina is hardly reassuring, even though American civil
society still has powerful mechanisms in place.
Jean-Pierre Denis, a veteran journalist
and editor, is the publisher of La Croix International.
One of South Carolina’s largest technology companies is working with a major Wall Street dealmaker to sort out the future of its biggest-ever acquisition, a $750 million investment that hasn’t paid off.Blackbaud Inc. said Oct. 30 that it’s working with bankers at Goldman Sachs to review “strategic options” for Everfi, including the possibility of a sale of the online education unit.
The Daniel Island-based company also “recently right-sized” the struggling subsidiary and eliminated “some pretty substantial” expenses to better match up the costs with the revenue, CEO Mike Gianoni told financial analysts during a conference call.”We’ve got Goldman Sachs on the case here to work with us. So, we’ll resolve this problem,” Gianoni said.
Blackbaud said in a written statement late after the earnings call that the cost reductions included “a small reduction in workforce in some areas within the Everfi business, but that was a relatively small component.”The update was included in a quarterly sales and profit report that fell short of Wall Street’s expectations, triggering a sharp sell-off in Blackbaud’s stock. Shares of the Nasdaq-listed company skidded 15 percent to $74.29.
The slumping Everfi business also prompted Blackbaud to cut its 2024 revenue estimate by between $14 million and $34 million. The company now expects its total sales for the year to fall in the $1.15 billion to $1.16 billion range.
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“We expect headwinds at Everfi to continue in the near term, which is reflected in our revised guide,” said Tony Boor, chief financial officer.Acquired in late 2021, Everfi was an established player in a growing $10 billion market, with 500 workers, $120 million in annual revenue and 2,000-plus customers that included big banks and the National Football League.
At the time, the Washington, D.C.-based company was riding a hot trend. In addition to selling standard digital learning products for K-12 students, its platform could help big businesses meet “environmental, social and governance” goals, or ESG, by providing them with online content ranging from financial wellness to racial equity and workplace diversity.
Everfi was expected to boost Blackbaud’s top line with annual sales gains of nearly 20 percent, but it hasn’t followed through. Its 2024 revenue is down 17 percent to $67 million through Sept. 30.Earlier this year, Gianoni told investors unfavorable shifts in spending on “corporate social responsibility” programs were hurting Everfi. The CEO also announced that a turnaround plan was in the works.Gianoni said Wednesday that the customers he’s met remain “enamored” with the subsidiary’s online products. He rattled off several “wins” Everfi has finalized this year with customers such as NASCAR, Truth Initiative and Guardian Life Insurance Co.
“There’s just been some macro pullback in the space, which has caused the business to … struggle … . In fact, it’s going backwards a bit. But it’s not all doom and gloom,” he said.
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