FY 2023 revenue of $341.5 million, up 134% YoY
and 18% QoQ, within annual guidance range
Increased cash position to $146 million with no
debt, above prior guidance of $132 million from Q3 2023
Reduced quarterly cash Operating Expense run
rate by 25-30% through actions taken in Q4 2023, enabling a 2024
reduced quarterly cash OpEx of $13-15 million to accelerate shift
to cash flow positive exiting 2024 and FY 2025
FY 2023 gross margin of 5.1%, reflecting a
lower than expected Q4 gross margin due to timing of revenue and
associated gross profit recognition shifting from Q4 into 2024 for
gravity licenses and battery projects
Commercial pipeline growth of 24.5 GWh YoY, up
89% and 5.8 GWh QoQ, up 12.6%
Strong global momentum in Gravity energy
storage across three continents:
Territory expansion of 16 countries in Southern
Africa (SADC countries) via new License and Royalty agreement;
Achieved China state grid interconnection in Q4
2023 as planned for the first 25MW EVx gravity storage system;
Three additional Gravity Energy Storage systems of 368 MWh bringing
total projects to 3.7 GWh
Announcing new Development Agreement with US
public utility in Washington State to serve multi-GWh long duration
energy storage requirements
Delivered and commissioned first three Battery
energy storage systems in totaling ~ 1GWh.
Wellhead Electric (275MWh) and NV Energy
(440MWh) commissioned on schedule and in record time frames from
site mobilization to system energization.
Commenced construction on the largest Green
Hydrogen ultra-long duration energy storage micro-grid system in
the US with California’s largest public utility PG&E; expected
to be online mid-2024
Energy Vault’s proprietary VaultOS Energy
Management Software enabled efficient commissioning and begins SAAS
recurring revenue model for the Company
Q1 2024 revenue expected to be in line with
prior Q1 2023 given normal seasonality of revenue recognition and
project starts with stronger double-digit gross margins given the
shift of revenue and gross margin recognition from the prior Q4
2023; we expect to exit Q1 2024 with an unrestricted cash balance
of ~$125-150 million
Investor and Analyst Day scheduled for May 8,
2024, in New York City, one day following our scheduled Q1
financial results call on May 7, 2024. The Investor Day will
include new product and customer announcements, portfolio updates
and financial guidance.
Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the
Company”), a leader in sustainable, grid-scale energy storage
solutions, announced financial results for the fourth quarter and
full-year ended December 31, 2023.
“The Energy Vault team successfully executed on our most
important priority that we set at the beginning of 2023
–deployments of our first energy storage projects across multiple
customers delivered on time, on budget and at the quality, safety
and performance levels that meet or exceed our customer
expectations,” said Robert Piconi, Chairman and CEO of Energy
Vault. “In addition to commissioning ~1 GWh of battery and hybrid
short duration energy storage systems in the second half of 2023
under our new OS-Vault Energy Management System, we also continued
to solidify our global leadership position in long duration energy
storage with gravity energy territory expansions across the globe
in the US with a large public utility and Southern Africa to
complement explosive growth in China with total projects now
surpassing 3.7 GWh of EVx gravity energy systems. With the
innovation in motion with the construction start of the largest
green hydrogen energy storage micro-grid in the USA with PG&E
in California serving a multi-day, ultra-long duration storage
need, we are clearly demonstrating our unmatched capabilities as an
energy storage solutions provider. We look forward to sharing more
at our upcoming Investor and Analyst Day in May.”
Fourth Quarter and Full Year 2023
Financial Highlights
- Fourth quarter revenue of $118.2 million and full year 2023
revenue of $341.5 million largely driven by successful deployment
of our battery energy storage systems. Full year revenue was within
our 2023 guidance range held consistent through the year.
- Fourth quarter GAAP gross margin of 3.4% and gross profit of
$4.0 million. Q4 quarterly gross margin was lower than expected due
to timing of recognition of positive margin impacts in both battery
and gravity related gross profit that shifted from Q4 and is now
expected in 2024. Gross margin and gross profit for the twelve
months ended December 31, 2023, were thus 5.1% and $17.5 million,
respectively.
- Fourth quarter net loss improved 4.8% year over year to $(22.2)
million while full year net loss was 26% larger at $(98.4) million
due to the impact of non-cash related stock-based compensation and
the shift of gross profit from Q4 2023 to 2024.
- Fourth quarter Adjusted EBITDA declined $3.6 million year over
year to $(14.8) million reflecting a shift in timing of both
battery and gravity revenue and gross profit from Q4 2023 to 2024.
Full year Adjusted EBITDA declined $50.7 million to $(62.1)
million, within our guidance range.
- Total cash and cash equivalents on the balance sheet of $145.6
million and no debt as of December 31, 2023. Cash and cash
equivalents improved $13.4 million compared to the balance as of
September 30, 2023.
- Secured non-cash project performance bonding capacity remains
in excess of $1 billion available to facilitate upcoming project
deployment and customer growth in the near to intermediate
term.
Operating and Other
Highlights
- Gravity energy storage is building momentum:
- The Rudong, China 100 MWh gravity energy storage system is
approaching full operation as it was fully interconnected to the
local state utility grid in December 2023, which will enable full
commissioning, inverse power transmission, and operational activity
powered by the State Grid.
- Three additional gravity based EVx projects totaling 368 MWh
have broken ground in China including 68 MWh Zhangye, 200 MWh
Jinta, and 100 MWh Huailai. Gravity-based EVx projects in China now
total 3.7 GWh, all of which are expected to generate high margin
recurring revenue royalty streams to Energy Vault.
- Signed a $20 million 10-year gravity technology license and
royalty agreement with GESSOL covering the Southern Africa
Development Community (SADC). GESSOL is a consortium including
WBHO, one of the largest listed EPC companies in Southern Africa,
iX Engineers, and Sizana Solutions. Total addressable market for
the 16 member-state SADC is expected to be 125 GWh through 2035,
providing us another attractive growth geography for our gravity
technology.
- Signed a development agreement with a public utility in
Washington State to develop and deploy Energy Vault gravity energy
storage technology with total need being multiple GWh’s of storage
capacity.
- VaultOS Energy Management Software delivered in SAAS recurring
revenue model with Vault-Bidder and Vault-Manager software rounding
out the portfolio
- Battery energy storage execution and outlook are strong:
- Began Commercial Operations of the Stanton Battery Energy
Storage System with Wellhead and W Power. Built using Energy
Vault’s proprietary system design and Energy Management System, the
Stanton Energy Storage System is one of the largest energy storage
systems in Southern California. The 68.8 MW/275.2 MWh battery
energy storage system is fully operational at its maximum capacity,
providing clean power and improving grid resiliency in the Southern
California Edison service territory.
- Reached substantial completion on our 440 MWh battery energy
storage system with NV Energy as of December 2023 and expect to
achieve final completion in the first quarter 2024.
- 100 MW/200 MWh project with Jupiter Power expected to be
commissioned in the first quarter 2024.
- Awarded 2.5 GWh-DC battery energy storage by leading
international IPP.
- Green hydrogen energy storage creating new and disruptive
segment:
- Began construction of the largest green hydrogen long duration
energy storage system in the US with PG&E in Calistoga,
California. The project is supported by a 10.5-year tolling
agreement with commercial operation expected by the end of the
second quarter 2024. This solidifies Energy Vault’s global
leadership role in green hydrogen technology for long duration
energy storage.
- Proactively shortened the expected time required to reach
positive Adjusted EBITDA:
- Optimized cost structure resulting in 2024 expected cash
operating expense approximately 25 – 30% lower compared to 2023,
with cost reductions beginning to be realized in the fourth quarter
2023.
Conference Call Information
Energy Vault will host a conference call today, March 12, 2024
at 4:30 PM ET to discuss the results, followed by a Q&A
session. A live webcast of the call can be accessed at
https://investors.energyvault.com/events-and-presentations/events.
To access the call, participants may dial 1-877-704-4453,
international callers may use 1-201-389-0920, and request to join
the Energy Vault earnings call. A telephonic replay will be
available shortly after the conclusion of the call and until March
26, 2024. Participants may access the replay at 1-844-512-2921;
international callers may use 1-412-317-6671 and enter access code
13743330. The call will also be available for replay via webcast
link on the Investors portion of the Energy Vault website at
https://www.energyvault.com/.
About Energy Vault
Energy Vault® develops and deploys utility-scale energy storage
solutions designed to transform the world's approach to sustainable
energy storage. The Company's comprehensive offerings include
proprietary gravity-based storage, battery storage, and green
hydrogen energy storage technologies. Each storage solution is
supported by the Company’s hardware technology-agnostic energy
management system software and integration platform. Unique to the
industry, Energy Vault’s innovative technology portfolio delivers
customized short-and-long-duration energy storage solutions to help
utilities, independent power producers, and large industrial energy
users significantly reduce levelized energy costs while maintaining
power reliability. Utilizing eco-friendly materials with the
ability to integrate waste materials for beneficial reuse, Energy
Vault’s EVx™ gravity-based energy storage technology is
facilitating the shift to a circular economy while accelerating the
global clean energy transition for its customers. Please visit
www.energyvault.com for more information.
Non- GAAP measures
Energy Vault has provided a reconciliation of net loss to
adjusted EBITDA, with net loss being the most directly comparable
GAAP measure, for the historical periods in this press release. A
reconciliation of projected non-GAAP measures for the first quarter
of 2024 has not been provided because certain information necessary
to calculate such measures on a GAAP basis is unavailable or
dependent on the timing of future events outside of our control.
Therefore, because of the uncertainty and variability of the nature
of the amount of future adjustments, which could be significant,
the Company is unable to provide a reconciliation for these
forward-looking non-GAAP measures without unreasonable effort.
Forward-Looking Statements
This press release includes forward-looking statements that
reflect the Company’s current views with respect to, among other
things, the Company’s operations and financial performance.
Forward-looking statements include information concerning possible
or assumed future results of operations, including descriptions of
our business plan and strategies. These statements often include
words such as “anticipate,” “expect,” “suggest,” “plan,” “believe,”
“intend,” “project,” “forecast,” “estimates,” “targets,”
“projections,” “should,” “could,” “would,” “may,” “might,” “will”
and other similar expressions. We base these forward-looking
statements or projections on our current expectations, plans, and
assumptions, which we have made in light of our experience in our
industry, as well as our perceptions of historical trends, current
conditions, expected future developments and other factors we
believe are appropriate under the circumstances at the time. These
forward-looking statements are based on our beliefs, assumptions,
and expectations of future performance, taking into account the
information currently available to us. These forward-looking
statements are only predictions based upon our current expectations
and projections about future events. These forward-looking
statements involve significant risks and uncertainties that could
cause our actual results, level of activity, performance or
achievements to differ materially from the results, level of
activity, performance or achievements expressed or implied by the
forward-looking statements, including changes in our strategy,
expansion plans, customer opportunities, future operations, future
financial position, estimated revenues and losses, projected costs,
prospects and plans; the uncertainly of our awards, bookings and
backlogs equating to future revenue; the lack of assurance that
non-binding letters of intent and other indication of interest can
result in binding orders or sales; the possibility of our products
to be or alleged to be defective or experience other failures; the
implementation, market acceptance and success of our business model
and growth strategy; our ability to develop and maintain our brand
and reputation; developments and projections relating to our
business, our competitors, and industry; the ability of our
suppliers to deliver necessary components or raw materials for
construction of our energy storage systems in a timely manner; the
impact of health epidemics, on our business and the actions we may
take in response thereto; our expectations regarding our ability to
obtain and maintain intellectual property protection and not
infringe on the rights of others; expectations regarding the time
during which we will be an emerging growth company under the JOBS
Act; our future capital requirements and sources and uses of cash;
the international nature of our operations and the impact of war or
other hostilities on our business and global markets; our ability
to obtain funding for our operations and future growth; our
business, expansion plans and opportunities and other important
factors discussed under the caption “Risk Factors” in our Annual
Report on Form 10-K for the year ended December 31, 2023 filed with
the SEC on March 12, 2024, as such factors may be updated from time
to time in its other filings with the SEC, accessible on the SEC’s
website at www.sec.gov. New risks emerge from time to time, and it
is not possible for our management to predict all risks, nor can we
assess the impact of all factors on our business or the extent to
which any factor, or combination of factors, may cause actual
results to differ materially from those contained in any
forward-looking statements we may make. Any forward-looking
statement made by us in this press release speaks only as of the
date of this press release and is expressly qualified in its
entirety by the cautionary statements included in this press
release. We undertake no obligation to publicly update or review
any forward-looking statement, whether as a result of new
information, future developments or otherwise, except as may be
required by any applicable laws. You should not place undue
reliance on our forward-looking statements.
ENERGY VAULT HOLDINGS,
INC.
Consolidated Balance
Sheets
(In thousands, except par
value)
December 31,
2023
2022
Assets
Current Assets
Cash and cash equivalents
$
109,923
$
203,037
Restricted cash
35,632
83,145
Accounts receivable
27,189
37,460
Contract assets
84,873
28,978
Inventory
415
4,378
Customer financing receivable, current
portion
2,625
1,500
Advances to suppliers
8,294
24,327
Assets held for sale
6,111
—
Prepaid expenses and other current
assets
4,520
7,242
Total current assets
279,582
390,067
Property and equipment, net
31,043
3,044
Intangible assets
1,786
—
Operating lease right-of-use assets
1,700
1,442
Customer financing receivable, long-term
portion
6,698
8,260
Investments
17,295
11,080
Other assets
2,649
2,820
Total Assets
$
340,753
$
416,713
Liabilities and Stockholders’
Equity
Current Liabilities
Accounts payable
$
21,165
$
60,315
Accrued expenses
85,042
14,749
Contract liabilities, current portion
4,923
49,434
Lease liabilities, current portion
724
825
Total current liabilities
111,854
125,323
Deferred pension obligation
1,491
890
Contract liabilities, long-term
portion
1,500
1,500
Other long-term liabilities
2,115
1,287
Total liabilities
116,960
129,000
Commitments and contingencies
Stockholders’ Equity
Preferred stock, $0.0001 par value; 5,000
shares authorized, none issued
—
—
Common stock, $0.0001 par value; 500,000
shares authorized, 146,577 issued and outstanding at December 31,
2023 and 138,530 at December 31, 2022
15
14
Additional paid-in capital
473,271
435,852
Accumulated deficit
(248,072
)
(147,265
)
Accumulated other comprehensive loss
(1,421
)
(888
)
Total stockholders’ equity
223,793
287,713
Total Liabilities and Stockholders’
Equity
$
340,753
$
416,713
ENERGY VAULT HOLDINGS,
INC.
Consolidated Statements of
Operations and Comprehensive Loss
(In thousands except, per
share data)
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
Revenue
$
118,236
$
100,322
$
341,543
$
145,877
Cost of revenue
114,219
84,386
324,012
86,580
Gross profit
4,017
15,936
17,531
59,297
Operating expenses:
Sales and marketing
4,601
4,295
18,210
12,582
Research and development
7,552
13,836
37,104
42,605
General and administrative
15,838
23,364
68,060
56,622
Depreciation and amortization
223
181
893
7,743
Asset impairment
—
—
—
2,828
Loss from operations
(24,197
)
(25,740
)
(106,736
)
(63,083
)
Other income (expense):
Interest expense
(16
)
(1
)
(35
)
(2
)
Interest income
2,003
2,339
8,152
3,695
Change in fair value of warrant
liability
—
269
—
2,330
Transaction costs
—
—
—
(20,586
)
Other income (expense), net
86
(75
)
(173
)
(226
)
Loss before income taxes
(22,124
)
(23,208
)
(98,792
)
(77,872
)
Provision for income taxes
48
69
(349
)
427
Net loss
$
(22,172
)
$
(23,277
)
$
(98,443
)
$
(78,299
)
Net loss per share — basic and diluted
$
(0.15
)
$
(0.17
)
$
(0.69
)
$
(0.64
)
Weighted average shares outstanding
— basic and diluted
145,299
139,064
142,851
123,241
Other comprehensive loss — net of tax
Actuarial loss on pension
$
(335
)
$
(749
)
$
(519
)
$
(188
)
Foreign currency translation gain
(loss)
(222
)
76
(14
)
(287
)
Total other comprehensive loss
(557
)
(673
)
(533
)
(475
)
Total comprehensive loss
$
(22,729
)
$
(23,950
)
$
(98,976
)
$
(78,774
)
ENERGY VAULT HOLDINGS,
INC.
Consolidated Statements of
Cash Flows
(In thousands)
Year Ended December
31,
2023
2022
Cash Flows From Operating
Activities
Net loss
$
(98,443
)
$
(78,299
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization expense
893
7,743
Non-cash interest income
(1,410
)
(365
)
Stock based compensation expense
43,097
41,058
Asset Impairment
—
2,828
Gain on change in fair value of warrant
liability
—
(2,330
)
Provision for credit losses
150
—
Foreign exchange gains and losses
222
316
Change in operating assets
(17,691
)
(111,206
)
Change in operating liabilities
(19,473
)
116,909
Net cash used in operating activities
(92,655
)
(23,346
)
Cash Flows From Investing
Activities
Purchase of property and equipment
(30,431
)
(2,319
)
Purchase of property and equipment held
for sale
(6,111
)
—
Purchase of convertible notes
—
(2,000
)
Purchase of equity securities
(6,000
)
(9,000
)
Net cash used in investing activities
(42,542
)
(13,319
)
Cash Flows From Financing
Activities
Proceeds from exercise of stock
options
224
171
Proceeds from insurance premium
financing
1,250
—
Proceeds from reverse recapitalization and
PIPE financing, net
—
235,940
Proceeds from exercise of warrants
—
7,855
Payment of transaction costs related to
reverse recapitalization
—
(20,651
)
Payment of taxes related to net settlement
of equity awards
(6,017
)
(5,482
)
Repayment of insurance premium
financing
(892
)
—
Payment of finance lease obligations
(47
)
(62
)
Net cash provided by financing
activities
(5,482
)
217,771
Effect of exchange rate changes on cash,
cash equivalents, and restricted cash
52
(49
)
Net increase in cash, cash equivalents,
and restricted cash
(140,627
)
181,057
Cash, cash equivalents, and restricted
cash – beginning of the period
286,182
105,125
Cash, cash equivalents, and restricted
cash – end of the period
145,555
286,182
Less: Restricted cash at end of period
35,632
83,145
Cash and cash equivalents - end of
period
$
109,923
$
203,037
ENERGY VAULT HOLDINGS,
INC.
Consolidated Statements of
Cash Flows (Continued)
(In thousands)
Year Ended December
31,
2023
2022
Supplemental Disclosures of Cash Flow
Information:
Income taxes paid
46
3
Cash paid for interest
35
2
Supplemental Disclosures of Non-Cash
Investing and Financing Information:
Conversion of redeemable preferred stock
into common stock in connection with the reverse
recapitalization
—
182,709
Warrants assumed as part of reverse
recapitalization
—
19,838
Actuarial gain on pension
(519
)
(188
)
Property, plant and equipment financed
through accounts payable
5,051
—
Assets acquired on finance lease
108
37
Non-GAAP Financial Measures
To complement our condensed consolidated statements of
operations, we use non-GAAP financial measures of adjusted selling
and marketing (“S&M”) expenses, adjusted research and
development (“R&D”) expenses, adjusted general and
administrative (“G&A”) expenses, and adjusted EBITDA.
Management believes that these non-GAAP financial measures
complement our GAAP amounts and such measures are useful to
securities analysts and investors to evaluate our ongoing results
of operations when considered alongside our GAAP measures. The
presentation of these non-GAAP measures is not meant to be
considered in isolation or as an alternative to net loss as an
indicator of our performance.
The following table provides a reconciliation from GAAP S&M
expenses to non-GAAP adjusted S&M expenses (amounts in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
S&M expenses (GAAP)
$
4,601
$
4,295
$
18,210
$
12,582
Non-GAAP adjustments:
Stock-based compensation expense
1,666
2,073
7,143
5,111
Reorganization expenses
84
—
84
—
Adjusted S&M expenses (non-GAAP)
$
2,851
$
2,222
$
10,983
$
7,471
The following table provides a reconciliation from GAAP R&D
expenses to non-GAAP adjusted R&D expenses (amounts in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
R&D expenses (GAAP)
$
7,552
$
13,836
$
37,104
$
42,605
Non-GAAP adjustments:
Stock-based compensation expense
1,225
3,764
10,057
14,775
Reorganization expenses
182
—
182
—
Adjusted R&D expenses (non-GAAP)
$
6,145
$
10,072
$
26,865
$
27,830
The following table provides a reconciliation from GAAP G&A
expenses to non-GAAP adjusted G&A expenses (amounts in
thousands):
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
G&A expenses (GAAP)
$
15,838
$
23,364
$
68,060
$
56,622
Non-GAAP adjustments:
Stock-based compensation expense
5,683
8,464
25,897
21,172
Reorganization expenses
318
—
318
—
Adjusted G&A expenses (non-GAAP)
$
9,837
$
14,900
$
41,845
$
35,450
The following table provides a reconciliation from non-GAAP
adjusted EBITDA to GAAP net loss, the most directly comparable GAAP
measure (amounts in thousands):
Three Months Ended December
31,
Year Ended December
31,
2023
2022
2023
2022
(Unaudited)
(Unaudited)
Net loss (GAAP)
$
(22,172
)
$
(23,277
)
$
(98,443
)
$
(78,299
)
Non-GAAP adjustments:
Interest income, net
(1,986
)
(2,338
)
(8,117
)
(3,693
)
Income tax expense
48
69
(349
)
427
Depreciation and amortization
223
181
893
7,743
Stock-based compensation expense
8,574
14,301
43,097
41,058
Reorganization expenses
584
—
584
—
Change in fair value of warrant
liability
—
(269
)
—
(2,330
)
Transaction costs
—
—
—
20,586
Asset impairment
—
—
—
2,828
Foreign exchange (gains) and losses
(86
)
153
222
316
Adjusted EBITDA (non-GAAP)
$
(14,815
)
$
(11,180
)
$
(62,113
)
$
(11,364
)
We present adjusted EBITDA, which is net loss excluding
adjustments that are outlined in the quantitative reconciliation
provided above, as a supplemental measure of our performance and
because we believe this measure is frequently used by securities
analysts, investors, and other interested parties in the evaluation
of companies in our industry. The adjusted EBITDA measure excludes
the financial impact of items management does not consider in
assessing our ongoing operating performance, and thereby
facilitates review of our operating performance on a
period-to-period basis.
In evaluating adjusted EBITDA, one should be aware that in the
future we may incur expenses similar to the adjustments noted
above. Our presentation of adjusted EBITDA should not be construed
as an inference that our future results will be unaffected by these
types of adjustments. Adjusted EBITDA is not a measurement of our
financial performance under GAAP and should not be considered as an
alternative to net loss, operating loss, or any other performance
measures derived in accordance with GAAP or as an alternative to
cash flow from operating activities as a measure of our
liquidity.
Our adjusted EBITDA measure has limitations as an analytical
tool, and should not be considered in isolation or as a substitute
for analysis of our results as reported under GAAP. Some of these
limitations are:
- it does not reflect our cash expenditures, future requirements
for capital expenditures, or contractual commitments;
- it does not reflect changes in, or cash requirements for, our
working capital needs;
- it does not reflect stock-based compensation, which is an
ongoing expense;
- although depreciation and amortization are non-cash charges,
the assets being depreciated and amortized will often have to be
replaced in the future, and our adjusted EBITDA measure does not
reflect any cash requirements for such replacements;
- it is not adjusted for all non-cash income or expense items
that are reflected in our condensed consolidated statements of cash
flows;
- it does not reflect the impact of earnings or charges resulting
from matters we consider not to be indicative of our ongoing
operations;
- it does not reflect limitations on or costs related to
transferring earnings from our subsidiaries to us; and
- other companies in our industry may calculate this measure
differently than we do, limiting its usefulness as a comparative
measure.
Because of these limitations, adjusted EBITDA should not be
considered as a measure of discretionary cash available to us to
invest in the growth of our business or as a measure of cash that
will be available to use to meet our obligations. You should
compensate for these limitations by relying primarily on our GAAP
results and using adjusted EBITDA only supplementally.
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version on businesswire.com: https://www.businesswire.com/news/home/20240312055307/en/
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