Cemtrex Reports Second Quarter Fiscal Year 2025 Financial Results

Brooklyn, NY, May 15, 2025 (GLOBE NEWSWIRE) -- - Cemtrex Inc. (NASDAQ: CETX, CETXP), an advanced security technology and industrial services company, has reported its financial and operational results for the fiscal second quarter ended March 31, 2024.
Key Highlights for Second Fiscal Quarter 2025
Revenue increased 59% to $27.3 million, compared to revenue in the prior year quarter of $17.2 million.
Operating Income totaled $4.6 million, compared to an operating loss of $1 million in Q2 FY 2024.
Net Income for the period was $8.4 million, compared to a net loss of $1.5 million in Q2 FY 2024.
Gross profit margin increased to 45%, up from 40% in the prior year period.
Stockholders equity rose to $6.4 million, up from $4.7 million at September 30 th 2024.
Management Commentary
Cemtrex Chairman and CEO, Saagar Govil, commented on the results: 'We are extremely pleased with our strong second quarter performance, which reflects our team's sharp focus on execution and margin improvement. Both operating segments contributed to robust revenue growth, and we delivered a return to profitability on both an operating and net income basis. The improvement in gross margins, combined with disciplined expense management, enabled us to post over $8 million in net income this quarter. We believe this result marks an inflection point for Cemtrex.
'At Vicon, our Security segment, we benefited from the initial shipments of a record $10.4 million order and from the ramp-up of our new NEXT Modular Sensor System, which is now in full production. Our efforts to expand our presence in international markets are also beginning to show progress, with recent STQC certification in India positioning us for long-term growth in that region. Meanwhile, our Industrial Services segment, AIS, delivered solid 13% year-over-year growth and continues to execute well on large infrastructure and industrial projects.'
'We remain laser-focused on delivering shareholder value through improved profitability, strategic innovation, and operational discipline. With a strengthening balance sheet and a growing backlog, we believe we are positioned to sustain momentum through the second half of the fiscal year, and remain optimistic that fiscal 2025 financial performance will surpass fiscal 2024.'
Segment Highlights:
Vicon Industries:
Revenue grew 110% year-over-year to $17.0 million, driven by execution of a large government order and increased demand for AI-enhanced security solutions.
Gross margin improved to 52% from 51% in the prior year quarter.
Operating income for the segment totaled $4.3 million, compared to a loss of $0.7 million a year ago.
Advanced Industrial Services:
Revenue increased 13% to $10.3 million, up from $9.1 million in the prior year period.
Gross profit grew to $3.4 million, with gross margin improving to 33%.
Operating income rose to $0.9 million from $0.7 million in Q2 FY2024.
Metric Q2 FY2025 Q2 FY2024 % Change
Revenue $27.3M $17.2M +59%
Gross Profit $12.2M $6.9M +75%
Gross Margin 45% 40% +500bps
Operating Income $4.6M ($1.0M) N/A
Net Income to CETX Shareholders $8.4M ($1.5M) N/A
EPS (Basic & Diluted) $4.10 ($3,054.05) N/A
As of March 31, 2025, cash and cash equivalents were $4.5 million, and total assets were $46.2 million. Inventories decreased to $6.1 million at March 31, 2025, from $7.0 million at September 30, 2024. Stockholders' equity improved to $6.4 million, exceeding Nasdaq's minimum continued listing standards.
About Cemtrex
Cemtrex, Inc. (Nasdaq: CETX) is a diversified technology company operating in the Security and Industrial sectors. Its Security segment, led by Vicon Industries, provides advanced video management software, high-performance security cameras, and integrated surveillance solutions for enterprise, government, and critical infrastructure. The Industrial segment, through Advanced Industrial Services (AIS), delivers expert rigging, millwrighting, process piping, and equipment installation services to manufacturers nationwide. With a focus on innovation, execution, and strategic growth, Cemtrex is committed to enhancing safety, efficiency, and value for its customers and shareholders.
For more information visit www.cemtrex.com.
Forward-Looking Statements
This press release contains 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the closing of the offering, gross proceeds from the offering, our new product offerings, expected use of proceeds, or any proposed fundraising activities. These forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward looking statements. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. These risks and uncertainties are discussed under the heading 'Risk Factors' contained in our Form 10-K filed with the Securities and Exchange Commission. All information in this press release is as of the date of the release and we undertake no duty to update this information unless required by law.
(Unaudited)
March 31, September 30,
2025 2024
Assets
Current assets
Cash and cash equivalents $ 4,538,405 $ 3,897,511
Restricted cash 1,527,628 1,522,881
Trade receivables, net 12,715,992 11,159,676
Trade receivables, net - related party 550,613 685,788
Inventory, net 6,136,765 6,988,529
Contract assets, net 1,156,620 985,207
Prepaid expenses and other current assets 2,026,088 1,456,687
Total current assets 28,652,111 26,696,279
Property and equipment, net 9,813,887 9,133,578
Right-of-use operating lease assets 1,676,614 1,933,378
Royalties receivable, net - related party 272,423 456,611
Goodwill 3,708,347 3,708,347
Other 2,113,768 2,187,265
Total Assets $ 46,237,150 $ 44,115,458
Liabilities & Stockholders' Equity
Current liabilities
Accounts payable $ 4,001,843 $ 4,520,173
Sales tax payable 3,970 73,024
Revolving line of credit 2,867,425 3,125,011
Current maturities of long-term liabilities 9,301,045 4,732,377
Operating lease liabilities - short-term 829,644 832,823
Deposits from customers 182,855 408,415
Accrued expenses 2,764,172 1,393,902
Accrued payable on inventory in transit 242,303 640,450
Contract liabilities 1,924,425 1,254,204
Deferred revenue 1,179,536 1,297,616
Accrued income taxes 277,763 314,827
Total current liabilities 23,574,981 18,592,822
Long-term liabilities
Long-term debt 9,492,824 13,270,178
Long-term operating lease liabilities 902,223 1,159,204
Other long-term liabilities 282,200 274,957
Deferred Revenue - long-term 509,882 658,019
Warrant liabilities 4,747,468 5,199,436
Total long-term liabilities 15,934,597 20,561,794
Total liabilities 39,509,578 39,154,616
Commitments and contingencies - -
Stockholders' equity
Preferred stock , $0.001 par value, 10,000,000 shares authorized, Series 1, 3,000,000 shares authorized, 2,579,994 shares issued and 2,515,894 shares outstanding as of March 31, 2025 and 2,456,827 shares issued and 2,392,727 shares outstanding as of September 30, 2024 (liquidation value of $10 per share) 2,580 2,457
Series C, 100,000 shares authorized, 50,000 shares issued and outstanding at March 31, 2025 and September 30, 2024 50 50
Common stock, $0.001 par value, 70,000,000 shares authorized, 1,784,581 shares issued and outstanding at March 31, 2025 and 14,176 shares issued and outstanding at September 30, 2024 1,785 14
Additional paid-in capital 95,879,333 73,262,536
Accumulated deficit (91,726,811) (71,355,386)
Treasury stock, 64,100 shares of Series 1 Preferred Stock at March 31, 2025, and September 30, 2024 (148,291) (148,291)
Accumulated other comprehensive income 2,394,376 2,949,297
Total Cemtrex stockholders' equity 6,403,022 4,710,677
Non-controlling interest 324,550 250,165
Total liabilities and stockholders' equity $ 46,237,150 $ 44,115,458
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Unaudited)
For the three months ended For the six months ended
March 31, 2025 March 31, 2024 March 31, 2025 March 31, 2024
Revenues $ 27,250,269 $ 17,159,595 $ 40,990,168 $ 34,037,761
Cost of revenues 15,084,814 10,220,179 23,122,777 20,015,946
Gross profit 12,165,455 6,939,416 17,867,391 14,021,815
Operating expenses
General and administrative 6,770,742 7,020,157 13,864,031 13,992,123
Research and development 777,889 951,400 1,667,972 1,800,205
Total operating expenses 7,548,631 7,971,557 15,532,003 15,792,328
Operating income/(loss) 4,616,824 (1,032,141) 2,335,388 (1,770,513)
Other (expense)/income
Other income, net (150,165) 144,765 (115,192) 223,176
Interest expense (452,998) (592,804) (936,911) (1,176,487)
Loss on exercise of warrant liabilities - - (15,796,105) -
Changes in fair value of warrant liability 4,707,374 - (5,312,838) -
Total other income/(expense), net 4,104,211 (448,039) (22,161,046) (953,311)
Net income/(loss) before income taxes 8,721,035 (1,480,180) (19,825,658) (2,723,824)
Income tax expense 110,525 100,004 231,063 170,755
Income/(loss) from Continuing operations 8,610,510 (1,580,184) (20,056,721) (2,894,579)
Income/(loss) from discontinued operations, net of tax 26,969 10,463 (240,319) 20,955
Net income/(loss) 8,637,479 (1,569,721) (20,297,040) (2,873,624)
Less net income/(loss) in noncontrolling interest 254,537 (96,510) 74,385 (192,919)
Net income/(loss) attributable to Cemtrex, Inc. stockholders $ 8,382,942 $ (1,473,211) $ (20,371,425) $ (2,680,705)
Income/(loss) per share - Basic & Diluted
Continuing Operations $ 4.10 $ (3,054.05) $ (10.62) $ (5,497.36)
Discontinued Operations $ 0.01 $ 20.80 $ (0.13) $ 41.83
Weighted Average Number of Shares-Basic & Diluted 2,032,744 503 1,897,797 501
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
For the six months ended
March 31,
2025 2024
Cash Flows from Operating Activities
Net loss $ (20,297,040) $ (2,873,624)
Adjustments to reconcile net loss to net cash used by operating activities
Depreciation and amortization 648,109 673,190
Loss on disposal of property and equipment 19,668 -
Noncash lease expense 461,490 389,125
Goodwill impairment - -
Bad debt expense 10,572 35,213
Contract modification - related party 280,545 -
Share-based compensation 7,183 15,116
Income tax expense - (96,750)
Shares issued to pay for services - 40,000
Accrued interest on notes payable 530,404 657,355
Non-cash royalty income (71,464) (26,564)
Amortization of original issue discounts on notes payable 16,667 -
Loan origination costs 5,000 36,267
Loss on exercise of warrant liabilities 15,796,105 -
Changes in fair value of warrant liability 5,312,838 -
Changes in operating assets and liabilities net of effects from acquisition of subsidiaries:
Trade receivables (1,536,888) (2,317,074)
Trade receivables - related party 66,057 (178,980)
Inventory 851,764 1,341,472
Contract assets (171,413) (240,478)
Prepaid expenses and other current assets (569,401) 482,853
Other assets 173,497 (225,853)
Accounts payable (518,330) (455,315)
Accounts payable - related party - 408
Sales tax payable (69,054) 1,658
Operating lease liabilities (464,886) (388,516)
Deposits from customers (225,560) 150,274
Accrued expenses 972,123 (108,311)
Contract liabilities 670,221 919,090
Deferred revenue (266,217) (252,109)
Income taxes payable (38,617) (146,422)
Other liabilities 7,243 (184,261)
Net cash provided/(used) by operating activities 1,600,616 (2,752,236)
Cash Flows from Investing Activities
Purchase of property and equipment (1,359,963) (355,308)
Proceeds from sale of property and equipment 13,511 -
Royalties on related party revenues 10,000 -
Investment in MasterpieceVR (100,000) (100,000)
Net cash used by investing activities (1,436,452) (455,308)
Cash Flows from Financing Activities
Proceeds on revolving line of credit 18,925,223 19,360,672
Payments on revolving line of credit (19,182,809) (15,413,971)
Payments on debt (240,510) (2,634,545)
Payments on Paycheck Protection Program Loans (20,247) (20,242)
Proceeds on bank loans - 28,331
Proceeds from notes payable 500,000 -
Proceeds from warrant exercises 1,050,597 -
Purchases of treasury stock - (69,705)
Net cash provided by financing activities 1,032,254 1,250,540
Effect of currency translation (550,777) (304,022)
Net increase/(decrease) in cash, cash equivalents, and restricted cash 1,196,418 (1,957,004)
Cash, cash equivalents, and restricted cash at beginning of period 5,420,392 6,349,562
Cash, cash equivalents, and restricted cash at end of period $ 6,066,033 $ 4,088,536
Cemtrex, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Continued)
(Unaudited)

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• National Post

Samsara Announces 2025 North America Customer Advisory Board to Accelerate AI-Powered Safety and Efficiency Breakthroughs

Article content Members play a pivotal role in shaping Samsara solutions; meeting to be held today at the premier event for physical operations, Samsara Beyond Article content SAN DIEGO — Samsara Inc. ('Samsara') (NYSE: IOT), the pioneer of the Connected Operations ® Platform, today announced its 2025 North America Customer Advisory Board. Its members are at the forefront of the world's most complex operations, managing vast frontline workforces and asset portfolios, and are responsible for significant economic value. Recognizing the transformative impact of Samsara's AI-powered platform, these leaders have joined forces to help shape Samsara's product roadmap and to exchange insights for safer, more efficient, and sustainable operations for all. Article content 'I've seen firsthand the impact Samsara's platform has made on the industry, and I'm excited to play a role in what's to come,' said Jeff Wright, Vice President of Transportation at Quikrete. 'At Quikrete, we manage complex operations that greatly benefit from Samsara's real-time data. With AI's potential only growing in operations, this is an important moment to partner and drive innovation.' Article content The distinguished members of Samsara's 2025 North America Customer Advisory Board include leaders from organizations such as: Article content ArcBest, Don Davis, Vice President, Fleet Services Artera, Adam Lanier, Chief Safety Officer AWP Safety, Jarrod Wachter, Chief Operating Officer BNSF Railway, Matthew Igoe, Executive Vice President, Operations DHL Express, Fred Matthews, Senior Project Manager, Safety Programs DHL Supply Chain, Jennifer Miller, Vice President, Integrated Transportation Estes, Todd Florence, Chief Information Officer Ferrellgas, Tamria Zertuche, President and Chief Executive Officer First Student, Sean McCormack, Chief Information Officer Frontier Communications, Doug Spurlin, Senior Director, Operations Liberty Energy, Michael Tuomi, Director, HSE and Training MacAllister, Bill Dollard, Director, Corporate Fleet Martin Marietta, Greg Lahrman, Vice President, Enterprise Excellence Maxim Crane Works, Dennis Collins, Vice President, Operations Mohawk Industries, Andy Yearout, Senior Vice President, Supply Chain NiSource, Bill Jefferson, Chief Operations Officer Nutrien Ag Solutions, Adam Lorenz, Senior Director, Fleet and Procurement Operations Performance Food Group, Thomas Olitsky, Vice President, Safety Pike, James Banner, Senior Vice President, Administration and Safety Primoris, Eric Amlee, Vice President, Fleet Operations PS Logistics, Mauricio Paredes, Vice President, Technology Quikrete, Jeff Wright, Vice President, Transportation Republic Services, Brett Rogers, Vice President, Operations Technology Saia, Rohit Lal, Executive Vice President and Chief Information Officer Southeastern Freight Lines, Kerry Stritt, Vice President, Fleet Services Southern California Edison, Karan Kumar, Director, Transportation Services Sysco, Kevin Thomas, Vice President, Global EHSS and Asset Protection Tyson Foods, Phil Vanhook, Managing Director, Transportation Operations UNFI, Tehzin Chadwick, Senior Vice President, Safety UniFirst, Matt Croatti, Senior Vice President, Operations Univar Solutions, Rob McRae, Vice President, Transportation USIC, Tom Karnowski, Vice President, EHS XPO, Greg Pawelski, Vice President, Health and Safety Article content Samsara's platform is advanced by the direct input of its Customer Advisory Board, ensuring its products meet the evolving needs of physical operations. Leaders' insights have shaped innovations like Recognition, a feature that uses AI insights and real-time driver data to identify and celebrate outcomes like safe driving streaks and consistent compliance with regulations. In addition, they've influenced the Asset Tag, a small ruggedized tracker that helps customers find lost or stolen assets, reduce downtime, and streamline inventory management. Article content 'Being on Samsara's Customer Advisory Board has been incredibly valuable because we get to collaborate with other industry leaders and quickly see the results of our product feedback,' said James Banner, Senior Vice President of Administration and Safety at Pike. 'It's a unique opportunity to shape products that transform the way we operate. The Asset Tag is a prime example: we advised on use cases and the product has now reduced theft and improved efficiency for Pike and many others.' Article content Samsara's commitment to building market-leading technology and fostering a collaborative community is foundational to its mission. Its Customer Advisory Board is just one example that demonstrates this, others include Samsara User Groups, Samsara Spark, and Samsara Beyond. Samsara's forums create a space where the industry can connect, share their most pressing challenges, exchange ideas, and spark innovation. These moments drive real-world outcomes and operational excellence. Another popular program, Samsara Professional Credentials, celebrates the expertise of individuals who complete tailored learning experiences through the Samsara Academy. Samsara is proud to help the industry solve complex challenges with technology and community. Article content 'With all the changes AI is bringing to physical operations, the partnership between industry leaders and technology innovators has never been more important,' said Kiren Sekar, Chief Product Officer at Samsara. 'Our advisory board isn't just about adapting to change, but actively shaping the future of this industry and making a lasting impact, together.' Article content Samsara (NYSE: IOT) is the pioneer of the Connected Operations ® Platform, which enables organizations that depend on physical operations to harness Internet of Things (IoT) data to develop actionable insights and improve their operations. With tens of thousands of customers across North America and Europe, Samsara is a proud technology partner to the people who keep our global economy running, including the world's leading organizations across construction, transportation and warehousing, field services, manufacturing, retail, logistics, and the public sector. The company's mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy. Article content Article content Article content

Globe and Mail

18 minutes ago

• Globe and Mail

Candel Therapeutics Appoints Charles Schoch as Chief Financial Officer

NEEDHAM, Mass., June 23, 2025 (GLOBE NEWSWIRE) -- Candel Therapeutics, Inc. (Candel or the Company) (Nasdaq: CADL), a clinical-stage biopharmaceutical company focused on developing multimodal biological immunotherapies to help patients fight cancer, today announced the appointment of Charles Schoch as Chief Financial Officer (CFO). Mr. Schoch, who has served as interim CFO of Candel since January 2024, will transition to the CFO role permanently, effective immediately. 'Charles has demonstrated exceptional financial and organizational leadership during his tenure as interim CFO,' said Paul Peter Tak, M.D., Ph.D., FMedSci, President and Chief Executive Officer of Candel. 'He has effectively supported our strategic priorities in a complex market environment while maintaining disciplined capital management. His deep understanding of our business will continue to be instrumental as we advance our clinical pipeline, prepare for our Biologics License Application submission for CAN-2409 in localized prostate cancer, and execute on our near- and long-term corporate goals.' Since joining Candel in November 2021, Mr. Schoch has served in various financial reporting and accounting positions of increasing responsibility, most recently as VP of Finance and Corporate Controller, before being named interim CFO in January 2024. In his interim CFO role, Mr. Schoch developed significant investment banking relationships and has led the company through engagements with top-tier institutional investors, culminating in a previously-announced capital raise with net proceeds of approximately $86 million following the disclosure of positive results in the phase 3 clinical trial of CAN-2409 in localized prostate cancer in December 2024. In January 2025, he was promoted to Senior VP. During his time at Candel, Mr. Schoch has built a high-performing finance function that oversees Candel's financial close process, internal controls, SEC reporting, financial planning, procurement, payroll, and treasury operations. Mr. Schoch has also worked closely with Candel's executive leadership team on investor relations, business development, and financing initiatives. Prior to joining Candel, Mr. Schoch served as Corporate Controller at Corbus Pharmaceuticals from 2019 to 2021. Before Corbus, he spent seven years in PwC's Health Industry assurance practice where he served a diverse group of audit clients, ranging from pre-IPO to multinational public companies within the life sciences sector. Earlier in his career, Mr. Schoch worked for several Third Rock Venture portfolio companies as a financial and operational consultant. Mr. Schoch holds an M.B.A. and M.S.A. from Northeastern University and a B.S. in business administration with a concentration in finance from Elon University. 'I am honored to continue serving in this role and excited about the opportunities that lie ahead for Candel,' commented Mr. Schoch. 'Our strong financial foundation and disciplined approach to capital allocation and value creation position us well for sustainable growth. As we advance our promising clinical pipeline and prepare for key milestones, my focus remains on maintaining financial stability while strategically investing in our future. I look forward to working with our talented team on our goals of driving value for our stakeholders and ultimately helping to deliver clinically meaningful solutions to cancer patients in need.' About Candel Therapeutics Candel is a clinical-stage biopharmaceutical company focused on developing off-the-shelf multimodal biological immunotherapies that elicit an individualized, systemic anti-tumor immune response to help patients fight cancer. Candel has established two clinical-stage multimodal biological immunotherapy platforms based on novel, genetically modified adenovirus and herpes simplex virus (HSV) gene constructs, respectively. CAN-2409 is the lead product candidate from the adenovirus platform. The Company recently completed successful phase 2a clinical trials of CAN-2409 in non-small cell lung cancer (NSCLC) and pancreatic ductal adenocarcinoma (PDAC), and a pivotal phase 3 clinical trial of CAN-2409 in localized prostate cancer, conducted under a Special Protocol Assessment (SPA) agreed with the U.S. Food and Drug Administration (FDA). CAN-2409 plus prodrug (valacyclovir) has been granted Fast Track Designation by the FDA for the treatment of PDAC, stage III/IV NSCLC in patients who are resistant to first line PD-(L)1 inhibitor therapy and who do not have activating molecular driver mutations or have progressed on directed molecular therapy and localized primary prostate cancer. The FDA most recently also granted Regenerative Medicine Advanced Therapy (RMAT) Designation to CAN-2409 for the treatment of newly diagnosed localized prostate cancer in patients with intermediate-to-high-risk disease and Orphan Drug Designation to CAN-2409 for the treatment of PDAC. CAN-3110 is the lead product candidate from the HSV platform and is currently in an ongoing phase 1b clinical trial in recurrent high-grade glioma (rHGG). Initial results were published in Nature and CAN-3110 received Fast Track Designation and Orphan Drug Designation from the FDA. Finally, Candel's enLIGHTEN™ Discovery Platform is a systematic, iterative HSV-based discovery platform leveraging human biology and advanced analytics to create new viral immunotherapies for solid tumors. For more information about Candel, visit: Forward-Looking Statements This press release includes certain disclosures that contain 'forward-looking statements,' within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, express or implied statements regarding the timing and advancement of current and future development programs, expectations regarding the submission of the BLA for CAN-2409 in intermediate-to-high-risk localized prostate cancer; and expectations regarding the therapeutic benefit of the Company's platforms, including the ability of its platforms to improve overall survival and/or disease-free survival of patients living with difficult to treat, solid tumors. The words 'may,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'believe,' 'estimate,' 'predict,' 'project,' 'potential,' 'continue,' 'target' and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, those risks and uncertainties related to the timing and advancement of development programs; expectations regarding the therapeutic benefit of the Company's programs; that final data from the Company's preclinical studies and completed clinical trials may differ materially from reported interim data from ongoing studies and trials; the Company's ability to efficiently discover and develop product candidates; the Company's ability to obtain and maintain regulatory approval of product candidates; the Company's ability to maintain its intellectual property; the implementation of the Company's business model, including strategic plans for the Company's business and product candidates; and other risks identified in the Company's filings with the U.S. Securities and Exchange Commission (SEC), including the Company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, each as filed with the SEC and any subsequent filings with the SEC. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions, or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. Any forward-looking statements contained in this press release represent the Company's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Investor Contact: Theodore Jenkins VP, Investor Relations and Business Development Candel Therapeutics, Inc. tjenkins@