Aduna partners with SoftBank Corp. to expand network API access in Japan

PLANO, Texas, June 17, 2025 /CNW/ -- Aduna, the global aggregator of network APIs, today announced that it has entered into a strategic commercial partnership with SoftBank Corp. ("SoftBank") as part of a Memorandum of Understanding (MoU). The collaboration will focus on expanding developer access to standardized telecom APIs and supporting industry-wide initiatives such as the GSMA Open Gateway.
The engagement aligns with industry efforts to simplify how developers interact with network functions by building on the foundations of the CAMARA open-source project. Together, Aduna and SoftBank will help enable cross-operator alignment and faster implementation of programmable telco capabilities across markets.
By combining SoftBank's advanced infrastructure and digital expertise with Aduna's unified integration platform, the two companies aim to lower barriers for innovation and make it easier for businesses to embed connectivity intelligence into their applications. This partnership further expands Aduna's reach in Asia and reinforces the importance of interoperable, carrier-grade APIs as building blocks for the future of enterprise services, fintech, mobility, and beyond.
About SoftBank Corp.
Guided by the SoftBank Group's corporate philosophy, "Information Revolution – Happiness for everyone," SoftBank Corp. (TOKYO: 9434) operates telecommunications and IT businesses in Japan and globally. Building on its strong business foundation, SoftBank Corp. is expanding into non-telecom fields in line with its "Beyond Carrier" growth strategy while further growing its telecom business by harnessing the power of 5G/6G, IoT, Digital Twin and Non-Terrestrial Network (NTN) solutions, including High Altitude Platform Station (HAPS)-based stratospheric telecommunications. While constructing AI data centers and developing homegrown LLMs specialized for the Japanese language with 1 trillion parameters, SoftBank is integrating AI with radio access networks (AI-RAN) with the aim of becoming a provider of next-generation social infrastructure. To learn more, please visit https://www.softbank.jp/en/
About Aduna
Aduna is a landmark venture between some of the world's leading telecom operators and Ericsson, dedicated to enabling developers worldwide to accelerate innovation by leveraging networks to their full potential via common network Application Programming Interfaces (APIs). Its venture partners include: AT&T, Bharti Airtel, Deutsche Telekom, e&, KDDI, Orange, Reliance Jio, Singtel, Telefonica, Telstra, T-Mobile, Verizon and Vodafone. Aduna's developer partner platforms include Google Cloud, Infobip, Sinch, and Vonage. By combining network APIs from multiple operators globally under a unified platform based on the CAMARA open-source project, driven by the GSMA and the Linux Foundation, Aduna provides a standardized platform to foster collaboration, enhance user experiences, and drive industry growth.
To find out more about network APIs and Aduna, visit adunaglobal.com.
Media Contact:

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

CTV News

4 hours ago

• CTV News

‘She never sleeps': This platform wants to be OnlyFans for the AI era

OhChat is an eight-month-old startup that uses artificial intelligence to build lifelike digital doubles of public figures. (Andrew Brookes/via CNN Newsource) She doesn't eat, sleep or breathe. But she remembers you, desires you and never logs off. Her name is Jordan – the AI-powered 'digital twin' of former British glamor model Katie Price – and people can pay her to act out their 'uncensored dreams.' 'You couldn't get any more human. It's like looking at me years ago,' Price, who shot to fame in the late 1990s as a peroxide-blonde tabloid model and Playboy cover star, told CNN. 'It's my voice. It's literally me. It's me.' On June 9, she joined the ranks of creators, celebrities and AI-generated avatars to be digitally immortalized by OhChat, an eight-month-old startup that uses artificial intelligence to build lifelike digital doubles of public figures. Its patrons can live out their 'spicy fantasies' through these AI avatars, OhChat's Instagram page states. The platform has attracted 200,000 users, most of which are based in the United States. OhChat sits at the provocative intersection of AI, fame and fantasy – where intimacy is simulated and connection is monetized. It goes a step further than platforms such as OnlyFans, where users pay to gain access to adult content from content creators. It also comes amid growing ethical concerns around AI – from its role in how people earn a living to how they form intimate connections – underscoring questions about whether AI companies are doing enough to ensure the technology isn't being misused. 'This creates exactly the right environment for the human to be left behind completely - while still being exploited,' Eleanor Drage, a senior research fellow at the University of Cambridge's Leverhulme Centre for the Future of Intelligence, told CNN. A 'lovechild between OnlyFans and OpenAI' OhChat CEO Nic Young described the platform as the 'lovechild between OnlyFans and OpenAI,' in an exclusive interview with CNN. Once activated, the avatars run autonomously, offering 'infinite personalized content' for subscribers. Jordan, for example, is marketed on the platform as 'the ultimate British bombshell.' The tiered subscription model allows users to pay US$4.99 per month for unlimited texts on demand, $9.99 for capped access to voice notes and images, or $29.99 for unlimited VIP interaction. Price, like other creators on the platform, receives an 80 per cent cut from the revenue her AI avatar generates, according to Young. OhChat will keep the remaining 20 per cent. 'You have literally unlimited passive income without having to do anything again,' Young told CNN. The platform 'is an incredibly powerful tool, and tools can be used however the human behind it wants to be used,' he added. 'We could use this in a really scary way, but we're using it in a really, I think, good, exciting way.' Since launching OhChat in October 2024, the company has signed 20 creators – including 'Baywatch' actress Carmen Electra. Some of the creators are already earning thousands of dollars per month, Young said. 'It takes away the opportunity cost of time,' he told CNN. 'Just don't touch it at all and receive money into your bank account.' To build a digital twin, OhChat asks creators to submit 30 images of themselves and speak to a bot for 30 minutes. The platform can then generate the digital replica 'within hours' using Meta's large language model, according to Young. Katie Price Price, seen here in 2024, shot to fame in the late 1990s as glamor model called Jordan. (Hannah Young/Shutterstock via CNN Newsource) Price's AI avatar is trained to mimic her voice, appearance and mannerisms. Jordan can 'sext' users, send voice notes and images, and provide on-demand intimacy at scale – all without Price lifting a finger. 'They had to get my movements, my characteristics, my personality,' said Price, who described her digital twin as 'scarily fascinating.' Price's avatar is categorized as 'level two' out of four on the platform's internal scale, which ranks the intensity and explicitness of their interactions. 'Level two' means sexualized chats and topless imagery, but not full nudity or simulated sex acts. Creators contributing to the platform decide which level their avatar will be. Price told CNN that creating a digital version of herself has left her feeling 'empowered.' The digital twin offers a round-the-clock connection that even her subscription-based OnlyFans account cannot match, she said. 'Obviously, I sleep, whereas she doesn't go to sleep; she's available,' she said. Ethical questions The rise of AI avatars like Jordan invites deeper scrutiny into a new frontier of digital labor and desire – where creators risk being replaced by their own likeness, fans may be vulnerable to forming emotional attachments to simulations, and platforms profit from interactions that feel real but remain one-sided. Sandra Wachter, professor of technology and regulation at the University of Oxford, questioned whether it is 'socially beneficial to incentivize and monetize human-computer interaction masquerading as emotional discourse.' Her remarks reflect concerns around emotional dependence on AI companions. While OhChat is for adults, it enters an ecosystem already grappling with the consequences of synthetic intimacy. Last year, a lawsuit involving drew global attention after the mother of a teenager alleged that her son died by suicide following a relationship with the platform's chatbot. Elsewhere, social media users have gone viral describing ChatGPT 'boyfriends' and emotional bonds with such digital entities designed to mimic human affection. 'It's all algorithmic theatre: an illusion of reciprocal relationship where none actually exists,' said Toby Walsh, a professor of artificial intelligence at the University of New South Wales in Sydney, Australia. OhChat strikes what Young called a 'balance between immersion and transparency,' when asked whether users are informed that they are speaking with AI instead of a real person. OhChat is 'clearly not presenting itself as an in-person or real experience,' he said. 'It isn't in the users' interest to be reminded overtly that this is all AI, but we're very clear about that upfront and in the entire experience and offering of the platform.' But it's in Young's interests to keep users hooked on the platform with personalities like 'Jordan,' even if she isn't real, says Walsh. 'These platforms profit from engagement,' he told CNN, 'which means the AI is optimized to keep users coming back, spending more time and likely more money.' Éamon Chawke, a partner at the intellectual property law firm Briffa, notes that there are risks for creators' reputations as well, especially for high-profile figures like Price and Electra. 'Vulnerable fan users may become overly attached to avatars of their heroes and become addicted,' Chawke told CNN. 'And if their avatar is hacked or hallucinates and says something offensive, reputational harm to the public figure is likely.' While Young says ethics 'can be a hard thing to define in this industry,' he said the platform operates within 'a hell of a lot of strong boundaries.' Young said OhChat uses safeguards that build on those used by Meta's Facebook – which has struggled to control content its own platform in the past. Each creator signs an agreement outlining the exact behavioral rules for their digital twin, he said, including the level of sexual content permitted. Avatars can also be revoked or deleted at any time, he added. 'It's within their control and at their sole discretion whether or when to ever stop their digital twin, or delete it,' he told CNN. But Young is prepared to face the tough questions; in his vision of the future, digital duplicates will be the norm. 'I can't imagine a future where every creator doesn't have a digital twin,' he said. 'I think it just will be the case, with absolute certainty, that every single creator and celebrity will have an AI version of themselves, and we want to be the layer that makes that happen.' By Olivia Kemp.

CTV News

a day ago

• CTV News

SoftBank pitches US$1 trillion Arizona AI hub, Bloomberg News reports

SoftBank Group founder Masayoshi Son is envisaging setting up a US$1 trillion industrial complex in Arizona that will build robots and artificial intelligence, Bloomberg News reported on Friday, citing people familiar with the matter. Son is seeking to team up with Taiwan Semiconductor Manufacturing Co (TSMC) for the project, which is aimed at bringing back high-end tech manufacturing to the U.S. and to create a version of China's vast manufacturing hub of Shenzhen, the report said. SoftBank officials have spoken with U.S. federal and state government officials to discuss possible tax breaks for companies building factories or otherwise investing in the industrial park, including talks with U.S. Secretary of Commerce Howard Lutnick, the report said. SoftBank is keen to have TSMC involved in the project, codenamed Project Crystal Land, but it is not clear in what capacity, the report said. It is also not clear the Taiwanese company would be interested, it said. TSMC is already building chipmaking factories in the U.S. with a planned investment of $165 billion. Son is also sounding out interest among tech companies including Samsung Electronics, the report said. The plans are preliminary and feasibility depends on support from the Trump administration and state officials, it said. A commitment of $1 trillion would be double that of the $500 billion 'Stargate' project which seeks to build out data center capacity across the U.S., with funding from SoftBank, OpenAI and Oracle. SoftBank and TSMC declined to comment. The White House and U.S. Department of Commerce did not immediately respond to requests for comment. The proposed scheme follows a series of big investment announcements SoftBank has made this year. In March it announced it would acquire U.S. semiconductor design company Ampere for $6.5 billion and in April said it would underwrite up to $40 billion of new investment in OpenAI, of which up to $10 billion would be syndicated to other investors. This week SoftBank raised $4.8 billion from a sale of shares in T-Mobile TMUS.O.

Cision Canada

2 days ago

• Cision Canada

SIMPLY SOLVENTLESS ANNOUNCES Q1 2025 FINANCIAL RESULTS INCLUDING RECORD ANNUALIZED GROSS REVENUE OF $49.6 MILLION ($0.459/SHARE) AND ANNUALIZED ADJUSTED EBITDA OF $12.8 MILLION ($0.120/SHARE)

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./ CALGARY, AB, June 20, 2025 /CNW/ - Simply Solventless Concentrates Ltd. (TSXV: HASH) (" SSC") is pleased to announce its Q1 2025 financial and operating results including record quarterly gross revenue of $12.4 million, EBITDA of $9.5 million, net and comprehensive income of $8.4 million, and adjusted EBITDA of $3.2 million. These results represent annualized gross revenue of $49.6 million ($0.459/share) and annualized adjusted EBITDA of $12.8 million ($0.120/share). The information set out in this press release should be read in conjunction with SSC's condensed interim consolidated financial statements as at and for the three months ended March 31, 2025 and the related management's discussion and analysis, which are available for review on SSC's SEDAR+ profile at Jeff Swainson, President and CEO of SSC, stated: "Q1 2025 was a strong quarter for SSC with the closing of the Humble acquisition, which vertically integrated our operations into cultivation, the closing of an over subscribed $6.0 million convertible debenture offering, achieving record gross revenue and adjusted EBITDA, the expansion of our asset base from $10.9 million in Q1 2024 to $57.8 million in Q1 2025, and subsequent to quarter end, significantly improving our balance sheet with the repayment of $3.4 million, the discharge of $0.5 million, and the deferral of $3.25 million of debt. Our steadfast focus for 2025 is to leverage our portfolio of assets to maximize profitability, cash flow from operations, and balance sheet strength, while achieving a lower cost of capital." Q1 2025 Financial Highlights: INCOME STATEMENT FIGURES Q1 2025 Q1 2025 ANNUALIZED Q1 2024 Q1 2024 ANNUALIZED % INCREASE Gross Revenue $12.4M $49.6M $3.1M $12.4M 298 % Gross Revenue/Share $0.115 $0.459 $0.064 $0.258 78 % Net Revenue $9.9M $39.6M $2.3M $9.2M 330 % Net Revenue/Share $0.091 $0.365 $0.047 $0.190 93 % Gross Margin $4.8M $19.2M $1.1M $4.4M 331 % Gross Margin/Share $0.044 $0.178 $0.023 $0.092 94 % EBITDA (1) $9.5M Not Annualized (2) $0.6M $2.4M 1,451 % EBITDA/Share $0.087 Not Annualized (2) $0.012 $0.050 595 % Adjusted EBITDA (1) $3.2M $12.8M $0.6M $2.4M 417 % Adjusted EBITDA/Share $0.030 $0.120 $0.012 $0.050 131 % Net Income $8.4 Not Annualized (2) $0.5M $2.0M 1,573 % Net Income/Share $0.078 Not Annualized (2) $0.010 $0.041 650 % Normalized Net Income (NNI) (1) $1.6 $6.4M $0.5M $2.0M 500 % NNI/Share $0.014 $0.057 $0.010 $0.041 38 % Cash from Operations Prior to Changes in Working Capital $2.0M $8.0M $0.6M $2.4M 233 % Gross Margin % 48.7 % 48.7 % 48.6 % 48.6 % 0 % (1) Non-IFRS financial measure. See discussion in the Non-IFRS Financial Measures advisories section of this press release below. (2) Not annualized as $7.7 million bargain purchase gain is non-recurring and skews figures. The results above include the consolidated operations of SSC and its wholly owned subsidiaries Massive Hash Factory Ltd., CannMart Inc. (acquired on September 12, 2024), ANC (acquired on October 18, 2024, effective October 1, 2024), and Humble (acquired on February 28, 2025, adding 1 month of operating results). SSC is continuing to capture synergies in respect of these acquisitions to further reduce costs. Continued Rationalization and Cost Savings During late Q1 2025, SSC continued to restructure operations to capture acquisition synergies. This restructuring reduced headcount by approximately 58 during March 2025, reducing annualized payroll costs by approximately $2,500,000. These amounts exclude headcount reductions made prior to closing the Humble acquisition. SSC has identified further restructuring opportunities with an estimated cost savings of between $500,000-$1,000,000 per year. Q1 2025 Operational Highlights $6.0 million Convertible Debenture Financing: On February 13, 2025, SSC completed a $6.0 million financing through the issuance of 6,000 debenture units (" Debenture Units") pursuant to an offering (the " Offering") at a price of $1,000 per Debenture Unit. Each Debenture Unit is comprised of one $1,000 principal value secured convertible debenture of SSC (" Debentures") and 1,000 common share purchase warrants of SSC (the " Warrants"). The Debentures are convertible into SSC common shares (" Common Shares") at $1.00 per Common Share at the option of the holder and at any time during the term of the Debentures. Interest accrues on the Debentures at 11% per annum, which interest is payable quarterly in cash by SSC. The Debentures mature on the date which is 48 months from the closing date, are secured by all present and after acquired property of SSC and its subsidiaries, and are subordinated to the Notes (defined below). A total of 6,000,000 Warrants were issued pursuant to the Offering. Each Warrant is exercisable for one Common Share at a price of $1.20 per Common Share for a period of four years from the closing date. The Debentures, Warrants and underlying Common Shares were subject to a hold period of four months and one day from the closing date. 350 Debenture Units (for gross proceeds of $350,000) were issued to Note holders for partial settlement of the Note balance outstanding. Acquisition of Humble: On February 28, 2025, SSC acquired all the issued and outstanding shares of Delta 9 Bio-Tech (now Humble) for cash consideration of $3,000,000 (" Acquisition"). In connection with the Acquisition, SSC entered into a lease agreement on closing in respect of the Facility (defined below) with an arms-length party for a 10-year term with renewal options. Humble operates a 98,000 square foot GACP certified cannabis cultivation facility in Winnipeg, Manitoba (the " Facility"), with an annual cultivation capacity of approximately 8,000-9,000kg of dried cannabis flower and trim. Humble services the recreational dried flower markets in Ontario, Alberta, Manitoba, Saskatchewan, British Columbia, and the Maritimes, and the business-to-business wholesale market in Canada and internationally. Key anticipated benefits and synergies are as follows: Low Cultivation Costs: Upon capture of synergies and optimization, it is expected that the all-in cash cost to cultivate will be approximately $0.70 per gram, among the lowest for indoor cannabis in Canada. No Liabilities: As Humble was acquired through CCAA proceedings, SSC assumed no liabilities upon closing of the Acquisition. Tax Pools: Humble has approximately $60 million of accrued non-capital loss tax pools which may be usable to SSC. Should these tax pools be utilized, they are expected to reduce future tax payments by up to $12 million at an effective tax rate of 20%. International Exposure: The Facility is GACP certified, allowing for the export of dried flower to international markets, which currently attracts higher selling prices. Complimentary Products: The Acquisition allows SSC to participate in the dried flower product category, which is the largest cannabis product category in Canada with a market share of approximately 40% (according to Headset data). Supply Chain: In the opinion of SSC, the supply demand dynamic is balancing in the Canadian wholesale cannabis marketplace, making it more difficult to procure the inputs that SSC requires. The Acquisition secured a supply of high-quality flower and trim for use in SSC's prerolls and in the manufacturing of concentrates and hash. Prerolling: Humble sells regular and infused prerolls in numerous markets. SSC's subsidiary ANC Inc. brings this manufacturing in-house, maximizing efficiency. Vapes: Humble sells vape cartridges in numerous markets. This manufacturing has come in-house at SSC's Massive Hash Factory facility, reducing production costs. Inventory Velocity: Humble sells several products that SSC manufactures, including hash, which helps maximize inventory turnover. Facility Cost Savings: SSC will be able to rationalize the activities performed at its various facilities, reducing fixed operating costs by approximately $750,000 annually once rationalized. Cost Synergies: Administration, including but not limited to public company costs, accounting, IT, governance, and HR are shared, reducing costs significantly. Blended Excise Rate: Humble pays lower excise rates as a cultivator, which lowers SSC's overall corporate blended excise tax rate. Repayment of $3.4 Million of ANC Promissory Notes & Deferral of Remainder: Subsequent to Q1 2025, $3.4 of the maximum remaining $7.15 million combined ANC Promissory Note and Reserve Earnout Promissory Note (collectively, the " Notes") were repaid through the issuance of 6,875,000 common shares of SSC at $0.50 per common share (subject to TSXV approval). $0.5 million of the Notes were discharged, $1.0 million of the Notes are now payable on June 3, 2026, and $2.2 million (" Payments Balance") of the Notes are payable with average weekly payments of $21,370.19 over two years. Should SSC repay the $2.2 million Payments Balance by July 31, 2025, the remaining principal balance owing at that time will be reduced by $367,500. Should SSC repay this balance by December 31, 2025, the remaining principal balance owing at that time will be reduced by $245,000. The equity issued is subject to a hold period of four months and one day from the date of issuance. This transaction significantly de-levered SSC's balance sheet. About Simply Solventless Concentrates Ltd. SSC is a public company incorporated under the Business Corporations Act (Alberta). SSC's mission is to provide pure, potent, terpene-rich ready to consume cannabis products to discerning cannabis consumers. For more information regarding SSC, please see Notice on Forward Looking Information This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "will", "estimates", "believes", "intends", "expects", "projected", "approximately" and similar expressions which are intended to identify forward-looking statements. More particularly and without limitation, this press release contains forward looking statements concerning continued organic revenue growth, the continued synergies expected from integrating CannMart Inc., ANC, and Humble into SSC's operations, capitalizing on SSC's business plan and SSC's expected growth, results of operations and performance. SSC cautions that all forward-looking statements are inherently uncertain, and that actual performance may be affected by a number of material factors, assumptions and expectations, many of which are beyond the control of SSC, including expectations and assumptions concerning SSC, the timing and market acceptance of products, competition in SSC's markets, SSC's reliance on customers, fluctuations in interest rates, SSC's ability to maintain good relations with its customers, employees and other stakeholders, changes in law or regulations, SSC's ability to protect its intellectual property, as well as other risks and uncertainties, including those described in SSC's filings available on SEDAR+ at The reader is cautioned that assumptions used in the preparation of any forward-looking statements may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of SSC. The reader is cautioned not to place undue reliance on any forward-looking statements. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release, and SSC does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law. This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about cost saving and rationalization and restructuring (payroll and other), gross revenue, adjusted EBITDA and NNI of SSC, which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this document was approved by management as of the date of this document and was provided for the purpose of providing further information about SSC's future business operations. SSC and its management believe that FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, SSC's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. SSC disclaims any intention or obligation to update or revise any FOFI contained in this document, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this document should not be used for purposes other than for which it is disclosed herein. Differences in the timing of capital expenditures or revenues and variances in production estimates can have a significant impact on the key performance measures included in SSC's guidance. SSC's actual results may differ materially from these estimates. Non-IFRS Financial Measures This press release includes references to "working capital", "current ratio", "inventory turnover", "EBITDA", "adjusted EBITDA" and "normalized net income", which are not defined under International Financial Reporting Standards (IFRS). The intent of these non-IFRS measures is to provide additional useful information to investors and analysts. These non-IFRS measures do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other entities. As such, these non-IFRS measures should not be considered in isolation or used as a substitute for measures of performance prepared in accordance with IFRS. Working capital is an indicative measure of SSC's ability to service its short-term financial obligations with short-term assets. Management believes this measure provides useful information about SSC's current short-term liquidity. Refer to "Liquidity and Capital Resources" for a detailed calculation of this measure in SSC's Q1 2025 MD&A. Current ratio is calculated by dividing current assets by current liabilities and is meant to indicate whether a company is capable of servicing its current liabilities. Inventory turnover is calculated by dividing cost of goods sold by inventory, and is meant to indicate how efficient a company is at turning inventory into cash. EBITDA is calculated as income before interest and finance costs, taxes, depreciation and amortization expenses. EBITDA is considered as a useful measure by management of SSC to understand the profitability of SSC excluding the effects of capital structure, taxation and depreciation, but may not be appropriate for other purposes. EBITDA is considered a useful measure by management to understand profitability excluding the effects of capital structure, taxation and depreciation, but may not be appropriate for other purposes. Adjusted EBITDA is not defined under IFRS and therefore should not be considered an alternative to, or more meaningful than net income (loss) and comprehensive income (loss). Adjusted EBITDA is calculated as net income before interest and finance costs, taxes, depreciation and amortization expenses, share based compensation, gain settlement or disposal or bargain purchase gains, non-recurring restructuring costs and acquisition costs, foreign exchange gains and losses and government rebates, and other gains or costs that are expected to be non-recurring. Adjusted EBITDA is considered a useful measure by management to understand profitability excluding the effects of capital structure, taxation and depreciation, and non-recurring items, but may not be appropriate for other purposes. NNI is considered as a useful measure by management of SSC to understand the profitability of SSC excluding the effects of certain non-operating items. NNI is calculated as net income less gain settlement or disposal or bargain purchase gains, non-recurring restructuring costs and acquisition costs, foreign exchange gains and losses and government rebates, income tax recovery, and other gains or costs that are expected to be non-recurring. See the " Operations" section in SSC's management's discussion & analysis for Q1 2025 and the year ended December 31 2024, available on SEDAR+ at for a quantitative reconciliation of net income to adjusted EBITDA for such period, which information is incorporated by reference in this press release. Shown below is a reconciliation of EBITDA, adjusted EBITDA and NNI for Q1, 2025. Reconciliation of Non-GAAP Measures EBITDA and Adjusted EBITDA For the Three Months Ended March 31, 2025 March 31, 2024 Net and comprehensive income $ 8,408,008 $ 502,536 Non-operating items: Depreciation and amortization 587,091 13,234 Finance costs 558,221 51,832 Income tax recovery (97,214) - EBITDA 9,456,106 567,602 Non-operating items: Restructuring costs 551,175 - Acquisition costs 372,316 - Foreign exchange loss 15,175 - Government rebates 28,786 - Bargain purchase acquisition price (7,725,913) - Share compensation expense 552,237 43,969 Adjusted EBITDA $ 3,249,882 $ 611,571 Normalized Net Income For the Three Months Ended March 31, 2025 March 31, 2024 Net and comprehensive income $ 8,408,008 $ 502,536 Non-operating items: Restructuring costs 551,175 - Acquisition costs 372,316 - Foreign exchange loss 15,175 - Government rebates 28,786 - Bargain purchase acquisition price (7,725,913) - Income tax recovery (97,214) 43,969 Normalized net income $ 1,552,333 $ 546,505 This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE Simply Solventless Concentrates Ltd.