Technology

GODADDY REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Published

2 years ago

February 13, 2024

Q4 2023 Applications & Commerce revenue up 13%;
Delivered Q4 net income margin of 103%, inclusive of non-routine items, and Q4 Normalized EBITDA margin of over 29%
Cash Provided by Operating Activities up 43% in Q4; Free Cash Flow up 51% in Q4

TEMPE, Ariz., Feb. 13, 2024 /PRNewswire/ — GoDaddy Inc. (NYSE: GDDY) today reported financial results for the fourth quarter and full year that ended December 31, 2023.

“GoDaddy demonstrated strong operational execution and financial performance while also making significant progress in our mission of empowering entrepreneurs around the world,” said GoDaddy CEO Aman Bhutani. “We are excited and confident in our ability to deliver compelling solutions for our customers across our simplified software platform while continuing to strengthen our strategic positioning.”

“GoDaddy delivered strong 2023 financial results, showcasing our ability to provide a one-stop shop for our customers and drive margin expansion through operational discipline,” said GoDaddy CFO Mark McCaffrey. “We remain committed to managing our business to provide an optimal combination of top-line growth and profitability, delivering compounding free cash flow and creating enduring shareholder value.”

Full Year 2023 Business Highlights

Total revenue of $4.3 billion, up 4% year-over-year, and 5% on a constant currency basis.Total bookings of $4.6 billion, up 4% year-over-year, and 5% on a constant currency basis.Net Income of $1.4 billion, inclusive of non-routine items, up 295% year-over-year, representing a 33% margin.Normalized EBITDA (NEBITDA) of $1.1 billion, up 12% year-over-year, representing a 27% margin.Net cash provided by operating activities of $1,047.6 million, up 7% year-over-year.Free cash flow of $1.1 billion, up 12% year-over-year.On January 1, 2024, GoDaddy’s subsidiary holding company, Desert Newco, LLC, was converted from a partnership to a disregarded entity for U.S. income tax purposes, thereby terminating its legacy Up-C structure.

Fourth Quarter 2023 Business Highlights

Total revenue of $1.1 billion, up 6% year-over-year on a reported and constant currency basis.Total bookings of $1.1 billion, up 7% year-over-year, and 6% on a constant currency basis.Net income of $1.1 billion, inclusive of non-routine items, up 1,107% year-over-year, representing a 103% margin.NEBITDA of $324.2 million, up 22% year-over-year, representing a 29% margin.Net cash provided by operating activities of $297.7 million, up 43% year-over-year.Free cash flow of $305.1 million, up 51% year-over-year.Gross payments volume, or GPV, from GoDaddy’s commerce offerings grew to an impressive $1.7 billion, up 125% year-over-year. Gross merchandise volume was $36 billion, up 26% year-over-year.GoDaddy launched its AI experience, GoDaddy AiroTM, within the U.S. GoDaddy AiroTM harnesses the power of generative AI and other machine learning to proactively help build and grow online ventures, delivering a business-in-a-box experience that automatically generates a logo, website, tailored content, communications, and more. Customers engage with it within minutes of registering a domain or can use other features if they have an established website.

Consolidated Fourth Quarter and Full Year Financial Highlights

Three Months Ended
December 31,

Year Ended
December 31,

2023

2022

Change

Constant
Currency

2023

2022

Change

Constant
Currency

(in millions, except customers in thousands and ARPU in dollars)

GAAP Results

Total revenue

$ 1,100.3

$ 1,039.9

5.8 %

$ 4,254.1

$ 4,091.3

4.0 %

4.6 %

Applications & commerce revenue

$ 377.4

$ 333.4

13.2 %

$ 1,430.4

$ 1,279.7

11.8 %

Core platform revenue

$ 722.9

$ 706.5

2.3 %

$ 2,823.7

$ 2,811.6

0.4 %

International revenue

$ 353.9

$ 340.8

3.8 %

$ 1,381.1

$ 1,334.0

3.5 %

5.3 %

Net income(1)

$ 1,132.3

$ 93.8

1,107.1 %

$ 1,393.8

$ 352.9

295.0 %

Net cash provided by operating
activities

$ 297.7

$ 208.0

43.1 %

$ 1,047.6

$ 979.7

6.9 %

Segment EBITDA – A&C

$ 164.8

$ 135.6

21.5 %

$ 594.2

$ 522.8

13.7 %

Segment EBITDA margin – A&C

43.7 %

40.7 %

300 bps

41.5 %

40.9 %

70 bps

Segment EBITDA – Core

$ 227.8

$ 204.8

11.2 %

$ 816.4

$ 783.7

4.2 %

Segment EBITDA margin – Core

31.5 %

29.0 %

250 bps

28.9 %

27.9 %

100 bps

Non-GAAP Results(2)

Normalized EBITDA (NEBITDA)

$ 324.2

$ 266.0

21.9 %

$ 1,134.5

$ 1,013.0

12.0 %

NEBITDA margin

29.5 %

25.6 %

390 bps

26.7 %

24.8 %

190 bps

Unlevered free cash flow

$ 346.6

$ 238.2

45.5 %

$ 1,254.2

$ 1,095.9

14.4 %

Free cash flow

$ 305.1

$ 201.6

51.3 %

$ 1,084.4

$ 968.6

12.0 %

Operating and Business Metrics

Total bookings

$ 1,123.9

$ 1,051.6

6.9 %

6.5 %

$ 4,603.1

$ 4,413.8

4.3 %

4.7 %

Total customers at period end

21,026

20,897

0.6 %

21,026

20,897

0.6 %

Average revenue per user (ARPU)

$ 203

$ 197

3.0 %

$ 203

$ 197

3.0 %

Annualized Recurring Revenue
(ARR)

$ 3,690.8

$ 3,570.1

3.4 %

$ 3,690.8

$ 3,570.1

3.4 %

_______________________________

(1) Net income for the three months and the year ended December 31, 2023 includes $11.2 million and $90.8 million, respectively, in restructuring and other charges. In addition, during the fourth quarter of 2023, we released the majority of our valuation allowance on U.S. and state deferred tax assets, resulting in a non-routine non-cash benefit of approximately $1 billion recorded to income taxes.

(2) Reconciliations of our non-GAAP results to their most directly comparable GAAP financial measures are set forth in “Reconciliation of Non-GAAP Financial Measures” below.

Share Repurchases

From January 1, 2022 through February 1, 2024, GoDaddy repurchased 34.2 million shares of its common stock for an aggregate purchase price of $2.6 billion, and an average price per share of $74.99. These repurchases represent a reduction of approximately 20% in fully diluted shares from those outstanding as of December 31, 2021.

Balance Sheet

At December 31, 2023, total cash and cash equivalents and short-term investments were $498.8 million, total debt was $3.9 billion and net debt was $3.4 billion.

Debt Repricing

In January 2024, GoDaddy repriced $1.8 billion of the outstanding principal amount of its term loans to lower the interest rate margins by 0.5%. This strategic adjustment and the repricing we completed in July 2023 are expected to reduce annual cash interest expense by approximately $22.0 million. The refinanced loans retain the original maturity date and other terms and conditions.

Partial Release of Valuation Allowance

During the fourth quarter, as a result of our increasing profitability over the past several years and forecasted levels of future taxable income, we released the majority of our valuation allowance on our U.S. and state deferred tax assets. This resulted in a non-cash benefit of approximately $1 billion recorded to income taxes.

Business Outlook

For the first quarter ending March 31, 2024, GoDaddy expects total revenue in the range of $1.085 billion to $1.105 billion, representing year-over-year growth of 6% at the midpoint, versus the same period in 2023. For the full year ending December 31, 2024, GoDaddy is targeting total revenue in the range of $4.480 billion to $4.560 billion, representing year-over-year growth of 6% at the midpoint, versus the $4.25 billion of revenue generated for the full year ended December 31, 2023.

For the first quarter ending March 31, 2024, GoDaddy expects Normalized EBITDA margin of 27%. For the full year ending December 31, 2024, GoDaddy expects Normalized EBITDA margin of approximately 29%, with a fourth quarter Normalized EBITDA margin of approximately 31%.

For the full year ending December 31, 2024, GoDaddy expects unlevered free cash flow of at least $1.4 billion, versus the $1.3 billion of unlevered free cash flow generated in 2023. GoDaddy expects free cash flow of at least $1.2 billion, versus the $1.1 billion of free cash flow generated in 2023.

Modeling Guide

2024

Capital expenditures

~ $35 million

Cash interest on long-term debt

~ $155 million

Cash income taxes

~ $30 million

GoDaddy’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (GAAP). GoDaddy does not provide reconciliations from non-GAAP guidance to GAAP equivalents because projections of changes in individual balance sheet amounts are not possible without unreasonable effort, and presentation of such reconciliations would imply an inappropriate degree of precision. GoDaddy provided reconciliations of non-GAAP financial measures to their nearest GAAP equivalents in the tables included within this release.

Upcoming Investor Events

GoDaddy will hold an in-person Investor Day on March 6, 2024 at its Tempe, Arizona headquarters during which leaders will discuss GoDaddy’s long-term strategy, innovation initiatives, financial framework, and capital allocation strategy, as well as provide demonstrations of recently launched customer experiences. Given limited space for the live event, interested shareholders and analysts are encouraged to email investors@godaddy.com for an invitation. The event, along with supporting materials, will be accessible live or via an archived replay through the Investor Relations section of GoDaddy’s website at https://investors.godaddy.net.

Quarterly Earnings Webcast

GoDaddy will host a webcast to discuss fourth quarter and full year 2023 results at 5:00 p.m. Eastern Time on February 13, 2024. To participate in the webcast, please preregister online at https://investors.godaddy.net/investor-relations/overview/default.aspx. A live webcast of the event, together with a slide presentation including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, will be available through GoDaddy’s Investor Relations website at https://investors.godaddy.net. A transcript of prerecorded remarks will be available on the Investor Relations website at the time of the webcast. Following the event, a recorded replay of the webcast will be available on the website.

GoDaddy uses its Investor Relations website at https://investors.godaddy.net as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor GoDaddy’s Investor Relations website, in addition to following press releases, Securities and Exchange Commission (SEC) filings, public conference calls and webcasts.

Forward-Looking Statements

This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on estimates and information available to us at the time of this press release and are not guarantees of future performance. Statements in this press release involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to any statements regarding: our business outlook; launches of new or expansion of existing products or services, including GoDaddy AiroTM, any projections of product or service availability, technology developments and innovation, customer growth, or other future events; historical results that may suggest future trends for our business; our plans, strategies or objectives with respect to future operations, partnerships and partner integrations and marketing strategy; future financial results; our ability to integrate acquisitions and achieve desired synergies and vertical integration; the expected impact of our debt repricing; our forecasted levels of future taxable income; and assumptions underlying any of the foregoing.

Actual results could differ materially from our current expectations as a result of many factors, including, but not limited to: the unpredictable nature of our rapidly evolving market; fluctuations in our financial and operating results; our rate of growth; interruptions or delays in our service or our web hosting; our dependence on payment card networks and acquiring processors; breaches of our security measures; the impact of any previous or future acquisitions or divestitures; our ability to continue to release, and gain customer acceptance of, our existing and future products and services; our ability to deploy new and evolving technologies, such as artificial intelligence, machine learning, data analytics and similar tools, in our offerings; our ability to manage our growth; our ability to hire, retain and motivate employees; the effects of competition; technological, regulatory and legal developments; intellectual property litigation; the impact of our restructuring efforts; macroeconomic conditions and developments in the economy, financial markets and credit markets; continued escalation of geopolitical tensions; the level of interest rates and inflationary pressures; and execution of share repurchases.

Additional risks and uncertainties that could affect GoDaddy’s business and financial results are included in the filings we make with the SEC from time to time, including those described in “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2022 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, each of which are available on GoDaddy’s website at https://investors.godaddy.net and on the SEC’s website at www.sec.gov, and any subsequent quarterly or annual report filed with the SEC thereafter, including our annual report on Form 10-K for the year ended December 31, 2023. Additional information will also be set forth in other filings that GoDaddy makes with the SEC from time to time. All forward-looking statements in this press release are based on information available to GoDaddy as of the date hereof. Except to the extent required by law, GoDaddy does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Financial Measures and Other Operating and Business Metrics

In addition to our financial results prepared in accordance with GAAP, this press release includes certain non-GAAP financial measures and other operating and business metrics. We believe that these non-GAAP financial measures and other operating and business metrics are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. The non-GAAP financial measures included in this press release should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, similarly titled measures may be calculated differently by other companies and may not be comparable. A reconciliation between each non-GAAP financial measure and its nearest GAAP equivalent is included in this press release following the financial statements. We use both GAAP and non-GAAP measures to evaluate and manage our operations.

Total bookings. Total bookings is an operating metric representing the total value of customer contracts entered into during the period, excluding refunds. We believe total bookings provides additional insight into the performance of our business and the effectiveness of our marketing efforts since we typically collect payment at the inception of a customer contract but recognize revenue ratably over the term of the contract.

Constant currency. Constant currency is calculated by translating bookings and revenue for each month in the current period using the foreign currency exchange rates for the corresponding month in the prior period, excluding any hedging gains or losses realized during the period. We believe constant currency information is useful in analyzing underlying trends in our business by eliminating the impact of fluctuations in foreign currency exchange rates and allows for period-to-period comparisons of our performance.

Normalized EBITDA (NEBITDA). NEBITDA is a supplemental measure of our operating performance used by management and investors to evaluate our business. We calculate NEBITDA as net income excluding depreciation and amortization, interest expense (net), provision or benefit for income taxes, equity-based compensation expense, acquisition-related costs, restructuring-related expenses and certain other items. We believe that the inclusion or exclusion of certain recurring and non-recurring items provides a supplementary measure of our core operating results and permits useful alternative period-over-period comparisons of our operations but should not be viewed as a substitute for comparable GAAP measures.

NEBITDA margin. NEBITDA margin is used by management as a supplemental measure of our operating performance and refers to the ratio of NEBITDA to revenue, expressed as a percentage.

Unlevered free cash flow. Unlevered free cash flow is a measure of our liquidity used by management to evaluate our business prior to the impact of our capital structure and restructuring and after purchases of property and equipment. Such liquidity can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.

Free cash flow. Free cash flow is defined as our unlevered free cash flow less interest payments for the period. We use free cash flow as a supplemental measure of our liquidity, including our ability to generate cash flow in excess of capital requirements and return cash to shareholders, though it should not be considered as an alternative to, or more meaningful than, comparable GAAP measures.

Net debt. We define net debt as total debt less cash and cash equivalents and short-term investments. Total debt consists of the current portion of long-term debt plus long-term debt and unamortized original issue discount and debt issuance costs. Our management reviews net debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage and we believe such information is useful to investors. Furthermore, certain analysts and debt rating agencies monitor our net debt as part of their assessments of our business.

Gross merchandise volume (GMV). GMV is a business metric calculated by annualizing the total quarterly dollar value of orders facilitated by our customers through our Commerce platform, including shipping and handling, and taxes, and is shown net of discounts, and returns (where visibility exists). While GMV is not indicative of our performance, we believe it is an indicator of the strengths of our products and platforms.

Gross payments volume (GPV). GPV is an operating metric calculated by annualizing the total quarterly dollar value of transactions processed through our payments platform. GPV is representative of the volume of transactions in which we record transaction revenue based on our payment processing rate.

Annualized recurring revenue (ARR). ARR is an operating metric defined as quarterly recurring revenue (QRR) multiplied by four. QRR represents the quarterly recurring GAAP revenue, net of refunds, from new and renewed subscription-based services. ARR is exclusive of any revenue that is non-recurring, including, without limitation, domain aftermarket, domain transfers, one-time set-up or migration fees and non-recurring professional website services fees. We believe ARR helps illustrate the scale of certain of our products and facilitates comparisons to other companies in our industry.

Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to customers, though the impact to date has been muted due to our continued growth in total customers.

Total customers. We define a customer as an individual or entity with paid transactions in the trailing twelve months or with paid subscriptions as of the end of the period. A single user may be counted as a customer more than once if they maintain paid subscriptions or transactions in multiple accounts. Total customers is one way we measure the scale of our business and is an important part of our ability to increase our revenue base.

About GoDaddy

GoDaddy helps millions of entrepreneurs globally start, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy’s easy-to-use tools help microbusiness owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.

GoDaddy Inc.
Consolidated Statements of Operations (unaudited)
(In millions, except shares in thousands and per share amounts)

Three Months Ended
December 31,

Year Ended
December 31,

2023

2022

2023

2022

Revenue:

Applications & commerce

$ 377.4

$ 333.4

$ 1,430.4

$ 1,279.7

Core platform

722.9

706.5

2,823.7

2,811.6

Total revenue

1,100.3

1,039.9

4,254.1

4,091.3

Costs and operating expenses(1):

Cost of revenue (excluding depreciation and amortization)

402.2

379.5

1,573.6

1,484.5

Technology and development

203.8

206.3

839.6

794.0

Marketing and advertising

84.6

94.9

352.9

412.3

Customer care

74.3

75.3

304.5

305.9

General and administrative

95.6

98.6

374.0

385.5

Restructuring and other

11.2

0.9

90.8

15.7

Depreciation and amortization

38.7

49.5

171.3

194.6

Total costs and operating expenses

910.4

905.0

3,706.7

3,592.5

Operating income

189.9

134.9

547.4

498.8

Interest expense

(43.6)

(42.2)

(179.0)

(146.3)

Loss on debt extinguishment

—

(3.6)

(1.5)

(3.6)

Other income (expense), net

1.2

6.8

36.9

7.6

Income before income taxes

147.5

95.9

403.8

356.5

Benefit (provision) for income taxes

984.8

(2.1)

990.0

(3.6)

Net income

1,132.3

93.8

1,393.8

352.9

Less: net income attributable to non-controlling interests

0.2

0.8

0.7

Net income attributable to GoDaddy Inc.

$ 1,132.1

$ 93.6

$ 1,393.0

$ 352.2

Net income attributable to GoDaddy Inc. per share of Class A common
stock:

Basic

$ 8.01

$ 0.60

$ 9.39

$ 2.22

Diluted

$ 7.85

$ 0.60

$ 9.20

$ 2.19

Weighted-average shares of Class A common stock outstanding:

Basic

141,418

154,745

148,296

158,788

Diluted

144,253

157,083

151,452

161,457

____________________________________

(1) Costs and operating expenses include equity-based compensation expense as follows:

Cost of revenue

$ 0.2

$ 0.4

$ 1.3

$ 1.5

Technology and development

39.2

37.9

162.4

140.3

Marketing and advertising

6.9

7.4

27.9

29.1

Customer care

6.1

5.4

24.1

20.0

General and administrative

16.3

20.0

78.3

73.5

Restructuring and other

—

2.3

—

Total equity-based compensation expense

$ 68.7

$ 71.1

$ 296.3

$ 264.4

GoDaddy Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except per share amounts)

December 31,

2023

2022

Assets

Current assets:

Cash and cash equivalents

$ 458.8

$ 774.0

Short-term investments

40.0

—

Accounts and other receivables

76.6

60.1

Registry deposits

37.3

41.0

Prepaid domain name registry fees

466.0

435.7

Prepaid expenses and other current assets

177.2

271.8

Total current assets

1,255.9

1,582.6

Property and equipment, net

185.3

225.6

Operating lease assets

60.8

84.1

Prepaid domain name registry fees, net of current portion

209.0

197.1

Goodwill

3,569.3

3,536.9

Intangible assets, net

1,158.6

1,252.2

Deferred tax assets

1,038.8

—

Other assets

105.6

95.0

Total assets

$ 7,583.3

$ 6,973.5

Liabilities and stockholders’ equity (deficit)

Current liabilities:

Accounts payable

$ 148.1

$ 130.9

Accrued expenses and other current liabilities

442.4

356.7

Deferred revenue

2,074.9

1,954.0

Long-term debt

17.9

18.2

Total current liabilities

2,683.3

2,459.8

Deferred revenue, net of current portion

802.4

770.3

Long-term debt, net of current portion

3,798.5

3,812.9

Operating lease liabilities, net of current portion

90.2

116.5

Other long-term liabilities

90.7

87.1

Deferred tax liabilities

37.8

56.2

Commitments and contingencies

Stockholders’ equity (deficit):

Preferred stock, $0.001 par value

—

Class A common stock, $0.001 par value

0.1

0.2

Class B common stock, $0.001 par value

—

Additional paid-in capital

2,271.6

1,912.6

Accumulated deficit

(2,302.5)

(2,422.6)

Accumulated other comprehensive income

111.2

178.0

Total stockholders’ equity (deficit) attributable to GoDaddy Inc.

80.4

(331.8)

Non-controlling interests

—

2.5

Total stockholders’ equity (deficit)

80.4

(329.3)

Total liabilities and stockholders’ equity (deficit)

$ 7,583.3

$ 6,973.5

GoDaddy Inc.
Consolidated Statements of Cash Flows (unaudited)
(In millions)

Year Ended
December 31,

2023

2022

Operating activities

Net income

$ 1,393.8

$ 352.9

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

171.3

194.6

Equity-based compensation

296.3

264.4

Gain (loss) on derivative instruments

(12.0)

27.6

Non-cash restructuring and other charges

6.1

10.4

Deferred taxes

(1,011.6)

(18.4)

Loss on dispositions

16.5

—

Other

56.5

66.8

Changes in operating assets and liabilities, net of amounts acquired:

Prepaid domain name registry fees

(41.9)

(34.7)

Accounts payable

28.3

35.1

Accrued expenses and other current liabilities

56.4

11.3

Deferred revenue

149.2

101.6

Other operating assets and liabilities

(61.3)

(31.9)

Net cash provided by operating activities

1,047.6

979.7

Investing activities

Purchases of short-term investments

(40.0)

—

Business acquisitions, net of cash acquired

—

(72.5)

Purchases of intangible assets

(35.4)

(0.4)

Net proceeds received from dispositions

12.7

—

Purchases of property and equipment

(42.0)

(59.7)

Purchases of equity investments

(0.5)

—

Other investing activities, net

2.8

0.6

Net cash used in investing activities

(102.4)

(132.0)

Financing activities

Proceeds received from:

Issuance of term loans

1,759.9

1,725.3

Stock option exercises

19.6

19.9

Issuance of Class A common stock under employee stock purchase plan

30.0

30.1

Payments made for:

Repurchases of Class A common stock

(1,270.2)

(1,294.6)

Repayment of term loans

(1,786.3)

(1,789.9)

Financing-related costs

—

(4.2)

Contingent consideration for business acquisitions

(7.5)

(9.3)

Other financing obligations

(7.2)

(4.0)

Net cash used in financing activities

(1,261.7)

(1,326.7)

Effect of exchange rate changes on cash and cash equivalents

1.3

(2.7)

Net decrease in cash and cash equivalents

(315.2)

(481.7)

Cash and cash equivalents, beginning of period

774.0

1,255.7

Cash and cash equivalents, end of period

$ 458.8

$ 774.0

Reconciliation of Non-GAAP Financial Measures

The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure:

Three Months Ended
December 31,

Year Ended
December 31,

2023

2022

2023

2022

NEBITDA and NEBITDA Margin:

(in millions)

Net income

$ 1,132.3

$ 93.8

$ 1,393.8

$ 352.9

Depreciation and amortization

38.7

49.5

171.3

194.6

Equity-based compensation(1)

68.7

71.1

294.0

264.4

Interest expense, net

40.2

36.1

155.4

135.0

Acquisition-related expenses(2)

4.9

7.9

12.1

35.1

Restructuring and other(3)

24.2

5.5

97.9

27.4

Provision (benefit) for income taxes

(984.8)

2.1

(990.0)

3.6

NEBITDA

$ 324.2

$ 266.0

$ 1,134.5

$ 1,013.0

Net income margin

102.9 %

9.0 %

32.8 %

8.6 %

NEBITDA margin

29.5 %

25.6 %

26.7 %

24.8 %

_________________________________

(1)

The year ended December 31, 2023 excludes $2.3 million of equity-based compensation expense associated with our restructuring plan, which is included within restructuring and other.

(2)

The year ended December 31, 2023 includes an adjustment of $6.0 million to a previously-recognized acquisition milestone liability.

(3)

In addition to the restructuring and other in our statements of operations, other charges included are primarily composed of lease-related expenses associated with closed facilities, charges related to certain legal matters, adjustments to the fair value of our equity investments, expenses incurred in relation to the refinancing of our long-term debt and incremental expenses associated with professional services.

December 31,
2023

(in millions)

Net Debt:

Current portion of long-term debt

$ 17.9

Long-term debt

3,798.5

Unamortized original issue discount and debt issuance costs

59.7

Total debt

3,876.1

Less: Cash and cash equivalents

(458.8)

Less: Short-term investments

(40.0)

Net debt

$ 3,377.3

Three Months Ended
December 31,

Year Ended
December 31,

2023

2022

2023

2022

(in millions)

Free Cash Flow and Unlevered Free Cash Flow:

Net cash provided by operating activities

$ 297.7

$ 208.0

$ 1,047.6

$ 979.7

Capital expenditures

(4.0)

(17.1)

(42.0)

(59.7)

Cash paid for acquisition-related costs

0.8

7.2

11.2

37.9

Cash paid for restructuring and other charges(1)

10.6

3.5

67.6

10.7

Free cash flow

$ 305.1

$ 201.6

$ 1,084.4

$ 968.6

Cash paid for interest on long-term debt

41.5

36.6

169.8

127.3

Unlevered free cash flow

$ 346.6

$ 238.2

$ 1,254.2

$ 1,095.9

_________________________________

(1)

In addition to payments made pursuant to our February 2023 restructuring plan, cash paid for restructuring and other charges includes a payment related to the termination of a revenue sharing agreement, lease-related payments associated with closed facilities, payments related to certain legal matters as well as third party payments incurred in relation to the refinancing of our long-term debt and incremental payments associated with professional services.

Shares Outstanding

Shares of Class B common stock are not participating securities, and therefore do not have rights to share in our earnings. Total shares of common stock outstanding are as follows:

December 31,

2023

2022

(in thousands)

Shares Outstanding:

Class A common stock

142,051

153,830

Class B common stock

259

312

Total common stock outstanding

142,310

154,142

Effect of dilutive securities(1)

2,599

2,026

Total shares outstanding

144,909

156,168

_________________________________

(1) Calculated using the treasury stock method, which excludes the impact of antidilutive securities.

Constant Currency
The following table provides a reconciliation of constant currency:

Three Months
Ended
December 31, 2023

Year Ended
December 31,
2023

(in millions)

Constant Currency:

Revenue

$ 1,100.3

$ 4,254.1

Constant currency adjustment

(0.1)

25.0

Constant currency revenue

$ 1,100.2

$ 4,279.1

Bookings

$ 1,123.9

$ 4,603.1

Constant currency adjustment

(4.0)

16.8

Constant currency bookings

$ 1,119.9

$ 4,619.9

Source: GoDaddy Inc.

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SOURCE GoDaddy Inc.

Technology

Reach Showcases Full-Stack Product Portfolio for AI Vehicle Intelligent Evolution at Auto China 2026

Published

7 hours ago

May 1, 2026

BEIJING, April 30, 2026 /PRNewswire/ — At Auto China 2026, Reach officially unveiled its full-stack product portfolio designed to accelerate the intelligent evolution of AI vehicles. Industry leaders and experts, along with executives and representatives from Honda, Toyota, FAW, Geely, GAC, Dongfeng Voyah, FAW Jiefang, BMW, Volkswagen CARIAD, Chery, Nissan, Mazda, Hitachi Astemo, Bosch, UAES, ZTE Microelectronics and other global OEMs and industry partners, visited the booth for in-depth discussions on the future of AI-powered mobility and intelligent vehicle evolution.

At the show, Reach demonstrated how AI vehicles are moving from “responding to commands” to “understanding intent and proactively serving users.” Human-vehicle interaction is evolving from isolated smart functions to integrated intelligent experiences, creating a new vision for future mobility.

Supporting this transformation is Reach’s full-stack portfolio covering five key areas: AI Vehicle Neural Foundation, Emotional Cognition, Intelligent Driving Brain, Vehicle-Cloud Computational Brain, and Energy Heart.

At the core is NeuSAR OS, the digital foundation for AI vehicles. Backed by over 10 million production deployments, it provides secure, reliable, and scalable support for AI applications, enabling unified management of vehicle-wide capabilities, cross-domain resources, and AI Agents while improving development efficiency by 30%–50%.

Cloud OS introduces a vehicle-cloud collaborative computing architecture that allows flexible scheduling between onboard small models and cloud-based large models, reducing hardware dependency and optimizing computing costs.

For intelligent driving, Reach’s full-stack AI solution and fifth-generation architecture NeuAUTO support faster mass production across passenger and commercial vehicles through unified software architecture and end-to-end AI models.

Reach AI Data-driven EV power system enables proactive battery health management and energy optimization. It also introduced AI-powered automated testing systems to improve testing efficiency and coverage.

Reach also launched its lifecycle-wide AI Agent solution, built on a full-domain data platform and intelligent systems for planning, after-sales, and operations, it supports product planning, price forecasting, safety monitoring, and customer operations across the full vehicle lifecycle.

As AI vehicles evolve toward full-system intelligence, system-level capability building and ecosystem collaboration are becoming the key to competitiveness. Reach is collaborating with global OEMs, Tier 1 suppliers, and semiconductor partners to accelerate large-scale industrial deployment.

Looking ahead, Reach continues advancing its full-stack portfolio through stronger innovation and deeper ecosystem collaboration, enabling vehicles evolve into true intelligent agents and delivering smarter, safer, and more trusted mobility experiences worldwide.

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SOURCE Reach

Technology

Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale

Published

7 hours ago

May 1, 2026

Achieves profitability, scales to 11,000+ platform licenses, and strengthens balance sheet with $15.7M in cash

VANCOUVER, BC and LAS VEGAS, April 30, 2026 /PRNewswire/ – Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6), a U.S.-focused digital health infrastructure platform, is pleased to report its audited financial results for the year ended December 31, 2025. All figures are in Canadian dollars unless otherwise stated. All references to Non-GAAP Financial Measures1 2 are as reported in the Company’s amended and restated Management Discussion and Analysis dated April 30, 2026 (“MD&A”).

Revenue reached $35.4M in 2025, with $43.6M in Adjusted Revenue1 (non-GAAP) and $2.5M in Adjusted EBITDA2 (non-GAAP), reflecting strong growth and improving operating leverage.

The Company achieved net income of $1.69M and continued to scale its platform, driven by accelerating adoption of VSDHOne and expanding transaction volumes across its national healthcare network.

FULL YEAR 2025 HIGHLIGHTS

All comparisons below are to the year ended December 31, 2024, unless otherwise noted.

Revenue: $35.4M vs. $16.04M (+121% YoY)Adjusted Revenue:(1) $43.56M vs. $22.32M (+95% YoY)Adjusted EBITDA:(2) $2.5M vs. $136K (+1,765% YoY)Rising Operating Leverage: OPEX as a % of revenue fell from 38% to 22%2025 Year-end Cash Position: $15.65M vs. $1.19M (strong balance sheet improvement)Positive Adjusted EBITDA2 across the year, reflecting improving operating leverageOver 11,000 licenses signed across the VSDHOne platform, which the Company believes demonstrates strong demand and accelerating adoption

4th QUARTER 2025 HIGHLIGHTS

All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted

Revenue: $14.95M vs. $4.04M (+270% YoY)Adjusted Revenue:(1) $16.85M vs. $5.74M (+193% YoY)Adjusted EBITDA:(2) $1.58M vs. ($0.1M)Rising Operating Leverage: OPEX as a % of revenue fell to 15% in Q4 2025, versus 34% in Q4 2024

The Company believes the following Non-GAAP financial measures provide meaningful insight to its shareholders in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers.

Notes:

(1) “Adjusted Revenue” is a non-GAAP financial measure, and the figures reflect gross economic activity processed through the Company’s platform and should not be considered revenue recognized under IFRS. See “Non-GAAP Financial Measures” section below for definition.

(2) “Adjusted EBITDA” is a non-GAAP financial measure and reflects EBITDA plus additions for atypical and non-recurring charges. See “Non-GAAP Financial Measures” section below for definition.

The following table is included to provide a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable IFRS measures and to enhance the comparability and transparency of the Company’s financial performance for investors.

Three months ended December 31,

Twelve months ended December 31,

2025

2024

%
change

2025

2024

%
change

Adjusted Revenue

$ 16,853,102

$ 5,742,523

193 %

$ 43,563,753

$ 22,321,265

95 %

Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

Deduct – business partner payouts on app
service gross revenue

2,218,121

1,493,509

7,752,770

6,321,866

GAAP Revenue

$ 14,948,859

$ 4,040,578

270 %

$ 35,385,038

$ 16,044,716

121 %

Adjusted Gross Margin

$ 2,924,341

$ 1,580,387

85 %

$ 9,429,151

$ 5,650,936

67 %

Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

GAAP Gross Margin

$ 3,238,219

$ 1,371,951

136 %

$ 9,003,206

$ 5,696,253

58 %

Adjusted EBITDA

$ 1,577,760

$ (83,191)

$ 2,542,895

$ 136,334

1765 %

Deduct – amortization and depreciation

127,982

62,853

452,772

181,136

Deduct – share-based payments

8,843

87,889

82,385

614,877

Deduct – interest and accretion

452,209

–

586,354

–

Deduct – sales tax provision, net cash paid

252,603

(254,510)

252,603

(254,510)

Deduct – impairment charge

54,814

–

54,814

–

Deduct – income tax expense

(119,249)

–

(119,249)

–

Deduct – deferred tax recovery

699,586

–

699,586

–

GAAP Net Income (Loss)

$ 1,261,646

$ 20,577

6031 %

$ 1,694,304

$ (405,169)

518 %

Shane Madden, CEO of Hydreight, commented:

“2025 was a defining year for Hydreight. We transitioned from a growing platform into a scaled healthcare infrastructure business, with strong revenue growth and sustained profitability.

The acceleration we saw in the second half of the year was driven largely by the rollout of VSDHOne, which is now becoming a meaningful contributor to both revenue and long-term scalability.

As we move into 2026, our focus is on expanding our partner network, increasing transaction volume across the platform, and continuing to grow our compliant healthcare infrastructures in the United States.”

BUSINESS PERFORMANCE & DRIVERS

VSDHOne – Core Growth Engine

The Company’s VSDHOne platform, launched in 2025, was a primary driver of growth, contributing to:

Rapid onboarding of new partnersExpansion of direct-to-consumer healthcare brandsIncreased transaction volume across telehealth and pharmacy services

Revenue growth in 2025 was primarily driven by VSDHOne-related activity, combined with continued organic growth across existing partners.

The platform ramped significantly through the second half of the year, with Q4 alone contributing $14.9M in revenue, representing approximately 270% growth compared to the same period in 2024. This acceleration reflects strong demand from partners seeking compliant, turnkey solutions and demonstrates the Company’s ability to scale transaction volume efficiently across its infrastructure.

OPERATING METRICS & VOLUME GROWTH

Operational performance across the Company’s core verticals continued to strengthen throughout 2025.

The Company’s first two verticals continued their historical growth in 2025, supported by alignment with broader market trends and the introduction of direct-to-consumer products and services through Hydreight’s proprietary platform structure.

Completed Services revenue in Q4 2025 for the first vertical increased by approximately 44% compared to the same period in 2024Completed Services revenue for the first vertical in 2025 increased by approximately 17% compared to 2024New nurse sign-ups increased by approximately 45% in 2025 compared to 2024

These metrics reflect continued growth in the Company’s core service offerings, expansion of its provider network, and increasing utilization across the platform.

PLATFORM SCALE & NETWORK EFFECTS

Hydreight continues to expand its position as a leading healthcare infrastructure platform:

11,000+ licenses signed across VSDHOneNational footprint across all 50 U.S. statesNetwork of healthcare providers, pharmacies, and partners

The Company believes that this scale reflects growing demand from businesses seeking compliant, turnkey solutions to enter and expand within the U.S. healthcare market.

MULTI-VERTICAL REVENUE MODEL

Hydreight generates revenue across three primary streams:

Business partner subscription contractsTelehealth consultation and platform commissionsPharmacy sales

Growth was supported by:

Expansion of product offerings (GLP-1s, peptides, NAD, TRT, and more)Increased partner utilizationBroader adoption across wellness verticals

PROFITABILITY & OPERATING LEVERAGE

Hydreight achieved strong improvements in Adjusted EBITDA, a non-GAAP measure:

Adjusted EBITDA: $2.5M in 2025 vs. $0.14M in 2024 (+1,765% YoY)Net income (loss): $1.69M in 2025 vs. $(0.41)M in 2024

Performance strengthened meaningfully in the fourth quarter, reflecting the scaling of the platform in the second half of the year.

Q4 Adjusted EBITDA: $1.58M vs. ($0.10M) in Q4 2024

This reflects:

Platform scalabilityRevenue growth outpacing cost increasesImproved operational efficiency

This improvement reflects the operating leverage inherent in the Company’s platform model and was not solely a function of higher revenue. As transaction volumes scaled across VSDHOne, incremental revenue flowed through at higher margins, supported by a largely fixed regulatory, pharmacy, and technology infrastructure. As a result, revenue growth outpaced cost growth, driving improved profitability and demonstrating the scalability of the Company’s platform.

¹ See “Non-GAAP Financial Measures and Reconciliation”.

BALANCE SHEET & LIQUIDITY

Cash: $15.65M (vs. $1.2M in 2024)Working Capital: ~$15.7M (vs. deficiency of $2.5M in 2024)Strong capital position to support ongoing operations

The Company also completed a $15M financing in January 2026, subsequent to year‑end, further strengthening its ability to scale operations and pursue strategic initiatives.

Including the $15M financing completed in January 2026, the Company has access to over $30.7M in capital to support growth initiatives.

Please see SEDAR+ for the Company’s consolidated audited financial statements and MD&A for the year ended December 31, 2025.

STRATEGIC INITIATIVES & MILESTONES

Hydreight continues to expand its platform through strategic initiatives and partnerships.

During 2025, the Company:

Strengthened its vertically integrated healthcare infrastructureExpanded its national pharmacy networkInvested in next-generation platform capabilities (VSDHOne 2.0)Established strategic relationships to enhance product innovation and distribution

In 2026, Hydreight further expanded its strategic initiatives through an investment in Insu Therapeutics, a company focused on developing innovative delivery mechanisms for peptide-based therapies. This aligns with Hydreight’s long-term strategy of supporting next-generation treatments across its platform.

OUTLOOK

Hydreight is entering 2026 with strong momentum, supported by:

Continued onboarding of new partnersIncreasing transaction volumes across VSDHOneRecent capital deployment initiativesExpansion into new healthcare verticals

As of the end of Q1 2026, VSDHOne has surpassed 12,000 licenses sold, reflecting continued momentum in platform adoption.

Management remains focused on scaling the platform while maintaining disciplined growth and operational efficiency.

“We look forward to discussing these results in more detail on our upcoming earnings call.” -Shane Madden

ANNUAL FILINGS

The Company’s audited annual financial statements for the year ended December 31, 2025, and the associated MD&A, including a full discussion of non-GAAP financial measures and their reconciliation to IFRS measures, have been filed on SEDAR+ at www.sedarplus.ca and are available on the Company’s issuer profile. Readers are encouraged to review the complete financial statements and MD&A in conjunction with this press release. The Company refiled its MD&A to correct a typographical error in the calculation of Adjusted EBITDA. No other changes have been made.

UPCOMING EARNINGS CALL

Hydreight Technologies will host a live earnings call to discuss its Q4 and full-year 2025 financial results, provide a business update, and outline the Company’s strategic priorities heading into 2026.

Date & Time: Friday, May 1, 2026 at 9:00am – 10:00pm EST

Registration Link: https://hydreight.zoom.us/webinar/register/WN_vP-U6hAiRf2Ejg8muQcocQ

The call will include a formal presentation followed by a live Q&A session. Investors are encouraged to attend to gain deeper insight into Hydreight’s growth strategy and platform expansion.

Clarification on Engagement of GRA Enterprises

Further to the Company’s news release early last year dated February 27, 2025, the Company wishes to clarify that its prior 3-month engagement of GRA Enterprises LLC (doing business as National Inflation Association) (“GRA”) was not renewed and as such was terminated effective May 27, 2025.

Under the engagement, the Company paid GRA an aggregate fee of USD $30,000 in cash pursuant to the GRA Engagement. The fee was paid from general working capital at the commencement of the engagement. No securities, stock options, or other equity-based compensation were issued or granted in connection with the engagement.

The engagement was conducted at arm’s length and has been fully concluded, with no ongoing obligations or amounts payable by the Company. To the Company’s knowledge, neither GRA nor its principal, Gerard Adams, holds any direct or indirect interest in the Company or its securities, nor any right to acquire such an interest.

On behalf of the Board of Directors

Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.

Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™

Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company

About Hydreight Technologies Inc.
Hydreight Technologies Inc is building one of the largest mobile clinic networks in the United States. Its proprietary, fully integrated platform has hosted a network of over 3000 nurses, over 300 doctors and a pharmacy network through its Doctor networks across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network.

About VSDHOne – Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform is expected to help businesses launch direct-to-consumer healthcare brand in a matter of days in all 50 states. Compliant offerings include: GLP-1s, peptides, personalized healthcare treatments, sermorelin, testosterone replacement therapy (“TRT”), hair loss, skincare, sexual health and more. Hydreight invested in technology, legal and infrastructure to launch this platform. The VSDHOne platform offers a complete, and modular end-to-end solution for businesses looking to launch direct-to-consumer healthcare brands. From compliance and telemedicine technology to nationwide doctor and pharmacy networks, VSDHOne provides all the tools needed for a seamless entry into the online healthcare space. The platform is designed to significantly reduce the time and costs associated with launching such services, making it possible for businesses to go live in days instead of months.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Use of Non-GAAP Financial Measures:
The Company uses certain non-GAAP financial measures to assess its operating performance, and this press release contains non-GAAP financial measures, including “Adjusted Revenue” and “Adjusted EBITDA”. These measures are not recognized under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS or GAAP.

The Company defines Adjusted Revenue as gross cash income before adjustment for the deferred portion of business partner contract revenue and gross receipts from Hydreight App service sales. The Company defines Adjusted Gross Margin as GAAP gross margin plus inventory impairment plus the deferred portion of business partner contract revenue. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs (ii) share-based payments expense, (iii) gains/losses that are not reflective of ongoing operating performance including inventory impairment and (iv) sales tax provision, net of actual cash payments to state tax authorities.

Adjusted Revenue reflects the gross economic activity processed through the Company’s platform during the applicable period and may differ materially from revenue recognized under IFRS, which is based on revenue recognition and deferral requirements. Adjusted Revenue is not a measure of financial performance or profitability and should not be considered a substitute for revenue determined in accordance with IFRS. As used, Adjusted Revenue accelerates cash receipts relative to IFRS revenue recognition. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS.

The Company believes that these non‑GAAP measures provide information useful to investors in understanding historical operating trends and the scale of the Company’s platform relative to its peers but does not intend for such measures to represent future performance. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of other metrics presented in accordance with IFRS.

Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding expectations for the Company’s 2026 strategic outlook, growth, platform scaling initiatives, and anticipated expansion of VSDHOne and other platform offerings.

Forward‑looking information is based on management’s expectations, estimates and assumptions as of the date hereof, including assumptions regarding: continued partner adoption, stable regulatory regimes applicable to telehealth and pharmacy operations in the United States, availability of capital, and general economic conditions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company’s shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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SOURCE Hydreight Technologies Inc.

Technology

Scaled Commercial Breakthrough: OMODA & JAECOO AiMOGA Robotics Secures 1,000 Robot Orders, Boosting Smart City Deployment Step by Step

Published

7 hours ago

May 1, 2026

KUALA LUMPUR, Malaysia and WUHU, China, May 1, 2026 /PRNewswire/ — In response to steady advancement of smart city construction and the actual demand for efficient, low-cost urban public service equipment, OMODA & JAECOO officially launched the full-scale commercial layout of AiMOGA Robotics at the 2026 Chery International Business Summit in Wuhu. Centering on the theme “Driven by Scenarios, United for Growth”, the event witnessed a key industrial breakthrough: AiMOGA Intelligent Police Robots secured 1,000 intentional signing orders and completed an official concentrated delivery of 100 units, laying a solid foundation for orderly large-scale promotion and practical scenario operation in urban roads, traffic hubs and daily public governance links.

Jointly developed by OMODA & JAECOO and the professional AiMOGA technical team, the robotic product lineup covers humanoid robots, quadruped robots and core intelligent patrol robots. Drawing on the brand’s mature intelligent vehicle underlying technologies in perception, planning and control, the equipment retains high operational stability. It can well adapt to daily road conditions and climatic environments, independently completing core practical tasks such as real-time traffic guidance, illegal parking identification and fixed-route auxiliary patrols, effectively assisting local frontline staff and optimizing urban refined management efficiency.

Chery Group pointed out that intelligent vehicles and robots share core technological homology, and the batch signing and delivery officially means AiMOGA enters the stage of large-scale standardized commercialization. The products have been iteratively optimized in more than 100 real scenarios across 50 countries including Malaysia, with reliable performance that meets local application standards. Relying on supporting facilities such as university talent cooperation projects, 31 innovation laboratories and a special robot leasing platform launched at the conference, OMODA & JAECOO will steadily improve local supporting service capabilities. The brand will rely on its global channel advantages to accelerate the localized landing of embodied intelligent equipment, pragmatically empower the steady development of smart urban governance industry, and jointly build a complete regional intelligent service ecology with local partners.

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SOURCE OMODA & JAECOO