Technology
TriNet Announces Fourth Quarter, Fiscal Year 2023 Results, and Dividend Initiation
Published
2 years agoon
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2% Growth in Total Revenues to $1.2 billion for the Fourth Quarter of 2023
1% Growth in Total Revenues to $4.9 billion for Fiscal Year 2023
68% Growth in Earnings per Share and 44% Growth in Adjusted Earnings per Share for the Fourth Quarter of 2023
17% Growth in Earnings per Share and 10% Growth in Adjusted Earnings per Share for Fiscal Year 2023
Initiating Inaugural Quarterly Dividend
DUBLIN, Calif., Feb. 15, 2024 /PRNewswire/ — TriNet Group, Inc. (NYSE: TNET), a leading provider of comprehensive and flexible human capital management (HCM) solutions for small and medium-size businesses (SMBs), today announced financial results for the fourth quarter ended December 31, 2023. The fourth quarter highlights below include non-GAAP financial measures which are reconciled later in this release.
Fourth quarter highlights include:
Total revenues increased 2% to $1.2 billion compared to the same period last year.Professional service revenues were flat at $189 million compared to the same period last year.Net income was $67 million, or $1.31 per diluted share, compared to net income of $49 million, or $0.78 per diluted share, in the same period last year.Adjusted Net Income was $82 million, or $1.60 per diluted share, compared to Adjusted Net Income of $71 million, or $1.11 per diluted share, in the same period last year.Adjusted EBITDA was $140 million, representing an Adjusted EBITDA Margin of 11.2%, compared to Adjusted EBITDA of $111 million, representing an Adjusted EBITDA Margin of 9.0% in the same period last year.Average Worksite Employees (WSEs) decreased 3% as compared to the same period last year and increased 1% as compared to the previous quarter, to approximately 338,000.HRIS Cloud Services Revenues decreased 14% to $12 million compared to the same period last year.Average HRIS Users decreased 14% as compared to the same period last year, to approximately 204,000.
Full year highlights include:
Total revenues increased 1% to $4.9 billion as compared to 2022.Professional service revenues were approximately flat at $756 million as compared to 2022.Net income was $375 million or $6.56 per diluted share, compared to net income of $355 million or $5.61 per diluted share, in 2022.Adjusted Net income was $446 million or $7.81 per diluted share, compared to net income of $448 million or $7.07 per diluted share, in 2022.Adjusted EBITDA was $697 million, representing an Adjusted EBITDA Margin of 14.2%, compared to Adjusted EBITDA of $688 million, representing an Adjusted EBITDA Margin of 14.1% in 2022.Average Worksite Employees (WSEs) decreased by 5% compared to 2022, to approximately 331,000.HRIS Cloud Services Revenues increased 16% to $52 million compared to 2022.Average HRIS Users decreased 13% compared to 2022, to approximately 215,000.
Dividend:
TriNet announces quarterly dividend of $0.25 per share.Ex-Dividend Date March 29, 2024, Dividend Record Date April 1, 2024, Dividend Payment Date April 22, 2024.
Leadership Change (for more information, please visit investor.trinet.com):
Burton M. Goldfield announced his intent to retire today concluding a successful 15-year career as President & CEO of TriNet. He will continue as a special advisor to the company through March 31, 2025.
“Throughout 2023 in what proved to be a challenging economic environment, TriNet focused its execution on the areas within our control,” said Burton M. Goldfield, TriNet’s President and CEO. “Through our investment in sales, we accelerated our new sales in the fourth quarter, and we just completed our best January ever. We benefited from strong customer retention as we kept our customers at the center of everything we do. Finally, we launched our inaugural dividend completing an extraordinary year of capital allocation.”
He continued, “As just announced, I am retiring and transitioning the leadership of TriNet to Mike Simonds, and I have every confidence in Mike to keep moving the company forward. I am very proud of what we created during my more than 15 years as President and CEO of TriNet. My goal was to create an enduring company, and I believe that TriNet’s best days are still ahead.”
“On behalf of the board, I would like to thank Burton for his incredible leadership,” said TriNet Chairman, David Hodgson. “We are thrilled to have Mike join TriNet as President and CEO. We have confidence that he is the right person to lead TriNet as it continues its growth.”
“I know I speak for all TriNet colleagues when I thank Burton for his integral role in building TriNet into what it has become today,” said Kelly Tuminelli, TriNet’s Chief Financial Officer. “TriNet executed extraordinarily well throughout 2023 managing expenses prudently while investing in sales and service and executing against our capital plan which has culminated in our announced inaugural dividend. We look forward to our continued strong execution in 2024, ensuring we are there for our customers, colleagues, and stockholders.”
Dividend Announcement
On February 12, 2024, TriNet’s Board of Director’s approved a dividend of $0.25 per share. TriNet’s stock will have an Ex-Dividend Date of March 29, 2024, a Dividend Record Date of April 1, 2024, and a Dividend Payment Date of April 22, 2024.
First Quarter and Full-Year 2024 Guidance
In addition to announcing our fourth quarter 2023 results, we provide our first quarter and full-year 2024 guidance. Non-GAAP financial measures are reconciled later in this release. Percentages reflect the increase or (decrease) from the prior year quarter and prior year end.
Q1 2024
Full Year 2024
Low
High
Low
High
Total Revenues
— %
3 %
(1) %
4 %
Professional Service Revenues
2 %
8 %
1 %
5 %
Insurance Cost Ratio
86.5 %
82.5 %
88.5 %
86.5 %
Diluted net income per share of common stock
$ 1.82
$ 2.54
$ 4.57
$ 6.08
Adjusted Net Income per share – diluted
$ 2.10
$ 2.85
$ 5.80
$ 7.35
Annual Report on Form 10-K
We anticipate filing our Annual Report on Form 10-K (“Form 10-K”) for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission (SEC) and making it available at http://www.trinet.com today, February 15, 2024. This press release should be read in conjunction with the Form 10-K and the related Notes to Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in the Form 10-K.
Earnings Conference Call and Audio Webcast
TriNet will host a conference call at 2:00 p.m. PT (5:00 p.m. ET) today to discuss its fourth quarter results for 2023 and provide first quarter and full-year financial guidance for 2024. TriNet encourages participants to pre-register for the conference call. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. To pre-register, go to: https://dpregister.com/sreg/10185965/fb77e71f5d. For those who would like to join the call but have not pre-registered, they can do so by dialing +1 (412) 317-5426 and requesting the “TriNet Conference Call.” The live webcast of the conference call can be accessed on the Investor Relations section of TriNet’s website at https://investor.trinet.com. Participants can pre-register for the webcast by going to: https://events.q4inc.com/attendee/789681153. A replay of the webcast will be available on this website for approximately one year. A telephonic replay will be available for one week following the conference call at +1 (412) 317-0088 conference ID: 4058379.
About TriNet
TriNet provides small and medium-size businesses (SMBs) with full-service industry-specific HR solutions, providing both professional employer organization (PEO) and human resources information system (HRIS) services. TriNet offers access to human capital expertise, benefits, risk mitigation, compliance, payroll, and R&D tax credit services, all enabled by industry-leading technology. TriNet’s suite of products also includes services and software-based solutions to help streamline workflows by connecting HR, benefits, employee engagement, payroll and time & attendance. Rooted in more than 30 years of supporting entrepreneurs and adapting to the ever-changing modern workplace, TriNet empowers SMBs to focus on what matters most – growing their business and enabling their people For more information, please visit TriNet.com or follow us on Facebook, LinkedIn and Instagram.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to TriNet’s financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section titled “Non-GAAP Financial Measures.”
Forward-Looking Statements
This press release contains, and statements made during the above referenced conference call will contain, statements that are not historical in nature, are predictive in nature, or that depend upon or refer to future events or conditions or otherwise contain forward-looking statements within the meaning of Section 21 of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, including, among other things, TriNet’s expectations and assumptions regarding: TriNet’s financial guidance for the fourth quarter and full-year 2023 and the underlying assumptions; TriNet’s future financial performance and long-term growth; the continued value to customers and stockholders of TriNet’s product offerings; our ability to continue to grow new client sales, client tenure and improve retention, including through product and technological innovation; and the ability of our solutions to meet all client needs throughout their business cycle. Forward-looking statements are often identified by the use of words such as, but not limited to, “ability,” “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “guidance,” “impact,” “intend,” “may,” “plan,” “predict,” “project,” “seek,” “should,” “strategy,” “target,” “value,” “will,” “would” and similar expressions or variations intended to identify forward-looking statements. These statements are not guarantees of future performance but are based on management’s expectations as of the date hereof and assumptions that are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from our current expectations and any past or future results, performance or achievements expressed or implied by the forward-looking statements. Investors are cautioned not to place undue reliance upon any forward-looking statements.
Important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include: our ability to manage unexpected changes in workers’ compensation and health insurance claims and costs by worksite employees; our ability to mitigate the unique business risks we face as a co-employer; the effects of volatility in the financial and economic environment on the businesses that make up our client base; loss of clients for reasons beyond our control and the short-term contracts we typically use with our clients; the impact of regional or industry-specific economic and health factors on our operations; the impact of failures or limitations in the business systems and service centers we rely upon; the impact of discontinuing our discretionary credits on our business and client loyalty and retention; changes in our insurance coverage or our relationships with key insurance carriers; our ability to improve our services and technology to satisfy client and regulatory expectations; our ability to effectively integrate businesses we have acquired or may acquire in the future; our ability to effectively manage and improve our operational effectiveness and resiliency; our ability to attract and retain qualified personnel; the effects of increased competition and our ability to compete effectively; the impact on our business of cyber-attacks, breaches, disclosures and other data-related incidents; our ability to protect against and remediate cyber-attacks, breaches, disclosures and other data-related incidents, whether intentional or inadvertent and whether attributable to us or our service providers; our ability to comply with constantly evolving data privacy and security laws; our ability to manage changes in, uncertainty regarding, or adverse application of the complex laws and regulations that govern our business; changing laws and regulations governing health insurance and employee benefits; our ability to be recognized as an employer of worksite employees and for our benefits plans to satisfy all requirements under federal and state regulations; changes in the laws and regulations that govern what it means to be an employer, employee or independent contractor; the impact of new and changing laws regarding remote work; our ability to comply with the licensing requirements that govern our HCM solutions; the outcome of existing and future legal and tax proceedings; fluctuation in our results of operations and stock price due to factors outside of our control; our ability to comply with the restrictions of our credit facility and meet our debt obligations; and the impact of concentrated ownership in our stock by Atairos and other large stockholders. Any of these factors could cause our actual results to differ materially from our anticipated results.
Further information on risks that could affect TriNet’s results is included in our filings with the SEC, including under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available on our investor relations website at http://investor.trinet.com and on the SEC website at www.sec.gov. Copies of these filings are also available by contacting TriNet Corporation’s Investor Relations Department at (510) 875-7201. Except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements in this press release, and any forward-looking statements in this press release speak only as of the date of this press release. In addition, we do not assume any obligation, and do not intend, to update any of our forward-looking statements, except as required by law.
Contacts:
Investors:
Media:
Alex Bauer
Renee Brotherton / Josh Gross
TriNet
TriNet
(510) 875-7201
(408) 646-5103
Key Financial and Operating Metrics
We regularly review certain key financial and operating metrics to evaluate growth trends, measure our performance and make strategic decisions. These key financial and operating metrics may change over time. Our key financial and operating metrics for the periods presented were as follows:
Three Months Ended December 31,
Year Ended December 31,
(in millions, except per share and Operating Metrics data)
2023
2022
% Change
2023
2022
% Change
Income Statement Data:
Total revenues
$ 1,245
$ 1,226
2
%
$ 4,922
$ 4,885
1
%
Operating income
86
56
54
469
499
(6)
Net income
67
49
37
375
355
6
Diluted net income per share of common stock
1.31
0.78
68
6.56
5.61
17
Non-GAAP measures (1):
Adjusted EBITDA
140
111
26
697
688
1
Adjusted Net income
82
71
15
446
448
—
Operating Metrics:
Insurance Cost Ratio
87 %
88 %
(1)
%
84 %
84 %
—
%
Average WSEs (2)
337,924
347,671
(3)
331,423
348,543
(5)
Total WSEs at period end (2)
347,542
348,652
—
347,542
348,652
—
Average HRIS Users (3)
204,006
238,865
(15)
215,295
248,496
(13)
(1)
Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading “Non-GAAP Financial Measures”.
(2)
Total WSEs includes approximately 12,000 incremental WSEs for December 31, 2023 and Average WSEs includes approximately 4,000 incremental WSEs for the fourth quarter of 2023 (1,000 for the full year 2023) that were charged a platform user access fee. Additionally, Total WSEs includes approximately 4,500 incremental WSEs for December 31, 2023 and Average WSEs includes approximately 4,800 for the fourth quarter of 2023 (1,500 for the full year 2023) additional service recipients. These were identified as a result of our ongoing effort to ensure that our billing practices best match the expectations of our customers. Please refer to Item 7 under Management Discussion & Analysis in our 2023 10-K.
(3)
For the year ended September 30, 2022, reflects HRIS Users from February 15, 2022, the date on which we acquired Zenefits, to the end of the period.
(in millions)
December 31,
2023
December 31,
2022
%
Change
Balance Sheet Data:
Working capital
115
338
(66)
%
Total assets
3,693
3,443
7
Debt
1,093
496
120
Total stockholders’ equity
78
775
(90)
Year Ended December 31,
(in millions)
2023
2022
% Change
Cash Flow Data:
Net cash provided by operating activities
$ 545
$ 562
(3)
%
Net cash used in investing activities
(70)
(226)
(69)
Net cash used in financing activities
(546)
(536)
2
Non-GAAP measure (1):
Corporate Operating Cash Flows
$ 539
$ 497
8
(1)
Refer to Non-GAAP measures definitions and reconciliations from GAAP measures under the heading “Non-GAAP Financial Measures”.
TRINET GROUP, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Unaudited)
Three Months Ended
December 31,
Year Ended
December 31,
(in millions except per share data)
2023
2022
2023
2022
Professional service revenues
$ 189
$ 189
$ 756
$ 754
Insurance service revenues
1,056
1,037
4,166
4,131
Total revenues
1,245
1,226
4,922
4,885
Insurance costs
919
916
3,513
3,463
Cost of providing services
77
78
307
303
Sales and marketing
71
63
285
242
General and administrative
57
76
211
241
Systems development and programming
16
19
65
73
Depreciation and amortization of intangible assets
19
18
72
64
Total costs and operating expenses
1,159
1,170
4,453
4,386
Operating income
86
56
469
499
Other income (expense):
Interest expense, bank fees and other
(16)
(5)
(40)
(39)
Interest income
16
14
72
22
Income before provision for income taxes
86
65
501
482
Income taxes
19
16
126
127
Net income
$ 67
$ 49
$ 375
$ 355
Other comprehensive income (loss), net of income taxes
6
—
3
(4)
Comprehensive income
$ 73
$ 49
$ 378
$ 351
Net income per share:
Basic
$ 1.33
$ 0.79
$ 6.61
$ 5.66
Diluted
$ 1.31
$ 0.78
$ 6.56
$ 5.61
Weighted average shares:
Basic
51
62
57
63
Diluted
51
62
57
64
TRINET GROUP, INC.
CONSOLIDATED BALANCE SHEETS (Unaudited)
December 31,
December 31,
(in millions, except share and per share data)
2023
2022
ASSETS
Current assets:
Cash and cash equivalents
$ 287
$ 354
Investments
65
76
Restricted cash, cash equivalents and investments
1,269
1,263
Accounts receivable, net
18
19
Unbilled revenue, net
447
375
Prepaid expenses, net
67
71
Other payroll assets
381
122
Other current assets
44
46
Total current assets
2,578
2,326
Restricted cash, cash equivalents and investments, noncurrent
158
153
Investments, noncurrent
143
151
Property and equipment, net
17
24
Operating lease right-of-use asset
24
31
Goodwill
462
462
Software and other intangible assets, net
172
163
Other assets
139
133
Total assets
$ 3,693
$ 3,443
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable and other current liabilities
$ 87
$ 98
Revolving credit agreement borrowings
109
—
Client deposits and other client liabilities
65
106
Accrued wages
515
437
Accrued health insurance costs, net
175
174
Accrued workers’ compensation costs, net
50
54
Payroll tax liabilities and other payroll withholdings
1,438
1,087
Operating lease liabilities
14
15
Insurance premiums and other payables
10
17
Total current liabilities
2,463
1,988
Long-term debt, noncurrent
984
496
Accrued workers’ compensation costs, noncurrent, net
120
128
Deferred taxes
13
8
Operating lease liabilities, noncurrent
30
41
Other non current liabilities
5
7
Total liabilities
3,615
2,668
Stockholders’ equity:
Preferred stock
—
—
Common stock and additional paid-in capital
976
899
Accumulated deficit
(896)
(119)
Accumulated other comprehensive loss
(2)
(5)
Total stockholders’ equity
78
775
Total liabilities & stockholders’ equity
$ 3,693
$ 3,443
TRINET GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Year Ended December 31,
(in millions)
2023
2022
2021
Operating activities
Net income
$ 375
$ 355
338
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of intangible assets
72
64
54
Amortization of deferred costs
40
38
31
Amortization of ROU asset, lease modification, impairment, and abandonment
9
25
12
Stock based compensation
59
62
50
Accretion of discount rate on lease liabilities
2
2
2
Provision for doubtful accounts
3
2
—
Deferred income taxes
5
(22)
(9)
Losses from disposition of assets
1
6
—
Losses and impairment on investments
1
18
—
Changes in operating assets and liabilities:
Accounts receivable, net
(2)
—
3
Unbilled revenue, net
(72)
(51)
(78)
Prepaid expenses, net
4
(2)
(5)
Other payroll assets
(259)
(72)
10
Accounts payable and other current liabilities
(8)
(13)
33
Client deposits and other client liabilities
(40)
9
(37)
Accrued wages
77
65
60
Accrued health insurance costs, net
1
—
2
Accrued workers’ compensation costs, net
(12)
(8)
(7)
Payroll taxes payable and other payroll withholdings
351
158
(166)
Operating lease liabilities
(17)
(17)
(13)
Other assets
(38)
(55)
(60)
Other liabilities
(7)
(2)
(2)
Net cash provided by operating activities
545
562
218
Investing activities
Purchases of marketable securities
(276)
(410)
(444)
Proceeds from sale and maturity of marketable securities
286
469
349
Acquisitions of property and equipment and projects in process
(75)
(56)
(40)
Acquisitions of subsidiaries, net of cash acquired
—
(229)
—
Other Investments
(5)
—
—
Net cash used in investing activities
(70)
(226)
(135)
Financing activities
Repurchase of common stock
(1,122)
(523)
(94)
Proceeds from issuance of common stock
15
11
11
Payment of long-term financing costs and debt issuance costs
(9)
—
(9)
Proceeds from issuance of 2031 Notes
400
—
—
Proceeds from issuance of 2029 Notes
—
—
500
Repayment of borrowings
—
—
(370)
Proceeds from revolving credit agreement borrowings
695
—
—
Repayment of borrowings under revolving credit agreement
(495)
—
—
Awards effectively repurchased for required employee withholding taxes
(30)
(24)
(26)
Net cash provided by (used in) financing activities
(546)
(536)
12
Effect of exchange rate changes on cash and cash equivalents
—
(1)
—
Net increase (decrease) in cash and cash equivalents, unrestricted and restricted
(71)
(201)
95
Cash and cash equivalents, unrestricted and restricted:
Beginning of period
1,537
1,738
1,643
End of period
$ 1,466
$ 1,537
$ 1,738
Supplemental disclosures of cash flow information
Interest paid
$ 25
$ 18
12
Income taxes paid, net
114
128
129
Supplemental schedule of noncash investing and financing activities
Payable for purchase of property and equipment
$ 4
$ 6
3
Acquisitions of subsidiaries paid in stock
$ —
$ 17
—
Non-GAAP Financial Measures
In addition to the selected financial measures presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP), we monitor other non-GAAP financial measures that we use to manage our business, to make planning decisions, to allocate resources and to use as performance measures in our executive compensation plan. These key financial measures provide an additional view of our operational performance over the long term and provide information that we use to maintain and grow our business.
The presentation of these non-GAAP financial measures is used to enhance the understanding of certain aspects of our financial performance. It is not meant to be considered in isolation from, superior to, or as a substitute for the directly comparable financial measures prepared in accordance with GAAP.
Non-GAAP Measure
Definition
How We Use The Measure
Adjusted EBITDA
• Net income, excluding the effects of:
– income tax provision,
– interest expense, bank fees and other,
– depreciation,
– amortization of intangible assets,
– stock based compensation expense,
– amortization of cloud computing
arrangements, and
– transaction and integration costs.
• Provides period-to-period comparisons on a
consistent basis and an understanding as to
how our management evaluates the
effectiveness of our business strategies by
excluding certain non-recurring costs, which
include transaction and integration costs, as
well as certain non-cash charges such as
depreciation and amortization, and stock-
based compensation and certain impairment
charges recognized based on the estimated
fair values. We believe these charges are
either not directly resulting from our core
operations or not indicative of our ongoing
operations.
• Enhances comparisons to prior periods
and, accordingly, facilitates the development
of future projections and earnings growth
prospects.
• Provides a measure, among others, used
in the determination of incentive compensation
for management.
• We also sometimes refer to Adjusted EBITDA
margin, which is the ratio of Adjusted EBITDA
to total revenues.
Adjusted Net Income
• Net income, excluding the effects of:
– effective income tax rate (1),
– stock based compensation,
– amortization of intangible assets, net,
– non-cash interest expense (2),
– transaction and integration costs, and
– the income tax effect (at our effective tax
rate (1) of these pre-tax adjustments.
• Provides information to our stockholders and
board of directors to understand how our
management evaluates our business, to monitor
and evaluate our operating results, and analyze
profitability of our ongoing operations and trends
on a consistent basis by excluding certain non-
cash charges.
Corporate Operating Cash Flows
• Net cash provided by (used in) operating
activities, excluding the effects of:
– Assets associated with WSEs (accounts
receivable, unbilled revenue, prepaid
expenses, other payroll assets and other
current assets) and
– Liabilities associated with WSEs (client
deposits and other client liabilities, accrued
wages, payroll tax liabilities and other payroll
withholdings, accrued health insurance
costs, accrued workers’ compensation costs,
insurance premiums and other payables, and
other current liabilities).
• Provides information that our stockholders and
management can use to evaluate our cash flows
from operations independent of the current assets
and liabilities associated with our WSEs.
• Enhances comparisons to prior periods and,
accordingly, used as a liquidity measure to manage
liquidity between corporate and WSE related
activities, and to help determine and plan our cash
flow and capital strategies.
(1)
Non-GAAP effective tax rate is 25.6% for the fourth quarter and full year of 2023 and 25.5% for the fourth quarter and full year of 2022, which excludes the income tax impact from stock-based compensation, changes in uncertain tax positions, and nonrecurring benefits or expenses from federal legislative changes.
(2)
Non-cash interest expense represents amortization and write-off of our debt issuance costs and loss on a terminated derivative.
Reconciliation of GAAP to Non-GAAP Measures
The table below presents a reconciliation of net income to Adjusted EBITDA:
Three Months Ended
December 31,
Year Ended
December 31,
(in millions)
2023
2022
2023
2022
Net income
$ 67
$ 49
$ 375
$ 355
Provision for income taxes
19
16
126
127
Stock based compensation
16
16
59
62
Interest expense, bank fees and other (1)
16
5
40
39
Depreciation and amortization of intangible assets
19
18
72
64
Amortization of cloud computing arrangements
1
1
8
4
Transaction and integration costs
2
6
17
37
Adjusted EBITDA
$ 140
$ 111
$ 697
$ 688
Adjusted EBITDA Margin
11.2 %
9.0 %
14.2 %
14.1 %
(1)
2022 Interest expense, bank fees and other includes $17M of realized investments losses on sales and impairments related to AFS securities.
The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share – diluted:
Three Months Ended
December 31,
Year Ended
December 31,
(in millions, except per share data)
2023
2022
2023
2022
Net income
$ 67
$ 49
$ 375
$ 355
Effective income tax rate adjustment
(3)
—
(2)
5
Stock based compensation
16
16
59
62
Amortization of intangible assets
5
5
20
18
Non-cash interest expense
1
—
2
1
Transaction and integration costs
2
6
17
37
Income tax impact of pre-tax adjustments
(6)
(6)
(25)
(30)
Adjusted Net Income
$ 82
$ 71
$ 446
$ 448
GAAP weighted average shares of common stock – diluted
51
62
57
64
Adjusted Net Income per share – diluted
$ 1.60
$ 1.11
$ 7.81
$ 7.07
The table below presents a reconciliation of net cash provided by operating activities to Corporate Operating Cash flows:
Year Ended
December 31,
(in millions)
2023
2022
Net cash provided by operating activities
$ 545
$ 562
Less: Change in WSE related other current assets
(329)
(149)
Less: Change in WSE related liabilities
335
214
Net cash used in operating activities – WSE
$ 6
$ 65
Net cash provided by operating activities – Corporate
$ 539
$ 497
Reconciliation of GAAP to Non-GAAP Measures for the first quarter and full-year 2024 guidance.
Low and high percentages represent increases (decreases) from the same periods in the previous year.
The table below presents a reconciliation of net income to Adjusted Net Income and Adjusted Net Income per share – diluted:
Q1 2023
Q1 2024 Guidance
FY 2023
Year 2024 Guidance
(in millions, except per share data)
Actual
Low
High
Actual
Low
High
Net income
$ 131
(29) %
(1) %
$ 375
(38) %
(17) %
Effective income tax rate adjustment
3
(108)
(77)
(2)
98
1
Stock based compensation
11
39
39
59
17
17
Amortization of intangible assets
6
(13)
(13)
20
(5)
(5)
Non-cash interest expense
—
(25)
(25)
2
(39)
(39)
Transaction and integration costs
5
(100)
(100)
17
(100)
(100)
Income tax impact of pre-tax adjustments
(6)
(6)
(6)
(25)
(9)
(9)
Adjusted Net Income
$ 150
(28) %
(3) %
$ 446
(34) %
(16) %
GAAP weighted average shares of common stock – diluted
60
57
Adjusted Net Income per share – diluted
$ 2.49
$ 2.10
$ 2.85
$ 7.81
$ 5.80
$ 7.35
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SOURCE TriNet Group, Inc.
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Reach Showcases Full-Stack Product Portfolio for AI Vehicle Intelligent Evolution at Auto China 2026
Published
9 hours agoon
May 1, 2026By
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.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/reach-showcases-full-stack-product-portfolio-for-ai-vehicle-intelligent-evolution-at-auto-china-2026-302759688.html
SOURCE Reach
Technology
Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale
Published
9 hours agoon
May 1, 2026By
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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hydreight-reports-record-fiscal-2025-results-as-vsdhone-drives-rapid-growth-and-platform-scale-302759724.html
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
9 hours agoon
May 1, 2026By
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.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/scaled-commercial-breakthrough-omoda–jaecoo-aimoga-robotics-secures-1-000-robot-orders-boosting-smart-city-deployment-step-by-step-302758705.html
SOURCE OMODA & JAECOO
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