Technology
Lucid Announces Fourth Quarter and Full Year 2023 Financial Results
Published
2 years agoon
By
Delivered 1,734 vehicles in Q4 and 6,001 vehicles in 2023, up 37% compared to full year 2022Produced 2,391 vehicles in Q4 and 8,428 vehicles in 2023, meeting the higher-end of 2023 annual production guidance of 8,000 to 8,500 vehiclesQ4 revenue of $157.2 million and annual revenue of $595.3 millionEnded the quarter with approximately $4.78 billion of total liquidityLucid is embarking on the Company’s next transformational phase, with the expansion of its vehicle lineup and total addressable market2024 production guidance of approximately 9,000 vehicles
NEWARK, Calif., Feb. 21, 2024 /PRNewswire/ — Lucid Group, Inc. (NASDAQ: LCID), setting new standards for luxury electric experience with the Lucid Air, America’s most awarded new luxury vehicle 1 and selected to Car and Driver’s 10Best list for 2024, today announced financial results for its fourth quarter and full year ended December 31, 2023. The earnings presentation is available on its investor relations website (https://ir.lucidmotors.com).
The Company produced 2,391 vehicles during Q4 and delivered 1,734 vehicles during the same period. On a full-year basis, the Company produced 8,428 vehicles, meeting the higher end of the 2023 annual production guidance of 8,000 to 8,500 vehicles, and delivered 6,001 vehicles in 2023. Lucid today also announced its 2024 annual production guidance of approximately 9,000 vehicles, and will continue to prudently manage and adjust production to meet sales and delivery needs.
Lucid reported fourth quarter revenue of $157.2 million and annual revenue of $595.3 million, ending the quarter with approximately $4.78 billion of total liquidity.
“Lucid is investing for the long term in technology, manufacturing and partnerships to further solidify our place in the market as the premier luxury EV brand in the world,” said Peter Rawlinson, Lucid’s CEO and CTO. “In 2023, we made our first strategic technology arrangement, gained market share, completed the Air lineup, and unveiled Gravity. As we start 2024, I’m very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth.”
“I’d like to echo Peter’s excitement as we start the year,” said Gagan Dhingra, Lucid’s Interim Chief Financial Officer and Principal Accounting Officer. “We outpaced our total addressable market and made headway with our cost optimization programs – a key strategic priority for the Company. I’m excited about the future as Gravity start of production is scheduled for late 2024 and the start of production for our high-volume Midsize platform is scheduled for late 2026.”
Lucid will host a conference call for analysts and investors at 2:30 P.M. PT / 5:30 P.M. ET on February 21, 2024. The live webcast of the conference call will be available on the Investor Relations website at ir.lucidmotors.com. Following the completion of the call, a replay will be available on the same website. Lucid uses its ir.lucidmotors.com website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.
1 Based on percentage of major industry awards and accolades earned by new luxury vehicles launched in the last three years and on sale in the United States.
About Lucid Group
Lucid’s mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. The Company’s first car, the Air, is a state-of-the-art luxury sedan with a California-inspired design. Assembled at Lucid’s factories in Casa Grande, Arizona, and King Abdullah Economic City (KAEC), Saudi Arabia, deliveries of Lucid Air are currently underway to customers in the U.S., Canada, Europe, and the Middle East.
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Media Contact
Trademarks
This communication contains trademarks, service marks, trade names and copyrights of Lucid Group, Inc. and its subsidiaries and other companies, which are the property of their respective owners.
Forward Looking Statements
This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “shall,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding financial and operating outlook and guidance, future capital expenditures and other operating expenses, ability to control costs, expectations and timing related to commercial product launches, including the Lucid Gravity and Midsize platform, production and delivery volumes, expectations regarding market opportunities and demand for Lucid’s products, the range and performance of Lucid’s vehicles, plans and expectations regarding the Lucid Gravity, including performance, driving range, features, specifications, and Gravity’s potential impact on markets, plans and expectations regarding Lucid’s software, plans and expectations regarding Lucid’s systems approach to the design of the vehicles, plans and expectations regarding Lucid’s integration with North American Charging Standard, including timing and benefits, estimate of the length of time Lucid’s existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding its future capital raises and funding strategy, the timing of vehicle deliveries, plans and expectations regarding future manufacturing capabilities and facilities, studio and service center openings, ability to mitigate supply chain and logistics risks, plans and expectations regarding the Phase 2 expansion of Lucid’s AMP-1 factory, including potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, including plans and expectations for the AMP-2 manufacturing facility in Saudi Arabia, plans and expectations regarding the purchase agreement with the government of Saudi Arabia, including the total number of vehicles that may be purchased under the agreement, expected order quantities, and the quantity and timing of vehicle deliveries, Lucid’s ability to grow its brand awareness, the potential success of Lucid’s direct-to-consumer sales strategy and future vehicle programs, potential automotive partnerships, including plans and expectations regarding Lucid’s strategic technology arrangement with Aston Martin, and the promise of Lucid’s technology. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of Lucid’s management. These forward-looking statements are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from these forward-looking statements. Many actual events and circumstances are beyond the control of Lucid. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions, including government closures of banks and liquidity concerns at other financial institutions, a potential global economic recession or other downturn and global conflicts or other geopolitical events; risks related to changes in overall demand for Lucid’s products and services and cancellation of reservations and orders for Lucid’s vehicles; risks related to prices and availability of commodities, Lucid’s supply chain, logistics, inventory management and quality control, and Lucid’s ability to complete the tooling of its manufacturing facilities over time and scale production of the Lucid Air and other vehicles; risks related to the uncertainty of Lucid’s projected financial information; risks related to the timing of expected business milestones and commercial product launches; risks related to the expansion of Lucid’s manufacturing facility, the construction of new manufacturing facilities and the increase of Lucid’s production capacity; Lucid’s ability to manage expenses and control costs; risks related to future market adoption of Lucid’s offerings; the effects of competition and the pace and depth of electric vehicle adoption generally on Lucid’s future business; changes in regulatory requirements, governmental incentives and fuel and energy prices; Lucid’s ability to rapidly innovate; Lucid’s ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers; Lucid’s ability to effectively manage its growth and recruit and retain key employees, including its chief executive officer and executive team; risks related to potential vehicle recalls and buybacks; Lucid’s ability to establish and expand its brand, and capture additional market share, and the risks associated with negative press or reputational harm; Lucid’s ability to effectively utilize or obtain certain credits and other incentives; Lucid’s ability to conduct equity, equity-linked or debt financings in the future; Lucid’s ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors discussed under the heading “Risk Factors” in Part II, Item 1A of Lucid’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, as well as in other documents Lucid has filed or will file with the Securities and Exchange Commission, including Lucid’s Annual Report on Form 10-K for the year ended December 31, 2023. If any of these risks materialize or Lucid’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Lucid currently does not know or that Lucid currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Lucid’s expectations, plans or forecasts of future events and views as of the date of this communication. Lucid anticipates that subsequent events and developments will cause Lucid’s assessments to change. However, while Lucid may elect to update these forward-looking statements at some point in the future, Lucid specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Lucid’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Non-GAAP Financial Measures and Key Business Metrics
Consolidated financial information has been presented in accordance with US GAAP (“GAAP”) as well as on a non-GAAP basis to supplement our consolidated financial results. Lucid’s non-GAAP financial measures include Adjusted EBITDA and Free Cash Flow which are discussed below.
Adjusted EBITDA is defined as net loss before (1) interest expense, (2) interest income, (3) provision for (benefit from) income taxes, (4) depreciation and amortization, (5) change in fair value of common stock warrant liability, (6) change in fair value of equity securities, (7) stock-based compensation, and (8) restructuring charges. Lucid believes that Adjusted EBITDA provides useful information to Lucid’s management and investors about Lucid’s financial performance. Free Cash Flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that Free Cash Flow provides useful information to Lucid’s management and investors about the amount of cash generated by the business after necessary capital expenditures.
These non-GAAP financial measures facilitate management’s internal comparisons to Lucid’s historical performance. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting, and financial planning purposes. Management also believes that presentation of the non-GAAP financial measures provides useful information to Lucid’s investors regarding measures of our financial condition and results of operations that Lucid uses to run the business and therefore allows investors to better understand Lucid’s performance. However, these non-GAAP financial and key performance measures have limitations as analytical tools and you should not consider them in isolation or as substitutes for analysis of our results as reported under GAAP.
Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under GAAP when understanding Lucid’s operating performance. In addition, other companies, including companies in Lucid’s industry, may calculate non-GAAP financial measures and key performance measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of Lucid’s non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented below.
LUCID GROUP, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share data)
December 31,
2023
December 31,
2022
ASSETS
Current assets:
Cash and cash equivalents
$ 1,369,947
$ 1,735,765
Short-term investments
2,489,798
2,177,231
Accounts receivable, net
51,822
19,542
Inventory
696,236
834,401
Prepaid expenses
69,682
63,548
Other current assets
79,670
81,541
Total current assets
4,757,155
4,912,028
Property, plant and equipment, net
2,810,867
2,166,776
Right-of-use assets
221,508
215,160
Long-term investments
461,029
529,974
Other noncurrent assets
262,159
55,300
TOTAL ASSETS
$ 8,512,718
$ 7,879,238
LIABILITIES
Current liabilities:
Accounts payable
$ 108,724
$ 229,084
Accrued compensation
92,494
63,322
Finance lease liabilities, current portion
8,202
10,586
Other current liabilities
798,990
634,567
Total current liabilities
1,008,410
937,559
Finance lease liabilities, net of current portion
77,653
81,336
Common stock warrant liability
53,664
140,590
Long-term debt
1,996,960
1,991,840
Other long-term liabilities
524,339
378,212
Total liabilities
3,661,026
3,529,537
STOCKHOLDERS’ EQUITY
Common stock, par value $0.0001; 15,000,000,000 shares authorized as of December 31, 2023 and
2022; 2,300,111,489 and 1,830,172,561 shares issued and 2,299,253,664 and 1,829,314,736 shares
outstanding as of December 31, 2023 and 2022, respectively
230
183
Additional paid-in capital
15,066,080
11,752,138
Treasury stock, at cost, 857,825 shares at December 31, 2023 and 2022
(20,716)
(20,716)
Accumulated other comprehensive income (loss)
4,850
(11,572)
Accumulated deficit
(10,198,752)
(7,370,332)
Total stockholders’ equity
4,851,692
4,349,701
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
$ 8,512,718
$ 7,879,238
LUCID GROUP, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Revenue
$ 157,151
$ 257,713
$ 595,271
$ 608,181
Costs and expenses
Cost of revenue
410,015
615,291
1,936,066
1,646,086
Research and development
242,977
221,294
937,012
821,512
Selling, general and administrative
241,026
170,867
797,235
734,574
Restructuring charges
—
—
24,546
—
Total cost and expenses
894,018
1,007,452
3,694,859
3,202,172
Loss from operations
(736,867)
(749,739)
(3,099,588)
(2,593,991)
Other income (expense), net
Change in fair value of common stock warrant liability
25,279
255,899
86,926
1,254,218
Change in fair value of equity securities
5,999
—
5,999
—
Interest income
58,680
29,472
204,274
56,756
Interest expense
(7,777)
(8,075)
(24,915)
(30,596)
Other income (expense), net
934
(366)
(90)
9,532
Total other income, net
83,115
276,930
272,194
1,289,910
Loss before provision for (benefit from) income taxes
(653,752)
(472,809)
(2,827,394)
(1,304,081)
Provision for (benefit from) income taxes
14
(161)
1,026
379
Net loss
(653,766)
(472,648)
(2,828,420)
(1,304,460)
Net loss attributable to common stockholders, basic
(653,766)
(472,648)
(2,828,420)
(1,304,460)
Change in fair value of dilutive warrants
—
—
—
(1,254,218)
Net loss attributable to common stockholders, diluted
$ (653,766)
$ (472,648)
$ (2,828,420)
$ (2,558,678)
Weighted average shares outstanding attributable to common stockholders
Basic
2,292,032,497
1,712,951,982
2,081,772,622
1,678,346,079
Diluted
2,292,032,497
1,712,951,982
2,081,772,622
1,693,258,608
Net loss per share attributable to common stockholders
Basic
$ (0.29)
$ (0.28)
$ (1.36)
$ (0.78)
Diluted
$ (0.29)
$ (0.28)
$ (1.36)
$ (1.51)
Other comprehensive income (loss)
Net unrealized gains (losses) on investments, net of tax
$ 10,079
$ 1,694
$ 12,669
$ (11,572)
Foreign currency translation adjustments
5,134
—
3,753
—
Total other comprehensive income (loss)
15,213
1,694
16,422
(11,572)
Comprehensive loss attributable to common stockholders
$ (638,553)
$ (470,954)
$ (2,811,998)
$ (1,316,032)
LUCID GROUP, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Cash flows from operating activities:
Net loss
$ (653,766)
$ (472,648)
$ (2,828,420)
$ (1,304,460)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
67,498
55,240
233,531
186,583
Amortization of insurance premium
9,265
10,432
39,507
35,620
Non-cash operating lease cost
7,330
5,457
26,201
19,711
Stock-based compensation
63,851
71,255
257,283
423,500
Inventory and firm purchase commitments write-downs
171,574
204,926
906,069
569,479
Change in fair value of common stock warrant liability
(25,279)
(255,899)
(86,926)
(1,254,218)
Net accretion of investment discounts/premiums
(30,504)
(11,435)
(105,432)
(20,695)
Change in fair value of equity securities
(5,999)
—
(5,999)
—
Other non-cash items
6,267
6,113
34,205
10,353
Changes in operating assets and liabilities:
Accounts receivable
(28,731)
(16,987)
(32,509)
(16,498)
Inventory
(82,077)
(350,295)
(658,010)
(1,256,349)
Prepaid expenses
(2,579)
(16,721)
(45,641)
(28,822)
Other current assets
(8,922)
(10,329)
4,758
(43,591)
Other noncurrent assets
(8,000)
(4,148)
(121,790)
(43,230)
Accounts payable
(24,709)
128,253
(139,519)
180,469
Accrued compensation
30,953
14,314
29,172
30,958
Other current liabilities
(10,175)
(16,880)
(71,680)
253,904
Other long-term liabilities
49,454
10,837
75,447
31,028
Net cash used in operating activities
(474,549)
(648,515)
(2,489,753)
(2,226,258)
Cash flows from investing activities:
Purchases of property, plant and equipment
(272,642)
(289,888)
(910,644)
(1,074,852)
Proceeds from government grant
97,500
—
97,500
97,267
Purchases of investments
(413,028)
(1,127,452)
(3,998,282)
(3,854,129)
Proceeds from maturities of investments
1,240,320
1,024,361
3,720,890
1,149,714
Proceeds from sale of investments
—
—
148,388
—
Other investing activities
—
323
(4,827)
323
Net cash provided by (used in) investing activities
652,150
(392,656)
(946,975)
(3,681,677)
Cash flows from financing activities:
Proceeds from issuance of common stock under Underwriting Agreement, net of issuance costs
—
—
1,184,224
—
Proceeds from issuance of common stock under 2023 Subscription Agreement, net of issuance
costs
—
—
1,812,641
—
Proceeds from issuance of common stock under At-the-Market Offering, net of issuance costs
—
594,317
—
594,317
Proceeds from issuance of common stock under 2022 Subscription Agreement
—
915,000
—
915,000
Payment for short-term insurance financing note
—
—
—
(15,330)
Payment for finance lease liabilities
(891)
(1,372)
(5,425)
(4,977)
Proceeds from borrowings
19,991
9,590
62,911
29,818
Repayments for borrowings
—
(13,570)
—
(20,223)
Proceeds from failed sale-leaseback transaction
—
—
—
31,700
Proceeds from exercise of stock options
3,022
3,050
10,343
17,788
Proceeds from employee stock purchase plan
8,747
11,680
23,836
24,562
Tax withholding payments for net settlement of employee awards
(2,910)
(5,894)
(17,615)
(218,789)
Payment for credit facility issuance costs
—
—
—
(6,631)
Net cash provided by financing activities
27,959
1,512,801
3,070,915
1,347,235
Net increase (decrease) in cash, cash equivalents, and restricted cash
205,560
471,630
(365,813)
(4,560,700)
Beginning cash, cash equivalents, and restricted cash
1,165,947
1,265,690
1,737,320
6,298,020
Ending cash, cash equivalents, and restricted cash
$ 1,371,507
$ 1,737,320
$ 1,371,507
$ 1,737,320
LUCID GROUP, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(in thousands)
Adjusted EBITDA
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net loss (GAAP)
$ (653,766)
$ (472,648)
$ (2,828,420)
$ (1,304,460)
Interest expense
7,777
8,075
24,915
30,596
Interest income
(58,680)
(29,472)
(204,274)
(56,756)
Provision for (benefit from) income taxes
14
(161)
1,026
379
Depreciation and amortization
67,498
55,240
233,531
186,583
Change in fair value of common stock warrant liability
(25,279)
(255,899)
(86,926)
(1,254,218)
Change in fair value of equity securities
(5,999)
—
(5,999)
—
Stock-based compensation
63,851
71,255
258,726
423,500
Restructuring charges
—
—
24,546
—
Adjusted EBITDA (non-GAAP)
$ (604,584)
$ (623,610)
$ (2,582,875)
$ (1,974,376)
Free Cash Flow
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2023
2022
2023
2022
Net cash used in operating activities (GAAP)
$ (474,549)
$ (648,515)
$ (2,489,753)
$ (2,226,258)
Capital expenditures
(272,642)
(289,888)
(910,644)
(1,074,852)
Free cash flow (non-GAAP)
$ (747,191)
$ (938,403)
$ (3,400,397)
$ (3,301,110)
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SOURCE Lucid Group
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BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept
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May 6, 2026By
BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure
BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.
VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).
The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.
“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”
South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative
BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.
The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.
Built on Kaia Mainnet
A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.
Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.
By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.
QSSN as the Security Layer
The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.
BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.
Addressing the Harvest-Now, Decrypt-Later Risk
The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.
BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.
Expanding BTQ’s Korean Ecosystem
BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.
The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.
About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/
About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.
Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/
About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.
Connect with BTQ: Website | LinkedIn | X/Twitter
ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.
The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
View original content to download multimedia:https://www.prnewswire.com/news-releases/btq-technologies-qssn-selected-as-core-security-infrastructure-for-south-koreas-first-bank-led-krw-stablecoin-proof-of-concept-302763840.html
SOURCE BTQ Technologies Corp.
Technology
Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference
Published
10 hours agoon
May 6, 2026By
WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).
A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.
Contacts:
Media
Investors
Troy Kirkpatrick
David DeMartino
614-284-1926
646-531-6115
troy.kirkpatrick@zimmerbiomet.com
david.demartino@zimmerbiomet.com
Kirsten Fallon
Zach Weiner
781-779-5561
908-591-6955
View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html
SOURCE Zimmer Biomet Holdings, Inc.
Technology
NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools
Published
10 hours agoon
May 6, 2026By
New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing
Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment
ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.
The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health.
The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.
NextLadder’s Focus Areas for Investment
Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations.
As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.
“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”
NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.
The fund’s active investment areas include:
Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.
NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.
In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.
NextLadder’s Co-Founder Leadership Team
NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.
“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”
Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.
“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”
Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.
“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”
To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.
About NextLadder Ventures
NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.
SOURCE NextLadder Ventures
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