Technology

Life360 reports CY 2023 results

Published

2 years ago

February 29, 2024

SAN FRANCISCO, Feb. 29, 2024 /PRNewswire/ — San Francisco area-based Life360, Inc. (Life360 or the Company) (ASX: 360) today reported audited financial results for the quarter and year ended December 31, 2023. Life360 Co-founder and Chief Executive Officer Chris Hulls said: “We are incredibly proud that more than 61 million monthly active users (MAU) globally enjoy the peace of mind that comes with the location sharing and safety features of Life360. In CY23 we made significant strides in our member experience, showing our users what their family members are up to, whether they’re driving, walking or biking. We put pets and other valuables on the map with Tile, all in the service of our mission to keep people close to the ones they love.

“At the same time we made meaningful progress on our path to profitability as we significantly reduced our net loss, and achieved a major milestone by delivering our first full year of positive Adjusted EBITDA1 and Operating Cash Flow. We are excited to continue building on our leading global position in location sharing, and see exciting opportunities in CY24 and beyond to broaden our reach and deepen engagement with our members. We look forward to bringing the benefits of our subscriptions to more markets globally, and creating new revenue streams that utilize the scale and quality of our member base.

“In 2023, we delivered on our commitment to balance fiscal responsibility and prudent investment to position the business for long-term success. We delivered YoY revenue growth of 33% while GAAP operating expenses increased only 4% YoY. We met or exceeded all of the guidance metrics we provided to the market for CY23.”

Looking forward to CY24, we are excited to announce the creation of a new advertising revenue stream that offers partners unparalleled reach to Life360’s enormous free user base, and more than 20 million daily active users (DAU) connecting with their families and friends. We have consistently spoken of the potential that our investment in the core user experience, and the scaling of our MAU base, would provide for the future. We are encouraged by the success of early testing and see the opportunity to deliver an attractive platform to advertisers, while continuing to provide a great user experience.

CY23 Financial Highlights

Revenue of $305 million, a YoY increase of 33%, in line with guidance of $300 million – $310 million;Core Life360 subscription revenue2 of $200 million, up 52% YoY, ahead of guidance for more than a 50% YoY increase;Net loss of $28.2 million, a $63.5 million improvement from CY22;Positive Adjusted EBITDA of $20.6 million ahead of guidance of $12 million – $16 million, with consistent Positive Adjusted EBITDA delivered in each quarter of CY23;Positive Operating Cash Flow (OCF) of $7.5 million, a $64.6 million improvement versus CY22;Year-end cash, cash equivalents and restricted cash of $70.7 million up from $63.7 million at the end of Q3’23

CY23 Operating Highlights and CY24 Outlook

Significant CY23 operating leverage with revenue growth of $76.2 million on an operating expense increase of $9.6 million, yielding increasing Adjusted EBITDA margins and positive Adjusted EBITDA in each quarter.Global Monthly Active Users (MAU) grew nearly 13 million or 26% to 61.4 million, driven by ongoing investment in our core location sharing experience.International MAU grew 7 million, or 40% YoY to 24.6 million as we increased the speed and responsiveness of the app, and achieved international feature parity with the U.S.Global Paying Circles grew to 1.8 million, up 21% YoY, despite significant price increases implemented in Q3/Q4’22 and Q2’23, underscoring the value our subscribers perceive in the Life360 services. Q4’23 net subscriber additions were 54 thousand.U.S. Average Revenue Per Paying Circle (ARPPC) increased 32% YoY, driven by price increases.International Paying Circles increased 43% YoY to 474 thousand, benefiting from strong growth in both the UK and Australia.Triple Tier Membership launched in the UK in October, with an Australian launch planned for Q2’24.Looking forward to CY24, we are pursuing new value-added revenue streams including advertising, utilizing Life360’s enormous free user base. We expect some set-up costs in the first half of CY24, and a modest revenue contribution in the second half of the year.CY24 guidance: Consolidated revenue of $365–$375 million; Adjusted EBITDA2 of $30 million – $35 million; EBITDA loss of $(8) million – $(13) million; year-end cash balance of $80 million – $90 million.

Adjusted EBITDA is a Non-GAAP measure. For the definition of Adjusted EBITDA and the use of this Non-GAAP measure, as well as a reconciliation of Net Loss to Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.

Core Life360 subscription revenue is defined as subscription revenue derived from the Life360 mobile application, excluding certain revenue adjustments related to bundled Life360 subscription and hardware offerings, for the reported period.

Key Performance Indicators

(in millions, except ARPPC, ARPPS, and ASP)

2023

2022

% YoY

2023

2022

% YoY

Life360 Core3

Monthly Active Users (MAU) – Global

61.4

48.6

26 %

61.4

48.6

26 %

U.S.

36.8

30.9

19 %

36.8

30.9

19 %

International

24.6

17.6

40 %

24.6

17.6

40 %

Australia

1.9

1.4

36 %

1.9

1.4

36 %

Paying Circles – Total

1.8

1.5

21 %

1.8

1.5

21 %

U.S.

1.3

1.2

14 %

1.3

1.2

14 %

International

0.5

0.3

43 %

0.5

0.3

43 %

Average Revenue per Paying Circle (ARPPC)

$ 124.17

$ 105.79

17 %

$ 121.09

$ 96.95

25 %

Life360 Consolidated

Subscriptions

2.4

2.1

17 %

2.4

2.1

17 %

Average Revenue per Paying Subscription (ARPPS)

$ 102.17

$ 87.54

17 %

$ 99.53

$ 80.63

23 %

Net hardware units shipped (standalone)4

1.7

1 %

4.0

3.6

12 %

Average Sale Price (ASP)

$ 11.50

$ 11.48

— %

$ 13.48

$ 13.47

— %

Annualized Monthly Revenue (AMR)5

$ 274.1

$ 224.4

22 %

$ 274.1

$ 224.4

22 %

Life360 Core metrics relate solely to the Life360 mobile application.

Net hardware units shipped (standalone) represents the number of tracking devices sold during the period, excluding hardware units related to bundled Life360 subscription and hardware offerings, net of returns by our retail partners and directly to consumers.

We use Annualized Monthly Revenue (“AMR”) to identify the annualized monthly value of active customer agreements at the end of a reporting period. AMR includes the annualized monthly value of subscription, data and partnership agreements. All components of these agreements that are not expected to recur are excluded.

Global MAU increased 26% YoY to 61.4 million, with Q4’23 net additions of 3.0 million. U.S. MAU increased 19% YoY, with Q4’23 net adds of 1.4 million. International MAU were 40% higher YoY, with Q4’23 net adds of 1.6 million. Australian MAU increased 36% YoY to 1.9 million.Q4’23 Paying Circle net additions of 54 thousand reflected usual quarterly seasonality and natural churn following Q3’23’s record-breaking growth. U.S. Paying Circles increased 14% YoY despite the effect of price increases implemented from August 2022. Our U.S. Membership plan subscribers comprise Silver 15%, Gold 81% and Platinum 4% of total.International Paying Circles maintained strong momentum, up 43% YoY. The UK delivered a 47% YoY increase in Paying Circles and Australia achieved a 51% YoY increase. Triple Tier Membership launched in the UK in October with plans on track for a Triple Tier launch in Australia in Q2’24.Q4’23 global ARPPC increased 17% YoY and 4% QoQ. The benefit from U.S. price increases implemented from August 2022 saw Q4’23 U.S. ARPPC increase 24% YoY.

Operating Results

Revenue

Three Months Ended December 31,

Year Ended December 31,

2023

2022

2023

2022

($ millions)

(unaudited)

Subscription revenue

$ 59.8

$ 45.4

$ 220.8

$ 153.3

Hardware revenue

21.1

19.6

58.2

47.9

Other revenue

6.1

6.3

25.5

27.1

Total revenue

$ 87.0

$ 71.3

$ 304.5

$ 228.3

Annualized Monthly Revenue – December

$ 274.1

$ 224.4

$ 274.1

$ 224.4

Q4’23 Consolidated subscription revenue increased 32% YoY (including hardware subscriptions) to $59.8 million. Life360 core subscription revenue increased 40% YoY supported by the 21% YoY increase in Paying Circles, and 17% higher ARPPC, as a result of the price increases described above. CY23 Consolidated subscription revenue growth of 44% was underpinned by Core Life360 subscription revenue which increased 52% YoY, ahead of guidance of 50%.Q4’23 Hardware revenue delivered a seasonal uplift versus Q3, increasing 8% YoY to $21.1 million driven by lower returns and channel marketing versus Q4’23. CY23 Non-GAAP hardware revenue6 growth of 14% was in line with guidance, with GAAP hardware revenue growth of 21% benefiting from the contribution from bundling.Q4’23 Other revenue of $6.1 million was in line with the prior period reflecting the terms associated with the single data partnership. CY23 revenue of $25.5 million was in line with guidance of approximately $26 million.December AMR increased 22% YoY, cycling a very strong December 2022 base which included the impact of the U.S. price increases.

Gross Profit

Three Months Ended
December 31,

Year Ended December 31,

2023

2022

2023

2022

($ millions, except percentages)

(unaudited)

Gross Profit

$ 60.1

$ 45.0

$ 222.6

$ 148.6

Gross Margin

69 %

63 %

73 %

65 %

Gross Margin (Subscription Only)

86 %

83 %

86 %

80 %

Q4’23 gross profit margin increased to 69% from 63% in the prior year period, reflecting the improvement in subscription only margins to 86% due to higher pricing. CY23 gross margins increased from 65% to 73% due to higher prices as well as the significant YoY improvement in Hardware gross margins which benefited from successful initiatives and a favorable return adjustment recorded in Q2’23.

Three Months Ended
December 31,

Year Ended December 31,

2023

2022

2023

2022

($ millions)

(unaudited)

Research and development

$ 26.0

$ 25.2

$ 101.0

$ 102.5

Sales and marketing

25.7

22.0

99.1

92.4

Paid acquisition & TV

7.5

5.2

28.9

26.5

Other sales and marketing

7.0

8.1

27.5

34.5

Commissions

11.1

8.7

42.7

31.4

General and administrative

12.8

10.5

52.6

48.1

Total operating expenses

$ 64.5

$ 57.7

$ 252.6

$ 243.0

Life360 Non-GAAP Hardware Revenue is calculated using Hardware Revenue, GAAP. For a reconciliation between Hardware Revenue, GAAP and Non-GAAP Hardware Revenue, refer to the Revenue (GAAP to Non-GAAP reconciliation) section below.

Q4’23 operating expenses increased 12% YoY, largely due to higher general and administrative costs primarily arising from increased accounting costs related to Sarbanes-Oxley compliance, and higher legal expenses. Commissions were higher YoY in line with the growth in subscription revenue. CY23 operating expenses increased 4% for the year, benefiting from a 1% reduction in R&D expenses which reflected cost reduction measures undertaken in Q1’23.

EBITDA and Adjusted EBITDA7

Three Months Ended
December 31,

Year Ended December 31,

2023

2022

2023

2022

($ millions)

(unaudited)

Net Loss

$ (3.1)

$ (12.3)

$ (28.2)

$ (91.6)

EBITDA

(2.0)

(10.3)

(20.8)

(85.2)

Non-GAAP Adjustments

10.9

12.0

41.4

45.1

Adjusted EBITDA

$ 8.9

$ 1.6

$ 20.6

$ (40.1)

Q4’23 delivered a positive Adjusted EBITDA contribution of $8.9 million versus $1.6 million in the prior corresponding period as a result of continued strong subscription revenue growth, higher hardware revenue, improved margins and continuing cost efficiencies. These same drivers supported the $60.7 million improvement in Adjusted EBITDA in CY23.

EBITDA and Adjusted EBITDA are non-GAAP measures. For definitions of EBITDA and Adjusted EBITDA, a description of these non-GAAP measures’ use, and a reconciliation of Net Loss to EBITDA and Adjusted EBITDA, refer to the Non-GAAP Financial Measures section below.

Balance Sheet and Cash Flow

Three Months Ended
December 31,

Year Ended December 31,

2023

2022

2023

2022

($ millions)

(unaudited)

Net cash provided by (used in) operating activities

$ 9.0

$ (2.2)

$ 7.5

$ (57.1)

Net cash provided by (used in) investing activities

(1.0)

2.5

(2.2)

(111.6)

Net cash provided by (used in) financing activities

(0.9)

31.2

(25.0)

27.7

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

7.1

31.5

(19.7)

(141.0)

Cash, Cash Equivalents, and Restricted Cash at the End of the Period

$ 70.7

$ 90.4

$ 70.7

$ 90.4

Life360 ended Q4’23 with cash, cash equivalents and restricted cash of $70.7 million, with unrestricted cash increasing by $7.1 million from Q3’23. Q4’23 operating cash flow of $9.0 million was offset by $1.0 million used in investing activities related to payments for internally developed software, and $0.9 million used in financing activities related to taxes paid for the net settlement of equity awards, offset by proceeds from the exercise of options.Q4’23 net cash provided by operating activities of $9.0 million was largely in line with Adjusted EBITDA of $8.9 million.In CY23, cash and cash equivalents decreased by $19.7 million from CY22. CY23 operating cash flow of $7.5 million was offset by $2.2 million used in investing activities and $25.0 million used in financing activities.CY23 cash provided by operating activities of $7.5 million saw a differential to Adjusted EBITDA of $20.6 million due to timing of receipts, manufacturing payments, and Q1 restructuring costs.

Earnings Guidance8

For CY24 Life360 expects to deliver the following metrics which include both the early revenue, and set-up costs, for the new advertising business:

Consolidated revenue of $365 million – $375 million, with core Life360 subscription revenue growth of at least 20% YoY;Positive Adjusted EBITDA9 of $30 million – $35 million;EBITDA7 loss of $(8) million to $(13) million;Positive Operating Cash Flow for each quarter of CY24, with the usual seasonal low point in Q1;Year-end cash, cash equivalents and restricted cash of $80 million – $90 million.

The company expects to continue to be Adjusted EBITDA positive on a quarterly basis going forward, and to achieve positive EBITDA in the first half of CY25.

With respect to forward looking non-GAAP guidance, we are not able to reconcile the forward-looking non-GAAP adjusted EBITDA measure to the closest corresponding GAAP measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items, which are fluid and unpredictable in nature. In addition, the Company believes such a reconciliation would imply a degree of precision that may be confusing or misleading to investors. These items include, but are not limited to, litigation costs, convertible notes and derivative liability fair value adjustments, and gains/losses on revaluation of contingent consideration. These items may be material to our results calculated in accordance with GAAP.

Investor Conference Call

A conference call will be held today at 9.30am AEDT, Friday 1 March 2024 (Thursday 29 February U.S. PT at 2.30pm). The call will be held as a Zoom audio webinar.

Participants wishing to ask a question should register and join via their browser h er e. Participants joining via telephone will be in listen only mode.

Dial in details

Australia: +61 2 8015 6011
U.S.: +1 669 444 9171
Other countries: details
Meeting ID: 951 2669 6840

A replay will be available after the call at https://investors.life360.com

Authorization

Chris Hulls, Director, Co-Founder and Chief Executive Officer of Life360 authorized this announcement being given to ASX.

About Life360

Life360 delivers peace of mind for families of all types. The company’s category leading mobile app and Tile tracking devices help members protect the people, pets and things they care about most, with a range of services including location sharing, safe driver reports, and crash detection with emergency dispatch. Life360 is based in San Mateo and has approximately 61 million monthly active users (MAU) located in more than 150 countries. For more information, please visit life360.com and Tile.com.

Life360’s CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are ‘restricted securities’ under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.

Forward-looking statements

This announcement and the accompanying conference call contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Life360 intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements regarding Life360’s intentions, objectives, plans, expectations, assumptions and beliefs about future events, including Life360’s expectations with respect to the financial and operating performance of its business, including subscription revenue, hardware revenue, advertising revenue, other revenue, consolidated revenue and ability to create new revenue streams, such as advertising; Adjusted EBITDA, and operating cash flow; its capital position; future growth; the impact of past price increases on future results of operations and subscriber churn; scaling its MAU base; its ability to continue building on its leading global position and the strategic value and opportunities for global expansion; operating cost savings, including through reduced commissions; as well as Life360’s expectations of any changes to the information disclosed herein. The words “anticipate”, “believe”, “expect”, “project”, “predict”, “will”, “forecast”, “estimate”, “likely”, “intend”, “outlook”, “should”, “could”, “may”, “target”, “plan” and other similar expressions can generally be used to identify forward-looking statements. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements. Investors and prospective investors are cautioned not to place undue reliance on these forward-looking statements as they involve inherent risk and uncertainty (both general and specific) and should note that they are provided as a general guide only and should not be relied on as an indication or guarantee of future performance. There is a risk that such predictions, forecasts, projections and other forward-looking statements will not be achieved. Subject to any continuing obligations under applicable law, Life360 does not undertake any obligation to publicly release the result of any revisions to these forward-looking statements to reflect events or circumstances after the date of this announcement, to reflect any change in expectations in relation to any forward-looking statements or any change in events, conditions or circumstances on which any such statements are based.

Although Life360 believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, Life360 can give no assurance that such expectations and assumptions will prove to be correct and, actual results may vary in a materially positive or negative manner. Forward-looking statements are subject to known and unknown risks, uncertainty, assumptions and contingencies, many of which are outside Life360’s control, and are based on estimates and assumptions that are subject to change and may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include risks related to the preliminary nature of financial results, risks related to Life360’s business, market risks, Life360’s need for additional capital, and the risk that Life360’s products and services may not perform as expected, as described in greater detail under the heading “Risk Factors” in Life360’s ASX and SEC filings, including its Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2024 and other reports filed with the SEC. To the maximum extent permitted by law, responsibility for the accuracy or completeness of any forward-looking statements whether as a result of new information, future events or results or otherwise is disclaimed. This announcement should not be relied upon as a recommendation or forecast by Life360. Past performance information given in this document is given for illustrative purposes only and is not necessarily a guide to future performance and no representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information, future share price performance or any underlying assumptions. Nothing contained in this document nor any information made available to you is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or the future performance of Life360.

Consolidated Statements of Operations and Comprehensive Loss

(Dollars in U.S. $, in thousands, except share and per share data)

Year Ended December 31,

2023

2022

2021

Subscription revenue

$ 220,794

$ 153,287

$ 86,551

Hardware revenue

58,178

47,884

952

Other revenue

25,546

27,134

25,140

Total revenue

304,518

228,305

112,643

Cost of subscription revenue

30,975

30,659

17,807

Cost of hardware revenue

47,384

45,441

1,340

Cost of other revenue

3,522

3,607

3,621

Total cost of revenue

81,881

79,707

22,768

Gross profit

222,637

148,598

89,875

Operating expenses:

Research and development

100,965

102,480

50,994

Sales and marketing

99,072

92,419

47,473

General and administrative

52,583

48,110

23,670

Total operating expenses

252,620

243,009

122,137

Loss from operations

(29,983)

(94,411)

(32,262)

Other income (expense):

Convertible notes fair value adjustment

(684)

1,786

(511)

Derivative liability fair value adjustment

(116)

1,295

(733)

Other income (expense), net

3,228

(178)

Total other income (expense), net

2,428

3,094

(1,422)

Loss before income taxes

(27,555)

(91,317)

(33,684)

Provision for (benefit from) income taxes

616

312

(127)

Net loss

(28,171)

(91,629)

(33,557)

Net loss per share, basic

$ (0.42)

$ (1.47)

$ (0.65)

Net loss per share, diluted

$ (0.42)

$ (1.50)

$ (0.65)

Weighted-average shares used in computing net loss per share, basic

66,748,542

62,209,545

51,656,195

Weighted-average shares used in computing net loss per share, diluted

66,748,542

62,839,593

51,656,195

Comprehensive loss

Net loss

(28,171)

(91,629)

(33,557)

Change in foreign currency translation adjustment

(6)

—

Total comprehensive loss

$ (28,156)

$ (91,635)

$ (33,557)

Consolidated Balance Sheets

(Dollars in U.S. $, in thousands)

December 31,
2023

December 31,
2022

Assets

Current Assets:

Cash and cash equivalents

$ 68,964

$ 75,444

Restricted cash, current

—

13,274

Accounts receivable, net

42,180

33,125

Inventory

4,099

10,826

Costs capitalized to obtain contracts, net

1,010

1,438

Prepaid expenses and other current assets

15,174

8,548

Total current assets

131,427

142,655

Restricted cash, noncurrent

1,749

1,647

Property and equipment, net

730

393

Costs capitalized to obtain contracts, noncurrent

834

626

Prepaid expenses and other assets, noncurrent

6,848

7,134

Operating lease right-of-use asset

1,014

802

Intangible assets, net

45,441

52,699

Goodwill

133,674

Total Assets

$ 321,717

$ 339,630

Liabilities and Stockholders’ Equity

Current Liabilities:

Accounts payable

5,896

$ 13,791

Accrued expenses and other current liabilities

27,538

27,015

Escrow liability

—

13,274

Convertible notes, current

3,449

3,513

Deferred revenue, current

33,932

30,056

Total current liabilities

70,815

87,649

Convertible notes, noncurrent

1,056

4,060

Derivative liability, noncurrent

217

101

Deferred revenue, noncurrent

1,842

2,706

Other liabilities, noncurrent

723

576

Total Liabilities

$ 74,653

$ 95,092

Commitments and Contingencies

Stockholders’ Equity

Common Stock

Additional paid-in capital

532,128

501,763

Notes due from affiliates

—

(314)

Accumulated deficit

(285,143)

(256,972)

Accumulated other comprehensive income (loss)

(6)

Total stockholders’ equity

247,064

244,538

Total Liabilities and Stockholders’ Equity

$ 321,717

$ 339,630

Consolidated Statements of Cash Flows

(Dollars in U.S. $, in thousands)

Year Ended December 31,

2023

2022

2021

Cash Flows from Operating Activities:

Net loss

$ (28,171)

$ (91,629)

$ (33,557)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

9,141

9,199

876

Amortization of costs capitalized to obtain contracts

2,125

2,928

4,014

Amortization of operating lease right-of-use asset

842

—

Stock-based compensation expense

38,512

34,680

11,754

Compensation expense in connection with revesting notes

(87)

184

Non-cash interest expense, net

462

474

166

Convertible notes fair value adjustment

684

(1,786)

511

Derivative liability fair value adjustment

116

(1,295)

733

(Gain)/loss on revaluation of contingent consideration

—

(5,279)

3,600

Non-cash revenue from investment

(1,608)

(1,504)

—

Inventory write-off

916

—

Adjustment in connection with membership benefit

(2,172)

—

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net

(9,055)

6,474

(2,689)

Prepaid expenses and other assets

(6,667)

10,629

(943)

Inventory

5,811

(497)

(859)

Costs capitalized to obtain contracts, net

(1,905)

(3,343)

(1,713)

Accounts payable

(7,895)

(12,654)

559

Accrued expenses and other current liabilities

2,193

(7,722)

4,720

Deferred revenue

4,620

4,660

1,671

Other liabilities, noncurrent

(498)

(303)

(1,180)

Net cash provided by (used in) operating activities

7,524

(57,055)

(12,153)

Cash Flows from Investing Activities:

Cash paid for acquisitions, net of cash acquired

—

(110,933)

(2,983)

Internal use software

(1,715)

(701)

—

Purchase of property and equipment

(506)

—

(81)

Cash advance on convertible note receivable

—

(4,000)

Net cash used in investing activities

(2,221)

(111,634)

(7,064)

Cash Flows from Financing Activities:

Indemnity escrow payment in connection with an acquisition

(13,128)

—

Proceeds from the exercise of options

5,811

2,394

3,543

Taxes paid related to net settlement of equity awards

(14,033)

(4,077)

(4,725)

Proceeds from repayment of notes due from affiliates

314

648

—

Payments on borrowings

—

(41)

Repayment of convertible notes

(3,919)

(3,471)

—

Proceeds from capital raise, net of transaction costs

—

32,215

193,064

Cash received in advance of the issuance of convertible notes

—

2,110

Net cash provided by (used in) financing activities

(24,955)

27,709

193,951

Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash

(19,652)

(140,980)

174,734

Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period

90,365

231,345

56,611

Cash, Cash Equivalents, and Restricted Cash at the End of the Period

$ 70,713

$ 90,365

$ 231,345

Year Ended December 31,

2023

2022

2021

Supplemental disclosure:

Cash paid during the period for taxes

$ 697

$ —

$ 33

Cash paid during the period for interest

640

514

Non-cash investing and financing activities:

Fair value of stock issued in connection with an acquisition

—

15,409

13,821

Fair value of convertible debt issued in connection with an acquisition

—

11,597

Fair value of contingent consideration issued in connection with an acquisition

—

5,900

Fair value of vested options assumed in connection with an acquisition

—

533

Forgiveness of convertible debt receivable in connection with an acquisition

—

4,023

Relative fair value of warrants issue with convertible debt

—

844

Beneficial conversion feature related to convertible debt

—

603

Fair value of bifurcated derivative related to convertible debt

—

663

Fair value of warrants held as investment

—

5,474

—

Fair value of stock issued in settlement of contingent consideration

—

4,221

—

Right of use asset recognized in connection with lease modification

1,054

—

Operating lease liability recognized in connection with lease modification

1,054

—

Total non-cash investing and financing activities

$ 2,108

$ 25,104

$ 37,984

Non-GAAP Financial Measures

We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance.

EBITDA and Adjusted EBITDA

In addition to total revenue, net loss and other results under GAAP, we utilize non-GAAP calculations of earnings before interest, taxes, depreciation and amortization (“EBITDA”) and adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”). EBITDA is defined as net loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision for income taxes, (iii) depreciation and amortization and (iv) other income, net. Adjusted EBITDA is defined as net loss, excluding (i) convertible notes and derivative liability fair value adjustments, (ii) provision for income taxes, (iii) depreciation and amortization, (iv) other expense, net, (v) stock-based compensation, (vi) Form 10 transaction costs, (vii) acquisition and integration costs, (viii) workplace restructuring costs, (ix) inventory write-offs, (x) adjustment in connection with membership benefit, (xi) warehouse relocation costs and (xii) gain on revaluation of contingent consideration.

The above items are excluded from EBITDA and Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations and render comparisons with prior periods and competitors less meaningful. We believe EBITDA and Adjusted EBITDA provide useful information to investors and others in understanding and evaluating our results of operations, as well as providing useful measures for period-to-period comparisons of our business performance. Moreover, we have included EBITDA and Adjusted EBITDA in this media release because they are key measurements used by our management team internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, these non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial measures used by other companies. As such, you should consider these non-GAAP financial measures in addition to other financial performance measures presented in accordance with GAAP, including various cash flow metrics, net loss and our other GAAP results.

The following table presents a reconciliation of net loss, the most directly comparable GAAP measure, to EBITDA and Adjusted EBITDA:

Three Months Ended
December 31,

Year Ended December 31,

2023

2022

2023

2022

(in thousands)

Net loss

$ (3,146)

$ (12,303)

$ (28,171)

$ (91,629)

Add (deduct):

Convertible notes fair value adjustment

(114)

684

(1,786)

Derivative liability fair value adjustment10

(62)

(112)

116

(1,295)

Provision for income taxes

411

228

616

312

Depreciation and amortization11

2,297

2,368

9,141

9,199

Other expense, net

(1,431)

(614)

(3,228)

(13)

EBITDA

$ (2,045)

$ (10,344)

$ (20,842)

$ (85,212)

Stock-based compensation

10,834

10,193

38,512

34,680

Form 10 transaction costs

—

923

—

3,766

Acquisition and integration costs

—

852

—

11,949

Workplace restructuring costs12

—

4,024

—

Write-off of obsolete inventory13

—

916

—

Adjustment in connection with membership benefit14

—

(2,172)

—

Warehouse relocation costs15

—

121

—

Gain on revaluation of contingent consideration

—

(5,279)

Adjusted EBITDA

$ 8,887

$ 1,624

$ 20,559

$ (40,096)

To reflect the change in value of the derivative liability associated with the July 2021 Convertible Notes.

Includes depreciation on fixed assets and amortization of acquired intangible assets.

Relates to non-recurring personnel and severance related expenses in connection with the workplace restructure announced on January 12, 2023.

Relates to the write-off of raw materials that have no alternative use to the Company following the decision to halt development.

Relates to an adjustment recorded to reduce product costs recorded to cost of revenue in connection with the discontinuation of certain battery related membership benefits.

Relates to non-recurring warehouse relocation costs in relation to the Company’s transition to a new logistics partner.

Key Financial Metrics:

Three Months Ended
December 31,

Year Ended December 31,

2023

2022

2023

2022

(in millions)

(unaudited)

Revenue

U.S. subscription revenue (Non-GAAP)

$ 54.5

$ 40.6

$ 199.4

$ 136.1

International subscription revenue (Non-GAAP)

6.5

4.8

24.5

17.2

Subscription revenue (Non-GAAP)16

61.0

45.2

223.9

153.3

Hardware revenue (Non-GAAP)16

19.8

19.7

54.5

47.8

Other revenue (GAAP)

6.1

6.4

25.5

27.2

Total revenue (Non-GAAP)

87.0

71.3

303.9

228.3

Add: Non-GAAP adjustments related to bundled offerings

—

0.6

—

Total revenue (GAAP)

87.0

71.3

304.5

228.3

Non-GAAP Gross Profit17

62.0

46.4

226.8

153.5

Non-GAAP Gross Margin %17

71 %

65 %

75 %

67 %

Non-GAAP Subscription Gross Margin %

85 %

84 %

81 %

Research and Development (Non-GAAP)

19.6

18.8

76.1

82.5

Sales and Marketing (Non-GAAP)

User acquisition and TV costs

7.5

5.2

28.9

26.4

Other Sales and Marketing

5.1

6.2

19.4

26.0

Commissions

11.1

8.7

42.7

31.4

General & Administrative (Non-GAAP)

9.8

5.9

39.7

28.5

Non-GAAP Operating Expenses18

53.1

44.8

206.8

194.8

Net loss (GAAP)

(3.1)

(12.3)

(28.2)

(91.6)

Adjusted EBITDA (Non-GAAP)

8.9

1.6

20.6

(40.1)

Non-GAAP Adjusted EBITDA Margin %

10 %

2 %

7 %

(18) %

Stock-based Compensation (GAAP)

(10.8)

(10.2)

(38.5)

(34.7)

Other Non-GAAP Adjustments

(0.1)

(1.9)

(2.9)

(10.5)

EBITDA (Non-GAAP)

$ (2.0)

$ (10.4)

$ (20.8)

$ (85.2)

Life360 Non-GAAP Revenue is calculated using GAAP Revenue. For a reconciliation between GAAP Revenue and Non-GAAP Revenue, refer to the Revenue (GAAP to Non-GAAP reconciliation) section in this table.

Non-GAAP Gross Profit is calculated using Revenue, Non-GAAP and Cost of revenue, Non-GAAP. Non-GAAP Gross Margin is calculated by dividing Non-GAAP Gross Profit by Total Revenue (Non-GAAP). For a reconciliation between Total Revenue, GAAP and Total Revenue, Non-GAAP and Total Cost of revenue, GAAP and Total Cost of revenue, Non-GAAP, refer to the Revenue and Cost of Revenue (GAAP to Non-GAAP reconciliation) sections below.

Non-GAAP operating expenses are calculated using Research and Development, Non-GAAP, Sales and Marketing, Non-GAAP and General & Administrative, Non-GAAP expenses. For a reconciliation between Total operating expenses, GAAP and Total operating expenses, Non-GAAP, refer to the Operating expenses (GAAP to Non-GAAP reconciliation) section below.

Revenue (GAAP to Non-GAAP reconciliation):

Q1 2023

Q2 2023

Q3 2023

Q4 2023

(in millions)

Subscription revenue, GAAP included in Adjusted EBITDA

$ 51.7

$ 52.7

$ 56.6

$ 59.8

Bundled offerings19

—

0.7

1.2

Total Subscription revenue, Non-GAAP

$ 51.7

$ 53.4

$ 57.8

$ 61.0

Hardware revenue, GAAP included in Adjusted EBITDA

$ 10.0

$ 11.6

$ 15.5

$ 21.1

Bundled offerings19

—

(1.1)

(1.4)

(1.2)

Total Hardware revenue, Non-GAAP

$ 10.0

$ 10.5

$ 14.2

$ 19.8

The net difference of the bundled offerings represents the GAAP revenue recognition of subscription revenue allocated to hardware revenue which is recognized at a point-in-time rather than ratably over the subscription period. Bundled offerings only represent bundled Life360 subscription and hardware offerings.

Cost of Revenue (GAAP to Non-GAAP reconciliation):

Three Months Ended December 31,

Year Ended December 31,

2023

2022

2023

2022

(in millions)

Cost of subscription revenue, GAAP

$ 8.3

$ 7.9

$ 31.0

$ 30.7

Less: Depreciation and amortization

(0.3)

(1.2)

(0.9)

Less: Stock-based compensation

(0.2)

(0.1)

(0.7)

(0.6)

Less: Severance and other

—

(0.1)

—

Less: Adjustment in connection with membership benefit

—

1.8

—

Non-GAAP Cost of subscription revenue included in Adjusted EBITDA

$ 7.7

$ 7.5

$ 30.8

$ 28.9

Less: Hardware bundling adjustment

1.5

—

4.0

—

Total Cost of subscription revenue, Non-GAAP

$ 9.2

$ 7.5

$ 34.8

$ 28.9

Cost of hardware revenue, GAAP

$ 17.7

$ 17.5

$ 47.4

$ 45.4

Less: Depreciation and amortization

(0.9)

(3.6)

Less: Stock-based compensation

(0.4)

(0.1)

(1.1)

(0.4)

Less: Severance and other

—

(0.2)

(0.1)

Less: Adjustment in connection with membership benefit

—

0.4

—

Non-GAAP Cost of hardware revenue included in Adjusted EBITDA

$ 16.3

$ 16.5

$ 42.9

$ 41.3

Less: Alignment of accounting policies20

—

1.0

Less: Hardware bundling adjustment

(1.5)

—

(4.0)

—

Total Cost of hardware revenue, Non-GAAP

$ 14.8

$ 16.5

$ 38.9

$ 42.3

Cost of other revenue, GAAP

$ 0.9

$ 3.5

$ 3.6

Less: Stock-based compensation

—

(0.1)

—

(0.3)

Total Cost of other revenue, Non-GAAP

$ 0.9

$ 3.5

Cost of revenue, GAAP

$ 26.8

$ 26.3

$ 81.9

$ 79.7

Less: Depreciation and amortization

(1.2)

(4.8)

(4.5)

Less: Stock-based compensation

(0.6)

(0.3)

(1.8)

(1.3)

Less: Severance and other

—

(0.3)

(0.1)

Less: Adjustment in connection with membership benefit

—

2.2

—

Non-GAAP Cost of revenue included in Adjusted EBITDA

$ 24.9

$ 24.8

$ 77.2

$ 73.8

Less: Alignment of accounting policies20

—

1.0

Total Cost of revenue, Non-GAAP

$ 24.9

$ 77.2

$ 74.8

Includes non-recurring costs reflecting the alignment of accounting policies attributable to the integration with Tile. As these adjustments are not deemed to be non-routine or one time in nature, they have not been added back to EBITDA or Adjusted EBITDA.

Operating expenses (GAAP to Non-GAAP reconciliation):

Three Months Ended December 31,

Year Ended December 31,

2023

2022

2023

2022

(in millions)

Research and development expense, GAAP

$ 26.0

$ 25.1

$ 101.0

$ 102.4

Less: Depreciation and amortization

—

(0.1)

—

Less: Stock-based compensation

(6.5)

(6.3)

(22.0)

(19.4)

Less: Severance and other

0.1

—

(2.7)

(0.5)

Total Research and development, Non-GAAP

$ 19.6

$ 18.8

$ 76.1

$ 82.5

Sales and marketing expense, GAAP

$ 25.7

$ 22.1

$ 99.1

$ 92.4

Less: Depreciation and amortization

(1.1)

(4.2)

(4.3)

Less: Stock-based compensation

(0.8)

(0.7)

(3.1)

(3.7)

Less: Severance and other

—

(0.1)

(0.9)

(0.6)

Total Sales and marketing expense, Non-GAAP

$ 23.7

$ 20.2

$ 90.9

$ 83.8

General and administrative expense, GAAP

$ 12.8

$ 10.5

$ 52.6

$ 48.1

Less: Depreciation and amortization

—

(0.1)

—

(0.4)

Less: Stock-based compensation

(2.9)

(11.6)

(10.1)

Less: Severance and other

(0.1)

(1.6)

(1.2)

(9.1)

Total General and administrative expense, Non-GAAP

$ 9.8

$ 5.9

$ 39.7

$ 28.5

Total Operating expenses, GAAP

$ 64.5

$ 57.7

$ 252.6

$ 243.0

Less: Depreciation and amortization

(1.1)

(1.2)

(4.3)

(4.7)

Less: Stock-based compensation

(10.2)

(9.9)

(36.7)

(33.2)

Less: Severance and other

(0.1)

(1.7)

(4.8)

(10.2)

Total Operating expenses, Non-GAAP

$ 53.1

$ 44.9

$ 206.8

$ 194.8

Note: The financial information in this announcement may not add or recalculate due to rounding. All references to $ are to U.S. dollar.

View original content to download multimedia:https://www.prnewswire.com/news-releases/life360-reports-cy-2023-results-302076508.html

SOURCE Life360

Technology

Akemona to Power Upcoming Tokenized Offering for Industrialized Innovation Impact Portfolio I

Published

6 hours ago

April 17, 2026

The initiative is designed to support the tokenization and commercialization of 100 companies formed around acquired innovation-related intellectual property.

FULLERTON, Calif., April 18, 2026 /PRNewswire/ — Akemona, Inc., a provider of tokenization and digital asset issuance infrastructure, announced today that a tokenized offering for Industrialized Innovation Impact Portfolio I LLC is now available through the Akemona platform.

The initiative is centered on 100 companies formed through the acquisition of innovation-related intellectual property and associated commercialization rights. Tokenization is intended to support the commercialization of these companies through a structured digital asset framework.

According to information provided to Akemona, Industrialized Innovation Impact Portfolio I is designed to offer diversified exposure to 100 early-stage companies created through FyrstGen’s Company Building as a Service (CBaaS®) model. The portfolio is structured through a special purpose vehicle and is intended to hold 50% equity positions in 100 FyrstGen companies spanning sectors such as green energy, sustainable agriculture, public health, and other innovation-driven markets.

Industrialized Innovations has stated that the portfolio is part of a broader effort to transform underutilized intellectual property into commercially oriented operating companies. The underlying companies are built and run by FyrstGen itself through its proprietary CBaaS® platform. Acting as the centralized entrepreneur, CBaaS® executes company formation, strategic planning, commercialization, scaling, and exit preparation end-to-end — eliminating founder dependency by design.

“Through our partnership with Akemona, for the first time ever, we can standardize the refinancing of innovation — a major milestone in the global rollout of our new ecosystem,” said Philipp Assmus, Chief Executive Officer of Industrialized Innovations and Fyrst Limited. Clémence Kopeikin, Chief Operating Officer at FyrstGen, added, “For too long, entire regions, communities, and brilliant minds have been excluded from value creation. We’re opening the door for those who have historically been left out of the process, all while bringing innovation to market, addressing some of the world’s biggest challenges.”

The initiative comes at a time when tokenization is receiving increased attention in the United States as policymakers and regulators work toward greater clarity for digital assets and tokenized securities. Recent developments, including the House passage of the CLARITY Act in 2025 and SEC staff guidance on tokenized securities in January 2026, have added momentum to the broader market discussion, even as the legislative process continues.

For Akemona, the project reflects how tokenization can be applied not only to individual assets but also to larger multi-company structures. Akemona’s technology is designed to support digital asset issuance, blockchain-based ownership records, investor access workflows, and smart contract-enabled transaction infrastructure.

“Tokenization is moving beyond isolated use cases and becoming a serious infrastructure layer for modern capital formation,” said Alex de Lorraine, Chief Executive Officer of Akemona. “This initiative stands out because of its scale and architecture. Bringing 100 companies into a single tokenized framework demonstrates how blockchain technology can support more structured, transparent, and efficient approaches to private market participation.”

The offering materials provided to Akemona state that the portfolio companies are derived from intellectual property sourced from universities and independent research, with an emphasis on commercial potential and real-world impact. The stated use of proceeds includes supporting commercialization infrastructure, initial product orders, and portfolio scaling activities intended to position the companies for future acquisition pathways.

Akemona provides blockchain-based infrastructure for digital asset issuance and management, helping businesses and financial institutions modernize capital formation through tokenized securities and other blockchain-native financial instruments. The company’s platform supports digital issuance workflows, investor onboarding, smart contract deployment, and ownership administration for tokenized assets.

Additional information about the offering is available through the Akemona platform at https://investors.akemona.com/offerings/impact.

Media Contact
Email: info@akemona.com

Disclaimer
This press release is provided for informational purposes only and is intended solely to notify the public about an upcoming offering expected to become available through the Akemona platform.

Akemona, Inc. is distributing this communication solely in its capacity as a technology platform provider. Akemona does not recommend or endorse any issuer, investment opportunity, or offering, and does not provide investment, legal, tax, accounting, or other professional advice. Nothing in this press release should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase, sell, or hold any security.

Any offering referenced in this communication is the responsibility of the applicable issuer and is expected to be conducted pursuant to Rule 506(c) of Regulation D, or another available exemption from registration. The securities referenced herein have not been registered under the Securities Act of 1933, as amended, or with the U.S. Securities and Exchange Commission or any state securities regulator, and may be offered and sold only to investors who are verified as accredited investors under applicable law. Such securities will be subject to restrictions on transfer and resale.

No federal or state securities regulator, including the SEC, has approved, passed upon, or endorsed the merits of any offering, or determined whether this communication is accurate or complete. Any investment decision should be made only after careful review of the applicable offering materials and in consultation with the investor’s own legal, tax, financial, accounting, and other professional advisers.

View original content:https://www.prnewswire.com/apac/news-releases/akemona-to-power-upcoming-tokenized-offering-for-industrialized-innovation-impact-portfolio-i-302746370.html

SOURCE Akemona, Inc.

Technology

AIxCrypto’s Designated Investor and Faraday Future Complete Amendment to $12 Million Investment Agreement,Exploring RWA-Related Applications and Integration of Real-World Assets with Blockchain Infrastructure

Published

7 hours ago

April 17, 2026

Key Points:

An amendment to the securities purchase agreement dated January 30, 2026 (the “SPA”) removed the true-up share mechanism and replaced it with a milestone-linked warrant capped at one million shares at $1.50 per shareThe Amended and Restated SPA increases the total investment amount to $12 millionThe warrant has a term expiring in April 2030 and is exercisable only upon delivery of 500 FX Super One vehiclesThe AIXC ecosystem is exploring the potential for a portion of the acquired FFAI shares to serve as underlying assets for future equity tokenization initiatives facilitated by ecosystem participants, subject to applicable regulatory and third-party approvals

LOS ANGELES, April 17, 2026 /PRNewswire/ — AIxCrypto Holdings, Inc. (NASDAQ: AIXC) (“AIxC” or the “Company”), a Nasdaq-listed technology company building a three-layer architecture spanning the infrastructure, protocol, and application layers, today provided an update regarding the amended and restated securities purchase agreement entered into by Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“FFAI”) and Gold King Arthur Holding Limited (“GKA”), a designated third-party investor identified by AIxC, in connection with the investment transaction previously announced by the parties. The amendment increases the total investment amount from $10 million to $12 million and includes updates to the transaction structure, pricing mechanism, and other terms.

Under the amended structure, the investment consists of a combination of common stock and preferred equity, with $500,000 used to purchase FF Class A common stock and $11.5 million used to purchase newly created Series C preferred stock. In addition, the original True-Up provision has been removed and replaced with a warrant to purchase up to 1,000,000 shares of FF common stock at an exercise price of $1.50 per share, expiring in April 2030. The warrant will become exercisable after FF delivers its 500th FX Super One vehicle.

The amendment also adjusts the pricing mechanism. The purchase price of the common stock and the conversion price of the preferred stock are based on the average closing price over the 10 trading days prior to signing. Based on a reference price of $0.25956 per share as of April 14, 2026, the $500,000 common stock investment corresponds to approximately 1,926,337 shares of Class A common stock.

The transaction was facilitated through a designated third-party investment entity and represents one of the Company’s approaches to exploring the integration of Real World Assets (RWA) with blockchain infrastructure. The Company is exploring the potential use of the associated equity as underlying assets for future tokenization-related applications, aiming to expand the role of digital assets in real-world economic scenarios.

The Company stated that it will continue to advance its RWA-related framework and strengthen its capabilities in connecting traditional capital markets with Web3 infrastructure.

Management Commentary

Kevin Richardson, Co-CEO of AIxC, stated: “The amendment to the securities purchase agreement reflects our continued confidence in Faraday Future’s execution roadmap. The milestone-linked warrant ensures this investment retains meaningful upside tied to FF’s vehicle delivery progress, while securing a more flexible framework to support our blockchain ecosystem.”

About AIxCrypto:

AIxCrypto Holdings, Inc. (Nasdaq: AIXC) is a Nasdaq-listed technology company building a three-layer architecture spanning the infrastructure, protocol, and application layers. Through the convergence of AI Agents and Embodied AI (EAI) devices, AIXC enables heterogeneous intelligent entities—robots, smart vehicles, drones, and other edge devices—to autonomously discover, collaborate, and transact with one another without centralized intermediaries, driving the advancement of the Silicon Economy.

FORWARD LOOKING STATEMENTS:
This press release contains “forward-looking statements”, including statements regarding AIxCrypto Holdings, Inc. (“AIxCrypto”) within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All of the statements in this press release, including financial projections, whether written or oral, that refer to expected or anticipated future actions and results of AIxCrypto are forward-looking statements. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements reflect our current projections and expectations about future events as of the date of this presentation. AIxCrypto cannot give any assurance that such forward-looking statements and financial projections will prove to be correct.

The information provided in this press release does not identify or include any risk or exposures of AIxCrypto that would materially and adversely affect the performance or risk of the company. By their nature, forward-looking statements and financial projections involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur, which may cause the Company’s actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements and financial projections. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: business, economic and capital market conditions; the heavily regulated industry in which AIxCrypto carries on business; current or future laws or regulations and new interpretations of existing laws or regulations; the inherent volatility and regulatory uncertainty associated with cryptocurrency investments; legal and regulatory requirements; market conditions and the demand and pricing for our products; our relationships with our customers and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers’ needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; failure of counterparties to perform their contractual obligations; systems, networks, telecommunications or service disruptions or failures or cyber-attack; ability to obtain additional financing on reasonable terms or at all; litigation costs and outcomes; our ability to successfully maintain and enforce our intellectual property rights and defend third party claims of infringement of their intellectual property rights; and our ability to manage our growth. Readers are cautioned that this list of factors should not be construed as exhaustive.

All information contained in this press release is provided as of the date of the press release issuance and is subject to change without notice. Neither AIxCrypto, nor any other person undertakes any obligation to update or revise publicly any of the forward-looking statements and financial projections set out herein, whether as a result of new information, future events or otherwise, except as required by law. This is presented as a source of information and not an investment recommendation. This press release does not take into account, nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. AIxCrypto reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof.

Readers are advised not to place undue reliance on forward-looking statements, as there is no guarantee that the plans, intentions, or expectations they are based on will be realized. While management believes these statements are reasonable at the time of preparation, actual results may differ materially. These forward-looking statements reflect the Company’s expectations as of the date of this presentation and are subject to change without notice. The Company is not obligated to update or revise these statements, unless required by law.

Forward-looking statements are often identified by words such as “may,” “could,” “would,” “might,” or “will,” indicating possible future actions, events, or outcomes. These statements involve known and unknown risks, uncertainties, and other factors that could cause actual results to differ significantly from what is expected.

Actual results may differ materially due to factors such as the ability to secure financing, complete transactions, meet exchange requirements, consumer demand, competition, and unexpected costs. These forward-looking statements are based on assumptions that may prove incorrect, and the Company does not assume any obligation to update them except as required by law. Given the uncertainties involved, readers should not place undue reliance on these statements.

You are cautioned not to place undue reliance on these forward-looking statements, which are made only as of the date of this news release. The Company disclaims any intent or obligation to update these forward-looking statements beyond the date of this news release, except as required by law. This caution is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

View original content:https://www.prnewswire.com/news-releases/aixcryptos-designated-investor-and-faraday-future-complete-amendment-to-12-million-investment-agreementexploring-rwa-related-applications-and-integration-of-real-world-assets-with-blockchain-infrastructure-302746330.html

SOURCE AIxCrypto

Technology

Knowlej and Chime Launch Financial Futures Campaign to Help Students Build Financial Confidence and Strengthen Engagement in School

Published

7 hours ago

April 17, 2026

LOS ANGELES, April 17, 2026 /PRNewswire/ — Knowlej today announced the launch of Knowlej Financial Futures, powered by leading financial technology company Chime, a new financial literacy challenge series designed for middle and high school students. The program pairs practical, student-friendly learning with rewards that reinforce a simple message: students can earn while they learn to power their own futures.

A Different Model for Attendance and Engagement

Across the country, millions of students are missing school at an alarming rate, fueling a crisis of chronic absenteeism. Meanwhile, many graduate without the financial knowledge or habits needed for their future. Financial Futures addresses this by showing that when students find value in attending, everything changes.

Knowlej Financial Futures is delivered through schools and districts using the Knowlej platform to drive participation and make learning feel relevant to students day to day. Currently, the Knowlej platform powers Financial Futures, which lets students participate in financial literacy challenges and helps them maintain attendance by offering rewards tied to consistent engagement. This structure is designed to support both skill-building and the habits that keep students connected to school.

The model shifts the focus from a traditional compliance-based approach to a “motivation-through-meaning” model that re-engages students by rewarding consistency and offers a new learning path. The initiative will be especially important for students in underserved communities, where access to financial education and wealth-building has historically been limited.

Building a New Path to Better Engagement

Chime, supporting Knowlej’s mission to boost engagement through rewards, will add modern financial tools to the program. Together, they aim to make financial education not only accessible but engaging, showing students that attendance leads to real-world financial outcomes.

“We’re facing a moment where students are not just absent from school, but disconnected from what school represents,” the CEO of Knowlej, Principal Rahh, stated. “Financial Futures is about changing that. When students see that showing up leads to real opportunities, when learning connects to something tangible, like their financial future, engagement changes. This is how we re-engage, restore, and reward students at scale.”

Access to high-quality financial education is not evenly distributed. Students and communities that can benefit most from foundational financial knowledge and wealth-building concepts are often the least likely to have consistent access. Knowlej Financial Futures is designed to help close that gap by delivering engaging, school-based learning experiences that meet students where they are and prioritize practical decision making, safety, and confidence, including how to avoid predatory or unscrupulous practices that can derail progress.

“At Chime, we believe financial education should be accessible, practical, and empowering from an early age,” said Sara El-Amine, Vice President of Community at Chime. “Through Financial Futures, we’re excited to help students build financial progress skills while reinforcing the connection between showing up, staying engaged, and unlocking opportunity.”

Together, the partners are taking an important step toward a shared vision: equipping students with the knowledge, confidence, and habits to manage money wisely, avoid costly mistakes, and build future opportunities.

New Launch and Ongoing Expansion

Financial Futures launches during Financial Literacy Month across Knowlej partner schools and districts in Los Angeles, New York, Washington, D.C., New Jersey, Colorado, and more, with plans to expand soon. Students who participate in the challenges and maintain attendance may earn rewards that link showing up with building a better future.

Early data show increased student engagement when schools implement the model. Knowlej plans to share participation and engagement insights with their partners during the spring rollout and to expand Financial Futures into a much broader national model that connects attendance, financial literacy, and, ultimately, better long-term opportunity.

About Knowlej

Knowlej is an AI-powered engagement platform designed to help schools and districts re-engage students and reduce chronic absenteeism through culturally relevant challenges and meaningful rewards. Through its Learn to Earn model, Knowlej connects participation and achievement to real-world outcomes and future opportunity.

About the Knowlej Foundation

The Knowlej Foundation expands educational equity by providing engagement-driven learning experiences and long-term pathways to underserved students and communities.

About Chime

Chime (Nasdaq: CHYM) is a financial technology company founded on the premise that core banking services should be helpful, easy, and free. We offer a broad range of low-cost banking and payments products that address the most critical financial needs of everyday people. Our member-aligned business model has helped millions of people to unlock financial progress™. Member deposits are FDIC-insured through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, up to applicable limits*.

Media Details – press@chime.com

Company Name: Knowlej
Contact Name: Amen Rahh
Contact Email: principalrahh@knowlej.io

Photo – https://mma.prnewswire.com/media/2958856/Knowlej.jpg

View original content:https://www.prnewswire.co.uk/news-releases/knowlej-and-chime-launch-financial-futures-campaign-to-help-students-build-financial-confidence-and-strengthen-engagement-in-school-302746333.html