Technology
MongoDB, Inc. Announces First Quarter Fiscal 2025 Financial Results
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2 years agoon
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First Quarter Fiscal 2025 Total Revenue of $450.6 million, up 22% Year-over-Year
Continued Strong Customer Growth with Over 49,200 Customers as of April 30, 2024
MongoDB Atlas Revenue up 32% Year-over-Year; 70% of Total Q1 Revenue
NEW YORK, May 30, 2024 /PRNewswire/ — MongoDB, Inc. (NASDAQ: MDB) today announced its financial results for the first quarter ended April 30, 2024.
“MongoDB’s delivered solid first quarter results, highlighted by 32% Atlas revenue growth. At the same time, we had a slower than expected start to the year for both Atlas consumption growth and new workload wins, which will have a downstream impact for the remainder of fiscal 2025,” said Dev Ittycheria, President and Chief Executive Officer of MongoDB.
“As we look ahead, we continue to be incredibly excited by our large market opportunity, the potential to increase share, and become a standard within more of our customers. We also see a tremendous opportunity to win more legacy workloads, as AI has now become a catalyst to modernize these applications. MongoDB’s document-based architecture is particularly well-suited for the variety and scale of data required by AI-powered applications. We are confident MongoDB will be a substantial beneficiary of this next wave of application development.”
First Quarter Fiscal 2025 Financial Highlights
Revenue: Total revenue was $450.6 million for the first quarter of fiscal 2025, an increase of 22% year-over-year. Subscription revenue was $436.9 million, an increase of 23% year-over-year, and services revenue was $13.7 million, an increase of 1% year-over-year.Gross Profit: Gross profit was $327.9 million for the first quarter of fiscal 2025, representing a 73% gross margin compared to 74% in the year-ago period. Non-GAAP gross profit was $337.8 million, representing a 75% non-GAAP gross margin, compared to a non-GAAP gross margin of 76% in the year-ago period.Loss from Operations: Loss from operations was $98.2 million for the first quarter of fiscal 2025, compared to a loss from operations of $68.5 million in the year-ago period. Non-GAAP income from operations was $32.8 million, compared to non-GAAP income from operations of $43.7 million in the year-ago period.Net Loss: Net loss was $80.6 million, or $1.10 per share, based on 73.0 million weighted-average shares outstanding, for the first quarter of fiscal 2025. This compares to a net loss of $54.2 million, or $0.77 per share, in the year-ago period. Non-GAAP net income was $42.7 million, or $0.51 per share, based on 83.2 million diluted weighted-average shares outstanding. This compares to a non-GAAP net income of $45.3 million, or $0.56 per share, in the year-ago period.Cash Flow: As of April 30, 2024, MongoDB had $2.1 billion in cash, cash equivalents, short-term investments and restricted cash. During the three months ended April 30, 2024, MongoDB generated $63.6 million of cash from operations, used $0.5 million of cash in capital expenditures and used $2.1 million of cash in principal repayments of finance leases, leading to free cash flow of $61.0 million, compared to free cash flow of $51.8 million in the year-ago period.
A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure has been provided in the financial statement tables included at the end of this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures.”
First Quarter Fiscal 2025 and Recent Business Highlights
MongoDB announced a number of new products and capabilities at MongoDB.local NYC. Highlights included the preview of MongoDB 8.0—with significant performance improvements such as faster reads and updates, along with significantly faster bulk inserts and time series queries—and the general availability of Atlas Stream Processing to build sophisticated, event-driven applications with real-time data.MongoDB continues to expand its AI ecosystem with the announcement of the MongoDB AI Applications Program (MAAP), which provides customers with reference architectures, pre-built partner integrations, and professional services to help them quickly build AI-powered applications. Accenture will establish a center of excellence focused on MongoDB projects, and is the first global systems integrator to join MAAP.Bendigo and Adelaide Bank partnered with MongoDB to modernize their core banking technology. With the help of MongoDB Relational Migrator and generative AI-powered modernization tools, Bendigo and Adelaide Bank decomposed an outdated consumer-servicing application into microservices and migrated off its underlying legacy relational database technology significantly faster and more easily than a traditional migration.
Second Quarter and Full Year Fiscal 2025 Guidance
Based on information available to management as of today, May 30, 2024, MongoDB is issuing the following financial guidance for the second quarter and full year fiscal 2025.
Second Quarter Fiscal 2025
Full Year Fiscal 2025
Revenue
$460.0 million to $464.0 million
$1.88 billion to $1.90 billion
Non-GAAP Income from Operations
$35.0 million to $38.0 million
$168.0 million to $183.0 million
Non-GAAP Net Income per Share
$0.46 to $0.49
$2.15 to $2.30
Reconciliations of non-GAAP income from operations and non-GAAP net income per share guidance to the most directly comparable GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in MongoDB’s stock price. MongoDB expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results.
Conference Call Information
MongoDB will host a conference call today, May 30, 2024, at 5:00 p.m. (Eastern Time) to discuss its financial results and business outlook. A live webcast of the call will be available on the “Investor Relations” page of MongoDB’s website at https://investors.mongodb.com. To access the call by phone, please go to this link (registration link), and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time at http://investors.mongodb.com.
Forward-Looking Statements
This press release includes certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements concerning MongoDB’s financial guidance for the second fiscal quarter and full year fiscal 2025 and underlying assumptions, our ability to capitalize on our market opportunity and deliver strong growth for the foreseeable future as well as the criticality of MongoDB to artificial intelligence application development. These forward-looking statements include, but are not limited to, plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts and statements identified by words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” “would” or the negative or plural of these words or similar expressions or variations. These forward-looking statements reflect our current views about our plans, intentions, expectations, strategies and prospects, which are based on the information currently available to us and on assumptions we have made. Although we believe that our plans, intentions, expectations, strategies and prospects as reflected in or suggested by those forward-looking statements are reasonable, we can give no assurance that the plans, intentions, expectations or strategies will be attained or achieved. Furthermore, actual results may differ materially from those described in the forward-looking statements and are subject to a variety of assumptions, uncertainties, risks and factors that are beyond our control including, without limitation: our customers renewing their subscriptions with us and expanding their usage of software and related services; the effects of the ongoing military conflicts between Russia and Ukraine and Israel and Hamas on our business and future operating results; economic downturns and/or the effects of rising interest rates, inflation and volatility in the global economy and financial markets on our business and future operating results; our potential failure to meet publicly announced guidance or other expectations about our business and future operating results; our limited operating history; our history of losses; failure of our platform to satisfy customer demands; the effects of increased competition; our investments in new products and our ability to introduce new features, services or enhancements; our ability to effectively expand our sales and marketing organization; our ability to continue to build and maintain credibility with the developer community; our ability to add new customers or increase sales to our existing customers; our ability to maintain, protect, enforce and enhance our intellectual property; the effects of social, ethical and regulatory issues relating to the use of new and evolving technologies, such as artificial intelligence, in our offerings or partnerships; the growth and expansion of the market for database products and our ability to penetrate that market; our ability to integrate acquired businesses and technologies successfully or achieve the expected benefits of such acquisitions; our ability to maintain the security of our software and adequately address privacy concerns; our ability to manage our growth effectively and successfully recruit and retain additional highly-qualified personnel; and the price volatility of our common stock. These and other risks and uncertainties are more fully described in our filings with the Securities and Exchange Commission (“SEC”), including under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended January 31, 2024, filed with the SEC on March 15, 2024. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2024, and other filings and reports that we may file from time to time with the SEC. Except as required by law, we undertake no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.
Non-GAAP Financial Measures
This press release includes the following financial measures defined as non-GAAP financial measures by the SEC: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share and free cash flow. Non-GAAP gross profit and non-GAAP gross margin exclude expenses associated with stock-based compensation. Non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share exclude:
expenses associated with stock-based compensation including employer payroll taxes upon the vesting and exercising of stock-based awards and expenses related to stock appreciation rights previously issued to our employees in China;amortization of intangible assets for the acquired technology and acquired customer relationships associated with prior acquisitions; andin the case of non-GAAP net income and non-GAAP net income per share, amortization of the debt issuance costs associated with our convertible senior notes and gains or losses on our financial instruments;additionally, non-GAAP net income and non-GAAP net income per share are adjusted for an assumed provision for income taxes based on an estimated long-term non-GAAP tax rate. The non-GAAP tax rate was calculated utilizing a three-year financial projection that excludes the direct impact of the GAAP to non-GAAP adjustments and considers other factors such as operating structure and existing tax positions in various jurisdictions. We intend to periodically reevaluate the projected long-term tax rate, as necessary, for significant events and our ongoing analysis of relevant tax law changes.
MongoDB uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating MongoDB’s ongoing operational performance. MongoDB believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing its financial results with other companies in MongoDB’s industry, many of which may present similar non-GAAP financial measures to investors.
Free cash flow represents net cash from/used in operating activities, less capital expenditures, principal repayments of finance lease liabilities and capitalized software development costs, if any. MongoDB uses free cash flow to understand and evaluate its liquidity and to generate future operating plans. The exclusion of capital expenditures, principal repayments of finance lease liabilities and amounts capitalized for software development facilitates comparisons of MongoDB’s liquidity on a period-to-period basis and excludes items that it does not consider to be indicative of its liquidity. MongoDB believes that free cash flow is a measure of liquidity that provides useful information to investors in understanding and evaluating the strength of its liquidity and future ability to generate cash that can be used for strategic opportunities or investing in its business in the same manner as MongoDB’s management and board of directors.
Non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In particular, other companies may report non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP net income, non-GAAP net income per share, free cash flow or similarly titled measures but calculate them differently, which reduces their usefulness as comparative measures. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, as presented below. This earnings press release and any future releases containing such non-GAAP reconciliations can also be found on the Investor Relations page of MongoDB’s website at https://investors.mongodb.com.
About MongoDB
Headquartered in New York, MongoDB’s mission is to empower innovators to create, transform, and disrupt industries by unleashing the power of software and data. Built by developers, for developers, MongoDB’s developer data platform is a database with an integrated set of related services that allow development teams to address the growing requirements for today’s wide variety of modern applications, all in a unified and consistent user experience. MongoDB has tens of thousands of customers in over 100 countries. The MongoDB database platform has been downloaded hundreds of millions of times since 2007, and there have been millions of builders trained through MongoDB University courses. To learn more, visit mongodb.com.
Investor Relations
Brian Denyeau
ICR for MongoDB
646-277-1251
ir@mongodb.com
Media Relations
MongoDB
press@mongodb.com
MONGODB, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share data)
(unaudited)
April 30, 2024
January 31, 2024
Assets
Current assets:
Cash and cash equivalents
$ 815,704
$ 802,959
Short-term investments
1,258,292
1,212,448
Accounts receivable, net of allowance for doubtful accounts of $7,814 and $8,054 as of April 30,
2024 and January 31, 2024, respectively
266,025
325,610
Deferred commissions
93,390
92,512
Prepaid expenses and other current assets
218,914
50,107
Total current assets
2,652,325
2,483,636
Property and equipment, net
50,214
53,042
Operating lease right-of-use assets
34,807
37,365
Goodwill
69,679
69,679
Acquired intangible assets, net
1,303
3,957
Deferred tax assets
4,524
4,116
Other assets
221,577
217,847
Total assets
$ 3,034,429
$ 2,869,642
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 9,349
$ 9,905
Accrued compensation and benefits
110,234
112,579
Operating lease liabilities
9,881
9,797
Other accrued liabilities
84,110
74,831
Deferred revenue
323,920
357,108
Total current liabilities
537,494
564,220
Deferred tax liability
770
285
Operating lease liabilities
28,417
30,918
Deferred revenue
16,210
20,296
Convertible senior notes, net
1,144,125
1,143,273
Other liabilities
38,157
41,661
Total liabilities
1,765,173
1,800,653
Stockholders’ equity:
Common stock, par value of $0.001 per share; 1,000,000,000 shares authorized as of April 30, 2024
and January 31, 2024; 73,449,966 shares issued and 73,350,595 shares outstanding as of April 30,
2024; 72,840,692 shares issued and 72,741,321 shares outstanding as of January 31, 2024
73
73
Additional paid-in capital
3,068,730
2,777,322
Treasury stock, 99,371 shares (repurchased at an average of $13.27 per share) as of April 30, 2024
and January 31, 2024
(1,319)
(1,319)
Accumulated other comprehensive (loss) income
(6,003)
4,545
Accumulated deficit
(1,792,225)
(1,711,632)
Total stockholders’ equity
1,269,256
1,068,989
Total liabilities and stockholders’ equity
$ 3,034,429
$ 2,869,642
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share data)
(unaudited)
Three Months Ended April 30,
2024
2023
Revenue:
Subscription
$ 436,896
$ 354,714
Services
13,665
13,566
Total revenue
450,561
368,280
Cost of revenue:
Subscription(1)
100,762
78,173
Services(1)
21,935
19,276
Total cost of revenue
122,697
97,449
Gross profit
327,864
270,831
Operating expenses:
Sales and marketing(1)
219,444
182,733
Research and development(1)
146,060
116,817
General and administrative(1)
60,546
39,828
Total operating expenses
426,050
339,378
Loss from operations
(98,186)
(68,547)
Other income, net
20,174
16,788
Loss before provision for income taxes
(78,012)
(51,759)
Provision for income taxes
2,581
2,487
Net loss
$ (80,593)
$ (54,246)
Net loss per share, basic and diluted
$ (1.10)
$ (0.77)
Weighted-average shares used to compute net loss per share, basic and diluted
72,990,141
70,177,499
(1) Includes stock‑based compensation expense as follows:
Three Months Ended April 30,
2024
2023
Cost of revenue—subscription
$ 6,163
$ 5,514
Cost of revenue—services
3,255
2,948
Sales and marketing
39,613
37,606
Research and development
55,173
44,066
General and administrative
16,559
13,821
Total stock‑based compensation expense
$ 120,763
$ 103,955
MONGODB, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
(unaudited)
Three Months Ended April 30,
2024
2023
Cash flows from operating activities
Net loss
$ (80,593)
$ (54,246)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
4,826
4,373
Stock-based compensation
120,763
103,955
Amortization of debt issuance costs
852
847
Amortization of finance right-of-use assets
993
994
Amortization of operating right-of-use assets
2,479
2,225
Deferred income taxes
7
(188)
Amortization of premium and accretion of discount on short-term investments, net
(7,781)
(13,230)
Unrealized gain on financial instruments
(479)
(2,226)
Unrealized foreign exchange loss
115
429
Change in operating assets and liabilities:
Accounts receivable, net
59,326
73,364
Prepaid expenses and other current assets
1,233
(2,909)
Deferred commissions
(4,820)
2,664
Other long-term assets
166
(46)
Accounts payable
(547)
(304)
Accrued liabilities
6,526
(12,631)
Operating lease liabilities
(2,185)
(2,394)
Deferred revenue
(37,431)
(47,266)
Other liabilities, non-current
163
319
Net cash provided by operating activities
63,613
53,730
Cash flows from investing activities
Purchases of property and equipment
(539)
(623)
Investments in non-marketable securities
—
(1,306)
Proceeds from maturities of marketable securities
125,000
280,000
Purchases of marketable securities
(172,604)
(66,789)
Net cash (used in) provided by investing activities
(48,143)
211,282
Cash flows from financing activities
Proceeds from exercise of stock options
953
1,472
Principal repayments of finance leases
(2,093)
(1,342)
Net cash (used in) provided by financing activities
(1,140)
130
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,583)
709
Net increase in cash, cash equivalents and restricted cash
12,747
265,851
Cash, cash equivalents and restricted cash, beginning of period
803,643
456,339
Cash, cash equivalents and restricted cash, end of period
$ 816,390
$ 722,190
MONGODB, INC.
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
(in thousands, except share and per share data)
(unaudited)
Three Months Ended April 30,
2024
2023
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Gross profit on a GAAP basis
$ 327,864
$ 270,831
Gross margin (Gross profit/Total revenue) on a GAAP basis
73 %
74 %
Add back:
Expenses associated with stock-based compensation: Cost of Revenue—Subscription
6,497
5,688
Expenses associated with stock-based compensation: Cost of Revenue—Services
3,474
3,385
Non-GAAP gross profit
$ 337,835
$ 279,904
Non-GAAP gross margin (Non-GAAP gross profit/Total revenue)
75 %
76 %
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
Sales and marketing operating expense on a GAAP basis
$ 219,444
$ 182,733
Less:
Expenses associated with stock-based compensation
42,154
40,331
Amortization of intangible assets
85
760
Non-GAAP sales and marketing operating expense
$ 177,205
$ 141,642
Research and development operating expense on a GAAP basis
$ 146,060
$ 116,817
Less:
Expenses associated with stock-based compensation
57,760
45,724
Amortization of intangible assets
2,568
1,535
Non-GAAP research and development operating expense
$ 85,732
$ 69,558
General and administrative operating expense on a GAAP basis
$ 60,546
$ 39,828
Less:
Expenses associated with stock-based compensation
18,445
14,780
Non-GAAP general and administrative operating expense
$ 42,101
$ 25,048
Reconciliation of GAAP loss from operations to non-GAAP income from operations:
Loss from operations on a GAAP basis
$ (98,186)
$ (68,547)
GAAP operating margin (Loss from operations/Total revenue)
(22) %
(19) %
Add back:
Expenses associated with stock-based compensation
128,330
109,908
Amortization of intangible assets
2,653
2,295
Non-GAAP income from operations
$ 32,797
$ 43,656
Non-GAAP operating margin (Non-GAAP Income from operations/Total revenue)
7 %
12 %
Reconciliation of GAAP net loss to non-GAAP net income:
Net loss on a GAAP basis
$ (80,593)
$ (54,246)
Add back:
Expenses associated with stock-based compensation
128,330
109,908
Amortization of intangible assets
2,653
2,295
Amortization of debt issuance costs related to convertible senior notes
852
847
Less:
Gains on financial instruments, net
479
2,226
Income tax effects and adjustments *
8,088
11,316
Non-GAAP net income
$ 42,675
$ 45,262
Reconciliation of GAAP net loss per share, basic and diluted, to non-GAAP net income per share,
basic and diluted:
Net loss per share, basic and diluted, on a GAAP basis
$ (1.10)
$ (0.77)
Add back:
Expenses associated with stock-based compensation
1.76
1.57
Amortization of intangible assets
0.04
0.03
Amortization of debt issuance costs related to convertible senior notes
0.01
0.01
Less:
Gains on financial instruments, net
0.01
0.03
Income tax effects and adjustments *
0.11
0.16
Non-GAAP net income per share, basic
$ 0.59
$ 0.65
Adjustment for fully diluted earnings per share
(0.08)
(0.09)
Non-GAAP net income per share, diluted **
$ 0.51
$ 0.56
* Non-GAAP financial information is adjusted for an assumed provision for income taxes based on our long-term projected tax rate of
20%. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, our estimated tax rate on non-GAAP
income may differ from our GAAP tax rate and from our actual tax liabilities.
** Diluted non-GAAP net income per share is calculated based upon 83.2 million and 81.5 million of diluted weighted-average shares
of outstanding common stock for the three months ended April 30, 2024 and 2023, respectively.
The following table presents a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP
measure, for each of the periods indicated (unaudited, in thousands):
Three Months Ended April 30,
2024
2023
Net cash provided by operating activities
$ 63,613
$ 53,730
Capital expenditures
(539)
(623)
Principal repayments of finance leases
(2,093)
(1,342)
Capitalized software
—
—
Free cash flow
$ 60,981
$ 51,765
MONGODB, INC.
CUSTOMER COUNT METRICS
The following table presents certain customer count information as of the periods indicated:
4/30/2022
7/31/2022
10/31/2022
1/31/2023
4/30/2023
7/31/2023
10/31/2023
1/31/2024
4/30/2024
Total Customers (a)
35,200+
37,000+
39,100+
40,800+
43,100+
45,000+
46,400+
47,800+
49,200+
Direct Sales Customers(b)
4,800+
5,400+
5,900+
6,400+
6,700+
6,800+
6,900+
7,000+
7,100+
MongoDB Atlas Customers
33,700+
35,500+
37,600+
39,300+
41,600+
43,500+
44,900+
46,300+
47,700+
Customers over $100K(c)
1,379
1,462
1,545
1,651
1,761
1,855
1,972
2,052
2,137
(a) Our definition of “customer” excludes users of our free offerings and all affiliated entities are counted as a single customer.
(b) Direct Sales Customers are customers that were sold through our direct sales force and channel partners.
(c) Represents the number of customers with $100,000 or greater in annualized recurring revenue (“ARR”) and annualized monthly recurring revenue (“MRR”).
ARR includes the revenue we expect to receive from our customers over the following 12 months based on contractual commitments and, in the case of
Direct Sales Customers of MongoDB Atlas, by annualizing the prior 90 days of their actual consumption of MongoDB Atlas, assuming no increases or reductions
in their subscriptions or usage. For all other customers of our self-serve products, we calculate annualized MRR by annualizing the prior 30 days of their actual
consumption of such products, assuming no increases or reductions in usage. ARR and annualized MRR exclude professional services.
MONGODB, INC.
SUPPLEMENTAL REVENUE INFORMATION
The following table presents certain supplemental revenue information as of the periods indicated:
4/30/2022
7/31/2022
10/31/2022
1/31/2023
4/30/2023
7/31/2023
10/31/2023
1/31/2024
4/30/2024
MongoDB Enterprise Advanced: % of Subscription Revenue
33 %
28 %
29 %
28 %
28 %
26 %
27 %
26 %
25 %
Direct Sales Customers(a)
Revenue: % of Subscription Revenue
87 %
86 %
87 %
88 %
88 %
88 %
88 %
88 %
87 %
(a) Direct Sales Customers are customers that were sold through our direct sales force and channel partners.
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SOURCE MongoDB, Inc.
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KUALA LUMPUR, Malaysia, April 27, 2026 /PRNewswire/ — On April 23, 2026, with the support of the Malaysian government agency and leveraging the favorable opportunity presented by the Secretariat of the China-ASEAN Business and Investment Summit to deepen regional economic, trade, and digital industry collaboration, the opening ceremony of the 2nd China (Guangxi)—ASEAN College Students Invitational Competition On Digital Economy and AI Application Innovation was successfully held in Kuala Lumpur, Malaysia.
Under the theme of “Digital Intelligence Empowerment • Creating a Connected Future,” this competition closely aligns with the trends of China-ASEAN digital economy cooperation under the RCEP framework and actively responds to the Belt and Road Initiative. It recruits participating teams from universities across China and ASEAN countries, aiming to establish an international benchmark platform for industry-education integration and youth exchange in the China-ASEAN digital economy. The event is hosted by the China-Malaysia Institute of Modern Craftsmanship of Digital Economy and jointly organized by institutions such as Guangxi Vocational College of Finance and Guangxi Tus innovation Cross-border E-Commerce Co., Ltd receiving extensive support and active participation from government, enterprises, and academic sectors in both China and Malaysia.
At the opening ceremony, representatives from Chinese and Malaysian government, enterprises, and educational institutions—including LI Gaoyan, Secretary of the Party Committee of Guangxi Financial Vocational College and Prof. Dato’ Indera Ir. Dr. Lee Sze Wei, president of Tunku Abdul Rahman University of Management and Technology; and Zhuge Ronghe, Deputy General Manager of Guangxi Tus innovation Cross-border E-Commerce Co., Ltd. and Executive Director of the AI Cross-border Digital Economy Committee of the Guangxi International Chamber of Commerce—delivered speeches. All parties highly recognized the cross-border industry-education integration platform established by the event and expressed their expectation to leverage it as a bridge to deepen and solidify practical cooperation in the China-ASEAN digital economy.
In addition, a plaque presentation ceremony was held simultaneously at the opening ceremony, officially awarding the “China-Malaysia Institute of Modern Craftsmanship of Digital Economy Data Annotation and Corpus Training Base” to WEHIVE GLOBAL MARTECH SDN BHD, a leading local digital marketing technology company in Malaysia. This marks a substantive step forward by both China and Malaysia in the field of foundational artificial intelligence data services. The establishment of this base not only provides industry-level corpus resources and authentic training scenarios for cultivating digital economy talents in the region but also offers robust support for the technical implementation and commercialization of projects participating in this competition. It establishes a comprehensive, deeply integrated chain of “competition + training + industry,” fostering synergistic alignment between the education system, talent pipeline, industrial chain, and innovation ecosystem.
Compared to previous editions, this year’s competition has undergone a comprehensive upgrade, precisely focusing on the core objectives of cultivating digital economy talent and facilitating the commercialization of research outcomes, with three key highlights: First, an innovative scoring system. The competition incorporates practical AI tool proficiency into its core evaluation criteria, requiring participating teams to create project promotional posters using mainstream AI tools, addressing the common issue of “emphasizing concepts over practical application” in similar events and truly achieving learning and application through competition. Second, a multicultural team formation model. The competition encourages students from China and ASEAN countries to form cross-border teams, fostering cross-cultural exchange, technical complementarity, and conceptual synergy. Third, an enhanced technology commercialization mechanism. The competition offers winning teams dual support— “cash prizes plus full-cycle incubation at the Nanning Comprehensive Pilot Zone Overseas Talent Offshore Innovation and Entrepreneurship Base” —bridging the “last mile” from competition to market implementation, establishing a complete transformation cycle of “competition—cultivation—incubation—implementation” to significantly improve the industrial viability and market competitiveness of participating projects.
This competition draws on the innovative education model of the China-Malaysia Institute of Modern Craftsmanship of Digital Economy, with a core focus on empowering youth innovation and entrepreneurship through AI technology. It aims to identify and cultivate young digital economy talents possessing international vision, practical skills, and innovative thinking, while promoting the application of AI technologies in emerging sectors such as cross-border e-commerce and digital finance. Moving forward, the competition will continue to serve as a bridge, injecting youthful momentum into the high-quality, coordinated development of the China-ASEAN digital economy, and supporting the sustained deepening and steady advancement of industry-education integration between China and Malaysia under the Belt and Road framework.
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SOURCE TusCBEC
Technology
ALLSPRING GLOBAL INVESTMENTS LAUNCHES GLOBAL EQUITY FUND, EXPANDING ITS SYSTEMATIC CORE EQUITY SUITE
Published
46 minutes agoon
April 27, 2026By
LONDON, April 27, 2026 /PRNewswire/ — Allspring Global Investments™, a global asset management company with US$624 billion* in assets under advisement, today announced the launch of the Allspring (Lux) Worldwide Fund – Global Equity Fund, a UCITS sub-fund offering a systematic core global equity investment strategy designed to deliver consistent, repeatable alpha whilst maintaining disciplined risk management across market cycles.
“With the growing success of our Global Equity Enhanced Income Fund and our Climate Transition Global Equity Fund in our UCITS range, we are proud to now launch the Allspring Global Equity Fund in response to client demand for a core global equity solution. This new fund reflects our continued investment in systematic capabilities that combine rigorous quantitative research with fundamental insight”, said Andy Sowerby, head of Allspring’s International Client Group. “As clients look for dependable sources of potential outperformance in an increasingly complex global market, this strategy extends our global equity franchise with a risk-controlled core solution designed for compelling performance across market cycles”.
The Global Equity Fund broadens Allspring’s systematic global equity offering, complementing its existing Global Equity Enhanced Income and Climate Transition Global Equity Funds. These two funds were launched in July 2020 and July 2021, respectively, and both have delivered top-quartile performance within their peer groups since.
The new fund seeks long-term capital appreciation by using proprietary quantitative models integrated with fundamental validation to identify attractively valued, high-quality companies with supportive momentum characteristics. The fund aims to achieve positive excess returns relative to the MSCI All Country World Index. The portfolio is broadly diversified and constructed through a disciplined process that combines active stock selection with holistic risk management.
“Our Global Equity Fund is designed to serve as a true core allocation for global equity portfolios”, said John Campbell, CFA, senior portfolio manager of the Global Equity Fund and head of Allspring’s Systematic Core Equity team. “By targeting bottom-up alpha whilst actively managing macro and fundamental risks, the strategy aims to deliver a smoother excess return profile across different market environments”.
The strategy is managed by Allspring’s Systematic Core Equity team, which oversees approximately US$10.8 billion in assets and has decades of experience managing enhanced index, high-conviction equity solutions.
The fund is available to investors in Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Norway, Portugal, Spain, Sweden and the United Kingdom in our UCITS vehicle. It will also be available to investors in Switzerland and select Asian countries in the coming months.
ABOUT ALLSPRING
Allspring Global Investments™ is an independent asset management company with more than US$624 billion in assets under advisement*, 18 offices globally and investment teams supported by 365+ investment professionals. Allspring is committed to thoughtful investing, purposeful planning and inspiring a new era of investing that pursues both financial returns and positive outcomes. For more information, please visit www.allspringglobal.com.
*As of 31 March 2026. Figures include discretionary and non-discretionary assets.
This material is provided for informational purposes only and is intended for professional/institutional investor and qualified client use only. Not for retail public use. This content and the information within do not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so. It should not be considered investment advice, an investment recommendation, or investment research in any jurisdiction.
INVESTMENT RISKS: All investments contain risk. Your capital may be at risk. The value, price, or income of investments or financial instruments can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Past performance is not a guarantee or reliable indicator of future results. Returns may increase or decrease as a result of currency fluctuations.
Allspring Global Investments™ (Allspring) is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments Luxembourg, S.A.; Allspring Funds Management, LLC; Allspring Global Investments, LLC; Allspring Global Investments (UK) Ltd.; Allspring Global Investments (Singapore) Pte. Ltd.; Allspring Global Investments (Hong Kong) Ltd.; Allspring Global Investments (Japan) Ltd.; and Galliard Capital Management, LLC. Unless otherwise stated, Allspring is the source of all data (which is current or as of the date stated). Content is provided for informational purposes only. Views, opinions, assumptions, or estimates are not necessarily those of Allspring or its affiliates, and there is no representation regarding their adequacy, accuracy, or completeness. They should not be relied upon and may be subject to change without notice.
© 2026 Allspring Global Investments Holdings, LLC. All rights reserved. ALL-04142026-qxuja9fc
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Technology
Elbit Systems to Report First Quarter 2026 Financial Results on May 26, 2026
Published
46 minutes agoon
April 27, 2026By
The Company will host a Conference Call to discuss its financial results on May 26, 2026 at 9:00am ET
HAIFA, Israel, April 27, 2026 /PRNewswire/ — Elbit Systems Ltd. (NASDAQ: ESLT) (TASE: ESLT) (“Elbit Systems” or the “Company”) announced today that it will publish its first quarter 2026 financial results on Tuesday, May 26, 2026.
Results Conference Call
The Company will host a conference call on May 26, 2026, at 9:00am Eastern Time. On the call, management will review and discuss the results and will be available to answer questions. To participate, please call one of the dial-in numbers below:
US Dial-in Number: 1-866-744-5399
Canada Dial-in Number: 1-866-485-2399
Israel Dial-in Number: +972-3-918-0644
International Dial-in Number: +972-3-918-0644
at 9:00am Eastern Time; 6:00am Pacific Time; 4:00pm Israel Time
This call will also be broadcast live on Elbit Systems’ website at http://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends.
Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are: 1-888-782-4291 (U.S. and Canada) or +972-3-925-5900 (Israel and International).
About Elbit Systems
Elbit Systems is a leading global defense technology company, delivering advanced solutions for a secure and safer world. Elbit Systems develops, manufactures, integrates and sustains a range of next-generation solutions across multiple domains.
Driven by its agile, collaborative culture, and leveraging Israel’s technology ecosystem, Elbit Systems enables customers to address rapidly evolving battlefield challenges and overcome threats.
Elbit Systems employs over 20,000 people in dozens of countries across five continents. The Company reported $7,938.6 million in revenues for the year ended December 31, 2025 and an order backlog of $28.1 billion as of such date.
For additional information, visit: www.elbitsystems.com, follow us on X or visit our official Facebook, Youtube and LinkedIn Channels.
Company Contact:
Dr. Yaacov (Kobi) Kagan, Executive VP – CFO
Tel: +972-77-2946663
kobi.kagan@elbitsystems.com
Daniella Finn, VP, Investor Relations
Tel: +972-77-2948984
daniella.finn@elbitsystems.com
Dalia Bodinger, VP, Communications & Brand
Tel: +972-77-2947602
dalia.bodinger@elbitsystems.com
This press release may contain forward–looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Israeli Securities Law, 1968) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current facts. Forward-looking statements are based on management’s current expectations, estimates, projections and assumptions about future events. Forward–looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions about the Company, which are difficult to predict, including projections of the Company’s future financial results, its anticipated growth strategies and anticipated trends in its business. Therefore, actual future results, performance and trends may differ materially from these forward–looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others, including the duration and scope of the war in Israel, and the potential impact on our operations; changes in global health and macro-economic conditions; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; changes in the competitive environment; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.’s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward–looking statements speak only as of the date of this release. Although the Company believes the expectations reflected in the forward-looking statements contained herein are reasonable, it cannot guarantee future results, level of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company does not undertake to update its forward-looking statements.
Elbit Systems Ltd., its logo, brand, product, service and process names appearing in this release are the trademarks or service marks of Elbit Systems Ltd. or its affiliated companies. All other brand, product, service and process names appearing are the trademarks of their respective holders. Reference to or use of a product, service or process other than those of Elbit Systems Ltd. does not imply recommendation, approval, affiliation or sponsorship of that product, service or process by Elbit Systems Ltd. Nothing contained herein shall be construed as conferring by implication, estoppel or otherwise any license or right under any patent, copyright, trademark or other intellectual property right of Elbit Systems Ltd. or any third party, except as expressly granted herein.
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SOURCE Elbit Systems Ltd.
The 2nd China (Guangxi)–ASEAN College Students Invitational Competition On Digital Economy and AI Application Innovation was grandly inaugurated in Kuala Lumpur.
ALLSPRING GLOBAL INVESTMENTS LAUNCHES GLOBAL EQUITY FUND, EXPANDING ITS SYSTEMATIC CORE EQUITY SUITE
Elbit Systems to Report First Quarter 2026 Financial Results on May 26, 2026
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