Technology

Cheetah Mobile Announces First Quarter 2024 Unaudited Consolidated Financial Results

Published

2 years ago

June 7, 2024

BEIJING, June 7, 2024 /PRNewswire/ — Cheetah Mobile Inc. (NYSE: CMCM) (“Cheetah Mobile” or the “Company”), a China-based IT company, today announced its unaudited consolidated financial results for the first quarter ended March 31, 2024.

Management Commentary

Mr. Sheng Fu, Cheetah Mobile’s Chairman and Chief Executive Officer, remarked, “Cheetah Mobile is transforming from a consumer-facing company to an enterprise-facing company. Our acquisition of Beijing OrionStar Technology Co., Ltd. (“Beijing OrionStar”) was an important step in our transformation, bringing us an experienced 2B sales team, strong connections with business customers, and comprehensive large language model (LLM) capabilities. We are strategically focused on developing customized LLM-based apps for enterprises and using these apps to further enhance our enterprise-facing service robots. Our robust AI capabilities and proven success in product development position us well to commercialize the once-in-a-generation opportunity presented by LLMs.”

Mr. Thomas Ren, Cheetah Mobile’s Chief Financial Officer, commented, “We are pleased with our financial performance for the first quarter of 2024, which was largely driven by the successful integration of Beijing OrionStar and robust growth in the AI and others segment. Total revenues increased by 11.6% year over year, reaching RMB190.3 million, with a 62.1% increase in the AI and others segment. Our strategic investments in LLMs and enhancements in operational efficiencies position us well for continued revenue growth and improved margins in the coming quarters.”

First Quarter 2024 Consolidated Financial Results

Total revenues increased by 11.6% year over year and 13.7% quarter over quarter to RMB190.3 million (US$26.4 million) in the first quarter of 2024.

Revenues from the Company’s internet business decreased by 9.4% year over year but increased by 1.2% quarter-over-quarter to RMB109.0 million (US$15.1 million) in the first quarter of 2024. The year-over-year decrease was mainly due to the Company’s proactive approach to shifting its focus from the internet business to enterprise-facing large language-related business. As a result, the Company continued to review its consumer-facing product portfolio and removed products and product features that did not address user’s pain points in the quarter. In the first quarter of 2024, revenues generated from the internet business accounted for 57.3% of total revenues, compared to 70.6% in the same period last year and 64.4% in the previous quarter.Revenues from AI and others increased by 62.1% year over year and 36.3% quarter over quarter to RMB81.3 million (US$11.3 million) in the first quarter of 2024. The growth was primarily driven by an increase in the delivery of the Company’s service robots, following the acquisition of a controlling stake in Beijing OrionStar. In the first quarter of 2024, revenues generated from AI and others accounted for 42.7% of total revenues, compared to 29.4% in the same period last year and 35.6% in the previous quarter.

Cost of revenues increased by 37.0% year over year and 12.8% quarter over quarter to RMB77.0 million (US$10.7 million) in the first quarter of 2024. The increases were primarily attributable to the rise in the hardware-related costs for the Company’s service robots. Non-GAAP cost of revenues increased by 37.1% year over year and 12.7% quarter over quarter to RMB76.9 million (US$10.6 million) in the first quarter of 2024.

Total operating expenses increased by 23.9% year over year and 21.2% quarter over quarter to RMB193.9 million (US$26.9 million) in the first quarter of 2024. The increases primarily resulted from the acquisition of a controlling stake in Beijing OrionStar. Total non-GAAP operating expenses increased by 15.3% year over year and 21.3% quarter over quarter to RMB179.8 million (US$24.9 million) in the first quarter of 2024.

Research and development expenses increased by 26.2% year over year and 44.8% quarter over quarter to RMB57.3 million (US$7.9 million) in the first quarter of 2024, primarily due to higher personnel-related expenses as the Company expanded its R&D team following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP research and development expenses increased by 11.8% year over year and 41.7% quarter over quarter to RMB50.9 million (US$7.0 million) in the first quarter of 2024.Selling and marketing expenses decreased by 0.5% year over year but increased by 19.7% quarter over quarter to RMB67.9 million (US$9.4 million) in the first quarter of 2024. The quarter-over-quarter increase was primarily due to 1) increased marketing and promotion expenses related to our user acquisition for certain products of our internet business; and 2) increased personnel-related expenses as the Company increased its sales personnel following the acquisition of a controlling stake in Beijing OrionStar. Non-GAAP selling and marketing expenses decreased by 0.8% year over year but increased by 19.8% to RMB67.5 million (US$9.4 million) in the first quarter of 2024.General and administrative expenses increased by 56.7% year over year and 8.9% quarter over quarter to RMB69.1 million (US$9.6 million) in the first quarter of 2024, primarily due to 1) increased personnel-related expenses as the Company increased the number of its G&A personnel following the acquisition of a controlling stake in Beijing OrionStar, 2) increased share-based compensation expenses for our key employees. Non-GAAP general and administrative expenses increased by 42.1% year over year and 11.0% quarter over quarter to RMB61.9 million (US$8.6 million) in the first quarter of 2024.

Operating loss was RMB80.6 million (US$11.2 million) in the first quarter of 2024, compared to RMB42.3 million in the same period last year and RMB60.9 million in the previous quarter. Non-GAAP operating loss was RMB66.4 million (US$9.2 million) in the first quarter of 2024, compared to RMB41.5 million in the same period last year and RMB49.1 million in the previous quarter. The Company widened its operating loss in the quarter because of: 1) its increased personnel-related expenses, and 2) hardware-related costs, which in turn resulted from the acquisition of a controlling stake in Beijing OrionStar.

Share-based compensation expenses were RMB7.6 million (US$1.1 million) in the first quarter of 2024, compared to RMB0.8 million in the same period last year and RMB7.4 million in the previous quarter.

By segment, operating margin excluding share-based compensation expense for internet business was 7.9% in the first quarter of 2024, which improved from 3.1% in the same period last year, but slightly decreased from 8.8% in the previous quarter.

Other expenses, net were RMB7.6 million (US$1.1 million) in the first quarter of 2024, primarily due to loss from the disposal of its subsidiary outside of China.

Net loss attributable to Cheetah Mobile shareholders was RMB80.0 million (US$11.1 million) in the first quarter of 2024, compared to RMB18.6 million in the same period last year and RMB301.2 million in the previous quarter. Non-GAAP net loss attributable to Cheetah Mobile shareholders was RMB65.8 million (US$9.1 million) in the first quarter of 2024, compared to RMB17.8 million in the same period last year and RMB289.4 million in the previous quarter.

Diluted loss per ADS was RMB2.8 (US$0.4) in the first quarter of 2024, compared to RMB0.6 in the same period last year and RMB 10.3 in the previous quarter. Non-GAAP diluted loss per ADS was RMB2.3 (US$0.3) in the first quarter of 2024, compared to RMB0.6 in the same period last year and RMB9.9 in the previous quarter.

Balance Sheet

As of March 31, 2024, the Company had cash and cash equivalents and short-term investments of RMB1,793.2 million (US$248.4 million).

Conference Call Information

The Company will hold a conference call on June 7th, 2024, at 7:00 a.m. Eastern Time (or 7:00 p.m. Beijing Time) to discuss its financial results. Listeners may access the call by dialing the following numbers:

Main Line:
International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 8764416

English Translation:

International: 1-412-317-6061
United States Toll Free: 1-888-317-6003
Mainland China Toll Free: 4001-206115
Hong Kong Toll Free: 800-963976
Conference ID: 0625357

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.cmcm.com.

Exchange Rate

This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars in this press release were made at a rate of RMB7.2203 to US$1.00, the exchange rate in effect as of March 29, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars at that rate or any other rate, or to be the amounts that would have been reported under accounting principles generally accepted in the United States of America (“U.S. GAAP”).

About Cheetah Mobile Inc.

Cheetah Mobile is a China-based IT company with a commitment to AI innovation. It has attracted hundreds of millions of users through an array of internet products and services on PCs and mobile devices. At the same time, it actively engages in the independent research and development of its AI technologies, including LLM technologies. Cheetah Mobile provides advertising services to advertisers worldwide, value-added services including the sale of premium membership to its users, multi-cloud management platform to companies globally, as well as service robots to international clients. Cheetah Mobile is also committed to leveraging its cutting-edge AI technologies, including LLM technologies, to empower its products and make the world smarter. It has been listed on the New York Stock Exchange since May 2014.

Safe Harbor Statement

This press release contains forward-looking statements. These statements, including management quotes and business outlook, constitute forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Such statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in the forward-looking statements, including but are not limited to the following: Cheetah Mobile’s growth strategies; Cheetah Mobile’s ability to retain and increase its user base and expand its product and service offerings; Cheetah Mobile’s ability to monetize its platform; Cheetah Mobile’s future business development, financial condition and results of operations; competition with companies in a number of industries including internet companies that provide online marketing services and internet value-added services; expected changes in Cheetah Mobile’s revenues and certain cost or expense items; and general economic and business condition globally and in China. Further information regarding these and other risks is included in Cheetah Mobile’s filings with the U.S. Securities and Exchange Commission. Cheetah Mobile does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

Use of Non-GAAP Financial Measures

This release contains non-GAAP financial measures, including but not limited to:

Non-GAAP cost of revenues excludes share-based compensation expensesNon-GAAP gross profit excludes share-based compensation expensesNon-GAAP gross margin excludes share-based compensation expenses.Total non-GAAP operating expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP research and development expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP selling and marketing expenses exclude share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP general and administrative expenses exclude share-based compensation expenses.Non-GAAP operating profit/loss excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP net income/loss attributable to Cheetah Mobile shareholders excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP diluted earnings/losses per ADS excludes share-based compensation expenses and amortization of intangible assets resulting from business acquisitions.Non-GAAP adjusted EBITDA represents net income/loss attributable to Cheetah Mobile shareholders excluding share-based compensation, amortization of intangible assets resulting from business acquisitions, interest income, depreciation and amortization, net income attributable to noncontrolling interests, other income, net and income tax expenses

The Company reviews these non-GAAP financial measures together with GAAP financial measures to obtain a better understanding of its operating performance. It uses the non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of share-based compensation expenses and amortization of intangible assets resulting from business acquisitions, which have been and will continue to be significant recurring expenses in its business. However, the use of non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using non-GAAP financial measures is that they do not include all items that impact the Company’s net income for the period. In addition, because non-GAAP financial measures are not measured in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measure in isolation from or as an alternative to the financial measure prepared in accordance with U.S. GAAP. For more information on these non-GAAP financial measures, please see the tables captioned “Cheetah Mobile Inc. Reconciliation of GAAP and Non-GAAP Results”.

CHEETAH MOBILE INC.

Condensed Consolidated Balance Sheets

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

As of

December 31, 2023

March 31, 2024

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

2,020,191

1,792,907

248,315

Short-term investments

1,023

328

Accounts receivable, net

401,064

438,596

60,745

Prepayments and other current assets, net

973,127

1,231,793

170,601

Due from related parties, net

71,505

77,408

10,721

Total current assets

3,466,910

3,541,032

490,427

Non-current assets:

Property and equipment, net

53,884

49,531

6,860

Operating lease right-of-use assets

30,451

27,636

3,828

Intangible assets, net

218,559

211,376

29,275

Goodwill

576,989

79,912

Long-term investments

937,460

933,011

129,221

Deferred tax assets

188,503

189,775

26,284

Other non-current assets

160,428

89,950

12,458

Total non-current assets

2,166,274

2,078,268

287,838

Total assets

5,633,184

5,619,300

778,265

LIABILITIES, MEZZANINE EQUITY
AND SHAREHOLDERS’ EQUITY

Current liabilities:

Bank loans

5,000

692

Accounts payable

170,185

172,150

23,842

Accrued expenses and other current liabilities

2,437,210

2,400,597

332,479

Due to related parties

84,147

84,508

11,704

Income tax payable

31,603

34,417

4,767

Total current liabilities

2,728,145

2,696,672

373,484

Non-current liabilities:

Deferred tax liabilities

54,540

53,281

7,379

Other non-current liabilities

189,943

180,297

24,971

Total non-current liabilities

244,483

233,578

32,350

Total liabilities

2,972,628

2,930,250

405,834

Mezzanine equity:

Redeemable noncontrolling interests

105,978

183,690

25,441

Shareholders’ equity:

Ordinary shares

244

Additional paid-in capital

2,711,875

2,716,181

376,187

Accumulated deficit

(613,102)

(693,137)

(95,998)

Accumulated other comprehensive income

356,854

380,940

52,760

Total Cheetah Mobile shareholders’ equity

2,455,871

2,404,228

332,983

Noncontrolling interests

98,707

101,132

14,007

Total equity

2,554,578

2,505,360

346,990

Total liabilities, mezzanine equity and equity

5,633,184

5,619,300

778,265

CHEETAH MOBILE INC.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for number of shares and per
share(or ADS) data)

For The Three Months Ended

March 31, 2023

December 31, 2023

March 31, 2024

RMB

USD

Revenues

170,434

167,314

190,288

26,354

Internet business

120,309

107,711

109,020

15,099

AI and others

50,125

59,603

81,268

11,255

Cost of revenues (a)

(56,163)

(68,243)

(76,952)

(10,658)

Gross profit

114,271

99,071

113,336

15,696

Operating income and expenses:

Research and development (a)

(45,428)

(39,583)

(57,331)

(7,940)

Selling and marketing (a)

(68,266)

(56,746)

(67,940)

(9,410)

General and administrative (a)

(44,126)

(63,502)

(69,145)

(9,576)

Other operating income/(expense), net

1,271

(185)

508

Total operating income and expenses

(156,549)

(160,016)

(193,908)

(26,856)

Operating loss

(42,278)

(60,945)

(80,572)

(11,160)

Other income/(expenses):

Interest income, net

12,342

15,829

15,316

2,121

Foreign exchange gains/ (losses)

14,463

17,407

(3,277)

(454)

Other expense, net

(1,801)

(321,244)

(7,595)

(1,052)

Loss before taxes

(17,274)

(348,953)

(76,128)

(10,545)

Income tax (expenses)/ benefits

(178)

47,760

(198)

(27)

Net loss

(17,452)

(301,193)

(76,326)

(10,572)

Less: net income attributable to noncontrolling interests

1,147

3,709

514

Net loss attributable to Cheetah Mobile shareholders

(18,599)

(301,211)

(80,035)

(11,086)

Net loss per share

Basic

(0.0126)

(0.2056)

(0.0549)

(0.0076)

Diluted

(0.0129)

(0.2056)

(0.0550)

(0.0076)

Net loss per ADS

Basic

(0.6300)

(10.2800)

(2.7450)

(0.3800)

Diluted

(0.6450)

(10.2800)

(2.7500)

(0.3800)

Weighted average number of shares outstanding

Basic

1,449,518,133

1,493,550,095

1,494,213,830

Diluted

1,449,518,133

1,493,550,095

1,494,213,830

Weighted average number of ADSs outstanding

Basic

28,990,363

29,871,002

29,884,277

Diluted

28,990,363

29,871,002

29,884,277

Other comprehensive (loss)/income , net of tax of nil

Foreign currency translation adjustments

(40,018)

(29,112)

21,031

2,913

Unrealized gains on available-for-sale securities, net

–

1,772

245

Other comprehensive (loss)/ income

(40,018)

(29,112)

22,803

3,158

Total comprehensive loss

(57,470)

(330,305)

(53,523)

(7,414)

Less: Total comprehensive income attributable to
noncontrolling interests

913

687

2,426

336

Total comprehensive loss attributable to Cheetah Mobile
shareholders

(58,383)

(330,992)

(55,949)

(7,750)

For The Three Months Ended

March 31,
2023

December 31,
2023

March 31,
2024

(a) Share-based compensation expenses

RMB

USD

Cost of revenues

119

Research and development

(88)

(426)

292

Selling and marketing

196

(44)

(6)

General and administrative

552

7,714

7,245

1,003

Total

779

7,430

7,585

1,050

CHEETAH MOBILE INC.

Reconciliation of GAAP and Non-GAAP Results

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for per share data)

For The Three Months Ended March 31, 2024

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

RMB

USD

Revenues

190,288

–

190,288

26,354

Cost of revenues

(76,952)

–

(76,860)

(10,645)

Gross profit

113,336

–

113,428

15,709

Research and development

(57,331)

292

6,156

(50,883)

(7,047)

Selling and marketing

(67,940)

(44)

469

(67,515)

(9,351)

General and administrative

(69,145)

7,245

–

(61,900)

(8,573)

Other operating income, net

508

–

508

Total operating income and expenses

(193,908)

7,493

6,625

(179,790)

(24,901)

Operating loss

(80,572)

7,585

6,625

(66,362)

(9,192)

Net loss attributable to Cheetah Mobile shareholders

(80,035)

7,585

6,625

(65,825)

(9,118)

Diluted losses per ordinary share (RMB)

(0.0550)

0.0052

0.0043

(0.0455)

Diluted losses per ADS (RMB)

(2.7500)

0.2600

0.2150

(2.2750)

Diluted losses per ADS (USD)

(0.3800)

0.0360

0.0289

(0.3151)

For The Three Months Ended December 31, 2023

GAAP

Share-based

Amortization of

Non-GAAP

Result

Compensation

intangible assets*

Result

RMB

Revenues

167,314

–

167,314

Cost of revenues

(68,243)

–

(68,173)

Gross profit

99,071

–

99,141

Research and development

(39,583)

(426)

4,104

(35,905)

Selling and marketing

(56,746)

313

(56,361)

General and administrative

(63,502)

7,714

–

(55,788)

Other operating expense, net

(185)

–

(185)

Total operating income and expenses

(160,016)

7,360

4,417

(148,239)

Operating loss

(60,945)

7,430

4,417

(49,098)

Net loss attributable to Cheetah Mobile shareholders

(301,211)

7,430

4,417

(289,364)

Diluted losses per ordinary share (RMB)

(0.2056)

0.0051

0.0029

(0.1976)

Diluted losses per ADS (RMB)

(10.2800)

0.2550

0.1450

(9.8800)

For The Three Months Ended March 31, 2023

GAAP

Share-based

Non-GAAP

Result

Compensation

Result

RMB

Revenues

170,434

–

170,434

Cost of revenues

(56,163)

119

(56,044)

Gross profit

114,271

119

114,390

Research and development

(45,428)

(88)

(45,516)

Selling and marketing

(68,266)

196

(68,070)

General and administrative

(44,126)

552

(43,574)

Other operating income, net

1,271

–

1,271

Total operating income and expenses

(156,549)

660

(155,889)

Operating loss

(42,278)

779

(41,499)

Net loss attributable to Cheetah Mobile shareholders

(18,599)

779

(17,820)

Diluted losses per ordinary share (RMB)

(0.0129)

0.0006

(0.0123)

Diluted losses per ADS (RMB)

(0.6450)

0.0300

(0.6150)

* This represents amortization of intangible assets resulting from business acquisitions.

CHEETAH MOBILE INC.

Information about Segment

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”), except for percentage)

For The Three Months Ended March 31, 2024

Internet Business

AI and others

Unallocated*

Consolidated

RMB

USD

Revenue

109,020

81,268

–

190,288

26,354

Operating profit/(loss)

8,662

(81,649)

(7,585)

(80,572)

(11,160)

Operating margin

7.9 %

(100.5) %

–

(42.3) %

For The Three Months Ended December 31, 2023

Internet Business

AI and others

Unallocated*

Consolidated

RMB

Revenue

107,711

59,603

–

167,314

Operating profit/(loss)

9,489

(63,004)

(7,430)

(60,945)

Operating margin

8.8 %

(105.7) %

–

(36.4) %

For The Three Months Ended March 31, 2023

Internet Business

AI and others

Unallocated*

Consolidated

RMB

Revenue

120,309

50,125

–

170,434

Operating profit/(loss)

3,755

(45,254)

(779)

(42,278)

Operating margin

3.1 %

(90.3) %

–

(24.8) %

*Unallocated expenses refer to SBC expenses that are not allocated to individual segments.

CHEETAH MOBILE INC.

Reconciliation from Net Income Attributable to Cheetah Mobile Shareholders to Adjusted EBITDA (Non-GAAP)

(Unaudited, amounts in thousands of Renminbi (“RMB”) and US dollars (“US$”))

For The Three Months Ended

March 31, 2023

December 31, 2023

March 31, 2024

RMB

USD

Net loss attributable to Cheetah Mobile shareholders

(18,599)

(301,211)

(80,035)

(11,086)

Add:

Income tax expenses/ (benefits)

178

(47,760)

198

Interest income, net

(12,342)

(15,829)

(15,316)

(2,121)

Depreciation and other amortization(1)

8,833

11,275

12,312

1,705

Net income attributable to noncontrolling interests

1,147

3,709

514

Other (income)/ expense, net

(12,662)

303,837

10,872

1,506

Share-based compensation

779

7,430

7,585

1,050

Amortization of intangible assets(2)

–

4,417

6,625

918

Adjusted EBITDA

(32,666)

(37,823)

(54,050)

(7,487)

(1) This represents depreciation and other amortization exclude amortization of intangible assets resulting from
business acquisitions.

(2) This represents amortization of intangible assets resulting from business acquisitions.

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SOURCE Cheetah Mobile

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BIRMINGHAM, England, Oct. 27, 2026 /PRNewswire/ — Lovey, the UK’s fastest-growing fintech and financial services provider, specialising in SME lending and brokerage, has today announced a senior secured credit facility of up to £250 million with Pollen Street Capital (“Pollen Street”), an alternative asset manager. The facility is made up of £50 million committed capital and a £200 million accordion, making it the largest funding facility in Lovey’s history and marking a key milestone in the company’s growth.

The facility demonstrates continued institutional investor confidence in Lovey’s lending model, technology and long-term strategy and reinforces Lovey’s position as a leading finance provider focusing on SME funding. The facility will significantly increase Lovey’s lending capacity, supporting the business as it scales its own-book lending while continuing to grow its established brokerage proposition.

Founded by Jack Smith in 2016, Lovey has grown from a one-person start-up into a 120-strong business, funding more than £600 million in loans to over 11,000 UK SMEs. Built around a mission to make lending simple, fast and beautiful, Lovey has expanded rapidly while staying focused on making finance easier and more accessible for small businesses. The new facility will support that mission by giving Lovey the capital to help more UK SMEs access funding quickly and flexibly.

Lovey began lending directly from its own balance sheet in 2022, building on its experience as a broker to develop a deeper understanding of the funding needs of UK SMEs. Today, the business combines direct lending with its established brokerage proposition, giving customers access to both Lovey’s own lending and a wider panel of funding partners. This approach allows Lovey to match businesses with the funding solution that best suits their needs, while the new facility provides greater capacity to grow its direct lending operation.

Jack Smith, Founder and CEO at Lovey, comments:
“This new facility is an important milestone for us and will enable us to put more capital behind UK small businesses, scale our own-book lending and give more SMEs access to finance when they need it. Pollen Street shares our belief that finances for small businesses should be simpler, faster and more flexible, and we’re really pleased to have them backing Lovey for this next stage of growth.”

Kai Hunter, Chief Operating Officer at Lovey, comments:
“The funding announced today is the result of close and collaborative work with Pollen Street and I am grateful to their team, and to our own, for the diligence they brought to it. This funding deepens our lending capacity and allows us to offer larger loans, so that we can back more of the UK’s small and medium-sized businesses, from those that have found finance hardest to secure to the well-established, with greater speed and certainty.”

Ethan Saggu, Investment Director, Pollen Street, adds:
“Lovey has spent almost a decade seeing the UK SME lending market from a broker’s perspective, giving the team an expert view of where demand for credit is going unmet. We have financed a number of specialist SME lenders and recognise what it takes to grow from brokerage into balance-sheet lending. Lovey has done so with a well-defined product and a focused approach, and we look forward to supporting the team as it scales.”

Lovey was advised by Ashurst Perkins Coie and Pollen Street was advised by Simmons & Simmons.

The facility builds on Lovey’s existing funding arrangements announced last year, including a £35 million revolving credit facility from Paragon Bank and a £10 million junior medium-term note programme from LGB Capital Markets. The new facility also adds to Lovey’s growing institutional funding base as it enters its next phase of expansion.

To learn more about Lovey or to apply for a fast, flexible business loan, visit Lovey’s website.

For any further information, please contact: press@lovey.com

About Lovey (the trading name of Love Finance Limited):
Lovey is the UK’s fastest-growing fintech and financial services provider, specialising in SME lending and brokerage. Founded in Birmingham in 2016 by Jack Smith, Lovey has a mission to make lending simple, fast and beautiful. The company has funded more than £600 million in loans for over 11,000 SMEs across the UK.

Recognised by EY, Deloitte, The Sunday Times, Financial Times, UK Growth Index, FEBE, and Sifted as one of the UK’s fastest-growing companies. Lovey combines direct lending and brokerage services to deliver fast, flexible, and tailored funding solutions. With an industry-leading 4.9-star Trustpilot rating, businesses can enquire in 60 seconds and receive funding in as little as 4 hours.

Website: www.lovey.com

Pollen Street Press Office:
FGS Global
Chris Sibbald / Anna Tabor
PollenStreetCapital-LON@fgsglobal.com

About Pollen Street:
Pollen Street is a fast-growing and high performing private capital asset manager. Established in 2013, the firm has built deep capability across the financial and business services sectors aligned with mega-trends shaping the future of the industry. Pollen Street manages over €9bn AUM across private equity and credit strategies on behalf of investors including leading public and corporate pension funds, insurance companies, sovereign wealth funds, endowments and foundations, asset managers, banks, and family offices from around the world. Pollen Street has a team of over 100 professionals.

www.pollenstreetgroup.com

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Technology

Baidu to Report Third Quarter 2026 Financial Results on November 16, 2026

Published

25 minutes ago

October 27, 2026

BEIJING, Oct. 27, 2026 /PRNewswire/ — Baidu, Inc. (Nasdaq: BIDU; HKEX: 9888 (HKD Counter) and 89888 (RMB Counter)) (“Baidu” or the “Company”), a leading AI company with strong Internet foundation, today announced that it will report its financial results for the Third Quarter 2026 ended September 30, 2026, before the U.S. market opens on November 16, 2026. Baidu’s management will hold an earnings conference call at 7:30 AM on November 16, 2026, U.S. Eastern Time (8:30 PM on November 16, 2026, Beijing Time).

Please register in advance of the conference call using the link provided below. It will automatically direct you to the registration page of “Baidu Inc. Q3 2026 Earnings Conference Call”. Please follow the steps to enter your registration details, then click “Register”. Upon registering, you will then be provided with the dial-in number, the passcode, and your unique access PIN. This information will also be emailed to you as a calendar invite.

For pre-registration, please click:
https://s1.c-conf.com/diamondpass/10057872-oyt4z8.html

In the 10 minutes prior to the call start time, you may use the conference access information (including dial-in number(s), the passcode and unique access PIN) provided in the calendar invite that you have received following your pre-registration.

Additionally, a live and archived webcast of this conference call will be available at https://ir.baidu.com.

A replay of the conference call may be accessed by phone at the following number until November 24, 2026:
US: 1 855 883 1031
Replay PIN: 10057872

About Baidu

Founded in 2000, Baidu’s mission is to make the complicated world simpler through technology. Baidu is a leading AI company with strong Internet foundation, trading on Nasdaq under “BIDU” and the HKEX under “9888.” One Baidu ADS represents eight Class A ordinary shares.

View original content:https://www.prnewswire.com/news-releases/baidu-to-report-third-quarter-2026-financial-results-on-november-16-2026-302920463.html

SOURCE Baidu, Inc.

Technology

IBS Software’s iCargo to power Philippine Airlines Cargo Modernisation

Published

25 minutes ago

October 27, 2026

Airline to move from its current cargo system to a modern, cloud-based platform covering cargo sales, ground handling operations and revenue accounting

MANILA, Philippines, Oct. 27, 2026 /PRNewswire/ — IBS Software’s iCargo, a cloud-based platform bringing cargo sales, ground handling operations and accounting together, has been selected by Philippine Airlines (PAL) to replace its current cargo system. The implementation will extend iCargo’s capabilities across PAL’s domestic and international cargo operations.

As the leading AI-native product company in the travel technology sector, IBS Software will support PAL’s broader cargo transformation and modernisation programme with capabilities that support PAL’s full range of business functions, from commercial and operations to back-office accounting, while enabling further innovation and digitisation through a single, fully integrated cloud-based platform. iCargo will support cargo movements across PAL’s domestic and international operations, including international requirements such as customs reporting, duties and taxes settlement and regulatory compliance. iCargo already supports carriers with this same mix of demands, providing the flexibility, scale and capabilities to manage both.

The transition will enable PAL to address key operational requirements across its cargo operations, including system performance and data analytics. iCargo will provide modern capabilities to support faster shipment processing, greater reliability and end-to-end shipment visibility, while reducing manual intervention and enabling more efficient processes.

Beyond operational efficiency, these capabilities will help PAL Cargo bring its ‘Care that Delivers’ promise to life, giving customers greater confidence through improved shipment visibility, reliable service and a more seamless cargo experience. As cargo volumes continue to grow across its network, the new platform will also provide the technological foundation for continued innovation, operational excellence and long-term growth.

IBS Software’s proposal combined a strong technology fit with a proven track record of delivering successful cargo transformations for airlines worldwide. The selection of iCargo builds on an established relationship between Philippine Airlines and IBS Software, broadening the portfolio of IBS Software products used by PAL and reinforcing their shared commitment to long-term innovation and business growth.

“This initiative represents an important step in the modernisation of our cargo business,” said Jason Siy, Vice President for Cargo Business, Philippine Airlines. “As we grow across our domestic and international network, we need a system that increases visibility, improves operational efficiency and enables us to deliver a better experience for our customers. We see iCargo as a key enabler of our long-term cargo transformation strategy and of our ambition to build an even stronger cargo business for the future.”

“Philippine Airlines has a clear vision for the future of its cargo business, and we are proud to support that journey,” added Sunil George, Vice President & Region Head of Oceania, IBS Software. “This partnership is about more than implementing a new cargo platform. It is about working closely with PAL to build the digital foundation for future growth, innovation and operational excellence, and continuing a relationship we value deeply.”

For more information about IBS Software’s iCargo solution, visit: https://www.ibsplc.com/product/air-cargo-solutions/icargo.

About IBS Software

IBS Software is a leading travel technology company delivering AI-native travel intelligence that enables smarter, faster and more resilient decision-making, with built-in guardrails across aviation, cargo and logistics, and leisure and hospitality. It powers core capabilities for leading travel brands worldwide, spanning airline retailing, passenger services, loyalty, fleet, hub and crew operations, cargo management, and cloud-native platforms for hotels and cruise line operators, and operates from 17 offices globally.

Further information can be found at www.ibsplc.com. Follow us:
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About Philippine Airlines

Philippine Airlines (PAL) is the Philippines’ flag carrier and the country’s only full-service network airline. Founded in 1941, PAL is Asia’s first commercial airline and has played a vital role in connecting the Philippines to the world for 85 years.

PAL operates scheduled nonstop flights from its hubs in Manila and Cebu to 29 destinations across the Philippines and 40 destinations in Asia, North America, Australia, and the Middle East.

PAL is an APEX Four Star™ airline and was recognised by Cirium for achieving the highest on-time performance among Asia-Pacific carriers in 2025. In 2026, Philippine Airlines was officially invited to join the oneworld® Alliance.

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SOURCE IBS Software