Technology

Fly-E Group, Inc. Announces Fiscal Year 2024 Financial Results

Published

2 years ago

July 1, 2024

NEW YORK, July 1, 2024 /PRNewswire/ — Fly-E Group, Inc. (Nasdaq: FLYE) (“Fly-E” or the “Company”), an electric vehicle company engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters, and related accessories, today announced its financial results for the fiscal year ended March 31, 2024.

Mr. Zhou (Andy) Ou, Chairman and Chief Executive Officer of Fly-E, remarked, “We are thrilled to present our robust inaugural financial results for fiscal year 2024 following our IPO in June 2024. Our net revenues and gross profit surged by an impressive 47.9% and 58.1%, respectively, for fiscal year 2024. This growth has been accompanied by an improvement in our gross profit margin from 38.1% to 40.7%. Despite the challenges posed by inflation, which has led to higher labor and raw material costs that have impacted profitability and customer demand, our income from operations and net income still rose significantly by 41.0% and 37.5%, respectively. Our EBITDA also saw a significant increase of 43.2%, reaching $3.5 million. All these impressive numbers demonstrate the success of our adept management team in their oversight of our pricing strategies and sales enhancement, supplier diversification, logistics optimization, and continuous upgrading of our product portfolio. These efforts collectively reinforce our brand and position in the market. As a fast-growing EV company with eco-friendliness at our core, we are focused on expanding into new territories through online sales and diversifying our product offerings to meet ever-evolving customer demands and travel scenarios. We will continue to invest in our intelligent management service mobile software, the Fly E-Bike app, to further enhance the customer experience. Looking ahead, we are committed to ongoing innovation and expanding our sales network to create greater long-term growth for our company.”

Fiscal Year 2024 Financial Highlights

Net revenues were $32.2 million in fiscal year 2024, an increase of 47.9% from $21.8 million in fiscal year 2023.Gross profit was $13.1 million in fiscal year 2024, an increase of 58.1% from $8.3 million in fiscal year 2023.Gross margin was 40.7% in fiscal year 2024, increased from 38.1% in fiscal year 2023.Income from operations was $3.3 million in fiscal year 2024, an increase of 41.0% from $2.3 million in fiscal year 2023.Net income was $1.9 million in fiscal year 2024, an increase of 37.5% from $1.4 million in fiscal year 2023.Basic and diluted earnings per share were $0.09 in fiscal year 2024, increased from $0.06 in fiscal year 2023.EBITDA was $3.5 million in fiscal year 2024, an increase of 43.2% from $2.4 million in fiscal year 2023.

Fiscal Year 2024 Financial Results

Net Revenues

Net revenues were $32.2 million in fiscal year 2024, an increase of 47.9% from $21.8 million in fiscal year 2023. The increase was driven primarily by the increase of the average sale price of EVs by 2.0%, from $941 in fiscal year 2023 to $960 in fiscal year 2024, and the increase in sales volume of EVs by 7,389 units, from 11,263 units in fiscal year 2023 to 18,652 units in fiscal year 2024.

Retail sales revenue was $26.4 million in fiscal year 2024, an increase of 40.0% from $18.8 million in fiscal year 2023. Wholesale revenue was $5.8 million in fiscal year 2024, an increase of 98.5% from $2.9 million in fiscal year 2023.

Cost of Revenues

Cost of revenues was $19.1 million in fiscal year 2024, an increase of 41.6% from $13.5 million in fiscal year 2023. The increase in cost of revenues was primarily attributable to the increase in sales volume mentioned above and increase in logistics costs as the Company sourced and imported more EV parts and accessories outside the United States during the year ended March 31, 2024.

Gross Profit

Gross profit was $13.1 million in fiscal year 2024, an increase of 58.1% from $8.3 million in fiscal year 2023. Gross margin was 40.7% in fiscal year 2024, increased from 38.1% in fiscal year 2023. The increase in gross profit and gross margin was a result of higher average per unit selling price, increasing from $941 in fiscal year 2023 to $960 in fiscal year 2024. These improvements were driven by product upgrades, enhanced sales channels, and an improved brand image in the market.

Total Operating Expenses

Total operating expenses were $9.8 million in fiscal year 2024, an increase of 64.7% compared to $6.0 million in fiscal year 2023. The increase was attributable to the increase in the payroll expenses, rent expenses, meals and entertainment expenses, professional fees, and development expenses as the Company expanded its business.

Selling expenses were $5.9 million in fiscal year 2024, compared to $3.7 million in fiscal year 2023. Selling expenses primarily consist of payroll expenses, rent and utilities expenses of retail stores and other sales and marketing expenses. Total payroll expenses were $1.6 million in fiscal year 2024, compared to $1.4 million in fiscal year 2023. Rent expenses were $2.4 million in fiscal year 2024, compared to $1.7 million in fiscal year 2023. Because delivery drivers are the Company’s main retail customers, customer referral is the most effective way to market promotion. August through November is the low-season comparing to other months, as such, the Company focuses on client referrals during this period to boost sales. As a result, our marketing referral expense increased to $1.1 million in fiscal year 2024, compared to $15,756 in fiscal year 2023. Utilities expenses were $0.16 million in fiscal year 2024, compared to $0.13 million in fiscal year 2023. The increase in these expenses was primarily due to the increase in the number of new stores and new employees hired for these new stores in fiscal year 2024.General and administrative expenses were $3.9 million in fiscal year 2024, compared to $2.3 million in fiscal year 2023. Meals and entertainment expenses increased to $0.4 million in fiscal year 2024, compared to $0.3 million in fiscal year 2023, primarily due to increased meal expenses for employees who worked overtime. Professional fees increased to $1.0 million in fiscal year 2024, compared to $0.7 million in fiscal year 2023, primarily attributable to the increase in audit fee, consulting fee, and legal expenses associated with the Company’s initial public offering. Payroll expenses increased to $1.1 million in fiscal year 2024 from $0.5 million in fiscal year 2023 primarily due to additional employees hired in operation and accounting departments. Rent expenses increased to $0.2 million in fiscal year 2024, compared to $0.1 million in fiscal year 2023 as a result of office space expansion in fiscal year 2024.

Net Income

Net income was $1.9 million in fiscal year 2024, an increase of 37.5% from $1.4 million in fiscal year 2023, mainly attributable to the reasons discussed above.

Basic and Diluted Earnings per Share

Basic and diluted earnings per share were $0.09 in fiscal year 2024, increased from $0.06 in fiscal year 2023.

EBITDA

EBITDA was $3.5 million in fiscal year 2024, an increase of 43.2% from $2.4 million in fiscal year 2023.

Financial Condition

As of March 31, 2024, the Company had cash of $1.4 million, increased from $0.4 million as of March 31, 2023.

Net cash provided by operating activities was $4.3 million in fiscal year 2024, compared to $1.8 million in fiscal year 2023.

Net cash used in investing activities was $3.2 million in fiscal year 2024, compared to $0.4 million in fiscal year 2023.

Net cash used in financing activities was $0.05 million in fiscal year 2024, compared to $1.4 million in fiscal year 2023.

Recent Development

On June 7, 2024, the Company completed its initial public offering (the “Offering”) of 2,250,000 shares of common stock, at a price of $4.00 per share. On June 25, 2024, the underwriter of the Offering exercised its over-allotment option in full to purchase an additional 337,500 shares of the Company’s common stock at the public offering price of $4.00 per share. After giving effect to the full exercise of the over-allotment option, the Company sold an aggregate 2,587,500 shares of its common stock for aggregate gross proceeds of $10.35 million, before deducting underwriter discounts, commissions and other related expenses. The Company’s shares of common stock began trading on the Nasdaq Capital Market under the symbol “FLYE” on June 6, 2024.

About Fly-E Group, Inc.

Fly-E Group, Inc. is an electric vehicle company that is principally engaged in designing, installing and selling smart electric motorcycles, electric bikes, electric scooters and related accessories under the brand “Fly E-Bike.” The Company’s commitment is to encourage people to incorporate eco-friendly transportation into their active lifestyles, ultimately contributing towards building a more environmentally friendly future. For more information, please visit the Company’s website: https://investors.flyebike.com.

Non-GAAP Financial Measures

To supplement the Company’s financial information presented in accordance with the generally accepted accounting principles in the United States (the “U.S. GAAP”), management periodically uses certain “non-GAAP financial measures,” as such term is defined under the rules of the SEC, to clarify and enhance understanding of past performance and prospects for the future. Generally, a non-GAAP financial measure is a numerical measure of a company’s operating performance, financial position or cash flows that excludes or includes amounts that are included in or excluded from the most directly comparable measure calculated and presented in accordance with U.S. GAAP. For example, non-GAAP measures may exclude the impact of certain items such as acquisitions, divestitures, gains, losses and impairments, or items outside of management’s control. Management believes that the following non-GAAP financial measure provides investors and analysts useful insight into its financial position and operating performance. Any non-GAAP measure provided should be viewed in addition to, and not as an alternative to, the most directly comparable measure determined in accordance with U.S. GAAP. Further, the calculation of these non-GAAP financial measures may differ from the calculation of similarly titled financial measures presented by other companies and therefore may not be comparable among companies.

The Company uses EBITDA (earnings before interest, taxes, depreciation, and amortization) to evaluate its operating performance. The Company believes EBITDA provides additional insight into its underlying, ongoing operating performance and facilitates year-to-year comparisons by excluding the earnings impact of interest, tax, depreciation and amortization and that presenting EBITDA is more representative of its operational performance and may be more useful for investors.

The Company reconciles its non-GAAP financial measure to its net income, which is its most directly comparable financial measure calculated and presented in accordance with U.S. GAAP. EBITDA includes adjustments for provision for income taxes, as applicable, interest income and expense, depreciation, and amortization. EBITDA does not represent and should not be considered an alternative to net income as determined by U.S. GAAP, and its calculations thereof may not be comparable to those reported by other companies. The Company believes EBITDA is an important measure of operating performance and provides useful information to investors because it highlights trends in its business that may not otherwise be apparent when relying solely on U.S. GAAP measures and because it eliminates items that have less bearing on its operating performance. EBITDA, as presented herein, is a supplemental measure of its performance that is not required by, or presented in accordance with, U.S. GAAP. The Company uses non-GAAP financial measures as supplements to its U.S. GAAP results in order to provide a more complete understanding of the factors and trends affecting its business. EBITDA is a measure of operating performance that is not defined by U.S. GAAP and should not be considered a substitute for net (loss) income as determined in accordance with U.S. GAAP.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct. The Company cautions investors that actual results may differ materially from the anticipated results, and that the forward-looking statements contained in this press release are subject to the risks set forth in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the section under “Risk Factors” of its most recent Annual Report on Form 10-K for the fiscal year ended March 21, 2024, filed with the SEC on June 28, 2024. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law.

For investor and media inquiries, please contact:

Fly-E Group, Inc.
Investor Relations Department
Email: ir@flyebike.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

FLY-E GROUP, INC.

CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollars, except for the number of shares)

March 31,
2024

March 31,
2023

ASSETS

Current Assets

Cash

1,403,514

358,894

Accounts receivable

212,804

389,077

Accounts receivable – related parties

326,914

136,565

Inventories, net

5,364,060

3,838,754

Prepayments and other receivables

588,660

782,819

Prepayments and other receivables – related parties

240,256

—

Total Current Assets

8,136,208

5,506,109

Property and equipment, net

1,755,022

785,285

Security deposits

781,581

424,942

Deferred IPO costs

502,198

75,819

Deferred tax assets, net

35,199

211,100

Operating lease right-of-use assets

16,000,742

10,261,556

Intangible assets, net

36,384

—

Long-term prepayment for property

450,000

—

Long-term prepayment for software development– related parties

1,279,000

—

Total Assets

28,976,334

17,264,811

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Accounts payable

1,180,796

1,005,401

Current portion of long-term loan payables

1,213,242

412,224

Accrued expenses and other payables

925,389

365,662

Other payables – related parties

92,229

332,481

Operating lease liabilities – current

2,852,744

1,836,737

Taxes payable

1,530,416

959,456

Total Current Liabilities

7,794,816

4,911,961

Long-term loan payables

412,817

723,228

Long-term loan payables – related parties

—

150,000

Operating lease liabilities – non-current

13,986,879

8,979,193

Total Liabilities

22,194,512

14,764,382

Commitment and Contingencies

Stockholders’ Equity

Preferred stock, $0.01 par value, 4,400,000 shares authorized and nil
outstanding as of March 31, 2024 and March 31, 2023*

—

Common stock, $0.01 par value, 44,000,000 shares authorized and
22,000,000 shares outstanding as of March 31, 2024 and March 31,
2023*

220,000

Additional Paid-in Capital

2,400,000

—

Shares Subscription Receivable

(219,998)

Retained Earnings

4,395,649

2,500,427

Accumulated other comprehensive loss

(13,829)

—

Total FLY-E Group, Inc. Stockholders’ Equity

6,781,822

2,500,429

Total Liabilities and Stockholders’ Equity

28,976,334

17,264,811

Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance
on December 21, 2022 and to give effect to the stock split completed on April 2, 2024.

FLY-E GROUP, INC.

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Expressed in U.S. dollars, except for the number of shares)

For the Years Ended
March 31,

2024

2023

Revenues

32,205,666

21,774,937

Cost of Revenues

19,099,120

13,485,405

Gross Profit

13,106,546

8,289,532

Operating Expenses

Selling Expenses

5,914,786

3,667,227

General and Administrative Expenses

3,931,203

2,309,927

Total Operating Expenses

9,845,989

5,977,154

Income from Operations

3,260,557

2,312,378

Other Expenses, net

(30,352)

(11,524)

Interest Expenses, net

(152,050)

(100,387)

Income Before Income Taxes

3,078,155

2,200,467

Income Tax Expense

(1,182,933)

(821,896)

Net Income

1,895,222

1,378,571

Other Comprehensive Income (Loss)

Foreign currency translation adjustment

(13,829)

—

Total Comprehensive Income

1,881,393

1,378,571

Earnings per Share*

0.09

0.06

Weighted Average Number of Common Stock

– Basic and Diluted*

22,000,000

Shares and per share data are presented on a retroactive basis to reflect the nominal share issuance
on December 21, 2022 and to give effect to the stock split completed on April 2, 2024.

FLY-E GROUP, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollars, except for the number of shares)

For the Years Ended
March 31,

2024

2023

Cash flows from operating activities

Net income

1,895,222

1,378,571

Adjustments to reconcile net income to net cash provided by operating
activities:

Loss on disposal of property, and equipment

46,084

—

Depreciation expense

272,708

145,783

Amortization expense

1,648

—

Deferred income taxes expenses

176,093

448,800

Amortization of operating lease right-of-use assets

2,277,910

1,905,028

Loss from termination of operating lease

5,957

—

Inventories reserve

456,209

151,378

Changes in operating assets and liabilities:

Accounts receivable

176,273

(334,752)

Accounts receivable – related parties

(190,349)

(136,565)

Inventories

(1,981,515)

615,394

Prepayments and other receivables

194,160

(637,630)

Prepayments for operation services to related parties

(60,000)

—

Security deposits

(422,240)

(130,680)

Accounts payable

2,489,025

(70,928)

Accrued expenses and other payables

334,726

(105,097)

Operating lease liabilities

(1,933,760)

(1,697,190)

Taxes payable

570,769

225,027

Net cash provided by operating activities

4,308,920

1,757,139

Cash flows from investing activities

Purchases of equipment

(1,253,555)

(442,915)

Purchases of property rights

(38,032)

—

Prepayments for property

(450,000)

—

Prepayment for purchasing software from a related party

(1,279,000)

—

Payment received from a related party

111,500

—

Advance to a related party

(291,756)

—

Net cash used in investing activities

(3,200,843)

(442,915)

Cash flows from financing activities

Borrowing from loan payables

1,095,000

1,500,000

Repayments of loan payables

(639,367)

(278,222)

Repayments on other payables – related parties

(290,252)

(2,496,323)

Payments of related party loan

(150,000)

—

Deferred IPO Cost

(201,379)

(75,819)

Capital contributions from Stockholders

136,370

—

Net cash used in financing activities

(49,628)

(1,350,364)

Net changes in cash

1,058,449

(36,140)

Effect of exchange rate changes on cash

(13,829)

—

Cash at beginning of the year

358,894

395,034

Cash at the end of the year

1,403,514

358,894

Supplemental disclosure of cash flow information

Cash paid for interest expense

152,050

100,341

Cash paid for income taxes

435,881

148,064

Supplemental disclosure of non-cash investing and financing activities

Settlement of accounts payable by related parties

50,000

—

Settlement of accounts payable by capital contribution

2,263,630

—

Purchase of vehicle funded by loan

34,974

—

Unpaid deferred IPO cost

225,000

11,717

Termination of operating lease right-of-use assets and operating lease
liabilities

(2,814,235)

—

Right-of-use assets obtained in exchange for operating lease liabilities

10,771,688

4,082,664

The following table sets forth the components of our EBITDA for the years ended March 31, 2024 and 2023:

For the Year Ended March 31,

2024

2023

Change

Percentage
Change

Net Income from Operations

1,895,222

1,378,571

516,651

37.5

Income Tax Provision

1,182,933

821,896

361,037

43.9

Depreciation

272,708

145,783

126,925

87.1

Interest Expenses

152,050

100,387

51,663

51.5

Amortization

1,648

—

1,648

100

EBITDA

3,504,561

2,446,637

1,057,924

43.2

Percentage of Revenue

10.9

11.2

(0.3)

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SOURCE Fly-E Group, Inc.

Technology

MemeMax Officially Launches, Introducing a Meme-Native Perpetual Trading Infrastructure

Published

32 minutes ago

April 21, 2026

SEOUL, South Korea, SHANGHAI and NEW YORK, April 21, 2026 /PRNewswire/ — MemeMax, a perpetual decentralized exchange (Perp DEX), has officially launched, positioning itself as a trading infrastructure purpose-built for the meme coin market.

As the memecoin sector has grown into a multi-billion-dollar asset class, the lack of derivatives infrastructure tailored to its unique dynamics has become increasingly evident. MemeMax enters the market aiming to address this gap by offering a perpetual trading environment designed specifically for meme-driven assets.

Major meme assets such as DOGE, PEPE, and WIF have historically exhibited extreme volatility driven by narrative cycles and community participation. However, existing trading platforms have struggled to fully accommodate these characteristics.

Why Traditional Perp DEX Models Fall Short for Meme Markets

Most existing perpetual DEXs were originally designed around assets like Bitcoin (BTC) and Ethereum (ETH), where liquidity depth, relatively stable volatility, and structured price discovery dominate market behavior.

Memecoins operate under a fundamentally different dynamic. Price movements are often driven less by fundamentals and more by narrative momentum, community coordination, and viral attention cycles. These assets tend to experience rapid expansions and collapses, often outpacing the assumptions embedded in traditional oracle and liquidation systems.

Despite this, most platforms continue to apply the same infrastructure across all asset classes—creating a structural mismatch when applied to meme markets. MemeMax takes a different approach:

rather than adapting meme assets to fit existing systems, it introduces a trading infrastructure designed specifically for meme-driven market behavior.

Trading the Full Meme Cycle

MemeMax is designed to enable users to trade across the entire lifecycle of a meme.

Shorting narrative breakdownsEntering early during revival phasesNavigating extreme volatility environments

To support this, the platform’s oracle and liquidation mechanisms are structured with high-volatility, lower-liquidity assets in mind, rather than being retrofitted from BTC-centric models

Redefining Trading as Participation

Another key distinction lies in how MemeMax reframes trading itself.

Rather than viewing trading as isolated execution, MemeMax positions it as continuous participation. On-chain user actions are interconnected within a broader system, where behavior contributes directly to the dynamics of the platform.

This reflects a broader shift in meme markets, where price formation is increasingly influenced not only by liquidity, but also by attention and user participation.

Max Points (MP): A Participation-Based Metric

At the core of the platform is Max Points (MP), a native utility system designed to quantify user engagement beyond simple trading volume.

MP is calculated based on multiple dimensions, including:

Profit and loss (P&L) experienceConsistency of platform activity

Note: Incorporating “time spent in positions” into the calculation is planned as an additional feature in a future update.

By incorporating these factors, MemeMax moves away from purely volume-driven incentive models and introduces a system that captures holistic user participation.

MP is expected to serve as a foundational metric across the ecosystem, with applications in reward distribution, seasonal events, and access to platform features. Early participation is designed to provide compounding advantages as the ecosystem evolves.

Max Points (MP): An Activity Reward System

As part of the platform’s reward system, Max Points (MP) exist to reward users for their activities. To encourage consistent user participation rather than just focusing on trading volume, MP operates on a flexible seasonal basis. Adapting to market trends, each season introduces new objectives and various forms of rewards, such as airdrops, recognizing the broader value of ecosystem participation beyond simple PnL.

Staking (Coming Soon)

The staking feature is currently in preparation and will be officially launched in the future as the platform continues to expand.

REKT Pack (In Preparation)

Additionally, it has been confirmed that a “REKT Pack” is currently in preparation. This feature aims to add a layer of entertainment by playfully sublimating user liquidations into meme culture, turning the unfortunate event of getting “rekt” into an engaging and fun experience for the community.

Seasonal Structure for Continuous Expansion

The platform operates on a continuously live trading environment, complemented by recurring seasonal events.

Each season introduces new participation mechanics and reward structures without resetting existing user data. This allows MemeMax to maintain continuity while continuously evolving alongside market dynamics.

Toward a Dedicated Financial Layer for Meme Markets

As memecoins continue to evolve into a distinct segment of the crypto market—driven by community behavior and narrative cycles—the need for specialized infrastructure has become more apparent.

MemeMax positions itself within this trend by treating memes not simply as speculative assets, but as behavior-driven market primitives, embedding these dynamics directly into its trading architecture.

According to the team, “MemeMax is not just another exchange listing meme assets—it is designed as the financial infrastructure that the meme ecosystem has been missing.”

Now Live and Closed Beta Successfully Concluded

A closed beta test was held on April 14 and successfully concluded with great interest from participants.

MemeMax is now live, with users able to access perpetual trading immediately. Participants can begin accumulating Max Points (MP) through on-chain activity and take part in upcoming seasonal events and reward programs. Early users may benefit from first-mover advantages in MP accumulation, positioning themselves favorably within the platform’s evolving incentive structure.

Learn More

Homepage: https://go.mememax.com/official-ptradeDocs: https://docs.mememax.comX (Twitter): https://x.com/MemeMax_Fi

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SOURCE MemeMax

Technology

Sonata Software Achieves AWS Migration and Modernization Competency Status

Published

32 minutes ago

April 21, 2026

EAST BRUNSWICK, N.J. and BENGALURU, India, April 21, 2026 /PRNewswire/ — Sonata Software (NSE: SONATSOFTW) (BSE: 532221), a leading AI-first Modernization Engineering company, today announced that it has achieved Amazon Web Services (AWS) Migration and Modernization Competency status.

This designation recognizes Sonata Software’s technical expertise and customer experience in helping enterprises accelerate application migration and modernization on AWS. It also reflects the company’s capabilities in supporting organizations as they modernize critical applications, improve operational efficiency, and build agile, resilient, and scalable digital platforms.

The AWS Migration and Modernization Competency helps customers identify AWS Partners with validated capabilities in migrating and modernizing applications from on-premises environments or other cloud platforms. This designation reflects Sonata Software’s capabilities in supporting customers across transformation initiatives spanning application migration, modernization, and optimization on AWS.

“Achieving the AWS Migration and Modernization Competency is an important milestone for Sonata Software and reflects our continued focus on modernization-led transformation,” said Manu Swami, Chief Technology Officer at Sonata Software. “For many enterprises, application modernization is now central to improving resilience, accelerating software delivery, and creating a more adaptable technology foundation. Our focus is on helping clients reduce technical debt, modernize with engineering rigor, and build platforms that support continuous innovation at scale.”

“Achieving the AWS Migration and Modernization Competency reinforces Sonata Software’s position as a trusted partner for enterprises pursuing large-scale transformation,” said Anthony Lange, Chief Revenue Officer at Sonata Software. “Our clients are looking for modernization programs that move quickly, reduce risk, and deliver visible business impact. This recognition strengthens our ability to take that message to the market and underscores the value we bring in helping customers accelerate outcomes through our partnership with AWS.”

Sonata Software continues to strengthen its AWS-aligned capabilities across cloud migration, application modernization, data transformation, platform engineering, and AI-enabled software delivery. In addition to the AWS Migration and Modernization Competency, Sonata has recently achieved AWS DevOps and Generative AI Competencies, along with key AWS service certifications, further reinforcing its ability to help enterprises simplify complexity, modernize business-critical systems, and derive value from their AWS investments.

About Sonata Software

Sonata Software is an AI-first modernization engineering company that helps enterprises transform legacy systems into intelligent, scalable business platforms. Powered by its Platformation™ framework and Harmoni.AI platform, Sonata delivers AI-led modernization across cloud, data, AI, Dynamics, test automation, and managed services. Headquartered in Bengaluru, India, Sonata has more than $1.2 billion in revenue and 6,400+ AI engineers supporting global delivery across regions including the US, UK, India, Malaysia, Mexico, Australia, DACH, and the Nordics. With deep partnerships across Microsoft, AWS, Salesforce, and Snowflake, Sonata helps Fortune 500 enterprises accelerate innovation, improve efficiency, and drive sustainable growth.

For more information, please visit https://www.sonata-software.com/

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SOURCE Sonata Software

Technology

BELLA+CANVAS Brings Coachella 2026 Merchandise to Life with Immersive “Museum of Merchandise” Experience

Published

32 minutes ago

April 21, 2026

Premium apparel leader transforms festival merch into a living archive of culture, creativity, and self-expression

INDIO, Calif., April 21, 2026 /PRNewswire/ — BELLA+CANVAS, the industry leader in premium blank apparel, successfully concluded its role as the official blank apparel provider for the Coachella Valley Music and Arts Festival 2026 merchandise program, delivering both product and a standout on-site activation across two record-setting festival weekends.

At the heart of Coachella’s merchandise ecosystem, BELLA+CANVAS powered official festival products featuring a custom “printed on BELLA+CANVAS” neck label, giving fans a deeper connection to the garments they take home as wearable memories.

Extending beyond product, the brand introduced a first-of-its-kind immersive installation, “Coachella Merchandise: Then and Now — A Retrospective of Coachella Over the Years”. The design-forward, walk-through experience hosted by BELLA+CANVAS reimagined festival merchandise as both cultural archive and creative canvas. Hundreds of festivalgoers explored “Coachella: Then & Now”, revisiting standout pieces from past years while engaging in live, on-site customization.

At the “Museum of Merchandise” experience, guests were invited to print the vintage Coachella designs onto new BELLA+CANVAS t-shirts and sweatshirts of their choosing, blending past and present through personal style. With eight archival designs and eight premium garment options, attendees created unique combinations that reflected their individuality. Through live customization and past inspiration, the experience transformed nostalgia into one-of-a-kind, wearable pieces tied to each guest’s festival journey.

Across both weekends (April 10–12 and April 17–19), the “Museum of Merchandise” drew strong engagement. From festivalgoers, creators, and a curated network of industry influencers, including screen printers, merch designers, and apparel decorators, the experience was amplified in real time across digital platforms.

“Festival merchandise today is more than something you buy. It’s something you become part of,” said Megan Spire, Executive Vice President of Sales and Marketing, BELLA+CANVAS. “At Coachella, BELLA+CANVAS set out to elevate the role of the blank and show how it serves as the foundation for cultural storytelling, creativity, and identity.”

In addition to festivalgoers, media and partners were also offered exclusive access to guided walkthroughs, behind-the-scenes insights into the evolution of festival merchandise, and conversations at the intersection of fashion, music, and experiential storytelling.

As festival merchandise continues to evolve into a form of cultural currency, BELLA+CANVAS’ presence at Coachella 2026 reinforced its position not only as a supplier but as a defining force behind how those stories are created and worn.

About BELLA+CANVAS
BELLA+CANVAS is a premium apparel company redefining the role of the “blank” clothing product in modern fashion, retail, and brand storytelling. Known for its elevated quality, on-trend fits, and commitment to innovation, the company partners with leading brands, creators, and cultural institutions to power high-impact merchandise and experiential moments. By combining fashion-forward design with scalable production capabilities, BELLA+CANVAS sits at the intersection of apparel, creativity, and culture while serving as the foundation behind some of today’s most influential branded experiences.

Social:
Instagram: https://www.instagram.com/bellacanvas/
LinkedIn: https://www.linkedin.com/company/bellacanvas/

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SOURCE BELLA+CANVAS