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VOXX International Corporation Reports its Fiscal 2025 First Quarter Financial Results

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2 years ago

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Net sales declined by 18.1%, gross margins improved by 310 basis points, operating expenses declined by 16.6%; Adjusted EBITDA Loss of $2.9 million improved by $2.1 million year-over-year amidst restructuring program to streamline sales, lower costs and working capital needs and return the Company to profitability

ORLANDO, Fla., July 10, 2024 /PRNewswire/ — VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, today announced its financial results for its Fiscal 2025 first quarter ended May 31, 2024.

Commenting on the Company’s first quarter results, Pat Lavelle, Chief Executive Officer stated, “During the first quarter, we took aggressive steps to improve gross margins and lower both our operating expenses and working capital needs. While our sales were down for the comparable periods, gross margins improved in our Automotive and Consumer segments, and we reduced year-over-year expenses by over 16%. The retail environment remains challenging, interest rates are high, and inflation is still a major concern. With market pressures expected to continue, we have instituted various restructuring programs to right size our business. We are equally focused on reducing our debt and freeing up capital to re-invest in VOXX. With the changes made and upcoming, we expect to return to profitability this year.”

Fiscal 2025 and Fiscal 2024 First Quarter Comparisons
On March 1, 2024, the Company’s majority owned subsidiary, EyeLock LLC, contributed assets, including inventory and intangible assets, to a newly formed joint venture, BioCenturion LLC, that will operate the Biometrics business moving forward. For the three months ended May 31, 2024, the Company accounted for its investment in BioCenturion as an equity method investment within our Biometrics segment (see Note 12 in the Company’s Form 10-Q filed with the Securities and Exchange Commission).

Net sales in the Fiscal 2025 first quarter ended May 31, 2024, were $91.7 million as compared to $111.9 million in the Fiscal 2024 first quarter ended May 31, 2023, a decrease of $20.3 million or 18.1%.

Automotive Electronics segment net sales in the Fiscal 2025 first quarter were $27.7 million as compared to $38.4 million in the comparable year-ago period, a decrease of $10.7 million or 27.9%. For the same comparable periods, OEM product sales were $12.8 million as compared to $20.3 million, primarily due to a decline in sales of OEM rear seat entertainment (“RSE”) products, partially offset by an increase in sales of OEM remote start products. RSE sales were lower for the comparable periods primarily due to temporary halts in customer programs and volume reductions, as well as the termination of a customer program that was in place in the prior year. Aftermarket product sales were $14.8 million as compared to $18.1 million due primarily to lower aftermarket security, rear seat entertainment, and satellite radio products, among others.Consumer Electronics segment net sales in the Fiscal 2025 first quarter were $63.9 million as compared to $73.3 million in the comparable year-ago period, a decrease of $9.4 million or 12.8%. For the same comparable periods, premium audio product sales were $48.4 million as compared to $47.6 million, driven by higher sales domestically and driven by the successful launch of new products during the current Fiscal year period. This growth was partially offset by lower sales of premium audio products in Europe and Asia. Other consumer electronics (“CE”) product sales were $15.5 million as compared to $25.7 million, primarily related to lower sales of domestic wireless accessory speakers as a large customer program did not repeat, as well as lower sales of the Company’s balcony solar power products.

The gross margin in the Fiscal 2025 first quarter was 27.7% as compared to 24.6% in the Fiscal 2024 first quarter, an improvement of 310 basis points as margins improved across all business segments. When comparing the Fiscal 2025 and Fiscal 2024 first quarters, the Company reported:

Automotive Electronics segment gross margin of 23.2% as compared to 21.0%, an increase of 220 basis points with the year-over-year improvement primarily driven by the Company’s OEM manufacturing transition from Florida to Mexico, as well as improvements related to product mix.Consumer Electronics segment gross margin of 29.6% as compared to 25.5%, an increase of 410 basis points. The year-over-year improvement was primarily driven by the launch of new products both domestically and internationally and fewer close-out promotion sales, with other offsetting factors.

Total operating expenses in the Fiscal 2025 first quarter were $32.5 million as compared to $39.0 million in the comparable Fiscal 2024 period, a decline of $6.5 million or 16.6%. The year-over-year improvement was driven primarily by restructuring programs and other initiatives designed to lower costs and working capital needs. When comparing the Fiscal 2025 and Fiscal 2024 first quarters, the Company reported:

Selling expenses of $9.6 million as compared to $11.2 million. The year-over-year improvement of $1.6 million or 14.1% was primarily driven by lower website and trade show expenses, as well as lower headcount related expenses.General and administrative (“G&A”) expenses of $16.5 million as compared to $19.4 million. The year-over-year improvement of $3.0 million or 15.3% was primarily driven by lower headcount related expenses, and a decline in legal, professional and third-party service fees, among other factors.Engineering and technical support expenses of $6.2 million as compared to $8.3 million. The year-over-year improvement of $2.1 million or 25.1% was primarily due to a decline in labor expense due to lower headcount, as well as lower research and development expenses.The Company incurred approximately $0.2 million of restructuring costs as compared to $0.1 million, with costs in both periods related to the relocation of certain OEM production operations to Mexico.

The Company reported an operating loss of $7.1 million in the Fiscal 2025 first quarter as compared to an operating loss of $11.4 million in the comparable year-ago period.

Total other expense, net, in the Fiscal 2025 first quarter increased by $2.0 million over the comparable Fiscal 2024 period. Interest and bank charges increased by $0.6 million principally due to higher borrowings on the Company’s Domestic Credit Facility, as well as an increase in interest rates, and equity in income of equity investees declined by $1.3 million, principally due to lower net income at ASA as well as due to losses incurred by BioCenturion, which was not present in the prior year period. Additionally, the Company incurred a loss of $0.4 million related to the contribution of assets to the BioCenturion joint venture, representing the difference between the book value of the assets contributed and their fair values on March 1, 2024. Lastly, other net increased by $0.8 million, primarily as a result of losses in foreign currency.

Net loss attributable to VOXX International Corporation in the Fiscal 2025 first quarter was $9.3 million as compared to a net loss attributable to VOXX International Corporation of $10.7 million in the comparable Fiscal 2024 period. The Company reported a basic and diluted loss per common share attributable to VOXX International Corporation of $0.40 in the Fiscal 2025 first quarter as compared to a basic and diluted loss per common share attributable to VOXX International Corporation of $0.45, in the comparable Fiscal 2024 period.

The Company reported an Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) loss in the Fiscal 2025 first quarter of $5.2 million as compared to an EBITDA loss in the comparable Fiscal 2024 first quarter of $7.6 million. Adjusted EBITDA in the Fiscal 2025 first quarter was a loss of $2.9 million as compared to an Adjusted EBITDA loss of $4.9 million in the comparable Fiscal 2024 period.

Balance Sheet Update
As of May 31, 2024, the Company had cash and cash equivalents of $4.2 million as compared to $11.0 million as of February 29, 2024. Total debt as of May 31, 2024 was $68.6 million as compared to $73.3 million as of February 29, 2024. The decline in total debt is primarily related to a $4.4 million reduction in outstanding debt on the Company’s Domestic Credit Facility as well as lower debt associated with the Company’s Florida mortgage and shareholder loan payable to Sharp Corporation. Total long-term debt, net of debt issuance costs as of May 31, 2024 was $63.7 million as compared to $71.9 million as of February 29, 2024, an improvement of $8.2 million.

Conference Call Information
The Company will be hosting its conference call and webcast on Thursday, July 11, 2024 at 10:00 a.m. ET.

To attend the webcast: https://edge.media-server.com/mmc/p/kzsk98zvTo access by phone: https://register.vevent.com/register/BI7eae05a5e3b74b5b8b78a3235500c167

Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. Those wishing to ask questions following management’s remarks should use the dial-in numbers provided.

A replay of the webcast will be available approximately two hours after the call and archived under “Events and Presentations” in the Investor Relations section of the Company’s website at https://investors.voxxintl.com/events-and-presentations

Non-GAAP Measures
EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net loss attributable to VOXX International Corporation and Subsidiaries, computed in accordance with GAAP, before interest expense and bank charges, taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for stock-based compensation expense, gains on the sale of certain assets, loss on contribution of assets to a joint venture, foreign currency losses, restructuring expenses, certain non-routine legal fees, and awards. Depreciation, amortization, stock-based compensation, loss on contribution of assets to a joint venture, and foreign currency losses are non-cash items.

We present EBITDA and Adjusted EBITDA in this release because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted EBITDA helps us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, the exclusion of certain costs or gains relating to certain events allows for a more meaningful comparison of our results from period-to-period. These non-GAAP measures, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. EBITDA and Adjusted EBITDA should not be assessed in isolation from, are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP.

About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world’s leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.

Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to the risk factors described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports we file with the SEC. The factors described in such SEC filings include, without limitation: impacts related to the COVID-19 pandemic, global supply shortages and logistics costs and delays; global economic trends; cybersecurity risks; risks that may result from changes in the Company’s business operations; operational execution by our businesses; changes in law, regulation or policy that may affect our businesses; our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction methods; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the War in the Ukraine and any worsening of the global business and economic environment as a result. 

Investor Relations Contact:                                                        
Glenn Wiener, GW Communications (for VOXX)                              
Email: gwiener@GWCco.com

 

VOXX International Corporation and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

May 31,
2024

February 29,
2024

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

4,160

$

10,986

Accounts receivable, net of allowances of $2,758 and $3,041 at May 31, 2024 and February 29, 2024, respectively

64,787

71,066

Inventory

116,230

128,471

Receivables from vendors

1,190

1,192

Due from GalvanEyes LLC, current

–

1,238

Prepaid expenses and other current assets

16,759

20,820

Income tax receivable

4,273

2,095

Total current assets

207,399

235,868

Investment securities

761

828

Equity investments

23,762

21,380

Property, plant and equipment, net

44,420

45,070

Operating lease, right of use assets

3,053

2,577

Goodwill

63,283

63,931

Intangible assets, net

65,265

68,766

Due from GalvanEyes LLC, less current portion

–

1,340

Deferred income tax assets

1,461

1,452

Other assets

2,798

2,794

Total assets

$

412,202

$

444,006

Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders’ Equity

Current liabilities:

Accounts payable

$

25,895

$

35,076

Accrued expenses and other current liabilities

36,601

38,238

Income taxes payable

834

1,123

Accrued sales incentives

15,160

18,236

Contract liabilities, current

3,574

3,810

Current portion of long-term debt

4,162

500

Total current liabilities

86,226

96,983

Long-term debt, net of debt issuance costs

63,684

71,881

Finance lease liabilities, less current portion

559

644

Operating lease liabilities, less current portion

2,127

1,884

Deferred compensation

761

828

Deferred income tax liabilities

2,604

2,690

Other tax liabilities

706

809

Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC

–

9,817

Other long-term liabilities

2,147

2,170

Total liabilities

158,814

187,706

Commitments and contingencies

Redeemable equity: Class A, $.01 par value; 577,581 shares at both May 31, 2024 and February 29, 2024 (Note 8)

4,110

4,110

Redeemable non-controlling interest

(3,158)

(3,203)

Stockholders’ equity:

Preferred stock:

No shares issued or outstanding

–

–

Common stock:

Class A, $.01 par value, 60,000,000 shares authorized, 23,990,603 and 23,985,603 shares issued and 19,639,420 and 19,698,562 shares outstanding at May 31, 2024 and February 29, 2024, respectively

240

240

Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and outstanding at both May 31, 2024 and February 29, 2024

22

22

Paid-in capital

296,044

293,272

Retained earnings

49,003

58,272

Accumulated other comprehensive loss

(16,784)

(17,366)

Less: Treasury stock, at cost, 4,351,183 and 4,287,041 shares of Class A Common Stock at May 31, 2024 and February 29, 2024, respectively

(39,821)

(39,573)

Total VOXX International Corporation stockholders’ equity

288,704

294,867

Non-controlling interest

(36,268)

(39,474)

Total stockholders’ equity

252,436

255,393

Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders’ equity

$

412,202

$

444,006

 

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

Three months ended
May 31,

2024

2023

Net sales

$

91,661

$

111,926

Cost of sales

66,252

84,346

Gross profit

25,409

27,580

Operating expenses:

Selling

9,590

11,166

General and administrative

16,457

19,427

Engineering and technical support

6,244

8,337

Restructuring expenses

231

59

Total operating expenses

32,522

38,989

Operating loss

(7,113)

(11,409)

Other (expense) income:

Interest and bank charges

(2,138)

(1,546)

Equity in income of equity investees

351

1,616

Final arbitration award

–

(986)

Other, net

(1,871)

(701)

Total other expense, net

(3,658)

(1,617)

Loss before income taxes

(10,771)

(13,026)

Income tax benefit

(594)

(1,321)

Net loss

(10,177)

(11,705)

Less: net loss attributable to non-controlling interest

(908)

(967)

Net loss attributable to VOXX International Corporation and Subsidiaries

$

(9,269)

$

(10,738)

Other comprehensive income (loss):

Foreign currency translation adjustments

595

238

Derivatives designated for hedging

(13)

(60)

Pension plan adjustments

–

(1)

Other comprehensive income, net of tax

582

177

Comprehensive loss attributable to VOXX International Corporation and Subsidiaries

$

(8,687)

$

(10,561)

Loss per share – basic: Attributable to VOXX International Corporation and Subsidiaries

$

(0.40)

$

(0.45)

Loss per share – diluted: Attributable to VOXX International Corporation and Subsidiaries

$

(0.40)

$

(0.45)

Weighted-average common shares outstanding (basic)

23,139,876

23,795,718

Weighted-average common shares outstanding (diluted)

23,139,876

23,795,718

 

Reconciliation of GAAP Net Loss Attributable to 

VOXX International Corporation to EBITDA and Adjusted EBITDA

Three months ended
May 31,

2024

2023

Net loss attributable to VOXX International Corporation and Subsidiaries

$

(9,269)

$

(10,738)

Adjustments:

Interest expense and bank charges (1)

1,923

1,346

Depreciation and amortization (1)

2,728

3,101

Income tax benefit

(594)

(1,321)

EBITDA

(5,212)

(7,612)

Stock-based compensation

146

258

Gain on sale of tradename

–

(450)

Loss on contribution of assets to joint venture (1)

252

–

Foreign currency losses (1)

1,849

962

Restructuring expenses

231

59

Non-routine legal fees

(123)

853

Final arbitration award

–

986

Adjusted EBITDA

$

(2,857)

$

(4,944)

(1)

For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, depreciation and amortization, losses on the contribution of assets to a joint venture, as well as foreign currency losses have been adjusted in order to exclude the non-controlling interest portion of these expenses attributable to EyeLock LLC and Onkyo Technology KK, as appropriate.

 

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SOURCE VOXX International Corporation (NASDAQ:VOXX)

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CGTN: China, Myanmar agree to deepen pragmatic cooperation across the board

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32 minutes ago

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June 19, 2026

By

BEIJING, June 19, 2026 /PRNewswire/ — Marking a new milestone in bilateral ties, President of Myanmar Min Aung Hlaing completed his first state visit to China from June 15 to 19, opening a new chapter of in-depth, multi-field pragmatic cooperation between the two neighboring countries.

By visiting China Railway Construction Corporation Limited in Beijing and traveling from the Chinese capital to Shanghai aboard the Fuxing high-speed train, the Myanmar president experienced China’s development achievements firsthand, and voiced Myanmar’s strong willingness to further expand practical infrastructure cooperation with China.

Throughout the fruitful visit, the two countries signed a series of cooperation agreements, consolidating their time-honored “pauk-phaw” friendship.

During a meeting with Min Aung Hlaing on Tuesday, Chinese President Xi Jinping said China stands ready to share its development experience with Myanmar and jointly build a China-Myanmar community with a shared future, which is underpinned by political amity and mutual trust, win-win development, security coordination and people-to-people exchanges.

For years, China has remained Myanmar’s largest trading partner, largest source of imports and most important source of investment. Bilateral trade reached $19.4 billion in 2025, up 19.1% year on year.

Boasting prominent structural complementarity, the trade landscape sees China exporting electromechanical equipment and vehicles to Myanmar while importing high-quality agricultural products and mineral resources from Myanmar, forming a mutually beneficial and stable industrial and trade cycle.

As a key landmark of Belt and Road cooperation, the China-Myanmar Economic Corridor has entered a fast-track development phase. A cluster of flagship projects, including the New Yangon City, the Kyaukphyu Special Economic Zone and the China-Myanmar Railway, have gradually taken shape, forming a solid framework for the construction of the corridor.

These major connectivity projects have effectively driven Myanmar’s industrial upgrading, and improved local livelihoods, injecting strong impetus into cross-border economic integration.

During Tuesday’s talks, Xi reiterated that the China-Myanmar Economic Corridor is a flagship project of the Belt and Road cooperation.

The two sides need to steadily advance the construction of major projects on the basis of ensuring safety and security, and support Myanmar in growing its economy and improving livelihoods, he said.

China, Xi added, stands ready to implement more “small and beautiful” assistance programs, and jointly tell the stories of mutually beneficial cooperation between the two countries.

China and Myanmar on Tuesday issued a lengthy joint statement on accelerating the building of a community with a shared future between the two countries to better benefit the people of both countries.

In a demonstration of the depth and breadth of bilateral relations, the two sides signed a number of cooperative documents, covering transport, science and technology, intellectual property rights, human resources development, public health and media.

Bilateral and multilateral law-enforcement cooperation to combat cross-border criminal activities was also highlighted during the visit, with China and Myanmar expressing their support for the establishment of an international alliance against telecom cyber fraud.

Over recent months, through joint law enforcement coordination, China and Myanmar have cracked down the telecom fraud criminal operations in northern Myanmar, effectively upholding peace and stability along the border as well as the safety of lives and property of people of both countries.

During the talks, Xi said the two sides need to continue cracking down on criminal activities including online gambling, telecom fraud and drug trafficking, and fully safeguard the interests and security of the two peoples.

For his part, Min Aung Hlaing said Myanmar stands ready to work closely with China to resolutely combat online gambling and telecom fraud and safeguard security and stability in the border areas.

Qu Jianwen, chief of the Yunnan Province Association for Southeast Asian Studies, wrote that the China visit by Myanmar’s president vividly demonstrates the sound and growing momentum of bilateral cooperation.

https://news.cgtn.com/news/2026-06-19/China-Myanmar-agree-to-deepen-pragmatic-cooperation-across-the-board-1O64ed6YbYI/p.html

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Protecting and Innovating Critical Infrastructure Through New Security Landscapes

Published

32 minutes ago

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June 19, 2026

By

The following article is authored by Skyla Loomis, General Manager, IBM Z Software

ARMONK, N.Y., June 19, 2026 /PRNewswire/ — Over the last few years, we’ve seen seismic shift in enterprise computing. From the rise of machine learning to today’s agentic AI, computing systems have advanced beyond tools into active assistants, requiring new levels of secure, high-powered and efficient infrastructure.

One thing hasn’t changed though the decades. IBM Z has been the most resilient server platform in the market with its average yearly downtime as less than a third of a second.1

This reputation is because as technology has evolved, so has IBM Z. Today, clients have more workloads that may be considered highly sensitive and mission-critical given new sovereignty and regulation requirements, and continue to turn to IBM Z for their core applications.

IBM is continuing to innovate mainframes to address and combat the technological challenges of the future. As part of this mission, today we’re announcing the general availability of three new Z software tools designed to not only meet clients where they are, but to start addressing future challenges such as frontier model attacks. These complement our recent developments with Project Glasswing and our commitment to open-source security with Project Lightwell.

As a leading provider in hybrid cloud, AI and consulting expertise, IBM has developed decades of IBM Z Software to help clients protect themselves for what’s ahead. In cybersecurity, IBM developed IBM Concert for Z last year for enterprises to discover and address vulnerabilities across the entire landscape because we saw the siloed nature of infrastructure and application teams across an organization. Hybrid infrastructure is the reality and we are passionate about giving teams world-class software built to innovate and defend the full stack for the future – IBM Z included.

The following tools are now generally available:

IBM zSecure Detection – Evolving threats mean enterprises need better ways of monitoring and responding. IBM zSecure Detection monitors IBM Z activity for things like ransomware and suspicious behavior across the system. Enterprises now have a comprehensive tool to detect, investigate and respond on z/OS to strengthen their security posture.IBM zSecure Secret Manager – Certificate management can be a burden for infrastructure and security teams. As the lifespan of these certificates shortens, teams need a secure, continuous monitoring for z/OS environments in IBM Z and LinuxONE. Powered by IBM Vault Self-Managed for Z, IBM zSecure Secret Manager gives z/OS teams an automated and cohesive way of addressing certificate management with shortened certificate lifecycle deadlines and fragmented management strategies.IBM Z Database Assistant – IBM Z stands apart with its data integrity, but AI has shifted the need from access to intelligence. Now database teams can use agentic AI to optimize DBA performance, accelerate tasks and help ensure your trusted data is continuously available. IBM Z Database Assistant is proactive, autonomous and intelligent, designed for the future of data operations.

With security threats and new ways of working on IBM Z, we’re equipping the teams that work tirelessly on critical infrastructure to build and operate for the future. The bar for resiliency and 99.999999% uptime1remains the same for our clients, but IBM Z Software will continue to innovate so enterprises can manage and protect their core infrastructure and workloads.

Learn more about the latest Z Software solutions:

IBM zSecure DetectionIBM zSecure Secret ManagerIBM Z Database Assistant

1. ITIC 2025 Global Server Hardware, Server OS Reliability Report, February 2026

About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity, and service.  Visit www.ibm.com for more information.

Media contact:

Marshall Hampson
IBM
marshall.hampson@ibm.com

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KCS Opens KuCoin’s Ninth Anniversary Chapter, Advancing Token Utility as a Value Participation Layer

Published

32 minutes ago

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June 19, 2026

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The upgraded KCS experience brings trading efficiency, rewards, payment benefits and ecosystem privileges into one unified user journey.

PROVIDENCIALES, Turks and Caicos Islands, June 19, 2026 /PRNewswire/ — KuCoin, a leading global crypto platform built on trust, today announced the upgraded KCS experience, marking the opening chapter of KuCoin’s ninth anniversary journey and a new step in the evolution of KCS from a platform utility token into a broader value participation layer across the KuCoin ecosystem.

Nine years ago, KCS was introduced to reward and empower KuCoin’s earliest users. Since then, both KuCoin and the broader digital asset industry have undergone profound transformation. What began as a token primarily associated with trading benefits has gradually evolved into a broader ecosystem asset connecting users with rewards, payments,  loyalty privileges and community participation.

As digital asset ecosystems mature,  the role of exchange-native tokens is changing as well. Exchange-native tokens are no longer defined only by isolated benefits or short-term incentives. They are increasingly becoming participation layers that connect users with value across an entire ecosystem. The upgraded KCS experience addresses this shift by bringing fragmented KCS-related benefits into a more connected and actionable journey. Through the upgraded experience, users can better discover and activate KCS benefits across trading fee reductions, rewards, loyalty privileges, KuCard-related incentives and broader ecosystem programs through one clearer pathway. This reflects KuCoin’s trust-first approach in practice: making platform value easier to understand, more transparent to access and more consistent across touchpoints.

“KCS has grown alongside our users and our ecosystem for nearly nine years,” said BC Wong, CEO of KuCoin. “As the industry evolves, we believe the next generation of exchange-native tokens will be defined not simply by utility, but by how effectively they connect users with ecosystem value. Our vision is for KCS to serve as a participation layer that brings together trading, rewards, payments, and future ecosystem experiences into one cohesive journey.”

KCS, the native token of the KuCoin ecosystem, has long served as a bridge between users and KuCoin’s platform value. With this upgrade, KCS’s long-term vision of moving blockchain “from geeks to mass adoption” and building a blockchain-based value self-circulation ecosystem is being translated into a clearer and more practical user experience, making KCS easier to understand, activate and use across KuCoin.

The milestone arrives at a symbolic moment for KuCoin, serving as the opening chapter of its ninth-anniversary journey. As KuCoin prepares to celebrate nine years of growth, the evolution of KCS reflects the broader transformation of KuCoin itself — from a crypto exchange into a global digital asset ecosystem spanning trading, payments, Web3 infrastructure, institutional services and emerging technologies such as AI. In this next chapter, KCS is designed to become a clearer user-facing gateway to KuCoin’s expanding ecosystem, helping users better discover, understand and participate in the value created across the platform. As KuCoin enters its ninth anniversary, the upgraded KCS experience sets the tone for a broader vision: making ecosystem value more accessible, connected and meaningful for users worldwide.

About KuCoin

Founded in 2017, KuCoin is a leading global crypto platform built on trust and security, serving over 40 million users across 200+ countries and regions. Known for its reliability and user-first approach, the platform combines advanced technology, deep liquidity, and strong security safeguards to deliver a seamless trading experience. KuCoin provides access to 1,500+ digital assets through a broad product suite and remains committed to building transparent, compliant, and user-centric digital asset infrastructure for the future of finance, backed by SOC 2 Type II, ISO/IEC 27001:2022, and ISO/IEC 27701:2019 Certifications. In recent years, we have built a strong global compliance foundation, marked by key milestones including AUSTRAC registration in Australia, a MiCA license in Europe, and regulatory progress in other markets.

Learn more at www.kucoin.com.

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SOURCE KuCoin

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