Technology
Ribbon Communications Inc. Reports Second Quarter 2024 Financial Results
Published
2 years agoon
By
Net income increased 21% and Adjusted EBITDA up 65% in 1H 2024 YoY
Continued improvement in gross margin and lower operating expenses
Expect strong second half based on growth from U.S. Tier 1, Rural Broadband, Enterprise, and India
PLANO, Texas, July 24, 2024 /PRNewswire/ — Ribbon Communications Inc. (Nasdaq: RBBN), a global provider of real time communications technology and IP optical networking solutions to many of the world’s largest service providers, enterprises, and critical infrastructure operators to modernize and protect their networks, today announced its financial results for the second quarter of 2024.
Revenue for the second quarter of 2024 was $193 million, compared to $211 for the second quarter of 2023 and $180 million for the first quarter of 2024. First half 2024 GAAP Loss from Operations improved $26 million year over year to ($15 million), and Non-GAAP Adjusted EBITDA improved $13 million, or 65%, to $33 million. GAAP and Non-GAAP Gross Margin for the second quarter improved 260 and 240 basis points year over year, respectively.
“Earnings increased significantly in the first half of 2024 with Adjusted EBITDA increasing 65% year over year despite lower sales. The improvement in profitability was driven by higher gross margins and lower operating expenses year over year. Revenue in the second quarter was impacted by a large U.S. Federal deal that was delayed to the third quarter. Sales were also lower as we suspended product shipments into Eastern Europe due to the extended war in Ukraine and increased complexities of operating in the region,” stated Bruce McClelland, President and Chief Executive Officer of Ribbon Communications.
Mr. McClelland added, “We continue to project a strong second half of 2024 as we ramp the recently announced Verizon Voice Network modernization program and anticipate strong growth in several other areas such as Enterprise, U.S. Rural Broadband, Europe, and India. Recent changes in the competitive landscape also present an opportunity for further share expansion. However, we have adjusted our full year 2024 guidance slightly to reflect a more conservative outlook for the Eastern European region for the rest of the year.”
Financial Highlights1
Three months ended
Six months ended
June 30,
June 30,
In millions, except per share amounts
2024
2023
2024
2023
GAAP Revenue
$ 193
$ 211
$ 372
$ 397
GAAP Net income (loss)
$ (17)
$ (21)
$ (47)
$ (60)
Non-GAAP Net income (loss)
$ 9
$ 8
$ 7
$ 5
Non-GAAP Adjusted EBITDA
$ 22
$ 23
$ 33
$ 20
GAAP diluted earnings (loss) per share
$ (0.10)
$ (0.13)
$ (0.27)
$ (0.35)
Non-GAAP diluted earnings (loss) per share
$ 0.05
$ 0.04
$ 0.04
$ 0.03
Weighted average shares outstanding basic
174
170
173
169
Weighted average shares outstanding diluted
176
175
176
175
1 Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” in the attached schedules.
“During the second quarter of 2024, we completed the refinancing of our capital structure with a $385 million five-year senior secured credit facility that provides us greater liquidity with less restrictions. Our new strategic banking group relationship with HPS Investment Partners, LLC and WhiteHorse Capital Management, LLC will also give us opportunities to support our future growth needs,” said Mick Lopez, Chief Financial Officer of Ribbon Communications. “Additionally, we continue to improve our operations, driving a 240 basis point improvement year over year in gross margins and a $4 million reduction in expenses, resulting in the lowest level of operating expenses since the ECI acquisition in 2020.”
Business Outlook1
For the third quarter of 2024, the Company expects continued sequential growth in both of our businesses with revenue in a range of $205 million to $220 million. Non-GAAP gross margin is projected in a range of 53% to 53.5%. Adjusted EBITDA is projected in a range of $25 million to $30 million.
The Company has also adjusted full-year 2024 targets and now expects revenue in a range of $830 million to $850 million, non-GAAP gross margin in a range of 54% to 54.5%, and Adjusted EBITDA in a range of $105 million to $115 million.
The Company’s outlook is based on current indications for its business, which are subject to change.
1 Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about the non-GAAP measures in the section entitled “Discussion of Non-GAAP Financial Measures” in the attached schedules.
Upcoming Conference Schedule
August 27, 2024: Evercore ISI 2024 Semiconductor, IT Hardware & Networking ConferenceAugust 28, 2024: Jefferies Semiconductor, IT Hardware & Communication Technology Summit
About Ribbon
Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today’s smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G and broadband internet. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon visit rbbn.com.
Important Information Regarding Forward-Looking Statements
The information in this release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation statements regarding the Company’s projected financial results for the third quarter of 2024 and beyond; plans and objectives for future operations, including cost reductions; the impact of the wars in Israel and Ukraine; customer spending and engagement and momentum; and plans for future product development and manufacturing and the expected benefits therefrom, are forward-looking statements. Without limiting the foregoing, the words “believes”, “estimates”, “expects”, “expectations”, “intends”, “may”, “plans”, “projects” and other similar language, are intended to identify forward-looking statements.
Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Actual results may differ materially from those contemplated in these forward-looking statements due to various risks, uncertainties and other important factors, including, among others, the effects of geopolitical instabilities and wars, including in Israel and Ukraine (and the impact of sanctions and trade restrictions imposed as a result thereof); unpredictable fluctuations in quarterly revenue and operating results; increases in tariffs, trade restrictions or taxes on the Company’s products; the impact of restructuring and cost-containment activities; operational disruptions at facilities located in Israel including as a result of military call-ups of the Company’s employees in Israel, closure of the offices there or the temporary or long-term closure of contract manufacturing in the region; the potential impact of litigation; risks related to supply chain disruptions, including as a result of component availability; risks resulting from higher interests rates and continued inflationary pressures; risks related to cybersecurity and data intrusion; failure to compete successfully against telecommunications equipment and networking companies; failure to grow the Company’s customer base or generate recurring business from existing customers; credit risks; the timing of customer purchasing decisions and the Company’s recognition of revenues; macroeconomic conditions, including inflation; market acceptance of the Company’s products and services; rapid technological and market change; the ability to protect Company intellectual property rights and obtain necessary licenses; the ability to maintain partner, reseller, distribution and vendor support and supply relationships; the potential for defects in the Company’s products; and currency fluctuations.
These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company’s business and results from operations. Additional information regarding these and other factors can be found in the Company’s reports filed with the Securities and Exchange Commission, including, without limitation, its Form 10-K for the year ended December 31, 2023 and its Form 10-Q for the quarter ended March 31, 2024. In providing forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.
Discussion of Non-GAAP Financial Measures
The Company’s management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, planning and forecasting future periods, and determining payments under compensation programs. The Company considers the use of non-GAAP financial measures helpful in assessing the core performance of its continuing operations and when planning and forecasting future periods. The Company’s annual financial plan is prepared on a non-GAAP basis and is approved by its board of directors. In addition, budgeting and forecasting for revenue and expenses are conducted on a non-GAAP basis, and actual results on a non-GAAP basis are assessed against the annual financial plan. The Company defines continuing operations as the ongoing results of its business adjusted for certain expenses and credits, as described below. The Company believes that providing non-GAAP information to investors allows them to view the Company’s financial results in the way its management views them and helps investors to better understand the Company’s core financial and operating performance and evaluate the efficacy of the methodology and information used by its management to evaluate and measure such performance.
While the Company’s management uses non-GAAP financial measures as tools to enhance its understanding of certain aspects of the Company’s financial performance, management does not consider these measures to be a substitute for, or superior to, GAAP measures. In addition, the Company’s presentations of these measures may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures should not be considered alternatives for, or in isolation from, the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures. In particular, many of the adjustments to the Company’s financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future.
Stock-Based Compensation
The expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. The Company believes that presenting non-GAAP operating results that exclude stock-based compensation provides investors with visibility and insight into its management’s method of analysis and its core operating performance.
Amortization of Acquired Technology (including software licenses); Amortization of Acquired Intangible Assets
Amortization amounts are inconsistent in frequency and amount and are significantly impacted by the timing and size of acquisitions. Amortization of acquired technology is reported separately within Cost of revenue and Amortization of acquired intangible assets is reported separately within Operating expenses. These items are reported collectively as Amortization of acquired intangible assets in the accompanying reconciliations of non-GAAP and GAAP financial measures. The Company believes that excluding non-cash amortization of these intangible assets facilitates the comparison of its financial results to its historical operating results and to other companies in its industry as if the acquired intangible assets had been developed internally rather than acquired.
Litigation Costs
In connection with certain ongoing contract litigation where Ribbon is the defendant (as described in Note 26 to the Company’s Consolidated Financial Statements included in its Annual Report on Form 10-K for the year ended December 31, 2023), the Company has incurred litigation costs beginning in 2023. These costs are included as a component of general and administrative expense. The Company believes that such costs are not part of its core business or ongoing operations, are unplanned and generally not within its control. Accordingly, the Company believes that excluding the litigation costs related to these specific legal matters facilitates the comparison of the Company’s financial results to its historical operating results and to other companies in its industry.
Acquisition-, Disposal- and Integration-Related
The Company considers certain acquisition-, disposal- and integration-related costs to be unrelated to the organic continuing operations of the Company and its acquired businesses. Such costs are generally not relevant to assessing or estimating the long-term performance of the acquired assets. The Company excludes such acquisition-, disposal- and integration-related costs to allow more accurate comparisons of its financial results to its historical operations and the financial results of less acquisitive peer companies and allows management and investors to consider the ongoing operations of the business both with and without such expenses.
Restructuring and Related
The Company has recorded restructuring and related expense to streamline operations and reduce operating costs by closing and consolidating certain facilities and reducing its worldwide workforce. The Company believes that excluding restructuring and related expense facilitates the comparison of its financial results to its historical operating results and to other companies in its industry, as there are no future revenue streams or other benefits associated with these costs.
Preferred Stock and Warrant Liability Mark-to-Market Adjustment
The Company recorded adjustments to the fair value of its Series A Preferred Stock and Warrants to purchase shares of the Company’s common stock in Other (expense) income, net. Both of these instruments were issued in March 2023 in connection with the Company’s private placement and have been classified as liabilities and marked to market each reporting period until the Series A Preferred Stock was fully redeemed on June 25, 2024. The Warrant liability remains outstanding and will continue to be marked to market each reporting period. The Company excluded these gains and losses from the change in the fair value of these liabilities because it believes that such gains or losses were not part of its core business or ongoing operations.
Tax Effect of Non-GAAP Adjustments
The Non-GAAP income tax provision is presented based on an estimated tax rate applied against forecasted annual non-GAAP income. The Non-GAAP income tax provision assumes no available net operating losses or valuation allowances for the U.S. because of reporting significant cumulative non-GAAP income over the past several years. The Company is reporting its non-GAAP quarterly income taxes by computing an annual rate for the Company and applying that single rate (rather than multiple rates by jurisdiction) to its consolidated quarterly results. The Company expects that this methodology will provide a consistent rate throughout the year and allow investors to better understand the impact of income taxes on its results. Due to the methodology applied to its estimated annual tax rate, the Company’s estimated tax rate on non-GAAP income will differ from its GAAP tax rate and from its actual tax liabilities.
Adjusted EBITDA
The Company uses Adjusted EBITDA as a supplemental measure to review and assess its performance. The Company calculates Adjusted EBITDA by excluding from income (loss) from operations: depreciation; stock-based compensation; amortization of acquired intangible assets; certain litigation costs; acquisition-, disposal- and integration-related expense; and restructuring and related expense. In general, the Company excludes the expenses that it considers to be non-cash and/or not a part of its ongoing operations. The Company may exclude other items in the future that have those characteristics. Adjusted EBITDA is a non-GAAP financial measure that is used by the investing community for comparative and valuation purposes. The Company discloses this metric to support and facilitate dialogue with research analysts and investors. Other companies may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure.
Conference Call Details:
Conference call to discuss the Company’s financial results for the second quarter ended June 30, 2024.
Date: Wednesday, July 24, 2024
Time: 4:30 p.m. (ET)
Dial-In Information:
US/Canada: 877-407-2991
International: 201-389-0925
Instant Telephone Access: Call me™
A telephone playback of the call will be available following the conference call until August 7, 2024 and can be accessed by calling 877-660-6853 or 201-612-7415 for international callers. The reservation number for the replay is 13747581.
Live (Listen-Only) Webcast:
Available via the Investor Relations website, where a replay will also be available shortly following the conference call.
For more details on financial results, please visit investors.ribboncommunications.com.
Investor Relations
+1 (978) 614-8050
ir@rbbn.com
Media Contact
Catherine Berthier
+1 (646) 741-1974
cberthier@rbbn.com
RIBBON COMMUNICATIONS INC.
Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
Three months ended
June 30,
March 31,
June 30,
2024
2024
2023
Revenue:
Product
$ 99,133
$ 87,610
$ 117,347
Service
93,487
92,054
93,271
Total revenue
192,620
179,664
210,618
Cost of revenue:
Product
54,845
45,794
67,927
Service
33,376
35,364
33,782
Amortization of acquired technology
6,532
6,551
7,439
Total cost of revenue
94,753
87,709
109,148
Gross profit
97,867
91,955
101,470
Gross margin
50.8 %
51.2 %
48.2 %
Operating expenses:
Research and development
43,489
45,763
47,776
Sales and marketing
32,984
34,716
33,905
General and administrative
14,901
15,191
14,346
Amortization of acquired intangible assets
6,508
6,706
7,260
Acquisition-, disposal- and integration-related
–
–
498
Restructuring and related
1,920
3,065
4,307
Total operating expenses
99,802
105,441
108,092
Income (loss) from operations
(1,935)
(13,486)
(6,622)
Interest expense, net
(3,879)
(5,987)
(6,766)
Other (expense) income, net
(9,503)
(7,513)
(2,688)
Income (loss) before income taxes
(15,317)
(26,986)
(16,076)
Income tax benefit (provision)
(1,499)
(3,375)
(5,403)
Net income (loss)
$(16,816)
$(30,361)
$ (21,479)
Income (loss) per share:
Basic
$ (0.10)
$ (0.18)
$ (0.13)
Diluted
$ (0.10)
$ (0.18)
$ (0.13)
Weighted average shares used to compute income (loss) per share:
Basic
173,793
172,428
170,103
Diluted
173,793
172,428
170,103
RIBBON COMMUNICATIONS INC.
Consolidated Statements of Operations
(in thousands, except percentages and per share amounts)
(unaudited)
Six months ended
June 30,
June 30,
2024
2023
Revenue:
Product
$ 186,743
$ 210,665
Service
185,541
186,112
Total revenue
372,284
396,777
Cost of revenue:
Product
100,639
129,990
Service
68,740
69,087
Amortization of acquired technology
13,083
14,828
Total cost of revenue
182,462
213,905
Gross profit
189,822
182,872
Gross margin
51.0 %
46.1 %
Operating expenses:
Research and development
89,252
99,080
Sales and marketing
67,700
69,304
General and administrative
30,092
28,391
Amortization of acquired intangible assets
13,214
14,524
Acquisition-, disposal- and integration-related
–
2,140
Restructuring and related
4,985
11,244
Total operating expenses
205,243
224,683
Income (loss) from operations
(15,421)
(41,811)
Interest expense, net
(9,866)
(13,188)
Other (expense) income, net
(17,016)
2,084
Income (loss) before income taxes
(42,303)
(52,915)
Income tax benefit (provision)
(4,874)
(6,869)
Net income (loss)
$ (47,177)
$ (59,784)
Income (loss) per share:
Basic
$ (0.27)
$ (0.35)
Diluted
$ (0.27)
$ (0.35)
Weighted average shares used to compute income (loss) per share:
Basic
173,110
169,326
Diluted
173,110
169,326
RIBBON COMMUNICATIONS INC.
Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30,
December 31,
2024
2023
Assets
Current assets:
Cash and cash equivalents
$ 64,558
$ 26,494
Restricted cash
2,850
136
Accounts receivable, net
210,954
268,421
Inventory
79,216
77,521
Other current assets
46,576
46,146
Total current assets
404,154
418,718
Property and equipment, net
40,824
41,820
Intangible assets, net
212,052
238,087
Goodwill
300,892
300,892
Deferred income taxes
78,067
69,761
Operating lease right-of-use assets
33,901
39,783
Other assets
35,562
35,092
$ 1,105,452
$ 1,144,153
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of term debt
$ 3,500
$ 35,102
Accounts payable
64,333
85,164
Accrued expenses and other
92,847
91,687
Operating lease liabilities
12,347
15,739
Deferred revenue
99,547
113,381
Total current liabilities
272,574
341,073
Long-term debt, net of current
333,979
197,482
Warrant liability
6,170
5,295
Preferred stock liability
–
53,337
Operating lease liabilities, net of current
34,858
38,711
Deferred revenue, net of current
16,632
19,218
Deferred income taxes
5,616
5,616
Other long-term liabilities
30,601
30,658
Total liabilities
700,430
691,390
Commitments and contingencies
Stockholders’ equity:
Common stock
17
17
Additional paid-in capital
1,964,304
1,958,909
Accumulated deficit
(1,567,127)
(1,519,950)
Accumulated other comprehensive income
7,828
13,787
Total stockholders’ equity
405,022
452,763
$ 1,105,452
$ 1,144,153
RIBBON COMMUNICATIONS INC.
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Six months ended
June 30,
June 30,
2024
2023
Cash flows from operating activities:
Net loss
$ (47,177)
$ (59,784)
Adjustments to reconcile net income (loss) to cash flows provided by (used in) operating activities:
Depreciation and amortization of property and equipment
6,770
7,059
Amortization of intangible assets
26,297
29,352
Amortization of debt issuance costs and original issue discount
3,445
1,793
Amortization of accumulated other comprehensive gain related to interest rate swap
(8,196)
(2,062)
Stock-based compensation
8,016
11,964
Deferred income taxes
(8,104)
(6,946)
Gain on sale of swap
–
(7,301)
Change in fair value of warrant liability
875
(1,318)
Change in fair value of preferred stock liability
8,091
1,456
Dividends accrued on preferred stock liability
2,743
1,272
Payment of dividends accrued on preferred stock liability
(6,686)
–
Foreign currency exchange (gains) losses
2,023
(1,080)
Changes in operating assets and liabilities:
Accounts receivable
56,146
21,534
Inventory
(4,405)
(2,221)
Other operating assets
8,854
13,486
Accounts payable
(20,541)
(1,740)
Accrued expenses and other long-term liabilities
(8,407)
2,343
Deferred revenue
(16,422)
767
Net cash provided by (used in) operating activities
3,322
8,574
Cash flows from investing activities:
Purchases of property and equipment
(5,613)
(4,091)
Purchases of software licenses
(263)
–
Net cash provided by (used in) investing activities
(5,876)
(4,091)
Cash flows from financing activities:
Borrowings under revolving line of credit
44,106
30,000
Principal payments on revolving line of credit
(44,106)
(30,000)
Proceeds from issuance of term debt
342,300
–
Principal payments of term debt
(235,395)
(85,029)
Payment of debt issuance costs
(3,978)
(1,572)
Proceeds from issuance of preferred stock and warrant liabilities
–
53,350
Payment of preferred stock liability
(56,850)
–
Proceeds from the exercise of stock options
17
2
Payment of tax obligations related to vested stock awards and units
(2,638)
(3,456)
Net cash provided by (used in) financing activities
43,456
(36,705)
Effect of exchange rate changes on cash and cash equivalents
(124)
(394)
Net increase (decrease) in cash and cash equivalents
40,778
(32,616)
Cash and cash equivalents, beginning of year
26,630
67,262
Cash and cash equivalents, end of period
$ 67,408
$ 34,646
RIBBON COMMUNICATIONS INC.
Supplemental Information
(in thousands)
(unaudited)
The following tables provide the details of stock-based compensation included as components of other line items in the Company’s
Consolidated Statements of Operations and the line items in which these amounts are reported.
Three months ended
Six months ended
June 30,
March 31,
June 30,
June 30,
June 30,
2024
2024
2023
2024
2023
Stock-based compensation
Cost of revenue – product
$ 64
$ 106
$ 115
$ 170
$ 264
Cost of revenue – service
274
472
526
746
1,061
Cost of revenue
338
578
641
916
1,325
Research and development
616
1,068
1,300
1,684
2,562
Sales and marketing
954
1,157
2,142
2,111
4,271
General and administrative
1,586
1,719
2,033
3,305
3,806
Operating expense
3,156
3,944
5,475
7,100
10,639
Total stock-based compensation
$ 3,494
$ 4,522
$ 6,116
$ 8,016
$ 11,964
RIBBON COMMUNICATIONS INC.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands, except per share amounts)
(unaudited)
Three months ended
June 30,
March 31,
June 30,
2024
2024
2023
GAAP Gross margin
50.8 %
51.2 %
48.2 %
Stock-based compensation
0.2 %
0.3 %
0.3 %
Amortization of acquired technology
3.4 %
3.6 %
3.5 %
Non-GAAP Gross margin
54.4 %
55.1 %
52.0 %
GAAP Net income (loss)
$(16,816)
$(30,361)
$(21,479)
Stock-based compensation
3,494
4,522
6,116
Amortization of acquired intangible assets
13,040
13,257
14,699
Litigation costs
1,768
951
114
Acquisition-, disposal- and integration-related
–
–
498
Restructuring and related
1,920
3,065
4,307
Preferred stock and warrant liability mark-to-market adjustment
8,210
3,499
1,410
Tax effect of non-GAAP adjustments
(3,095)
3,971
2,083
Non-GAAP Net income (loss)
$ 8,521
$ (1,096)
$ 7,748
GAAP Diluted earnings (loss) per share
$ (0.10)
$ (0.18)
$ (0.13)
Stock-based compensation
0.02
0.03
0.03
Amortization of acquired intangible assets
0.08
0.07
0.09
Litigation costs
0.01
0.01
*
Acquisition-, disposal- and integration-related
–
–
0.01
Restructuring and related
0.01
0.02
0.02
Preferred stock and warrant liability mark-to-market adjustment
0.05
0.02
0.01
Tax effect of non-GAAP adjustments
(0.02)
0.02
0.01
Non-GAAP Diluted earnings (loss) per share
$ 0.05
$ (0.01)
$ 0.04
Weighted average shares used to compute diluted earnings (loss) per share
Shares used to compute GAAP diluted earnings (loss) per share
173,793
172,428
170,103
Shares used to compute Non-GAAP diluted earnings (loss) per share
176,246
172,428
175,220
GAAP Income (loss) from operations
$ (1,935)
$(13,486)
$ (6,622)
Depreciation
3,376
3,394
3,549
Stock-based compensation
3,494
4,522
6,116
Amortization of acquired intangible assets
13,040
13,257
14,699
Litigation costs
1,768
951
114
Acquisition-, disposal- and integration-related
–
–
498
Restructuring and related
1,920
3,065
4,307
Non-GAAP Adjusted EBITDA
$ 21,663
$ 11,703
$ 22,661
* Less than $0.01 impact on earnings (loss) per share.
RIBBON COMMUNICATIONS INC.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands, except per share amounts)
(unaudited)
Six months ended
June 30,
June 30,
2024
2023
GAAP Gross Margin
51.0 %
46.1 %
Stock-based compensation
0.2 %
0.3 %
Amortization of acquired technology
3.5 %
3.8 %
Non-GAAP Gross Margin
54.7 %
50.2 %
GAAP Net income (loss)
$(47,177)
$(59,784)
Stock-based compensation
8,016
11,964
Amortization of acquired intangible assets
26,297
29,352
Litigation costs
2,719
291
Acquisition-, disposal- and integration-related
–
2,140
Restructuring and related
4,985
11,244
Preferred stock and warrant liability mark-to-market adjustment
11,709
1,410
Preferred stock and warrant liability issuance costs
–
3,545
Tax effect of non-GAAP adjustments
876
4,759
Non-GAAP Net income (loss)
$ 7,425
$ 4,921
GAAP Diluted earnings (loss) per share
$ (0.27)
$ (0.35)
Stock-based compensation
0.05
0.07
Amortization of acquired intangible assets
0.14
0.18
Litigation costs
0.02
*
Acquisition-, disposal- and integration-related
–
0.01
Restructuring and related
0.03
0.06
Preferred stock and warrant liability mark-to-market adjustment
0.07
0.01
Preferred stock and warrant liability issuance costs
–
0.02
Tax effect of non-GAAP adjustments
*
0.03
Non-GAAP Diluted earnings (loss) per share
$ 0.04
$ 0.03
Weighted average shares used to compute diluted earnings per share
Shares used to compute GAAP diluted loss per share
173,110
169,326
Shares used to compute Non-GAAP diluted earnings per share
175,784
175,359
GAAP Income (loss) from operations
$(15,421)
$(41,811)
Depreciation
6,770
7,059
Stock-based compensation
8,016
11,964
Amortization of acquired intangible assets
26,297
29,352
Litigation costs
2,719
291
Acquisition-, disposal- and integration-related
–
2,140
Restructuring and related
4,985
11,244
Non-GAAP Adjusted EBITDA
$ 33,366
$ 20,239
* Less than $0.01 impact on earnings (loss) per share.
RIBBON COMMUNICATIONS INC.
Reconciliation of Non-GAAP and GAAP Financial Measures
(in thousands)
(unaudited)
Trailing Twelve Months
June 30,
March 31,
June 30,
2024
2024
2023
GAAP Income (loss) from operations
$ 2,105
$ (2,582)
$(43,842)
Depreciation
13,816
13,989
14,581
Stock-based compensation
17,858
20,480
22,017
Amortization of acquired intangible assets
53,836
55,495
59,597
Litigation costs
3,735
2,081
291
Acquisition-, disposal- and integration-related
2,336
2,834
5,042
Restructuring and related
9,950
12,337
14,369
Non-GAAP Adjusted EBITDA
$ 103,636
$ 104,634
$ 72,055
RIBBON COMMUNICATIONS INC.
Reconciliation of Non-GAAP and GAAP Financial Measures – Outlook
(unaudited)
Three months ending
Year ending
September 30, 2024
December 31, 2024
Midpoint (1)
Range
Midpoint (1)
Range
Revenue ($ millions)
$ 212.5
+/- $7.5M
$ 840
+/- $10M
Gross margin:
GAAP outlook
50.09 %
51.07 %
Stock-based compensation
0.26 %
0.24 %
Amortization of acquired technology
2.90 %
2.94 %
Non-GAAP outlook
53.25 %
+/- 0.25%
54.25 %
+/- 0.25%
Adjusted EBITDA ($ millions):
GAAP income (loss) from operations
$ 3.0
$ 5.9
Depreciation
3.8
14.4
Stock-based compensation
4.7
17.2
Amortization of acquired intangible assets
12.8
50.9
Litigation costs
0.9
4.6
Restructuring and related
2.3
17.0
Non-GAAP outlook
$ 27.5
+/- $2.5M
$ 110.0
+/- $5M
(1) Q3 2024 and FY 2024 outlook represents the midpoint of the expected ranges
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SOURCE Ribbon Communications Inc.
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Reach Showcases Full-Stack Product Portfolio for AI Vehicle Intelligent Evolution at Auto China 2026
Published
13 minutes agoon
May 1, 2026By
BEIJING, April 30, 2026 /PRNewswire/ — At Auto China 2026, Reach officially unveiled its full-stack product portfolio designed to accelerate the intelligent evolution of AI vehicles. Industry leaders and experts, along with executives and representatives from Honda, Toyota, FAW, Geely, GAC, Dongfeng Voyah, FAW Jiefang, BMW, Volkswagen CARIAD, Chery, Nissan, Mazda, Hitachi Astemo, Bosch, UAES, ZTE Microelectronics and other global OEMs and industry partners, visited the booth for in-depth discussions on the future of AI-powered mobility and intelligent vehicle evolution.
At the show, Reach demonstrated how AI vehicles are moving from “responding to commands” to “understanding intent and proactively serving users.” Human-vehicle interaction is evolving from isolated smart functions to integrated intelligent experiences, creating a new vision for future mobility.
Supporting this transformation is Reach’s full-stack portfolio covering five key areas: AI Vehicle Neural Foundation, Emotional Cognition, Intelligent Driving Brain, Vehicle-Cloud Computational Brain, and Energy Heart.
At the core is NeuSAR OS, the digital foundation for AI vehicles. Backed by over 10 million production deployments, it provides secure, reliable, and scalable support for AI applications, enabling unified management of vehicle-wide capabilities, cross-domain resources, and AI Agents while improving development efficiency by 30%–50%.
Cloud OS introduces a vehicle-cloud collaborative computing architecture that allows flexible scheduling between onboard small models and cloud-based large models, reducing hardware dependency and optimizing computing costs.
For intelligent driving, Reach’s full-stack AI solution and fifth-generation architecture NeuAUTO support faster mass production across passenger and commercial vehicles through unified software architecture and end-to-end AI models.
Reach AI Data-driven EV power system enables proactive battery health management and energy optimization. It also introduced AI-powered automated testing systems to improve testing efficiency and coverage.
Reach also launched its lifecycle-wide AI Agent solution, built on a full-domain data platform and intelligent systems for planning, after-sales, and operations, it supports product planning, price forecasting, safety monitoring, and customer operations across the full vehicle lifecycle.
As AI vehicles evolve toward full-system intelligence, system-level capability building and ecosystem collaboration are becoming the key to competitiveness. Reach is collaborating with global OEMs, Tier 1 suppliers, and semiconductor partners to accelerate large-scale industrial deployment.
Looking ahead, Reach continues advancing its full-stack portfolio through stronger innovation and deeper ecosystem collaboration, enabling vehicles evolve into true intelligent agents and delivering smarter, safer, and more trusted mobility experiences worldwide.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/reach-showcases-full-stack-product-portfolio-for-ai-vehicle-intelligent-evolution-at-auto-china-2026-302759688.html
SOURCE Reach
Technology
Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale
Published
13 minutes agoon
May 1, 2026By
Achieves profitability, scales to 11,000+ platform licenses, and strengthens balance sheet with $15.7M in cash
VANCOUVER, BC and LAS VEGAS, April 30, 2026 /PRNewswire/ – Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6), a U.S.-focused digital health infrastructure platform, is pleased to report its audited financial results for the year ended December 31, 2025. All figures are in Canadian dollars unless otherwise stated. All references to Non-GAAP Financial Measures1 2 are as reported in the Company’s amended and restated Management Discussion and Analysis dated April 30, 2026 (“MD&A”).
Revenue reached $35.4M in 2025, with $43.6M in Adjusted Revenue1 (non-GAAP) and $2.5M in Adjusted EBITDA2 (non-GAAP), reflecting strong growth and improving operating leverage.
The Company achieved net income of $1.69M and continued to scale its platform, driven by accelerating adoption of VSDHOne and expanding transaction volumes across its national healthcare network.
FULL YEAR 2025 HIGHLIGHTS
All comparisons below are to the year ended December 31, 2024, unless otherwise noted.
Revenue: $35.4M vs. $16.04M (+121% YoY)Adjusted Revenue:(1) $43.56M vs. $22.32M (+95% YoY)Adjusted EBITDA:(2) $2.5M vs. $136K (+1,765% YoY)Rising Operating Leverage: OPEX as a % of revenue fell from 38% to 22%2025 Year-end Cash Position: $15.65M vs. $1.19M (strong balance sheet improvement)Positive Adjusted EBITDA2 across the year, reflecting improving operating leverageOver 11,000 licenses signed across the VSDHOne platform, which the Company believes demonstrates strong demand and accelerating adoption
4th QUARTER 2025 HIGHLIGHTS
All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted
Revenue: $14.95M vs. $4.04M (+270% YoY)Adjusted Revenue:(1) $16.85M vs. $5.74M (+193% YoY)Adjusted EBITDA:(2) $1.58M vs. ($0.1M)Rising Operating Leverage: OPEX as a % of revenue fell to 15% in Q4 2025, versus 34% in Q4 2024
The Company believes the following Non-GAAP financial measures provide meaningful insight to its shareholders in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers.
Notes:
(1) “Adjusted Revenue” is a non-GAAP financial measure, and the figures reflect gross economic activity processed through the Company’s platform and should not be considered revenue recognized under IFRS. See “Non-GAAP Financial Measures” section below for definition.
(2) “Adjusted EBITDA” is a non-GAAP financial measure and reflects EBITDA plus additions for atypical and non-recurring charges. See “Non-GAAP Financial Measures” section below for definition.
The following table is included to provide a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable IFRS measures and to enhance the comparability and transparency of the Company’s financial performance for investors.
Three months ended December 31,
Twelve months ended December 31,
2025
2024
%
change
2025
2024
%
change
Adjusted Revenue
$ 16,853,102
$ 5,742,523
193 %
$ 43,563,753
$ 22,321,265
95 %
Deduct – deferred business partner contract
revenue
(313,878)
208,436
425,945
(45,317)
Deduct – business partner payouts on app
service gross revenue
2,218,121
1,493,509
7,752,770
6,321,866
GAAP Revenue
$ 14,948,859
$ 4,040,578
270 %
$ 35,385,038
$ 16,044,716
121 %
Adjusted Gross Margin
$ 2,924,341
$ 1,580,387
85 %
$ 9,429,151
$ 5,650,936
67 %
Deduct – deferred business partner contract
revenue
(313,878)
208,436
425,945
(45,317)
GAAP Gross Margin
$ 3,238,219
$ 1,371,951
136 %
$ 9,003,206
$ 5,696,253
58 %
Adjusted EBITDA
$ 1,577,760
$ (83,191)
$ 2,542,895
$ 136,334
1765 %
Deduct – amortization and depreciation
127,982
62,853
452,772
181,136
Deduct – share-based payments
8,843
87,889
82,385
614,877
Deduct – interest and accretion
452,209
–
586,354
–
Deduct – sales tax provision, net cash paid
252,603
(254,510)
252,603
(254,510)
Deduct – impairment charge
54,814
–
54,814
–
Deduct – income tax expense
(119,249)
–
(119,249)
–
Deduct – deferred tax recovery
699,586
–
699,586
–
GAAP Net Income (Loss)
$ 1,261,646
$ 20,577
6031 %
$ 1,694,304
$ (405,169)
518 %
Shane Madden, CEO of Hydreight, commented:
“2025 was a defining year for Hydreight. We transitioned from a growing platform into a scaled healthcare infrastructure business, with strong revenue growth and sustained profitability.
The acceleration we saw in the second half of the year was driven largely by the rollout of VSDHOne, which is now becoming a meaningful contributor to both revenue and long-term scalability.
As we move into 2026, our focus is on expanding our partner network, increasing transaction volume across the platform, and continuing to grow our compliant healthcare infrastructures in the United States.”
BUSINESS PERFORMANCE & DRIVERS
VSDHOne – Core Growth Engine
The Company’s VSDHOne platform, launched in 2025, was a primary driver of growth, contributing to:
Rapid onboarding of new partnersExpansion of direct-to-consumer healthcare brandsIncreased transaction volume across telehealth and pharmacy services
Revenue growth in 2025 was primarily driven by VSDHOne-related activity, combined with continued organic growth across existing partners.
The platform ramped significantly through the second half of the year, with Q4 alone contributing $14.9M in revenue, representing approximately 270% growth compared to the same period in 2024. This acceleration reflects strong demand from partners seeking compliant, turnkey solutions and demonstrates the Company’s ability to scale transaction volume efficiently across its infrastructure.
OPERATING METRICS & VOLUME GROWTH
Operational performance across the Company’s core verticals continued to strengthen throughout 2025.
The Company’s first two verticals continued their historical growth in 2025, supported by alignment with broader market trends and the introduction of direct-to-consumer products and services through Hydreight’s proprietary platform structure.
Completed Services revenue in Q4 2025 for the first vertical increased by approximately 44% compared to the same period in 2024Completed Services revenue for the first vertical in 2025 increased by approximately 17% compared to 2024New nurse sign-ups increased by approximately 45% in 2025 compared to 2024
These metrics reflect continued growth in the Company’s core service offerings, expansion of its provider network, and increasing utilization across the platform.
PLATFORM SCALE & NETWORK EFFECTS
Hydreight continues to expand its position as a leading healthcare infrastructure platform:
11,000+ licenses signed across VSDHOneNational footprint across all 50 U.S. statesNetwork of healthcare providers, pharmacies, and partners
The Company believes that this scale reflects growing demand from businesses seeking compliant, turnkey solutions to enter and expand within the U.S. healthcare market.
MULTI-VERTICAL REVENUE MODEL
Hydreight generates revenue across three primary streams:
Business partner subscription contractsTelehealth consultation and platform commissionsPharmacy sales
Growth was supported by:
Expansion of product offerings (GLP-1s, peptides, NAD, TRT, and more)Increased partner utilizationBroader adoption across wellness verticals
PROFITABILITY & OPERATING LEVERAGE
Hydreight achieved strong improvements in Adjusted EBITDA, a non-GAAP measure:
Adjusted EBITDA: $2.5M in 2025 vs. $0.14M in 2024 (+1,765% YoY)Net income (loss): $1.69M in 2025 vs. $(0.41)M in 2024
Performance strengthened meaningfully in the fourth quarter, reflecting the scaling of the platform in the second half of the year.
Q4 Adjusted EBITDA: $1.58M vs. ($0.10M) in Q4 2024
This reflects:
Platform scalabilityRevenue growth outpacing cost increasesImproved operational efficiency
This improvement reflects the operating leverage inherent in the Company’s platform model and was not solely a function of higher revenue. As transaction volumes scaled across VSDHOne, incremental revenue flowed through at higher margins, supported by a largely fixed regulatory, pharmacy, and technology infrastructure. As a result, revenue growth outpaced cost growth, driving improved profitability and demonstrating the scalability of the Company’s platform.
¹ See “Non-GAAP Financial Measures and Reconciliation”.
BALANCE SHEET & LIQUIDITY
Cash: $15.65M (vs. $1.2M in 2024)Working Capital: ~$15.7M (vs. deficiency of $2.5M in 2024)Strong capital position to support ongoing operations
The Company also completed a $15M financing in January 2026, subsequent to year‑end, further strengthening its ability to scale operations and pursue strategic initiatives.
Including the $15M financing completed in January 2026, the Company has access to over $30.7M in capital to support growth initiatives.
Please see SEDAR+ for the Company’s consolidated audited financial statements and MD&A for the year ended December 31, 2025.
STRATEGIC INITIATIVES & MILESTONES
Hydreight continues to expand its platform through strategic initiatives and partnerships.
During 2025, the Company:
Strengthened its vertically integrated healthcare infrastructureExpanded its national pharmacy networkInvested in next-generation platform capabilities (VSDHOne 2.0)Established strategic relationships to enhance product innovation and distribution
In 2026, Hydreight further expanded its strategic initiatives through an investment in Insu Therapeutics, a company focused on developing innovative delivery mechanisms for peptide-based therapies. This aligns with Hydreight’s long-term strategy of supporting next-generation treatments across its platform.
OUTLOOK
Hydreight is entering 2026 with strong momentum, supported by:
Continued onboarding of new partnersIncreasing transaction volumes across VSDHOneRecent capital deployment initiativesExpansion into new healthcare verticals
As of the end of Q1 2026, VSDHOne has surpassed 12,000 licenses sold, reflecting continued momentum in platform adoption.
Management remains focused on scaling the platform while maintaining disciplined growth and operational efficiency.
“We look forward to discussing these results in more detail on our upcoming earnings call.” -Shane Madden
ANNUAL FILINGS
The Company’s audited annual financial statements for the year ended December 31, 2025, and the associated MD&A, including a full discussion of non-GAAP financial measures and their reconciliation to IFRS measures, have been filed on SEDAR+ at www.sedarplus.ca and are available on the Company’s issuer profile. Readers are encouraged to review the complete financial statements and MD&A in conjunction with this press release. The Company refiled its MD&A to correct a typographical error in the calculation of Adjusted EBITDA. No other changes have been made.
UPCOMING EARNINGS CALL
Hydreight Technologies will host a live earnings call to discuss its Q4 and full-year 2025 financial results, provide a business update, and outline the Company’s strategic priorities heading into 2026.
Date & Time: Friday, May 1, 2026 at 9:00am – 10:00pm EST
Registration Link: https://hydreight.zoom.us/webinar/register/WN_vP-U6hAiRf2Ejg8muQcocQ
The call will include a formal presentation followed by a live Q&A session. Investors are encouraged to attend to gain deeper insight into Hydreight’s growth strategy and platform expansion.
Clarification on Engagement of GRA Enterprises
Further to the Company’s news release early last year dated February 27, 2025, the Company wishes to clarify that its prior 3-month engagement of GRA Enterprises LLC (doing business as National Inflation Association) (“GRA”) was not renewed and as such was terminated effective May 27, 2025.
Under the engagement, the Company paid GRA an aggregate fee of USD $30,000 in cash pursuant to the GRA Engagement. The fee was paid from general working capital at the commencement of the engagement. No securities, stock options, or other equity-based compensation were issued or granted in connection with the engagement.
The engagement was conducted at arm’s length and has been fully concluded, with no ongoing obligations or amounts payable by the Company. To the Company’s knowledge, neither GRA nor its principal, Gerard Adams, holds any direct or indirect interest in the Company or its securities, nor any right to acquire such an interest.
On behalf of the Board of Directors
Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.
Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™
Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company
About Hydreight Technologies Inc.
Hydreight Technologies Inc is building one of the largest mobile clinic networks in the United States. Its proprietary, fully integrated platform has hosted a network of over 3000 nurses, over 300 doctors and a pharmacy network through its Doctor networks across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network.
About VSDHOne – Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform is expected to help businesses launch direct-to-consumer healthcare brand in a matter of days in all 50 states. Compliant offerings include: GLP-1s, peptides, personalized healthcare treatments, sermorelin, testosterone replacement therapy (“TRT”), hair loss, skincare, sexual health and more. Hydreight invested in technology, legal and infrastructure to launch this platform. The VSDHOne platform offers a complete, and modular end-to-end solution for businesses looking to launch direct-to-consumer healthcare brands. From compliance and telemedicine technology to nationwide doctor and pharmacy networks, VSDHOne provides all the tools needed for a seamless entry into the online healthcare space. The platform is designed to significantly reduce the time and costs associated with launching such services, making it possible for businesses to go live in days instead of months.
Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Use of Non-GAAP Financial Measures:
The Company uses certain non-GAAP financial measures to assess its operating performance, and this press release contains non-GAAP financial measures, including “Adjusted Revenue” and “Adjusted EBITDA”. These measures are not recognized under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS or GAAP.
The Company defines Adjusted Revenue as gross cash income before adjustment for the deferred portion of business partner contract revenue and gross receipts from Hydreight App service sales. The Company defines Adjusted Gross Margin as GAAP gross margin plus inventory impairment plus the deferred portion of business partner contract revenue. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs (ii) share-based payments expense, (iii) gains/losses that are not reflective of ongoing operating performance including inventory impairment and (iv) sales tax provision, net of actual cash payments to state tax authorities.
Adjusted Revenue reflects the gross economic activity processed through the Company’s platform during the applicable period and may differ materially from revenue recognized under IFRS, which is based on revenue recognition and deferral requirements. Adjusted Revenue is not a measure of financial performance or profitability and should not be considered a substitute for revenue determined in accordance with IFRS. As used, Adjusted Revenue accelerates cash receipts relative to IFRS revenue recognition. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS.
The Company believes that these non‑GAAP measures provide information useful to investors in understanding historical operating trends and the scale of the Company’s platform relative to its peers but does not intend for such measures to represent future performance. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of other metrics presented in accordance with IFRS.
Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding expectations for the Company’s 2026 strategic outlook, growth, platform scaling initiatives, and anticipated expansion of VSDHOne and other platform offerings.
Forward‑looking information is based on management’s expectations, estimates and assumptions as of the date hereof, including assumptions regarding: continued partner adoption, stable regulatory regimes applicable to telehealth and pharmacy operations in the United States, availability of capital, and general economic conditions.
Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company.
Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company’s shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.
Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
View original content to download multimedia:https://www.prnewswire.com/news-releases/hydreight-reports-record-fiscal-2025-results-as-vsdhone-drives-rapid-growth-and-platform-scale-302759724.html
SOURCE Hydreight Technologies Inc.
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Scaled Commercial Breakthrough: OMODA & JAECOO AiMOGA Robotics Secures 1,000 Robot Orders, Boosting Smart City Deployment Step by Step
Published
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May 1, 2026By
KUALA LUMPUR, Malaysia and WUHU, China, May 1, 2026 /PRNewswire/ — In response to steady advancement of smart city construction and the actual demand for efficient, low-cost urban public service equipment, OMODA & JAECOO officially launched the full-scale commercial layout of AiMOGA Robotics at the 2026 Chery International Business Summit in Wuhu. Centering on the theme “Driven by Scenarios, United for Growth”, the event witnessed a key industrial breakthrough: AiMOGA Intelligent Police Robots secured 1,000 intentional signing orders and completed an official concentrated delivery of 100 units, laying a solid foundation for orderly large-scale promotion and practical scenario operation in urban roads, traffic hubs and daily public governance links.
Jointly developed by OMODA & JAECOO and the professional AiMOGA technical team, the robotic product lineup covers humanoid robots, quadruped robots and core intelligent patrol robots. Drawing on the brand’s mature intelligent vehicle underlying technologies in perception, planning and control, the equipment retains high operational stability. It can well adapt to daily road conditions and climatic environments, independently completing core practical tasks such as real-time traffic guidance, illegal parking identification and fixed-route auxiliary patrols, effectively assisting local frontline staff and optimizing urban refined management efficiency.
Chery Group pointed out that intelligent vehicles and robots share core technological homology, and the batch signing and delivery officially means AiMOGA enters the stage of large-scale standardized commercialization. The products have been iteratively optimized in more than 100 real scenarios across 50 countries including Malaysia, with reliable performance that meets local application standards. Relying on supporting facilities such as university talent cooperation projects, 31 innovation laboratories and a special robot leasing platform launched at the conference, OMODA & JAECOO will steadily improve local supporting service capabilities. The brand will rely on its global channel advantages to accelerate the localized landing of embodied intelligent equipment, pragmatically empower the steady development of smart urban governance industry, and jointly build a complete regional intelligent service ecology with local partners.
View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/scaled-commercial-breakthrough-omoda–jaecoo-aimoga-robotics-secures-1-000-robot-orders-boosting-smart-city-deployment-step-by-step-302758705.html
SOURCE OMODA & JAECOO
Reach Showcases Full-Stack Product Portfolio for AI Vehicle Intelligent Evolution at Auto China 2026
Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale
Scaled Commercial Breakthrough: OMODA & JAECOO AiMOGA Robotics Secures 1,000 Robot Orders, Boosting Smart City Deployment Step by Step
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