Technology
HONEYWELL DELIVERS STRONG SECOND QUARTER RESULTS AND BEATS EARNINGS GUIDANCE; UPDATES 2024 OUTLOOK
Published
2 years agoon
By
Sales of $9.6 Billion, Reported Sales Up 5%, Organic1 Sales Up 4%, Achieving the High End of Previous GuidanceEarnings Per Share of $2.36 and Adjusted Earnings Per Share1 of $2.49, Above High End of Previous GuidanceOrders Up 4%, Led by Strength in Our Building Automation and Energy and Sustainability Solutions BusinessesDeployed $6.4 Billion of Capital to M&A, Dividends, Share Repurchases, and Capital Expenditures, Including Closing the $5 Billion Acquisition of Access Solutions, and Announcing the $1.9 Billion Acquisition of CAES Systems Holdings and the $1.8 Billion Acquisition of Air Products’ LNG Business
CHARLOTTE, N.C., July 25, 2024 /PRNewswire/ — Honeywell (NASDAQ: HON) today announced results for the second quarter that met or exceeded the company’s guidance. The company also updated its full-year sales, segment margin2, adjusted earnings per share2,3, and cash flow guidance ranges.
The company reported second-quarter year-over-year sales growth of 5% and organic1 sales growth of 4%, led by double digit organic1 sales growth in defense and space, commercial aviation, and building solutions. Operating income grew 5% and operating margin expanded 10 basis points to 20.7%, while segment profit1 grew 4% led by Aerospace Technologies. Segment margin1 contraction of 10 basis points was above the midpoint of our guidance range. Earnings per share for the second quarter was $2.36, up 6% year over year, and adjusted earnings per share1 was $2.49, up 8% year over year, above the high end of our guidance range. Operating cash flow was $1.4 billion and free cash flow1 was $1.1 billion, approximately flat year over year.
“Honeywell delivered a strong second quarter, once again meeting or exceeding guidance across all metrics while maneuvering through a dynamic operating environment,” said Vimal Kapur, chairman and chief executive officer of Honeywell. “While Aerospace continues to lead our growth, we are seeing broader participation across our portfolio, with three of our four segments contributing positive growth for the quarter. All four segments grew sequentially in the quarter as well, giving us further confidence in our expectation of a second half organic growth acceleration.”
Kapur continued, “We also made significant progress in our capital deployment strategy, deploying $6.4 billion to M&A, dividends, share repurchases, and capex, highlighted by the closing of our $5 billion acquisition of Access Solutions. We also recently announced two additional deals – the $1.9 billion acquisition of CAES Systems and the $1.8 billion acquisition of Air Products’ LNG process technology and equipment business. We continue to make significant progress on my key priorities for Honeywell as we accelerate our alignment to three powerful megatrends – automation, the future of aviation, and energy transition, all underpinned by digitalization. Together, our technologically differentiated portfolio and world-class Honeywell Accelerator operating system are poised to further unlock incremental value and enable us to achieve our long-term financial framework.”
As a result of the company’s second-quarter performance and management’s outlook for the remainder of the year, including the impact of recently announced acquisitions, Honeywell updated its full-year sales, segment margin2, adjusted earnings per share2,3, and cash flow1 guidance. Full-year sales are now expected to be $39.1 billion to $39.7 billion with organic1 sales growth in the range of 5% to 6%. Segment margin2 is now expected to be in the range of 23.3% to 23.5% with segment margin contraction2 of 20 basis points to flat year over year. Adjusted earnings per share2,3 is now expected to be in the range of $10.05 to $10.25, up 6% to 8% year over year. Operating cash flow is now expected to be in the range of $6.6 billion to $7.0 billion, with free cash flow1 of $5.5 billion to $5.9 billion. A summary of the company’s full-year guidance can be found in Table 1.
Second-Quarter Performance
Honeywell sales for the second quarter were up 5% year over year on a reported basis and 4% on an organic1 basis year over year. The second-quarter financial results can be found in Tables 2 and 3.
Aerospace Technologies sales for the second quarter increased 16% on an organic1 basis year over year, the eighth consecutive quarter of double-digit organic growth, on sustained strength in both commercial aviation and defense and space. Commercial aviation was led by 17% growth in aftermarket sales as global flight activity continued to rise. Commercial original equipment sales once again grew double digits on increased shipset deliveries, particularly in air transport. Defense and space grew 19% year over year as sustained demand from the current geopolitical climate and further supply chain improvements enabled us to convert on our robust backlog. Segment margin contracted 60 basis points year over year to 27.2%, driven by mix pressure in original equipment, partially offset by commercial excellence net of inflation.
Industrial Automation sales for the second quarter decreased 8% on an organic1 basis year over year. Sales declines were primarily driven by volume softness in warehouse and workflow solutions. While sales declined in productivity solutions and services overall, they were up year over year and sequentially excluding the impact of payments under the license and settlement agreement that ended in the first quarter. Process solutions sales grew 1% in the second quarter as continued double-digit growth in aftermarket services was partially offset by softness in thermal solutions and smart energy. Sales in our sensing and safety technologies business declined year over year, but both orders and sales improved sequentially. Segment margin contracted 90 basis points to 19.0% due to lower volume leverage and the end of payments under the license and settlement agreement.
Building Automation sales for the second quarter increased 1% on an organic1 basis year over year and increased 10% sequentially including one month of benefit from the acquisition of our access solutions business. Building solutions delivered another solid quarter, growing 14% organically, as both projects and services grew double digits. The ongoing strength in building solutions was mostly offset by declines in building products, primarily driven by lower year over year volumes in fire and building management systems; however, both businesses saw improved sales quarter over quarter. Segment margin improved sequentially for the second consecutive quarter but contracted 60 basis points year over year to 25.3%, due to product mix headwinds and cost inflation, partially offset by productivity actions and commercial excellence.
Energy and Sustainability Solutions sales for the second quarter grew 3% on an organic1 basis year over year. Advanced materials once again led ESS with 8% sales growth, led by continued strength in fluorine products. UOP sales declined 4% in the quarter as a result of previously communicated difficult year-over-year comps from large gas processing equipment projects, partially offset by growth in refining catalysts and aftermarket services. Segment margin expanded 200 basis points to 25.2%, primarily driven by productivity actions.
Conference Call Details
Honeywell will discuss its second-quarter results and full-year 2024 guidance during an investor conference call starting at 8:30 a.m. Eastern Time today. A live webcast of the investor call as well as related presentation materials will be available through the Investor Relations section of the company’s website (www.honeywell.com/investor). A replay of the webcast will be available for 30 days following the presentation.
TABLE 1: FULL-YEAR 2024 GUIDANCE2
Previous Guidance
Current Guidance
Sales
$38.5B – $39.3B
$39.1B – $39.7B
Organic1 Growth
4% – 6%
5% – 6%
Segment Margin
23.8% – 24.1%
23.3% – 23.5%
Expansion
Up 30 – 60 bps
Down 20 – Flat bps
Adjusted Earnings Per Share3
$10.15 – $10.45
$10.05 – $10.25
Adjusted Earnings Growth3
7% – 10%
6% – 8%
Operating Cash Flow
$6.7B – $7.1B
$6.6B – $7.0B
Free Cash Flow1
$5.6B – $6.0B
$5.5B – $5.9B
TABLE 2: SUMMARY OF HONEYWELL FINANCIAL RESULTS
2Q 2024
2Q 2023
Change
Sales
$9,577
$9,146
5 %
Organic1 Growth
4 %
Operating Income Margin
20.7 %
20.6 %
10 bps
Segment Profit1
$2,199
$2,113
4 %
Segment Margin1
23.0 %
23.1 %
-10 bps
Earnings Per Share
$2.36
$2.22
6 %
Adjusted Earnings Per Share1
$2.49
$2.30
8 %
Operating Cash Flow
$1,371
$1,360
1 %
Free Cash Flow1
$1,112
$1,127
(1 %)
TABLE 3: SUMMARY OF SEGMENT FINANCIAL RESULTS
AEROSPACE TECHNOLOGIES
2Q 2024
2Q 2023
Change
Sales
$3,891
$3,341
16 %
Organic1 Growth
16 %
Segment Profit
$1,060
$930
14 %
Segment Margin
27.2 %
27.8 %
-60 bps
INDUSTRIAL AUTOMATION
Sales
$2,506
$2,727
(8 %)
Organic1 Growth
(8 %)
Segment Profit
$477
$544
(12 %)
Segment Margin
19.0 %
19.9 %
-90 bps
BUILDING AUTOMATION
Sales
$1,571
$1,510
4 %
Organic1 Growth
1 %
Segment Profit
$397
$391
2 %
Segment Margin
25.3 %
25.9 %
-60 bps
ENERGY AND SUSTAINABILITY SOLUTIONS
Sales
$1,604
$1,567
2 %
Organic1 Growth
3 %
Segment Profit
$405
$363
12 %
Segment Margin
25.2 %
23.2 %
200 bps
1
See additional information at the end of this release regarding non-GAAP financial measures.
2
Segment margin and adjusted EPS are non-GAAP financial measures. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment margin or adjusted EPS. We therefore, do not present a guidance range, or a reconciliation to, the nearest GAAP financial measures of operating margin or EPS.
3
Adjusted EPS and adjusted EPS V% guidance excludes items identified in the non-GAAP reconciliation of adjusted EPS at the end of this release, and any potential future one-time items that we cannot reliably predict or estimate such as pension mark-to-market.
Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation, and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Connected Enterprise integrated software platform. As a trusted partner, we help organizations solve the world’s toughest, most complex challenges, providing actionable solutions and innovations that help make the world smarter, safer, and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.
Honeywell uses our Investor Relations website, www.honeywell.com/investor, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes or anticipates will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments and other relevant factors, many of which are difficult to predict and outside of our control. They are not guarantees of future performance, and actual results, developments and business decisions may differ significantly from those envisaged by our forward-looking statements. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as lower GDP growth or recession, capital markets volatility, inflation, and certain regional conflicts, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K and other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.
This release contains financial measures presented on a non-GAAP basis. Honeywell’s non-GAAP financial measures used in this release are as follows:
Segment profit, on an overall Honeywell basis;Segment profit margin, on an overall Honeywell basis;Organic sales growth;Free cash flow; andAdjusted earnings per share.
Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.
Honeywell International Inc.
Consolidated Statement of Operations (Unaudited)
(Dollars in millions, except per share amounts)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Product sales
$ 6,477
$ 6,441
$ 12,740
$ 12,751
Service sales
3,100
2,705
5,942
5,259
Net sales
9,577
9,146
18,682
18,010
Costs, expenses and other
Cost of products sold1
4,247
4,133
8,282
8,201
Cost of services sold1
1,609
1,493
3,157
2,923
Total Cost of products and services sold
5,856
5,626
11,439
11,124
Research and development expenses
382
375
742
732
Selling, general and administrative expenses1
1,361
1,262
2,663
2,579
Other (income) expense
(246)
(208)
(477)
(468)
Interest and other financial charges
250
187
470
357
Total costs, expenses and other
7,603
7,242
14,837
14,324
Income before taxes
1,974
1,904
3,845
3,686
Tax expense
414
403
810
777
Net income
1,560
1,501
3,035
2,909
Less: Net income attributable to the noncontrolling interest
16
14
28
28
Net income attributable to Honeywell
$ 1,544
$ 1,487
$ 3,007
$ 2,881
Earnings per share of common stock – basic
$ 2.37
$ 2.24
$ 4.62
$ 4.32
Earnings per share of common stock – assuming dilution
$ 2.36
$ 2.22
$ 4.59
$ 4.29
Weighted average number of shares outstanding – basic
650.2
665.3
651.3
666.5
Weighted average number of shares outstanding – assuming dilution
654.2
670.2
655.5
671.9
1
Cost of products and services sold and Selling, general and administrative expenses include amounts for repositioning and other charges, the service cost component of pension and other postretirement (income) expense, and stock compensation expense.
Honeywell International Inc.
Segment Data (Unaudited)
(Dollars in millions)
Three Months Ended June 30,
Six Months Ended June 30,
Net Sales
2024
2023
2024
2023
Aerospace Technologies
$ 3,891
$ 3,341
$ 7,560
$ 6,452
Industrial Automation
2,506
2,727
4,984
5,530
Building Automation
1,571
1,510
2,997
2,997
Energy and Sustainability Solutions
1,604
1,567
3,129
3,028
Corporate and All Other
5
1
12
3
Total
$ 9,577
$ 9,146
$ 18,682
$ 18,010
Reconciliation of Segment Profit to Income Before Taxes
Three Months Ended June 30,
Six Months Ended June 30,
Segment Profit
2024
2023
2024
2023
Aerospace Technologies
$ 1,060
$ 930
$ 2,095
$ 1,761
Industrial Automation
477
544
951
1,130
Building Automation
397
391
747
772
Energy and Sustainability Solutions
405
363
708
665
Corporate and All Other
(140)
(115)
(208)
(200)
Total segment profit
2,199
2,113
4,293
4,128
Interest and other financial charges
(250)
(187)
(470)
(357)
Interest income
110
76
215
152
Amortization of acquisition-related intangibles
(85)
(61)
(155)
(129)
Stock compensation expense1
(55)
(50)
(108)
(109)
Pension ongoing income2
140
130
285
260
Other postretirement income2
4
7
10
13
Repositioning and other charges3,4
(44)
(102)
(137)
(243)
Other5
(45)
(22)
(88)
(29)
Income before taxes
$ 1,974
$ 1,904
$ 3,845
$ 3,686
1
Amounts included in Selling, general and administrative expenses.
2
Amounts included in Cost of products and services sold (service cost component), Selling, general and administrative expenses (service cost component), Research and development expenses (service cost component), and Other (income) expense (non-service cost component).
3
Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense.
4
Includes repositioning, asbestos, and environmental expenses.
5
Amounts include the other components of Other (income) expense not included within other categories in this reconciliation. Equity income of affiliated companies is included in segment profit.
Honeywell International Inc.
Consolidated Balance Sheet (Unaudited)
(Dollars in millions)
June 30, 2024
December 31, 2023
ASSETS
Current assets
Cash and cash equivalents
$ 9,576
$ 7,925
Short-term investments
231
170
Accounts receivable, less allowances of $312 and $323, respectively
7,759
7,530
Inventories
6,324
6,178
Other current assets
1,479
1,699
Total current assets
25,369
23,502
Investments and long-term receivables
1,472
939
Property, plant and equipment—net
5,752
5,660
Goodwill
20,824
18,049
Other intangible assets—net
5,208
3,231
Insurance recoveries for asbestos-related liabilities
163
170
Deferred income taxes
374
392
Other assets
10,167
9,582
Total assets
$ 69,329
$ 61,525
LIABILITIES
Current liabilities
Accounts payable
$ 6,470
$ 6,849
Commercial paper and other short-term borrowings
4,548
2,085
Current maturities of long-term debt
2,519
1,796
Accrued liabilities
7,507
7,809
Total current liabilities
21,044
18,539
Long-term debt
20,865
16,562
Deferred income taxes
2,137
2,094
Postretirement benefit obligations other than pensions
126
134
Asbestos-related liabilities
1,444
1,490
Other liabilities
6,196
6,265
Redeemable noncontrolling interest
7
7
Shareowners’ equity
17,510
16,434
Total liabilities, redeemable noncontrolling interest and shareowners’ equity
$ 69,329
$ 61,525
Honeywell International Inc.
Consolidated Statement of Cash Flows (Unaudited)
(Dollars in millions)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Cash flows from operating activities
Net income
$ 1,560
$ 1,501
$ 3,035
$ 2,909
Less: Net income attributable to noncontrolling interest
16
14
28
28
Net income attributable to Honeywell
1,544
1,487
3,007
2,881
Adjustments to reconcile net income attributable to Honeywell to net cash provided by
(used for) operating activities
Depreciation
163
166
329
327
Amortization
146
118
271
240
Repositioning and other charges
44
102
137
243
Net payments for repositioning and other charges
(87)
(154)
(211)
(195)
NARCO Buyout payment
—
—
—
(1,325)
Pension and other postretirement income
(144)
(137)
(295)
(273)
Pension and other postretirement benefit payments
(7)
(8)
(15)
(23)
Stock compensation expense
55
50
108
109
Deferred income taxes
(39)
(29)
(36)
196
Other
(420)
(293)
(583)
(643)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures
Accounts receivable
(202)
(83)
(149)
(505)
Inventories
63
(100)
(77)
(338)
Other current assets
163
98
227
208
Accounts payable
(42)
—
(423)
114
Accrued liabilities
134
143
(471)
(440)
Net cash provided by operating activities
1,371
1,360
1,819
576
Cash flows from investing activities
Capital expenditures
(259)
(233)
(492)
(426)
Proceeds from disposals of property, plant and equipment
—
2
—
13
Increase in investments
(230)
(3)
(468)
(229)
Decrease in investments
237
246
392
632
Receipts (payments) from settlements of derivative contracts
33
(31)
76
(38)
Cash paid for acquisitions, net of cash acquired
(4,913)
(661)
(4,913)
(661)
Net cash used for investing activities
(5,132)
(680)
(5,405)
(709)
Cash flows from financing activities
Proceeds from issuance of commercial paper and other short-term borrowings
4,770
3,895
6,993
8,000
Payments of commercial paper and other short-term borrowings
(2,019)
(4,636)
(4,489)
(7,930)
Proceeds from issuance of common stock
165
78
309
115
Proceeds from issuance of long-term debt
—
2,966
5,710
2,966
Payments of long-term debt
(32)
(21)
(605)
(1,384)
Repurchases of common stock
(529)
(477)
(1,200)
(1,176)
Cash dividends paid
(743)
(691)
(1,446)
(1,416)
Other
(10)
(4)
26
(38)
Net cash provided by (used for) financing activities
1,602
1,110
5,298
(863)
Effect of foreign exchange rate changes on cash and cash equivalents
(21)
(33)
(61)
(5)
Net increase (decrease) in cash and cash equivalents
(2,180)
1,757
1,651
(1,001)
Cash and cash equivalents at beginning of period
11,756
6,869
7,925
9,627
Cash and cash equivalents at end of period
$ 9,576
$ 8,626
$ 9,576
$ 8,626
Appendix
Non-GAAP Financial Measures
The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP).
Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell’s business.
Honeywell International Inc.
Reconciliation of Organic Sales % Change
(Unaudited)
Three Months Ended
June 30, 2024
Honeywell
Reported sales % change
5 %
Less: Foreign currency translation
— %
Less: Acquisitions, divestitures and other, net
1 %
Organic sales % change
4 %
Aerospace Technologies
Reported sales % change
16 %
Less: Foreign currency translation
— %
Less: Acquisitions, divestitures and other, net
— %
Organic sales % change
16 %
Industrial Automation
Reported sales % change
(8) %
Less: Foreign currency translation
(1) %
Less: Acquisitions, divestitures and other, net
1 %
Organic sales % change
(8) %
Building Automation
Reported sales % change
4 %
Less: Foreign currency translation
(1) %
Less: Acquisitions, divestitures and other, net
4 %
Organic sales % change
1 %
Energy and Sustainability Solutions
Reported sales % change
2 %
Less: Foreign currency translation
(1) %
Less: Acquisitions, divestitures and other, net
— %
Organic sales % change
3 %
We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for forward-looking measures of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change.
Honeywell International Inc.
Reconciliation of Operating Income to Segment Profit, Calculation of Operating Income and Segment Profit Margins
(Unaudited)
(Dollars in millions)
Three Months Ended June 30,
Twelve Months
Ended
December 31,
2024
2023
2023
Operating income
$ 1,978
$ 1,883
$ 7,084
Stock compensation expense1
55
50
202
Repositioning, Other2,3
58
103
952
Pension and other postretirement service costs3
16
16
66
Amortization of acquisition-related intangibles
85
61
292
Acquisition-related costs4
7
—
2
Segment profit
$ 2,199
$ 2,113
$ 8,598
Operating income
$ 1,978
$ 1,883
$ 7,084
÷ Net sales
$ 9,577
$ 9,146
$ 36,662
Operating income margin %
20.7 %
20.6 %
19.3 %
Segment profit
$ 2,199
$ 2,113
$ 8,598
÷ Net sales
$ 9,577
$ 9,146
$ 36,662
Segment profit margin %
23.0 %
23.1 %
23.5 %
1
Included in Selling, general and administrative expenses.
2
Includes repositioning, asbestos, environmental expenses, equity income adjustment, and other charges. For the three months ended June 30, 2023, other charges include $2 million of benefit due to the Russia-Ukraine conflict.
3
Included in Cost of products and services sold and Selling, general and administrative expenses.
4
Includes acquisition-related fair value adjustments to inventory.
We define operating income as net sales less total cost of products and services sold, research and development expenses, and selling, general and administrative expenses. We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition-related costs, and repositioning and other charges. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit, particularly pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings.
Acquisition amortization and acquisition-related costs are significantly impacted by the timing, size, and number of acquisitions we complete and are not on a predictable cycle, and we make no comment as to when or whether any future acquisitions may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.
Honeywell International Inc.
Reconciliation of Earnings per Share to Adjusted Earnings per Share
(Unaudited)
Three Months Ended June 30,
Twelve Months Ended December 31,
2024
2023
2023
2024(E)
Earnings per share of common stock – diluted1
$ 2.36
$ 2.22
$ 8.47
$9.48 – $9.68
Pension mark-to-market expense2
—
—
0.19
No Forecast
Amortization of acquisition-related intangibles3
0.10
0.07
0.35
0.48
Acquisition-related costs4
0.03
—
0.01
0.07
Russian-related charges5
—
—
—
0.02
Net expense related to the NARCO Buyout and HWI Sale6
—
0.01
0.01
—
Adjustment to estimated future Bendix liability7
—
—
0.49
—
Adjusted earnings per share of common stock – diluted
$ 2.49
$ 2.30
$ 9.52
$10.05 – $10.25
1
For the three months ended June 30, 2024, and 2023, adjusted earnings per share utilizes weighted average shares of approximately 654.2 million and 670.2 million, respectively. For the twelve months ended December 31, 2023, adjusted earnings per share utilizes weighted average shares of approximately 668.2 million. For the twelve months ended December 31, 2024, expected earnings per share utilizes weighted average shares of approximately 655 million.
2
Pension mark-to-market expense uses a blended tax rate of 18%, net of tax benefit of $27 million, for 2023.
3
For the three months ended June 30, 2024, acquisition-related intangibles amortization includes approximately $66 million, net of tax benefit of approximately $19 million. For the three months ended June 30, 2023, and twelve months ended December 31, 2023, acquisition-related intangibles amortization includes $48 million and $231 million, net of tax benefit of approximately $13 million and $61 million, respectively. For the twelve months ended December 31, 2024, expected acquisition-related intangibles amortization includes approximately $315 million, net of tax benefit of approximately $85 million.
4
For the three months ended June 30, 2024, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, is approximately $22 million, net of tax benefit of approximately $7 million. For the three months ended June 30, 2023, and twelve months ended December 31, 2023, the adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, is approximately $1 million and $7 million, net of tax benefit of approximately $0 million and $2 million, respectively. For the twelve months ended December 31, 2024, the expected adjustment for acquisition-related costs, which is principally comprised of third-party transaction and integration costs and acquisition-related fair value adjustments to inventory, is approximately $45 million, net of tax benefit of approximately $15 million.
5
For the three months ended June 30, 2023, the adjustment was $1 million, without tax benefit. For the twelve months ended December 31, 2023, the adjustment was a benefit $3 million, without tax expense. For the twelve months ended December 31, 2024, the expected adjustment is a $17 million expense, without tax benefit, due to the settlement of a contractual dispute with a Russian entity associated with the Company’s suspension and wind down activities in Russia.
6
For the three months ended June 30, 2023 and the twelve months ended December 31, 2023, the adjustment was $8 million, net of tax benefit of $3 million, due to the net expense related to the NARCO Buyout and HWI Sale.
7
Bendix Friction Materials (“Bendix”) is a business no longer owned by the Company. In 2023, the Company changed its valuation methodology for calculating legacy Bendix liabilities. For the twelve months ended December 31, 2023, the adjustment was $330 million, net of tax benefit of $104 million (or $434 million pre-tax) due to a change in the estimated liability for resolution of asserted (claims filed as of the financial statement date) and unasserted Bendix-related asbestos claims. The Company experienced fluctuations in average resolution values year-over-year in each of the past five years with no well-established trends in either direction. In 2023, the Company observed two consecutive years of increasing average resolution values (2023 and 2022), with more volatility in the earlier years of the five-year period (2019 through 2021). Based on these observations, the Company, during its annual review in the fourth quarter of 2023, reevaluated its valuation methodology and elected to give more weight to the two most recent years by shortening the look-back period from five years to two years (2023 and 2022). The Company believes that the average resolution values in the last two consecutive years are likely more representative of expected resolution values in future periods. The $434 million pre-tax amount was attributable primarily to shortening the look-back period to the two most recent years, and to a lesser extent to increasing expected resolution values for a subset of asserted claims to adjust for higher claim values in that subset than in the modelled two-year data set. It is not possible to predict whether such resolution values will increase, decrease, or stabilize in the future, given recent litigation trends within the tort system and the inherent uncertainty in predicting the outcome of such trends. The Company will continue to monitor Bendix claim resolution values and other trends within the tort system to assess the appropriate look-back period for determining average resolution values going forward.
We define adjusted earnings per share as diluted earnings per share adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. We therefore do not include an estimate for the pension mark-to-market expense. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change.
Acquisition amortization and acquisition-related costs are significantly impacted by the timing, size, and number of acquisitions we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.
Honeywell International Inc.
Reconciliation of Cash Provided by Operating Activities to Free Cash Flow
(Unaudited)
(Dollars in millions)
Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
Cash provided by operating activities
$ 1,371
$ 1,360
Capital expenditures
(259)
(233)
Free cash flow
$ 1,112
$ 1,127
We define free cash flow as cash provided by operating activities less cash for capital expenditures.
We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.
Honeywell International Inc.
Reconciliation of Expected Cash Provided by Operating Activities to Expected Free Cash Flow
(Unaudited)
Twelve Months Ended
December 31, 2024(E) ($B)
Cash provided by operating activities
~$6.6 – $7.0
Capital expenditures
~(1.1)
Free cash flow
~$5.5 – $5.9
We define free cash flow as cash provided by operating activities less cash for capital expenditures.
We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.
Contacts:
Media
Investor Relations
Stacey Jones
Sean Meakim
(980) 378-6258
(704) 627-6200
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SOURCE Honeywell
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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.
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Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale
Published
6 hours 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.
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SOURCE Hydreight Technologies Inc.
Technology
Scaled Commercial Breakthrough: OMODA & JAECOO AiMOGA Robotics Secures 1,000 Robot Orders, Boosting Smart City Deployment Step by Step
Published
6 hours agoon
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.
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SOURCE OMODA & JAECOO
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