Connect with us

Technology

CarParts.com Reports Second Quarter 2024 Results

Published

2 years ago

on

TORRANCE, Calif., July 30, 2024 /PRNewswire/ — CarParts.com, Inc. (NASDAQ: PRTS), a leading eCommerce provider of automotive parts and accessories, and a premier destination for vehicle repair and maintenance needs, is reporting results for the second quarter ended June 29, 2024. 

Second Quarter 2024 Summary vs. Year-Ago Quarter

Net sales decreased to $144.3 million, down 18% from the year-ago quarter.Gross profit of $48.4 million vs. $60.4 million, with gross margin of 33.5%.Net loss was ($8.7) million, or ($0.15) per share, compared to a net loss of ($0.7) million, or ($0.01) per share.Adjusted EBITDA of ($0.1) million vs. $6.3 million.Cash of $34.1 million and no revolver debt.Total cumulative mobile app downloads of 450,000, more than double the number from the beginning of the year.

Management Commentary

“Last quarter we discussed our emphasis on financial discipline and profitability by focusing on driving gross and net margins, accelerating efficiency and effectiveness to quickly deliver improved profitability; and achieving sustainable growth with strong long-term free cash flow.

In the second quarter, we made significant progress on gross margin and efficiencies, which reinforces our confidence that we’re on the right track. We are confident in our roadmap and our opportunity as a leading online retailer in a highly fragmented $400 billion automotive aftermarket market. 

In the first half of the year, we updated our pricing and marketing acquisition strategies to target more profitable customers and generate higher gross margins. As a result, in the second quarter, we saw sequential margin improvement with product margins at 54.0%, up 210 bps from Q1. We expect Q3 to be sequentially higher.

We are  forging on a path that we expect will result in achieving sustainable and significantly positive Adjusted EBITDA next year while working towards achieving a 6-8% Adjusted EBITDA margin and enhanced free cash flow generation in the medium term” said David Meniane, CEO. 

Second Quarter 2024 Financial Results

Net sales in the second quarter of 2024 were $144.3 million, down 18% from the year-ago quarter. The decrease was primarily driven by deliberate price increases to drive gross margin expansion combined with softness in consumer demand.

Gross profit in the second quarter was $48.4 million compared to $60.4 million, with gross margin decreasing 70 basis points to 33.5%, but up sequentially from 32.4% in the first quarter of 2024. For fiscal year 2024, the Company is focused on driving gross margin expansion. This improvement was primarily driven by price increases and expanded branded gross margins, offset by higher year-over-year freight costs.

Total operating expenses in the second quarter were $57.1 million compared to $61.3 million in the year-ago quarter.

Net loss in the second quarter was ($8.7) million compared to a net loss of ($0.7) million in the year-ago quarter.

Adjusted EBITDA in the second quarter was ($0.1) million compared to $6.3 million in the year-ago quarter.

On June 29, 2024, the Company had a cash balance of $34.1 million and no revolver debt, compared to no revolver debt and a $51.0 million cash balance at prior fiscal year-end December 30, 2023. 

2024 Outlook

For the full year 2024, we are targeting net sales and gross profit to remain within the range we had previously forecasted. The Company expects net sales at the low end in the range of $600 million to $625 million and gross margin to be 33%, plus or minus 100 basis points.

Conference Call

CarParts.com CEO David Meniane, CFO Ryan Lockwood and COO Michael Huffaker will host a conference call today to discuss the results, followed by a question-and-answer period.

Date: Tuesday, July 30, 2024
Time: 5:00 p.m. Eastern time (2:00 p.m. Pacific time)
Webcast: www.carparts.com/investor/news-events 

To listen to the live call, please click the link above to access the webcast. A replay of the audio webcast will be archived on the Company’s website at www.carparts.com/investor.  

About CarParts.com, Inc.

CarParts.com, Inc. is a technology-driven eCommerce company offering over 1 million high-quality automotive parts and accessories. Operating for over 25 years, CarParts.com has established itself as a premier destination for drivers seeking repair and maintenance solutions. Our commitment lies in placing the customer at the forefront of our operations, evident in our easy-to-use, mobile-friendly website and app. With a commitment to affordability and customer satisfaction, CarParts.com simplifies the automotive repair process, aiming to eliminate the uncertainty and stress often associated with vehicle maintenance. Backed by a robust company-operated fulfillment network, we ensure swift delivery of top-quality parts from leading brands to customers across the nation.

At CarParts.com, our global team is united by a shared vision: Empowering Drivers Along Their Journey.

CarParts.com is headquartered in Torrance, California.

Non-GAAP Financial Measures

Regulation G, and other provisions of the Securities Exchange Act of 1934, as amended, define and prescribe the conditions for use of certain non-GAAP financial information. We provide “Adjusted EBITDA” in this earnings release and on today’s scheduled conference call, which are non-GAAP financial measures. Adjusted EBITDA consist of net (loss) income before (a) interest (income) expense, net; (b) income tax provision; (c) depreciation and amortization expense; (d) amortization of intangible assets; (e) share-based compensation expense; (f) workforce transition costs; and (g) distribution center costs. A reconciliation of Adjusted EBITDA to net (loss) income is provided below.

The Company believes that these non-GAAP financial measures provide important supplemental information to management and investors. These non-GAAP financial measures reflect an additional way of viewing aspects of the Company’s operations that, when viewed with the GAAP results and the accompanying reconciliations to corresponding GAAP financial measures, provides a more complete understanding of factors and trends affecting the Company’s business and results of operations.

Management uses Adjusted EBITDA as measures of the Company’s operating performance because it assists in comparing the Company’s operating performance on a consistent basis by removing the impact of stock compensation expense as well as other items that we do not believe are representative of our ongoing operating performance. Internally, these non-GAAP measures are also used by management for planning purposes, including the preparation of internal budgets; for allocating resources to enhance financial performance; and for evaluating the effectiveness of operational strategies. The Company also believes that analysts and investors use these non-GAAP measures as supplemental measures to evaluate the ongoing operations of companies in our industry.

These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company’s consolidated financial statements in their entirety and to not rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names. In addition, the Company expects to continue to incur expenses similar to the non-GAAP adjustments described above, and exclusion of these items from the Company’s non-GAAP measures should not be construed as an inference that these costs are all unusual, infrequent or non-recurring.

Safe Harbor Statement

This press release contains statements which are based on management’s current expectations, estimates and projections about the Company’s business and its industry, as well as certain assumptions made by the Company. These statements are forward looking statements for the purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended and Section 27A of the Securities Act of 1933, as amended. Words such as “anticipates,” “could,” “expects,” “intends,” “plans,” “potential,” “believes,” “predicts,” “projects,” “seeks,” “estimates,” “may,” “will,” “would,” “will likely continue” and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements regarding our future operating results and financial condition, our potential growth, our ability to innovate, our ability to gain market share, and our ability to expand and improve our product offerings. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, competitive pressures, our dependence on search engines to attract customers, demand for the Company’s products, the online market and channel mix for aftermarket auto parts, the economy in general, increases in commodity and component pricing that would increase the Company’s product costs, the operating restrictions in its credit agreement, the weather and any other factors discussed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Risk Factors contained in the Company’s Annual Report on Form 10–K and Quarterly Reports on Form 10–Q, which are available at www.carparts.com/investor and the SEC’s website at www.sec.gov. You are urged to consider these factors carefully in evaluating the forward-looking statements in this release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. Unless otherwise required by law, the Company expressly disclaims any obligation to update publicly any forward-looking statements, whether as result of new information, future events or otherwise.

Investor Relations:

Ryan Lockwood, CFA
IR@carparts.com

Summarized information for the periods presented is as follows (in millions):

Thirteen
Weeks
Ended

Thirteen
Weeks
Ended

Twenty-Six
Weeks
Ended

Twenty-Six
Weeks
Ended

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Net sales

$

144.27

$

176.98

$

310.56

$

352.47

Gross profit

$

48.39

$

60.44

$

102.31

$

122.99

33.5

%

34.2

%

32.9

%

34.9

%

Operating expense

$

57.12

$

61.29

$

117.56

$

123.20

39.6

%

34.6

%

37.9

%

35.0

%

Net (loss) income

$

(8.69)

$

(0.67)

$

(15.17)

$

0.38

(6.0)

%

(0.4)

%

(4.9)

%

0.1

%

Adjusted EBITDA

$

(0.12)

$

6.30

$

0.93

$

15.67

(0.1)

%

3.6

%

0.3

%

4.4

%

The table below reconciles net (loss) income to Adjusted EBITDA for the periods presented (in thousands):

Thirteen
Weeks
Ended

Thirteen
Weeks
Ended

Twenty-Six
Weeks
Ended

Twenty-Six
Weeks
Ended

June 29, 2024

July 1, 2023

June 29, 2024

July 1, 2023

Net (loss) income

$

(8,687)

$

(671)

$

(15,165)

$

380

Depreciation & amortization

4,455

4,247

8,480

8,166

Amortization of intangible assets

13

9

21

20

Interest (income) expense, net

(68)

(221)

(205)

126

Income tax provision

27

141

125

282

EBITDA

$

(4,260)

$

3,505

$

(6,744)

$

8,974

Stock compensation expense

$

3,328

$

2,797

$

5,910

$

6,696

Workforce transition costs(1)

108

—

591

—

Distribution center costs(2)

706

—

1,177

—

Adjusted EBITDA

$

(118)

$

6,302

$

934

$

15,670

(1)

We incurred workforce transition costs, primarily related to severance, as part of our recent workforce reductions.

(2)

We incurred certain non-recurring costs, primarily overlapping rent expense, attributable to moving to our new Las Vegas, Nevada distribution center.

 

CARPARTS.COM, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE OPERATIONS
(Unaudited, In Thousands, Except Per Share Data)

Thirteen Weeks Ended

Twenty-Six Weeks Ended

June 29,

July 1,

June 29,

July 1,

2024

2023

2024

2023

Net sales

$

144,270

$

176,978

$

310,559

$

352,470

Cost of sales (1)

95,877

116,536

208,247

229,477

Gross profit

48,393

60,442

102,312

122,993

Operating expense

57,121

61,286

117,557

123,201

Loss from operations

(8,728)

(844)

(15,245)

(208)

Other income (expense):

Other income, net

354

639

791

1,553

Interest expense

(286)

(325)

(586)

(683)

Total other income, net

68

314

205

870

(Loss) income before income taxes

(8,660)

(530)

(15,040)

662

Income tax provision

27

141

125

282

Net (loss) income

(8,687)

(671)

(15,165)

380

Other comprehensive gain:

Foreign currency adjustments

—

—

87

—

Unrealized gain on deferred compensation trust assets

—

24

—

48

Total other comprehensive gain

—

24

87

48

Comprehensive (loss) income

$

(8,687)

$

(647)

$

(15,078)

$

428

Net (loss) income per share:

Basic net (loss) income per share

$

(0.15)

$

(0.01)

$

(0.27)

$

0.01

Diluted net (loss) income per share

$

(0.15)

$

(0.01)

$

(0.27)

$

0.01

Weighted-average common shares outstanding:

Shares used in computation of basic net (loss) income per share

56,851

56,532

56,677

55,789

Shares used in computation of diluted net (loss) income per share

56,851

56,532

56,677

58,028

(1)

Excludes depreciation and amortization expense which is included in operating expense.

 

CARPARTS.COM, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(Unaudited, In Thousands, Except Par Value Data)

June 29,

December 30,

2024

2023

ASSETS

Current assets:

Cash and cash equivalents

$

34,065

$

50,951

Accounts receivable, net

6,147

7,365

Inventory, net

109,289

128,901

Other current assets

8,154

6,121

Total current assets

157,655

193,338

Property and equipment, net

34,622

26,389

Right-of-use – assets – operating leases, net

29,530

19,542

Right-of-use – assets – finance leases, net

12,929

15,255

Other non-current assets

3,303

3,331

Total assets

$

238,039

$

257,855

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

62,701

$

77,851

Accrued expenses

17,571

20,770

Right-of-use – obligation – operating, current

5,692

4,749

Right-of-use – obligation – finance, current

3,897

4,308

Other current liabilities

4,742

5,308

Total current liabilities

94,603

112,986

Right-of-use – obligation – operating, non-current

26,166

16,742

Right-of-use – obligation – finance, non-current

10,517

12,327

Other non-current liabilities

2,863

2,969

Total liabilities

134,149

145,024

Commitments and contingencies

Stockholders’ equity:

Common stock, $0.001 par value; 100,000 shares authorized; 57,088 and 56,303 shares issued and outstanding as of June 29, 2024 and December 30, 2023 (of which 3,786 are treasury stock)

61

60

Treasury stock

(11,912)

(11,912)

Additional paid-in capital

319,010

312,874

Accumulated other comprehensive income

870

783

Accumulated deficit

(204,139)

(188,974)

Total stockholders’ equity

103,890

112,831

Total liabilities and stockholders’ equity

$

238,039

$

257,855

 

CARPARTS.COM, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, In Thousands)

Twenty-Six Weeks Ended

June 29,

July 1,

2024

2023

Operating activities

Net (loss) income

$

(15,165)

$

380

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation and amortization expense

8,480

8,166

Amortization of intangible assets

21

20

Share-based compensation expense

5,910

6,696

Stock awards issued for non-employee director service

19

11

Stock awards related to officers and directors stock purchase plan from payroll deferral

4

—

Gain from disposition of assets

—

(75)

Amortization of deferred financing costs

32

32

Changes in operating assets and liabilities:

Accounts receivable

1,217

(1,090)

Inventory

19,613

22,286

Other current assets

(2,032)

(4)

Other non-current assets

15

60

Accounts payable and accrued expenses

(17,802)

28,630

Other current liabilities

(566)

925

Right-of-use obligation – operating leases – current

1,169

380

Right-of-use obligation – operating leases – long-term

(790)

(398)

Other non-current liabilities

(107)

342

Net cash provided by operating activities

18

66,361

Investing activities

Additions to property and equipment

(14,567)

(4,669)

Payments for intangible assets

(40)

—

Proceeds from sale of property and equipment

—

83

Net cash used in investing activities

(14,607)

(4,586)

Financing activities

Borrowings from revolving loan payable

127

117

Payments made on revolving loan payable

(127)

(117)

Payments on finance leases

(2,157)

(2,467)

Repurchase of treasury stock

—

(1,052)

Net proceeds from issuance of common stock for ESPP

202

221

Statutory tax withholding payment for share-based compensation

(429)

—

Proceeds from exercise of stock options

—

1,969

Net cash used in financing activities

(2,384)

(1,329)

Effect of exchange rate changes on cash

87

—

Net change in cash and cash equivalents

(16,886)

60,446

Cash and cash equivalents, beginning of period

50,951

18,767

Cash and cash equivalents, end of period

$

34,065

$

79,213

Supplemental disclosure of non-cash investing and financing activities:

Right-of-use operating asset acquired

$

12,857

$

—

Accrued asset purchases

$

888

$

408

Share-based compensation expense capitalized in property and equipment

$

431

$

411

Supplemental disclosure of cash flow information:

Cash paid during the period for income taxes

$

48

$

155

Cash paid during the period for interest

$

586

$

683

Cash received during the period for interest

$

791

$

557

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/carpartscom-reports-second-quarter-2024-results-302209437.html

SOURCE CarParts.com, Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

From Remote Racing to Embodied AI: Fibocom and Intedigo Bring 5G Bidirectional Data Transmission into Real-World Applications

Published

57 minutes ago

on

July 18, 2026

By

SHANGHAI, July 18, 2026 /PRNewswire/ — From July 17 to 20, Fibocom and Intedigo will jointly present a cross-regional, beyond-visual-line-of-sight (BVLOS) teleoperation demonstration at Booth H3-C408 during the World Artificial Intelligence Conference (WAIC) 2026. Visitors will be able to enter a remote driving cockpit and control a real race car located at HURA PARK in Jiading, Shanghai, steering, accelerating, and braking in real time while experiencing how 5G connectivity enables remote operation.

More than an immersive driving experience, the demonstration provides a live validation of 5G bidirectional data transmission for embodied AI teleoperation. The vehicle continuously sends live track video, vehicle status, and operating data to the remote cockpit, while control commands are transmitted back to the vehicle, creating a closed-loop teleoperation system. Stable, low-latency, and highly reliable connectivity is essential for high-dynamic maneuvers such as high-speed cornering, precision braking, and continuous lane changes.

Developed by Intedigo, the remote driving system connects a real race car with an immersive remote driving cockpit. It supports 1080p@60Hz video transmission, glass-to-glass (G2G) video latency of less than 80 ms, and control latency of less than 10 ms. The demanding racing environment magnifies differences in video continuity and control responsiveness, making communications performance directly perceptible, measurable, and verifiable.

At the joint demonstration, Fibocom’s FM160 5G module provides cellular connectivity for the system. Powered by the Qualcomm Snapdragon™ X62 5G Modem-RF System, the FM160 supports SA and NSA network architectures as well as 3GPP Release 16. On the downlink, it supports NR Carrier Aggregation (NR CA) with bandwidth of up to 120 MHz, delivering peak speeds of up to 3.5 Gbps in NSA mode and 2.5 Gbps in SA mode. On the uplink, it supports UL MIMO and delivers peak speeds of up to 900 Mbps in SA mode. These capabilities support the continuous transmission of HD video and vehicle status data, along with reliable delivery of control commands.

As embodied AI moves into factories, data centers, logistics operations, and industrial parks, robots are becoming increasingly capable of performing tasks autonomously. Yet complex environments, unexpected events, and edge cases still require Human-in-the-Loop (HITL) remote intervention to help ensure safe and reliable operation.

Daniel Liu, CEO of Intedigo, said:

“5G represents the pinnacle of human communications and the starting point of machine communications. In the past, communications connected people to people; in the future, they will connect people to robots and robots to robots. Remote racing is simply the easiest entry point for people to understand this concept. What we are truly validating is a communications system capable of supporting remote collaboration for embodied AI. HURA makes low-latency remote driving a tangible experience, while RoBOX extends this capability to robots and a broader range of intelligent terminals. Together with Fibocom, we hope to enable more machines to receive remote assistance whenever needed while remaining continuously connected and operating reliably.”

Simon Tao, VP of Wireless Solutions Business Group and General Manager of MBB BU at Fibocom, said:

“As embodied AI enters real-world industrial environments, reliable connectivity will become the foundation for telemetry feedback, remote control and operational management. Fibocom’s 5G solutions, represented by FM160, provide the cellular connectivity required for continuous on-site data transmission and reliable control command delivery. Fibocom will continue collaborating with ecosystem partners such as Intedigo to bring cellular connectivity to more robots, autonomous machines and mobile intelligent terminals, enabling embodied AI systems to stay continuously connected and respond reliably in real-world applications.”

From remote race cars to robots, unmanned equipment, and mobile intelligent terminals, 5G is evolving from connecting people to connecting machines. This joint demonstration makes the capabilities of 5G bidirectional data transmission directly perceptible, experiential, and verifiable, helping pave the way for embodied AI to scale across real-world applications.
 

About Fibocom

Fibocom, founded in 1999, is China’s first wireless communication module company listed on both the A-share and H-share markets (300638.SZ, 0638.HK). As a global leading provider of wireless communication modules and AI solutions, Fibocom leverages wireless communication and artificial intelligence as its core technologies to provide integrated hardware and software solutions that empower industry applications. These solutions accelerate the transformation from “Connect Everything” to “Intelligent Connectivity” across diverse industries.

Fibocom’s one-stop solutions encompass cellular communication, AI, automotive, and GNSS modules, as well as AI toolchains, supporting industry-side and mainstream large model integration, and providing AI Agent, global connectivity, and cloud services, driving the digital intelligence upgrades in industries such as robotics, consumer electronics, low-altitude economy, intelligent transportation, smart retail, and smart energy.

View original content to download multimedia:https://www.prnewswire.com/news-releases/from-remote-racing-to-embodied-ai-fibocom-and-intedigo-bring-5g-bidirectional-data-transmission-into-real-world-applications-302828996.html

SOURCE Fibocom Wireless Inc.

Continue Reading

Technology

DR. PHONE FIX ANNOUNCES SECOND TRANCHE CLOSING OF NON-BROKERED CONVERTIBLE DEBENTURE UNIT FINANCING

Published

57 minutes ago

on

July 18, 2026

By

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

EDMONTON, AB, July 18, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) is pleased to announce that, further to its news release dated May 19, 2026 and June 24, 2026 (the “Prior News Releases”), it has closed the second tranche of its non-brokered private placement (the “Offering”) of convertible debenture units of the Company (each, a “Unit”). The Company issued 726 Units, at a price of $1,000 per Unit, for aggregate gross proceeds of $726,000. Each Unit is comprised of (i) one $1,000 principal amount unsecured convertible debenture of the Company (a “Convertible Debenture”) and (ii) 3,125 common share (“Common Share”) purchase warrants of the Company (each, a “Warrant”). Additional detail on the Offering, including terms of the Convertible Debentures and Warrants, is set out in the Prior News Releases.

In connection with the Offering, the Company paid a finder’s fee consisting of an aggregate cash fee of $50,820 and issued an aggregate of 317,625 common share purchase warrants of the Company (each, a “Finder’s Warrant”) to certain qualified arm’s length parties. Each Finder’s Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $0.22 prior to the date that is 24 months from the date of issuance.

All securities issued pursuant to the Offering, including any Common Shares issuable upon conversion of the Convertible Debentures or exercise of the Warrants and Finder’s Warrants, are subject to a statutory hold period of four months and one day from the closing of the Offering, in accordance with applicable securities laws and TSX Venture Exchange (the “TSXV”) policies. 

The Offering remains subject to final acceptance of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dr. Phone Fix

Dr. Phone Fix is a national, award-winning, eco-friendly, and customer-centric leader in Canada’s cell phone and electronics repair and certified pre-owned device industry. Founded in 2019, the Company now operates 44 retail locations nationwide through a standardized and scalable operating platform designed to support consistent execution across multiple markets, delivering fast, reliable, and environmentally conscious repair services alongside a curated selection of certified pre-owned devices and premium accessories. Dr. Phone Fix maintains strong partnerships with OEMs and certified suppliers, ensuring consistently high-quality standards across its national footprint. With a focus on responsible device lifecycle management, customer service, and operational discipline, Dr. Phone Fix continues to set the benchmark for device care and resale in Canada.

www.docphonefix.com

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the final acceptance of the Offering by the TSXV; and the expected use of proceeds following the closing of the Offering. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; the TSXV will provide its final acceptance of the Offering; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV final acceptance for the Offering; the potential failure to complete the balance of the Offering or to raise the full anticipated gross proceeds; market conditions and investor demand for the Company’s securities; the Company’s inability to deploy the proceeds as currently intended; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

 

SOURCE Dr. Phone Fix

Continue Reading

Technology

Football Tournament Season Sparks Global Social Connection Surge as 3Fun Reports Growth Across Key Markets

Published

2 hours ago

on

July 18, 2026

By

NEW YORK, July 18, 2026 /PRNewswire/ — As the World Cup enters its final stage and fans celebrate across the globe, new data from 3Fun, the leading dating app for open-minded singles and partners, reveals that the World Cup’s impact extends far beyond the stadium. The tournament has ignited a massive surge in global social activity, with users increasingly turning to the platform to translate sporting euphoria into personal connections.

The “Celebratory Intimacy” Effect: Why Winning Drives Matching

Psychological research has long suggested that major sports victories do more than just boost national pride; they influence human biology and intimacy. Studies indicate that watching a favorite team win can temporarily elevate testosterone levels in fans, leading to a surge in sexual desire and “celebratory intimacy”. This theory is vividly reflected in 3Fun’s latest performance metrics.

Compared with the previous 20-day period, 3Fun saw a 6.13% increase in Daily Active Users (DAU) during the peak of the World Cup season (June 23 – July 12), adding more than 275,000 active participants. The platform’s “heat” was further evidenced by an additional 446,491 messages sent, while the user match rate jumped by 5.71%, resulting in nearly 50,000 new connections.

Spain and Argentina Lead the “Lust for Victory”

The data shows a direct correlation between success on the pitch and activity on 3Fun. Nations with deep football cultures and strong tournament performances saw the highest growth:

Spain: Witnessed a staggering 37.56% surge in new users.Argentina: Followed with a 26.62% increase.France & Mexico: Saw growth rates of 25.44% and 21.42% respectively.

In the U.S., cities like Houston (+8.98%) and New York (+7.45%) led the way. This trend aligns with a broader cultural shift: recent 3Fun data reveals that 69% of Americans report a growing interest in non-traditional relationships, with 77% of seekers preferring dating apps to find compatible partners.

Digital Jet-Setting: 3Fun’s “Roaming” Feature Becomes a Fan Favorite

While millions traveled for the games, many more “traveled” virtually. 3Fun’s new Roaming feature, currently in gray-scale testing, allows users to explore connections beyond their current location by virtually discovering communities in other cities.

The top 10 “Roaming” destinations during the Football Tournament  season reveal where the world’s social interest was concentrated:

Sao Paulo, Brazil (17.35% of total roaming volume)New York, USA (14.82%)Las Vegas, USA (11.37%)Los Angeles, USA (11.19%)London, UK (9.89%)Rio de Janeiro, Brazil (7.40%)Houston, USA (7.36%)Dallas, USA (7.18%)Miami, USA (6.85%)Chicago, USA (6.60%).

The dominance of Brazilian cities like Sao Paulo and Rio de Janeiro highlights a “digital pilgrimage” to the spiritual home of football, where users sought to connect with the local energy and like-minded fans.

3Fun Insight: Connection Beyond the Game

“Major global events like the World Cup bring people together far beyond the borders of the pitch,” said Daniel Morgan, 3Fun’s Director of Social Trends. “Our data shows that users aren’t just looking for scores; they are looking for meaningful, shared experiences. Whether through virtual roaming or local matching, these events create unique windows for people to explore their desires in a safe, celebratory, and inclusive community”.

Daniel further noted, “With 72% of users noticing growing acceptance of diverse relationship styles, global sports events such as the World Cup represent a moment when people feel more open to meeting others and exploring new forms of connection”.

About 3Fun: With over 10 million downloads and 3 million verified active users worldwide, 3Fun is the leading dating app for open-minded singles and partners to meet like-minded people. The platform provides a safe and inclusive space to explore ethical open relationships and polyamory, fostering community and connection without judgment. 

Disclaimer: 3Fun is not affiliated with, endorsed by, or sponsored by FIFA, the World Cup, or any official World Cup organizing body. All references to the tournament are descriptive or for informational and topical context only.

View original content:https://www.prnewswire.com/news-releases/football-tournament-season-sparks-global-social-connection-surge-as-3fun-reports-growth-across-key-markets-302828995.html

SOURCE 3Fun

Continue Reading

Trending