Technology
LendingClub Reports Second Quarter 2024 Results
Published
2 years agoon
By
10% Sequential Originations Growth
Strong Balance Sheet Growth with Stable Net Interest Margin Drives Increase in Revenue
SAN FRANCISCO, July 30, 2024 /PRNewswire/ — LendingClub Corporation (NYSE: LC), the parent company of LendingClub Bank, America’s leading digital marketplace bank, today announced financial results for the second quarter ended June 30, 2024.
“Our second quarter results mark an inflection point, with our business calibrated to the current rate environment and positioned to accelerate as conditions improve,” said Scott Sanborn, LendingClub CEO. “Thanks to our unique product innovations, we were able to capture strong borrower and marketplace investor demand, delivering growth in originations, revenue, and profitability. I look forward to building on our momentum in the quarters ahead.”
Second Quarter 2024 Results
Balance Sheet:
Total assets of $9.6 billion compared to $9.2 billion in the prior quarter, primarily due to growth in securities related to the structured certificates program and growth in the extended seasoning portfolio.Securities available for sale of $2.8 billion, compared to $2.2 billion in the prior quarter, primarily reflecting growth in the structured certificates program.Whole loans held on the balance sheet of $5.1 billion, which consists of loans and leases held for investment and loans held for sale, were roughly flat compared to the prior quarter.Deposits of $8.1 billion compared to $7.5 billion in the prior quarter, primarily due to an increase in high-yield savings and certificates of deposit.87% of total deposits are FDIC-insured.Strong liquidity profile with $3.0 billion in readily available liquidity.Strong capital position with a consolidated Tier 1 leverage ratio of 12.1% and consolidated Common Equity Tier 1 capital ratio of 17.9%.Book value per common share increased to $11.52, compared to $11.40 in the prior quarter.Tangible book value per common share increased to $10.75, compared to $10.61 in the prior quarter.
Financial Performance:
Loan originations of $1.8 billion, compared to $1.6 billion in the prior quarter, driven by the successful execution of new consumer loan initiatives combined with marketplace investor demand for structured certificates and higher whole loan retention.Total net revenue of $187.2 million, compared to $180.7 million in the prior quarter, driven by:Marketplace revenue of $56.4 million, compared to $55.9 million in the prior quarter, primarily reflecting higher marketplace loan originations and improved loan sale pricing partially offset by the expected fair value adjustments on the maturing Held for Sale portfolio.Net interest income of $128.5 million, compared to $122.9 million in the prior quarter, primarily reflecting growth in total interest-earning assets at a stable net interest margin of 5.75%.Provision for credit losses of $35.6 million, compared to $31.9 million in the prior quarter.Net income increased to $14.9 million, with diluted EPS of $0.13, compared to $12.3 million, with diluted EPS of $0.11, in the prior quarter. The increase was primarily driven by higher net interest income from growth in the balance sheet.Pre-Provision Net Revenue (PPNR) of $55.0 million, compared to $48.5 million in the prior quarter, primarily driven by higher total net revenue while maintaining stable expenses.
Three Months Ended
($ in millions, except per share amounts)
June 30,
2024
March 31,
2024
June 30,
2023
Total net revenue
$ 187.2
$ 180.7
$ 232.5
Non-interest expense
132.3
132.2
151.1
Pre-provision net revenue (1)
55.0
48.5
81.4
Provision for credit losses
35.6
31.9
66.6
Income before income tax expense
19.4
16.5
14.8
Income tax expense
(4.5)
(4.3)
(4.7)
Net income
$ 14.9
$ 12.3
$ 10.1
Diluted EPS
$ 0.13
$ 0.11
$ 0.09
(1) See page 3 of this release for additional information on our use of non-GAAP financial measures.
For a calculation of Pre-Provision Net Revenue and Tangible Book Value Per Common Share, refer to the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables at the end of this release.
Financial Outlook
Third Quarter 2024
Loan originations
$1.8B to $1.9B
Pre-provision net revenue (PPNR)
$40M to $50M
About LendingClub
LendingClub Corporation (NYSE: LC) is the parent company of LendingClub Bank, National Association, Member FDIC. LendingClub Bank is the leading digital marketplace bank in the U.S., where members can access a broad range of financial products and services designed to help them pay less when borrowing and earn more when saving. Based on hundreds of billions of cells of data and over $90 billion in loans, our advanced credit decisioning and machine-learning models are used across the customer lifecycle to expand seamless access to credit for our members, while generating compelling risk-adjusted returns for our loan investors. Since 2007, more than 4.9 million members have joined the Club to help reach their financial goals. For more information about LendingClub, visit https://www.lendingclub.com.
Conference Call and Webcast Information
The LendingClub second quarter 2024 webcast and teleconference is scheduled to begin at 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time) on Tuesday, July 30, 2024. A live webcast of the call will be available at http://ir.lendingclub.com under the Filings & Financials menu in Quarterly Results. To access the call, please dial +1 (404) 975-4839, or outside the U.S. +1 (833) 470-1428, with Access Code 895739, ten minutes prior to 2:00 p.m. Pacific Time (or 5:00 p.m. Eastern Time). An audio archive of the call will be available at http://ir.lendingclub.com. An audio replay will also be available 1 hour after the end of the call until August 6, 2024, by calling +1 (929) 458-6194 or outside the U.S. +1 (866) 813-9403, with Access Code 305717. LendingClub has used, and intends to use, its investor relations website, blog (http://blog.lendingclub.com), X (formerly Twitter) handles (@LendingClub and @LendingClubIR) and Facebook page (https://www.facebook.com/LendingClubTeam) as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD.
Contacts
For Investors:
IR@lendingclub.com
Media Contact:
Press@lendingclub.com
Non-GAAP Financial Measures
To supplement our financial statements, which are prepared and presented in accordance with GAAP, we use the following non-GAAP financial measures: Pre-Provision Net Revenue and Tangible Book Value Per Common Share. Our non-GAAP financial measures do have limitations as analytical tools and you should not consider them in isolation or as a substitute for an analysis of our results under GAAP.
We believe these non-GAAP financial measures provide management and investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and enable comparison of our financial results with other public companies.
We believe Pre-Provision Net Revenue is an important measure because it reflects the financial performance of our business operations. Pre-Provision Net Revenue is a non-GAAP financial measure calculated by subtracting the provision for credit losses and income tax benefit/expense from net income.
We believe Tangible Book Value (TBV) Per Common Share is an important measure used to evaluate the company’s use of equity. TBV Per Common Share is a non-GAAP financial measure representing common equity reduced by goodwill and intangible assets, divided by ending common shares issued and outstanding.
For a reconciliation of such measures to the nearest GAAP measures, please refer to the tables on page 14 of this release.
We do not provide a reconciliation of forward-looking Pre-Provision Net Revenue to the most directly comparable GAAP reported financial measures on a forward-looking basis because we are unable to predict future provision expense with reasonable certainty without unreasonable effort.
Safe Harbor Statement
Some of the statements above, including statements regarding our competitive advantages, macroeconomic outlook, anticipated future performance and financial results, are “forward-looking statements.” The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “will,” “would” and similar expressions may identify forward-looking statements, although not all forward-looking statements contain these identifying words. Factors that could cause actual results to differ materially from those contemplated by these forward-looking statements include: our ability to continue to attract and retain new and existing borrowers and platform investors; competition; overall economic conditions; the interest rate environment; the regulatory environment; default rates and those factors set forth in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, as well as in our subsequent filings with the Securities and Exchange Commission. We may not actually achieve the plans, intentions or expectations disclosed in forward-looking statements, and you should not place undue reliance on forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended
% Change
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
Q/Q
Y/Y
Operating Highlights:
Non-interest income
$ 58,713
$ 57,800
$ 54,129
$ 63,844
$ 85,818
2 %
(32) %
Net interest income
128,528
122,888
131,477
137,005
146,652
5 %
(12) %
Total net revenue
187,241
180,688
185,606
200,849
232,470
4 %
(19) %
Non-interest expense
132,258
132,233
130,015
128,035
151,079
0 %
(12) %
Pre-provision net revenue(1)
54,983
48,455
55,591
72,814
81,391
13 %
(32) %
Provision for credit losses
35,561
31,927
41,907
64,479
66,595
11 %
(47) %
Income before income tax expense
19,422
16,528
13,684
8,335
14,796
18 %
31 %
Income tax expense
(4,519)
(4,278)
(3,529)
(3,327)
(4,686)
6 %
(4) %
Net income
$ 14,903
$ 12,250
$ 10,155
$ 5,008
$ 10,110
22 %
47 %
Basic EPS
$ 0.13
$ 0.11
$ 0.09
$ 0.05
$ 0.09
18 %
44 %
Diluted EPS
$ 0.13
$ 0.11
$ 0.09
$ 0.05
$ 0.09
18 %
44 %
LendingClub Corporation Performance Metrics:
Net interest margin
5.75 %
5.75 %
6.40 %
6.91 %
7.09 %
Efficiency ratio(2)
70.6 %
73.2 %
70.0 %
63.7 %
65.0 %
Return on average equity (ROE)(3)
4.7 %
3.9 %
3.3 %
1.7 %
3.4 %
Return on average total assets (ROA)(4)
0.6 %
0.5 %
0.5 %
0.2 %
0.5 %
Marketing expense as a % of loan originations
1.47 %
1.47 %
1.44 %
1.30 %
1.19 %
LendingClub Corporation Capital Metrics:
Common equity Tier 1 capital ratio
17.9 %
17.6 %
17.9 %
16.9 %
16.1 %
Tier 1 leverage ratio
12.1 %
12.5 %
12.9 %
13.2 %
12.4 %
Book value per common share
$ 11.52
$ 11.40
$ 11.34
$ 11.02
$ 11.09
1 %
4 %
Tangible book value per common share(1)
$ 10.75
$ 10.61
$ 10.54
$ 10.21
$ 10.26
1 %
5 %
Loan Originations (in millions)(5):
Total loan originations
$ 1,813
$ 1,646
$ 1,630
$ 1,508
$ 2,011
10 %
(10) %
Marketplace loans
$ 1,477
$ 1,361
$ 1,432
$ 1,182
$ 1,353
9 %
9 %
Loan originations held for investment
$ 336
$ 285
$ 198
$ 326
$ 657
18 %
(49) %
Loan originations held for investment as a % of total loan originations
19 %
17 %
12 %
22 %
33 %
Servicing Portfolio AUM (in millions)(6):
Total servicing portfolio
$ 12,999
$ 13,437
$ 14,122
$ 14,818
$ 15,669
(3) %
(17) %
Loans serviced for others
$ 8,337
$ 8,671
$ 9,336
$ 9,601
$ 10,204
(4) %
(18) %
(1)
Represents a non-GAAP financial measure. See “Reconciliation of GAAP to Non-GAAP Financial Measures.”
(2)
Calculated as the ratio of non-interest expense to total net revenue.
(3)
Calculated as annualized net income divided by average equity for the period presented.
(4)
Calculated as annualized net income divided by average total assets for the period presented.
(5)
Includes unsecured personal loans and auto loans only.
(6)
Loans serviced on our platform, which includes unsecured personal loans, auto loans and education and patient finance loans serviced for others and held for investment by the company.
LENDINGCLUB CORPORATION
OPERATING HIGHLIGHTS (Continued)
(In thousands, except percentages or as noted)
(Unaudited)
As of and for the three months ended
% Change
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
Q/Q
Y/Y
Balance Sheet Data:
Securities available for sale
$ 2,814,383
$ 2,228,500
$ 1,620,262
$ 795,669
$ 523,579
26 %
438 %
Loans held for sale at fair value
$ 791,059
$ 550,415
$ 407,773
$ 362,789
$ 250,361
44 %
216 %
Loans and leases held for investment at amortized cost
$ 4,228,391
$ 4,505,816
$ 4,850,302
$ 5,237,277
$ 5,533,349
(6) %
(24) %
Gross allowance for loan and lease losses (1)
$ (285,368)
$ (311,794)
$ (355,773)
$ (388,156)
$ (383,960)
(8) %
(26) %
Recovery asset value (2)
$ 56,459
$ 52,644
$ 45,386
$ 37,661
$ 28,797
7 %
96 %
Allowance for loan and lease losses
$ (228,909)
$ (259,150)
$ (310,387)
$ (350,495)
$ (355,163)
(12) %
(36) %
Loans and leases held for investment at amortized cost, net
$ 3,999,482
$ 4,246,666
$ 4,539,915
$ 4,886,782
$ 5,178,186
(6) %
(23) %
Loans held for investment at fair value (3)
$ 339,222
$ 427,396
$ 272,678
$ 344,417
$ 430,956
(21) %
(21) %
Total loans and leases held for investment (3)
$ 4,338,704
$ 4,674,062
$ 4,812,593
$ 5,231,199
$ 5,609,142
(7) %
(23) %
Whole loans held on balance sheet (4)
$ 5,129,763
$ 5,224,477
$ 5,220,366
$ 5,593,988
$ 5,859,503
(2) %
(12) %
Total assets
$ 9,586,050
$ 9,244,828
$ 8,827,463
$ 8,472,351
$ 8,342,506
4 %
15 %
Total deposits
$ 8,095,328
$ 7,521,655
$ 7,333,486
$ 7,000,263
$ 6,843,535
8 %
18 %
Total liabilities
$ 8,298,105
$ 7,978,542
$ 7,575,641
$ 7,264,132
$ 7,136,983
4 %
16 %
Total equity
$ 1,287,945
$ 1,266,286
$ 1,251,822
$ 1,208,219
$ 1,205,523
2 %
7 %
(1)
Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)
Represents the negative allowance for expected recoveries of amounts previously charged-off.
(3)
Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amounts have been reclassified to conform to the current period presentation.
(4)
Includes loans held for sale at fair value, loans and leases held for investment at amortized cost, net of allowance for loan and lease losses, and loans held for investment at fair value.
The asset quality metrics presented in the following table are for loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
As of and for the three months ended
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
Asset Quality Metrics (1):
Allowance for loan and lease losses to total loans and leases held
for investment at amortized cost
5.4 %
5.8 %
6.4 %
6.7 %
6.4 %
Allowance for loan and lease losses to commercial loans and leases
held for investment at amortized cost
2.7 %
1.9 %
1.8 %
2.0 %
1.9 %
Allowance for loan and lease losses to consumer loans and leases
held for investment at amortized cost
5.9 %
6.4 %
7.2 %
7.4 %
7.1 %
Gross allowance for loan and lease losses to consumer loans and
leases held for investment at amortized cost
7.5 %
7.8 %
8.3 %
8.2 %
7.7 %
Net charge-offs
$ 66,818
$ 80,483
$ 82,511
$ 68,795
$ 59,884
Net charge-off ratio (2)
6.2 %
6.9 %
6.6 %
5.1 %
4.4 %
(1)
Calculated as ALLL or gross ALLL, where applicable, to the corresponding portfolio segment balance of loans and leases held for investment at amortized cost.
(2)
Net charge-off ratio is calculated as annualized net charge-offs divided by average outstanding loans and leases held for investment during the period.
LENDINGCLUB CORPORATION
LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
The following table presents loans and leases held for investment at amortized cost and loans held for investment at fair value:
June 30,
2024
December 31,
2023
Unsecured personal
$ 3,144,504
$ 3,726,830
Residential mortgages
178,290
183,050
Secured consumer
244,288
250,039
Total consumer loans held for investment
3,567,082
4,159,919
Equipment finance (1)
83,770
110,992
Commercial real estate
381,873
380,322
Commercial and industrial
195,666
199,069
Total commercial loans and leases held for investment
661,309
690,383
Total loans and leases held for investment at amortized cost
4,228,391
4,850,302
Allowance for loan and lease losses
(228,909)
(310,387)
Loans and leases held for investment at amortized cost, net
$ 3,999,482
$ 4,539,915
Loans held for investment at fair value (2)
339,222
272,678
Total loans and leases held for investment
$ 4,338,704
$ 4,812,593
(1)
Comprised of sales-type leases for equipment.
(2)
Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value.” Prior period amount has been reclassified to conform to the current period presentation.
LENDINGCLUB CORPORATION
ALLOWANCE FOR LOAN AND LEASE LOSSES
(In thousands)
(Unaudited)
The following table presents the components of the allowance for loan and lease losses on loans and leases held for investment at amortized cost:
June 30, 2024
December 31, 2023
Gross allowance for loan and lease losses (1)
$ 285,368
$ 355,773
Recovery asset value (2)
(56,459)
(45,386)
Allowance for loan and lease losses
$ 228,909
$ 310,387
(1)
Represents the allowance for future estimated net charge-offs on existing portfolio balances.
(2)
Represents the negative allowance for expected recoveries of amounts previously charged-off.
The following tables present the allowance for loan and lease losses on loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
Three Months Ended
June 30, 2024
March 31, 2024
Consumer
Commercial
Total
Consumer
Commercial
Total
Allowance for loan and lease losses, beginning of period
$ 246,280
$ 12,870
$ 259,150
$ 298,061
$ 12,326
$ 310,387
Credit loss expense for loans and leases held for investment
30,760
5,817
36,577
27,686
1,560
29,246
Charge-offs
(77,494)
(594)
(78,088)
(89,110)
(1,232)
(90,342)
Recoveries
11,183
87
11,270
9,643
216
9,859
Allowance for loan and lease losses, end of period
$ 210,729
$ 18,180
$ 228,909
$ 246,280
$ 12,870
$ 259,150
Three Months Ended
June 30, 2023
Consumer
Commercial
Total
Allowance for loan and lease losses, beginning of period
$ 333,546
$ 15,311
$ 348,857
Credit loss expense (benefit) for loans and leases held for investment
66,874
(684)
66,190
Charge-offs
(63,345)
(924)
(64,269)
Recoveries
4,086
299
4,385
Allowance for loan and lease losses, end of period
$ 341,161
$ 14,002
$ 355,163
LENDINGCLUB CORPORATION
PAST DUE LOANS AND LEASES HELD FOR INVESTMENT
(In thousands)
(Unaudited)
The following tables present past due loans and leases held for investment at amortized cost and do not reflect loans held for investment at fair value:
June 30, 2024
30-59
Days
60-89
Days
90 or More
Days
Total Days
Past Due
Guaranteed
Amount (1)
Unsecured personal
$ 24,837
$ 22,869
$ 23,825
$ 71,531
$ —
Residential mortgages
—
147
—
147
—
Secured consumer
1,825
622
258
2,705
—
Total consumer loans held for investment
$ 26,662
$ 23,638
$ 24,083
$ 74,383
$ —
Equipment finance
$ 18
$ —
$ 8
$ 26
$ —
Commercial real estate
7,422
384
8,569
16,375
10,894
Commercial and industrial
8,715
774
5,869
15,358
12,736
Total commercial loans and leases held for investment
$ 16,155
$ 1,158
$ 14,446
$ 31,759
$ 23,630
Total loans and leases held for investment at amortized cost
$ 42,817
$ 24,796
$ 38,529
$ 106,142
$ 23,630
December 31, 2023
30-59
Days
60-89
Days
90 or More
Days
Total Days
Past Due
Guaranteed
Amount (1)
Unsecured personal
$ 32,716
$ 29,556
$ 30,132
$ 92,404
$ —
Residential mortgages
1,751
—
—
1,751
—
Secured consumer
2,076
635
217
2,928
—
Total consumer loans held for investment
$ 36,543
$ 30,191
$ 30,349
$ 97,083
$ —
Equipment finance
$ 1,265
$ —
$ —
$ 1,265
$ —
Commercial real estate
—
3,566
1,618
5,184
4,047
Commercial and industrial
12,261
1,632
1,515
15,408
11,260
Total commercial loans and leases held for investment
$ 13,526
$ 5,198
$ 3,133
$ 21,857
$ 15,307
Total loans and leases held for investment at amortized cost
$ 50,069
$ 35,389
$ 33,482
$ 118,940
$ 15,307
(1) Represents loan balances guaranteed by the Small Business Association.
LENDINGCLUB CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended
Change (%)
June 30,
2024
March 31,
2024
June 30,
2023
Q2 2024
vs
Q1 2024
Q2 2024
vs
Q2 2023
Non-interest income:
Origination fees
$ 77,131
$ 70,079
$ 70,989
10 %
9 %
Servicing fees
19,869
19,592
22,015
1 %
(10) %
Gain on sales of loans
10,748
10,909
13,221
(1) %
(19) %
Net fair value adjustments
(51,395)
(44,689)
(23,442)
15 %
119 %
Marketplace revenue
56,353
55,891
82,783
1 %
(32) %
Other non-interest income
2,360
1,909
3,035
24 %
(22) %
Total non-interest income
58,713
57,800
85,818
2 %
(32) %
Total interest income
219,634
207,351
214,486
6 %
2 %
Total interest expense
91,106
84,463
67,834
8 %
34 %
Net interest income
128,528
122,888
146,652
5 %
(12) %
Total net revenue
187,241
180,688
232,470
4 %
(19) %
Provision for credit losses
35,561
31,927
66,595
11 %
(47) %
Non-interest expense:
Compensation and benefits
56,540
59,554
71,553
(5) %
(21) %
Marketing
26,665
24,136
23,940
10 %
11 %
Equipment and software
12,360
12,684
13,968
(3) %
(12) %
Depreciation and amortization
13,072
12,673
11,638
3 %
12 %
Professional services
7,804
7,091
9,974
10 %
(22) %
Occupancy
3,941
3,861
4,684
2 %
(16) %
Other non-interest expense
11,876
12,234
15,322
(3) %
(22) %
Total non-interest expense
132,258
132,233
151,079
— %
(12) %
Income before income tax expense
19,422
16,528
14,796
18 %
31 %
Income tax expense
(4,519)
(4,278)
(4,686)
6 %
(4) %
Net income
$ 14,903
$ 12,250
$ 10,110
22 %
47 %
Net income per share:
Basic EPS
$ 0.13
$ 0.11
$ 0.09
18 %
44 %
Diluted EPS
$ 0.13
$ 0.11
$ 0.09
18 %
44 %
Weighted-average common shares – Basic
111,395,025
110,685,796
107,892,590
1 %
3 %
Weighted-average common shares – Diluted
111,466,497
110,687,380
107,895,072
1 %
3 %
LENDINGCLUB CORPORATION
NET INTEREST INCOME
(In thousands, except percentages or as noted)
(Unaudited)
Consolidated LendingClub Corporation (1)
Three Months Ended
June 30, 2024
Three Months Ended
March 31, 2024
Three Months Ended
June 30, 2023
Average
Balance
Interest Income/
Expense
Average Yield/
Rate
Average
Balance
Interest Income/
Expense
Average Yield/
Rate
Average
Balance
Interest Income/
Expense
Average Yield/
Rate
Interest-earning assets (2)
Cash, cash equivalents, restricted cash and other
$ 976,330
$ 13,168
5.40 %
$ 1,217,395
$ 16,503
5.42 %
$ 1,512,700
$ 19,134
5.06 %
Securities available for sale at fair value
2,406,767
42,879
7.13 %
1,972,561
35,347
7.17 %
437,473
5,948
5.44 %
Loans held for sale at fair value
838,143
26,721
12.75 %
467,275
14,699
12.58 %
106,865
4,433
16.59 %
Loans and leases held for investment:
Unsecured personal loans
3,243,161
108,425
13.37 %
3,518,101
116,055
13.20 %
4,360,506
145,262
13.33 %
Commercial and other consumer loans
1,097,846
16,394
5.97 %
1,115,931
16,338
5.86 %
1,156,751
16,823
5.82 %
Loans and leases held for investment at amortized cost
4,341,007
124,819
11.50 %
4,634,032
132,393
11.43 %
5,517,257
162,085
11.75 %
Loans held for investment at fair value (3)
383,872
12,047
12.55 %
256,335
8,409
13.12 %
703,729
22,886
13.01 %
Total loans and leases held for investment (3)
4,724,879
136,866
11.59 %
4,890,367
140,802
11.52 %
6,220,986
184,971
11.89 %
Total interest-earning assets
8,946,119
219,634
9.82 %
8,547,598
207,351
9.70 %
8,278,024
214,486
10.36 %
Cash and due from banks and restricted cash
55,906
58,440
78,221
Allowance for loan and lease losses
(245,478)
(291,168)
(354,348)
Other non-interest earning assets
632,253
631,468
686,956
Total assets
$ 9,388,800
$ 8,946,338
$ 8,688,853
Interest-bearing liabilities
Interest-bearing deposits:
Checking and money market accounts
$ 1,097,696
$ 10,084
3.69 %
$ 1,054,614
$ 9,410
3.59 %
$ 1,397,302
$ 7,760
2.23 %
Savings accounts and certificates of deposit
6,449,061
80,109
5.00 %
6,069,942
74,553
4.94 %
5,546,862
58,761
4.25 %
Interest-bearing deposits
7,546,757
90,193
4.81 %
7,124,556
83,963
4.74 %
6,944,164
66,521
3.84 %
Other interest-bearing liabilities (3)
56,628
913
6.45 %
26,571
500
7.53 %
64,169
1,313
8.18 %
Total interest-bearing liabilities
7,603,385
91,106
4.82 %
7,151,127
84,463
4.75 %
7,008,333
67,834
3.88 %
Non-interest bearing deposits
303,199
317,430
205,750
Other liabilities
215,608
220,544
272,142
Total liabilities
$ 8,122,192
$ 7,689,101
$ 7,486,225
Total equity
$ 1,266,608
$ 1,257,237
$ 1,202,628
Total liabilities and equity
$ 9,388,800
$ 8,946,338
$ 8,688,853
Interest rate spread
5.00 %
4.95 %
6.48 %
Net interest income and net interest margin
$ 128,528
5.75 %
$ 122,888
5.75 %
$ 146,652
7.09 %
(1)
Consolidated presentation reflects intercompany eliminations.
(2)
Nonaccrual loans and any related income are included in their respective loan categories.
(3)
Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value” and “Retail notes and certificates at fair value” were combined within “Other interest-bearing liabilities.” Prior period amounts have been reclassified to conform to the current period presentation.
LENDINGCLUB CORPORATION
CONSOLIDATED BALANCE SHEETS
(In Thousands, Except Share and Per Share Amounts)
(Unaudited)
June 30,
2024
December 31,
2023
Assets
Cash and due from banks
$ 19,099
$ 14,993
Interest-bearing deposits in banks
919,020
1,237,511
Total cash and cash equivalents
938,119
1,252,504
Restricted cash
31,332
41,644
Securities available for sale at fair value ($2,869,880 and $1,663,990 at amortized cost, respectively)
2,814,383
1,620,262
Loans held for sale at fair value
791,059
407,773
Loans and leases held for investment
4,228,391
4,850,302
Allowance for loan and lease losses
(228,909)
(310,387)
Loans and leases held for investment, net
3,999,482
4,539,915
Loans held for investment at fair value (1)
339,222
272,678
Property, equipment and software, net
166,150
161,517
Goodwill
75,717
75,717
Other assets
430,586
455,453
Total assets
$ 9,586,050
$ 8,827,463
Liabilities and Equity
Deposits:
Interest-bearing
$ 7,759,632
$ 7,001,680
Noninterest-bearing
335,696
331,806
Total deposits
8,095,328
7,333,486
Borrowings (1)
5,474
19,354
Other liabilities
197,303
222,801
Total liabilities
8,298,105
7,575,641
Equity
Common stock, $0.01 par value; 180,000,000 shares authorized; 111,812,215 and 110,410,602 shares issued and outstanding, respectively
1,118
1,104
Additional paid-in capital
1,685,865
1,669,828
Accumulated deficit
(361,653)
(388,806)
Accumulated other comprehensive loss
(37,385)
(30,304)
Total equity
1,287,945
1,251,822
Total liabilities and equity
$ 9,586,050
$ 8,827,463
(1)
Beginning in the first quarter of 2024, “Retail and certificate loans held for investment at fair value” were combined within “Loans held for investment at fair value” and “Retail notes and certificates at fair value” were combined within “Borrowings.” Prior period amounts have been reclassified to conform to the current period presentation.
LENDINGCLUB CORPORATION
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except share and per share data)
(Unaudited)
Pre-Provision Net Revenue
For the three months ended
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
GAAP Net income
$ 14,903
$ 12,250
$ 10,155
$ 5,008
$ 10,110
Less: Provision for credit losses
(35,561)
(31,927)
(41,907)
(64,479)
(66,595)
Less: Income tax expense
(4,519)
(4,278)
(3,529)
(3,327)
(4,686)
Pre-provision net revenue
$ 54,983
$ 48,455
$ 55,591
$ 72,814
$ 81,391
For the three months ended
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
Non-interest income
$ 58,713
$ 57,800
$ 54,129
$ 63,844
$ 85,818
Net interest income
128,528
122,888
131,477
137,005
146,652
Total net revenue
187,241
180,688
185,606
200,849
232,470
Non-interest expense
(132,258)
(132,233)
(130,015)
(128,035)
(151,079)
Pre-provision net revenue
54,983
48,455
55,591
72,814
81,391
Provision for credit losses
(35,561)
(31,927)
(41,907)
(64,479)
(66,595)
Income before income tax expense
19,422
16,528
13,684
8,335
14,796
Income tax expense
(4,519)
(4,278)
(3,529)
(3,327)
(4,686)
GAAP Net income
$ 14,903
$ 12,250
$ 10,155
$ 5,008
$ 10,110
Tangible Book Value Per Common Share
June 30,
2024
March 31,
2024
December 31,
2023
September 30,
2023
June 30,
2023
GAAP common equity
$ 1,287,945
$ 1,266,286
$ 1,251,822
$ 1,208,219
$ 1,205,523
Less: Goodwill
(75,717)
(75,717)
(75,717)
(75,717)
(75,717)
Less: Intangible assets
(10,293)
(11,165)
(12,135)
(13,151)
(14,167)
Tangible common equity
$ 1,201,935
$ 1,179,404
$ 1,163,970
$ 1,119,351
$ 1,115,639
Book value per common share
GAAP common equity
$ 1,287,945
$ 1,266,286
$ 1,251,822
$ 1,208,219
$ 1,205,523
Common shares issued and outstanding
111,812,215
111,120,415
110,410,602
109,648,769
108,694,120
Book value per common share
$ 11.52
$ 11.40
$ 11.34
$ 11.02
$ 11.09
Tangible book value per common share
Tangible common equity
$ 1,201,935
$ 1,179,404
$ 1,163,970
$ 1,119,351
$ 1,115,639
Common shares issued and outstanding
111,812,215
111,120,415
110,410,602
109,648,769
108,694,120
Tangible book value per common share
$ 10.75
$ 10.61
$ 10.54
$ 10.21
$ 10.26
View original content to download multimedia:https://www.prnewswire.com/news-releases/lendingclub-reports-second-quarter-2024-results-302210183.html
SOURCE LendingClub Corporation
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Technology
Pudu Robotics Makes Its IFA Debut, Bringing Its Full Robotics Portfolio to Europe
Published
35 minutes agoon
September 5, 2026By
PUDU D7 Makes Its European Debut as Visitors Experience Live Demonstrations Across Service Delivery, Commercial Cleaning, Industrial Delivery and General Embodied AI
BERLIN, Sept. 5, 2026 /PRNewswire/ — Pudu Robotics, a global leader in commercial service robotics, is making its debut at IFA 2026 in Berlin, bringing its full robotics portfolio to one of the world’s leading technology showcases. From commercial service and cleaning robots already deployed at scale to its latest embodied AI solutions, Pudu is demonstrating how intelligent robots are moving beyond controlled environments and into real-world applications across industries.
The exhibition marks the first European appearance of the PUDU D7, Pudu Robotics’ next-generation semi-humanoid intelligent robot. At the booth, visitors can see PUDU D7 in action alongside the PUDU D5, BellaBot Pro, PUDU CC1 Pro, PUDU MT1 Max and PUDU T600, with live demonstrations showcasing capabilities ranging from human-robot interaction and autonomous mobility to service delivery, commercial cleaning and industrial delivery.
PUDU D7 Makes Its European Debut
Designed for real-world physical tasks, PUDU D7 demonstrates how an intelligent robot can perceive its surroundings, interact with people and manipulate objects.
At the Pudu booth, visitors can interact directly with PUDU D7 through a series of live demonstrations. The robot can take photos with visitors, take selfies from its own perspective, respond with a heart-hand gesture and pick up objects on request, turning embodied intelligence into an experience visitors can see and engage with firsthand.
PUDU D7’s European debut also follows its recognition as an IFA Innovation Award Honoree in the IFA NEXT & Emerging Tech category, marking an early highlight of Pudu Robotics’ first appearance at the show.
PUDU D5 Series Demonstrates Mobility Across Challenging Terrain
The PUDU D5 series offers a different demonstration of embodied intelligence, focusing on mobility across challenging physical environments. At the Pudu booth, D5-W navigates stairs, gravel and sandy surfaces, demonstrating autonomous movement across uneven and changing terrain.
Beyond the show floor, this mobility platform is designed to support tasks in environments where conventional wheeled robots can face greater mobility challenges, including industrial warehouses, tunnels and mining sites. Potential applications include autonomous transport and site patrol, extending quadruped robotics beyond structured indoor environments and into more demanding industrial settings.
Together, D7 and D5 offer visitors two distinct demonstrations of embodied intelligence in action — from physical interaction and object manipulation to autonomous mobility across complex terrain.
A Full Robotics Portfolio in Action
While embodied AI represents the next frontier of Pudu Robotics’ technology development, the company’s IFA showcase also highlights the robotics portfolio that has already accumulated extensive real-world deployment experience.
BellaBot Pro represents Pudu’s service delivery portfolio, demonstrating autonomous delivery and interactive capabilities for environments such as restaurants, hotels and retail. The robot combines navigation, delivery and human interaction to support a range of service workflows.
In commercial cleaning, PUDU CC1 Pro and PUDU MT1 Max showcase intelligent cleaning solutions for different environments. CC1 Pro combines sweeping, scrubbing, vacuuming and mopping in one platform, while intelligent perception helps the robot identify cleaning needs and optimize its operations. The CC1 series has already surpassed 20,000 units shipped worldwide.
Designed for larger and more complex environments, PUDU MT1 Max uses 3D perception and autonomous navigation to operate across spaces such as parking facilities, warehouses and industrial areas. Its intelligent cleaning capabilities enable it to respond to different types of debris and floor conditions.
For industrial applications, PUDU T600 demonstrates autonomous material transport with a payload capacity of up to 600 kilograms. Designed for demanding logistics environments, T600 extends autonomous robotic transport into factories, warehouses and other industrial settings.
From 130,000+ Shipments to the Next Generation of Robotics
Pudu Robotics’ IFA showcase builds on substantial real-world deployment experience. The company has shipped more than 130,000 robots across 85+ countries and regions and more than 1,000 cities, with its robots deployed across hospitality, retail, healthcare, manufacturing, logistics, property management and other commercial and industrial environments.
That experience is reflected in the range of robots on display in Berlin. Some are designed for highly specialized tasks such as cleaning or material transport, while newer platforms such as D7 and D5-W are extending robotic capabilities into more dynamic forms of physical interaction and mobility.
By bringing the full portfolio together at IFA, Pudu Robotics is giving European audiences a direct view of how commercial robotics is evolving — from robots already working at scale in real-world environments to a new generation of intelligent robots capable of interacting with people, objects and increasingly complex physical surroundings.
“IFA gives us an opportunity to show robotics not simply as technology, but through what robots can actually do in the real world,” said Shawn Wu, Vice President and General Manager of Embodied Intelligence Business, Pudu Robotics. “From PUDU D7 interacting with visitors to PUDU D5 navigating challenging terrain and our other specialized robots performing service, cleaning and transport tasks, the experience at our booth reflects the breadth of where robotics is heading and the practical value it can already deliver.”
Pudu Robotics is exhibiting at IFA 2026 from Sept. 4 to 8 at Messe Berlin, Hall 25, Stand H25-354. Visitors can experience live demonstrations and interact with Pudu’s latest robotic solutions throughout the exhibition.
About Pudu Robotics
Pudu Robotics is a global leader in commercial service robotics and the industry’s first company to offer a full portfolio spanning specialized, semi-humanoid, and humanoid robots. According to Frost & Sullivan’s latest market report, Pudu Robotics ranks No. 1 globally in commercial service robotics by both revenue and shipment volume. Built on its One Brain, Multiple Embodiments architecture, Pudu offers robots for service delivery, commercial cleaning, industrial delivery, and general embodied AI applications across hospitality, retail, healthcare, manufacturing, education, public services, and more. To date, Pudu Robotics has shipped over 130,000 robots to customers across 85+ countries and regions.
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/pudu-robotics-makes-its-ifa-debut-bringing-its-full-robotics-portfolio-to-europe-302870497.html
Technology
XCOTTON Joins the Conversation at IFA 2026: Why the Future of Commerce Goes Beyond Checkout
Published
3 hours agoon
September 5, 2026By
LOS ANGELES and NEW YORK and LAS VEGAS, Sept. 4, 2026 /PRNewswire/ — As the global consumer technology industry gathers in Berlin for IFA 2026, thousands of brands are showcasing what comes next: smarter devices, connected experiences, artificial intelligence, robotics, and technologies designed to change how people live and shop. But behind every new product is another part of the consumer journey that deserves just as much attention: What happens after the customer buys?
The Xcotton team is in Berlin during the event to connect with consumer brands, retailers, technology companies, and potential business partners. The conversations are focused on a broader question for modern commerce: how can brands create a better experience after checkout while reducing the risks that come with delivering products to customers around the world?
The Customer Journey Doesn’t End at Checkout
For years, e-commerce innovation has focused heavily on the path to purchase. Brands optimize advertising to attract shoppers, product pages to increase conversion, checkout flows to reduce abandonment, and promotions to encourage customers to buy.
But the transaction is only one moment in the customer relationship. After payment, the order still needs to be fulfilled, shipped, delivered, and supported. A package can be delayed, lost, stolen, or damaged. A customer may need a replacement or refund. A support team may suddenly have to spend time resolving a problem that had nothing to do with the product itself.
For global e-commerce brands, these challenges become even more important as order volumes increase and businesses expand into new markets. A single delivery problem may affect more than the cost of replacing a product. It can also create customer-service workload, additional shipping costs, refunds, negative reviews, and lost opportunities for repeat purchases.
For the customer, however, the distinction does not always matter. The customer bought from the brand. The delivery experience becomes part of the brand experience. That is why post-purchase experience is becoming an increasingly important part of modern commerce. The opportunity is to think beyond the transaction and manage the entire customer journey:
Purchase → Delivery → Protection → Support → Resolution → Retention
When brands approach these stages as part of one connected experience, post-purchase operations become more than a back-office function. They can become a competitive advantage. A great product can win the first purchase. How a brand handles an unexpected problem can influence whether it earns the next one.
XCOTTON: Turning Post-Purchase Protection Into Business Value
This is where Xcotton comes in. Xcotton helps modern e-commerce brands protect every order after checkout. As a U.S.-based post-purchase protection platform, Xcotton enables merchants to offer shipping protection, product protection, and insurance-backed coverage solutions designed to reduce delivery risk, improve customer experience, and create new revenue opportunities.
Xcotton’s reach extends beyond the U.S. Through its licensed insurance intermediary in France, Xcotton is authorized to provide compliant insurance solutions to merchants and consumers across the European Union. This international capability supports brands as they expand into new markets while helping them offer protection solutions aligned with local regulatory requirements.
The company’s approach is built around a straightforward idea: post-purchase protection should not be viewed only as a way to manage losses. It can also be part of the customer experience. When something goes wrong with an order, customers want to know three things: What happened? What can I do? And how quickly can it be resolved?
A clear protection experience can help answer those questions while giving merchants a structured way to manage unexpected delivery issues. For Xcotton, the goal is simple: Help brands turn post-purchase protection into a better customer experience and a smarter business advantage.
Why Protection Matters for Global E-Commerce
For brands selling across borders, post-purchase protection becomes particularly important as order values, shipping distances, and fulfillment complexity increase.
International shipments can move through multiple carriers, fulfillment centers, customs processes, and last-mile networks before reaching the customer. For higher-value or larger products, a delivery issue can create significant costs for both merchants and shoppers.
Xcotton helps brands address these risks with protection solutions designed around different stages of the customer journey—from shipping protection to product protection and extended warranty coverage.
This gives merchants a more structured way to protect purchases while giving customers greater confidence in the products they are investing in.
Modern Brands Are Selling More Than Products
The same trend can be seen across categories far beyond consumer electronics. Brands increasingly build their businesses around distinctive products, direct relationships, personalization, and customer experience.
LINTICO is a women’s natural-fabric clothing brand known for its linen womenswear. With linen at the heart of its collections, LINTICO focuses on thoughtfully chosen fibers and versatile pieces designed for everyday life, work, travel, and special occasions. Its philosophy, “Linen That Loves You Back,” reflects a focus on comfort, natural materials, and lasting appeal.
Lordhair is a men’s hair system brand serving customers in more than 120 countries. The company designs and manufactures its hair systems in-house, from ready-to-wear pieces to fully customized bases. Localized websites, native-language support, and one-to-one consultations help customers navigate fitting and aftercare while creating a more personalized buying experience.
MICAS represents the growing market for elevated modern womenswear, where product design, brand identity, digital commerce, and customer experience are increasingly interconnected.
Popilush is a global shapewear fashion brand combining fashion and functionality through its signature built-in shapewear designs. Founded by Eve DeMartine, the company creates one-piece dresses and confidence-enhancing apparel for women worldwide, with a strong focus on functional design, inclusive fashion, and body confidence.
These brands illustrate a common reality of modern commerce: Customers are not simply buying a product. They are buying confidence in the brand behind it. That confidence can be influenced by what happens before the purchase—and just as importantly, what happens afterward.
From Cost Center to Business Opportunity
Post-purchase protection has traditionally been associated with risk management.
A shipment is lost. A merchant replaces it.
A package arrives damaged. A refund is issued.
A customer reports a problem. The support team resolves it.
But this reactive model can overlook the larger opportunity. What if protection could be designed as part of the customer journey from the beginning? What if customers knew before they completed their purchase that there was a clear solution if something went wrong?
And what if merchants could use protection not only to reduce the financial impact of delivery problems, but also to improve customer confidence and create additional business value?
This represents a broader shift in how brands can think about post-purchase protection. It is not simply about covering a loss. It is about creating confidence around the purchase. For e-commerce brands competing for repeat customers, that confidence can matter.
XCOTTON Connects With Brands at IFA 2026
IFA 2026 provides an ideal environment for these conversations. The event brings together companies across consumer technology, retail, home appliances, smart home, AI, robotics, and emerging categories. For businesses developing the next generation of consumer products, reaching the customer is only one part of the challenge. Delivering that product successfully—and creating a positive experience afterward—is equally important.
In Berlin, Xcotton connects with:
E-commerce and direct-to-consumer brandsConsumer technology companiesRetailers and distributorsSmart home and connected-device businessesFashion and lifestyle brandsTechnology and logistics partnersCompanies expanding into international markets
The goal is to understand the challenges these businesses face after checkout and explore opportunities to build stronger post-purchase experiences together. The complete journey: Discover. Purchase. Deliver. Protect. Support. Retain.
The Future of Commerce Goes Beyond Checkout
IFA 2026 is showcasing technologies designed to make consumer lives smarter, more connected, and more convenient.
For commerce brands, however, the next evolution may not be limited to smarter products. It may also be about creating smarter experiences around those products. The customer journey does not end when the payment is processed. It continues through fulfillment, delivery, support, returns, protection, and resolution. And when something goes wrong, the response can become one of the most important moments in the relationship between a customer and a brand.
Post-purchase protection is not simply about protecting a package. It is about protecting customer trust. During IFA 2026 in Berlin, Xcotton connects with brands that are looking to explore how better post-purchase experiences can help modern e-commerce businesses reduce delivery risk, strengthen customer relationships, and create lasting value. The future of commerce doesn’t end at checkout. It begins there.
Contact: merchantsupport@xcotton.ai
View original content to download multimedia:https://www.prnewswire.com/news-releases/xcotton-joins-the-conversation-at-ifa-2026-why-the-future-of-commerce-goes-beyond-checkout-302870296.html
SOURCE XCOTTON
Technology
ToolDance Unveils X1 Smart Desktop CNC Mill at IFA 2026
Published
5 hours agoon
September 5, 2026By
BERLIN, Sept. 4, 2026 /PRNewswire/ — ToolDance, a technology company focused on intelligent desktop CNC solutions, officially unveiled its flagship product ToolDance X1 Smart Desktop CNC Mill at IFA 2026 in Berlin, Germany.
On the first day of the exhibition, ToolDance attracted significant attention from professional users, makers, and industry audiences with live demonstrations showcasing the complete workflow from preparation to finished parts. Learn more about the X1 Smart Desktop CNC Mill.
“What has been especially encouraging at IFA is seeing people watch the X1 turn raw material into a finished part and immediately start thinking about how they could use it in their own work,” said Will Wang, Founder and CEO of ToolDance. “Our goal is to bring professional CNC capabilities to makers, engineers, and small businesses in a more accessible desktop format, while retaining the performance required for real manufacturing tasks.”
ToolDance’s participation in IFA 2026 reflects the company’s commitment to making industrial-grade manufacturing capabilities more accessible in personal workspaces.
The X1 features a 1,500W permanent magnet synchronous motor (PMSM) spindle that maintains strong torque at lower spindle speeds for demanding roughing operations and reaches speeds of up to 24,000rpm for precise finishing. It delivers positioning repeatability of ±0.01mm.
Its three-axis work envelope measures 400 × 265 × 180mm, providing room for functional parts such as fixtures, molds, machine plates, and housings, as well as multi-part production in a single setup. Support for tool shanks up to 10mm expands the range of cutters available for heavier material removal and larger tools.
The X1 supports both dry machining and flood-coolant machining across a range of metals, wood, and engineering plastics. Continuous coolant flow helps control heat, clear chips, and support stable cutting in demanding metal applications. Its cast aluminum-alloy frame is reinforced along critical load paths to increase rigidity and reduce vibration, supporting stable machining, consistent accuracy, and clean surface finishes.
On the software side, ToolDance Studio, developed in-house by ToolDance, is designed to lower the barrier to CNC machining through a streamlined three-step workflow from model to finished part.
Its Design for Manufacturability (DFM) analysis checks geometry, tool access, stock, and machining constraints to help users identify potential issues before cutting begins. The Workholding Guidance System recommends workholding setups for each operation based on part geometry and machining parameters, with step-by-step visual guidance. Its image-to-model feature can also generate editable geometry from photographs or reference images.
A nine-tool automatic tool changer (ATC) automates tool changes across operations ranging from roughing and drilling to finishing, chamfering, threading, and engraving, reducing the need for manual tool changes during multi-operation jobs.
The X1 is also designed as an expandable platform. With the optional simultaneous four or five-axis module, it can machine complex parts, curved surfaces, and fine details in a single setup, reducing re-clamping while maintaining alignment and accuracy.
The ToolDance X1 will remain on display at Hall 17, Booth H17-205 at Messe Berlin from Sept. 4–8, 2026, with live machining demonstrations taking place throughout the event. The product is scheduled to launch on Kickstarter in October 2026.
For more information, visit: https://www.tooldance.ai
About ToolDance
ToolDance is a technology company focused on smart desktop CNC solutions. With the vision of “Your Personal Factory,” ToolDance integrates hardware, software, and automation to make industrial-grade manufacturing capabilities more accessible, helping makers, engineers, professionals, and small businesses turn ideas into physical products more efficiently.
Note: Please translate the content first and provide a preview. The photos will be provided on Sept. 4.
Media Contact: info@tooldance.ai
View original content to download multimedia:https://www.prnewswire.com/news-releases/tooldance-unveils-x1-smart-desktop-cnc-mill-at-ifa-2026-302870568.html
SOURCE ToolDance
Pudu Robotics Makes Its IFA Debut, Bringing Its Full Robotics Portfolio to Europe
XCOTTON Joins the Conversation at IFA 2026: Why the Future of Commerce Goes Beyond Checkout
ToolDance Unveils X1 Smart Desktop CNC Mill at IFA 2026
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