Technology
Qualys Announces Second Quarter 2024 Financial Results
Published
2 years agoon
By
Revenue Growth of 8% Year-Over-Year
GAAP EPS: $1.17; Non-GAAP EPS: $1.52
FOSTER CITY, Calif., Aug. 6, 2024 /PRNewswire/ — Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the second quarter ended June 30, 2024. For the quarter, the Company reported revenues of $148.7 million, net income under United States Generally Accepted Accounting Principles (“U.S. GAAP”) of $43.8 million, non-GAAP net income of $56.9 million, Adjusted EBITDA of $69.9 million, GAAP net income per diluted share of $1.17, and non-GAAP net income per diluted share of $1.52.
“We delivered a strong quarter of rapid innovation on the Qualys Enterprise TruRisk Platform, reflecting our ongoing commitment to extend our technology leadership and customer success,” said Sumedh Thakar, president and CEO of Qualys. “Our comprehensive multi-sensor architecture and rapid innovation engine underscore our growing thought leadership and the value proposition we deliver to customers seeking to transform, consolidate, and fortify their security posture. We believe Qualys has created strong competitive differentiation and is strategically well positioned as the foundational risk management platform for the future with multiple avenues to drive sustainable long-term growth.”
Second Quarter 2024 Financial Highlights
Revenues: Revenues for the second quarter of 2024 increased by 8% to $148.7 million compared to $137.2 million for the same quarter in 2023.
Gross Profit: GAAP gross profit for the second quarter of 2024 increased by 11% to $122.3 million compared to $110.5 million for the same quarter in 2023. GAAP gross margin was 82% for the second quarter of 2024 compared to 81% for the same quarter in 2023. Non-GAAP gross profit for the second quarter of 2024 increased by 11% to $124.9 million compared to $113.0 million for the same quarter in 2023. Non-GAAP gross margin was 84% for the second quarter of 2024 compared to 82% for the same quarter in 2023.
Operating Income: GAAP operating income for the second quarter of 2024 increased by 12% to $48.1 million compared to $42.8 million for the same quarter in 2023. As a percentage of revenues, GAAP operating income was 32% for the second quarter of 2024 compared to 31% for the same quarter in 2023. Non-GAAP operating income for the second quarter of 2024 increased by 11% to $65.9 million compared to $59.6 million for the same quarter in 2023. As a percentage of revenues, non-GAAP operating income was 44% for the second quarter of 2024 compared to 43% for the same quarter in 2023.
Net Income: GAAP net income for the second quarter of 2024 increased by 24% to $43.8 million, or $1.17 per diluted share, compared to $35.4 million, or $0.95 per diluted share, for the same quarter in 2023. As a percentage of revenues, GAAP net income was 29% for the second quarter of 2024 compared to 26% for the same quarter in 2023. Non-GAAP net income for the second quarter of 2024 was $56.9 million, or $1.52 per diluted share, compared to $47.5 million, or $1.27 per diluted share, for the same quarter in 2023. As a percentage of revenues, non-GAAP net income was 38% for the second quarter of 2024 compared to 35% for the same quarter in 2023.
Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2024 increased by 6% to $69.9 million compared to $65.8 million for the same quarter in 2023. As a percentage of revenues, Adjusted EBITDA was 47% for the second quarter of 2024 compared to 48% for the same quarter in 2023.
Operating Cash Flow: Operating cash flow for the second quarter of 2024 decreased by 3% to $49.8 million compared to $51.5 million for the same quarter in 2023. As a percentage of revenues, operating cash flow was 34% for the second quarter of 2024 compared to 38% for the same quarter in 2023.
Second Quarter 2024 Business Highlights
Reinforced Qualys’ commitment to the Managed Security Service Provider (MSSP) channel by launching a new global MSSP portal to streamline partner operations with a single-user interface that helps accelerate client acquisition and growth.Delivered CyberSecurity Asset Management 3.0 with significant External Attack Surface Management (EASM) enhancements for an accurate, real-time view of asset inventory that reduces false positives.Qualys’ VMDR was named the best vulnerability management solution by the prestigious SC Awards Europe.Expanded our focus on the government sector by accelerating support for federal zero-trust strategies through automated asset visibility and attack surface risk management aligning with the Federal Information Security Modernization Act (FISMA) guidelines. Additionally, Qualys hosted more than 200 attendees at its first Public Sector Cyber Risk Conference in Washington, D.C., with notable speakers from the public sector.Introduced Qualys’ Containerized Scanner Appliance (QCSA) providing agility, flexibility, scalability, isolation, and standardization of Docker containers, an invaluable tool for modern IT environments.Expanded File Integrity Monitoring (FIM) to support network devices, providing customers with comprehensive tracking of file and folder changes, as well as critical file access. This includes real-time File Access Monitoring and Agentless FIM to help organizations achieve Payment Card Industry – Data Security Standard (PCI DSS) 4.0 compliance.
Financial Performance Outlook
Based on information as of today, August 6, 2024, Qualys is issuing the following financial guidance for the third quarter and full year fiscal 2024. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled “Legal Notice Regarding Forward-Looking Statements” and “Non-GAAP Financial Measures” below.
Third Quarter 2024 Guidance: Management expects revenues for the third quarter of 2024 to be in the range of $149.8 million to $151.8 million, representing 5% to 7% growth over the same quarter in 2023. GAAP net income per diluted share is expected to be in the range of $0.85 to $0.93, which assumes an effective income tax rate of 22%. Non-GAAP net income per diluted share is expected to be in the range of $1.28 to $1.36, which assumes a non-GAAP effective income tax rate of 21%. Third quarter 2024 net income per diluted share estimates are based on approximately 37.4 million weighted average diluted shares outstanding for the quarter.
Full Year 2024 Guidance: Management now expects revenues for the full year of 2024 to be in the range of $597.5 million to $601.5 million, representing 8% growth over 2023. This compares to the previous guidance range of $601.5 million to $608.5 million. GAAP net income per diluted share is expected to be in the range of $3.85 to $4.01, up from the previous guidance range of $3.26 to $3.50. This assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $5.46 to $5.62, up from the previous guidance range of $5.06 to $5.30. This assumes a non-GAAP effective income tax rate of 21%. Full year 2024 net income per diluted share estimates are based on approximately 37.5 million weighted average diluted shares outstanding.
Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation, amortization of intangible assets from acquisitions and non-recurring items). The actual dollar amount of reconciling items in the third quarter and full year 2024 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the third quarter and full year 2024. A reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.
Investor Conference Call
Qualys will host a conference call and live webcast to discuss its second quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, August 6, 2024. To access the conference call by phone, please register here. A live webcast of the earnings conference call, investor presentation and prepared remarks can be accessed at https://investor.qualys.com/events-presentations. A replay of the conference call will be available through the same webcast link following the end of the call.
Investor Contact
Blair King
Vice President, Investor Relations and Corporate Development
(650) 538-2088
ir@qualys.com
About Qualys
Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive cloud-based Security, Compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.
The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit www.qualys.com.
Qualys, Qualys VMDR® and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.
Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, quotations of management and statements related to: the benefits of our existing, new and upcoming products, features, integrations, acquisitions, collaborations and joint solutions, and their impact upon our long-term growth; our ability to advance our value proposition and competitive differentiation in the market; our ability to address demand trends; our ability to maintain and strengthen our category leadership; our ability to solve modern security challenges at scale; our strategies and ability to achieve and maintain durable profitable growth; our guidance for revenues, GAAP EPS and non-GAAP EPS for the third quarter and full year 2024; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the third quarter and full year 2024. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles and seasonal buying patterns of our customers; general market, political, economic and business conditions in the United States as well as globally; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates; unexpected fluctuations in our effective income tax rate on a GAAP and non-GAAP basis; our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; and any unanticipated accounting charges. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.
Non-GAAP Financial Measures
In addition to reporting financial results in accordance with GAAP, Qualys provides investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA (defined as earnings before interest expense, interest income and other income (expense), net, income taxes, depreciation, amortization, and stock-based compensation) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment, net of proceeds from disposal).
In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, amortization of intangible assets from acquisitions, non-recurring items and for non-GAAP net income, certain tax effects. Qualys believes that these non-GAAP financial measures help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows.
Furthermore, Qualys uses some of these non-GAAP financial measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.
Although Qualys does not focus on or use quarterly billings in managing or monitoring the performance of its business, Qualys provides calculated current billings (defined as total revenues recognized in a period plus the sequential change in current deferred revenue in the corresponding period) for the convenience of investors and analysts in building their own financial models.
In order to provide a more complete picture of recurring core operating business results, the Company’s non-GAAP net income and non-GAAP net income per diluted share include adjustments for non-recurring income tax items and certain tax effects of non-GAAP adjustments to achieve the effective income tax rate on a non-GAAP basis. The Company’s non-GAAP effective tax rate may differ from the GAAP effective income tax rate as a result of these income tax adjustments. The Company believes its estimated non-GAAP effective income tax rate of 21% in 2024 is a reasonable estimate under its current global operating structure and core business operations. The Company may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective income tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.
The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.
Qualys, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
(in thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Revenues
$ 148,708
$ 137,209
$ 294,513
$ 267,892
Cost of revenues (1)
26,415
26,662
53,613
53,616
Gross profit
122,293
110,547
240,900
214,276
Operating expenses:
Research and development (1)
27,119
27,424
54,649
55,219
Sales and marketing (1)
32,146
26,241
61,554
51,869
General and administrative (1)
14,960
14,055
31,868
29,183
Total operating expenses
74,225
67,720
148,071
136,271
Income from operations
48,068
42,827
92,829
78,005
Other income (expense), net:
Interest income
6,703
3,809
12,826
6,206
Other expense, net
(587)
(959)
(1,986)
(1,175)
Total other income, net
6,116
2,850
10,840
5,031
Income before income taxes
54,184
45,677
103,669
83,036
Income tax provision
10,412
10,295
20,166
18,549
Net income
$ 43,772
$ 35,382
$ 83,503
$ 64,487
Net income per share:
Basic
$ 1.19
$ 0.96
$ 2.26
$ 1.75
Diluted
$ 1.17
$ 0.95
$ 2.22
$ 1.72
Weighted average shares used in computing net income per share:
Basic
36,915
36,842
36,935
36,954
Diluted
37,464
37,435
37,594
37,551
(1) Includes stock-based compensation as follows:
Cost of revenues
$ 1,866
$ 1,717
$ 3,886
$ 3,309
Research and development
5,160
5,103
10,463
10,063
Sales and marketing
3,632
2,897
7,371
5,351
General and administrative
6,428
6,288
14,397
13,315
Total stock-based compensation, net of
amounts capitalized
$ 17,086
$ 16,005
$ 36,117
$ 32,038
Qualys, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(in thousands)
June 30,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$ 281,205
$ 203,665
Restricted cash
—
1,500
Short-term marketable securities
112,004
221,893
Accounts receivable, net
109,584
146,226
Prepaid expenses and other current assets
31,266
26,714
Total current assets
534,059
599,998
Long-term marketable securities
162,058
56,644
Property and equipment, net
27,758
32,599
Operating leases – right of use asset
44,100
22,391
Deferred tax assets, net
70,433
62,761
Intangible assets, net
8,172
9,715
Goodwill
7,447
7,447
Noncurrent restricted cash
1,200
1,200
Other noncurrent assets
21,373
19,863
Total assets
$ 876,600
$ 812,618
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$ 1,277
$ 988
Accrued liabilities
36,095
43,096
Deferred revenues, current
324,334
333,267
Operating lease liabilities, current
10,123
11,857
Total current liabilities
371,829
389,208
Deferred revenues, noncurrent
28,812
31,671
Operating lease liabilities, noncurrent
40,437
16,885
Other noncurrent liabilities
7,727
6,680
Total liabilities
448,805
444,444
Stockholders’ equity:
Common stock
37
37
Additional paid-in capital
623,939
597,921
Accumulated other comprehensive loss
(534)
(1,704)
Accumulated deficit
(195,647)
(228,080)
Total stockholders’ equity
427,795
368,174
Total liabilities and stockholders’ equity
$ 876,600
$ 812,618
Qualys, Inc
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(in thousands)
Six Months Ended
June 30,
2024
2023
Cash flow from operating activities:
Net income
$ 83,503
$ 64,487
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense
10,019
14,446
Provision for credit losses
277
160
Loss on non-marketable securities
—
533
Stock-based compensation, net of amounts capitalized
36,117
32,038
Accretion of discount on marketable securities, net
(3,520)
(1,412)
Deferred income taxes
(8,165)
(9,122)
Changes in operating assets and liabilities:
Accounts receivable
36,365
(3,277)
Prepaid expenses and other assets
(4,489)
(7,450)
Accounts payable
229
(813)
Accrued liabilities and other noncurrent liabilities
(3,215)
8,736
Deferred revenues
(11,792)
20,002
Net cash provided by operating activities
135,329
118,328
Cash flow from investing activities:
Purchases of marketable securities
(191,812)
(159,392)
Sales and maturities of marketable securities
198,250
167,120
Purchases of property and equipment
(3,077)
(5,455)
Net cash provided by investing activities
3,361
2,273
Cash flow from financing activities:
Repurchase of common stock
(53,017)
(108,817)
Proceeds from exercise of stock options
5,970
7,148
Payments for taxes related to net share settlement of equity awards
(17,711)
(9,494)
Proceeds from issuance of common stock through employee stock purchase plan
3,608
2,988
Payment of acquisition-related holdback
(1,500)
—
Net cash used in financing activities
(62,650)
(108,175)
Net increase in cash, cash equivalents and restricted cash
76,040
12,426
Cash, cash equivalents and restricted cash at beginning of period
206,365
176,419
Cash, cash equivalents and restricted cash at end of period
$ 282,405
$ 188,845
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
ADJUSTED EBITDA
(unaudited)
(in thousands, except percentages)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
Net income
$ 43,772
$ 35,382
$ 83,503
$ 64,487
Net income as a percentage of revenues
29 %
26 %
28 %
24 %
Depreciation and amortization of property and equipment
4,009
6,230
8,476
12,902
Amortization of intangible assets
771
772
1,543
1,544
Income tax provision
10,412
10,295
20,166
18,549
Stock-based compensation
17,086
16,005
36,117
32,038
Total other income, net
(6,116)
(2,850)
(10,840)
(5,031)
Adjusted EBITDA
$ 69,934
$ 65,834
$ 138,965
$ 124,489
Adjusted EBITDA as a percentage of revenues
47 %
48 %
47 %
46 %
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
(unaudited)
(in thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2024
2023
2024
2023
GAAP Cost of revenues
$ 26,415
$ 26,662
$ 53,613
$ 53,616
Less: Stock-based compensation
(1,866)
(1,717)
(3,886)
(3,309)
Less: Amortization of intangible assets
(746)
(747)
(1,493)
(1,494)
Non-GAAP Cost of revenues
$ 23,803
$ 24,198
$ 48,234
$ 48,813
GAAP Gross profit
$ 122,293
$ 110,547
$ 240,900
$ 214,276
Plus: Stock-based compensation
1,866
1,717
3,886
3,309
Plus: Amortization of intangible assets
746
747
1,493
1,494
Non-GAAP Gross Profit
$ 124,905
$ 113,011
$ 246,279
$ 219,079
GAAP Research and development
$ 27,119
$ 27,424
$ 54,649
$ 55,219
Less: Stock-based compensation
(5,160)
(5,103)
(10,463)
(10,063)
Less: Amortization of intangible assets
(25)
(25)
(50)
(50)
Non-GAAP Research and development
$ 21,934
$ 22,296
$ 44,136
$ 45,106
GAAP Sales and marketing
$ 32,146
$ 26,241
$ 61,554
$ 51,869
Less: Stock-based compensation
(3,632)
(2,897)
(7,371)
(5,351)
Non-GAAP Sales and marketing
$ 28,514
$ 23,344
$ 54,183
$ 46,518
GAAP General and administrative
$ 14,960
$ 14,055
$ 31,868
$ 29,183
Less: Stock-based compensation
(6,428)
(6,288)
(14,397)
(13,315)
Non-GAAP General and administrative
$ 8,532
$ 7,767
$ 17,471
$ 15,868
GAAP Operating expenses
$ 74,225
$ 67,720
$ 148,071
$ 136,271
Less: Stock-based compensation
(15,220)
(14,288)
(32,231)
(28,729)
Less: Amortization of intangible assets
(25)
(25)
(50)
(50)
Non-GAAP Operating expenses
$ 58,980
$ 53,407
$ 115,790
$ 107,492
GAAP Income from operations
$ 48,068
$ 42,827
$ 92,829
$ 78,005
Plus: Stock-based compensation
17,086
16,005
36,117
32,038
Plus: Amortization of intangible assets
771
772
1,543
1,544
Non-GAAP Income from operations
$ 65,925
$ 59,604
$ 130,489
$ 111,587
GAAP Net income
$ 43,772
$ 35,382
$ 83,503
$ 64,487
Plus: Stock-based compensation
17,086
16,005
36,117
32,038
Plus: Amortization of intangible assets
771
772
1,543
1,544
Less: Tax adjustment
(4,717)
(4,704)
(9,513)
(9,440)
Non-GAAP Net income
$ 56,912
$ 47,455
$ 111,650
$ 88,629
GAAP Net income per share:
Basic
$ 1.19
$ 0.96
$ 2.26
$ 1.75
Diluted
$ 1.17
$ 0.95
$ 2.22
$ 1.72
Non-GAAP Net income per share:
Basic
$ 1.54
$ 1.29
$ 3.02
$ 2.40
Diluted
$ 1.52
$ 1.27
$ 2.97
$ 2.36
Weighted average shares used in GAAP and non-GAAP net income per share:
Basic
36,915
36,842
36,935
36,954
Diluted
37,464
37,435
37,594
37,551
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
FREE CASH FLOWS
(unaudited)
(in thousands)
Six Months Ended
June 30,
2024
2023
GAAP Cash flows provided by operating activities
$ 135,329
$ 118,328
Less:
Purchases of property and equipment, net of proceeds from disposal
(3,077)
(5,455)
Non-GAAP Free cash flows
$ 132,252
$ 112,873
Qualys, Inc.
RECONCILIATION OF NON-GAAP DISCLOSURES
CALCULATED CURRENT BILLINGS
(unaudited)
(in thousands, except percentages)
Three Months Ended
June 30,
2024
2023
GAAP Revenue
$ 148,708
$ 137,209
GAAP Revenue growth compared to same quarter of prior year
8 %
14 %
Plus: Current deferred revenue at June 30
324,334
302,446
Less: Current deferred revenue at March 31
(332,128)
(296,516)
Non-GAAP Calculated current billings
$ 140,914
$ 143,139
Calculated current billings growth compared to same quarter of prior year
(2 %)
11 %
View original content:https://www.prnewswire.com/news-releases/qualys-announces-second-quarter-2024-financial-results-302214920.html
SOURCE Qualys, Inc.
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Reach AI Data-driven EV power system enables proactive battery health management and energy optimization. It also introduced AI-powered automated testing systems to improve testing efficiency and coverage.
Reach also launched its lifecycle-wide AI Agent solution, built on a full-domain data platform and intelligent systems for planning, after-sales, and operations, it supports product planning, price forecasting, safety monitoring, and customer operations across the full vehicle lifecycle.
As AI vehicles evolve toward full-system intelligence, system-level capability building and ecosystem collaboration are becoming the key to competitiveness. Reach is collaborating with global OEMs, Tier 1 suppliers, and semiconductor partners to accelerate large-scale industrial deployment.
Looking ahead, Reach continues advancing its full-stack portfolio through stronger innovation and deeper ecosystem collaboration, enabling vehicles evolve into true intelligent agents and delivering smarter, safer, and more trusted mobility experiences worldwide.
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SOURCE Reach
Technology
Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale
Published
2 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
2 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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