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Lumine Group Inc. Announces Results for the Three and Six Months Ended June 30, 2024

Published

2 years ago

on

TORONTO, Aug. 7, 2024 /CNW/ – Lumine Group Inc. (“Lumine Group” or “the Company”) (TSXV: LMN)  announces financial results for the three and six months ended June 30, 2024. All amounts referred to in this press release are in US dollars unless otherwise stated.

The following press release should be read in conjunction with the Company’s unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2024, and management’s discussion and analysis (“MD&A”) for the three and six months ended June 30, 2024, which can be found on SEDAR+ at www.sedarplus.ca. Additional information about Lumine Group is also available on SEDAR+ and on Lumine Group’s website www.luminegroup.com.

Q2 2024 Headlines:

Revenue grew 25% to $162.8 million compared to $129.9 million in the same quarter prior year (including -12% organic growth after adjusting for foreign exchange impacts).The Company generated operating income of $36.6 million during the quarter, a 1% increase from $36.4 million in the same quarter prior year.The Company generated a net loss of $2.2 million during the quarter, from net loss of $489.1 million in the same quarter prior year.Cash flows from operations (“CFO”) decreased $12.4 million to $10.0 million compared to $22.4 million in Q2 2023, representing a decrease of 55%.Free cash flow available to shareholders (“FCFA2S”) decreased $14.5 million to $2.8 million compared to $17.3 million in Q2 2023, representing a decrease of 84%.

Year-to-Date Q2 2024 Headlines:

Revenue grew 35% to $303.9 million compared to $225.3 million in the same six-month period prior year (including -8% organic growth after adjusting for foreign exchange impacts).The Company generated operating income of $81.1 million in the six-month period ended June 30, 2024, an increase of 40% from $58.0 million in the same period prior year.An expense of $317.4 million was incurred in the six-month period ended June 30, 2024 up to the Mandatory Conversion Date, $298.7 million is related to the mark to market adjustments on the fair value of the Preferred and Special Securities and $18.7 million is related to the dividend payable. Fair value of the preferred and special securities is primarily dependent on the price movement of the Company’s Subordinate Voting Shares.The Company generated a net loss of $306.6 million during the six-month period ended June 30, 2024, from net loss of $1,140.7 million in the same period prior year. The net loss is primarily related to the redeemable preferred and special securities expense in 2023.CFO increased $7.7 million to $45.0 million compared to $37.4 million in the six-month period ended June 30, 2023, representing an increase of 21%.FCFA2S increased $2.6 million to $31.5 million compared to $29.0 million in the six-month period ended June 30, 2023, representing an increase of 9%.

Total revenue for the three months ended June 30, 2024 is $162.8 million, an increase of 25%, or $32.9 million, compared to $129.9 million for the comparable period in 2023. For the six months ended June 30, 2024, total revenue was $303.9 million, an increase of 35%, or $78.7 million, compared to $225.3 million for the comparable period in 2023. The increase for the three and six months compared to the same period in the prior year is attributable to revenues from new acquisitions. The Company experienced organic growth of -12% and -7%, respectively for the three and six months ended June 30, 2024, or -12% and -8% after adjusting for the impact of changes in the valuation of the US dollar against most major currencies in which the Company transacts business. For acquired companies, organic growth is calculated as the difference between actual revenues achieved by each business in the financial period following acquisition, compared to the estimated revenues they achieved in the corresponding financial period preceding the date of acquisition by the Company. Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.

Operating income for the three months ended June 30, 2024 was $36.6 million, an increase of 1%, or $0.2 million, compared to $36.4 million for the same period in 2023. Operating income for the six months ended June 30, 2024 was $81.1 million, an increase of 40%, or $23.0 million, compared to $58.0 million for the same period in 2023. The increase for the three and six month periods is primarily attributable to growth from 2023 acquisitions partially offset by current period losses from 2024 acquisitions. Operating income is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. See “Non-IFRS Measures”.

Net loss for the three months ended June 30, 2024 was $2.2 million compared to net loss of $489.1 million for the same period in 2023. Net loss for the six months ended June 30, 2024 was $306.6 million compared to net loss of $1,140.7 million for the same period in 2023. The decrease in net loss for the three and six month periods is primarily attributable to the Mandatory Conversion of Preferred and Special Securities on March 25, 2024 such that no further preferred and special securities expense was booked in the current quarter.

For the three months ended June 30, 2024, CFO decreased $12.4 million to $10.0 million compared to $22.4 million for the same period in 2023 representing a decrease of 55%. The decrease in CFO is primarily attributable to current period losses from 2024 acquisitions.

For the six months ended June 30, 2024, CFO increased $7.7 million to $45.0 million compared to $37.4 million for the same period in 2023 representing an increase of 21%. The primary reason for the increase is that CFO includes the impact of changes in non-cash operating assets and liabilities exclusive of effects of business combinations or, changes in non-cash operating working capital (“NCOWC”) which improved during the six months ended June 30, 2024 compared to the same period prior year.

For the three months ended June 30, 2024, FCFA2S decreased $14.5 million, or 84%, to $2.8 million compared to $17.3 million for the same period in 2023. The decrease is primarily a result of lower CFO during the period. For the six months ended June 30, 2024, FCFA2S increased $2.6 million, or 9%, to $31.5 million compared to $29.0 million for the same period in 2023. The increase is primarily a result of higher CFO during the period. FCFA2S is not a standardized financial measure and might not be comparable to measures disclosed by other issuers.  See “Non-IFRS Measures”.

Non-IFRS Measures

Operating income (loss) refers to income (loss) before income taxes, amortization of intangible assets, redeemable Preferred and Special Share expense, and finance and other expenses (income). We believe that operating income is useful supplemental information as it provides an indication of the profitability of the Company related to its core operations. Operating income (loss) is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that operating income (loss) should not be construed as an alternative to net income (loss).

The following table reconciles operating income to net income:

Three months ended

June 30,

Six months ended

June 30,

2024

2023

2024

2023

Net income (loss)

(2.2)

(489.1)

(306.6)

(1,140.7)

Adjusted for:

Amortization of intangible assets

29.2

21.5

52.0

36.3

Redeemable preferred and special securities expense

–

496.6

317.4

1,151.2

Finance and other expense (income)

5.7

4.3

10.0

6.3

Income tax expense (recovery)

3.9

3.1

8.3

4.9

Operating income (loss)

36.6

36.4

81.1

58.0

Free cash flow available to shareholders ”FCFA2S” refers to net cash flows from operating activities less interest paid on lease obligations, interest paid on bank debt, transaction costs on bank debt, repayments of lease obligations, dividends paid to redeemable preferred and special securities holders, and property and equipment purchased. The Company believes that FCFA2S is useful supplemental information as it provides an indication of the uncommitted cash flow that is available to shareholders if Lumine Group does not make any acquisitions, or investments, and does not repay any debts. While the Company could use the FCFA2S to pay dividends or repurchase shares, the Company’s objective is to invest all of its FCFA2S in acquisitions which meet the Company’s hurdle rate.

FCFA2S is not a recognized measure under IFRS and may not be comparable to similar financial measures disclosed by other issuers. Accordingly, readers are cautioned that FCFA2S should not be construed as an alternative to net cash flows from operating activities.

The following table reconciles FCFA2S to net cash flows from operating activities:

 Three months ended
June 30,

 Six months ended
June 30,

2024

2023

2024

2023

Net cash flows from operating activities:

10.0

22.4

45.0

37.4

Adjusted for:

Interest paid on lease obligations

(0.1)

(0.2)

(0.3)

(0.3)

Interest paid on other facilities

(5.1)

(3.2)

(7.6)

(3.6)

Credit facility transaction costs

(0.2)

0.0

(1.8)

(1.8)

Payment of lease obligations

(1.5)

(1.5)

(3.0)

(2.4)

Property and equipment purchased

(0.4)

(0.2)

(0.7)

(0.4)

Free cash flow available to shareholders

2.8

17.3

31.5

29.0

Forward Looking Statements

Certain statements herein may be “forward looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Lumine Group or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Lumine Group assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

About Lumine Group Inc.

Lumine Group acquires, strengthens, and grows, vertical market software businesses in the communications and media industry. Learn more at www.luminegroup.com. 

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Lumine Group Inc.
Condensed Consolidated Interim Statements of Financial Position
(In thousands of USD.  Due to rounding, numbers presented may not foot.)

Unaudited

June 30, 2024

December 31, 2023

Assets

Current assets:

Cash

$                167,773

$           146,509

Accounts receivable, net

127,329

104,955

Unbilled revenue, net

49,828

39,858

Inventories

561

521

Other assets

46,780

46,377

392,271

338,220

Non-current assets:

Property and equipment

7,138

4,164

Right of use assets

9,060

11,973

Deferred income taxes

6,371

6,197

Other assets

11,518

13,063

Intangible assets and goodwill

845,525

762,665

879,612

798,062

Total assets

$             1,271,883

$        1,136,282

Liabilities and Equity

Current liabilities:

Accounts payable and accrued liabilities

$                100,821

$             97,533

Due to related parties, net

1,529

2,380

Current portion of bank debt

2,166

3,071

Deferred revenue

97,110

91,726

Acquisition holdback payables

318

319

Lease obligations

6,073

6,358

Income taxes payable

11,702

12,436

Preferred and Special Securities

–

4,469,996

219,720

4,683,819

Non-current liabilities:

Deferred income taxes

115,341

124,878

Bank debt

288,818

149,636

Lease obligations

4,079

6,921

Other liabilities

9,684

12,995

417,922

294,430

Total liabilities

637,641

4,978,249

Equity:

Capital stock

490,669

–

Contributed surplus

185,142

(1,015,661)

Accumulated other comprehensive income (loss)

(10,896)

(6,296)

Retained earnings (deficit)

(30,673)

(2,820,010)

634,242

(3,841,967)

Subsequent events

Total liabilities and equity

$             1,271,883

$              1,136,282

Lumine Groupe Inc.
Condensed Consolidated Interim Statements of Income (Loss)
(In thousands of USD, except per share amounts. Due to rounding, numbers presented may not foot.)

Unaudited

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Revenue

License

$         11,687

$            11,094

$         23,407

$           21,743

Professional services

28,909

23,440

53,842

40,267

Hardware and other

2,326

4,728

4,743

9,336

Maintenance and other recurring

119,903

90,623

221,932

153,920

162,825

129,885

303,924

225,266

Expenses

Staff

87,704

71,285

160,733

119,904

Hardware

1,418

3,132

2,938

6,451

Third party license, maintenance and professional services

11,867

8,050

20,406

12,785

Occupancy

975

789

1,871

1,566

Travel, telecommunications, supplies, software and equipment

12,751

5,214

19,508

9,886

Professional fees

5,655

2,919

8,487

10,232

Other, net

3,509

(94)

4,455

2,688

Depreciation

2,337

2,195

4,452

3,705

Amortization of intangible assets

29,211

21,481

52,032

36,317

155,427

114,971

274,882

203,535

Redeemable Preferred and Special Securities expense

–

496,588

317,362

1,151,203

Finance and other expenses (income)

5,698

4,332

9,970

6,257

5,698

500,920

327,332

1,157,460

Income (loss) before income taxes

1,700

(486,006)

(298,290)

(1,135,729)

Current income tax expense (recovery)

9,209

10,649

17,555

18,162

Deferred income tax expense (recovery)

(5,274)

(7,557)

(9,272)

(13,227)

Income tax expense (recovery)

3,935

3,092

8,283

4,935

Net income (loss)

$         (2,235)

$        (489,098)

$     (306,573)

$        (1,140,664)

Weighted average shares outstanding:

Basic

256,620,388

74,008,247

171,366,154

70,914,357

Diluted

256,620,388

253,106,712

254,978,572

236,914,312

Earnings per share:

Basic and diluted

$           (0.01)

$              (6.61)

$           (1.79)

$        (16.09)

Lumine Group Inc.
Condensed Consolidated Interim Statements of Comprehensive Income (Loss)
(In thousands of USD. Due to rounding, numbers presented may not foot.)

Unaudited

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$            (2,235)

$    (489,098)

$        (306,573)

$ (1,140,664)

Items that are or may be reclassified subsequently to net income (loss):

Foreign currency translation differences from foreign operations and other

5,321

(900)

(4,600)

(311)

Other comprehensive (loss) income for the year, net of income tax

5,321

(900)

(4,600)

(311)

Total comprehensive income (loss) for the year

$              3,086

$    (489,998)

$        (311,173)

$ (1,140,975)

Lumine Group Inc.
Condensed Consolidated Interim Statement of Changes in Equity
(In thousands of USD.  Due to rounding, numbers presented may not foot.)

Unaudited

Six months ended June 30, 2024

Capital stock

Contributed
surplus

Accumulated other
comprehensive
(loss) income

Retained
earnings
(deficit)

Total equity

Balance at January 1, 2024

$                –

$     (1,015,661)

$           (6,296)

$   (2,820,010)

$      (3,841,967)

Total comprehensive income (loss) for the period:

Net income (loss)

–

–

–

(306,573)

(306,573)

Other comprehensive income (loss):

Foreign currency translation differences from foreign operations and other

–

–

(4,600)

–

(4,600)

Total other comprehensive income (loss) for the period

–

–

(4,600)

–

(4,600)

Total comprehensive income (loss) for the period

–

–

(4,600)

(306,573)

(311,173)

Mandatory Conversion of Special and Preferred Shares

87,368

–

–

–

87,368

Settlement of Preferred and Special Share Dividends in Subordinate Voting Shares

403,301

1,200,803

–

3,095,910

4,700,014

Balance at June 30, 2024

$   490,669

$            185,142

$      (10,896)

$      (30,673)

$      634,242

Lumine Group Inc.
Condensed Consolidated Interim Statement of Changes in Equity
(In thousands of USD.  Due to rounding, numbers presented may not foot.)

Unaudited

Six months ended June 30, 2023

Capital stock

Contributed
surplus

Accumulated other
comprehensive
(loss) income

Retained
earnings
(deficit)

Total equity

Balance at January 1, 2023

$                –

$          162,692

$           (8,912)

$                   –

$         153,780

Total comprehensive income (loss) for the period:

Net income (loss)

–

–

–

(1,140,664)

(1,140,664)

Other comprehensive income (loss):

Foreign currency translation differences from foreign operations and other

–

–

(311)

–

(311)

Total other comprehensive income (loss) for the period

–

–

(311)

–

(311)

Total comprehensive income (loss) for the period

–

–

(311)

(1,140,664)

(1,140,975)

Transactions with Parent, recorded directly in equity

Capital contributions by Parent

–

22,451

–

–

22,451

Amalgamation with Lumine Group (Holdings) Inc.

–

(1,200,803)

–

–

(1,200,803)

Special Share conversion

–

–

–

4,040

4,040

Balance at June 30, 2023

$             –

$  (1,015,660)

$        (9,223)

$ (1,136,624)

$ (2,161,507)

Lumine Group Inc.
Condensed Consolidated Interim Statements of Cash Flows
(In thousands of USD.  Due to rounding, numbers presented may not foot.)

Unaudited

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Cash flows from (used in) operating activities:

Net income (loss)

$     (2,235)

$  (489,098)

$  (306,573)

$  (1,140,664)

Adjustments for:

Depreciation

2,337

2,195

4,452

3,705

Amortization of intangible assets

29,211

21,481

52,032

36,317

Contingent consideration adjustments

915

(3,149)

958

(2,478)

Preferred and Special Securities expense (income)

–

496,588

317,362

1,151,203

Finance and other expenses (income)

5,698

4,332

9,970

6,257

Income tax expense (recovery)

3,935

3,092

8,283

4,935

Change in non-cash operating assets and liabilities exclusive of effects of business combinations

(26,134)

(6,355)

(34,127)

(10,388)

Income taxes (paid) received

(3,680)

(6,679)

(7,317)

(11,512)

Net cash flows from (used in) operating activities

10,047

22,407

45,040

37,375

Cash flows from (used in) financing activities:

Interest paid on lease obligations

(130)

(167)

(284)

(259)

Interest paid on bank debt

(5,130)

(3,249)

(7,602)

(3,591)

Cash transferred from (to) Parent

118

(7,165)

(1,990)

(11,835)

Proceeds from issuance of bank debt

50,500

–

140,500

175,000

Repayments of bank debt

(244)

(410)

(488)

(654)

Transaction costs on bank debt

(194)

–

(1,849)

(1,771)

Payments of lease obligations

(1,468)

(1,525)

(3,034)

(2,365)

Issuance of Preferred Shares to Parent

–

–

–

181,484

Dividends paid

–

(12)

–

(12)

Net cash flows from (used in) in financing activities

43,452

(12,528)

125,253

335,997

Cash flows from (used in) investing activities:

Acquisition of businesses

(144,325)

–

(144,325)

(314,760)

Cash obtained with acquired businesses

–

–

–

33,965

Post-acquisition settlement payments, net of receipts

–

(2,307)

(685)

(2,669)

Property and equipment purchased

(363)

(180)

(724)

(421)

Other investing activities

(271)

(657)

(265)

(657)

Net cash flows from (used in) investing activities

(144,959)

(3,143)

(145,999)

(284,542)

Effect of foreign currency on cash and cash equivalents

(554)

(314)

(3,030)

(12)

Increase (decrease) in cash

(92,014)

6,422

21,264

88,818

Cash, beginning of period

259,787

149,481

146,509

67,085

Cash, end of period

$   167,773

$    155,903

$   167,773

$         155,903

SOURCE Lumine Group Inc

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Technology

HydraForce, Elevāt, and Bosch Rexroth Announce Enhanced Remote OTA Update Capabilities for Off-Highway Equipment

Published

57 minutes ago

on

July 23, 2026

By

SEATTLE, July 23, 2026 /PRNewswire/ — Building on their strategic collaboration, HydraForce, a global leader in motion control systems and Elevāt, an industrial IoT and applied AI platform provider, announced a significant advancement in remote machine management.

The HydraForce Connected Control Unit (CCU) from Bosch, integrated with Elevāt software, is now capable of providing remote access and performing over-the-air (OTA) updates on Bosch Rexroth BODAS controllers.

This enhanced capability empowers HydraForce and Elevāt customers to streamline operations, reduce downtime, and significantly improve machine performance and serviceability. By leveraging the integrated solution, OEMs can use the Elevāt platform to remotely diagnose issues and deploy critical software updates to the BODAS controllers on their equipment without requiring on-site service personnel.

“The ability to remotely access and update Bosch Rexroth BODAS controllers using the Elevāt platform takes our collaborative vision of bridging hydraulics, electronics, and digital services to the next level,” said Russ Schneidewind, director of business developmentat at HydraForce.  “The cooperation between Elevāt and Bosch Rexroth is directly addressing the industry’s need for complete, future-ready solutions.”

Adam Livesay, co-founder and CEO of Elevāt, commented, “At Elevāt, we believe the future of equipment service is connected, intelligent, and proactive. This collaboration helps OEMs deliver the next generation of service by  accelerating software deployment and enabling faster issue resolution in the field. The addition of remote BODAS controller updates is another key milestone toward a fully integrated ecosystem that simplifies the connection between hardware, software, and digital services—helping manufacturers bring intelligent equipment to market faster while creating new opportunities for recurring customer value.”

HydraForce and Elevāt plan to further their collaboration with additional remote machine management capabilities to be announced in the future.

About HydraForce HydraForce is a global designer and manufacturer of motion control systems, encompassing hydraulic cartridge valves, manifolds and electronic controls for a variety of off-highway industries, including farming, construction, marine, material handling, mining, and forestry. HydraForce was acquired by Bosch Rexroth, becoming a significant part of the Compact Hydraulics Business Unit. Bosch Rexroth and HydraForce combine their presence in complementary regions to provide comprehensive coverage in Europe and North America, while enabling growth in Asia.

About Bosch Rexroth As one of the world’s leading suppliers of drive and control technologies, Bosch Rexroth ensures efficient, powerful and safe movement in machines and systems of any size. The company bundles global application experience in the market segments of Mobile and Industrial Applications as well as Factory Automation. With its intelligent components, customized system solutions, engineering and services, Bosch Rexroth is creating the necessary environment for fully connected applications. Bosch Rexroth offers its customers hydraulics, electric drive and control technology, gear technology and linear motion and assembly technology, including software and interfaces to the Internet of Things. With locations in over 80 countries, around 31,900 associates generated sales revenue of 6.5 billion euros in 2025.  To learn more, please visit www.boschrexroth.com.

About Bosch Having established a presence in North America in 1906, today the Bosch Group employs around 38,000 associates in more than 100 locations in the North American region (as of Dec. 31, 2024). According to preliminary figures, Bosch generated consolidated sales of $18.7 billion in the U.S., Mexico and Canada in 2025. For more information visit www.bosch.us, www.bosch.mx and www.bosch.ca. The Bosch Group is a leading global supplier of technology and services. It employs roughly 412,000 associates worldwide (as of December 31, 2025). According to preliminary figures, the company generated sales of 91 billion euros in 2025. Its operations are divided into four business sectors: Mobility, Industrial Technology, Consumer Goods, and Energy and Building Technology. With its business activities, the company aims to use technology to help shape universal trends such as automation, electrification, digitalization, connectivity, and an orientation to sustainability. In this context, Bosch’s broad diversification across regions and industries strengthens its innovativeness and robustness. Bosch uses its proven expertise in sensor technology, software, and services to offer customers cross-domain solutions from a single source. It also applies its expertise in connectivity and artificial intelligence in order to develop and manufacture user-friendly, sustainable products. With technology that is “Invented for life,” Bosch wants to help improve quality of life and conserve natural resources. The Bosch Group comprises Robert Bosch GmbH and its roughly 490 subsidiary and regional companies in over 60 countries. Including sales and service partners, Bosch’s global manufacturing, engineering, and sales network covers nearly every country in the world. Bosch’s innovative strength is key to the company’s further development. At 136 locations across the globe, Bosch employs some 82,000 associates in research and development. The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as “Workshop for Precision Mechanics and Electrical Engineering.” The special ownership structure of Robert Bosch GmbH guarantees the entrepreneurial freedom of the Bosch Group, making it possible for the company to plan over the long term and to undertake significant upfront investments in the safeguarding of its future. Ninety-four percent of the share capital of Robert Bosch GmbH is held by Robert Bosch Stiftung GmbH, a limited liability company with a charitable purpose. The remaining shares are held by Robert Bosch GmbH and by a company owned by the Bosch family. The majority of voting rights are held by Robert Bosch Industrietreuhand KG. It is entrusted with the task of safeguarding the company’s long-term existence and in particular its financial independence – in line with the mission handed down in the will of the company’s founder, Robert Bosch. Additional information is available online at www.bosch-press.com, www.bosch.com.

About Elevāt Elevāt is a leading industrial IoT and applied AI platform purpose-built for off-highway OEMs. Elevāt enables manufacturers to connect machines, unlock actionable intelligence, and deliver next-generation digital services across the entire equipment lifecycle. Additional information is available online at www.getelevat.com

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SOURCE Elevat, Inc

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FutureSports launches as new index provider transforming sports statistics into tradable financial instruments

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July 23, 2026

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Backed by leading financial and sports institutions, firm will leverage partnerships to bring critical new hedging vehicles to sports ecosystem

CHICAGO, July 23, 2026 /PRNewswire/ — FutureSports, the new independent index administrator transforming professional and college sports statistics into rules-based, benchmark financial indexes, today announced its emergence from stealth. Backed by a broad range of leading financial and sports institutions, FutureSports in the coming months will announce a series of partnerships, collaborations and products that will bring significant new risk management and trading opportunities to the massive ecosystem supporting the most popular sports.

FutureSports previously raised a seed investment round co-led by Marquee Ventures, spun out of the ownership group of the Chicago Cubs. Major financial industry leaders joined the round, including CME Ventures (the corporate venture capital division of CME Group), Robinhood Markets, Inc., WEDBUSH and DRW Special Investments (an investment arm of DRW). Other investors include Motivate VC, Phoenix Capital Ventures, and John and Linda Henry (Fenway Sports Group).

The company also announced the addition of industry experts to its board of directors, including Chairman Mark Wassersug, longtime Chief Operating & Information Officer of Intercontinental Exchange (ICE); Tim McCourt, Senior Managing Director, Global Head of Equity, FX, and Alternative Products at CME Group, and Erik Hammer, Managing Partner at Marquee Ventures.

The firm will soon unveil its first series of exclusive partnerships with major sports leagues, paving the way for institutional investors and companies in and around the sports industry to manage their risk in an unprecedented fashion and participate in regulated, tradable, broad-based index futures contracts based on team and athlete statistical performance. FutureSports creates rules-based financial indexes, known as FutureSports Performance Indexes (FSPI), that accurately represent the performance of teams and athletes in prominent sports leagues. By utilizing transparent, rules-based methodologies based on officially reported statistical outcomes, the company creates continuous values designed to underpin tradable financial products, such as listed derivatives, exchange-traded funds (ETFs) and over-the-counter (OTC) swaps.

Potential market participants will include league broadcasting partners, team and athlete sponsors and endorsers, insurers, stadium owners and operators, private equity investors, lenders, and apparel manufacturers. Asset managers, pension funds and professional trading firms are expected to participate in the contracts and contribute to liquidity in this new uncorrelated asset class. Retail investors will also be able to participate in the first-of-their-kind trading vehicles, which the company expects to capture the interest of sophisticated traders looking for more traditional financial trading instruments

Leigh Taylforth, FutureSports Co-Founder, said: “The global sporting industry generates $650 billion a year, yet there has been no liquid, robust opportunity to hedge the extensive and varied industry risks that range from weather events, to injuries, to unanticipated behavior issues and more. That is about to change. We’ve been truly gratified to see the interest our business has generated within the sports and sports-adjacent industries and the quality of investors we have attracted already.”

Rhett Dinsdale, FutureSports Co-Founder, said: “Up until today, we have been operating in stealth mode while developing our products and establishing key relationships that we expect to be fundamental to our success as we move forward. The recent rise in popularity of prediction markets has only reinforced the concept we created several years ago, that sports as an asset class has huge utility within the sports and entertainment industries, with indexes serving as key institutional instruments to manage risk. What is sorely needed is the type of reliable data and financial instruments that institutional investors have leveraged for so long within the regulated derivatives industry, and we’re excited to bring these to market.”

The Executive team includes Co-Founders Taylforth and Dinsdale, who each have more than 20 years of experience in derivatives trading for market makers, investment banks and hedge funds, along with:

Dave Abbott, Chief Technology Officer – formerly Managing Director at Sportradar;Steve Byrd, Head of Partnerships – formerly Chief Operating Officer (COO) at STATS LLC & Chief Commercial Officer at Sportradar US;Jodie Gunzberg, Head of Index Services – formerly Managing Director at S&P Dow Jones Indices, Morgan Stanley & CoinDesk;Tom Jenkins, Head of Business Development – formerly Head of Index Partnerships & Strategy at FTSE Russell;Josh Kravitt, Head of Operations – formerly Director at CME Ventures;Sunny Modi, Head of Product – formerly Head of BI at Ardent Leisure Group;Mike Philipp, Chief Legal & Strategy Officer – formerly partner at Morgan, Lewis & Bockius LLP;Charlie Thornton, Chief Regulatory Affairs Officer – formerly Chief of Staff and COO at the U.S. Commodity Futures Trading Commission (CFTC).

About FutureSports

Under development since 2022 and launched in 2026, Chicago-based FutureSports has created a proprietary index methodology for measuring on-field, on-ice and on-court performance for a range of professional sporting teams and athletes. Partnering with many of the most recognizable sports leagues and financial market participants, FutureSports transforms live, play-by-play statistical data into rules-based, benchmark indexes that may be referenced by exchange-listed financial products. The indexes are designed to serve the same benchmarking function as the leading equity, commodity and fixed income indexes utilized every day across major global exchanges to track performance and hedge risk in the financial markets. For more information, visit www.futuresports.com.

 

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SOURCE FutureSports

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Capital Group Canada Launches Three Active Equity ETFs on TSX

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July 23, 2026

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The ETF suite now includes five active equity ETFs and two active fixed income ETFs designed to sit at the core of investment portfolios

TORONTO, July 23, 2026 /CNW/ — Capital International Asset Management (Canada), Inc. (“Capital Group Canada”) has launched three new active exchange-traded funds (ETFs) that begin trading on the Toronto Stock Exchange (TSX) today. The three equity strategies are designed to give options for investors looking to diversify their portfolios with non-domestic exposures including U.S., international and developed market securities.  

The new active ETFs are:

CAPU – Capital Group U.S. Equity Select ETF (Canada): Seeks long-term growth of capital and income through investments primarily in common stocks of U.S. issuers.CAPN – Capital Group International Developed Equity Select ETF (Canada): Seeks to provide prudent growth of capital through investments primarily in equity securities of issuers in developed markets outside North America. CAPQ – Capital Group Global Developed Equity Select ETF (Canada): Seeks to provide prudent growth of capital through investments primarily in equity securities of issuers in developed markets.

“As demand for ETFs continues to grow, our expanded lineup gives investors more ways to access Capital Group’s distinctive active investment approach, including our deep research capabilities and multiple portfolio manager system,” said Rick Headrick, president of Capital Group Canada. “As one of the world’s largest active investment managers with over 90 years of experience, we are able to share the benefits of our global scale and offer competitively priced active ETFs designed to sit at the core of an investor’s portfolio.”

“Clients tell us they are looking beyond borders for opportunities to build diversified portfolios,” said Angela Shim, head of product and development at Capital Group Canada. “The three equity strategies expand Capital Group Canada’s core offerings in U.S., international, and global equities, giving investors flexible solutions that can help them navigate global markets and stay focused on their long-term investment goals.”

The three ETFs closed their initial offering of units on July 22, 2026.

The additions expand Capital Group Canada’s ETF lineup to seven, building on a prior launch of two equity and two fixed income ETFs. Details of Capital Group Canada’s full suite of active ETFs can be found here.

About Capital Group

Capital International Asset Management (Canada), Inc. is part of Capital Group, a global investment management firm originating in Los Angeles, California. As Capital Group approaches its 100th anniversary in 2031, its long-term strategy remains firmly rooted in its mission to improve people’s lives through successful investing. With over 9,000 associates and 34 offices around the world, Capital Group manages US$3.6 trillion in assets for millions of wealth management and institutional clients around the world*.

*As of June 30, 2026.

For more information, visit: www.capitalgroup.com/ca/en

SOURCE Capital Group Canada

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