Technology
FARO Announces Second Quarter Financial Results
Published
2 years agoon
By
Revenue of $82.1 millionGross margin of 54.6%; Non-GAAP gross margin 55.0%, above guidance rangeLoss per share of $(0.03); Non-GAAP earnings per share (“EPS”) of $0.18, above guidance rangeCash flow from operations of $4.2 million
LAKE MARY, Fla., Aug. 8, 2024 /PRNewswire/ — FARO® Technologies, Inc. (Nasdaq: FARO), a global leader in 4D digital reality solutions, today announced its financial results for the second quarter ended June 30, 2024.
“As I reflect on the completion of my first year at FARO, I am pleased with the execution of the first phase of our journey to drive operational excellence and we are pacing well ahead of our expectations,” said Peter Lau, President & Chief Executive Officer. “By continuing to build a strong base of financial performance, marked by consistent EBITDA and free cash flow generation, we are investing in several multi-year value creation activities. Against the backdrop of a difficult macroeconomic environment, FARO delivered GAAP net loss of $0.5 million and $8.4 million of adjusted EBITDA, or 10.3% of revenue, concluding a first half of 2024 adjusted EBITDA that exceeded full year fiscal 2023 adjusted EBITDA. Looking forward, we are excited about the next phase in our journey, as we communicated in March, to deliver on the key organic growth plans which our operational improvements has enabled.”
Second Quarter 2024 Financial Summary
Total sales of $82.1 million, down 7% year over yearGross margin of 54.6%, compared to 37.8% in the prior year periodNon-GAAP gross margin of 55.0%, compared to 38.7% in the prior year periodOperating expenses of $43.0 million, compared to $58.7 million in the prior year periodNon-GAAP operating expenses of $40.0 million, compared to $44.1 million in the prior year periodNet loss of $0.5 million, or $(0.03) per share compared to net loss of $28.2 million, or $(1.49) per share in the prior year periodNon-GAAP net income of $3.4 million, or $0.18 per share compared to non-GAAP net loss of $10.8 million, or $(0.57) per share in the prior year periodAdjusted EBITDA of $8.4 million, or 10.3% of total sales compared to $(7.2) million, or (1.0%) of total sales in the prior year periodCash, cash equivalents & short-term investments of $97.9 million compared to $96.3 million as of December 31, 2023
* A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures is provided in the financial schedules portion at the end of this press release. An additional explanation of these measures is included below under the heading “Non-GAAP Financial Measures”.
Outlook for the Third Quarter 2024
For the third quarter ending September 30, 2024, FARO currently expects:
Revenue in the range of $76 to $84 millionGross margin in the range of 53.0% to 54.5%. Non-GAAP gross margin in the range of 53.5% to 55.0%Operating expenses in the range of $45 to $47 million. Non-GAAP operating expenses in the range of $40 to $42 millionNet loss per share in the range of ($0.32) to ($0.12). Non-GAAP net loss to net income per share in the range of $(0.01) to $0.19.
Conference Call
The Company will host a conference call to discuss these results on Thursday, August 8, 2024, at 4:30 p.m. ET. Interested parties can access the conference call by dialing (800) 267-6316 (U.S.) or +1 (203) 518-9783 (International) and using the passcode FARO. A live webcast will be available in the Investor Relations section of FARO’s website at: https://www.faro.com/en/About-Us/Investor-Relations/Financial-Events-and-Presentations
A replay webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.
About FARO
For over 40 years, FARO has provided industry-leading technology solutions that enable customers to measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision, and immediacy. For more information, visit www.faro.com.
Non-GAAP Financial Measures
This press release contains information about our financial results that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income (loss) from operations, non-GAAP net income (loss) and non-GAAP net income (loss) per share, exclude the impact of purchase accounting intangible amortization expense, stock-based compensation, restructuring and other charges, and other tax adjustments, and are provided to enhance investors’ overall understanding of our historical operations and financial performance.
In addition, we present EBITDA, which is calculated as net income (loss) before interest (income) expense, net, income tax benefit (expense) and depreciation and amortization, and Adjusted EBITDA, which is calculated as EBITDA, excluding other (income) expense, net, stock-based compensation, and restructuring and other charges, as measures of our operating profitability. The most directly comparable GAAP measure to EBITDA and Adjusted EBITDA is net income (loss). We also present Adjusted EBITDA margin, which is calculated as Adjusted EBITDA as a percent of total sales.
We have included non-GAAP total sales on a constant currency basis. The most directly comparable GAAP measure to total sales on a constant currency basis is total sales. We believe constant currency information is useful in analyzing underlying trends in our business and the commercial performance of our products by eliminating the impact of highly volatile fluctuations in foreign currency markets and allows for period-to-period comparisons of our performance. For simplicity, we may elect to omit this information in future periods if we determine a lack of material impact. To present this information, current period performance for entities reporting in currencies other than U.S. dollars are converted to U.S. dollars at the exchange rate in effect during the last day of the prior comparable period.
Management believes that these non-GAAP financial measures provide investors with relevant period-to-period comparisons of our core operations using the same methodology that management employs in its review of the Company’s operating results. These financial measures are not recognized terms under GAAP and should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP.
These non-GAAP financial measures have limitations that should be considered before using these measures to evaluate a company’s financial performance. These non-GAAP financial measures, as presented, may not be comparable to similarly titled measures of other companies due to varying methods of calculation. The financial statement tables that accompany this press release include a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties, such as statements about the outlook for the third quarter of 2024, demand for and customer acceptance of FARO’s products, FARO’s product development and product launches, FARO’s growth, strategic and restructuring plans and initiatives, including but not limited to the additional restructuring charges expected to be incurred in connection with our restructuring and integration plans and the timing and amount of cost savings and other benefits expected to be realized from the restructuring and integration plans and other strategic initiatives, and FARO’s growth potential and profitability. Statements that are not historical facts or that describe the Company’s plans, objectives, projections, expectations, assumptions, strategies, or goals are forward-looking statements. In addition, words such as “is,” “will” and similar expressions or discussions of FARO’s plans or other intentions identify forward-looking statements. Forward-looking statements are not guarantees of future performance and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results, performances, or achievements to differ materially from future results, performances, or achievements expressed or implied by such forward-looking statements. Consequently, undue reliance should not be placed on these forward-looking statements.
Factors that could cause actual results to differ materially from what is expressed or forecasted in such forward-looking statements include, but are not limited to:
the Company’s ability to realize the intended benefits of its undertaking to transition to a company that is reorganized around functions to improve the efficiency of its sales organization and to improve operational effectiveness;the Company’s inability to successfully execute its strategic plan, restructuring plan and integration plan, including but not limited to additional impairment charges and/or higher than expected severance costs and exit costs, and its inability to realize the expected benefits of such plans;the changes in our executive management team in 2023 and 2024 and the loss of any of our executive officers or other key personnel, which may be impacted by factors such as our inability to competitively address inflationary pressures on employee compensation and flexibility in employee work arrangements;the outcome of any litigation to which the Company is or may become a party;loss of future government sales;potential impacts on customer and supplier relationships and the Company’s reputation;development by others of new or improved products, processes or technologies that make the Company’s products less competitive or obsolete;the Company’s inability to maintain its technological advantage by developing new products and enhancing its existing products;declines or other adverse changes, or lack of improvement, in industries that the Company serves or the domestic and international economies in the regions of the world where the Company operates and other general economic, business, and financial conditions;the effect of general economic and financial market conditions, including in response to public health concerns;assumptions regarding the Company’s financial condition or future financial performance may be incorrect;the impact of fluctuations in foreign exchange rates and inflation rates; andother risks and uncertainties discussed in Part I, Item 1A. Risk Factors in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on February 28, 2024, as supplemented by the Company’s Quarterly Reports on Form 10-Q, and in other SEC filings.
Forward-looking statements in this release represent the Company’s judgment as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise, unless otherwise required by law.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
Six Months Ended
(in thousands, except share and per share data)
June 30, 2024
June 30, 2023
June 30, 2024
June 30, 2023
Sales
Product
$ 61,312
$ 67,603
$ 124,848
$ 132,843
Service
20,773
20,608
41,481
40,335
Total sales
82,085
88,211
166,329
173,178
Cost of sales
Product
26,119
44,094
56,571
78,051
Service
11,177
10,794
21,662
22,088
Total cost of sales
37,296
54,888
78,233
100,139
Gross profit
44,789
33,323
88,096
73,039
Operating expenses
Selling, general and administrative
32,590
38,561
72,183
79,937
Research and development
9,833
11,662
18,857
24,380
Restructuring costs
616
8,450
616
12,688
Total operating expenses
43,039
58,673
91,656
117,005
Income (loss) from operations
1,750
(25,350)
(3,560)
(43,966)
Other (income) expense
Interest expense
761
1,003
1,592
1,838
Other income (expense), net
(43)
476
(18)
256
Income (loss) before income tax
1,032
(26,829)
(5,134)
(46,060)
Income tax expense
1,556
1,416
2,657
3,349
Net loss
$ (524)
$ (28,245)
$ (7,791)
$ (49,409)
Net loss per share – Basic
$ (0.03)
$ (1.49)
$ (0.41)
$ (2.62)
Net loss per share – Diluted
$ (0.03)
$ (1.49)
$ (0.41)
$ (2.62)
Weighted average shares – Basic
19,293,778
18,920,675
19,183,822
18,871,007
Weighted average shares – Diluted
19,293,778
18,920,675
19,183,822
18,871,007
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
June 30,
2024
December 31,
2023
ASSETS
Current assets:
Cash and cash equivalents
$ 97,914
$ 76,787
Short-term investments
—
19,496
Accounts receivable, net
84,868
92,028
Inventories, net
34,409
34,529
Prepaid expenses and other current assets
30,468
38,768
Total current assets
247,659
261,608
Non-current assets:
Property, plant and equipment, net
18,412
21,181
Operating lease right-of-use assets
10,960
12,231
Goodwill
108,164
109,534
Intangible assets, net
46,135
47,891
Service and sales demonstration inventory, net
21,044
23,147
Deferred income tax assets, net
24,792
25,027
Other long-term assets
3,915
4,073
Total assets
$ 481,081
$ 504,692
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$ 27,867
$ 27,404
Accrued liabilities
25,373
29,930
Income taxes payable
3,227
5,699
Current portion of unearned service revenues
40,014
40,555
Customer deposits
5,208
4,251
Lease liabilities
4,645
5,434
Total current liabilities
106,334
113,273
Loan – 5.50% Convertible Senior Notes
69,983
72,760
Unearned service revenues – less current portion
19,984
20,256
Lease liabilities – less current portion
9,556
10,837
Deferred income tax liabilities
12,498
13,308
Income taxes payable – less current portion
6,114
5,629
Other long-term liabilities
16
23
Total liabilities
224,485
236,086
Commitments and contingencies
Shareholders’ equity:
Common stock – par value $0.001, 50,000,000 shares authorized;
20,779,711 and 20,343,359 issued, respectively; 19,406,669 and 18,968,798
outstanding, respectively
20
20
Additional paid-in capital
351,849
346,277
Retained earnings
(17,580)
(9,789)
Accumulated other comprehensive loss
(47,038)
(37,247)
Common stock in treasury, at cost – 1,373,042 and 1,374,561 shares held,
respectively
(30,655)
(30,655)
Total shareholders’ equity
256,596
268,606
Total liabilities and shareholders’ equity
$ 481,081
$ 504,692
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Six Months Ended June 30,
(in thousands)
2024
2023
Cash flows from:
Operating activities:
Net loss
$ (7,791)
$ (49,409)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
7,788
7,925
Stock-based compensation
5,703
8,584
Inventory write-downs
—
8,132
Asset impairment charges
—
4,571
Deferred income tax (benefit) and other non-cash charges
(1,327)
(41)
Provision for excess and obsolete inventory
490
1,033
Amortization of debt discount and issuance costs
223
181
Loss on disposal of assets
994
130
Provisions for bad debts, net of recoveries
304
408
Change in operating assets and liabilities:
Decrease (Increase) in:
Accounts receivable
3,943
3,280
Inventories
(3,764)
1,587
Prepaid expenses and other current assets
7,771
3,105
(Decrease) Increase in:
Accounts payable and accrued liabilities
(3,087)
(277)
Income taxes payable
(1,853)
(263)
Customer deposits
1,126
(1,210)
Unearned service revenues
965
(750)
Other liabilities
(698)
(193)
Net cash provided by (used in) operating activities
10,787
(13,207)
Investing activities:
Purchases of property and equipment
(1,688)
(4,312)
Maturity of short-term investments
20,009
(20,024)
Cash paid for technology development, patents and licenses
(3,392)
(3,616)
Net cash provided by (used in) investing activities
14,929
(27,952)
Financing activities:
Payments on finance leases
(109)
(105)
Cash settlement of equity awards
—
(277)
Proceeds from issuance of 5.50% Convertible Senior Notes, due 2028, net of discount,
issuance cost and accrued interest
—
72,310
Repayment of 5.50% Convertible Senior Notes, due 2028
(2,685)
—
Net cash (used in) provided by financing activities
(2,794)
71,928
Effect of exchange rate changes on cash and cash equivalents
(1,795)
(353)
Increase in cash and cash equivalents
21,127
30,416
Cash and cash equivalents, beginning of period
76,787
37,812
Cash and cash equivalents, end of period
$ 97,914
$ 68,228
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP
(UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
(dollars in thousands, except per share data)
2024
2023
2024
2023
Gross profit, as reported
$ 44,789
$ 33,323
$ 88,096
$ 73,039
Stock-based compensation (1)
374
419
704
691
Restructuring and other costs (2)
—
435
3
870
Non-GAAP adjustments to gross profit
374
854
707
1,561
Non-GAAP gross profit
$ 45,163
$ 34,177
$ 88,803
$ 74,600
Gross margin, as reported
54.6 %
37.8 %
53.0 %
42.2 %
Non-GAAP gross margin
55.0 %
38.7 %
53.4 %
43.1 %
Selling, general and administrative, as reported
$ 32,590
$ 38,561
$ 72,183
$ 79,937
Stock-based compensation (1)
(196)
(3,554)
(4,138)
(6,122)
Restructuring and other costs (2)
(745)
(359)
(3,453)
(1,154)
Purchase accounting intangible amortization
(341)
(688)
(884)
(1,361)
Non-GAAP selling, general and administrative
$ 31,308
$ 33,960
$ 63,708
$ 71,300
Research and development, as reported
$ 9,833
$ 11,662
$ 18,857
$ 24,380
Stock-based compensation (1)
(594)
(977)
(861)
(1,771)
Purchase accounting intangible amortization
(515)
(541)
(1,004)
(1,040)
Non-GAAP research and development
$ 8,724
$ 10,144
$ 16,992
$ 21,569
Operating expenses, as reported
$ 43,039
$ 58,673
$ 91,656
$ 117,005
Stock-based compensation (1)
(790)
(4,531)
(4,999)
(7,893)
Restructuring and other costs (2)
(1,361)
(8,809)
(4,069)
(13,842)
Purchase accounting intangible amortization
(856)
(1,229)
(1,888)
(2,401)
Non-GAAP adjustments to operating expenses
(3,007)
(14,569)
(10,956)
(24,136)
Non-GAAP operating expenses
$ 40,032
$ 44,104
$ 80,700
$ 92,869
Income (loss) from operations, as reported
$ 1,750
$ (25,350)
$ (3,560)
$ (43,966)
Non-GAAP adjustments to gross profit
374
854
707
1,561
Non-GAAP adjustments to operating expenses
3,007
14,569
10,956
24,136
Non-GAAP income (loss) from operations
$ 5,131
$ (9,927)
$ 8,103
$ (18,269)
Net loss, as reported
$ (524)
$ (28,245)
$ (7,791)
$ (49,409)
Non-GAAP adjustments to gross profit
374
854
707
1,561
Non-GAAP adjustments to operating expenses
3,007
14,569
10,956
24,136
Income tax effect of non-GAAP adjustments (3)
(641)
(5,888)
(2,713)
(8,457)
Other tax adjustments (3)
1,146
7,959
3,894
14,342
Non-GAAP net income (loss)
$ 3,362
$ (10,751)
$ 5,053
$ (17,827)
Net loss per share – Diluted, as reported
$ (0.03)
$ (1.49)
$ (0.41)
$ (2.62)
Stock-based compensation (1)
0.06
0.26
0.30
0.46
Restructuring and other costs (2)
0.07
0.49
0.21
0.78
Purchase accounting intangible amortization
0.05
0.06
0.10
0.13
Income tax effect of non-GAAP adjustments (3)
(0.03)
(0.31)
(0.14)
(0.45)
Other tax adjustments (3)
0.06
0.42
0.20
0.76
Non-GAAP net income (loss) per share – Diluted
$ 0.18
$ (0.57)
$ 0.26
$ (0.94)
(1) We exclude stock-based compensation, which is non-cash, from the non-GAAP financial measures because the Company believes that such exclusion provides a better comparison of results of ongoing operations for current and future periods with such results from past periods.
(2) On February 14, 2020, our Board of Directors approved a global restructuring plan (the “Restructuring Plan”), which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. On February 7, 2023, our Board of Directors approved an integration plan (the “Integration Plan”), which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. The Restructuring and other costs primarily consist of severance and related benefits associated with the Restructuring Plan, Integration Plan, and executive transitions.
(3) The Income tax effect of non-GAAP adjustments is calculated by applying a statutory tax rate to Non-GAAP adjustments, including Stock-based compensation, Restructuring and other costs, non-recurring Inventory reserve charges, and Purchase accounting intangible amortization and fair value adjustments. In addition, when estimating our Non-GAAP income tax rate, we exclude the impact of items that impact our reported income tax rate that we do not believe are representative of our ongoing operating results, including the impact of valuation allowances we are currently recording in certain jurisdictions and certain discrete items such as adjustments to uncertain tax position reserves, as these items are difficult to predict and can impact our effective income tax rate. Specifically, Other tax adjustments during the six months ended June 30, 2024 were comprised of $3.6 million related to the impact of valuation allowance adjustments and $0.3 million related to other discrete items. During the three months ended June 30, 2024, Other tax adjustments were comprised of $0.8 million related to the impact of valuation allowance adjustments and $0.3 million related to other discrete items. In 2023, Other tax adjustments during the six months ended June 30, 2023 were comprised of $9.2 million related to the impact of valuation allowance adjustments and $5.3 million related to other items, including equity based compensation book to tax differences, non-GAAP adjustments impact on Global intangible low-taxed income and Prepaid tax on intercompany profit. During the three months ended June 30, 2023, Other tax adjustments were comprised of $4.6 million related to the impact of valuation allowance adjustments and $3.4 million related to other items, including equity based compensation book to tax differences, non-GAAP adjustments impact on Global intangible low-taxed income and Prepaid tax on intercompany profit.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA
(UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2024
2023
2024
2023
Net loss
$ (524)
$ (28,245)
$ (7,791)
$ (49,409)
Interest expense, net
761
1,003
1,592
1,838
Income tax expense
1,556
1,416
2,657
3,349
Depreciation and amortization
4,167
3,947
7,788
7,925
EBITDA
5,960
(21,879)
4,246
(36,297)
Other expense (income), net
(43)
476
(18)
256
Stock-based compensation
1,164
4,950
5,703
8,584
Restructuring and other costs (1)
1,361
9,244
4,072
14,712
Adjusted EBITDA
$ 8,442
$ (7,209)
$ 14,003
$ (12,745)
Adjusted EBITDA margin (2)
10.3 %
1.0 %
8.4 %
(2.7) %
(1) On February 14, 2020, our Board of Directors approved the Restructuring Plan, which is intended to support our strategic plan in an effort to improve operating performance and ensure that we are appropriately structured and resourced to deliver increased and sustainable value to our shareholders and customers. On February 7, 2023, our Board of Directors approved the Integration Plan, which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. The Restructuring and other costs primarily consist of severance and related benefits associated with the Restructuring Plan, Integration Plan, and executive transitions.
(2) Calculated as Adjusted EBITDA as a percentage of total sales.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
KEY SALES MEASURES
(UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2024
2023
2024
2023
Total sales to external customers as reported
Americas (1)
$ 40,167
$ 41,358
$ 77,395
$ 83,701
EMEA (1)
24,600
24,855
50,035
49,020
APAC (1)
17,318
21,998
38,899
40,457
$ 82,085
$ 88,211
$ 166,329
$ 173,178
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2024
2023
2024
2023
Total sales to external customers in constant currency (2)
Americas (1)
$ 40,425
$ 41,482
$ 77,714
$ 83,210
EMEA (1)
24,931
24,964
50,395
47,860
APAC (1)
17,783
21,446
39,552
38,544
$ 83,139
$ 87,892
$ 167,661
$ 169,614
(1) Regions represent North America and South America (“Americas”); Europe, the Middle East, and Africa (“EMEA”); and the Asia-Pacific (“APAC”).
(2) We compare the change in the sales from one period to another period using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying business performed excluding the effect of foreign currency rate fluctuations. To present this information, current and comparative prior period results for entities reporting in currencies other than United States dollars are converted into United States dollars at the exchange rate in effect during the last day of the prior comparable period, rather than the actual exchange rates in effect during the respective periods.
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2024
2023
2024
2023
Hardware
$ 50,051
$ 56,816
$ 102,667
$ 111,778
Software
11,262
10,786
22,182
21,065
Service
20,772
20,609
41,480
40,335
Total Sales
$ 82,085
$ 88,211
$ 166,329
$ 173,178
Hardware as a percentage of total sales
61.0 %
64.4 %
61.7 %
64.5 %
Software as a percentage of total sales
13.7 %
12.2 %
13.3 %
12.2 %
Service as a percentage of total sales
25.3 %
23.4 %
24.9 %
23.3 %
Total Recurring Revenue (3)
$ 17,139
$ 16,396
$ 33,856
$ 33,081
Recurring revenue as a percentage of total sales
20.9 %
18.6 %
20.4 %
19.1 %
(3) Recurring revenue is comprised of hardware service contracts, software maintenance contracts, and subscription based software applications.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
FREE CASH FLOW RECONCILIATION
(UNAUDITED)
Three Months Ended June 30,
Six Months Ended June 30,
(in thousands)
2024
2023
2024
2023
Net cash provided by (used in) operating activities
$ 4,212
$ 5,137
$ 10,787
$ (13,207)
Purchases of property and equipment
(365)
(2,624)
(1,688)
(4,312)
Cash paid for technology development, patents and licenses
(1,950)
(1,796)
(3,392)
(3,616)
Free Cash Flow
1,897
717
5,707
(21,135)
Restructuring and other cash payments (1)
2,354
3,192
2,757
3,988
Adjusted Free Cash Flow
$ 4,251
$ 3,909
$ 8,464
$ (17,147)
(1) On February 7, 2023, our Board of Directors approved the Integration Plan, which is intended to streamline and simplify operations, particularly around our recent acquisitions and the resulting redundant operations and offerings. The Restructuring and other costs primarily consist of severance and related benefits associated with the Restructuring Plan, Integration Plan, and executive transitions.
FARO TECHNOLOGIES, INC. AND SUBSIDIARIES
RECONCILIATION OF OUTLOOK – GAAP TO NON-GAAP
Fiscal quarter ending September 30, 2024
Low
High
GAAP gross margin
53.0 %
54.5 %
Stock-based compensation
0.5 %
0.5 %
Non-GAAP gross margin
53.5 %
55.0 %
Fiscal quarter ending September 30, 2024
(in thousands)
Low
High
GAAP operating expenses
$45,000
$47,000
Stock-based compensation
(4,000)
(4,000)
Purchase accounting intangible amortization
(1,000)
(1,000)
Non-GAAP operating expenses
$40,000
$42,000
Fiscal quarter ending September 30, 2024
Low
High
GAAP diluted loss per share range
$(0.32)
$(0.12)
Stock-based compensation
0.19
0.19
Purchase accounting intangible amortization
0.05
0.05
Non-GAAP tax adjustments
0.07
0.07
Non-GAAP diluted loss per share
$(0.01)
$0.19
View original content to download multimedia:https://www.prnewswire.com/news-releases/faro-announces-second-quarter-financial-results-302218336.html
SOURCE FARO Technologies
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Technology
RADCOM Reports Third Quarter 2026 Results
Published
28 minutes agoon
November 11, 2026By
Increased revenue 19.4% sequentially, returned to quarterly non-GAAP operating income, and maintained positive cash flow
TEL AVIV, Israel, Nov. 11, 2026 /PRNewswire/ — RADCOM Ltd. (Nasdaq: RDCM) announced today its financial results for the third quarter ended September 30, 2026.
Third-quarter revenues were $14.0 million, up 19.4% sequentially and down 23.6% year over year. Although RADCOM recorded a GAAP operating loss, it returned to non-GAAP operating profitability. RADCOM also generated $1.7 million in positive cash flow and ended the quarter with $111.4 million in cash, cash equivalents, and short-term bank deposits and no debt, up from $109.7 million as of June 30, 2026.
“We returned to non-GAAP operating profitability this quarter and added two new customers, VNPT and CETIN Networks, each replacing the incumbent vendor through a competitive process,” said Benny Eppstein, RADCOM’s Chief Executive Officer. “Our solutions remain integral to how customers manage their networks and end-user service quality, and our customer relationships remain strong. Operators continue to invest in their networks, and we are working closely with them on their deployment plans. Based on those discussions, we see positive signs that some deployments delayed in 2026 will begin to move forward in early 2027.”
“We are reaffirming our revised full-year outlook,” Eppstein continued. “With $111.4 million in cash and no debt, we are investing in RADCOM ACE and our agentic AI roadmap to drive growth. We expect to begin repurchasing shares after the current earnings-related blackout period ends, at management’s discretion. Looking ahead, we remain open to partnerships and targeted acquisitions that expand our solution portfolio, enhance customer value, and deliver greater returns to stakeholders. Together, these steps reflect our confidence in the business and our commitment to building long-term value for our shareholders.”
Third Quarter of 2026 Financial Highlights:
Total revenues for the third quarter of 2026 were $14.0 million, up 19.4% sequentially from $11.8 million in the second quarter of 2026, and down 23.6% year over year from $18.4 million in the third quarter of 2025.GAAP operating loss for the third quarter of 2026 was $0.9 million, or (6.4%) of revenue, compared to GAAP operating income of $2.4 million, or 13.1% of revenue, for the third quarter of 2025.Non-GAAP operating income for the third quarter of 2026 was $0.7 million, or 4.9% of revenue, compared to non-GAAP operating income of $3.8 million, or 20.9% of revenue, for the third quarter of 2025.GAAP net income for the third quarter of 2026 was $0.4 million, or $0.03 per diluted share, compared to GAAP net income of $3.5 million, or $0.21 per diluted share, for the third quarter of 2025.Non-GAAP net income for the third quarter of 2026 was $1.9 million, or $0.11 per diluted share, compared to non-GAAP net income of $4.9 million, or $0.29 per diluted share, for the third quarter of 2025.Cash flow for the third quarter of 2026 was positive at $1.7 million. As of September 30, 2026, the Company had cash, cash equivalents and short-term bank deposits of $111.4 million and no debt, compared to $109.7 million as of June 30, 2026.
First Nine Months of 2026 Financial Highlights:
Total revenues for the first nine months of 2026 were $44.4 million, compared to $52.6 million in the first nine months of 2025, a decline of 15.7% year over year.GAAP operating loss for the first nine months of 2026 was $2.5 million, or (5.6%) of revenue, compared to GAAP operating income of $5.6 million, or 10.7% of revenue, for the first nine months of 2025.Non-GAAP operating income for the first nine months of 2026 was $2.3 million, or 5.1% of revenue, compared to non-GAAP operating income of $10.4 million, or 19.8% of revenue, for the first nine months of 2025.GAAP net income for the first nine months of 2026 was $0.4 million, or $0.02 per diluted share, compared to GAAP net income of $8.3 million, or $0.50 per diluted share, for the first nine months of 2025.Non-GAAP net income for the first nine months of 2026 was $5.1 million, or $0.30 per diluted share, compared to non-GAAP net income of $13.2 million, or $0.79 per diluted share, for the first nine months of 2025.
Recent Highlights:
In the third quarter, VNPT (Vietnam Posts and Telecommunications Group), one of Vietnam’s largest telecom operators with over 30 million subscribers, selected RADCOM to provide AI-native, cloud-native service assurance for its roaming network. Following a competitive request for proposal (RFP) process, RADCOM will replace VNPT’s incumbent assurance vendor, deploying the cloud-native RADCOM ACE platform across multiple cloud environments with AI and machine learning (ML)-based anomaly detection to recognize issues before they affect the customer experience.RADCOM booked a multi-year contract with new customer CETIN Networks in Slovakia in the third quarter to deploy end-to-end, AI-driven assurance across its mobile network, from the radio access network (RAN) to the core, replacing the incumbent assurance provider. CETIN Networks is part of CETIN International and the wider e& PPF Telecom Group, which together serve more than 12 million customers across four countries.In September 2026, RADCOM’s Board of Directors authorized a share repurchase program of up to $20 million of the Company’s ordinary shares, expected to remain in effect for up to 18 months. No shares were repurchased during the third quarter, and the Company expects to begin repurchases at management’s discretion, after the current earnings-related blackout period ends.
Outlook
RADCOM reaffirms its revised full-year 2026 revenue outlook of $57 to $63 million, with a midpoint of $60 million, as announced on July 30, 2026.
Conference Call and Webcast
RADCOM’s management will host an interactive conference call on Wednesday, November 11, 2026, at 8:00 a.m. Eastern Time (3:00 p.m. Israel Time) to discuss the results and answer questions.
Conference call details:
Date / Time: Wednesday, November 11, 2026, at 8:00 a.m. Eastern Time / 3:00 p.m. Israel Time
USA Toll-Free: 1-866-652-8972
USA Toll-Free (alternate): 1-800-994-4498
Local Access: 03-9180609
Webcast (live and replay): https://www.veidan-conferencing.com/radcom
An archived replay of the call will be available on the RADCOM website following the live event.
About RADCOM
RADCOM (Nasdaq: RDCM) is a leading provider of advanced, intelligent assurance solutions with integrated AI Operations (AIOps) capabilities. Its flagship platform, RADCOM ACE, harnesses AI-driven analytics and generative AI (GenAI) to improve customer experiences. From lab testing to full-scale deployment, RADCOM utilizes cutting-edge networking technologies to capture and analyze real-time data. Its advanced 5G portfolio delivers end-to-end network observability, from the radio access network (RAN) to the core.
Designed to be open, vendor-neutral, and cloud-agnostic, RADCOM’s solutions drive next-generation network automation, optimization, and efficiency. By leveraging AI-powered intelligence, RADCOM reduces operational costs, enables predictive customer insights, and seamlessly integrates with business support systems (BSS), operations support systems (OSS), and service management platforms. Offering a complete, real-time view of mobile and fixed networks, RADCOM empowers telecom operators to ensure exceptional service quality, enhance user experiences, and build customer-centric networks.
For all investor inquiries, please contact:
Investor Relations:
Rob Fink or Joey Delahoussaye
FNK IR
rdcm@fnkir.com
646-809-4048 / 312-809-1087
Company Contact:
Hod Cohen
CFO
+972-3-645-5055
hod.cohen@radcom.com
Non-GAAP Information
Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader’s overall understanding of the Company’s financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718, financial income (expenses) and amortization of intangible assets related to acquisitions, the Company’s non-GAAP results provide information to both management and investors that is useful in assessing the Company’s core operating performance and in evaluating and comparing the Company’s results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.
Risks Regarding Forward-Looking Statements
Certain statements made herein that use words such as “estimate,” “project,” “intend,” “expect,” “believe,” “may,” “might,” “potential,” “anticipate,” “plan” or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, when the Company discusses its full-year 2026 revenue outlook; the timing of customer deployments generally; continued investment by operators in their networks; the strength of its customer relationships building long-term value for shareholders and its investments in RADCOM ACE and its agentic AI roadmap; potential partnerships and targeted acquisitions and the initiation, timing, amount and duration of repurchases of its shares under its share repurchase program, it is using forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance, or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in demand for the Company’s products, delays in or cancellation of customer deployments, dependence on a limited number of customers, inability to timely develop and introduce new technologies, products, and applications, including AI-based capabilities, loss of market share and pressure on prices resulting from competition, market conditions, share price and other factors affecting whether and when the Company repurchases shares, and the effects of the conflict in Israel. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the U.S. Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason, except as required by law.
RADCOM Ltd.
Consolidated Statements of Operations
Unaudited
(thousands of U.S. dollars, except share and per share data)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
Revenues
$ 14,041
$ 18,388
$ 44,386
$ 52,637
Cost of revenues
3,817
4,364
11,260
12,823
Gross profit
10,224
14,024
33,126
39,814
Research and development, gross
5,355
5,119
16,754
14,832
Less – royalty-bearing participation
–
189
113
214
Research and development, net
5,355
4,930
16,641
14,618
Sales and marketing
4,076
5,144
14,224
14,944
General and administrative
1,686
1,535
4,734
4,635
Total operating expenses
11,117
11,609
35,599
34,197
Operating (loss) income
(893)
2,415
(2,473)
5,617
Financial income, net
1,493
1,163
3,513
3,076
Income before taxes on income
600
3,578
1,040
8,693
Taxes on income
159
107
636
344
Net income
$ 441
$ 3,471
$ 404
$ 8,349
Basic net income per ordinary share
$ 0.03
$ 0.21
$ 0.02
$ 0.52
Diluted net income per ordinary share
$ 0.03
$ 0.21
$ 0.02
$ 0.50
Weighted average number of
ordinary shares used in computing basic
net income per ordinary share
17,008,033
16,357,554
16,842,641
16,183,572
Weighted average number of
ordinary shares used in computing
diluted net income per ordinary share
17,300,951
16,923,983
17,225,321
16,766,553
(*) Less than $ 0.01
RADCOM LTD.
Reconciliation of GAAP to Non-GAAP Financial Information
Unaudited
(thousands of U.S. dollars, except share and per share data)
Three months ended
Nine months ended
September 30,
September 30,
2026
2025
2026
2025
GAAP gross profit
$ 10,224
$ 14,024
$ 33,126
$ 39,814
Stock-based compensation
88
99
267
298
Amortization of intangible assets
57
57
168
168
Non-GAAP gross profit
$ 10,369
$ 14,180
$ 33,561
$ 40,280
GAAP research and development, net
$ 5,355
$ 4,930
$ 16,641
$ 14,618
Stock-based compensation
437
421
1,385
1,308
Non-GAAP research and development, net
$ 4,918
$ 4,509
$ 15,256
$ 13,310
GAAP sales and marketing
$ 4,076
$ 5,144
$ 14,224
$ 14,944
Stock-based compensation
521
504
1,634
1,709
Amortization of intangible assets
29
29
87
86
Non-GAAP sales and marketing
$ 3,526
$ 4,611
$ 12,503
$ 13,149
GAAP general and administrative
$ 1,686
$ 1,535
$ 4,734
$ 4,635
Stock-based compensation
450
323
1,183
1,244
Non-GAAP general and administrative
$ 1,236
$ 1,212
$ 3,551
$ 3,391
GAAP total operating expenses
$ 11,117
$ 11,609
$ 35,599
$ 34,197
Stock-based compensation
1,408
1,248
4,202
4,261
Amortization of intangible assets
29
29
87
86
Non-GAAP total operating expenses
$ 9,680
$ 10,332
$ 31,310
$ 29,850
GAAP operating (loss) income
$ (893)
$ 2,415
$ (2,473)
$ 5,617
Stock-based compensation
1,496
1,347
4,469
4,559
Amortization of intangible assets
86
86
255
254
Non-GAAP operating income
$ 689
$ 3,848
$ 2,251
$ 10,430
RADCOM LTD.
Reconciliation of GAAP to Non-GAAP Financial Information
Unaudited
(thousands of U.S. dollars, except share and per share data)
Three months ended
September 30,
Nine months ended
September 30,
2026
2025
2026
2025
GAAP income before taxes on income
$ 600
$ 3,578
$ 1,040
$ 8,693
Stock-based compensation
1,496
1,347
4,469
4,559
Amortization of intangible assets
86
86
255
254
Financial (income) expenses, net
(90)
22
19
49
Non-GAAP income before taxes on income
$ 2,092
$ 5,033
$ 5,783
$ 13,555
GAAP net income
$ 441
$ 3,471
$ 404
$ 8,349
Stock-based compensation
1,496
1,347
4,469
4,559
Amortization of intangible assets
86
86
255
254
Financial (income) expenses, net
(90)
22
19
49
Non-GAAP net income
$ 1,933
$ 4,926
$ 5,147
$ 13,211
GAAP net income per diluted share
$ 0.03
$ 0.21
$ 0.02
$ 0.50
Stock-based compensation
0.09
0.07
0.27
0.27
Amortization of intangible assets
(*)
0.01
0.01
0.02
Financial (income) expenses, net
(0.01)
(*)
(*)
(*)
Non-GAAP net income per diluted share
$ 0.11
$ 0.29
$ 0.30
$ 0.79
Weighted average number of shares used to compute diluted
net income per share
17,300,951
16,923,983
17,225,321
16,766,553
(*) Less than $ 0.01
RADCOM Ltd.
Consolidated Balance Sheets
Unaudited
(thousands of U.S. dollars)
As of
As of
September 30, 2026
December 31, 2025
Current Assets
Cash and cash equivalents
$ 13,991
$ 30,486
Short-term bank deposits
97,449
79,437
Trade receivables, net
19,745
20,245
Inventories
549
318
Other accounts receivable and prepaid expenses
2,587
2,036
Total Current Assets
134,321
132,522
Non-Current Assets
Severance pay fund
3,297
3,431
Other long-term receivables
3,417
2,866
Property and equipment, net
1,242
988
Operating lease right-of-use assets
2,135
2,898
Goodwill and intangible assets, net
2,013
2,269
Total Non-Current Assets
12,104
12,452
Total Assets
$ 146,425
$ 144,974
Liabilities and Shareholders’ Equity
Current Liabilities
Trade payables
$ 2,676
$ 2,632
Deferred revenues and advances from customers
1,062
1,100
Employee and payroll accruals
4,405
7,325
Operating lease liabilities
1,141
1,099
Other liabilities and accrued expenses
10,587
10,872
Total Current Liabilities
19,871
23,028
Non-Current Liabilities
Accrued severance pay
4,581
4,790
Operating lease liabilities
1,329
2,135
Other liabilities and accrued expenses
1,164
916
Total Non-Current Liabilities
7,074
7,841
Total Liabilities
$ 26,945
$ 30,869
Shareholders’ Equity
Share capital
$ 839
$ 809
Additional paid-in capital
172,151
167,172
Accumulated other comprehensive loss
(2,961)
(2,923)
Accumulated deficit
(50,549)
(50,953)
Total Shareholders’ Equity
119,480
114,105
Total Liabilities and Shareholders’ Equity
$ 146,425
$ 144,974
View original content:https://www.prnewswire.com/news-releases/radcom-reports-third-quarter-2026-results-302936352.html
SOURCE RADCOM Ltd.
Technology
IBM Quantum Nighthawk Demonstrates New Levels of Speed and Quality, with Plans to Scale Beyond 1,000 Qubits in 2027
Published
28 minutes agoon
November 11, 2026By
New Nighthawk r3 processor will be built to execute 10,000 quantum operations, enabling larger and more complex computations as IBM advances its roadmap toward fault tolerance
Clients and partners including E.ON, Algorithmiq, and Q-CTRL have run more than 34 billion circuits on Nighthawk r2, reporting speedups of up to 19x beyond previous IBM quantum processors
Enhanced IBM Quantum Platform unites quantum with classical computing in one environment
YORKTOWN HEIGHTS, N.Y., Nov. 11, 2026 /PRNewswire/ — IBM (NYSE: IBM) today announced IBM Quantum Nighthawk r3, its next-generation processor, will be built to accurately execute 10,000 quantum operations across 520 qubits to tackle larger, more complex problems while maintaining the speed and quality demonstrated by the current generation Nighthawk available today.
In 2027, IBM plans to link two Nighthawk r3 processors into a single system with more than 1,000 qubits.
To be at the frontier of quantum computing, industry-relevant applications demand both computational quality and speed. Speed matters because a quantum computer delivers its answer in samples: each run of a quantum circuit returns one result. Applications increasingly require circuits executing thousands of quantum operations on approximately 100 qubits or more, generating millions to billions of samples. Scale and quality enable increasingly complex computations, but speed determines whether these demanding workloads can be completed in practical timeframes and at a reasonable cost.
“Useful quantum computing hinges on whether results can be delivered with accuracy and speed, both are fundamental,” said Jay Gambetta, Director of IBM Research and IBM Fellow. “Nighthawk is already showing us what that looks like today. As we scale this architecture to larger and more powerful quantum computers, the capabilities of quantum computation will reach new levels as we integrate more closely with classical resources and march ahead to fault tolerance.”
Nighthawk r2: Delivering Speed for Real-World Workloads
Introduced in September, IBM Quantum Nighthawk r2 delivers up to 100,000 samples per second while supporting accurate computations with more than 7,500 quantum operations on 120 qubits. Its high-speed qubit reset technology dramatically reduces the time between circuit executions, enabling applications to collect the millions or billions of samples needed for complex computations far more efficiently.
Clients and partners including E.ON, Algorithmiq, and Q-CTRL have executed 34 billion circuits on Nighthawk r2 to date, reporting performance improvements of up to 19x while maintaining the quality needed for scientific computation.
The results are already demonstrating value across industries. E.ON reported a 15x speedup on Nighthawk r2 in quantum machine learning for energy grid optimization. IBM used Nighthawk r2 for a 12x speedup of an experiment ran earlier this year with Oak Ridge National Laboratory, which simulated real magnetic materials and produced results consistent with neutron scattering experiments. Both of these speedups were achieved over previous work on IBM Quantum Heron. Quantum Elements and ParityQC are also among the partners reporting significant performance improvements on their own Nighthawk r2 workloads.
The quantum advantage experiments IBM and its partners published in July were first run on IBM Quantum Heron, with circuits and results openly available for independent testing through the community-led Quantum Advantage Tracker. An experiment with Algorithmiq to simulate a heterogeneous quantum material has now been extended to Nighthawk r2, leveraging its speed and connectivity to execute circuits 8 times faster than the original experiment on Heron. At the same time, the new circuits are significantly more challenging for classical computers to simulate, requiring an estimated 240 times more memory to achieve comparable accuracy when using leading classical tensor-network methods.
Nighthawk r3: Scaling to More Than 1,000 Qubits
Building on the performance demonstrated by Nighthawk r2, Nighthawk r3 will extend the same high-speed architecture to larger quantum computers. The new processor is designed to support 10,000 quantum operations on 520 programmable qubits, with 2,034 total physical qubits. It retains r2’s square-lattice connectivity and fast operations while introducing 10 chip-to-chip interconnects, called l-couplers, designed to connect processors into larger systems.
IBM has already demonstrated two critical technologies that enable this modular approach. This year, IBM connected Nighthawk r1 processors using four l-couplers, achieving 99.3 percent quantum state transfer fidelity and progressing toward its 99.9 percent target. IBM also connected two cryogenic modules into a single system for the first time, reaching operating temperature in under five days and cooling below 15 millikelvin.
Together, these advances demonstrate critical progress in modularity and provide confidence in IBM’s ability to scale Nighthawk to larger quantum computers. In 2027, IBM plans to connect two Nighthawk r3 processors into a single 1,040-qubit system, extending its high-performance architecture to larger and more complex computations.
Quantum Meets Classical on the IBM Quantum Platform
Advancing quantum computers requires continued progress in how they work alongside classical compute to handle errors. Industry-relevant workloads will demand layers of quantum error correction and error mitigation techniques alongside noise learning and post-processing. As quantum workloads scale, they will call for more classical resources, and the challenge now is how to best scale this integration.
To unite these paradigms, IBM Quantum Platform is bringing high-performance (HPC) classical and quantum computing together into a single managed environment. Users can now integrate quantum workflows directly with a range of classical compute – whether from their laptop or a powerful supercomputer – or with the HPC and classical resources that are newly available on the platform.
Users are seeing promising results from these integrations. For example, using the new environment, IBM and RIKEN* scientists executed their original sample-based quantum diagonalization (SQD) workflow roughly 5 times faster while performing 100 times more computations than in the original study. Cleveland Clinic and RIKEN also leveraged the platform to automatically process 608 million samples for modeling biologically relevant structures, 33 times faster than without workflow automation.
Enhanced capabilities will also fuel breakthroughs in quantum error correction. IBM Quantum Platform offers pulse-level capabilities to give researchers precise control over how they can detect, understand, and better correct errors within quantum and classical architectures. This helps them better time operations, reset qubits faster, and extract more information from quantum measurements – giving researchers the visibility to improve error correction at its most fundamental levels.
IBM recently launched a new co-design platform for quantum error correction with Oak Ridge National Laboratory and AMD that physically co-locates Nighthawk with ORNL’s Umbra High-Performance Computing (HPC) system, powered by AMD Instinct™ MI355X GPUs and 5th Gen AMD EPYC™ CPUs.
About IBM
IBM is a leading global hybrid cloud and AI, and business services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.
For more information, visit https://research.ibm.com.
Media contacts:
Brittany Forgione
IBM
Brittany.forgione@ibm.com
Erin Angelini
IBM
edlehr@us.ibm.com
* This project is supported by NEDO (New Energy and Industrial Technology Development Organization), an organization under the jurisdiction of Japan’s Ministry of Economy, Trade and Industry (METI)’s “Research and Development of Quantum-Supercomputers Hybrid Platform for Exploration of Uncharted Computable Capabilities” (Project Leader: Mitsuhisa Sato) as part of the “Project for Research and Development of Enhanced Infrastructures for Post 5G Information and Communications Systems (JPNP20017).”
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/ibm-quantum-nighthawk-demonstrates-new-levels-of-speed-and-quality-with-plans-to-scale-beyond-1-000-qubits-in-2027–302935846.html
Technology
NewDay USA Honors Veterans Day with $1 Million Donation to Support New Fisher House in West Palm Beach
Published
28 minutes agoon
November 11, 2026By
Gift supports a larger, 16-suite house for Veteran families, building on NewDay’s year-round commitment to serving those who have served
WEST PALM BEACH, Fla., Nov. 11, 2026 /PRNewswire/ — This Veterans Day, NewDay USA, a national mortgage lending company serving the Veteran community, announced its $1 million donation to Fisher House Foundation in support of the new Fisher House at the West Palm Beach VA Medical Center. The gift supports construction of a larger, more accessible facility where Veteran families can stay close to their loved ones during medical care, at no cost to them.
“Helping Veterans and Service Members achieve the American Dream of homeownership is at the heart of NewDay’s mission, but our commitment to those who have served extends well beyond that,” said Rob Posner, CEO of NewDay USA. “When a Veteran needs medical care, their family should be able to focus on being there for them, not worrying about the cost of where they stay. It is our privilege to support Fisher House and help more military families stay together when they need each other the most.”
The new Fisher House will replace the smaller existing house on the VA campus, expanding to 16 fully wheelchair-accessible suites. The original facility lacks an elevator and full accessibility, limiting its ability to accommodate some families with mobility needs. The new house will provide both greater capacity and more accessible accommodations to better meet the needs of the Veteran community.
“More space and fully accessible suites mean we can welcome more families and better meet their needs,” said David Coker, President of Fisher House Foundation. “We are grateful to NewDay USA for helping make this new Fisher House possible and for the employees who give their time to support our guests throughout the year. Their generosity will help more families focus on what matters most: being there for a loved one receiving care.”
The donation builds on NewDay’s ongoing involvement with the West Palm Beach VA Medical Center and Fisher House. NewDay employees regularly volunteer at both facilities and serve dinner at Fisher House each month, offering a warm meal and a welcoming connection to families spending time away from home.
“On Veterans Day and every day, we have a responsibility to honor the service and sacrifice of our nation’s Veterans and the families who stand beside them,” said Admiral Thomas Lynch, Executive Chairman of NewDay USA. “Supporting Fisher House is a meaningful way to put that gratitude into action. Whether we are helping build this new house or serving dinner to the families staying there, our message is the same: your service is remembered, and you are not alone.”
About NewDay USA
A leader in Veteran mortgage lending for more than 25 years, NewDay USA has proudly served more than 100,000 Veteran families nationwide. From buying a new home to refinancing, NewDay’s goal is to ensure Veteran families improve their credit and get back on the road to savings to live the lives they always imagined and deserve.
NewDay has an industry-leading Government National Mortgage Association (GNMA) record of loan performance with a delinquency rate that is two times lower than the industry average. Today, 95 percent of NewDay USA’s clients are enlisted Veterans. For additional information, visit www.newdayusa.com.
View original content:https://www.prnewswire.com/news-releases/newday-usa-honors-veterans-day-with-1-million-donation-to-support-new-fisher-house-in-west-palm-beach-302936159.html
SOURCE NewDay USA
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