Connect with us

Technology

Fathom Holdings Reports Second Quarter 2024 Results

Published

on

– Fathom’s Real Estate Agent Network Grew 12% to ~12,224 Agent Licenses; Aiming to Return to 30% Agent Growth in Coming Quarters

CARY, N.C., Aug. 12, 2024 /PRNewswire/ — Fathom Holdings Inc. (Nasdaq: FTHM) (“Fathom” or the “Company”), a national, technology-driven, end-to-end real estate services platform integrating residential brokerage, mortgage, title, and SaaS offerings for brokerages and agents, today reported financial results for the second quarter and the first six months of 2024.

“In the last few months, we have made significant progress toward achieving our goals for this year,” said Fathom Holdings CEO Marco Fregenal. “First, we achieved overall positive Adjusted EBITDA for the quarter, and more importantly, our real estate, mortgage, and title brands achieved positive Adjusted EBITDA. Second, we recently launched what we believe to be the most innovative revenue share program in the industry. Our mission has always been to empower Fathom agents to earn and retain more of their hard-earned money. Our new revenue share plans are a natural extension of this commitment. By offering two revenue share options—either through a split or a flat fee model—we provide agents with the flexibility to choose the best fit for their businesses. These additional income streams ensure our agents have the tools and opportunities to thrive in any market condition. Looking ahead, our focus remains on growth initiatives and exploring additional opportunities to attract high-quality agents, teams, and brokerages. Supported by a compelling value proposition and a robust pipeline of opportunities, our goal is to return to 30% agent growth in the coming quarters.”

Second Quarter 2024 Financial Results

Fathom’s real estate agent network grew 12% to approximately 12,224 agent licenses at June 30, 2024 from approximately 10,930 agent licenses at June 30, 2023.

Fathom completed approximately 10,137 transactions for the second quarter of 2024, a decrease of approximately 8% compared to the second quarter of 2023. Real estate transactions decreased primarily due to the continuation of high mortgage interest rates in the second quarter of 2024. Fathom is addressing this decline by continuing its strategic recruiting efforts, powered by its recently announced new revenue share models and its service commitment to its agents.

Total revenue for the second quarter of 2024 decreased 11% to $89.2 million, compared to $100.1 million in the second quarter of 2023. The decrease in total revenue was due to a 12% decrease in brokerage revenue resulting primarily from fewer transactions and an increase in lease transactions compared to sale transactions. Offsetting the decline in total revenue was an 11% increase in other service revenue, driven by improved performance from Fathom’s mortgage and title businesses, offset by the absence of the Company’s insurance business, which was sold on May 3, 2024.

 Segment revenue for the 2024 second quarter, compared with the 2023 second quarter was as follows:

Three months ended
June 30,

($ in millions)

2024

2023

UNAUDITED

Real Estate Brokerage

$                83.1

$                94.7

Mortgage

3.7

2.0

Technology

1.1

0.8

Corporate and other services (a)

1.3

2.6

Total revenue

$                89.2

$              100.1

(a)

Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and other services line.

Our brokerage business gross profit percentage remained relatively constant at 6% for the second quarter of 2024 compared to the second quarter of 2023. Excluding our insurance business, the gross profit percentage in our ancillary businesses dipped slightly to 53% in the second quarter of 2024 from 57% in the second quarter of 2023 primarily related to ramp-up costs associated with expanding our mortgage and title businesses. Our overall gross profit percentage, excluding our insurance business improved to 9% in the second quarter of 2024, up from 8% in the second quarter of 2023.

GAAP net loss for the second quarter of 2024 totaled $1.3 million, or $0.07 per share, an improvement compared with a loss of $4.3 million, or $0.27 per share, for the second quarter of 2023. The significant reduction in net loss was primarily due to the gain generated from the sale of the Company’s insurance business and improved net operating results, partially offset by an increase in non-operating expenses.

Adjusted EBITDA*, a non-GAAP measure, for the second quarter of 2024 totaled $0.2 million, compared to $0.5 million in the second quarter of 2023. The second quarter of 2024 marked the Company’s first positive Adjusted EBITDA* quarter since the second quarter of 2023.

First Six Months of 2024 Financial Results

Real estate transactions declined approximately 11% year-over-year to 17,446 transactions in the first half of 2024. The decline in real estate transactions was primarily due to the continuation of high interest rates in the first half of 2024. Fathom is addressing the decline by continuing its strategic recruiting efforts, powered by its recently announced new revenue share models and its service commitment to its agents.

Total revenue for the first six months of 2024 decreased 11% to $159.7 million, compared to $177.6 million for the first six months of 2023. The decrease in total revenue was due to an 11% decrease in brokerage revenue resulting primarily from fewer transactions and an increase in lease transactions compared to sale transactions. The decline in total revenue was partially offset by a 14% increase in Fathom’s other service revenue, particularly attributable to Fathom’s mortgage business, offset by the absence of approximately two months of revenues from the Company’s insurance business, which was sold on May 3, 2024.

Segment revenue for the 2024 first six months, compared with the 2023 first six months was as follows:

Six months ended
June 30,

($ in millions)

2024

2023

UNAUDITED

Real Estate Brokerage

$              148.5

$              167.8

Mortgage

5.9

3.5

Technology

2.2

1.5

Corporate and other services (a)

3.1

4.8

Total revenue

$              159.7

$              177.6

(a)

Transactions between segments are eliminated in consolidation. Such amounts are eliminated through the Corporate and other services line.

Gross profit percentages for the first six months of 2024 compared to the same period in 2023 were similar to the quarter-to-date comparisons, excluding the Company’s insurance business, which was sold in May 2024. Fathom’s brokerage gross profit remained relatively constant at 6%, while its ancillary businesses’ gross profit percentage decreased slightly to 52% from 55%. The Company’s overall gross profit percentage improved to 9% from 8%.

GAAP net loss for the first six months of 2024 totaled $7.2 million or $0.37 per share, compared with a loss of $10.0 million, or $0.63 per share, for the first six months of 2023. The significant reduction in net loss was primarily due to the gain generated from the sale of the Company’s insurance business and improved net operating results, partially offset by an increase in non-operating expenses.

Adjusted EBITDA* loss, a non-GAAP measure, was $1.3 million in the first six months of 2024, compared with an Adjusted EBITDA* loss of approximately $0.9 million for the first six months of 2023. The Adjusted EBITDA* loss for the first six months of 2024 was primarily attributable to the lower total contribution from the Company’s brokerage business due to fewer closed transactions, partially offset by growth in the Company’s mortgage business.

*Fathom provides Adjusted EBITDA, a non-GAAP financial measure, because it offers additional information for monitoring the Company’s cash flow performance. A table providing a reconciliation of Adjusted EBITDA to its most comparable GAAP measure, as well as an explanation of, and important disclosures about, this non-GAAP measure, is included in the tables at the end of this press release.

Q2 2024 and Recent Highlights

In August 2024, the Company introduced two innovative agent commission plans, Fathom Max and Fathom Share, complementing its existing plan and showcasing Fathom Realty’s reimagined revenue share program. The strategic initiative is designed to enhance agent recruitment and retention, drive accelerated and sustainable growth, and boost long-term profitability for the Company, while reinforcing Fathom’s commitment to providing flexible, attractive options for real estate professionals.In May 2024, the Company strengthened its financial position by selling its wholly owned subsidiary, Dagley Insurance Agency, for approximately $15.0 million in cash, with $7.8 million received at closing, significantly bolstering its balance sheet.In April 2024, Fathom Realty launched Verus Title Elite, a strategic joint venture partnering with top-producing agents and teams across Texas. The initiative is expected to drive increased revenue and profitability for both Verus Title and Fathom Realty, further strengthening the Company’s market position in the title services sector.

Financial Outlook

In light of the recent introduction of two new revenue share models and their yet-to-be-determined impact on future revenues and Adjusted EBITDA, the Company has elected to withhold guidance for the third quarter ending September 30, 2024. Management plans to reassess and potentially reinstate guidance expectations in the fourth quarter of 2024, allowing time to evaluate the performance of these new models.

Conference Call

Fathom management will hold a conference call at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) today (August 12, 2024) to discuss these financial results.

U.S. dial-in: 1-833-685-0908
International dial-in: 1-412-317-5742

Please call the conference telephone number five minutes prior to the start time. An operator will register your name and organization.

A live audio webcast of the conference call will be available in listen-only mode simultaneously and available via the investor relations section of the Company’s website at www.FathomInc.com.

A telephone replay of the call will be available through August 19, 2024.

U.S. replay dial-in: 1-877-344-7529
International replay dial-in: 1-412-317-0088
Replay ID: 6483169

About Fathom Holdings Inc.

Fathom Holdings Inc. is a national, technology-driven, real estate services platform integrating residential brokerage, mortgage, title, and SaaS offerings to brokerages and agents by leveraging its proprietary cloud-based software, intelliAgent. The Company’s brands include Fathom Realty, Encompass Lending, intelliAgent, LiveBy, Real Results, Verus Title, and Cornerstone. For more information, visit www.FathomInc.com.

Cautionary Note Concerning Forward-Looking Statements
This press release contains “forward-looking statements” that involve risks and uncertainties which we expect will or may occur in the future and may impact our business, financial condition and results of operations. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including: risks associated with general economic conditions, including rising interest rates; its ability to generate positive operational cash flow; risks associated with the Company’s ability to continue achieving significant growth; its ability to continue its growth trajectory while achieving profitability over time; risks related to ongoing and future litigation; and other risks as set forth in the Risk Factors section of the Company’s most recent Form 10-K as filed with the SEC and supplemented from time to time in other Company filings made with the SEC. Copies of Fathom’s Form 10-K and other SEC filings are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:

Matt Glover
Gateway Group, Inc.
949-574-3860
FTHM@gateway-grp.com 

 

FATHOM HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

UNAUDITED

(in thousands, except share data)

Three Months Ended

June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

Revenue

Gross commission income

$             83,125

$             94,633

$         148,510

$         167,803

Other service revenue

6,082

5,456

11,200

9,827

Total revenue

89,207

100,089

159,710

177,630

Operating expenses

Commission and other agent-related costs

78,045

88,892

139,212

158,064

Operations and support

2,676

1,904

4,785

3,518

Technology and development

1,906

1,875

3,856

3,453

General and administrative

8,904

9,908

18,506

19,219

Marketing

759

927

1,359

1,644

Depreciation and amortization

546

820

1,274

1,515

Total operating expenses

92,836

104,326

168,992

187,413

Gain on sale of business

(2,958)

(2,958)

Loss from operations

(671)

(4,237)

(6,324)

(9,783)

Other expense (income), net

Interest expense, net

109

79

214

63

Other nonoperating expense

520

4

672

163

Other expense, net

629

83

886

226

Loss before income taxes

(1,300)

(4,320)

(7,210)

(10,009)

Income tax expense (benefit)

(6)

25

11

37

Net loss

$              (1,294)

$              (4,345)

$            (7,221)

$          (10,046)

Net loss per share:

Basic

$                (0.07)

$                (0.27)

$              (0.37)

$              (0.63)

Diluted

$                (0.07)

$                (0.27)

$              (0.37)

$              (0.63)

Weighted average common shares outstanding:

Basic

19,763,055

16,023,981

19,470,764

16,017,560

Diluted

19,763,055

16,023,981

19,470,764

16,017,560

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

FATHOM HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

June 30,
2024

December 31,
2023

(UNAUDITED)

ASSETS

Current assets:

Cash and cash equivalents

$                10,439

$                  7,399

Restricted cash

341

141

Accounts receivable

3,919

3,352

Other receivable – current

4,000

Mortgage loans held for sale, at fair value

10,371

8,602

Prepaid and other current assets

4,854

3,700

Total current assets

33,924

23,194

Property and equipment, net

2,015

2,340

Lease right of use assets

4,470

4,150

Intangible assets, net

17,419

23,909

Goodwill

19,344

25,607

Other receivable – long-term

3,000

Other assets

48

58

Total assets

$                80,220

$                79,258

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                  4,866

$                  3,396

Accrued and other current liabilities

2,639

2,681

Warehouse lines of credit

10,085

8,355

Lease liability – current portion

1,199

1,504

Long-term debt – current portion

3,497

416

Total current liabilities

22,286

16,352

Lease liability, net of current portion

4,363

3,824

Long-term debt, net of current portion

91

3,467

Other long-term liabilities

344

381

Total liabilities

27,084

24,024

Commitments and contingencies (Note 17)

Stockholders’ equity:

Common stock (no par value, shares authorized, 100,000,000; shares issued and outstanding,

 21,007,879 and 20,671,515 as of June 30, 2024 and December 31, 2023, respectively)

Additional paid-in capital

131,943

126,820

Accumulated deficit

(78,807)

(71,586)

Total stockholders’ equity

53,136

55,234

Total liabilities and stockholders’ equity

$                80,220

$                79,258

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

FATHOM HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

Six  Months Ended June 30,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net loss

$                         (7,221)

$                       (10,046)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

2,799

2,867

Gain on sale of business

(2,958)

Non-cash lease expense

920

720

Deferred financing cost amortization

21

Gain on sale of mortgages

(3,153)

(1,882)

Stock-based compensation

5,151

6,005

Deferred income taxes

(37)

8

 Change in operating assets and liabilities:

 Accounts receivable

(658)

(1,252)

 Prepaid and other current assets

(1,222)

111

 Other assets

10

(6)

 Accounts payable

1,642

1,359

 Accrued and other current liabilities

308

369

 Operating lease liabilities

(1,005)

(800)

 Mortgage loans held for sale originations

(131,460)

(85,461)

 Proceeds from sale and principal payments on mortgage loans held for sale

132,843

83,250

Net cash used in operating activities

(4,041)

(4,737)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of property and equipment

(12)

(10)

Purchase of intangible assets

(1,193)

(899)

Proceeds from sale of business

7,435

Amounts paid for business and asset acquisitions, net of cash acquired

(130)

Net cash provided by (used in) investing activities

6,100

(909)

CASH FLOWS FROM FINANCING ACTIVITIES:

Principal payments on debt

(295)

(491)

Borrowings from warehouse lines of credit

127,913

69,920

Repayment on warehouse lines of credit

(126,184)

(66,008)

Deferred acquisition consideration payments

(225)

(284)

Proceeds from note payable, net $200 in loan costs

3,300

Payment of offering cost in connection with issuance of common stock in connection with public offering

(28)

Net cash provided by financing activities

1,181

6,437

Net increase in cash, cash equivalents, and restricted cash

3,240

791

Cash, cash equivalents, and restricted cash at beginning of period

7,540

8,380

Cash, cash equivalents, and restricted cash at end of period

$                         10,780

$                           9,171

Supplemental disclosure of cash and non-cash transactions:

Cash paid for interest

$                              199

$                                21

Other receivables related to sale of business

$                           7,000

$                                —

Right of use assets obtained in exchange for new lease liabilities

$                           1,572

$                              144

Reconciliation of cash and restricted cash:

Cash and cash equivalents

$                         10,439

$                           9,099

Restricted cash

341

78

Total cash, cash equivalents, and restricted cash shown in statement of cash flows

$                         10,780

$                           9,177

The accompanying notes are an integral part of the condensed consolidated financial statements.

 

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(UNAUDITED)

(In thousands)

Three Months Ended
June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Net loss

$            (1,294)

$            (4,345)

$            (7,221)

$          (10,046)

Gain on sale of business

(2,958)

(2,958)

Stock based compensation

2,499

3,185

5,151

6,005

Depreciation and amortization

1,319

1,510

2,799

2,867

Other expense, net

629

83

886

226

Income tax expense (benefit)

(6)

25

11

37

Adjusted EBITDA

$                 189

$                 458

$            (1,332)

$               (911)

Note about Non-GAAP Financial Measures

To supplement Fathom’s consolidated financial statements, which are prepared and presented in accordance with GAAP, the Company uses Adjusted EBITDA, a non-GAAP financial measure, to understand and evaluate our core operating performance. This non-GAAP financial measure, which may be different than similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

Fathom defines the non-GAAP financial measure of Adjusted EBITDA as net income (loss), excluding other income and expense, income taxes, depreciation and amortization, share-based compensation expense, and transaction-related cost.

Fathom believes that Adjusted EBITDA provides useful information about the Company’s financial performance, enhances the overall understanding of its past performance and future prospects, and allows for greater transparency with respect to a key metric used by Fathom’s management for financial and operational decision-making. Fathom believes that Adjusted EBITDA helps identify underlying trends in its business that otherwise could be masked by the effect of the expenses that the Company excludes in Adjusted EBITDA. In particular, Fathom believes the exclusion of share-based compensation expense and transaction-related costs associated with the Company’s acquisition activity, provides a useful supplemental measure in evaluating the performance of its operations and provides better transparency into its results of operations. Adjusted EBITDA also excludes other income and expense, net which primarily includes nonrecurring items, such as, minor legal settlement claims, severance costs, professional fees related to investigating potential financing opportunities, if applicable.

Fathom is presenting the non-GAAP measure of Adjusted EBITDA to assist investors in seeing its financial performance through the eyes of management, and because the Company believes this measure provides an additional tool for investors to use in comparing Fathom’s core financial performance over multiple periods with other companies in its industry.

Adjusted EBITDA should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. There are a number of limitations related to the use of Adjusted EBITDA compared to net income (loss), the closest comparable GAAP measure. Some of these limitations are that:

Adjusted EBITDA excludes share-based compensation expense related to restricted stock and restricted stock unit awards and stock options, which have been, and will continue to be for the foreseeable future, significant recurring expenses in Fathom’s business and an important part of its compensation strategy;Adjusted EBITDA excludes transaction-related costs primarily consisting of professional fees and any other costs incurred directly related to acquisition activity, which is an ongoing part of Fathom’s growth strategy and therefore likely to occur; andAdjusted EBITDA excludes certain recurring, non-cash charges such as depreciation and amortization of property and equipment and capitalized software, and acquisition related intangible asset costs, however, the assets being depreciated and amortized may have to be replaced in the future.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/fathom-holdings-reports-second-quarter-2024-results-302220166.html

SOURCE Fathom Holdings Inc.

Continue Reading
Click to comment

Leave a Reply

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

Technology

Galaxy Digital Inc. Announces Pricing of $3.507 Billion of Senior Secured Notes

Published

on

By

NEW YORK, July 23, 2026 /PRNewswire/ — Galaxy Digital Inc. (NASDAQ: GLXY) (“Galaxy” or the “Company”), a global leader in digital assets and data center infrastructure, today announced that its indirect wholly owned subsidiary, Galaxy Helios Data Centers II LLC (the “Issuer”), has priced a $3.507 billion private offering (the “Offering”) of 9.875% senior secured notes due 2031 (the “Notes”). The Offering is expected to close on July 28, 2026, subject to market and other conditions.

The Issuer intends to use the net proceeds from the Offering to finance a portion of the development and construction of two buildings containing eight data halls with a combined total of 400 megawatts (“MW”) of utility capacity and 260 MW of critical IT capacity (the “Project”) to be built on an approximately 260-acre property in Dickens County, Texas and to fund debt service reserves.

The Notes will bear interest at a rate of 9.875% per annum payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2027 and will mature on August 1, 2031. The Notes will amortize at a rate of 4.00% per annum of the original principal amount subject to adjustment, with amortization payments payable semi-annually with the first payment date to occur at least ten months after the completion of the Project.

The Notes will be fully and unconditionally guaranteed by Galaxy Helios II LLC, a wholly owned direct subsidiary of the Issuer (the “Guarantor”), and will constitute the senior secured obligations of the Issuer and the Guarantor. The Notes and related note guarantee will be secured by first-priority liens on (i) substantially all assets of the Issuer and the Guarantor, other than certain excluded property and (ii) all equity interests of the Issuer held by the direct parent company of the Issuer.

The Offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the Offering may be completed.

The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Galaxy

Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.63 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia.

Forward Looking Statements

This press release includes forward-looking statements, including statements relating to the completion, size and timing of the Offering, the terms of the Notes and the intended use of proceeds. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements represent the Company’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the satisfaction of the closing conditions related to the Offering and risks relating to the Company’s business, including those described in periodic reports that the Company files from time to time with the SEC. The Issuer may not consummate the proposed Offering described in this press release and, if the proposed Offering is consummated, cannot provide any assurances regarding the final terms of the Offering or the Notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and the Company does not undertake to update the statements included in this press release for subsequent developments, whether as a result of new information, future events, or otherwise, except as may be required by law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/galaxy-digital-inc-announces-pricing-of-3-507-billion-of-senior-secured-notes-302833899.html

SOURCE Galaxy Digital Inc.

Continue Reading

Technology

The Finish Line that Changed China: Retracing the Long March to Yan’an

Published

on

By

BEIJING, July 23, 2026 /PRNewswire/ — A news report from China.org.cn on the Long March, and what it means for China today:

 

Every journey has a destination.

But some destinations become the beginning of something even greater.

This is Yan’an.

Over 90 years ago, an army of soldiers embarked from Yudu, Jiangxi Province, on a journey that would go down in history.

They crossed snow-capped mountains, vast grasslands and raging rivers, eventually arriving in northern Shaanxi.

Across this grueling 12,500-kilometer journey, they wrote a magnificent epic in human history with willpower and courage.

Here, their Long March came to a victorious end. But a new chapter of history was only beginning.

In Yan’an, the Red Army found time to recover and rebuild, and the Central Committee of the Communist Party of China regrouped, gathering strength for the next chapter.

Here, new ideas were debated, new strategies were shaped, and a vision for China’s future gradually took form.

Today, while preserving its revolutionary legacy, Yan’an has grown into a vibrant, modern city — with a greener environment, thriving industries and happier lives for its people.

Nearly 90 years ago, American journalist Edgar Snow came to northern Shaanxi, seeking to uncover a story that few outside China knew. He later chronicled it in his book “Red Star Over China,” which carried the story of the Long March to the world.

Today, people from around the world are once again retracing those steps.

As part of China International Communications Group (CICG)’s “Together on the Long March” international communication project, participants have spent more than a month retracing the route across six key regions.

From Jiangxi to Shaanxi, they followed the Red Army’s journey and witnessed the remarkable changes that have taken place along the way.

I asked them one simple question: What does this journey mean to you?

Zhavier Harris, marketing and communications manager at the Springfield Urban League, said conversations with local residents and descendants of the Red Army made history feel far more immediate than he had expected.

He said history isn’t as distant as we often think. “We’re only one or two generations from these great sacrifices that led to the development and the greatness that we see from the Communist Party of China and China as a whole.”

David Ferguson, honorary chief English editor at Foreign Languages Press under CICG and a recipient of the 2021 Chinese Government Friendship Award, said the journey deepened his understanding of the Long March.

He said the journey helped him understand not only the historical facts, but also what the Red Army endured. “If you see the Long March merely as a military campaign, it ended in Yan’an. But as a spirit, it has never truly come to an end.”

We came to retrace history. We leave with something more: a deeper understanding of China’s past, a clearer view of its present, and perhaps a greater appreciation for the stories that connect us across cultures.

Edgar Snow called the Long March “an Odyssey unequalled in modern times.” He believed that what sustained it was a flame — consisting of an undimmed ardor, an undying hope and an amazing revolutionary optimism.

Ninety years later, that flame still burns.

Passed down through generations, the spirit of the Long March continues to light China’s path forward.

And as it crosses borders and cultures, it offers the world a glimpse of a nation defined by resilience, perseverance and an enduring drive to move forward.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm 

The Finish Line that Changed China: Retracing the Long March to Yan’an
http://www.china.org.cn/video/2026-07/23/content_118614941.shtml

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-finish-line-that-changed-china-retracing-the-long-march-to-yanan-302833900.html

SOURCE China.org.cn

Continue Reading

Technology

Visa and Lianlian Advance Trusted B2B Agentic Commerce Through LoopXPay’s First Live B2B Agentic Transaction

Published

on

By

First live B2B agentic transaction in Greater China highlights how AI-enabled commerce can help SMBs streamline purchasing and payments, supported by Visa’s Agentic Directory for trusted AI agent interactions

SINGAPORE, July 24, 2026 /PRNewswire/ — Visa (NYSE: V), a global leader in digital payments, and Lianlian DigiTech Co., Ltd. (“Lianlian”), an AI-native global financial infrastructure provider, today announced the first live B2B agentic transaction completed using LoopXPay, Lianlian’s AI agent. 

Small and medium sized businesses (SMBs) often lack dedicated procurement teams and spend valuable time sourcing, purchasing and making payments themselves. In the transaction, the LoopXPay agent was used to source a product sample from a supplier and complete the purchase in a single workflow. The agent identified the purchasing requirement, recommended suitable suppliers, compared options, placed the order and securely executed the payment within a single workflow, while operating within pre-defined spending controls and approval parameters.

The milestone highlights how AI-powered commerce experiences can help SMBs simplify purchasing and payment activities while maintaining appropriate controls and oversight. By enabling AI agents to operate within pre-defined spending parameters and approval controls, businesses can reduce manual effort while retaining visibility into commercial decision-making.

As AI agents become more involved in purchasing and payment activities, businesses will require confidence that transactions are being executed by verified participants, within approved parameters and with appropriate oversight. Capabilities aligned with Visa’s Trusted Agent Protocol can help provide the identity, transparency and controls needed to support these interactions.

As part of the collaboration, LoopXPay has been registered in Visa’s Agentic Directory, enabling participating businesses and merchants to identify verified AI agents within the ecosystem. Supporting the implementation of Visa’s Trusted Agent Protocol, the Agentic Directory helps provide greater transparency into agent-driven interactions and confidence that participating agents have met Visa’s requirements.

“AI-powered commerce experiences can help businesses simplify purchasing and payments while maintaining the controls and oversight they require,” said Darren Parslow, Global Head, Visa Commercial Solutions, Visa. “For SMBs, that means less complexity in managing day-to-day commercial activities and more time focused on growth. As businesses increasingly look to embed intelligence into purchasing and payment experiences, trust will become a critical enabler of adoption. Through our collaboration with Lianlian, we are helping advance the trusted foundations that businesses will need to participate in this next era of commerce with confidence.”

Building on this milestone, Visa and Lianlian are exploring how AI agents can support a broader range of commercial activities, including procurement, digital advertising optimisation and B2B platform payments, helping advance trusted commerce through greater efficiency, transparency and control.

Zhang Zhengyu, Founder, Chairman of the Board and CEO, Lianlian DigiTech, said, “AI is reshaping the entire commercial value chain, where a growing number of business activities will be autonomously executed by AI agents, with payments serving as the critical infrastructure connecting them to global commerce. Leveraging its experience in global cross-border payments, compliance, as well as payment network, LianLian is actively building AI-native financial infrastructure, delivering an integrated suite of capabilities for the Agent Economy, spanning identity verification, transaction authorisation, intelligent payment, and global fund settlement. Through this collaboration with Visa, we aim to combine Lianlian’s AI-native capabilities with Visa’s trusted global network and commercial payment expertise to help businesses transact more securely, intelligently and efficiently in an increasingly agent-driven commerce environment.”

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About Lianlian

Lianlian DigiTech Co., Ltd. (“Lianlian DigiTech” or “Lianlian”) was founded in 2009 and listed on the Main Board of the Hong Kong Stock Exchange in 2024 (stock code: 2598.HK). As China’s leading global provider of digital and intelligent payment services, Lianlian adheres to its mission of “Connecting the world, empowering global commerce” and pursues an “AI-Native + Globalization” strategy. The Company is committed to building a trusted global intelligent financial infrastructure, enabling seamless connectivity between Chinese enterprises and global businesses.  As of now, Lianlian has established a global licensing portfolio comprising 68 payment licenses and related qualifications, and holds a VATP license issued by the Hong Kong SFC. It supports services in more than 200 countries and regions and enables transaction settlement in over 140 currencies, connecting over 180 global e-commerce platforms and serving a cumulative total of over 13.3 million customers. Learn more at www.lianlian.com.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/visa-and-lianlian-advance-trusted-b2b-agentic-commerce-through-loopxpays-first-live-b2b-agentic-transaction-302833916.html

SOURCE Visa Worldwide Pte. Limited

Continue Reading

Trending