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Evogene Reports Second Quarter 2024 Financial Results

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Conference call and webcast: today, August 22, 2024, 9:00 am ET

Financial and Business Highlights:

H1 2024 revenues $5.1M, up from $1.3M in H1 2023; Q2 2024 revenues $914K, up from $654K in Q2 2023.Anticipated continued revenue growth in the second half of 2024 compared to the same period in the previous year, primarily driven by Casterra’s initiation of supplying existing seed orders, which began in August 2024 and total over $8.0 million.H1 2024 loss $9.8M, down from $14.8M in H1 2023; Q2 2024 loss $6.0M, down from $7.8M in Q2 2023.Projected 2024 cash usage (excl. Biomica & Lavie Bio) $8.0M, down 36% from $12.5M in 2023.Implemented a 10:1 reverse stock split during July 2024.

Casterra:

Received a $440K order for castor seeds from an existing customer for a new African country.Completed a successful castor seed season in Brazil, with shipments planned for Q3 2024.Seeds produced in Brazil and Africa in 2024, are anticipated to meet existing orders totaling approximately $8.4M.

Biomica:

Promising Phase 1 results for BMC128 with nivolumab in RCC, NSCLC, and melanoma, presented at ASCO 2024.

Lavie Bio:

A significant milestone achieved in ICL collaboration, developing yield-increasing bio-stimulants for row crops under extreme weather conditions by leveraging AI to identify over a dozen novel microbial candidates.Announced commercial expansion of Yalos™ bio-inoculant to winter wheat.

REHOVOT, Israel, Aug. 22, 2024 /PRNewswire/ — Evogene Ltd. (Nasdaq: EVGN) (TASE: EVGN), a leading computational biology company aiming to revolutionize the development of life-science-based products, today announced its financial results for the second quarter period ended June 30, 2024.

Mr. Ofer Haviv, Evogene’s President and CEO, stated: “In our vision, we see Evogene as a pioneering company for creating groundbreaking life-science products, to improve life quality and longevity. During the past years we developed three innovative AI tech-engines addressing the main development challenges of products rooted in microbes, small molecules and genomics. Our AI tech-engines were structured to be compatible with the tremendous potential of various market segments and not limited to only one specific segment.

“In order to capture the value of our AI tech-engines, our business strategy is to establish diverse collaborative partnerships through licensing or collaboration, with expert partners in specific fields that complement our technology. Together, we’ll develop novel products, aiming for full or partial ownership upon project completion. This approach maximizes the potential of our AI tech-engines, while aiming to reduce financial and development risks. Today, Evogene has 4 subsidiaries, each focusing on a different market segment, and in addition, Evogene has diverse engagements with leading companies in additional market segments, not covered by our subsidiaries.

“I am very pleased to share with you the main achievements made by Evogene’s subsidiaries from the last report of our financial results.”

Casterra Ag Ltd. – focuses on developing an integrated solution to enable large-scale commercial cultivation of castor to address the global demand for stable castor oil supply, mainly for the biodiesel industry. Casterra is utilizing Evogene’s GeneRator AI tech engine to direct and accelerate the development of its unique elite castor seed varieties.

On June 25, Casterra announced receiving a $440K purchase order to supply castor seeds to a new African country in 2024. This order from an existing customer expands Casterra’s operations and strengthens its position in the bio-fuel market.On July 31, Casterra announced the successful completion of its castor seed growing and harvesting season in Brazil, with shipments planned for the third quarter of 2024. Additionally, the castor harvest season in Africa has begun as scheduled.Castor seeds produced in 2024 in both Brazilian and African territories are expected to enable Casterra to meet all its existing orders, amounting to approximately $8.4M, with completion anticipated by the end of this year. 

Lavie Bio Ltd. – a leading ag-biologicals company that develops microbiome-based, computational-driven novel bio-stimulant and bio-pesticide products, utilizing Evogene’s MicroBoost AI tech-engine.

On July 2, Lavie Bio announced the commercial expansion of its bio-inoculant Yalos™ to winter wheat following successful trials, with sales starting across the US for the 2024-2025 season, effectively doubling its market potential.On July 22, 2024, Lavie Bio announced a milestone in its collaboration with ICL in developing bio-stimulant solutions for row crops facing extreme weather conditions by leveraging AI to identify over a dozen novel microbes within 12 months.Lavie Bio’s pipeline is advancing according to plan, with field trials initiated in Q2 in most of the company’s programs, following successful optimization processes. Results are expected during Q4.

Biomica Ltd. – a clinical-stage biopharmaceutical company developing innovative microbiome-based therapeutics, utilizing Evogene’s MicroBoost AI tech-engine.

On May 23, positive safety and tolerability data for BMC128 was published. 72% of the patients treated have exhibited clinical benefits. 55% of patients showed sustained clinical benefit, with notable durations of effect (more than 24 months).These clinical results were presented at the prestigious 2024 ASCO annual conference in June.We look forward to continuing to evaluate BMC128’s beneficial activity in subsequent phases of clinical development.

Financial Highlights:

Cash Position: As of June 30, 2024, Evogene held consolidated cash, cash equivalents, and short-term bank deposits of approximately $20.9 million. This amount does not include $8.4 million of expected payments for the open purchase orders of Casterra. The consolidated cash usage during the second quarter of 2024 was approximately $5.7 million. Excluding Lavie Bio and Biomica, Evogene and its other subsidiaries used approximately $2.7 million in cash during the second quarter of 2024. Projected cash usage for 2024, excluding Lavie Bio and Biomica, is expected to be around $8.0 million, marking a notable 36% decrease from approximately $12.5 million in 2023.

Revenue: Revenues for the first half of 2024 were approximately $5.1 million, a significant increase from $1.3 million in the same period the previous year. This growth was primarily driven by revenues recognized from Lavie Bio’s licensing agreement with Corteva and AgPlenus’s new collaboration with Bayer. Revenues for the second quarter of 2024 were approximately $0.9 million, compared to approximately $0.7 million in the same period the previous year. The increase was mainly attributable to increased revenue in Lavie Bio.

Evogene anticipates continued revenue growth in the second half of 2024 compared to the previous year, mainly based on Casterra’s forecast for seed-order supply.

R&D Expenses: Research and development expenses, net of non-refundable grants, for the first half of 2024 were approximately $8.8 million, a decrease from $10.2 million in the first half of 2023. The decrease in expenses is mainly due to the cease of Canonic’s activities and a decrease in certain development expenses in Biomica as compared to the same period the previous year. Research and development expenses, net of non-refundable grants, for the second quarter of 2024 were approximately $4.0 million, and decreased significantly as compared to approximately $5.4 million in the same period in the previous year. The decrease is mainly attributable to decreased expenses in Canonic and Biomica, as mentioned above.  

Sales and Marketing Expenses: Sales and Marketing expenses for the first half of 2024 were approximately $1.9 million, a slight increase from approximately $1.7 million in the same period in the previous year. The increase is mainly attributable to increased sales and marketing activities in Casterra during the first half of 2024 as compared to the same period in 2023. Sales and Marketing expenses for the second quarter of 2024 were approximately $0.9 million and remained stable as compared to approximately $0.9 million in the same period in the previous year. 

General and Administrative Expenses: General and administrative expenses for the first half of 2024 decreased slightly to approximately $3.2 million from approximately $3.3 million in the same period last year. General and administrative expenses for the second quarter of 2024 decreased to approximately $1.5 million compared to approximately $1.8 million in the same period of the previous year, mainly due to decreased non-cash compensation and salary related expenses in Lavie Bio and Biomica, respectively, in the second quarter of 2024.

Other Expenses: The decision to cease Canonic’s operations in the first half of 2024 resulted in other expenses of approximately $0.5 million, mainly due to impairment of fixed assets in the first quarter of 2024.

Operating Loss: The operating loss for the first half of 2024 was approximately $10.2 million, a significant decrease from approximately $14.7 million in the same period of the previous year, mainly due to increased revenues as mentioned above. The operating loss for the second quarter of 2024 was approximately $6.1 million, a decrease from $7.9 million in the same period of the previous year, mainly due to decreased operating expenses as mentioned above. 

Financing Income: Financing income, net for the first half of 2024 was $379 thousand, compared to financing expenses, net of $86 thousand in the same period of the previous year. This increase was primarily due to increased interest income and a revaluation of convertible SAFE. Financing income, net for the second quarter of 2024 was $138 thousand, compared to financing income, net of $144 thousand in the same period of the previous year.

Net Loss: The net loss for the first half of 2024 was approximately $9.8 million, compared to approximately $14.8 million in the same period last year. The $5.0 million decrease in net loss was primarily due to increased revenues, decreased operating expenses, partially offset by the one-time $0.5 million of other expenses, related to ceasing Canonic’s operations and an increase in financial income. The net loss for the second quarter of 2024 was approximately $6.0 million, compared to approximately $7.8 million in the same period last year. The $1.8 million decrease in net loss was primarily due to decreased operating expenses as mentioned above.

For the financial tables click here.

Conference Call & Webcast Details: Thursday, August 22, 2024. 9:00 AM EST 4:00 PM IDT
To join the Zoom conference, please register in advance here.

Or join via audio
Or, dial from the US: +15642172000, from Israel: +972 3 978 6688 
Webinar ID: 842 8320 2980 
More International numbers

Webcast & Presentation link available at:
https://evogene.com/investor-relations

About Evogene Ltd. 

Evogene Ltd. (Nasdaq: EVGN, TASE: EVGN) is a computational biology company leveraging big data and artificial intelligence, aiming to revolutionize the development of life-science based products by utilizing cutting-edge technologies to increase the probability of success while reducing development time and cost.

Evogene established three unique tech-engines – MicroBoost AI, ChemPass AI and GeneRator AI. Each tech-engine is focused on the discovery and development of products based on one of the following core components: microbes (MicroBoost AI), small molecules (ChemPass AI), and genetic elements (GeneRator AI).

Evogene uses its tech-engines to develop products through strategic partnerships and collaborations, and its four subsidiaries including:

Biomica Ltd. (www.biomicamed.com) – developing and advancing novel microbiome-based therapeutics to treat human disorders powered by MicroBoost AI;Lavie Bio (www.lavie-bio.com) – developing and commercially advancing, microbiome based ag-biologicals powered by MicroBoost AI;AgPlenus Ltd. (www.agplenus.com) – developing next generation ag-chemicals for effective and sustainable crop protection powered by ChemPass AI;Casterra Ag (www.casterra.co) – developing and marketing superior castor seed varieties producing high yield and high-grade oil content, on an industrial scale for the biofuel and other industries powered by GeneRator AI.

For more information, please visit: www.evogene.com.

Forward-Looking Statements

This press release contains “forward-looking statements” relating to future events. These statements may be identified by words such as “may”, “could”, “expects”, “hopes” “intends”, “anticipates”, “plans”, “believes”, “scheduled”, “estimates”, “demonstrates” or words of similar meaning. For example, Evogene and its subsidiaries are using forward-looking statements in this press release when they discuss Evogene’s strategy, Evogene’s ability to develop novel products, that Evogene’s strategy will result groundbreaking innovations and significant financial gains for Evogene, Casterra’s ability to supply all existing purchase orders by the end of 2024, Lavie Bio’s market potential, Lavie Bio’s pipeline advancement, Biomica’s BMC128’s future beneficial activity, and Evogene’s projected cash usage for 2024 and Evogene anticipated continued revenue growth in the second half of 2024. Such statements are based on current expectations, estimates, projections and assumptions, describe opinions about future events, involve certain risks and uncertainties which are difficult to predict and are not guarantees of future performance. Therefore, actual future results, performance, or achievements of Evogene and its subsidiaries may differ materially from what is expressed or implied by such forward-looking statements due to a variety of factors, many of which are beyond the control of Evogene and its subsidiaries, including, without limitation, the current war between Israel, Hamas and Hezbollah and any worsening of the situation in Israel such as further mobilizations or escalation in the northern border of Israel, and those risk factors contained in Evogene’s reports filed with the applicable securities authority. In addition, Evogene and its subsidiaries rely, and expect to continue to rely, on third parties to conduct certain activities, such as their field trials and pre-clinical studies, and if these third parties do not successfully carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, Evogene and its subsidiaries may experience significant delays in the conduct of their activities. Evogene and its subsidiaries disclaim any obligation or commitment to update these forward-looking statements to reflect future events or developments or changes in expectations, estimates, projections and assumptions.

Logo: https://mma.prnewswire.com/media/1947468/Evogene_Logo.jpg

Evogene Investors Relations Contact:
Email: ir@evogene.com
Tel: +972-8-9311901

 

 

 

CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION
U.S. dollars in thousands

June 30,

 

December 31,

2024

2023

Unaudited

Audited

CURRENT ASSETS:

Cash and cash equivalents

$           9,484

$          20,772

Short-term bank deposits

11,424

10,291

Trade receivables

376

357

Other receivables and prepaid expenses

3,696

2,973

Inventories

794

76

25,774

34,469

LONG-TERM ASSETS:

Long-term deposits and other receivables

30

28

Investment accounted for using the equity method

100

Right-of-use-assets

729

980

Property, plant and equipment, net

1,650

2,455

Intangible assets, net

12,685

13,169

15,194

16,632

$         40,968

$          51,101

CURRENT LIABILITIES:

Trade payables

$              957

$            1,785

Employees and payroll accruals

2,333

2,537

Lease liability

558

853

Liabilities in respect of government grants

681

388

Deferred revenues and other advances

548

362

Other payables

816

1,019

5,893

6,944

LONG-TERM LIABILITIES:

Lease liability

252

285

Liabilities in respect of government grants

4,247

4,426

Deferred revenues and other advances

244

393

Convertible SAFE

10,392

10,368

15,135

15,472

SHAREHOLDERS’ EQUITY:

Ordinary shares of NIS 0.2 par value:

Authorized − 15,000,000 ordinary shares; Issued and outstanding − 5,096,760 shares as of
June 30, 2024, and 5,079,313 (*) shares as of December 31, 2023

287

286

Share premium and other capital reserve

269,648

269,353

Accumulated deficit

(266,868)

(257,586)

Equity attributable to equity holders of the Company

3,067

12,053

Non-controlling interests

16,873

16,632

   Total equity

19,940

28,685

$         40,968

$          51,101

(*) Shares and per share amounts have been retroactively adjusted to reflect the reverse stock split

 

 

 

CONSOLIDATED INTERIM STATEMENTS OF PROFIT OR LOSS
U.S. dollars in thousands (except share and per share amounts)

 

Six months ended
June 30,

 

Three months ended
June 30,

Year ended
December 31,

2024

2023

2024

2023

2023

Unaudited

Audited

Revenues

$       5,104

$       1,295

$      914

$654

$       5,640

Cost of revenues

847

783

537

461

1,692

Gross profit

4,257

512

377

193

3,948

Operating expenses:

Research and development, net

8,817

10,169

4,016

5,369

20,777

Sales and marketing

1,920

1,728

928

928

3,611

General and administrative

3,184

3,312

1,530

1,797

6,068

Other expenses

524

5

Total operating expenses, net

14,445

15,209

6,479

8,094

30,456

Operating loss

(10,188)

(14,697)

(6,102)

(7,901)

(26,508)

Financing income

667

699

260

391

1,486

Financing expenses

(288)

(785)

(122)

(247)

(965)

Financing income (expenses), net

379

(86)

138

144

521

Share of loss from equity accounted investment

(20)

(20)

Loss before taxes on income

(9,829)

(14,783)

(5,984)

(7,757)

(25,987)

Taxes on income (tax benefit)

1

(24)

1

21

(33)

Loss

$     (9,830)

$ (14,759)

$   (5,985)

$(7,778)

$   (25,954)

Attributable to:

Equity holders of the Company

$     (9,282)

$ (13,294)

$   (5,419)

$    (7,023)

$   (23,879)

Non-controlling interests

(548)

(1,465)

(566)

(755)

(2,075)

$     (9,830)

$ (14,759)

$   (5,985)

$(7,778)

$   (25,954)

Basic and diluted loss per share, attributable to equity holders of
the Company (*)

$       (1.82)

$     (3.18)

$     (1.06)

$(1.68)

$      (5.20)

Weighted average number of shares used in computing basic and
diluted loss per share (*)

5,087,029

4,177,554

5,090,993

4,185,242

4,589,386

(*) Shares and per share amounts have been retroactively adjusted to reflect the
reverse stock split

 

 

 

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

 

 

Six months ended
June 30
,

 

Three months ended
June 30,

Year ended
December 31,

2024

2023

2024

2023

2023

Unaudited

Audited

Cash flows from operating activities

Loss

$    (9,830)

$  (14,759)

$    (5,985)

$     (7,778)

$     (25,954)

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

Adjustments to the profit or loss items:

Depreciation

800

807

374

406

1,641

Amortization of intangible assets

484

481

239

241

971

Share-based compensation

999

1,219

460

801

1,877

Revaluation of convertible SAFE

24

220

49

26

254

Net financing expenses (income)

(222)

6

(28)

60

(666)

Loss (gain) from sale of property, plant and equipment

524

(26)

5

(26)

Share of loss from equity accounted investment

20

20

Taxes on income (tax benefit)

1

(24)

1

21

(33)

2,630

2,683

1,120

1,555

4,018

Changes in asset and liability items:

 

Decrease (increase) in trade receivables

(19)

170

163

72

(9)

Decrease (increase) in other receivables

(725)

84

(546)

375

(1,445)

Decrease (increase) in inventories

(718)

317

(78)

342

490

Decrease in deferred taxes

94

Increase (decrease) in trade payables

(762)

26

(77)

(95)

742

Increase (decrease) in employees and payroll accruals

(204)

172

(99)

117

550

Increase (decrease) in other payables

(214)

(162)

(153)

297

(534)

Increase (decrease) in deferred revenues and other advances

(84)

(73)

(13)

(81)

(288)

(2,726)

534

(803)

1,027

(400)

Cash received (paid) during the period for:

Interest received

402

283

231

145

905

Interest paid

(41)

(66)

(18)

(30)

(115)

Taxes paid

(10)

(10)

(31)

Net cash used in operating activities

$   (9,565)

$   (11,335)

$    (5,455)

$     (5,091)

$     (21,577)

 

 

 

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
U.S. dollars in thousands

 

Six months ended
June 30,

 

Three months ended
June 30,

Year ended
December 31,

2024

2023

2024

2023

2023

Unaudited

Audited

Cash flows from investing activities:

Purchase of property, plant and equipment

$         (172)

(483)

(31)

(124)

$         (785)

Proceeds from sale of marketable securities

6,924

6,287

6,924

Purchase of marketable securities

(503)

(503)

(503)

Proceeds from sale of property, plant and equipment

10

26

26

Withdrawal from (investment in) bank deposits, net

(990)

(13,560)

3,241

(13,560)

(10,200)

Net cash provided by (used in) investing activities

$   (1,152)

$    (7,596)

$   3,210

$      (7,900)

$     (4,538)

Cash flows from financing activities:

Issuance of a subsidiary preferred shares to non-controlling interests

9,523

9,523

9,523

Proceeds from issuance of ordinary shares, net of issuance expenses

86

336

83

68

8,449

Repayment of lease liability

(462)

(413)

(231)

(207)

(836)

Proceeds from government grants

1,089

1,063

1,089

Repayment of government grants

(142)

(35)

(3)

(73)

Net cash provided by (used in) financing activities

(518)

10,500

(151)

10,447

18,152

Exchange rate differences – cash and cash equivalent balances

(53)

(316)

(35)

(223)

(245)

Decrease in cash and cash equivalents

(11,288)

(8,747)

(2,431)

(2,767)

(8,208)

Cash and cash equivalents, beginning of the period

20,772

28,980

11,915

23,000

28,980

Cash and cash equivalents, end of the period

$    9,484

$    20,233

$    9,484

$    20,233

$     20,772

Significant non-cash activities

Acquisition of property, plant and equipment

$        15

$           90

$        15

$           21

$          81

Investment in equity-accounted investee with corresponding
deferred revenues 

$      120

$              –

$            –

$              –

$             –

Increase of right-of-use asset recognized with corresponding
lease liability

$      184

$          135

$        54

$           64

$        194

 

 

 

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SOURCE Evogene

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ADX welcomes Morgan Stanley as the first international investment bank Remote Trading Member, expanding global access to Abu Dhabi’s capital markets

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ABU DHABI, UAE, May 5, 2026 /PRNewswire/ — The Abu Dhabi Securities Exchange (ADX) Group today announced that Morgan Stanley, a leading investment bank and financial services company, has joined the ADX as its first international investment bank Remote Trading Member — enabling Morgan Stanley’s clients to access the ADX directly.

This milestone strengthens ADX’s global connectivity and supports growing international institutional demand for exposure to UAE markets. It also reinforces its position as one of the world’s fastest-growing exchanges by market capitalization, while highlighting the market’s continued progress in depth, liquidity, and inclusion in major global indices.

Remote membership enables Morgan Stanley to provide its clients with direct market access to the ADX, with trading conducted via the firm’s global trading platform. The ADX continues to play a pivotal role in advancing Abu Dhabi’s long-term economic ambitions, as a mechanism for a diversified, innovation-led, knowledge-based economy.

Morgan Stanley’s direct trading access to ADX reflects the strength of Abu Dhabi’s investment proposition and the continued institutionalization of UAE capital markets. Morgan Stanley’s membership will enhance execution quality, optimize order routing, and provide greater control across the end-to-end trade lifecycle, delivering an advanced trading experience for global investors.

The structure follows a proven international access model used by Morgan Stanley and is designed to meet growing client demand for efficient, transparent, and seamless access to ADX-listed opportunities.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of Abu Dhabi Securities Exchange (ADX) Group, said: “This marks a significant step in advancing our ambition to be a leading financial marketplace that drives opportunity and sustainable economic growth. This momentum is reflected in the strong foreign investor participation, with trading value exceeding 85 billion dirhams in the first quarter of 2026 up by 22% year on year. This performance underscores the growing depth and global relevance of our market, while reinforcing our commitment to expanding international access, strengthening cross-border connectivity, and building a world-class market infrastructure that attracts global capital, supports a diverse range of issuers and contributes to Abu Dhabi’s long-term economic prosperity.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley, said: “Becoming a Remote Trading Member of ADX reflects our focus on providing clients with efficient, seamless access to Abu Dhabi’s capital markets through our market–leading trading platform. We see continued momentum in the institutionalization and international participation of UAE markets, and we’re pleased to support that evolution by enabling international investors to access opportunities in MENA with direct connectivity to local markets, alongside greater transparency and control across the trading lifecycle.”

Morgan Stanley’s participation aligns with ADX’s strategy to strengthen international connectivity, with remote memberships selectively offered to global firms to attract high-quality cross-border liquidity. The announcement builds on the ADX’s expansion momentum: in 2025, foreign investment rose by nearly 14% and institutional trading increased by 10% year on year. Subject to final operational readiness, Morgan Stanley expects to begin trading as a remote member in the coming weeks.

About Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) was established on 15 November 2000 pursuant to Local Law No. (3) of 2000, which granted the exchange legal rights with independent financial and administrative status, as well as the necessary supervisory and executive powers necessary to carry out its functions. On 17 March 2020, the ADX was converted from a public entity into a Public Joint Stock Company (PJSC) in accordance with Law No. (8) of 2020.

The ADX Group, a market infrastructure group comprising the exchange (ADX) and its post-trade ecosystem, including its wholly owned subsidiaries AD Depository and AD Clear, was established. Through its integrated and globally aligned business structure, the ADX Group supports efficient, transparent, and resilient capital markets across trading, clearing, settlement, and custody.

The Group provides an efficient and regulated marketplace for the trading of securities, including equities issued by public joint-stock companies, bonds issued by governments and corporations, exchange-traded funds (ETFs), and other financial instruments approved by the UAE Capital Market Authority.

The ADX is the second-largest exchange in the Arab region by market capitalization. Its strategy of delivering stable financial performance through diversified revenue streams is aligned with the UAE’s national development agenda, “Towards the Next 50”, which aims to build a sustainable, diversified, and high-value-added economy.

For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication
Abu Dhabi Securities Exchange (ADX)
Mobile: +971 (50) 668 9733
Email: ALKhateebA@adx.ae

 

 

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SOURCE Abu Dhabi Securities Exchange (ADX)

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Geotab integrates Polestar vehicles into its OEM telematics network

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Fleet operators across North America, Europe, and APAC can now access Polestar vehicle data directly in MyGeotab — no aftermarket hardware required.

LONDON, UK, May 5, 2026 /PRNewswire/ — Geotab, a global leader in connected vehicle and asset management solutions, today announced the integration of Polestar vehicles into its OEM telematics network, giving commercial fleet operators seamless access to Polestar data within MyGeotab from day one — with no aftermarket hardware installation required. The integration is available globally across North America, Europe, and Asia Pacific, supporting all Polestar models.

Developed in collaboration with Geotab, among other telematics service providers, Polestar Fleet Telematics integrates directly into MyGeotab. The Geotab integration enables fleet managers to manage Polestar vehicles alongside all other makes and models on a single unified platform — without fitting additional devices.

Connected vehicle data where it matters most

Through Polestar Fleet Telematics, fleet operators gain near-real-time access to a comprehensive dataset — covering EV battery and charging status, location, tyre information, vehicle security, maintenance alerts, and climate data — flowing directly from Polestar’s connected vehicle architecture into MyGeotab, with no physical installation required.

This breadth of data enables fleet managers to move from reactive to proactive operations — scheduling maintenance before failures occur, optimising charge planning across depots, and maintaining duty-of-care oversight across the entire fleet.

Supporting Europe’s Mixed-Fleet Reality

OEM-embedded telematics removes the need for aftermarket device installation across mixed-manufacturer fleets, reducing logistical overhead and supporting compliance with works council and GDPR requirements — a critical consideration for European fleet operators.

“Polestar Fleet Telematics combines sustainability with intelligence, integrating seamlessly with Geotab to deliver these capabilities directly into the platforms fleet operators trust. Continuous data visibility enables more efficient and informed fleet operations, from day-to-day management to long-term planning. By leveraging Polestar vehicles’ embedded connectivity, fleet managers can make smarter, data-driven decisions — without adding hardware or complexity to their operations.” said Emma Knapp, Manager of Global Key Accounts at Polestar.

Polestar joins an OEM telematics network that already spans over 80% of leading global vehicle manufacturers by fleet market share, including BMW Group, Ford, Stellantis, Volkswagen Group, and Volvo Cars. For fleet operators already using MyGeotab, Polestar vehicles can be connected and deliver data without any additional hardware or installation.

“OEM-embedded telematics represents a change in how fleet data reaches the platform — and Polestar’s connected vehicle architecture makes this integration particularly well-suited for markets that are seriously considering transitioning to electric vehicles.” said Christoph Ludewig, Vice President OEM Global at Geotab. “Fleet operators managing mixed EV and internal combustion engine fleets no longer need separate tools or hardware for each vehicle type. Polestar data flows directly into MyGeotab alongside every other vehicle in the fleet — giving operators the consolidated visibility they need to drive efficiency, support duty of care, and manage their EV transition with confidence.”

Global Availability

The integration is available now across North America, Europe, and Asia Pacific, supporting all Polestar models. Fleet managers can activate the service via the Geotab Marketplace or by contacting their Geotab representative.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe and Asia Pacific.

Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include the Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

About Geotab

Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we’re celebrating 25 years of innovation. Learn more at www.geotab.com/uk and follow us on LinkedIn or visit our blog.

GEOTAB and GEOTAB MARKETPLACE are registered trademarks of Geotab Inc. in Canada, the United States and/or other countries.

Media Contact: Geotab Contact, Romina Dashghachian, Strategic Communications Lead, EMEA, pr@geotab.com

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IDX Opens Geneva Office and Strengthens Global Data & Insights Capability

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New Swiss presence and specialist team integration support growing global demand for evidence-based, defensible communications strategies

LONDON, May 5, 2026 /PRNewswire/ — IDX today announced the opening of its new Geneva office and the integration of a specialist Data & Insights team, strengthening the company’s international footprint and expanding its ability to help clients worldwide build communications strategies grounded in evidence, market intelligence and audience insight.

The expansion gives IDX an on-the-ground presence in Switzerland while adding further depth to its Data & Insights capability. The Geneva-based team will work closely with IDX specialists across performance marketing and corporate communications, helping clients develop a clearer view of the markets they operate in and the forces shaping their growth.

The move aligns with Destination 250 – Customers First, IDX’s global strategy to grow its team by 250, focused on deepening client value, strengthening delivery and investing in the capabilities that matter most to clients.

The investment strengthens the Data pillar of IDX’s Connected Content™ model, which combines Creative, Data, Technology and Media to create what IDX calls The Multiplier Effect, helping clients multiply what matters through more connected, measurable and effective work.

“IDX is experiencing phenomenal growth, and our new Geneva office gives us boots on the ground to better serve clients across Europe and globally across performance marketing, investor relations and corporate communications,” said Crispin Beale, Worldwide CEO, IDX. “Data has been at the heart of this business for decades, and this centre of excellence reflects our continued investment in that capability. It’s an incredibly exciting time for IDX, and I look forward to the next phase of our growth as we continue to expand globally.”

“This is an exciting step in IDX’s growth story and a clear response to what clients are asking for: more evidence-based thinking, stronger market context and clearer rationale behind their communications strategies,” said Chris Corrigan, Chief Customer Growth Officer, IDX. “Our new presence in Geneva, combined with deeper Data & Insights expertise, strengthens the way we support clients globally, giving them earlier access to the insight and market context they need to make better-informed decisions and turn evidence into action.”

The Geneva office will strengthen relationships with existing clients in the region, support re-engagement with former partners and create new opportunities for IDX with organisations operating across European and global markets. It reflects IDX’s continued investment in the capabilities that matter most to clients as communications, marketing and corporate reputation work become increasingly data-led and commercially accountable.

“IDX’s integrated offer across insights, performance marketing and corporate communications, powered by the combination of human intelligence, advanced technology and AI, represents exactly where the industry is heading,” said Lonneke de Roo, Head of Data & Insights, IDX. “I am delighted to join the business and help clients navigate increasingly complex markets with clearer evidence, sharper insight and more connected strategies.”

ABOUT IDX  

IDX is a global strategic communications and marketing agency, headquartered in London with offices around the world, including New York, London, Phoenix, Helsinki, Gothenburg, Geneva, and Vadodara. Working with more than 1,600 clients across sectors, IDX combines deep industry knowledge with a data-first mindset to help ambitious brands thrive in complex, fast-moving markets. The firm specialises in performance marketing, investor relations, and stakeholder engagement, delivering integrated campaigns that drive meaningful business outcomes. Visit www.idx.inc to learn more.

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