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EMERGE Reports Strong Q2 2024 Results

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First Organic Revenue Growth quarter since Q4 2020. Improved Profitability.

TORONTO, Aug. 27, 2024 /CNW/ – EMERGE Commerce Ltd. (TSXV: ECOM) (“EMERGE” or the “Company”) today announced results for its three months ended June 30, 2024. Copies of the interim financial statements and MD&A are available on the Company’s profile on SEDAR at www.sedar.com.

Q2 2024 Financial Highlights

Q2 GMS1 increased by 5% to $8.4M compared to $8.0M in Q2 2023Q2 Revenue increased by 9.4% to $5.2M compared to $4.7M in Q2 2023. Excluding Carnivore Club, a brand that is actively eliminating loss-making revenue, EMERGE revenue growth was 14%, driven by truLOCAL and the golf business. Q2 Gross Profit increased by 13% to $2.1M compared to $1.9M in Q2 2023Q2 Gross Margin improved to 41% compared to 39% in Q2 2023Q2 Adjusted EBITDA1 improved to $(73K) compared to $(346K) in Q2 2023Q2 Net loss improved to $(549K) compared to $(2.0M). The majority of the net loss was attributable to a one-time non-cash modification expense related to the restructured convertible note. Excluding the one-time charge, Net loss for Q2 2024 would have been $(251K)Cash on hand at June 30, 2024 was $2.2M

Ghassan Halazon, Founder and CEO, EMERGE commented, “Q2 was a major turning point for EMERGE, as we delivered our first quarter of positive organic revenue growth since late 2020, following a multi-year comedown from the artificially high pandemic levels. Across the spectrum, we delivered materially improved metrics, including year-over-year growth in GMS, Revenue, Gross Profit, Adjusted EBITDA and Net Income. We remain focused on delivering on the “return-to-revenue-growth” plan that we articulated earlier in the year, and see continued momentum in Q3 to date. Both truLOCAL and our golf business saw healthy YoY organic revenue growth. Meanwhile, Carnivore Club, our smallest brand, is a business we have actively been optimizing for profitability, while shrinking “loss-making” revenue. Excluding Carnivore Club, our Q2 revenue grew 14% year over year. Our more streamlined portfolio strategy this year has meant that most of management’s time and energy has been spent on optimizing the existing brands directly, re-igniting growth, and improving profitability. Finally, I would like to take this opportunity to offer my sincere gratitude to our unrelenting team, Board, shareholders and trusted partners as we deliver this breakthrough quarter, and look to build on this momentum for the balance of 2024 and beyond.”

Brand-Level Commentary

truLOCAL, our premium meat subscription service, and EMERGE’s largest business by revenue, saw healthy organic growth in Q2.

Management believes truLOCAL represents an outsized strategic opportunity for the Company with a large total addressable market. We view it as an anchor asset that we can build around in the food tech space at large where we have big ambitions. truLOCAL’s future growth is expected to come from a mix of consumer subscription revenue growth (core business), B2B initiatives & partnerships, geographical expansion, and acquisition opportunities down the line.

The golf vertical, which includes UnderPar and JustGolfStuff, continues to perform well. The golf business has gained from the weakening macro climate which has resulted in more golf courses returning to the marketplace platform, in some cases for the first time in years, offering more aggressive deals to seek customers.

Carnivore Club, EMERGE’s smallest business, continues to be optimized for profitability, which includes the elimination of loss-making revenue.

Excluding Carnivore Club, EMERGE’s Q2 2024 revenue increased by approximately 14%.

Outlook

EMERGE is seeing strong sales momentum through Q3 to date, and continues to execute towards a return to organic revenue growth plan in 2024, with a substantially improved profitability profile and reduced overall debt levels.

The recent interest rate cuts, as well as the highly anticipated upcoming rate reductions, are expected to result in meaningful cash savings for the business.

Top Priorities

The Company’s top priorities in the near-term are to i) continue to drive organic growth, ii) extract further operational efficiencies, and iii) opportunistically explore avenues to further pay down debt and reduce interest expense.

Voluntary Option Cancellations

EMERGE announces the voluntary cancellation of certain stock options (the “Options”) pursuant to the Company’s omnibus equity incentive plan.

A total of 2,334,390 Options were voluntarily cancelled by certain directors and officers of the Company. The Options were previously issued with an effective price of between $0.11 and $0.79 per share. Prior to this cancellation, each vested Option entitled the holder to receive one common share of the Company.

Management Transition

As part of the Company’s strategy to operate a leaner HQ team to support our more streamlined brand portfolio, Fazal Khaishgi will be stepping down from his role as Chief Operating Officer by November 2024. EMERGE has no plans to replace this position.

“On behalf of the EMERGE team, I’d like to extend our sincere gratitude to Fazal for his true partnership over the years, having played an instrumental role from our foundational stages until this point. We will continue to work closely with Fazal throughout the transition period, and wish him nothing but the best in his future endeavours,” commented Halazon.

Conference Call

Management will host a conference call on Tuesday, August 27 at 8:30 am ET to discuss its second quarter results. To access the conference call, please dial (437) 900-0527 or (888) 510-2154 and provide conference ID 21130.

Alternatively, the conference call can be accessed online at: https://app.webinar.net/37Ao90x9G2v

Selected Financial Highlights

The tables below set out selected financial information and should be read in conjunction with the Company’s consolidated financial statements and MD&A for the three months ended June 30, 2024, which are available on SEDAR.

Three months
ended June 30,

Three months
ended June 30,

Six months

 ended June 30,

Six months

 ended June 30,

2024

$

2023

$

2024

$

2023

$

Gross Merchandise Sales1

8,429,775

8,008,648

16,075,033

15,616,866

Total revenue

5,193,900

4,745,815

10,202,951

10,071,510

Adjusted EBITDA1

(73,210)

(346,047)

(172,516)

(871,723)

Net (loss) income from continuing operations

(663,363)

(1,758,822)

(653,921)

(4,167,900)

Net (loss) income

(549,190)

(1,954,819)

(63,382)

(4,084,532)

Basic and diluted (loss) per share

(0.01)

(0.02)

(0.01)

(0.04)

1

Non-GAAP Financial Measure. Refer to section “Non-GAAP Financial Measures” for additional information.

Results from WholesalePet, BattlBox, and WagJag have been reclassified to discontinued operations.

The following table highlights Adjusted EBITDA and a reconciliation of the Company’s reported results to its adjusted measures:

Three months
ended June 30,

Three months
ended June 30,

Six months

 ended June 30,

Six months
ended June 30,

2024

$

2023

$

2024

$

2023

$

Net (loss) income

(549,190)

(1,954,819)

(63,382)

(4,084,532)

Add back:

Finance costs

300,326

858,425

799,163

1,917,400

Income taxes

36,105

(538,987)

(134,378)

(767,047)

Amortization

59,533

792,870

119,190

1,587,174

EBITDA

(153,226)

(842,511)

720,593

(1,347,005)

Share-based compensation

29,363

38,359

54,635

115,564

Transaction cost

231

57,542

101,589

204,057

Foreign exchange and other losses (gains)

164,595

507,799

(458,794)

542,262

Fair value change in contingent consideration

–

(303,233)

–

(303,233)

Net loss (income) from discontinued operations

(114,173)

195,997

(590,539)

(83,368)

Adjusted EBITDA

(73,210)

(346,047)

(172,516)

(871,723)

 

The following table highlights GMS and a reconciliation of the Company’s reported results to its adjusted measures:

Three months
ended June 30,

Three months

 ended June 30,

Six months
ended June 30,

Six months

 ended June 30,

2024

$

2023

$

2024

$

2023

$

Revenue

5,193,900

4,745,815

10,202,951

10,071,510

Adjusted for:

Merchant costs deducted from net revenue

3,524,062

3,370,510

6,364,427

5,997,455

Sales added to deferred revenue and value

of orders fulfilled not included in revenue

1,838,405

1,720,662

3,792,850

3,314,377

Deferred and other adjustments to revenue recognized

(2,041,057)

(1,820,285)

(4,035,339)

(3,749,239)

Advertising revenue

(85,535)

(8,054)

(249,856)

(17,237)

GMS

8,429,775

8,008,648

16,075,033

15,616,866

About EMERGE

EMERGE (TSXV: ECOM) is a premium e-commerce brand portfolio in Canada and the U.S. Our subscription and marketplace e-commerce properties provide our members with access to unique offerings across grocery and golf verticals. Our grocery businesses include truLOCAL.ca, our premium meat subscription brand, and Carnivore Club, our artisanal meat brand. Our golf businesses include UnderPar, our discounted experiences brand, and JustGolfStuff, our golf products & apparel brand.

To learn more visit https://www.emerge-commerce.com/

Follow EMERGE:
LinkedIn | Twitter | Instagram | Facebook 

Cautionary notice

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

Non-GAAP Measures

This press release makes reference to certain non-GAAP measures. These non-GAAP measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing a further understanding of results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the financial information of the Company reported under IFRS. Gross Merchandise Sales (“GMS”), EBITDA, and Adjusted EBITDA should not be construed as alternatives to revenue or net income/loss determined in accordance with IFRS. GMS, EBITDA and Adjusted EBITDA do not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers.

GMS as defined by management is the total dollar value of customer purchases of goods and services, excluding applicable taxes and net of discounts and refunds. Management believes GMS provides a useful measure for the dollar volume of e-commerce transactions made through our platforms and an indicator for our business performance.

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and Adjusted EBITDA as defined by management means earnings before interest and financing costs, income taxes, depreciation and amortization, transaction costs, foreign exchange gains/losses, discontinued operations, unrealized gains/losses on contingent consideration and share-based compensation. Management believes that Adjusted EBITDA is a useful measure because it provides information about the operating and financial performance of EMERGE and its ability to generate ongoing operating cash flow to fund future working capital needs and fund future capital expenditures or acquisitions.

A reconciliation of the adjusted measures is included in the Company’s management discussion & analysis for the twelve months ended December 31, 2023 in the section “Non-GAAP Financial Measures” available through SEDAR at www.sedar.com.

Notice regarding forward-looking statements

This press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation statements containing the words “believes”, “anticipates”, “plans”, “intends”, “will”, “should”, “expects”, “continue”, “estimate”, “forecasts” and other similar expressions. Readers are cautioned to not place undue reliance on forward-looking information.  Actual results and developments may differ materially from those contemplated by these statements.  The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results (as applicable).  Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including the risk factors discussed in the Company’s MD&A, Prospectus Supplement and Annual Information Form and are available through SEDAR at www.sedar.com. The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

On Behalf of the Board
Ghassan Halazon
Director, President and CEO

SOURCE Emerge Commerce Ltd.

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NUH WINS GOLD AT IHF AWARDS 2026 FOR GREEN OPERATING THEATRE PROGRAMME

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 NUH won Gold and received an Honourable Mention for its sustainability efforts at the International Hospital Federation Awards 2026, alongside presentations of its green surgical initiatives, digital health and organisational improvement initiatives at the World Hospital Congress.

SINGAPORE, Oct. 21, 2026 /PRNewswire/ — The National University Hospital (NUH) has won the Gold Award (Low Carbon Healthcare) for its Green Operating Theatre programme at the International Hospital Federation (IHF) Awards 2026. The hospital also received an Honourable Mention (Hospital Sustainability Acceleration) for its system-wide approach to embedding sustainability across healthcare delivery and hospital operations.

The awards were presented at the 49th World Hospital Congress in Seoul, where NUH is also sharing other initiatives in environmental sustainability, digital health and organisational improvement.

Professor Aymeric Lim, Chief Executive Officer of NUH, said: “Healthcare must become more sustainable without compromising patient care. Our teams have shown that simple, practical changes on the ground, from the way we run our operating theatres to how we use resources, can make a real difference. This recognition belongs to the multi-disciplinary teams and partners who turned ideas into everyday practice, and who continue to improve how we care for our patients.”

Advancing low-carbon healthcare by reducing the environmental impact of surgical care

NUH’s Green Operating Theatre (OT) programme began with efforts to reduce the use of high-carbon anaesthetic gases. What started as a targeted decarbonisation initiative has since grown into a hospital-wide programme that brings together clinicians, nurses, operations teams and facilities staff to drive sustainability across surgical practices, resource use, waste management and energy management.

The programme has achieved a 99 per cent reduction in the use of desflurane, a high-carbon anaesthetic gas, and delivered annual energy savings of about 660,000 kWh by optimising operating theatre ventilation during non-operating hours.

Surgical teams redesigned instrument sets used for high-volume knee replacement procedures to better reflect routine requirements, reducing emissions by almost 10,000 kg CO2e annually while also cutting water use and sterilisation workload. Efforts have also been made to reduce unnecessary consumables and expand medical recycling streams.

Collectively, these initiatives have generated valuable insights that NUH has actively shared through inter-cluster platforms and collaborations, helping to inform the adoption of low-carbon practices across Singapore’s public healthcare system.

Embedding sustainability into everyday healthcare delivery

NUH received an Honourable Mention for its organisation-wide approach to embedding sustainability into hospital planning and operations.

Guided by the IHF Sustainability Accelerator Tool, NUH integrated sustainability into leadership oversight, strategic planning and everyday decision-making, strengthening efforts in Appropriate Value-based Care, virtual care, procurement, workforce engagement and environmental stewardship.

This system-wide approach to advancing a sustainable healthcare system has been recognised internationally. In 2025, NUH became the first hospital worldwide to receive the Joint Commission International-Geneva Sustainability Centre’s Healthcare Sustainability Certification. This year, it was the only hospital in Singapore to be accorded the highest 5-Leaf distinction in Newsweek-Statista’s World’s Greenest Hospitals index.

A new model of rehabilitation care

Recognised as one of the top three healthcare innovations selected for the International Hospital Federation’s i-to-i Innovation Hub Awards 2026, the NUH Virtual Rehabilitation Centre (VRC) is helping to extend rehabilitation beyond hospital walls.

Developed as a virtual-first rehabilitation ecosystem, the VRC combines personalised patient education, self-management tools, AI-enabled telerehabilitation, remote monitoring and digital rehabilitation pathways to support patients throughout their recovery journey. By enabling rehabilitation to continue beyond traditional clinic visits, the VRC improves access to care, strengthens patient participation in recovery and allows therapists to focus their attention on patients with more complex rehabilitation needs. The digital home exercise programme, for instance, supports around 2,000 patients and records about 21,000 logins each month, freeing up the equivalent of 66 physiotherapist workdays annually for direct patient care.

The innovation demonstrates how technology can be used not simply to digitise existing services, but to transform how rehabilitation is delivered at scale.

Helping doctors work smarter with electronic medical records

NUH also presented results from its Great Epic Transformation (GET) programme at the 49th World Hospital Congress in Seoul. The hospital-wide programme trained specialist doctors to personalise their Epic electronic medical record (EMR) workflows, using customised note templates, order sets and shortcuts to work more efficiently.

Nine months after training, participating doctors spent 10.2 per cent less time in the EMR each day, equivalent to more than 33 hours saved per doctor annually, while time spent placing orders fell by 26.5 per cent. Twelve of 13 efficiency measures improved across both medical and surgical specialties. Based on annual estimates, the overall efficiency gains are valued at more than S$91 million a year.

The programme is being extended to allied health professionals and pharmacists across NUHS, with a target of reaching more than 2,000 healthcare professionals by the end of 2026.

About the National University Hospital (NUH)­

The National University Hospital (NUH) is Singapore’s university hospital. While the hospital at Kent Ridge first received its patients on 24 June 1985, our legacy started from 1905, the date of the founding of what is today the NUS Yong Loo Lin School of Medicine. NUH is the principal teaching hospital of the medical school.

Our unique identity as a university hospital is a key attraction for healthcare professionals who aspire to do more than practise tertiary medical care. We offer an environment where research and teaching are an integral part of medicine, and continue to shape medicine and transform care for the community we care for.

We are an academic medical centre with over 1,200 beds, serving more than one million patients a year with over 50 medical, surgical and dental specialties. NUH is the only public and not-for-profit hospital in Singapore to provide trusted care for adults, women and children under one roof, including the only paediatric kidney and liver transplant programme in the country.

The NUH is a key member of the National University Health System (NUHS), one of three public healthcare clusters in Singapore. For more information, visit www.nuh.com.sg

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SOURCE National University Hospital (NUH)

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NEXCOM NGFW platforms secure growing traffic across modern academic networks

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TAIPEI, Oct. 21, 2026 /PRNewswire/ — NEXCOM, a leading supplier of network appliances, is helping academic institutions strengthen network security as digital learning expands across cloud platforms, AI-powered tools, remote access, and connected campus services.

As educational environments become more distributed, academic networks must support growing traffic and diverse connections while protecting sensitive data and maintaining reliable access to learning resources. NEXCOM’s Next-Generation Firewall (NGFW) platforms provide a centralized security layer for inspecting and controlling traffic across campus and remote environments.

Learn more about securing digital learning environments in the joint case study.

Centralized Security for Digital Learning

On campus, NGFW platforms can inspect traffic between academic networks and external resources as students and faculty access learning platforms and web services. For remote users, secure VPN connectivity supports authorized access to internal resources while enabling centralized security policies.

“Every new digital service in education adds value for students and educators, but it also adds traffic, connections, and another layer of security responsibility,” says Allan Chiu, VP of Networking and Communication Solutions at NEXCOM. “The challenge is making sure security keeps pace without slowing down the learning experience. NEXCOM’s NGFW platforms provide the performance and scalability needed to secure modern, highly distributed academic networks.”

Scalable Platforms for Network Security

NEXCOM’s portfolio provides scalable platforms for firewall, edge security, secure remote access, and demanding network security workloads. Key platforms include:

NSA 7160R: A 2U high-performance security platform powered by dual Intel® Xeon® Scalable processors, with eight PCIe 5.0 expansion slots and throughput of up to 1.6 Tbps.FTA 5190: A compact 1U edge server powered by Intel Xeon 6 SoC technology, designed for reliable connectivity and security at the network edge.

About NEXCOM

Founded in 1992 and headquartered in Taipei, Taiwan, NEXCOM is shaping the future of AI-powered networking with its software-defined solutions. Through its Network and Communication Solutions (NCS) unit, NEXCOM delivers cutting-edge platforms for Cybersecurity, OT Security, SD-WAN, SASE, Load Balancing, 5G uCPE, edge AI, and more. NCS specializes in professional design and manufacturing services, enabling reliable and scalable network infrastructures for businesses of all sizes. With a focus on innovation, NEXCOM’s solutions empower customers worldwide to build resilient, high-performance networks tailored to the demands of tomorrow’s connectivity challenges.

View original content to download multimedia:https://www.prnewswire.com/news-releases/nexcom-ngfw-platforms-secure-growing-traffic-across-modern-academic-networks-302916203.html

SOURCE NEXCOM International Co., Ltd.

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Forrester’s 2027 B2B Go-To-Market Predictions: AI Agents Will Influence 75% Of B2B Purchase Decisions

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To remain competitive, providers must strengthen customer trust, substantiate value claims, and offer human expertise and guidance

SINGAPORE, Oct. 22, 2026 /PRNewswire/ — According to Forrester’s (Nasdaq: FORR) 2027 B2B go-to-market predictions, business buyers will increasingly deploy AI agents to handle tasks across the buying process, from supplier discovery and information gathering to contract-renewal analysis. While truly autonomous buying will remain concentrated in high-volume, low-risk, and repeatable purchases, the ubiquity of these agents will require providers to ensure that their systems and sellers can respond with speed, accuracy, and consistency.

Forrester’s B2B Predictions reports, covering topics including B2B go-to-market strategy, business buyers, and content and creative, offer forward-looking insights to help executives and their teams anticipate change, reduce uncertainty, and make confident decisions ahead of market shifts. Key highlights from the 2027 B2B go-to-market predictions include:

Buyers will double their human interactions to validate AI-generated recommendations. As AI becomes the primary interface for researching products and providers, buyers will encounter more AI-generated recommendations, synthetic content, automated outreach, and agent-mediated interactions. Since AI cannot fully judge service provider fit, feasibility, trust, or accountability, buyers will require conversations with provider teams and trusted third parties including analysts, customer references, and partners to confirm and validate buying decisions.Two-thirds of providers will lose deals because buyers cannot verify claims. Buyers already use AI-assisted search and analysis tools to gather information about products and vendors, synthesize provider claims, and fact check. As the reliance on these capabilities continue to advance, go-to-market teams will need to act fast to restructure content discovery for AI tools, including providing credible and consistent proof points that AI tools can index and validate.Most CMOs will cut programs or accept reduced capacity after overestimating AI gains. As pressure intensifies to reduce personnel costs with AI, marketing leaders will eliminate as many as 25% of roles in anticipation of productivity gains that fail to meet expectations. As a result, they will have to choose between cutting program budgets to restore capacity through rehiring, contractors, or agency support or accept reduced execution with a smaller team. In either case, lower campaign investment, weaker execution, or both will reduce marketing’s overall value contribution.

“In 2027, the defining challenge for B2B go-to-market leaders will be to make deliberate choices about what to automate and where human judgment still matters,” said Sharyn Leaver, chief research officer at Forrester. “As AI becomes ubiquitous across the buying process, B2B leaders that pair AI-driven speed and convenience with transparency, control, and trust will extract the most value from AI.”

Resources:

Download Forrester’s 2027 Predictions guide for B2B go-to-market.Register for Forrester’s webinar exploring the key trends reshaping B2B go-to-market strategies in 2027.Learn how to turn these predictions into action through Forrester’s global B2B events and research programs.

About Forrester
Forrester (Nasdaq: FORR) is one of the most influential research and advisory firms in the world. We empower leaders in technology, customer experience, digital, marketing, revenue, and product functions to make confident decisions in an AI-driven world and accelerate growth through customer obsession. Our unique research and continuous guidance model helps executives and their teams achieve their initiatives and outcomes faster and with confidence. To learn more, visit Forrester.com.

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SOURCE Forrester

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