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Gaotu Techedu Announces Second Quarter 2024 Unaudited Financial Results

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BEIJING, Aug. 27, 2024 /PRNewswire/ — Gaotu Techedu Inc. (NYSE: GOTU) (“Gaotu” or the “Company”), a technology-driven education company and online large-class tutoring service provider in China, today announced its unaudited financial results for the second quarter ended June 30, 2024.

Second Quarter 2024 Highlights[1]

Net revenues were RMB1,009.8 million, increased by 43.6% from RMB703.1 million in the same period of 2023.Gross billings[2] were RMB1,653.7 million, increased by 87.4% from RMB882.3 million in the same period of 2023.Loss from operations was RMB464.8 million, compared with income from operations of RMB43.3 million in the same period of 2023.Net loss was RMB429.6 million, compared with net income of RMB56.2 million in the same period of 2023.Non-GAAP net loss was RMB418.0 million, compared with non-GAAP net income of RMB63.2 million in the same period of 2023.Net operating cash inflow was RMB386.2 million, increased by 33.8% from RMB288.5 million in the same period of 2023.

Second Quarter 2024 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

For the three months ended June 30,

2023

2024

Pct. Change

Net revenues

703,094

1,009,797

43.6 %

Gross billings

882,325

1,653,692

87.4 %

Income/(loss) from operations

43,311

(464,750)

(1,173.1) %

Net income/(loss)

56,161

(429,550)

(864.9) %

Non-GAAP net income/(loss)

63,159

(418,040)

(761.9) %

Net operating cash inflow

288,542

386,184

33.8 %

[1] For a reconciliation of non-GAAP numbers, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” at the end of this press release. Non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses.

[2] Gross billings is a non-GAAP financial measure, which is defined as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. See “About Non-GAAP Financial Measures” and “Reconciliations of non-GAAP measures to the most comparable GAAP measures” elsewhere in this press release.

Six Months Ended June 30, 2024 Highlights

Net revenues were RMB1,956.7 million, increased by 38.7% from RMB1,410.4 million in the same period of 2023.Gross billings were RMB2,383.1 million, increased by 67.7% from RMB1,421.3 million in the same period of 2023.Loss from operations was RMB542.5 million, compared with income from operations of RMB138.5 million in the same period of 2023.Net loss was RMB441.8 million, compared with net income of RMB170.0 million in the same period of 2023.Non-GAAP net loss was RMB415.0 million, compared with non-GAAP net income of RMB196.8 million in the same period of 2023.Net operating cash inflow was RMB188.7 million, increased by 161.7% from RMB72.1 million in the same period of 2023.

 

First Six Months 2024 Key Financial and Operating Data

(In thousands of RMB, except for percentages)

For the six months ended June 30,

2023

2024

Pct. Change

Net revenues

1,410,386

1,956,682

38.7 %

Gross billings

1,421,276

2,383,052

67.7 %

Income/(loss) from operations

138,450

(542,452)

(491.8) %

Net income/(loss)

170,014

(441,847)

(359.9) %

Non-GAAP net income/(loss)

196,754

(415,001)

(310.9) %

Net operating cash inflow

72,134

188,748

161.7 %

Larry Xiangdong Chen, the Company’s founder, Chairman and CEO, commented, “We achieved encouraging results in the second quarter, with net revenues increasing 43.6% year-over-year to RMB1.0 billion, reflecting strong accelerating growth momentum. As of June 30, 2024, our deferred revenue reached RMB1.6 billion, representing a 71.5% increase from the same point in time last year, ensuring robust support for our continued growth in the second half of the year.

June 16th marked the tenth anniversary of Gaotu’s founding. Over the past decade, we’ve consistently regarded learning services and teaching quality as the cornerstones of our core competencies, continuously attracting and retaining top-tier talents to drive long-term growth. While expanding rapidly, we have maintained an unwavering focus on operational efficiency. Moving forward, we remain committed to prioritizing customer needs and advancing our mission to ‘make learning better’, thereby creating lasting value for our shareholders.”

Shannon Shen, CFO of the Company, added, “We kicked off the year with robust growth and successfully carried this momentum into the second quarter, further scaling our operations while delivering results that exceeded our expectations in both revenues and gross billings. Gross billings for the first half of the year increased 67.7% to RMB2.4 billion, laying a solid foundation for further revenues growth in the second half of the year. These results reflect our ongoing efforts to boost operational efficiency, address market demand, and enhance teaching quality. Moving forward, we will maintain our focus on core education businesses, expand our product offerings, attract top talents, and refine operations to capitalize on market opportunities and drive long-term, sustainable growth.”

Financial Results for the Second Quarter of 2024

Net Revenues

Net revenues increased by 43.6% to RMB1,009.8 million from RMB703.1 million in the second quarter of 2023, which was mainly due to the continuous year-over-year growth of gross billings as a result of our sufficient and effective response to the strong market demand. Furthermore, our high-quality educational products and learning services resulted in improved recognition of our products.

Cost of Revenues

Cost of revenues increased by 70.0% to RMB313.4 million from RMB184.4 million in the second quarter of 2023. The increase was mainly due to the expansion of instructors and tutors workforce and the increased cost of learning materials.

Gross Profit and Gross Margin

Gross profit increased by 34.3% to RMB696.4 million from RMB518.7 million in the second quarter of 2023. Gross profit margin decreased to 69.0% from 73.8% in the same period of 2023.

Non-GAAP gross profit increased by 33.3% to RMB696.3 million from RMB522.3 million in the second quarter of 2023. Non-GAAP gross profit margin decreased to 69.0% from 74.3% in the same period of 2023.

Operating Expenses

Operating expenses increased by 144.2% to RMB1,161.1 million from RMB475.4 million in the second quarter of 2023. The increase was primarily due to the expansion of employees workforce and a higher expenditure on marketing and branding activities.

Selling expenses increased to RMB835.4 million from RMB324.1 million in the second quarter of 2023.Research and development expenses increased to RMB162.1 million from RMB98.4 million in the second quarter of 2023.General and administrative expenses increased to RMB163.6 million from RMB52.9 million in the second quarter of 2023.

(Loss)/Income from Operations

Loss from operations was RMB464.8 million, compared with income from operations of RMB43.3 million in the second quarter of 2023.

Non-GAAP loss from operations was RMB453.2 million, compared with non-GAAP income from operations of RMB50.3 million in the second quarter of 2023.

Interest Income and Realized Gains from Investments

Interest income and realized gains from investments, on aggregate, were RMB29.0 million, compared with a total of RMB27.4 million in the second quarter of 2023.

Other Income/(Expenses), net

Other income, net was RMB4.6 million, compared with other expenses, net of RMB6.2 million in the second quarter of 2023.

Net (Loss)/Income 

Net loss was RMB429.6 million, compared with net income of RMB56.2 million in the second quarter of 2023.

Non-GAAP net loss was RMB418.0 million, compared with non-GAAP net income of RMB63.2 million in the second quarter of 2023.

Cash Flow

Net operating cash inflow in the second quarter of 2024 was RMB386.2 million.

Basic and Diluted Net Loss per ADS

Basic and diluted net loss per ADS were both RMB1.65 in the second quarter of 2024.

Non-GAAP basic and diluted net loss per ADS were both RMB1.61 in the second quarter of 2024.

Share Outstanding

As of June 30, 2024, the Company had 172,491,283 ordinary shares outstanding.

Cash, Cash Equivalents, Restricted Cash, Short-term and Long-term Investments

As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term and long-term investments of RMB4,103.4 million in aggregate, compared with a total of RMB3,953.5 million as of December 31, 2023.

Share Repurchase

In November 2022, the Company’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$30 million of its shares, effective until November 22, 2025. In November 2023, the Company’s board of directors authorized modifications to the share repurchase program, increasing the aggregate value of shares that may be repurchased from US$30 million to US$80 million, effective until November 22, 2025.

As of August 26, 2024, the Company had cumulatively repurchased approximately 7.9 million ADSs for approximately US$27.0 million under the share repurchase program.

Business Outlook

Based on the Company’s current estimates, total net revenues for the third quarter of 2024 are expected to be between RMB1,188 million and RMB1,208 million, representing an increase of 50.5% to 53.0% on a year-over-year basis. These estimates reflect the Company’s current expectations, which are subject to change.

Conference Call

The Company will hold an earnings conference call at 8:00 AM U.S. Eastern Time on Tuesday, August 27, 2024 (8:00 PM Beijing/Hong Kong Time on Tuesday, August 27, 2024). Dial-in details for the earnings conference call are as follows:

International: 1-412-317-6061
United States: 1-888-317-6003
Hong Kong: 800-963-976
Mainland China: 400-120-6115
Passcode: 5380431

A telephone replay will be available two hours after the conclusion of the conference call through September 2, 2024. The dial-in details are:

International: 1-412-317-0088
United States: 1-877-344-7529
Passcode: 6770960

Additionally, a live and archived webcast of this conference call will be available at http://ir.gaotu.cn/. 

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook, as well as the Company’s strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s ability to continue to attract students to enroll in its courses; the Company’s ability to continue to recruit, train and retain qualified teachers; the Company’s ability to improve the content of its existing course offerings and to develop new courses; the Company’s ability to maintain and enhance its brand; the Company’s ability to maintain and continue to improve its teaching results; and the Company’s ability to compete effectively against its competitors. Further information regarding these and other risks is included in the Company’s reports filed with, or furnished to the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of this press release, and the Company undertakes no duty to update such information or any forward-looking statement, except as required under applicable law.

About Gaotu Techedu Inc.

Gaotu is a technology-driven education company and online large-class tutoring service provider in China. The Company offers learning services and educational content & digitalized learning products. Gaotu adopts an online live large-class format to deliver its courses, which the Company believes is the most effective and scalable model to disseminate scarce high-quality teaching resources to aspiring students in China. Big data analytics permeates every aspect of the Company’s business and facilitates the application of the latest technology to improve teaching delivery, student learning experience, and operational efficiency.

About Non-GAAP Financial Measures

The Company uses gross billings, non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss), each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes.

The Company defines gross billings for a specific period as the total amount of cash received for the sale of course offerings in such period, net of the total amount of refunds in such period. The Company’s management uses gross billings as a performance measurement because the Company generally bills its students for the entire course fee at the time of sale of its course offerings and recognizes revenue proportionally as the classes are delivered. For some courses, the Company continues to provide students with 12 months to 36 months access to the pre-recorded audio-video courses after the online live courses are delivered. The Company believes that gross billings provides valuable insight into the sales of its course packages and the performance of its business. As gross billings have material limitations as an analytical metrics and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies.

Non-GAAP gross profit, non-GAAP income (loss) from operations and non-GAAP net income (loss) exclude share-based compensation expenses. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and liquidity by excluding share-based expenses that may not be indicative of its operating performance from a cash perspective. The Company believes that both management and investors benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to the Company’s historical performance. A limitation of using non-GAAP measures is that these non-GAAP measures exclude share-based compensation charges that have been and will continue to be for the foreseeable future a significant recurring expense in the Company’s business.

The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP. For more information on these non-GAAP financial measures, please see the table captioned “Reconciliations of non-GAAP measures to the most comparable GAAP measures” set forth at the end of this release.

The accompanying tables have more details on the reconciliations between GAAP financial measures that are most directly comparable to non-GAAP financial measures.

Exchange Rate

The Company’s business is primarily conducted in China and a significant majority of revenues generated are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“USD”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to USD are made at a rate of RMB7.2672 to USD1.0000, the effective noon buying rate for June 28, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into USD at that rate on June 28, 2024, or at any other rate.

For further information, please contact:

Gaotu Techedu Inc.
Investor Relations
E-mail: ir@gaotu.cn 

Christensen

In China
Ms. Vivian Wang
Phone: +852-2232-3978
E-mail: gotu@christensencomms.com 

In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of June 30,

2023

2024

2024

RMB

RMB

USD

ASSETS

Current assets

    Cash and cash equivalents

636,052

1,414,853

194,690

    Restricted cash

33,901

2,397

330

    Short-term investments

2,253,910

1,780,283

244,975

    Inventory, net

24,596

38,394

5,283

    Prepaid expenses and other current assets, net

638,248

594,605

81,821

Total current assets

3,586,707

3,830,532

527,099

Non-current assets

    Operating lease right-of-use assets

189,662

424,144

58,364

    Property, equipment and software, net

533,531

599,986

82,561

    Land use rights, net

26,568

26,165

3,600

    Long-term investments

1,029,632

905,829

124,646

    Deferred tax assets

11,312

7,332

1,009

    Rental deposit

17,742

33,925

4,668

    Other non-current assets

18,155

17,941

2,469

TOTAL ASSETS

5,413,309

5,845,854

804,416

LIABILITIES

Current liabilities

    Accrued expenses and other current liabilities
      (including accrued expenses and other current
      liabilities of the consolidated VIE without
      recourse to the Group of RMB484,222
      and RMB759,764 as of December 31, 2023
      and June 30, 2024, respectively)

805,032

1,104,567

151,992

    Deferred revenue, current portion of the
      consolidated VIE without recourse to the Group

1,113,480

1,391,924

191,535

   Operating lease liabilities, current portion
      (including current portion of operating lease
      liabilities of the consolidated VIE without
      recourse to the Group of RMB34,401 and
      RMB90,046 as of December 31, 2023 and
      June 30, 2024, respectively)

50,494

107,521

14,795

Income tax payable (including income tax
   payable of the consolidated VIE without
   recourse to the Group of RMB4,210 and
   nil as of December 31, 2023 and June 30,
   2024, respectively)

4,278

62

9

Total current liabilities

1,973,284

2,604,074

358,331

 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated balance sheets

(In thousands of RMB and USD, except for share, per share and per ADS data)

As of December 31,

As of June 30,

2023

2024

2024

RMB

RMB

USD

Non-current liabilities

    Deferred revenue, non-current portion of
      the consolidated VIE without recourse
      to the Group

124,141

190,211

26,174

    Operating lease liabilities, non-current
      portion (including non-current portion
      of operating lease liabilities of the
      consolidated VIE without recourse
      to the Group of RMB121,277 and
      RMB294,494 as of December 31, 2023
      and June 30, 2024, respectively)

137,652

308,760

42,487

   Deferred tax liabilities(including deferred
     tax liabilities of the consolidated VIE
     without recourse to the Group of
     RMB71,850 and RMB71,079 as of
     December 31, 2023 and June 30, 2024,
     respectively)

71,967

71,123

9,787

TOTAL LIABILITIES

2,307,044

3,174,168

436,779

SHAREHOLDERS’ EQUITY

    Ordinary shares

116

116

16

    Treasury stock, at cost

(85,178)

(98,307)

(13,527)

    Additional paid-in capital

7,987,957

7,986,214

1,098,940

    Accumulated other comprehensive loss

(33,209)

(11,069)

(1,523)

    Statutory reserve

50,225

50,225

6,911

    Accumulated deficit

(4,813,646)

(5,255,493)

(723,180)

TOTAL SHAREHOLDERS’ EQUITY

3,106,265

2,671,686

367,637

TOTAL LIABILITIES AND TOTAL
  SHAREHOLDERS’ EQUITY

5,413,309

5,845,854

804,416

 

 

Gaotu Techedu Inc.

Unaudited condensed consolidated statements of operations

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended June 30,

For the six months ended June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

703,094

1,009,797

138,953

1,410,386

1,956,682

269,248

Cost of revenues

(184,380)

(313,433)

(43,130)

(344,362)

(584,847)

(80,478)

Gross profit

518,714

696,364

95,823

1,066,024

1,371,835

188,770

Operating expenses:

Selling expenses

(324,065)

(835,397)

(114,954)

(601,086)

(1,341,778)

(184,635)

Research and development expenses

(98,402)

(162,101)

(22,306)

(195,379)

(313,708)

(43,168)

General and administrative expenses

(52,936)

(163,616)

(22,514)

(131,109)

(258,801)

(35,612)

Total operating expenses

(475,403)

(1,161,114)

(159,774)

(927,574)

(1,914,287)

(263,415)

Income/(loss) from operations

43,311

(464,750)

(63,951)

138,450

(542,452)

(74,645)

Interest income

19,780

21,274

2,927

33,073

39,947

5,497

Realized gains from investments

7,658

7,732

1,064

18,382

14,284

1,966

Other (expenses)/income, net

(6,153)

4,559

627

5,913

48,256

6,640

Income/(loss) before provision for
income tax and share of results of
equity investees

64,596

(431,185)

(59,333)

195,818

(439,965)

(60,542)

Income tax (expenses)/benefits

(4,250)

1,635

225

(21,619)

(1,882)

(259)

Share of results of equity investees

(4,185)

–

–

(4,185)

–

–

Net income/(loss)

56,161

(429,550)

(59,108)

170,014

(441,847)

(60,801)

Net income/(loss) attributable to
Gaotu Techedu Inc.’s ordinary
shareholders

56,161

(429,550)

(59,108)

170,014

(441,847)

(60,801)

Net income/(loss) per ordinary share

Basic

0.32

(2.48)

(0.34)

0.98

(2.56)

(0.35)

Diluted

0.31

(2.48)

(0.34)

0.95

(2.56)

(0.35)

Net income/(loss) per ADS

Basic

0.21

(1.65)

(0.23)

0.65

(1.71)

(0.23)

Diluted

0.21

(1.65)

(0.23)

0.63

(1.71)

(0.23)

Weighted average shares used in net
income/(loss) per share

Basic

174,603,256

173,044,221

173,044,221

173,839,911

172,686,709

172,686,709

Diluted

179,933,329

173,044,221

173,044,221

179,520,278

172,686,709

172,686,709

Note: Three ADSs represent two ordinary shares.

 

 

Gaotu Techedu Inc.

Reconciliations of non-GAAP measures to the most comparable GAAP measures

(In thousands of RMB and USD, except for share, per share and per ADS data)

For the three months ended June 30,

For the six months ended June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Net revenues

703,094

1,009,797

138,953

1,410,386

1,956,682

269,248

Less: other revenues(1)

20,634

29,233

4,023

36,356

56,500

7,775

Add: VAT and surcharges

42,406

62,586

8,612

86,950

119,993

16,512

Add: ending deferred revenue

922,576

1,582,135

217,709

922,576

1,582,135

217,709

Add: ending refund liability

57,650

85,520

11,768

57,650

85,520

11,768

Less: beginning deferred revenue

770,577

1,003,314

138,061

959,333

1,237,621

170,302

Less: beginning refund liability

52,190

53,799

7,403

60,597

67,157

9,241

Gross billings

882,325

1,653,692

227,555

1,421,276

2,383,052

327,919

Note (1): Include miscellaneous revenues generated from services other than courses. 

For the three months ended June 30,

For the six months ended June 30,

2023

2024

2024

2023

2024

2024

RMB

RMB

USD

RMB

RMB

USD

Gross profit

518,714

696,364

95,823

1,066,024

1,371,835

188,770

Share-based compensation expenses(1) in cost of revenues

3,585

(43)

(6)

7,575

2,278

313

Non-GAAP gross profit

522,299

696,321

95,817

1,073,599

1,374,113

189,083

Income/(loss) from operations

43,311

(464,750)

(63,951)

138,450

(542,452)

(74,645)

Share-based compensation expenses(1)

6,998

11,510

1,584

26,740

26,846

3,694

Non-GAAP income/(loss) from operations

50,309

(453,240)

(62,367)

165,190

(515,606)

(70,951)

Net income/(loss)

56,161

(429,550)

(59,108)

170,014

(441,847)

(60,801)

Share-based compensation expenses(1)

6,998

11,510

1,584

26,740

26,846

3,694

Non-GAAP net income/(loss)

63,159

(418,040)

(57,524)

196,754

(415,001)

(57,107)

Note (1): The tax effects of share-based compensation expenses adjustments were nil. 

 

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SOURCE Gaotu Techedu Inc.

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FORT WORTH, Texas, July 21, 2026 /PRNewswire/ — Wistron Corporation (“Wistron”) celebrated the grand opening of its D1 AI smart facility in Fort Worth, Texas, the site where the first NVIDIA GB300 Grace Blackwell Ultra Superchip was built and mass-produced in the United States. The US$ 700 million facility, spanning approximately 324,000 square foot, was officially unveiled during a ceremony led by Wistron Chairman Simon Lin and NVIDIA Founder and CEO Jensen Huang. Jessica Rogers, Director of the Economic Development Department for the City of Fort Worth, and Alexander Tah-ray Yui, Taiwan’s Representative to the United States, were among the government officials and business leaders who attended, marking a milestone in the expansion of Wistron’s global footprint and advanced manufacturing capabilities.

This is a key hub in Wistron’s global AI infrastructure manufacturing network. The facility runs on NVIDIA accelerated computing and integrates NVIDIA’s Nemotron and Cosmos open frontier models and Omniverse and Metropolis libraries, using digital twin technology to optimize factory design, production workflows, and operational efficiency. It is Wistron’s first U.S.-based manufacturing facility, established to serve customers locally and produce NVIDIA’s most advanced and cutting-edge products. Wistron Chairman Simon Lin said “The operation here is not typical manufacturing. It is new, very comprehensive, and high-tech. Right now we produce the NVIDIA GB300 Grace Blackwell Ultra Superchip, and beyond, we are also going to produce the NVIDIA Vera Rubin Superchip here. In the next couple of years, this location will be one of the most important, as we build AI infrastructure here in the United States. I think this is the reason we say that there will be the next chapter, and we are going to empower AI from Texas.”

Responding to Customer Needs: Texas, the Newest Global Manufacturing Hub
At this pivotal moment for global AI infrastructure, Wistron is drawing on decades of global manufacturing experience to expand its footprint in Texas, a state with a well-established ecosystem for logistics, talent recruitment, and advanced manufacturing. The new D1 facility produces the NVIDIA GB300 Grace Blackwell Ultra Superchip and soon, the NVIDIA Vera Rubin Superchip — critical to powering the next generation of AI computing. The new Fort Worth facility strengthens a critical upstream layer of the AI infrastructure supply chain by expanding domestic capacity to assemble and test NVIDIA AI systems. These servers can be integrated into NVIDIA DSX infrastructure, with DSX providing the common architecture and technologies needed to deploy and operate energy-efficient AI factories at scale.

One-Stop Operational Ecosystem Strengthens U.S. AI Supply Chain Resilience
Behind every breakthrough in AI computing lies the manufacturing capability to scale it. Wistron is expanding its AI server production capabilities from Taiwan to the United States, guided by a vision of precision, efficiency, and sustainability. This reflects a broader industry shift: AI leadership is determined not only by technological breakthroughs, but also by the operational capability to transform innovation into high-volume production with consistent quality, supply chain resilience, and predictable delivery. By establishing AI infrastructure manufacturing capacity in the United States, Wistron is building a one-stop operational ecosystem spanning manufacturing and after-sales service — shortening delivery timelines and customer support cycles, strengthening supply chain resilience, and laying the foundation for long-term competitive advantage as AI infrastructure continues to scale.

Partnering with NVIDIA to Pioneer a New Model for Smart Manufacturing and Energy Optimization
As the era of physical AI begins, Wistron is extending its smart manufacturing capabilities to the United States, creating a new model for AI infrastructure production built on digital manufacturing, energy optimization, and local operations. Jensen Huang said: “The largest infrastructure buildout in history is underway. Demand for AI factories—the engine of this next industrial revolution—is incredible, and they must be produced everywhere. Together, NVIDIA and Wistron are restoring US advanced manufacturing capacity in Texas, creating skilled jobs and strengthening America’s AI supply chain.” As demand for advanced manufacturing grows in Texas, smarter planning of production loads and energy use will give the plant greater control and flexibility over its electricity needs.

Turning Global Experience into Scalable AI Infrastructure
Simon Lin stressed that the speed the AI era demands comes with its own responsibility. “In the AI era, the pressure of speed is also a form of responsibility,” Lin said. “We don’t just need to build fast; we need to build right.”

The Fort Worth plant will serve as the core engine of Wistron’s U.S. manufacturing operations, the company said, connecting its global production network with ecosystem partners as it scales advanced AI manufacturing. Wistron said that the investment reflects efforts to deepen its technical capabilities, strengthen the resilience and efficiency of global supply chains, and support the next phase of AI infrastructure development.

About Wistron:
Wistron Corporation is a leading global technology service provider delivering advanced ICT products, AI infrastructure, and manufacturing solutions to technology brands worldwide. With more than 63,000 employees across North America, Europe, and Asia, Wistron continues to expand its AI, cloud, and advanced manufacturing capabilities to support the next generation of intelligent computing. For more information about Wistron, please visit the official website at www.wistron.com. Additional information about the event is available on the event website.

Media Contact:
Joyce WL Chou
joyce_wl_chou@wistron.com

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SOURCE Wistron Corporation

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NSG Bio Accelerates Breakthrough Biotech Innovation in Singapore

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49 minutes ago

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July 22, 2026

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New initiative under NSG Bio Tomorrow will support promising startups developing next-generation approaches in respiratory and neonatal care

SINGAPORE, July 22, 2026 /PRNewswire/ — The NSG Bio Tomorrow initiative aims at supporting emerging life sciences startups working on complex challenges in respiratory and neonatal care.

Launched through the support of Chiesi Group, The Impulse initiative will provide a selected startup with one year of NSG Bio membership and access to a dedicated laboratory bench at NSG Bio Singapore. The initiative is designed to help early-stage biotech companies move from promising science toward stronger proof-of-concept work in a fully equipped research environment.

The initiative comes at a time when the biotech industry is increasingly looking for faster, more connected ways to move high-potential science from the lab toward real-world patient impact. For startups, access to infrastructure is only one part of the challenge. Equally important are the right networks, industry visibility, technical environment, and opportunities to engage with partners who understand the path from early discovery to clinical relevance.

The programme will focus on startups developing innovative biotechnological solutions with potential relevance to chronic respiratory diseases and neonatal conditions. Areas of interest include cell therapies, gene therapies, gene-editing technologies, regenerative tissue engineering, engineered or programmable living systems, lung-targeted delivery platforms, preventive approaches, and small-molecule-based approaches.

The selected startup will gain access to NSG Bio’s laboratory infrastructure, shared workspaces, meeting facilities, and wider community of biotech entrepreneurs, researchers, scientific leaders, and industry partners. The support is intended to help the company advance key research milestones while becoming part of Singapore’s growing life-science innovation ecosystem.

For NSG Bio, the initiative is part of NSG Bio Tomorrow, its ecosystem-building arm created to expand the company’s role beyond facilities and real estate. While NSG Bio is known for providing high-quality laboratory and office infrastructure for biotech companies, NSG Bio Tomorrow focuses on building the programmes, partnerships, and opportunities that help startups grow.

“Biotech companies need more than lab space. They need access, momentum, and the right ecosystem around them,” said Hasyim Sim, Co-Founder and Chief Operating Officer, NSG Bio. “Through NSG Bio Tomorrow, we are building initiatives that help promising startups connect with partners, unlock opportunities, and move their science forward. This initiative reflects exactly the kind of role we want to play in the biotech ecosystem.”

“Chiesi is committed to supporting innovation that can make a meaningful difference for patients, and we work with entrepreneurs, researchers and partners to advance meaningful ideas,” said Fabrizio Conicella, Vice President, Center of Open Innovation & Competence at Chiesi Group. “By supporting this NSG Bio Tomorrow initiative, we want to create an opportunity for early-stage innovators to access the infrastructure and ecosystem support needed to develop impactful science in respiratory and neonatal care.”

NSG Bio Tomorrow programme also reinforces Singapore’s position as a growing hub for biotech innovation in Asia, where startups, research institutions, investors, and industry partners are increasingly coming together to support the next generation of healthcare companies.

Applications open on 22 July 2026 at 09:00 a.m. SGT. Finalists will be invited to present at a virtual pitch event, after which the selected startup will be announced.

About NSG Bio

NSG Bio is Singapore’s leading provider of BSL-2 certified co-working laboratory and office spaces, supporting life-science companies from early research through growth. Through its facilities, community, and ecosystem initiatives, NSG Bio enables biotech innovators to accelerate research, access networks, and build companies that address critical healthcare challenges.

About NSG Bio Tomorrow

NSG Bio Tomorrow is NSG Bio’s ecosystem-building arm, created to support the next generation of biotech innovation through partnerships, programmes, community initiatives, and opportunities that extend beyond physical laboratory infrastructure. Its mission is to strengthen the biotech industry by connecting startups with the resources, expertise, and networks they need to thrive.

About Chiesi Group 

Chiesi is a research-oriented international biopharmaceutical group that develops and markets innovative therapeutic solutions in respiratory health, rare diseases, and specialty care. The company’s mission is to improve people’s quality of life and act responsibly towards both the community and the environment. As a certified B Corp since 2019, Chiesi is part of a global community of businesses that meet high standards of social and environmental impact. 

With 90 years of experience, Chiesi is headquartered in Parma (Italy), with 31 affiliates worldwide, and counts more than 7,900 employees. The Group’s research and development centre in Parma works alongside 6 other important R&D hubs in France, the US, Canada, China, the UK, and Sweden. For further information please visit https://www.chiesi.com/en/home 

Media Contact
Giridharan
Laboratory Manager
NSG Bio
giridharan@nsgbio.com
87797175

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SOURCE NSG Bio

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House Judiciary Committee Passes Bill that Would Prevent Future Immigration Crises: Swift Action Needed by Full House, Says FAIR

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July 22, 2026

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WASHINGTON, July 21, 2026 /PRNewswire/ — Today, the House Judiciary Committee passed an updated version of H.R. 2, the landmark border security bill from last congressional session. The bill now awaits consideration by the full House of Representatives. The Federation for American Immigration Reform (FAIR) urges Speaker Mike Johnson to schedule a final floor vote as soon as possible.

The Secure Border Act systematically closes the loopholes that allowed the Biden administration to unleash the largest and most damaging wave of illegal immigration in American history. Enactment of this legislation would prevent future anti-borders administrations from shirking their responsibilities to secure our borders and enforce our immigration laws; asserting unlimited discretion to parole inadmissible aliens to enter the country; or releasing millions of illegal aliens into the country, rather than detaining them or returning them to the country from which they entered.

“We congratulate the Judiciary Committee for its swift action on this critical legislation,” said Dale Wilcox, executive director and general counsel of FAIR. “Ending border chaos and rampant illegal immigration was a key reason that Republicans regained control of the White House and both chambers of Congress in the last election. The clock is ticking on the 119th Congress, and Republicans only have a short time to deliver on the promises they made to voters in 2024, before the midterms.

“Right now, our immigration laws are being enforced in the interests of the American people. As the last administration demonstrated, enforcement of those laws is not guaranteed unless Congress acts to prevent similar abuse in the future. Now is the time for decisive action in the House, where this bill can be passed with a simple majority vote, and an opportunity for Senate Majority Leader John Thune to put every member of that body on record before voters go to the polls in the fall,” Wilcox concluded.

Hayley Hill, hhill@fairus.org 202-328-7004

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SOURCE Federation for American Immigration Reform (FAIR)

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