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Spectra7 Announces Financial Results for Second Quarter 2024

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Strengthened Balance Sheet with C$12.5 Million in New Capital in the Second Quarter, C$11.7 Million in Debt Eliminated

Advancing Key Data Center Testing Activity

SAN JOSE, Calif., Aug. 29, 2024 /CNW/ — (TSXV:SEV) (OTCQB:SPVNF) Spectra7 Microsystems Inc. (“Spectra7” or the “Company”), a leader in high-performance analog semiconductors for broadband connectivity markets, such as AI networks, hyperscale data centers, and AR/VR, today announced its financial results for the three and six months ended June 30, 2024. A copy of the unaudited interim consolidated financial statements for the three and six months ended June 30, 2024, and the corresponding management’s discussion and analysis (the “MD&A”) will be available under the Company’s profile on www.sedarplus.ca. Unless otherwise indicated, all dollar amounts in this press release are expressed in US dollars.

Second quarter 2024 financial highlights

Second quarter 2024 revenue was $0.9 million, increased from $0.8 million in the first quarter 2024 and decreased from $3.3 million in the second quarter 2023.Gross margin1 was 64%, compared to 41% in the preceding quarter and 63% in the prior year second quarter.Non-IFRS operating expenses2 were $2.5 million, increased from $2.1 million in the first quarter 2024 and $2.4 million in the second quarter 2023.Basic and diluted loss per share for the second quarter 2024 was $(0.17), compared with a basic and diluted loss per share of $(0.06) in the first quarter 2024 and $(0.03) in the second quarter 2023.EBITDA3 loss for the second quarter was $1.7 million, compared with an EBITDA loss of $1.4 million for the first quarter 2024 and an EBITDA loss of $148,000 in the second quarter 2023.

The Company completed a private placement of units for gross proceeds of approximately C$12.5 million. Additionally, the Company eliminated C$11.7 million in long-term debt by converting its outstanding debentures into equity securities on May 15, 2024.

 “Spectra7 remains focused on advancing to commercial orders from top global datacenter customers for its new 100Gbps active copper cable products4. The Company is actively engaged in testing with data center and other customers, supported by our newly strengthened balance sheet,” said Ron Pasek, Interim Chief Executive Officer.

NOTES:

1 Gross margin is a non-GAAP measure which is computed as revenue less cost of sales divided by revenue. Refer to “Revenue and Gross Margin” in the MD&A and the table below for reconciliation to measures reported in the Company’s financial statements.

Three Months Ended June 30,

Six Months Ended June 30,

(In thousands)

(In thousands)

2024

2023

Change

2024

2023

Change

$

$

$

%

$

$

$

%

Revenue

862

3,266

(2,404)

(74 %)

1,678

6,401

(4,723)

(74 %)

Cost of sales

314

1,211

(897)

(74 %)

797

2,383

(1,585)

(67 %)

Gross profit

548

2,056

(1,507)

(73 %)

881

4,018

(3,137)

(78 %)

Gross margin %

64 %

63 %

1 %

53 %

63 %

(10 %)

2 Non-IFRS operating expenses is a non-GAAP measure which includes research and development, sales and marketing, general and administrative expenses and depreciation and amortization for capital equipment and right-of-use assets and excludes share-based compensation expense, non-recurring termination costs, interest and related financing costs, change in fair value of warrant liabilities, foreign exchange gain/loss and gain/loss from property and equipment disposal. Refer to “Non-GAAP Measures” in the MD&A and the table below for reconciliation to measures reported in the Company’s financial statements.

in thousands

2022

2023

2024

Sep 30

Dec 31

 Mar 31

Jun 30

Sep 30

Dec 31

Mar 31

Jun 30

$

$

$

$

$

$

$

$

Total expenses – IFRS

2,936

3,210

3,053

3,330

3,086

4,479

2,575

9,866

Share‑based compensation

567

469

541

486

288

334

182

270

Interest on lease obligation of right-of-use assets

4

3

1

4

4

3

1

3

Accretion expense

463

425

370

389

411

493

538

142

Other income

(12)

(30)

(9)

10

Foreign exchange gain

(9)

354

(72)

57

(110)

143

(211)

27

Extingushment of convertible debt

6,922

Termination cost

Non-IFRS operating expenses

1,911

1,959

2,212

2,407

2,523

3,515

2,065

2,491

in thousands

2022

2023

2024

Sep 30

Dec 31

 Mar 31

Jun 30

Sep 30

Dec 31

Mar 31

Jun 30

$

$

$

$

$

$

$

$

Research and development, net of investment
tax credits and including amortization of licenses

985

928

995

1,195

1,409

1,154

1,040

1,123

Sales and marketing

224

280

269

252

271

325

279

270

General and administrative

635

684

881

891

762

1,947

657

1,014

Depreciation of right-of-use assets

60

60

60

60

60

60

60

57

Depreciation of property and equipment

7

8

8

8

21

28

28

28

Non-IFRS operating expenses

1,911

1,959

2,212

2,407

2,523

3,515

2,065

2,491

3 EBITDA or earnings before interest, tax, depreciation, and amortization is a non-GAAP measure. EBITDA excludes share-based compensation, amortization, depreciation, interest, and tax expenses. Refer to “Non-GAAP Measures” in the MD&A and the table below for reconciliation to measures reported in the Company’s annual financial statements.

in thousands

2022

2023

2024

Sep 30

Dec 31

 Mar 31

Jun 30

Sep 30

Dec 31

Mar 31

Jun 30

$

$

$

$

$

$

$

$

Net loss

(1,461)

(1,231)

(1,090)

(1,275)

(1,500)

(4,315)

(2,242)

(9,318)

Depreciation of right-of-use assets

60

60

60

60

60

60

60

57

Depreciation of property and equipment

7

8

8

8

21

28

28

28

Depreciation expense – COGS

31

35

35

30

31

31

32

32

Amortization – intangible assets

137

55

76

105

90

179

167

167

Share-based compensation

567

469

541

486

288

334

182

270

Interest on lease obligation of right-of-use assets

4

3

1

4

4

3

1

3

Accretion expense

463

425

370

389

411

493

538

142

Other income

(12)

(30)

(9)

10

Foreign Tax

(216)

(119)

Foreign exchange gain

(9)

354

(72)

57

(110)

143

(211)

27

Extingushment of convertible debt

6,922

Other income

EBITDA

(201)

(38)

(70)

(148)

(734)

(3,172)

(1,445)

(1,659)

4 This is forward-looking information and is based on a number of assumptions. See “Cautionary Notes” below.

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. is a high-performance analog semiconductor company delivering unprecedented bandwidth, speed and resolution to enable disruptive industrial design for leading electronics manufacturers in virtual reality, augmented reality, mixed reality, data centers and other connectivity markets. Spectra7 is based in San Jose, California with a design center in Cork, Ireland and a technical support location in Dongguan, China. For more information, please visit www.spectra7.com. 

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

CAUTIONARY NOTES

Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, the Company’s expectation that it will advance to commercial orders from top global datacenter customers for its new 100Gbps active copper cable products, and the Company’s strategy, plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only the Company’s expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied or forecasted in such forward-looking statements. Additional factors that could cause actual results, performance or achievements to differ materially include, but are not limited to, the risk factors discussed in the Company’s management’s discussion and analysis for the year ended December 31, 2023.. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. These forward-looking statements are made as of the date of this press release and the Company assumes no obligation to update or revise them to reflect subsequent information, events or circumstances or otherwise, except as required by law.

For more information, please contact:

Matt Kreps, Managing Director
Darrow Associates Investor Relations
mkreps@darrowir.com  
214-597-8200

Spectra7 Microsystems Inc.
Dave Mier
Interim Chief Financial Officer
925-858-7011
ir@spectra7.com

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Keeper Security Launches Integration With Wiz to Remediate Critical Cloud Vulnerabilities

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With new integration, Keeper’s identity security platform remediates vulnerabilities discovered by Wiz, enabling closed-loop protection across cloud environments.

CHICAGO, June 16, 2026 /PRNewswire/ — Keeper Security, the leading zero-trust and zero-knowledge identity security and Privileged Access Management (PAM) platform, today announces a new integration with Wiz, a leading cloud and AI security platform that is now part of Google Cloud. Joining the Wiz Integration Network establishes Keeper as a remediation engine for identity security vulnerabilities discovered by Wiz, closing the loop between cloud security detection and active risk resolution. When Wiz identifies an identity-related vulnerability, spanning human users, machine identities, AI agents and database accounts, it automatically surfaces the finding in Keeper’s Cloud Security dashboard, where security teams can review and remediate each issue directly within KeeperPAM®.

As cloud environments grow more complex, organizations face an expanding attack surface driven by the rapid proliferation of Non-Human Identities (NHIs), autonomous AI agents and over-privileged service accounts. Wiz surfaces these risks with unmatched cloud visibility and Keeper provides joint customers with an automated, trusted path from discovery to remediation.

“Finding a vulnerability is the first half of the battle,” said Craig Lurey, CTO and Co-founder of Keeper Security. “By integrating with Wiz, Keeper helps customers rotate compromised credentials, enforce privileged access management and reduce over-permissioned identities, turning Wiz’s detection power into faster, more decisive risk reduction. This is the future of cloud security – detection and remediation working as one, giving security teams a clear path from vulnerability discovery to resolution across the identities and workloads that matter most.”

“We’re happy to welcome Keeper to the Wiz Integration Network,” said Oron Noah, VP of Product, Extensibility & Partnerships at Wiz. “Together, we’re helping customers connect cloud risk findings with privileged access controls, making it easier to move from discovery to remediation. By bringing cloud visibility and access management into a unified workflow, teams can better secure both human and machine identities at scale.”

At the heart of the integration is a real-time workflow that transforms Wiz’s Issues into Keeper-driven remediation actions. When a Wiz customer enables the Keeper integration, Wiz scans the cloud environment for identity security vulnerabilities within Keeper’s remediation scope. Security teams can then select a finding and execute the appropriate remediation action through KeeperPAM:

Rotate compromised credentials and vault updated secretsBring unmanaged accounts under PAM governanceReduce excessive privileges for users, service accounts and IAM rolesMap Wiz Issues to existing PAM records or onboard new resourcesSubmit resolutions back to Wiz to close the loop on each finding

This tight integration bridges the gap between cloud security detection and identity security remediation, giving security teams a single, closed-loop workflow. Rather than manually triaging Wiz Issues and separately executing remediation steps in Keeper, KeeperPAM works alongside Wiz by automatically receiving identity-related Issues and streamlining the remediation steps. For teams, this results in accelerated Mean Time To Remediation (MTTR) and a dramatically reduced window of exposure before a vulnerability can be exploited.

The integration is especially powerful in AI-native environments, where autonomous agents and service accounts can rapidly accumulate excessive permissions across cloud infrastructure. Wiz’s AI Application Protection Platform (AI-APP) detects over-privileged AI agents, insecure service configurations and other AI-native risks. Keeper serves as a designated remediation engine, enforcing least privilege policies and enabling just-in-time access controls for AI agents in response. Together, they secure the full AI lifecycle from code to runtime, without requiring manual intervention from security teams.

Key benefits include:

Streamlined Identity Remediation: When Wiz discovers an identity security vulnerability, Keeper takes action – rotating compromised credentials, enforcing PAM controls and reducing excess privileges – streamlining the steps between detection and resolution.Closed-Loop Security Workflow: Connect Wiz’s industry-leading cloud and AI vulnerability detection directly to Keeper’s privileged access management platform for a complete detect-to-remediate pipeline that operates at cloud scale.Accelerated Mean Time to Remediation: By accelerating response to identity vulnerabilities at the moment of discovery, organizations dramatically shrink the window of exposure and reduce the risk of breach escalation.Comprehensive Identity Coverage: Remediation scope covers the full range of identity types, including human users, machine identities, AI agents and database accounts, ensuring no privileged entity goes unmanaged across cloud environments.

KeeperPAM, Keeper’s cloud-native privileged access management platform, unifies password, secrets and connections management with zero-trust network access, endpoint privilege management and remote browser isolation in a single solution. Built on a zero-trust and zero-knowledge architecture, KeeperPAM provides real-time visibility, automated credential security and AI-powered session monitoring to help organizations prevent breaches and maintain compliance across hybrid and multi-cloud environments.

By connecting detection directly to remediation, Keeper and Wiz give security teams the confidence that cloud risks are not just visible, but actively resolved. KeeperPAM’s zero-trust architecture ensures every remediation action maintains a verifiable chain of custody – from Wiz’s initial finding through to Keeper’s corrective action – supporting both continuous compliance and audit readiness.

Keeper’s integration with Wiz is available now. Review the full release notes in the Keeper documentation.

About Keeper Security
Keeper Security is the leading zero-trust and zero-knowledge identity security solution, trusted by millions of people and thousands of organizations globally. KeeperPAM® is Keeper’s privileged access management platform that unifies password and passkey management, secrets management, privileged session management and endpoint privilege management in a single cloud-native platform, protected with quantum-resistant encryption. KeeperAI delivers real-time, AI-native threat detection across every privileged session. As AI agents proliferate and identity becomes the defining attack surface, Keeper governs access for humans, machines, non-human identities and AI agents, serving as the unified control plane for access, compliance and visibility across the enterprise. For more information, visit KeeperSecurity.com.

Learn more: KeeperSecurity.com

Follow Keeper: Facebook Instagram LinkedIn X YouTube TikTok

Media Contact
Katherine Benfield
ICR for Keeper Security
keepersecurity@icrinc.com

 

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Benzinga Launches Institutional Portfolio Intelligence API for Faster Institutional Ownership Intelligence

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DETROIT, June 16, 2026 /PRNewswire/ — Benzinga, a leading provider of market intelligence and financial data APIs, today announced the launch of its Institutional Portfolio Intelligence API. The new dataset is designed to help brokerages, fintech platforms, quantitative researchers, and investor applications uncover signals hidden within hedge fund and institutional portfolios.

The dataset provides institutional holdings, capital flow trends, portfolio analytics, and ownership intelligence across more than 11,000 U.S. equities and ETFs. It delivers portfolio intelligence covering more than 8,000 hedge funds and institutional managers representing over $50 trillion in assets under management.

Unlike many institutional ownership datasets that refresh on quarterly reporting cycles, Benzinga’s Institutional Portfolio Intelligence API instantly incorporates newly filed 13F disclosures as they become available. Firms can use this data to identify emerging trends, monitor shifts in institutional conviction, and uncover actionable insights from large-scale portfolio activity sooner.

As investors seek deeper insights beyond traditional market data, understanding how professional money managers allocate capital has become an increasingly valuable source of intelligence.

“While institutional holdings are reported quarterly, the market doesn’t wait for quarterly data refreshes,” said Clint Rhea, Manager of Institutional and Channel Partnerships at Benzinga. “Our Institutional Portfolio Intelligence API captures new 13F disclosures as they are filed, allowing clients to identify position initiations, exits, and conviction changes from some of the world’s largest investors as quickly as possible. Whether you’re monitoring a crowded short, tracking institutional accumulation, validating an investment thesis, or understanding how professional money managers are allocating capital, speed and breadth of coverage matter. This dataset delivers on all of them.”

Key capabilities of the Institutional Portfolio Intelligence API include:

Institutional holdings and portfolio dataOwnership trends and capital flow analysisConsensus fund positioning insightsPortfolio concentration and allocation analyticsOutlier trade and conviction signal identificationHistorical coverage dating back to 2013Coverage across 11,000+ U.S. equities and ETFs (and 20,000+ delisted tickers)Fund sentiment by ticker, theme, industry or sectorFund performance and copy-traded returnsFund P/L and other fund manager metricsReal-time raw filings and insights

The dataset is designed for integration into brokerage platforms, portfolio research tools, screening applications, quantitative models, and investor-facing experiences. Available via API, WebSockets, and flat file delivery, the solution enables firms to incorporate institutional intelligence directly into their products and workflows.

The launch further expands Benzinga’s growing suite of institutional-grade market data solutions, helping clients build more informed investing experiences powered by actionable intelligence, alternative datasets, and more timely visibility into institutional portfolio activity.

About Benzinga

Benzinga is a leading financial media and data technology company that empowers investors with high-quality, real-time market intelligence. Through its news platform, APIs, and data products, Benzinga provides traders, financial institutions, and fintech platforms with the insights they need to make smarter investment decisions. From breaking news and analyst ratings to corporate events and alternative datasets, Benzinga’s tools help market participants stay ahead of the information that drives price movement.

To learn more, visit www.benzinga.com/apis/.

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Made Card and Multiply Mortgage Partner to Extend Homeowner Benefits Beyond Closing Day

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NEW YORK, June 16, 2026 /PRNewswire/ — Made Card, the first credit card purpose-designed for the homeowner, today announced a partnership with Multiply Mortgage, the leading provider of homeownership benefits, helping employees across 1,200+ employers finance homes with lower rates and concierge-level support through their workplace.

Made is designed for what comes after closing day. Multiply connects employees to expert loan advisors and competitive rates through a workplace benefit. Made picks up where the mortgage leaves off, turning unavoidable home costs into a measurable financial return. Through the partnership, homebuyers who finance with Multiply will receive access to a suite of exclusive benefits built for new homeowners including a sign-on bonus redeemable toward closing costs and elevated cashback on mortgage payments, utilities, maintenance, and repairs.

“This partnership is a personal one for me,” said Alex Song, Co-Founder of Made Card. “Two years ago, Multiply helped me buy my own home, and I believed in what they were building so much that I became one of their earliest investors. Today we get to build together as operators. Multiply reaches homebuyers at the exact moment they are making the largest financial decision of their lives, and they do it with a level of care I experienced firsthand. Connecting that moment to Made is exactly what this card was built for.”

“Multiply exists to make homeownership more accessible and less stressful, and Made Card extends that mission past closing day,” said Michael White, Co-Founder and CEO of Multiply Mortgage. “Our clients are navigating the biggest purchase of their lives. Pairing that with a card built around what owning actually costs is exactly the benefit our customers deserve.”

About Made Card
Made is building the first credit card purpose-designed for the homeowner’s expenses: the predictable bills, the unexpected ones, and the administrative and emotional weight that no existing financial product was built to address. Turning that unavoidable cost into a measurable financial return, Made addresses a spend category every other card ignores and is building the next-gen home ecosystem.

About Multiply Mortgage
Multiply Mortgage helps employees navigate the largest purchase of their lives: buying a home. Multiply’s financial wellness benefit offers mortgage interest rate discounts and personalized guidance throughout the home financing process, all with zero cost or administrative overhead for the company.

Media Contact
media@madecard.com
madecard.com

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