Technology

Docusign Announces Second Quarter Fiscal 2025 Financial Results

Published

2 years ago

September 5, 2024

SAN FRANCISCO, Sept. 5, 2024 /PRNewswire/ — Docusign, Inc. (NASDAQ: DOCU) today announced results for its fiscal quarter ended July 31, 2024. Prepared remarks and the news release with the financial results will be accessible on Docusign’s website at investor.docusign.com prior to its webcast.

“Docusign continued its evolution with improved business stability and increased efficiency, resulting in record operating profit,” said Allan Thygesen, CEO of Docusign. “We’re proud that we began shipping our Intelligent Agreement Management platform this quarter and we are encouraged by the early results and customer feedback.”

Second Quarter Financial Highlights

Total revenue was $736.0 million, an increase of 7% year-over-year. Subscription revenue was $717.4 million, an increase of 7% year-over-year. Professional services and other revenue was $18.7 million, an increase of 2% year-over-year.Billings were $724.5 million, an increase of 2% year-over-year.GAAP gross margin was 78.9% compared to 78.8% in the same period last year. Non-GAAP gross margin was 82.2% compared to 82.3% in the same period last year.GAAP net income per basic share was $4.34 on 205 million shares outstanding compared to $0.04 on 204 million shares outstanding in the same period last year.GAAP net income per diluted share was $4.26 on 208 million shares outstanding compared to $0.04 on 208 million shares outstanding in the same period last year.Non-GAAP net income per diluted share was $0.97 on 208 million shares outstanding compared to $0.72 on 208 million shares outstanding in the same period last year.Net cash provided by operating activities was $220.2 million compared to $211.0 million in the same period last year.Free cash flow was $197.9 million compared to $183.6 million in the same period last year.Cash, cash equivalents, restricted cash and investments were $1.0 billion at the end of the quarter.Repurchases of common stock were $200.1 million compared to $30.0 million in the same period last year.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures and Other Key Metrics.”

Operational and Other Financial Highlights:

Docusign Intelligent Agreement Management (“IAM”) General Availability: Docusign announced the beginning of general availability for IAM, a new category of AI-powered cloud software that helps streamline and automate agreement processes.

IAM Release 1 Availability: IAM applications, which include IAM Core, IAM for Sales, and IAM for CX, are now generally available in the U.S. IAM for CX went live for small and medium-sized commercial customers in North America and Australia. IAM will continue to rollout to enterprise and self-service customers across additional geographies throughout the fiscal year.

Executive Appointments: Docusign announced the following new leaders:

Paula Hansen joined Docusign as President and Chief Revenue Officer, leading enterprise and commercial sales and partnership teams worldwide. Most recently, Hansen served as President and Chief Revenue Officer at Alteryx, where she was responsible for leading the global go-to-market organization, which includes worldwide sales, sales engineering, partners, marketing, customer experience, customer support and revenue operations. Prior to Alteryx, she served in senior sales roles at SAP and Cisco.Sagnik Nandy joined Docusign as Chief Technology Officer, leading all aspects of engineering, research and engineering operations. Most recently, Nandy served as President and Chief Development Officer at Okta, where he led product, engineering and design for the Workforce Identity Cloud, which includes Okta’s core identity and access management platform. Prior to Okta, he served as VP of Engineering at Google.

Guidance

The company currently expects the following guidance:

Quarter ending October 31, 2024 (in millions, except percentages):

Total revenue

$743

$747

Subscription revenue

$722

$726

Billings

$710

$720

Non-GAAP gross margin

81.0 %

82.0 %

Non-GAAP operating margin

28.5 %

29.5 %

Non-GAAP diluted weighted-average shares outstanding

206

211

Fiscal Year ending January 31, 2025 (in millions, except percentages):

Total revenue

$2,940

$2,952

Subscription revenue

$2,864

$2,876

Billings

$2,990

$3,030

Non-GAAP gross margin

81.0 %

82.0 %

Non-GAAP operating margin

29.0 %

29.5 %

Non-GAAP diluted weighted-average shares outstanding

206

211

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release.

Webcast Conference Call Information

The company will host a conference call on September 5, 2024 at 2:00 p.m. PT (5:00 p.m. ET) to discuss its financial results. A live webcast of the event will be available on the Docusign Investor Relations website at investor.docusign.com. Prepared remarks and the news release with the financial results will also be accessible on Docusign’s website prior to the webcast. A live dial-in will be available domestically at 877-407-0784 or internationally at 201-689-8560. A replay will be available domestically at 844-512-2921 or internationally at 412-317-6671 until midnight (EST) September 19, 2024 using the passcode 13748491.

About Docusign

Docusign brings agreements to life. Approximately 1.6 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people’s lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign IAM, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and contract lifecycle management (CLM). Learn more at www.docusign.com.

Investor Relations:
Docusign Investor Relations
investors@docusign.com

Media Relations:
Docusign Corporate Communications
media@docusign.com

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under “Guidance” above and any other statements about expected financial metrics, such as revenue, billings, non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted weighted-average shares outstanding, and non-financial metrics, as well as statements related to our expectations regarding the benefits and rollout of the Docusign IAM platform. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

Forward-looking statements contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates, and market volatility on the global economy; our ability to estimate the size and growth of our total addressable market; our ability to compete effectively in an evolving and competitive market; the impact of any data breaches, cyberattacks or other malicious activity on our technology systems; our ability to effectively sustain and manage our growth and future expenses and maintain or increase future profitability; our ability to attract new customers and maintain and expand our existing customer base; our ability to effectively implement and execute our restructuring plans; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, including our ability to successfully incorporate generative artificial intelligence into our existing and future products; our ability to successfully execute our go-to-market and sales strategy for our IAM platform; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility or other indebtedness; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to attract large organizations as users; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of regional and global conflicts; our ability to successfully implement and maintain new and existing information technology systems, including our ERP system; and our ability to maintain proper and effective internal controls.

Additional risks and uncertainties that could affect our financial results are included in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended January 31, 2024 filed on March 21, 2024, our quarterly report on Form 10-Q for the quarter ended July 31, 2024, which we expect to file on September 6, 2024 with the Securities and Exchange Commission (the “SEC”), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law.

Non-GAAP Financial Measures and Other Key Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly-titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We present these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share: We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, amortization of debt discount and issuance costs, fair value adjustments to strategic investments, acquisition-related expenses, lease-related impairment and lease-related charges, restructuring and other related charges, as these costs are not reflective of ongoing operations and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2024 and fiscal 2025, we have determined the projected non-GAAP tax rate to be 20%.

Free cash flow: We define free cash flow as net cash provided by operating activities less purchases of property and equipment. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business, and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

Billings: We define billings as total revenues plus the change in our contract liabilities and refund liability less contract assets and unbilled accounts receivable in a given period. Billings reflects sales to new customers plus subscription renewals and additional sales to existing customers. Only amounts invoiced to a customer in a given period are included in billings. We believe billings can be used to measure our periodic performance, when taking into consideration the timing aspects of customer renewals, which represents a large component of our business. Given that most of our customers pay in annual installments one year in advance, but we typically recognize a majority of the related revenue ratably over time, we use billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands, except per share data)

2024

2023

2024

2023

Revenue:

Subscription

$ 717,366

$ 669,367

$ 1,408,849

$ 1,308,674

Professional services and other

18,661

18,320

36,818

40,401

Total revenue

736,027

687,687

1,445,667

1,349,075

Cost of revenue:

Subscription

132,372

116,185

258,974

225,127

Professional services and other

23,093

29,397

45,937

56,942

Total cost of revenue

155,465

145,582

304,911

282,069

Gross profit

580,562

542,105

1,140,756

1,067,006

Operating expenses:

Sales and marketing

287,464

294,838

569,108

575,443

Research and development

147,571

135,960

281,891

251,324

General and administrative

87,129

103,884

179,607

208,695

Restructuring and other related charges

597

811

29,721

29,583

Total operating expenses

522,761

535,493

1,060,327

1,065,045

Income from operations

57,801

6,612

80,429

1,961

Interest expense

(544)

(1,592)

(688)

(3,558)

Interest income and other income, net

14,630

17,455

28,739

29,700

Income before provision for (benefit from) income taxes

71,887

22,475

108,480

28,103

Provision for (benefit from) income taxes

(816,324)

15,080

(813,491)

20,169

Net income

$ 888,211

$ 7,395

$ 921,971

$ 7,934

Net income per share attributable to common stockholders:

Basic

$ 4.34

$ 0.04

$ 4.49

$0.04

Diluted

$ 4.26

$ 0.04

$ 4.40

$0.04

Weighted-average shares used in computing net income per share:

Basic

204,604

203,703

205,231

203,177

Diluted

208,274

208,192

209,559

208,284

Stock-based compensation expense included in costs and expenses:

Cost of revenue—subscription

$ 15,593

$ 13,081

$ 29,774

$ 24,438

Cost of revenue—professional services and other

4,998

7,286

9,700

14,016

Sales and marketing

58,778

51,563

105,049

96,889

Research and development

53,430

45,151

97,632

81,148

General and administrative

31,649

34,592

60,169

74,934

Restructuring and other related charges

208

4,836

4,988

DOCUSIGN, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)

July 31, 2024

January 31, 2024

Assets

Current assets

Cash and cash equivalents

$ 619,064

$ 797,060

Investments—current

319,289

248,402

Accounts receivable, net

309,885

439,299

Contract assets—current

13,449

15,922

Prepaid expenses and other current assets

81,693

66,984

Total current assets

1,343,380

1,567,667

Investments—noncurrent

102,537

121,977

Property and equipment, net

265,544

245,173

Operating lease right-of-use assets

117,877

123,188

Goodwill

455,519

353,138

Intangible assets, net

90,227

50,905

Deferred contract acquisition costs—noncurrent

427,599

409,627

Deferred tax assets—noncurrent

822,026

2,031

Other assets—noncurrent

129,232

97,584

Total assets

$ 3,753,941

$ 2,971,290

Liabilities and Equity

Current liabilities

Accounts payable

$ 8,116

$ 19,029

Accrued expenses and other current liabilities

93,251

104,037

Accrued compensation

178,603

195,266

Contract liabilities—current

1,307,565

1,320,059

Operating lease liabilities—current

19,769

22,230

Total current liabilities

1,607,304

1,660,621

Contract liabilities—noncurrent

23,020

21,980

Operating lease liabilities—noncurrent

115,832

120,823

Deferred tax liability—noncurrent

18,122

16,795

Other liabilities—noncurrent

28,257

21,332

Total liabilities

1,792,535

1,841,551

Stockholders’ equity

Common stock

Treasury stock

(2,670)

(2,164)

Additional paid-in capital

3,087,650

2,821,461

Accumulated other comprehensive loss

(24,548)

(19,360)

Accumulated deficit

(1,099,046)

(1,670,219)

Total stockholders’ equity

1,961,406

1,129,739

Total liabilities and equity

$ 3,753,941

$ 2,971,290

DOCUSIGN, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2024

2023

2024

2023

Cash flows from operating activities:

Net income

$ 888,211

$ 7,395

$ 921,971

$ 7,934

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

27,022

25,238

51,528

48,105

Amortization of deferred contract acquisition and fulfillment costs

57,255

50,152

111,467

98,382

Amortization of debt discount and transaction costs

139

1,249

277

2,495

Non-cash operating lease costs

4,984

5,751

9,862

11,731

Stock-based compensation expense

164,656

151,707

307,160

296,413

Deferred income taxes

(826,038)

1,797

(824,561)

3,420

Other

3,851

5,323

(782)

Changes in operating assets and liabilities:

Accounts receivable

(7,068)

(8,478)

123,571

99,803

Prepaid expenses and other current assets

(6)

2,383

(17,067)

(14,420)

Deferred contract acquisition and fulfillment costs

(68,183)

(56,830)

(131,255)

(113,356)

Other assets

(16,975)

(772)

(15,058)

(8,433)

Accounts payable

(10,412)

(11,273)

(11,575)

(20,294)

Accrued expenses and other liabilities

(4,680)

9,069

(8,160)

10,164

Accrued compensation

25,146

18,270

(19,902)

(3,312)

Contract liabilities

(11,553)

22,171

(16,526)

40,458

Operating lease liabilities

(6,141)

(6,862)

(12,021)

(13,657)

Net cash provided by operating activities

220,208

211,016

475,034

444,651

Cash flows from investing activities:

Cash paid for acquisition, net of acquired cash

(143,611)

—

(143,611)

—

Purchases of marketable securities

(103,603)

(120,542)

(223,241)

(174,372)

Maturities of marketable securities

93,509

83,318

175,623

164,017

Purchases of strategic and other investments

(125)

(120)

(625)

(120)

Purchases of property and equipment

(22,280)

(27,379)

(45,033)

(46,436)

Net cash used in investing activities

(176,110)

(64,723)

(236,887)

(56,911)

Cash flows from financing activities:

Repurchases of common stock

(200,076)

(30,008)

(349,138)

(70,480)

Settlement of capped calls, net of related costs

—

23,688

Payment of tax withholding obligation on net RSU settlement and ESPP purchase

(39,446)

(40,044)

(81,083)

(62,681)

Proceeds from exercise of stock options

454

705

1,089

832

Proceeds from employee stock purchase plan

—

20,190

18,390

Net cash used in financing activities

(239,068)

(69,347)

(408,942)

(90,251)

Effect of foreign exchange on cash, cash equivalents and restricted cash

238

1,279

(2,677)

2,290

Net increase (decrease) in cash, cash equivalents and restricted cash

(194,732)

78,225

(173,472)

299,779

Cash, cash equivalents and restricted cash at beginning of period (1)

822,759

944,755

801,499

723,201

Cash, cash equivalents and restricted cash at end of period (1)

$ 628,027

$ 1,022,980

$ 628,027

$ 1,022,980

(1) Cash, cash equivalents and restricted cash included restricted cash of $9.0 million and $4.4 million at July 31, 2024 and January 31, 2024.

DOCUSIGN, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

Reconciliation of gross profit (loss) and gross margin:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2024

2023

2024

2023

GAAP gross profit

$ 580,562

$ 542,105

$ 1,140,756

$ 1,067,006

Add: Stock-based compensation

20,591

20,367

39,474

38,454

Add: Amortization of acquisition-related intangibles

3,067

2,314

5,137

4,717

Add: Employer payroll tax on employee stock transactions

816

713

1,839

1,387

Add: Lease-related impairment and lease-related charges

—

292

—

721

Non-GAAP gross profit

$ 605,036

$ 565,791

$ 1,187,206

$ 1,112,285

GAAP gross margin

78.9 %

78.8 %

78.9 %

79.1 %

Non-GAAP adjustments

3.3 %

3.5 %

3.1 %

3.3 %

Non-GAAP gross margin

82.2 %

82.3 %

82.0 %

82.4 %

GAAP subscription gross profit

$ 584,994

$ 553,182

$ 1,149,875

$ 1,083,547

Add: Stock-based compensation

15,593

13,081

29,774

24,438

Add: Amortization of acquisition-related intangibles

3,067

2,314

5,137

4,717

Add: Employer payroll tax on employee stock transactions

595

465

1,387

930

Add: Lease-related impairment and lease-related charges

—

206

—

505

Non-GAAP subscription gross profit

$ 604,249

$ 569,248

$ 1,186,173

$ 1,114,137

GAAP subscription gross margin

81.5 %

82.6 %

81.6 %

82.8 %

Non-GAAP adjustments

2.7 %

2.4 %

2.6 %

2.3 %

Non-GAAP subscription gross margin

84.2 %

85.0 %

84.2 %

85.1 %

GAAP professional services and other gross loss

$ (4,432)

$ (11,077)

$ (9,119)

$ (16,541)

Add: Stock-based compensation

4,998

7,286

9,700

14,016

Add: Employer payroll tax on employee stock transactions

221

248

452

457

Add: Lease-related impairment and lease-related charges

—

216

Non-GAAP professional services and other gross profit

$ 787

$ (3,457)

$ 1,033

$ (1,852)

GAAP professional services and other gross margin

(23.8) %

(60.4) %

(24.8) %

(40.9) %

Non-GAAP adjustments

28.0 %

41.5 %

27.6 %

36.3 %

Non-GAAP professional services and other gross margin

4.2 %

(18.9) %

2.8 %

(4.6) %

Reconciliation of operating expenses:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2024

2023

2024

2023

GAAP sales and marketing

$ 287,464

$ 294,838

$ 569,108

$ 575,443

Less: Stock-based compensation

(58,778)

(51,563)

(105,049)

(96,889)

Less: Amortization of acquisition-related intangibles

(3,113)

(2,630)

(5,742)

(5,259)

Less: Employer payroll tax on employee stock transactions

(1,595)

(1,400)

(3,733)

(3,070)

Less: Lease-related impairment and lease-related charges

—

(815)

—

(2,171)

Non-GAAP sales and marketing

$ 223,978

$ 238,430

$ 454,584

$ 468,054

GAAP sales and marketing as a percentage of revenue

39.1 %

42.9 %

39.4 %

42.7 %

Non-GAAP sales and marketing as a percentage of revenue

30.4 %

34.7 %

31.4 %

34.7 %

GAAP research and development

$ 147,571

$ 135,960

$ 281,891

$ 251,324

Less: Stock-based compensation

(53,430)

(45,151)

(97,632)

(81,148)

Less: Employer payroll tax on employee stock transactions

(1,754)

(1,387)

(4,319)

(2,795)

Less: Lease-related impairment and lease-related charges

—

(381)

—

(873)

Non-GAAP research and development

$ 92,387

$ 89,041

$ 179,940

$ 166,508

GAAP research and development as a percentage of revenue

20.0 %

19.8 %

19.5 %

18.6 %

Non-GAAP research and development as a percentage of revenue

12.6 %

12.9 %

12.4 %

12.3 %

GAAP general and administrative

$ 87,129

$ 103,884

$ 179,607

$ 208,695

Less: Stock-based compensation

(31,649)

(34,592)

(60,169)

(74,934)

Less: Employer payroll tax on employee stock transactions

(607)

(546)

(1,285)

(978)

Less: Acquisition-related expenses

(3,358)

—

(4,716)

—

Less: Lease-related impairment and lease-related charges

—

(296)

—

(695)

Non-GAAP general and administrative

$ 51,515

$ 68,450

$ 113,437

$ 132,088

GAAP general and administrative as a percentage of revenue

11.8 %

15.1 %

12.4 %

15.4 %

Non-GAAP general and administrative as a percentage of revenue

7.0 %

10.0 %

7.8 %

9.8 %

Reconciliation of income from operations and operating margin:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2024

2023

2024

2023

GAAP income from operations

$ 57,801

$ 6,612

$ 80,429

$ 1,961

Add: Stock-based compensation

164,448

151,673

302,324

291,425

Add: Amortization of acquisition-related intangibles

6,180

4,944

10,879

9,976

Add: Employer payroll tax on employee stock transactions

4,772

4,046

11,176

8,230

Add: Acquisition-related expenses

3,358

—

4,716

—

Add: Restructuring and other related charges

597

811

29,721

29,583

Add: Lease-related impairment and lease-related charges

—

1,784

—

4,460

Non-GAAP income from operations

$ 237,156

$ 169,870

$ 439,245

$ 345,635

GAAP operating margin

7.9 %

1.0 %

5.6 %

0.1 %

Non-GAAP adjustments

24.3 %

23.7 %

24.8 %

25.5 %

Non-GAAP operating margin

32.2 %

24.7 %

30.4 %

25.6 %

Reconciliation of net income and net income per share, basic and diluted:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands, except per share data)

2024

2023

2024

2023

GAAP net income

$ 888,211

$ 7,395

$ 921,971

$ 7,934

Add: Stock-based compensation

164,448

151,673

302,324

291,425

Add: Amortization of acquisition-related intangibles

6,180

4,944

10,879

9,976

Add: Employer payroll tax on employee stock transactions

4,772

4,046

11,176

8,230

Add: Acquisition-related expenses

3,358

—

4,716

—

Add: Restructuring and other related charges

597

811

29,721

29,583

Add: Amortization of debt discount and issuance costs

—

1,294

—

2,898

Add: Fair value adjustments to strategic investments

—

119

Add: Lease-related impairment and lease-related charges

—

1,784

—

4,460

Add: Income tax and other tax adjustments

(866,572)

(22,325)

(906,950)

(54,790)

Non-GAAP net income

$ 200,994

$ 149,622

$ 373,837

$ 299,835

Numerator:

Non-GAAP net income

$ 200,994

$ 149,622

$ 373,837

$ 299,835

Add: Interest expense on convertible senior notes

—

403

Non-GAAP net income attributable to common stockholders, diluted

$ 200,994

$ 149,668

$ 373,837

$ 300,238

Denominator:

Weighted-average common shares outstanding, basic

204,604

203,703

205,231

203,177

Effect of dilutive securities

3,670

4,489

4,328

5,107

Non-GAAP weighted-average common shares outstanding, diluted

208,274

208,192

209,559

208,284

GAAP net income per share, basic

$ 4.34

$ 0.04

$ 4.49

$ 0.04

GAAP net income per share, diluted

$ 4.26

$ 0.04

$ 4.40

$ 0.04

Non-GAAP net income per share, basic

$ 0.98

$ 0.73

$ 1.82

$ 1.48

Non-GAAP net income per share, diluted

$ 0.97

$ 0.72

$ 1.78

$ 1.44

Computation of free cash flow:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2024

2023

2024

2023

Net cash provided by operating activities

$ 220,208

$ 211,016

$ 475,034

$ 444,651

Less: Purchases of property and equipment

(22,280)

(27,379)

(45,033)

(46,436)

Non-GAAP free cash flow

$ 197,928

$ 183,637

$ 430,001

$ 398,215

Net cash used in investing activities

$ (176,110)

$ (64,723)

$ (236,887)

$ (56,911)

Net cash used in financing activities

$ (239,068)

$ (69,347)

$ (408,942)

$ (90,251)

Computation of billings:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2024

2023

2024

2023

Revenue

$ 736,027

$ 687,687

$ 1,445,667

$ 1,349,075

Add: Contract liabilities and refund liability, end of period

1,334,461

1,233,894

1,334,461

1,233,894

Less: Contract liabilities and refund liability, beginning of period

(1,340,680)

(1,210,965)

(1,343,792)

(1,191,269)

Add: Contract assets and unbilled accounts receivable, beginning of period

17,179

22,936

20,189

16,615

Less: Contract assets and unbilled accounts receivable, end of period

(17,461)

(22,358)

(17,461)

(22,358)

Add: Contract assets and unbilled accounts receivable by acquisitions

—

Less: Contract liabilities and refund liability contributed by acquisitions

(5,071)

—

(5,071)

—

Non-GAAP billings

$ 724,508

$ 711,194

$ 1,434,046

$ 1,385,957

View original content:https://www.prnewswire.com/news-releases/docusign-announces-second-quarter-fiscal-2025-financial-results-302238864.html

SOURCE DocuSign, Inc.

Technology

Reach Showcases Full-Stack Product Portfolio for AI Vehicle Intelligent Evolution at Auto China 2026

Published

10 hours ago

May 1, 2026

BEIJING, April 30, 2026 /PRNewswire/ — At Auto China 2026, Reach officially unveiled its full-stack product portfolio designed to accelerate the intelligent evolution of AI vehicles. Industry leaders and experts, along with executives and representatives from Honda, Toyota, FAW, Geely, GAC, Dongfeng Voyah, FAW Jiefang, BMW, Volkswagen CARIAD, Chery, Nissan, Mazda, Hitachi Astemo, Bosch, UAES, ZTE Microelectronics and other global OEMs and industry partners, visited the booth for in-depth discussions on the future of AI-powered mobility and intelligent vehicle evolution.

At the show, Reach demonstrated how AI vehicles are moving from “responding to commands” to “understanding intent and proactively serving users.” Human-vehicle interaction is evolving from isolated smart functions to integrated intelligent experiences, creating a new vision for future mobility.

Supporting this transformation is Reach’s full-stack portfolio covering five key areas: AI Vehicle Neural Foundation, Emotional Cognition, Intelligent Driving Brain, Vehicle-Cloud Computational Brain, and Energy Heart.

At the core is NeuSAR OS, the digital foundation for AI vehicles. Backed by over 10 million production deployments, it provides secure, reliable, and scalable support for AI applications, enabling unified management of vehicle-wide capabilities, cross-domain resources, and AI Agents while improving development efficiency by 30%–50%.

Cloud OS introduces a vehicle-cloud collaborative computing architecture that allows flexible scheduling between onboard small models and cloud-based large models, reducing hardware dependency and optimizing computing costs.

For intelligent driving, Reach’s full-stack AI solution and fifth-generation architecture NeuAUTO support faster mass production across passenger and commercial vehicles through unified software architecture and end-to-end AI models.

Reach AI Data-driven EV power system enables proactive battery health management and energy optimization. It also introduced AI-powered automated testing systems to improve testing efficiency and coverage.

Reach also launched its lifecycle-wide AI Agent solution, built on a full-domain data platform and intelligent systems for planning, after-sales, and operations, it supports product planning, price forecasting, safety monitoring, and customer operations across the full vehicle lifecycle.

As AI vehicles evolve toward full-system intelligence, system-level capability building and ecosystem collaboration are becoming the key to competitiveness. Reach is collaborating with global OEMs, Tier 1 suppliers, and semiconductor partners to accelerate large-scale industrial deployment.

Looking ahead, Reach continues advancing its full-stack portfolio through stronger innovation and deeper ecosystem collaboration, enabling vehicles evolve into true intelligent agents and delivering smarter, safer, and more trusted mobility experiences worldwide.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/reach-showcases-full-stack-product-portfolio-for-ai-vehicle-intelligent-evolution-at-auto-china-2026-302759688.html

SOURCE Reach

Technology

Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale

Published

10 hours ago

May 1, 2026

Achieves profitability, scales to 11,000+ platform licenses, and strengthens balance sheet with $15.7M in cash

VANCOUVER, BC and LAS VEGAS, April 30, 2026 /PRNewswire/ – Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6), a U.S.-focused digital health infrastructure platform, is pleased to report its audited financial results for the year ended December 31, 2025. All figures are in Canadian dollars unless otherwise stated. All references to Non-GAAP Financial Measures1 2 are as reported in the Company’s amended and restated Management Discussion and Analysis dated April 30, 2026 (“MD&A”).

Revenue reached $35.4M in 2025, with $43.6M in Adjusted Revenue1 (non-GAAP) and $2.5M in Adjusted EBITDA2 (non-GAAP), reflecting strong growth and improving operating leverage.

The Company achieved net income of $1.69M and continued to scale its platform, driven by accelerating adoption of VSDHOne and expanding transaction volumes across its national healthcare network.

FULL YEAR 2025 HIGHLIGHTS

All comparisons below are to the year ended December 31, 2024, unless otherwise noted.

Revenue: $35.4M vs. $16.04M (+121% YoY)Adjusted Revenue:(1) $43.56M vs. $22.32M (+95% YoY)Adjusted EBITDA:(2) $2.5M vs. $136K (+1,765% YoY)Rising Operating Leverage: OPEX as a % of revenue fell from 38% to 22%2025 Year-end Cash Position: $15.65M vs. $1.19M (strong balance sheet improvement)Positive Adjusted EBITDA2 across the year, reflecting improving operating leverageOver 11,000 licenses signed across the VSDHOne platform, which the Company believes demonstrates strong demand and accelerating adoption

4th QUARTER 2025 HIGHLIGHTS

All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted

Revenue: $14.95M vs. $4.04M (+270% YoY)Adjusted Revenue:(1) $16.85M vs. $5.74M (+193% YoY)Adjusted EBITDA:(2) $1.58M vs. ($0.1M)Rising Operating Leverage: OPEX as a % of revenue fell to 15% in Q4 2025, versus 34% in Q4 2024

The Company believes the following Non-GAAP financial measures provide meaningful insight to its shareholders in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers.

Notes:

(1) “Adjusted Revenue” is a non-GAAP financial measure, and the figures reflect gross economic activity processed through the Company’s platform and should not be considered revenue recognized under IFRS. See “Non-GAAP Financial Measures” section below for definition.

(2) “Adjusted EBITDA” is a non-GAAP financial measure and reflects EBITDA plus additions for atypical and non-recurring charges. See “Non-GAAP Financial Measures” section below for definition.

The following table is included to provide a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable IFRS measures and to enhance the comparability and transparency of the Company’s financial performance for investors.

Three months ended December 31,

Twelve months ended December 31,

2025

2024

%
change

2025

2024

%
change

Adjusted Revenue

$ 16,853,102

$ 5,742,523

193 %

$ 43,563,753

$ 22,321,265

95 %

Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

Deduct – business partner payouts on app
service gross revenue

2,218,121

1,493,509

7,752,770

6,321,866

GAAP Revenue

$ 14,948,859

$ 4,040,578

270 %

$ 35,385,038

$ 16,044,716

121 %

Adjusted Gross Margin

$ 2,924,341

$ 1,580,387

85 %

$ 9,429,151

$ 5,650,936

67 %

Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

GAAP Gross Margin

$ 3,238,219

$ 1,371,951

136 %

$ 9,003,206

$ 5,696,253

58 %

Adjusted EBITDA

$ 1,577,760

$ (83,191)

$ 2,542,895

$ 136,334

1765 %

Deduct – amortization and depreciation

127,982

62,853

452,772

181,136

Deduct – share-based payments

8,843

87,889

82,385

614,877

Deduct – interest and accretion

452,209

–

586,354

–

Deduct – sales tax provision, net cash paid

252,603

(254,510)

252,603

(254,510)

Deduct – impairment charge

54,814

–

54,814

–

Deduct – income tax expense

(119,249)

–

(119,249)

–

Deduct – deferred tax recovery

699,586

–

699,586

–

GAAP Net Income (Loss)

$ 1,261,646

$ 20,577

6031 %

$ 1,694,304

$ (405,169)

518 %

Shane Madden, CEO of Hydreight, commented:

“2025 was a defining year for Hydreight. We transitioned from a growing platform into a scaled healthcare infrastructure business, with strong revenue growth and sustained profitability.

The acceleration we saw in the second half of the year was driven largely by the rollout of VSDHOne, which is now becoming a meaningful contributor to both revenue and long-term scalability.

As we move into 2026, our focus is on expanding our partner network, increasing transaction volume across the platform, and continuing to grow our compliant healthcare infrastructures in the United States.”

BUSINESS PERFORMANCE & DRIVERS

VSDHOne – Core Growth Engine

The Company’s VSDHOne platform, launched in 2025, was a primary driver of growth, contributing to:

Rapid onboarding of new partnersExpansion of direct-to-consumer healthcare brandsIncreased transaction volume across telehealth and pharmacy services

Revenue growth in 2025 was primarily driven by VSDHOne-related activity, combined with continued organic growth across existing partners.

The platform ramped significantly through the second half of the year, with Q4 alone contributing $14.9M in revenue, representing approximately 270% growth compared to the same period in 2024. This acceleration reflects strong demand from partners seeking compliant, turnkey solutions and demonstrates the Company’s ability to scale transaction volume efficiently across its infrastructure.

OPERATING METRICS & VOLUME GROWTH

Operational performance across the Company’s core verticals continued to strengthen throughout 2025.

The Company’s first two verticals continued their historical growth in 2025, supported by alignment with broader market trends and the introduction of direct-to-consumer products and services through Hydreight’s proprietary platform structure.

Completed Services revenue in Q4 2025 for the first vertical increased by approximately 44% compared to the same period in 2024Completed Services revenue for the first vertical in 2025 increased by approximately 17% compared to 2024New nurse sign-ups increased by approximately 45% in 2025 compared to 2024

These metrics reflect continued growth in the Company’s core service offerings, expansion of its provider network, and increasing utilization across the platform.

PLATFORM SCALE & NETWORK EFFECTS

Hydreight continues to expand its position as a leading healthcare infrastructure platform:

11,000+ licenses signed across VSDHOneNational footprint across all 50 U.S. statesNetwork of healthcare providers, pharmacies, and partners

The Company believes that this scale reflects growing demand from businesses seeking compliant, turnkey solutions to enter and expand within the U.S. healthcare market.

MULTI-VERTICAL REVENUE MODEL

Hydreight generates revenue across three primary streams:

Business partner subscription contractsTelehealth consultation and platform commissionsPharmacy sales

Growth was supported by:

Expansion of product offerings (GLP-1s, peptides, NAD, TRT, and more)Increased partner utilizationBroader adoption across wellness verticals

PROFITABILITY & OPERATING LEVERAGE

Hydreight achieved strong improvements in Adjusted EBITDA, a non-GAAP measure:

Adjusted EBITDA: $2.5M in 2025 vs. $0.14M in 2024 (+1,765% YoY)Net income (loss): $1.69M in 2025 vs. $(0.41)M in 2024

Performance strengthened meaningfully in the fourth quarter, reflecting the scaling of the platform in the second half of the year.

Q4 Adjusted EBITDA: $1.58M vs. ($0.10M) in Q4 2024

This reflects:

Platform scalabilityRevenue growth outpacing cost increasesImproved operational efficiency

This improvement reflects the operating leverage inherent in the Company’s platform model and was not solely a function of higher revenue. As transaction volumes scaled across VSDHOne, incremental revenue flowed through at higher margins, supported by a largely fixed regulatory, pharmacy, and technology infrastructure. As a result, revenue growth outpaced cost growth, driving improved profitability and demonstrating the scalability of the Company’s platform.

¹ See “Non-GAAP Financial Measures and Reconciliation”.

BALANCE SHEET & LIQUIDITY

Cash: $15.65M (vs. $1.2M in 2024)Working Capital: ~$15.7M (vs. deficiency of $2.5M in 2024)Strong capital position to support ongoing operations

The Company also completed a $15M financing in January 2026, subsequent to year‑end, further strengthening its ability to scale operations and pursue strategic initiatives.

Including the $15M financing completed in January 2026, the Company has access to over $30.7M in capital to support growth initiatives.

Please see SEDAR+ for the Company’s consolidated audited financial statements and MD&A for the year ended December 31, 2025.

STRATEGIC INITIATIVES & MILESTONES

Hydreight continues to expand its platform through strategic initiatives and partnerships.

During 2025, the Company:

Strengthened its vertically integrated healthcare infrastructureExpanded its national pharmacy networkInvested in next-generation platform capabilities (VSDHOne 2.0)Established strategic relationships to enhance product innovation and distribution

In 2026, Hydreight further expanded its strategic initiatives through an investment in Insu Therapeutics, a company focused on developing innovative delivery mechanisms for peptide-based therapies. This aligns with Hydreight’s long-term strategy of supporting next-generation treatments across its platform.

OUTLOOK

Hydreight is entering 2026 with strong momentum, supported by:

Continued onboarding of new partnersIncreasing transaction volumes across VSDHOneRecent capital deployment initiativesExpansion into new healthcare verticals

As of the end of Q1 2026, VSDHOne has surpassed 12,000 licenses sold, reflecting continued momentum in platform adoption.

Management remains focused on scaling the platform while maintaining disciplined growth and operational efficiency.

“We look forward to discussing these results in more detail on our upcoming earnings call.” -Shane Madden

ANNUAL FILINGS

The Company’s audited annual financial statements for the year ended December 31, 2025, and the associated MD&A, including a full discussion of non-GAAP financial measures and their reconciliation to IFRS measures, have been filed on SEDAR+ at www.sedarplus.ca and are available on the Company’s issuer profile. Readers are encouraged to review the complete financial statements and MD&A in conjunction with this press release. The Company refiled its MD&A to correct a typographical error in the calculation of Adjusted EBITDA. No other changes have been made.

UPCOMING EARNINGS CALL

Hydreight Technologies will host a live earnings call to discuss its Q4 and full-year 2025 financial results, provide a business update, and outline the Company’s strategic priorities heading into 2026.

Date & Time: Friday, May 1, 2026 at 9:00am – 10:00pm EST

Registration Link: https://hydreight.zoom.us/webinar/register/WN_vP-U6hAiRf2Ejg8muQcocQ

The call will include a formal presentation followed by a live Q&A session. Investors are encouraged to attend to gain deeper insight into Hydreight’s growth strategy and platform expansion.

Clarification on Engagement of GRA Enterprises

Further to the Company’s news release early last year dated February 27, 2025, the Company wishes to clarify that its prior 3-month engagement of GRA Enterprises LLC (doing business as National Inflation Association) (“GRA”) was not renewed and as such was terminated effective May 27, 2025.

Under the engagement, the Company paid GRA an aggregate fee of USD $30,000 in cash pursuant to the GRA Engagement. The fee was paid from general working capital at the commencement of the engagement. No securities, stock options, or other equity-based compensation were issued or granted in connection with the engagement.

The engagement was conducted at arm’s length and has been fully concluded, with no ongoing obligations or amounts payable by the Company. To the Company’s knowledge, neither GRA nor its principal, Gerard Adams, holds any direct or indirect interest in the Company or its securities, nor any right to acquire such an interest.

On behalf of the Board of Directors

Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.

Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™

Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company

About Hydreight Technologies Inc.
Hydreight Technologies Inc is building one of the largest mobile clinic networks in the United States. Its proprietary, fully integrated platform has hosted a network of over 3000 nurses, over 300 doctors and a pharmacy network through its Doctor networks across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network.

About VSDHOne – Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform is expected to help businesses launch direct-to-consumer healthcare brand in a matter of days in all 50 states. Compliant offerings include: GLP-1s, peptides, personalized healthcare treatments, sermorelin, testosterone replacement therapy (“TRT”), hair loss, skincare, sexual health and more. Hydreight invested in technology, legal and infrastructure to launch this platform. The VSDHOne platform offers a complete, and modular end-to-end solution for businesses looking to launch direct-to-consumer healthcare brands. From compliance and telemedicine technology to nationwide doctor and pharmacy networks, VSDHOne provides all the tools needed for a seamless entry into the online healthcare space. The platform is designed to significantly reduce the time and costs associated with launching such services, making it possible for businesses to go live in days instead of months.

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

Use of Non-GAAP Financial Measures:
The Company uses certain non-GAAP financial measures to assess its operating performance, and this press release contains non-GAAP financial measures, including “Adjusted Revenue” and “Adjusted EBITDA”. These measures are not recognized under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS or GAAP.

The Company defines Adjusted Revenue as gross cash income before adjustment for the deferred portion of business partner contract revenue and gross receipts from Hydreight App service sales. The Company defines Adjusted Gross Margin as GAAP gross margin plus inventory impairment plus the deferred portion of business partner contract revenue. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs (ii) share-based payments expense, (iii) gains/losses that are not reflective of ongoing operating performance including inventory impairment and (iv) sales tax provision, net of actual cash payments to state tax authorities.

Adjusted Revenue reflects the gross economic activity processed through the Company’s platform during the applicable period and may differ materially from revenue recognized under IFRS, which is based on revenue recognition and deferral requirements. Adjusted Revenue is not a measure of financial performance or profitability and should not be considered a substitute for revenue determined in accordance with IFRS. As used, Adjusted Revenue accelerates cash receipts relative to IFRS revenue recognition. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS.

The Company believes that these non‑GAAP measures provide information useful to investors in understanding historical operating trends and the scale of the Company’s platform relative to its peers but does not intend for such measures to represent future performance. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of other metrics presented in accordance with IFRS.

Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding expectations for the Company’s 2026 strategic outlook, growth, platform scaling initiatives, and anticipated expansion of VSDHOne and other platform offerings.

Forward‑looking information is based on management’s expectations, estimates and assumptions as of the date hereof, including assumptions regarding: continued partner adoption, stable regulatory regimes applicable to telehealth and pharmacy operations in the United States, availability of capital, and general economic conditions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company’s shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/hydreight-reports-record-fiscal-2025-results-as-vsdhone-drives-rapid-growth-and-platform-scale-302759724.html

SOURCE Hydreight Technologies Inc.

Technology

Scaled Commercial Breakthrough: OMODA & JAECOO AiMOGA Robotics Secures 1,000 Robot Orders, Boosting Smart City Deployment Step by Step

Published

10 hours ago

May 1, 2026

KUALA LUMPUR, Malaysia and WUHU, China, May 1, 2026 /PRNewswire/ — In response to steady advancement of smart city construction and the actual demand for efficient, low-cost urban public service equipment, OMODA & JAECOO officially launched the full-scale commercial layout of AiMOGA Robotics at the 2026 Chery International Business Summit in Wuhu. Centering on the theme “Driven by Scenarios, United for Growth”, the event witnessed a key industrial breakthrough: AiMOGA Intelligent Police Robots secured 1,000 intentional signing orders and completed an official concentrated delivery of 100 units, laying a solid foundation for orderly large-scale promotion and practical scenario operation in urban roads, traffic hubs and daily public governance links.

Jointly developed by OMODA & JAECOO and the professional AiMOGA technical team, the robotic product lineup covers humanoid robots, quadruped robots and core intelligent patrol robots. Drawing on the brand’s mature intelligent vehicle underlying technologies in perception, planning and control, the equipment retains high operational stability. It can well adapt to daily road conditions and climatic environments, independently completing core practical tasks such as real-time traffic guidance, illegal parking identification and fixed-route auxiliary patrols, effectively assisting local frontline staff and optimizing urban refined management efficiency.

Chery Group pointed out that intelligent vehicles and robots share core technological homology, and the batch signing and delivery officially means AiMOGA enters the stage of large-scale standardized commercialization. The products have been iteratively optimized in more than 100 real scenarios across 50 countries including Malaysia, with reliable performance that meets local application standards. Relying on supporting facilities such as university talent cooperation projects, 31 innovation laboratories and a special robot leasing platform launched at the conference, OMODA & JAECOO will steadily improve local supporting service capabilities. The brand will rely on its global channel advantages to accelerate the localized landing of embodied intelligent equipment, pragmatically empower the steady development of smart urban governance industry, and jointly build a complete regional intelligent service ecology with local partners.

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SOURCE OMODA & JAECOO