Connect with us

Technology

HIGHWAY HOLDINGS REPORTS SECOND QUARTER FISCAL YEAR 2025 RESULTS

Published

on

60.1% Year Over Year Increase in Second Quarter Revenue117.8% Year Over Year Increase in Second Quarter Gross ProfitCash and Cash Equivalents of $1.28 Per Diluted Share

HONG KONG, Oct. 10, 2024 /PRNewswire/ — Highway Holdings Limited (Nasdaq: HIHO, “the Company” or “Highway Holdings”) today reported results for the second quarter of fiscal year 2025 and the six months ended September 30, 2024, with second quarter of fiscal year 2025 revenue growth of 60.1% and gross profit growth of 117.8% on a year over year basis.

Roland Kohl, chairman, president and chief executive officer of Highway Holdings, noted, “While the positive results reflect an improving environment at our customers, we still have a lot of ground to make up to return to our normalized pre-COVID business level. The rebound continues but has been slowed by the uncertain macro environment, following the fallout of COVID, as orders for customer products have been adversely impacted by the Russia/Ukraine war and the conflict in Mid-East. In addition, our business progress is not immediately reflected on a net income comparison, and we caution investors this is not an accurate measure, because we benefitted in the year ago period from the reversal of previously taken bad debt provisions. With that being said, we are encouraged with our progress and expect an improving business environment over the coming quarters will help our business now that we have stopped the bleeding and can focus on expanding revenue growth, profitability and free cash flow.”

Mr. Kohl concluded, “We are cautiously optimistic that we have come through the worst part of this low business cycle. Even with our existing products still experiencing below normal levels of demand, we are coming online shortly with the new motor project we previously announced. Production is expected to start in the fiscal third quarter of 2025 and should ramp up in the fiscal fourth quarter of 2025. As a result, if our core existing business remains stable or improves slightly, the positive impact of the additional new business will help drive a further improvement in results. Our company is financially very healthy with over $5.6 million in cash on hand and a net cash positive position. At the same time, as part of our business growth strategy, we are evaluating numerous possible ventures, which could substantially improve the Company’s future. We are fully committed to building value for the Company and all shareholders, as we continue to build on our track record of success over the long-term.”

Select Additional Financial Results:

Gross profit for the second quarter of fiscal year 2025 was $834,000 compared with $383,000 in the year ago period mainly due to the 60.1% increase in sales over the same period. Gross profit as a percentage of sales for the second quarter of fiscal year 2025 was 39.4 percent, compared to 29.0 percent in the year ago period. Gross profit for the first half of fiscal year 2025 was $1,495,000 compared with $760,000 in the year ago period. Gross profit as a percentage of sales for the first half of fiscal year 2025 was 37.4 percent compared with 28.5 percent in the year ago period.

Selling, general and administrative expenses for the second quarter of fiscal year 2025 increased to $724,000 from $272,000, primarily reflecting the above-noted bad debt provision reversal in the year ago period.

Net income for the second quarter of fiscal year 2025 reflects a currency exchange gain of $58,000 compared to a $14,000 gain in the year ago period mainly due to a weakening of the Kyat. The Company reported a currency exchange gain of $96,000 for the first half of fiscal year 2025, compared with a $31,000 gain in the year ago period.

The Company had interest income of approximately $58,000 for the second quarter of fiscal year 2025, and interest income of approximately $103,000 for the first half of fiscal year 2025 due to the increase in interest rates.

The Company’s balance sheet remains strong, with total assets of $11.0 million dollar and cash and cash equivalents in excess of $5.6 million, or approximately $1.28 per diluted share. The cash and cash equivalent amount exceeded all of its short- and long-term liabilities by approximately $1.4 million. Total shareholders’ equity at September 30, 2024, was $6.8 million, or $1.54 per diluted share.

About Highway Holdings Limited

Highway Holdings is an international manufacturer of a wide variety of quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings’ administrative offices are located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar, and Shenzhen, China. For more information visit website www.highwayholdings.com.

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company’s revenues, operations, markets, products and prices, and other factors discussed in the company’s various filings with the Securities and Exchange Commission, including without limitation, the company’s annual reports on Form 20-F.

(Financial Tables Follow)

 

HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Statement of Income

(Dollars in thousands, except per share data)

(Unaudited)

Three Months Ended

Six Months Ended

September 30,

September 30,

2024

2023

2024

2023

Net sales

$2,117

$1,322

$3,996

$2,669

Cost of sales

1,283

939

2,501

1,909

Gross profit

834

383

1,495

760

Selling, general and administrative expenses

724

272

1,382

1,049

Operating income/(loss)

110

111

113

(289)

Non-operating items

Exchange gain /(loss), net

58

14

96

31

Interest income

58

53

103

93

Gain/(Loss) on disposal of assets

13

13

Other income/(expenses)

5

6

12

6

Total non-operating income/ (expenses)

121

86

211

143

Net income before income tax and non-controlling interests

231

197

324

(146)

Income taxes

0

3

0

6

Net income before non-controlling interests

231

200

324

(140)

Less: net gain attributable to non-controlling interests

0

(13)

(5)

(15)

Net income/(loss)  attributable to Highway

Holdings Limited’s shareholders

 

231

 

213

 

329

 

(125)

Net Gain/ (loss) per share – Basic                     

 

$0.05

$0.05

$0.08

$(0.03)

Net Gain/ (loss) per share – Diluted                     

$0.05

$0.05

  

$0.08

 

$(0.03)

Weighted average number of shares outstanding  

Basic

4,402

4,219

4,379

4,345

Diluted

 

4,402

 

4,235

 

4,379

 

4,345

 

HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Balance Sheet

(Dollars in thousands, except per share data)

(unaudited)

Sept 30,

(audited)

Mar 31,

2024

2024

Current assets:

Cash and cash equivalents

$5,614

$6,601

Accounts receivable, net of doubtful accounts                                                   

1,982

1,253

Inventories

1,785

1,566

Prepaid expenses and other current assets

156

226

Total current assets

9,537

9,646

Property, plant and equipment, (net)

64

Operating lease right-of-use assets

1,142

1,375

Long-term deposits

206

202

Long-term loan receivable

95

95

Investments in equity method investees

Total assets

$11,044

$11,318

Current liabilities:

Accounts payable

$1,021

$935

Operating lease liabilities, current

621

588

Other liabilities and accrued expenses

1,559

1,789

Income tax payable

484

480

Dividend payable

45

45

Total current liabilities

3,730

3,837

Long term liabilities :

Operating lease liabilities, non-current

507

803

Long terms accrued expenses

40

40

Total liabilities

4,277

4,680

Shareholders’ equity:

Preferred shares, $0.01 par value

Common shares, $0.01 par value

44

44

Additional paid-in capital

12,159

12,117

Accumulated deficit

(4,908)

(5,015)

Accumulated other comprehensive income/(loss)

(516)

(501)

Non-controlling interest

(12)

(7)

   Total shareholders’ equity

6,767

6,638

Total liabilities and shareholders’ equity

$11,044

$11,318

 

View original content:https://www.prnewswire.com/news-releases/highway-holdings-reports-second-quarter-fiscal-year-2025-results-302273357.html

SOURCE Highway Holdings Limited

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

KuCoin Marks Ninth Anniversary at Tomorrowland Belgium, Honoring Nine Years of Industry Progress Beyond the Signal

Published

on

By

PROVIDENCIALES, Turks and Caicos Islands, July 26, 2026 /PRNewswire/ — On the day of its ninth anniversary, KuCoin welcomed global partners, institutional clients, ecosystem builders and media representatives to the “On Cloud 9 Skybox Experience,” an exclusive celebration at the Tomorrowland Belgium Skybox. Overlooking Tomorrowland’s iconic Mainstage, guests gathered throughout an unforgettable evening as world-renowned artists including Nicky Romero, Alok, Steve Angello and Hardwell delivered performances that brought together people from around the world. Against this backdrop of music, culture and global connection, KuCoin celebrated not only its own nine-year journey, but also the remarkable progress the digital asset industry has achieved together.

The experience formed part of KuCoin’s broader ninth-anniversary campaign, “Beyond the Signal,” reflecting the company’s belief that the industry’s future will be shaped not by short-term market movements alone, but by the trust, innovation and infrastructure that enable lasting progress. Bringing this vision to life in an elevated festival setting, the evening offered guests an opportunity to reflect on nine years of shared growth, collaboration and resilience, while looking ahead together to the next chapter of digital assets.

Against the backdrop of Tomorrowland’s iconic Mainstage, the exclusive Skybox experience with signature champagne rituals brought KuCoin and its guests together to reflect on and celebrate the milestones that have shaped its nine-year journey. From expanding access to digital assets and navigating multiple market cycles to strengthening security and compliance, supporting institutional participation, and advancing innovation across payments, AI and Web3, these milestones also reflected the broader evolution of the digital asset industry toward greater maturity.

The moment celebrated not only how far KuCoin has come, but also the progress the industry has made together. Over the past nine years, markets have risen and fallen, and technologies have continued to evolve. Yet lasting progress has always been driven by the builders, developers, partners and communities working together to create enduring value. That is the idea behind Beyond the Signal.

“Ninth anniversaries are often measured in years. We prefer to measure ours in trust,” said BC Wong, CEO of KuCoin. “The greatest achievement of the past nine years has not been our growth alone, but the confidence our users, partners and community have continued to place in us. Trust is the infrastructure that enables innovation, adoption and long-term progress. As we enter our next decade, we remain committed to building secure, compliant and trusted digital asset infrastructure together with our partners worldwide.”

The celebration also highlighted KuCoin’s expanding partnership with Tomorrowland as the festival’s Exclusive Crypto Exchange and Payments Partner for Tomorrowland Winter and Tomorrowland Belgium 2026–2028. Bringing together one of the world’s most influential cultural events with trusted digital infrastructure, the partnership reflects a shared vision of connecting people across borders and creating meaningful real-world experiences through technology, payments and community. For KuCoin, Tomorrowland is more than a global music festival—it represents the openness, diversity and global community that have always been at the heart of crypto.

Nine years ago, KuCoin set out to make digital assets accessible to more people around the world. Today, its mission has evolved beyond access to helping build the trusted infrastructure that will support the future of digital finance. Beyond music, beyond the celebration and beyond the signal, KuCoin’s ninth anniversary was not only a milestone for the company, but a celebration of how far the industry has come together—and a commitment to building what comes next.

About KuCoin

Founded in 2017, KuCoin is a leading global crypto platform built on trust and security, serving over 45 million users across 200+ countries and regions. Known for its reliability and user-first approach, the platform combines advanced technology, deep liquidity, and strong security safeguards to deliver a seamless trading experience. KuCoin provides access to 1,500+ digital assets through a broad product suite and remains committed to building transparent, compliant, and user-centric digital asset infrastructure for the future of finance, backed by SOC 2 Type II, ISO/IEC 27001:2022, and ISO/IEC 27701:2019 Certifications. In recent years, we have built a strong global compliance foundation, marked by key milestones including AUSTRAC registration in Australia, a MiCA license in Europe, and regulatory progress in other markets.

Learn more at www.kucoin.com.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/kucoin-marks-ninth-anniversary-at-tomorrowland-belgium-honoring-nine-years-of-industry-progress-beyond-the-signal-302834737.html

SOURCE KuCoin

Continue Reading

Technology

2026 World Internet Conference Digital Silk Road Development Forum Opens in Xi’an, Shaanxi Province

Published

on

By

XI’AN, China, July 26, 2026 /PRNewswire/ — A news report from CRI Online:

On July 22, the 2026 World Internet Conference (WIC) Digital Silk Road Development Forum officially opened in Xi’an, Shaanxi Province. Hosted by the WIC and organized by the Shaanxi Provincial Government, the forum was held under the theme “Pooling Intelligence on the Silk Road, Embarking on a Digital Future — Jointly Building a Community with a Shared Future in Cyberspace”. Approximately 800 participants from more than 50 countries and regions, as well as seven international organizations, attended the event.

Mayra Arevich Marín, Minister of Communications of Cuba; Faqir Mahbub Anam, Minister of Posts, Telecommunication & Information Technology and Minister of Science and Technology of Bangladesh; Samba Diouf, Minister of Telecommunications and Digital Affairs of Senegal; Wang Binying, Deputy Director General of the World Intellectual Property Organization (WIPO); John Higgins, President of the International AI Governance Association (IAGA); and Wang Xingxing, Founder and CEO of Unitree Robotics, attended the opening ceremony and delivered speeches.

Following the opening ceremony, a ministerial meeting was held. Thematic forums were convened focusing on Silk Road e-commerce cooperation and development, collaborative innovation and development of AI agents, digital and intelligent health, and the preservation and transmission of cultural heritage in the digital intelligence era. These discussions aimed to help Belt and Road partner countries strengthen consensus, deepen cooperation, and seize new opportunities brought by digital and intelligent development. During the forum, the World Internet Conference Cultural Heritage Digitalization Case Collection (2026) was released. A series of capacity-building activities under the WIC Digital & AI Academy were also held, including a capacity building program on AI-driven digital trade, a salon on “Copyright Empowerment in Cultural Heritage Digitalization”, and a field study at a digital port.

View original content to download multimedia:https://www.prnewswire.com/news-releases/2026-world-internet-conference-digital-silk-road-development-forum-opens-in-xian-shaanxi-province-302834725.html

SOURCE CRI Online

Continue Reading

Technology

Tesla Owns Nearly 1 in 5 AI Answers About EVs. New 5W Index Ranks the Top 25 EV Brands by AI Citation Share.

Published

on

By

EV charging networks — Electrify America, EVgo, ChargePoint — are nearly invisible inside AI answers despite operating the infrastructure the entire category depends on.

MIAMI, July 25, 2026 /PRNewswire/ — 5W AI Communications, the AI Communications Firm, today released the 5W AI Visibility Index — EV, ranking the top 25 EV brands by modeled AI citation share across ChatGPT, Claude, Perplexity, Gemini, and Google AI Overviews. Tesla anchors the category at 18.4% — more than the next three brands combined. Rivian is second at 8.2%. Ford is third at 6.4%.

The Index is Volume 07 in 5W’s 2026 Consumer AI Visibility Index series. The full report is available at https://www.5wpr.com/research/ev-ai-visibility-index/.

More than a third of U.S. consumers now begin product research with an AI engine — not Google. For the EV category — where purchase consideration windows stretch six to twelve months and buyers cross-reference range, charging, ownership cost, and long-term reliability across dozens of sources — the answers the engines return are shaping the shortlist before a buyer walks into a dealership.

The Findings

Tesla dominates at 18.4% citation share — cited on virtually every consumer EV query across all five engines. Brand, product, and CEO overlap produce a citation profile no peer can match.Rivian (8.2%) is the dominant adventure-EV authority. The R1T and R1S anchor truck and SUV electric citation.Ford (6.4%) leads legacy automakers. The F-150 Lightning owns EV-truck queries; the Mach-E anchors EV-SUV comparisons.Lucid (4.8%) and Hyundai Ioniq (4.4%) complete the Tier 1 leaders. The Ioniq 5 and Ioniq 6 over-index against U.S. brand recognition.GM sits at #6 with 3.8% — despite scale — because Bolt, Lyriq, and Hummer EV are cited separately rather than as one GM-EV narrative. Ford consolidated its story. GM did not.Toyota (#17) and Honda (#18) are the two largest legacy automakers furthest behind in EV citation. The bZ4X, Solterra, and Prologue cite at rates far below what brand recognition would predict.EV charging networks are absent from the top 25. Electrify America, EVgo, and ChargePoint operate the infrastructure the entire category depends on — and have not built consumer-facing brand citation to match. The category is open.

“Every EV buyer starts inside a chatbox now. Tesla owns nearly one in five answers. The next three brands combined don’t match it. That’s a citation moat measured in AI — not TV budgets, not showroom count,” said Ronn Torossian, Founder and Chairman, 5W AI Communications. “GM is bigger than Rivian by every commercial metric and half its size in the answer. That gap costs sales. The charging networks are the biggest miss in the category — whoever builds the dominant ‘where should I charge’ answer anchors a multi-decade growth curve. Right now, none of them own it.”

The Five Engines Do Not Return Identical Answers

ChatGPT: Tesla, Rivian, Lucid, Ford, Hyundai dominate. Conservative and brand-anchored.Claude: Recurrent and CleanTechnica over-index. Data-source preference. Lighter on enthusiast brands.Perplexity: Reddit EV subreddits dominant. Out of Spec YouTube data heavily cited. Freshness-favored.Google AI Overviews: Tesla, InsideEVs, Edmunds, Kelley Blue Book dominate. Closest to a SERP-mirror.Gemini: YouTube EV creators dominate — Out of Spec, Munro Live, MKBHD at the highest rates.

Engine-aware strategy matters. A brand absent from one engine but present in another needs a different program than a brand absent across the board.

Methodology
Modeled directional estimates derived from publicly available data, observed retrieval patterns, structural signals, and the corresponding Everything-PR Citation Share Study — EV (Issue No. 07). Twenty-five brands, five engines, sixty-plus consumer-prompt query patterns. Not the output of logged query runs across millions of prompts. Intended as a strategic framework — not a definitive search-engine measurement.

The dominant outlets shaping EV citation are InsideEVs, Electrek, Recurrent, Edmunds EV, Car and Driver EV, CleanTechnica, and the Reddit-and-YouTube creator layer. Brand citation share is built primarily through presence inside that specific outlet set — and through Recurrent battery-data partnership for used-EV citation.

About 5W AI Communications
5W is the AI Communications Firm, building brand authority across the platforms where decisions now happen — ChatGPT, Claude, Perplexity, Gemini, and Google AI Overviews — alongside earned media, digital, and influencer channels. 5W combines public relations, digital marketing, Generative Engine Optimization (GEO), and proprietary AI visibility research to help clients measure and grow their presence in AI-driven buyer research. Founded in 2003, 5W is recognized as a Top U.S. PR Agency by O’Dwyer’s, named Agency of the Year in the American Business Awards®, honored as a 2026 Top Place to Work in Communications by Ragan, and named to Digiday’s WorkLife Employer of the Year list. 5W serves clients across B2C sectors — Beauty & Fashion, Consumer Brands, Entertainment, Food & Beverage, Health & Wellness, Travel & Hospitality, Technology, and Nonprofit — and B2B specialties including Corporate Communications, Reputation Management, Public Affairs, Crisis Communications, and Digital Marketing across Social, Influencer, Paid Media, GEO, and SEO. Learn more at 5wpr.com.

Media Contact
press@5wpr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/tesla-owns-nearly-1-in-5-ai-answers-about-evs-new-5w-index-ranks-the-top-25-ev-brands-by-ai-citation-share-302834703.html

SOURCE 5W Public Relations

Continue Reading

Trending