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10x Genomics Reports Third Quarter 2024 Financial Results

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PLEASANTON, Calif., Oct. 29, 2024 /PRNewswire/ — 10x Genomics, Inc. (Nasdaq: TXG), a leader in single cell and spatial biology, today reported financial results for the third quarter ended September 30, 2024.

Recent Highlights

Revenue was $151.7 million for the third quarter, in line with the company’s preliminary announcement, a 1% decrease over the corresponding period of 2023, primarily driven by lower instrument revenue, offset by stronger contributions from consumables.Began shipping GEM-X Flex, setting a new standard for the cost per cell for researchers and enabling them to run millions of cells for less than one cent per cell. GEM-X Flex also delivers a number of improvements that are particularly valuable for clinical FFPE samples.Launched GEM-X Universal Multiplex, enabling researchers to run more cost-effective single cell studies decreasing the cost per sample, even for small scale experiments.Began shipping Chromium Xo, providing a budget-friendly instrument for routine, high-performance single cell analysis.

“Our results this quarter fell short of our expectations given greater-than-anticipated disruption from the sales restructuring we implemented in the quarter and cautious customer spending. As these dynamics persist, especially under a difficult macro backdrop, our revenue growth this year will be lower than our previous expectations,” said Serge Saxonov, Co-founder and CEO of 10x Genomics. “Despite these challenges, I am confident that the steps we are taking will enable us to reach more customers, execute consistently across the portfolio and drive the broad democratization of our technologies to reach the full potential of the large opportunity ahead.”

Third Quarter 2024 Financial Results

Revenue was $151.7 million for the third quarter of 2024, a 1% decrease from $153.6 million for the corresponding prior year period.

Gross margin was 70% for the third quarter of 2024, as compared to 62% for the corresponding prior year period. The increase in gross margin was primarily due to change in product mix.

Operating expenses were $147.9 million for the third quarter of 2024, a 22% decrease from $190.3 million for the corresponding prior year period. The decrease was primarily driven by a $41.4 million in-process research and development expense related to an agreement to acquire certain intangible and other assets in the prior year period.

Operating loss was $41.5 million for the third quarter of 2024, as compared to $94.8 million for the corresponding prior year period. Operating loss includes $33.9 million of stock-based compensation for the third quarter of 2024, as compared to $40.2 million of stock-based compensation for the corresponding prior year period. Operating loss in the third quarter of 2023 included $41.4 million of in-process research and development expense.

Net loss was $35.8 million for the third quarter of 2024, as compared to a net loss of $93.0 million for the corresponding prior year period.

Cash and cash equivalents were $398.2 million as of September 30, 2024.

2024 Financial Guidance

10x Genomics is updating its outlook for the full year 2024. The company now expects revenue to be in the range of $595 million to $605 million versus a prior range of $640 million to $660 million. The updated range represents a 3% decrease from the full year 2023 revenue at the midpoint.

Webcast and Conference Call Information

10x Genomics will host a conference call to discuss the third quarter 2024 financial results, business developments and outlook after market close on Tuesday, October 29, 2024, 2024 at 1:30 PM Pacific Time / 4:30 PM Eastern Time. A webcast of the conference call can be accessed at http://investors.10xgenomics.com. The webcast will be archived and available for replay at least 45 days after the event.

About 10x Genomics

10x Genomics is a life science technology company building products to accelerate the mastery of biology and advance human health. Our integrated solutions include instruments, consumables and software for single cell and spatial biology, which help academic and translational researchers and biopharmaceutical companies understand biological systems at a resolution and scale that matches the complexity of biology. Our products are behind breakthroughs in oncology, immunology, neuroscience and more, fueling powerful discoveries that are transforming the world’s understanding of health and disease. To learn more, visit 10xgenomics.com or connect with us on LinkedIn or X (Twitter). 

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. All statements included in this press release, other than statements of historical facts, may be forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “might,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “see,” “estimate,” “predict,” “potential,” “would,” “likely,” “seek” or “continue” or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include statements regarding 10x Genomics, Inc.’s organization and organizational restructuring, commercial execution, opportunities, specifications, costs and adoption of 10x Genomics, Inc.’s products and services, expected performance advantages and benefits of using 10x Genomics, Inc.’s products and services and 10x Genomics, Inc.’s financial performance and results of operations, including expectations regarding revenue and guidance. These statements are based on management’s current expectations, forecasts, beliefs, assumptions and information currently available to management. Actual outcomes and results could differ materially from these statements due to a number of factors and such statements should not be relied upon as representing 10x Genomics, Inc.’s views as of any date subsequent to the date of this press release. 10x Genomics, Inc. disclaims any obligation to update any forward-looking statements provided to reflect any change in 10x Genomics’ expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. The material risks and uncertainties that could affect 10x Genomics, Inc.’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the company’s most recently-filed 10-K for the fiscal year ended December 31, 2023 and the company’s 10-Q for the quarter ended March 31, 2024 to be filed with the Securities and Exchange Commission (SEC) and elsewhere in the documents 10x Genomics, Inc. files with the SEC from time to time.

Disclosure Information

10x Genomics uses filings with the Securities and Exchange Commission, its website (www.10xgenomics.com), press releases, public conference calls, public webcasts and its social media accounts as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Contacts

Investors: investors@10xgenomics.com

Media: media@10xgenomics.com

10x Genomics, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except share and per share data)

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Revenue (1)

$         151,654

$         153,644

$         445,764

$         434,748

Cost of revenue (2)

45,261

58,115

142,237

141,217

Gross profit

106,393

95,529

303,527

293,531

Operating expenses:

Research and development (2)

66,174

66,507

197,730

205,065

In-process research and development

41,402

41,402

Selling, general and administrative (2)

81,704

82,415

250,517

257,205

Total operating expenses

147,878

190,324

448,247

503,672

Loss from operations

(41,485)

(94,795)

(144,720)

(210,141)

Other income (expense):

Interest income

4,971

4,300

14,422

12,269

Interest expense

(2)

(1)

(4)

(25)

Other income (expense), net

2,078

(1,248)

982

(4,268)

Total other income, net

7,047

3,051

15,400

7,976

Loss before provision for income taxes

(34,438)

(91,744)

(129,320)

(202,165)

Provision for income taxes

1,315

1,242

4,279

3,982

Net loss

$          (35,753)

$          (92,986)

$       (133,599)

$       (206,147)

Net loss per share, basic and diluted

$              (0.30)

$              (0.79)

$              (1.11)

$              (1.77)

Weighted-average shares of common stock used in
computing net loss per share, basic and diluted

120,733,030

117,728,293

120,067,168

116,693,008

(1)

The following table represents revenue by source for the periods indicated (in thousands). Spatial products includes the Company’s Visium and Xenium products:

 

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Instruments

Chromium

$              7,641

$           12,231

$           24,283

$           36,716

Spatial

11,415

22,711

44,078

48,357

Total instruments revenue

19,056

34,942

68,361

85,073

Consumables

Chromium

96,536

100,282

274,571

302,172

Spatial

29,668

14,091

85,330

37,067

Total consumables revenue

126,204

114,373

359,901

339,239

Services

6,394

4,329

17,502

10,436

Total revenue

$         151,654

$         153,644

$         445,764

$         434,748

The following table presents revenue by geography based on the location of the customer for the periods indicated (in thousands):

 

Three Months Ended
September 30,

Nine Months Ended
September 30,

2024

2023

2024

2023

Americas

United States

$           84,723

$           96,094

$         250,032

$         260,769

Americas (excluding United States)

3,099

2,917

10,511

8,581

Total Americas

87,822

99,011

260,543

269,350

Europe, Middle East and Africa

37,851

32,019

109,934

91,687

Asia-Pacific

China

15,030

12,431

42,692

39,217

Asia-Pacific (excluding China)

10,951

10,183

32,595

34,494

Total Asia-Pacific

25,981

22,614

75,287

73,711

Total revenue

$         151,654

$         153,644

$         445,764

$         434,748

(2)

Includes stock-based compensation expense as follows:

 

Three Months Ended
September 30,

Nine Months Ended
September 30,

(in thousands)

2024

2023

2024

2023

Cost of revenue

$              2,169

$              1,844

$              6,127

$              5,140

Research and development

15,978

17,856

50,728

55,196

Selling, general and administrative

15,763

20,535

51,354

67,696

Total stock-based compensation expense

$           33,910

$           40,235

$         108,209

$         128,032

 

10x Genomics, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

September 30,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$         398,159

$         359,284

Marketable securities

29,411

Accounts receivable, net

83,525

114,832

Inventory

94,050

73,706

Prepaid expenses and other current assets

18,159

18,789

Total current assets

593,893

596,022

Property and equipment, net

258,759

279,571

Operating lease right-of-use assets

59,579

65,361

Goodwill

4,511

4,511

Intangible assets, net

16,149

16,616

Other noncurrent assets

4,903

3,062

Total assets

$         937,794

$         965,143

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$           26,210

$           15,738

Accrued compensation and related benefits

30,080

30,105

Accrued expenses and other current liabilities

37,770

56,648

Deferred revenue

17,760

13,150

Operating lease liabilities

9,415

11,521

Total current liabilities

121,235

127,162

Operating lease liabilities, noncurrent

76,461

83,849

Deferred revenue, noncurrent

12,349

8,814

Other noncurrent liabilities

4,945

4,275

Total liabilities

214,990

224,100

Commitments and contingencies

Stockholders’ equity:

Preferred stock

Common stock

2

2

Additional paid-in capital

2,140,789

2,025,890

Accumulated deficit

(1,418,019)

(1,284,420)

Accumulated other comprehensive income (loss)

32

(429)

Total stockholders’ equity

722,804

741,043

Total liabilities and stockholders’ equity

$         937,794

$         965,143

 

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SOURCE 10x Genomics, Inc.

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Ever.Ag Advances Everett, Its Ag Decision Engine, to Agribusiness

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The third wave of Ever.Ag’s agentic AI rollout arrives at Tech Hub Live, bringing FieldAlytics and Merchant Ag to ag retailers, cooperatives, and growers

DES MOINES, Iowa, July 20, 2026 /PRNewswire/ — Ever.Ag today announced the expansion of Everett, its Ag Decision Engine, to agribusiness—the third wave of an agentic AI rollout that began with dairy in April and expanded to livestock and animal protein in June. The announcement is being made at Tech Hub Live, where Ever.Ag is a key sponsor, at the Iowa Events Center in Des Moines. Everett connects data across a customer’s operation with Ever.Ag intelligence, turning insights into decisions by orchestrating, evolving, and creating workflows woven into the products ag retailers, cooperatives, and agronomists already rely on.

Ever.Ag today announced the expansion of Everett, its Ag Decision Engine, to agribusiness.

“We said from the beginning that this rollout would go deep in every vertical we serve,” said Ever.Ag CEO Scott Sexton. “FieldAlytics monitors over 220 million active acres. Merchant Ag powers ag retailers and cooperatives across the country. Bringing Everett into those products means agentic AI is now at work for the people who advise, supply, and serve growers every day.”

Agentic AI Built for Ag Retail and the Grower Adviser Network
Ag retailers and cooperatives manage agronomic advice, logistics, grain merchandising, energy delivery, and grower relationships simultaneously, and the margin for a missed signal is real. Everett proactively monitors what matters across that complexity, recommends actions with full context, and enables execution without requiring teams to jump between systems.

“Whether you’re a sales agronomist looking for the next opportunity to improve a grower’s yield, a grain merchandiser settling contracts under deadline, or a dispatcher routing energy deliveries ahead of a cold snap, Everett arrives knowing how operations like yours work and where those decisions happen,” said Simon Drake, Chief Product Officer. “General-purpose AI tools don’t.”

Everett works within each customer’s own data environment. Data stays within their operation and is never shared with or used to inform recommendations for other customers. Everett’s intelligence deepens as it learns the patterns of each customer’s own operation, so the value compounds for that customer without their data ever leaving it. This approach is reinforced by Ever.Ag’s SOC 2 Type II compliance, reflecting decades of experience safeguarding customer data with rigorous, independently validated controls.

What Everett Can Do: A Few Examples
FieldAlytics — Everett predicts which growers are likely to order, and in what quantities, so sales teams can pre-sell and operations can pre-position before the call comes in. Everett delivers role-aware summaries on every FieldAlytics report, giving growers, agronomists, and managers plain-language insights and clear next steps. It also continuously monitors connected equipment, detecting silent connectivity failures before operators encounter them.

Merchant Ag — Everett delivers a unified view of every customer across divisions, surfacing churn signals and expansion opportunities before they would be identified manually. For co-op finance teams, Everett models patronage scenarios and produces board-ready outputs in minutes. Everett also automates AP entry, reading and processing expense and product invoices for validation. Additional capabilities include energy demand forecasting and route optimization, grain settlement validation, and cross-division credit risk scoring and collections prioritization.

What’s Next
The expansion of Everett is not finished. Additional products across dairy, livestock, and agribusiness will carry Everett capabilities in the months ahead, further deepening the intelligence available to customers within each vertical.

“Every product we add makes the value compound,” Sexton added. “We’re not done within any of these verticals. And Everett keeps getting better. The more a customer uses it, the more it understands their operation, and the more value it delivers back to them.”

Learn more about Everett at Tech Hub Live, Iowa Events Center, Des Moines, Iowa, July 20–22, 2026. For more information, visit: www.ever.ag/everett

ABOUT EVER.AG
Ever.Ag is a leading provider of innovative AgTech solutions and services that connect and empower the entire agricultural supply chain, from farm to consumer. With a deep commitment to advancing how agriculture works, Ever.Ag delivers market intelligence, risk management, and cutting-edge software that enable smarter, more sustainable operations across dairy, livestock, crops, and agribusiness sectors. Backed by decades of experience and a passion for industry innovation, Ever.Ag helps producers, processors, and partners make data-driven decisions, improve efficiency, and feed a growing world with confidence.

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SOURCE Ever.Ag

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Replenish Nutrients Announces Strategic Relationship with SRC Agrominerals, including $15 Million Strategic Investment, Beiseker Facility Expansion and Supply Agreement

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OKOTOKS, AB, July 20, 2026 /CNW/ — Replenish Nutrients Holding Corp. (CSE: ERTH) (OTC: VVIVF) (“Replenish” or the “Company”) is pleased to announce that it has entered into a securities purchase agreement (the “Investment Agreement”) dated July 17, 2026 with SRC Agrominerals (“SRC”) to support and accelerate Replenish’s near-term growth, including an expansion of the Beiseker facility (the “Beiseker Pelletization Expansion”). Additionally, Mr. Tim Close, the CEO of SRC, and Dr. David Morris, the founder and chairman of Morris Group Canada will join Replenish’s Board of Directors as a director and board advisor, respectively, with Dr. Morris being put forth as a director at Replenish’s next annual shareholder meeting.

Pursuant to the Investment Agreement, SRC will (a) subscribe for 50 million units of the Company (the “Units”) at a price of $0.15 per Unit for gross proceeds of $7.5 million (the “Equity Investment”), each Unit will consist of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole warrant, a “Warrant”), each Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.225 for a period of four years from closing, and (b) purchase a senior secured (second lien) convertible debenture (the “Debenture”) in an aggregate principal amount of $7.5 million (the “Debenture Investment”, and together with the Equity Investment, the “Strategic Investment”). The Debenture will bear fixed interest of 10% per annum, payable quarterly, in cash or Common Shares at the Company’s election, will mature four years from closing, and will be convertible into Common Shares at a price of $0.225 per Common Share.

As part of the Strategic Investment, the parties will enter into a supply agreement (the “Supply Agreement”) for the supply and delivery to Replenish of carbonatite, a calcium, phosphorus, trace-mineral and microbial-rich resource used for its soil-enhancing properties, and an investor rights agreement (the “Investor Rights Agreement”), as described below.

Highlights:

SRC will take an initial 19.9% interest (non-diluted) in Replenish through the $7.5 million Equity Investment, providing Replenish access to key growth capital and a long-term strategic partner.Each Unit includes one-half of a Warrant – 25 million Warrants in aggregate – exercisable at $0.225 for four years from closing, subject to an acceleration provision if the Common Shares trade at or above $0.28 for twenty consecutive trading days, representing potential additional proceeds to the Company of up to approximately $5.63 million for future growth.SRC will invest $7.5 million, pursuant to the Debenture Investment, representing flexible and cost-effective capital during a period of rapid expansion.Aggregate investment proceeds will support a separate 150,000 metric tonne pelletizing facility at the Company’s existing Beiseker property, along with additional storage, load-out and processing infrastructure supporting the existing Beiseker granulation facility and the new Beiseker Pelletization Expansion.The Supply Agreement provides a long-term supply of carbonatite to be incorporated into Replenish’s proprietary regenerative fertilizer products, securing a key input that enhances Replenish’s product line.In connection with the Strategic Investment, Tim Close, CEO of SRC Agrominerals, will be appointed to the Replenish board. Mr. Close brings significant leadership and expertise across capital markets, corporate strategy, operational execution and commercial governance. Mr. Close previously served as CEO of Ag Growth International (“AGI”), a large, publicly traded global leader in storage, handling and blending equipment for the fertilizer, seed, grain and food-processing sectors. During his 10-year tenure, Mr. Close led AGI’s transformation from a regional provider of grain-handling equipment into a global leader in food infrastructure, with revenue growing fivefold during that span. He built and led a high-performing team, strengthened operational execution and advanced the company’s global growth strategy, including overseeing the deployment of more than $700 million of capital across 19 strategic transactions. Dr. David Morris, Director of SRC Agrominerals, will also join the Replenish board as an advisor and will be put forward as a director at Replenish’s next annual shareholder meeting. Dr. Morris is the founder and former Chairman of Morris Group Canada Inc., which provided innovative solutions for the construction and resource sectors across Canada and South America, including modular construction, workforce housing, site services, labour management, and safety training. Dr. Morris brings deep operational expertise at a time when Replenish is moving into significant operational and commercial expansion.

CEO Commentary

     Neil Wiens, CEO, Replenish Nutrients

“This strategic relationship marks a pivotal step in Replenish’s growth strategy,” said Neil Wiens, CEO of Replenish Nutrients. “SRC’s investment gives us the capital to accelerate our Beiseker pelletizing expansion, while our new supply agreement gives Replenish access to a key input for our regenerative fertilizer platform. Beyond the capital, we’re gaining a strategic partner in Tim, David and the SRC team, whose operational and capital markets experience will be a significant asset to Replenish as we scale.”

     Tim Close, CEO, SRC Agrominerals

“Replenish has built a capital-efficient, scalable platform for regenerative fertilizer production, and this investment reflects our confidence in their team and their growth trajectory,” said Tim Close, CEO of SRC Agrominerals. “Pairing Replenish’s manufacturing and distribution capabilities with SRC’s carbonatite reserves creates a compelling opportunity to bring the proven soil health benefits of Spanish River Carbonatite to growers across North America. I look forward to joining the Replenish board and supporting the Company through its next phase of growth.”

Beiseker Pelletization Expansion & Facility Pipeline

The planned owned Beiseker Pelletization Expansion will consist of a separate 150,000 metric tonne pelletizing facility, along with additional storage, load-out and processing infrastructure supporting the existing Beiseker granulation facility and the new Beiseker Pelletization Expansion. The Beiseker Pelletization Expansion is expected to be completed by the first quarter of 2028.

The Company expects annualized production from its existing owned and licensed facilities is made up of the following:

Owned Beiseker granulation facility:                                               24,000 metric tonnesOwned Beiseker colony pelletization facility:                                  12,000 metric tonnesLicensed Farmers Union Enterprises (FUE) pelletization facility:   100,000 metric tonnesLicensed MJ Ag pelletization facility:                                               10,000 metric tonnes

The Beiseker Pelletization Expansion will be on the same site as the Company’s existing Beiseker granulation facility and will have no impact to the current production from the Beiseker granulation facility. Upon completion of the new Beiseker Pelletization Expansion, both facilities will benefit from additional shared storage, processing and load-out infrastructure. These capacity estimates have been prepared by management in good faith based on information available to management as of the date hereof and actual results may differ from these expectations.

Consistent with previous guidance, the Company expects gross margins of the new Beiseker Pelletization Expansion to be 25% to 35%. Replenish expects the new pelletization facility to be completed in the first quarter of 2028.

Strategic Investment

Equity Investment – SRC will subscribe for 50 million Units at a price of $0.15 per Unit for gross proceeds of $7.5 million, each Unit will consist of one Common Share and one-half of one Warrant. Each Warrant will entitle the holder to acquire one Common Share at an exercise price of $0.225 for a period of four years from closing of the Equity Investment, subject to an acceleration provision if the Company’s common shares trade at or above $0.28 for twenty consecutive trading days, in accordance with the terms of the warrant certificate governing the Warrants.

Debenture Investment – SRC will also purchase the Debenture in an aggregate principal amount of $7.5 million. The Debenture will bear fixed interest of 10% per annum, payable quarterly, in cash or Common Shares at the Company’s election, will mature four years from closing of the Debenture Investment, and will be convertible into Common Shares at a price of $0.225 per Common Share.

Proceeds from the Strategic Investment shall be applied to the Beiseker Pelletization Expansion, which is expected to be completed in the first quarter of 2028, working capital, inventory purchases, debt repayment, and general corporate purposes.

Closing of the Equity Investment is expected to occur on or about July 24, 2026 and closing of the Debenture Investment is expected to occur on or about August 14, 2026. In accordance with applicable securities laws, the Units and the Debenture will be subject to a hold period expiring four months and one day following the date of issuance. Closing of the Equity Investment and the Debenture Investment is subject to certain customary conditions, including the receipt of all necessary consents, regulatory approvals and the approval of the Canadian Securities Exchange.

Supply Agreement

On closing of the Equity Investment, Replenish and SRC will enter into the Supply Agreement for the supply and delivery to Replenish of carbonatite, a calcium, phosphorus, trace-mineral and microbial-rich resource used for its soil-enhancing properties. Pursuant to the Supply Agreement, Replenish has agreed to purchase a minimum specified quantity per year of carbonatite over a 10-year period, and has agreed to ensure its products contain a minimum specified percentage of carbonatite, subject to product efficacy optimization. Payment terms for the initial volumes are $1 million upon execution of the Supply Agreement.

     About Carbonatite

Carbonatite is a carbonate-rich igneous rock formed from volcanic activity. The Spanish River deposit is distinguished by high concentrations of loosely bonded calcium, phosphorus, potassium, and magnesium, along with trace rare earth elements — and, notably, without the radioactive or toxic heavy metals found in many other carbonatite deposits worldwide.

What makes the mineral agriculturally valuable is its reactivity: its fragile primary mineral structure breaks down quickly once applied to soil, releasing nutrients directly into the root zone rather than remaining chemically locked in rock. In its natural setting, this process has visibly transformed the surrounding landscape — the deposit has saturated the local water table with calcium, phosphorus, and potassium, producing decades of exceptional forest growth around the site.

That same effect has been documented repeatedly in independent and field research. A Wilfrid Laurier University study1 found that SRC raises and stabilizes soil pH, more than doubles beneficial soil microbe populations, supports mycorrhizal fungi, and increases seed weight and crop yield at recommended application rates. Trials2 on wheat, soybeans, and cucumbers have shown statistically significant gains in root and shoot biomass, and soybean trials recorded a marked increase in nitrogen-fixing root nodules. In a multi-year Norfolk Soil and Crop Improvement Association trial3 on asparagus, SRC-treated plots produced 75% greater root mass, brix (sugar/nutrient) readings nearly double the control plots (12–13% vs. 7–8%), and a 10%+ yield increase — with no supplemental fertilizer. A test plot4 at Kerr Farms in Chatham, Ontario, a carbonatite application suppressed aluminum toxicity in soil by 78% while increasing plant calcium uptake by over 200% within five weeks, alongside improved crop density, weed suppression, and overall soil tilth and microbial activity.

Collectively, this body of evidence positions carbonatite as a natural, reactive mineral platform for regenerative soil fertility — restoring soil chemistry, rebuilding microbial ecosystems, and improving nutrient uptake without reliance on synthetic inputs.

Investor Rights Agreement

On closing of the Equity Investment, Replenish and SRC will enter into the Investor Rights Agreement. Pursuant to the Investor Rights Agreement, SRC will have the right to nominate one director to Replenish’s board of directors and the right to participate in future equity issuances of the Company to maintain SRC’s pro rata equity interest on the terms set out in the Investor Rights Agreement. Following closing of the Debenture Investment, SRC will have the right to nominate two directors to Replenish’s board of directors.

Following the closing of the Equity Investment, SRC CEO, Tim Close, will join Replenish’s board of directors, and SRC Director, Dr. David Morris, will join the Replenish board as an advisor until he is put forward as a director at Replenish’s next annual shareholder meeting.

About SRC Agrominerals

SRC is a privately-owned Canadian company and the owner of Spanish River Carbonatite reserves — a mineral deposit located outside of Sudbury, Ontario. SRC has spent 15 years commercializing the deposit, with its flagship product — Spanish River Carbonatite (SRC) — now OMRI and ProCert-listed for organic use and applied across hundreds of thousands of acres in row crops, vegetables, fruit, vineyards, landscaping, and environmental remediation.

About Replenish Nutrients

Replenish Nutrients manufactures and sells proprietary fertilizer products containing essential macro and micro nutrients and biological material while using a proprietary zero-waste manufacturing process. Replenish Nutrients is a wholly-owned subsidiary of Replenish Nutrients Holding Corp. (CSE: ERTH) (OTC: VVIVF). To learn more about Replenish visit our website at www.replenishnutrients.com.

For additional information, please contact:

Replenish Nutrients Investor Relations
Email: info@replenishnutrients.com

Sophic Capital
Sean Peasgood
Email: sean@sophiccapital.com

Notes

The fact sheets for carbonatite can be viewed here:

(1)

srcagrominerals.ca/fact-sheets

(2)

srcagrominerals.ca/a%26l-biological-report

(3)

srcagrominerals.ca/fact-sheets

(4)

srcagrominerals.ca/fact-sheets

Cautionary Note Regarding Forward-Looking Information

This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding: the completion, timing and terms of the $15 million Strategic Investment by SRC, including the closing of the $7.5 million Equity Investment and the $7.5 million Debenture Investment on or about July 24, 2026 and August 14, 2026, respectively, and the conditions to such closings, including the receipt of all necessary consents and regulatory approvals, including the approval of the Canadian Securities Exchange; the potential exercise of the Warrants, including the anticipated additional proceeds to the Company of up to approximately $5.63 million; the anticipated use of proceeds from the Strategic Investment, including the Beiseker Pelletization Expansion, working capital, inventory purchases, debt repayment and general corporate purposes; the anticipated timing for completion of the Beiseker Pelletization Expansion, its expected annual production capacity of 150,000 metric tonnes, and its expected gross margins of approximately 25% to 35%; the anticipated appointment of Tim Close and Dr. David Morris to the Replenish board of directors, the timing of those appointments, and the anticipated benefits of SRC’s board representation and governance rights, including SRC’s right under the Investor Rights Agreement to nominate two directors and to participate in future equity issuances to maintain its pro rata equity interest; the terms, duration and anticipated benefits of the 10-year Supply Agreement with SRC, including the incorporation of carbonatite into Replenish’s regenerative fertilizer products; the anticipated agronomic, soil health, crop yield and product-differentiation benefits of incorporating carbonatite into Replenish’s products, including as referenced in third-party research and field trial results; SRC’s initial 19.9% (non-diluted) equity interest in the Company and the potential for further dilution to existing shareholders; and the Company’s plans and opportunity to build a scalable regenerative fertilizer platform through strategic partnerships of this kind.

Forward-looking information is based on the beliefs, estimates and opinions of management as of the date such statements are made and involves a number of assumptions, including: the Strategic Investment will close on the anticipated terms and timing; all required regulatory and exchange approvals will be obtained; the Investor will fulfill its subscription and funding commitments; the Beiseker Pelletization Expansion will be completed on time; anticipated production capacity and gross margins will be achieved; the Supply Agreement will be executed and performed as contemplated; the anticipated agronomic and product benefits will be realized; key personnel will be appointed to the board of directors as expected; and the Company will have sufficient working capital to execute its growth plans.

These forward-looking statements also involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information, including, but not limited to: risks that the Strategic Investment does not close on the anticipated terms, timing, or at all, or that one or both tranches fail to close; risks related to shareholder and regulatory (including CSE) approval of the transaction; dilution to existing shareholders from the Equity Investment, Warrant exercise, and Debenture conversion; risks that the anticipated board appointments do not occur as contemplated or that governance changes affect the Company’s strategic direction; risks that the Supply Agreement does not deliver the anticipated commercial or product benefits, or that SRC is unable to fulfill its supply obligations; risks associated with reliance on a single or limited number of suppliers of carbonatite; risks that the anticipated agronomic, soil health, or product-differentiation benefits of carbonatite are not realized or cannot be substantiated, including because such benefits are based in part on third-party research not independently verified by the Company; risks associated with the commissioning, construction and ramp-up of the Beiseker Pelletization Expansion, including construction delays or cost overruns; risks that anticipated timelines, production volumes, or gross margins for the Beiseker Pelletization Expansion are not achieved; risks related to fertilizer commodity pricing and demand; risks related to the Company’s ability to raise additional capital and to maintain or expand its credit facilities; risks related to the Company’s going concern status; general business, economic, competitive, geopolitical and social uncertainties; regulatory risks; and the other risk factors disclosed in the Company’s public disclosure, which can be found under the Company’s profile on SEDAR+ at www.sedarplus.ca. Readers are cautioned that the foregoing list of risk factors is not exhaustive.

There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information contained in this press release is made as of the date hereof, and the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

Certain information contained in this press release regarding carbonatite, including statements regarding its composition, properties, agronomic benefits and referenced research and field trial results, has been obtained from third-party sources believed by the Company to be reliable. While such information is believed to be accurate, it has not been independently verified by the Company, and neither the Company nor its officers or directors makes any representation as to the accuracy or completeness of such third-party information.

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Replenish Nutrients Holding Corp.

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HomeWAV Launches Exclusive Staff-to-Inmate Messaging™ Feature for Correctional Facilities

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New solution enables staff instant two-way communication to reach inmates

ST. LOUIS, July 20, 2026 /PRNewswire/ — HomeWAV, the leader in simple, secure inmate communication and technology solutions, is proud to announce the launch of Staff-to-Inmate Messaging™, a groundbreaking, exclusive new product feature that gives correctional facilities a powerful new way to communicate directly with inmates, streamlining operations while improving visibility, accountability, and information delivery across the facility.

Staff-to-Inmate Messaging™ gives facility staff a secure, instant way to send text-based messages directly to inmates. While Forms provides a valuable, guided outlet for inmates to submit the right information to staff, it does not allow staff to initiate those communication threads when outreach is needed. Staff-to-Inmate Messaging™ fills that gap while creating guardrails that help staff confirm inmates have reviewed a message and prevent teams from being inundated with unnecessary replies.

“As we invested in strengthening our Forms platform, we continually looked for ways our system could better support administrators throughout their daily operations where every minute matters,” said Andrew Lewis, Senior Director of Product at HomeWAV. “Through that process, we identified a need for a faster, more efficient way for staff to initiate communication. Staff-to-Inmate Messaging™ transforms routine communication from a manual process into a secure, text-based conversation, allowing facilities to communicate with individuals or groups in seconds while maintaining the visibility and controls required in a correctional environment.”

Launching in a phased approach, Staff-to-Inmate Messaging™ will be available on both HomeWAV kiosks and tablets. This exclusive feature gives facilities an innovative, purpose-built product capability competitors do not offer, helping staff quickly share housing changes, program schedules, facility-wide announcements, and other critical updates without relying on time-consuming in-person communication.

Staff-to-Inmate Messaging™ empowers facilities to:

Deliver secure messages to individual inmates, specific PODs, or the entire facility in secondsReduce staff time spent communicating routine announcements and operational updatesMaintain a centralized, trackable record of communications for greater visibility and accountabilityRequire inmate acknowledgment for critical messages when confirmation is neededControl inmate response permissions based on facility policies and operational requirementsImprove coordination across shifts, departments, and housing units

The launch of Staff-to-Inmate Messaging™ reinforces HomeWAV’s commitment to developing innovative technology that helps correctional facilities operate more efficiently, communicate more effectively, and maintain safer, better-connected environments for staff and inmates alike.

Current HomeWAV facility partners interested in enabling Staff-to-Inmate Messaging™ should contact their dedicated Regional Operations Manager to learn more. Correctional facilities interested in HomeWAV’s communication and technology solutions can visit https://www.homewav.com/corrections/contact-homewav/ for additional information.

About HomeWAV

Founded in 2011, HomeWAV LLC has remained the industry leader in providing simple, secure inmate communication and technology solutions to correctional facilities across the country. Headquartered in St. Louis, Missouri, HomeWAV’s all‑in-one patented platform offers video and voice calling, secure messaging, investigative tools, background filtering, tablet‑based access to education, entertainment, reentry resources, and more. Serving facilities in over 30 states, HomeWAV supports millions of users nationwide and reinvests in its purpose-built technology, upholding its pillars of Integrity, Innovation, and Impact to keep facilities safe and communities connected. For more information, visit HomeWAV at www.homewav.com and on LinkedIn and Facebook.

Media Contact:

Amanda Jasper

a.jasper@homewav.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/homewav-launches-exclusive-staff-to-inmate-messaging-feature-for-correctional-facilities-302827607.html

SOURCE HomeWAV

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