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LENDINGTREE REPORTS THIRD QUARTER 2024 RESULTS

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Revenue Growth of 68% Powered by Strong Insurance Performance, Strengthening Consumer Segment

Consolidated revenue of $260.8 millionGAAP net loss of $(58.0) million or $(4.34) per diluted share, including $(58.4) million of non-cash impairment of equity investmentsVariable marketing margin of $77.2 millionAdjusted EBITDA of $26.9 millionAdjusted net income per share of $0.80

CHARLOTTE, N.C., Oct. 31, 2024 /PRNewswire/ — LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation’s leading online financial services marketplace, today announced results for the quarter ended September 30, 2024.

The company has posted a letter to shareholders on the company’s website at investors.lendingtree.com.

“Our Insurance segment had another quarter of tremendous growth, as revenue increased 210% compared to the prior year period.  Improving results in personal loans and a 32% YoY increase in small business revenue drove 6% sequential growth in the Consumer segment revenue,” said Doug Lebda, Chairman and CEO.  “As we look forward to next year, we believe the company is positioned to improve performance across all three of our reportable segments.”

Scott Peyree, President and COO, commented, “Our Insurance business is generating record levels of revenue and VMD and should maintain momentum into 2025 as segment margin has stabilized.  We are optimistic forecasted easing of interest rates by the Fed, along with a stable economy, will benefit our Consumer and Home segments next year.”

Jason Bengel, CFO, added, “Our outlook for continued growth, coupled with ongoing expense discipline and targeted investment initiatives, lays the groundwork for improving financial results.  As our balance sheet continues to strengthen and leverage declines, we will evaluate optimizing our capital structure to lower interest expense.”

Third Quarter 2024 Business Results

Home segment revenue of $32.2 million decreased 4% over third quarter 2023 and produced segment profit of $9.3 million, down 18% over the same period.Within Home, revenue from Home Equity of $21.0 million increased 5% over prior year.Consumer segment revenue of $59.5 million declined 12% over third quarter 2023, and grew 6% sequentially.Within Consumer, personal loans revenue of $27.8 million increased 5% over prior year.Revenue from our small business offering increased 32% over prior year.Insurance segment revenue of $169.1 million increased 210% over third quarter 2023 and translated into record segment profit of $41.4 million, up 77% over the same period.

LendingTree Summary Financial Metrics

(In millions, except per share amounts)

Three Months Ended

September 30,

Y/Y

Three Months Ended
June 30,

Q/Q

2024

2023

% Change

2024

% Change

Total revenue

$     260.8

$    155.2

68 %

$                     210.1

24 %

(Loss) income before income taxes

$     (57.5)

$  (152.0)

62 %

$                         9.4

— %

Income tax (expense) benefit

$       (0.5)

$        3.5

(114) %

$                        (1.6)

69 %

Net (loss) income

$     (58.0)

$  (148.5)

61 %

$                         7.8

— %

Net (loss) income % of revenue

(22) %

(96) %

4 %

(Loss) income per share

Basic

$     (4.34)

$  (11.43)

$                       0.58

Diluted

$     (4.34)

$  (11.43)

$                       0.58

Variable marketing margin

Total revenue

$     260.8

$    155.2

68 %

$                     210.1

24 %

Variable marketing expense (1) (2)

$   (183.6)

$    (87.5)

110 %

$                   (139.2)

32 %

Variable marketing margin (2)

$       77.2

$      67.7

14 %

$                       70.9

9 %

Variable marketing margin % of revenue (2)

30 %

44 %

34 %

Adjusted EBITDA (2)

$       26.9

$      21.8

23 %

$                       23.5

14 %

Adjusted EBITDA % of revenue (2)

10 %

14 %

11 %

Adjusted net income (2)

$       10.9

$        7.9

38 %

$                         7.2

51 %

Adjusted net income per share (2)

$       0.80

$      0.61

31 %

$                       0.54

48 %

(1)

Represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses.  Excludes overhead, fixed costs and personnel-related expenses. 

(2)

Variable marketing expense, variable marketing margin, variable marketing margin % of revenue, adjusted EBITDA, adjusted EBITDA % of revenue, adjusted net income and adjusted net income per share are non-GAAP measures. Please see “LendingTree’s Reconciliation of Non-GAAP Measures to GAAP” and “LendingTree’s Principles of Financial Reporting” below for more information.

 

LendingTree Segment Results

(In millions)

Three Months Ended

September 30,

Y/Y

Three Months Ended
June 30,

Q/Q

2024

2023

% Change

2024

% Change

Home (1)

Revenue

$       32.2

$      33.4

(4) %

$                       32.2

— %

Segment profit

$         9.3

$      11.3

(18) %

$                         9.3

— %

Segment profit % of revenue

29 %

34 %

29 %

Consumer (2)

Revenue

$       59.5

$      67.3

(12) %

$                       55.9

6 %

Segment profit

$       28.0

$      34.4

(19) %

$                       26.9

4 %

Segment profit % of revenue

47 %

51 %

48 %

Insurance (3)

Revenue

$     169.1

$      54.5

210 %

$                     122.1

38 %

Segment profit

$       41.4

$      23.4

77 %

$                       36.4

14 %

Segment profit % of revenue

24 %

43 %

30 %

Other (4)

Revenue

$          —

$          —

— %

$                           —

— %

(Loss)

$          —

$         —

— %

$                        (0.1)

100 %

Total revenue

$     260.8

$    155.2

68 %

$                     210.1

24 %

Total segment profit

$       78.6

$      69.1

14 %

$                       72.5

8 %

     Brand marketing expense (5)

$       (1.4)

$       (1.4)

— %

$                        (1.6)

(13) %

Variable marketing margin

$       77.2

$      67.7

14 %

$                       70.9

9 %

Variable marketing margin % of revenue

30 %

44 %

34 %

(1)

The Home segment includes the following products: purchase mortgage, refinance mortgage, and home equity loans.

(2)

The Consumer segment includes the following products: credit cards, personal loans, small business loans, student loans, auto loans,

deposit accounts, and debt settlement.

(3)

The Insurance segment consists of insurance quote products and sales of insurance policies.

(4)

The Other category primarily includes marketing revenue and related expenses not allocated to a specific segment.

(5)

Brand marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses that are not assignable to the segments’ products. This measure excludes overhead, fixed costs and personnel-related expenses.

Financial Outlook*

Today we are updating our outlook for full-year 2024, which implies the following fourth quarter outlook:

Full-year 2024:

Revenue of $870 – $880 million versus the prior range of $830 – $870 millionVariable Marketing Margin of $287 – $292 million, compared to $280 – $300 million previouslyAdjusted EBITDA of $92 – $95 million versus $85 – $95 million previously

Fourth-quarter 2024:

Revenue: $231 – $241 millionVariable Marketing Margin: $69 – $74 millionAdjusted EBITDA: $20 – $23 million

*LendingTree is not able to provide a reconciliation of projected variable marketing margin or adjusted EBITDA to the most directly comparable expected GAAP results due to the unknown effect, timing and potential significance of the effects of legal matters and tax considerations. Expenses associated with legal matters and tax considerations have in the past, and may in the future, significantly affect GAAP results in a particular period.   

Quarterly Conference Call

A conference call to discuss LendingTree’s third quarter 2024 financial results will be webcast live today, October 31, 2024 at 4:30 PM Eastern Time (ET). The live webcast is open to the public and will be available on LendingTree’s investor relations website at investors.lendingtree.com. Following completion of the call, a recorded replay of the webcast will be available on the website.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Expense

Below is a reconciliation of selling and marketing expense, the most directly comparable GAAP measure, to variable marketing expense. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of this non-GAAP measure.

Three Months Ended

September 30,
2024

June 30,
2024

September 30,
2023

(in thousands)

Selling and marketing expense

$      193,542

$      148,387

$        97,244

Non-variable selling and marketing expense (1)

(9,976)

(9,140)

(9,805)

Variable marketing expense

$      183,566

$      139,247

$        87,439

(1)

Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Margin

Below is a reconciliation of net (loss) income, the most directly comparable table GAAP measure, to variable marketing margin and net (loss) income % of revenue to variable marketing margin % of revenue. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

September 30,
2024

June 30,
2024

September 30,
2023

(in thousands, except percentages)

Net (loss) income

$     (57,978)

$          7,752

$  (148,465)

Net (loss) income % of revenue

(22) %

4 %

(96) %

Adjustments to reconcile to variable marketing margin:

Cost of revenue

9,372

8,411

7,570

Non-variable selling and marketing expense (1)

9,976

9,140

9,805

General and administrative expense

26,680

27,118

26,380

Product development

11,190

10,374

10,840

Depreciation

4,584

4,601

4,760

Amortization of intangibles

1,466

1,467

1,981

Goodwill impairment

—

—

38,600

Restructuring and severance

273

202

1,955

Litigation settlements and contingencies

3,762

(7)

(150)

Interest expense (income), net

10,060

1,201

7,097

Other expense (income)

57,391

(1,052)

110,910

Income tax expense (benefit)

447

1,686

(3,534)

Variable marketing margin

$        77,223

$        70,893

$        67,749

Variable marketing margin % of revenue

30 %

34 %

44 %

(1)

Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted EBITDA

Below is a reconciliation of net (loss) income, the most directly comparable table GAAP measure, to adjusted EBITDA and net (loss) income % of revenue to adjusted EBITDA % of revenue. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

September 30,
2024

June 30,
2024

September 30,
2023

(in thousands, except percentages)

Net (loss) income

$     (57,978)

$          7,752

$  (148,465)

Net (loss) income % of revenue

(22) %

4 %

(96) %

Adjustments to reconcile to adjusted EBITDA:

Amortization of intangibles

1,466

1,467

1,981

Depreciation

4,584

4,601

4,760

Restructuring and severance

273

202

1,955

Loss on impairments and disposal of assets

6

413

88

Loss on impairment of equity investments

58,376

—

113,064

Goodwill impairment

—

—

38,600

Non-cash compensation

6,859

7,437

8,592

Litigation settlements and contingencies

3,762

(7)

(150)

Interest expense (income), net

10,060

1,201

7,097

Dividend income

(982)

(1,225)

(2,154)

Income tax expense (benefit)

447

1,686

(3,534)

Adjusted EBITDA

$        26,873

$        23,527

$        21,834

Adjusted EBITDA % of revenue

10 %

11 %

14 %

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted Net Income

Below is a reconciliation of net (loss) income, the most directly comparable table GAAP measure, to adjusted net income and net (loss) income per diluted share to adjusted net income per share. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

September 30,
2024

June 30,
2024

September 30,
2023

(in thousands, except per share amounts)

Net (loss) income

$     (57,978)

$          7,752

$  (148,465)

Adjustments to reconcile to adjusted net income:

Restructuring and severance

273

202

1,955

Goodwill impairment

—

—

38,600

Loss on impairments and disposal of assets

6

413

88

Loss on impairment of equity investments

58,376

—

113,064

Non-cash compensation

6,859

7,437

8,592

Litigation settlements and contingencies

3,762

(7)

(150)

Gain on extinguishment of debt

(416)

(8,619)

—

Income tax expense (benefit) from adjusted items

—

—

(5,764)

Adjusted net income

$        10,882

$          7,178

$          7,920

Net (loss) income per diluted share

$         (4.34)

$            0.58

$       (11.43)

Adjustments to reconcile net (loss) income to adjusted net income

5.16

(0.04)

12.04

Adjustments to reconcile effect of dilutive securities

(0.02)

—

—

Adjusted net income per share

$            0.80

$            0.54

$            0.61

Adjusted weighted average diluted shares outstanding

13,555

13,407

12,999

Effect of dilutive securities

206

—

6

Weighted average diluted shares outstanding

13,349

13,407

12,993

Effect of dilutive securities

—

150

—

Weighted average basic shares outstanding

13,349

13,257

12,993

LENDINGTREE’S PRINCIPLES OF FINANCIAL REPORTING

LendingTree reports the following non-GAAP measures as supplemental to GAAP:

Variable marketing expenseVariable marketing marginVariable marketing margin % of revenueEarnings Before Interest, Taxes, Depreciation and Amortization, as adjusted for certain items discussed below (“Adjusted EBITDA”)Adjusted EBITDA % of revenueAdjusted net incomeAdjusted net income per share

Variable marketing expense, variable marketing margin and variable marketing margin % of revenue are related measures of the effectiveness of the Company’s marketing efforts. Variable marketing margin is a measure of the efficiency of the Company’s operating model, measuring revenue after subtracting variable marketing expense. Variable marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing, and related expenses, and excludes overhead, fixed costs, and personnel related expenses.  The Company’s operating model is highly sensitive to the amount and efficiency of variable marketing expenditures, and the Company’s proprietary systems are able to make rapidly changing decisions concerning the deployment of variable marketing expenditures (primarily but not exclusively online and mobile advertising placement) based on proprietary and sophisticated analytics.

Adjusted EBITDA and adjusted EBITDA % of revenue are primary metrics by which LendingTree evaluates the operating performance of its businesses, on which its marketing expenditures and internal budgets are based and, in the case of adjusted EBITDA, by which management and many employees are compensated in most years.

Adjusted net income and adjusted net income per share supplement GAAP net income and GAAP net income per diluted share by enabling investors to make period to period comparisons of those components of the most directly comparable GAAP measures that management believes better reflect the underlying financial performance of the Company’s business operations during particular financial reporting periods. Adjusted net income and adjusted net income per share exclude certain amounts, such as non-cash compensation, non-cash asset impairment charges, gain/loss on disposal of assets, gain/loss on investments, restructuring and severance, litigation settlements and contingencies, acquisition and disposition income or expenses including with respect to changes in fair value of contingent consideration, gain/loss on extinguishment of debt, contributions to the LendingTree Foundation, one-time items which are recognized and recorded under GAAP in particular periods but which might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded, the effects to income taxes of the aforementioned adjustments, any excess tax benefit or expense associated with stock-based compensation recorded in net income in conjunction with FASB pronouncement ASU 2016-09, and income tax (benefit) expense from a full valuation allowance. LendingTree believes that adjusted net income and adjusted net income per share are useful financial indicators that provide a different view of the financial performance of the Company than adjusted EBITDA (the primary metric by which LendingTree evaluates the operating performance of its businesses) and the GAAP measures of net income and GAAP net income per diluted share.

These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. LendingTree provides and encourages investors to examine the reconciling adjustments between the GAAP and non-GAAP measures set forth above.

Definition of LendingTree’s Non-GAAP Measures

Variable marketing margin is defined as revenue less variable marketing expense. Variable marketing expense is defined as the expense attributable to variable costs paid for advertising, direct marketing and related expenses, and excluding overhead, fixed costs and personnel-related expenses. The majority of these variable advertising costs are expressly intended to drive traffic to our websites and these variable advertising costs are included in selling and marketing expense on the Company’s consolidated statements of operations and consolidated income.

EBITDA is defined as net income from continuing operations excluding interest, income taxes, amortization of intangibles and depreciation.

Adjusted EBITDA is defined as EBITDA excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) contributions to the LendingTree Foundation (9) dividend income, and (10) one-time items.

Adjusted net income is defined as net income (loss) excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) gain/loss on extinguishment of debt, (9) contributions to the LendingTree Foundation, (10) one-time items, (11) the effects to income taxes of the aforementioned adjustments, (12) any excess tax benefit or expense associated with stock-based compensation recorded in net income in conjunction with FASB pronouncement ASU 2016-09, and (13) income tax (benefit) expense from a full valuation allowance.

Adjusted net income per share is defined as adjusted net income divided by the adjusted weighted average diluted shares outstanding. For periods which the Company reports GAAP loss from continuing operations, the effects of potentially dilutive securities are excluded from the calculation of net loss per diluted share from continuing operations because their inclusion would have been anti-dilutive. In periods where the Company reports GAAP loss from continuing operations but reports positive non-GAAP adjusted net income, the effects of potentially dilutive securities are included in the denominator for calculating adjusted net income per share if their inclusion would be dilutive.

LendingTree endeavors to compensate for the limitations of these non-GAAP measures by also providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.

One-Time Items

Adjusted EBITDA and adjusted net income are adjusted for one-time items, if applicable. Items are considered one-time in nature if they are non-recurring, infrequent or unusual, and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. For the periods presented in this report, there are no adjustments for one-time items.

Non-Cash Expenses That Are Excluded From LendingTree’s Adjusted EBITDA and Adjusted Net Income

Non-cash compensation expense consists principally of expense associated with the grants of restricted stock, restricted stock units and stock options. These expenses are not paid in cash and LendingTree includes the related shares in its calculations of fully diluted shares outstanding. Upon settlement of restricted stock units, exercise of certain stock options or vesting of restricted stock awards, the awards may be settled on a net basis, with LendingTree remitting the required tax withholding amounts from its current funds. Cash expenditures for employer payroll taxes on non-cash compensation are included within adjusted EBITDA and adjusted net income.

Amortization of intangibles are non-cash expenses relating primarily to acquisitions. At the time of an acquisition, the intangible assets of the acquired company, such as purchase agreements, technology and customer relationships, are valued and amortized over their estimated lives.  Amortization of intangibles are only excluded from adjusted EBITDA.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in the discussion above may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of LendingTree and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates and inflation; default rates on loans, particularly unsecured loans; demand by investors for unsecured personal loans; the effect of such demand on interest rates for personal loans and consumer demand for personal loans; seasonality of results; potential liabilities to secondary market purchasers; changes in the Company’s relationships with network partners, including dependence on certain key network partners; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; failure to maintain brand recognition; ability to attract and retain consumers in a cost-effective manner; the effects of potential acquisitions of other businesses, including the ability to integrate them successfully with LendingTree’s existing operations; accounting rules related to excess tax benefits or expenses on stock-based compensation that could materially affect earnings in future periods; ability to develop new products and services and enhance existing ones; competition; effects of changing laws, rules or regulations on our business model; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network partners or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management. These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2023, in our Quarterly Report on Form 10-Q for the period ended June 30, 2024, and in our other filings with the Securities and Exchange Commission. LendingTree undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

About LendingTree, Inc.

LendingTree, Inc. is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC (collectively, “LendingTree” or the “Company”).

LendingTree is one of the nation’s largest, most experienced online financial platforms, created to give consumers the power to win financially.  LendingTree provides customers with access to the best offers on loans, credit cards, insurance and more through its network of approximately 400 financial partners.  Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys. With a portfolio of innovative products and tools and personalized financial recommendations, LendingTree helps customers achieve everyday financial wins.

LendingTree, Inc. is headquartered in Charlotte, NC. For more information, please visit www.lendingtree.com. 

Investor Relations Contact:
investors@lendingtree.com 

Media Contact:
press@lendingtree.com 

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SOURCE LendingTree, Inc.

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Technology

Light Raises $46 Million to Scale the Power Company for Embedded Electricity

Published

6 minutes ago

on

September 1, 2026

By

Founded by former Head of Product at Plaid, Light is expanding beyond Texas as businesses increasingly embed electricity into their products and services

AUSTIN, Texas, Sept. 1, 2026 /PRNewswire/ — Light, the power company enabling embedded electricity products for businesses, today announced $46 million in Series A funding led by Matrix and joined by Activate Capital and existing investors including Spark Capital, Mischief, Gigascale Capital, MCJ and BoxGroup. The round brings Light’s total funding to approximately $60 million, with the company’s capital base exceeding $100 million, including its credit facility, as it scales its rapidly growing partner ecosystem.

U.S. power demand is hitting record highs, AI infrastructure growth is accelerating, and residential electricity prices have climbed nearly 40% in five years. As energy moves to the center of household and enterprise budgets, owning the electricity relationship has become essential to driving core product sales, deepening customer engagement, and unlocking new revenue for expansive categories of companies.

Yet, becoming an electricity provider requires navigating state-by-state licensing, wholesale power procurement, commodity risk management, billing, customer support and grid integration – a process that can take years. Meanwhile, working with standalone electricity providers limits companies to referring customers to one-size-fits-all electricity plans.

Light was founded to unleash innovation in power. Through its API platform, companies can launch embedded electricity plans tailored to their customers and integrated into their existing offerings in as little as two weeks. As the regulated electricity provider, Light manages the energy stack behind the scenes – from compliance and customer support to Virtual Power Plant operations – so partners can offer electricity without building from scratch. Light already supports partners across:
 

Real estate and proptech: embedding electricity plans directly into resident onboarding to streamline move-ins and generate revenueBattery and solar: combining behind-the-meter systems, grid electricity service and VPP benefits in one place to simplify sales and eliminate customer confusionMobility: offering subscription EV charging plans that make energy costs predictable and help sell more EVs and chargersFintech: lowering customers’ electricity bills to deliver savings and increase engagement

“Every decade has produced a new infrastructure layer that changed how companies build products and serve customers, from software to embedded financial services. Electricity is the next frontier,” said Baker Shogry, co-founder and CEO of Light. “Light removes the barriers, enabling any company to offer tailored electricity services as seamlessly as they offer payments, financing or other products today.”

“At Plaid, Baker saw how the right infrastructure layer can create entirely new categories of companies and products,” said Matt Brown, Partner at Matrix. “Energy has reached a similar inflection point. The underlying infrastructure and operations have been too complex for enterprises to build themselves, so Baker, Adam and the team built Light to make embedded electricity possible.”

Alongside the financing, Light continues expanding its platform and geographic reach, including:

Membership with PJM, the nation’s largest wholesale electricity market, paving the way for expansion beyond Texas, beginning in New Jersey, Pennsylvania and IllinoisA broadened battery offering, enabling partners to bundle home battery systems with electricity plans that provide backup power and support a more resilient gridIts first EV-centric product, allowing partners to offer subscription charging plans alongside solar buyback and traditional electricity plans on one platform

Today, Light’s partner network reaches more than 30% of all U.S. residential solar sales, over 500,000 homeowners, and more than 1 million multi-family units, with partners including Palmetto, GoodLeap, Emporia, Public Grid, Lunar Energy, and Moved. In the first half of 2026, 100% of new electricity brands entering the Texas market launched on Light’s platform, up from over 70% in 2025, while Light increased run-rate revenue 10x over 12 months.

Headquartered in Austin, Light has grown to over 35 employees and expects to more than double its headcount over the next 12 months while investing in product innovation and geographic expansion.

About Light
Light is a power company enabling businesses to offer branded electricity products through a modern API platform. As the regulated electricity provider, Light manages the complexity of providing electricity – including licensing, wholesale procurement, billing, customer support, and VPP participation – allowing businesses to embed customized electricity offerings directly into their products and services.

matrix@bambybig.agency

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SOURCE Light

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Women’s Capital Summit Announces Women in Sports Programming Focused on Investment, Ownership and Entrepreneurship

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September 1, 2026

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Sophia Bush to spotlight the growing opportunity to invest in women’s sports and women entrepreneurs

NEW YORK, Sept. 1, 2026 /PRNewswire/ — The Women’s Capital Summit will bring together leading voices from sports, investing, business and media for a timely conversation on the rapidly expanding economic opportunity surrounding women’s sports and women entrepreneurs.

As investment in women’s sports continues to accelerate, the Summit will examine what comes next: how investors, leagues, founders and business leaders can build on that momentum to create lasting value, expand ownership opportunities and ensure women entrepreneurs benefit from the growth of the sports economy.

Actor, activist, entrepreneur and investor Sophia Bush will participate in the Summit to speak about the importance of investing in women’s sports and backing women entrepreneurs. Bush has been an outspoken advocate for women’s leadership and economic opportunity and has invested in businesses and initiatives advancing women.

A featured session, “Beyond the Game: Investing in the Future of Sports,” will explore where capital is moving across the sports ecosystem and the opportunities emerging for investors, entrepreneurs and industry leaders.

The panel will feature:

Dr. Jan Adams, Founder and CEO, JMA Solutions & Co-Owner, DC Power FCAli Curtis, Executive Vice President, Major League Soccer & President, MLS NEXT ProLorine Pendleton, Founder & Managing Partner, 125 VenturesModerator: Julie Donaldson, news anchor and reporter, WTTG FOX5 DC

The discussion will examine the expanding sports investment landscape, including team and league growth, technology and innovation, athlete entrepreneurship, new business models and the role of private capital in shaping the future of the industry.

“Women’s sports is no longer an emerging opportunity—it is a growing and increasingly sophisticated investment market,” said Gwen Young, CEO of Women Business Collaborative. “The opportunity extends well beyond teams and leagues. Women athletes are becoming investors, founders and business leaders, while entrepreneurs are building companies across media, technology, health, consumer products and the broader sports ecosystem. The Women’s Capital Summit is designed to bring those entrepreneurs together with the capital and relationships needed to grow.”

The Women’s Capital Summit brings together investors, founders, corporate leaders and ecosystem partners with a focus on moving capital to women entrepreneurs. Through panels, investor conversations, matchmaking and relationship-building, the Summit creates opportunities for women founders to connect directly with the people and institutions capable of funding and scaling their businesses.

The sports programming reflects the Summit’s broader mission: moving beyond conversations about representation toward meaningful investment, ownership and economic participation.

About the Women’s Capital Summit

The Women’s Capital Summit convenes women entrepreneurs, investors, corporate leaders and ecosystem partners to accelerate the flow of capital to women-founded businesses. The Summit focuses on creating actionable connections between founders and capital providers while highlighting emerging investment opportunities across industries.

About Women Business Collaborative

Women Business Collaborative is an alliance of organizations and leaders working together to accelerate the advancement of women in business. Through collaboration, research, convenings and strategic initiatives, WBC works to advance women’s leadership, entrepreneurship and economic opportunity.

View original content to download multimedia:https://www.prnewswire.com/news-releases/womens-capital-summit-announces-women-in-sports-programming-focused-on-investment-ownership-and-entrepreneurship-302866363.html

SOURCE Women Business Collaborative

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Technology

SprintRay Introduces Midas Restore™, a New Definitive Restorative Material Engineered for Midas Digital Press

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6 minutes ago

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September 1, 2026

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Glass ceramic and zirconia-filled restorative material combines advanced material science with SprintRay’s Midas Digital Press technology for same-visit crowns, inlays, onlays and veneers

LOS ANGELES, Sept. 1, 2026 /PRNewswire/ — SprintRay, a dental technology company advancing dental 3D printing and digital manufacturing, today announced the commercial launch of SprintRay Midas Restore™, a new FDA-cleared ceramic and zirconia-filled definitive restorative resin engineered specifically for the Midas Digital Press.

With over 75% filler by weight, Midas Restore brings glass ceramic and zirconia together in a formulation designed around what matters in definitive restorative dentistry: strength where it counts, resistance to occlusal wear, lasting polish and natural aesthetics. The material enables dentists to produce definitive crowns, inlays, onlays and veneers through a streamlined same-visit digital workflow.

Unlike restorative materials engineered primarily around maximum strength, Midas Restore was designed around how a definitive restoration polishes, wears, flexes and functions once adhesively bonded to remaining tooth structure, while maintaining the required clinical strength.

“If we could 3D print enamel, this is it.”

The statement captures the design philosophy behind Midas Restore: creating a restorative material that balances polish retention, wear resistance, strength, surface hardness, stiffness, and optical performance while working in concert with the natural tooth.

“Traditional dental 3D printing forces a compromise: the material has to be fluid enough to print, which limits how highly filled it can be,” said Amir Mansouri, CEO and Founder of SprintRay. “Midas Restore was designed in our material science lab to address that limitation. By pairing a highly filled glass ceramic and zirconia formulation with Midas Digital Press, we can give clinicians access to a new class of definitive restorative materials and bring them into an efficient same-visit workflow.”

Designed Around the Bonded Tooth

For decades, restorative materials have been engineered around bulk strength. Glass ceramics and zirconia are brittle, so their primary defense against crack propagation is shear strength — which in turn means more tooth reduction and stiffness well beyond what function requires.

Midas Restore takes a different approach. Its resin matrix is designed to arrest cracks rather than simply resist them, and its flexural modulus sits closer to dentin than to a glass ceramic. Once adhesively bonded to remaining tooth structure, the restoration becomes part of a system in which material and tooth distribute function together, rather than concentrating stress at the interface.

SprintRay laboratory testing demonstrated that Midas Restore retained 98% of its initial gloss after 5,000 simulated toothbrush abrasion cycles, and delivered five times the wear resistance of SprintRay Ceramic Crown over 200,000 cycles — wear performance comparable to a milled hybrid ceramic. In biaxial flexural testing, Midas Restore reached a maximum strength of 215 MPa, the highest of any SprintRay definitive restorative material.¹ The surface hardness was measured to be greater than 80 HV, statistically equivalent to a leading nanofilled direct composite and roughly double that of previous-generation printed restorative resins. Its translucency parameter of 13.5 places it in the same range as milled lithium disilicate HT.²

“We engineered Midas Restore around how a restoration actually behaves once it is bonded to a tooth, not around a single strength number,” said Hossein Bassir, Chief Product Officer at SprintRay. “Filler content, polish retention, wear resistance, modulus and optics are not separate features. They are one system, and the tooth is part of it.”

Made to Be Pressed

Achieving this combination of properties requires a filler loading that conventional dental 3D printing cannot process. Highly filled formulations are highly viscous, and viscous material does not flow into a print zone on its own.

SprintRay’s Digital Press Stereolithography (DPS) technology actively pushes highly viscous material into the print zone from sealed capsules. That is what allows Midas to work with filler loads over 75% by weight — and it is why Midas Restore is engineered exclusively for the Midas Digital Press.

Built for Same-Visit Dentistry

Midas Restore brings definitive restorative material into a streamlined digital workflow spanning scanning and design through pressing, post-curing, polishing and bonding.

Clinicians can press multiple units from a single capsule, post-cure in four minutes, and polish restorations to final with two wheels in under two minutes — with no glaze or oven required. Midas Restore can also be adjusted, added to and repaired intraorally before adhesive cementation, supporting definitive delivery without a provisional, second appointment or lab bill.

Midas Restore builds on the Midas Digital Press platform, introduced in 2024. Since its launch, clinicians across 33 countries have produced more than 100,000 restorations with Midas. Early clinical evaluation of Midas Restore has also demonstrated straightforward finishing and polishability.

“With Midas Restore, I can achieve a beautiful, lasting surface gloss in just two or three quick polishing steps with a standard polishing system,” said Andrew C. Johnson, DDS, MDS, CDT, FACP, Diplomate of the American Board of Prosthodontics and prosthodontist at OmniSmile Digital Dental Solutions, who participated in the early clinical evaluation of Midas Restore. “That combination of durability, aesthetics and straightforward finishing is what I expect as a clinician from a definitive restorative material. This is an exciting time for digital dentistry.”

Availability

Midas Restore will be available beginning September 1, 2026, in the United States in shades A1, A2, A3, B1 and C2. A three-pack of Single-Unit Capsules is $135 and will be available through the SprintRay Store and authorized SprintRay distribution partners.

Midas Restore is validated for use with the SprintRay Midas Digital Press and SprintRay NanoCure. In the United States, it is FDA 510(k) cleared (K260661), Class II, Rx only.

¹ Maximum value. ISO 6872, piston-on-three-balls. Mean 180 MPa. ² Shade A1; other shades may vary.

About SprintRay

SprintRay is a dental technology company specializing in dental 3D printing and digital manufacturing solutions for dental professionals. The SprintRay ecosystem combines dental 3D printers, Digital Press technology, biocompatible dental materials, AI-powered design software and post-processing solutions to help clinicians deliver restorative, prosthetic and appliance-based care in the dental practice.

By developing hardware, software and materials as connected systems, SprintRay is working to make advanced digital dentistry and chairside manufacturing more accessible, efficient and clinically practical at the point of care. For more information, please visit www.SprintRay.com.

Media Contact

Press@sprintray.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/sprintray-introduces-midas-restore-a-new-definitive-restorative-material-engineered-for-midas-digital-press-302865937.html

SOURCE SprintRay, Inc.

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