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AudioCodes Reports Third Quarter 2024 Results

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OR YEHUDA, Israel, Nov. 6, 2024 /PRNewswire/ — 

Third Quarter Highlights

Quarterly revenues decreased by 2.2% year-over-year to $60.2 million;Quarterly service revenues increased by 6.4% year-over-year to $32.5 million;GAAP results:
– Quarterly GAAP gross margin was 65.2%;
– Quarterly GAAP operating margin was 8.1%;
– Quarterly GAAP EBITDA was $5.9 million;
– Quarterly GAAP net income was $2.7 million, or $0.09 per diluted share. Non-GAAP results:
– Quarterly Non-GAAP gross margin was 65.6%;
– Quarterly Non-GAAP operating margin was 11.7%;
– Quarterly Non-GAAP EBITDA was $7.9 million;
– Quarterly Non-GAAP net income was $4.9 million, or $0.16 per diluted share.Net cash provided by operating activities was $7.9 million for the quarter.AudioCodes repurchased 332,709 of its ordinary shares during the quarter at an aggregate cost of $3.6 million.

Details

AudioCodes (NASDAQ: AUDC), a leading provider of unified communications voice, contact center and conversational AI applications and services for enterprises, today announced its financial results for the third quarter ended September 30, 2024.

Revenues for the third quarter of 2024 were $60.2 million compared to $61.6 million for the third quarter of 2023.

EBITDA for the third quarter of 2024 was $5.9 million compared to $6.4 million for the third quarter of 2023.

On a Non-GAAP basis, EBITDA for the third quarter of 2024 was $7.9 million compared to $10.1 million for the third quarter of 2023.

Net income was $2.7 million, or $0.09 per diluted share, for the third quarter of 2024 compared to net income of $4.3 million, or $0.14 per diluted share, for the third quarter of 2023.

On a Non-GAAP basis, net income was $4.9 million, or $0.16 per diluted share, for the third quarter of 2024 compared to $8.3 million, or $0.25 per diluted share, for the third quarter of 2023.

Non-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) expenses related to deferred payments in connection with the acquisition of Callverso Ltd; (iv) financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies; (v) tax impact which relates to our Non-GAAP adjustments; and (vi) in Q1 2024 non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company’s new headquarters. A reconciliation of net income on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.

Net cash provided by operating activities was $7.9 million for the third quarter of 2024. Cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long-term financial investments were $88.4 million as of September 30, 2024 compared to $106.7 million as of December 31, 2023. The decrease in cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long-term financial investments was the result of the use of cash for the continued repurchasing of the Company’s ordinary shares pursuant to its share repurchase program and the payment of a cash dividend during each of the first and third quarters of 2024 and purchase of property and equipment related to leasehold improvements of our new corporate headquarter in Israel, offset, in part, by cash from operating activities.

“I am pleased to report we have successfully executed against our strategic priorities this quarter, as we continue to make progress in our long-term goal of leading the voice services market for the UCaaS and CX markets. We continued our transformation to become a cloud software and services company with a higher proportion of recurring revenue vs. legacy perpetual revenues,” said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes.

Third quarter services revenues grew 6.4% year-over-year and accounted for 53.9% of revenues, the highest on record for us. Fueling the strength of our services revenue stream as our primary growth engines were Live managed services (consisting of Live Teams and Live CX) and conversational AI. Specifically, Live Teams business grew 21% year over year and accounted for 44% of total Microsoft business compared to 37% a year ago. On conversational AI, third quarter dollar value of contracts signed increased roughly 50% vs the year ago period.

Our success in building Live managed services and recurring revenue stream has translated to strong year-over-year ARR growth of 40%, ending 3Q at $60 million ARR, up from $48 million exiting 2023. This success is owed to the trust we have built throughout the years with partners and enterprise customers in the voice services space. There is no better proof than our long-standing multi-year partnership with AT&T in North America, leveraging our expertise in providing secure voice connectivity to help their business customers onboard to Microsoft Teams. This fruitful partnership has contributed multi-millions of annual recurring revenues over the last several years.

Speaking of conversational AI, strong operational momentum continues, driven by long-term tailwind of infusing AI into UC and CX workflows in customers’ inexorable demand to drive ongoing productivity gains.  Accordingly, we have seen significant pick-up in pipeline activities across our entire conversational AI suite, including Voca CIC, our AI first CX solution for Microsoft Teams, SaaS Recording solutions such as Meeting Insights and interaction recording, and Voice AI Connect.

Overall, we delivered on our business priorities in the quarter, with the strength in our Live recurring businesses buttressing the healthy overall pipeline for our major practices such as Microsoft business, CX and Conversational AI.  We believe this bodes well for seeing improved top-line growth performance as we head into 2025 and beyond,” concluded Mr. Adlersberg.

Share Buy Back Program and Cash Dividend

In July 2024, the Company received court approval in Israel to purchase up to an aggregate amount of $20 million of additional ordinary shares. The court approval also permits AudioCodes to declare a dividend out of any part of this amount. The approval is valid through January 1, 2025.

On July 30, 2024, the Company declared a cash dividend of 18 cents per share. The dividend, in the aggregate amount of approximately $5.4 million, was paid on August 29, 2024, to all of the Company’s shareholders of record on August 15, 2024.

During the quarter ended September 30, 2024, the Company acquired 332,709 of its ordinary shares under its share repurchase program for a total consideration of $3.6 million.

As of September 30, 2024, the Company had $11 million available under this approval for the repurchase of shares and/or declaration of cash dividends.

Conference Call & Web Cast Information

AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the Company’s third quarter of 2024 operating performance, financial results and outlook. Interested parties may participate in the conference call by dialing one the following numbers:

United States Participants: 888-506-0062

International Participants: +1 (973) 528-0011

The conference call will also be simultaneously webcast. Investors are invited to listen to the call live via webcast at the AudioCodes investor website at http://www.audiocodes.com/investors-lobby.

About AudioCodes

AudioCodes (NASDAQ, TASE: AUDC) is a leading innovator of intelligent cloud communications solutions. AudioCodes empowers enterprises and service providers to build and operate state-of-the-art voice networks, unified communications platforms, and AI-driven productivity tools. The cutting-edge portfolio includes cloud-native applications, advanced voice AI technologies, and comprehensive communication solutions tailored for the modern digital workplace. Trusted by global Fortune 500 companies and tier-1 operators worldwide, AudioCodes drives digital transformation through seamless integration, enhanced collaboration, and unparalleled communication experiences.

For more information, visit http://www.audiocodes.com.

Follow AudioCodes’ social media channels:

AudioCodes invites you to join our online community and follow us on: AudioCodes Voice Blog, LinkedIn, Twitter, Facebook, and YouTube.

Statements concerning AudioCodes’ business outlook or future economic performance; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements” as that term is defined under U.S. Federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to: the effect of global economic conditions in general and conditions in AudioCodes’ industry and target markets in particular; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes’ and its customers’ products and markets; timely product and technology development, upgrades and the ability to manage changes in market conditions as needed; possible need for additional financing; the ability to satisfy covenants in the Company’s loan agreements; possible disruptions from acquisitions; the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes’ business; possible adverse impact of the COVID-19 pandemic on our business and results of operations; the effects of the current terrorist attacks by Hamas in Israel, and the war and hostilities between Israel and Hamas, and Israel and Hezbollah as well as the possibility that this could develop into a broader regional conflict involving Israel with other parties, may affect our operations and may limit our ability to produce and sell our solutions; any disruption in our operations by the obligations of our personnel to perform military service as a result of current or future military actions involving Israel; and other factors detailed in AudioCodes’ filings with the U.S. Securities and Exchange Commission. AudioCodes assumes no obligation to update the information in this release.

©2024 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What’s Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, VocaNom, AudioCodes One Voice, AudioCodes Meeting Insights, AudioCodes Room Experience are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.

Summary financial data follows

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands  

September 30,

December 31,

2024

2023

(Unaudited)

(Audited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 23,522

$ 30,546

Short-term and restricted bank deposits

202

212

Short-term marketable securities

24,245

7,438

Trade receivables, net

58,081

51,125

Other receivables and prepaid expenses

12,085

9,381

Inventories

33,677

43,959

Total current assets

151,812

142,661

LONG-TERM ASSETS:

Long-term Trade receivables

$ 15,856

$ 16,798

Long-term marketable securities

37,308

65,732

Long-term financial investments

3,123

2,730

Deferred tax assets

4,577

6,208

Operating lease right-of-use assets

33,207

36,712

Severance pay funds

17,132

17,202

Total long-term assets

111,203

145,382

PROPERTY AND EQUIPMENT, NET

25,236

10,893

GOODWILL, INTANGIBLE ASSETS AND OTHER, NET

38,182

38,581

Total assets

$ 326,433

$ 337,517

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:

Trade payables

5,479

7,556

Other payables and accrued expenses

24,066

29,943

Deferred revenues

39,390

38,820

Short-term operating lease liabilities

5,859

7,878

Total current liabilities

74,794

84,197

LONG-TERM LIABILITIES:

Accrued severance pay

$ 15,893

$ 16,662

Deferred revenues and other liabilities

18,110

17,142

Long-term operating lease liabilities

30,742

31,404

Total long-term liabilities

64,745

65,208

Total shareholders’ equity

186,894

188,112

Total liabilities and shareholders’ equity

$ 326,433

 

$ 337,517

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands, except per share data

Nine months ended

Three months ended

September 30,

September 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Revenues:

Products

$ 84,647

$ 91,299

$ 27,750

$ 31,039

Services

95,975

89,525

32,493

30,552

Total Revenues

180,622

180,824

60,243

61,591

Cost of revenues:

Products

34,123

36,568

11,380

11,347

Services

29,057

28,299

9,563

9,307

Total Cost of revenues

63,180

64,867

20,943

20,654

Gross profit

117,442

115,957

39,300

40,937

Operating expenses:

Research and development, net

39,780

43,363

12,666

13,960

Selling and marketing

52,427

52,747

17,607

17,221

General and administrative

12,146

12,657

4,155

3,977

Total operating expenses

104,353

108,767

34,428

35,158

Operating income

13,089

7,190

4,872

5,779

Financial income (expenses), net

(195)

1,688

(614)

492

Income before taxes on income

12,894

8,878

4,258

6,271

Taxes on income, net

(4,358)

(3,753)

(1,579)

(2,019)

Net income

$ 8,536

$ 5,125

$ 2,679

$ 4,252

Basic net earnings per share

$ 0.28

$ 0.16

$ 0.09

$ 0.14

Diluted net earnings per share

$ 0.28

$ 0.16

$ 0.09

$ 0.14

Weighted average number of shares used in computing basic
 net earnings per share (in thousands)

30,239

31,642

30,218

31,390

Weighted average number of shares used in computing diluted
 net earnings per share (in thousands)

30,769

31,807

30,778

31,374

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME 

U.S. dollars in thousands, except per share data

Nine months ended

Three months ended

September 30,

September 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

GAAP net income

$ 8,536

$ 5,125

$ 2,679

$ 4,252

GAAP net earnings per share

$ 0.28

$ 0.16

$ 0.09

$ 0.14

Cost of revenues:

Share-based compensation (1)

274

304

99

94

Amortization expenses (2)

366

379

122

122

Lease expenses (6)

304

322

322

944

1,005

221

538

Research and development, net:

Share-based compensation (1)

1,642

2,090

471

649

Deferred payments expenses (3)

375

125

Lease expenses (6)

342

362

362

1,984

2,827

471

1,136

Selling and marketing:

Share-based compensation (1)

2,255

3,380

783

1,050

Amortization expenses (2)

33

33

11

11

Deferred payments expenses (3)

375

125

Lease expenses (6)

38

40

40

2,326

3,828

794

1,226

General and administrative:

Share-based compensation (1)

2,113

3,242

679

814

Lease expenses (6)

76

80

80

2,189

3,322

679

894

Financial expenses (income):

Exchange rate differences (4)

(754)

(1,237)

55

(767)

Income taxes:

Taxes on income, net (5)

422

1,247

1,023

Non-GAAP net income

$ 15,647

$ 16,117

$ 4,899

$ 8,302

Non-GAAP diluted net earnings per share

$ 0.50

$ 0.49

$ 0.16

$ 0.25

Weighted average number of shares used in computing Non-GAAP
 diluted net earnings per share (in thousands)

31,534

32,870

31,480

32,576

(1)  Share-based compensation expenses related to options and restricted share units granted to employees and others.

(2)  Amortization expenses related to intangible assets.

(3)  Expenses related to deferred payments in connection with the acquisition of Callverso Ltd.

(4)  Financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.

(5)  Tax impact which relates to our non-GAAP adjustments.

(6)  In Q1 2024, non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company’s new headquarters.

 

Note:  Non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.  The Company believes that non-GAAP information is useful because it can enhance the understanding of its ongoing economic performance and therefore uses internally this non-GAAP information to evaluate and manage its operations.  The Company has chosen to provide this information to investors to enable them to perform comparisons of operating results in a manner similar to how the Company analyzes its operating results and because many comparable companies report this type of information. 

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. dollars in thousands

Nine months ended

Three months ended

September 30,

September 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Cash flows from operating activities:

Net income

$ 8,536

$ 5,125

$ 2,679

$ 4,252

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

Depreciation and amortization

2,788

1,972

1,004

652

Amortization of marketable securities premiums and
accretion of discounts, net

885

1,027

270

315

Decrease in accrued severance pay, net

(699)

(493)

(220)

(221)

Share-based compensation expenses

6,284

9,016

2,032

2,607

Decrease in deferred tax assets, net

826

1,164

762

996

Cash financial loss (income), net

137

(397)

(17)

(65)

Decrease in operating lease right-of-use assets

4,755

6,688

1,198

2,406

Decrease in operating lease liabilities

(3,931)

(8,411)

(496)

(4,056)

Decrease (increase) in trade receivables, net

(6,014)

4,645

(2,247)

(2,294)

Decrease (increase) in other receivables and prepaid
expenses

(2,704)

1,572

(2,939)

(339)

Decrease (increase) in inventories

10,119

(8,605)

4,172

907

Increase (decrease in trade payables

(2,077)

(4,700)

377

(482)

Increase (decrease) in other payables and accrued
expenses

(594)

(6,414)

1,011

(1,480)

Increase (decrease) in deferred revenues

1,631

3,423

266

(3,020)

Net cash provided by operating activities

19,942

5,612

7,852

178

Cash flows from investing activities:

Proceeds from short-term deposits

10

5,008

4

2

Proceeds of marketable securities

9,991

3,846

9,991

3,846

Proceeds from financial investment

76

29

Proceeds from redemption of marketable securities

3,450

3,084

1,084

Proceeds from redemption of financial investments

14,094

3,051

Purchase of financial investments

(675)

(81)

(675)

(81)

Purchase of property and equipment

(20,768)

(5,301)

(5,505)

(2,038)

 

Net cash provided by (used in) investing activities

(7,916)

20,650

3,844

5,864

 

 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. dollars in thousands

Nine months ended

Three months ended

September 30,

September 30,

2024

2023

2024

2023

(Unaudited)

(Unaudited)

Cash flows from financing activities:

Purchase of treasury shares

(8,340)

(11,973)

(3,586)

(9,047)

Cash dividends paid to shareholders

(10,896)

(11,399)

(5,443)

(5,681)

Proceeds from issuance of shares upon exercise of options

186

254

6

140

Net cash used in financing activities

(19,050)

(23,118)

(9,023)

(14,588)

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

(7,025)

3,144

2,672

(8,546)

Cash, cash equivalents and restricted cash at beginning of period

30,546

24,535

20,849

36,225

Cash, cash equivalents and restricted cash at end of period

$ 23,522

$ 27,679

$ 23,522

$ 27,679

 

 

Company Contacts

Niran Baruch,

Chief Financial Officer 

AudioCodes

Tel: +972-3-976-4000

niran.baruch@audiocodes.com

Roger L. Chuchen,

VP, Investor Relations

AudioCodes

Tel:  732-764-2552

roger.chuchen@audiocodes.com

 

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Technology

American Binary Sets New Standard in Post-Quantum Cryptographic VPNs with Symbolic Proof and Attestation

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WASHINGTON, July 21, 2026 /PRNewswire/ — American Binary, a leader in deep-tech cybersecurity, today announced an independent attestation regarding the validity of all 120 security properties of MaxKyber, their network protocol at the heart of their Ambit Client enterprise VPN, now third-party verified to comply with all Commercial National Security Algorithm Suite 2.0 (CNSA 2.0) requirements. This landmark verification is the result of an exhaustive private peer-review of their symbolic proof (Tamarin + ProVerif) and engineering documentation conducted by industry luminaries Dr. Joe Kiniry, PhD and Dr. Tom Shrimpton, PhD, both with long careers in academia and industry, including time at Galois as Principal Scientists.

“No known VPN — post-quantum or classical, deployed or research — has been subjected to specification and formal verification of comparable depth.” – Dr. Joe Kiniry, PhD and Dr. Tom Shrimpton, PhD

In a landscape defined by emerging quantum threats and unproven solutions, this formal third-party verification differentiates MaxKyber from traditional or hybrid solutions by providing certainty in engineering and compliance with National Security requirements. MaxKyber provides the world with long-term full post-quantum security unlike shorter-term temporary solutions such as hybrids (which mix classical and post-quantum encryption). This breakthrough marks a transition from speculative security to a foundation of verified, provable resilience, establishing a new global benchmark for secure communications.

“While organizations today are increasingly recognizing the significance of PQC, American Binary has been preparing for a post-quantum world for seven years. The result is a resilient foundation for secure operations, today and in the post‑quantum future” – Oracle

Additionally, American Binary signed ACM Turing Award winner Whitfield Diffie, cryptographic pioneer and co-inventor of the Diffie-Hellman key exchange, as a key advisor. Whitfield joins the ranks of existing cryptographic advisors Bruce Schneier and Brian LaMacchia.

“Buy American Binary and you’ll be safe”

– Whitfield Diffie at Quantum.Tech World 2026

Key security pillars of the MaxKyber attestation include:

Protection against “Harvest Now, Decrypt Later” (HNDL): By utilizing purely CNSA 2.0 algorithms, including ML-KEM-1024 without any classical key exchange variants, MaxKyber secures today’s data against decryption by quantum adversaries.Comprehensive Symbolic Verification: The attestation covers 120 security properties across 11 critical categories, including secrecy, authentication, forward secrecy, identity hiding, and resistance to Replay, Denial of Service, Resource Exhaustion, and Key Compromise Impersonation.Architectural Stability: Beyond its post-quantum cryptographic core, MaxKyber’s protocol architecture is rooted in well-established, operationally proven design patterns, retaining their performance and simplicity.

This foundational security architecture provides the necessary reliability to enable significant performance breakthroughs in the field and the following four key impacts.

Impact I: Unambiguous Security and Mitigation of “Harvest Now, Decrypt Later”

MaxKyber achieves the end-state of post-quantum cryptographic purity by utilizing a pure CNSA 2.0 post-quantum key exchange, without using any classical cryptography, hybrid cryptography, or legacy key exchange variants. Instead, American Binary’s more modern key exchange utilizes ML-KEM-1024 operations to replace the Diffie-Hellman Key Exchange. This approach ensures that modern enterprises are not tethered to the vulnerabilities of legacy components or negative market reactions to hybrid solutions being partially broken. If the classical encryption in hybrid solutions is verifiably broken, markets likely will not wait for forensics to determine whether the rest of the solution remains intact; reputation damage and capital flight will occur immediately.

MaxKyber exclusively employs CNSA 2.0 approved algorithms, specifically ML-KEM-1024 (FIPS 203), AES-256-GCM, and SHA-512/256. This construction provides the highest level of security available today without any loss of existing security properties.

Impact II: Optimal Performance from Mobile and Lossy Environments to High-Performance Scenarios

Historically, high-security protocols have suffered from significant system latency, creating a bottleneck for edge computing and mobile workforces. MaxKyber eliminates these traditional performance trade-offs, enabling high-performance security at the network’s most vulnerable points. One partner benchmarked Ambit Client, powered by MaxKyber, to have 70% faster download speeds than a comparable classically encrypted enterprise VPN.

The MaxKyber protocol optimizes efficiency through an “Authenticated Key Exchange” (AKE) which achieves mutual authentication in a single round trip, dramatically reducing the data burden on the network.

Quantifiably, the AKE saves approximately 4,600 bytes per handshake compared to the next best option. This ultra-low overhead ensures that robust post-quantum security functions reliably on mobile devices and in lossy environments where traditional, bulkier PQC handshakes consistently fail. Reliability in the field is a prerequisite for everything from remote work to warfighting environments, and MaxKyber’s AKE directly facilitates such operational readiness.

Additionally, MaxKyber is well suited for high-performance scenarios such as AI workloads, work with 3D models, and more thanks to Vector Packet Processing and Data Plane Development Kit further reducing overheads to the technical minimums and enabling line-rate speeds for server-to-server use cases.

Impact III: Compliance Savings

As the cost of compliance and diligence cycles for critical infrastructure continues to escalate, proofs can be a shortcut for approval. For CISO and Legal departments, formal verification provides a transparent, “glass-box” view of security that goes beyond traditional testing.

For integration partners, this symbolic proof significantly reduces diligence cycles. By providing an exhaustively checked security profile, American Binary allows partners to shorten the lengthy, costly investigative phases usually required for new cryptographic implementations. Verified compliance is transformed from a hurdle into a catalyst for product development.

Impact IV: R&D Acceleration

For engineering teams looking to integrate this technology and/or customize it, American Binary’s documentation serves as a powerful force multiplier. By providing pre-verified, exhaustive, and high-quality documentation, American Binary provides an extraordinary shortcut to rapid integration.

The scale of the documentation and formal models provided to partners is unprecedented in the VPN industry. This rigorous approach allows integration partners to save months, if not years, of R&D effort.

MaxKyber provides more than just a secure tunnel; it delivers a fully documented, mathematically proven blueprint that accelerates the transition to a quantum-safe future. With MaxKyber, American Binary has rewritten the industry standard for post-quantum network security.

About American Binary

American Binary is a leader in deep-tech cybersecurity, specializing in the development of CNSA 2.0 post-quantum cryptographic solutions. Through advanced rigor and high-performance engineering, American Binary provides the provable foundations for secure, resilient communication in the quantum era.

Learn more at www.ambit.inc

CONTACT: sales@ambit.inc 

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MetaOptics to Deploy its Direct Laser Writer at the University of Arizona’s Center of Semiconductor Manufacturing to Advance its U.S. Expansion

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SINGAPORE, July 21, 2026 /PRNewswire/ — MetaOptics Ltd (Catalist: 9MT) (“MetaOptics” or the “Company,” and together with its subsidiaries, the “Group”), announced that it has entered into an agreement to deploy its key metalens Direct Laser Writer (“DLW”) system at the University of Arizona’s Center of Semiconductor Manufacturing (the “University”). The agreement marks a critical step in advancing its U.S. expansion strategy and its collaborative research with world-class semiconductor stakeholders in Arizona. Installation of the DLW is expected to commence in 2027.

The DLW is designed for a 4-inch wafer to enable quick prototyping and fabrication of metalens samples within weeks. It also supports small-volume production for pilot builds and customer demand evaluation, enabling partners to iterate faster and move from concept to product more efficiently. The deployment of the Company’s DLW will allow prospective customers in the U.S. to physically witness the system in action for their metalens prototyping needs. It will also support collaborative research and evaluation by the University’s researchers under the guidance of Dr. Krishna Muralidharan of the University of Arizona’s Department of Materials Science and Engineering. MetaOptics expects the deployment to generate user feedback and user demonstration opportunities, providing further technical validation of its metalens equipment and products, and serve as a launchpad to scale commercial production and collaboration in the U.S. market.

The deployment of its DLW serves as a key milestone for MetaOptics’ U.S. expansion strategy, prospective U.S. customer engagement, and commercialization roadmap. It also positions the Group to support emerging U.S. initiatives in silicon photonics, co-packaged optics, and integrated photonics, where its metalens technology is directly applicable. The DLW will anchor a “mini foundry” at the University for small-volume, quick turnaround prototyping. Beyond research, the installation serves a commercial purpose: a U.S. demonstration site where potential distributors, universities, and research institutions can physically witness the DLW in operation. It will also produce metalens samples for prospective customers’ evaluation. With Arizona’s fast-growing semiconductor ecosystem home to world-class manufacturers and suppliers, the Company aims to leverage its presence at the University and the wider ecosystem to deepen engagement with prospective industry partners and end customers.

MetaOptics Executive Chairman Thng Chong Kim commented: “By placing our Direct Laser Writer within a world-class semiconductor research environment in Arizona, we will be able to strengthen technical validation and gather valuable user feedback. It also supports our ongoing engagements with potential industry partners and end-customers while showcasing our metalens manufacturing equipment to prospective distributors and institutions across the United States. We believe this deployment reinforces our broader U.S. expansion efforts and deepens our engagement in Arizona’s world-class semiconductor ecosystem.”

About MetaOptics Ltd

MetaOptics Ltd (Catalist: 9MT) is a semiconductor optics company pioneering glass-based metalens solutions enhanced by AI-driven image processing. Using advanced optical design and a scalable 12-inch DUV lithography process, it powers next-generation applications in CPO, mobile, AR VR, automotive, and other emerging markets. Find out more at www.metaoptics.sg.

Forward-Looking Statement

This press release contains forward-looking statements which can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to,” “potential,” “continue” or other similar expressions. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies, its future business development, results of operations and financial condition, its research and development efforts, its ability to attract and retain customers, and its ability to establish and maintain relationships with suppliers and business partners; and assumptions underlying or related to any of the foregoing. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Singapore (HQ)
Metaoptics Technologies Pte Ltd. 81 Ayer Rajah Crescent, #01-45 Singapore 139967

United States
Metaoptics Inc. (USA) 1 Ferry Building, Suite 201 San Francisco, CA 9411

View original content:https://www.prnewswire.com/news-releases/metaoptics-to-deploy-its-direct-laser-writer-at-the-university-of-arizonas-center-of-semiconductor-manufacturing-to-advance-its-us-expansion-302830614.html

SOURCE METAOPTICS LTD

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11:11 Systems Announces Strategic Partnership with Cato Networks to Deliver SASE Solution for Distributed Enterprises

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New Managed Secure Access Service Edge (SASE) solution combines SD-WAN, cloud-native networking and security capabilities with 11:11’s connectivity, cyber resilience and cloud expertise

SYDNEY, July 22, 2026 /PRNewswire/ — 11:11 Systems, a leading managed infrastructure solutions provider, today announced the global availability of its 11:11 Managed Secure Access Service Edge (SASE) solution and a new strategic partnership with Cato Networks.

11:11 Managed SASE is a fully managed secure connectivity solution leveraging Cato Networks AI-native network security platform. This solution brings together intelligent SD-WAN, cloud-delivered security and global connectivity into a single offering. It enables organisations to simplify and secure access across branch offices, data centres, users and cloud environments, reducing complexity without sacrificing performance or control.

Built on the Cato Networks cloud-native SASE platform, 11:11 Managed SASE combines zero trust network access (ZTNA), firewall as a service (FWaaS), secure web gateway (SWG), cloud access security broker (CASB), advanced threat protection and centralised visibility into a unified managed experience. 11:11 also delivers 24x7x365 monitoring and support, incident management integration and operational accountability to help customers limit vendor sprawl, increase agility and free internal teams to focus on higher-value priorities.

The offering is backed by 11:11’s broader networking, cloud and cyber resilience capabilities. Through its global backbone, carrier-agnostic connectivity options and integrated portfolio spanning cloud, backup, disaster recovery and security services, 11:11 gives customers a practical path to modernise network and security architecture while strengthening resilience across the business.

“Enterprises are under pressure to support users, applications and locations that are more distributed than ever, while limiting complexity and improving security,” said Justin Giardina, CTO, 11:11 Systems. “Our Managed SASE solution provides customers with a unified approach to modernising networking and security, along with the visibility, support and flexibility they need to thrive in a rapidly changing environment.”

According to Karl Soderlund, global channel chief, Cato Networks, “As enterprises move beyond fragmented legacy networking and security stacks, they need a simpler way to gain visibility, context and control across hybrid work environments and reduce the operational burden on IT. Through our partnership, we can address these challenges head on and deliver end-to-end visibility and protection in a single service built for the reality of modern work.”

The joint offering is well suited for distributed enterprises, multi-site organisations, hybrid workforce initiatives, SD-WAN refreshes, security modernisation efforts and businesses with limited IT resources. 11:11 meets customers where they are by supporting existing environments, simplifying multi-vendor operations and serving as a single provider accountable for network, security, cloud and data integration.

This partnership expands 11:11’s Network as a Service portfolio and follows Forrester’s inclusion of 11:11 Systems in its report, “The Secure Access Service Edge Services Landscape, Q1 2026.”

About 11:11 Systems

11:11 Systems is a managed infrastructure solutions provider that empowers customers to modernise, protect and manage mission-critical applications and data, leveraging 11:11’s resilient cloud platform. Learn more at www.1111Systems.com and follow 11:11 on LinkedIn.

View original content:https://www.prnewswire.com/apac/news-releases/1111-systems-announces-strategic-partnership-with-cato-networks-to-deliver-sase-solution-for-distributed-enterprises-302830322.html

SOURCE 11:11 Systems

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