Technology

Ceva, Inc. Announces Third Quarter 2024 Financial Results

Published

2 years ago

November 7, 2024

– Total revenue of $27.2 million, up 13% year-over-year
– Ceva-powered device shipments of 522 million units in the quarter, driven by a record of more than 400 million Bluetooth, Wi-Fi and cellular IoT combined shipments
– Strategic licensing deals signed with satellite OEM for 5G-Advanced platform and smartphone OEM for Spatial Audio software
– First licensing deal signed for NeuPro-Nano embedded AI NPU targeting consumer AIoT
– Raises financial guidance for full year 2024
– Announces expansion of existing share repurchase program with an additional 700,000 shares

ROCKVILLE, Md., Nov. 7, 2024 /PRNewswire/ — Ceva, Inc. (NASDAQ: CEVA), the leading licensor of silicon and software IP that enables Smart Edge devices to connect, sense and infer data more reliably and efficiently, today announced its financial results for the third quarter ended September 30, 2024. Financial results for the third quarter ended September 30, 2023, reflect Ceva’s continuing operations only, with the Intrinsix business reflected as a discontinued operation, unless otherwise noted.

Operational Highlights:

Released second NeuPro-Nano embedded AI NPU – NPN64, available for licensingNew cellular IoT industrial module launched by STMicroelectronics based on Ceva cellular IoT platformNew AI/ML MCU family launched by Alif Semiconductor based on Ceva Bluetooth Low Energy and 802.15.4 IPsPartnership with Edge Impulse to enable faster, easier development of edge AI applications on Ceva-NeuPro NPUs

Total revenue for the third quarter of 2024 was $27.2 million, up 13% compared to $24.1 million reported for the third quarter of 2023. Licensing and related revenue for the third quarter of 2024 was $15.6 million, up 12% compared to $13.9 million reported for the same quarter a year ago. Royalty revenue for the third quarter of 2024 was $11.6 million, the fourth sequential year-over-year increase, and up 15% compared to $10.1 million reported for the same quarter a year ago.

Amir Panush, Chief Executive Officer of Ceva, commented: “We delivered another strong performance in the third quarter, driven by double-digit year-over-year revenue growth for both licensing and royalties. We continue to experience exceptional demand for our IP portfolio, as evidenced by strategic OEM customer deals for 5G-Advanced satellite communications and spatial audio for headphones and earbuds. We also achieved a significant milestone in embedded AI, with our first licensing deal signed for our NeuPro-Nano NPU targeting consumer AIoT devices. In royalties, strength in the consumer and industrial markets drove Ceva-powered shipments to the second highest quarter on record, including record combined shipments of Bluetooth, Wi-Fi and cellular IoT devices of more than 400 million units.”

During the quarter, 10 IP licensing agreements were concluded, targeting a wide range of end markets and applications, including embedded AI solutions for consumer AIoT devices, 5G-Advanced satellite broadband for infrastructure and terminals, 5G for cellular IoT and V2X, spatial audio for headphones and TWS earbuds, and Bluetooth, Wi-Fi and UWB connectivity for wearables and hearables. Three of the deals signed in the quarter were with OEMs and three deals signed were with first-time customers.

GAAP gross margin for the third quarter of 2024 was 85%, as compared to 90% in the third quarter of 2023. GAAP operating loss for the third quarter of 2024 was $2.6 million, as compared to a GAAP operating loss of $2.7 million for the same period in 2023. GAAP net loss for the third quarter of 2024 was $1.3 million, as compared to a GAAP net loss of $2.8 million reported for the same period in 2023. GAAP diluted loss per share for the third quarter of 2024 was $0.06, as compared to GAAP diluted loss per share of $0.12 for the same period in 2023.

GAAP net loss with the discontinued operation for the third quarter of 2023 was $5.0 million. GAAP diluted loss per share with the discontinued operation for the third quarter of 2023 was $0.21.

Non-GAAP gross margin for the third quarter of 2024 was 87%, as compared to 92% for the same period in 2023. Non-GAAP operating income for the third quarter of 2024 increased 30% to $2.1 million, as compared to non-GAAP operating income of $1.6 million reported for the third quarter of 2023. Non-GAAP net income and diluted income per share for the third quarter of 2024 increased 137% and 133% to $3.4 million and $0.14, respectively, compared with non-GAAP net income and diluted income per share of $1.4 million and $0.06, respectively, reported for the third quarter of 2023.

Non-GAAP net income, including the discontinued operation for the third quarter of 2023, was $0.4 million. Non-GAAP diluted income per share, including the discontinued operation for the third quarter of 2023, was $0.02.

Yaniv Arieli, Chief Financial Officer of Ceva, stated: “Our robust third quarter earnings more than doubled our non-GAAP net income and diluted income per share year-over-year. For the full year, we now expect overall revenues to be higher than previous guidance, at a new range of 7%-9% growth, enabling us to double our non-GAAP fully diluted EPS year-over-year. We continued to buy back the company’s stock during the quarter, repurchasing approximately 186,000 shares for approximately $4.2 million under our stock repurchase program. Furthermore, the Ceva Board of Directors today authorized the expansion of the company’s share repurchase program with an additional 700,000 shares of common stock available for repurchase, bringing the total shares available for repurchase to approximately 1 million. At the end of the quarter, our cash and cash equivalent balances, marketable securities and bank deposits were approximately $158 million, ensuring we are well-positioned to explore opportunities for non-organic growth.”

Ceva Conference Call
On November 7, 2024, Ceva management will conduct a conference call at 8:30 a.m. Eastern Time to discuss the operating performance for the quarter.

The conference call will be available via the following dial in numbers:

U.S. Participants : Dial 1-844-435-0316 (Access Code : Ceva)International Participants: Dial +1-412-317-6365 (Access Code: Ceva)

The conference call will also be available live via webcast at the following link: https://app.webinar.net/pyMYRB4aBXo. Please go to the web site at least fifteen minutes prior to the call to register.

For those who cannot access the live broadcast, a replay will be available by dialing +1-877-344-7529 or +1-412-317-0088 (access code: 2106460) from one hour after the end of the call until 9:00 a.m. (Eastern Time) on November 14, 2024. The replay will also be available at Ceva’s web site www.ceva-ip.com.

Forward Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties, as well as assumptions that if they materialize or prove incorrect, could cause the results of Ceva to differ materially from those expressed or implied by such forward-looking statements and assumptions. Forward-looking statements include statements regarding customer demand for Ceva’s IP portfolio, Ceva’s positioning for non-organic growth given its current assets and updated guidance for the full year 2024. The risks, uncertainties and assumptions that could cause differing Ceva results include: the effect of intense industry competition; the ability of Ceva’s technologies and products incorporating Ceva’s technologies to achieve market acceptance; Ceva’s ability to meet changing needs of end-users and evolving market demands; the cyclical nature of and general economic conditions in the semiconductor industry; Ceva’s ability to diversify its royalty streams and license revenues; Ceva’s ability to continue to generate significant revenues from the handset baseband market and to penetrate new markets; instability and disruptions related to the ongoing Israel–Gaza conflict; and general market conditions and other risks relating to Ceva’s business, including, but not limited to, those that are described from time to time in our SEC filings. Ceva assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

Non-GAAP Financial Measures

Non-GAAP gross margin for both the third quarter of 2024 and 2023 excluded: (a) equity-based compensation expenses of $0.2 million and (b) amortization of acquired intangibles of $0.1 million.

Non-GAAP operating income for the third quarter of 2024 excluded: (a) equity-based compensation expenses of $4.2 million, (b) the impact of the amortization of acquired intangibles of $0.3 million and (c) $0.3 million of costs associated with business acquisitions.

Non-GAAP operating income for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million and (c) $0.1 million of costs associated with business acquisitions.

Non-GAAP net income and diluted income per share for the third quarter of 2024 excluded: (a) equity-based compensation expenses of $4.2 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.3 million of costs associated with business acquisitions and (d) Income of $0.02 million associated with the remeasurement of marketable equity securities. Non-GAAP net income and diluted income per share for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.1 million of costs associated with business acquisitions and (d) Income of $0.2 million associated with the remeasurement of marketable equity securities.

Non-GAAP net income including the discontinued operation and diluted income per share including the discontinued operation for the third quarter of 2023 excluded: (a) equity-based compensation expenses of $4.0 million, (b) the impact of the amortization of acquired intangibles of $0.3 million, (c) $0.1 million of costs associated with business acquisitions, (d) Income of $0.2 million associated with the remeasurement of marketable equity securities and (e) $1.2 million loss associated with discontinued operations.

About Ceva, Inc.

At Ceva, we are passionate about bringing new levels of innovation to the smart edge. Our wireless communications, sensing and Edge AI technologies are at the heart of some of today’s most advanced smart edge products. From wireless connectivity IPs (Bluetooth, Wi-Fi, UWB and 5G platform IP), to scalable Edge AI NPU IPs and sensor fusion solutions, we have the broadest portfolio of IP to connect, sense and infer data more reliably and efficiently. We deliver differentiated solutions that combine outstanding performance at ultra-low power within a very small silicon footprint. Our goal is simple – to deliver the silicon and software IP to enable a smarter, safer, and more interconnected world. This philosophy is in practice today, with Ceva powering more than 18 billion of the world’s most innovative smart edge products from AI-infused smartwatches, IoT devices and wearables to autonomous vehicles and 5G mobile networks.

Our headquarters are in Rockville, Maryland with a global customer base supported by operations worldwide. Our employees are among the leading experts in their areas of specialty, consistently solving the most complex design challenges, enabling our customers to bring innovative smart edge products to market.

Ceva is a sustainability- and environmentally-conscious company, adhering to our Code of Business Conduct and Ethics. As such, we emphasize and focus on environmental preservation, recycling, the welfare of our employees and privacy – which we promote on a corporate level. At Ceva, we are committed to social responsibility, values of preservation and consciousness towards these purposes.

Ceva: Powering the Smart Edge™

Visit us at www.ceva-ip.com and follow us on LinkedIn, X, YouTube, Facebook, and Instagram.

Ceva, Inc. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF LOSS – U.S. GAAP

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

Three months ended

Nine months ended

September 30,

2024

2023

2024

2023

Unaudited

Revenues:

Licensing and related revenues

$ 15,574

$ 13,940

$ 44,266

$ 45,739

Royalties

11,633

10,133

33,450

27,518

Total revenues

27,207

24,073

77,716

73,257

Cost of revenues

3,961

2,357

9,397

9,389

Gross profit

23,246

21,716

68,319

63,868

Operating expenses:

Research and development, net

17,990

17,814

54,739

54,544

Sales and marketing

3,088

2,862

8,999

8,213

General and administrative

4,642

3,608

11,751

11,346

Amortization of intangible assets

150

149

449

445

Total operating expenses

25,870

24,433

75,938

74,548

Operating loss

(2,624)

(2,717)

(7,619)

(10,680)

Financial income, net

2,299

924

4,962

3,497

Reevaluation of marketable equity securities

160

(97)

(76)

Loss before taxes on income

(304)

(1,633)

(2,754)

(7,259)

Income tax expense

1,007

1,117

4,296

3,080

Net loss from continuing operation

(1,311)

(2,750)

(7,050)

(10,339)

Discontinued operation

—

(2,207)

—

(5,308)

Net loss

$ (1,311)

$ (4,957)

$ (7,050)

$ (15,647)

Basic and diluted net loss per share:

Continuing operation

$ (0.06)

$ (0.12)

$ (0.30)

$ (0.44)

Discontinued operation

—

(0.09)

—

(0.23)

Basic and diluted net loss per share

$ (0.06)

$ (0.21)

$ (0.30)

$ (0.67)

Weighted-average shares used to compute net loss
per share (in thousands):

Basic and diluted

23,678

23,605

23,473

Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures

U.S. Dollars in thousands, except per share amounts

Three months ended

Nine months ended

September 30,

2024

2023

2024

2023

Unaudited

GAAP net loss

$ (1,311)

$ (4,957)

$ (7,050)

$ (15,647)

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Equity-based compensation expense included in research
and development expenses

2,421

2,257

6,866

6,703

Equity-based compensation expense included in sales
and marketing expenses

491

478

1,307

1,305

Equity-based compensation expense included in general
and administrative expenses

1,120

1,018

2,936

2,787

Amortization of intangible assets related to acquisition
of businesses

279

278

835

753

Costs associated with business and asset acquisitions

251

100

783

195

(Income) loss associated with the remeasurement of
marketable equity securities

(21)

(160)

Non-GAAP from discontinued operations

—

1,184

—

3,233

Non-GAAP net income

$ 3,406

$ 414

$ 6,344

$ 41

GAAP weighted-average number of Common Stock
used in computation of diluted net loss and loss per share
(in thousands)

23,678

23,605

23,473

Weighted-average number of shares related to
outstanding stock-based awards (in thousands)

1,544

1,304

1,462

1,172

Weighted-average number of Common Stock used in
computation of diluted earnings per share, excluding the
above (in thousands)

25,222

24,909

25,067

24,645

GAAP diluted loss per share

$ (0.06)

$ (0.21)

$ (0.30)

$ (0.67)

Equity-based compensation expense

$ 0.18

$ 0.17

$ 0.48

$ 0.49

Amortization of intangible assets related to acquisition
of businesses

$ 0.01

$ 0.04

$ 0.03

Costs associated with business and asset acquisitions

$ 0.01

$ 0.00

$ 0.03

$ 0.01

Income (loss) associated with the remeasurement of
marketable equity securities

$ 0.00

Non-GAAP from discontinued operation

—

$ 0.05

—

$ 0.14

Non-GAAP diluted earnings per share

$ 0.14

$ 0.02

$ 0.25

$ 0.00

Three months ended

Nine months ended

September 30,

2024

2023

2024

2023

Unaudited

GAAP Operating loss

$ (2,624)

$ (2,717)

$ (7,619)

$ (10,680)

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Equity-based compensation expense included in
research and development expenses

2,421

2,257

6,866

6,703

Equity-based compensation expense included in sales
and marketing expenses

491

478

1,307

1,305

Equity-based compensation expense included in
general and administrative expenses

1,120

1,018

2,936

2,787

Amortization of intangible assets related to acquisition
of businesses

279

278

835

753

Costs associated with business and asset acquisitions

251

100

783

195

Total non-GAAP Operating Income

$ 2,114

$ 1,630

$ 5,678

$ 1,699

Three months ended

Nine months ended

September 30,

2024

2023

2024

2023

Unaudited

GAAP Gross Profit

$ 23,246

$ 21,716

$ 68,319

$ 63,868

GAAP Gross Margin

85 %

90 %

88 %

87 %

Equity-based compensation expense included in cost of
revenues

176

216

570

636

Amortization of intangible assets related to acquisition
of businesses

129

386

308

Total Non-GAAP Gross profit

$ 23,551

$ 22,061

$ 69,275

$ 64,812

Non-GAAP Gross Margin

87 %

92 %

89 %

88 %

Ceva, Inc. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS

(U.S. Dollars in thousands)

September 30,

December 31,

2024

2023 (*)

Unaudited

ASSETS

Current assets:

Cash and cash equivalents

$ 13,228

$ 23,287

Marketable securities and short-term bank deposits

144,884

143,251

Trade receivables, net

15,250

8,433

Unbilled receivables

23,380

21,874

Prepaid expenses and other current assets

13,970

12,526

Total current assets

210,712

209,371

Long-term assets:

Severance pay fund

6,851

7,070

Deferred tax assets, net

1,685

1,609

Property and equipment, net

6,875

6,732

Operating lease right-of-use assets

5,625

6,978

Investment in marketable equity securities

309

406

Goodwill

58,308

Intangible assets, net

2,132

2,967

Other long-term assets

12,394

10,644

Total assets

$ 304,891

$ 304,085

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Trade payables

$ 1,960

$ 1,154

Deferred revenues

3,418

3,018

Accrued expenses and other payables

19,770

20,202

Operating lease liabilities

2,571

2,513

Total current liabilities

27,719

26,887

Long-term liabilities:

Accrued severance pay

7,304

7,524

Operating lease liabilities

2,627

3,943

Other accrued liabilities

1,471

1,390

Total liabilities

39,121

39,744

Stockholders’ equity:

Common stock

Additional paid in-capital

256,685

252,100

Treasury stock

(2,943)

(5,620)

Accumulated other comprehensive loss

(956)

(2,329)

Retained earnings

12,960

20,167

Total stockholders’ equity

265,770

264,341

Total liabilities and stockholders’ equity

$ 304,891

$ 304,085

(*) Derived from audited financial statements.

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SOURCE Ceva, Inc.

Technology

HydraForce, Elevāt, and Bosch Rexroth Announce Enhanced Remote OTA Update Capabilities for Off-Highway Equipment

Published

47 minutes ago

July 23, 2026

SEATTLE, July 23, 2026 /PRNewswire/ — Building on their strategic collaboration, HydraForce, a global leader in motion control systems and Elevāt, an industrial IoT and applied AI platform provider, announced a significant advancement in remote machine management.

The HydraForce Connected Control Unit (CCU) from Bosch, integrated with Elevāt software, is now capable of providing remote access and performing over-the-air (OTA) updates on Bosch Rexroth BODAS controllers.

This enhanced capability empowers HydraForce and Elevāt customers to streamline operations, reduce downtime, and significantly improve machine performance and serviceability. By leveraging the integrated solution, OEMs can use the Elevāt platform to remotely diagnose issues and deploy critical software updates to the BODAS controllers on their equipment without requiring on-site service personnel.

“The ability to remotely access and update Bosch Rexroth BODAS controllers using the Elevāt platform takes our collaborative vision of bridging hydraulics, electronics, and digital services to the next level,” said Russ Schneidewind, director of business developmentat at HydraForce. “The cooperation between Elevāt and Bosch Rexroth is directly addressing the industry’s need for complete, future-ready solutions.”

Adam Livesay, co-founder and CEO of Elevāt, commented, “At Elevāt, we believe the future of equipment service is connected, intelligent, and proactive. This collaboration helps OEMs deliver the next generation of service by accelerating software deployment and enabling faster issue resolution in the field. The addition of remote BODAS controller updates is another key milestone toward a fully integrated ecosystem that simplifies the connection between hardware, software, and digital services—helping manufacturers bring intelligent equipment to market faster while creating new opportunities for recurring customer value.”

HydraForce and Elevāt plan to further their collaboration with additional remote machine management capabilities to be announced in the future.

About HydraForce HydraForce is a global designer and manufacturer of motion control systems, encompassing hydraulic cartridge valves, manifolds and electronic controls for a variety of off-highway industries, including farming, construction, marine, material handling, mining, and forestry. HydraForce was acquired by Bosch Rexroth, becoming a significant part of the Compact Hydraulics Business Unit. Bosch Rexroth and HydraForce combine their presence in complementary regions to provide comprehensive coverage in Europe and North America, while enabling growth in Asia.

About Bosch Rexroth As one of the world’s leading suppliers of drive and control technologies, Bosch Rexroth ensures efficient, powerful and safe movement in machines and systems of any size. The company bundles global application experience in the market segments of Mobile and Industrial Applications as well as Factory Automation. With its intelligent components, customized system solutions, engineering and services, Bosch Rexroth is creating the necessary environment for fully connected applications. Bosch Rexroth offers its customers hydraulics, electric drive and control technology, gear technology and linear motion and assembly technology, including software and interfaces to the Internet of Things. With locations in over 80 countries, around 31,900 associates generated sales revenue of 6.5 billion euros in 2025. To learn more, please visit www.boschrexroth.com.

About Bosch Having established a presence in North America in 1906, today the Bosch Group employs around 38,000 associates in more than 100 locations in the North American region (as of Dec. 31, 2024). According to preliminary figures, Bosch generated consolidated sales of $18.7 billion in the U.S., Mexico and Canada in 2025. For more information visit www.bosch.us, www.bosch.mx and www.bosch.ca. The Bosch Group is a leading global supplier of technology and services. It employs roughly 412,000 associates worldwide (as of December 31, 2025). According to preliminary figures, the company generated sales of 91 billion euros in 2025. Its operations are divided into four business sectors: Mobility, Industrial Technology, Consumer Goods, and Energy and Building Technology. With its business activities, the company aims to use technology to help shape universal trends such as automation, electrification, digitalization, connectivity, and an orientation to sustainability. In this context, Bosch’s broad diversification across regions and industries strengthens its innovativeness and robustness. Bosch uses its proven expertise in sensor technology, software, and services to offer customers cross-domain solutions from a single source. It also applies its expertise in connectivity and artificial intelligence in order to develop and manufacture user-friendly, sustainable products. With technology that is “Invented for life,” Bosch wants to help improve quality of life and conserve natural resources. The Bosch Group comprises Robert Bosch GmbH and its roughly 490 subsidiary and regional companies in over 60 countries. Including sales and service partners, Bosch’s global manufacturing, engineering, and sales network covers nearly every country in the world. Bosch’s innovative strength is key to the company’s further development. At 136 locations across the globe, Bosch employs some 82,000 associates in research and development. The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as “Workshop for Precision Mechanics and Electrical Engineering.” The special ownership structure of Robert Bosch GmbH guarantees the entrepreneurial freedom of the Bosch Group, making it possible for the company to plan over the long term and to undertake significant upfront investments in the safeguarding of its future. Ninety-four percent of the share capital of Robert Bosch GmbH is held by Robert Bosch Stiftung GmbH, a limited liability company with a charitable purpose. The remaining shares are held by Robert Bosch GmbH and by a company owned by the Bosch family. The majority of voting rights are held by Robert Bosch Industrietreuhand KG. It is entrusted with the task of safeguarding the company’s long-term existence and in particular its financial independence – in line with the mission handed down in the will of the company’s founder, Robert Bosch. Additional information is available online at www.bosch-press.com, www.bosch.com.

About Elevāt Elevāt is a leading industrial IoT and applied AI platform purpose-built for off-highway OEMs. Elevāt enables manufacturers to connect machines, unlock actionable intelligence, and deliver next-generation digital services across the entire equipment lifecycle. Additional information is available online at www.getelevat.com

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SOURCE Elevat, Inc

Technology

FutureSports launches as new index provider transforming sports statistics into tradable financial instruments

Published

47 minutes ago

July 23, 2026

Backed by leading financial and sports institutions, firm will leverage partnerships to bring critical new hedging vehicles to sports ecosystem

CHICAGO, July 23, 2026 /PRNewswire/ — FutureSports, the new independent index administrator transforming professional and college sports statistics into rules-based, benchmark financial indexes, today announced its emergence from stealth. Backed by a broad range of leading financial and sports institutions, FutureSports in the coming months will announce a series of partnerships, collaborations and products that will bring significant new risk management and trading opportunities to the massive ecosystem supporting the most popular sports.

FutureSports previously raised a seed investment round co-led by Marquee Ventures, spun out of the ownership group of the Chicago Cubs. Major financial industry leaders joined the round, including CME Ventures (the corporate venture capital division of CME Group), Robinhood Markets, Inc., WEDBUSH and DRW Special Investments (an investment arm of DRW). Other investors include Motivate VC, Phoenix Capital Ventures, and John and Linda Henry (Fenway Sports Group).

The company also announced the addition of industry experts to its board of directors, including Chairman Mark Wassersug, longtime Chief Operating & Information Officer of Intercontinental Exchange (ICE); Tim McCourt, Senior Managing Director, Global Head of Equity, FX, and Alternative Products at CME Group, and Erik Hammer, Managing Partner at Marquee Ventures.

The firm will soon unveil its first series of exclusive partnerships with major sports leagues, paving the way for institutional investors and companies in and around the sports industry to manage their risk in an unprecedented fashion and participate in regulated, tradable, broad-based index futures contracts based on team and athlete statistical performance. FutureSports creates rules-based financial indexes, known as FutureSports Performance Indexes (FSPI), that accurately represent the performance of teams and athletes in prominent sports leagues. By utilizing transparent, rules-based methodologies based on officially reported statistical outcomes, the company creates continuous values designed to underpin tradable financial products, such as listed derivatives, exchange-traded funds (ETFs) and over-the-counter (OTC) swaps.

Potential market participants will include league broadcasting partners, team and athlete sponsors and endorsers, insurers, stadium owners and operators, private equity investors, lenders, and apparel manufacturers. Asset managers, pension funds and professional trading firms are expected to participate in the contracts and contribute to liquidity in this new uncorrelated asset class. Retail investors will also be able to participate in the first-of-their-kind trading vehicles, which the company expects to capture the interest of sophisticated traders looking for more traditional financial trading instruments

Leigh Taylforth, FutureSports Co-Founder, said: “The global sporting industry generates $650 billion a year, yet there has been no liquid, robust opportunity to hedge the extensive and varied industry risks that range from weather events, to injuries, to unanticipated behavior issues and more. That is about to change. We’ve been truly gratified to see the interest our business has generated within the sports and sports-adjacent industries and the quality of investors we have attracted already.”

Rhett Dinsdale, FutureSports Co-Founder, said: “Up until today, we have been operating in stealth mode while developing our products and establishing key relationships that we expect to be fundamental to our success as we move forward. The recent rise in popularity of prediction markets has only reinforced the concept we created several years ago, that sports as an asset class has huge utility within the sports and entertainment industries, with indexes serving as key institutional instruments to manage risk. What is sorely needed is the type of reliable data and financial instruments that institutional investors have leveraged for so long within the regulated derivatives industry, and we’re excited to bring these to market.”

The Executive team includes Co-Founders Taylforth and Dinsdale, who each have more than 20 years of experience in derivatives trading for market makers, investment banks and hedge funds, along with:

Dave Abbott, Chief Technology Officer – formerly Managing Director at Sportradar;Steve Byrd, Head of Partnerships – formerly Chief Operating Officer (COO) at STATS LLC & Chief Commercial Officer at Sportradar US;Jodie Gunzberg, Head of Index Services – formerly Managing Director at S&P Dow Jones Indices, Morgan Stanley & CoinDesk;Tom Jenkins, Head of Business Development – formerly Head of Index Partnerships & Strategy at FTSE Russell;Josh Kravitt, Head of Operations – formerly Director at CME Ventures;Sunny Modi, Head of Product – formerly Head of BI at Ardent Leisure Group;Mike Philipp, Chief Legal & Strategy Officer – formerly partner at Morgan, Lewis & Bockius LLP;Charlie Thornton, Chief Regulatory Affairs Officer – formerly Chief of Staff and COO at the U.S. Commodity Futures Trading Commission (CFTC).

About FutureSports

Under development since 2022 and launched in 2026, Chicago-based FutureSports has created a proprietary index methodology for measuring on-field, on-ice and on-court performance for a range of professional sporting teams and athletes. Partnering with many of the most recognizable sports leagues and financial market participants, FutureSports transforms live, play-by-play statistical data into rules-based, benchmark indexes that may be referenced by exchange-listed financial products. The indexes are designed to serve the same benchmarking function as the leading equity, commodity and fixed income indexes utilized every day across major global exchanges to track performance and hedge risk in the financial markets. For more information, visit www.futuresports.com.

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SOURCE FutureSports

Technology

Capital Group Canada Launches Three Active Equity ETFs on TSX

Published

47 minutes ago

July 23, 2026

The ETF suite now includes five active equity ETFs and two active fixed income ETFs designed to sit at the core of investment portfolios

TORONTO, July 23, 2026 /CNW/ — Capital International Asset Management (Canada), Inc. (“Capital Group Canada”) has launched three new active exchange-traded funds (ETFs) that begin trading on the Toronto Stock Exchange (TSX) today. The three equity strategies are designed to give options for investors looking to diversify their portfolios with non-domestic exposures including U.S., international and developed market securities.

The new active ETFs are:

CAPU – Capital Group U.S. Equity Select ETF (Canada): Seeks long-term growth of capital and income through investments primarily in common stocks of U.S. issuers.CAPN – Capital Group International Developed Equity Select ETF (Canada): Seeks to provide prudent growth of capital through investments primarily in equity securities of issuers in developed markets outside North America. CAPQ – Capital Group Global Developed Equity Select ETF (Canada): Seeks to provide prudent growth of capital through investments primarily in equity securities of issuers in developed markets.

“As demand for ETFs continues to grow, our expanded lineup gives investors more ways to access Capital Group’s distinctive active investment approach, including our deep research capabilities and multiple portfolio manager system,” said Rick Headrick, president of Capital Group Canada. “As one of the world’s largest active investment managers with over 90 years of experience, we are able to share the benefits of our global scale and offer competitively priced active ETFs designed to sit at the core of an investor’s portfolio.”

“Clients tell us they are looking beyond borders for opportunities to build diversified portfolios,” said Angela Shim, head of product and development at Capital Group Canada. “The three equity strategies expand Capital Group Canada’s core offerings in U.S., international, and global equities, giving investors flexible solutions that can help them navigate global markets and stay focused on their long-term investment goals.”

The three ETFs closed their initial offering of units on July 22, 2026.

The additions expand Capital Group Canada’s ETF lineup to seven, building on a prior launch of two equity and two fixed income ETFs. Details of Capital Group Canada’s full suite of active ETFs can be found here.

About Capital Group

Capital International Asset Management (Canada), Inc. is part of Capital Group, a global investment management firm originating in Los Angeles, California. As Capital Group approaches its 100th anniversary in 2031, its long-term strategy remains firmly rooted in its mission to improve people’s lives through successful investing. With over 9,000 associates and 34 offices around the world, Capital Group manages US$3.6 trillion in assets for millions of wealth management and institutional clients around the world*.

*As of June 30, 2026.

For more information, visit: www.capitalgroup.com/ca/en

SOURCE Capital Group Canada