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MARPAI REPORTS THIRD QUARTER 2024 FINANCIAL RESULTS

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2 years ago

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Turnaround continues to gain traction

TAMPA, Fla., Nov. 11, 2024 /PRNewswire/ — Marpai, Inc. (“Marpai” or the “Company”) (OTCQX: MRAI), a technology platform company, which operates as a national Third-Party Administrator (TPA) through its subsidiaries and is transforming the $22 billion TPA market by offering affordable, intelligent, healthcare solutions to self-funded employer health plans, announced financial results for the third quarter of 2024. The Company expects to hold a webcast to discuss the results on November 12, 2024.

Q3 2024 Financial Highlights:

Net revenues were approximately $7.0 million for the three months ended September 30, 2024, down $1.7 million, or 20% lower year over year, compared to the three months ended September 30, 2023.Operating expenses were $10.1 million for the three months ended September 30, 2024, down $5.7 million, or 36% lower year over year compared to the three months ended September 30, 2023.Operating loss was $3.1 million for the three months ended September 30, 2024, lower by $4.0 million, or 57% lower year over year compared to the three months ended September 30, 2023.Net loss was $3.6 million for the three months ended September 30, 2024, lower by $3.7 million, or 51% lower year over year compared to the three months ended September 30, 2023.Basic and diluted earnings per share were ($0.30) for the three months ended September 30, 2024, up $0.68 per share year over year compared to the three months ended September 30, 2023.

“As you can see from our highlights, we continue to make strong progress with our turnaround efforts. Our goal remains profitability and positive cash flow,” said Damien Lamendola, Chief Executive Officer of Marpai. “We have some exciting developments that we will be announcing in the fourth quarter.”

Webcast and Conference Call Information

Marpai expects to host a conference call and webcast on Tuesday,  November 12, 2024, at 8:30 a.m. ET to review the Company’s operational and financial highlights for its third quarter ended September 30, 2024.

Investors interested in listening to the conference call may do so by dialing (800)-836-8184 for domestic callers or +1-646-357-8785 for international callers, or via webcast: https://app.webinar.net/Jd298rR8DBe

About Marpai, Inc.

Marpai, Inc. (OTCQX: MRAI) is a technology platform company which operates subsidiaries that provide TPA and value-oriented health plan services to employers that directly pay for employee health benefits. Primarily competing in the $22 billion TPA sector serving self-funded employer health plans representing over $1 trillion in annual claims. Through its Marpai Saves initiative, the Company works to deliver the healthiest member population for the health plan budget. Operating nationwide, Marpai offers access to leading provider networks including Aetna and Cigna and all TPA services. For more information, visit www.marpaihealth.com, the content of which is not incorporated by reference into this press release. Investors are invited to visit https://www.ir.marpaihealth.com.

Forward-Looking Statement Disclaimer

This press release contains forward-looking statements, as that term is defined in the Private Litigation Reform Act of 1995, that involve significant risks and uncertainties. Forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance,” “may,” “can,” “could”, “will”, “potential”, “should,” “goal” and variations of these words or similar expressions. For example, the Company is using forward-looking statements when it discusses that it continues to make strong progress with its turnaround efforts, that its goal remains profitability and positive cash flow and that it expects to have some exciting developments that it will be announcing in the fourth quarter. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Marpai’s current expectations and speak only as of the date of this release. Actual results may differ materially from Marpai’s current expectations depending upon a number of factors. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business. Except as required by law, Marpai does not undertake any responsibility to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

More detailed information about Marpai and the risk factors that may affect the realization of forward-looking statements is set forth in Marpai’s filings with the Securities and Exchange Commission. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov.

MARPAI, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED BALANCE SHEET

(in thousands, except share and per share data)

(Unaudited)

September 30, 2024

December 31, 2023

ASSETS:

Current assets:

Cash and cash equivalents

$                          830

$                              1,147

Restricted cash

10,978

12,345

Accounts receivable, net of allowance for credit losses of $0 and $25

1,228

1,124

Unbilled receivable

579

768

       Due from buyer for sale of business unit

500

800

Prepaid expenses and other current assets

771

901

Total current assets

14,886

17,085

Property and equipment, net

514

611

Capitalized software, net

752

2,127

Operating lease right-of-use assets

2,192

2,373

Goodwill

—

3,018

Intangible assets, net

—

5,177

Security deposits 

1,248

1,267

Other long-term asset

15

22

Total assets

$                     19,607

$                            31,680

LIABILITIES AND STOCKHOLDERS’  (DEFICIT) EQUITY

Current liabilities:

Accounts payable

$                       3,764

$                              4,649

Accrued expenses

2,957

2,816

Accrued fiduciary obligations

7,969

11,573

Deferred revenue

1,390

661

Current portion of operating lease liabilities

559

512

Current portion of convertible debenture, net

1,540

—

Other short-term liabilities

—

632

Total current liabilities

18,179

20,843

Other long-term liabilities

20,467

19,401

Convertible debenture, net of current portion

4,072

—

Operating lease liabilities, net of current portion

3,257

3,684

Deferred tax liabilities

1,190

1,190

Total liabilities

47,165

45,118

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ (DEFICIT) EQUITY

Common stock, $0.0001 par value, 227,791,050 shares authorized; 13,747,982 shares and 7,960,938 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively

1

1

Additional paid-in capital

70,119

63,307

Accumulated deficit

(97,678)

(76,746)

Total stockholders’ (deficit) equity

(27,558)

(13,438)

Total liabilities and stockholders’ (deficit) equity

$                     19,607

$                            31,680

 

MARPAI, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

Three Months Ended 

September 30, 2024

September 30, 2023

Revenue

$                       7,008

$                              8,729

Costs and expenses

Cost of revenue (exclusive of depreciation and amortization
   shown separately below)

5,033

5,691

General and administrative

2,813

4,986

Sales and marketing

345

1,842

Information technology

1,273

1,269

Research and development

7

267

Depreciation and amortization

213

927

Loss on disposal of assets

—

7

Loss on sale of business unit

73

—

Facilities

311

769

Total costs and expenses

10,068

15,758

Operating loss

(3,060)

(7,029)

Other income (expenses)

Other income

119

130

Interest expense, net

(620)

(383)

Foreign exchange (loss) gain

1

(14)

Loss before provision for income taxes

(3,560)

(7,296)

Income tax expense

—

—

Net loss

$                     (3,560)

$                            (7,296)

Net loss per share, basic & fully diluted

$                       (0.30)

$                              (0.98)

Weighted average common shares outstanding, basic and
   diluted

12,043,931

7,479,401

 

MARPAI, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

(Unaudited)

Nine Months Ended 

September 30, 2024

September 30, 2023

Revenue

$                     21,582

$                            28,448

Costs and expenses

Cost of revenue (exclusive of depreciation and amortization
   shown separately below)

15,078

18,530

General and administrative

9,954

15,938

Sales and marketing

1,383

5,494

Information technology

3,608

4,775

Research and development

22

1,291

Depreciation and amortization

2,078

2,974

Impairment of goodwill and intangible assets 

7,588

—

Loss on disposal of assets

—

350

Loss on sale of business unit

73

—

Facilities

1,197

1,918

Total costs and expenses

40,981

51,270

Operating loss

(19,399)

(22,822)

Other income (expenses)

Other income

360

231

Interest expense, net

(1,890)

(1,102)

Foreign exchange (loss) gain

(3)

(32)

Loss before provision for income taxes

(20,932)

(23,725)

Income tax expense

—

—

Net loss

$                   (20,932)

$                          (23,725)

Net loss per share, basic & fully diluted

$                       (1.96)

$                              (3.62)

Weighted average common shares outstanding, basic and
   diluted

10,697,008

6,552,575

 

MARPAI, INC. AND SUBSIDIARIES 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except share and per share data)

(Unaudited)

Nine Months Ended

September 30, 2024

30-Sep-23

Cash flows from operating activities:

Net loss

$                   (20,932)

$                          (23,725)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

2,078

2,974

Loss on disposal of assets

—

350

Loss on sale of receivables

306

—

Share-based compensation

2,786

1,837

Loss on sale of business unit

73

—

Common Stock issued to vendors in exchange for services

—

79

Amortization of right-of-use asset

181

1,289

Gain on termination of lease

—

33

Impairment of goodwill and intangible assets

7,588

—

Non-cash interest

975

1,204

Amortization of debt discount and debt issuance costs

128

—

Changes in operating assets and liabilities:

Accounts receivable and unbilled receivable

85

639

Prepaid expense and other assets

136

216

Due from buyer for sale of business unit

227

—

Security deposit

19

(16)

Accounts payable

(885)

336

Accrued expenses

141

(693)

Accrued fiduciary obligations

(3,604)

853

Operating lease liabilities

(380)

(1,670)

Due To related party

—

(3)

Other liabilities

827

973

Net cash used in operating activities

(10,251)

(15,324)

Cash flows from investing activities:

Disposal of property and equipment

—

27

Net cash provided by (used in) investing activities

—

27

Cash flows from financing activities:

Proceeds from issuance of common stock in a public offering, net

—

6,432

Proceeds from sale of future cash receipts on accounts receivable

1,509

—

Proceeds from issuance of convertible debentures 

5,978

—

Payments of convertible debenture issuance costs

(499)

—

Payments to buyer of receivables

(1,816)

—

Payments to seller for acquisition 

(631)

—

Proceeds from issuance of common stock in a private offering, net

4,026

—

Net cash provided by financing activities

8,567

6,432

Net decrease in cash, cash equivalents and restricted cash

(1,684)

(8,865)

Cash, cash equivalents and restricted cash at beginning of period

13,492

23,117

Cash, cash equivalents and restricted cash at end of period

$                     11,808

$                            14,252

Reconciliation of cash, cash equivalents, and restricted cash reported in
   the condensed consolidated balance sheet

Cash and cash equivalents

$                          830

$                              3,018

Restricted cash

10,978

11,234

Total cash, cash equivalents and restricted cash shown in the condensed
   consolidated statement of cash flows

$                     11,808

$                            14,252

Supplemental disclosure of cash flow information

Cash paid for interest

$                       1,508

$                                   —

Supplemental disclosure of non-cash activity

Measurement period adjustment to Goodwill

$                            —

$                                198

 

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SOURCE Marpai

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Ericsson brings drone detection capabilities to mobile networks

Published

19 minutes ago

on

November 2, 2026

By

Ericsson introduces new Integrated Sensing and Communication (ISAC) SystemThe system accurately detects and tracks moving objects such as drones over wide areas, including those not connected to the networkSelected small-scale, sensing-only commercial pilots expected to begin in 2027. Wider scale sensing deployments expected to follow in 2028

STOCKHOLM, Nov. 2, 2026 /PRNewswire/ — Existing mobile networks can help close a gap in detecting low-flying, fast-moving objects such as drones across wide areas. Following successful testing of Integrated Sensing and Communication (ISAC) technology over the past months, Ericsson (NASDAQ: ERIC) today introduces the Ericsson ISAC System.

The new solution adds sensing capabilities to the mobile network, enabling defense, public safety and critical infrastructure operators to detect and track moving objects, even when they are not connected to the network.

Commercial introduction of the Ericsson ISAC System will take place in phases, beginning with small-scale, sensing-only commercial pilots with selected customers in 2027, followed by broader-scale deployments from 2028. The integrated communications capability will be added as the solution evolves towards 6G.

Small, low-cost drones are increasingly being used for unlawful surveillance, organized crime, sabotage, and warfare. Their size and flight behavior at low altitudes make them difficult to detect, which creates new challenges for national security, critical infrastructure protection, and public safety. Dedicated sensors will remain important for protecting critical sites but scaling them across larger areas may be challenging due to the significant new infrastructure required.

The Ericsson ISAC System closes the low-altitude, wide-area detection gap by transforming the mobile network into a new layer of situational awareness. Using sensing-capable 5G radios, edge computing, AI and signal processing, it detects objects that are not connected to the network and maintains tracks across the coverage area, complementing radar and other sensors rather than replacing them.

How it works

Ericsson ISAC System detects and tracks objects by analyzing how radio signals are reflected by objects in the environment. It operates as a multi-static system, which means that sensing signal transmission and reception are distributed across multiple geographically separate mobile-network sites. This allows objects to be viewed from multiple angles at once – providing high accuracy that increases detection confidence, positioning, track continuity, and coverage resilience.

The Ericsson ISAC System uses parts of the 5G mobile network infrastructure – such as towers, backhaul and spectrum – already in place across cities, transport corridors and strategic locations to provide tracking data and AI-based classification. This data can be securely shared through standardized interfaces with authorized external systems, including security and command and control systems. Combined with data from other sensors and mitigation platforms, it can give users a more complete operational picture, helping them respond faster and make more informed decisions.

In validated tests, the system reliably detected and tracked micro drones at kilometer-scale distances with precise 3D positioning. Testing demonstrated consistent detection and tracking across a range of operating conditions, system configurations and drone flight patterns. Actual performance depends on factors such as the characteristics and flight profile of the target, sensing geometry, terrain and surrounding environment, and system configuration.

Evaluated in live 5G demonstrations

Trials with AT&T in Arlington, Texas, used sensing dashboards to display drone activity. Combining Ericsson technology with AT&T’s network expertise, the trial detected, located multiple drones, and tracked their movements, illustrating how wireless infrastructure could help protect major venues, critical infrastructure and other key locations.

A separate demonstration with Erillisverkot in Helsinki showed multiple 5G sites detecting and tracking drones, demonstrating how network sensing can support public safety and counter-UAS (Unmanned Aircraft System) operations while extending coverage alongside traditional sensors.

In Poland, Ericsson, Asseco and Play demonstrated how Ericsson’s Integrated Sensing and Communication technology, Play’s mobile network and Asseco’s PUSZCZYK acoustic detection system could support detection and positioning of low-flying drones with higher accuracy.

Potential applications

Defense and public safety: Enhancing airspace monitoring across borders, coastlines and strategic assets.

Critical infrastructure: Strengthening protection for ports, power plants and other vital sites.

Transport and industry: Supporting safer operations across road, rail and industrial environments.

Low-altitude economy: Drone traffic management, urban airspace monitoring, and digital twins for smart-city planning and environmental mapping.

Freddie Södergren, Global Head of Mission Critical Networks and Defense, Ericsson, says: “Low-flying drones create a detection coverage gap that no single sensor can effectively address. Ericsson ISAC System enables multiple 5G sites to deliver coordinated wide-area detection and continuous tracking, with data that can be integrated with traditional sensing technologies and operational systems. It also gives operators a pathway to create new services from existing network assets.”

Joe Madden, Principal Analyst at Mobile Experts, says: “Ericsson’s ISAC System shows that mobile-network sensing can perform far better than many expect, turning complex radio reflections into remarkably accurate tracking of low-flying, uncooperative objects. By building on an extensive footprint of existing sites, Ericsson has the potential to deliver wide-area drone detection faster and more cost-efficiently than deploying new dedicated sensor infrastructure.”

Carl Lundqvist, Chief Architect, Swedish Armed Forces HQ, says: “Detecting small drones across large areas is a growing operational challenge. The possibility of using distributed infrastructure to complement existing sensors could provide an important additional layer of situational awareness.”

Shawn Hakl, SVP & Head of Product, AT&T Business, says: “The next evolution of connectivity is about networks that don’t just move data but help organizations with insights to better understand and respond to the events in the real world. Bringing Integrated Sensing and Communication (ISAC) capabilities into existing 5G infrastructure can provide telemetry and intelligence in situations where it is not possible or desirable to pre-deploy sensors or cameras. Deploying this technology in a complex environment like a stadium is an important example of how intelligent networks can drive better safety and security outcomes from infrastructure already in place.”

Antti Kauppinen, CTO, Erillisverkot, says: “The Ericsson ISAC System shows that dual-use technology can strengthen national security by extending sensing capabilities to help authorities protect people and critical infrastructure. Together with Ericsson, we are exploring how this capability can be developed responsibly to enhance Finland’s resilience, security, and preparedness.”

Discover how Ericsson ISAC System closes the low-altitude detection gap

NOTES TO EDITORS:

Ericsson ISAC System

Drone detection with ISAC for defense – Ericsson

Ericsson 5G for Defense: Digitalizing Defense Capabilities

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ABOUT ERICSSON:

Ericsson’s high-performing, programmable networks provide connectivity for billions of people every day. For 150 years, we’ve been pioneers in creating technology for communication. We offer mobile communication and connectivity solutions for service providers and enterprises. Together with our customers and partners, we make the digital world of tomorrow a reality. www.ericsson.com

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Aosom Kicks Off Black Friday 2026 with Its Biggest Discounts of the Year and Limited-Time Flash Deals

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19 minutes ago

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November 2, 2026

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LONDON, PARIS and HAMBURG, Germany, Nov. 2, 2026 /PRNewswire/ — As the year-end shopping season approaches, Aosom will kick off its 2026 Black Friday promotion on November 2, offering its biggest discounts of the year across home, pet, and children’s products. Shoppers can enjoy flash sales, prize draws, exclusive new-customer offers, and additional Black Friday week benefits.

More Exclusive Offers and Black Friday Surprises

Lucky Wheel: Shoppers can access the Lucky Wheel through a pop-up on the Aosom website homepage. First-time participants must subscribe and register for a chance to win products, coupons, and other rewards.

Community Giveaway: During the Black Friday early-bird campaign, Aosom will launch an interactive community event where shoppers can participate for a chance to win surprise prizes.

Exclusive New-Customer Package: First-time shoppers can enjoy a special package with additional savings on their first purchase.

Limited-Time Deals Across Categories and Extra Black Friday Week Benefits

Aosom will offer discounts across multiple product categories. During Black Friday week, shoppers may receive coupons for future purchases with their orders, while selected products will be available through limited-quantity flash sales. Eligible orders will also benefit from price protection.

Local Delivery and Flexible Payment for a Better Shopping Experience

With its local warehousing and delivery network, Aosom provides convenient shopping services. Depending on the delivery location, product, and order conditions, selected items may qualify for next-day delivery, and eligible shoppers may also choose installment payment options.

Shoppers can visit their local Aosom website for promotional details and campaign terms and conditions.

About Aosom
Aosom is a one-stop online platform for furniture and large home and lifestyle products, specializing in home, outdoor, garden, pet, and leisure products. Founded in 2013, Aosom operates across Europe and North America, with local subsidiaries in nine countries, including France, the UK, Germany, Spain, Portugal, Canada and the US. The brand is committed to providing innovative, affordable, and high-quality products for everyday living, supported by a logistics network of self-operated overseas warehouses and dedicated customer service. Aosom’s product range, which includes brands such as Outsunny, HOMCOM and PawHut, caters to a wide range of consumer needs, from home furnishings to outdoor use. Aosom continues to deepen its local market engagement through strategic partnerships and community initiatives. Every Home is Awesome（Aosom /’ɔ:səm/）

Media Contact
Aosom Global Communications
Email: pr@aosom.com
Website: www.aosom.com

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Mirae Asset Celebrates Inclusion of Global X China Life Franklin HK-US Equity Select ETF (3428) as an Eligible ETF under Southbound Stock Connect

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19 minutes ago

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November 2, 2026

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Inclusion expands Global X’s Southbound ETF Connect line-up to 4 eligible ETFsEligible Mainland investors will be able to begin trading the Fund through Southbound Stock Connect on 9 November 2026.Global X China Life Franklin HK-US Equity Select ETF (3428) offers combined exposure to Hong Kong high-dividend equities with leading U.S. mega-cap companies in one ETF.

HONG KONG, Nov. 2, 2026 /PRNewswire/ — Mirae Asset Global Investments (Hong Kong) Limited (“Mirae Asset”), through its Global X ETFs brand, is pleased to announce the inclusion of the Global X China Life Franklin HK-US Equity Select ETF (the “Fund”; HKD counter: 3428; RMB counter: 83428; USD counter: 9428) under Southbound Stock Connect. Eligible Mainland investors are expected to begin trading the Fund through the programme on 9 November 2026.

The Fund seeks to track the CSI Select Market Moderate Index, which combines 65% Hong Kong-listed high-dividend equities with 35% leading U.S.-listed mega-cap companies across 45 securities. For eligible Mainland investors seeking both income-oriented exposure and participation in global innovation, the Fund brings these complementary investment themes together within a single, rules-based strategy.

The inclusion will bring the number of Global X ETFs available through Southbound Stock Connect to four, joining the Global X Hang Seng TECH ETF (2837), Global X Hang Seng High Dividend Yield ETF (3110) and Global X MSCI China ETF (3040).

For more information about the Global X China Life Franklin HK-US Equity Select ETF (3428), please visit Global X ETFs website at www.globalxetfs.com.hk/funds/china-life-franklin-hk-us-equity-select-etf/

About Mirae Asset Global Investments

Founded in 1997, Mirae Asset Global Investments is the asset management arm of Mirae Asset Financial Group, one of Asia’s leading independent financial services companies. As of 30 September 2026, the firm manages more than US$455 billion in assets and operates 25 offices worldwide.

Drawing on its globally integrated platform and investment intelligence, Mirae Asset Global Investments delivers progressive solutions across all major asset classes through mutual funds, ETFs and alternative investments.

As the world’s 12th-largest ETF provider, Mirae Asset offers more than 793 ETFs across 12 markets, with approximately US$280 billion in assets under management, offering investors high-quality, cost-effective solutions across emerging themes and disruptive technologies.

About Global X ETFs

Since 2008, Global X has been at the forefront of ETF innovation and has established itself as a leading issuer of thematic, income and global market ETFs. As part of Mirae Asset Financial Group, Global X combines a specialist ETF focus with global scale and the long-term backing of a truly global asset manager.

Global X serves every kind of investor in pursuit of its vision, “Beyond Ordinary ETFs”: developing innovative solutions that open access to the opportunities shaping tomorrow’s markets.

Mirae Asset Global Investments (Hong Kong) Website: https://www.am.miraeasset.com.hk/

Global X ETFs Hong Kong Website: https://www.globalxetfs.com.hk/

Important Information

Investors should not base investment decisions on this material alone. Please refer to the Prospectus for details including the product features and the risk factors. Investment involves risks. Past performance is not indicative of future performance. There is no guarantee of the repayment of the principal. Investors should note:

The investment objective of Global X China Life Franklin HK-US Equity Select ETF (the “Fund”) is to provide investment results that, before fees and expenses, closely correspond to the performance of the CSI Select Market Moderate Index.The Fund is exposed to concentration risk by tracking a specific region or country.Underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. Investors are exposed to foreign exchange risk.The Index constituents may be concentrated in a specific industry or sector, which may potentially more volatile than a fund with a diversified portfolio.The Fund may invest in small and/or mid-sized companies, which may have lower liquidity and their prices are more volatile to adverse economic developments.The Manager has delegated the investment discretion in respect of the Fund to the Sub Investment Manager. Any disruption in the communication with or assistance from the Sub-Investment Manager or a loss of service of the Sub-Investment Manager or any of its key personnel may adversely affect the operations of the Fund.The trading price of the Fund’s unit on the SEHK is driven by secondary market trading factors, which may lead to a substantial premium or discount to the Fund’s net asset value.The Fund’s synthetic replication strategy may invest up to 50% of its net asset value in financial derivative instruments (“FDIs”), which may expose the Fund to counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The Fund may suffer losses from its usage of FDIs.The Manager may at its discretion pay dividends out of the capital of the Fund. Distributions paid out of capital, represent a return of an investor’s original investment or its gains and may potentially reduce the Fund’s Net Asset Value per Share as well as the capital available for future investment.

Disclaimer

This document is for Hong Kong investors only. This document is provided for information and illustrative purposes and is intended for your use only. It is not a solicitation, offer or recommendation to buy or sell any security or other financial instrument. The information contained in this document has been provided as a general market commentary only and does not constitute any form of regulated financial advice, legal, tax or other regulated services.

Certain of the statements contained in this document are statements of future expectations and other forward-looking statements. Views, opinions and estimates may change without notice and are based on a number of assumptions which may or may not eventuate or prove to be accurate. Actual results, performance or events may differ materially from those in such statements.

Investment involves risk. Past performance is not indicative of future performance. It cannot be guaranteed that the performance of the Funds will generate a return and there may be circumstances where no return is generated or the amount invested is lost. It may not be suitable for persons unfamiliar with the underlying securities or who are unwilling or unable to bear the risk of loss and ownership of such investment. Before making any investment decision, investors should read the Prospectus for details and the risk factors. Investors should ensure they fully understand the risks associated with the Funds and should also consider their own investment objective and risk tolerance level. Investors are advised to seek independent professional advice before making any investment.

Information and opinions presented in this document have been obtained or derived from sources which in the opinion of Mirae Asset Global Investments (Hong Kong) Limited (“MAGIHK”) are reliable, but we make no representation as to their accuracy or completeness. We accept no liability for a loss arising from the use of this document.

Products, services and information may not be available in your jurisdiction and may be offered by affiliates, subsidiaries and/or distributors of MAGIHK as stipulated by local laws and regulations. This document is not directed to any person in any jurisdiction where the availability of this document is prohibited. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this document. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction. Please consult with your professional adviser for further information on the availability of products and services within your jurisdiction.

This document is issued by MAGIHK (Licensed by the Securities and Futures Commission for Types 1, 4 and 9 regulated activities under the Securities and Futures Ordinance). This document has not been reviewed by the Securities and Futures Commission or the applicable regulator in the jurisdiction in which this article is posted and no part of this publication may be reproduced in any form, or referred to in any other publication, without express written permission of MAGIHK.

Copyright © 2026 Mirae Asset Global Investments. All rights reserved.

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SOURCE MIRAE ASSET GLOBAL INVESTMENTS (HK) LIMITED

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