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QuickLogic Reports Financial Results for its Fiscal Third Quarter 2024

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SAN JOSE, Calif., Nov. 11, 2024 /PRNewswire/ — QuickLogic Corporation (NASDAQ: QUIK) (“QuickLogic” or the “Company”), a developer of embedded FPGA (eFPGA) IP, ruggedized FPGAs and Endpoint AI solutions, today announced its financial results for the fiscal third quarter that ended September 29, 2024.

Recent Highlights

Third quarter results in line with recent guidanceContinued to execute on third tranche of the Strategic Radiation Hardened FPGA Technology US Government contractDelivered eFPGA IP for GlobalFoundries’ 12LP process to large defense industrial base customerDelivered eFPGA IP for TSMC’s N12e 12nm process to a large multi-national customer in a record time of three monthsContinued development of an eFPGA Hard IP core, believed to be the first for Intel 18A process and on track for initial delivery by year-end 2024SensiML partnered with eFabless to drive open-source Edge AI innovationSensiML expanded platform support to include RISC-V architectureExecuted an agreement with Synopsys to include Synopsys Synplify® FPGA Logic Synthesis in the Aurora FPGA User Tool Suite

“We are on schedule to close 2024 with eFPGA Hard IP delivered for a total of six fabrication processes,” said Brian Faith, CEO of QuickLogic. “With these completed, we are in a position to capitalize on the growing number of inquiries we are seeing, and complete IP license deliverables for these fabrication processes quickly and with notably lower expenses thanks to our Australis eFPGA Hard IP Generator.”

Fiscal Third Quarter 2024 Financial Results

Total revenue for the third quarter of fiscal 2024 was $4.3 million, a decrease of 35.9% compared with the third quarter of 2023 and an increase of 3.5% compared with the second quarter of 2024.

New product revenue was approximately $3.5 million in the third quarter of 2024, a decrease of ($2.6 million), or (42.0%), compared with the third quarter of 2023 and an increase of $0.5 million, or 15.7%, compared with the second quarter of 2024. The decrease in new product revenue from the same period a year ago was primarily due to the timing of deliverables for certain large eFPGA IP contracts.

Mature product revenue was $0.7 million in the third quarter of 2024. This compares to $0.6 million in the third quarter of 2023 and $1.1 million in the second quarter of 2024.

Third quarter 2024 GAAP gross margin was 55.8% compared with 76.9% in the third quarter of 2023 and 51.0% in the second quarter of 2024.

Third quarter 2024 non-GAAP gross margin was 60.0% compared with 78.0% in the third quarter of 2023 and 53.1% in the second quarter of 2024.

Third quarter 2024 GAAP operating expenses were $4.2 million compared with $3.8 million in the third quarter of 2023 and $3.6 million in the second quarter of 2024.

Third quarter 2024 non-GAAP operating expenses were $3.3 million compared with $3.3 million in the third quarter of 2023 and $2.9 million in the second quarter of 2024.

Third quarter 2024 GAAP net loss was ($2.1 million), or ($0.14) per share, compared with net income of $1.2 million, or $0.09 per basic share or $0.08 per diluted share, in the third quarter of 2023, and a net loss of ($1.6 million), or ($0.11) per share, in the second quarter of 2024.

Third quarter 2024 non-GAAP net loss was ($0.9 million), or ($0.06) per share, compared with net income of $1.8 million, or $0.13 per share, in the third quarter of 2023 and a net loss of ($0.7 million), or ($0.05) per share, in the second quarter of 2024.

Conference Call

QuickLogic will hold a conference call at 2:30 p.m. Pacific Time / 5:30 p.m. Eastern Time today, November 11, 2024, to discuss its current financial results. The conference call will be webcast on QuickLogic’s IR Site Events Page at https://ir.quicklogic.com/ir-calendar. To join the live conference, you may dial (877) 407-0792 and international participants should dial (201) 689-8263 by 2:20 p.m. Pacific Time. No Passcode is needed to join the conference call. A recording of the call will be available approximately one hour after completion. To access the recording, please call (844) 512-2921 and reference the passcode 13749709.

The call recording, which can be accessed by phone, will be archived through November 18, 2024, and the webcast will be available for 12 months on the Company’s website.

About QuickLogic

QuickLogic is a fabless semiconductor company that develops innovative embedded FPGA (eFPGA) IP, discrete FPGAs, and FPGA SoCs for a variety of industrial, aerospace and defense, edge and endpoint AI, consumer, and computing applications. Our wholly owned subsidiary, SensiML Corporation, completes the end-to-end solution portfolio with AI / ML software that accelerates AI at the edge/endpoint. For more information, visit www.quicklogic.com/.

QuickLogic uses its website (www.quicklogic.com/), the company blog (https://www.quicklogic.com/blog/), corporate Twitter account (@QuickLogic_Corp), Facebook page (https://www.facebook.com/QuickLogic), and LinkedIn page (https://www.linkedin.com/company/13512/) as channels of distribution of information about its products, its planned financial and other announcements, its attendance at upcoming investor and industry conferences, and other matters. Such information may be deemed material information, and QuickLogic may use these channels to comply with its disclosure obligations under Regulation FD. Therefore, investors should monitor the Company’s website and its social media accounts in addition to following the Company’s press releases, SEC filings, public conference calls, and webcasts.

Non-GAAP Financial Measures

QuickLogic reports financial information in accordance with United States Generally Accepted Accounting Principles, or U.S. GAAP, but believes that non-GAAP financial measures are helpful in evaluating its operating results and comparing its performance to comparable companies. Accordingly, the Company excludes certain charges related to stock-based compensation, in calculating non-GAAP (i) income (loss) from operations, (ii) net income (loss), (iii) net income (loss) per share, and (iv) gross margin percentage. The Company provides this non-GAAP information to enable investors to evaluate its operating results in a manner like how the Company analyzes its operating results and to provide consistency and comparability with similar companies in the Company’s industry.

Management uses the non-GAAP measures, which exclude gains, losses, and other charges that are considered by management to be outside of the Company’s core operating results, internally to evaluate its operating performance against results in prior periods and its operating plans and forecasts. In addition, the non-GAAP measures are used to plan for the Company’s future periods and serve as a basis for the allocation of the Company’s resources, management of operations and the measurement of profit-dependent cash, and equity compensation paid to employees and executive officers.

Investors should note, however, that the non-GAAP financial measures used by QuickLogic may not be the same non-GAAP financial measures and may not be calculated in the same manner as that of other companies. QuickLogic does not itself, nor does it suggest that investors should, consider such non-GAAP financial measures alone or as a substitute for financial information prepared in accordance with U.S. GAAP. A reconciliation of U.S. GAAP financial measures to non-GAAP financial measures is included in the financial statements portion of this press release. Investors are encouraged to review the related U.S. GAAP financial measures and the reconciliation of non-GAAP financial measures with their most directly comparable U.S. GAAP financial measures.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our future profitability and cash flows, expectations regarding our future business and statements regarding the timing, milestones, and payments related to our government contracts, and actual results may differ due to a variety of factors including: delays in the market acceptance of the Company’s new products; the ability to convert design opportunities into customer revenue; our ability to replace revenue from end-of-life products; the level and timing of customer design activity; the market acceptance of our customers’ products; the risk that new orders may not result in future revenue; our ability to introduce and produce new products based on advanced wafer technology on a timely basis; our ability to adequately market the low power, competitive pricing and short time-to-market of our new products; intense competition by competitors; our ability to hire and retain qualified personnel; changes in product demand or supply; general economic conditions; political events, international trade disputes, natural disasters and other business interruptions that could disrupt supply or delivery of, or demand for, the Company’s products; and changes in tax rates and exposure to additional tax liabilities. These and other potential factors and uncertainties that could cause actual results to differ materially from the results contemplated or implied are described in more detail in the Company’s public reports filed with the Securities and Exchange Commission (the “SEC”), including the risks discussed in the “Risk Factors” section in the Company’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and in the Company’s prior press releases, which are available on the Company’s Investor Relations website at http://ir.quicklogic.com/, and on the SEC website at www.sec.gov/. Additional information will be set forth in the Company’s Quarterly Report on Form 10-Q for the three and nine months ended September 29, 2024. In addition, please note that the date of this press release is November 11, 2024, and any forward-looking statements contained herein are based on management’s current expectations and assumptions that we believe to be reasonable as of this date. We are not obliged to update these statements due to latest information or future events.

QuickLogic and logo are registered trademarks of QuickLogic. All other trademarks are the property of their respective holders and should be treated as such.

CODE: QUIK-E 

 –Tables Follow –

 

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(Unaudited) 

Three Months Ended

Nine Months Ended

September 29, 2024

October 1, 2023

June 30, 2024

September 29, 2024

October 1, 2023

Revenue

$

4,273

$

6,665

$

4,127

$

14,407

$

13,719

Cost of revenue

1,888

1,537

2,022

5,934

4,998

Gross profit

2,385

5,128

2,105

8,473

8,721

Operating expenses:

Research and development

1,954

1,933

1,527

4,940

5,067

Selling, general and administrative

2,292

1,915

2,095

6,738

5,700

Total operating expense

4,246

3,848

3,622

11,678

10,767

Operating income (loss)

(1,861)

1,280

(1,517)

(3,205)

(2,046)

Interest expense

(186)

(48)

(40)

(295)

(156)

Interest and other (expense) income, net

(34)

(36)

1

(22)

(99)

Income (loss) before income taxes

(2,081)

1,196

(1,556)

(3,522)

(2,301)

(Benefit from) provision for income taxes

13

4

(6)

14

4

Net income (loss)

$

(2,094)

$

1,192

$

(1,550)

$

(3,536)

$

(2,305)

Net income (loss) per share:

Basic

$

(0.14)

$

0.09

$

(0.11)

$

(0.25)

$

(0.17)

Diluted

$

(0.14)

$

0.08

$

(0.11)

$

(0.25)

$

(0.17)

Weighted average shares outstanding:

Basic

14,555

13,859

14,439

14,390

13,377

Diluted

14,555

14,131

14,439

14,390

13,377

Note: Net income (loss) equals to comprehensive income (loss) for all periods presented.

 

QUICKLOGIC CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

(Unaudited)

September 29, 2024

December 31, 2023

ASSETS

Current assets:

Cash, cash equivalents and restricted cash

$

22,364

$

24,606

Accounts receivable, net of allowance for doubtful accounts of $24 and $34, as of September 29, 2024 and December 31, 2023, respectively

657

1,625

Contract assets

2,331

3,609

Note receivable, current

—

1,200

Inventories

1,780

2,029

Prepaid expenses and other current assets

2,919

1,561

Total current assets

30,051

34,630

Property and equipment, net

14,137

8,948

Capitalized internal-use software, net

2,352

2,069

Right of use assets, net

828

981

Intangible assets, net

457

537

Non-marketable equity investment

300

300

Goodwill

185

185

Note receivable, non-current

1,260

—

Other assets

143

142

TOTAL ASSETS

$

49,713

$

47,792

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Revolving line of credit

$

20,000

$

20,000

Trade payables

2,877

4,657

Accrued liabilities

1,457

2,673

Deferred revenue

449

1,052

Notes payable, current

1,798

946

Lease liabilities, current

275

302

Total current liabilities

26,856

29,630

Long-term liabilities:

Lease liabilities, non-current

529

681

Notes payable, non-current

1,314

461

Other long-term liabilities

125

125

Total liabilities

28,824

30,897

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding

—

—

Common stock, $0.001 par value; 200,000 authorized; 14,697 and 14,118 shares issued and outstanding as of September 29, 2024 and December 31, 2023, respectively

15

14

Additional paid-in capital

329,965

322,436

Accumulated deficit

(309,091)

(305,555)

Total stockholders’ equity

20,889

16,895

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

49,713

$

47,792

 

QUICKLOGIC CORPORATION

SUPPLEMENTAL RECONCILIATIONS OF US GAAP AND NON-GAAP FINANCIAL MEASURES

(in thousands, except per share amounts and percentages)

(Unaudited)

Three Months Ended

Nine Months Ended

September 29, 2024

October 1, 2023

June 30, 2024

September 29, 2024

October 1, 2023

US GAAP income (loss) from operations

$

(1,861)

$

1,280

$

(1,517)

$

(3,205)

$

(2,046)

Adjustment for stock-based compensation within:

Cost of revenue

180

73

88

505

239

Research and development

323

171

197

877

513

Selling, general and administrative

645

372

517

2,131

1,165

Non-GAAP income (loss) from operations

$

(713)

$

1,896

$

(715)

$

308

$

(129)

US GAAP net income (loss)

$

(2,094)

$

1,192

$

(1,550)

$

(3,536)

$

(2,305)

Adjustment for stock-based compensation within:

Cost of revenue

180

73

88

505

239

Research and development

323

171

197

877

513

Selling, general and administrative

645

372

517

2,131

1,165

Non-GAAP net income (loss)

$

(946)

$

1,808

$

(748)

$

(23)

$

(388)

US GAAP net income (loss) per share, basic

$

(0.14)

$

0.09

$

(0.11)

$

(0.25)

$

(0.17)

Adjustment for stock-based compensation

0.08

0.04

0.06

0.25

0.14

Non-GAAP net income (loss) per share, basic

$

(0.06)

$

0.13

$

(0.05)

$

—

$

(0.03)

US GAAP net income (loss) per share, diluted

$

(0.14)

$

0.08

$

(0.11)

$

(0.25)

$

(0.17)

Adjustment for stock-based compensation

0.08

0.05

0.06

0.25

0.14

Non-GAAP net income (loss) per share, diluted

$

(0.06)

$

0.13

$

(0.05)

$

—

$

(0.03)

US GAAP gross margin percentage

55.8

%

76.9

%

51.0

%

58.8

%

63.6

%

Adjustment for stock-based compensation included in cost of revenue

4.2

%

1.1

%

2.1

%

3.5

%

1.7

%

Non-GAAP gross margin percentage

60.0

%

78.0

%

53.1

%

62.3

%

65.3

%

 

QUICKLOGIC CORPORATION

SUPPLEMENTAL DATA

(Unaudited)

Percentage of Revenue

Change in Revenue

Q3 2024

Q3 2023

Q2 2024

Q3 2024 to Q3 2023

Q3 2024 to Q2 2024

COMPOSITION OF REVENUE

Revenue by product: (1)

New products

83

%

91

%

74

%

(42)

%

16

%

Mature products

17

%

9

%

26

%

29

%

(31)

%

Revenue by geography:

Asia Pacific

12

%

6

%

10

%

40

%

26

%

North America

86

%

91

%

87

%

(39)

%

1

%

Europe

2

%

3

%

3

%

(62)

%

(13)

%

____________________

(1)

New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP intellectual property, professional services, and QuickAI and SensiML AI software as a service (SaaS) revenue. Mature products include all products produced on semiconductor processes larger than 180 nanometer and includes related royalty revenue.

 

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SOURCE QuickLogic Corporation

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Northwood raises $375 million to build the network connecting satellites to Earth

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Funding will scale the company’s shared, multi-orbit ground network for commercial, U.S. government, and allied customers

TORRANCE, Calif., Nov. 2, 2026 /PRNewswire/ — Northwood Space Corp. (“Northwood”), the company building the network connecting satellites to Earth, today announced it has closed a $375 million Series C equity financing round. The funding will accelerate delivery on existing contracts, talent acquisition, and the buildout of Northwood’s global ground network for commercial, U.S. government, and allied space missions.

Since its Series B less than nine months ago, Northwood has deployed six multi-orbit-capable sites on two continents, demonstrated geosynchronous command capacity from a commercial phased array in live tests, developed and launched a high-throughput antenna system, and opened a new 185,000-square-foot headquarters and factory in Torrance, expanding its manufacturing footprint more than fivefold. Northwood has also added new customers and contracts across U.S. government agencies, commercial new-space operators, and traditional satellite operators.

Andreessen Horowitz (a16z) and DFJ Growth co-led the round, with participation from Alpine Space Ventures, Washington Harbour Partners, Stepstone Activate, In-Q-Tel (IQT), and others. A separate multi-year credit facility from HSBC Innovation Banking will also support working capital and network expansion.

“Space began as the frontier of human innovation, and communications sits at the heart of every mission, yet it has been neglected for decades,” said Bridgit Mendler, co-founder and CEO of Northwood. “We have built hardware that performs and a network that can support the most demanding missions. This funding lets us scale that network and build the infrastructure the next generation of space missions will depend on.”

“We’ve backed Northwood in every round since seed because we believe ground infrastructure is essential to making space infrastructure more abundant,” said Katherine Boyle, board director of Northwood and general partner at Andreessen Horowitz. “Northwood is building the ground network of the future and has become an indispensable partner to government and commercial customers alike.”

“What goes up must come down … this is a universal truth of sending data to and from space-based networks. Northwood plays an essential role in an oft-forgotten, yet critical segment, of that ecosystem — purpose-built to ensure mission-critical signals are delivered to and from satcom constellations reliably and securely. Northwood has emerged from a raw startup to a new-generation leader over the past year, changing the game with innovation and speed of execution to quickly surpass legacy incumbents,” according to Randy Glein, Founder and Managing Partner at DFJ Growth. “Northwood’s advanced phased array technologies, innovative systems, and vertically-integrated manufacturing approach are delivering robust capabilities to demanding commercial and government customers. We are thrilled to join the team at Northwood!”

The ground has become the bottleneck
Satellites are multiplying and spreading across orbits. Active satellites have grown from about 3,000 in 2020 to more than 14,000 by the end of 2025, with tens of thousands more projected by 2030, but the ground infrastructure they rely on was built for a different era of space and has not kept pace. Missions need more ground capacity, in more places, with more capabilities. Meeting the demand takes ground infrastructure that can serve multiple satellites at once, support multiple orbits, and deploy in months rather than years. Without modern infrastructure, the ground will limit what we can do in space, from satellite communications to Earth observation, from national security missions to cislunar exploration.

A space network built like infrastructure
Northwood designs and manufactures its own modular antennas in Torrance, California: Portal phased arrays for command and control and Prism high-throughput dishes for payload data. At full production, the company can build hundreds of antennas per year, and each system ships by standard freight and needs only flat ground, power, and fiber, with none of the extensive civil works traditional ground stations require.

Northwood’s own software and proprietary techniques combine multiple antennas into larger effective apertures. In a recent milestone, the company arrayed 10 Portals to achieve the receive performance of a 20-foot dish. That software extends to a modern API that lets satellite operators search, reserve, update, and cancel passes on the network, paired with hands-on Mission Architects who guide each customer from first conversation through deployment. Operators get a live link without building ground infrastructure of their own.

Because Northwood controls the full stack, from antenna hardware to site selection and buildout to scheduling software, space operators book the capacity they need on a shared network instead of spending millions of dollars on dedicated ground stations. And because the antennas are standardized and modular, the network is growing quickly: a new site takes three months rather than years, and new antennas go from truck arrival to live links in three to four hours. For select customers, Northwood also sells its antenna systems directly, the same hardware that powers the shared network.

Momentum since the Series B

Demonstrated multi-orbit, from LEO to GEO. Northwood demonstrated its multi-orbit capability in a prototype for the U.S. Space Force, delivering dedicated satellite command capacity as a service to geostationary orbit. The demonstration included a full-duplex link to a government GEO satellite from a Northwood Portal phased-array site, building on the company’s existing LEO demonstrations.High-throughput links. Northwood released Prism, a parabolic dish built for multi-gigabit links. Together with Portal, Prism will take the network to global coverage, with sites capable of 100+ Gbps in high-demand regions by the end of 2027.Production at scale. The company’s new 185,000-square-foot Torrance headquarters and factory, opened in September 2026, will produce hundreds of antennas and other components per year across dedicated production lines.Customers. Northwood has added new customers and contracts across U.S. government agencies, commercial new-space operators, and traditional satellite operators.Team. Northwood has grown to more than 140 employees and plans to add 400 jobs in Torrance and Washington, DC over three years across RF engineering, manufacturing, software and site operations.

This announcement is only the start. Northwood is rebuilding the full network stack for bringing data to, through, and from orbit, with several site and network expansions to be announced in the first half of 2027.

About Northwood
Northwood builds the network connecting satellites to Earth. Based in Torrance, California, the company combines modular antenna hardware, manufacturing, software, and global site operations into a shared ground network serving commercial, U.S. government, and allied customers. Northwood helps satellite operators establish and expand connectivity across orbits, supporting reliable communications as their missions grow. Learn more at northwoodspace.io. See open roles at northwoodspace.io/careers.

Media Contact
press@northwoodspace.io

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SOURCE Northwood Space

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Cleafy Named a Leader in QKS Group SPARK Matrix™: Enterprise Fraud Management, 2026

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The QKS Group SPARK Matrix™ evaluates enterprise fraud management providers across Technology Excellence and Customer Impact.Cleafy is recognized for its cyber-fraud convergence approach, real-time attack visibility, and explainable fraud detection capabilities.

PUNE, India, Nov. 2, 2026 /PRNewswire/ — QKS Group announced today that it has named Cleafy as a leader in the SPARK Matrix™: Enterprise Fraud Management, 2026.

Anandh Ramaswamy, Practice Director at QKS Group, states, “Fraud increasingly begins as a cyberattack, well before a payment is initiated. Our assessment finds Cleafy particularly compelling in connecting these stages through its Fraud xDR approach, which brings device, malware, network, session, and transaction evidence into a continuous view of how an attack develops. Its deterministic micro-models and Attack Pattern Reconstruction help banks recognize account takeover, remote-access abuse, and payment scams earlier, with clear reasons for intervention rather than an isolated risk score. For institutions with substantial digital banking activity, this cyber-fraud convergence can strengthen prevention while supporting more proportionate customer interventions. Buyers should assess Cleafy as an attack-focused complement to their broader fraud controls, particularly where visibility before the transaction is a priority.”

Divya Baranawal, Vice President and Principal Analyst at QKS Group, states, “Cleafy’s Leader position reflects a distinctive approach to Enterprise Fraud Management: connecting cybersecurity intelligence with fraud operations rather than treating them as separate detection functions. Cleafy LABS contributes specialist threat research and intelligence, while Fraud xDR connects evidence across the digital journey to reveal how attacks develop. Cleafy Nyx builds on this foundation, autonomously hunting for emerging threats and connecting activity across sessions, accounts and devices, with recommended responses subject to institutional oversight. This combination is relevant for banks facing coordinated attacks and growing investigation volumes. Our evaluation also highlights the importance of validating channel coverage, integration requirements, and local service readiness against each institution’s operating environment.”

QKS Group defines Enterprise Fraud Management as the technologies and operational processes used to detect, prevent, investigate, and respond to fraud across customer interactions and transactions. As digital fraud increasingly combines compromised devices, malicious software, manipulated sessions, and payment activity, effective programs need to connect cyber and financial signals, apply timely risk controls, and equip investigators with auditable evidence. Evaluation therefore extends beyond transaction scoring to detection coverage, explainability, investigation workflows, deployment, and measurable customer impact.

Cleafy’s differentiation lies in its cyber-origin view of financial fraud. Its Fraud xDR approach transforms diverse device, application, network, malware, behavioural, and transaction signals into structured, connected evidence across digital banking journeys. Deterministic micro-models provide explainable detection indicators, Cleafy LABS contributes specialist threat intelligence, and Cleafy Nyx autonomously hunts for emerging threats, connecting evidence into coordinated attacks and recommending responses for analyst review. This architecture is especially relevant to banks prioritizing account takeover, banking malware, remote-access fraud, and authorized push payment scams. Buyers should validate fit with existing payment controls, required channels, and governance arrangements.

The QKS Group SPARK Matrix™ includes a detailed analysis of the global market dynamics, major trends, vendor landscape, and competitive positioning. The study also provides a competitive analysis and ranking of the Enterprise Fraud Management, 2026 providers in the form of the SPARK Matrix™. The study also provides strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market positions.

“Maintaining our Leader position, and improving on it, reflects the value of the approach we’ve built,” said Michael Morris, Product Director at Cleafy. “We brought the discipline of cybersecurity into fraud prevention to recognise attacks before they become fraudulent transactions. With Nyx, we’re taking that further through Autonomous Fraud Operations, continuously hunting for emerging threats and giving banks the evidence they need to act earlier, with greater precision and efficiency.”

Additional Resources:

For more information about Cleafy, visit Here. SPARK Matrix™ Enterprise Fraud Management, 2026

About Cleafy

Cleafy helps banks stop financial fraud through Autonomous Fraud Operations. Rather than adding another tool for analysts, Cleafy investigates cases, produces evidence-based decisions and adapts to changing criminal tactics in production. European banks have been running Cleafy’s Autonomous Fraud Operations since December 2025, enabling fraud teams to prevent more fraud losses while focusing human expertise where it adds the greatest value.

Media Contact:
www.cleafy.com
Tammy du Preez
tammy.dupreez@cleafy.com

About QKS Group

QKS Group is a global analyst and advisory firm helping enterprises, technology vendors, and investors make trusted, data-driven decisions. Our portfolio spans the flagship SPARK Matrix™ evaluation framework, SPARK Plus™ analyst advisory platform, QKS Intelligence™ for market and competitive tracking, and QKS Community™ for CXO leaders and practitioners. All offerings are powered by a Human-Intelligence-driven framework and QKS’s closed-loop research methodology – integrating expert-led insights, quantitative modeling, and continuous validation to deliver credible, outcome-focused intelligence.

For more available research, please visit Research

Media Contact:
Anish Krishnan 
PR & Media Relations
QKS Group
5th Floor, Wing 2, Cluster C, 
EON Free Zone, Kharadi,
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LianLian Global and Cobre Collaborate to Streamline China-Latin America Payments

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HONG KONG, Nov. 2, 2026 /PRNewswire/ — LianLian Global, the cross-border payment brand of Hong Kong-listed Lianlian DigiTech, today announced a collaboration with Cobre, the leading platform for instant business payments in Latin America, to power cross-border payments between China and Latin America.

Through this collaboration, LianLian Global clients can reach Cobre’s local payment infrastructure in Latin America, and Cobre clients can process fast, compliant payouts into China through LianLian Global’s licensed network.

Trade between China and Latin America reached approximately US$565 billion in 2025, up 6.5% year on year, according to China’s General Administration of Customs. Yet cross-border payments supporting this trade can involve multiple correspondent banks, adding costs and delays.

By combining LianLian’s licensed China payout capabilities with Cobre’s local infrastructure in Latin America, this collaboration gives businesses on both sides a more direct way to settle cross-border payments. The collaboration aims to reduce the number of intermediaries involved, lower payment costs and shorten settlement times. This collaboration also aims to provide transparent foreign exchange (FX) pricing and end-to-end payment tracking across both the collection and payout legs.

Bryan Jiang, General Manager of LianLian Global in Hong Kong, said:

“Latin America is one of the fastest-growing markets for us, and Cobre has built the local infrastructure needed to serve that market. With this collaboration, we can offer businesses on both sides a faster, more transparent way to make cross-border payments along the China–Latin America corridor.”

Jose Gedeón, CEO and Cofounder of Cobre, added:

“Latin American enterprises engaging in commerce require heightened speed and predictability in their transaction flows. Our work with LianLian Global allows us to provide just that.”

James Wong, Senior Vice President (Financial Services and Fintech) of InvestHK, said:

“Hong Kong has long served as a gateway between Asia and the rest of the world, and Latin America is a growing part of that story. We are pleased to see LianLian Global and Cobre working together to make cross-border business payments between both regions faster and simpler, leveraging our flagship HK Fintech Week to mark the start of the collaboration”.

As trade between Asia and Latin America deepens, both companies plan to extend the collaboration to additional payment corridors and use cases.

About LianLian Global

LianLian Global is the international brand of Lianlian DigiTech Co., Ltd. (HKEX: 2598) (“Lianlian”), a global payment and financial platform founded in 2009 and listed on the Main Board of the Hong Kong Stock Exchange in 2024.

Lianlian has served more than 13.3 million clients. Its services reach more than 200 countries and regions, support transactions and settlements in more than 140 currencies, and connect with more than 180 global e-commerce platforms. Lianlian holds 68 payment licenses and related authorizations worldwide, alongside a Hong Kong virtual asset trading platform (VATP) license.

About Cobre

Cobre is the leading enterprise payments infrastructure for Latin America, enabling businesses to move money faster across Latin America and the world. Cobre operates in Colombia and Mexico, offering three core solutions: Local Payments, Cross-Border Payments and Stablecoin Payments. In 2025, Cobre processed over US$17 billion in payment volume across 28 million transactions, serving more than 300 enterprise clients and achieving profitability. Trusted by leading fintechs, financial institutions, and multinational enterprises, Cobre helps businesses simplify financial operations and scale across Latin America.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/lianlian-global-and-cobre-collaborate-to-streamline-china-latin-america-payments-302926292.html

SOURCE Lianlian DigiTech

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