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Nauticus Robotics Announces Results for the Third Quarter of 2024

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2 years ago

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HOUSTON, Nov. 12, 2024 /PRNewswire/ — Nauticus Robotics, Inc. (NASDAQ: KITT), a leading innovator in subsea robotics and software, today announced its financial results for the quarter ended September 30, 2024.

John Gibson, Nauticus CEO, stated, “We committed to producing commercial revenue in the third quarter of 2024 with our Aquanaut Mark 2. We achieved that objective. Our first commercial project not only exceeded customer expectations but also secured additional work for the fourth quarter. With the 2024 work season in the Gulf of Mexico ending, we are now fully focused on building a robust pipeline of commercial opportunities for 2025. Nauticus’ untethered, autonomous deepwater solutions have set us apart as the technical leader in this field, earning strong recognition from our customers.

On the financial front, we raised over $1 million in cash through a tranche of convertible debentures, with the option to access an additional $20 million. Alongside converting existing debentures into preferred equity, these steps bolster our shareholder equity and position us to regain compliance with NASDAQ listing requirements. This access to additional funds provides a solid financial foundation to cement our position as a leader in the ocean economy.”

Operational Highlights

Vehicle 2 Testing: Nauticus’ flagship vehicle, Aquanaut Mark 2 (Vehicle 2), completed deepwater qualification trials and began commercial operations in the Gulf of Mexico (GOM). The vehicle completed offshore operations for 2024 and will now be readied for the upcoming 2025 offshore season. The success of the commercial work performed this year resulted in continued discussions with current as well as new customers for 2025 work. The pipeline for Aquanaut services remains strong and the company expects that customers will continue placing the vehicle into their offshore execution models.

Vehicle 1 Assembly and Testing: Aquanaut Vehicle 1 deepwater electronics upgrades are complete and final assembly is expected to complete this month. Once the vehicle is fully assembled it is planned to ship to a testing facility to complete factory acceptance testing. We expect this to occur by the end of the year.

Vehicle 3 Assembly: Assembly of Aquanaut Vehicle 3 remains pending. Company focus remained on Vehicles 1 and 2 throughout the quarter. Work on this vehicle is not expected until sometime in 2025.

ToolKITT Software: ToolKITT performed reliably during Aquanaut vehicle operations this quarter. The team continues to progress the technology towards higher levels of autonomy and broader commercial functionality. ToolKITT is also expected to provide value added differentiation for third party platform integration. Discussions with third party ROV manufacturers and services providers are ongoing and Nauticus is targeting to sell its first commercial license in 2025.

Revenue: Nauticus reported third-quarter revenue of $0.4 million, compared to $1.6 million for the prior-year period and $0.5 million for the prior quarter.

Operating Expenses: Total expenses during the third quarter were $5.9 million, a $3.9 million decrease from the prior-year period, and a $0.6 million decrease from Q2 2024.

Net Income: For the third quarter, Nauticus recorded a net loss of $11.4 million, or basic loss per share of $4.24. This compares with a net loss of $17.7 million from the same period in 2023, and a net loss of $5.4 million in the prior quarter.

Adjusted Net Loss: Nauticus reported adjusted net loss of $11.4 million for the third quarter, compared to $8.1 million for the same period in 2023. Adjusted net loss is a non-GAAP measure which excludes the impact of certain items, as shown in the non-GAAP reconciliation table below.

2024 G&A Cost: Nauticus reported G&A third-quarter costs of $2.8 million, which is a decrease of $3.9 million compared to the same period in 2023 and an additional $0.4 million decrease from the second quarter.

Balance Sheet and Liquidity

As of September 30, 2024, the Company had cash and cash equivalents of $2.9 million, compared to $0.8 million as of December 31, 2023.

Conference Call Details

Nauticus will host a conference call on November 13, 2024 at 10:00 a.m. Central Standard Time (11:00 a.m. EST) to discuss its results for the quarter ending September 30, 2024. To participate in the earnings conference call, participants should dial toll free at 800-225-9448, conference ID: KITT, or access the listen-only webcast at the following link: https://events.q4inc.com/attendee/559732352. A link to the webcast will also be available on the Company’s website (https://ir.nauticusrobotics.com/). Following the conclusion of the call, a recording will be available on the Company’s website.

About Nauticus Robotics

Nauticus Robotics, Inc. develops autonomous robots for the ocean industries. Autonomy requires the extensive use of sensors, artificial intelligence, and effective algorithms for perception and decision allowing the robot to adapt to changing environments. The company’s business model includes using robotic systems for service, selling vehicles and components, and licensing of related software to both the commercial and defense business sectors. Nauticus has designed and is currently testing and certifying a new generation of vehicles to reduce operational cost and gather data to maintain and operate a wide variety of subsea infrastructure. Besides a standalone service offering and forward-facing products, Nauticus’ approach to ocean robotics has also resulted in the development of a range of technology products for retrofit/upgrading traditional ROV operations and other third-party vehicle platforms. Nauticus’ services provide customers with the necessary data collection, analytics, and subsea manipulation capabilities to support and maintain assets while reducing their operational footprint, operating cost, and greenhouse gas emissions, to improve offshore health, safety, and environmental exposure.

Cautionary Language Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Act”), and are intended to enjoy the protection of the safe harbor for forward-looking statements provided by the Act as well as protections afforded by other federal securities laws. Such forward-looking statements include but are not limited to: the expected timing of product commercialization or new product releases; customer interest in Nauticus’ products; estimated operating results and use of cash; and Nauticus’ use of and needs for capital. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events, or results of operations, are forward-looking statements. These statements may be preceded by, followed by, or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends,” or “continue” or similar expressions. Forward-looking statements inherently involve risks and uncertainties that may cause actual events, results, or performance to differ materially from those indicated by such statements. These forward-looking statements are based on Nauticus’ management’s current expectations and beliefs, as well as a number of assumptions concerning future events. There can be no assurance that the events, results, or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Nauticus is not under any obligation and expressly disclaims any obligation, to update, alter, or otherwise revise any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports which Nauticus has filed or will file from time to time with the Securities and Exchange Commission (the “SEC”) for a more complete discussion of the risks and uncertainties facing the Company and that could cause actual outcomes to be materially different from those indicated in the forward-looking statements made by the Company, in particular the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents filed from time to time with the SEC, including Nauticus’ Annual Report on Form 10-K filed with the SEC on April 10, 2024. Should one or more of these risks, uncertainties, or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated, or expected. The documents filed by Nauticus with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

NAUTICUS ROBOTICS, INC.

 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2024

December 31, 2023

(Unaudited)

ASSETS

Current Assets:

Cash and cash equivalents

$2,915,757

$753,398

Restricted certificate of deposit

51,763

201,822

Accounts receivable, net

397,726

212,428

Inventories

2,229,509

2,198,797

Prepaid expenses

1,105,645

1,889,218

Other current assets

338,542

1,025,214

Assets held for sale

277,180

2,940,254

Total Current Assets

7,316,122

9,221,131

Property and equipment, net

16,158,525

15,904,845

Operating lease right-of-use assets

1,283,982

834,972

Other assets

229,296

187,527

Total Assets

$24,987,925

$26,148,475

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities:

Accounts payable

$4,734,093

$7,035,450

Accrued liabilities

7,269,833

7,339,099

Contract liability

697,818

2,767,913

Operating lease liabilities – current

433,820

244,774

Total Current Liabilities

13,135,564

17,387,236

Warrant liabilities

393,094

18,376,180

Operating lease liabilities – long-term

921,698

574,260

Notes payable – long-term, net of discount (related party)

46,148,307

31,597,649

Other liabilities

895,118

–

Total Liabilities

$61,493,781

$67,935,325

Stockholders’ Deficit:

Common stock, $0.0001 par value; 625,000,000 shares authorized, 5,634,942
     and 1,389,884 shares issued, respectively, and 5,634,942 and 1,389,884
     shares outstanding, respectively (As adjusted)

$563

$139

Additional paid-in capital (As adjusted)

98,628,931

77,004,714

Accumulated other comprehensive income

(26,983)

–

Accumulated deficit

(135,108,367)

(118,791,703)

Total Stockholders’ Deficit

(36,505,856)

(41,786,850)

Total Liabilities and Stockholders’ Deficit

$24,987,925

$26,148,475

 

NAUTICUS ROBOTICS, INC.

Unaudited Condensed Consolidated Statements of Operations

Three Months Ended

Nine Months Ended

9/30/2024

6/30/2024

9/30/2023

9/30/2024

9/30/2023

Revenue:

Service

$370,187

$501,708

$1,593,854

$1,336,249

$5,542,249

Service – related party

–

–

–

–

500

Total revenue

370,187

501,708

1,593,854

1,336,249

5,542,749

Costs and expenses:

Cost of revenue (exclusive of items
shown separately below)

2,648,019

2,875,394

2,651,380

7,617,368

7,484,249

Depreciation

446,087

411,586

160,744

1,283,858

487,052

Research and development

–

–

275,154

64,103

984,882

General and administrative

2,845,956

3,227,288

6,704,890

9,502,685

17,478,099

Total costs and expenses

5,940,062

6,514,268

9,792,168

18,468,014

26,434,282

Operating loss

(5,569,875)

(6,012,560)

(8,198,314)

(17,131,765)

(20,891,533)

Other (income) expense:

Other (income) expense, net

2,278,909

118,274

(133,311)

2,300,710

1,015,908

Gain on lease termination

–

(8,532)

–

(23,897)

–

Foreign currency transaction loss

11,833

4,296

83,654

21,276

56,061

Loss on exchange of warrants

–

–

–

–

590,266

Change in fair value of warrant liabilities

(615,505)

(4,422,701)

8,656,392

(13,347,829)

(18,775,158)

Interest expense, net

4,111,844

3,669,423

873,738

10,234,639

7,365,402

Total other income, net

5,787,081

(639,240)

9,480,473

(815,101)

(9,747,521)

Net loss

$(11,356,956)

$(5,373,320)

$(17,678,787)

$(16,316,664)

$(11,144,012)

Basic loss per share (As adjusted)

$(4.24)

$(2.75)

$(15.46)

$(8.54)

$(9.92)

Diluted loss per share (As adjusted)

$(4.24)

$(2.75)

$(15.46)

$(8.54)

$(9.92)

Basic weighted average shares outstanding (As adjusted)

2,676,003

1,950,563

1,143,198

1,910,761

1,123,695

Diluted weighted average shares outstanding (As adjusted)

2,676,003

1,950,563

1,143,198

1,910,761

1,123,695

 

NAUTICUS ROBOTICS, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Years ended September 30,

2024

2023

Cash flows from operating activities:

Net loss

$(16,316,664)

$(11,144,012)

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

Depreciation

1,283,858

487,052

Amortization of debt discount

5,694,378

2,924,820

Amortization of debt issuance cost

486,758

–

Capitalized paid-in-kind (PIK) interest

927,485

–

Accretion of RCB Equities #1, LLC exit fee

73,058

3,183

Stock-based compensation

1,872,504

3,995,020

Loss on exchange of warrants

–

590,266

Change in fair value of warrant liabilities

(13,347,829)

(18,775,158)

Non-cash impact of lease accounting

314,859

332,787

Gain on disposal of assets

(1,695)

–

Write off of property and equipment

32,636

–

Gain on lease termination

(23,897)

–

Gain on short-term investments

–

(40,737)

Interest expense assumed into Convertible Senior Secured Term Loan

–

378,116

Changes in current assets and liabilities:

Accounts receivable

(185,298)

625,034

Inventories

(30,714)

(7,293,478)

Contract assets

–

547,183

Other assets

1,542,915

(206,702)

Accounts payable and accrued liabilities

(1,072,317)

11,155,980

Contract liabilities

(2,070,095)

152,000

Operating lease liabilities

(203,486)

(357,985)

Other liabilities

895,117

–

Net cash used in operating activities

(20,128,427)

(16,626,631)

Cash flows from investing activities:

Capital expenditures

(466,712)

(10,745,111)

Proceeds from sale of assets held for sale

420,220

–

Proceeds from sale of property and equipment

18,098

–

Proceeds from sale of short-term investments

–

5,000,000

Net cash used in investing activities

(28,394)

(5,745,111)

Cash flows from financing activities:

Proceeds from notes payable

14,305,000

10,596,884

Payment of debt issuance costs on notes payable

(1,316,791)

–

Proceeds from ATM offering

9,857,857

–

Payment of ATM commissions and fees

(499,903)

–

Proceeds from exercise of stock options

–

421,175

Proceeds from exercise of warrants

–

338,055

Net cash from financing activities

22,346,163

11,356,114

Effects of changes in exchange rates on cash and cash equivalents

(26,983)

–

Net change in cash and cash equivalents

2,162,359

(11,015,628)

Cash and cash equivalents, beginning of year

753,398

17,787,159

Cash and cash equivalents, end of year

$2,915,757

$6,771,531

NAUTICUS ROBOTICS, INC.
Unaudited Reconciliation of Net Income (Loss) Attributable to Common Stockholders (GAAP) to
Adjusted Net Loss Attributable to
Common Stockholders (NON-GAAP)

Adjusted net loss attributable to common stockholders is a non-GAAP financial measure which excludes certain items that are included in net income (loss) attributable to common stockholders, the most directly comparable GAAP financial measure. Items excluded are those which the Company believes affect the comparability of operating results and are typically excluded from published estimates by the investment community, including items whose timing and/or amount cannot be reasonably estimated or are non-recurring.

Adjusted net loss attributable to common stockholders is presented because management believes it provides useful additional information to investors for analysis of the Company’s fundamental business on a recurring basis. In addition, management believes that adjusted net loss attributable to common stockholders is widely used by professional research analysts and others in the valuation, comparison, and investment recommendations of companies such as Nauticus.

Adjusted net loss attributable to common stockholders should not be considered in isolation or as a substitute for net income (loss) attributable to common stockholders or any other measure of a company’s financial performance or profitability presented in accordance with GAAP. A reconciliation of the differences between net income (loss) attributable to common stockholders and adjusted net loss attributable to common stockholders is presented below. Because adjusted net loss attributable to common stockholders excludes some, but not all, items that affect net income (loss) attributable to common stockholders and may vary among companies, our calculation of adjusted net loss attributable to common stockholders may not be comparable to similarly titled measures of other companies.

Three Months Ended

Nine Months Ended

9/30/2024

6/30/2024

9/30/2023

9/30/2024

9/30/2023

Net income (loss) attributable to common
stockholders (GAAP)

$(11,356,956)

$(5,373,320)

$(17,678,787)

$(16,316,664)

$(11,144,012)

Change in fair value of warrant liabilities

(615,505)

(4,422,701)

8,656,392

(13,347,829)

(18,775,158)

Stock compensation expense

532,539

809,310

917,993

1,872,504

3,995,020

Sales and use tax assessment

–

–

–

–

1,189,164

Loss on exchange of warrants

–

–

–

–

590,266

Interest and penalties on RRA Amendment

–

–

–

–

4,320,690

Adjusted net loss attributable to common
stockholders (non-GAAP)

$(11,439,922)

$(8,986,711)

$(8,104,402)

$(27,791,989)

$(19,824,030)

View original content to download multimedia:https://www.prnewswire.com/news-releases/nauticus-robotics-announces-results-for-the-third-quarter-of-2024-302303412.html

SOURCE Nauticus Robotics, Inc.

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Technology

Portland General Electric declares dividend

Published

2 hours ago

on

July 25, 2026

By

PORTLAND, Ore., July 24, 2026 /PRNewswire/ — The board of directors of Portland General Electric Company (NYSE: POR) declared a quarterly common stock dividend of $0.55125 per share.

The company’s dividend is evaluated based on capital requirements and financial performance. PGE targets a dividend payout ratio of 60 to 70% over the long term.

The quarterly dividend is payable on or before October 15, 2026, to shareholders of record at the close of business on September 25, 2026.

About Portland General Electric Company
Portland General Electric (NYSE: POR) is an integrated energy company that generates, transmits and distributes electricity to nearly 960,000 customers serving an area of approximately 2 million Oregonians. Since 1889, Portland General Electric (PGE) has been powering economies, delivering safe, affordable and reliable electricity while working to transform energy systems to meet evolving customer needs. PGE continues to make progress towards emissions reduction targets, and customers have set the standard for prioritizing clean energy with the No. 1 voluntary renewable energy program in the country. PGE is ranked a top ten utility in the 2025 Forrester U.S. Customer Experience Index. In 2025, PGE employees and retirees volunteered over 18,300 hours to more than 400 nonprofits organizations. Through the PGE Foundation, along with corporate contributions and the employee matching gift program, more than $5 million was directed to charitable organizations supporting economic growth and community resilience across our service area. For information: portlandgeneral.com/news.

Safe Harbor Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

Forward-looking statements include statements, other than statements of historical or current fact, regarding the Company’s amount and timing of dividends payable as well as other statements containing words such as “committed to,” “targets,” or similar expressions.

There can be no assurance that future dividends will be declared. The declaration of future dividends is subject to approval of our board of directors and various risks and uncertainties, including, but not limited to: our cash flow and cash needs; the timing or amount of dividends paid; the timing or outcome of various legal and regulatory actions; changes in the Company’s business strategy; increases in capital expenditures; changes in capital and credit market conditions, including volatility of equity markets as well as changes in PGE’s credit ratings and outlook on such credit ratings restrictions on the payment of dividends under existing or future financing arrangements; changes in tax laws relating to corporate dividends; deterioration in our financial condition or results, and those risks, uncertainties, and other factors identified from time-to-time in our filings with the United States Securities and Exchange Commission (SEC), including our annual report on Form 10-K for the year ended December 31, 2025 and subsequent quarterly reports on Form 10-Q. These reports are available through the EDGAR system free-of-charge on the SEC’s website, www.sec.gov and on the Company’s website, investors.portlandgeneral.com. Investors should not rely unduly on any forward-looking statements. The Company assumes no obligation to update or revise any forward-looking statement as a result of new information, future events or other factors.

Media Contact:
Drew Hanson
Corporate Communications
Phone: 503-464-2067

Investor Contact:
Erin Schwartz
Investor Relations
Phone: 503-464-7751

View original content:https://www.prnewswire.com/news-releases/portland-general-electric-declares-dividend-302834503.html

SOURCE Portland General Company

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Technology

Care Career Announces Acquisition of MAS Medical Staffing, Completing Its First Acquisition Phase and Expanding Annual Revenue Beyond $150 Million, with a Path to Exceed a Quarter Billion by the End of 2026 Through Additional Acquisitions and Organic Growth

Published

4 hours ago

on

July 24, 2026

By

WOODBRIDGE, N.J., July 24, 2026 /PRNewswire/ — Care Career, a rapidly growing healthcare workforce technology organization, today announced the acquisition of MAS Medical Staffing, one of the Northeast’s leading healthcare workforce organizations. Financial terms of the transaction were not disclosed.

The acquisition represents Care Career’s seventh strategic acquisition in the past 24 months, further strengthening the company’s position as one of the largest healthcare workforce organizations in the United States while accelerating its strategy to redefine the future of healthcare workforce management through artificial intelligence, enterprise technology, and workforce innovation.

MAS Medical Staffing has built an outstanding reputation for delivering high-quality workforce solutions through strong client relationships, exceptional clinician engagement, and deep regional expertise throughout the Northeastern United States. The acquisition significantly expands Care Career’s geographic footprint while broadening its access to healthcare professionals, client relationships, workforce data, and regional market intelligence.

Care Career is building a technology-enabled workforce ecosystem powered by its AI-powered workforce platform, where every acquisition contributes not only additional market presence, but also expanded data, enhanced artificial intelligence capabilities, digital innovation, and operational scale that continuously improve the experience for clients and clinicians alike. As the platform grows, every clinician engagement, client interaction, credential, placement, and workforce trend strengthens the intelligence of Career’s technology, creating a continuously improving ecosystem designed to deliver faster, smarter, and more effective workforce solutions.

The acquisition also brings MAS Medical Staffing’s MAESTRA® engagement technology, along with its client relationships and clinician network, directly onto Career’s AI-powered workforce platform. MAESTRA’s scheduling, credentialing, and communication capabilities will be integrated into Care Career’s existing technology stack, further enhancing clinician engagement across onboarding, scheduling, and career management while providing healthcare organizations with greater workforce visibility and operational efficiency.

“Our vision is to build the AI-powered infrastructure that modernizes healthcare workforce management,” said Siva Konatham, Group President and Chief Executive Officer of Care Career. “Under my leadership, Care Career is focused on transforming a fragmented, labor-intensive industry into a data-driven, technology-enabled ecosystem that improves speed, efficiency, and workforce visibility for healthcare providers. Each acquisition strengthens our platform intelligence, expands our scale, and enhances our margin potential. By integrating advanced analytics, AI automation, and digital engagement tools, we are not just growing revenue—we are building a smarter, more scalable model positioned to lead the next era of healthcare workforce solutions.”

The combined organization will leverage expanded recruiting resources, centralized credentialing, advanced workforce analytics, AI-enabled automation, and digital engagement technologies—all powered by Care Career’s AI-powered workforce platform—to deliver broader recruiting capabilities, faster response times, enhanced workforce insights, and expanded national coverage. Clinicians will benefit from a seamless digital experience that simplifies every stage of their careers—from job discovery and credentialing to onboarding, scheduling, communication, and long-term career development.

With seven strategic acquisitions completed in less than two years, representing the first round of acquisitions now totaling more than $150 million in annual revenue, Care Career has rapidly expanded its national presence while executing a disciplined growth strategy focused on technology integration, operational excellence, and workforce innovation. The company has also signed additional Letters of Intent with other entities with expected close dates in the third quarter of 2026. Upon completion of these transactions, coupled with organic growth, Care Career expects consolidated annual revenue to exceed a quarter of a billion dollars by the end of 2026.

The addition of MAS Medical Staffing further strengthens the organization’s ability to serve healthcare systems, hospitals, long-term care providers, outpatient facilities, and other healthcare organizations across an increasingly diverse geographic footprint.

“The healthcare workforce industry is entering a new era where technology, artificial intelligence, and data-driven decision-making will define the market leaders,” Konatham added. “Every acquisition we complete expands the intelligence of our AI-powered workforce platform, enhances the value we deliver to our clients, and creates more opportunities for clinicians. We believe the combination of exceptional people, innovative technology, and strategic scale positions Care Career to lead the next generation of healthcare workforce solutions.”

About Care Career

Care Career is a technology-enabled healthcare workforce solutions company dedicated to transforming how healthcare organizations recruit, engage, credential, deploy, and retain clinical talent. Powered by its proprietary AI-powered workforce platform and supported by advanced artificial intelligence, enterprise technology, and workforce analytics, Care Career is building an intelligent healthcare workforce ecosystem that connects providers and clinicians more efficiently while improving workforce performance, operational effectiveness, and patient care. Following seven strategic acquisitions over the past 24 months the first round of acquisitions totaling more than $150 million in annual revenue and with additional signed LOIs under contract expected to complete shortly, positioning the company to surpass a quarter of a billion dollars in consolidated annual revenue by the end of 2026, Care Career has become one of the nation’s largest and fastest-growing healthcare workforce organizations, serving healthcare providers and clinicians across the United States.

About MAS Medical Staffing

MAS Medical Staffing is a premier healthcare workforce organization recognized for exceptional service, strong client partnerships, and a commitment to connecting healthcare professionals with rewarding career opportunities. With an established presence throughout the Northeastern United States, MAS Medical Staffing has earned a reputation for quality, responsiveness, and delivering workforce solutions that help healthcare providers meet their evolving workforce needs while supporting clinicians throughout every stage of their careers.

View original content to download multimedia:https://www.prnewswire.com/news-releases/care-career-announces-acquisition-of-mas-medical-staffing-completing-its-first-acquisition-phase-and-expanding-annual-revenue-beyond-150-million-with-a-path-to-exceed-a-quarter-billion-by-the-end-of-2026-through-additional-acqu-302834472.html

SOURCE Care Career

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Technology

PointsKash Demonstrates How Businesses Can Build on Bitcoin Without Burdening the Blockchain

Published

4 hours ago

on

July 24, 2026

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As industry debate surrounding Bitcoin Improvement Proposal (BIP-110) intensifies, PointsKash unveils an architecture designed to work regardless of the proposal’s outcome.

SCOTTSDALE, Ariz., July 24, 2026 /PRNewswire/ — As the global Bitcoin community debates Bitcoin Improvement Proposal 110 (BIP-110) and the future of data stored on the Bitcoin blockchain, PointsKash, Inc. today announced that its next-generation kiosk infrastructure was intentionally designed to operate efficiently under any outcome of the proposal.

Rather than storing operational data directly on the Bitcoin blockchain, PointsKash utilizes a layered architecture that combines Bitcoin‘s unmatched security with modern decentralized communications technology. Every transaction, machine event, system update, and operational record generated across the PointsKash network is cryptographically verified, securely maintained off-chain, and anchored to the Bitcoin blockchain through a single immutable cryptographic proof.

This approach allows thousands of operational events to be permanently verified while utilizing only a minimal amount of blockchain data.

As discussion surrounding BIP-110 has intensified across the digital asset industry, PointsKash believes the debate does not require choosing between innovation and responsible blockchain stewardship.

“The industry has been debating whether businesses can build meaningful applications on Bitcoin without unnecessarily consuming blockchain space,” said Michael Herron, Chief Executive Officer of PointsKash. “We believe we’ve demonstrated that the answer is yes. Bitcoin provides the world’s most trusted immutable timestamp and security layer, while higher-volume operational data belongs on technologies specifically designed to manage it. By combining both, we’ve built an architecture that is scalable, transparent, and future-ready regardless of how the BIP-110 discussion ultimately evolves.”

The company’s infrastructure assigns every kiosk its own unique cryptographic identity, allowing each machine to securely authenticate every transaction and operational event. Those records are then independently verifiable through cryptographic proofs while remaining resistant to alteration or manipulation—even by PointsKash itself.

According to the company, this architecture delivers several significant advantages:

Mathematically verifiable transaction records for regulators, banking partners, auditors, and enterprise customers.Improved network reliability, allowing kiosks to continue operating during temporary connectivity interruptions without losing transaction history.Enhanced cybersecurity, with every machine maintaining its own authenticated identity and secure communications.A scalable blockchain architecture that minimizes on-chain data while preserving complete auditability.

“Bitcoin was created to provide trust, security, and permanence—not to become a storage system for every piece of application data,” Herron added. “Our philosophy has always been simple: use Bitcoin for what it does better than anyone else—creating immutable proof that records have never been altered—and leverage modern decentralized technologies for everything else. We believe that’s the future of enterprise blockchain infrastructure.”

PointsKash believes this architecture positions the company among a new generation of fintech innovators utilizing Bitcoin as a secure trust layer while developing scalable financial applications for enterprise deployment.

The technology also establishes the foundation for future blockchain-based financial products currently under development, including enhanced digital audit capabilities, verifiable financial records, enterprise licensing opportunities, and next-generation digital asset infrastructure.

As the Bitcoin ecosystem continues to mature, PointsKash believes its technology demonstrates that responsible innovation and blockchain scalability can successfully coexist—providing enterprise organizations with the confidence to build on Bitcoin without contributing unnecessary data to the network.

About PointsKash, Inc.

PointsKash, Inc. is a financial technology company developing an integrated ecosystem of AI-enabled self-service financial centers, digital banking, digital payment solutions, cryptocurrency services, loyalty rewards, enterprise merchant technologies, and mobile financial applications. Through proprietary software, Artificial Intelligence, and strategic partnerships, PointsKash is building innovative financial solutions designed to empower consumers, merchants, and enterprise organizations throughout North America.

For more information, visit www.pointskash.com.

Media Contact

PointsKash, Inc.
Investor Relations
info@pointskash.com
www.pointskash.com

Forward-Looking Statements

This press release contains forward-looking statements regarding anticipated technology integrations, Artificial Intelligence initiatives, product development, future commercialization plans, expected operational efficiencies, business strategy, and future growth. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could affect actual results include, but are not limited to, technology development timelines, integration efforts, financing, regulatory developments, market conditions, and other risks facing the Company. PointsKash undertakes no obligation to update any forward-looking statements except as required by applicable law.

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SOURCE PointsKash Inc.

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