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Kulicke & Soffa Reports Fourth Quarter 2024 Results

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SINGAPORE, Nov. 13, 2024 /PRNewswire/ — Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa,” “K&S,” “our,” or the “Company”), today announced the financial results of its fourth fiscal quarter ended September 28, 2024. The Company reported fourth quarter net revenue of $181.3 million, net income of $12.1 million, representing EPS of $0.22 per fully diluted shares, and non-GAAP net income of $18.5 million, representing non-GAAP EPS of $0.34 per fully diluted share.

Quarterly Results – U.S. GAAP

 

Fiscal Q4 2024

 

Change vs.

Fiscal Q4 2023

Change vs.

Fiscal Q3 2024

Net Revenue

$181.3 million

down 10.4%

down 0.2%

Gross Margin

48.3 %

up 90 bps

up 170 bps

Income from Operations

$2.7 million

down 86.2%

down 67.5%

Operating Margin

1.5 %

down 810 bps

down 310 bps

Net Income

$12.1 million

down 48.1%

down 1.2%

Net Margin

6.7 %

down 480 bps

down 10 bps

EPS – Diluted

$0.22

down 46.3%

up 0%

 

Quarterly Results – Non-GAAP

 

Fiscal Q4 2024

 

Change vs.

Fiscal Q4 2023

Change vs.

Fiscal Q3 2024

Income from Operations

$12.7 million

down 51.7%

down 20.2%

Operating Margin

7.0 %

down 600 bps

down 170 bps

Net Income

$18.5 million

down 37%

down 4.1%

Net Margin

10.2 %

down 430 bps

down 40 bps

EPS – Diluted

$0.34

down 33.3%

down 2.9%

A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of non-GAAP Financial Results” section.

Fusen Chen, Kulicke & Soffa’s President and Chief Executive Officer, stated, “We continue to drive market adoption of our advanced packaging and assembly solutions including vertical wire, high-power interconnect (HPI), advanced dispense and fluxless thermo-compression (FTC). Demand for these solutions is anticipated to accelerate along with coordinated General Semiconductor and Automotive market recovery through fiscal year 2025.”

The transition to emerging chiplet and heterogeneous applications — which are enabling new levels of performance and transistor density — position Kulicke & Soffa for additional share gains within leading-edge logic. Beyond this emerging FTC solution which is supporting leading-edge assembly transitions; high-volume memory, automotive and LED applications are also requiring new assembly solutions which can deliver package-level transistor density improvements. These growing market needs are being directly supported through Kulicke & Soffa’s portfolio of vertical wire, advanced dispense and advanced display solutions.

Fiscal Year 2024 Financial Highlights

Net revenue of $706.2 million.Gross margin of 38.1%.Net loss of $69.0 million or $(1.24) per fully diluted share; non-GAAP net income of $1.6 million or $0.03 per fully diluted share.GAAP cash from operations of $31.0 million; Adjusted free cash flow of $14.9 million.The Company repurchased a total of 3.2 million shares of common stock at a cost of $151.0 million.Cash, cash equivalents, and short-term investments were $577.1 million as of September 28, 2024.

Fourth Quarter Fiscal 2024 Financial Highlights 

Net revenue of $181.3 million.Gross margin of 48.3%.Net income of $12.1 million or $0.22 per fully diluted share; non-GAAP net income of $18.5 million or $0.34 per fully diluted share.GAAP cash from operations of $31.6 million; Adjusted free cash flow of $29.2 million.The Company repurchased a total of 1.0 million shares of common stock at a cost of $42.7 million.

First Quarter Fiscal 2025 Outlook

The Company currently expects net revenue in the first fiscal quarter of 2025, ending December 28, 2024, to be approximately $165.0 million, +/- $10 million, GAAP diluted EPS to be approximately $1.45 +/- 10%, and non-GAAP diluted EPS to be approximately $0.28, +/- 10%. This outlook includes favorable claim/proceeds relating to cessation of business due to the cancellation of Project W – which was disclosed on March 11, 2024.

A reconciliation between the GAAP and non-GAAP financial outlook is provided in the financial tables included at the end of this press release.

Earnings Conference Webcast

A webcast to discuss these results will be held tomorrow, November 14, 2024, beginning at 8:00am EST. The live webcast link, supplemental earnings presentation, and archived webcast will be available at investor.kns.com. To access the audio-only portion of the live webcast, parties may call +1-877-407-8037 or internationally +1-201-689-8037.

A replay will be available from approximately one hour after the completion of the call by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the replay ID number of 13743544.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains the following non-GAAP financial results: income from operations, operating margin, net income, net margin, net income per fully diluted share and adjusted free cash flow. The Company’s non-GAAP results exclude amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, equity-based compensation, acquisition and integration cost, impairment relating to assets acquired through business combinations, long-lived asset impairment relating to business cessation or disposal, impairment relating to equity investments, income tax expense arising from discrete tax items triggered by acquisition, disposal of business (both via a sale or an abandonment), restructuring and significant changes in tax laws, gain/loss on disposal of business, as well as tax benefits or expenses associated with the foregoing non-GAAP items. The non-GAAP adjustments may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors.

Management uses both U.S. GAAP metrics as well as non-GAAP metrics to evaluate the Company’s operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors’ ability to view the Company’s results from management’s perspective. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure discussed in this press release is contained in the financial tables at the end of this press release.

About Kulicke & Soffa

Founded in 1951, Kulicke & Soffa specializes in developing cutting-edge semiconductor and electronics assembly solutions enabling a smart and more sustainable future. Our ever-growing range of products and services supports growth and facilitates technology transitions across large-scale markets, such as advanced display, automotive, communications, compute, consumer, data storage, energy storage and industrial.

Caution Concerning Results and Forward Looking Statements

In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, including the importance and competitiveness of our thermo-compression products and other emerging technology transitions, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, the persistent macroeconomic headwinds on our business, actual or potential inflationary pressures, disruptions, breaches or failures in our information technology systems and network infrastructures, interest rate and risk premium adjustments, falling customer sentiment, or economic recession caused directly or indirectly by geopolitical tensions, our ability to develop, manufacture and gain market acceptance of new products, our ability to operate our business in accordance with our business plan and the other factors listed or discussed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed on November 16, 2023, and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contacts:

Kulicke and Soffa Industries, Inc.
Joseph Elgindy
Finance
P: +1-215-784-7518

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share and employee data)

(Unaudited)

Three months ended

Twelve months ended

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Net revenue

$       181,319

$       202,320

$       706,232

$       742,491

Cost of sales

93,662

106,481

437,478

383,836

Gross profit

87,657

95,839

268,754

358,655

Operating expenses:

Selling, general and administrative

42,645

37,380

155,142

145,493

Research and development

38,763

37,616

151,214

144,701

Impairment charges

44,472

21,535

Acquisition-related cost

13

511

Amortization of intangible assets

1,266

1,356

5,188

6,099

Restructuring

2,294

5,234

879

Total operating expenses

84,968

76,365

361,250

319,218

Income/(loss) from operations

2,689

19,474

(92,496)

39,437

Other income / (expense):

Interest income

7,423

9,500

34,230

32,906

Interest expense

(29)

(26)

(89)

(142)

Income/(loss) before income taxes

10,083

28,948

(58,355)

72,201

Income tax (benefit) / expense

(2,034)

5,591

10,651

15,053

Net income / (loss)

$         12,117

$         23,357

$       (69,006)

$         57,148

Net income / (loss) per share:

Basic

$             0.22

$             0.41

$           (1.24)

$             1.01

Diluted

$             0.22

$             0.41

$           (1.24)

$             0.99

Cash dividends declared per share

$             0.20

$             0.19

$             0.80

$             0.76

Weighted average shares outstanding:

Basic

54,368

56,442

55,613

56,682

Diluted

54,871

57,408

55,613

57,548

Three months ended

Twelve months ended

Supplemental financial data:

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Depreciation and amortization

$           4,839

$           8,111

$         24,735

$         28,857

Capital expenditures

3,091

4,217

13,736

47,702

Equity-based compensation expense:

Cost of sales

240

289

1,277

1,192

Selling, general and administrative

4,441

3,841

18,524

16,239

Research and development

1,758

1,311

7,090

5,313

Total equity-based compensation expense

$           6,439

$           5,441

$         26,891

$         22,744

As of

September 28,
2024

September 30,
2023

Number of employees

2,746

3,025

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)

As of

September 28,
2024

September 30,
2023

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$              227,147

$              529,402

Short-term investments

350,000

230,000

Accounts and notes receivable, net of allowance for doubtful accounts of $49 and $49 respectively

193,909

158,601

Inventories, net

177,736

217,304

Prepaid expenses and other current assets

46,161

53,751

TOTAL CURRENT ASSETS

994,953

1,189,058

Property, plant and equipment, net

64,823

110,051

Operating right-of-use assets

35,923

47,148

Goodwill

89,748

88,673

Intangible assets, net

25,239

29,357

Deferred tax assets

17,900

31,551

Equity investments

3,143

716

Other assets

8,433

3,223

TOTAL ASSETS

$           1,240,162

$           1,499,777

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

58,847

49,302

Operating lease liabilities

7,718

6,574

Accrued expenses and other current liabilities

90,802

103,005

Income taxes payable

26,427

22,670

TOTAL CURRENT LIABILITIES

183,794

181,551

Deferred tax liabilities

34,594

37,264

Income taxes payable

31,352

52,793

Operating lease liabilities

33,245

41,839

Other liabilities

13,168

11,769

TOTAL LIABILITIES

$              296,153

$              325,216

SHAREHOLDERS’ EQUITY

Common stock, no par value

596,703

577,727

Treasury stock, at cost

(881,830)

(737,214)

Retained earnings

1,242,558

1,355,810

Accumulated other comprehensive loss

(13,422)

(21,762)

TOTAL SHAREHOLDERS’ EQUITY

$              944,009

$           1,174,561

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$           1,240,162

$           1,499,777

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three months ended

Twelve months ended

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Net cash provided by operating activities

$         31,619

$         77,492

$         31,037

$       173,404

Net cash (used in) / provided by investing activities, continuing operations

(117,983)

70,386

(138,501)

(91,338)

Net cash used in financing activities, continuing operations

(54,371)

(19,518)

(196,100)

(111,876)

Effect of exchange rate changes on cash and cash equivalents

965

(764)

1,309

3,675

Changes in cash and cash equivalents

(139,770)

127,596

(302,255)

(26,135)

Cash and cash equivalents, beginning of period

366,917

401,806

529,402

555,537

Cash and cash equivalents, end of period

$       227,147

$       529,402

$       227,147

$       529,402

Short-term investments

350,000

230,000

350,000

230,000

Total cash, cash equivalents, and short-term investments

$       577,147

$       759,402

$       577,147

$       759,402

 

Reconciliation of U.S. GAAP Income from Operating

to Non-GAAP Income from Operation and Operating Margin

(In thousands, except percentages)

(unaudited)

Three months ended

September 28,
2024

September 30,
2023

June 29,
2024

Net revenue

$         181,319

$          202,320

$          181,650

U.S. GAAP income from operations

2,689

19,474

8,277

U.S. GAAP operating margin

1.5 %

9.6 %

4.6 %

Pre-tax non-GAAP items:

Amortization related to intangible assets

$             1,266

$              1,356

1,250

Acquisition-related costs

13

Equity-based compensation

6,439

5,441

6,363

Restructuring

2,294

Non-GAAP income from operations

$           12,688

$            26,284

$            15,890

Non-GAAP operating margin

7.0 %

13.0 %

8.7 %

 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and

U.S. GAAP net income per share to Non-GAAP net income per share

(in thousands, except per share data)

(unaudited)

Twelve months ended

Three months ended

September 28,
2024

September 28,
2024

September 30,
2023

June 29,
2024

Net revenue

$     706,232

$   181,319

$   202,320

$   181,650

U.S. GAAP net income

(69,006)

12,117

23,357

12,264

U.S. GAAP net margin

(9.8) %

6.7 %

11.5 %

6.8 %

Non-GAAP adjustments:

Amortization related to intangible assets

$         5,188

$       1,266

$       1,356

1,250

Restructuring

5,234

2,294

Acquisition-related costs

13

Equity-based compensation

26,891

6,439

5,441

6,363

Impairment charges

44,472

Income tax benefit – US one-time transition tax

(6,461)

(6,461)

Net income tax (benefit)/expense on non-GAAP items

(4,752)

2,866

(758)

(568)

Total non-GAAP adjustments

70,572

6,404

6,052

7,045

Non-GAAP net income

1,566

18,521

29,409

19,309

Non-GAAP net margin

0.2 %

10.2 %

14.5 %

10.6 %

U.S. GAAP net income per share:

Basic

(1.24)

0.22

0.41

0.22

Diluted(a)

(1.24)

0.22

0.41

0.22

Non-GAAP adjustments per share:(b)

Basic

1.27

0.12

0.11

0.13

Diluted

1.27

0.12

0.10

0.13

Non-GAAP net income per share:

Basic

$           0.03

$        0.34

$        0.52

$        0.35

Diluted(c)

$           0.03

$        0.34

$        0.51

$        0.35

Weighted average shares outstanding:

Basic

55,613

54,368

56,442

55,280

Diluted

55,613

54,871

57,408

55,724

(a)

GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock, but that effect is excluded when calculating GAAP diluted net loss per share because it would be anti-dilutive.

(b)

Non-GAAP adjustments per share includes amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, acquisition and integration cost, equity-based compensation expenses, impairment relating to business cessation or disposal, income tax benefit from the U.S. Tax Court opinion in Varian Medical Systems, Inc. v. Commissioner related to the U.S. one-time transition tax and income tax effects associated with the foregoing non-GAAP items.

(c)

Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock.

 

Reconciliation of U.S. GAAP Cash provided by Operating Activities

to Non-GAAP Adjusted Free Cash Flow

(In thousands, except percentages)

(unaudited)

Twelve
months ended

Three months ended

September 28,
2024

September
28, 2024

September
30, 2023

June 29,
2024

U.S. GAAP net cash provided by operating activities

$          31,037

$        31,619

$        77,492

$        26,897

Expenditures for property, plant and equipment

(16,148)

(2,468)

(9,281)

(2,683)

Proceeds from sales of property, plant and equipment

27

27

273

Non-GAAP adjusted free cash flow

14,916

29,178

68,484

24,214

 

Reconciliation of U.S. GAAP to Non-GAAP Outlook

(In millions, except per share data)

(Unaudited)

First quarter of fiscal 2025 ending December 28, 2024

GAAP Outlook

Adjustments

Non-GAAP Outlook

Net revenue

$165 million

+/- $10 million

$165 million

+/- $10 million

Operating expenses

$4.0 million

+/- 2%

$(66.5) million B,C,D,E

$70.5 million

+/- 2%

Diluted EPS(1)

$1.45

+/- 10%

$(1.17) A,B,C,D,E,F

$0.28

+/- 10%

Non-GAAP Adjustments

A. Equity-based compensation – Cost of sales

0.5

B. Equity-based compensation – Selling, general and
administrative and Research and development

6.3

C. Amortization related to intangible assets

1.4

D. Restructuring expenses

0.8

E. Claim/proceeds relating to cessation of business

(75.0)

F. Net income tax effect of the above items

2.4

(1)

GAAP and non-GAAP diluted EPS based on approximately 54.2 million diluted weighted average shares outstanding.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, strategic investments and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

 

View original content:https://www.prnewswire.com/news-releases/kulicke–soffa-reports-fourth-quarter-2024-results-302304678.html

SOURCE Kulicke & Soffa Industries, Inc.

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Technology

BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept

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BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure

BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
 BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
 Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.

VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).

The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.

“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”

South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative

BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.

The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.

Built on Kaia Mainnet

A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.

Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.

By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.

QSSN as the Security Layer

The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.

BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.

Addressing the Harvest-Now, Decrypt-Later Risk

The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.

BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.

Expanding BTQ’s Korean Ecosystem

BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.

The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.

About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/

About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.

Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/

About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.

Connect with BTQ: Website | LinkedIn | X/Twitter

ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.

The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE BTQ Technologies Corp.

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Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference

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WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).

A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.

About Zimmer Biomet 
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.

With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation. 

For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.

Contacts:

 

Media

Investors

Troy Kirkpatrick

David DeMartino

614-284-1926

646-531-6115

troy.kirkpatrick@zimmerbiomet.com

david.demartino@zimmerbiomet.com

Kirsten Fallon

Zach Weiner

781-779-5561

908-591-6955

kirsten.fallon@zimmerbiomet.com

zach.weiner@zimmerbiomet.com

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SOURCE Zimmer Biomet Holdings, Inc.

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NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools

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New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing

Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment

ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.

The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health. 

The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.

NextLadder’s Focus Areas for Investment

Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations. 

As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.

“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”

NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.

The fund’s active investment areas include:

Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.

NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.

In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.

NextLadder’s Co-Founder Leadership Team

NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.

“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”

Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.

“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”

Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.

“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”

To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.

About NextLadder Ventures

NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.

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SOURCE NextLadder Ventures

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