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Pluribus Technologies Corp. Announces Q3 2024 Financial Results

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Third quarter highlighted by the Company’s continued focus on the Strategic Review

TORONTO, Nov. 28, 2024 /PRNewswire/ – Pluribus Technologies Corp. (TSXV: PLRB) (“Pluribus” or the “Company”), an acquiror of small, profitable technology companies, today announced its financial results for the third quarter ended September 30, 2024. The Company’s consolidated financial statements and accompanying notes for the quarters ended September 30, 2024 and 2023 are available under Pluribus’ profile on SEDAR+ (www.sedarplus.ca).

All dollar amounts are in thousands of Canadian dollars unless otherwise noted. Certain metrics, including Adjusted EBITDA, are non-IFRS measures (see Non-IFRS Measures below).

“The divestiture of Digital Enablement and POWR reflects our commitment to strengthening our balance sheet and freeing up liquidity to reduce bank indebtedness,” stated Diane Pedreira, Interim President and COO. “This step is a key component of our ongoing strategic review to improve capital structure while allowing us to focus on our core businesses.”

Selected Financial and Business Highlights for the Third Quarter

On October 11, 2024, the Company sold all of the issued and outstanding fully-diluted shares of its wholly-owned subsidiaries, POWR Inc., Assured Software Limited and Pluribus Technologies Limited (which includes its wholly- owned subsidiaries, Rowanwood Professional Services Limited and Cranham Haig Limited). All figures referenced therein are from continuing operations, therefore excluding the results of Digital Enablement and POWR, unless otherwise noted.Revenue for the quarter decreased by $645 or 13% from $5,107 in 2023 to $4,462 in 2024. The decline was primarily driven by a reduction in eLearning revenue ($518) due to softer service delivery at TLN and a reduction in eCommerce revenue ($127) due to increased churn at Social5. Revenue for the nine months ended September 30, 2024 increased by $398 or 3% from $15,138 in 2023 to $15,536 in 2024. The increase in revenue was primarily driven by the Learning Network perpetual license sale in Q1 2024 ($1,109).Adjusted EBITDA1 for the quarter increased by $59, or 11% from ($536) in 2023 to ($477) in 2024, while Adjusted EBITDA for the nine months ended September 30, 2024 increased by $2,384, or 107% from ($2,233) in 2023 to $151 in 2024. The change for both periods was driven by the increase in revenue and lower cost base following the restructuring undertaken by the Company in 2023. While the Company undertakes the sale process to divest of POWR and Digital Enablement, the shared services to support these businesses have been retained at Corporate and the associated costs are fully allocated to continuing operations.Management initiated a restructuring program in October and November 2024 which is expected to reduce annualized costs by $1,800. This cost savings will be achieved through the reduction of the employee base across a number of businesses and are expected to be substantially reflected in Q1 2025 operating results.The Company incurred a net loss of $2,672 for the quarter ended September 30, 2024 compared to a net loss of $2,982 for the comparable period in 2023. The decrease in the net loss was primarily due to decline in acquisition costs ($879), offset by increase in foreign exchange loss ($643).The Company incurred a net loss of $9,125 for the nine months ended September 30, 2024 compared to a net loss of $9,425 for the comparable period. The decrease was primarily attributable to the increase in Adjusted EBITDA ($2,384), offset by the impairment charge booked to Social5 goodwill ($1,643) and an increase in income tax expense ($212).Cash on hand from continuing operations at September 30, 2024 was $678, compared with $1,279 on December 31, 2023.The Company signed a forbearance agreement with National Bank on January 18, 2024. On August 16, 2024, the Company and National Bank entered into a second forbearance agreement whereby National Bank will continue to forbear from exercising its rights and remedies under the Credit Agreement. The second forbearance agreement has been extended to the earlier of November 29, 2024 and the occurrence of any terminating event to allow the Bank time to consider forecast financial information submitted by the Company. The Company will provide an update in connection with the status of the second forbearance agreement when further disclosure is required or otherwise appropriate.

1 Adjusted EBITDA is a non-IFRS measure as described in the Non-IFRS Measures section of this news release. These measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

Results of Operations

(000’s)

Three Months 

 Nine Months 

 

For the period ended September 30, 

 

2024

 

2023

 

Var

 

Var

 

2024

 

2023

 

Var

 

Var

$

$

$

%

$

$

$

%

 

Revenue

4,462

5,107

(645)

-13 %

 

15,536

15,138

398

3 %

Gross Profit

2,413

2,840

(427)

-15 %

9,242

7,853

1,389

18 %

Operating Expenses

2,890

3,376

(486)

-14 %

9,091

10,086

(995)

-10 %

Non-Operational Expenses

2,471

2,466

5

0 %

9,322

7,450

1,872

25 %

 

Net Loss from continuing operations
   after tax

 

(2,672)

(2,982)

310

-10 %

 

(9,125)

(9,425)

300

-3 %

 

Net Income (Loss) from discontinued
   operations after tax

 

2,665

718

1,947

271 %

 

(6,355)

3,286

(9,641)

-293 %

 

Adjusted EBITDA

 

(477)

(536)

59

-11 %

 

151

(2,233)

2,384

-107 %

Adjusted EBITDA %

 

-10.7 %

-10.5 %

 

1.0 %

-14.8 %

Outlook

The Special Committee continues its previously communicated strategic review to explore alternatives to optimize its capital structure including reviewing the remaining verticals to determine which as core and non-core based on their growth potential and looking at refinancing opportunities.

The Board of Directors and Management determined selling Digital Enablement and POWR would provide the necessary liquidity to allow the Company to continue to deleverage and reduce the debt with National Bank while still leaving the profitable eLearning vertical as a strategic asset where value can be grown.

About Pluribus Technologies Corp.

Pluribus is a technology company that is a value-based acquirer, operator, and divestor of small, profitable business-to-business technology companies in a range of verticals and industries. Pluribus provides its acquisitions access to experienced sales and marketing resources, strategic partnership opportunities, a diverse portfolio of customers in different geographical markets, and enabling technologies to create new revenue streams and drive growth. When market conditions are conducive to raising capital at reasonable costs, Pluribus focuses on rapidly acquiring and integrating new companies to accelerate growth. In less favorable environments, Pluribus implements strategies to maximize organic growth, increase cash flow, and selectively divest portfolio companies to optimize value. For more information, please visit: pluribustechnologies.com.

Non-IFRS Measures

The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operating performance. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, foreign exchange gains and losses, other income, restructuring and transition costs primarily related to acquisitions and other one-time non-recurring transactions.

Reconciliation of Non-IFRS Measures

The Company uses the non-IFRS measure Adjusted EBITDA to evaluate performance. The following table presents the reconciliation from net income (loss) to Adjusted EBITDA from continuing operations for the three and nine months ended September 30, 2024.

 

Three Months 

 

Nine Months 

 

For the period ended September 30,     

 

2024

 

2023

 

Var 

 

Var 

 

2024

 

2023

 

Var 

 

Var 

$

$

$

%

$

$

$

%

 

Total Revenue

 

4,462

5,107

(645)

-13 %

 

15,536

15,138

398

3 %

Net income (loss) for the period

 

(2,672)

(2,982)

310

-10 %

 

(9,125)

(9,425)

300

-3 %

Acquisition costs

 

470

1,349

(879)

-65 %

 

2,005

2,611

(606)

-23 %

Amortization and depreciation

 

623

705

(82)

-12 %

 

1,915

2,283

(368)

-16 %

Impairment of goodwill

 

n/a

 

1,643

1,643

n/a

Share-based compensation

 

4

95

(91)

-96 %

 

53

373

(320)

-86 %

Loss (gain) on revaluation of contingent
   consideration

 

(332)

332

n/a

 

330

(332)

662

n/a

Gain on disposal of fixed assets

 

(2)

2

-100 %

 

(2)

2

-100 %

Finance expense, net

 

760

680

80

12 %

 

2,433

2,110

323

15 %

Foreign exchange loss (gain)

 

614

(29)

643

-2217 %

 

943

407

536

132 %

Income tax expense

 

(276)

(20)

(256)

1280 %

 

(46)

(258)

212

-82 %

Total Adjustments

 

2,195

2,446

(251)

-10 %

 

9,276

7,192

2,084

29 %

 Adjusted EBITDA

 

(477)

(536)

59

-11 %

 

151

(2,233)

2,384

-107 %

 

Adjusted EBITDA %

 

-10.7 %

-10.5 %

 

1.0 %

-14.8 %

Forward-Looking Information 

Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking information in this press release includes, but is not limited to, statements with respect to the business plans of the Company, including the successful completion of future acquisitions, management’s expectation on the growth, profitability and performance of its current and future acquisitions, the Company’s ability to continue acquiring business-to-business technology companies at reasonable prices, the Company’s ability to grow its portfolio companies into significant organizations, the Company’s ability to achieve a positive transaction pursuant to its strategic review process, and whether National Bank will continue to forbear from exercising their rights and remedies on expiry of the second forbearance agreement. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or negatives of these terms and similar expressions.

Forward-looking statements are based on certain assumptions, including the Company’s ability to complete acquisitions on favourable terms; the Company’s ability to manage a complex portfolio of companies effectively; the Company’s ability to scale its management team to support its growth; the Company’s ability to raise sufficient financing to continue its acquisition strategy; the Company’s ability to achieve positive results pursuant to its strategic review process. Other assumptions include industry trends, the availability of growth opportunities, and general business, economic, competitive, political, regulatory and social uncertainties will not prevent the Company from conducting its business. While the Company considers these assumptions to be reasonable based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. Forward-looking information speaks only to such assumptions as of the date of this release.

Forward-looking statements also necessarily involve known and unknown risks, including without limitation, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favourable terms, the Company’s limited operating history; ability to complete favourable acquisitions; the technology industry in Canada and internationally, income tax and regulatory matters, the ability of the Company to execute its business strategies, including the ability manage a complex portfolio of companies effectively, competition, currency and interest rate fluctuations, and other risks.

Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. The purpose of forward-looking information is to provide the reader with a description of management’s expectations, and such forward-looking information may not be appropriate for any other purpose. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Contact:

Diane Pedreira
Interim President and Chief Operating Officer
Pluribus Technologies Corp.
1 (800) 851-9383

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SOURCE Pluribus Technologies Corp.

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Agoda: Batam and Phu Quoc See More Than 200% Rise in School Holiday Travel Interest from Indonesian Families

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SINGAPORE, June 3, 2026 /PRNewswire/ — Ahead of the upcoming school holidays, Agoda data shows Indonesian travelers planning a wide mix of domestic and international trips, from island escapes to city breaks and nature retreats. Accommodation searches for destinations such as Batam and Phu Quoc rose by more than 200% compared to the same period last year.

School holidays remain one of the key travel periods for Indonesian families, and this year travelers are combining meaningful journeys with leisure experiences.

International destinations are seeing a rise in interest

Beach and island escapes continue to see strong interest, with destinations such as Phu Quoc Island in Vietnam recording a 224% increase, reflecting rising interest in accessible, visa-friendly getaways. Phu Quoc Island is gaining popularity for its white-sand beaches, the world’s longest sea-crossing cable car, and expansive entertainment hubs like VinWonders and Vinpearl Safari. 

Chinese cities Hangzhou and Guangzhou also saw increased interest, with searches up 122% and 80% respectively. Families are exploring the cities for shopping, food, theme parks, and urban attractions, while destinations such as Jeju in South Korea also recorded a 69% increase in searches for family holidays.

Domestic destinations gain traction among family travelers

Beach and island destinations also see strong growth domestically, with Batam Island recording a 236% increase in accommodation searches, making it one of the most popular destinations for the holiday period among families. With pristine beaches, vibrant culinary scene, and proximity to Singapore, Batam continues to appeal to Indonesian travelers as a convenient short-haul getaway for families.

Domestic cities such as Makassar and Cirebon are also seeing growing interest, up 62% and 53% respectively, supported by their culinary and cultural appeal. Nature destinations, particularly around Lake Toba such as Samosir (36%) and Parapat (47%), along with Bukittinggi (39%), continue to attract travelers seeking scenic landscapes and cooler climates during the school holiday period.

Gede Gunawan, Senior Country Director, Indonesia at Agoda says, “With the school holiday just around the corner, these trending destinations indicate an exciting travel season ahead, promising new experiences for Indonesian travelers both domestically and internationally. The growth in accommodation searches highlights the diverse travel aspirations of Indonesians. Agoda is committed to making these journeys easier and more memorable, with a wide range of options tailored to every traveler’s needs.”

With over 6 million holiday properties, more than 130,000 flight routes, and over 300,000 activities, Agoda enables travelers to plan and combine every part of the journey in one place. Running from 7 May to 21 May, Agoda’s 21st Birthday Sale will offer up to 60% off on hotel bookings, with a special flash sale of up to 70% on 19 May and exclusive deals on flights and activities. Discover more on Agoda’s mobile app or at Agoda.com.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/agoda-batam-and-phu-quoc-see-more-than-200-rise-in-school-holiday-travel-interest-from-indonesian-families-302788866.html

SOURCE Agoda

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Deece Unveils AI-powered Platform Transforming How Marketers Brief Campaigns

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Built to tackle one of marketing’s most expensive problems, Deece’s AI-powered platform helps marketers create stronger briefs, align agency partners, and improve campaign effectiveness.

DUBAI, UAE, June 3, 2026 /PRNewswire/ — Deece, a marketing technology startup, has developed a platform designed to help marketers unlock their agency’s best work.

Developed with input from senior marketers and agency leaders worldwide, Deece is now making its platform available more broadly.

Findings from a global study published by the World Federation of Advertisers (WFA), which included countries across the GCC, reveals that 78% of marketers believe the briefs they give their advertising agencies provide clear strategic direction. Yet only 5% of agencies agree.

It also estimates that poor quality briefs and misdirected work account for:

The loss of 33% of marketing budgets globallyEquivalent to approximately US$429 billion annually

Deece user data shows significant improvements in brief quality, 165 hours saved per campaign brief, project timelines reduced by three weeks, and improved marketing ROI.

“Nothing wastes a marketing budget faster than a bad brief. Yet it remains one of the most neglected issues in our industry,” says Richie Taaffe, co-founder of Deece.

At the core of the platform is a Brief Builder that uses artificial intelligence to help marketers improve the quality of their briefs.The model has been trained using strategic learnings drawn from award-winning campaigns over the last 25 years, together with curated marketing insights and industry trends.Marketers can incorporate relevant effectiveness case studies into briefs, giving agency partners proven examples to inform and inspire their work.

Despite being powered by AI, human expertise remains central to Deece. Shaped by the Deece team’s decades of experience on both the agency and brand side, including work with DP World, Etihad, Unilever and Visa, the platform is designed to support, educate and empower marketers.

Taaffe said the team set out to solve challenges experienced by marketers and agencies.

“We didn’t set out to build an AI platform. We wanted to solve problems we’ve experienced time and time again throughout our careers. AI was the best way to bring that solution to life,” he said.

Learn more or request a demo at deece.ai.

Photo – https://mma.prnewswire.com/media/2993428/Deece.jpg

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/deece-unveils-ai-powered-platform-transforming-how-marketers-brief-campaigns-302789190.html

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IMMERSIVE XR EXPERIENCE EXPANDS THE REACH OF HOLOCAUST EDUCATION

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The Claims Conference Releases A Cutting-Edge Mixed-Reality Experience Detailing The Heartbreaking And Inspiring Story Of Benno Kern, From Anschluss To Auschwitz To Liberation In Buchenwald.

NEW YORK, June 3, 2026 /PRNewswire/ — Today, the Conference on Jewish Material Claims Against Germany (Claims Conference) announced the launch of “Benno’s Light,” the heartbreaking and inspiring story of 98-year-old Holocaust survivor Benno Kern brought to life through cutting-edge, mixed-reality technology which allows people to walk through his story while using VR headsets or simply on their computers. Benno’s Light is the latest effort to expand access to Holocaust knowledge, meeting future generations in compelling and engaging ways.

Gideon Taylor, President of the Claims Conference, said, “Mixed reality is the technology of now and of the future. And it is precisely why it is so crucial that we tap into advanced technology to help future generations understand the Holocaust. We cannot let stories like Benno’s fade into the darkness.”

In partnership with the Austrian government, the Claims Conference collaborated with immersive technology company makemepulse to create a sensitive and evocative mixed-reality experience animating Kern’s words into a powerful testimony and educational experience for generations to come.

Christian Stocker, Austrian Federal Chancellor, said, “Holocaust remembrance is not only an obligation to the past, it is our mandate for the future. A vibrant and forward-looking culture of remembrance requires us to meet current and future generations where they are. Projects like Benno’s Light demonstrate how cutting-edge technology can preserve the voices of survivors in ways that are deeply personal, accessible and meaningful for young audiences today and tomorrow. Austria recognizes its historical responsibility to ensure that the truth of the Shoah remains alive through innovative educational tools that strengthen awareness, deepen understanding and sharpen our vigilance against antisemitism, hatred and intolerance in all forms.”

Benno Kern, born in 1927 in Vienna, Austria, recounts his life in the city he remembers for both its music and intellect, but also for the pogroms that scarred the hearts of those who remember. Kern explains to viewers how his joyful and innocent childhood turned to darkness as his relatives – and eventually his own immediate family – ran from the Nazis and were eventually captured by them. The XR project follows him as his family fled Vienna to Czechoslovakia, Belgium and Paris where the Nazis captured Benno and his parents, sending them to Auschwitz.

Benno Kern, Holocaust survivor and featured storyteller, said, “I’ll never forget my mother’s words: ‘You have the opportunity to stay alive. The decision is yours.’ I was the only member of my family to survive the Holocaust. This project has special meaning to me as I carried my family’s story for more than 80 years with uncertainty as to whether it would be remembered. I ask future generations to hear my words and carry them forward in your hearts. Let them light your way. And let them remind you what it means to carry compassion, even in the darkest of times.”

Benno’s Light builds on “Inside Kristallnacht,” the groundbreaking XR project the Claims Conference released in 2024. The inaugural XR project followed Dr. Charlotte Knobloch through the streets of Munich, Germany as she recounts the November Pogrom the night of November 9, 1938, when as a six-year-old she and her father hid from the Nazis terrorizing their Jewish community. Kristallnacht was the historic moment when a growing hatred peaked, catalyzing into acts of violence and rage, when citizens turned on their longtime neighbors, roaming the streets in mobs, breaking the glass of Jewish homes and shops. More than 30,000 Jewish men were arrested and deported to concentration camps during the days of Kristallnacht.

Alexander Pröll, State Secretary for the Austrian Federal Chancellery, said, “Holocaust education must continue to evolve to remain meaningful for future generations. Innovative projects, such as Benno’s Light, show how technology can strengthen remembrance by bringing survivor testimony into new educational and cultural spaces around the world. Remembering the Shoah demands that we actively counter antisemitism and hatred wherever they surface, reinforcing our shared responsibility to defend human dignity, historical truth, and democratic values.”

The launch of Benno’s Light at University of Vienna carries profound historical significance. Following the destruction of Vienna’s medieval synagogue and the murder and expulsion of Jews in 1421, stones from the synagogue were used in the construction of the earliest buildings of what would later become part of the University of Vienna. More than 500 years later, the university now serves as a place to confront that history openly and honestly, transforming a site once connected to the erasure of Jewish life into a space dedicated to remembrance, education and the preservation of survivor testimony for future generations.

Greg Schneider, Executive Vice President of the Claims Conference, said, “New technology allows us to engage younger generations, which is critical to ensure the lessons of the Shoah are never forgotten. Benno was the same age as today’s students when he was torn from his home by the Nazis and forced onto a deportation train to Auschwitz. XR technology allows Benno to once again be a 15-year-old, showing today’s 15-year-olds the result of unchecked hatred.”

This virtual reality project integrates real-life footage, photographs, music and other audio from the Anschluss to Auschwitz, as well as meticulously researched historical context, into the hand-drawn world of Kern’s story with stunning artwork created by immersive technology company, makemepulse. The mixed-reality project will be displayed in museums and film festivals, and accompanying educational materials are currently under development.

Nicolas Rajabaly, Co-Founder, Chief Creative Officer, makemepulse, said, “Benno’s Light was never about using technology for spectacle. The challenge was finding a way to preserve the intimacy and humanity of Benno’s testimony while creating a format capable of reaching new generations. What moved us most during the process was realizing that Benno’s memories were shaped less by places and more by the people who helped him survive. That insight fundamentally changed the experience we designed. We shifted away from historical reconstruction alone and focused instead on emotional proximity, presence and human connection. Immersive technology gave us the opportunity to transform testimony into something audiences could feel around them rather than simply observe from a distance.”

The Benno’s Light experience can be accessed on the website by clicking here: https://bennos-light.org/

Benno’s Light was developed under the stewardship of the Claims Conference (Conference on Jewish Material Claims Against Germany) and the Committee for Jewish Claims on Austria, with the support of the Austrian Federal Chancellery.

For more information, please visit: www.claimscon.org 

View original content:https://www.prnewswire.com/news-releases/immersive-xr-experience-expands-the-reach-of-holocaust-education-302788998.html

SOURCE Claims Conference

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