Technology
Pluribus Technologies Corp. Announces Q3 2024 Financial Results
Published
2 years agoon
By
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
View original content to download multimedia:https://www.prnewswire.com/news-releases/pluribus-technologies-corp-announces-q3-2024-financial-results-302318488.html
SOURCE Pluribus Technologies Corp.
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From Remote Racing to Embodied AI: Fibocom and Intedigo Bring 5G Bidirectional Data Transmission into Real-World Applications
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SHANGHAI, July 18, 2026 /PRNewswire/ — From July 17 to 20, Fibocom and Intedigo will jointly present a cross-regional, beyond-visual-line-of-sight (BVLOS) teleoperation demonstration at Booth H3-C408 during the World Artificial Intelligence Conference (WAIC) 2026. Visitors will be able to enter a remote driving cockpit and control a real race car located at HURA PARK in Jiading, Shanghai, steering, accelerating, and braking in real time while experiencing how 5G connectivity enables remote operation.
More than an immersive driving experience, the demonstration provides a live validation of 5G bidirectional data transmission for embodied AI teleoperation. The vehicle continuously sends live track video, vehicle status, and operating data to the remote cockpit, while control commands are transmitted back to the vehicle, creating a closed-loop teleoperation system. Stable, low-latency, and highly reliable connectivity is essential for high-dynamic maneuvers such as high-speed cornering, precision braking, and continuous lane changes.
Developed by Intedigo, the remote driving system connects a real race car with an immersive remote driving cockpit. It supports 1080p@60Hz video transmission, glass-to-glass (G2G) video latency of less than 80 ms, and control latency of less than 10 ms. The demanding racing environment magnifies differences in video continuity and control responsiveness, making communications performance directly perceptible, measurable, and verifiable.
At the joint demonstration, Fibocom’s FM160 5G module provides cellular connectivity for the system. Powered by the Qualcomm Snapdragon™ X62 5G Modem-RF System, the FM160 supports SA and NSA network architectures as well as 3GPP Release 16. On the downlink, it supports NR Carrier Aggregation (NR CA) with bandwidth of up to 120 MHz, delivering peak speeds of up to 3.5 Gbps in NSA mode and 2.5 Gbps in SA mode. On the uplink, it supports UL MIMO and delivers peak speeds of up to 900 Mbps in SA mode. These capabilities support the continuous transmission of HD video and vehicle status data, along with reliable delivery of control commands.
As embodied AI moves into factories, data centers, logistics operations, and industrial parks, robots are becoming increasingly capable of performing tasks autonomously. Yet complex environments, unexpected events, and edge cases still require Human-in-the-Loop (HITL) remote intervention to help ensure safe and reliable operation.
Daniel Liu, CEO of Intedigo, said:
“5G represents the pinnacle of human communications and the starting point of machine communications. In the past, communications connected people to people; in the future, they will connect people to robots and robots to robots. Remote racing is simply the easiest entry point for people to understand this concept. What we are truly validating is a communications system capable of supporting remote collaboration for embodied AI. HURA makes low-latency remote driving a tangible experience, while RoBOX extends this capability to robots and a broader range of intelligent terminals. Together with Fibocom, we hope to enable more machines to receive remote assistance whenever needed while remaining continuously connected and operating reliably.”
Simon Tao, VP of Wireless Solutions Business Group and General Manager of MBB BU at Fibocom, said:
“As embodied AI enters real-world industrial environments, reliable connectivity will become the foundation for telemetry feedback, remote control and operational management. Fibocom’s 5G solutions, represented by FM160, provide the cellular connectivity required for continuous on-site data transmission and reliable control command delivery. Fibocom will continue collaborating with ecosystem partners such as Intedigo to bring cellular connectivity to more robots, autonomous machines and mobile intelligent terminals, enabling embodied AI systems to stay continuously connected and respond reliably in real-world applications.”
From remote race cars to robots, unmanned equipment, and mobile intelligent terminals, 5G is evolving from connecting people to connecting machines. This joint demonstration makes the capabilities of 5G bidirectional data transmission directly perceptible, experiential, and verifiable, helping pave the way for embodied AI to scale across real-world applications.
About Fibocom
Fibocom, founded in 1999, is China’s first wireless communication module company listed on both the A-share and H-share markets (300638.SZ, 0638.HK). As a global leading provider of wireless communication modules and AI solutions, Fibocom leverages wireless communication and artificial intelligence as its core technologies to provide integrated hardware and software solutions that empower industry applications. These solutions accelerate the transformation from “Connect Everything” to “Intelligent Connectivity” across diverse industries.
Fibocom’s one-stop solutions encompass cellular communication, AI, automotive, and GNSS modules, as well as AI toolchains, supporting industry-side and mainstream large model integration, and providing AI Agent, global connectivity, and cloud services, driving the digital intelligence upgrades in industries such as robotics, consumer electronics, low-altitude economy, intelligent transportation, smart retail, and smart energy.
View original content to download multimedia:https://www.prnewswire.com/news-releases/from-remote-racing-to-embodied-ai-fibocom-and-intedigo-bring-5g-bidirectional-data-transmission-into-real-world-applications-302828996.html
SOURCE Fibocom Wireless Inc.
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DR. PHONE FIX ANNOUNCES SECOND TRANCHE CLOSING OF NON-BROKERED CONVERTIBLE DEBENTURE UNIT FINANCING
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July 18, 2026By
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
EDMONTON, AB, July 18, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) is pleased to announce that, further to its news release dated May 19, 2026 and June 24, 2026 (the “Prior News Releases”), it has closed the second tranche of its non-brokered private placement (the “Offering”) of convertible debenture units of the Company (each, a “Unit”). The Company issued 726 Units, at a price of $1,000 per Unit, for aggregate gross proceeds of $726,000. Each Unit is comprised of (i) one $1,000 principal amount unsecured convertible debenture of the Company (a “Convertible Debenture”) and (ii) 3,125 common share (“Common Share”) purchase warrants of the Company (each, a “Warrant”). Additional detail on the Offering, including terms of the Convertible Debentures and Warrants, is set out in the Prior News Releases.
In connection with the Offering, the Company paid a finder’s fee consisting of an aggregate cash fee of $50,820 and issued an aggregate of 317,625 common share purchase warrants of the Company (each, a “Finder’s Warrant”) to certain qualified arm’s length parties. Each Finder’s Warrant is exercisable to acquire one Common Share of the Company at an exercise price of $0.22 prior to the date that is 24 months from the date of issuance.
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The Offering remains subject to final acceptance of the TSXV.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.
About Dr. Phone Fix
Dr. Phone Fix is a national, award-winning, eco-friendly, and customer-centric leader in Canada’s cell phone and electronics repair and certified pre-owned device industry. Founded in 2019, the Company now operates 44 retail locations nationwide through a standardized and scalable operating platform designed to support consistent execution across multiple markets, delivering fast, reliable, and environmentally conscious repair services alongside a curated selection of certified pre-owned devices and premium accessories. Dr. Phone Fix maintains strong partnerships with OEMs and certified suppliers, ensuring consistently high-quality standards across its national footprint. With a focus on responsible device lifecycle management, customer service, and operational discipline, Dr. Phone Fix continues to set the benchmark for device care and resale in Canada.
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Forward-Looking Information and Cautionary Statements
Certain information in this news 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 statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the final acceptance of the Offering by the TSXV; and the expected use of proceeds following the closing of the Offering. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; the TSXV will provide its final acceptance of the Offering; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV final acceptance for the Offering; the potential failure to complete the balance of the Offering or to raise the full anticipated gross proceeds; market conditions and investor demand for the Company’s securities; the Company’s inability to deploy the proceeds as currently intended; and general economic and market conditions. Readers are cautioned that the foregoing list 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 materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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Football Tournament Season Sparks Global Social Connection Surge as 3Fun Reports Growth Across Key Markets
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NEW YORK, July 18, 2026 /PRNewswire/ — As the World Cup enters its final stage and fans celebrate across the globe, new data from 3Fun, the leading dating app for open-minded singles and partners, reveals that the World Cup’s impact extends far beyond the stadium. The tournament has ignited a massive surge in global social activity, with users increasingly turning to the platform to translate sporting euphoria into personal connections.
The “Celebratory Intimacy” Effect: Why Winning Drives Matching
Psychological research has long suggested that major sports victories do more than just boost national pride; they influence human biology and intimacy. Studies indicate that watching a favorite team win can temporarily elevate testosterone levels in fans, leading to a surge in sexual desire and “celebratory intimacy”. This theory is vividly reflected in 3Fun’s latest performance metrics.
Compared with the previous 20-day period, 3Fun saw a 6.13% increase in Daily Active Users (DAU) during the peak of the World Cup season (June 23 – July 12), adding more than 275,000 active participants. The platform’s “heat” was further evidenced by an additional 446,491 messages sent, while the user match rate jumped by 5.71%, resulting in nearly 50,000 new connections.
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The data shows a direct correlation between success on the pitch and activity on 3Fun. Nations with deep football cultures and strong tournament performances saw the highest growth:
Spain: Witnessed a staggering 37.56% surge in new users.Argentina: Followed with a 26.62% increase.France & Mexico: Saw growth rates of 25.44% and 21.42% respectively.
In the U.S., cities like Houston (+8.98%) and New York (+7.45%) led the way. This trend aligns with a broader cultural shift: recent 3Fun data reveals that 69% of Americans report a growing interest in non-traditional relationships, with 77% of seekers preferring dating apps to find compatible partners.
Digital Jet-Setting: 3Fun’s “Roaming” Feature Becomes a Fan Favorite
While millions traveled for the games, many more “traveled” virtually. 3Fun’s new Roaming feature, currently in gray-scale testing, allows users to explore connections beyond their current location by virtually discovering communities in other cities.
The top 10 “Roaming” destinations during the Football Tournament season reveal where the world’s social interest was concentrated:
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The dominance of Brazilian cities like Sao Paulo and Rio de Janeiro highlights a “digital pilgrimage” to the spiritual home of football, where users sought to connect with the local energy and like-minded fans.
3Fun Insight: Connection Beyond the Game
“Major global events like the World Cup bring people together far beyond the borders of the pitch,” said Daniel Morgan, 3Fun’s Director of Social Trends. “Our data shows that users aren’t just looking for scores; they are looking for meaningful, shared experiences. Whether through virtual roaming or local matching, these events create unique windows for people to explore their desires in a safe, celebratory, and inclusive community”.
Daniel further noted, “With 72% of users noticing growing acceptance of diverse relationship styles, global sports events such as the World Cup represent a moment when people feel more open to meeting others and exploring new forms of connection”.
About 3Fun: With over 10 million downloads and 3 million verified active users worldwide, 3Fun is the leading dating app for open-minded singles and partners to meet like-minded people. The platform provides a safe and inclusive space to explore ethical open relationships and polyamory, fostering community and connection without judgment.
Disclaimer: 3Fun is not affiliated with, endorsed by, or sponsored by FIFA, the World Cup, or any official World Cup organizing body. All references to the tournament are descriptive or for informational and topical context only.
View original content:https://www.prnewswire.com/news-releases/football-tournament-season-sparks-global-social-connection-surge-as-3fun-reports-growth-across-key-markets-302828995.html
SOURCE 3Fun
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