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Pure Storage Announces Third Quarter Fiscal 2025 Financial Results

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Awarded industry-first design win from a top-four hyperscaler

SANTA CLARA, Calif., Dec. 3, 2024 /PRNewswire/ — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced financial results for its third quarter fiscal year 2025 ended November 3, 2024.

“Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler,” said Pure Storage Chairman and CEO Charles Giancarlo. “This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption.”

Third Quarter Financial Highlights 

Revenue $831.1 million, an increase of 9% year-over-yearSubscription services revenue $376.4 million, up 22% year-over-yearSubscription annual recurring revenue (ARR) $1.6 billion, up 22% year-over-yearRemaining performance obligations (RPO) $2.4 billion, up 16% year-over-yearGAAP gross margin 70.1%; non-GAAP gross margin 71.9%GAAP operating income $59.7 million; non-GAAP operating income $167.3 millionGAAP operating margin 7.2%; non-GAAP operating margin 20.1%Q3 operating cash flow $97.0 million; free cash flow $35.2 millionTotal cash, cash equivalents, and marketable securities $1.6 billionReturned approximately $182 million in the third quarter to stockholders through share repurchases of 3.6 million shares

“Our third quarter results exceeded our expectations on revenue and operating income, demonstrating the sustaining strength of our business models,” said Kevan Krysler, Pure Storage CFO. “We remain focused on driving both near-term results and long-term value creation through disciplined investments and innovation that position Pure as the leader in transforming the data storage landscape.”

Third Quarter Company Highlights

Leading the Hyperscale Opportunity: With its industry-first design win with a top-four hyperscaler, Pure Storage is extending its DirectFlash® technology into massive scale environments today dominated by hard disks. The unmatched capabilities of Pure’s DirectFlash® technology deliver new levels of innovation, performance, and scalability to an industry with demanding requirements, enabling hyperscalers to fully modernize their infrastructure, significantly improve operational efficiency, and dramatically free up scarce electrical power.

Pure Storage also deepened its collaboration with Kioxia, a global leader of NAND Flash technology, to develop cutting-edge technology and manufacturing capacity to address the growing need for high-performance, scalable storage infrastructure for tomorrow’s hyperscale environments.

Advancing Enterprise AI: Pure Storage expanded its ability to serve the world’s largest AI training environments with recent certification of FlashBlade//S500 with NVIDIA DGX SuperPOD, which optimizes performance, power, and space efficiency. Pure also entered into a strategic partnership with CoreWeave to better serve AI customers by making Pure Storage available as a standard option within the CoreWeave dedicated cloud environment. With its introduction of the new Pure Storage GenAI Pod, Pure Storage is providing a set of full-stack solutions which reduce the time, cost, and expertise required to deploy generative AI projects.

Delivering Platform Innovation: With the Pure Storage platform, Pure is driving the biggest shift in enterprise storage since Flash. Pure Storage will be delivering v2.0 of Pure Fusion™ in its fourth quarter, which will enable customers to create their own enterprise data cloud, opening their data storage environment like the hyperscalers operate theirs. During the quarter Pure Storage unveiled solutions enabling seamless VMware migrations to Microsoft Azure, delivering enterprise-scale flexibility. And the new Pure Storage FlashArray™ with AWS Outposts brings together Amazon Web Services and Pure’s enterprise-grade storage on AWS Outposts, giving customers the flexibility to run cloud services on an enterprise-grade storage platform within their own data centers.

Industry Recognition and Accolades

Leader for Fifth Consecutive Year in the 2024 Gartner® Magic Quadrant for Primary Storage PlatformsLeader for Fourth Consecutive Year in the 2024 Gartner® Magic Quadrant for File and Object Storage PlatformsForbes Most Trusted Companies in America 2025 (Ranked #144)Fortune Best Places to Work in Technology 2024 (Ranked #14)

Fourth Quarter and FY25 Guidance

Q4FY25

Revenue

    $867M     

Revenue YoY Growth Rate

9.7 %

Non-GAAP Operating Income                                                                      

  $135M    

Non-GAAP Operating Margin

15.6 %

FY25

Revenue

$3.15B   

Revenue YoY Growth Rate

11.5 %

Non-GAAP Operating Income

$540M   

Non-GAAP Operating Margin

17 %

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.

Conference Call Information

Pure will host a teleconference to discuss the third quarter fiscal 2025 results at 2:00 pm PT today, December 3, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release.

A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.

Additionally, Pure is scheduled to participate at the following investor conferences:

Wells Fargo 8th Annual TMT Summit
Date: Wednesday, December 4, 2024
Time: 1:30 p.m. PT / 4:30 p.m. ET
Chief Technology Officer Rob Lee

27th Annual Needham Growth Conference
Date: Thursday, January 16, 2025
Time: 9:45 a.m. PT / 12:45 p.m. ET
Founder & Chief Visionary Officer John “Coz” Colgrove
Chief Financial Officer Kevan Krysler

The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com

—-

About Pure Storage

Pure Storage (NYSE: PSTG) delivers the industry’s most advanced data storage platform to store, manage, and protect the world’s data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It’s easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com.

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Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at  purestorage.com/trademarks. Other names may be trademarks of their respective owners.

Forward Looking Statements

This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our opportunity with hyperscale and AI environments, our ability to meet hyperscalers’ performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically customer priorities around sustainability, the environmental and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new customer acquisition, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.

Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 4, 2024. All information provided in this release and in the attachments is as of December 3, 2024, and Pure undertakes no duty to update this information unless required by law.

Key Performance Metric

Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, and amortization of intangible assets acquired from acquisitions that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.

PURE STORAGE, INC.

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

 

At the End of

Third Quarter of
Fiscal 2025

Fiscal 2024

Assets

Current assets:

Cash and cash equivalents

$           894,569

$           702,536

Marketable securities

753,960

828,557

Accounts receivable, net of allowance of $956 and $1,060

578,224

662,179

Inventory

41,571

42,663

Deferred commissions, current

86,839

88,712

Prepaid expenses and other current assets

204,485

173,407

Total current assets

2,559,648

2,498,054

Property and equipment, net

431,353

352,604

Operating lease right-of-use-assets

157,574

129,942

Deferred commissions, non-current

210,671

215,620

Intangible assets, net

23,039

33,012

Goodwill

361,427

361,427

Restricted cash

11,249

9,595

Other assets, non-current

99,504

55,506

Total assets

$        3,854,465

$        3,655,760

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$           102,021

$             82,757

Accrued compensation and benefits

155,652

250,257

Accrued expenses and other liabilities

141,846

135,755

Operating lease liabilities, current

47,941

44,668

Deferred revenue, current

897,174

852,247

Debt, current

100,000

Total current liabilities

1,444,634

1,365,684

Long-term debt

100,000

Operating lease liabilities, non-current

146,390

123,201

Deferred revenue, non-current

784,282

742,275

Other liabilities, non-current

68,573

54,506

Total liabilities

2,443,879

2,385,666

Stockholders’ equity:

Common stock and additional paid-in capital

2,821,010

2,749,627

Accumulated other comprehensive income (loss)

1,023

(3,782)

Accumulated deficit

(1,411,447)

(1,475,751)

Total stockholders’ equity

1,410,586

1,270,094

Total liabilities and stockholders’ equity

$        3,854,465

$        3,655,760

 

PURE STORAGE, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data, unaudited)

 

Third Quarter of Fiscal

First Three Quarters of Fiscal

2025

2024

2025

2024

Revenue:

Product

$         454,735

$         453,277

$      1,204,714

$      1,161,978

Subscription services

376,337

309,561

1,083,608

878,838

Total revenue

831,072

762,838

2,288,322

2,040,816

Cost of revenue:

Product (1)

154,970

126,770

385,446

343,588

Subscription services (1)

93,180

83,321

284,168

244,541

Total cost of revenue

248,150

210,091

669,614

588,129

Gross profit

582,922

552,747

1,618,708

1,452,687

Operating expenses:

Research and development (1)

200,086

182,100

589,396

549,923

Sales and marketing (1)

255,830

231,707

757,069

696,885

General and administrative (1)

67,319

64,729

213,551

192,944

Restructuring and impairment (2)

15,901

16,766

Total operating expenses

523,235

478,536

1,575,917

1,456,518

Income (loss) from operations

59,687

74,211

42,791

(3,831)

Other income (expense), net

17,156

5,184

50,684

23,619

Income before provision for income taxes

76,843

79,395

93,475

19,788

Income tax provision

13,204

9,006

29,171

23,915

Net income (loss)

$           63,639

$           70,389

$           64,304

$           (4,127)

Net income (loss) per share attributable to common stockholders, basic

$              0.19

$              0.22

$              0.20

$             (0.01)

Net income (loss) per share attributable to common stockholders, diluted

$              0.19

$              0.21

$              0.19

$             (0.01)

Weighted-average shares used in computing net income (loss) per share
attributable to common stockholders, basic

327,675

314,153

325,530

309,842

Weighted-average shares used in computing net income (loss) per share
attributable to common stockholders, diluted

340,564

330,255

341,490

309,842

(1) Includes stock-based compensation expense as follows:

Cost of revenue — product

$             3,216

$             1,443

$             9,443

$             7,056

Cost of revenue — subscription services

7,800

6,849

24,632

19,347

Research and development

49,227

43,908

150,390

126,225

Sales and marketing

24,393

19,209

72,330

55,883

General and administrative

16,436

16,557

62,161

46,732

Total stock-based compensation expense

$         101,072

$           87,966

$         318,956

$         255,243

(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment and abandonment charges associated with cease-use of
our former corporate headquarters.

 

PURE STORAGE, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

Third Quarter of Fiscal

First Three Quarters of Fiscal

2025

2024

2025

2024

Cash flows from operating activities

Net income (loss)

$               63,639

$               70,389

$               64,304

$                (4,127)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

29,272

31,647

99,099

91,560

Stock-based compensation expense

101,072

87,966

318,956

255,243

Noncash portion of lease impairment and abandonment

3,270

16,766

Other

2,381

(2,815)

5,107

(5,844)

Changes in operating assets and liabilities:

Accounts receivable, net

(161,723)

(111,190)

83,998

(23,959)

Inventory

5,071

818

(1,590)

5,278

Deferred commissions

669

(9,501)

6,822

(19,061)

Prepaid expenses and other assets

(40,008)

20,044

(67,014)

19,686

Operating lease right-of-use assets

9,383

7,634

25,911

27,269

Accounts payable

33,755

7,533

20,597

33,844

Accrued compensation and other liabilities

7,781

4,767

(70,951)

(52,757)

Operating lease liabilities

(12,096)

(8,324)

(30,353)

(21,457)

Deferred revenue

57,797

59,464

86,934

110,856

Net cash provided by operating activities

96,993

158,432

545,090

433,297

Cash flows from investing activities

Purchases of property and equipment (1)

(61,788)

(45,062)

(170,641)

(151,591)

Purchases of marketable securities and other

(43,632)

(105,108)

(314,083)

(351,725)

Sales of marketable securities

12,817

3,747

61,241

52,495

Maturities of marketable securities

131,994

109,196

329,978

495,899

Net cash provided by (used in) investing activities

39,391

(37,227)

(93,505)

45,078

Cash flows from financing activities

Proceeds from exercise of stock options

3,426

3,056

21,194

32,904

Proceeds from issuance of common stock under employee stock purchase plan

26,408

23,870

51,736

45,089

Proceeds from borrowings

6,890

106,890

Principal payments on borrowings and finance lease obligations

(1,786)

(7,515)

(5,721)

(584,582)

Tax withholding on vesting of equity awards

(54,905)

(4,755)

(141,591)

(16,582)

Repurchases of common stock

(181,999)

(22,460)

(181,999)

(114,341)

Net cash used in financing activities

(208,856)

(914)

(256,381)

(530,622)

Net increase (decrease) in cash, cash equivalents and restricted cash

(72,472)

120,291

195,204

(52,247)

Cash, cash equivalents and restricted cash, beginning of period

979,807

418,860

712,131

591,398

Cash, cash equivalents and restricted cash, end of period

$             907,335

$             539,151

$             907,335

$             539,151

(1) Includes capitalized internal-use software costs of $6.0 million and $5.1 million for the third quarter of fiscal 2025 and 2024 and $15.8 million and $15.7 million for the first three quarters of fiscal 2025 and 2024.

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

Third Quarter of Fiscal 2025

Third Quarter of Fiscal 2024

GAAP

results

GAAP

gross

margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

gross

margin (b)

GAAP

results

GAAP

gross

margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

gross

margin (b)

$      3,216

(c)

$      1,443

(c)

103

(d)

75

(d)

3,306

(e)

3,306

(e)

Gross
profit —
product

$  299,765

65.9 %

$      6,625

$ 306,390

67.4 %

$  326,507

72.0 %

$      4,824

$  331,331

73.1 %

$      7,800

(c)

$      6,849

(c)

368

(d)

329

(d)

Gross
profit —
subscription
services

$  283,157

75.2 %

$      8,168

$ 291,325

77.4 %

$  226,240

73.1 %

$      7,178

$  233,418

75.4 %

$    11,016

(c)

$      8,292

(c)

471

(d)

404

(d)

3,306

(e)

3,306

(e)

Total gross profit

$  582,922

70.1 %

$    14,793

$ 597,715

71.9 %

$  552,747

72.5 %

$    12,002

$  564,749

74.0 %

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate amortization expense of acquired intangible assets.

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

Third Quarter of Fiscal 2025

Third Quarter of Fiscal 2024

GAAP

results

GAAP

operating

margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

operating

margin (b)

GAAP

results

GAAP

operating

margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

operating

margin (b)

$    101,072

(c)

$     87,966

(c)

580

(d)

2,991

(e)

2,604

(e)

3,536

(f)

3,718

(f)

Operating income

$   59,687

7.2 %

$    107,599

$  167,286

20.1 %

$   74,211

9.7 %

$     94,868

$  169,079

22.2 %

$    101,072

(c)

$     87,966

(c)

580

(d)

2,991

(e)

2,604

(e)

3,536

(f)

3,718

(f)

154

(g)

153

(g)

Net income

$   63,639

$    107,753

$  171,392

$   70,389

$     95,021

$  165,410

Net income per share — diluted

$       0.19

$     0.50

$       0.21

$      0.50

Weighted-average shares used in per share calculation — diluted

340,564

340,564

330,255

330,255

(a) GAAP operating margin is defined as GAAP operating income divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payments to former shareholders of acquired company.

(e) To eliminate payroll tax expense related to stock-based activities.

(f) To eliminate amortization expense of acquired intangible assets.

(g) To eliminate amortization expense of debt issuance costs related to our debt.

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):

Third Quarter of Fiscal

2025

2024

Net cash provided by operating activities

$                  96,993

$             158,432

Less: purchases of property and equipment (1)

(61,788)

(45,062)

Free cash flow (non-GAAP)

$                  35,205

$             113,370

(1) Includes capitalized internal-use software costs of $6.0 million and $5.1 million for the third quarter of fiscal 2025 and 2024.

 

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Technology

Electra to Usher in the Next Era of Aviation with Advanced Production Facility in Springfield, Ohio

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$850 million investment in Springfield and Clark County will move Direct Aviation from concept to reality, creating nearly 2,000 jobs and supporting production of up to 800 EL9 Ultra Short aircraft per year

SPRINGFIELD, Ohio, July 21, 2026 /PRNewswire/ — Electra today announced plans to establish its first production facility for the EL9 Ultra Short in the City of Springfield, within Clark County, a major milestone that will bring its nine-passenger hybrid-electric aircraft from development into scaled commercial production.

The initial phase will support capacity for up to 400 aircraft per year, later expanding to up to 800 aircraft per year.

The $850 million investment will create 1,975 new jobs, anchor production of the EL9 Ultra Short, and help meet demand for Direct Aviation, a new category of accessible, point-to-point air mobility. The EL9 Ultra Short is a nine-passenger fixed-wing aircraft that uses hybrid-electric propulsion and blown-lift technology to take off and land in as little as 150 feet. The new facility will be located at AirPark Ohio, adjacent to Springfield-Beckley Municipal Airport.

“Electra is opening a new era of aviation, one where flight is direct, accessible, and closer to the communities it serves,” said Marc Allen, CEO of Electra. “This agreement is the moment that our vision moves from demonstration into reality. In Springfield and Clark County, we found the rare combination this next era requires: a ready site, a skilled workforce, a deep aerospace and defense ecosystem, and state and local leaders with the commitment and vision to build it with us. We are grateful to the City of Springfield, Clark County, and the State of Ohio for welcoming Electra into this community as we prepare to bring the EL9 Ultra Short into production, through certification, and ultimately into service.”

The production facility will ensure Electra remains at the forefront of American global leadership in hybrid-electric aviation, with the EL9 Ultra Short unlocking new markets for commercial advanced air mobility, military logistics, and humanitarian applications. The decision to build in Springfield is a bet on reindustrializing America’s capacity to manufacture next-generation aircraft at scale in the Birthplace of Aviation.

“Ohio is where flight began, and the Dayton-Springfield area has become the national epicenter for advanced air mobility – the place where the next generation of aircraft is being designed, tested, and now built at scale,” said Ohio Governor Mike DeWine. “Electra’s decision to bring nearly 2,000 new jobs to Springfield will be transformative for Clark County, demonstrating Ohio’s unique ability to lead America into aviation’s next era.” 

Electra selected the site following a year-long competitive national site-selection process that evaluated more than 140 potential locations. Criteria included workforce availability, infrastructure readiness, long-term expansion capacity, state and local partnership, incentives, and proximity to the aerospace, defense, and advanced manufacturing talent needed to support EL9 Ultra Short production.

The new 96-acre facility will house production of the EL9 Ultra Short. The initial phase of development will start immediately with design, while construction of the facility will begin next year. The initial phase will support capacity for up to 400 aircraft per year. A second phase of development will expand capacity to up to 800 aircraft per year.

The company chose the Dayton-Springfield region because it offers advanced air mobility (AAM) companies a combination of assets found nowhere else in the country. Springfield-Beckley Municipal Airport is home to the National Advanced Air Mobility Center of Excellence (NAAMCE) and SkyVision, the FAA-approved ground-based detect-and-avoid system that enables beyond visual line of sight (BVLOS) flight testing in unrestricted airspace, which allows companies to move from concept to flight test faster than anywhere else in the nation. That infrastructure is complemented by growing AAM production near Dayton International Airport and the region’s proximity to Wright-Patterson Air Force Base and the Air Force Research Laboratory (AFRL), which together form one of the deepest concentrations of aerospace R&D talent in the world.

“JobsOhio and our partners at the Dayton Development Coalition are proud to welcome Electra’s first point-to-point hybrid-electric aircraft production facility to Ohio,” said JobsOhio President and CEO J.P. Nauseef. “This investment builds on years of collaboration to establish Springfield-Beckley Municipal Airport as a national hub for advanced air mobility. Here, Electra will have direct access to the nation’s premier AAM testing infrastructure, a proven aerospace workforce, a deep manufacturing supply chain and the unmatched research capabilities of Wright-Patterson Air Force Base—an ideal environment to innovate, scale and grow for decades to come.”

Electra’s investment will be supported by state and local incentives tied to job creation, workforce development, infrastructure readiness, and long-term manufacturing growth. An incentive package is being designed to support hundreds of new Ohio jobs over the coming years as Electra scales production in the region. The project will pursue a Job Creation Tax Credit from the Ohio Department of Development at a future Tax Credit Authority meeting. JobsOhio also plans to provide assistance with the project, which will be made public after a final agreement is executed.

The EL9 Ultra Short is designed to unlock Direct Aviation, a new category of air travel that connects people and places directly through point-to-point mobility using novel access points such as parking lots, barges, and sports fields. The aircraft is designed around Electra’s Rule of Six: access, quiet operations, payload, range, safety, and affordability. In 2025, the company secured $115 million in Series B funding to support pre-production and certification of the EL9 Ultra Short, led by Prysm Capital.

“This is a landmark moment for Electra and for aviation,” said Jay Park, Co-Founder and Managing Partner at Prysm Capital. “Building a new category of aircraft takes conviction at every step, and the Electra team has delivered on each one. We’re proud to be their partner as the EL9 goes from proving what’s possible to producing it.”

In May, Electra released the Direct Aviation Market Outlook, a nationwide analysis of U.S.-based travel. At the heart of this market are trips between 50 and 250 flying miles, where demand is both concentrated and largely unserved by existing aviation. Electra’s analysis found that meeting this demand will require between 12,000 and 16,000 aircraft between 2030 and 2040.

This announcement follows Electra and Safran Helicopter Engines’ life-of-program agreement to develop and produce the TG600 turbogenerator that will power the EL9 Ultra Short. The agreement includes an initial order for 250 units and establishes Safran’s TG600 as the core of the EL9’s hybrid-electric propulsion system.

Earlier this year, Electra and Bristow Group Inc. announced a Pre-Delivery Payment agreement with non-refundable deposits and binding terms and conditions aligned to commercial aviation industry standards, subject to aircraft certification, securing the first delivery slot for the EL9 Ultra Short hybrid-electric aircraft with the TG600.

Electra has also submitted the EL9 Ultra Short aircraft to the Federal Aviation Administration (FAA) for Part 23 type certification and anticipates a first flight scheduled for late 2027 or early 2028. The FAA recently closed the G-1 Issue Paper, formally establishing the certification basis for Electra’s EL9 Ultra Short aircraft and advancing the company toward the next phase of type certification.

“The first era of aviation began right here in the greater Dayton region,” Allen said. “It is fitting that aviation’s next era will be built here too — in Springfield and Clark County — where Electra will produce groundbreaking aircraft designed to transform the way people travel.”

Electra will also continue to operate parts of its business from its Manassas, Virginia facilities. Together, the two campuses will give Electra the structure, talent, and operating model needed to fuel its next chapter of growth. To learn more, visit electra.aero/ohiojobs.

About Electra

Electra.aero, Inc. (Electra) is an advanced air mobility (AAM) company building hybrid-electric Ultra Short airplanes that deliver unprecedented performance advantages to fly people and cargo seamlessly without airports, emissions, or noise. With the EL9 Ultra Short, Electra is pioneering Direct Aviation, the next level of connectivity that brings air travel closer to where we live, work, and play. Electra’s Ultra Short technology delivers 2.5x the payload and 10x longer range with 70% lower operating costs than helicopters and eVTOLs with significantly greater safety and far less certification risk.

Electra’s team includes some of the most respected and successful entrepreneurs and engineers in novel aircraft design, with over 40 prior aircraft successfully developed and/or certified. Lockheed Martin Ventures, Honeywell, and Safran are among Electra’s strategic investors along with Prysm Capital, the Virginia Innovation Partnership Corporation (VIPC), and other private investors. Electra’s contracted customers include the U.S. Air Force, the U.S. Army, the U.S. Navy, and NASA along with over 2,200 letters of intent from 60+ commercial customers, including both airlines and helicopter operators.

About JobsOhio 
JobsOhio, Ohio’s private nonprofit economic development corporation, enhances company growth and personnel development through business attraction, retention, and expansion across 10 competitive industry sectors. With a team of seasoned professionals, JobsOhio utilizes a comprehensive network to foster talent production in targeted industries and attract talent through Find Your Ohio. Collaborating with seven regional partners, including Dayton Development Coalition, Lake to River Economic Development, Ohio Southeast Economic Development, One Columbus, REDI Cincinnati, Regional Growth Partnership, and Team NEO. JobsOhio delivers world-class customer service to provide companies with a competitive advantage. In 2026 Ohio was named CNBC’s Top State for Business. Learn more at www.jobsohio.com. Follow us on LinkedIn, X , Instagram, and Facebook

Media Contacts:

Matthew Bowen
Vrge Strategies
matthew@vrge.us 

Matt Englehart
Englehart@jobsOhio.com
614-300-1152

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Introducing Harness Agent DLC: New Capabilities for the AI Agent Development Lifecycle

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Enterprises can now ship AI agents with the same governance, testing, and security they already trust for application code

SAN FRANCISCO, July 21, 2026 /PRNewswire/ — Harness, the AI Software Delivery Platform™ company, today announced it is extending its platform to cover the full AI Agent Development Lifecycle (DLC), giving enterprises a single set of pipelines and controls to build, test, deploy, and run agents the same way they already ship everything else.

Every enterprise is building AI agents, but most can’t get them past internal pilots or proofs of concept. According to Gartner®, “Only 8% of organizations have agentic AI in production.” The software delivery lifecycle enterprises trust for shipping application code hasn’t extended to agents yet, trapping the ROI of internal AI investments. Real innovation arrives once a company can run an agent live with the same trust and confidence it has in the rest of its software.

“When we started Harness, the vision was a safety harness for code,” said Jyoti Bansal, co-founder and CEO of Harness. “Until recently, that meant application code. Today it also means agentic code, written across engineering, product, sales, and support teams alike, each building agents for their own workflows. Everything you’ve done for software delivery over the last decade — governance, orchestration, security, testing — you can now do for agents in the same platform.”

Why AI agents break the traditional software delivery lifecycle

Traditional software works because it’s predictable. Application code is deterministic. Run the same test against the same code twice, and it produces the same result both times.

Agents don’t work that way: an agent’s underlying language model decides how to complete a task, and the same agent, given the same input, can choose a different tool or take a different action from one run to the next. A test that passes once offers no guarantee it will pass the next time. Incidents stop being reproducible on demand, which means the standard playbook for catching and fixing bugs doesn’t transfer either.

The stakes rise with the size of the business. A rogue agent can expose customer data, violate a compliance policy, or take an action nobody approved. Enterprises need a way to answer for what their agents are doing, and the traditional software delivery lifecycle was never built to give them one.

New Harness Agent DLC products and capabilities

Agent DLC closes the gap between building an agent and delivering it safely to production. Today’s launch includes five new products and capabilities spanning testing, deployment, operations, and governance:

Harness AI Evals make agent quality measurable, letting teams define eval datasets, wire up scoring functions, and set quality gates that automatically catch regressions whenever an agent or model changes.Agent Deployments extend the canary releases, approvals, and OPA guardrails that Harness already applies to Kubernetes deployments to managed agent runtimes like Amazon Bedrock AgentCore and Google’s Agent Runtime. Agents now ship through existing pipelines instead of a separate cloud-specific workflow.AI Configs support the release and management of prompts and model changes at runtime, backed by the same feature flagging infrastructure that already manages code releases. Teams can test what performs best and roll back instantly, without redeploying.AI Asset Catalog automatically discovers every agent, skill, and plugin built across an organization’s repositories and links each to an owner, so nothing ships or runs unaccounted for.Harness AgentTrace records what happens during a single agent run and across a full multi-step session, showing which path an agent took, where it slowed down, and how different models or prompts affect the outcome. Harness is also open-sourcing the foundational components behind AgentTrace, including harness-sdk and harness-evals, so developers can bring the same tracing primitives into their own AI applications.

In addition, existing Harness products already extend to agents without requiring any changes: Continuous Integration builds them like any other service, Artifact Registry tracks their versions and dependencies, AI Test Automation validates their responses in plain English criteria, and AI Cost Management extends spend visibility to every agent and model.

Securing the Agent DLC

Agents choose their own approach and path to get there, so their behavior is hard to predict and just as hard to secure. They expand their own attack surface by connecting to tools and APIs, spawning sub-agents, and inheriting trust from every model they touch. Static scans were never designed for this kind of risk. Harness is launching new security capabilities to close that gap.

Shift-left: constrain what agents can do before they ship.

Primitive Scanning flags misconfigurations in agent skills, prompts, and models.AIBOM captures every model, tool, and dependency an agent was built with.AI Testing runs agents against adversarial inputs and the OWASP Top 10 for LLMs.

Shield-right: enforce policy and maintain visibility once they’re live.

Agent Discovery and Posture Management continuously surfaces agents as they’re invoked, maps how they connect and orchestrate work, and assesses their posture across the organization.AI Firewall enforces policy in real time against prompt injection, tool misuse, and data exfiltration.

Together, these capabilities give Agent DLC a single audit trail from development to production.

Built on the Harness platform

Harness built context and intelligence directly into the platform with the Software Delivery Knowledge Graph, which captures and connects data from every stage of the delivery lifecycle, now spanning both applications and agents. Organizations relying on siloed tools don’t have that same connected view.

In June 2026, Harness introduced Autonomous Worker Agents, a platform for building and safely running AI agents inside software delivery pipelines. Worker Agents run as governed steps within those pipelines, covered by the same controls Harness already applies to every deployment.

Agent DLC extends that same context and governance across the full agent lifecycle. The pipelines, policies, approvals, and evidence that already apply to an organization’s code now apply to its agents too, so eval gates, deployment approvals, and security checks run as stages within a single pipeline, from the moment an agent is created through everything it does afterward.

Availability

Harness Agent DLC capabilities are rolling out now to Harness customers. For a full breakdown of what’s included at each stage of the lifecycle, visit https://www.harness.io/blog/introducing-harness-agent-dlc.

Gartner, Emerging Market Quadrant for AI Agent Development Platforms — Established Vendors, 8 June 2026. GARTNER is a trademark of Gartner, Inc. and/or its affiliates

About Harness

Harness is the AI Software Delivery Platform™ company, enabling engineering teams to build, test, and deliver software faster and more securely. Powered by Harness AI and the Software Delivery Knowledge Graph, the platform brings intelligent automation to every stage of the software delivery lifecycle after code — removing toil and freeing developers from manual, repetitive work. Companies like United Airlines, Morningstar, and Choice Hotels use Harness to accelerate releases by up to 75%, cut cloud costs by 60%, and achieve 10x efficiency across DevOps. Based in San Francisco, Harness is backed by Goldman Sachs, Menlo Ventures, IVP, Unusual Ventures, and Citi Ventures.

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VIVIFY Technology Hosts Governor Candidate Byron Donalds at South Florida Headquarters

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Delray Beach company demonstrates hydrogen energy platforms built to address Florida’s hurricane recovery, infrastructure growth, and data center demand

DELRAY BEACH, Fla., July 21, 2026 /PRNewswire/ — VIVIFY Technology today welcomed Florida Governor Candidate Byron Donalds to the company’s South Florida headquarters for a firsthand demonstration of its deployed hydrogen energy platforms: the HOG™ (Hydrogen Oxygen Generator), the CAT™ (Clean Air Technology) emissions control system, and the Flying Pig™, VIVIFY’s 1MW containerized hydrogen power unit.

The visit focused on the direct applications of VIVIFY’s technology to Florida’s most pressing infrastructure challenges: disaster recovery and hurricane resilience, power capacity for the state’s rapidly growing communities, and dedicated behind-the-meter energy for the data center build-out accelerating across the state.

The Flying Pig™ — a self-contained, 1MW hydrogen power system engineered for rapid deployment — is designed to be transported and operational within hours of arriving on site. In a post-storm environment, that means restoring critical power to Florida communities without waiting on grid repair timelines that can stretch for days or weeks.

“We didn’t build VIVIFY in Florida by accident,” said Jason Herring, Founder and CEO of VIVIFY Technology. “Hurricane season, the data center boom, communities being built faster than the grid can reach them: these are Florida realities. We built the answer here because the problem is here.”

Florida’s population growth has created compounding pressure on transmission infrastructure. New master-planned communities, industrial corridors, and data center campuses across the state are running into the same constraint: available grid capacity cannot keep pace with announced development. VIVIFY’s on-site hydrogen energy systems are engineered to close that gap, delivering dedicated power on the developer’s schedule rather than the utility’s.

“Every new community, every new data center, every growth corridor in this state runs into the same wall,” Herring said. “The grid can’t keep up. We built the technology that lets Florida build without waiting.”

Candidate Donalds toured the facility and engaged directly with VIVIFY’s engineering team and deployed systems.

“Hurricane recovery, new community development, the data center wave: these are the issues that define Florida’s future,” Candidate Donalds said. “The technology I saw today addresses every one of them.”

About VIVIFY Technology

VIVIFY Technology is a hydrogen energy company headquartered in South Florida. The company designs and develops hydrogen-based energy platforms — including its flagship Hydrogen Oxygen Generator™ (HOG™), the Clean Air Technology™ (CAT™) emissions control system, and the Flying Pig™ containerized power unit — engineered to deliver dependable, dedicated power for the most demanding infrastructure environments in operation today. Learn more at vivify-technology.com.

Forward-Looking Statements: This release contains forward-looking statements regarding VIVIFY Technology’s products, platforms, and intended performance. Forward-looking statements are subject to inherent uncertainty and reflect the company’s current expectations. Actual results may differ materially. The company undertakes no obligation to update any forward-looking statement except as required by law.

Media Contact
Ashley Stevenson, Chief Marketing Officer
ashley@vivify-technology.com

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