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WELL Provider Solutions Rebrands as ‘WELLSTAR’, Completes Two Tuck-in Acquisitions and Raises Private Capital to Support Its Pre-Spinout Phase of Growth

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WELL has rebranded its subsidiary WELL Provider Solutions Group to WELLSTAR Technologies Corp., a high growth, profitable, pure-play Software-as-a-Service or ‘SaaS’ healthcare technology company. WELLSTAR provides over 37,000 healthcare providers across Canada with high quality technology and services that significantly improve patient care.WELLSTAR has privately closed on a $50.4 million equity placement entirely supported by Mawer Investment Management, Edgepoint Wealth Management, and PenderFund Capital Management, alongside WELL and WELLSTAR management, to fund its pre-spinout growth objectives. WELL did not issue any shares as part of this transaction. All equity issuances discussed in this release relate to its WELLSTAR subsidiary.Concurrently, WELLSTAR also announces that it closed the acquisition of two healthcare technology companies for closing payments of $17.9 million in cash and $3.9 million in WELLSTAR subordinate voting shares. WELLSTAR’s proforma revenue, including these two acquisitions, is expected to be over $70 million in 2025 with EBITDA margins1 of approximately 20%.This investment values WELLSTAR at a pre-financing enterprise value of approximately $285 million. WELL is aiming to execute a ‘spinout’ of WELLSTAR before the end of 2025, which is anticipated to provide investors with a unique, pure-play investment opportunity in healthcare technology SaaS.

VANCOUVER, BC, Dec. 12, 2024 /CNW/ – WELL Health Technologies Corp. (TSX: WELL) (OTCQX: WHTCF) (the “Company” or “WELL”), a digital healthcare company focused on improving health outcomes by leveraging technology to empower healthcare providers and their patients globally, is pleased to announce the creation of WELLSTAR Technologies Corp. (“WELLSTAR”). WELLSTAR is a reorganization of WELL’s established WELL Provider Solutions Group (“WPS”), whose mission is to be the leading provider of healthcare technology solutions in Canada. WELLSTAR has been funded by way of a $50.4 million preferred share investment (the “Financing”) supported by three of Canada’s most prominent fund investors: Mawer Investment Management Ltd. (“Mawer”); Edgepoint Wealth Management Inc. (“Edgepoint”); and PenderFund Capital Management Ltd. (“PenderFund”).

Concurrent with the Financing, WELLSTAR closed two transactions to acquire complementary healthcare focused technology companies2 that are expected to add over $15 million in annualized revenue. These acquisitions are expected to bring WELLSTAR’s pro forma revenue to over $70 million for 2025, while maintaining strong gross margins of over 80% and EBITDA margins1 of approximately 20%. Furthermore, nearly 90% of WELLSTAR’s revenue is recurring SaaS revenue and will enable WELLSTAR to continue as a better-than ‘Rule of 40’ company.

WELL is aiming to execute a ‘spinout’ of WELLSTAR by the end of 2025. By separating WELLSTAR from WELL’s clinical operations, investors have the opportunity to directly invest in a high-growth healthcare technology company with a robust margin profile and strong expansion prospects.

“A pure-play SaaS and technology leader or ‘star’ is born. WELLSTAR is a high-performance company and disciplined capital allocator in healthcare SaaS,” said Hamed Shahbazi, Founder and CEO of WELL. “Today’s announcement and the incredible support we have received from some of Canada’s most esteemed technology investors demonstrates what we have been saying for some time now, which is that WELL’s technology platform is an exciting growth business which is set up to accelerate growth and drive higher margins for WELL on a consolidated basis. This strategic move reflects WELL’s commitment to unlocking shareholder value by surfacing the significant growth and market potential of its technology segment.”

About WELLSTAR

WELLSTAR (WELLSTAR.health) empowers healthcare providers with innovative technology and services to enhance patient care and operational efficiency. WELLSTAR offers a comprehensive suite of solutions tailored to meet the needs of healthcare providers, including: (i) Electronic Medical Records (EMR) software for primary care and specialist providers; (ii) Digital Health Apps including OceanMD and a suite of AI automation solutions, as well as the apps.health marketplace; and (iii) Medical billing and back-office solutions including revenue cycle management (RCM) and technology solutions. WELLSTAR’s comprehensive range of products and solutions are designed to streamline care delivery, integrate fragmented healthcare systems, reduce provider burnout, and improve patient healthcare experiences and outcomes. WELLSTAR serves over 37,000 healthcare providers across Canada, representing over one-third of all healthcare providers in the country who utilize at least one of WELLSTAR’s products, underscoring its extensive reach and trusted reputation in the industry. WELLSTAR stands out as a leader in Canada’s healthcare technology landscape as the third-largest provider of EMR solutions in the country and holds the country’s top position for e-referrals, digital health apps, and medical billing and RCM solutions.

WELLSTAR plans to continue to be active in M&A and has a deep pipeline of targets in the EMR, digital apps, billing, and clinical workflow technology solutions segments. WELLSTAR plans to deploy capital in an accretive manner while expanding the business and maintaining ‘Rule of 40’ metrics.

As the majority and controlling shareholder of WELLSTAR, WELL will continue to play a critical role in supporting WELLSTAR’s strategic initiatives. The operational relationship between WELL and WELLSTAR will remain unchanged, with the reorganization of WPS into WELLSTAR creating a more robust platform that will further enhance the capabilities and performance of WELL’s Canadian clinics network. This will enable WELL to better support its clinical operations while benefiting from the growth and market potential of WELLSTAR’s technology business.

Management and Governance of WELLSTAR

WELLSTAR will be led by Amir Javidan as CEO, a highly experienced technology operator who previously held executive roles at Avigilon and TIO Networks. Amir will be supported by Darren Hoegler as WELLSTAR’s Chief Financial Officer. Darren previously served in executive and senior level finance positions with MDA, Zymeworks, and Teekay. Darren joined WELL as of May 2022 and was appointed WELL’s SVP Finance and Chief Accounting Officer as of October 2023.

WELLSTAR’s management team will be supported by the WELLSTAR board of directors which includes Hamed Shahbazi, Chairman and CEO of WELL, who will also act as Chairman of WELLSTAR, alongside Amir Javidan and Ammar Shah, Vice President of Corporate Development and Strategy at WELL. Two additional board members are expected to be appointed in the near future, including an independent director selected by WELL and an independent director nominee selected by Mawer.

This leadership team brings a breadth of expertise and a shared vision to address the challenges and opportunities within the healthcare landscape.

Amir Javidan, CEO of WELLSTAR commented, “We are thrilled to embark on this next chapter as a purposeful and disciplined SaaS and services business which enables us to focus more intensely on transforming healthcare through innovative technology. With this transaction, we have a strong balance sheet and direct access to capital markets, enabling us to accelerate our acquisition growth strategy and deliver even greater value to healthcare providers and our shareholders. We are also very happy and proud to welcome over 80 new team members from the two healthcare software and technology tuck-ins. One company is a well-respected regional EMR and the other is a purely healthcare focused technology services company. Together, these two companies support over 1,500 healthcare clinics and physicians while maintaining high gross margins with subscription-like recurring revenues.”

Transaction Details

Pursuant to the Financing, WELLSTAR issued approximately $45 million of preferred shares to Mawer, EdgePoint, and Pender plus an additional $5.4 million of preferred shares to management of both WELLSTAR and WELL. WELL continues to maintain a significant majority of the economic and voting interest of WELLSTAR and expects this to be the case for the long term.

The preferred shares automatically convert into subordinate voting shares upon a qualifying IPO, RTO public listing, or alternative liquidity transaction. The preferred shares will not be entitled to dividends until 2026, after which they will accrue quarterly dividends at an increasing rate over time. These dividends will accrue as notional preferred shares until the occurrence of a liquidity event, redemption or other liquidation event in accordance with the terms of the preferred shares. The preferred shares will also be redeemable at the option of the holders at any time after December 31, 2026. WELL’s intention is for these preferred shares to experience a conversion event prior to the dividend payment period.

The use of proceeds from the Financing are to fund the acquisition of the two healthcare technology companies, and given that the businesses which have now been consolidated into WELLSTAR have been profitable for several years, additional proceeds from the Financing are anticipated to be dedicated towards future acquisitions and general corporate purposes.

The total consideration for the acquisition of the two healthcare technology companies is approximately $28 million, consisting of: (i) $17.9 million paid in cash from the proceeds of the Financing; (ii) $3.9 million paid in WELLSTAR subordinate voting shares; and (iii) $6.2 million paid in deferred consideration including anniversary payments and a multi-year earn-out. Collectively, the two acquisitions contributed approximately $15 million in annual revenues on a trailing 12-month basis with EBITDA margins1 of approximately 20%. Both companies were acquired at accretive purchase prices inclusive of earn-outs. One of the two tuck-ins is a control acquisition of 51% of a leading nationwide healthcare technology services company, while the other (a Canadian based regional EMR) is a full 100% acquisition. The Company has a call option to acquire the balance of the technology services company within 5 years post-closing for a defined purchase price.

As part of the Financing, WELLSTAR entered into various governance agreements with the Financing investors, including a shareholders agreement and a governance agreement, to grant standard investor rights to certain classes of shareholders until WELLSTAR ceases to be a private company.

WELL did not issue any shares as part of this transaction. All equity issuances discussed in this release relate to its WELLSTAR subsidiary.

Cormark Securities, Beacon Securities and Eight Capital acted as co-lead agents on behalf of a syndicate of agents with respect to the Financing, with Cormark Securities serving as the sole bookrunner.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.”

WELL HEALTH TECHNOLOGIES CORP. 

Per: “Hamed Shahbazi”
Hamed Shahbazi
Chief Executive Officer, Chair and Director  

About WELL Health Technologies Corp. 

WELL’s mission is to tech-enable healthcare providers. We do this by developing the best technologies, services, and support available, which ensures healthcare providers are empowered to positively impact patient outcomes. WELL’s comprehensive healthcare and digital platform includes extensive front and back-office management software applications that help physicians run and secure their practices. WELL’s solutions enable more than 38,000 healthcare providers between the US and Canada and power the largest owned and operated healthcare ecosystem in Canada with over 200 clinics supporting primary care, specialized care, and diagnostic services. In the United States WELL’s solutions are focused on specialized markets such as the gastrointestinal market, women’s health, primary care, and mental health. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and on the OTC Exchange under the symbol “WHTCF”. To learn more about WELL, please visit: www.well.company.   

Forward-Looking Statements  

This news release contains “Forward-Looking Information” within the meaning of applicable Canadian securities laws, including, without limitation: information regarding the WELL’s and WELLSTAR’s goals, the intention to consummate a public listing by the end of 2025, the expectation of generating certain revenue, gross margins and EBITDA margins as set out herein, the expectation that WELLSTAR will continue as a ‘Rule of 40’+ company, the anticipation that WELLSTAR will continue to be a high-growth healthcare technology company with strong expansion prospects, the plan to continue to be active in M&A and its ability to consummate on these opportunities, the belief that the reorganization will enable WELL to better support its clinical operations, the expectation that WELL will maintain a significant majority in the economic and voting interest of WELLSTAR, and that the reorganization will accelerate growth and drive higher margins for WELL on a consolidated basis. Forward-Looking Information is necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties, and contingencies. Forward-Looking Information generally can be identified by the use of forward-looking words such as “may”, “should”, “will”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe”, “goal” or “continue”, or the negative thereof or similar variations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors that may cause future results, performance, or achievements to be materially different from the estimated future results, performance or achievements expressed or implied by the Forward-Looking Information and the Forward-Looking Information is not a guarantee of future results or performance. WELL’s comments expressed or implied by such Forward-Looking Information are subject to a number of risks, uncertainties, and conditions, many of which are outside of WELL’s control, and undue reliance should not be placed on such information. Forward-Looking Information are qualified in their entirety by inherent risks and uncertainties, including: that capital markets decline to a point whereby an exit strategy is not feasible on economically favorable terms; WELLSTAR is unable to fund future growth; WELLSTAR is unable to negotiate and consummate future M&A acquisitions on favorable terms; direct and indirect material adverse effects from adverse market conditions; risks inherent in the primary healthcare sector in general; regulatory and legislative changes; litigation risk; that future results may vary from historical results; an inability to realize the expected benefits and synergies of acquisitions; that market competition may affect the business, results and financial condition of WELL and other risk factors identified in documents filed by WELL under its profile at www.sedarplus.ca, including its most recent Annual Information Form and its most recent Management, Discussion and Analysis. Except as required by securities law, WELL does not assume any obligation to update or revise any forward-looking information, whether as a result of new information, events or otherwise.  

This news release contains future-oriented financial information and financial outlook information (collectively, “FOFI”) about WELLSTAR’s expected increase in revenue, EBITDA1, and EBITDA margin1 on a post-closing basis, all of which are subject to the same assumptions, risk factors, limitations, and qualifications as set out in the above paragraphs. The actual financial results of WELLSTAR on a post-closing basis may vary from the amounts set out herein and such variation may be material. WELL and WELLSTAR and its respective management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is subjective and subject to numerous risks, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, WELL undertakes no obligation to update such FOFI. FOFI contained in this news release was made as of the date hereof and was provided for the purpose of providing further information about WELL and WELLSTAR’s anticipated future business operations on a post-closing basis. Readers are cautioned that the FOFI contained in this news release should not be used for purposes other than for which it is disclosed herein.

Footnotes:

Earnings before interest, taxes, depreciation and amortization (“EBITDA”) and EBITDA margin (EBITDA divided by revenue) are each Non-GAAP measures. EBITDA and EBITDA margin should not be construed as alternatives to net income/loss determined in accordance with International Financial Reporting Standards (“IFRS”). EBITDA does not have any standardized meaning under IFRS and therefore may not be comparable to similar measures presented by other issuers. The Company believes that EBITDA is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service future interest and principal debt repayments and fund future growth initiatives. For EBITDA reconciliation to Net income, please refer to the Company’s most recent Management Discussion and Analysis on sedarplus.ca. EBITDA margin is EBITDA as a percentage of total revenue.One of the two tuck-ins noted herein was a control acquisition of 51% and not a full acquisition. The company has a call option to acquire the balance of the company within 5 years.

 

SOURCE WELL Health Technologies Corp.

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Self-Driving Cars Market worth 51,213 thousand units in 2035 | MarketsandMarkets™

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November 2, 2026

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DELRAY BEACH, Fla., Nov. 2, 2026 /PRNewswire/ — According to MarketsandMarkets™, the Self-Driving Cars Market is projected to grow from 31,509 thousand units in 2026 and to reach 51,213 thousand units in 2035, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period.

Browse 250 market data Tables and 75 Figures spread through 300 Pages and in-depth TOC on ‘Self-Driving Cars Market’

Self-Driving Cars Market Size & Forecast:

Market Size Available for Years: 2022-20352026 Market Size: 31,509 thousand Units2035 Projected Market Size: 51,213 thousand UnitsCAGR (2026–2035): 5.5%

Self-driving Cars Market Trends & Insights:

Personal mobility is estimated to hold the largest share during the forecast period.The Level 3 segment is to witness the fastest growth in the self-driving cars market during the forecast period.North America is expected to grow significantly during the forecast period.

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Self-driving cars are progressing from controlled testing toward commercial deployment, supported by advances in AI, computing architecture, and vehicle automation. The commercial operation of Level 4 robotaxis in multiple cities is accelerating investment in autonomous driving technologies, including perception, sensor fusion, decision-making software, and high-performance computing. These developments are also influencing passenger vehicle programs, where automakers are expanding Level 2+ driver assistance and developing new off-driving capabilities. Over the next few years, progress in AI models, simulation-based validation, and sensor integration is expected to improve system performance and support the wider deployment of automated driving across vehicle segments. Volkswagen is developing localized AI driving solutions in China through its CARIZON joint venture with Horizon Robotics, aligning its technology strategy with local market requirements. These strategies reflect a broader shift toward controlling software development, computing costs, and system integration. The competitive advantage will depend on how effectively automakers scale validated driving functions across vehicle portfolios, improve affordability, and meet regional regulatory requirements without compromising safety performance.

Hyundai Motor Group Builds an AI Data Strategy to Accelerate Self-driving Technology

In September 2026, Hyundai Motor Group activated its Data Flywheel strategy, linking real-world driving data collection, AI training, simulation, validation, and software deployment. The group is targeting NVIDIA-based Level 2+ production vehicles in the first half of 2028 and Level 2++ vehicles in the second half of 2028, followed by proprietary Atria AI-powered Level 2++ vehicles in the second half of 2029.Hyundai’s two-track strategy allows it to deploy technology developed with NVIDIA while continuing to develop its own end-to-end Atria AI system through 42dot. By standardizing sensor systems across Hyundai, Kia and its technology subsidiaries, the group aims to improve data consistency and software reuse across vehicle platforms. This approach can reduce duplicated development efforts and accelerate the identification of difficult driving scenarios, although the commercial advantage will depend on translating larger data volumes into measurable safety and performance improvements.

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Personal mobility is estimated to hold the largest share during the forecast period.

Personal mobility is emerging as a commercial opportunity in the self-driving cars market, as OEMs focus on making automated driving a practical feature that improves convenience and strengthens premium vehicle differentiation. According to China’s Ministry of Industry and Information Technology, 69.15% of passenger cars sold in January and February 2026 had Level 2 driving assistance, up 10 percentage points year on year. The US National Highway Traffic Safety Administration (NHTSA) added pass or fail assessments for advanced driver assistance systems to its New Car Assessment Program, encouraging automakers to improve safety features that protect drivers and pedestrians. The near-term opportunity lies in expanding assisted driving capabilities across urban roads and highways, while improving the reliability of AI-based perception, navigation, and decision-making. In January 2026, Mercedes-Benz presented MB. DRIVE ASSIST PRO on the new CLA, combining navigation with Level 2 driving assistance for supported urban journeys, with the system already available in China and a US launch planned for later in 2026. The development highlights how OEMs are leveraging automated driving capabilities to enhance the vehicle ownership experience and create opportunities for software-based feature upgrades. For automakers, the competitive advantage depends on delivering reliable automation across more vehicle models and price points, turning driving convenience into a stronger purchase incentive.

The Level 3 segment is to witness the fastest growth in the self-driving cars market during the forecast period.

The Level 3 segment is expected to be the fastest-growing segment in the self-driving cars market as automakers move beyond Level 2 driver assistance toward conditional automation. Adoption remains concentrated in specific driving conditions because Level 3 systems must operate within defined conditions and transfer control back to the driver when required. For instance, in December 2025, China approved its first two Level 3 passenger car models from Changan Automobile and BAIC’s ARCFOX brand. The Changan model was approved for operation during highway traffic congestion at speeds of up to 50 km/h on designated roads in Chongqing, while the ARCFOX model was permitted to operate at speeds of up to 80 km/h on designated roads in Beijing. These restricted approvals show that Level 3 deployment is progressing through controlled operating conditions rather than unrestricted use. Automakers that align system capabilities with approved road conditions and reliable driver handover requirements will be better positioned to expand Level 3 passenger car offerings.

North America is expected to grow significantly during the forecast period.

North America is strengthening its position in the self-driving cars market as automakers expand AI-based driving assistance and autonomous mobility programs. A key focus is extending automation to complex urban environments while maintaining driver supervision in passenger vehicles. In May 2026, Stellantis partnered with Wayve to integrate Wayve’s AI Driver into its STLA Auto Drive platform, targeting supervised, hands-free driving across urban and highway routes, with North American deployment planned from 2028. In a separate development, Volkswagen Group’s MOIA America partnered with Uber to introduce autonomous ID. Buzz vehicles in Los Angeles, with on-road testing and plans to launch ride-hailing services by the end of 2026. The two initiatives highlight distinct development paths in the region: integrating AI-powered driving capabilities into passenger vehicle platforms and deploying autonomous electric vehicles for commercial mobility services. Progress will depend on system validation, regulatory approvals, operational safety, and the ability to handle diverse traffic conditions.

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Top Companies in Self-Driving Cars Market:

The Top Companies in Self-Driving Cars Market are Toyota Motor Corporation (Japan), Volkswagen Group (Germany), BYD Co., Ltd. (China), Stellantis (Netherlands), and Hyundai Motor Group (South Korea).

Self-driving Cars Market – Investment and Funding Scenario

Investment Funding Context

The global self-driving cars market is projected to reach 51,213 thousand units by 2033, from 31,509 thousand units in 2026, at a CAGR of 5.5% during 2026–2035. Growth will be supported by AI-based perception, sensor fusion, and software-defined vehicle architecture. Automakers should prioritize scalable automation platforms, cost optimization, and software integration to strengthen competitiveness and capture future demand.

Revenue Shift Context

Revenue in the global self-driving cars market is shifting toward higher-value ADAS hardware, AI-powered driving software, and advanced perception systems, including cameras, radar, LiDAR, and high-performance computing platforms. Growing adoption of Level 2 and Level 2+ systems is driving demand for sensor fusion, driver monitoring, and hands-free driving capabilities. Additional revenue opportunities are emerging from software licensing, over-the-air upgrades, and technology partnerships. For instance, in February 2026, Waymo raised USD 16 billion to expand its autonomous ride-hailing operations and accelerate technology development. This investment highlights growing capital allocation toward scalable AI-driven autonomy and commercial deployment. Consequently, market value creation is increasingly driven by advanced technology content per vehicle, software monetization, and autonomous mobility services rather than vehicle volumes alone.

Mergers and Acquisitions

From September 2025 to September 2026, eight notable strategic transactions involving major self-driving cars market players were identified, including partnerships, funding rounds, technology agreements, and collaborations. The transactions mainly focused on autonomous driving software development, AI-powered vehicle systems, robotaxi expansion, advanced sensor technologies, and commercialization of self-driving solutions.

SELF-DRIVING CARS MARKET: MERGERS AND ACQUISITIONS, SEPTEMBER 2025 – SEPTEMBER 2026

Month & Year

Deal Type

Company 1

Company 2

Description

September 2026

Agreement

Mercedes-Benz Group AG (Germany)

Wayve (UK)

Mercedes-Benz (Germany) and Wayve (UK) signed an agreement to integrate Wayve’s autonomous driving system into future Mercedes-Benz vehicles, with deployment expected to begin within two years.

July 2026

Partnership

Ford (US)

Apple (US)

Ford (US) partnered with Apple (US) to integrate Apple Maps navigation into Ford’s next-generation Universal Electric Vehicle platform, providing drivers with navigation and route planning capabilities through Apple Maps.

July 2026

Partnership

BMW Group (Germany)

Qualcomm (US)

Qualcomm made an agreement with BMW to supply Snapdragon Digital Chassis solutions for BMW’s future vehicle platforms. The agreement covers cockpit processors, automated driving chips, and AI accelerators for BMW’s next-generation digital and advanced driver assistance systems.

July 2026

Partnership

Waymo LLC (US)

Hyundai Motor Group

Hyundai Motor (South Korea) and Waymo (US) partnered to test Hyundai IONIQ 5 vehicles equipped with Waymo’s sixth-generation Waymo Driver. The test began with an autonomous specialist onboard and is intended to validate the system ahead of fully autonomous operations.

April 2026

Joint Venture

Volkswagen AG (Germany)

Horizon Robotics (China)

Volkswagen partnered with Horizon Robotics through their CARIZON joint venture to develop automated driving solutions for the Chinese market. The joint venture integrates CARIZON’s ADAS solution into Volkswagen vehicles, including the ID. AURA T6.

March 2026

Partnership

BYD (China)

NVIDIA (US), BYD (China), Geely (China), Isuzu (Japan), and Nissan (Japan)

BYD partnered with NVIDIA, Geely, Isuzu, and Nissan to adopt its Hyperion platform for Level 4 autonomous vehicle programs. The platform integrates compute, sensors, networking, and safety systems to support development and deployment of Level 4 autonomous vehicles.

January 2026

Partnership

Mercedes-Benz Group AG (Germany)

NVIDIA Corporation (US), Uber (US)

Mercedes-Benz (Germany), NVIDIA (US), and Uber partnered to develop a global robotaxi platform. The platform will integrate Mercedes-Benz’s MB. OS with NVIDIA’s autonomous driving technologies, enabling highly automated driving applications while allowing Mercedes-Benz to retain control of its core vehicle software.

September 2025

Partnership

Waymo LLC (US)

Lyft (US)

Waymo (US) partnered with Lyft (US) to bring fully autonomous ride-hailing services to Nashville. Waymo will provide autonomous driving technology, while Lyft’s Flexdrive subsidiary will support vehicle fleet management.

Company Revenue Share Details

The top five players are estimated to account for approximately 41%–46% of the self-driving cars market, indicating a moderately concentrated competitive landscape with strong competition among established automotive manufacturers. Leading players such as Toyota Motor Corporation (Japan), Volkswagen AG (Germany), BYD Company Limited (China), Stellantis N.V. (Netherlands), and Hyundai Motor Company (South Korea) are expanding their autonomous driving capabilities across passenger vehicle platforms. Their strategies include ADAS integration, AI-powered driving software, sensor fusion, automated driving platforms, and partnerships with autonomous technology providers to enhance vehicle safety, improve driving automation, and accelerate commercialization across global markets.

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Autonomous Driving Software Market

Autonomous Vehicle Sensor Market

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Q-Ball Intelligence launches to bring Predictive Intelligence into the AI era

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November 2, 2026

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19 years of predictive research, backed by a nine-year real-world investment record returning 235.19%

SAN FRANCISCO, Nov. 2, 2026 /PRNewswire/ — Q-Ball Intelligence today announces its launch as a new AI-native Predictive Intelligence venture, building on nearly two decades of research and practical applications dating back to 2007.

The company is developing a new generation of artificial intelligence capable of identifying emerging signals, recognising patterns and anticipating future developments moving beyond analysing what has happened to understanding what is likely to happen next.

The research behind Q-Ball has already been applied in practice. Between 17 February 2016 and 17 February 2025, a Q-Ball-informed investment portfolio delivered a cumulative return of 235.19%.

For comparison, the portfolio analysis shows returns of 129.86% for OMX Stockholm All-Share Gross Index (OMXSGI), representing the broader Swedish equity market, and 106.55% for OMX Stockholm 30 Index (OMXS30) over the same period. This represents an outperformance of 105.33 and 128.64 percentage points respectively.

The nine-year investment record provides a tangible example of the practical application of predictive research developed under the leadership of Assistant Professor Peter Majanen. It represents an actual investment portfolio record rather than a simulated backtest.

From analysing information to anticipating change

Most analytical systems are designed to process information, identify historical trends and explain developments that have already taken place.

Q-Ball is pursuing a different objective: recognising the signals and changing expectations that may reveal what comes next.

Its predictive methodology connects information, expectations, emerging patterns and momentum with potential catalysts and future outcomes. The objective is to translate complex information into structured, measurable forecasts.

The underlying research originated in 2007 and has evolved through nearly two decades of development and practical application. Q-Ball Intelligence represents the next stage: transforming this foundation into a scalable technology platform designed for international markets.

Building a new Predictive Intelligence platform

Q-Ball is developing an AI-native platform designed to identify relevant signals, assess emerging developments, generate structured forecasts and measure predictions against actual outcomes.

The company’s approach places particular emphasis on understanding changes in expectations and behaviour, rather than relying exclusively on historical data and conventional trend analysis.

By combining predictive methodology with AI-driven analysis, Q-Ball aims to create technology that helps organisations and individuals anticipate change, assess opportunities and make better-informed decisions.

An important part of the development philosophy is accountability: predictions should be structured, time-stamped and evaluated against what actually happens. This creates a foundation for continuous measurement, refinement and learning.

Applications across multiple markets

Q-Ball Intelligence is developing its technology for institutional and commercial customers, with additional applications across financial markets, sports and gaming.

Initial areas of focus include:

Enterprise Predictive Intelligence helping organisations anticipate market developments, changing conditions, emerging risks and strategic opportunities.

Financial Markets developing predictive intelligence for equities and financial markets, identifying emerging patterns and assessing the probability of potential market developments.

Sports and Gaming applying predictive models to sporting outcomes, competitive environments and gaming-related markets.

The company is building these applications on a shared predictive foundation, extending its core intelligence capabilities across different markets and customer segments.

A new chapter for predictive intelligence

“Prediction is not about knowing the future. It is about understanding the present well enough to recognize what the future is beginning to become,” says Peter Majanen, Founder and Chief Predictive Intelligence Architect.

Q-Ball Intelligence aims to establish Predictive Intelligence as a distinct category within the evolving AI landscape moving beyond systems that primarily describe the world towards technology designed to anticipate how it may change.

With research foundations dating back to 2007, the company now enters a new phase focused on technology development, commercialisation and international expansion.

Q-Ball Intelligence Predicting What Comes Next.

About Q-Ball Intelligence

Q-Ball Intelligence is an AI-native Predictive Intelligence venture developing technology designed to identify emerging signals, recognise patterns and anticipate future developments.

Its foundations combine predictive research, proprietary analytical methodology and practical applications developed since 2007. The company is focused on transforming this foundation into a scalable predictive intelligence platform for institutional, commercial and consumer applications.

Website: www.qballintel.com

Press contact:
Richard Sjoberg
Q-Ball Intelligence
press@qballintel.com
www.qballintel.com

Historical performance disclosure: The portfolio return of 235.19% relates to the period 17 February 2016 to 17 February 2025. Benchmark figures are based on Avanza data for OMX Stockholm All-Share Gross Index (OMXSGI) and OMX Stockholm 30 Index (OMXS30) over the same period. Historical performance is not indicative of future results. The historical portfolio performance should not be interpreted as performance generated by the new Q-Ball Intelligence platform or as a guarantee of future investment outcomes.

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Technology

NAPCO Security Technologies, Inc. Reports Fiscal Q1 2027 Results

Published

2 minutes ago

on

November 2, 2026

By

AMITYVILLE, N.Y., Nov. 2, 2026 /PRNewswire/ — NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the leading manufacturers and designers of high-tech electronic security equipment, wireless communication devices for intrusion and fire alarm systems and the related recurring service revenues as well as a provider of school safety solutions, today announced financial results for its first quarter of fiscal year 2027.  Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.  

First Quarter 2027 Financial Results as Compared to First Quarter 2026

Net revenue increased 1.7% to a First Quarter record $50.0 millionRecurring service revenue (“RSR”) increased 11.5% to a Quarterly record $26.1 million, with over 90% gross marginRSR has a prospective annual run rate of approximately $106 million based on October 2026 recurring service revenuesEquipment revenue decreased 7.3% to $23.9 millionGross profit margin increased to 58.7.% vs 56.6% in prior fiscal year quarterNet Income increased 6.9% YoY to a First Quarter record $13.0 millionDiluted Net Income per share increased 5.9% to $0.36Non-GAAP Adjusted EBITDA increased 3.8% to a First Quarter record $15.5 million with an Adjusted EBITDA Margin of 31.0%, compared to $14.9 million with an Adjusted EBITDA Margin of 30.4% in the prior fiscal year quarterThe board declared a quarterly dividend of $.17 per share, payable on January 4, 2027, to shareholders of record on December 14, 2026.

Kevin Buchel, CEO and President, commented, “Our Fiscal Q1 performance reflects continued positive financial results. We achieved record Q1 revenue of $50.0 million and record Q1 Adjusted EBITDA of $15.5 million, which was bolstered by our recurring service revenue. Our RSR continues to deliver gross margins of over 90% and has a prospective run rate of approximately $106 million, a $3 million increase from the run rate we reported in July 2026. While equipment revenue declined year-over-year, the decrease was driven by two locking distributors reducing their purchases during the quarter. Importantly, sell-through at both distributors grew year-over-year and strengthened meaningfully on a sequential basis. We view sell-through as the truest indicator of end-market demand, and these trends reinforce our confidence in the underlying health of the business.

We are pleased to continue our dividend program of which the quarterly dividend will be $0.17 per share, which will be paid on January 4, 2027, to shareholders of record on December 14, 2026.”

Three months ended September 30, 

(dollars in thousands)

% Increase/

Financial Highlights

2026

2025

(decrease)

GAAP Results

Net Revenue

$

49,980

$

49,168

1.7

%

Gross Profit

$

29,352

$

27,846

5.4

%

Gross Profit Margin

58.7

%

56.6

%

Operating Income

$

14,117

$

13,643

3.5

%

Net Income

$

13,009

$

12,165

6.9

%

Diluted Earnings Per Share

$

0.36

$

0.34

5.9

%

Non-GAAP Results

Adjusted EBITDA

$

15,509

$

14,942

3.8

%

Adjusted EBITDA Margin

31.0

%

30.4

%

Adjusted EBITDA Per Share

$

0.43

$

0.42

2.4

%

Free Cash Flows

$

2,317

$

11,444

(79.8)

%

Free Cash Flows Margin

4.6

%

23.3

%

Conference Call Information

Management will conduct a conference call at 11 a.m. ET today, November 2, 2026, and in order to participate please go to the Investor Relations section of the Company website at https://investor.napcosecurity.com/events-presentations or choose https://app.webinar.net/ndlaQ1yQy3W. Alternatively, interested parties may participate in the call by dialing (US) 1-800-836-8184 or (International) 1-646-357-8785.  A replay of the webcast will be available on the Investor Relations section of the Company’s website.

About NAPCO Security Technologies, Inc.

NAPCO Security Technologies, Inc., is one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a provider of school safety solutions, The Company consists of four Divisions: NAPCO, plus three wholly owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Headquartered in Amityville, New York, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additional information on NAPCO, please visit the Company’s web site at http://www.napcosecurity.com.

Safe Harbor Statement

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, but are not limited to, statements relating to supply chain challenges and developments; the growth of recurring service revenues and annual run rate; the strength of our balance sheet; our expectations regarding future results; the introduction of new access control and locking products; the opportunities for school security products; the opportunities for fire alarm products; and our ability to execute our business strategies. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements because of certain factors, including those risk factors set forth in the Company’s filings with the Securities and Exchange Commission, such as our annual report on Form 10-K and quarterly reports on Form 10-Q. Other unknown or unpredictable factors or underlying assumptions subsequently proved to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.

*Non-GAAP Financial Measures

Certain non-GAAP measures are included in this press release, including non-GAAP operating income, non-GAAP net income, non-GAAP net income per share (diluted), non-GAAP net income margin, Adjusted EBITDA, Adjusted EBITDA per share (diluted), Adjusted EBITDA per share margin, Free Cash Flow and Free Cash Flow margin. We define non-GAAP net income as GAAP net income plus litigation settlement costs. We define Adjusted EBITDA as GAAP net income plus income tax expense, less net interest income (expense), stock-based compensation, non-recurring legal expenses, litigation settlement costs, and depreciation and amortization expenses.  Non-GAAP net income margin is non-GAAP net income divided by revenue. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. We define Free Cash Flow (FCF) as net cash provided by operating activities less capital expenditures. FCF margin is the FCF divided by revenue. These non-GAAP measures are provided to enhance the user’s overall understanding of our financial performance. By excluding these charges our non-GAAP results provide information to management and investors that is useful in assessing NAPCO’s core operating performance and in comparing our results of operations on a consistent basis from period to period. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as Adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. The presentation of this information is not meant to be a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliation of GAAP to non-GAAP financial measures set forth above.

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 2026

June 30, 2026

(in thousands, except share data)

Assets

Current Assets

Cash and cash equivalents

$

123,882

$

126,928

Marketable securities

10,734

10,637

Accounts and other receivable, net of allowance for credit losses of $129 and $101 as of

September 30, 2026 and June 30, 2026, respectively

29,248

35,975

Inventories

34,130

30,118

Income tax receivable

1,523

—

Prepaid expenses and other current assets

3,838

4,325

Total Current Assets

203,355

207,983

Inventories – non-current

9,195

9,256

Property, plant and equipment, net

9,202

9,238

Intangible assets, net

2,919

2,990

Deferred income taxes

1,777

4,105

Operating lease – Right-of-use asset

4,838

4,906

Other assets

185

190

Total Assets

$

231,471

$

238,668

Liabilities and Stockholders’ Equity

Current Liabilities

Accounts payable

$

7,749

$

6,925

Accrued expenses

9,275

8,546

Accrued litigation costs

—

16,000

Accrued salaries and wages

5,036

4,484

Dividends payable

6,081

5,365

Accrued income taxes

—

1,134

Total Current Liabilities

28,141

42,454

Accrued income taxes

—

33

Operating lease liability

5,142

5,179

Total Liabilities

33,283

47,666

Commitments and Contingencies (Note 13)

Stockholders’ Equity

Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 39,883,051 shares

issued; and 35,768,437 shares outstanding as of both September 30, 2026 and June 30, 2026,

respectively.

399

399

Additional paid-in capital

25,628

25,355

Retained earnings

228,331

221,403

Treasury Stock, at cost, 4,114,614 shares as of both September 30, 2026 and June 30, 2026

(56,315)

(56,315)

Accumulated other comprehensive income

145

160

Total Stockholders’ Equity

198,188

191,002

Total Liabilities and Stockholders’ Equity

$

231,471

$

238,668

 

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months ended September 30, 

2026

2025

(in thousands, except for share and per share data)

Revenue:

Equipment revenue

$

23,850

$

25,739

Service revenue

26,130

23,429

Total revenue

49,980

49,168

Cost of Revenue:

Cost of equipment revenue

18,043

19,046

Cost of service revenue

2,585

2,276

Total cost of revenue

20,628

21,322

Gross Profit

29,352

27,846

Operating Expenses:

Research and development

4,053

3,240

Selling, general, and administrative

12,182

10,963

Litigation settlement

(1,000)

—

Total operating expenses

15,235

14,203

Operating Income

14,117

13,643

Other Income:

Interest income, net

1,117

854

Other income, net

115

138

Income before Provision for Income Taxes

15,349

14,635

Provision for Income Taxes

2,340

2,470

Net Income

$

13,009

$

12,165

Income Per Share:

Basic

$

0.36

$

0.34

Diluted

$

0.36

$

0.34

Weighted Average Number of Shares Outstanding:

Basic

35,768,000

35,658,000

Diluted

35,881,000

35,865,000

 

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Three Months ended September 30, 

2026

2025

(in thousands)

Cash Flows from Operating Activities

Net Income

$

13,009

$

12,165

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

540

570

Realized gain on sales of marketable securities

(114)

(92)

Charge (recovery) of credit losses

28

(1)

Change to inventory reserve

(109)

(354)

Deferred income taxes

2,328

1,681

Stock-based compensation expense

273

309

Changes in operating assets and liabilities:

Accounts and other receivable

6,699

(561)

Inventories

(3,842)

(177)

Prepaid expenses and other current assets

487

(305)

Income tax receivable

(1,523)

(1,993)

Other assets

5

4

Accounts payable, accrued expenses, accrued litigation costs, accrued salaries and wages,

accrued income taxes

(15,031)

391

Net Cash Provided by Operating Activities

2,750

11,637

Cash Flows from Investing Activities

Purchases of property, plant, and equipment

(433)

(193)

Purchases of marketable securities

(3,570)

(2,540)

Proceeds from sales of marketable securities

3,572

8,407

Net Cash (Used In) Provided by Investing Activities

(431)

5,674

Cash Flows from Financing Activates

Dividends paid

(5,365)

(4,992)

Net Cash Used in Financing Activities    

(5,365)

(4,992)

Net (decrease) increase in Cash and Cash Equivalents

(3,046)

12,319

Cash and Cash Equivalents – Beginning

126,928

83,081

Cash and Cash Equivalents – Ending

$

123,882

$

95,400

Supplemental Cash Flow Information

Income taxes paid, net of refunds received

$

2,701

$

3,104

Non-Cash Investing and Financing Transactions

Dividends declared and not paid

$

6,081

$

4,992

 

NAPCO SECURITY TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA*

(unaudited)

(in thousands, except share and per share data)

Non-GAAP Adjustments

Litigation

Tax

GAAP

Settlement

Adjustments (1)

Non-GAAP

Three months ended September 30, 2026

Revenue

$

49,980

$

—

$

—

$

49,980

Gross Profit

29,352

—

—

29,352

Operating Expenses

15,235

1,000

—

16,235

Operating Income

14,117

(1,000)

—

13,117

Net Income

13,009

(1,000)

108

12,117

Non-GAAP adjusted net income margin

24.2

%

Non-GAAP adjusted net income per share – diluted

$

0.34

Three months ended September 30, 2025

Revenue

$

49,168

$

—

$

—

$

49,168

Gross Profit

27,846

—

—

27,846

Operating Expenses

14,203

—

—

14,203

Operating Income

13,643

—

—

13,643

Net Income

12,165

—

—

12,165

Non-GAAP adjusted net income margin

24.7

%

Non-GAAP adjusted net income per share – diluted

$

0.34

Three months ended September 30,

2026

2025

Denominator:

Weighted average shares outstanding

Basic, as reported

35,768,000

35,658,000

Effect of Dilutive Securities

113,000

207,000

Diluted, (Denominator)

35,881,000

35,865,000

1.

The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

 

NAPCO SECURITY TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA*

(unaudited)

(in thousands, except share and per share data)

Three months ended September 30, 

2026

2025

Non-GAAP adjusted EBITDA:

Net income, as reported

$

13,009

$

12,165

Interest income, net

(1,117)

(854)

Provision for income taxes

2,340

2,470

Depreciation and amortization

540

570

Non-GAAP EBITDA

14,772

14,351

Adjustments:

Stock based compensation

273

309

Nonrecurring legal expense(1)

1,464

282

Litigation settlement(2)

(1,000)

—

Total adjustments

737

591

Non-GAAP adjusted EBITDA

$

15,509

$

14,942

Non-GAAP adjusted EBITDA margin

31.0

%

30.4

%

Non-GAAP per share data:

Non-GAAP adjusted EBITDA per share – diluted

$

0.43

$

0.42

Denominator:

Weighted average shares outstanding

Basic, as reported

35,768,000

35,658,000

Effect of Dilutive Securities

113,000

207,000

Diluted, (Denominator)

35,881,000

35,865,000

1.

Nonrecurring Legal Expenses, which are net of any insurance reimbursements, are legal fees that are determined not to be of a normal recuring nature and expenses necessary to operate the business

2.

Litigation settlement costs, which are net of any insurance reimbursements, were determined not to be of a recurring nature and costs that are not in the normal cost of business or necessary to operate the business

 

Three months ended September 30, 

(dollars in thousands)

2026

2025

Free cash flow:

Net Cash Provided by Operating Activities

$

2,750

$

11,637

Less: Purchases of property, plant, and equipment

(433)

(193)

Free Cash Flow(1)

$

2,317

$

11,444

Free Cash Flow Margin(1)

4.6

%

23.3

%

1.

Free cash flow is calculated as net cash provided by operating activities less capital expenditures. Free cash flow margin is the free cash flow divided by revenue.  

Contacts:
Francis J. Okoniewski
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
Office 800-645-9445 x 374
Mobile 516-404-3597
fokoniewski@napcosecurity.com

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SOURCE NAPCO Security Technologies, Inc.

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