Connect with us

Technology

VOXX International Announces Filing of Quarterly Report on Form 10-Q and Results for Fiscal 2025 Third Quarter; Company also Announces Merger Regulatory Approvals

Published

1 year ago

on

ORLANDO, Fla., Feb. 7, 2025 /PRNewswire/ — VOXX International Corporation (NASDAQ: VOXX) (“VOXX” or the “Company”), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, as well as strategic joint ventures including biometrics, today announced that it has filed its Quarterly Report (the “Quarterly Report) on Form 10-Q for the period ended November 30, 2024 (the “Form 10-Q”) with the Securities and Exchange Commission (“SEC”).

As previously reported, the Company was unable to timely file the Form 10-Q for its 2025 fiscal third quarter. The delay was primarily related to the Company’s entry into an Agreement and Plan of Merger with Gentex Corporation (“Gentex”) on December 17, 2025, which caused the Company, in conjunction with its triggering events review, to test its goodwill, other intangible assets and other long-lived assets for impairment, thereby delaying its ability to timely file. On January 28, 2025, the Company received a letter  from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market (“Nasdaq”) stating that because the Company had not yet filed the Form 10-Q, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the SEC.  Based upon today’s filing of the Form 10-Q, the Company expects to receive notification from Nasdaq that it has regained compliance with Rule 5250(c)(1). 

Fiscal 2025 and Fiscal 2024 Third Quarter Comparisons

As contained in the  Form 10-Q, the Company’s Fiscal 2025 third quarter compared with the Fiscal 2024 third quarter as follows:

Total net sales of $105.2 million compared to $135.3 million, down $30.1 million or 22.2%, with declines in both the Automotive Electronics and Consumer Electronics segments as a result of economic, retail and OEM manufacturing conditions, along with asset sales during Fiscal 2025.Gross margin of 21.2% compared to 26.9%, down 570 basis points, driven by $7.0 million in inventory write-downs both in the Automotive Electronics and Consumer Electronics segments.Total operating expenses of $76.6 million, up $42.5 million; principally driven by non-cash charges of $44.3 million (including goodwill impairment charges of $28.2 million and intangible asset impairment charges of $16.1 million). Excluding impairment charges, total operating expenses of $32.3 million declined by $1.8 million, an improvement of 5.2% from the prior fiscal year quarter.Net loss attributable to VOXX International Corporation of $44.0 million compared to net income attributable to VOXX International Corporation of $1.9 million.Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) loss of $40.8 million compared to EBITDA of $6.5 million. Adjusted EBITDA loss of $4.7 million compared to Adjusted EBITDA of $8.0 million.

Fiscal 2025 and Fiscal 2024 Nine-Month Comparisons

As contained in the Company’s Form 10-Q, the Company’s nine-month period ended November 30, 2025 compared to the corresponding prior year period as follows:

Total net sales of $289.3 million compared to $360.8 million, down $71.5 million or 19.8%, with declines both in the Automotive Electronics and Consumer Electronics segments.Gross margin of 24.3% compared to 25.6%, down 130 basis points, including the impact of inventory write-downs taken in Fiscal 2025 third quarter.Total operating expenses of $140.9 million, up $30.7 million, principally due to non-cash charges of $44.3 million in the Fiscal 2025 third quarter. Excluding impairment charges, total operating expenses of $96.6 million declined by $13.6 million, an improvement of 12.3%.Total other income, net of $13.1 million compared to total other expense, net of $5.9 million.Net loss attributable to VOXX International Corporation of $50.8 million compared to net loss attributable to VOXX International Corporation of $19.9 million.Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) loss of $37.5 million compared to EBITDA loss of $6.5 million. Adjusted EBITDA loss of $10.4 million compared to Adjusted EBITDA of $3.0 million.

Selected Balance Sheet Data
As of November 30, 2024, the Company had cash and cash equivalents of $6.3 million as compared to cash and cash equivalents of $11.0 million as of February 29, 2024. Total debt as of November 30, 2024 was $18.8 million, which consists of $15.0 million outstanding on the Company’s Domestic Credit Facility and $3.8 million outstanding on the shareholder loan payable to Sharp Corporation. Total debt as of February 29, 2024 was $73.3 million. Total long-term debt, net of debt issuance costs was $14.5 million as of November 30, 2024 as compared to $71.9 million as of February 29, 2024, an improvement of $57.4 million.

Given the Company’s proposed merger transaction with Gentex, the Company is not hosting a conference call to discuss its Fiscal 2025 third quarter financial results.

Proposed Gentex Transaction – Anti-Trust Clearance
The Company today announced that the waiting period with respect to the proposed merger transaction with Gentex under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR Act”), expired at 11:59 p.m. Eastern Time on February 3, 2025. Additionally, on January 27, 2025, a letter was received from the German Federal Cartel Office advising that the proposed merger does not meet the prohibition conditions under the German Competition Act, and the merger may be implemented. The expiration of the HSR Act waiting period and clearance under the German Competition Act satisfy certain conditions to the closing of the merger. The proposed merger remains subject to other customary closing conditions, including approval by the Company’s stockholders and the absence of any legal prohibitions against the merger by a governmental authority of competent jurisdiction.

Non-GAAP Measures

EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net loss attributable to VOXX International Corporation and Subsidiaries, computed in accordance with GAAP, before interest expense and bank charges, taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for stock-based compensation expense, gains on the sale of certain assets and businesses, foreign currency gains and losses, restructuring expenses, goodwill and intangible asset impairment charges, certain non-routine and non-recurring fees, and awards. Depreciation, amortization, stock-based compensation, foreign currency gains and losses, and goodwill and intangible asset impairment charges are non-cash items.

We present EBITDA and Adjusted EBITDA in our Form 10-Q because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted EBITDA helps us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, the exclusion of certain costs or gains relating to certain events allows for a more meaningful comparison of our results from period-to-period. These non-GAAP measures, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. EBITDA and Adjusted EBITDA should not be assessed in isolation from, are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP.

About VOXX

VOXX International (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries. Over the past several decades, VOXX has built market-leading positions in in-vehicle entertainment and automotive security, as well as in a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world’s leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.

No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company or the solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

Additional Information Regarding the Merger and Where to Find It
This press release relates to the proposed merger involving the Company, Gentex and Instrument Merger Sub, Inc., a wholly-owned subsidiary of Gentex, whereby Merger Sub shall be merged with and into the Company (the “proposed merger”), with the Company as the surviving corporation. The proposed merger will be submitted to the stockholders of the Company for their consideration at a special meeting of the stockholders. In connection therewith, the Company intends to file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including a definitive proxy statement on Schedule 14A (the “definitive proxy statement”) together with a proxy card, which will be mailed or otherwise disseminated to the Company’s stockholders when such documents become available, together with a proxy card.  The Company, Gentex and Merger Sub jointly filed a Schedule 13E-3 (the “Schedule 13E-3”) with the SEC on January 27, 2025, which is subject to update.  The Company and Gentex may also file other relevant documents with the SEC regarding the proposed merger. INVESTORS AND STOCKHOLDERS ARE URGED, PRIOR TO MAKING ANY INVESTMENT OR VOTING DECISION, TO READ THE DEFINITIVE PROXY STATEMENT, SCHEDULE 13E-3, AS MAY BE AMENDED, AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. Stockholders may obtain free copies of the definitive proxy statement and Schedule 13E-3, any amendments or supplements thereto, and other documents containing important information about the Company, Gentex and Merger Sub and the proposed merger, once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov. Free copies of the documents filed with the SEC can also be obtained on the Company’s website at www.voxintl.com or by contacting the Company’s investor relations at 917-887-8434 or gwiener@gwcco.com.

This press release may be deemed to be solicitation material in respect of the proposed merger contemplated by the Merger Agreement.

Certain Information Regarding Participants in the Solicitation
The Company, Gentex and certain of their directors, executive officers and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information regarding the directors and executive officers of the Company, Gentex and Merger Sub is contained in the Company’s preliminary proxy statement related to the proposed Merger, as filed with the SEC on January 27, 2025, and the Schedule 13E-3 as filed with the SEC on January 27, 2025 by the Company, Gentex and Merger Sub. A description of the direct or indirect interests, by security holdings or otherwise of the Company’s directors and executive officers and Gentex are also included in the preliminary proxy statement, Schedule 13E-3 and other relevant documents filed with the SEC regarding the proposed merger.  Free copies of these materials may be obtained as described in the preceding section.

Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements: (i) the possibility that Nasdaq will not consider the Company in compliance with Listing Rule 5250(c)(1) irrespective of the Company’s filing of the Form 10-Q, (ii) the risk that the proposed merger may not be completed in a timely manner or at all, which may adversely affect the Company’s business and the price of its shares of Class A Common Stock, (iii) other factors described under Risk Factors in our most recent Form 10-K and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports the Company files with the SEC.

Investor Relations Contact:
Glenn Wiener, President & CEO
GW Communications (for VOXX)
Email: gwiener@gwcco.com

– Tables to Follow –

 

VOXX International Corporation and Subsidiaries Consolidated Balance Sheets

(In thousands, except share and per share data)

November 30,
2024

February 29,
2024

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

6,349

$

10,986

Accounts receivable, net of allowances of $1,921 and $3,041 at November 30, 2024 and February 29, 2024,

respectively

79,686

71,066

Inventory

96,416

128,471

Receivables from vendors

129

1,192

Due from Established

100

–

Due from GalvanEyes LLC, current

–

1,238

Prepaid expenses and other current assets

14,533

20,820

Income tax receivable

4,933

2,095

Total current assets

202,146

235,868

Investment securities

414

828

Equity investments

22,428

21,380

Property, plant and equipment, net

32,937

45,070

Operating lease, right of use assets

5,067

2,577

Goodwill

35,385

63,931

Intangible assets, net

38,483

68,766

Due from GalvanEyes LLC, less current portion

–

1,340

Deferred income tax assets

58

1,452

Other assets

1,908

2,794

Total assets

$

338,826

$

444,006

Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders’ Equity

Current liabilities:

 Accounts payable

$

40,961

$

35,076

 Accrued expenses and other current liabilities

38,815

38,238

 Income taxes payable

1,510

1,123

 Accrued sales incentives

21,069

18,236

 Contract liabilities, current

3,043

3,810

 Current portion of long-term debt

3,837

500

Total current liabilities

109,235

96,983

Long-term debt, net of debt issuance costs

14,478

71,881

Finance lease liabilities, less current portion

399

644

Operating lease liabilities, less current portion

3,728

1,884

Deferred compensation

414

828

Deferred income tax liabilities

2,470

2,690

Other tax liabilities

719

809

Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC

–

9,817

Other long-term liabilities

2,828

2,170

Total liabilities

134,271

187,706

Commitments and contingencies

Redeemable equity: Class A, $.01 par value; 604,072 and 577,581 shares at November 30, 2024 and

February 29, 2024, respectively 

4,218

4,110

Redeemable non-controlling interest

(9,019)

(3,203)

Stockholders’ equity:

  Preferred stock:

  No shares issued or outstanding

–

–

  Common stock:

  Class A, $.01 par value, 60,000,000 shares authorized, 24,000,886 and 23,985,603 shares issued

  and 19,649,703 and 19,698,562 shares outstanding at November 30, 2024 and February 29, 2024,

  respectively

240

240

  Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and

  outstanding at both November 30, 2024 and February 29, 2024

22

22

  Paid-in capital

296,137

293,272

  Retained earnings

7,449

58,272

  Accumulated other comprehensive loss

(17,760)

(17,366)

  Less: Treasury stock, at cost, 4,351,183 and 4,287,041 shares of Class A Common Stock at November

  30, 2024 and February 29, 2024, respectively

(39,821)

(39,573)

Total VOXX International Corporation stockholders’ equity

246,267

294,867

  Non-controlling interest

(36,911)

(39,474)

Total stockholders’ equity

209,356

255,393

Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders’ equity

$

338,826

$

444,006

 

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income

(In thousands, except share and per share data)

Three months ended
November 30,

Nine months ended
November 30,

2024

2023

2024

2023

Net sales

$

105,175

$

135,260

$

289,324

$

360,828

Cost of sales

82,830

98,918

218,878

268,281

Gross profit

22,345

36,342

70,446

92,547

Operating expenses:

Selling

7,638

10,967

25,076

32,154

General and administrative

16,294

15,944

48,528

52,621

Engineering and technical support

8,316

7,063

20,660

23,257

Goodwill impairment charges

28,171

–

28,171

–

Intangible asset impairment charges

16,093

–

16,093

–

Restructuring expenses

49

101

2,378

2,168

Total operating expenses

76,561

34,075

140,906

110,200

Operating (loss) income

(54,216)

2,267

(70,460)

(17,653)

Other income (expense):

Interest and bank charges

(1,355)

(1,892)

(5,466)

(5,011)

Equity in income of equity investees

382

1,101

933

3,958

Gain on sale of business

–

–

8,300

–

Gain on sale of assets

7,299

–

9,453

–

Final arbitration award

–

(752)

–

(3,350)

Other, net

(2,084)

156

(113)

(1,497)

Total other income (expense), net

4,242

(1,387)

13,107

(5,900)

(Loss) Income before income taxes

(49,974)

880

(57,353)

(23,553)

Income tax (benefit) expense

(513)

97

493

(54)

Net (loss) income

(49,461)

783

(57,846)

(23,499)

Less: net loss attributable to non-controlling interest

(5,495)

(1,129)

(7,023)

(3,609)

  Net (loss) income attributable to VOXX International Corporation and Subsidiaries

$

(43,966)

$

1,912

$

(50,823)

$

(19,890)

Other comprehensive (loss) income:

 Foreign currency translation adjustments

(1,037)

279

(779)

1,337

 Derivatives designated for hedging

477

(29)

374

(55)

 Pension plan adjustments

19

(1)

11

(7)

 Other comprehensive (loss) income, net of tax

(541)

249

(394)

1,275

Comprehensive (loss) income attributable to VOXX International Corporation and Subsidiaries

$

(44,507)

$

2,161

$

(51,217)

$

(18,615)

(Loss) Income per share – basic: Attributable to VOXX International Corporation and Subsidiaries

$

(1.90)

$

0.08

$

(2.20)

$

(0.85)

(Loss) Income per share – diluted: Attributable to VOXX International Corporation and Subsidiaries

$

(1.90)

$

0.08

$

(2.20)

$

(0.85)

Weighted-average common shares outstanding (basic)

23,160,541

23,270,834

23,141,960

23,510,578

Weighted-average common shares outstanding (diluted)

23,160,541

23,467,022

23,141,960

23,510,578

 

Reconciliation of GAAP Net (Loss) Income Attributable to

VOXX International Corporation to EBITDA and Adjusted EBITDA

Three months ended
November 30,

Nine months ended
November 30,

2024

2023

2024

2023

Net (loss) income attributable to VOXX International Corporation and Subsidiaries

$

(43,966)

$

1,912

$

(50,823)

$

(19,890)

Adjustments:

Interest expense and bank charges (1)

1,144

1,688

4,825

4,405

Depreciation and amortization (1)

2,569

2,808

8,024

9,003

Income tax (benefit) expense

(513)

97

493

(54)

EBITDA

(40,766)

6,505

(37,481)

(6,536)

Stock-based compensation

262

177

820

643

Gain on sale of tradename

–

–

–

(450)

Gain on sale of business

–

–

(8,300)

–

Gain on sale of assets

(7,299)

–

(9,453)

–

Foreign currency losses (1)

2,413

144

1,058

2,320

Restructuring expenses

49

101

2,378

2,168

Goodwill impairment charges (1)

24,985

–

24,985

–

Intangible asset impairment charges (1)

14,411

–

14,411

–

Non-recurring ERP implementation costs

–

–

55

–

Gain on termination of interest rate swap

(47)

–

(47)

–

Non-recurring due diligence fees

1,112

–

1,112

–

Non-routine legal fees

191

318

66

1,549

Final arbitration award

–

752

–

3,350

Adjusted EBITDA

$

(4,689)

$

7,997

$

(10,396)

$

3,044

(1)

For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, depreciation and amortization, foreign currency gains and losses, and goodwill and intangible asset impairment charges have been adjusted in order to exclude the non-controlling interest portion of these expenses attributable to EyeLock LLC and Onkyo Technology KK, as appropriate.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/voxx-international-announces-filing-of-quarterly-report-on-form-10-q-and-results-for-fiscal-2025-third-quarter-company-also-announces-merger-regulatory-approvals-302371520.html

SOURCE VOXX International Corporation

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

HydraForce, Elevāt, and Bosch Rexroth Announce Enhanced Remote OTA Update Capabilities for Off-Highway Equipment

Published

59 minutes ago

on

July 23, 2026

By

SEATTLE, July 23, 2026 /PRNewswire/ — Building on their strategic collaboration, HydraForce, a global leader in motion control systems and Elevāt, an industrial IoT and applied AI platform provider, announced a significant advancement in remote machine management.

The HydraForce Connected Control Unit (CCU) from Bosch, integrated with Elevāt software, is now capable of providing remote access and performing over-the-air (OTA) updates on Bosch Rexroth BODAS controllers.

This enhanced capability empowers HydraForce and Elevāt customers to streamline operations, reduce downtime, and significantly improve machine performance and serviceability. By leveraging the integrated solution, OEMs can use the Elevāt platform to remotely diagnose issues and deploy critical software updates to the BODAS controllers on their equipment without requiring on-site service personnel.

“The ability to remotely access and update Bosch Rexroth BODAS controllers using the Elevāt platform takes our collaborative vision of bridging hydraulics, electronics, and digital services to the next level,” said Russ Schneidewind, director of business developmentat at HydraForce.  “The cooperation between Elevāt and Bosch Rexroth is directly addressing the industry’s need for complete, future-ready solutions.”

Adam Livesay, co-founder and CEO of Elevāt, commented, “At Elevāt, we believe the future of equipment service is connected, intelligent, and proactive. This collaboration helps OEMs deliver the next generation of service by  accelerating software deployment and enabling faster issue resolution in the field. The addition of remote BODAS controller updates is another key milestone toward a fully integrated ecosystem that simplifies the connection between hardware, software, and digital services—helping manufacturers bring intelligent equipment to market faster while creating new opportunities for recurring customer value.”

HydraForce and Elevāt plan to further their collaboration with additional remote machine management capabilities to be announced in the future.

About HydraForce HydraForce is a global designer and manufacturer of motion control systems, encompassing hydraulic cartridge valves, manifolds and electronic controls for a variety of off-highway industries, including farming, construction, marine, material handling, mining, and forestry. HydraForce was acquired by Bosch Rexroth, becoming a significant part of the Compact Hydraulics Business Unit. Bosch Rexroth and HydraForce combine their presence in complementary regions to provide comprehensive coverage in Europe and North America, while enabling growth in Asia.

About Bosch Rexroth As one of the world’s leading suppliers of drive and control technologies, Bosch Rexroth ensures efficient, powerful and safe movement in machines and systems of any size. The company bundles global application experience in the market segments of Mobile and Industrial Applications as well as Factory Automation. With its intelligent components, customized system solutions, engineering and services, Bosch Rexroth is creating the necessary environment for fully connected applications. Bosch Rexroth offers its customers hydraulics, electric drive and control technology, gear technology and linear motion and assembly technology, including software and interfaces to the Internet of Things. With locations in over 80 countries, around 31,900 associates generated sales revenue of 6.5 billion euros in 2025.  To learn more, please visit www.boschrexroth.com.

About Bosch Having established a presence in North America in 1906, today the Bosch Group employs around 38,000 associates in more than 100 locations in the North American region (as of Dec. 31, 2024). According to preliminary figures, Bosch generated consolidated sales of $18.7 billion in the U.S., Mexico and Canada in 2025. For more information visit www.bosch.us, www.bosch.mx and www.bosch.ca. The Bosch Group is a leading global supplier of technology and services. It employs roughly 412,000 associates worldwide (as of December 31, 2025). According to preliminary figures, the company generated sales of 91 billion euros in 2025. Its operations are divided into four business sectors: Mobility, Industrial Technology, Consumer Goods, and Energy and Building Technology. With its business activities, the company aims to use technology to help shape universal trends such as automation, electrification, digitalization, connectivity, and an orientation to sustainability. In this context, Bosch’s broad diversification across regions and industries strengthens its innovativeness and robustness. Bosch uses its proven expertise in sensor technology, software, and services to offer customers cross-domain solutions from a single source. It also applies its expertise in connectivity and artificial intelligence in order to develop and manufacture user-friendly, sustainable products. With technology that is “Invented for life,” Bosch wants to help improve quality of life and conserve natural resources. The Bosch Group comprises Robert Bosch GmbH and its roughly 490 subsidiary and regional companies in over 60 countries. Including sales and service partners, Bosch’s global manufacturing, engineering, and sales network covers nearly every country in the world. Bosch’s innovative strength is key to the company’s further development. At 136 locations across the globe, Bosch employs some 82,000 associates in research and development. The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as “Workshop for Precision Mechanics and Electrical Engineering.” The special ownership structure of Robert Bosch GmbH guarantees the entrepreneurial freedom of the Bosch Group, making it possible for the company to plan over the long term and to undertake significant upfront investments in the safeguarding of its future. Ninety-four percent of the share capital of Robert Bosch GmbH is held by Robert Bosch Stiftung GmbH, a limited liability company with a charitable purpose. The remaining shares are held by Robert Bosch GmbH and by a company owned by the Bosch family. The majority of voting rights are held by Robert Bosch Industrietreuhand KG. It is entrusted with the task of safeguarding the company’s long-term existence and in particular its financial independence – in line with the mission handed down in the will of the company’s founder, Robert Bosch. Additional information is available online at www.bosch-press.com, www.bosch.com.

About Elevāt Elevāt is a leading industrial IoT and applied AI platform purpose-built for off-highway OEMs. Elevāt enables manufacturers to connect machines, unlock actionable intelligence, and deliver next-generation digital services across the entire equipment lifecycle. Additional information is available online at www.getelevat.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/hydraforce-elevt-and-bosch-rexroth-announce-enhanced-remote-ota-update-capabilities-for-off-highway-equipment-302833060.html

SOURCE Elevat, Inc

Continue Reading

Technology

FutureSports launches as new index provider transforming sports statistics into tradable financial instruments

Published

59 minutes ago

on

July 23, 2026

By

Backed by leading financial and sports institutions, firm will leverage partnerships to bring critical new hedging vehicles to sports ecosystem

CHICAGO, July 23, 2026 /PRNewswire/ — FutureSports, the new independent index administrator transforming professional and college sports statistics into rules-based, benchmark financial indexes, today announced its emergence from stealth. Backed by a broad range of leading financial and sports institutions, FutureSports in the coming months will announce a series of partnerships, collaborations and products that will bring significant new risk management and trading opportunities to the massive ecosystem supporting the most popular sports.

FutureSports previously raised a seed investment round co-led by Marquee Ventures, spun out of the ownership group of the Chicago Cubs. Major financial industry leaders joined the round, including CME Ventures (the corporate venture capital division of CME Group), Robinhood Markets, Inc., WEDBUSH and DRW Special Investments (an investment arm of DRW). Other investors include Motivate VC, Phoenix Capital Ventures, and John and Linda Henry (Fenway Sports Group).

The company also announced the addition of industry experts to its board of directors, including Chairman Mark Wassersug, longtime Chief Operating & Information Officer of Intercontinental Exchange (ICE); Tim McCourt, Senior Managing Director, Global Head of Equity, FX, and Alternative Products at CME Group, and Erik Hammer, Managing Partner at Marquee Ventures.

The firm will soon unveil its first series of exclusive partnerships with major sports leagues, paving the way for institutional investors and companies in and around the sports industry to manage their risk in an unprecedented fashion and participate in regulated, tradable, broad-based index futures contracts based on team and athlete statistical performance. FutureSports creates rules-based financial indexes, known as FutureSports Performance Indexes (FSPI), that accurately represent the performance of teams and athletes in prominent sports leagues. By utilizing transparent, rules-based methodologies based on officially reported statistical outcomes, the company creates continuous values designed to underpin tradable financial products, such as listed derivatives, exchange-traded funds (ETFs) and over-the-counter (OTC) swaps.

Potential market participants will include league broadcasting partners, team and athlete sponsors and endorsers, insurers, stadium owners and operators, private equity investors, lenders, and apparel manufacturers. Asset managers, pension funds and professional trading firms are expected to participate in the contracts and contribute to liquidity in this new uncorrelated asset class. Retail investors will also be able to participate in the first-of-their-kind trading vehicles, which the company expects to capture the interest of sophisticated traders looking for more traditional financial trading instruments

Leigh Taylforth, FutureSports Co-Founder, said: “The global sporting industry generates $650 billion a year, yet there has been no liquid, robust opportunity to hedge the extensive and varied industry risks that range from weather events, to injuries, to unanticipated behavior issues and more. That is about to change. We’ve been truly gratified to see the interest our business has generated within the sports and sports-adjacent industries and the quality of investors we have attracted already.”

Rhett Dinsdale, FutureSports Co-Founder, said: “Up until today, we have been operating in stealth mode while developing our products and establishing key relationships that we expect to be fundamental to our success as we move forward. The recent rise in popularity of prediction markets has only reinforced the concept we created several years ago, that sports as an asset class has huge utility within the sports and entertainment industries, with indexes serving as key institutional instruments to manage risk. What is sorely needed is the type of reliable data and financial instruments that institutional investors have leveraged for so long within the regulated derivatives industry, and we’re excited to bring these to market.”

The Executive team includes Co-Founders Taylforth and Dinsdale, who each have more than 20 years of experience in derivatives trading for market makers, investment banks and hedge funds, along with:

Dave Abbott, Chief Technology Officer – formerly Managing Director at Sportradar;Steve Byrd, Head of Partnerships – formerly Chief Operating Officer (COO) at STATS LLC & Chief Commercial Officer at Sportradar US;Jodie Gunzberg, Head of Index Services – formerly Managing Director at S&P Dow Jones Indices, Morgan Stanley & CoinDesk;Tom Jenkins, Head of Business Development – formerly Head of Index Partnerships & Strategy at FTSE Russell;Josh Kravitt, Head of Operations – formerly Director at CME Ventures;Sunny Modi, Head of Product – formerly Head of BI at Ardent Leisure Group;Mike Philipp, Chief Legal & Strategy Officer – formerly partner at Morgan, Lewis & Bockius LLP;Charlie Thornton, Chief Regulatory Affairs Officer – formerly Chief of Staff and COO at the U.S. Commodity Futures Trading Commission (CFTC).

About FutureSports

Under development since 2022 and launched in 2026, Chicago-based FutureSports has created a proprietary index methodology for measuring on-field, on-ice and on-court performance for a range of professional sporting teams and athletes. Partnering with many of the most recognizable sports leagues and financial market participants, FutureSports transforms live, play-by-play statistical data into rules-based, benchmark indexes that may be referenced by exchange-listed financial products. The indexes are designed to serve the same benchmarking function as the leading equity, commodity and fixed income indexes utilized every day across major global exchanges to track performance and hedge risk in the financial markets. For more information, visit www.futuresports.com.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/futuresports-launches-as-new-index-provider-transforming-sports-statistics-into-tradable-financial-instruments-302832829.html

SOURCE FutureSports

Continue Reading

Technology

Capital Group Canada Launches Three Active Equity ETFs on TSX

Published

59 minutes ago

on

July 23, 2026

By

The ETF suite now includes five active equity ETFs and two active fixed income ETFs designed to sit at the core of investment portfolios

TORONTO, July 23, 2026 /CNW/ — Capital International Asset Management (Canada), Inc. (“Capital Group Canada”) has launched three new active exchange-traded funds (ETFs) that begin trading on the Toronto Stock Exchange (TSX) today. The three equity strategies are designed to give options for investors looking to diversify their portfolios with non-domestic exposures including U.S., international and developed market securities.  

The new active ETFs are:

CAPU – Capital Group U.S. Equity Select ETF (Canada): Seeks long-term growth of capital and income through investments primarily in common stocks of U.S. issuers.CAPN – Capital Group International Developed Equity Select ETF (Canada): Seeks to provide prudent growth of capital through investments primarily in equity securities of issuers in developed markets outside North America. CAPQ – Capital Group Global Developed Equity Select ETF (Canada): Seeks to provide prudent growth of capital through investments primarily in equity securities of issuers in developed markets.

“As demand for ETFs continues to grow, our expanded lineup gives investors more ways to access Capital Group’s distinctive active investment approach, including our deep research capabilities and multiple portfolio manager system,” said Rick Headrick, president of Capital Group Canada. “As one of the world’s largest active investment managers with over 90 years of experience, we are able to share the benefits of our global scale and offer competitively priced active ETFs designed to sit at the core of an investor’s portfolio.”

“Clients tell us they are looking beyond borders for opportunities to build diversified portfolios,” said Angela Shim, head of product and development at Capital Group Canada. “The three equity strategies expand Capital Group Canada’s core offerings in U.S., international, and global equities, giving investors flexible solutions that can help them navigate global markets and stay focused on their long-term investment goals.”

The three ETFs closed their initial offering of units on July 22, 2026.

The additions expand Capital Group Canada’s ETF lineup to seven, building on a prior launch of two equity and two fixed income ETFs. Details of Capital Group Canada’s full suite of active ETFs can be found here.

About Capital Group

Capital International Asset Management (Canada), Inc. is part of Capital Group, a global investment management firm originating in Los Angeles, California. As Capital Group approaches its 100th anniversary in 2031, its long-term strategy remains firmly rooted in its mission to improve people’s lives through successful investing. With over 9,000 associates and 34 offices around the world, Capital Group manages US$3.6 trillion in assets for millions of wealth management and institutional clients around the world*.

*As of June 30, 2026.

For more information, visit: www.capitalgroup.com/ca/en

SOURCE Capital Group Canada

Continue Reading

Trending