Technology
Ceragon Reports 18.3% Increase in Quarterly Revenue, GAAP EPS of $0.04 Per Share in the Fourth Quarter
Published
1 year agoon
By
Revenue Diversification, Expense Management, Enable Consistent Profitability
ROSH HA‘AIN, Israel, Feb. 11, 2025 /PRNewswire/ — Ceragon (NASDAQ: CRNT), a leading solutions provider of end-to-end wireless connectivity, today reported its financial results for the fourth quarter period ended December 31, 2024.
Q4 2024 Financial Highlights:
Revenues of $106.9 million, up 18.3% from $90.4 million in the same quarter last yearOperating income of $9.5 million on a GAAP basis, or $12.2 million on a non-GAAP basisNet Income of $3.6 million on a GAAP basis, or $7.7 million on a non-GAAP basisEPS of $0.04 per diluted share on a GAAP basis, or $0.09 per diluted share on a non-GAAP basis
FY 2024 Financial Highlights:
Revenues of $394.2 million, up 13.5% year-over-year, in-line with full-year guidance and the highest level since 2012Record Operating income of $38.7 million on a GAAP basis, or a record $48.8 million on a non-GAAP basisNet income of $24.1 million on a GAAP basis, or $36.4 million on a non-GAAP basisEPS of $0.27 per diluted share on a GAAP basis, or $0.41 per diluted share on a non-GAAP basis
Q4 2024 Business Highlights:
India: all-time record quarterly revenues.Improving visibility in India as commercial terms for 2025 with two major customers are being finalizedNew IP-50EXA product, including features that have been requested by existing customers in India and other markets, expected to be delivered in the second half of 2025Pricing and operational efficiency providing advantages vs. competitorsNorth America: Bookings increased sequentially compared to the third quarterImproved bookings from North America and primarily tier-1 service providers offset delays from private network customersStrong quarter in APAC, winning business that included Siklu by Ceragon products
“This was a record year for Ceragon, achieving record operating profit on the highest revenue levels since 2012, while continuing to execute our growth strategy,” commented Doron Arazi, Ceragon’s Chief Executive Officer. “We expanded our presence in the key market of India, grew our private network business, and made two acquisitions that have bolstered our offerings in the fastest-growing segment of the market, the private networks and mmW equipment markets for both private and public networks. I believe we enter 2025 in the strongest competitive position since I joined the company, with best-of-breed solutions targeting a broad pipeline of opportunities in multiple verticals.”
Arazi concluded, “While near-term visibility across the industry is limited, especially regarding order timing within our core markets from tier-one service providers, we remain cautiously optimistic that 2025 may eventually be a year of growth and improved profitability as we see initial recovery signs in the CSP market, reported by RAN and fiber vendors and as we execute our plans to further increase our market share in private networks.”
Primary Fourth Quarter 2024 Financial Results:
Revenues were $106.9 million, up 18.3% from $90.4 million in Q4 2023 and up 4.1% from $102.7 million in Q3 2024. The revenue for the fourth quarter of 2024 was the highest quarterly revenue level since Q4 2014.
GAAP Gross profit was $36.4 million, with gross margins of 34.0%, compared to a gross margin of 34.4% in Q4 2023.
GAAP Operating income was $9.5 million compared with $4.2 million in Q4 2023 and $14.6 million for Q3 2024.
GAAP Net income (loss) was $3.6 million, or $0.04 per diluted share, compared with $(1.2) million, or $(0.01) per diluted share for Q4 2023 and $12.2 million, or $0.14 per diluted share for Q3 2024.
Non-GAAP results were as follows: Gross margin was 34.3%, operating income was $12.2 million, and net income of $7.7 million, or $0.09 per diluted share.
Primary Full-Year 2024 Financial Results:
Revenues were $394.2 million, up 13.5% from $347.2 million in 2023 and the highest full-year revenue level since 2012.
GAAP Gross profit was $136.9 million, with gross margins of 34.7%, compared to a gross margin of 34.5% in 2023.
GAAP Operating income was a record $38.7 million compared to $21.2 million for 2023.
GAAP Net income was $24.1 million, or $0.27 per diluted share, compared to $6.2 million, or $0.07 per diluted share for 2023. Full-year GAAP net income was the highest since 2008.
Non-GAAP results were as follows: Gross margin was 35.1%, operating profit was a record $48.8 million, and net income was $36.4 million, or $0.41 per diluted share.
Balance Sheet
Cash and cash equivalents were $35.3 million on December 31, 2024, compared to $28.2 at December 31, 2023.
For a reconciliation of GAAP to non-GAAP results, see the attached tables.
Revenue Breakout by Geography:
Q4 2024
India
52 %
EMEA
15 %
North America
12 %
APAC
11 %
Latin America
10 %
Outlook
For 2025, management expects revenue between $390 million and $430 million, inclusive of contributions from the E2E acquisition. Management expects Non-GAAP operating margins to be at least 10% at the low end of this revenue range, with improved free cash flow compared to 2024.
Conference Call
The Company will host a Zoom web conference today at 8:30 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Recent geopolitical events could impact the live question and answer session. In this unlikely event, management’s prepared remarks will be pre-recorded, and the question and answer session would be rescheduled.
The Company will host a Zoom conference call on the same day at 8:30 a.m. ET to discuss the results, followed by a question-and-answer session for the investment community. Investors are invited to register by clicking here. All relevant information will be sent upon registration.
If you are unable to join the live call, a replay will be available on our website at www.ceragon.com within 24 hours after the call.
About Ceragon
Ceragon (NASDAQ: CRNT) is the global innovator and leading solutions provider of end-to-end wireless connectivity, specializing in transport, access, and AI-powered managed & professional services. Through our commitment to excellence, we empower customers to elevate operational efficiency and enrich the quality of experience for their end users.
Our customers include service providers, utilities, public safety organizations, government agencies, energy companies, and more, who rely on our wireless expertise and cutting-edge solutions for 5G & 4G broadband wireless connectivity, mission-critical services, and an array of applications that harness our ultra-high reliability and speed. Ceragon solutions are deployed by more than 600 service providers, as well as more than 1,600 private network owners, in more than 130 countries.
Through our innovative, end-to-end solutions, covering hardware, software, and managed & professional services, we enable our customers to embrace the future of wireless technology with confidence, shaping the next generation of connectivity and service delivery. Ceragon delivers extremely reliable, fast to deploy, high-capacity wireless solutions for a wide range of communication network use cases, optimized to lower TCO through minimal use of spectrum, power, real estate, and labor resources – driving simple, quick, and cost-effective network modernization and positioning Ceragon as a leading solutions provider for the “connectivity everywhere” era.
For more information please visit: www.ceragon.com
Ceragon Networks® and FibeAir® are registered trademarks of Ceragon Networks Ltd. in the United States and other countries. CERAGON® is a trademark of Ceragon Networks Ltd., registered in various countries. Other names mentioned are owned by their respective holders.
Safe Harbor
This press release contains statements that constitute “forward-looking statements” within the meaning of the Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations and assumptions of Ceragon’s management about Ceragon’s business, financial condition, results of operations, micro and macro market trends and other issues addressed or reflected therein. Examples of forward-looking statements include, but are not limited to, statements regarding: projections of demand, revenues, net income, gross margin, capital expenditures and liquidity, competitive pressures, order timing, supply chain and shipping, components availability, growth prospects, product development, financial resources, cost savings and other financial and market matters. You may identify these and other forward-looking statements by the use of words such as “may”, “plans”, “anticipates”, “believes”, “estimates”, “targets”, “expects”, “intends”, “potential” or the negative of such terms, or other comparable terminology, although not all forward-looking statements contain these identifying words.
Although we believe that the 1projections reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that our expectations will be obtained or that any deviations therefrom will not be material. Such forward-looking statements involve known and unknown risks and uncertainties that may cause Ceragon’s future results or performance to differ materially from those anticipated, expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: the effects of the evolving nature of the war situation in Israel and the related evolving regional conflicts; the effects of global economic trends, including recession, rising inflation, rising interest rates, commodity price increases and fluctuations, commodity shortages and exposure to economic slowdown; risks associated with the recent acquisition of End 2 End Technologies; risks associated with delays in the transition to 5G technologies and in the 5G rollout; risks relating to the concentration of our business on a limited number of large mobile operators and the fact that the significant weight of their ordering, compared to the overall ordering by other customers, coupled with inconsistent ordering patterns, could negatively affect us; risks resulting from the volatility in our revenues, margins and working capital needs; disagreements with tax authorities regarding tax positions that we have taken could result in increased tax liabilities; the high volatility in the supply needs of our customers, which from time to time lead to delivery issues and may lead to us being unable to timely fulfil our customer commitments; and such other risks, uncertainties and other factors that could affect our results of operation, as further detailed in Ceragon’s most recent Annual Report on Form 20-F, as published on March 21, 2024, as well as other documents that may be subsequently filed by Ceragon from time to time with the Securities and Exchange Commission.
We caution you not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Ceragon does not assume any obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release unless required by law.
While we believe that we have a reasonable basis for each forward-looking statement contained in this press release, we caution you that these statements are based on a combination of facts and factors currently known by us and our projections of the future, about which we cannot be certain. In addition, any forward-looking statements represent Ceragon’s views only as of the date of this press release and should not be relied upon as representing its views as of any subsequent date. Ceragon does not assume any obligation to update any forward-looking statements unless required by law.
The results reported in this press-release are preliminary and unaudited results, and investors should be aware of possible discrepancies between these results and the audited results to be reported, due to various factors.
Ceragon’s public filings are available on the Securities and Exchange Commission’s website at www.sec.gov and may also be obtained from Ceragon’s website at www.ceragon.com.
Logo: https://mma.prnewswire.com/media/1704355/Ceragon_Networks_Ltd_Logo.jpg
Ceragon Investor & Media Contact:
Rob Fink
FNK IR
Tel.: +1-646-809-4048
crnt@fnkir.com
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
Three months ended
Year ended
December 31,
December 31,
2024
2023
2024
2023
Revenues
106,932
90,359
394,190
347,179
Cost of revenues
70,550
59,296
257,339
227,310
Gross profit
36,382
31,063
136,851
119,869
Operating expenses:
Research and development, net
8,969
9,070
34,951
32,274
Sales and Marketing
11,077
10,544
44,717
40,577
General and administrative
5,374
6,445
14,220
23,793
Restructuring and related charges
–
–
1,416
897
Acquisition- and integration-related charges
283
835
1,660
1,118
Other operating expenses
1,160
–
1,160
–
Total operating expenses
26,863
26,894
98,124
98,659
Operating income
9,519
4,169
38,727
21,210
Financial expenses and others, net
4,863
3,402
11,474
8,468
Income before taxes
4,656
767
27,253
12,742
Taxes on income
1,046
1,970
3,190
6,522
Net income (loss)
3,610
(1,203)
24,063
6,220
Basic net income (loss) per share
0.04
(0.01)
0.28
0.07
Diluted net income (loss) per share
0.04
(0.01)
0.27
0.07
Weighted average number of shares used in
computing basic net income (loss) per share
87,207,634
85,054,173
86,191,178
84,617,774
Weighted average number of shares used in
computing diluted net income (loss) per share
89,987,560
85,054,173
88,460,001
85,482,626
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
December 31,
December 31,
2024
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents
35,311
28,237
Trade receivables, net
149,619
104,321
Inventories
59,693
68,811
Other accounts receivable and prepaid expenses
16,415
16,571
Total current assets
261,038
217,940
NON-CURRENT ASSETS:
Severance pay and pension fund
4,915
4,985
Property and equipment, net
36,764
30,659
Operating lease right-of-use assets
16,702
18,837
Intangible assets, net
16,791
16,401
Goodwill
7,749
7,749
Other non-current assets
1,037
1,954
Total non-current assets
83,958
80,585
Total assets
344,996
298,525
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables
91,157
67,032
Deferred revenues
2,573
5,507
Short-term loans
25,200
32,600
Operating lease liabilities
2,971
3,889
Other accounts payable and accrued expenses
29,547
23,925
Total current liabilities
151,448
132,953
LONG-TERM LIABILITIES:
Accrued severance pay and pension
8,359
9,399
Deferred revenues
–
670
Operating lease liabilities
12,936
13,716
Other long-term payables
5,928
7,768
Total long-term liabilities
27,223
31,553
SHAREHOLDERS’ EQUITY:
Share capital
224
224
Additional paid-in capital
447,377
437,161
Treasury shares at cost
(20,091)
(20,091)
Other comprehensive loss
(10,060)
(8,087)
Accumulated deficit
(251,125)
(275,188)
Total shareholders’ equity
166,325
134,019
Total liabilities and shareholders’ equity
344,996
298,525
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
(U.S. dollars, in thousands)
Three months ended
Year ended
December 31,
December 31,
2024
2023
2024
2023
Cash flow from operating activities:
Net income (loss)
3,610
(1,203)
24,063
6,220
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization
3,251
2,466
12,112
9,967
Loss from sale of property and equipment, net
38
–
207
61
Stock-based compensation expense
921
938
4,298
3,964
Decrease (increase) in accrued severance pay and
pensions, net
(239)
88
(970)
(267)
Decrease (increase) in trade receivables, net
(28,437)
1,856
(46,224)
(2,370)
Decrease in other assets (including other accounts
receivable, prepaid expenses, other non-current
assets, and the effect of exchange rate changes on
cash and cash equivalents)
3,656
15,085
1,344
16,994
Decrease (increase) in inventory
(309)
4,681
7,606
6,303
Decrease in operating lease right-of-use assets
939
794
4,632
3,781
Increase (decrease) in trade payables
15,291
(1,121)
23,032
(1,847)
Increase (decrease) in other accounts payable and
accrued expenses (including other long-term payables)
3,549
(2,720)
3,898
1,677
Decrease in operating lease liability
(689)
(73)
(4,196)
(4,034)
Decrease in deferred revenues
(452)
(9,830)
(3,604)
(9,562)
Net cash provided by operating activities
1,129
10,961
26,198
30,887
Cash flow from investing activities:
Purchases of property and equipment, net
(3,727)
(2,548)
(14,581)
(9,955)
Software development costs capitalized
(645)
(661)
(1,883)
(2,944)
Payments made in connection with business
acquisitions, net of acquired cash
–
(7,971)
–
(7,971)
Net cash used in investing activities
(4,372)
(11,180)
(16,464)
(20,870)
Cash flow from financing activities:
Proceeds from exercise of stock options
5,071
9
5,878
39
Repayments of bank credits and loans, net
–
(5,600)
(7,400)
(4,900)
Net cash provided by (used in) financing activities
5,071
(5,591)
(1,522)
(4,861)
Effect of exchange rate changes on cash and cash equivalents
(531)
81
(1,138)
133
Increase (decrease) in cash and cash equivalents
1,297
(5,729)
7,074
5,289
Cash and cash equivalents at the beginning of the period
34,014
33,966
28,237
22,948
Cash and cash equivalents at the end of the period
35,311
28,237
35,311
28,237
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
Three months ended
December 31,
Year ended
December 31,
2024
2023
2024
2023
GAAP Cost of revenues
70,550
59,296
257,339
227,310
Stock-based compensation expenses
(121)
(115)
(495)
(485)
Amortization of acquired intangible assets
(189)
(57)
(756)
(57)
Excess cost on acquired inventory in business combination (*)
–
(525)
(124)
(525)
Non-GAAP Cost of revenues
70,240
58,599
255,964
226,243
GAAP Gross profit
36,382
31,063
136,851
119,869
Stock-based compensation expenses
121
115
495
485
Amortization of acquired intangible assets
189
57
756
57
Excess cost on acquired inventory in business combination (*)
–
525
124
525
Non-GAAP Gross profit
36,692
31,760
138,226
120,936
GAAP Research and development expenses
8,969
9,070
34,951
32,274
Stock-based compensation expenses
(192)
(156)
(701)
(828)
Loss from termination of joint development agreement
–
(1,199)
–
(1,199)
Non-GAAP Research and development expenses
8,777
7,715
34,250
30,247
GAAP Sales and marketing expenses
11,077
10,544
44,717
40,577
Stock-based compensation expenses
(332)
(320)
(1,356)
(1,416)
Amortization of acquired intangible assets
(117)
(49)
(622)
(49)
Non-GAAP Sales and marketing expenses
10,628
10,175
42,739
39,112
GAAP General and administrative expenses
5,374
6,445
14,220
23,793
Stock-based compensation expenses
(276)
(347)
(1,746)
(1,238)
Non-GAAP General and administrative expenses
5,098
6,098
12,474
22,555
GAAP Restructuring and related charges
–
–
1,416
897
Restructuring and related charges
–
–
(1,416)
(897)
Non-GAAP Restructuring and related charges
–
–
–
–
GAAP Acquisition- and integration-related charges
283
835
1,660
1,118
Acquisition- and integration-related charges
(283)
(835)
(1,660)
(1,118)
Non-GAAP Acquisition- and integration-related charges
–
–
–
–
GAAP Other operating expenses
1,160
–
1,160
–
Other operating expenses
(1,160)
–
(1,160)
–
Non-GAAP other operating expenses
–
–
–
–
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL RESULTS
(U.S. dollars in thousands, except share and per share data)
Three months ended
Year ended
December 31,
December 31,
2024
2023
2024
2023
GAAP Operating income
9,519
4,169
38,727
21,210
Stock-based compensation expenses
921
938
4,298
3,967
Amortization of acquired intangible assets
306
106
1,378
106
Excess cost on acquired inventory in business combination (*)
–
525
124
525
Loss from termination of joint development agreement
–
1,199
–
1,199
Restructuring and other charges
–
–
1,416
897
Acquisition- and integration-related charges
283
835
1,660
1,118
Other operating expenses
1,160
–
1,160
–
Non-GAAP Operating income
12,189
7,772
48,763
29,022
GAAP Financial expenses and others, net
4,863
3,402
11,474
8,468
Leases – financial income (expenses)
15
(754)
(167)
253
Non-cash revaluation expenses associated with business combination
(1,385)
(110)
(1,703)
(110)
Non-GAAP Financial expenses and others, net
3,493
2,538
9,604
8,611
GAAP Tax expenses
1,046
1,970
3,190
6,522
Non-cash tax adjustments
–
(478)
(413)
(2,851)
Non-GAAP Tax expenses
1,046
1,492
2,777
3,671
GAAP Net income (loss)
3,610
(1,203)
24,063
6,220
Stock-based compensation expenses
921
938
4,298
3,967
Amortization of acquired intangible assets
306
106
1,378
106
Excess cost on acquired inventory in business combination (*)
–
525
124
525
Loss from termination of joint development agreement
–
1,199
–
1,199
Restructuring and other charges
–
–
1,416
897
Acquisition- and integration-related charges
283
835
1,660
1,118
Other operating expenses
1,160
–
1,160
–
Leases – financial expenses (income)
(15)
754
167
(253)
Non-cash revaluation expenses associated with business combination
1,385
110
1,703
110
Non-cash tax adjustments
–
478
413
2,851
Non-GAAP Net income
7,650
3,742
36,382
16,740
GAAP Basic net income (loss) per share
0.04
(0.01)
0.28
0.07
GAAP Diluted net income (loss) per share
0.04
(0.01)
0.27
0.07
Non-GAAP Diluted net income per share (**)
0.09
0.04
0.41
0.20
(*) Consists of charges to cost of revenues for the difference between the fair value of acquired inventory in business combination, which was recorded at fair value, and the actual cost of this inventory, which impacts the Company’s gross profit.
(**) Weighted average number of shares used in computing diluted net income per share is the same as in GAAP
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SOURCE Ceragon Networks Ltd.
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BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure
BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.
VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).
The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.
“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”
South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative
BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.
The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.
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By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.
QSSN as the Security Layer
The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.
BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.
Addressing the Harvest-Now, Decrypt-Later Risk
The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.
BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.
Expanding BTQ’s Korean Ecosystem
BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.
The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.
About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/
About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.
Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/
About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.
Connect with BTQ: Website | LinkedIn | X/Twitter
ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.
The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
View original content to download multimedia:https://www.prnewswire.com/news-releases/btq-technologies-qssn-selected-as-core-security-infrastructure-for-south-koreas-first-bank-led-krw-stablecoin-proof-of-concept-302763840.html
SOURCE BTQ Technologies Corp.
Technology
Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference
Published
6 hours agoon
May 6, 2026By
WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).
A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.
Contacts:
Media
Investors
Troy Kirkpatrick
David DeMartino
614-284-1926
646-531-6115
troy.kirkpatrick@zimmerbiomet.com
david.demartino@zimmerbiomet.com
Kirsten Fallon
Zach Weiner
781-779-5561
908-591-6955
View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html
SOURCE Zimmer Biomet Holdings, Inc.
Technology
NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools
Published
6 hours agoon
May 6, 2026By
New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing
Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment
ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.
The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health.
The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.
NextLadder’s Focus Areas for Investment
Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations.
As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.
“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”
NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.
The fund’s active investment areas include:
Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.
NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.
In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.
NextLadder’s Co-Founder Leadership Team
NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.
“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”
Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.
“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”
Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.
“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”
To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.
About NextLadder Ventures
NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.
SOURCE NextLadder Ventures
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