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Ceragon Reports 18.3% Increase in Quarterly Revenue, GAAP EPS of $0.04 Per Share in the Fourth Quarter

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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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Technology

Galaxy Digital Inc. Announces Pricing of $3.507 Billion of Senior Secured Notes

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NEW YORK, July 23, 2026 /PRNewswire/ — Galaxy Digital Inc. (NASDAQ: GLXY) (“Galaxy” or the “Company”), a global leader in digital assets and data center infrastructure, today announced that its indirect wholly owned subsidiary, Galaxy Helios Data Centers II LLC (the “Issuer”), has priced a $3.507 billion private offering (the “Offering”) of 9.875% senior secured notes due 2031 (the “Notes”). The Offering is expected to close on July 28, 2026, subject to market and other conditions.

The Issuer intends to use the net proceeds from the Offering to finance a portion of the development and construction of two buildings containing eight data halls with a combined total of 400 megawatts (“MW”) of utility capacity and 260 MW of critical IT capacity (the “Project”) to be built on an approximately 260-acre property in Dickens County, Texas and to fund debt service reserves.

The Notes will bear interest at a rate of 9.875% per annum payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on February 1, 2027 and will mature on August 1, 2031. The Notes will amortize at a rate of 4.00% per annum of the original principal amount subject to adjustment, with amortization payments payable semi-annually with the first payment date to occur at least ten months after the completion of the Project.

The Notes will be fully and unconditionally guaranteed by Galaxy Helios II LLC, a wholly owned direct subsidiary of the Issuer (the “Guarantor”), and will constitute the senior secured obligations of the Issuer and the Guarantor. The Notes and related note guarantee will be secured by first-priority liens on (i) substantially all assets of the Issuer and the Guarantor, other than certain excluded property and (ii) all equity interests of the Issuer held by the direct parent company of the Issuer.

The Offering is subject to market and other conditions, and there can be no assurance as to whether, when or on what terms the Offering may be completed.

The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction, and the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and any applicable state securities laws. The Notes will be offered only to persons reasonably believed to be qualified institutional buyers under Rule 144A under the Securities Act and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy the Notes, nor shall there be any sale of the Notes in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Galaxy

Galaxy Digital Inc. (Nasdaq: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we develop and operate cutting-edge data center infrastructure to power AI and HPC workloads. Our 1.63 GW Helios campus in Texas positions Galaxy among the largest and fastest-growing data center developers in North America. The Company is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia.

Forward Looking Statements

This press release includes forward-looking statements, including statements relating to the completion, size and timing of the Offering, the terms of the Notes and the intended use of proceeds. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements represent the Company’s current expectations regarding future events and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those implied by the forward-looking statements. Among those risks and uncertainties are market conditions, including market interest rates, the satisfaction of the closing conditions related to the Offering and risks relating to the Company’s business, including those described in periodic reports that the Company files from time to time with the SEC. The Issuer may not consummate the proposed Offering described in this press release and, if the proposed Offering is consummated, cannot provide any assurances regarding the final terms of the Offering or the Notes or its ability to effectively apply the net proceeds as described above. The forward-looking statements included in this press release speak only as of the date of this press release, and the Company does not undertake to update the statements included in this press release for subsequent developments, whether as a result of new information, future events, or otherwise, except as may be required by law.

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SOURCE Galaxy Digital Inc.

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The Finish Line that Changed China: Retracing the Long March to Yan’an

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BEIJING, July 23, 2026 /PRNewswire/ — A news report from China.org.cn on the Long March, and what it means for China today:

 

Every journey has a destination.

But some destinations become the beginning of something even greater.

This is Yan’an.

Over 90 years ago, an army of soldiers embarked from Yudu, Jiangxi Province, on a journey that would go down in history.

They crossed snow-capped mountains, vast grasslands and raging rivers, eventually arriving in northern Shaanxi.

Across this grueling 12,500-kilometer journey, they wrote a magnificent epic in human history with willpower and courage.

Here, their Long March came to a victorious end. But a new chapter of history was only beginning.

In Yan’an, the Red Army found time to recover and rebuild, and the Central Committee of the Communist Party of China regrouped, gathering strength for the next chapter.

Here, new ideas were debated, new strategies were shaped, and a vision for China’s future gradually took form.

Today, while preserving its revolutionary legacy, Yan’an has grown into a vibrant, modern city — with a greener environment, thriving industries and happier lives for its people.

Nearly 90 years ago, American journalist Edgar Snow came to northern Shaanxi, seeking to uncover a story that few outside China knew. He later chronicled it in his book “Red Star Over China,” which carried the story of the Long March to the world.

Today, people from around the world are once again retracing those steps.

As part of China International Communications Group (CICG)’s “Together on the Long March” international communication project, participants have spent more than a month retracing the route across six key regions.

From Jiangxi to Shaanxi, they followed the Red Army’s journey and witnessed the remarkable changes that have taken place along the way.

I asked them one simple question: What does this journey mean to you?

Zhavier Harris, marketing and communications manager at the Springfield Urban League, said conversations with local residents and descendants of the Red Army made history feel far more immediate than he had expected.

He said history isn’t as distant as we often think. “We’re only one or two generations from these great sacrifices that led to the development and the greatness that we see from the Communist Party of China and China as a whole.”

David Ferguson, honorary chief English editor at Foreign Languages Press under CICG and a recipient of the 2021 Chinese Government Friendship Award, said the journey deepened his understanding of the Long March.

He said the journey helped him understand not only the historical facts, but also what the Red Army endured. “If you see the Long March merely as a military campaign, it ended in Yan’an. But as a spirit, it has never truly come to an end.”

We came to retrace history. We leave with something more: a deeper understanding of China’s past, a clearer view of its present, and perhaps a greater appreciation for the stories that connect us across cultures.

Edgar Snow called the Long March “an Odyssey unequalled in modern times.” He believed that what sustained it was a flame — consisting of an undimmed ardor, an undying hope and an amazing revolutionary optimism.

Ninety years later, that flame still burns.

Passed down through generations, the spirit of the Long March continues to light China’s path forward.

And as it crosses borders and cultures, it offers the world a glimpse of a nation defined by resilience, perseverance and an enduring drive to move forward.

China Mosaic
http://www.china.org.cn/video/node_7230027.htm 

The Finish Line that Changed China: Retracing the Long March to Yan’an
http://www.china.org.cn/video/2026-07/23/content_118614941.shtml

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SOURCE China.org.cn

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Visa and Lianlian Advance Trusted B2B Agentic Commerce Through LoopXPay’s First Live B2B Agentic Transaction

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First live B2B agentic transaction in Greater China highlights how AI-enabled commerce can help SMBs streamline purchasing and payments, supported by Visa’s Agentic Directory for trusted AI agent interactions

SINGAPORE, July 24, 2026 /PRNewswire/ — Visa (NYSE: V), a global leader in digital payments, and Lianlian DigiTech Co., Ltd. (“Lianlian”), an AI-native global financial infrastructure provider, today announced the first live B2B agentic transaction completed using LoopXPay, Lianlian’s AI agent. 

Small and medium sized businesses (SMBs) often lack dedicated procurement teams and spend valuable time sourcing, purchasing and making payments themselves. In the transaction, the LoopXPay agent was used to source a product sample from a supplier and complete the purchase in a single workflow. The agent identified the purchasing requirement, recommended suitable suppliers, compared options, placed the order and securely executed the payment within a single workflow, while operating within pre-defined spending controls and approval parameters.

The milestone highlights how AI-powered commerce experiences can help SMBs simplify purchasing and payment activities while maintaining appropriate controls and oversight. By enabling AI agents to operate within pre-defined spending parameters and approval controls, businesses can reduce manual effort while retaining visibility into commercial decision-making.

As AI agents become more involved in purchasing and payment activities, businesses will require confidence that transactions are being executed by verified participants, within approved parameters and with appropriate oversight. Capabilities aligned with Visa’s Trusted Agent Protocol can help provide the identity, transparency and controls needed to support these interactions.

As part of the collaboration, LoopXPay has been registered in Visa’s Agentic Directory, enabling participating businesses and merchants to identify verified AI agents within the ecosystem. Supporting the implementation of Visa’s Trusted Agent Protocol, the Agentic Directory helps provide greater transparency into agent-driven interactions and confidence that participating agents have met Visa’s requirements.

“AI-powered commerce experiences can help businesses simplify purchasing and payments while maintaining the controls and oversight they require,” said Darren Parslow, Global Head, Visa Commercial Solutions, Visa. “For SMBs, that means less complexity in managing day-to-day commercial activities and more time focused on growth. As businesses increasingly look to embed intelligence into purchasing and payment experiences, trust will become a critical enabler of adoption. Through our collaboration with Lianlian, we are helping advance the trusted foundations that businesses will need to participate in this next era of commerce with confidence.”

Building on this milestone, Visa and Lianlian are exploring how AI agents can support a broader range of commercial activities, including procurement, digital advertising optimisation and B2B platform payments, helping advance trusted commerce through greater efficiency, transparency and control.

Zhang Zhengyu, Founder, Chairman of the Board and CEO, Lianlian DigiTech, said, “AI is reshaping the entire commercial value chain, where a growing number of business activities will be autonomously executed by AI agents, with payments serving as the critical infrastructure connecting them to global commerce. Leveraging its experience in global cross-border payments, compliance, as well as payment network, LianLian is actively building AI-native financial infrastructure, delivering an integrated suite of capabilities for the Agent Economy, spanning identity verification, transaction authorisation, intelligent payment, and global fund settlement. Through this collaboration with Visa, we aim to combine Lianlian’s AI-native capabilities with Visa’s trusted global network and commercial payment expertise to help businesses transact more securely, intelligently and efficiently in an increasingly agent-driven commerce environment.”

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.

About Lianlian

Lianlian DigiTech Co., Ltd. (“Lianlian DigiTech” or “Lianlian”) was founded in 2009 and listed on the Main Board of the Hong Kong Stock Exchange in 2024 (stock code: 2598.HK). As China’s leading global provider of digital and intelligent payment services, Lianlian adheres to its mission of “Connecting the world, empowering global commerce” and pursues an “AI-Native + Globalization” strategy. The Company is committed to building a trusted global intelligent financial infrastructure, enabling seamless connectivity between Chinese enterprises and global businesses.  As of now, Lianlian has established a global licensing portfolio comprising 68 payment licenses and related qualifications, and holds a VATP license issued by the Hong Kong SFC. It supports services in more than 200 countries and regions and enables transaction settlement in over 140 currencies, connecting over 180 global e-commerce platforms and serving a cumulative total of over 13.3 million customers. Learn more at www.lianlian.com.

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SOURCE Visa Worldwide Pte. Limited

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