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Garmin announces fourth quarter and fiscal year 2024 results

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Reports record full-year revenue and profit, and proposes a 20% dividend increase

SCHAFFHAUSEN, Switzerland, Feb. 19, 2025 /PRNewswire/ — Garmin® Ltd. (NYSE: GRMN), today announced results for the fourth quarter ended December 28, 2024.

Highlights for fourth quarter 2024 include:

Consolidated revenue of $1.82 billion, a 23% increase compared to the prior year quarterGross margin expanded to 59.3% from 58.3% in the prior year quarterOperating margin expanded to 28.3% compared to 23.0% in the prior year quarterOperating income was $516 million, a 52% increase compared to the prior year quarterGAAP EPS of $2.25 and pro forma EPS(1) of $2.41, representing 40% growth in pro forma EPS over the prior year quarterShipped over 300 million units since inceptionRunway Occupancy Awareness technology honored with a prestigious Laureate Award from Aviation Week NetworkGarmin ranked No. 1 for the 21st consecutive year in Professional Pilot’s Avionics Manufacturers Product Support SurveyLaunched the Approach® R50, portable golf launch monitor with a built-in simulatorLaunched the Descent™ X50i, our first large-format dive computer

Highlights for fiscal year 2024 include:

Celebrated our 35th year anniversary of creating innovative productsRecord consolidated revenue of $6.30 billion, a 20% increase compared to the prior yearAll segments posted record full-year revenueGross margin expanded to 58.7% compared to 57.5% in the prior yearOperating margin expanded to 25.3% compared to 20.9% in the prior yearRecord operating income of $1.59 billion, a 46% increase compared to the prior yearGAAP EPS of $7.30 and record pro forma EPS(1) of $7.39, representing 32% growth in pro forma EPS over the prior year

(In thousands, except per share information)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

YoY

December 28,

December 30,

YoY

2024

2023

Change

2024

2023

Change

Net sales

$

1,822,560

$

1,482,501

23

%

$

6,296,903

$

5,228,252

20

%

Fitness

539,305

412,076

31

%

1,774,487

1,344,637

32

%

Outdoor

629,373

486,378

29

%

1,961,990

1,697,151

16

%

Aviation

236,875

217,134

9

%

876,614

846,329

4

%

Marine

251,259

239,886

5

%

1,073,192

916,911

17

%

Auto OEM

165,748

127,027

30

%

610,620

423,224

44

%

Gross profit

1,079,926

864,149

25

%

3,696,555

3,004,955

23

%

Gross margin %

59.3

%

58.3

%

58.7

%

57.5

%

Operating income

516,082

340,454

52

%

1,593,994

1,092,160

46

%

Operating margin %

28.3

%

23.0

%

25.3

%

20.9

%

GAAP diluted EPS

$

2.25

$

2.82

(20)

%

$

7.30

$

6.71

9

%

Pro forma diluted EPS (1)

$

2.41

$

1.72

40

%

$

7.39

$

5.59

32

%

(1) See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma diluted EPS

Executive Overview from Cliff Pemble, President and Chief Executive Officer:

“2024 was a year of remarkable growth and achievement for Garmin, resulting in record full-year consolidated revenue and record full-year revenue in all five of our segments, as well as record full-year consolidated operating income. We are entering 2025 with continued strong momentum from our robust product lineup and have many product launches planned during the year. I am very proud of what we accomplished in 2024 and look forward to all that 2025 will bring.” – Cliff Pemble, President and Chief Executive Officer of Garmin Ltd.

Fitness:

Revenue from the fitness segment increased 31% in the fourth quarter with growth across all categories led by strong demand for wearables. Gross and operating margins were 57% and 30%, respectively, resulting in $159 million of operating income. During the quarter, we launched Lily® 2 Active, our smallest smartwatch with GPS, featuring a timeless design and up to nine days of battery life in smartwatch mode. We also recently released our 2024 Connect Fitness Report which highlights overall health and fitness trends of our customers around the world.

Outdoor:

Revenue from the outdoor segment increased 29% in the fourth quarter with growth led by adventure watches. Gross and operating margins were 67% and 40%, respectively, resulting in $251 million of operating income. During the quarter, we launched the Approach R50, the only portable golf launch monitor with a built-in simulator, featuring a 10″ built-in color touchscreen display and more than 43,000 preloaded golf courses worldwide. We also launched the Descent X50i, our largest dive computer with a vivid 3″ color display providing rich information that is readable at a glance.

Aviation:

Revenue from the aviation segment grew 9% in the fourth quarter with growth contributions from both the OEM and aftermarket product categories. Gross and operating margins were 75% and 27%, respectively, resulting in $64 million of operating income. During the quarter, Textron Aviation announced the G3000® PRIME integrated flight deck with Autoland for the Cessna Citation CJ4 Gen3. Also, the G3000 PRIME has been selected by BETA Technologies for the ALIA conventional take-off and landing electric aircraft, which conducted its inaugural flight during the quarter.

Marine:

Revenue from the marine segment increased 5% in the fourth quarter with growth across multiple categories. Gross and operating margins were 58% and 20%, respectively, resulting in $51 million of operating income. During the quarter, Garmin was awarded a 2024 National Boating Safety Award from the Sea Tow Foundation for the fourth consecutive year. Also during the quarter, JL Audio® received an Innovation Award for its Pavilion line of outdoor home speakers from Home Technology Specialists of America, Inc., a leading consumer electronics trade group.  

Auto OEM:

Revenue from the auto OEM segment increased 30% during the fourth quarter due to increased shipments of domain controllers. Gross margin was 17%, and we recorded an operating loss of $9 million in the quarter. Our Unified Cabin domain controller solution was recognized as a Consumer Electronics Show 2025 Innovation Award Honoree in the in-vehicle entertainment category.

Additional Financial Information:

Total operating expenses in the fourth quarter were $564 million, an 8% increase over the prior year, primarily driven by higher personnel-related costs. 

In the fourth quarter of 2024, we reported $80 million of income tax expense, representing an effective tax rate of 15.6%. In the fourth quarter of 2023, we reported a $159 million income tax benefit. Excluding $181 million of income tax benefit due to the revaluation of certain Switzerland deferred tax assets, and $12 million of income tax benefit due to auto OEM manufacturing tax incentives in Poland, our pro forma effective tax rate(1) in the fourth quarter of 2023 was 9.0%. The increase in the current quarter effective tax rate compared to the prior year pro forma tax rate is primarily due to an increase in the combined federal and cantonal Switzerland statutory tax rate in response to global minimum tax requirements. 

In the fourth quarter of 2024, we generated operating cash flow of $484 million and free cash flow(1) of $399 million. We paid a quarterly dividend of approximately $144 million and repurchased $33 million of the Company’s shares within the quarter, leaving approximately $238 million remaining as of December 28, 2024 in the share repurchase program authorized through December 2026. We ended the quarter with cash and marketable securities of approximately $3.7 billion.

(1)

See attached Non-GAAP Financial Information for discussion and reconciliation of non-GAAP financial measures, including pro forma effective tax rate and free cash flow.

2025 Fiscal Year Guidance(2):

We expect full-year 2025 revenue of approximately $6.80 billion, an increase of approximately 8% over 2024. We expect our full-year pro forma EPS to be approximately $7.80 based upon gross margin of approximately 58.7%, operating margin of approximately 25.0% and pro forma effective tax rate of approximately 16.5%.

2025 Guidance

Revenue

$6.80B

Gross Margin

58.7 %

Operating Margin

25.0 %

Pro forma Effective Tax Rate

16.5 %

Pro forma EPS

$7.80

(2)

All amounts and %’s in the above 2025 Guidance table are approximate. Also, see attached discussion on Forward-looking Financial Measures.

Dividend Recommendation:

The Board of Directors intends to recommend to the shareholders for approval at the annual meeting to be held on June 6, 2025, a cash dividend in the amount of $3.60 per share, payable in four equal installments on dates to be determined by the Board. The Board currently anticipates the scheduling of the dividend in four installments as follows:

Dividend Date

Record Date

Dividend Per Share

June 27, 2025

June 16, 2025

$0.90

September 26, 2025

September 12, 2025

$0.90

December 26, 2025

December 12, 2025

$0.90

March 27, 2026

March 13, 2026

$0.90

In addition, the Board has established March 28, 2025 as the payment date and March 14, 2025 as the record date for the final dividend installment of $0.75 per share, per the prior dividend approval at the 2024 annual shareholders’ meeting. The first, second and third payments of $0.75 per share were made on June 28, 2024, September 27, 2024, and December 27, 2024, respectively. 

Webcast Information/Forward-Looking Statements:

The information for Garmin Ltd.’s earnings call is as follows:

When:

Wednesday, February 19, 2025 at 10:30 a.m. Eastern

Where:

https://www.garmin.com/en-US/investors/events/

How:

Simply log on to the web at the address above

An archive of the live webcast will be available until February 18, 2026 on the Garmin website at www.garmin.com. To access the replay, click on the Investors link and click over to the Events Calendar page.

This release includes projections and other forward-looking statements regarding Garmin Ltd. and its business that are commonly identified by words such as “anticipates,” “would,” “may,” “expects,” “estimates,” “plans,” “intends,” “projects,” and other words or phrases with similar meanings. Any statements regarding the Company’s expected fiscal 2025 GAAP and pro forma estimated earnings, EPS, and effective tax rate, and the Company’s expected segment revenue growth rates, consolidated revenue, gross margins, operating margins, potential future acquisitions, share repurchase programs, currency movements, expenses, pricing, new product launches, market reach, statements relating to possible future dividends, and the Company’s plans and objectives are forward-looking statements. The forward-looking events and circumstances discussed in this release may not occur and actual results could differ materially as a result of risk factors and uncertainties affecting Garmin, including, but not limited to, the risk factors that are described in the Annual Report on Form 10-K for the year ended December 28, 2024 filed by Garmin with the Securities and Exchange Commission (Commission file number 001-41118). A copy of Garmin’s 2024 Form 10-K can be downloaded from https://www.garmin.com/en-US/investors/sec/. All information provided in this release and in the attachments is as of December 28, 2024. Undue reliance should not be placed on the forward-looking statements in this press release, which are based on information available to us on the date hereof. We undertake no duty to update this information unless required by law.

This release and the attachments contain non-GAAP financial measures. A reconciliation to the nearest GAAP measure and a discussion of the Company’s use of these measures are included in the attachments.

Garmin, the Garmin logo, Approach, G3000, Lily and JL Audio are trademarks of Garmin Ltd. or its subsidiaries and are registered in one or more countries, including the U.S. Descent is a trademark of Garmin Ltd. or its subsidiaries. All other brands, product names, company names, trademarks and service marks are the properties of their respective owners. All rights reserved.

Investor Relations Contact:

Media Relations Contact:

Teri Seck

Krista Klaus

913/397-8200

913/397-8200

investor.relations@garmin.com 

media.relations@garmin.com

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Statements of Income (Unaudited)

(In thousands, except per share information)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

December 28,

December 30,

2024

2023

2024

2023

Net sales

$

1,822,560

$

1,482,501

$

6,296,903

$

5,228,252

Cost of goods sold

742,634

618,352

2,600,348

2,223,297

Gross profit

1,079,926

864,149

3,696,555

3,004,955

Research and development expense

258,752

237,245

993,601

904,696

Selling, general and administrative expenses

305,092

286,450

1,108,960

1,008,099

Total operating expenses

563,844

523,695

2,102,561

1,912,795

Operating income

516,082

340,454

1,593,994

1,092,160

Other income (expense):

Interest income

30,377

22,840

113,520

77,302

Foreign currency (losses) gains

(36,184)

19,488

(20,599)

26,434

Other income

5,864

254

8,486

4,460

Total other income (expense)

57

42,582

101,407

108,196

Income before income taxes

516,139

383,036

1,695,401

1,200,356

Income tax provision (benefit)

80,405

(159,089)

283,965

(89,280)

Net income

$

435,734

$

542,125

$

1,411,436

$

1,289,636

Net income per share:

Basic

$

2.27

$

2.83

$

7.35

$

6.74

Diluted

$

2.25

$

2.82

$

7.30

$

6.71

Weighted average common shares outstanding:

Basic

192,075

191,363

192,060

191,397

Diluted

193,759

192,557

193,281

192,058

 

Garmin Ltd. and Subsidiaries

Condensed Consolidated Balance Sheets (Unaudited)

(In thousands)

December 28,

2024

December 30,
2023

Assets

Current assets:

Cash and cash equivalents

$

2,079,468

$

1,693,452

Marketable securities

421,270

274,618

Accounts receivable, net

983,404

815,243

Inventories

1,473,978

1,345,955

Deferred costs

24,040

16,316

Prepaid expenses and other current assets

353,993

318,556

Total current assets

5,336,153

4,464,140

Property and equipment, net

1,236,884

1,224,097

Operating lease right-of-use assets

164,656

143,724

Noncurrent marketable securities

1,198,331

1,125,191

Deferred income tax assets

822,521

754,635

Noncurrent deferred costs

6,898

11,057

Goodwill

603,947

608,474

Other intangible assets, net

154,163

181,145

Other noncurrent assets

106,974

91,106

Total assets

$

9,630,527

$

8,603,569

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

359,365

$

253,790

Salaries and benefits payable

210,879

190,014

Accrued warranty costs

62,473

55,738

Accrued sales program costs

108,492

98,610

Other accrued expenses

216,721

245,874

Deferred revenue

110,997

101,189

Income taxes payable

294,582

225,475

Dividend payable

144,349

139,997

Total current liabilities

1,507,858

1,310,687

Deferred income tax liabilities

103,274

114,682

Noncurrent income taxes payable

7,014

16,521

Noncurrent deferred revenue

28,321

36,148

Noncurrent operating lease liabilities

134,886

113,035

Other noncurrent liabilities

776

436

Stockholders’ equity:

Common shares (194,901 and 195,880 shares authorized and issued;

   192,468 and 191,777 shares outstanding)

19,490

19,588

Additional paid-in capital

2,247,484

2,125,467

Treasury shares (2,433 and 4,103 shares)

(270,521)

(330,909)

Retained earnings

5,999,183

5,263,528

Accumulated other comprehensive income (loss)

(147,238)

(65,614)

Total stockholders’ equity

7,848,398

7,012,060

Total liabilities and stockholders’ equity

$

9,630,527

$

8,603,569

 

Garmin Ltd. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

(In thousands)

52-Weeks Ended

December 28, 2024

December 30, 2023

Operating Activities:

Net income

$

1,411,436

$

1,289,636

Adjustments to reconcile net income to net cash provided by

   operating activities:

Depreciation

140,494

132,347

Amortization

39,241

45,225

(Gain) loss on sale or disposal of property and equipment

(4,903)

215

Unrealized foreign currency losses (gains)

26,889

(25,541)

Deferred income taxes

(88,137)

(340,774)

Stock compensation expense

137,162

101,422

Realized losses on marketable securities

8

62

Changes in operating assets and liabilities, net of acquisitions:

Accounts receivable, net of allowance for doubtful accounts

(196,256)

(129,120)

Inventories

(178,815)

244,506

Other current and noncurrent assets

(42,130)

7,887

Accounts payable

120,637

28,503

Other current and noncurrent liabilities

24,546

52,188

Deferred revenue

2,223

10,411

Deferred costs

(3,615)

(2,661)

Income taxes

43,691

(38,041)

Net cash provided by operating activities

1,432,471

1,376,265

Investing activities:

Purchases of property and equipment

(193,571)

(193,524)

Purchase of marketable securities

(507,518)

(170,681)

Redemption of marketable securities

309,166

183,372

Acquisitions, net of cash acquired

(16,444)

(150,853)

Other investing activities, net

15,034

(1,286)

Net cash used in investing activities

(393,333)

(332,972)

Financing activities:

Dividends

(572,355)

(558,769)

Proceeds from issuance of treasury shares related to equity awards

49,963

44,063

Purchase of treasury shares related to equity awards

(42,117)

(22,815)

Purchase of treasury shares under share repurchase plan

(62,348)

(98,988)

Net cash used in financing activities

(626,857)

(636,509)

Effect of exchange rate changes on cash and cash equivalents

(26,283)

7,460

Net increase in cash, cash equivalents, and restricted cash

385,998

414,244

Cash, cash equivalents, and restricted cash at beginning of year

1,694,156

1,279,912

Cash, cash equivalents, and restricted cash at end of year

$

2,080,154

$

1,694,156

 

Garmin Ltd. and Subsidiaries

Net Sales, Gross Profit and Operating Income by Segment (Unaudited)

(In thousands)

Fitness

Outdoor

Aviation

Marine

Auto OEM

Total

13-Weeks Ended December 28, 2024

Net sales

$

539,305

$

629,373

$

236,875

$

251,259

$

165,748

$

1,822,560

Gross profit

308,632

420,759

178,379

144,655

27,501

1,079,926

Operating income (loss)

159,161

251,322

64,469

50,588

(9,458)

516,082

13-Weeks Ended December 30, 2023

Net sales

$

412,076

$

486,378

$

217,134

$

239,886

$

127,027

$

1,482,501

Gross profit

232,147

317,061

162,214

126,099

26,628

864,149

Operating income (loss)

92,550

163,855

56,671

37,294

(9,916)

340,454

52-Weeks December 28, 2024

Net sales

$

1,774,487

$

1,961,990

$

876,614

$

1,073,192

$

610,620

$

6,296,903

Gross profit

1,032,007

1,306,405

656,509

594,127

107,507

3,696,555

Operating income (loss)

482,672

702,730

211,367

236,010

(38,785)

1,593,994

52-Weeks December 30, 2023

Net sales

$

1,344,637

$

1,697,151

$

846,329

$

916,911

$

423,224

$

5,228,252

Gross profit

716,906

1,072,861

625,988

491,261

97,939

3,004,955

Operating income (loss)

232,201

515,254

226,400

179,429

(61,124)

1,092,160

 

Garmin Ltd. and Subsidiaries

Net Sales by Geography (Unaudited)

(In thousands)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

YoY

December 28,

December 30,

YoY

2024

2023

Change

2024

2023

Change

Net sales

$

1,822,560

$

1,482,501

23 %

$

6,296,903

$

5,228,252

20 %

Americas

854,816

732,648

17 %

3,036,083

2,614,358

16 %

EMEA

701,252

523,439

34 %

2,319,310

1,775,965

31 %

APAC

266,492

226,414

18 %

941,510

837,929

12 %

EMEA – Europe, Middle East and Africa

APAC – Asia Pacific and Australian Continent

Non-GAAP Financial Information

To supplement our financial results presented in accordance with GAAP, this release includes the following measures defined by the Securities and Exchange Commission as non-GAAP financial measures: pro forma effective tax rate, pro forma net income (earnings) per share and free cash flow. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies, limiting the usefulness of the measures for comparison with other companies. Management believes providing investors with an operating view consistent with how it manages the Company provides enhanced transparency into the operating results of the Company, as described in more detail by category below. 

The tables below provide reconciliations between the GAAP and non-GAAP measures.

Pro forma effective tax rate

The Company’s income tax expense is periodically impacted by discrete tax items that are not reflective of income tax expense incurred as a result of current period earnings. Therefore, management believes disclosure of the effective tax rate and income tax provision before the effect of certain discrete tax items are important measures to permit investors’ consistent comparison between periods. In the full year 2024 there were no such discrete tax items identified.

(In thousands)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

December 28,

December 30,

2024

2023

2024

2023

$

ETR(1)

$

ETR(1)

$

ETR(1)

$

ETR(1)

GAAP income tax provision (benefit)

$

80,405

15.6 %

$

(159,089)

(41.5) %

$

283,965

16.7 %

$

(89,280)

(7.4) %

Pro forma discrete tax items:

Tax effect of state rate change (2)

(2,269)

Switzerland deferred tax assets (3)

181,410

181,410

Poland incentive tax credits (4)

12,116

12,116

Pro forma income tax provision

$

80,405

15.6 %

$

34,437

9.0 %

$

283,965

16.7 %

$

101,977

8.5 %

(1) Effective tax rate is calculated by taking the income tax provision (benefit) divided by income before taxes, as presented on the face of the Condensed Consolidated Statements of Income.

(2) In third quarter 2023, the Company recognized $2.3 million of tax expense due to the revaluation of deferred tax assets associated with the change in corporate income tax rate for the state of Kansas.

(3) Certain Switzerland deferred tax assets related to the enactment of Switzerland Federal and Schaffhausen cantonal tax reform were revalued in the fourth quarter of 2023, resulting in income tax benefit of $181.4 million.

(4) In fourth quarter 2023, the Company recognized $12.1 million of income tax benefit due to Auto OEM manufacturing tax incentives in Poland.

Pro forma net income (earnings) per share

Management believes that net income (earnings) per share before the impact of foreign currency gains or losses and certain discrete income tax items, as discussed above, is an important measure in order to permit a consistent comparison of the Company’s performance between periods.

(In thousands, except per share information)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

December 28,

December 30,

2024

2023

2024

2023

GAAP net income

$

435,734

$

542,125

$

1,411,436

$

1,289,636

Foreign currency gains / losses (1)

36,184

(19,488)

20,599

(26,434)

Tax effect of foreign currency gains / losses (2)

(5,637)

1,752

(3,450)

2,246

Pro forma discrete tax items (3)

(193,526)

(191,257)

Pro forma net income

$

466,281

$

330,863

$

1,428,585

$

1,074,191

GAAP net income per share:

Basic

$

2.27

$

2.83

$

7.35

$

6.74

Diluted

$

2.25

$

2.82

$

7.30

$

6.71

Pro forma net income per share:

Basic

$

2.43

$

1.73

$

7.44

$

5.61

Diluted

$

2.41

$

1.72

$

7.39

$

5.59

Weighted average common shares outstanding:

Basic

192,075

191,363

192,060

191,397

Diluted

193,759

192,557

193,281

192,058

(1) Foreign currency gains and losses for the Company are driven by movements of a number of currencies in relation to the U.S. Dollar and the related exchange rate impact on the significant cash, receivables, and payables held in a currency other than the functional currency at a given legal entity. However, there is minimal cash impact from such foreign currency gains and losses.

(2) The tax effect of foreign currency gains and losses was calculated using the pro forma effective tax rate of 15.6% and 16.7% for the 13-weeks and fiscal year ended December 28, 2024, respectively, and the pro forma effective tax rate of 9.0% and 8.5% for the 13-weeks and fiscal year ended December 30, 2023, respectively.

(3) The 2023 discrete tax items are discussed in the pro forma effective tax rate section above.

Free cash flow

Management believes that free cash flow is an important liquidity measure because it represents the amount of cash provided by operations that is available for investing and defines it as operating cash flows less capital expenditures for property and equipment. Management believes that excluding purchases of property and equipment provides a better understanding of the underlying trends in the Company’s operations and allows more accurate comparisons of the Company’s results between periods. This metric may also be useful to investors but should not be considered in isolation as it is not a measure of cash flow available for discretionary expenditures. The most comparable GAAP measure is net cash provided by operating activities.

(In thousands)

13-Weeks Ended

52-Weeks Ended

December 28,

December 30,

December 28,

December 30,

2024

2023

2024

2023

Net cash provided by operating activities

$

483,890

$

465,941

$

1,432,471

$

1,376,265

Less: purchases of property and equipment

(84,702)

(48,648)

(193,571)

(193,524)

Free Cash Flow

$

399,188

$

417,293

$

1,238,900

$

1,182,741

Forward-looking Financial Measures

The forward-looking financial measures in our 2025 guidance provided above do not consider the potential future net effect of foreign currency exchange gains and losses, certain discrete tax items and any other impacts that may be identified as pro forma adjustments in calculating the non-GAAP measures described above. 

The estimated impact of foreign currency gains and losses cannot be reasonably estimated on a forward-looking basis due to the high variability and low visibility with respect to non-operating foreign currency exchange gains and losses and the related tax effects of such gains and losses. The impact on diluted net income per share of foreign currency gains and losses, net of tax effects, was $0.09 per share for the 52 weeks ended December 28, 2024.

At this time, management is unable to determine whether or not significant discrete tax items will occur in fiscal 2025 or anticipate the impact of any other events that may be considered in the calculation of non-GAAP financial measures.

 

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SOURCE Garmin Ltd.

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BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept

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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.

Built on Kaia Mainnet

A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.

Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.

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.

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Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference

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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

kirsten.fallon@zimmerbiomet.com

zach.weiner@zimmerbiomet.com

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SOURCE Zimmer Biomet Holdings, Inc.

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NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools

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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.

View original content:https://www.prnewswire.com/news-releases/nextladder-ventures-announces-co-founder-leadership-team-investment-focus-areas-for-over-1-billion-initiative-empowering-americans-with-personalized-tech-enabled-support-tools-302764095.html

SOURCE NextLadder Ventures

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