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Travelzoo Reports Fourth Quarter 2024 Results

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NEW YORK, Feb. 25, 2025 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO):

Revenue of $20.7 million, down 2% year-over-yearConsolidated operating profit of $4.9 million, up 8% year-over-yearNon-GAAP consolidated operating profit of $5.3 millionCash flow from operations of $7.7 millionEarnings per share (EPS) of $0.26

Travelzoo, the club for travel enthusiasts, today announced financial results for the fourth quarter ended December 31, 2024. Consolidated revenue was $20.7 million, down 2% year-over-year. In constant currencies, revenue was $20.6 million. Travelzoo’s reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.

Net income attributable to Travelzoo was $3.2 million for Q4 2024, or $0.26 per share, compared with $0.27 in the prior-year period. Net income attributable to Travelzoo from continuing operations was $3.2 million for Q4 2024, or $0.26 per share, compared with $0.24 in the prior-year period.

Non-GAAP operating profit was $5.3 million. Non-GAAP operating profit excludes amortization of intangibles ($93,000), stock option expenses ($0.4 million). Please refer to “Non-GAAP Financial Measures” and the tabular reconciliation below.

“We will continue to leverage Travelzoo’s global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members,” said Holger Bartel, Travelzoo’s Global CEO. “Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do.”

Cash Position
As of December 31, 2024, consolidated cash, cash equivalents and restricted cash were $17.7 million. Net cash provided by operations was $7.7 million.

Travelzoo North America
North America business segment revenue increased 1% year-over-year to $13.9 million. Operating profit for Q4 2024 was $4.6 million, or 33% of revenue, compared to operating profit of $4.0 million in the prior-year period.

Travelzoo Europe
Europe business segment revenue decreased 13% year-over-year to $5.4 million, caused primarily by fluctuations in Germany. In constant currencies, Europe business segment revenue was $5.3 million. Operating profit for Q4 2024 was $159,000, or 3% of revenue, compared to operating profit of $832,000 in the prior-year period.

Jack’s Flight Club
Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. As the number of premium subscribers continues to grow, revenue increased 19% year-over-year to $1.3 million. Jack’s Flight Club’s revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Non-GAAP operating profit for Q4 2024 was $208,000. Non-GAAP operating profit excludes amortization of intangibles ($58,000) related to the acquisition of Travelzoo’s ownership interest in Jack’s Flight Club in 2020.

New Initiatives
New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $19,000. Operating loss for Q4 2024 was $36,000.

In June 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Japan for the exclusive use of Travelzoo’s brand, business model, and members in Japan. In August of 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Australia for the exclusive use of Travelzoo’s brand, business models, and members in Australia, New Zealand, and Singapore. Under these arrangements, Travelzoo’s existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Travelzoo recorded $7,000 in licensing revenue from the licensee in Japan in Q4 2024. Travelzoo recorded $12,000 in licensing revenue from the licensee in Australia, New Zealand, and Singapore in Q4 2024. Licensing revenue is expected to increase in the future.

Reach
Travelzoo reaches 30 million travelers. This includes Jack’s Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.

Discontinued Operations
In March 2020, Travelzoo decided to exit its Asia Pacific business and operate it as a licensing business going forward. Consequently, the Asia Pacific business has been classified as discontinued operations.

Income Taxes
A provision of $1.5 million for income taxes was recorded for Q4 2024, compared to an income tax expense of $1.6 million in the prior-year period. Travelzoo intends to utilize available net operating losses (NOLs) to largely offset its actual tax liability for 2024.

Share Repurchase Program
During Q4 2024, the Company repurchased 135,792 shares of its outstanding common stock.

Looking Ahead
For Q1 2025, we expect revenue to increase at a higher pace. The pro rata portion of membership fee revenue will already add 5% incremental growth this quarter. This percentage is expected to increase over subsequent quarters, as membership fee revenue is recognized ratably over the subscription period, we acquire new members, and more Legacy Members become Club Members. For the whole year, we expect substantially higher revenue growth. Over time, we expect profitability to further increase as recurring membership fee revenue will be recognized.

In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined before 2024, were exempt from the fee during 2024. Legacy Members represent more than 95% of Travelzoo’s reach. In 2025, Legacy Members continue to receive certain travel offers. But Club Offers and new benefits are only available to Club Members. We generally see Legacy Members being excited to become Club Members.

Non-GAAP Financial Measures
Management calculates non-GAAP operating income when evaluating the financial performance of the business. Travelzoo’s calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: amortization of intangibles, stock option expenses and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America (“GAAP”). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.

Conference Call
Travelzoo will host a conference call to discuss fourth quarter 2024 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to

download the management presentation (PDF format) to be discussed in the conference callaccess the webcast

About Travelzoo
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with thousands of top travel suppliers—our long-standing relationships give us access to irresistible deals.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Travelzoo

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

Three months ended

Twelve months ended

December 31,

December 31,

2024

2023

2024

2023

Revenues

$         20,678

$         21,149

$    83,902

$    84,477

Cost of revenues

2,761

2,698

10,469

10,934

Gross profit

17,917

18,451

73,433

73,543

Operating expenses:

Sales and marketing

8,256

8,496

34,466

37,774

Product development

644

580

2,407

2,113

General and administrative

4,183

4,896

18,058

18,084

Total operating expenses

13,083

13,972

54,931

57,971

Operating income

4,834

4,479

18,502

15,572

Other income (expense), net

(86)

398

588

1,541

Income from continuing operations before income taxes

4,748

4,877

19,090

17,113

Income tax expense

1,484

1,618

5,404

5,105

Income from continuing operations

3,264

3,259

13,686

12,008

Income from discontinued operations, net of tax

465

460

Net income

3,264

3,724

13,686

12,468

Net income attributable to non-controlling interest

64

5

118

102

Net income attributable to Travelzoo

$           3,200

$           3,719

$    13,568

$    12,366

Net income attributable to Travelzoo—continuing operations

$           3,200

$           3,254

$    13,568

$    11,906

Net income attributable to Travelzoo—discontinued operations

$                —

$              465

$            —

$         460

Income per share—basic

Continuing operations

$             0.27

$             0.24

$        1.08

$        0.80

Discontinued operations

$                —

$             0.03

$            —

$        0.03

Net income per share—basic

$             0.27

$             0.27

$        1.08

$        0.83

Income per share—diluted

Continuing operations

$             0.26

$             0.24

$        1.06

$        0.80

Discontinued operations

$                —

$             0.03

$            —

$        0.03

Net income per share—diluted

$             0.26

$             0.27

$        1.06

$        0.83

Shares used in per share calculation from continuing operations—basic

11,831

13,873

12,594

14,897

Shares used in per share calculation from discontinued operations—basic

11,831

13,873

12,594

14,897

Shares used in per share calculation from continuing operations—diluted

12,358

13,946

12,852

14,964

Shares used in per share calculation from discontinued operations—diluted

12,358

13,946

12,852

14,964

 

Travelzoo

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

December 31,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$             17,064

$            15,713

Accounts receivable, net

12,825

12,965

Prepaid income taxes

736

629

Prepaid expenses and other

1,148

1,461

Total current assets

31,773

30,768

Deposits and other

374

1,115

Deferred tax assets

3,380

3,196

Restricted cash

675

675

Operating lease right-of-use assets

5,655

6,015

Property and equipment, net

423

578

Intangible assets, net

1,498

2,091

Goodwill

10,944

10,944

Total assets

$             54,722

$            55,382

Liabilities and Equity

Current liabilities:

Accounts payable

$               6,134

$              4,546

Merchant payables

16,294

20,622

Accrued expenses and other

3,404

3,658

Deferred revenue

6,545

2,044

Income tax payable

1,619

766

Operating lease liabilities

2,472

2,530

Liabilities from discontinued operations

28

24

Total current liabilities

36,496

34,190

Long-term tax liabilities

7,851

4,681

Long-term operating lease liabilities

5,646

6,717

Other long-term liabilities

376

911

Total liabilities

50,369

46,499

Common stock

118

136

Tax indemnification

(9,537)

(9,537)

Note receivable from shareholder

(1,753)

Additional paid-in capital

439

Retained earnings

14,284

19,508

Accumulated other comprehensive loss

(5,327)

(4,607)

Total Travelzoo stockholders’ equity (deficit)

(462)

4,186

Non-controlling interest

4,815

4,697

Total stockholder’s equity

4,353

8,883

Total liabilities and equity

$             54,722

$            55,382

 

Travelzoo

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

Three months ended

Twelve months ended

December 31,

December 31,

2024

2023

2024

2023

Cash flows from operating activities:

Net income

$            3,264

$            3,724

$   13,686

$   12,468

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

Depreciation and amortization

170

476

907

1,893

Stock-based compensation

405

381

1,645

1,568

Deferred income tax

(476)

159

(515)

48

Loss on long-lived assets

10

Net foreign currency effects

132

(115)

(33)

(62)

Provision of loss (net recoveries) on accounts receivable and refund reserves

(81)

(72)

40

(1,016)

Changes in operating assets and liabilities:

Accounts receivable

113

(2,231)

(145)

1,086

Prepaid income taxes

354

61

(107)

1,189

Prepaid expenses, deposits and other

319

1,603

950

3,835

Accounts payable

1,286

1,181

1,716

(523)

Merchant payables

(709)

(3,338)

(4,057)

(12,095)

Accrued expenses and other

(661)

(665)

(289)

(685)

Deferred revenue

2,767

(785)

4,557

(191)

Income tax payable

264

456

857

749

Other liabilities

507

547

1,888

2,401

Net cash provided by operating activities

7,654

1,382

21,100

10,675

Cash flows from investing activities:

Proceeds from note receivable

103

216

Purchases of property and equipment

(48)

(38)

(177)

(255)

Net cash used in investing activities

(48)

65

(177)

(39)

Cash flows from financing activities:

Repurchase of common stock

(2,324)

(5,015)

(18,929)

(16,781)

Proceeds from note receivable and account receivable from shareholder

1,920

3,000

1,753

3,000

Exercise of stock options and taxes paid for net share settlement of equity awards

(1,195)

(70)

(1,787)

(369)

Net cash used in financing activities

(1,599)

(2,085)

(18,963)

(14,150)

Effect of exchange rate on cash, cash equivalents and restricted cash

(390)

445

(605)

525

Net increase (decrease) in cash, cash equivalents and restricted cash

5,617

(193)

1,355

(2,989)

Cash, cash equivalents and restricted cash at beginning of period

12,106

16,582

16,389

19,378

Cash, cash equivalents and restricted cash at end of period

$          17,723

$          16,389

$   17,744

$   16,389

 

Travelzoo

Segment Information from Continuing Operations

(Unaudited)

(In thousands)

Three months ended December 31, 2024

Travelzoo North

America

Travelzoo Europe

Jack’s Flight Club

New Initiatives

Consolidated

Revenues from unaffiliated customers

$       13,834

$         5,508

$         1,317

$              19

$          20,678

Intersegment revenues

74

(68)

(6)

Total net revenues

13,908

5,440

1,311

19

20,678

Sales and marketing expenses

4,641

3,110

505

8,256

Other expenses

4,689

2,171

656

55

7,571

Operating profit (loss)

$         4,578

$            159

$            150

$            (36)

4,851

Other loss, net

(86)

Income from continuing operations before income taxes

$            4,765

Three months ended December 31, 2023

Travelzoo North

America

Travelzoo Europe

Jack’s Flight Club

New Initiatives

Consolidated

Revenues from unaffiliated customers

$       13,534

$         6,354

$         1,106

$            155

$          21,149

Intersegment revenues

247

(90)

(157)

Total net revenues

13,781

6,264

949

155

21,149

Sales and marketing expenses

4,899

3,111

423

63

8,496

Other expenses

4,912

2,321

745

196

8,174

Operating profit (loss)

$         3,970

$            832

$          (219)

$          (104)

4,479

Other income, net

398

Income from continuing operations before income taxes

$            4,877

Twelve months ended December 31, 2024

Travelzoo North

America

Travelzoo Europe

Jack’s Flight Club

New Initiatives

Consolidated

Revenues from unaffiliated customers

$       54,968

$       24,113

$         4,714

$            107

$          83,902

Intersegment revenues

124

(42)

(82)

Total net revenues

55,092

24,071

4,632

107

83,902

Sales and marketing expenses

19,748

12,539

1,898

280

34,465

Other expenses

19,461

8,451

2,690

337

30,939

Operating profit (loss)

$       15,883

$         3,081

$              44

$          (510)

18,498

Other income, net

588

Income from continuing operations before income taxes

$          19,086

Twelve months ended December 31, 2023

Travelzoo North

America

Travelzoo Europe

Jack’s Flight Club

New Initiatives

Consolidated

Revenues from unaffiliated customers

$       54,837

$       25,291

$         4,145

$            204

$          84,477

Intersegment revenues

1,243

(1,270)

27

Total net revenues

56,080

24,021

4,172

204

84,477

Sales and marketing expenses

22,029

13,636

1,788

321

37,774

Other expenses

18,797

9,068

2,407

859

31,131

Operating profit (loss)

$       15,254

$         1,317

$            (23)

$          (976)

15,572

Other income, net

1,541

Income from continuing operations before income taxes

$          17,113

 

Travelzoo

Reconciliation of GAAP to Non-GAAP Information

(Unaudited)

(In thousands, except per share amounts)

Three months ended

Twelve months ended

December 31,

December 31,

2024

2023

2024

2023

GAAP operating expense

$     13,083

$     13,972

$     54,931

$     57,971

Non-GAAP adjustments:

Amortization of intangibles (A)

93

389

593

1,560

Stock option expenses (B)

405

380

1,644

1,566

Severance-related expenses (C)

360

56

Non-GAAP operating expense

12,585

13,203

52,334

54,789

GAAP operating profit

4,834

4,479

18,502

15,572

Non-GAAP adjustments (A through C)

498

769

2,597

3,182

Non-GAAP operating profit

5,332

5,248

21,099

18,754

Investor Relations:
ir@travelzoo.com

 

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Technology

American Binary Sets New Standard in Post-Quantum Cryptographic VPNs with Symbolic Proof and Attestation

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WASHINGTON, July 21, 2026 /PRNewswire/ — American Binary, a leader in deep-tech cybersecurity, today announced an independent attestation regarding the validity of all 120 security properties of MaxKyber, their network protocol at the heart of their Ambit Client enterprise VPN, now third-party verified to comply with all Commercial National Security Algorithm Suite 2.0 (CNSA 2.0) requirements. This landmark verification is the result of an exhaustive private peer-review of their symbolic proof (Tamarin + ProVerif) and engineering documentation conducted by industry luminaries Dr. Joe Kiniry, PhD and Dr. Tom Shrimpton, PhD, both with long careers in academia and industry, including time at Galois as Principal Scientists.

“No known VPN — post-quantum or classical, deployed or research — has been subjected to specification and formal verification of comparable depth.” – Dr. Joe Kiniry, PhD and Dr. Tom Shrimpton, PhD

In a landscape defined by emerging quantum threats and unproven solutions, this formal third-party verification differentiates MaxKyber from traditional or hybrid solutions by providing certainty in engineering and compliance with National Security requirements. MaxKyber provides the world with long-term full post-quantum security unlike shorter-term temporary solutions such as hybrids (which mix classical and post-quantum encryption). This breakthrough marks a transition from speculative security to a foundation of verified, provable resilience, establishing a new global benchmark for secure communications.

“While organizations today are increasingly recognizing the significance of PQC, American Binary has been preparing for a post-quantum world for seven years. The result is a resilient foundation for secure operations, today and in the post‑quantum future” – Oracle

Additionally, American Binary signed ACM Turing Award winner Whitfield Diffie, cryptographic pioneer and co-inventor of the Diffie-Hellman key exchange, as a key advisor. Whitfield joins the ranks of existing cryptographic advisors Bruce Schneier and Brian LaMacchia.

“Buy American Binary and you’ll be safe”

– Whitfield Diffie at Quantum.Tech World 2026

Key security pillars of the MaxKyber attestation include:

Protection against “Harvest Now, Decrypt Later” (HNDL): By utilizing purely CNSA 2.0 algorithms, including ML-KEM-1024 without any classical key exchange variants, MaxKyber secures today’s data against decryption by quantum adversaries.Comprehensive Symbolic Verification: The attestation covers 120 security properties across 11 critical categories, including secrecy, authentication, forward secrecy, identity hiding, and resistance to Replay, Denial of Service, Resource Exhaustion, and Key Compromise Impersonation.Architectural Stability: Beyond its post-quantum cryptographic core, MaxKyber’s protocol architecture is rooted in well-established, operationally proven design patterns, retaining their performance and simplicity.

This foundational security architecture provides the necessary reliability to enable significant performance breakthroughs in the field and the following four key impacts.

Impact I: Unambiguous Security and Mitigation of “Harvest Now, Decrypt Later”

MaxKyber achieves the end-state of post-quantum cryptographic purity by utilizing a pure CNSA 2.0 post-quantum key exchange, without using any classical cryptography, hybrid cryptography, or legacy key exchange variants. Instead, American Binary’s more modern key exchange utilizes ML-KEM-1024 operations to replace the Diffie-Hellman Key Exchange. This approach ensures that modern enterprises are not tethered to the vulnerabilities of legacy components or negative market reactions to hybrid solutions being partially broken. If the classical encryption in hybrid solutions is verifiably broken, markets likely will not wait for forensics to determine whether the rest of the solution remains intact; reputation damage and capital flight will occur immediately.

MaxKyber exclusively employs CNSA 2.0 approved algorithms, specifically ML-KEM-1024 (FIPS 203), AES-256-GCM, and SHA-512/256. This construction provides the highest level of security available today without any loss of existing security properties.

Impact II: Optimal Performance from Mobile and Lossy Environments to High-Performance Scenarios

Historically, high-security protocols have suffered from significant system latency, creating a bottleneck for edge computing and mobile workforces. MaxKyber eliminates these traditional performance trade-offs, enabling high-performance security at the network’s most vulnerable points. One partner benchmarked Ambit Client, powered by MaxKyber, to have 70% faster download speeds than a comparable classically encrypted enterprise VPN.

The MaxKyber protocol optimizes efficiency through an “Authenticated Key Exchange” (AKE) which achieves mutual authentication in a single round trip, dramatically reducing the data burden on the network.

Quantifiably, the AKE saves approximately 4,600 bytes per handshake compared to the next best option. This ultra-low overhead ensures that robust post-quantum security functions reliably on mobile devices and in lossy environments where traditional, bulkier PQC handshakes consistently fail. Reliability in the field is a prerequisite for everything from remote work to warfighting environments, and MaxKyber’s AKE directly facilitates such operational readiness.

Additionally, MaxKyber is well suited for high-performance scenarios such as AI workloads, work with 3D models, and more thanks to Vector Packet Processing and Data Plane Development Kit further reducing overheads to the technical minimums and enabling line-rate speeds for server-to-server use cases.

Impact III: Compliance Savings

As the cost of compliance and diligence cycles for critical infrastructure continues to escalate, proofs can be a shortcut for approval. For CISO and Legal departments, formal verification provides a transparent, “glass-box” view of security that goes beyond traditional testing.

For integration partners, this symbolic proof significantly reduces diligence cycles. By providing an exhaustively checked security profile, American Binary allows partners to shorten the lengthy, costly investigative phases usually required for new cryptographic implementations. Verified compliance is transformed from a hurdle into a catalyst for product development.

Impact IV: R&D Acceleration

For engineering teams looking to integrate this technology and/or customize it, American Binary’s documentation serves as a powerful force multiplier. By providing pre-verified, exhaustive, and high-quality documentation, American Binary provides an extraordinary shortcut to rapid integration.

The scale of the documentation and formal models provided to partners is unprecedented in the VPN industry. This rigorous approach allows integration partners to save months, if not years, of R&D effort.

MaxKyber provides more than just a secure tunnel; it delivers a fully documented, mathematically proven blueprint that accelerates the transition to a quantum-safe future. With MaxKyber, American Binary has rewritten the industry standard for post-quantum network security.

About American Binary

American Binary is a leader in deep-tech cybersecurity, specializing in the development of CNSA 2.0 post-quantum cryptographic solutions. Through advanced rigor and high-performance engineering, American Binary provides the provable foundations for secure, resilient communication in the quantum era.

Learn more at www.ambit.inc

CONTACT: sales@ambit.inc 

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MetaOptics to Deploy its Direct Laser Writer at the University of Arizona’s Center of Semiconductor Manufacturing to Advance its U.S. Expansion

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SINGAPORE, July 21, 2026 /PRNewswire/ — MetaOptics Ltd (Catalist: 9MT) (“MetaOptics” or the “Company,” and together with its subsidiaries, the “Group”), announced that it has entered into an agreement to deploy its key metalens Direct Laser Writer (“DLW”) system at the University of Arizona’s Center of Semiconductor Manufacturing (the “University”). The agreement marks a critical step in advancing its U.S. expansion strategy and its collaborative research with world-class semiconductor stakeholders in Arizona. Installation of the DLW is expected to commence in 2027.

The DLW is designed for a 4-inch wafer to enable quick prototyping and fabrication of metalens samples within weeks. It also supports small-volume production for pilot builds and customer demand evaluation, enabling partners to iterate faster and move from concept to product more efficiently. The deployment of the Company’s DLW will allow prospective customers in the U.S. to physically witness the system in action for their metalens prototyping needs. It will also support collaborative research and evaluation by the University’s researchers under the guidance of Dr. Krishna Muralidharan of the University of Arizona’s Department of Materials Science and Engineering. MetaOptics expects the deployment to generate user feedback and user demonstration opportunities, providing further technical validation of its metalens equipment and products, and serve as a launchpad to scale commercial production and collaboration in the U.S. market.

The deployment of its DLW serves as a key milestone for MetaOptics’ U.S. expansion strategy, prospective U.S. customer engagement, and commercialization roadmap. It also positions the Group to support emerging U.S. initiatives in silicon photonics, co-packaged optics, and integrated photonics, where its metalens technology is directly applicable. The DLW will anchor a “mini foundry” at the University for small-volume, quick turnaround prototyping. Beyond research, the installation serves a commercial purpose: a U.S. demonstration site where potential distributors, universities, and research institutions can physically witness the DLW in operation. It will also produce metalens samples for prospective customers’ evaluation. With Arizona’s fast-growing semiconductor ecosystem home to world-class manufacturers and suppliers, the Company aims to leverage its presence at the University and the wider ecosystem to deepen engagement with prospective industry partners and end customers.

MetaOptics Executive Chairman Thng Chong Kim commented: “By placing our Direct Laser Writer within a world-class semiconductor research environment in Arizona, we will be able to strengthen technical validation and gather valuable user feedback. It also supports our ongoing engagements with potential industry partners and end-customers while showcasing our metalens manufacturing equipment to prospective distributors and institutions across the United States. We believe this deployment reinforces our broader U.S. expansion efforts and deepens our engagement in Arizona’s world-class semiconductor ecosystem.”

About MetaOptics Ltd

MetaOptics Ltd (Catalist: 9MT) is a semiconductor optics company pioneering glass-based metalens solutions enhanced by AI-driven image processing. Using advanced optical design and a scalable 12-inch DUV lithography process, it powers next-generation applications in CPO, mobile, AR VR, automotive, and other emerging markets. Find out more at www.metaoptics.sg.

Forward-Looking Statement

This press release contains forward-looking statements which can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to,” “potential,” “continue” or other similar expressions. Any statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies, its future business development, results of operations and financial condition, its research and development efforts, its ability to attract and retain customers, and its ability to establish and maintain relationships with suppliers and business partners; and assumptions underlying or related to any of the foregoing. All information provided in this press release is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Singapore (HQ)
Metaoptics Technologies Pte Ltd. 81 Ayer Rajah Crescent, #01-45 Singapore 139967

United States
Metaoptics Inc. (USA) 1 Ferry Building, Suite 201 San Francisco, CA 9411

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SOURCE METAOPTICS LTD

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11:11 Systems Announces Strategic Partnership with Cato Networks to Deliver SASE Solution for Distributed Enterprises

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New Managed Secure Access Service Edge (SASE) solution combines SD-WAN, cloud-native networking and security capabilities with 11:11’s connectivity, cyber resilience and cloud expertise

SYDNEY, July 22, 2026 /PRNewswire/ — 11:11 Systems, a leading managed infrastructure solutions provider, today announced the global availability of its 11:11 Managed Secure Access Service Edge (SASE) solution and a new strategic partnership with Cato Networks.

11:11 Managed SASE is a fully managed secure connectivity solution leveraging Cato Networks AI-native network security platform. This solution brings together intelligent SD-WAN, cloud-delivered security and global connectivity into a single offering. It enables organisations to simplify and secure access across branch offices, data centres, users and cloud environments, reducing complexity without sacrificing performance or control.

Built on the Cato Networks cloud-native SASE platform, 11:11 Managed SASE combines zero trust network access (ZTNA), firewall as a service (FWaaS), secure web gateway (SWG), cloud access security broker (CASB), advanced threat protection and centralised visibility into a unified managed experience. 11:11 also delivers 24x7x365 monitoring and support, incident management integration and operational accountability to help customers limit vendor sprawl, increase agility and free internal teams to focus on higher-value priorities.

The offering is backed by 11:11’s broader networking, cloud and cyber resilience capabilities. Through its global backbone, carrier-agnostic connectivity options and integrated portfolio spanning cloud, backup, disaster recovery and security services, 11:11 gives customers a practical path to modernise network and security architecture while strengthening resilience across the business.

“Enterprises are under pressure to support users, applications and locations that are more distributed than ever, while limiting complexity and improving security,” said Justin Giardina, CTO, 11:11 Systems. “Our Managed SASE solution provides customers with a unified approach to modernising networking and security, along with the visibility, support and flexibility they need to thrive in a rapidly changing environment.”

According to Karl Soderlund, global channel chief, Cato Networks, “As enterprises move beyond fragmented legacy networking and security stacks, they need a simpler way to gain visibility, context and control across hybrid work environments and reduce the operational burden on IT. Through our partnership, we can address these challenges head on and deliver end-to-end visibility and protection in a single service built for the reality of modern work.”

The joint offering is well suited for distributed enterprises, multi-site organisations, hybrid workforce initiatives, SD-WAN refreshes, security modernisation efforts and businesses with limited IT resources. 11:11 meets customers where they are by supporting existing environments, simplifying multi-vendor operations and serving as a single provider accountable for network, security, cloud and data integration.

This partnership expands 11:11’s Network as a Service portfolio and follows Forrester’s inclusion of 11:11 Systems in its report, “The Secure Access Service Edge Services Landscape, Q1 2026.”

About 11:11 Systems

11:11 Systems is a managed infrastructure solutions provider that empowers customers to modernise, protect and manage mission-critical applications and data, leveraging 11:11’s resilient cloud platform. Learn more at www.1111Systems.com and follow 11:11 on LinkedIn.

View original content:https://www.prnewswire.com/apac/news-releases/1111-systems-announces-strategic-partnership-with-cato-networks-to-deliver-sase-solution-for-distributed-enterprises-302830322.html

SOURCE 11:11 Systems

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