Technology
ICF Reports Fourth Quarter and Full Year 2024 Results
Published
2 years agoon
By
―Fourth Quarter Results Led by Strong Demand From Commercial Energy Clients―
―Full Year Profitability Gains Driven By Favorable Mix, Higher Utilization and Lower Interest Expense―
―Recent Acquisition Expands ICF’s Capabilities to Serve Utility and State & Local Government Clients―
―Repurchased 395,000 Shares From Mid-November 2024 To-date―
―Provides Framework for Full Year 2025 and First Quarter 2025 Guidance―
Fourth Quarter Highlights:
Revenue Increased 4% to $496 MillionNet Income Was $24.6 Million, Up 11%; GAAP EPS Was $1.30, Up 12%, Inclusive of $0.23 Per Share in Tax-Effected Special ChargesNon-GAAP EPS1 Increased 11% to $1.87EBITDA1 Was $50.8 Million; Adjusted EBITDA1 Was $56.3 MillionContract Awards Were $504 Million for a Quarterly Book-to-Bill Ratio of 1.02
Full Year Highlights:
Revenue Increased 3% to $2.0 Billion; Up 6% Excluding DivestituresNet Income Was $110 Million, Up 33%; Diluted EPS Was $5.82, Up 34%, Inclusive of $0.24 Per Share in Tax-Effected Special ChargesNon-GAAP EPS Was $7.45, Up 15%EBITDA Was $221.1 Million, Up 12%; Adjusted EBITDA Was $226.0 Million, Up 6%Contract Awards Were $2.5 Billion for a Book-to-Bill Ratio of 1.24Operating Cash Flow Was $172 Million
RESTON, Va., Feb. 27, 2025 /PRNewswire/ — ICF (NASDAQ: ICFI), a global consulting and technology services provider, reported results for the fourth quarter and full year ended December 31, 2024.
Commenting on the results, John Wasson, chair and chief executive officer, said, “This was another strong year for ICF in which we achieved solid revenue growth, delivered strong profitability, and reported forward-looking metrics that point to continued growth in our commercial, state and local and international businesses. Our broad-based energy advisory work and program implementation for commercial clients was an important contributor to fourth quarter and full year revenue growth, reflecting robust demand for our energy efficiency work, grid resilience solutions, flexible load management plans and electrification programs. Revenues from commercial, state and local and international government clients, together with our IT modernization/digital transformation work for federal government clients, accounted for approximately 75% of ICF’s 2024 revenues and remain areas of continued investment.
“The increasing contribution from our higher margin commercial work, together with high utilization across ICF and scale benefits, were key drivers of adjusted EBITDA growth in 2024. Adjusted EBITDA margin on total revenues expanded by 30 basis points year-on-year to 11.2%, and lower interest expense drove a 33% increase in net income for the year. Operating cash flow generation was another financial highlight of 2024, surpassing our guidance to reach $172 million.
“We were pleased to announce in early January 2025 the acquisition of Applied Energy Group (AEG) that was completed on December 31, 2024. AEG is a leading energy technology and advisory services company with over 100 utility management and demand-side energy experts. AEG brings a highly trusted energy technology platform that is cloud-based and offers real-time business intelligence to electric and gas utilities, state and local governments, and state energy offices nationwide and provides best-in-class advisory services. AEG generated approximately $30 million in annual revenue in 2024 at margins comparable to our commercial energy business and its 2025 revenues are expected to increase at a mid-teens rate. The transaction is anticipated to be immediately accretive to ICF’s Non-GAAP EPS.”
Fourth Quarter 2024 Results
Fourth quarter 2024 total revenue was $496.3 million, a 3.8% increase from the $478.4 million reported in the fourth quarter of 2023. Subcontractor and other direct costs were 25.4% of total revenues compared to 27.0% in last year’s fourth quarter. Operating income was $36.5 million compared to $36.9 million last year, and operating margin on total revenue was 7.3%, compared to 7.7% in the fourth quarter of 2023. Net income totaled $24.6 million, representing a 10.8% year-on-year increase over the $22.2 million reported in the fourth quarter of 2023. Diluted EPS was $1.30 per share, up 12.1% from the $1.16 reported in the fourth quarter of 2023, which included $5.5 million, or $0.23 per share, of tax-effected special charges primarily related to M&A expenses and facility reductions. The company’s effective tax rate was 20.9% in the 2024 fourth quarter compared to 25.6% in the 2023 fourth quarter.
Non-GAAP EPS increased 11.3% to $1.87 per share, from $1.68 per share reported in the comparable period in 2023. EBITDA was $50.8 million, compared to $53.9 million reported in the year-ago period. Adjusted EBITDA amounted to $56.3 million, compared to the $57.0 million reported for the comparable period in 2023.
Full Year 2024 Results
2024 total revenue was $2.02 billion, an increase of 2.9% from $1.96 billion reported in the previous year and 6.1% higher when adjusting for the 2023 divestitures. Subcontractor and other direct costs were 25.1% of total revenues compared to 27.2% in 2023. Operating income for the full year 2024 was $165.8 million compared to $132.3 million last year, and operating margin on total revenue was 8.2% compared to 6.7% for the full year 2023. Full year 2024 net income was $110.2 million, or $5.82 per diluted share, inclusive of $5.7 million, or $0.24 per share of tax-effected special charges primarily related to M&A expenses and facility reductions. Net income and Diluted EPS increased 33.4% and 33.8%, respectively, over net income of $82.6 million, or $4.35 per diluted share reported in 2023. The company’s effective tax rate was 20.2% for 2024 compared to 14.4% in 2023.
Non-GAAP EPS was $7.45 per share, up 14.6% from $6.50 per share. EBITDA increased 12.3% to $221.1 million, compared to $197.0 million reported in 2023. Adjusted EBITDA was $226.0 million, representing a 6.0% increase over $213.2 million in 2023.
Operating cash flow was $171.5 million in 2024, an increase of 12.6% from $152.4 million in the prior year.
Backlog and New Business
Total backlog was $3.8 billion at the end of the fourth quarter of 2024. Funded backlog was $1.9 billion, or approximately 50% of the total backlog. The total value of contracts awarded in the 2024 fourth quarter was $504 million for a quarterly book-to-bill ratio of 1.02, and trailing twelve-month contract awards totaled $2.51 billion, up 7% year-on-year for a book-to-bill ratio of 1.24.
Government Revenue Fourth Quarter 2024 Highlights
Revenue from government clients was $363.1 million, down 1.6% year-over-year.
U.S. federal government revenue was $257.7 million, a decrease of 2.4% compared to the $263.9 million reported in the fourth quarter of 2023 and was impacted by a year-over-year decline in subcontractor and other direct costs estimated at $14 million in the quarter. Federal government revenue accounted for 51.9% of total revenue, compared to 55.2% of total revenue in the fourth quarter of 2023.U.S. state and local government revenue was $75.5 million, slightly below the $76.3 million reported in the year-ago quarter. State and local government clients represented 15.2% of total revenue, down from 15.9% in the fourth quarter of 2023.International government revenue was $30.0 million, up 4.2% from the $28.8 million reported in the year-ago quarter. International government revenue represented 6.0% of total revenue, unchanged from the fourth quarter of 2023.
Key Government Contracts Awarded in the Fourth Quarter 2024
Notable government contract awards won in the fourth quarter of 2024 included:
IT Modernization
A new subcontract and task order with a value of $9.7 million with a department of the U.S. federal government to provide digital modernization services. A recompete task order with a value of $9.6 million with a department of the U.S. federal government to provide digital modernization services.A contract extension with a value of $8.0 million with a department of the U.S. federal government to continue to provide digital modernization services for a comprehensive system of care to meet the needs of military families.
Energy and Environment
A new blanket purchase agreement with a ceiling of $30.0 million with a U.S. federal agency to provide technical support for economic research and analysis.A contract modification with a value of $10.4 million with a large U.S. municipality to continue to provide decarbonization technical services in support of enhanced building standards.A recompete master services agreement with a ceiling of $11.0 million with a Western U.S. state transportation agency to provide environmental support services.A contract modification with a value of $6.2 million with a large U.S. state to continue to update a water quality control plan for a large watershed.
Non-U.S. Government
A new multiple-award framework contract with a ceiling of $88.0 million with a directorate general (DG) of the European Commission (EC) to provide thematic communication services.A new subcontract with a ceiling of $22.0 million to provide thematic communication services to an EC DG.A multiple-award recompete framework contract with a ceiling of $15.0 million with an EC DG to provide impact assessments, evaluations and related studies in the area of communications.A recompete subcontract with a ceiling of $35.2 million to provide digital communication services and social media support to an EC DG.A recompete framework contract with a ceiling of $7.7 million with an EC DG to provide technical and logistical support related to migration.
Disaster Management and Mitigation
Several contracts with towns and counties in North and South Carolina to provide comprehensive disaster assessments and recovery support in the aftermath of Hurricane Helene.
Health and Social Programs
A new subcontract with a value of $4.5 million to provide training and technical assistance services for a department of the U.S. federal government.A contract modification with a value of $4.5 million to provide training and technical assistance services to a department of the U.S. federal government.A recompete subcontract with a value of $3.8 million to provide evaluation technical assistance services for a department of the U.S. federal government.A recompete subcontract with a value of $3.8 million to support data management efforts related to health studies for a U.S. federal government agency.
Commercial Revenue Fourth Quarter 2024 Highlights
Commercial revenue was $133.2 million, up 21.8% compared to $109.4 million reported in the fourth quarter of 2023.
Commercial revenue accounted for 26.8% of total revenue up from 22.9% of total revenue in the 2023 fourth quarter.Energy markets revenue, which includes energy efficiency programs, increased 22.6% and represented 88.2% of commercial revenue.
Key Commercial Contracts Awarded in the Fourth Quarter of 2024
Notable commercial awards won in the fourth quarter of 2024 included:
Several recompete contracts and contract modifications with a large Midwestern U.S. electric and natural gas utility to deliver residential and commercial energy efficiency programs.A recompete contract and two new contracts with a Mid-Atlantic U.S. utility to serve as agency of record for the utility’s energy efficiency programs and to develop and execute a brand campaign.A contract modification with a Mid-Atlantic utility to continue to deliver implementation services for its residential energy efficiency portfolio.A recompete contract with a Southeastern U.S. utility to deliver residential, commercial and industrial energy efficiency programs.Several new contracts with a Western U.S. utility to provide a variety of and planning and permitting-related services.One new contract and one contract modification with a Midwestern U.S. utility to deliver energy efficiency programs.
Dividend Declaration
On February 27, 2025, ICF declared a quarterly cash dividend of $0.14 per share, payable on April 14, 2025, to shareholders of record on March 28, 2025.
Summary and Outlook
“2024 was a year of growth and substantial profitability for ICF. Our results continued to benefit from our diversified business model that enables us to be agile in shifting emphasis and resources to those areas that are expected to have the greatest growth potential. This agility will be essential in 2025 as we navigate changes in federal government spending priorities, and our strong financial position gives us the flexibility to take advantage of opportunities as they arise.
“Looking ahead, we expect ICF’s 2025 total revenues, GAAP EPS and Non-GAAP EPS to range from flat to down 10% from 2024 levels, with a 10% decline representing the maximum downside risk we foresee from the loss of business primarily from federal government clients during this transition year. Underpinning this expectation is our projection that ICF’s revenues from commercial energy, state and local and international government clients will grow at least 15% in the aggregate, and that revenues from our federal government clients will be challenged in 2025 by potential funding curtailments and a slower pace of new RFPs. Within this environment, we plan to manage expenditures to maintain similar adjusted EBITDA margins to those of 2024. This framework does not contemplate an extensive government shutdown this year, nor a prolonged period of pauses in funding modifications to existing contracts or new procurements. Operating cash flow in 2025 is projected to be approximately $150 million.
“First quarter 2025 revenues are expected to range from $480 million to $500 million, with GAAP EPS anticipated between $1.35 and $1.45 and Non-GAAP EPS within the range of $1.70 and $1.80, similar to results in the first quarter of 2024.
“ICF has a proven track record of effectively managing through dynamic business environments by conservatively assessing challenges and remaining agile to capture opportunities. From mid-November 2024 to-date, we repurchased 395,000 shares, demonstrating our confidence in ICF’s long-term outlook and our commitment to delivering value to shareholders. Our ability to navigate volatility is underpinned by the dedication of our professional staff, who are committed to providing the highest quality services to our clients. We appreciate the contributions of ICF’s employees to our success to-date and count on their continued support in 2025 and beyond,” Mr. Wasson concluded.
1 Non-GAAP EPS, EBITDA, and Adjusted EBITDA are non-GAAP measurements. A reconciliation of all non-GAAP measurements to the most applicable GAAP number is set forth below. Special charges are items that were included within our consolidated statements of comprehensive income but are not indicative of ongoing performance and have been presented net of applicable U.S. GAAP taxes. The presentation of non-GAAP measurements may not be comparable to other similarly titled measures used by other companies.
About ICF
ICF is a global consulting and technology services company with approximately 9,000 employees, but we are not your typical consultants. At ICF, business analysts and policy specialists work together with digital strategists, data scientists and creatives. We combine unmatched industry expertise with cutting-edge engagement capabilities to help organizations solve their most complex challenges. Since 1969, public and private sector clients have worked with ICF to navigate change and shape the future. Learn more at icf.com.
Caution Concerning Forward-looking Statements
Statements that are not historical facts and involve known and unknown risks and uncertainties are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Such statements may concern our current expectations about our future results, plans, operations and prospects and involve certain risks, including those related to the government contracting industry generally; our particular business, including our dependence on contracts with U.S. federal government agencies; and our ability to acquire and successfully integrate businesses. These and other factors that could cause our actual results to differ from those indicated in forward-looking statements that are included in the “Risk Factors” section of our securities filings with the Securities and Exchange Commission. The forward-looking statements included herein are only made as of the date hereof, and we specifically disclaim any obligation to update these statements in the future.
Note on Forward-Looking Non-GAAP Measures
The company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to the variability and difficulty in making accurate forecasts and projections and because not all of the information necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures (such as the effect of share-based compensation or the impact of future extraordinary or non-recurring events like acquisitions) is available to the company without unreasonable effort. For the same reasons, the company is unable to estimate the probable significance of the unavailable information. The company provides forward-looking non-GAAP financial measures that it believes will be achievable, but it cannot accurately predict all of the components of the adjusted calculations, and the U.S. GAAP financial measures may be materially different than the non-GAAP financial measures.
Investor Contacts:
Lynn Morgen, ADVISIRY PARTNERS, lynn.morgen@advisiry.com +1.212.750.5800
David Gold, ADVISIRY PARTNERS, david.gold@advisiry.com +1.212.750.5800
Company Information Contact:
Lauren Dyke, ICF, lauren.dyke@ICF.com +1.571.373.5577
ICF International, Inc. and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(in thousands, except per share amounts)
2024
2023
2024
2023
Revenue
$496,324
$478,352
$2,019,787
$1,963,238
Direct costs
317,105
303,545
1,282,016
1,265,018
Operating costs and expenses:
Indirect and selling expenses
129,452
123,354
518,453
505,162
Depreciation and amortization
5,181
6,225
20,484
25,277
Amortization of intangible assets
8,118
8,307
32,992
35,461
Total operating costs and expenses
142,751
137,886
571,929
565,900
Operating income
36,468
36,921
165,842
132,320
Interest, net
(6,454)
(9,535)
(29,590)
(39,681)
Other income
1,040
2,407
1,806
3,908
Income before income taxes
31,054
29,793
138,058
96,547
Provision for income taxes
6,489
7,631
27,888
13,935
Net income
$ 24,565
$ 22,162
$ 110,170
$ 82,612
Earnings per Share:
Basic
$ 1.31
$ 1.18
$ 5.88
$ 4.39
Diluted
$ 1.30
$ 1.16
$ 5.82
$ 4.35
Weighted-average Shares:
Basic
18,733
18,823
18,747
18,802
Diluted
18,897
19,025
18,925
18,994
Cash dividends declared per common share
$ 0.14
$ 0.14
$ 0.56
$ 0.56
Other comprehensive loss, net of tax
(3,251)
(1,516)
(3,861)
(3,752)
Comprehensive income, net of tax
$ 21,314
$ 20,646
$ 106,309
$ 78,860
ICF International, Inc. and Subsidiaries
Reconciliation of Non-GAAP financial measures (2)
(Unaudited)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
(in thousands, except per share amounts)
2024
2023
2024
2023
Reconciliation of Revenue, Adjusted for Impact of Exited Business
Revenue
$ 496,324
$ 478,352
$ 2,019,787
$ 1,963,238
Less: Revenue from exited business (3)
—
(194)
—
(59,908)
Total Revenue, Adjusted for Impact of Exited Business
$ 496,324
$ 478,158
$ 2,019,787
$ 1,903,330
Reconciliation of EBITDA and Adjusted EBITDA (4)
Net income
$ 24,565
$ 22,162
$ 110,170
$ 82,612
Interest, net
6,454
9,535
29,590
39,681
Provision for income taxes
6,489
7,631
27,888
13,935
Depreciation and amortization
13,299
14,532
53,476
60,738
EBITDA
50,807
53,860
221,124
196,966
Impairment of long-lived assets (5)
3,583
3,860
3,583
7,666
Acquisition and divestiture-related expenses (6)
1,108
74
1,313
4,759
Severance and other costs related to staff realignment (7)
351
1,911
1,535
6,366
Charges for facility consolidations and office closures (8)
464
608
464
3,187
Pre-tax gain from divestiture of a business (9)
—
(3,287)
(2,013)
(5,712)
Total Adjustments
5,506
3,166
4,882
16,266
Adjusted EBITDA
$ 56,313
$ 57,026
$ 226,006
$ 213,232
Net Income Margin Percent on Revenue (10)
4.9 %
4.6 %
5.5 %
4.2 %
EBITDA Margin Percent on Revenue (11)
10.2 %
11.3 %
10.9 %
10.0 %
Adjusted EBITDA Margin Percent on Revenue (11)
11.3 %
11.9 %
11.2 %
10.9 %
Reconciliation of Non-GAAP Diluted EPS (4)
U.S. GAAP Diluted EPS
$ 1.30
$ 1.16
$ 5.82
$ 4.35
Impairment of long-lived assets
0.19
0.20
0.19
0.40
Acquisition and divestiture-related expenses
0.06
—
0.07
0.25
Severance and other costs related to staff realignment
0.02
0.10
0.08
0.33
Expenses related to facility consolidations and office closures (12)
0.02
0.10
0.06
0.24
Pre-tax gain from divestiture of a business
—
(0.17)
(0.11)
(0.30)
Amortization of intangibles
0.43
0.44
1.74
1.87
Income tax effects of the adjustments (13)
(0.15)
(0.15)
(0.40)
(0.64)
Non-GAAP Diluted EPS
$ 1.87
$ 1.68
$ 7.45
$ 6.50
(2) These tables provide reconciliations of non-GAAP financial measures to the most applicable GAAP numbers. While we believe that these non-GAAP financial measures may be useful in evaluating our financial information, they should be considered supplemental in nature and not as a substitute for financial information prepared in accordance with GAAP. Other companies may define similarly titled non-GAAP measures differently and, accordingly, care should be exercised in understanding how we define these measures.
(3) Revenue from the exited U.K. commercial marketing business (June 30, 2023), U.S. commercial marketing business (September 11, 2023), and Canadian mobile text aggregation business (November 1, 2023).
(4) Reconciliations of EBITDA, Adjusted EBITDA, and Non-GAAP Diluted EPS were calculated using numbers as reported in U.S. GAAP.
(5) Represents impairment of operating lease right-of-use and leasehold improvement assets associated with exit from certain facilities, and an intangible asset associated with exit of a business.
(6) These are primarily third-party costs related to acquisitions and potential acquisitions, integration of acquisitions, and separation of discontinued businesses or divestitures.
(7) These costs are mainly due to involuntary employee termination benefits for our officers, and employees who have been notified that they will be terminated as part of a business reorganization or exit.
(8) These are exit costs associated with terminated leases or full office closures that we either (i) will continue to pay until the contractual obligations are satisfied but with no economic benefit to us, or (ii) paid upon termination and ceasing to use the leased facilities.
(9) Includes pre-tax gain from the divestitures of our U.S. commercial marketing and Canadian mobile text aggregation businesses.
(10) Net Income Margin Percent on Revenue was calculated by dividing net income by revenue.
(11) EBITDA Margin Percent and Adjusted EBITDA Margin Percent on Revenue were calculated by dividing the non-GAAP measure by the corresponding revenue.
(12) These are exit costs related to actual office closures (previously included in Adjusted EBITDA) and accelerated depreciation related to fixed assets for planned office closures.
(13) Income tax effects were calculated using the effective tax rate, adjusted for certain discrete items, if any, of 20.9% and 21.1% for the three months ended December 31, 2024 and 2023, respectively, and 20.2% and 22.8% for the twelve months ended December 31, 2024 and 2023, respectively.
ICF International, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(in thousands, except share amounts)
December 31, 2024
December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents
$ 4,960
$ 6,361
Restricted cash
13,857
3,088
Contract receivables, net
256,923
205,484
Contract assets
188,941
201,832
Prepaid expenses and other assets
21,133
28,055
Income tax receivable
6,260
2,337
Total Current Assets
492,074
447,157
Property and Equipment, net
68,118
75,948
Other Assets:
Goodwill
1,248,855
1,219,476
Other intangible assets, net
88,262
94,904
Operating lease – right-of-use assets
115,531
132,807
Deferred tax asset
1,603
—
Other assets
51,910
41,480
Total Assets
$ 2,066,353
$ 2,011,772
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Current portion of long-term debt
$ —
$ 26,000
Accounts payable
159,522
134,503
Contract liabilities
24,580
21,997
Operating lease liabilities
20,721
20,409
Finance lease liabilities
2,612
2,522
Accrued salaries and benefits
105,773
88,021
Accrued subcontractors and other direct costs
49,271
45,645
Accrued expenses and other current liabilities
86,701
79,129
Total Current Liabilities
449,180
418,226
Long-term Liabilities:
Long-term debt
411,743
404,407
Operating lease liabilities – non-current
155,935
175,460
Finance lease liabilities – non-current
11,261
13,874
Deferred income taxes
—
26,175
Other long-term liabilities
55,775
56,045
Total Liabilities
1,083,894
1,094,187
Commitments and Contingencies
Stockholders’ Equity:
Preferred stock, par value $.001; 5,000,000 shares authorized; none issued
—
—
Common stock, $.001 par value; 70,000,000 shares authorized; 24,186,962 and 23,982,132 shares issued; and 18,666,290 and 18,845,521 shares outstanding at December 31, 2024 and 2023, respectively
24
24
Additional paid-in capital
443,463
421,502
Retained earnings
874,772
775,099
Treasury stock, 5,520,672 and 5,136,611 shares at December 31, 2024 and 2023, respectively
(320,054)
(267,155)
Accumulated other comprehensive loss
(15,746)
(11,885)
Total Stockholders’ Equity
982,459
917,585
Total Liabilities and Stockholders’ Equity
$ 2,066,353
$ 2,011,772
ICF International, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
Years ended
December 31,
(in thousands)
2024
2023
Cash Flows from Operating Activities
Net income
$ 110,170
$ 82,612
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses
1,673
1,164
Deferred income taxes and unrecognized income tax benefits
(24,336)
(17,634)
Non-cash equity compensation
16,722
14,861
Depreciation and amortization
53,476
60,738
Gain on divestiture of a business
(2,009)
(7,590)
Other operating, net
4,647
8,294
Changes in operating assets and liabilities, net of the effects of acquisitions:
Net contract assets and liabilities
14,668
(38,422)
Contract receivables
(49,538)
20,939
Prepaid expenses and other assets
3,496
18,579
Operating lease assets and liabilities, net
(4,755)
3,544
Accounts payable
24,152
(1,489)
Accrued salaries and benefits
18,048
2,175
Accrued subcontractors and other direct costs
4,353
(269)
Accrued expenses and other current liabilities
8,361
(4,757)
Income tax receivable and payable
(5,391)
9,277
Other liabilities
(2,193)
361
Net Cash Provided by Operating Activities
171,544
152,383
Cash Flows from Investing Activities
Payments for purchase of property and equipment and capitalized software
(21,430)
(22,337)
Payments for business acquisitions, net of cash acquired
(55,007)
(32,664)
Proceeds from divestiture of a business
1,985
51,328
Other investing, net
(353)
—
Net Cash Used in Investing Activities
(74,805)
(3,673)
Cash Flows from Financing Activities
Advances from working capital facilities
1,227,926
1,245,198
Payments on working capital facilities
(1,247,791)
(1,372,474)
Proceeds from other short-term borrowings
62,080
48,532
Repayments of other short-term borrowings
(66,408)
(41,653)
Receipt of restricted contract funds
1,251
7,672
Payment of restricted contract funds
(3,267)
(8,084)
Dividends paid
(10,507)
(10,537)
Net payments for stock issuances and share repurchases
(47,767)
(19,083)
Other financing, net
(2,415)
(2,159)
Net Cash Used in Financing Activities
(86,898)
(152,588)
Effect of Exchange Rate Changes on Cash, Cash Equivalents, and Restricted Cash
(473)
359
Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash
9,368
(3,519)
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period
9,449
12,968
Cash, Cash Equivalents, and Restricted Cash, End of Period
$ 18,817
$ 9,449
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for:
Interest
$ 30,046
$ 34,093
Income taxes
$ 60,221
$ 26,190
Non-cash investing and financing transactions:
Tenant improvements funded by lessor
$ —
$ 568
Acquisition of property and equipment through finance lease
$ —
$ 337
ICF International, Inc. and Subsidiaries
Supplemental Schedule (14)
Revenue by client markets
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
Energy, environment, infrastructure, and disaster recovery
48 %
44 %
46 %
41 %
Health and social programs
37 %
41 %
38 %
42 %
Security and other civilian & commercial
15 %
15 %
16 %
17 %
Total
100 %
100 %
100 %
100 %
Revenue by client type
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
U.S. federal government
52 %
55 %
54 %
55 %
U.S. state and local government
15 %
16 %
16 %
16 %
International government
6 %
6 %
5 %
5 %
Total Government
73 %
77 %
75 %
76 %
Commercial
27 %
23 %
25 %
24 %
Total
100 %
100 %
100 %
100 %
Revenue by contract mix
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2024
2023
2024
2023
Time-and-materials
43 %
41 %
42 %
41 %
Fixed-price
47 %
46 %
46 %
45 %
Cost-based
10 %
13 %
12 %
14 %
Total
100 %
100 %
100 %
100 %
(14) As is shown in the supplemental schedule, we track revenue by key metrics that provide useful information about the nature of our operations. Client markets provide insight into the breadth of our expertise. Client type is an indicator of the diversity of our client base. Revenue by contract mix provides insight in terms of the degree of performance risk that we have assumed.
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SOURCE ICF
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Technology
Truth-seeking: the Turning Point in Zunyi
Published
42 minutes agoon
October 19, 2026By
BEIJING, Oct. 18, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:
Wang Xiaohui:
When you march toward your ideals but encounter repeated setbacks and failures, do you have the courage to pause, reflect on the path taken, and chart a new way forward?
David Ferguson:
If I continually encountered setbacks on the road to my ideals, I would stop and reflect seriously on whether my methods need adjusted or my direction needs corrected. This is a matter of being honest with oneself and honest about one’s shortcomings. Granted, this requires as much courage as setting out in the first place — because what you have to confront is not only the judgment of others, but your own ingrained reluctance to accept that you might have got it wrong.
Wang Xiaohui:
The waters of the Xiangjiang River ran crimson in the winter of 1934.
To cover the Red Army’s main force as they crossed the river, Chen Shuxiang, then Commander of the 34th Division of the Fifth Army Corps, led his troops to fight against vastly superior enemy forces until they ran out of ammunition and supplies. Severely wounded, Chen was captured alive. On the way to the enemy camp to be paraded for merit, Chen seized a moment of the enemy’s unawareness, tore his own intestines through his abdominal wound, and died a heroic death. He was only 29 years old.
The Battle of Xiangjiang River was the deadliest campaign for the Red Army since the start of the Long March. In less than two months, their troop strength plummeted from over 86,000 to just over 30,000.
At that critical moment, doubts and discontent among officers and soldiers with the military leadership peaked.
During the fights against the previous four Kuomintang (KMT) “encirclement” campaigns, the Red Army adopted Mao Zedong’s strategy of “luring the enemy in deep.” With flexible tactics in mobile warfare, the Red Army worked miracles of defeating superior enemies time and again. Yet, the tide turned completely during the KMT’s fifth “encirclement.”
At that time, the CPC was a branch of the Communist International (Comintern). After 1927, the Comintern instructed the CPC to adopt an urban-centered path in its revolution, for it was how Russia’s October Revolution had achieved victory. Affected by this directive, during the Fifth Counter-Campaign against “Encirclement and Suppression”, Bo Gu and Otto Braun, who held actual command of the Red Army, insisted on launching offensive operations to seize major cities.
Otto Braun also mechanically applied European conventional warfare tactics, forcing the Red Army into rigid positional and fortress battles. In the Battle of Guangchang, the poorly equipped Red Army fought head-on against enemy tanks and artillery on open terrain, resulting in more than 5,000 casualties, about one-fourth of all participating troops.
Successive military defeats forced the Red Army to launch a strategic shift. However, Bo Gu and Otto Braun insisted that everything be evacuated, including heavy equipment: printing presses, currency-making machines, and arms-manufacturing facilities… When crossing the Xiangjiang River, troops were slowed down by these cumbersome supplies, and numerous soldiers even laid down their lives for protecting these assets. Chen Shuxiang and his 34th Division wrote the gravest footnote to this bloody sacrifice.
By the banks of the Xiangjiang River, the spark of hope in the eyes of the Red Army soldiers was nearly quenched by the cold water. Could the rigid foreign doctrines truly guide the Red Army and China’s revolution? What path lay ahead?
History often unfolds in paradoxes: when all hope seems lost, a historical turning point is quietly emerging.
After the Battle of Xiangjiang River, Mao firmly opposed the original plan drafted by Bo Gu and Otto Braun to march towards Hunan. Instead, he proposed to advance to Guizhou where enemy defenses were weak. There, the Red Army broke through the natural barrier of the Wujiang River, and captured Zunyi. On Jan. 15, 1935, the CPC Central Committee convened an enlarged Political Bureau meeting in an old mansion, later known to the world as the Zunyi Conference.
Inside the modest living room on the second floor, a charcoal brazier expelled the winter chill. The CPC leadership sat around a long table to review why the Red Army had fallen into passive positions since 1933. Bo Gu attributed the defeats solely to the enemy’s overwhelming strength, while other leading officials like Zhou Enlai and Zhang Wentian pinpointed flawed military command as the fundamental cause.
Mao Zedong also made a pivotal speech.
As a revolutionary forged in rural base-area practice, Mao always sought truth from real combat experience. Citing victories from the previous four counter-“encirclement” campaigns, he rebutted Bo Gu’s opinions and criticized the flawed strategies of passive defense and abandoning mobile warfare tactics. In plain, incisive language, he pointed out that “the soldiers also needed to march, eat and sleep,” and that Braun’s rigid commands were completely divorced from the realities of China’s revolutionary warfare.
Throughout the whole meeting, Bo Gu remained dejected; Braun sat near the door and lit one cigarette after another. Never had these “true Bolsheviks” faced such rigorous criticism before.
The intensive confrontation lasted three days. In the end, Mao Zedong was elected to the leadership of the Red Army and the CPC Central Committee, putting an end to the wrong guidance. This marked a life-and-death turning point in the history of the Communist Party of China.
The Zunyi Conference freed the CPC from the Comintern’s intervention, enabling the Party to independently master the destiny of China’s revolution. From then on, the Red Army turned peril into safety, and China’s revolution emerged from despair toward new life.
David Ferguson:
When faced with major setbacks, the Communist Party of China was not crushed; instead, it demonstrated the courage to confront and correct its own mistakes, thereby turning adversity into opportunity. For any ruling party, this kind of courage is exceptionally rare.
Throughout history, guided by the principle of seeking truth from facts, the Party has always corrected errors, updated systems and adjusted course. By doing so, it has guaranteed social progress. This is precisely the secret to success that has made the Party resilient and invincible.
Wang Xiaohui:
No grand undertaking advances without setbacks. Faced with obstacles and defeats, the CPC demonstrated extraordinary courage and wisdom. They sought truth from facts, corrected wrong courses, and led the revolution towards triumph.
The Zunyi Conference Spirit, embodied in firm conviction, adherence to truth, independence and self-reliance, solidarity and unity, was forged amid blood and fire. It has shaped the unique spiritual character of the CPC. In the years that followed, these timeless values continued to evolve and sustain the Party in the face of trials and challenges, endowing it with enduring vitality.
China Mosaic
http://www.china.org.cn/video/node_7230027.htm
Faith: The Spark Born by the Yudu Riverside
http://www.china.org.cn/2026-10/17/content_118737624.shtml
View original content to download multimedia:https://www.prnewswire.com/news-releases/truth-seeking-the-turning-point-in-zunyi-302912139.html
SOURCE China.org.cn
Technology
Truth-seeking: the Turning Point in Zunyi
Published
42 minutes agoon
October 19, 2026By
BEIJING, Oct. 18, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:
Wang Xiaohui:
When you march toward your ideals but encounter repeated setbacks and failures, do you have the courage to pause, reflect on the path taken, and chart a new way forward?
David Ferguson:
If I continually encountered setbacks on the road to my ideals, I would stop and reflect seriously on whether my methods need adjusted or my direction needs corrected. This is a matter of being honest with oneself and honest about one’s shortcomings. Granted, this requires as much courage as setting out in the first place — because what you have to confront is not only the judgment of others, but your own ingrained reluctance to accept that you might have got it wrong.
Wang Xiaohui:
The waters of the Xiangjiang River ran crimson in the winter of 1934.
To cover the Red Army’s main force as they crossed the river, Chen Shuxiang, then Commander of the 34th Division of the Fifth Army Corps, led his troops to fight against vastly superior enemy forces until they ran out of ammunition and supplies. Severely wounded, Chen was captured alive. On the way to the enemy camp to be paraded for merit, Chen seized a moment of the enemy’s unawareness, tore his own intestines through his abdominal wound, and died a heroic death. He was only 29 years old.
The Battle of Xiangjiang River was the deadliest campaign for the Red Army since the start of the Long March. In less than two months, their troop strength plummeted from over 86,000 to just over 30,000.
At that critical moment, doubts and discontent among officers and soldiers with the military leadership peaked.
During the fights against the previous four Kuomintang (KMT) “encirclement” campaigns, the Red Army adopted Mao Zedong’s strategy of “luring the enemy in deep.” With flexible tactics in mobile warfare, the Red Army worked miracles of defeating superior enemies time and again. Yet, the tide turned completely during the KMT’s fifth “encirclement.”
At that time, the CPC was a branch of the Communist International (Comintern). After 1927, the Comintern instructed the CPC to adopt an urban-centered path in its revolution, for it was how Russia’s October Revolution had achieved victory. Affected by this directive, during the Fifth Counter-Campaign against “Encirclement and Suppression”, Bo Gu and Otto Braun, who held actual command of the Red Army, insisted on launching offensive operations to seize major cities.
Otto Braun also mechanically applied European conventional warfare tactics, forcing the Red Army into rigid positional and fortress battles. In the Battle of Guangchang, the poorly equipped Red Army fought head-on against enemy tanks and artillery on open terrain, resulting in more than 5,000 casualties, about one-fourth of all participating troops.
Successive military defeats forced the Red Army to launch a strategic shift. However, Bo Gu and Otto Braun insisted that everything be evacuated, including heavy equipment: printing presses, currency-making machines, and arms-manufacturing facilities… When crossing the Xiangjiang River, troops were slowed down by these cumbersome supplies, and numerous soldiers even laid down their lives for protecting these assets. Chen Shuxiang and his 34th Division wrote the gravest footnote to this bloody sacrifice.
By the banks of the Xiangjiang River, the spark of hope in the eyes of the Red Army soldiers was nearly quenched by the cold water. Could the rigid foreign doctrines truly guide the Red Army and China’s revolution? What path lay ahead?
History often unfolds in paradoxes: when all hope seems lost, a historical turning point is quietly emerging.
After the Battle of Xiangjiang River, Mao firmly opposed the original plan drafted by Bo Gu and Otto Braun to march towards Hunan. Instead, he proposed to advance to Guizhou where enemy defenses were weak. There, the Red Army broke through the natural barrier of the Wujiang River, and captured Zunyi. On Jan. 15, 1935, the CPC Central Committee convened an enlarged Political Bureau meeting in an old mansion, later known to the world as the Zunyi Conference.
Inside the modest living room on the second floor, a charcoal brazier expelled the winter chill. The CPC leadership sat around a long table to review why the Red Army had fallen into passive positions since 1933. Bo Gu attributed the defeats solely to the enemy’s overwhelming strength, while other leading officials like Zhou Enlai and Zhang Wentian pinpointed flawed military command as the fundamental cause.
Mao Zedong also made a pivotal speech.
As a revolutionary forged in rural base-area practice, Mao always sought truth from real combat experience. Citing victories from the previous four counter-“encirclement” campaigns, he rebutted Bo Gu’s opinions and criticized the flawed strategies of passive defense and abandoning mobile warfare tactics. In plain, incisive language, he pointed out that “the soldiers also needed to march, eat and sleep,” and that Braun’s rigid commands were completely divorced from the realities of China’s revolutionary warfare.
Throughout the whole meeting, Bo Gu remained dejected; Braun sat near the door and lit one cigarette after another. Never had these “true Bolsheviks” faced such rigorous criticism before.
The intensive confrontation lasted three days. In the end, Mao Zedong was elected to the leadership of the Red Army and the CPC Central Committee, putting an end to the wrong guidance. This marked a life-and-death turning point in the history of the Communist Party of China.
The Zunyi Conference freed the CPC from the Comintern’s intervention, enabling the Party to independently master the destiny of China’s revolution. From then on, the Red Army turned peril into safety, and China’s revolution emerged from despair toward new life.
David Ferguson:
When faced with major setbacks, the Communist Party of China was not crushed; instead, it demonstrated the courage to confront and correct its own mistakes, thereby turning adversity into opportunity. For any ruling party, this kind of courage is exceptionally rare.
Throughout history, guided by the principle of seeking truth from facts, the Party has always corrected errors, updated systems and adjusted course. By doing so, it has guaranteed social progress. This is precisely the secret to success that has made the Party resilient and invincible.
Wang Xiaohui:
No grand undertaking advances without setbacks. Faced with obstacles and defeats, the CPC demonstrated extraordinary courage and wisdom. They sought truth from facts, corrected wrong courses, and led the revolution towards triumph.
The Zunyi Conference Spirit, embodied in firm conviction, adherence to truth, independence and self-reliance, solidarity and unity, was forged amid blood and fire. It has shaped the unique spiritual character of the CPC. In the years that followed, these timeless values continued to evolve and sustain the Party in the face of trials and challenges, endowing it with enduring vitality.
China Mosaic
http://www.china.org.cn/video/node_7230027.htm
Faith: The Spark Born by the Yudu Riverside
http://www.china.org.cn/2026-10/17/content_118737624.shtml
View original content to download multimedia:https://www.prnewswire.com/news-releases/truth-seeking-the-turning-point-in-zunyi-302912139.html
SOURCE China.org.cn
Technology
GMIF2026: AI Inference Powers the “Token Factory” and Drives System-Level Rethinking of Memory & Storage
Published
42 minutes agoon
October 19, 2026By
SHENZHEN, China, Oct. 18, 2026 /PRNewswire/ — The 5th GMIF Innovation Summit (Global Memory Innovation Forum 2026, GMIF2026) recently concluded at the Renaissance Shenzhen Bay Hotel. Co-hosted by the Shenzhen Memory Industry Association (SMIA) and the School of Integrated Circuits at Peking University, the summit was themed “The Future Built on AI Memory and Storage.” Now in its fifth edition, GMIF has grown from a regional industry gathering into a benchmark for the global semiconductor memory ecosystem, with diversified programs including keynote sessions, an investment forum, product exhibitions, a global livestream, and a golf friendship match, all centered on the value of memory and storage in the token economy and the AI inference era.
In the opening remarks by Rixin Sun, President of Shenzhen Memory Industry Association (SMIA), GMIF’s growth over five consecutive editions was traced from its early days to today. As a platform for global exchange, GMIF is built around the memory value chain, linking wafer IDMs and players in controllers, modules, packaging and testing, equipment and materials, and end applications to promote technical exchange, supply-demand matching, and ecosystem cooperation.
President Sun noted that as AI evolves from generative to agentic, inference efficiency, data scheduling, and system coordination have become shared priorities. Collaboration across the value chain is no longer a traditional supply-demand relationship, but a deeper partnership built around workload requirements, joint product definition, and scenario validation. Looking ahead, GMIF will pursue a more specialized and differentiated format, connecting memory companies with AI compute and end-application players worldwide.
Capital Meets Technology: Memory & Storage Moves to the Center of AI Infrastructure
As AI shifts from model training to large-scale commercial inference, the token is becoming a new unit of value. Inference demands low latency, high concurrency, and sustained throughput, which places memory and storage bandwidth, capacity, and energy efficiency among the variables that shape overall system efficiency and cost.
Daniel Yen of Morgan Stanley projected that global data center capital expenditure will stay strong in the coming years, with more than half of cloud data center capex expected to go to memory & storage (excluding HBM) by 2027. Yen identified six innovation paths to overcome the “memory wall” challenge: process migration, design changes, advanced packaging, memory peripherals, PIM/CIM, and new materials.
Prof. Yimao Cai, Dean of the School of Integrated Circuits at Peking University, pointed out that HBM remains central to high-end AI compute, but yield, cost, and thermal constraints limit broader adoption. NAND-based high-bandwidth technologies such as HBF have become a major research focus because of their cost advantage, and hybrid multi-media architectures could balance performance, capacity, and cost for deploying models with hundreds of billions of parameters.
Kevin Yoon, CVP & CTO of Samsung Memory China at Samsung Electronics, described how agents are generating massive KV cache demand and driving rapid iteration of tiered storage, citing Samsung’s work on Z-NAND, PCIe Gen6 SSDs, and ultra-high-capacity data center SSDs. Maya Zhang, Senior Director of Product Marketing from Sandisk, called this the first year of the “inference boom.” As inference reaches commercial scale, AI data centers are shifting from cost centers to value and capacity centers, and the evaluation framework is moving from TCO to TVO. NAND is becoming a strategic core component of AI, and the SSD is becoming a “token battery” that greatly improves the economics of the industry through token reuse.
Solidigm and Arm focused on the evolution of system-level design. Benny Ni, GAR Sales VP at Solidigm, noted high-capacity QLC SSDs are being adopted faster, and that memory offloading has moved from an alternative to a core design paradigm for data centers, while liquid cooling has become a prerequisite for unlocking high-end storage performance. John Xavier Lionel, Head of Global Storage Business at Arm, shared competition in the AI era is shifting from simply chasing higher TOPS to building a more efficient system balance among compute, memory, storage, and data movement. Arm’s cloud-edge-device continuum framework balances power, capacity, bandwidth, latency, security, and cost constraints at each tier, so that “the right AI workload runs in the right place.”
Moving from the cloud to the edge, Stanley Huang, AVP of Silicon Motion, stressed that devices are the ultimate carrier of AI experiences and that intelligent storage directly determines real-world device performance. Its PerformaShape technology allocates resources flexibly across different agents and greatly improves read/write consistency.
Sam Sun, Chairman of BIWIN, explained that large-scale AI inference is extending memory demand from data centers to the edge and endpoints, where differing needs in capacity, performance, power, size, and reliability are pushing storage from general-purpose specifications toward deep matching with specific scenarios and platforms. Drawing on full-stack capabilities from media selection and controller and firmware development to advanced packaging, testing, and volume delivery, BIWIN works closely with customers, platforms, and chip makers to tailor products to each use case, shortening development and validation cycles and improving system space, energy efficiency, and performance.
Token Factories Move Enterprise AI from Pilot to Production
As the token becomes the core unit of value, producing tokens efficiently and at low cost has become a shared challenge for enterprise AI adoption worldwide, and the “token factory” is emerging as a new industry paradigm. Tao Zhou, General Manager of the Server Division of Lenovo ISG China, said 80% of enterprises have deployed at least one type of agent, yet fewer than 40% of projects can scale and deliver positive ROI. Lenovo has built a full-stack “token factory” paradigm spanning data governance, compute optimization, and security management to address this.
A solid token factory depends on underlying storage media and architecture. Numbers Law’s PMD (Parallel Magnetic Drive) technology and NEXWISE‘s “KuberCloud” token factory solution contributed to full-stack capability from hardware to compute scheduling and model operations. Infplane, Maxio, and Genstoraige lowered the deployment threshold for large on-device models through AI SSD tiered offloading and memory expansion.
Real-world applications are also deepening. SYNCORE has achieved vehicle-cloud embodied intelligence across the whole vehicle. Dify, with its private agent architecture, and Paratera, with its MaaS compute service platform, are moving AI from basic compute supply toward deeper industry intelligence services, accelerating the industrialization of AI.
40 Companies Showcase the Core of the AI Memory & Storage Chain
The concurrent exhibition brought together 40 companies across the full value chain, from memory chips and controllers to compute servers, AIDC services, packaging and testing equipment, and system applications, presenting the latest advances in AI memory and storage from around the world.
Memory IDMs and controller makers led with new products. SanDisk featured its iNAND AT EU752 automotive UFS 4.1, SN861 enterprise NVMe SSD, and BiCS8 QLC NAND. Silicon Motion introduced the SM8466 PCIe Gen6 16-channel controller and the SM2524XT controller for edge SSDs. Maxio, YEESTOR, and other Chinese controller makers showed flagship PCIe Gen4/Gen5 and UFS controllers with enhanced LDPC, a sign that China’s controller portfolio is taking shape and benchmarking itself against leading international standards.
Compute and token factory solutions were another highlight. Lenovo exhibited its WenTian series of AI training-and-inference integrated servers. NEXWISE presented its full-stack token factory hardware and software, with heterogeneous compute management and token-based billing. Paratera showed its intelligent compute cloud and supercomputing cloud services, and Numbers Law demonstrated its PMD (Parallel Magnetic Drive) technology, aimed at sharply raising HDD IOPS and throughput. Infplane, Genstoraige, and Quanxing introduced KV cache offload and memory-fusion AI SSD solutions that use storage to share the compute load and significantly cut deployment costs.
Module makers and full-scenario solution providers brought a wide range of products. BIWIN exhibited enterprise SSDs, CXL products, wide-temperature industrial storage, and embedded products spanning AI cloud, edge, and device. KingSpec, POWEV, Topdisk, Barycn, Jielong Storage, HIKSEMI, and others presented industrial-grade, automotive-grade, server, and embedded product families, demonstrating strong volume production and reliable delivery.
Equipment, testing, and materials suppliers rounded out the floor. Attach Point, MICROVIEW, and Maxwell Technologies showed die attach and bonding equipment for 2.5D/3D advanced packaging. OKN Technology, Acroview Technology, Hongjingwei, and Tytantest introduced test and burn-in systems covering SSD, DRAM, and NAND that can accurately reproduce high-load AI I/O scenarios. Hemei Jingyi and Silergy brought storage IC package substrates and dedicated power management ICs. From advanced packaging equipment to test validation to core components, this supporting ecosystem lays the manufacturing foundation for volume production of AI memory and storage and for Chinese suppliers expanding overseas.
GMIF2026 Annual Awards Unveiled: Global Memory & Storage Leaders Build an Open, Collaborative Ecosystem
To recognize companies that have made outstanding contributions to the memory and storage value chain, the summit established the GMIF2026 Annual Awards, which cover memory, compute, packaging and testing equipment, test systems, and end applications across AI infrastructure, and were judged on technological innovation, industry contribution, market service, and real-world results.
Honorees, including Samsung Semiconductor, SanDisk, Solidigm, CXMT, Arm, Lenovo, Dify, Silicon Motion, Infplane, Genstoraige, Numbers Law, Paratera, SYNCORE, NEXWISE, Maxio Technology, BIWIN, Topdisk, KingSpec, POWEV, Quanxing Technology, OKN Technology, Attach Point, COMIX, Barycn, LKAUTO, Maxwell Technologies, Hemei Jingyi, Silergy, Heyan Technology, ExTripod Electronics, UNIMOS, GBAT, and Tytantest, were recognized for standout achievements in technology breakthroughs, product deployment, ecosystem building, and the industry chain.
Global Livestream and Golf Friendship Match Extend the Boundaries of Industry Cooperation
To join the global ecosystem and expand international cooperation, the summit featured a special Global Livestream by Memory Brands on LinkedIn, Facebook, and YouTube. Eight brands presented online: BIWIN, Silicon Motion, Quanxing Technology, OKN Technology, KingSpec, Maxwell Technologies, ExTripod Electronics, and Silergy. They gave overseas audiences a direct look at China’s latest advances in memory chips, advanced packaging, test systems, and other core AI infrastructure components, connecting technology standards, supply chain resources, and market demand across regions.
The momentum carried into the next day. The GMIF2026 “BIWIN Cup” golf friendship match, exclusively sponsored by BIWIN, brought senior executives from across the global memory value chain to the course. After a day of intensive discussion at the main forum, the setting was more relaxed, but the conversations among technology, capital, and markets carried on, helping speed practical cooperation across borders and sectors.
Conclusion
Across the GMIF program, one message stood out: global AI competition is moving beyond the “single-point era” of peak GPU performance into a “system-level era” that integrates storage, compute, networking, and software. In the token economy, memory and storage is shedding its auxiliary role and becoming the strategic foundation of AI inference.
This edition of GMIF brought together capital outlook, frontier technology, product innovation, real-world practice, and ecosystem collaboration, and, with the awards, livestream, and networking events, carried the conversation from ideas to product showcases, overseas exposure, and business deals. Going forward, GMIF will stay focused on the industry’s frontier issues and connect key players across the global memory value chain, promoting joint standards, technology development, and market expansion to open a new chapter for the AI memory and storage industry.
About GMIF
Global Memory Innovation Forum (GMIF) is a premier annual gathering that connects the global memory and storage community. Featuring diverse activities including keynote speeches, roundtable dialogues, supply-demand match-making, product showcases, industry rankings, awards programs, and global livestreaming, GMIF brings together key enterprises across the memory and storage chain, technical experts, terminal companies and investment institutions to exchange insights, build partnerships, and create business opportunities. Learn more about GMIF, please visit https://www.gmif.com.cn/. Follow us on LinkedIn, YouTube and Facebook.
Media Contact:
Carina Gu, wenjing.gu@gmif.com.cn
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SOURCE Shenzhen Memory Industry Association (SMIA)
Truth-seeking: the Turning Point in Zunyi
Truth-seeking: the Turning Point in Zunyi
GMIF2026: AI Inference Powers the “Token Factory” and Drives System-Level Rethinking of Memory & Storage
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