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KITS Eyecare Reports Fourth Quarter and Full Year 2024 Results

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Q4 2024 Revenue Increased by 42% Year-Over-Year to $44.8 million, with FY Revenue Increased by 32% to $159.3 million

Q4 2024 Adjusted EBITDA of 6.5%, Improving by $2.0 million year-over-year to $2.9 million

FY Adjusted EBITDA of 4.0%, Improving by $4.1 million year-over-year to $6.4 million

Ninth Consecutive Quarters Reporting Positive Adjusted EBITDA

VANCOUVER, BC, March 5, 2025 /CNW/ – Kits Eyecare Ltd. (TSX: KITS) (“KITS” or the “Company”), a leading vertically integrated eyecare provider, is reporting its results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial & Operational Highlights

For the fourth quarter of 2024, compared to the fourth quarter of 2023:

Revenue increased by 42% to a record $44.8 million compared to $31.7 millionGross profit was $16.3 million or 36.3% of revenue, compared to $11.1 million or 35.0% of revenueAdjusted EBITDA improved by $2.0 million to $2.9 million compared to $0.9 millionNet income was $2.7 million compared to net loss of $0.5 millionGlasses revenue increased by 59.7% to a record $6.5 million compared to $4.1 million

Full Year 2024 Financial & Operational Highlights

For the full year 2024, compared to full year 2023:

Revenue increased by 32% to a record $159.3 million compared to $120.5 millionGross profit was $53.7 million or 33.7% of revenue, compared to $40.8 million or 33.8% of revenueAdjusted EBITDA improved by $4.1 million to $6.4 million compared to $2.3 million

Management Commentary

“2024 was another record-setting year for KITS as we continued to build momentum and strengthen our leadership in the eyewear category,” said Roger Hardy, Co-Founder and CEO of KITS. “Our relentless focus on customer experience, paired with growing demand for the KITS brand, has been a key driver of our continued success and strong business growth. We saw record engagement throughout the year, driven by our commitment to quality, speed, and value. The fourth quarter was a standout, with multiple record-breaking sales weeks and a major milestone of our first 1 million pairs of glasses delivered. As we move forward, we are energized by the momentum we’ve built and remain committed to expanding our leadership position, deepening customer relationships, and driving long-term value for all stakeholders.”

Fourth Quarter 2024 Financial Results

Revenue increased by 42% to $44.8 million compared to $31.7 million in the fourth quarter of 2023. The increase was primarily attributed to increasing recognition of the KITS brand in the North American e-commerce space, strong customer demand, operational efficiencies, and strategic initiatives.

Gross profit increased by 47% to $16.3 million compared to $11.1 million in the fourth quarter of 2023, while gross margin increased by 130 basis points to 36.3% compared to 35.0% in the fourth quarter of 2023. The increase was primarily due to balancing discounts and promotions targeting new customers with an emphasis on serving higher value new customers and returning customers.

Net income (loss) improved to $2.7 million, or $0.09 per share (basic), compared to a net loss of $0.5 million, or $(0.02) per share (basic), in the fourth quarter of 2023. The improvement was primarily attributable to an improvement in revenue, fulfillment and marketing efficiency, and foreign exchange gain recognized.

EBITDA increased by $5.0 million to $4.9 million compared to $(0.1) million in the fourth quarter of 2023, while Adjusted EBITDA improved by 237% to $2.9 million compared to $0.9 million in the fourth quarter of 2023. The improvement in Adjusted EBITDA was primarily attributable to the increase in revenue and gross profit, driven by our continuous focus on profitability as we find leverage in our operating expenses as our business grows and successfully continues to scale.

On December 31, 2024, cash and cash equivalents totaled $19.3 million compared to $16.0 million on December 31, 2023.

First Quarter 2025 Outlook
For the first quarter of 2025, KITS management expects revenue to be in the range of $46 million to $48 million, with Adjusted EBITDA as a percentage of revenue between 4% and 6%. See “Forward-Looking Statements” below for important disclosure with respect to expectations and forward-looking information.

Conference Call
KITS management will host a conference call followed by a question-and-answer period. To access the call instantly, please click here to register your name and phone number via the rapid connect link.

The conference call will also be webcast live with a presentation and available for replay here and via the investor relations section of the Company’s website at www.kits.com.

Date: Wednesday, March 5, 2025
Time: 9:00 a.m. Eastern time (6:00 a.m. Pacific time)
Presentation webcast link: https://app.webinar.net/Dr7q2Gg2Gv8
Rapid connect link: https://emportal.ink/3CDFPnU
North American toll-free number: 1-888-510-2154
Local Toronto dial-in number: 1-437-900-0527
Confirmation #: 60627 #

Financial Highlights
The following selected financial information is qualified in its entirety by and should be read conjunction with our consolidated financial statements for the years ended December 31, 2024 and 2023 and accompanying notes and Management’s Discussion and Analysis (“MD&A”) which may be viewed on SEDAR at www.sedarplus.ca.

Three Months Ended

Year Ended

Financial and Operating Data

December 31, 2024

(unaudited)

 

December 31, 2023

(unaudited)

 

December 31, 2024

 

December 31, 2023

 

Revenue

$

44,833

$

31,663

$

159,338

$

120,510

Net income (loss)

$

2,733

$

(491)

$

3,116

$

(2,215)

Net income (loss) per share

Basic

$

0.09

$

(0.02)

$

0.10

$

(0.07)

Diluted

$

0.08

$

(0.02)

$

0.09

$

(0.07)

Non-IFRS Measures (a):

     Constant currency revenue

$

44,065

$

31,663

$

157,738

$

120,510

     EBITDA

$

4,852

$

(121)

$

8,086

$

807

     Adjusted EBITDA

$

2,908

$

862

$

6,432

$

2,284

     Adjusted EBITDA Margin % (d)

6.5 %

2.7 %

4.0 %

1.9 %

Reconciliation of constant currency revenue

Revenue

$

44,833

$

31,663

$

159,338

$

120,510

Foreign exchange impact

(768)

(1,600)

Constant Currency Revenue

$

44,065

$

31,663

$

157,738

$

120,510

Change in constant currency

$

12,402

$

37,228

Change in constant currency %

39.2 %

30.9 %

Reconciliation of Adjusted EBITDA

Net income (loss) for the period

$

2,733

$

(491)

$

3,116

$

(2,215)

Add back:

Income taxes

986

(208)

1,335

(676)

Finance (income) costs – net

424

(216)

975

509

Depreciation and amortization

709

794

2,660

3,189

EBITDA

$

4,852

$

(121)

$

8,086

$

807

Add back

Share-based compensation (b)

$

74

$

119

$

1,005

$

513

Exchange loss / (gain)

(2,022)

861

(2,673)

950

One-time costs (c)

4

3

14

14

Adjusted EBITDA

$

2,908

$

862

$

6,432

$

2,284

Revenue

$

44,833

$

31,663

$

159,338

$

120,510

Adjusted EBITDA Margin % (d)

6.5 %

2.7 %

4.0 %

1.9 %

Notes:

(a)

Refer to “Non-IFRS Measures and Industry Metrics” section of the MD&A filed on www.sedarplus.ca and below.

(b)

Represents non-cash share-based compensation expense associated with restricted share rights (“RSRs”) and options recognized in the period.

(c)  

One-time IPO directors’ and officers’ insurance costs which are expensed over the insurance coverage period.

(d)

Represents Adjusted EBITDA divided by revenue from the same period.

About KITS
KITS makes eyecare easy. KITS is a leading vertically integrated digital eyecare brand providing eyewear for eyes everywhere. We offer customers access to a vast selection of contact lenses and eyeglasses, including our own exclusive KITS designed products, as well as a robust suite of online vision tools. Our efficient digital platform, backed by our industry-leading manufacturing and designs, removes intermediaries, and enables us to offer great prices and deliver made to order personalized products with incredible care and accuracy. We are creating disruption in the industry by constantly pursuing cutting-edge technologies to enable the best customer experience, including online eyewear fitting tools, and virtual try-on for glasses. We strive to delight our customers with our competitive prices, a convenient digital shopping experience, fast and reliable delivery options, and an unrelenting focus on earning our customers’ lifelong trust. For more information on KITS, visit: www.kits.com.

Non-IFRS Financial Measures and Industry Metrics
This press release includes references to certain non-IFRS financial measures such as Constant Currency Revenue, ate, EBITDA and Adjusted EBITDA, and certain industry metrics. These financial measures and industry metrics are employed by the company to measure its operating and economic performance and to assist in business decision-making, as well as providing key performance information to senior management. The company believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors and analysts use this information to evaluate the company’s operating and financial performance. These financial measures are not defined under IFRS, nor do they replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures. Definitions and reconciliations of non-IFRS measures to the nearest IFRS measure and Industry Metrics can be found in our Management’s Discussion and Analysis. Such non- IFRS reconciliations can also be found in this press release under “Financial Highlights”.

Forward-Looking Statements
This press release contains forward-looking statements, including statements relating to the execution of our proposed strategy, our operating performance, our expectations and outlook for the first quarter of 2025 and prospects for the business. These forward-looking statements generally can be identified by the use of words such as “intend,” “believe,” “could,” “continue,” “expect,” “estimate,” “forecast,” “may,” “potential,” “project,” “plan,” “would,” “will,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such a statement. Our business is subject to substantial risks and uncertainties. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Certain assumptions in respect of the expansion and enhancement of our fulfillment network, including our optical laboratory for glasses and warehouse facilities; the growth of our business and launch of new technologies; premium lens adoptions and smart eyewear expansion; our ability to drive sales growth; our ability to maintain, enhance, and grow within our addressable market; our ability to drive ongoing development and innovation of our exclusive brands and product categories; our ability to continue directly sourcing from third party suppliers and manufacturers; our ability to retain key personnel; our ability to add, maintain and expand production, distribution and fulfillment capabilities; our ability to continue investing in infrastructure to support our growth; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards. KITS’ risks and uncertainties are discussed in detail in the company’s Annual Information Form, filed on SEDAR on March 5, 2025. Investors, potential investors, and others should give careful consideration to these risks and uncertainties. We caution investors not to rely on the forward-looking statements contained in this press release when making an investment decision in our securities. The forward-looking statements in this press release speak only as of the date of this release, and we undertake no obligation to update or revise any of these statements, except as required under applicable securities laws. If we do update certain forward-looking information, no inference should be made that we will further update such or other forward-looking information.

SOURCE KITS Eyecare Ltd.

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Lianlian DigiTech Returns to Money20/20 Asia to Expand Partnerships, Share Industry Trends, and Explore AI-Enabled Global Financial Infrastructure

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BANGKOK, April 26, 2026 /PRNewswire/ — Lianlian DigiTech, a leading global provider of digital payment services, was once again invited to participate in Money20/20 Asia, one of the world’s most influential fintech gatherings, held in Bangkok, Thailand from April 21 to 23. At the event, the company presented its latest developments in cross-border payment infrastructure, technology innovation, and ecosystem collaboration, offering a comprehensive view of its work enhancing global cross-border payment capabilities.

During the conference, Lianlian DigiTech announced a strategic partnership with UK-based fintech company USI Money to further strengthen its global cross-border payment network, delivering more efficient and reliable fund flows for merchants worldwide. Shen Enguang, Co-President of Lianlian DigiTech; Mark Ma, Head of Global Banking Partnership at LianLian Global; and Bryan Jiang, General Manager Hong Kong of LianLian Global, attended the event and engaged with representatives from international financial institutions. They shared perspectives on fintech trends and global payment innovation, offering industry insight into the continued evolution of a more integrated and interoperable cross-border payments ecosystem.

Building a Borderless Payment Network with Global Partners Including USI Money

At the event, Lianlian DigiTech formalized a strategic collaboration with London-headquartered USI Money to further develop its global payment infrastructure.

The partnership will focus on cross-border remittance and foreign exchange services, combining both companies’ technological capabilities and resources to deliver a one-stop payment and collection solution for global businesses. The offering is built to be efficient, secure, and cost-effective, improving overall fund flow efficiency and streamlining foreign exchange execution.

Syed Bukhari, Group Chief Business and Operating Officer at USI Money, said: “Our partnership with Lianlian will strengthen our remittance capabilities, creating greater value for our customers through broader network coverage and improved transaction performance.”

Bryan Jiang, General Manager Hong Kong of LianLian Global, said: “By leveraging the complementary strengths of our ecosystem partners in technology and compliance, Lianlian will continue to scale its global payment network and improve transaction efficiency. We remain committed to enhancing financial connectivity across global financial markets and delivering more efficient and reliable cross-border payment solutions for our customers.”

Founded in 2009 and listed on the Main Board of the Hong Kong Stock Exchange in 2024 (2598.HK), Lianlian DigiTech is a China-based, globally focused digital payment company with increasingly integrated AI capabilities across its platform. Guided by its mission of “Connecting the world, Empowering global commerce,” the company focuses on developing a trusted and scalable financial infrastructure. As of the end of 2025, Lianlian DigiTech has built a cross-border payment network covering more than 100 countries and regions, serving over 10.4 million customers worldwide.

USI Money is a foreign exchange and international remittance service provider offering tailored cross-border financial solutions for businesses and individuals. With competitive real-time exchange rates and efficient execution as its core strengths, the company delivers fast, secure, and reliable global fund transfers.

In addition, Lianlian DigiTech co-hosted a networking session with Unlimit during the event, providing a forum for industry dialogue. The session brought together a broad group of fintech partners to explore collaborative models and help foster a more connected ecosystem.

Industry Roundtables: Unlocking Layered Collaboration in AI-Driven Cross-Border Payments and Advancing Financial Inclusion in Emerging Markets

At the same time, Mark Ma and Bryan Jiang were invited to the themed roundtable discussions, where they shared insights drawn from industry practice and outlined new approaches to aligning fintech innovation with the global financial system.

At the roundtable on “Fintech and Banks,” Mark Ma noted that the global payment system is rapidly shifting from isolated capabilities to a layered, collaborative model. Banks continue to serve as the foundational infrastructure, responsible for clearing networks and liquidity management. Fintech firms like Lianlian, meanwhile, build on top of this foundation to deliver application-layer services for businesses, transforming complex cross-border payment channels into more accessible solutions that support a wider range of practical business scenarios. He also emphasized fintech’s growing role in compliance and value creation. By embedding risk controls and verification processes into technology workflows, fintech companies can act as compliance intermediaries, improving efficiency while filtering risk and enabling banks to operate more effectively at scale. Meanwhile, insights derived from transaction data and business flows allow for more precise evaluation of small and medium-sized businesses, shifting capital allocation from experience-based decisions to data-driven approaches and improving access to financial services.

At the roundtable titled “Different Worlds, Shared Challenges: Bridging Emerging Markets,” Bryan Jiang pointed out that the core of financial inclusion is shifting from scale of coverage to practical usability in everyday financial activity. The ability to serve underserved segments such as small and micro merchants and overseas workers in a sustained and reliable manner ultimately depends on continuous improvements in product design and operational capabilities. Using emerging markets as an example, Jiang explained that small and medium-sized businesses in these regions often face challenges such as difficult account setup, complex cross-border collections, high foreign exchange costs, and multi-layered tax requirements. Many existing solutions still follow traditional business-focused models, resulting in cumbersome KYB processes and lengthy review cycles that are misaligned with the asset-light, high-frequency, fast-turnover nature of these businesses. In response, Lianlian has lowered barriers to fund flows by offering local collection accounts, optimizing foreign exchange mechanisms, and improving settlement efficiency. The company has also restructured account architecture, streamlined review processes, and enhanced fund visibility, creating a more seamless and intuitive user experience that better aligns financial services with its clients’ business operations and day-to-day activities.

As digital technologies increasingly integrate with the real economy, innovations in AI and blockchain are reshaping the foundations of global financial services. Lianlian DigiTech has long invested in AI capabilities, global compliance, and the growth of its international service network. Its broad licensing coverage, regulatory track record, localized service capabilities, and technical reliability have earned the trust of regulators, customers, and partners worldwide.

Looking ahead, Lianlian DigiTech will continue to build on its cross-border expertise and compliance experience to further develop its AI capabilities and deepen collaboration with global partners. The company aims to extend its role beyond payment network services into more integrated financial infrastructure solutions. Lianlian DigiTech remains committed to serving as a trusted platform for global financial transactions in an increasingly digital environment, enabling businesses and individuals worldwide to access faster, more efficient, and more seamless cross-border financial services.

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SOURCE LianLian Global

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The Building & Furniture Category Highlights Sustainable and Human‑Centric Design at the 139th Canton Fair

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GUANGZHOU, China, April 26, 2026 /PRNewswire/ — Phase 2 of the 139th Canton Fair has seen the Building & Furniture category emphasize green Infrastructure and human-centric design.

A major highlight of the building and decorative materials section is the introduction of photovoltaic marble-textured cladding. This innovative surfacing material bridges the gap between high-end aesthetics and renewable energy. Unlike traditional solar panels that rely on glass, this non-opaque cladding uses precise microscopic structures to guide light to internal PV cells.

This technology offers 60% higher efficiency than traditional transparent solar systems while reducing carbon emissions by over 50%. Its ability to reproduce stone, wood, or brick‑like 3D textures allows architects to integrate power generation into a wide range of building styles without the industrial appearance of traditional solar panels.

Indoor environments are also becoming smarter and safer. Manufacturers are showcasing high-efficiency antibacterial surfacing, utilizing visible light catalysis to provide 24-hour protection against mold and bacteria. These advanced decorative papers and panels are becoming the new standard for high-end interior decoration, prioritizing long-term hygiene in residential and commercial spaces.

The sanitary ware sector is increasingly focused on the aging global population and those with limited mobility. A standout innovation is the electric lift-and-rotate shower chair. Designed for the dry-wet separation bathroom layout, it allows users to sit in a dry area and be safely rotated and lifted into the shower via remote control. This waterproof, low-voltage system provides dignity and independence for the elderly while reducing the physical strain on caregivers.

Hygiene and ease of maintenance have also seen a breakthrough with wall-mounted toilets. By moving the lid connection to the tank wall and adopting a mortise‑and‑tenon structure, the design eliminates the hard‑to‑clean areas where bacteria typically accumulate. Many of these units also incorporate ergonomic grab bars directly into the frame, blending safety with a minimalist aesthetic.

In the sports and leisure industry, the shift toward sustainability is seen in non-infill synthetic turf. This next-generation football grass eliminates the need for rubber granules or sand, providing a natural touch and superior shock absorption while significantly reducing maintenance costs and microplastic pollution.

All these innovations demonstrate how the Building & Furniture sector is advancing toward greener materials, smarter functionality, and more human‑centered design, setting new benchmarks for the future of living spaces.

For pre-registration, please click: https://buyer.cantonfair.org.cn/register/buyer/email?source_type=16

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Nexteer’s Global First Steer-by-Wire Goes into Production

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BEIJING, April 26, 2026 /PRNewswire/ — Nexteer Automotive helped a leading Chinese new energy vehicle (NEV) manufacturer bring the world’s first production passenger vehicle with a full drive‑by‑wire chassis to market. The vehicle features Nexteer’s steer‑by‑wire (SbW) system as a key enabler.

The SbW featured in this vehicle marks Nexteer’s first SbW system in mass production, representing a major step forward for the technology — moving from development and validation to full-scale production. Certified in late 2025, this system achieved the world’s first ASIL D functional safety approval from DAkkS (German Accreditation Body) through close collaboration with the OEM. This certification reflects global top-tier performance in fault diagnosis, redundancy, and safety monitoring. Key features include:

Multi-layered redundancy design: Dual controllers, dual power supplies, multiple communication links, and dual actuation paths — achieving redundancy at system, hardware, and software levels. This ensures that in the event of a single fault, the backup path takes over within milliseconds with no loss of steering function.Full‑scenario functional safety mechanism: Multi‑level monitoring and fault handling strategies covering sensors, controllers, actuators, and communication links.Variable steering ratio: Automatically adjusts steering angle and effort based on vehicle speed and driving mode, balancing agility and comfort.Intuitive road‑feel simulation technology: Software‑defined steering feedback delivers a more responsive and precise driving experience, adaptable to a wide range of driving scenarios.Open interface for autonomous driving: As a key actuation layer for ADAS and autonomous driving systems, it provides real‑time, precise control capabilities, supporting the development of intelligent transportation systems.

Steer-by-Wire: Electronic Signals Replace Mechanical Links, Flexible Configurations for Diverse Needs

By decoupling the mechanical link between the hand wheel and the road wheels, steer-by-wire replaces conventional mechanical connections with electronic signals and actuators — and is quickly becoming a foundational technology for next-generation intelligent chassis and autonomous driving platforms. As a motion control technology company with 120 years of engineering heritage, Nexteer offers a flexible, off-the-shelf portfolio of steering feel simulators and road wheel actuators. This modular approach allows us to meet the diverse needs of different vehicle models and driving scenarios efficiently and cost-effectively.

From Steering to Braking: Expanding Full-Stack Motion Control Capabilities

Building on its deep expertise in steering systems, Nexteer has expanded into braking with its Brake-by-Wire solution, the Electro-Mechanical Brake (EMB). EMB has completed full development and rigorous validation and is ready for mass production. Together with SbW, Brake-by-Wire (EMB), Rear-Wheel Steering, and the MotionIQ™ Software Suite make up Nexteer’s broader Motion-by-Wire™ portfolio.

With Nexteer, OEMs get more than steer-by-wire and brake-by-wire components: they get a complete, proven, production-ready and cost-effective drive-by-wire chassis motion control solution that’s shaping the future of the software-defined chassis and enabling faster development, lower costs and safter, smarter and more exciting driving experiences.

During Auto China 2026, we cordially invite you to visit Nexteer at Booth W1B03, Hall W1, China International Exhibition Center (Shunyi) in Beijing, to experience firsthand the breakthrough innovations of steer-by-wire and Motion-by-Wire™ technologies.

ABOUT NEXTEER AUTOMOTIVE

Nexteer Automotive (HK 1316) is a global leading motion control technology company accelerating mobility to be safe, green and exciting. Our innovative portfolio supports Motion-by-Wire™ chassis control, including electric and hydraulic power steering systems, steer-by-wire and rear-wheel steering systems, steering columns and intermediate shafts, driveline systems, software solutions and brake-by-wire. Celebrating 120 years of automotive innovation in 2026, Nexteer builds on a strong legacy of engineering excellence while continuing to shape the future of mobility. The company solves motion control challenges across all megatrends – including electrification, software/connectivity, ADAS/automated driving and shared mobility – for global and domestic OEMs around the world including BMW, Ford, GM, RNM, Stellantis, Toyota and VW, as well as automakers in India and China including BYD, Xiaomi, ChangAn, Li Auto, Chery, Great Wall, Geely, Xpeng and others. www.nexteer.com  

Links to Nexteer Media Center

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