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Qudian Inc. Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

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XIAMEN, China, March 20, 2025 /PRNewswire/ — Qudian Inc. (“Qudian” or “the Company” or “We”) (NYSE: QD), a consumer-oriented technology company in China, today announced its unaudited financial results for the quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Financial Highlights:

Total revenues were RMB52.2 million (US$7.2 million), compared to RMB63.8 million for the same period of last yearNet loss attributable to Qudian’s shareholders was RMB66.4 million (US$9.1 million), compared to net loss of RMB117.1 million for the same period of last year; net loss per diluted ADS was RMB0.38 (US$0.05) for the fourth quarter of 2024Non-GAAP net loss attributable to Qudian’s shareholders was RMB64.2 million (US$8.8 million), compared to Non-GAAP net loss of RMB116.6 million for the same period of last year. We exclude share-based compensation expenses from our non-GAAP measures. Non-GAAP net loss per diluted ADS was RMB0.37 (US$0.05) for the fourth quarter of 2024

Full Year 2024 Financial Highlights:

Total revenues were RMB216.4 million (US$29.7 million) for 2024, representing an increase of 71.3% from 2023, primarily attributable to the increase in sales income generated from last-mile delivery businessNet income attributable to Qudian’s shareholders was RMB91.7 million (US$12.6 million), compared to RMB39.1 million in 2023; net income per diluted ADS was RMB0.49 (US$0.07) for 2024Non-GAAP net income attributable to Qudian’s shareholders was RMB 94.0 million (US$12.9 million), compared to RMB 44.1 million in 2023; non-GAAP net income per diluted ADS was RMB0.50 (US$0.07) for 2024

The Company’s last-mile delivery business encountered intense competition in the fourth quarter of 2024, which led to a decline in revenue to approximately RMB50.3 million in the fourth quarter of 2024, compared to RMB62.1 million for the same period of last year. It is important to note that while pursuing growth, there is a possibility that we may incur additional operational losses in the future. Moving forward, the Company expects to remain steadfast in its commitment to executing its business transition and simultaneously maintaining prudent cash management to safeguard its balance sheet.

Fourth Quarter Financial Results

Sales income and others decreased by 18.1% to RMB52.2 million (US$7.2 million) from RMB63.8 million for the fourth quarter of 2023, which was primarily due to the decrease in sales income generated from last-mile delivery business as a result of the increased competition in the industry.

Total operating costs and expenses decreased to RMB163.7 million (US$22.4 million) from RMB184.1 million for the fourth quarter of 2023.

Cost of revenues decreased by 39.0% to RMB47.8 million (US$6.6 million) from RMB78.4 million for the fourth quarter of 2023, primarily due to the decrease in service cost related to last-mile delivery business as a result of the decline in delivery order volume.

General and administrative expenses increased by 49.1% to RMB113.6 million (US$15.6 million) from RMB76.2 million for the fourth quarter of 2023, primarily due to the increase in staff compensations.

Research and development expenses decreased by 20.4% to RMB12.8 million (US$1.8 million) from RMB16.1 million for the fourth quarter of 2023, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries.

Loss from operations was RMB111.3 million (US$15.2 million), compared to RMB107.2 million for the fourth quarter of 2023.

Loss on derivative instrument was RMB32.6 million (US$4.5 million), compared to loss on derivative instrument of RMB35.5 million for the fourth quarter of 2023, the loss was mainly due to the decrease in quoted price of the underlying equity securities relating to the derivative instruments we held.

Net loss attributable to Qudian’s shareholders was RMB66.4 million (US$9.1 million), compared to net loss attributable to Qudian’s shareholders of RMB117.1 million in the fourth quarter of 2023. Net loss per diluted ADS was RMB0.38 (US$0.05).

Non-GAAP net loss attributable to Qudian’s shareholders was RMB64.2 million (US$8.8 million), compared to Non-GAAP net loss attributable to Qudian’s shareholders of RMB116.6 in the fourth quarter of 2023. Non-GAAP net income per diluted ADS was RMB0.37 (US$0.05).

Full Year 2024 Financial Results

Sales income and others increased by 71.3% to RMB216.4 million (US$29.7 million) from RMB126.3 million for the year of 2023, which was primarily due to the increase in sales income generated from last-mile delivery business.

Total operating costs and expenses increased by 1.8% to RMB524.9 million (US$71.9 million) from RMB515.7 million for 2023.

Cost of revenues increased by 25.5% to RMB201.0 million (US$27.5 million) from RMB160.1 million for 2023, primarily due to the increase in service cost related to last-mile delivery business primarily attributable to the increase in delivery order volume.

General and administrative expenses was RMB276.6 million (US$37.9 million), which remain stable as compared to RMB273.6 million for 2023, primarily attributable to the reduce in professional services fees after the Company completed research and consultation for last-mile delivery business in its early stage and largely offset by increase in staff compensations.

Research and development expenses increased by 22.4% to RMB58.5 million (US$8.0 million) from RMB47.8 million for 2023, primarily due to the increase in staff head count as the Company continues to explore new business opportunities, which led to a corresponding increase in staff salaries.

Loss from operations was RMB308.1 million (US$42.2 million) compared to RMB331.0 million for 2023.

Interest and investment income, net increased by 48.8% to RMB380.1 million (US$52.1 million) from RMB255.3 million for 2023, primarily attributable to the increase of income from investments in the year of 2024.

Gain on derivative instrument was RMB19.5 million (US$2.7 million) from RMB153.8 million for 2023, mainly due to the decrease of realized investment income of derivative instrument in the year of 2024.

Net income attributable to Qudian’s shareholders was RMB91.7 million (US$12.6 million), compared to RMB39.1 million in 2023; net income per diluted ADS was RMB0.49 (US$0.07) for 2024.

Non-GAAP net income attributable to Qudian’s shareholders was RMB 94.0 million (US$12.9 million), compared to RMB 44.1 million in 2023; non-GAAP net income per diluted ADS was RMB0.50 (US$0.07) for 2024.

Cash Flow

As of December 31, 2024, the Company had cash and cash equivalents of RMB4,263.3 million (US$584.1 million) and restricted cash of RMB781.2 million (US$107.0 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of short-term borrowings. Such restricted cash is not available to fund the general liquidity needs of the Company.

For the fourth quarter of 2024, net cash used in operating activities was RMB121.0 million (US$16.6 million), mainly due to payments for labor-related costs and expenses. Net cash used in investing activities was RMB388.4 million (US$53.2 million), mainly due to purchase of short-term investments. Net cash used in financing activities was RMB146.7 million (US$20.1 million), mainly due to the repurchase of ordinary shares.

For the full year of 2024, net cash used in operating activities was RMB111.0 million (US$15.2 million), mainly due to payments for labor-related costs and expenses. Net cash used in investing activities was RMB2,344.4 million (US$321.2 million), mainly due to purchase of short-term investments and payments of deposit pledged as collateral for derivative instrument. Net cash provided by financing activities was RMB186.8 million (US$25.6 million), mainly due to the proceeds from short-term borrowings and partially offset by the repurchase of ordinary shares.

Last-mile Delivery Business

In response to the surging demand for cross-border e-commerce transactions, the Company has proactively sought innovative logistic services and solutions to meet global consumers’ expectations for swift and top-tier delivery services. In December 2022, the Company launched its last-mile delivery services under the brand name of “Fast Horse.” The business was initially launched on a trial basis and has gradually achieved meaningful scale in Australia during the second quarter of 2023. The Company’s last-mile delivery service is available in Australia and New Zealand.  As of the date of this release, the Company’s last-mile delivery service is encountering intense competition and uncertainty.

Update on Share Repurchase

Our Board approved a share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024. From the launch of the share repurchase program on June 13, 2024 to March 16, 2025, the Company has in aggregate purchased 17.8 million ADSs in the open market for a total amount of approximately US$41.2 million (an average price of $2.3 per ADS) pursuant to the share repurchase program.

As of March 16, 2025, the Company had in aggregate purchased 172.1 million ADSs for a total amount of approximately US$735.4 million (an average price of $4.3 per ADS).

About Qudian Inc.

Qudian Inc. (“Qudian”) is a consumer-oriented technology company. The Company historically focused on providing credit solutions to consumers. Qudian is exploring innovative business opportunities to satisfy consumers’ demand by leveraging its technology capabilities.

For more information, please visit http://ir.qudian.com.

Use of Non-GAAP Financial Measures

We use Non-GAAP net income/loss attributable to Qudian’s shareholders, a Non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We believe that Non-GAAP net income/loss attributable to Qudian’s shareholders helps identify underlying trends in our business by excluding the impact of share-based compensation expenses, which are non-cash charges. We believe that Non-GAAP net income/loss attributable to Qudian’s shareholders provides useful information about our operating results, enhances the overall understanding of our past performance and future prospects and allows for greater visibility with respect to key metrics used by our management in its financial and operational decision-making.

Non-GAAP net income/loss attributable to Qudian’s shareholders is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This Non-GAAP financial measure has limitations as an analytical tool, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for net loss /income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP.

We mitigate these limitations by reconciling the Non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance.

For more information on this Non-GAAP financial measure, please see the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars (“US$”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.2993 to US$1.00, the noon buying rate in effect on December 31, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company’s year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Qudian’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: Qudian’s goal and strategies; Qudian’s expansion plans; Qudian’s future business development, financial condition and results of operations; Qudian’s expectations regarding demand for, and market acceptance of, its products; Qudian’s expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: ir@qudian.com

 

QUDIAN INC.

Unaudited Condensed Consolidated Statements of Operations

Three months ended December 31,

(In thousands except for number

2023

2024

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

Revenues:

Sales income and others

63,794

52,236

7,156

Total revenues

63,794

52,236

7,156

Operating cost and expenses:

Cost of revenues

(78,363)

(47,826)

(6,552)

Sales and marketing

(1,167)

(2,586)

(354)

General and administrative

(76,173)

(113,560)

(15,558)

Research and development

(16,103)

(12,816)

(1,756)

Expected credit (loss)/reversal for receivables and other assets

(9,266)

13,346

1,828

Impairment loss from other assets

(3,054)

(229)

(31)

Total operating cost and expenses

(184,126)

(163,671)

(22,423)

Other operating income

13,086

157

22

Loss from operations

(107,246)

(111,278)

(15,245)

Interest and investment income, net

14,347

7,971

1,092

Loss from equity method investments

(1,778)

(2,102)

(288)

Loss on derivative instruments

(35,480)

(32,648)

(4,473)

Foreign exchange (loss)/gain, net

(1,390)

29,524

4,045

Other income

84

51,216

7,017

Other expenses

(2,930)

(7,284)

(998)

Net loss before income taxes

(134,393)

(64,601)

(8,850)

Income tax expenses

17,319

(1,760)

(241)

Net loss

(117,074)

(66,361)

(9,091)

Net loss attributable to Qudian Inc.’s  shareholders

(117,074)

(66,361)

(9,091)

Loss per share for Class A and Class B ordinary shares:

Basic

(0.57)

(0.38)

(0.05)

Diluted

(0.57)

(0.38)

(0.05)

Loss per ADS (1 Class A ordinary share equals 1
ADSs):

Basic

(0.57)

(0.38)

(0.05)

Diluted

(0.57)

(0.38)

(0.05)

Weighted average number of Class A and Class B
ordinary shares outstanding:

Basic

204,075,368

172,381,467

172,381,467

Diluted

207,646,764

177,303,133

177,303,133

Other comprehensive (loss)/gain:

Foreign currency translation adjustment

(38,011)

60,308

8,262

Total comprehensive loss

(155,085)

(6,053)

(829)

Total comprehensive loss attributable to
Qudian Inc.’s shareholders 

(155,085)

(6,053)

(829)

 

 

QUDIAN INC.

Unaudited Condensed Consolidated Statements of Operations

Year ended December 31,

(In thousands except for number

2023

2024

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

Revenues:

Sales income and others

126,338

216,428

29,651

Total revenues

126,338

216,428

29,651

Operating cost and expenses:

Cost of revenues

(160,114)

(201,023)

(27,540)

Sales and marketing

(3,796)

(5,868)

(804)

General and administrative

(273,589)

(276,565)

(37,889)

Research and development

(47,763)

(58,464)

(8,010)

Expected credit (loss)/reversal for receivables and other assets

(24,654)

18,616

2,550

Impairment loss from other assets

(5,800)

(1,570)

(215)

Total operating cost and expenses

(515,716)

(524,874)

(71,908)

Other operating income

58,368

298

41

Loss from operations

(331,010)

(308,148)

(42,216)

Interest and investment income, net

255,333

380,062

52,068

Gain/(Loss) from equity method investments

3,207

(4,049)

(555)

Gain on derivative instruments

153,835

19,457

2,666

Foreign exchange (loss)/gain, net

(2,932)

20,658

2,830

Other income

29,005

61,352

8,405

Other expenses

(5,965)

(21,682)

(2,970)

Net income before income taxes

101,473

147,650

20,228

Income tax expenses

(62,340)

(55,919)

(7,661)

Net income

39,133

91,731

12,567

Net income attributable to Qudian Inc.’s  shareholders

39,133

91,731

12,567

Earnings per share for Class A and Class B ordinary shares:

Basic

0.18

0.50

0.07

Diluted

0.18

0.49

0.07

Earnings per ADS (1 Class A ordinary share equals 1 ADSs):

Basic

0.18

0.50

0.07

Diluted

0.18

0.49

0.07

Weighted average number of Class A and Class B ordinary
shares outstanding:

Basic

217,281,512

182,859,075

182,859,075

Diluted

222,222,858

187,780,699

187,780,699

Other comprehensive gain:

Foreign currency translation adjustment

21,830

37,882

5,190

Total comprehensive income

60,963

129,613

17,757

Total comprehensive income attributable to Qudian
Inc.’s shareholders 

60,963

129,613

17,757

 

 

QUDIAN INC.

Unaudited Condensed Consolidated Balance Sheets

As of December 31,

As of December 31,

(In thousands except for number

2023

2024

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

ASSETS:

 Current assets:

 Cash and cash equivalents

7,207,343

4,263,312

584,071

 Restricted cash

59,435

781,187

107,022

Time and structured deposit

1,554,121

2,009,019

275,234

 Short-term investments

642,894

1,118,547

153,240

 Accounts receivables

25,877

34,275

4,696

 Other current assets

670,277

1,933,182

264,846

 Total current assets

10,159,947

10,139,522

1,389,109

 Non-current assets:

 Right-of-use assets

164,585

158,007

21,647

 Investment in equity method investee

136,804

146,101

20,016

 Long-term investments

210,591

78,987

10,821

 Property and equipment, net

1,308,338

1,548,120

212,092

 Intangible assets

3,093

2,207

302

 Other non-current assets

498,838

353,369

48,411

 Total non-current assets

2,322,249

2,286,791

313,289

TOTAL ASSETS

12,482,196

12,426,313

1,702,398

QUDIAN INC.

Unaudited Condensed Consolidated Balance Sheets (Continued)

As of December 31,

As of December 31,

(In thousands except for number

2023

2024

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

LIABILITIES AND SHAREHOLDERS’ EQUITY 

 Current liabilities: 

 Short-term borrowings and interest payables

720,000

98,640

 Short-term lease liabilities

29,938

18,697

2,561

 Derivative instruments-liability

312,870

89,895

12,316

 Accrued expenses and other current liabilities 

299,836

224,164

30,710

 Income tax payable 

111,842

33,423

4,579

 Total current liabilities 

754,486

1,086,179

148,806

 Non-current liabilities: 

 Long-term lease liabilities

39,759

48,706

6,673

 Total non-current liabilities 

39,759

48,706

6,673

 Total liabilities 

794,245

1,134,885

155,479

 Shareholders’ equity: 

 Class A Ordinary shares 

132

132

18

 Class B Ordinary shares 

44

44

6

 Treasury shares 

(899,628)

(1,419,286)

(194,441)

 Additional paid-in capital 

4,033,146

4,026,668

551,651

 Accumulated other comprehensive loss 

(24,130)

13,752

1,884

 Retained earnings 

8,578,387

8,670,118

1,187,801

 Total shareholders’ equity 

11,687,951

11,291,428

1,546,919

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 

12,482,196

12,426,313

1,702,398

 

 

QUDIAN INC.

Unaudited Reconciliation of GAAP And Non-GAAP Results

Three months ended December 31,

2023

2024

(In thousands except for number

(Unaudited)

(Unaudited)

of shares and per-share data)

RMB

RMB

US$

Total net loss attributable to Qudian Inc.’s shareholders

(117,074)

(66,361)

(9,091)

Add: Share-based compensation expenses 

500

2,150

295

Non-GAAP net loss attributable to Qudian Inc.’s shareholders

(116,574)

(64,211)

(8,796)

Non-GAAP net loss per share—basic

(0.57)

(0.37)

(0.05)

Non-GAAP net loss per share—diluted

(0.57)

(0.37)

(0.05)

Weighted average shares outstanding—basic

204,075,368

172,381,467

172,381,467

Weighted average shares outstanding—diluted

207,646,764

177,303,133

177,303,133

QUDIAN INC.

Unaudited Reconciliation of GAAP And Non-GAAP Results

Year ended December 31,

2023

2024

(In thousands except for number

(Unaudited)

(Unaudited)

of shares and per-share data)

RMB

RMB

US$

Total net income attributable to Qudian Inc.’s shareholders

39,133

91,731

12,567

Add: Share-based compensation expenses 

4,936

2,258

309

Non-GAAP net income attributable to Qudian Inc.’s shareholders

44,069

93,989

12,876

Non-GAAP net income per share—basic

0.20

0.51

0.07

Non-GAAP net income per share—diluted

0.20

0.50

0.07

Weighted average shares outstanding—basic

217,281,512

182,859,075

182,859,075

Weighted average shares outstanding—diluted

222,222,858

187,780,699

187,780,699

 

 

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/U P D A T E — TrendAI/

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This release has been updated to include new information provided by TrendAI. The complete, corrected release follows, with additional details at the end:

TrendAI™ Adopts Claude Opus 5 to Advance Vulnerability Prioritization and Virtual Patching

As a participant in Anthropic’s Cyber Verification Program, TrendAI applies frontier reasoning to convert vulnerability intelligence into faster protection across hybrid environments

DALLAS, July 24, 2026 /PRNewswire/ — TrendAI™, the enterprise AI security leader from Trend Micro Incorporated (TYO: 4704; TSE: 4704), today announced it is adopting Claude Opus 5, Anthropic’s latest and most capable Opus model, to help security teams convert vulnerability intelligence into immediate protection, from prioritization to virtual patching. The move builds on TrendAI’s collaboration with Anthropic on Claude Opus 4.8, extending the same defensive focus to a model that delivers step-change gains in advanced reasoning, agentic workflows, and long-horizon analysis. As AI makes finding vulnerabilities easier than ever, the harder problem becomes protecting organizations faster than software can be permanently patched, and that is where TrendAI is putting Opus 5 to work.

As a participant in Anthropic’s Cyber Verification Program, which credentials organizations for the defensive use of frontier AI models, TrendAI is positioned to apply Claude Opus 5 to defensive security as access becomes available. The model is Zero Data Retention compatible, supporting TrendAI’s governance and data-protection requirements as it scales AI across security operations.

The work extends to TrendAI Threat Research, where frontier AI models are combined with our proprietary frontier intelligence engine and human expertise to generate pre-disclosure intelligence. Those insights power TrendAI Vision One™, delivering stronger detection, deeper forensic insights, and proactive protection through virtual patching.

Rachel Jin, Chief Platform and Business Officer, Head of TrendAI™:
“With Claude Opus 5, TrendAI can move from vulnerability intelligence to action faster than ever, prioritizing what matters most by exploitability and business impact. Finding the vulnerability was always the hard part. Now the challenge is protecting organizations faster than software can be permanently patched, and frontier reasoning is what changes that equation, extending all the way to virtual patching that protects customers before a vendor fix ships. This is what it means to secure the AI age, fearlessly.”

These capabilities support TrendAI Vision One™ in helping security analysts, AppSec teams, and SOC teams prioritize exposure, map attack paths, and accelerate mitigation, including virtual patching, across hybrid environments, moving vulnerability management from a static scanning process into a faster, context-aware risk mitigation workflow.

About TrendAI™
TrendAI™, the global AI security leader and enterprise business unit of Trend Micro, empowers organizations with full AI visibility and consolidated security that inspires confidence, drives innovation, and eliminates risk. Trusted by the largest enterprises and governments across 185 countries, TrendAI™ secures the entire organization, from identities, to infrastructure, to data. Global Fortune 500 companies rely on TrendAI™ to cut risk and stop threats up to three months earlier, powered by world-leading threat and attack intelligence. Through deep ecosystem partnerships with market leaders like NVIDIA, Anthropic, AWS, Google, and Microsoft, TrendAI™ empowers your organization to securely drive forward at the speed of AI. AI Fearlessly. Learn more: trendaisecurity.com

About Anthropic
Anthropic is an AI safety and research company dedicated to building reliable, interpretable, and steerable AI systems. Its Claude family of models, including Claude Opus 5, enables advanced capabilities across a wide range of applications, including code understanding and security analysis.

Update: The latest version of this release includes additional statements from TrendAI related to the original announcement.

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Ralph Ye on 10 Years of Entrepreneurship at CASEKOO: Less Identity Shift, More Habits That Endure

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NEW YORK, July 24, 2026 /PRNewswire/ — As CASEKOO approaches its 10th anniversary, founder Ralph Ye says the company’s biggest achievement isn’t measured by units sold, but by how its philosophy has evolved.

Ten years ago, Ye found himself frustrated by a simple problem: his phone wouldn’t stand upright on a fast-food table. Instead of accepting the inconvenience, he saw an opportunity to rethink what a phone case could do.

Today, CASEKOO has sold more than 20 million phone cases across 32 countries. Over the past decade, the company has evolved from creating protective accessories into designing products that fit naturally into everyday life.

“Innovation isn’t about changing identities,” Ye said. “It’s about making meaningful habits easier to keep.”

From Q Line to LinKOO

The evolution of CASEKOO’s product portfolio reflects a broader shift in the company’s design philosophy.

The journey began with the Q Line (Quality Line), a collection of crystal-clear phone cases engineered to deliver premium protection without compromising aesthetics. In 2021, CASEKOO introduced the E Line (Innovation Line), the world’s first phone case with an integrated ring stand. The product earned an iF Design Award and became an Amazon bestseller, demonstrating the market’s appetite for accessories that combined protection with everyday functionality. The X Line (Expression Line) followed, expanding the brand’s focus on personalization and expressive design.

Each product generation introduced new capabilities, but each also reinforced an important insight.

“We moved from Q Line to E Line to X Line, and every generation taught us something about what people actually need,” said Ye. “By the time we introduced The KOO series, we weren’t designing features anymore. We were designing around everyday behaviors.”

Today, the portfolio gives each rhythm a clear name: LinKOO — Link Your Way for hands-free carry, StandKOO — Elevate Your Day for hands-free viewing and grip, and X-LINE — Fit Your Vibe for expressive personalization.

It represents CASEKOO’s transition from designing accessories with added functions to creating products that support everyday habits. For the company, the future of consumer technology lies not in how many features a product offers, but in how seamlessly it integrates into the way people live.

A Philosophy Born from Everyday Life

The inspiration behind LinKOO came from one of Ye’s longest-standing habits.

For nearly two decades, he has left home every day holding his wife’s hand. One evening, while carrying his phone, keys, and wallet in his other hand, he realized how often everyday essentials compete with life’s simplest moments.

That observation inspired ClipSafe™, a foldable clasp integrated into the LinKOO series. Hidden when not in use and deployable with a single press, it allows users to carry everyday essentials without sacrificing comfort or aesthetics.

For CASEKOO, LinKOO is more than a product launch. It represents the company’s belief that technology should adapt to people—not the other way around.

“Ten years ago, we asked how to better protect a phone,” Ye said. “Today, we’re asking how to protect a moment.”

That is what designed to fit you means. That is Less Effort, More Living. And after a decade of iteration, failure, and quiet persistence, CASEKOO has finally arrived—not at an answer, but at a better question.

About CASEKOO

CASEKOO is a design-led lifestyle accessories brand built around a simple idea: freeing your hands in everyday life. Through thoughtful hands-free solutions, we help people move seamlessly between different moments of the day—from active, on-the-go moments to times of focus and connection.

What makes CASEKOO different from a regular phone case? We believe technology should support life, not interrupt it. By designing products that adapt naturally to how people live, work, and move, CASEKOO reduces everyday friction and creates a more effortless experience—making room for freedom, connection, and the moments that truly matter.

For more information, visit: casekoo.com.

Contact:
Charlotte Yu
brandteam@casekoo.com 

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SOURCE CASEKOO

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Paramount Skydance Corporation Announces Extension of Expiration Dates of Previously Announced Exchange Offers and Tender Offers

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LOS ANGELES and NEW YORK, July 24, 2026 /PRNewswire/ — Paramount Skydance Corporation (NASDAQ: PSKY) (“Paramount”) today announced the extension of the Expiration Dates in connection with the previously announced (i) offers to purchase (the “Tender Offers” and each, a “Tender Offer”) for cash, upon the terms and subject to the conditions set forth in the related offer to purchase (the “Offer to Purchase”), any and all of the identified notes in each series of the Existing Tender Offer Notes (defined by reference to the table set forth below) issued by Discovery Global Holdings, Inc. (formerly WarnerMedia Holdings, Inc.) (the “DGH Issuer”) and Discovery Communications, LLC (the “DCL Issuer” and together with the DGH Issuer, each a “WBD Issuer” and collectively the “WBD Issuers”), as applicable, and (ii) offers to exchange (the “Exchange Offers” and each, an “Exchange Offer” and, together with the Tender Offers, the “Offers” and each, an “Offer”), upon the terms and subject to the conditions set forth in the related exchange offer memorandum (the “Offering Memorandum”), any and all of the identified notes in each series of the Existing Exchange Offer Notes (defined by reference to the table set forth below) (together with the Existing Tender Offer Notes, the “Offer Notes”) issued by the applicable WBD Issuer for notes to be newly issued by Paramount.

The Expiration Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) have been extended to 5:00 p.m., New York City time, on August 7, 2026, unless further extended. The Settlement Dates for the Tender Offers and Exchange Offers (as defined in each of the Offer to Purchase and Offering Memorandum, respectively) will occur promptly after the Expiration Date and are currently anticipated to occur in the third quarter of 2026. Paramount anticipates extending the Expiration Date for such Tender Offers and Exchange Offers until such time that would result in the Settlement Dates occurring on or promptly following the closing date of the proposed acquisition (the “Acquisition”) by Paramount of Warner Bros. Discovery, Inc. (“WBD”). Tenders of the Offer Notes in the Offers may be withdrawn at any time prior to the Expiration Date. The aforementioned extensions further extend the Expiration Dates previously extended by Paramount on June 12, 2026, June 26, 2026, July 13, 2026, and July 17, 2026.

As of 5:00 p.m., New York City time, on July 23, 2026, approximately 66.17% and 76.38% of the aggregate principal amount of the Existing Tender Offer Notes and Existing Exchange Offer Notes, respectively, have been validly tendered in the applicable Offers. As Paramount previously announced that it anticipates extending the Offers to align with the closing date of the Acquisition, Paramount does not view these figures to be representative of the final results of the applicable Offers.

Information about each series of Offer Notes eligible to participate in the Offers is summarized below.

Type of Offer

Offer Notes to be Tendered
or Exchanged, as
Applicable

Issuer of Offer Notes

CUSIP No. / Common Code 
/ ISIN Eligible to
Participate in the Offers (1)

Aggregate Principal
Amount of Offer Notes
Eligible to Participate in the
Offers (2)

Tender Offer

3.950% Senior Notes due 2028

DCL Issuer

25470D CP2

US25470DCP24

$1,234,458,000

Exchange Offer

4.125% Senior Notes due 2029

DCL Issuer

25470D CQ0

US25470DCQ07

$655,825,000

Exchange Offer

3.625% Senior Notes due 2030

DCL Issuer

25470D CR8

US25470DCR89

$914,183,000

Exchange Offer

5.000% Senior Notes due 2037

DCL Issuer

25470D CS6

US25470DCS62

$453,281,000

Exchange Offer

6.350% Senior Notes due 2040

DCL Issuer

25470D CT4

US25470DCT46

$438,102,000

Exchange Offer

4.950% Senior Notes due 2042

DCL Issuer

25470D CU1

US25470DCU19

$130,366,000

Exchange Offer

4.875% Senior Notes due 2043

DCL Issuer

25470D V91 CV9US25470DC

$141,584,000

Exchange Offer

5.200% Senior Notes due 2047

DCL Issuer

25470D W74 CW7US25470DC

$3,161,000

Exchange Offer

5.300% Senior Notes due 2049

DCL Issuer

25470D X57 CX5US25470DC

$247,860,000

Tender Offer

3.755% Senior Notes due 2027

DGH Issuer

254948 AH5

US254948AH58

254948 AN2

US254948AN27

U25483 AA3

USU25483AA38

$1,189,336,000

Exchange Offer

4.054% Senior Notes due 2029

DGH Issuer

254948 AJ1

US254948AJ15

254948 AP7

US254948AP74

U25483 AB1

USU25483AB11

$1,353,828,000

Exchange Offer

4.279% Senior Notes due 2032

DGH Issuer

254948 AK8

US254948AK87

254948 AQ5

US254948AQ57

$2,691,764,000

Exchange Offer

5.050% Senior Notes due 2042

DGH Issuer

254948 AL6

US254948AL60

254948 AR3

US254948AR31

U25483 AD7

USU25483AD76

$4,104,687,000

Exchange Offer

5.141% Senior Notes due 2052

DGH Issuer

254948 AM4

US254948AM44

254948 AS1

US254948AS14

$949,883,000

Exchange Offer

4.302% Senior Notes due 2030

DGH Issuer

XS3393993285

339399328

€234,382,000

Exchange Offer

4.693% Senior Notes due 2033

DGH Issuer

XS3393994507

339399450

€316,641,000

1

No representation is made as to the correctness or accuracy of the identifiers listed in this press release or printed on the Offer Notes. Such identifiers are provided solely for the convenience of the holders.

2

Represents the aggregate principal amount of Offer Notes outstanding that are eligible to participate in the Offers.

The Exchange Offers are being made pursuant to an exemption from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder, and are also not being registered under any state or foreign securities laws. Any securities offered pursuant to the Exchange Offers may not be offered or sold in the United States or to any U.S. persons (as defined below) except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Exchange Offers will only be made, and the securities offered pursuant to the Exchange Offers are only being offered and issued, to holders of applicable Existing Exchange Offer Notes who are (a) reasonably believed to be “qualified institutional buyers” as defined in Rule 144A under the Securities Act or (b) not “U.S. persons,” as defined in Rule 902 of Regulation S under the Securities Act (such holders, “Eligible Holders”), and only Eligible Holders who have completed and returned the eligibility certification are authorized to receive or review the Offering Memorandum or to participate in the Exchange Offers. The eligibility certification is available electronically at: https://gbsc-usa.com/eligibility/paramount.

General

Each Offer is a separate offer, and each may be individually consummated, amended, extended, terminated, or withdrawn, subject to certain conditions and applicable law, at any time in Paramount’s sole discretion, and without also consummating, amending, extending, terminating, or withdrawing any other Offer with respect to any other series of Offer Notes. Paramount may terminate an Offer if any of the conditions of such Offer described in the Offer to Purchase or Offering Memorandum, as applicable, are not satisfied or waived by the applicable Expiration Date, subject to applicable law. In addition, Paramount may waive the conditions to an Offer without extending such Offer in accordance with applicable law.

The Offers are being made solely by Paramount and are not being made by WBD or the WBD Issuers. None of Paramount, WBD, the WBD Issuers, the Dealer Managers, the Exchange Agent (as defined below), the Information Agent (as defined below), the trustees under each of the indentures governing the Offer Notes, the trustee or collateral agent under the indenture that will govern the notes to be issued in the Exchange Offers, or any affiliate of any of them makes any recommendation as to whether any holder of Offer Notes should tender or refrain from tendering all or any portion of the principal amount of such holder’s Offer Notes for cash or notes to be issued in the Exchange Offers. No one has been authorized by any of them to make such a recommendation. Holders must make their own decision whether to tender Offer Notes in any Offer and, if so, the amount of Offer Notes to tender.

Only Eligible Holders may receive a copy of the Offering Memorandum and participate in the Exchange Offers. Paramount has engaged Global Bondholder Services Corporation to act as the exchange agent (in such capacity, the “Exchange Agent”) and information agent (in such capacity, the “Information Agent”) for the Offers. Questions concerning the Offers, or requests for additional copies of the Offer to Purchase or Offering Memorandum or other related documents, may be directed to Corporate Actions by telephone at (855) 654-2014 (U.S. toll-free) or (212) 430-3774 (banks and brokers) or by email at contact@gbsc-usa.com. Holders should also consult their broker, dealer, commercial bank, trust company or other institution for assistance concerning the Offers. The Exchange Offer documents and the Tender Offer documents can be accessed at the following link: https://gbsc-usa.com/paramount.

Paramount has engaged BofA Securities and Citigroup as dealer managers (in such capacity, the “Dealer Managers”) for the Offers. Holders with questions regarding the Offers should contact BofA Securities, Inc. at +1 (888) 292-0070 (toll-free) or +1 (980) 388-3646 (collect) or debt_advisory@bofa.com or Citigroup Global Markets Inc. at +1 (800) 558-3745 (toll-free) or +1 (212) 723-6106 or ny.liabilitymanagement@citi.com. Latham & Watkins LLP is serving as legal counsel to Paramount and Cahill Gordon & Reindel LLP is serving as legal counsel to the Dealer Managers.

This press release is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security, and does not constitute an offer, solicitation, or sale of any security in any jurisdiction in which such offer, solicitation, or sale would be unlawful.

About Paramount, a Skydance Corporation

Paramount, a Skydance Corporation is a next-generation global media and entertainment company, comprised of three business segments: Studios, Direct-to-Consumer, and TV Media. PSKY’s portfolio unites legendary brands, including Paramount Pictures, Paramount Television, CBS, CBS News, CBS Sports, Nickelodeon, MTV, BET, Comedy Central, Showtime, Paramount+, Pluto TV, and Skydance Animation, Film, Television, Interactive/Games, and Paramount Sports Entertainment.

PSKY-IR

Cautionary Note Concerning Forward-Looking Statements

This communication contains “forward-looking statements” regarding the Acquisition and the other transactions referred to herein. The reader is cautioned not to rely on these forward-looking statements. These statements are based on current expectations of future events. If underlying assumptions prove inaccurate or known or unknown risks or uncertainties materialize, actual results could vary materially from the expectations and projections of Paramount. Risks and uncertainties include, but are not limited to: the risk that the closing conditions for the Acquisition will not be satisfied, including the risk that clearances under applicable antitrust or regulatory laws will not be obtained or will be obtained subject to conditions that are not anticipated; the possibility that the transactions described herein will not be completed in the expected timeframe or at all; the occurrence of any event, change or other circumstances that could give rise to the termination of the Acquisition; potential adverse effects to the businesses of Paramount or WBD during the pendency of the Acquisition, such as employee departures or distraction of management from business operations; negative effects of the announcement or the consummation of the Acquisition on the market price of WBD or Paramount stock; the risk of stockholder litigation relating to the Acquisition, including resulting expense or delay; the potential that the expected benefits and opportunities of the Acquisition, if completed, may not be realized or may take longer to realize than expected; risks related to the streaming business of the post-Acquisition combined business (the “Combined Company”); the adverse impact on the Combined Company’s advertising revenues as a result of changes in consumer behavior, advertising market conditions, and deficiencies in audience measurement; risks related to operating in highly competitive and dynamic industries; the unpredictable nature of consumer behavior, as well as evolving technologies and distribution models; risks related to the Combined Company’s decision to invest in new businesses, products, services, and technologies, and the evolution of the Combined Company’s business strategy; the potential for loss of carriage or other reduction in, or the impact of negotiations for, the distribution of the Combined Company’s content; damage to the Combined Company’s reputation or brands; losses due to asset impairment charges for goodwill, content and long-lived assets, including finite-lived intangible assets; liabilities related to discontinued operations and former businesses; increasing scrutiny of, and evolving expectations for, sustainability initiatives; evolving business continuity, cybersecurity, privacy and data protection and similar risks; challenges in protecting and maintaining the Combined Company’s intellectual property rights; domestic and global political, economic and regulatory factors affecting the Combined Company’s business generally or the Acquisition; the inability to hire or retain key employees or secure creative talent; disruptions to the Combined Company’s operations as a result of labor disputes; risks and costs associated with the integration of, and Paramount’s ability to integrate, the businesses of Paramount Global, Skydance Media, LLC, and WBD successfully and to achieve anticipated synergies, including in the amounts or on the timelines anticipated to realize such synergies; litigation related to the Acquisition and other matters or transactions; risks associated with the Combined Company’s holding company structure, including its dependence on distributions from its subsidiaries to meet tax obligations and other cash requirements; risks related to our indebtedness, including our substantial outstanding debt obligations, our ability to incur substantially more debt and our ability to meet the financial and other covenants contained in the agreements governing the indebtedness of Paramount, WBD, or the Combined Company. A further list and description of these risks, uncertainties and other factors and the general risks associated with the respective businesses of Paramount and WBD can be found in Paramount’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 25, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” Paramount’s most recently filed Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 4, 2026, including in the sections captioned “Cautionary Note Concerning Forward-Looking Statements” and “Item 1A. Risk Factors,” and Paramount’s subsequent filings with the SEC, and in WBD’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC on February 27, 2026, including in the section captioned “Item 1A. Risk Factors,” WBD’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, filed with the SEC on May 6, 2026, and WBD’s subsequent filings with the SEC. Neither Paramount nor WBD undertakes to update any forward-looking statement as a result of new information or future events or developments, except as required by law.

 

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SOURCE Paramount Skydance Corporation

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