Technology
KORE Reports Fourth Quarter and Full Year 2024 Results
Published
1 year agoon
By
Delivering Growth in Connections, IoT Connectivity Revenue, Cash from Operations and Free Cash Flow
ATLANTA, April 30, 2025 /PRNewswire/ — KORE Group Holdings, Inc. (NYSE: KORE) (“KORE” or the “Company”), the global pure-play Internet of Things (“IoT”) hyperscaler and provider of IoT Connectivity, Solutions, and Analytics, today reported financial and operational results for the quarter and full year ended December 31, 2024.
2024 Company Highlights
Revenue was $286.1 million. IoT Connectivity revenue increased by $24.5 million, or 12% year over yearTotal Number of Connections1 increased 1.2 million to end the year at a total of 19.7 millionKORE completed its restructuring plan that is delivering over $20 million in annual run-rate savingsCash provided by operating activities improved $16.3 million year over year and was $9.9 millionFree Cash Flow improved $23.1 million year over year and was $1.6 million in the fourth quarter
“During 2024, we made significant changes to our operating model focusing on customer intimacy, operational excellence and profitable growth, which has led to significant financial improvement in the business. We rationalized our product portfolio, invested heavily in our Connectivity offering, improved free cash flow, and streamlined operating costs,” said Ron Totton, President and CEO of KORE.
“We are also pleased to have added 1,200,000 IoT Connections in 2024 which is the result of new customers, while growing our share of wallet with existing customers. I would like to thank everyone at KORE for embracing our new customer-centric philosophy as we position KORE for further growth,” continued Totton.
Fourth Quarter Consolidated Financial Results
Revenue for the fourth quarter of 2024 was $73.3 million compared to $72.5 million for the fourth quarter of 2023, up $0.8 million, or 1.1%. This was due to growth of $1.1 million in IoT Connectivity revenue to $56.5 million, partially offset by a decline of $0.3 million in IoT Solutions revenue to $16.8 million.Net loss for the fourth quarter of 2024 was $25.4 million, compared to $33.7 million for the fourth quarter of 2023, an improvement of $8.3 million or 24.6%. Adjusted EBITDA for the fourth quarter of 2024 was $14.0 million, compared to $13.8 million for the fourth quarter of 2023, an improvement of $0.2 million, or 1.1%.Cash provided by operating activities for the fourth quarter of 2024 was $2.8 million, up $13.8 million compared to the fourth quarter of 2023.Free cash flow for the fourth quarter of 2024 was $1.6 million, compared to ($15.5) million in the fourth quarter of 2023.
Full Year Consolidated Financial Results
Revenue for the full year totaled $286.1 million, compared to $276.6 million one year ago, an increase of $9.5 million, or 3.4%. This increase was due to growth of $24.5 million in IoT Connectivity revenue to $226.9 million, partially offset by a decline of $15.0 million in IoT Solutions revenue to $59.2 million.Net Loss for the full year was $146.1 million, compared to $167.0 million one year ago, an improvement of $20.9 million, or 12.5%.Adjusted EBITDA for the full year was $53.1 million, compared to $55.6 million a year ago, a decline of $2.5 million, or 4.5%.Cash provided by operating activities was $9.9 million for the full year, an improvement of $16.3 million year over year.Free cash flow was $(3.5) million for the full year, an improvement of $23.1 million year over year.
The tables below summarize the Company’s revenue and specific key metrics.
Three Months Ended December 31,
($ in thousands)
2024
2023
IoT Connectivity
$ 56.5
77 %
$ 55.4
76 %
IoT Solutions
$ 16.8
23 %
$ 17.1
24 %
Total Revenue
$ 73.3
100 %
$ 72.5
100 %
Total Number of Connections at Period End
19.7 million
18.5 million
Average Connections Count for the Period
19.6 million
18.7 million
Twelve Months Ended December 31,
($ in thousands)
2024
2023
IoT Connectivity
$ 226.9
79 %
$ 202.4
73 %
IoT Solutions
$ 59.2
21 %
$ 74.2
27 %
Total Revenue
$ 286.1
100 %
$ 276.6
100 %
Total Number of Connections at Period End
19.7 million
18.5 million
Average Connections Count for the Period
18.7 million
17.3 million
Fourth Quarter 2024 Key Metrics and Business Successes
KORE’s Total Connections2 were approximately 19.7 million as of December 31, 2024, an increase of 0.9 million from the third quarter of 2024 and an increase of 1.2 million from the same period in 2023.KORE had several notable new business wins in the fourth quarter with closed-won TCV of $29.3 million, of which $9.4 million was related to Connectivity.DBNER3 was 95% for the twelve months ending December 31, 2024, compared to 96% for the twelve months ending December 31, 2023.
________________________________
1 See “Key Metrics” below for definitions.
2 See “Key Metrics” below for definitions.
3 See “Key Metrics” below for definitions.
2025 Financial Outlook
For the twelve months ending December 31, 2025, the Company expects the following:
Revenue in the range of $288 million to $298 million;Adjusted EBITDA in the range of $62 million to $67 million; andFree Cash Flow in the range of $10 million to $14 million.
Conference Call Details
KORE management will hold a conference call today at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) to discuss its financial results, business highlights, and outlook. President and CEO Ron Totton and CFO Paul Holtz will host the call, followed by a question-and-answer session.
Webcast: link
U.S. dial-in: (877) 407-3039
International dial-in: (215) 268-9922
Conference ID: 13752519
The conference call and a supplemental slide presentation to accompany management’s prepared remarks will be available via the webcast link and for download via the investor relations section of the Company’s website, ir.korewireless.com.
For the conference call, please dial in 5-10 minutes prior to the start time, and an operator will register your name and organization, or you may register link. If you have difficulty with the conference call, please contact KORE investor relations at (678) 392-2386. A replay of the conference call will be available approximately three hours after the conference call ends. It will remain on the investor relations section of the Company’s website for 90 days. An audio replay of the conference call may be accessed by calling (877)-660-6853 or (201)-612-7415 using access code 13752519.
About KORE
KORE is a pioneer, leader, and trusted advisor delivering mission-critical IoT solutions and services. We empower organizations of all sizes to improve operational and business results by simplifying the complexity of IoT. Our deep IoT knowledge and experience, global reach, purpose-built solutions, and deployment agility accelerate and materially impact our customers’ business outcomes. For more information, visit www.korewireless.com.
Non-GAAP Financial Measures
In addition to our results as determined in accordance with GAAP, we believe the following non-GAAP measures are useful in evaluating our operational performance. We use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors in assessing our operating performance.
EBITDA and Adjusted EBITDA
“EBITDA” is defined as net income (loss) before other non-operating expenses or income, income tax expense or benefit, and depreciation and amortization. “Adjusted EBITDA” is defined as EBITDA adjusted for unusual and other significant items that management views as distorting the operating results from period to period. Such adjustments may include stock-based compensation, integration and acquisition-related charges, tangible and intangible asset impairment charges, certain contingent liability reversals, transformation, and foreign currency transaction gains and losses. EBITDA and Adjusted EBITDA are intended as supplemental measures of our performance that are neither required by nor presented in accordance with GAAP. We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the Company’s financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, you should be aware that when evaluating EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because all companies may not calculate Adjusted EBITDA in the same fashion.
Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis. You should review the reconciliation of net loss to EBITDA and Adjusted EBITDA below and not rely on any single financial measure to evaluate our business.
Free Cash Flow is a non-GAAP measure defined as net cash used in operating activities – continuing operations, reduced by capital expenditures (consisting of purchases of property and equipment), purchases of intangible assets and capitalization of internal use software. We believe Free Cash Flow is an important liquidity measure of the cash that is available for operational expenses, investments in our business, strategic acquisitions, and for certain other activities such as repaying debt obligations and stock repurchases. Free Cash Flow is a key financial indicator used by management. Free Cash Flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash. The use of Free Cash Flow as an analytical tool has limitations because it does not represent the residual cash flow available for discretionary expenditures. Because of these limitations, Free Cash Flow should be considered along with other operating and financial performance measures presented in accordance with GAAP.
We have not provided the forward-looking GAAP equivalents for the forward-looking non-GAAP financial measures Adjusted EBITDA and Free Cash Flow or a GAAP reconciliation as a result of the uncertainty regarding, and the potential variability of, reconciling items including but not limited to stock-based compensation expense, foreign currency loss or gain and acquisition and integration-related expenses. Accordingly, a reconciliation of these non-GAAP guidance metrics to their corresponding GAAP equivalents is not available without unreasonable effort. However, it is important to note that material changes to reconciling items could have a significant effect on future GAAP results, and, as such, we also believe that any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.
Key Operational Metrics
KORE reviews a number of operational metrics to measure our performance, identify trends affecting our business, prepare financial projections, and make strategic decisions. The calculation of the key operational metrics discussed below may differ from other similarly titled metrics used by other companies, securities analysts, or investors.
Number of Customer Connections
Our “Total Number of Connections” with respect to any financial period constitutes the total of all our IoT Connectivity services connections for such period, which includes the contribution of eSIMs but excludes certain connections where mobile carriers license our subscription management platform from us. The “Average Connections Count” with respect to any financial period is the simple average of the total connections for such period.
These metrics are the principal measures used by management to assess the growth of the business on a periodic basis, on a SIM and/or device-based perspective. We believe that investors also use these metrics for similar purposes.
Dollar-Based Net Expansion Rate (DBNER)
Dollar-Based Net Expansion Rate (DBNER) tracks the combined effect of cross-sales of IoT Solutions to KORE’s existing customers, its customer retention and the growth of its existing business. KORE calculates DBNER by dividing the revenue for a given period (“given period”) from existing go-forward customers by the revenue from the same customers for the same period measured one year prior (“base period”).
The revenue included in the current period excludes revenue from (i) customers that are “non-go-forward” customers, meaning customers that have either communicated to KORE before the last day of the current period their intention not to provide future business to KORE or customers that KORE has determined are transitioning away from KORE based on a sustained multi-year time period of declines in revenue and (ii) new customers that started generating revenue after the end of the base period. For the purposes of calculating DBNER, if KORE acquires a company during the given period or the base period, then the revenue of a customer before the acquisition but during either the given period or the base period is included in the calculation. For example, to calculate our DBNER for the trailing 12 months ended December 31, 2024, we divide (i) revenue, for the trailing 12 months ended December 31, 2024, from go-forward customers that started generating revenue on or before December 31, 2023, by (ii) revenue, for the trailing 12 months ended December 31, 2023, from the same cohort of customers.
It is often difficult to ascertain which customers should be deemed not to be go-forward customers for purposes of calculating DBNER. Customers are not required to give notice of their intention to transition off of the KORE platform, and a customer’s exit from the KORE platform can take months or longer, and total connections of any particular customer can at any time increase or decrease for any number of reasons, including pricing, customer satisfaction or product fit—accordingly, a decrease in total connections may not indicate that a customer is intending to exit the KORE platform, particularly if that decrease is not sustained over a period of several quarters. DBNER would be lower if it were calculated using revenue from non-go-forward customers.
DBNER is used by management as a measure of growth of KORE’s existing customers (i.e., “same store” growth) and as a measure of customer retention, from a revenue perspective. It is not intended to capture the effect of either new customer wins or the declines from non-go-forward customers on KORE’s total revenue growth. This is because DBNER excludes new customers who started generating revenue after the base period and also excludes any customers who are non-go-forward customers on the last day of the current period. Revenue increases from new customer wins, and a decline in revenue from non-go-forward customers are also important factors in assessing KORE’s revenue growth, but these factors are independent of DBNER.
Total Contract Value (TCV)
Total Contract Value (TCV) represents KORE’s estimated value of a revenue opportunity. TCV for an IoT Connectivity opportunity is calculated by multiplying by forty the estimated revenue expected to be generated during the twelfth month of production. TCV for an IoT Solutions opportunity is either the actual total expected revenue opportunity, or if it is a longer-term “programmatically recurring revenue” program, calculated for the first 36 months of the delivery period.
Average Revenue Per User (ARPU)
Average Revenue Per User (ARPU) is used by management as a measure to assess the revenue generated per connection per month. It is calculated by dividing the total IoT Connectivity Revenue during the period by the total number of connections during that same period. We believe that ARPU is an important metric for both management and investors to help in understanding the financial performance and effectiveness of the company’s monetization per connection. ARPU is calculated on a three-month (current quarter) basis only, as longer periods are not meaningful.
Cautionary Note on Forward-Looking Statements
This press release includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “guidance,” “project,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expected financial and other risks, statements regarding future operational performance and efficiency, statements regarding the expected cost savings, revenue growth and profitability from the Company’s restructuring plan, 2024 guidance, estimates and forecasts of revenue, Adjusted EBITDA and other financial and performance metrics, projections regarding recent customer engagements, projections of market opportunity and conditions, and the Total Contract Value (TCV) of signed contracts and potential revenue opportunities in KORE’s sales funnel. These statements are based on various assumptions and on the current expectations of KORE’s management. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as and must not be relied on by any investor or other person as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of KORE. These forward-looking statements are subject to a number of risks and uncertainties, including general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the potential effects of COVID-19; risks related to the rollout of KORE’s business and the timing of expected business milestones; risks relating to the integration of KORE’s acquired companies, including the acquisition of Twilio’s IoT business, changes in the assumptions underlying KORE’s expectations regarding its future business; our ability to negotiate and sign a definitive contract with a customer in our sales funnel; our ability to realize some or all of the TCV of customer contracts as revenue, including any contractual options available to customers or contractual periods that are subject to termination for convenience provisions; the effects of competition on KORE’s future business; and the outcome of judicial proceedings to which KORE is, or may become a party. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that KORE presently does not know or that KORE currently believes are immaterial that could also cause actual results to differ materially from those contained in the forward-looking statements. In addition, forward-looking statements reflect KORE’s expectations, plans or forecasts of future events and views as of the date of this press release. KORE anticipates that subsequent events and developments will cause these assessments to change. However, while KORE may elect to update these forward-looking statements at some point in the future, KORE specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing KORE’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
KORE Investor Contact:
Vik Vijayvergiya
Vice President, IR, Corporate Development and Strategy
vvijayvergiya@korewireless.com
(770) 280-0324
KORE GROUP HOLDINGS, INC.
RECONCILIATION OF NET LOSS TO ADJUSTED EBITDA
UNAUDITED
Three Months Ended December 31,
For the Year Ended December 31,
(in thousands)
2024
2023
2024
2023
Net loss
$ (25,448)
$ (33,692)
$ (146,076)
$ (167,042)
Income tax benefit
(3,451)
(201)
(5,937)
(4,158)
Interest expense, net
13,047
11,463
51,396
42,680
Depreciation and amortization
13,975
15,269
56,218
58,363
EBITDA
(1,877)
(7,161)
(44,399)
(70,157)
Goodwill impairment loss
(3)
2
65,861
78,257
Loss on debt extinguishment
—
2,584
—
2,584
Change in fair value of warrant liability
2,309
6,450
(4,040)
6,436
Transformation expenses
—
1,190
—
6,624
Acquisition costs
—
—
—
1,776
Integration-related restructuring costs
4,897
8,199
19,159
16,532
Stock-based compensation
1,279
2,241
8,481
11,251
Foreign currency (gain) loss
4,008
(1,200)
5,207
(182)
Other (1)
3,363
1,519
2,869
2,429
Adjusted EBITDA
$ 13,976
$ 13,824
$ 53,138
$ 55,550
(1) “Other” adjustments are comprised of adjustments for certain indirect or non-income based taxes.
KORE GROUP HOLDINGS, INC.
RECONCILIATION OF NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH
FLOW
(UNAUDITED)
Three Months Ended December 31,
For the Year Ended December 31,
(in thousands)
2024
2023
2024
2023
Net cash provided by (used in) operating activities
$ 2,840
$ (10,912)
$ 9,906
$ (6,419)
Purchases of property and equipment
(863)
(1,023)
(2,807)
(4,433)
Additions to intangible assets
(415)
(3,611)
(10,648)
(15,797)
Free cash flow
$ 1,562
$ (15,546)
$ (3,549)
$ (26,649)
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SOURCE KORE Group Holdings, Inc.
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Technology
Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus
Published
3 hours agoon
July 18, 2026By
BEIJING, July 17, 2026 /PRNewswire/ — Chinese President Xi Jinping on Friday held a series of high-level meetings on the sidelines of the 2026 World Artificial Intelligence Conference (WAIC) and High-Level Meeting on Global AI Governance in Shanghai, sitting down successively with Thai Prime Minister Anutin Charnvirakul, Cambodian Prime Minister Hun Manet, and UN Secretary-General António Guterres. The bustling diplomatic activity transformed the WAIC from a premier showcase of AI technologies and industrial breakthroughs into a vibrant platform for head-of-state diplomacy and global governance coordination.
Analysts said hosting intensive head-of-state diplomatic events in Shanghai, a core hub of reform, opening-up and technological innovation, carries profound meaning. In addition, Friday’s high-level meetings embody the innovative model of “technology builds the stage while diplomacy takes the leading role.” It not only deepens China’s bilateral relations with ASEAN members, but also helps advance inclusive global AI governance centered on the UN mechanism.
Strategic guidance
According to the two separate official releases by Xinhua, during his meetings with the prime ministers of Thailand and Cambodia, President Xi spoke of the long-standing friendship China shares with both nations. He called on China and Thailand, as well as China and Cambodia, to join hands to advance the development of their respective communities with a shared future.
Furthermore, the Chinese leader stressed the need for China to expand pragmatic cooperation with Thailand and Cambodia respectively across traditional and emerging sectors, and work with each country to jointly crack down on cross-border crimes such as online gambling and telecom fraud, according to Xinhua.
He called for the proper handling of border frictions between Thailand and Cambodia and called on the two sides to resolve disputes through dialogue and consultation, with China standing ready to continue playing a constructive role in this regard, per Xinhua.
During their respective meetings with the Chinese leader, the prime ministers of Thailand and Cambodia both expressed willingness to deepen multi-field cooperation with China and spoke highly of China’s positive efforts to facilitate the peaceful settlement of the Thailand-Cambodia border conflicts.
Xu Liping, Director of the Center for Southeast Asian Studies at the Chinese Academy of Social Sciences, told the Global Times that head-of-state diplomacy has charted the fundamental course for the advancement of China’s ties with both Cambodia and Thailand.
WAIC exemplifies the innovative model of “technology builds the platform, while diplomacy takes the leading role,” said Xu, “In addition, AI cooperation is also expected to serve as a vital entry point to further deepen and substantiate China’s ties with Thailand and Cambodia going forward.”
Furthermore, addressing the sensitive and thorny Thailand-Cambodia border dispute amid the relatively relaxed atmosphere of a tech summit enables all relevant parties to handle differences in a rational and pragmatic manner, which embodies Eastern wisdom and an Asian approach to resolving issues, said Xu.
The year 2026 marks the fifth anniversary of the establishment of the China-ASEAN comprehensive strategic partnership, witnessing the official rollout of the new Plan of Action on the China-ASEAN Comprehensive Strategic Partnership (2026-2030). It also kicks off the implementation of China’s 15th Five-Year Plan.
The critical juncture offers a perfect window to align China’s development plans closely with the national development strategies of Global South countries and ASEAN members, said Xu. “Thailand and Cambodia’s willingness to ramp up cooperation with China mirrors the aspiration of the majority of ASEAN members to leverage China’s development dividends and pursue win-win outcomes and common prosperity in the region.”
Firm support for UN
In his meeting with UN Secretary-General Antonio Guterres on Friday, Xi reiterated China’s firm support for the UN.
Noting that this year marks the 55th anniversary of the restoration of the lawful seat of the People’s Republic of China at the UN, the Chinese leader said China has since been committed to building world peace, contributing to global development, defending international order, and firmly supporting the UN, Xinhua reported.
Xi added that he proposed the vision of building a community with a shared future for humanity and the four global initiatives with one important consideration in mind – to uphold the status and authority of the UN.
Currently, the international landscape is marked by more pronounced changes and turbulence, making it all the more necessary to practice true multilateralism and reinvigorate the status and role of the UN, he said.
Guterres commended China for its steadfast support for multilateralism, the cause of the UN, and international cooperation, saying that China has set an example for the world.
Guterres said the UN will continue to strengthen cooperation with China, oppose unilateralism, protectionism, and hegemonic bullying, safeguard the UN Charter and international law, as well as advance the process toward a multipolar world.
At this pivotal juncture where talks on AI development and UN multilateral governance converge, China, leveraging head-of-state diplomacy as a top-tier platform, has elaborated in a systematic manner its vision for global governance in the AI era, Wang Yiwei, a professor at the School of International Studies, Renmin University of China, told the Global Times.
He added that China’s emphasis on the UN-centered global governance architecture will further strengthen the UN’s authority and operational capacity.
Before the official opening of the WAIC, on Thursday, representatives from 29 countries, including Kazakhstan, Laos, Pakistan, Russia and Indonesia, signed an agreement on establishing the World Artificial Intelligence Cooperation Organization (WAICO) in Shanghai. UN chief Guterres was among representatives from countries and international organizations present at the signing ceremony.
According to the agreement, WAICO will be an independent intergovernmental international organization, which aims to promote international cooperation and global governance on AI, ensuring that AI is beneficial, safe and fair, thereby promoting its healthy and orderly development to benefit all humanity.
President Xi on Friday also announced that in the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs. China will also develop international AI application cooperation centers with the ASEAN, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS.
However, some international media, including Reuters and Nikkei, used the term “AI diplomacy” describing the grand gathering in Shanghai, claiming that Beijing seeks a new global AI order, challenging US dominance.
In rebuttal, Wang pointed out that China advocates open, inclusive technology that lets AI benefit all humanity under the vision of “AI for All”. In contrast, the US adheres to a mindset of “All for AI”, weaponizing AI for geopolitical rivalry and aiming to outpace China in technological competition. Driven by the “America First” doctrine and capital-centric priorities, Washington’s approach forms a sharp contrast with China’s.
Meanwhile, China’s resolute commitment to upholding the UN system underscores that for China and a wide array of Global South countries, the sensible path lies in reforming and improving the existing global governance architecture rather than discarding it to build parallel institutions from scratch, the expert added.
This article first appeared on Global Times
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SOURCE Global Times
Technology
Global Times: China sends fresh signal on global AI cooperation at WAIC
Published
3 hours agoon
July 18, 2026By
BEIJING, July 17, 2026 /PRNewswire/ — “AI development should not be a solo performance by a single country, but a symphony of international cooperation,” Chinese President Xi Jinping said on Friday while addressing the opening ceremony of the 2026 World AI Conference (WAIC) and High-Level Meeting on Global AI Governance, stressing that China is ready to be more open, take more practical actions, and assume a more visionary perspective.
We are ready to work with all parties to seize the opportunities of AI development and meet the challenges, and join hands to create a brighter future for humanity, he added.
Xi’s remarks received positive responses from domestic and foreign enterprises and experts, as they spoke highly of China’s scientific and technological achievements in recent years while noting that China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity and Chinese solutions in AI governance enable other countries to better tackle the common challenges brought about by AI development.
Openness and win-win cooperation
Xi presented four observations on AI development and governance in the speech. The Chinese leader called for adhering to the principle of openness and win-win cooperation while boosting innovation-driven development. He highlighted the importance of encouraging open-source, openness, collaboration and sharing to facilitate technological innovation, industrial development and scenario-based application of AI.
He also called for strengthening risk-awareness and ensuring that AI is secure and controllable. Stressing the need to ensure that AI is always under human control, Xi urged all sides to jointly oppose overstretching the national security concept in the field of AI or placing one country’s security over that of others.
Third, he called for encouraging inclusiveness and promoting mutual learning among civilizations.
Fourth, he called for advocating solidarity and improving global governance. The important role of the United Nations should be recognized, Xi said, calling for further alignment and coordination on AI development strategies, governance rules and technical standards.
“We must carry out extensive international cooperation and help Global South countries with capacity building to bridge the AI and digital divides, promote sustainable development and prevent creating new historical injustice in AI,” he said.
In the next five years, China will provide developing countries with 5,000 opportunities in AI training and seminar programs, Xi said. He said China will develop international AI application cooperation centers with the Association of Southeast Asian Nations, the League of Arab States, the African Union, the Community of Latin American and Caribbean States, the Shanghai Cooperation Organization, and BRICS. China will enable 30 countries to use the AI-powered meteorological warning system, or MAZU, to safeguard homes around the world.
“President Xi’s remarks underscore China’s commitment to advancing global AI governance and technological innovation through opening-up and win-win cooperation, bringing new opportunities for sharing AI dividends and achieving shared prosperity to countries worldwide, especially developing countries,” Song Yang, professor of School of Economics and research fellow at the National Academy of Development and Strategy at Renmin University of China, told the Global Times on Friday.
China is sending a clear and important message: AI should become a bridge between countries, not a new dividing line, Luigi Gambardella, president of the Brussels-based international digital association ChinaEU, told the Global Times on Friday on the sidelines of the forum.
“No country, however technologically advanced, can develop and govern AI alone. China’s commitment to openness and cooperation can help ensure that the benefits of AI are shared by all humanity. It can help prevent the fragmentation of technologies, standards and markets, while ensuring that the opportunities created by AI are shared more widely,” Gambardella said.
“President Xi proposed ‘adhering to the principle of openness and win-win cooperation’ and ‘advocating solidarity’, and announced a series of pragmatic measures to support global AI development. These remarks have deeply inspired me and further strengthened my confidence in promoting the inclusive development of AI through opening-up and cooperation,” Xu Li, chairman and CEO of Shanghai-based AI software company SenseTime, told the Global Times on Friday.
Looking ahead, SenseTime aims to bring more field-tested technologies, products, and talent cultivation expertise to more countries and regions, and boost “China innovation” to deliver sustained value across a wider spectrum of industrial scenarios, thereby enabling AI to better benefit all of humanity, Xu said.
China actively supports strengthening global cooperation on AI governance, advocates multilateralism, and promotes the establishment of a global governance framework, which has received positive responses from many Global South countries.
Twenty-nine countries on Thursday signed an agreement in Shanghai on establishing the World Artificial Intelligence Cooperation Organization (WAICO). As an independent intergovernmental international organization headquartered in Shanghai, WAICO will uphold the purposes of the UN Charter, be committed to extensive consultation and joint contribution for shared benefit and adhere to a people-centered approach, according to the agreement, per Xinhua.
Global spotlight on WAIC
Since its inception in 2018, the WAIC has successfully convened for eight consecutive editions, becoming an important window for showcasing cutting-edge AI technologies from China and around the world while deepening international opening-up and cooperation.
Themed “AI Partnership for a Brighter Future”, the exhibition area exceeds 100,000 square meters for the first time this year, attracting the participation of over 1,100 enterprises. The exhibitors are showcasing more than 3,000 products and technologies, with over 300 products making their global debuts.
Among the exhibition highlights are Huawei’s latest AI computing super node system Atlas 950, MiniMax M3 multimodal foundation model, and the world’s first agentic AI phone, alongside a range of humanoid robots and AI-powered dexterous hands.
A German BMW representative, who attended WAIC for the first time, expressed enthusiasm about the event, highlighting the humanoid robotics showcased in the exhibition area – technologies he said he has never encountered before.
The representative told the Global Times that his company has adopted Chinese AI-powered large language models such as Qwen and DeepSeek. “The new updated versions of these models emerge weekly, which is very impressive,” the representative said, speaking highly of the cost efficiency of Chinese models.
However, some Western media outlets keep smearing China’s AI advancements and international cooperation. The Economist even claims that China’s open-source AI is a “trap” and that embracing China is “risky.”
Debunking this groundless smearing, Song said that China’s AI development has consistently adhered to the philosophy of a people-centered approach and AI for good, accumulating a wealth of vivid, replicable, and scalable experiences.
At the opening ceremony of the WAIC, the China Meteorological Administration unveiled the MAZU-FengYun Satellite AI Box. The launch marks a new stage in MAZU’s intelligent early-warning initiative, which was unveiled last year, shifting from providing shared meteorological products to delivering AI-enabled forecasting capabilities, according to the administration.
“Over the past year, meteorological and disaster reduction agencies from more than 40 countries have accessed the MAZU early warning technologies and products via cloud platforms. Customized versions of the tool have been deployed in Nigeria, Djibouti, Pakistan, and other nations, earning widespread recognition from users,” You Yang, a staff member with the Shanghai Meteorological Bureau, told the Global Times on Friday.
“From base models to industry-specific applications, China is opening up its low-cost, replicable technological pathways to the world, thereby lowering the threshold for underdeveloped nations to enter the AI era. Meanwhile, China actively helps developing countries address gaps in technology, talent, and governance capabilities to bridge the digital divide in the age of intelligence,” Song said.
According to a March report from Hugging Face, one of the world’s largest AI open-source communities, China has surpassed the US in monthly downloads and overall downloads. In the past year, Chinese models quickly accounted for the plurality or 41 percent of downloads.
“China possesses three unique institutional advantages in promoting AI for good and inclusive development: First, the new system for nationwide mobilization of resources coordinates development and security, achieving synergistic progress in key technological breakthroughs and rule-making. Second, a people-centered approach ensures that technological advancement benefits the people. Third, a multi-stakeholder agile and collaborative governance model links governments, universities, research institutions, enterprises, and social organizations to explore the synergy between rules and technology, providing China’s experience to the world,” Zeng Yi, a member of the UN Advisory Body on AI, told the Global Times on Friday.
View original content:https://www.prnewswire.com/news-releases/global-times-china-sends-fresh-signal-on-global-ai-cooperation-at-waic-302828951.html
SOURCE Global Times
BOGOTA, Colombia, July 17, 2026 /PRNewswire/ — Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) (the “Company”) announced that it has identified an unauthorized access to certain digital resources owned by the Company and its subsidiaries by an external actor who has not been identified, as well as an attempted ransomware attack that was blocked by the cybersecurity controls implemented across the Company and its subsidiaries. The unauthorized access affected cloud-based file storage environments of approximately 15 subsidiaries (including the Company), resulting in the unauthorized download of data associated with approximately 3,300 user accounts. The external actor communicated extortion demands, threatening to publicly disclose the information that had been unlawfully extracted.
In response to this incident, the Company initiated an investigation and activated its incident response and management protocols. In addition, the Company deployed the following measures aimed at preventing the public disclosure of the unlawfully extracted information, addressing supervisory actions and/or potential financial costs associated with investigation, remediation, and regulatory compliance, as follows:
a. Immediate revocation of unauthorized access to the compromised digital assets.
b. Blocking of mechanisms associated with the mass download of information.
c. Identification, analysis, and containment of the tactics, techniques, and procedures (TTPs) used by the malicious actor.
d. Filing of a criminal complaint before the Office of the Attorney General of Colombia and deployment of cooperation activities with specialized national authorities.
e. Identification of external infrastructures used for the storage or download of information to pursue restriction or blocking actions.
f. Activation of support mechanisms with insurers and specialized capital markets teams to ensure the proper management of the event.
g. Detailed assessment of the downloaded information and determination of its criticality.
h. Enhanced monitoring of the technology infrastructure under critical alert protocols and continuous validation of preventive and detective controls.
As of the date of this report, the Company has not identified any material disruption to its critical operations, production capacity, or essential services; any direct financial impact that would prevent it from continuing to conduct its business activities; or any disclosure of the information subject to the unauthorized access. However, the Company continues to assess the potential exposure of corporate information, which could include confidential, restricted, proprietary, or personal data, as it cannot guarantee that this incident will not have a material adverse effect on the Company’s business, reputation, operating results, or financial condition.
Ecopetrol S.A. will continue to monitor developments related to this matter and, should any material facts or information requiring disclosure to the market be identified, will promptly disclose such information in accordance with applicable laws and regulations.
Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA’s shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla – Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector.
This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company’s prospects for growth and its ongoing access to capital to fund the Company’s business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company’s competitiveness and the performance of Colombia’s economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements.
For more information, please contact:
Investor Relations Office
Email: investors@ecopetrol.com.co
Head of Corporate Communications (Colombia)
Marcela Ulloa
Email: marcela.ulloa@ecopetrol.com.co
View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-reports-cybersecurity-incident-302828952.html
SOURCE Ecopetrol S.A.
Global Times: Head-of-state diplomacy shines at WAIC, fostering ties and advancing global governance consensus
Global Times: China sends fresh signal on global AI cooperation at WAIC
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