Technology
AtkinsRéalis Reports Strong First Quarter 2025 Results
Published
12 months agoon
By
Record-high backlog
Record-high Nuclear quarterly revenue and Segment Adjusted EBIT
MONTREAL, May 15, 2025 /CNW/ – AtkinsRéalis Group Inc. (TSX: ATRL), a world-class engineering services and nuclear company with offices around the world, today announced its financial results for the first quarter ended March 31, 2025.
AtkinsRéalis reports a strong start to the year, delivering Q1 year-over-year increases of 12% in revenue, 25% in Segment Adjusted EBIT and 50% in diluted earnings per share (“Diluted EPS”). The Company’s total backlog also continued to be robust with a 17% increase compared to December 31, 2024 and a 31% increase compared to March 31, 2024, as Engineering Services Regions, Nuclear and Linxon all reached new record-high levels.
“We had a strong start to the year, as the energy transition and aging infrastructure continue fueling our markets, where our unique end-to-end engineering expertise positions us for sustained growth. Nuclear performance was particularly strong as continued demand for our nuclear expertise and CANDU life extensions increased our Nuclear backlog above $5 billion for the first time in our history,” said Ian L. Edwards, President and CEO of AtkinsRéalis. “While market dynamics continue to evolve, our businesses have historically been resilient and successful during times of economic uncertainty. Our focus remains on executing our Delivering Excellence, Driving Growth strategy which is underpinned by our disciplined capital deployment framework and a strong balance sheet. We closed the David Evans transaction last month and are pleased to welcome their talented team to the AtkinsRéalis family. We are now an organization of 40,000 colleagues, whom I can’t thank enough for their contribution and dedication to engineering a better future for our planet and its people.”
Q1 2025 Financial Highlights
(All results reflect comparisons to prior-year period of Q1 2024, except as otherwise indicated)
(Engineering Services Regions is comprised of the following reportable segments: Canada, United Kingdom & Ireland (“UKI”), United States & Latin America (“USLA”) and Asia, Middle East & Australia (“AMEA”))
AtkinsRéalis Services revenue(1) totaled $2.5 billion, an increase of 14.8%, or 10.1% on an organic revenue growth(2)(3) basisEngineering Services Regions revenue(1) totaled $1.7 billion, an increase of 1.0%, or a decrease of 3.8% on an organic revenue contraction(2)(3) basisNuclear revenue totaled a quarterly record-high of $538.3 million, an increase of 80.3%, or 76.9% on an organic revenue growth(2)(3) basisLinxon revenue totaled $223.9 million, an increase of 40.9%, or 35.8% on an organic revenue growth(2)(3) basisAtkinsRéalis Services Segment Adjusted EBIT(1) increased by 19.9% to $223.9 millionSegment Adjusted EBIT for Engineering Services Regions(1) increased by 3.3% to $150.8 million, representing a Segment Adjusted EBIT to segment revenue ratio of 8.7%. Segment Adjusted EBITDA to segment net revenue ratio(2)(4) was 14.8%Segment Adjusted EBIT for Nuclear increased by 60.8% to a quarterly record high of $62.7 million, representing a Segment Adjusted EBIT to segment revenue ratio of 11.6%Segment Adjusted EBIT for Linxon was $10.4 million, representing a Segment Adjusted EBIT to segment revenue ratio of 4.6%LSTK Projects Segment Adjusted EBIT was negative $14.9 million Adjusted EBITDA from PS&PM(2) increased by 21.0% to $211.5 million, representing an Adjusted EBITDA from PS&PM to PS&PM revenue ratio(2)(7) of 8.4%, an increase of 70 basis pointsAtkinsRéalis Services backlog(1) totaled $20.2 billion as at March 31, 2025, an increase of 32.2% from March 31, 2024. Backlog for Engineering Services Regions, Nuclear and Linxon all reached new record-high levels Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM(2) increased by 36.2% to $100.5 million, or $0.57 per diluted share, compared to $73.8 million, or $0.42 per diluted share in Q1 2024 Net income attributable to AtkinsRéalis shareholders increased by 51.9% to $69.1 million, or $0.39 per diluted share, compared to $45.5 million, or $0.26 per diluted share in Q1 2024The Company returned $25.7 million to shareholders through share repurchases in Q1 2025Net cash generated from operating activities of $39.3 millionNet limited recourse and recourse debt to Adjusted EBITDA ratio(2)(5) was 1.1 as at March 31, 2025, in line with December 31, 2024 and lower than the ratio of 1.7 as at March 31, 2024
2025 Outlook (Revised)
The Company is raising its Nuclear revenue outlook for full year 2025 to between $1.9 billion and $2.0 billion, from the previous range of between $1.6 billion and $1.7 billion, reflecting strong growth year-to-date and confidence in demand continuing over the balance of the year, supported by its record backlog. The Company is also adjusting its Nuclear Segment Adjusted EBIT to segment revenue ratio outlook for full year 2025 to between 11% and 13%, from the previous range of between 12% and 14%, reflective of the 2025 expected business mix.
All other financial outlook metrics for full year 2025, issued on March 13, 2025 in the Q4 2024 press release, are maintained.
2025 – 2027 Financial Targets (Revised)
At its Investor Day held on June 13, 2024, the Company unveiled its 2025 – 2027 Deliver Excellence, Drive Growth Strategic Plan, and at the same time provided certain financial targets for 2025 through 2027. As a result of the strong financial and operating performance of the Nuclear segment during the first quarter of 2025, the significant increase in the Nuclear backlog and the Company’s optimistic outlook regarding the global demand for the services offered by the Nuclear segment in the mid and long terms, the Company is raising its Nuclear annual revenue target to between $2.2 billion and $2.5 billion by 2027, from the previous range of between $1.8 billion and $2.0 billion.
All other financial targets for 2025 – 2027, as announced on June 13, 2024, are maintained.
First Quarter Financial Results
Professional Services & Project Management are collectively referred to as “PS&PM” to distinguish them from “Capital” activities. PS&PM groups together the Company’s segments, namely Engineering Services Regions (Canada, United Kingdom & Ireland (“UKI”), United States & Latin America (“USLA”), and Asia, Middle East, & Australia (“AMEA”)), Nuclear, Linxon, and Lump-Sum Turnkey (“LSTK”) Projects, while Capital is its own reportable segment and separate from PS&PM.
Net income attributable to AtkinsRéalis shareholders in the first quarter of 2025 was 51.9% higher than the corresponding period in 2024, mainly due to higher Segment Adjusted EBIT from AtkinsRéalis Services, partially offset by higher Restructuring and transformation costs.
IFRS Financial Highlights
Q1 2025A
Q1 2024A
Revenues
From PS&PM
2,531.8
2,257.7
From Capital
13.8
6.6
2,545.7
2,264.3
Attributable to AtkinsRéalis shareholders
Net income (loss)
From PS&PM
59.7
53.2
From Capital
9.4
(7.7)
69.1
45.5
Diluted EPS
From PS&PM ($)
0.34
0.30
From Capital ($)
0.05
(0.04)
0.39
0.26
Non-IFRS Financial Highlights
Q1 2025A
Q1 2024A
Attributable to AtkinsRéalis shareholders
Adjusted net income from PS&PM(2)
100.5
73.8
Adjusted diluted EPS from PS&PM(2)(6) ($)
0.57
0.42
Adjusted EBITDA from PS&PM(2)
211.5
174.8
Segment Performance
Q1 2025A
Q1 2024A
Revenues
AtkinsRéalis Services
Engineering Services Regions
1,736.8
1,719.0
Nuclear
538.3
298.6
Linxon
223.9
158.8
Total
2,498.9
2,176.4
LSTK Projects
32.9
81.3
Capital
13.8
6.6
2,545.7
2,264.3
Segment Adjusted EBIT
AtkinsRéalis Services
Engineering Services Regions
150.8
146.0
Nuclear
62.7
39.0
Linxon
10.4
1.8
Total
223.9
186.8
LSTK Projects
(14.9)
(13.0)
Capital
9.7
1.1
218.7
174.9
Backlog as at March 31
AtkinsRéalis Services
Engineering Services Regions
12,715.6
11,969.1
Nuclear
5,248.1
1,844.2
Linxon
2,220.7
1,457.2
Total
20,184.4
15,270.5
LSTK Projects
199.9
298.8
Capital
22.9
24.5
20,407.2
15,593.8
All figures in millions of Canadian dollars, except as otherwise indicated
Certain totals and subtotals may not reconcile due to rounding
A For the three-month period ended March 31
Quarterly Dividend
The Board of Directors today declared a cash dividend of $0.02 per share, unchanged from the previous quarter. The dividend is payable on June 12, 2025 to shareholders of record on May 29, 2025. This dividend is an “eligible dividend” for Canadian federal and provincial income tax purposes.
First Quarter 2025 Conference Call / Webcast
AtkinsRéalis will hold a webcast and conference call today at 8:00 a.m. (Eastern Time) to discuss and present its first quarter financial results. The live webcast of the conference call can be accessed through a link posted on the Company’s website at www.atkinsrealis.com/en/investors or using this link. To participate to the conference call, please pre-register using this link. Registrants will receive a confirmation email with dial-in details and a unique access code required to join the live call.
A recording of the webcast and a transcript of the conference call will be available on the Company’s website within 24 hours following the call.
Annual Meeting of Shareholders
AtkinsRéalis will also hold its Annual Meeting of Shareholders (the “Meeting”) today at 11:00 a.m. (Eastern Time) in the Lumi Experience offices, 1250 René-Lévesque Blvd. West, Suite 3610, Montreal, Quebec, Canada. Registered shareholders as of the close of business on March 27, 2025 and duly appointed proxyholders of record can attend the Meeting in person or online at https://meetings.lumiconnect.com/400-765-252-741. Whether or not a shareholder plans to attend the Meeting, the Company urges all shareholders to vote and submit their proxy in advance of the Meeting by one of the methods described in the proxy materials provided to shareholders.
Additional information related to the Meeting can also be found in AtkinsRéalis’ 2025 Management Proxy Circular which is available on SEDAR+ at www.sedarplus.com and on the Company’s website at www.atkinsrealis.com.
About AtkinsRéalis
Created by the integration of long-standing organizations dating back to 1911, AtkinsRéalis is a world-class engineering services and nuclear company dedicated to engineering a better future for our planet and its people. We create sustainable solutions that connect people, data and technology to transform the world’s infrastructure and energy systems. We deploy global capabilities locally to our clients and deliver unique end-to-end services across the whole life cycle of an asset including consulting, advisory & environmental services, intelligent networks & cybersecurity, design & engineering, procurement, project & construction management, operations & maintenance, decommissioning and capital. The breadth and depth of our capabilities are delivered to clients in strategic sectors such as Engineering Services, Nuclear and Capital. News and information are available at www.atkinsrealis.com or follow us on LinkedIn.
Non-IFRS Financial Measures and Ratios, Supplementary Financial Measures, Total of Segments Measures and Non-Financial Information
The Company reports its financial results in accordance with IFRS® Accounting Standards (“IFRS”). However, the following non‑IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information are used by the Company in this press release: Organic revenue growth (contraction), EBITDA, Adjusted EBITDA, Segment Adjusted EBITDA, Adjusted net income (loss) attributable to AtkinsRéalis shareholders, Adjusted diluted EPS, Segment Adjusted EBITDA to segment net revenue ratio, Segment net revenue, Net limited recourse and recourse debt to Adjusted EBITDA ratio, and Net limited recourse and recourse debt, as well as certain measures for various reportable segments that are grouped together, such as Revenue, Segment Adjusted EBIT and Backlog for the various Engineering Services Regions segments and the various segments that comprise the AtkinsRéalis Services line of business. Additional details for these non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information can be found below and in Sections 4, 6 and 9 of the Company’s Management’s Discussion and Analysis (“MD&A”) for the first quarter of 2025, which sections are incorporated by reference into this press release, filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.com and on the Company’s website at www.atkinsrealis.com under the “Investors” section.
Non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information do not have any standardized meaning under IFRS and other issuers may define these measures differently and, accordingly, they may not be comparable to similar measures prepared by other issuers. Such non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information have limitations and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
However, management believes that, in addition to conventional measures prepared in accordance with IFRS, these non-IFRS financial measures and ratios, supplementary financial measures, total of segments measures and non-financial information provide additional insight into the Company’s operating performance and financial position, and certain investors may use this information to evaluate the Company’s performance from period to period. Furthermore, certain non-IFRS financial measures and ratios, certain additional IFRS measures and ratios, certain supplementary financial measures, certain total of segments measures and other non-financial information are presented separately for PS&PM, by excluding components related to Capital, as the Company believes that such measures are useful as these PS&PM activities are usually analyzed separately by the Company. Reconciliations and calculations of non-IFRS measures and ratios, supplementary financial measures, total of segments measures and non-financial information to the most comparable IFRS measures and ratios are set forth below in the section “Reconciliations and Calculations” of this press release.
(1) Total of segments measure.
(2) Non-IFRS financial measure or ratio or supplementary financial measure.
(3) Organic revenue growth (contraction) ratio is a non-IFRS ratio comparing organic revenue (which excludes foreign exchange and acquisitions and disposals impacts), itself a non-IFRS financial measure, between two periods. See “Calculation of organic revenue growth (contraction)” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio.
(4) Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions is a non-IFRS ratio based on Segment Adjusted EBITDA and segment net revenue, both of which are non-IFRS financial measures. See “Calculation of Segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio.
(5) Net limited recourse and recourse debt to Adjusted EBITDA ratio is a non-IFRS ratio based on net limited recourse and recourse debt at the end of a given period and Adjusted EBITDA of the corresponding trailing twelve-month period, both of which are non-IFRS financial measures. See “Calculation of Net limited recourse and recourse debt to Adjusted EBITDA ratio” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio.
(6) Adjusted diluted EPS is a non-IFRS ratio based on adjusted net income (loss) attributable to AtkinsRéalis shareholders, itself a non-IFRS financial measure. See “Reconciliation of Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM to IFRS net income attributable to AtkinsRéalis shareholders” in the section “Reconciliations and Calculations” of this press release for each non-IFRS financial measure used as a component of this non-IFRS ratio.
(7) Adjusted EBITDA from PS&PM to PS&PM revenue ratio is a non-IFRS ratio based on Adjusted EBITDA from PS&PM and revenue from PS&PM, of which the Adjusted EBITDA from PS&PM is a non-IFRS financial measure. See “Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income and calculation of Adjusted EBITDA to revenue ratio” in the section “Reconciliations and Calculations” of this press release for the non-IFRS financial measure used as a component of this non-IFRS ratio.
Reconciliations and Calculations
Reconciliation of Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM to IFRS net income attributable to AtkinsRéalis shareholders
Q1 2025
Q1 2024
Before Taxes
Taxes
After Taxes
Diluted EPS
(in $)
Before
Taxes
Taxes
After Taxes
Diluted EPS
(in $)
Net income attributable to AtkinsRéalis shareholders
(IFRS)
69.1
0.39
45.5
0.26
Restructuring and transformation costs
28.5
(7.1)
21.4
4.6
(1.1)
3.4
Amortization of intangible assets related to business combinations
19.5
(3.8)
15.7
20.9
(4.1)
16.9
Acquisition-related costs and integration costs
3.7
–
3.7
0.3
–
0.3
Total adjustments
51.7
(10.9)
40.8
0.23
25.8
(5.2)
20.6
0.12
Adjusted net income attributable to AtkinsRéalis shareholders
(non-IFRS)
110.0
0.63
66.1
0.38
Net income (loss) attributable to AtkinsRéalis shareholders from Capital
9.4
0.05
(7.7)
(0.04)
Total adjustments
–
–
–
–
–
–
–
–
Adjusted net income (loss) attributable to AtkinsRéalis shareholders from Capital
(non-IFRS)
9.4
0.05
(7.7)
(0.04)
Adjusted net income attributable to AtkinsRéalis shareholders from PS&PM
(non-IFRS)
100.5
0.57
73.8
0.42
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Reconciliation of EBITDA and Adjusted EBITDA to IFRS net income and calculation of Adjusted EBITDA to revenue ratio
Q1 2025
Q1 2024
From PS&PM
From Capital
Total
From PS&PM
From Capital
Total
Revenues
2,531.8
13.8
2,545.7
2,257.7
6.6
2,264.3
Net income (loss)
61.2
9.4
70.6
54.2
(7.7)
46.6
Net financial expenses
36.8
0.7
37.5
36.5
1.5
38.0
Income tax expense (recovery)
20.7
(7.5)
13.3
17.3
0.3
17.6
EBIT
118.7
2.7
121.4
108.1
(5.9)
102.1
Depreciation and amortization
60.5
–
60.5
61.9
–
61.9
EBITDA
179.2
2.7
181.9
169.9
(5.9)
164.0
Restructuring and transformation costs
28.5
–
28.5
4.6
–
4.6
Acquisition-related costs and integration costs
3.7
–
3.7
0.3
–
0.3
Adjusted EBITDA
211.5
2.7
214.2
174.8
(5.9)
168.9
Adjusted EBITDA to revenue ratio
8.4 %
19.5 %
8.4 %
7.7 %
(90.0) %
7.5 %
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Components of Engineering Services Regions
Q1 2025
Q1 2024
Revenues
Canada
325.7
370.9
UKI
660.9
607.0
USLA
432.1
415.8
AMEA
318.1
325.4
Engineering Services Regions
1,736.8
1,719.0
Segment Adjusted EBIT
Canada
16.2
15.9
UKI
75.1
61.0
USLA
39.5
39.3
AMEA
20.0
29.7
Engineering Services Regions
150.8
146.0
March 31,
2025
March 31,
2024
Backlog
Canada
7,955.3
7,282.4
UKI
1,832.2
1,688.3
USLA
1,674.0
1,574.6
AMEA
1,254.1
1,423.8
Engineering Services Regions
12,715.6
11,969.1
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars
Reconciliation of Segment Adjusted EBIT to Segment Adjusted EBITDA for Engineering Services Regions
Q1 2025
Q1 2024
Segment Adjusted EBIT – Engineering Services Regions
150.8
146.0
Depreciation and amortization – Engineering Services Regions
33.0
30.8
Segment Adjusted EBITDA – Engineering Services Regions
183.8
176.8
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars
Calculation of Segment net revenue and Segment Adjusted EBITDA to segment net revenue ratio for Engineering Services Regions
Q1 2025
Q1 2024
Revenue – Engineering Services Regions
1,736.8
1,719.0
Less: Direct costs for sub-contractors and other direct expenses that are recoverable directly from clients – Engineering Services Regions
495.1
543.4
Segment net revenue – Engineering Services Regions
1,241.7
1,175.6
Segment Adjusted EBITDA – Engineering Services Regions
183.8
176.8
Segment Adjusted EBITDA to segment net revenue ratio – Engineering
Services Regions
14.8 %
15.0 %
Engineering Services Regions comprises Canada, UKI, USLA and AMEA segments
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Calculation of organic revenue growth (contraction)
Revenues
Q1 2025
Revenues
Q1 2024
Variance
Foreign exchange
impact
Acquisitions / Disposals
impact
Organic revenue
growth (contraction)
Engineering Services Regions
1,736.8
1,719.0
17.8
76.8
7.1
(66.1)
Nuclear
538.3
298.6
239.7
10.2
–
229.5
Linxon
223,9
158.8
65.0
8.1
–
56.9
Total – AtkinsRéalis Services
2,498.9
2,176.4
322.5
95.1
7.1
220.3
Revenues
Q1 2025
Revenues
Q1 2024
Variance
Foreign exchange
impact
Acquisitions / Disposals
impact
Organic revenue
growth (contraction)
Engineering Services Regions
1,736.8
1,719.0
1.0 %
4.5 %
0.4 %
(3.8) %
Nuclear
538.3
298.6
80.3 %
3.4 %
–
76.9 %
Linxon
223.9
158.8
40.9 %
5.1 %
–
35.8 %
Total – AtkinsRéalis Services
2,498.9
2,176.4
14.8 %
4.4 %
0.3 %
10.1 %
Revenues
Q1 2024
Revenues
Q1 2023
Variance
Foreign exchange
impact
Acquisitions / Disposals
impact
Organic revenue
growth
Engineering Services Regions
1,719.0
1,470.1
249.0
21.4
(35.5)
263.0
Nuclear
298.6
244.3
54.3
3.2
–
51.1
Linxon
158.8
121.5
37.3
1.1
–
36.2
Total – AtkinsRéalis Services
2,176.4
1,835.9
340.5
25.8
(35.5)
350.3
Revenues
Q1 2024
Revenues
Q1 2023
Variance
Foreign exchange
impact
Acquisitions / Disposals
impact
Organic revenue
growth
Engineering Services Regions
1,719.0
1,470.1
16.9 %
1.5 %
(2.4) %
17.9 %
Nuclear
298.6
244.3
22.2 %
1.3 %
–
20.9 %
Linxon
158.8
121.5
30.7 %
0.9 %
–
29.7 %
Total – AtkinsRéalis Services
2,176.4
1,835.9
18.5 %
1.4 %
(1.9) %
19.1 %
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Calculation of Net limited recourse and recourse debt to Adjusted EBITDA ratio
March 31,
2025
December 31,
2024
March 31,
2024
Limited recourse debt
399.1
399.0
398.5
Recourse debt
1,194.0
1,193.4
1,491.4
Less: Cash and cash equivalents
627.2
666.6
557.8
Net limited recourse and recourse debt
965.9
925.8
1,332.1
Adjusted EBITDA (trailing 12 months)
871.7
826.5
771.0
Net limited recourse and recourse debt to Adjusted
EBITDA ratio
1.1
1.1
1.7
Note that certain totals and subtotals may not reconcile due to rounding
All figures in millions of Canadian dollars, except as otherwise indicated
Forward-Looking Statements
References in this press release, and hereafter, to the “Company”, “AtkinsRéalis”, “we”, “us” and “our” mean, as the context may require, AtkinsRéalis Group Inc. and all or some of its subsidiaries or joint arrangements or associates, or AtkinsRéalis Group Inc. or one or more of its subsidiaries or joint arrangements or associates.
Statements made in this press release that describe the Company’s or management’s budgets, estimates, expectations, forecasts, objectives, predictions, projections of the future or strategies may be “forward-looking statements”, which can be identified by the use of the conditional or forward-looking terminology such as “aims”, “anticipates”, “assumes”, “believes”, “cost savings”, “estimates”, “expects”, “forecasts”, “goal”, “intends”, “likely”, “may”, “objective”, “outlook”, “plans”, “projects”, “should”, “synergies”, “target”, “vision”, “will”, or the negative thereof or other variations thereon. Forward-looking statements also include any other statements that do not refer to historical facts. Forward-looking statements in this press release include statements relating to the Company’s future economic performance. Forward-looking statements also include statements relating to the following: i) future capital expenditures, revenues, expenses, earnings, economic performance, indebtedness, financial condition, losses, project or contract-specific cost reforecasts and claims provisions, future prospects, and potential future significant contract opportunities, including those in the Nuclear segment; and ii) business and management strategies and the expansion and growth of the Company’s operations. All such forward-looking statements are made pursuant to the “safe-harbour” provisions of applicable Canadian securities laws. The Company cautions that, by their nature, forward-looking statements involve risks and uncertainties, and that its actual actions and/or results could differ materially from those expressed or implied in such forward-looking statements, or could affect the extent to which a particular projection materializes. Forward-looking statements are presented for the purpose of assisting investors and others in understanding certain key elements of the Company’s current objectives, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes.
Forward-looking statements made in this press release are based on a number of assumptions believed by the Company to be reasonable as at the date hereof. The assumptions are set out throughout the Company’s 2024 Annual MD&A (particularly in the sections entitled “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” and “How We Analyze and Report Our Results”). If these assumptions are inaccurate, the Company’s actual results could differ materially from those expressed or implied in such forward-looking statements. In addition, important risk factors could cause the Company’s assumptions and estimates to be inaccurate and actual results or events to differ materially from those expressed in or implied by these forward-looking statements. These risks include, but are not limited to, matters relating to: (a) contract awards and timing; (b) contract liability and execution risk; (c) backlog and contracts with termination for convenience provisions; (d) competition; (e) qualified personnel; (f) international operations; (g) risks relating to the Company’s Nuclear segment; (h) research and development activities and related investments; (i) acquisition and integration of businesses; (j) divestitures and the sale of significant assets; (k) dependence on third parties; (l) supply chain disruptions; (m) joint arrangements and partnerships; (n) cybersecurity, information systems and data and compliance with privacy legislation; (o) Artificial Intelligence (“AI”) and other innovative technologies; (p) being a provider of services to government agencies; (q) strategic direction; (r) professional liability or liability for faulty services; (s) monetary damages and penalties in connection with professional and engineering reports and opinions; (t) gaps in insurance coverage; (u) health and safety; (v) work stoppages, union negotiations and other labour matters; (w) epidemics, pandemics and other health crises; * global climate change, extreme weather conditions and the impact of natural or other disasters; (y) Environmental, Social and Governance (“ESG”); (z) intellectual property; (aa) ownership interests in investments; (bb) Lump-sum turnkey (“LSTK”) contracts; (cc) liquidity and financial position; (dd) indebtedness; (ee) impact of operating results and level of indebtedness on financial situation; (ff) security under the CDPQ Loan Agreement (as defined in the Company’s 2025 first quarter MD&A); (gg) dependence on subsidiaries to help repay indebtedness; (hh) dividends; (ii) post-employment benefit obligations, including pension-related obligations; (jj) working capital requirements; (kk) collection from customers; (ll) impairment of goodwill and other non-current intangible and tangible assets; (mm) the impact on the Company of legal and regulatory proceedings, investigations and dispute settlements; (nn) employee, agent or partner misconduct or failure to comply with anti-corruption and other government laws and regulations; (oo) reputation of the Company; (pp) inherent limitations to the Company’s control framework; (qq) regulatory framework; (rr) global economic conditions; (ss) inflation; (tt) fluctuations in commodity prices; and (uu) income taxes.
The Company cautions that the foregoing list of factors is not exhaustive. For more information on risks and uncertainties, and assumptions that could cause the Company’s actual results to differ from current expectations, please refer to the sections “Risks and Uncertainties”, “How We Analyze and Report Our Results” and “Critical Accounting Judgements and Key Sources of Estimation Uncertainty” in the Company’s 2024 Annual MD&A and as may be updated from time to time in the Company’s 2025 interim quarterly MD&A filed with the securities regulatory authorities in Canada, available on SEDAR+ at www.sedarplus.com and on the Company’s website at www.atkinsrealis.com under the “Investors” section.
The forward-looking statements herein reflect the Company’s expectations as at the date of this press release and are subject to change after this date. The Company does not undertake to update publicly or to revise any written or oral forward-looking information or statements whether as a result of new information, future events or otherwise, unless required by applicable legislation or regulation. The forward-looking information and statements contained herein are expressly qualified in their entirety by this cautionary statement.
For More Information:
Media
Investors
Harold Fortin
Denis Jasmin
Senior Director, Global External
Communications
Vice President, Investor Relations
514-393-8000 ext. 57553
The Company’s unaudited interim condensed consolidated financial statements for the three-month periods ended March 31, 2025 and 2024, together with its Management’s Discussion and Analysis for the corresponding periods, can be accessed on the Company’s website at www.atkinsrealis.com and on www.sedarplus.com.
SOURCE AtkinsRéalis
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Technology
BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept
Published
7 hours agoon
May 6, 2026By
BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure
BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.
VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).
The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.
“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”
South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative
BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.
The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.
Built on Kaia Mainnet
A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.
Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.
By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.
QSSN as the Security Layer
The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.
BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.
Addressing the Harvest-Now, Decrypt-Later Risk
The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.
BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.
Expanding BTQ’s Korean Ecosystem
BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.
The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.
About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/
About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.
Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/
About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.
Connect with BTQ: Website | LinkedIn | X/Twitter
ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.
The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE BTQ Technologies Corp.
Technology
Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference
Published
7 hours agoon
May 6, 2026By
WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).
A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.
About Zimmer Biomet
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.
With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation.
For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.
Contacts:
Media
Investors
Troy Kirkpatrick
David DeMartino
614-284-1926
646-531-6115
troy.kirkpatrick@zimmerbiomet.com
david.demartino@zimmerbiomet.com
Kirsten Fallon
Zach Weiner
781-779-5561
908-591-6955
View original content to download multimedia:https://www.prnewswire.com/news-releases/zimmer-biomet-to-present-at-the-bofa-securities-2026-health-care-conference-302763299.html
SOURCE Zimmer Biomet Holdings, Inc.
Technology
NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools
Published
7 hours agoon
May 6, 2026By
New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing
Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment
ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.
The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health.
The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.
NextLadder’s Focus Areas for Investment
Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations.
As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.
“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”
NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.
The fund’s active investment areas include:
Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.
NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.
In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.
NextLadder’s Co-Founder Leadership Team
NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.
“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”
Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.
“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”
Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.
“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”
To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.
About NextLadder Ventures
NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.
SOURCE NextLadder Ventures
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