Technology

Docusign Announces Second Quarter Fiscal 2027 Financial Results

Published

1 day ago

September 3, 2026

Company Increases Fiscal Year 2027 Guidance for Revenue, ARR and IAM’s Percentage of Total ARR

SAN FRANCISCO, Sept. 3, 2026 /PRNewswire/ — Docusign, Inc. (NASDAQ: DOCU) today announced results for its second fiscal quarter ended July 31, 2026. Prepared remarks and the news release with the financial results will be accessible on Docusign’s website at investor.docusign.com prior to its webcast.

“Docusign is raising its outlook as AI accelerates momentum across the business,” said Allan Thygesen, CEO of Docusign. “We said IAM would be the agreement system of action, and this quarter we delivered. Our AI agents are now securely executing contract workflows end-to-end, and the IAM platform also ingested a record volume of agreements.”

Second Quarter Financial Highlights

Revenue was $875.7 million, a 9% year-over-year increase including a benefit of approximately 1.3% from the impact of foreign exchange rates.Intelligent Agreement Management (“IAM”) represented 15.1% of our total Annual Recurring Revenue (“ARR”) as of July 31, 2026, compared to 12.6% of our total ARR as of April 30, 2026.GAAP gross margin was 79.7% compared to 79.3% in the same period last year. Non-GAAP gross margin was 81.7% compared to 82.0% in the same period last year.GAAP net income per basic share was $0.41 on 191 million shares outstanding compared to $0.31 on 203 million shares outstanding in the same period last year.GAAP net income per diluted share was $0.40 on 193 million shares outstanding compared to $0.30 on 211 million shares outstanding in the same period last year.Non-GAAP net income per diluted share was $1.16 on 193 million shares outstanding compared to $0.92 on 211 million shares outstanding in the same period last year.Net cash provided by operating activities was $334.5 million compared to $246.1 million in the same period last year.Free cash flow was $295.8 million, or a 34% margin, compared to $217.6 million, or a 27% margin, in the same period last year.Cash, cash equivalents, and investments were $973.1 million at the end of the quarter.Repurchases of common stock were $306.5 million, compared to $201.5 million in the same period last year.

A reconciliation of GAAP to non-GAAP financial measures has been provided in the tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures and Other Key Metrics.”

Key Business Highlights

Delivered on IAM Capabilities Announced at Docusign Momentum:

Launched new agentic tools, powered by Iris, Docusign’s contract-specific AI, to help organizations understand what’s inside agreements, automate work, and take action.

An AI assistant that analyzes agreement terms, reviews and redlines contracts, generates contract language, and triggers agentic workflows.Pre-built agents for common use cases, including agreement intake and vendor renewal.An Agent Studio where customers can build, govern, and deploy custom agents for specialized use cases like executing business playbooks, auditing compliance, and evaluating vendor pricing.Ability to add agents directly into Workflow Builder to bring AI-based decisions making and routing to traditional workflows.

Released the Docusign Model Context Protocol (MCP) server, enabling organizations to securely bring Docusign agreement intelligence and actions into the AI tools that they already use, while maintaining enterprise-grade security, permissions, and governance.

Expanded MCP server integrations with the Docusign app for the Slack Marketplace, which brings agentic contract workflows directly in Slack, as well as an integration with Perplexity to help teams automate contracting workflows and collaborate across their business partners. The Docusign connector for Gemini Enterprise is also now part of Google Cloud’s Gemini Enterprise for Legal solution. These are in addition to existing connectors with Anthropic, Gemini, OpenAI, and Microsoft’s Copilot.

Expansion of IAM for the Enterprise:

Integrated IAM capabilities including Agreement Manager into Docusign CLM, giving users an AI-powered repository that turns static files into searchable business insights so they can identify risks sooner and uncover cost-saving opportunities.

Guidance

The company currently expects the following guidance:

(in millions, except percentages)

Three Months Ended
October 31, 2026

YoY
Midpoint
Change

Revenue [1]

$886

$890

9 %

Non-GAAP gross margin

81.5 %

81.9 %

Non-GAAP operating margin

31.3 %

31.7 %

Non-GAAP diluted weighted-average shares outstanding

191

196

(in millions, except percentages)

Year Ended
January 31, 2027

YoY
Midpoint
Change

Revenue [1]

$3,499

$3,507

9 %

Annual recurring revenue year-over-year growth rate [2]

8.50 %

9.00 %

8.75 %

Non-GAAP gross margin

81.5 %

82.0 %

Non-GAAP operating margin

31.0 %

31.5 %

Non-GAAP diluted weighted-average shares outstanding

190

195

[1] Excluding the impact of foreign currency exchange rates on year-over-year guided revenue growth, revenue guidance range would be approximately 1.0% points lower for the quarter ending October 31, 2026 and 1.2% points lower for the fiscal year ending January 31, 2027.

[2] We expect that IAM will represent approximately 18% to 19% of total ARR exiting Q4 of Fiscal 2027.

A reconciliation of non-GAAP guidance measures to corresponding GAAP guidance measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty regarding, and the potential variability of, expenses that may be incurred in the future. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by many factors, including the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change. We have provided a reconciliation of GAAP to non-GAAP financial measures in the financial statement tables for our historical non-GAAP financial results included in this release.

Webcast Conference Call Information

The company will host a conference call and live webcast on September 3, 2026 at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss its financial performance and business outlook. Prepared remarks will also be available on Docusign’s investor relations website prior to the webcast.

Conference Call Details

Live webcast will be available on Docusign’s investor relations website at investor.docusign.comDomestic Toll-Free Dial-In: (877) 407-0784International Dial-In: (201) 689-8560

An archived replay of the webcast will be available the following day at investor.docusign.com

About Docusign

Docusign brings agreements to life. Over 1.9 million customers and more than a billion people in over 180 countries use Docusign solutions to accelerate the process of doing business and simplify people’s lives. With intelligent agreement management, Docusign unleashes business critical data that is trapped inside of documents. Until now, these were disconnected from business systems of record, costing businesses time, money, and opportunity. Using Docusign’s AI-native IAM platform, companies can create, commit, and manage agreements with solutions created by the #1 company in e-signature and CLM. Learn more at www.docusign.com.

Investor Relations:
Docusign Investor Relations
investors@docusign.com

Media Relations:
Docusign Corporate Communications
media@docusign.com

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on our management’s beliefs and assumptions and on information currently available to management, and which statements involve substantial risk and uncertainties. All statements contained in this press release other than statements of historical fact, including statements regarding our future operating results and financial position, our business strategy and plans, market growth and trends, our objectives for future operations, and the impact of such assumptions on our financial condition and results of operations are forward-looking statements. Forward-looking statements in this press release also include, among other things, statements under “Guidance” above and any other statements about expected financial metrics, such as revenue, annual recurring revenue, free cash flow, non-GAAP gross margin, non-GAAP operating margin, non-GAAP diluted weighted-average shares outstanding, and non-financial metrics, as well as statements related to our expectations regarding: the impact of foreign exchange rates; the timing and extent of customer renewals; the effectiveness of changes to our sales force and go-to-market strategy; the effects of seasonality; the timing and impact of our cloud migration transition; the benefits, the timing or rollout of future products and capabilities; the evolution, customer demand, and adoption of the Docusign IAM platform; and our utilization of our stock repurchase program, including the expected timing, duration, volume and nature of share repurchase under such program. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans or intentions.

Forward-looking statements contained in this press release include, but are not limited to, statements about: our expectations regarding global macro-economic conditions, including the effects of inflation, volatile interest rates or foreign exchange rates, and market volatility on the global economy; our inability to accurately estimate our market opportunity; our ability to compete effectively in an evolving and competitive market; the impact of any interruptions or delays in performance of our technical infrastructure, or data breaches, cyberattacks or other fraudulent or malicious activity attempting to exploit our technology systems, platform or brand name; our ability to effectively sustain and manage our growth and future expenses and maintain or increase profitability; our ability to attract new customers and retain and expand our existing customer base, including our ability to attract large organizations as users; our ability to scale and update our platform to respond to customers’ needs and rapid technological change, including our ability to successfully incorporate artificial intelligence into our existing and future products and to successfully deploy them; our ability to successfully develop, launch, and sell IAM solutions; our ability to expand use cases within existing customers and vertical solutions; our ability to expand our operations and increase adoption of our platform internationally; our ability to strengthen and foster our relationships with developers; our ability to retain our direct sales force, customer success team and strategic partnerships around the world; our ability to identify targets for and execute potential acquisitions and to successfully integrate and realize the anticipated benefits of such acquisitions; our ability to maintain, protect and enhance our brand; the sufficiency of our cash, cash equivalents and capital resources to satisfy our liquidity needs; limitations on us due to obligations we have under our credit facility; our ability to realize the anticipated benefits of our stock repurchase program; our failure or the failure of our software to comply with applicable industry standards, laws and regulations; our ability to maintain, protect and enhance our intellectual property; our ability to successfully defend litigation against us; our ability to maintain our corporate culture; our ability to offer high-quality customer support; our ability to hire, retain and motivate qualified personnel, including executive level management; our ability to successfully manage and integrate executive management transitions; uncertainties regarding the impact of general economic and market conditions, including as a result of geopolitical conflict or changes in trade policies and practices; and our ability to maintain proper and effective internal controls.

Additional risks and uncertainties that could affect our financial results are included in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our annual report on Form 10-K for the fiscal year ended January 31, 2026, filed on March 18, 2026, our quarterly report on Form 10-Q for the quarter ended July 31, 2026, which we expect to file on September 4, 2026 with the Securities and Exchange Commission (the “SEC”), and other filings that we make from time to time with the SEC. The forward-looking statements made in this press release relate only to events as of the date on which such statements are made. We undertake no obligation to update any forward-looking statements after the date of this press release or to conform such statements to actual results or revised expectations, except as required by law.

Non-GAAP Financial Measures and Other Key Metrics

To supplement our consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects, and allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We present these non-GAAP measures to assist investors in seeing our financial performance using a management view, and because we believe that these measures provide an additional tool for investors to use in comparing our core financial performance over multiple periods with other companies in our industry. However, these non-GAAP measures are not intended to be considered in isolation from, a substitute for, or superior to our GAAP results.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income and non-GAAP net income per share: We define these non-GAAP financial measures as the respective GAAP measures, excluding expenses related to stock-based compensation, employer payroll tax on employee stock transactions, amortization of acquisition-related intangibles, and, as applicable, other special items. The amount of employer payroll tax-related items on employee stock transactions is dependent on our stock price and other factors that are beyond our control and do not correlate to the operation of the business. When evaluating the performance of our business and making operating plans, we do not consider these items (for example, when considering the impact of equity award grants, we place a greater emphasis on overall stockholder dilution rather than the accounting charges associated with such grants). We believe it is useful to exclude these expenses in order to better understand the long-term performance of our core business and to facilitate comparison of our results to those of peer companies and over multiple periods. In addition to these exclusions, we subtract an assumed provision for income taxes to calculate non-GAAP net income. We utilize a fixed long-term projected tax rate in our computation of the non-GAAP income tax provision to provide better consistency across the reporting periods. For fiscal 2026 and fiscal 2027, we have determined the projected non-GAAP tax rate to be 21%.

Free cash flow: We define free cash flow as net cash provided by operating activities less purchases of property and equipment. Free cash flow margin is calculated as free cash flow as a percentage of revenue. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment, for operational expenses, investment in our business and to make acquisitions. Free cash flow is useful to investors as a liquidity measure because it measures our ability to generate or use cash in excess of our capital investments in property and equipment, including capitalized software development costs. Once our business needs and obligations are met, cash can be used to maintain a strong balance sheet and invest in future growth.

Annual Recurring Revenue: We calculate ARR as the annualized value of active customer contracts as of the measurement date. This calculation assumes that any contract expiring within the next 12 months renews on its existing terms, and excludes non-recurring revenue streams recognized at a point in time. When evaluating ARR on a product basis for contracts spanning multiple product lines, we allocate the support contract value to each product offering based on its proportional share of the total contract value. To annualize contracts, we divide the total committed contract value by the number of months in the subscription term and multiply by twelve. For international contracts denominated in foreign currencies, ARR is translated into U.S. dollars using a fixed exchange rate set at the beginning of each fiscal year. We adjust previously reported ARR annually to reflect these exchange rate changes for comparative purposes. We believe ARR measures our business performance and serves as a leading indicator of future revenue growth. We report total ARR annually at the end of the fiscal year. Because quarterly net new ARR represents only a fraction of our overall book of business, it is subject to timing volatility and can be highly volatile on a year-over-year basis. Because the objective of ARR is to evaluate the long-term growth of our business, these quarterly timing fluctuations can detract from the insight and usefulness of ARR. ARR is an operating metric and should be viewed independently of revenue, deferred revenue, and remaining performance obligations; it does not represent revenue under U.S. GAAP on an annual basis.

For a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measure, please see “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands, except per share data)

2026

2025

2026

2025

Revenue

$ 875,746

$ 800,636

$ 1,705,981

$ 1,564,290

Cost of revenue

177,872

165,463

349,142

322,732

Gross profit

697,874

635,173

1,356,839

1,241,558

Operating expenses:

Sales and marketing

313,958

305,450

610,133

601,863

Research and development

163,582

169,630

323,168

329,077

General and administrative

102,713

94,866

194,608

185,136

Total operating expenses

580,253

569,946

1,127,909

1,116,076

Income from operations

117,621

65,227

228,930

125,482

Interest expense

(569)

(828)

(1,120)

(1,306)

Interest income and other income, net

7,924

12,061

14,922

26,074

Income before provision for income taxes

124,976

76,460

242,732

150,250

Provision for income taxes

47,261

13,490

86,820

15,193

Net income

$ 77,715

$ 62,970

$ 155,912

$ 135,057

Net income per share attributable to common stockholders:

Basic

$ 0.41

$ 0.31

$ 0.81

$ 0.67

Diluted

$ 0.40

$ 0.30

$ 0.80

$ 0.64

Weighted-average shares used in computing net income per share:

Basic

191,252

202,644

193,336

202,957

Diluted

193,117

210,956

194,763

211,878

Stock-based compensation expense included in costs and expenses:

Cost of revenue

$ 15,241

$ 18,592

$ 30,550

$ 35,496

Sales and marketing

46,828

49,081

89,854

95,166

Research and development

55,502

61,865

109,978

116,296

General and administrative

31,033

31,000

59,599

59,176

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands)

July 31, 2026

January 31, 2026

Assets

Current assets

Cash and cash equivalents

$ 528,161

$ 602,442

Investments—current

249,516

264,084

Accounts receivable, net

370,531

516,429

Contract assets—current

7,552

10,782

Prepaid expenses and other current assets

113,132

97,101

Total current assets

1,268,892

1,490,838

Investments—noncurrent

195,398

208,393

Property and equipment, net

420,032

361,808

Operating lease right-of-use assets

155,101

165,578

Goodwill

458,365

458,446

Intangible assets, net

51,924

61,394

Deferred contract acquisition costs—noncurrent

468,812

474,628

Deferred tax assets—noncurrent

764,330

835,245

Other assets—noncurrent

177,936

173,220

Total assets

$ 3,960,790

$ 4,229,550

Liabilities and Equity

Current liabilities

Accounts payable

$ 21,866

$ 17,419

Accrued expenses and other current liabilities

121,046

113,358

Accrued compensation

239,042

260,840

Contract liabilities—current

1,575,565

1,631,168

Operating lease liabilities—current

15,516

16,623

Total current liabilities

1,973,035

2,039,408

Contract liabilities—noncurrent

28,824

29,956

Operating lease liabilities—noncurrent

167,582

168,496

Deferred tax liability—noncurrent

20,960

21,507

Other liabilities—noncurrent

51,869

52,363

Total liabilities

2,242,270

2,311,730

Stockholders’ equity

Common stock

Additional paid-in capital

4,052,431

3,777,995

Accumulated other comprehensive loss

(7,843)

(3,712)

Accumulated deficit

(2,326,087)

(1,856,483)

Total stockholders’ equity

1,718,520

1,917,820

Total liabilities and equity

$ 3,960,790

$ 4,229,550

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2026

2025

2026

2025

Cash flows from operating activities:

Net income

$ 77,715

$ 62,970

$ 155,912

$ 135,057

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and amortization

33,786

28,880

65,994

59,249

Amortization of deferred contract acquisition and fulfillment
costs

69,680

68,654

137,038

135,136

Non-cash operating lease costs

4,890

4,704

9,754

9,364

Stock-based compensation expense

148,604

160,538

289,981

306,134

Deferred income taxes

37,795

4,997

70,827

1,532

Other

2,003

3,923

1,945

Changes in operating assets and liabilities:

Accounts receivable

(71,693)

(50,674)

142,755

70,329

Prepaid expenses and other current assets

15,016

5,544

(16,816)

(23,007)

Deferred contract acquisition and fulfillment costs

(67,185)

(71,340)

(132,676)

(127,988)

Other assets

5,402

(2,179)

7,722

(1,335)

Accounts payable

(3,666)

(14,030)

(444)

(20,794)

Accrued expenses and other liabilities

7,390

175

1,930

4,800

Accrued compensation

63,871

37,214

(24,544)

(24,237)

Contract liabilities

10,421

15,966

(55,132)

(18,274)

Operating lease liabilities

517

(5,430)

(10,399)

Net cash provided by operating activities

334,546

246,073

656,234

497,512

Cash flows from investing activities:

Purchases of marketable securities

(57,915)

(119,637)

(155,323)

(212,200)

Maturities of marketable securities

88,976

117,710

182,000

208,972

Purchases of strategic and other investments

(150)

(100)

(2,760)

(100)

Proceeds from strategic and other investments

1,000

—

1,000

—

Purchases of property and equipment

(38,789)

(28,425)

(71,042)

(52,049)

Net cash used in investing activities

(6,878)

(30,452)

(46,125)

(55,377)

Cash flows from financing activities:

Payment of revolving credit facility costs

—

(3,133)

—

(3,133)

Repurchases of common stock

(306,516)

(201,514)

(624,026)

(384,945)

Payment of tax withholding obligation on net RSU settlement and
ESPP purchase

(38,580)

(69,164)

(78,116)

(131,957)

Proceeds from exercise of stock options

—

471

1,170

Proceeds from employee stock purchase plan

—

22,799

22,010

Other

—

(220)

—

Net cash used in financing activities

(345,096)

(273,340)

(679,510)

(496,855)

Effect of foreign exchange on cash, cash equivalents and
restricted cash

(2,767)

1,529

(3,248)

11,452

Net decrease in cash, cash equivalents and restricted cash

(20,195)

(56,190)

(72,649)

(43,268)

Cash, cash equivalents and restricted cash at beginning of
period (1)

565,696

672,476

618,150

659,554

Cash, cash equivalents and restricted cash at end of period (1)

$ 545,501

$ 616,286

$ 545,501

$ 616,286

(1) Cash, cash equivalents and restricted cash included restricted cash of $17.3 million and $15.7 million at July 31, 2026 and January 31, 2026.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited)

Reconciliation of gross profit and gross margin:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2026

2025

2026

2025

GAAP gross profit

$ 697,874

$ 635,173

$ 1,356,839

$ 1,241,558

Add: Stock-based compensation

15,241

18,592

30,550

35,496

Add: Employer payroll tax on employee stock transactions

904

1,575

2,030

3,448

Add: Amortization of acquisition-related intangibles

1,495

1,562

2,990

5,127

Non-GAAP gross profit

$ 715,514

$ 656,902

$ 1,392,409

$ 1,285,629

GAAP gross margin

79.7 %

79.3 %

79.5 %

79.4 %

Non-GAAP adjustments

2.0 %

2.7 %

2.1 %

2.8 %

Non-GAAP gross margin

81.7 %

82.0 %

81.6 %

82.2 %

Reconciliation of operating expenses:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2026

2025

2026

2025

GAAP sales and marketing

$ 313,958

$ 305,450

$ 610,133

$ 601,863

Less: Stock-based compensation

(46,828)

(49,081)

(89,854)

(95,166)

Less: Employer payroll tax on employee stock transactions

(2,227)

(2,962)

(4,697)

(6,902)

Less: Amortization of acquisition-related intangibles

(3,240)

(3,354)

(6,480)

(6,708)

Non-GAAP sales and marketing

$ 261,663

$ 250,053

$ 509,102

$ 493,087

GAAP sales and marketing as a percentage of revenue

35.9 %

38.2 %

35.7 %

38.5 %

Non-GAAP sales and marketing as a percentage of revenue

29.9 %

31.2 %

29.8 %

31.6 %

GAAP research and development

$ 163,582

$ 169,630

$ 323,168

$ 329,077

Less: Stock-based compensation

(55,502)

(61,865)

(109,978)

(116,296)

Less: Employer payroll tax on employee stock transactions

(2,131)

(2,600)

(5,818)

(7,681)

Non-GAAP research and development

$ 105,949

$ 105,165

$ 207,372

$ 205,100

GAAP research and development as a percentage of revenue

18.7 %

21.2 %

18.9 %

21.1 %

Non-GAAP research and development as a percentage of
revenue

12.1 %

13.1 %

12.2 %

13.1 %

GAAP general and administrative

$ 102,713

$ 94,866

$ 194,608

$ 185,136

Less: Stock-based compensation

(31,033)

(31,000)

(59,599)

(59,176)

Less: Employer payroll tax on employee stock transactions

(554)

(911)

(1,456)

(2,276)

Non-GAAP general and administrative

$ 71,126

$ 62,955

$ 133,553

$ 123,684

GAAP general and administrative as a percentage of revenue

11.7 %

11.8 %

11.5 %

11.8 %

Non-GAAP general and administrative as a percentage of
revenue

8.1 %

7.9 %

7.8 %

7.9 %

Reconciliation of income from operations and operating margin:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2026

2025

2026

2025

GAAP income from operations

$ 117,621

$ 65,227

$ 228,930

$ 125,482

Add: Stock-based compensation

148,604

160,538

289,981

306,134

Add: Employer payroll tax on employee stock transactions

5,816

8,048

14,001

20,307

Add: Amortization of acquisition-related intangibles

4,735

4,916

9,470

11,835

Non-GAAP income from operations

$ 276,776

$ 238,729

$ 542,382

$ 463,758

GAAP operating margin

13.4 %

8.1 %

13.4 %

8.0 %

Non-GAAP adjustments

18.2 %

21.7 %

18.4 %

21.6 %

Non-GAAP operating margin

31.6 %

29.8 %

31.8 %

29.6 %

Reconciliation of net income and net income per share, basic and diluted:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands, except per share data)

2026

2025

2026

2025

GAAP net income

$ 77,715

$ 62,970

$ 155,912

$ 135,057

Add: Stock-based compensation

148,604

160,538

289,981

306,134

Add: Employer payroll tax on employee stock transactions

5,816

8,048

14,001

20,307

Add: Amortization of acquisition-related intangibles

4,735

4,916

9,470

11,835

Add: Income tax and other tax adjustments

(12,407)

(41,387)

(29,979)

(87,397)

Non-GAAP net income attributable to common
stockholders

$ 224,463

$ 195,085

$ 439,385

$ 385,936

Numerator:

Non-GAAP net income attributable to common stockholders

$ 224,463

$ 195,085

$ 439,385

$ 385,936

Denominator:

Weighted-average common shares outstanding, basic

191,252

202,644

193,336

202,957

Effect of dilutive securities

1,865

8,312

1,427

8,921

Non-GAAP weighted-average common shares
outstanding, diluted

193,117

210,956

194,763

211,878

GAAP net income per share, basic

$ 0.41

$ 0.31

$ 0.81

$ 0.67

GAAP net income per share, diluted

$ 0.40

$ 0.30

$ 0.80

$ 0.64

Non-GAAP net income per share, basic

$ 1.17

$ 0.96

$ 2.27

$ 1.90

Non-GAAP net income per share, diluted

$ 1.16

$ 0.92

$ 2.26

$ 1.82

Computation of free cash flow:

Three Months Ended
July 31,

Six Months Ended
July 31,

(in thousands)

2026

2025

2026

2025

Net cash provided by operating activities

$ 334,546

$ 246,073

$ 656,234

$ 497,512

Less: Purchases of property and equipment

(38,789)

(28,425)

(71,042)

(52,049)

Free cash flow

$ 295,757

$ 217,648

$ 585,192

$ 445,463

Free cash flow margin

34 %

27 %

34 %

28 %

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SOURCE Docusign, Inc.

Technology

Midea Brings “Simply ideal” to Life at IFA 2026

Published

5 minutes ago

September 4, 2026

BERLIN, Sept. 4, 2026 /PRNewswire/ — At IFA 2026, Midea brings its “Simply ideal” vision to life through the latest innovations, designed to bring greater intelligence, comfort, efficiency and ease to the home.

The exhibition also highlights Midea’s new five-year partnership with FC Barcelona.

The Midea Suites: Ways to Master the Home

The new SMART MASTER showcases Midea’s AI-powered home ecosystem. The AI Agent enables more natural, intuitive interaction with appliances across daily household scenarios. Midea Robot brings AI into the physical world through cooking, cleaning, laundry, care and whole-home control.

At IFA 2026, Midea unveiled its new AI voice-controlled air conditioner. Cliff Liang, General Manager of Enterprise Commercial for the China Region at Microsoft, joined the Midea event and shared Microsoft’s perspective on the next phase of AI.

AI ECOMASTER coordinates appliances and connected systems through intelligent power management. It learns household routines and adapts to changing needs for greater flexibility and comfort.

For homes where every inch counts, SPACE MASTER delivers more usable capacity within the same external dimensions, as demonstrated by the refrigerator’s expanded storage.

Alongside the MASTER Suites, the BUILT-IN Series includes the Milanese-inspired Ispira Series, combining cohesive design with intelligent functionality for an integrated cooking experience.

The Midea Scenarios: Innovation for Everyday Living

Comfort begins with the air around us. Midea’s R290 Series responds to growing demand for efficient cooling. It combines advanced compressor and safety-sealing technologies with ultra-low-GWP R290 refrigerant, delivering around 10% higher energy efficiency. Residential applications include H-Pack and PortaSplit, with PortaSplit set to adopt R290 in 2027.

In the kitchen, technology simplifies daily routines, from food storage and cooking to after-meal care. The Visionary Series refrigerators make food easier to see and access through GlassVision, hands-free lighting and clear, even illumination.

The InfiniteFit Series hobs feature an ultra-slim design for seamless integration into European kitchens, while OmniFlex enables flexible cookware placement. The PizzaPro built-in oven combines rapid heating with an 81L cavity, balancing speed with capacity.

After the meal, the Tri-GreenApex System brings washing, drying and storage together while using around 50% less energy than required for Europe’s highest A rating.

Laundry brings its own everyday needs. Midea’s family laundry room concept combines multi-drum solutions for different garment-care needs, allowing separate loads to run at the same time. The OMNI SERIES offers flexible combinations to suit different household routines.

Tobin Richardson, President and CEO of the Connectivity Standards Alliance, introduced Matter at Midea’s booth, highlighting its open, secure, interoperable framework and Midea’s role in advancing smart appliance connectivity.

Partnership and Brand Portfolio

At IFA 2026, Midea celebrated its partnership through an immersive FC Barcelona experience at its booth. FC Barcelona legend Carles Puyol made a special appearance, sharing insights from his career on leadership, teamwork and the pursuit of excellence. His presence reflected Midea and FC Barcelona’s shared commitment to world-class performance.

As part of Midea Group’s multi-brand portfolio, TEKA presents its latest innovations under the “Meaningful Experiences Through Technology” concept, including its new coffee machine range, the In-Line Series and Laundry Care solutions, bringing European design and functionality to modern living.

About Midea and Midea Group

Midea is one of over 10 brands within the Smart Home Business of Midea Group.

Founded in 1968, Midea Group is a leading global technology company and one of the world’s largest home appliance manufacturers. As a Fortune Global 500 enterprise, it ranked No. 231 in 2026. The Group has streamlined its core operations into seven high-growth business pillars to drive future growth: Smart Home, Industrial Technologies, Building Technologies, KUKA, New Energy, Midea Healthcare, and ANNTO Logistics.

www.midea-group.com

www.midea.com

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SOURCE Midea Group

Technology

Cheche Group Reports First Half 2026 Unaudited Financial Results

Published

5 minutes ago

September 4, 2026

BEIJING, Sept. 4, 2026 /PRNewswire/ — Cheche Group Inc. (NASDAQ: CCG) (“Cheche”, “the Company” or “we”), China’s leading auto insurance technology platform, today announced its unaudited financial results for the six months ended June 30, 2026.

Key Business Highlights

Partnerships with New Energy Vehicle (NEV) companies numbered 18 in the first half 2026 and led to 1,049,000 policies with corresponding written premium of RMB3.2 billion (US$472.0 million), representing an increase of 29.5% and 23.7%, respectively, compared to the prior-year period.

Net revenues decreased 34.4% to RMB885.0 million (US$130.4 million) as we have been proactively restructuring business portfolio to focus on high-margin segments.

Gross margin increased to 6.5% from 4.9% in the prior-year period, driven by an improved business mix, with NEV premiums increasing to 31.0% of total written premiums from 22.5% in the prior-year period.

Management Comments

“In the first half of 2026, Cheche made meaningful progress in reshaping our business for the next phase of growth,” said Lei Zhang, Founder, CEO and Chairman of Cheche. “We made deliberate choices to shift away from lower-margin, less strategic revenue streams and concentrate our resources on the business and capabilities where we believe we can create greater long-term value through technology, data and differentiated solutions. As a result, while net revenues declined 34.4% to RMB885.0 million, gross margin expanded by 160 basis points, reflecting a fundamentally stronger revenue mix.

“This transformation is now visibly expressed in our recent launch of the ABAO Agent Family – a suite of five specialized AI agents, built on Cheche’s proprietary vertical insurance large language model that spans the full NEV insurance lifecycle from dynamic pricing to claims processing. Together with our Cheche Score and proprietary NEV intelligent pricing model, ABAO marks our strategic evolution from a digital insurance transaction platform into an AI-driven insurance infrastructure provider. These capabilities are deepening our relationships with insurance carrier partners, improving the economics of our core operations and expanding the ways in which our technology can be applied.

“Transformation requires discipline, and we remain focused on streamlining operations, strengthening our foundation and directing resources toward our highest-value opportunities. We are also exploring ways to broaden our platform and enhance the scale and resilience of our operations as we enter the next phase of our evolution. Our objective is to build a more diversified enterprise with the flexibility to pursue compelling opportunities while maintaining disciplined execution and a clear focus on shareholder value.”

Unaudited First Half Year 2026 Financial Results

Net Revenues were RMB885.0 million (US$130.4 million), representing a 34.4% year-over-year decrease from the prior-year period as a result of the restructuring of our business portfolio.

Cost of Revenues decreased 35.5% year-over-year to RMB827.6 million (US$122.0 million) from the prior-year period due to a decline in net revenues and higher gross margin driven by the restructuring of our business portfolio.

Gross profit decreased 12.6% to RMB57.5 million (US$8.5 million) compared to the prior-year period due to the decrease of net revenues, partially offset by the improved business structure which led to a higher gross margin.

Selling and Marketing Expenses decreased 4.3% to RMB35.6 million (US$5.3 million) from RMB37.3 million in the prior-year period, mainly due to the decrease in staff cost and share-based compensation expenses. Excluding share-based compensation expenses, selling and marketing expenses were RMB34.5 million (US$5.1 million), a decrease of 2.5% compared to the prior-year period.

General and Administrative Expenses increased 55.4% to RMB57.9 million (US$8.5 million) from RMB37.3 million for the prior-year period due to the recognition of RMB35.1 million (US$5.2 million) specific allowance of credit losses for long-aged and high-risk receivables, partially offset by the decrease in share-based compensation expenses and professional service fees. Excluding share-based compensation expenses, general and administrative expenses increased 112.7% year over year, from RMB26.6 million to RMB56.5 million (US$8.3 million).

Research and Development Expenses decreased 21.0% to RMB14.5 million (US$2.1 million) from RMB18.3 million in the prior-year period, mainly due to the decrease in staff costs and professional service fees. Excluding share-based compensation expenses, research and development expenses decreased 21.0% to RMB14.1 million (US$2.1 million) from RMB17.8 million in the prior-year period.

Total Operating Expenses increased 16.4% to RMB108.0 million (US$15.9 million) from RMB92.8 million in the prior-year period, mainly due to the recognition of specific allowance of credit losses for long-aged and high-risk receivables, partially offset by the decrease in staff cost, share-based compensation expenses and professional service fees. Excluding share-based compensation expenses, total operating expenses increased 31.8% to RMB105.1 million (US$15.5 million) from RMB79.8 million in the prior-year period.

Net Loss increased 72.3% to RMB44.1 million (US$6.5 million) from RMB25.6 million in the prior-year period. Excluding non-GAAP expenses, the Adjusted Net Loss increased 257.7% to RMB37.7 million (US$5.6 million) from RMB10.5 million in the prior-year period.

Net Loss Per Share, basic and diluted, was RMB18.57 (US$2.74), increasing RMB7.68 from a loss of RMB10.89 for the prior-year period.

Adjusted Net Loss Per Share, basic and diluted, was RMB15.89 (US$2.34), increasing RMB11.4 from a loss of RMB4.49 for the prior-year period.

First Half Year 2026 Business Developments

On January 29, 2026, Cheche announced that Volkswagen (Anhui) Digital Sales and Services Co., Ltd (“DSSO”), Beijing Cardif Airstar Property & Casualty Insurance Co., Ltd. (“Cardif Airstar Insurance”), and Cheche Group Inc. held a strategic cooperation signing ceremony on January 29, 2026. They will collaborate to develop digital insurance services for Volkswagen owners and expand into areas such as intelligent pricing, intelligent-driving insurance, and non-auto insurance. The partnership aims to establish a digital financial and insurance service system covering the full lifecycle of electric vehicle ownership.

On May 28, 2026, Cheche announced the official launch of its proprietary, AI large model-driven intelligent connected vehicle pricing product. Targeting China’s expanding market of approximately 20 million intelligent connected NEVs, the platform utilizes advanced machine learning and multi-dimensional data analytics. By analyzing real-time driving behavior, usage patterns, and localized risk scenarios, the technology delivers precise, personalized insurance pricing tailored to individual drivers.

On June 22, 2026, Cheche announced the official launch of “ABAO Agent,” an AI-powered intelligent underwriting agent. ABAO Agent is now commercially deployed in auto insurance renewal scenarios at scale. Its 24/7 autonomous capabilities allow the agent to independently execute the complete renewal workflow—customer outreach, needs identification, policy follow-up, and conversion—functions that previously required dedicated human teams. The result is a reduction in labor and operational costs for carrier partners, with no compromise to service continuity.

On June 24, 2026, Cheche announced the launch of “Cheche Score,” a proprietary AI-powered dynamic pricing solution for NEV insurance. Cheche Score is fully commercialized and functioning across multiple cities in China. Cheche has entered into dedicated AI-powered renewal cooperation agreements with several of China’s largest insurance carriers, jointly building a digital operating ecosystem that connects intelligent pricing, precision renewal, and closed-loop customer service.

On September 1, 2026, Cheche announced the launch of the ABAO Agent Family, a suite of five specialized AI agents built on Cheche’s proprietary vertical insurance large language model. Spanning the full NEV insurance lifecycle, from dynamic pricing optimization to claims processing and specialized diagnostics, the ABAO Agent Family marked Cheche’s strategic evolution from a digital insurance transaction platform into an AI-driven insurance infrastructure provider.

Balance Sheet

As of June 30, 2026, the Company had RMB173.7 million (US$25.6 million) in total cash and cash equivalents, restricted cash and short-term investments.

Business Outlook

For the full year 2026:

Cheche is revising its Net Revenue guidance to an approximate range of RMB1.5 billion to RMB1.8 billion, from the previously announced approximate range of RMB3.0 billion to RMB3.2 billion, to reflect the impact of its ongoing business restructuring.

Cheche is revising its NEV Written Premiums Placed guidance to an approximate range of RMB8.0 billion to RMB10.0 billion from the previously announced approximate range of RMB10.5 billion to RMB 12.0 billion, to reflect the change of NEV sales in the domestic market.

Cheche ceased using Total Written Premiums Placed as a key business performance indicator as a result of its strategic pivot.

Cheche is estimating an Adjusted Net Loss range of RMB42.7 million to RMB47.4 million for the full year 2026, due primarily to the ongoing restructuring.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the reader’s convenience. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referenced could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

About Cheche Group Inc.

Established in 2014 and headquartered in Beijing, China, Cheche is a leading auto insurance technology platform with a nationwide network of around 101 branches licensed to distribute insurance policies across 25 provinces, autonomous regions, and municipalities in China. Capitalizing on its leading position in auto insurance transaction services, Cheche has evolved into a comprehensive, data-driven technology platform that offers a full suite of services and products for digital insurance transactions and insurance SaaS solutions in China. Learn more at https://www.chechegroup.com/en.

Cheche Group Inc.:

IR@chechegroup.com

Crocker Coulson
crocker.coulson@aummedia.org
(646) 652-7185

Non-GAAP Financial Measures

Cheche has provided non-GAAP financial measures in this press release that have not been prepared in accordance with generally accepted accounting principles (GAAP) in the United States.

Cheche uses adjusted selling and marketing expenses, adjusted general and administrative expenses, adjusted research and development expenses, adjusted total operating expenses, adjusted net loss, and adjusted net loss per share, which are non-GAAP financial measures, in evaluating our operating results and for financial and operational decision-making purposes.

Cheche defines adjusted total operating expenses as total operating expenses adjusted for the impact of share-based compensation. Cheche defines adjusted net loss as net loss adjusted for the impact of share-based compensation expenses, amortization of intangible assets, and changes in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), and change in fair value of warrants. Adjusted net loss per share, basic and diluted, is calculated as adjusted net loss divided by weighted-average ordinary shares outstanding.

Cheche believes that these non-GAAP financial measures help identify underlying trends in its business that could otherwise be distorted by the impact of share-based compensation expenses, amortization of intangible assets related to acquisition, and change in fair value of amounts due to a related party related to the acquisition of Cheche Insurance Sales & Services Co., Ltd. (previously named Fanhua Times Sales and Service Co., Ltd), and change in fair value of warrants. Cheche believes that such non-GAAP financial measures also provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by its management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. They should not be considered in isolation or construed as alternatives to net loss or any other measure of performance or as an indicator of Cheche’s operating performance. Further, these non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. Cheche encourages investors and others to review the Company’s financial information in its entirety and not rely on a single financial measure. Investors are encouraged to compare the historical non-GAAP financial measures with the most directly comparable GAAP measures. Cheche mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating its performance.

Safe Harbor Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements also include, but are not limited to, statements regarding projections, estimations, and forecasts of revenue and other financial and performance metrics, projections of market opportunity and expectations, the Company’s ability to scale and grow its business, the Company’s advantages and expected growth, and its ability to source and retain talent, as applicable. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company’s management and are not predictions of actual performance. These statements involve risks, uncertainties, and other factors that may cause the Company’s actual results, levels of activity, performance, or achievements to materially differ from those expressed or implied by these forward-looking statements. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. Although the Company believes that it has a reasonable basis for each forward-looking statement contained in this press release, the Company cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. The forward-looking statements in this press release represent the views of the Company as of the date of this press release. Subsequent events and developments may cause those views to change. Except as may be required by law, the Company does not undertake any duty to update these forward-looking statements.

Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands, except for share and per
share data)

December 31,

June 30,

2025

2026

RMB

USD

ASSETS

Current assets:

Cash and cash equivalents

144,511

131,730

19,415

Restricted cash

5,000

41,779

6,157

Short-term investments

226

Amounts due from related parties

–

14,303

2,108

Accounts receivable, net

1,145,752

665,931

98,146

Prepayments and other current assets

60,059

64,256

9,470

Total current assets

1,355,548

918,225

135,329

Non-current assets:

Restricted cash

21,086

–

Property, equipment and leasehold improvement, net

831

893

132

Intangible assets, net

3,850

2,800

413

Right-of-use assets

6,453

5,016

739

Goodwill

84,609

12,470

Other non-current assets

2,477

1,981

292

Total non-current assets

119,306

95,299

14,046

Total assets

1,474,854

1,013,524

149,375

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Accounts payable

842,728

430,847

63,499

Short-term borrowings

80,500

98,190

14,471

Contract liabilities

1,044

1,238

182

Salary and welfare benefits payable

83,686

79,321

11,690

Tax payable

22,657

18,320

2,700

Amounts due to a related party

50,626

52,949

7,804

Accrued expenses and other current liabilities

19,206

20,167

2,974

Short-term lease liabilities

4,727

3,510

517

Total current liabilities

1,105,174

704,542

103,837

Non-current liabilities:

Deferred tax liabilities

963

700

103

Long-term borrowings

9,800

–

Long-term lease liabilities

801

604

Deferred revenue

1,432

211

Warrant

1,512

1,544

228

Total non-current liabilities

14,508

4,280

631

Total liabilities

1,119,682

708,822

104,468

Ordinary shares

Treasury stock

(1,025)

(151)

Additional paid-in capital

2,550,197

2,553,093

376,279

Accumulated deficit

(2,192,846)

(2,236,903)

(329,679)

Accumulated other comprehensive loss

(1,160)

(10,469)

(1,543)

Total the Company’s shareholders’ equity

355,172

304,702

44,907

Total liabilities and shareholders’ equity

1,474,854

1,013,524

149,375

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (All amounts in
thousands, except for share and per share data)

For the Six Months Ended

June 30,

2025

2026

RMB

USD

Net revenues

1,348,652

885,048

130,440

Cost of revenues

(1,282,869)

(827,573)

(121,969)

Gross profit

65,783

57,475

8,471

Operating expenses:

Selling and marketing expenses

(37,250)

(35,637)

(5,252)

General and administrative expenses

(37,255)

(57,902)

(8,534)

Research and development expenses

(18,293)

(14,457)

(2,131)

Total operating expenses

(92,798)

(107,996)

(15,917)

Operating loss

(27,015)

(50,521)

(7,446)

Other expenses:

Interest income

1,669

1,112

164

Interest expense

(1,213)

(1,396)

(206)

Foreign exchange gains

893

6,630

977

Government grants

1,295

2,839

418

Changes in fair value of warrant

1,114

(80)

(12)

Changes in fair value of amounts due to related party

(2,052)

(2,330)

(343)

Others, net

(454)

(552)

(81)

Loss before income tax

(25,763)

(44,298)

(6,529)

Income tax benefit

195

241

Net loss

(25,568)

(44,057)

(6,493)

Other comprehensive loss:

Foreign currency translation adjustments, net of nil tax

(1,302)

(9,316)

(1,373)

Fair value changes of amounts due to related party due to own credit risk

(453)

Total other comprehensive loss

(1,755)

(9,309)

(1,372)

Total comprehensive loss

(27,323)

(53,366)

(7,865)

Net loss per ordinary shares outstanding(1)

Basic

(10.89)

(18.57)

(2.74)

Diluted

(10.89)

(18.57)

(2.74)

Weighted average number of ordinary shares outstanding(1)

Basic

2,348,249

2,372,032

Diluted

2,348,249

2,372,032

(1) The shares and per share information are presented on a retroactive basis to reflect the 35-for-1 share consolidation of its Class A ordinary shares and Class B ordinary shares effective on July 20, 2026.

Reconciliation of GAAP Operating Expenses to Non-GAAP Operating Expenses (Unaudited)

(All amounts in thousands)

For the Six Months Ended

June 30,

2025

2026

RMB

USD

Selling and marketing expenses

(37,250)

(35,637)

(5,252)

Add: Share-based compensation expenses

1,851

1,135

167

Adjusted Selling and marketing expenses

(35,399)

(34,502)

(5,085)

General and administrative expenses

(37,255)

(57,902)

(8,534)

Add: Share-based compensation expenses

10,674

1,354

200

Adjusted General and administrative expenses

(26,581)

(56,548)

(8,334)

Research and development expenses

(18,293)

(14,457)

(2,131)

Add: Share-based compensation expenses

512

407

Adjusted Research and development expenses

(17,781)

(14,050)

(2,071)

Total operating expenses

(92,798)

(107,996)

(15,917)

Adjusted total operating expenses

(79,761)

(105,100)

(15,490)

Reconciliation of GAAP Net Loss and Net Loss Per Ordinary Share to Non-GAAP Net Loss and Net Loss Per
Ordinary Share (Unaudited)

(All amounts in thousands, except for share data and per share data)

For the Six Months Ended

June 30,

2025

2026

RMB

USD

Net loss

(25,568)

(44,057)

(6,493)

Add: Share-based compensation expenses

13,040

2,896

427

Amortization of intangible assets related to acquisition

1,050

155

Changes in fair value of warrant

(1,114)

Changes in fair value of amounts due to related party

2,052

2,330

343

Adjusted net loss

(10,540)

(37,701)

(5,556)

Weighted average number of ordinary shares used in
computing non-GAAP adjusted net loss per ordinary
share(1)

Basic

2,348,249

2,372,032

Diluted

2,348,249

2,372,032

Net loss per ordinary share(1)

Basic

(10.89)

(18.57)

(2.74)

Diluted

(10.89)

(18.57)

(2.74)

Non-GAAP adjustments to net loss per ordinary share(1)

Basic

6.40

2.68

0.40

Diluted

6.40

2.68

0.40

Adjusted net loss per ordinary share(1)

Basic

(4.49)

(15.89)

(2.34)

Diluted

(4.49)

(15.89)

(2.34)

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SOURCE Cheche Group Inc.

Technology

GreenCore Solutions Corp. (GSC) AI Agent Stack Passes 24.5 Million Inbound AI Agent Transactions In 30 Days

Published

6 minutes ago

September 4, 2026

Brendan Farrugia, Co-founder and Director of GSC Joint Venture Company GSC Agentic Pty. Ltd., joins the GSC Board of Advisors

VANCOUVER, BC and SYDNEY, Sept. 4, 2026 /PRNewswire/ — GreenCore Solutions Corp. (“GSC” or the “Company”) today announced a record month for its AI Agent Stack and a new appointment to its Board of Advisors.

What GSC does. GSC builds AI Agents that sell Consumer Packaged Goods (CPG) and Beauty & Personal Care (BPC) brands. The agents are provided as a managed service — nothing to install, no tech department, no firewall to open, for the brand or the buyer. When a retailer’s buying AI Agent asks whether a brand is available and orderable in its market, the GSC AI Agent answers — in that market, for that brand — and elevates the order to the GSC Trading Deck for humans in the loop on order volume. This is AI Orderability (AIO): new volume added to a brand’s existing capacity and team, not a replacement for either.

The record. In August the AI Agent Stack soared past 24.5 million inbound AI Agent transactions — nine every second — up from 9.5 million per month in May, June and July. Cumulative transactions since May now reach 50 million+. In 1999, Amazon.com took four years to reach its first 10 million customers.

Where the traffic comes from. Half of it is European:

European Union → 11.76 million, led by France at 7.11 million, the Netherlands at 2.35 million, Germany at 777,570 and Belgium at 436,460United Kingdom → 167,200, with Switzerland at 241,450 and Norway at 136,530 alongsideUnited States → 4.9 millionCanada → 1.48 millionSingapore → 1.15 million, the first Asia-Pacific market past one million

Why Europe. The Stack was designed on Microsoft Azure France Central, GSC’s founding region and European home — the global hub of BPC brands and of ESG leadership. GSC AI Agents now run resident in 18 countries on 18 Azure regions, plus Google Cloud Spain:

Founding regions → France Central, Australia East, South Central US, Mexico CentralEurope → UK South, Switzerland North, West Europe (Netherlands), Germany West Central, Italy North, Spain Central, Poland CentralAmericas → Canada Central, Brazil SouthAsia-Pacific → Southeast Asia (Singapore), Korea Central, Japan East, Central IndiaMiddle East → UAE North

Speed for customers and lower compute for buyers: a retail buying AI Agent in Tokyo, Los Angeles or Paris is answered by a GSC AI Agent in Japan, America or France. Every transaction follows one path:

Powered by the CPG Knowledge GraphCarried with its ESG record on SM-ESG-CPGResolved for its jurisdiction → in France, at FR-ECO-10060Answered once → a human reviews and signs every order

Telephone codes and postal codes were built for letters and phone calls. GSC provides the codes for AI Agents.

The market it serves. Morgan Stanley Research estimates AI shopping agents will account for $190 billion to $385 billion of U.S. e-commerce by 2030, with groceries and consumer packaged goods already leading AI-driven purchases. Bain & Company puts the U.S. figure at $300 billion to $500 billion. GSC’s traffic is that market arriving for its BPC brand customers, in the category it was built for.

The appointment. Brendan Farrugia is the Sydney co-founder behind GSC Agentic Pty. Ltd., the joint venture that carries the GSC AI Agent Stack across Asia-Pacific, Latin America and Europe including the UK. He is Director, Co-Founder & General Partner of Unify Ventures and sits on the GSC Agentic International Board of Directors.

“We augment a brand’s sales with new volume — we don’t duplicate what its team already does, and we do it sustainably, with the compute resident in the buyer’s own market,” said Matthew Keddy, CEO, GreenCore Solutions Corp. “Twenty-four and a half million inbound AI Agent transactions a month is 34,000 sales calls an hour, nine every second, answered on eighteen Microsoft Azure hyperscale regions active today for our customers. No brand could staff that. We deliver that new volume with AI Agents on a managed-service basis — faster time to market, lower cost, available now.”

“Every BPC board I sit in front of asks the same question: when does the retail buying agent era commence,” said Brendan Farrugia. “It hit scale in August — twenty-four and a half million agents asked, and our AI Agent fleet delivered. The question a board should be asking now is whether its brands can be found and ordered when those retail AI Agent buyers ask — because if the answer is no, the brand becomes invisible to its primary customers.”

About GreenCore Solutions Corp. (GSC)

GreenCore Solutions Corp. (GSC) builds AI Agents that sell Beauty & Personal Care (BPC) brands into retail grocery procurement, powered by the CPG Knowledge Graph with SPARKS and delivered on MCP + A2A + ACM-68000. GSC carries 24.5 million+ inbound AI Agent transactions a month across 2 billion datapoints spanning 38,350 BPC brands, 15,688 retail grocery banners and 3.29 million points of sale in 50 global markets. GSC AI Agents run sustainable, transact safe, human in the loop, and live on Microsoft Azure and Google Cloud. GSC is a Microsoft AI Cloud Partner. D-U-N-S 24-336-6774. For more information visit gsc-em.com.

About GSC Agentic Pty. Ltd.
GSC Agentic Pty. Ltd., headquartered in Sydney, Australia, is the joint venture delivering the GSC AI Agent Stack across Asia-Pacific, Latin America and Europe including the UK. For more information visit gsc-global.ai

View original content:https://www.prnewswire.com/news-releases/greencore-solutions-corp-gsc-ai-agent-stack-passes-24-5-million-inbound-ai-agent-transactions-in-30-days-302870456.html

SOURCE GreenCore Solutions Corp.