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Vera Health Quietly Became One of the World’s Most Used Clinical Tools. Now It Has Raised $32 Million to Give Every Clinician in the World the Best Medical Knowledge in Seconds

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With a team of just 12 employees, the clinical AI company has grown largely through physician referrals, bringing total funding to $32 million

More than 800,000 clinicians across 190 countries use Vera Health, including approximately 1 in 4 physicians in Spain and Italy, with most discovering the platform through recommendations from colleagues.Threshold Ventures led Vera Health’s $28.5 million Series A, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient tripled down, bringing total funding to $32 million.The investment will accelerate Vera Health’s evidence-focused clinical AI platform, expanding its ability to make global medical knowledge locally relevant and deepening partnerships with medical societies, publishers and health systems.

SAN FRANCISCO, Oct. 27, 2026 /PRNewswire/ — A year ago, a few thousand clinicians were using Vera Health. Today, more than 800,000 are, most having discovered the platform through a colleague. Every month since June, Vera has been the most downloaded clinical app in the world across the App Store and Google Play.¹ In September alone, it was downloaded more times than OpenEvidence and Doximity combined, while monthly downloads had more than tripled since February. With a team of just 12 employees, Vera has reached clinicians in 190 countries, including approximately 1 in 4 physicians in Spain and Italy, largely through word of mouth. Vera Health is a clinical AI search engine that reasons like a clinician, helping physicians find and evaluate medical evidence in seconds.

Today, Vera Health announced a $28.5 million Series A led by Threshold Ventures, with participation from Mantis VC and SV Angel. Existing investors Y Combinator and Gradient, tripled down in the round, bringing the company’s total funding to $32 million. The investment will accelerate Vera Health’s mission to close the gap between what medicine knows and what every patient receives.

Only a few months after raising its Series A, Vera already has more daily active users than it had monthly active users at the time of the raise. Clinicians went from asking Vera a few thousand questions a day to asking hundreds of thousands, every single day.

“Clinicians are the best data scientists I’ve ever met. They make the call in seconds, with more evidence than any human could ever read,” said Taieb Bennani, Co-Founder of Vera Health. “The secret to building for them is to live and breathe the problem like no one else. Everyone on our team is a clinician, or the child or sibling of one, like Maxime and me. That passion translates into every detail of the product, and when you build with that kind of obsession, the product speaks for itself, and clinicians share it with their colleagues. We don’t have the biggest team or the most money. We have the people who care the most about getting it right.”

How does Vera Health differ from general-purpose AI tools?
Clinical AI is increasingly being used to help physicians navigate complex medical questions, but the ability to generate an accurate-sounding answer does not necessarily establish whether the underlying research is reliable. Medicine now publishes a new scientific paper roughly every 20 seconds. Chatbots are built to sound confident. Vera is built to be accurate, and honest when the evidence is thin. Physicians are expected to keep up with an expanding body of research while interpreting guidelines, evaluating treatment options and making decisions for individual patients, sometimes within seconds.

Vera Health finds the evidence first, then writes the answer. Its technology searches more than 60 million peer-reviewed publications, clinical guidelines, consensus statements and drug labels, evaluating sources based on study design, level of evidence, cohort size, recency, journal quality and citation impact. Every claim is linked to its supporting research and color-coded to show the strength of the available evidence. Sometimes that color is red. A rare condition may have no large randomized trial or comprehensive guideline behind it, leaving only a small case series or a report involving a single patient. Vera Health surfaces that research while making its limitations visible, allowing physicians to assess how much weight the findings deserve.

“Medical knowledge moves too quickly for any one clinician to read, and general-purpose AI tools can make uncertain evidence sound settled,” said Maxime Allouch, co-founder, Vera Health. “Unlike other tools, we believe there’s value in making uncertainty visible. The grade shapes what Vera retrieves and writes, while the clinician brings the patient, the context and the judgment.”

Vera Health developed its approach alongside physicians who evaluate medical evidence and help write the guidelines other clinicians follow. Through its partnership with the American College of Emergency Physicians (ACEP), the platform integrates ACEP clinical policies with source attribution, bringing medical society guidance directly into clinical research workflows.

“In medicine, not all evidence is equal,” said Scott M. Silvers, MD, FACEP, Chair of the American College of Emergency Physicians’ Clinical Policies Committee and former Chair of Emergency Medicine at Mayo Clinic. “A large, randomized trial and a case report should never carry the same weight, yet most AI tools blend them into the same confident answer. Level of evidence is the foundation of every guideline we write, and Vera Health is built on it.”

For Dr. Bernard P. Chang, Vera Health’s Chief Scientific Advisor and Vice Chair of Research in the Department of Emergency Medicine at Columbia University, the importance of clinical evidence extends to how physicians evaluate patients.

“On a recent emergency-department shift, I saw a young woman with cough and shortness of breath. The symptoms could easily be attributed to a routine respiratory illness,” said Chang. “Vera Health surfaced evidence that raised my concern for pulmonary embolism, a potentially life-threatening blood clot in the lungs, and led me to broaden my evaluation. What interests me isn’t AI simply providing an answer. It’s whether it can reliably surface evidence that challenges our initial assumptions and improves clinical reasoning. That’s what we’re now evaluating rigorously, inside the academic medical centers where medicine is actually practiced.”

Vera Health’s clinical advisors also include Christopher Baugh, MD, MBA, FACEP, Vice Chair of Clinical Affairs in Emergency Medicine at Brigham and Women’s Hospital and Associate Professor of Emergency Medicine at Harvard Medical School. Its clinical council includes physician leaders affiliated with Mayo Clinic, Yale, Harvard, Columbia and Penn.

Why is Vera Health growing so quickly across international markets?
Bennani and Allouch grew up in families of physicians and initially developed Vera Health for their own fathers. What began with two users has since grown into a platform serving hundreds of thousands of clinicians, with physicians asking hundreds of thousands of questions each day. The company’s international growth reflects an approach built around a central reality of medicine. Medical knowledge is global, but clinical practice is local.

An emergency physician in France may follow different treatment guidelines than a physician in the United States. An oncologist reviewing a complex case may need an exhaustive evaluation of the available research, while an emergency physician needs a concise answer within seconds. Even physicians practicing the same specialty may follow different protocols depending on their institution.

Vera Health accounts for those differences by prioritizing locally relevant guidance while drawing on medical research from around the world. Through Vera Spaces, health systems can also integrate their own clinical protocols and pathways alongside national guidelines and international medical literature.

“Medicine is global, yet most tools in our space were built for a single geography,” said Allouch. “We went international from day one, because only a global view reveals what is truly local.”

The approach has helped Vera Health expand across Europe, where approximately 1 in 4 physicians in Spain and Italy and 1 in 7 in France use the platform, according to company data. Vera Health has achieved that international reach with a small team and a product that clinicians have largely discovered through their peers.

What will Vera Health’s Series A funding support next?
The financing will support further development of Vera Health’s clinical evidence infrastructure, expansion into additional healthcare markets and deeper partnerships with medical societies, publishers and health systems. The company will continue investing in locally relevant clinical guidance and tools that allow healthcare institutions to incorporate their own medical knowledge into the platform.

“In healthcare, trust is earned, not bought. Vera’s adoption among clinicians worldwide speaks to what Taieb and Maxime have built. By combining the most rigorous medical evidence with an understanding of each physician’s specialty, protocols and practice context, Vera makes the world’s medical knowledge relevant to how care is actually delivered. We believe that creates an enormous opportunity to improve global health,” said Andrew Brackin, Partner at Gradient.

“Vera is compelling because it starts with the evidence, not just an answer—helping clinicians find and assess the research behind a decision while making its strengths and limitations visible. By bringing that evidence to the point of care, Vera becomes a trusted clinical intelligence layer, not just another AI tool,” said Emily Melton, co-founder and managing partner of Threshold Ventures.

Vera Health will remain free for licensed clinicians and medical trainees worldwide as it expands access to medical evidence and locally relevant clinical guidance.

New medical knowledge takes an estimated 17 years to reach routine clinical practice, according to research published in the Journal of the Royal Society of Medicine. Vera Health aims to reduce the time physicians spend searching for and evaluating that knowledge, bringing relevant evidence closer to the moment clinical decisions are made.

“Our mission is to close the gap between what medicine knows and what every patient receives,” said Bennani. “Today, that gap is measured in years. We want it measured in seconds.”

About Vera Health
Vera Health is the search engine that reasons like a clinician, finding and grading evidence before showing the source, strength and limits behind every answer. More than 800,000 clinicians in 190 countries use Vera, which is free for licensed clinicians and trainees, never trains on clinicians’ questions, and is HIPAA and GDPR compliant and SOC 2 Type II certified. Founded in 2024 at Y Combinator by MIT graduates and sons of physicians Taieb Bennani and Maxime Allouch, Vera is headquartered in San Francisco and backed by Threshold Ventures, Gradient, Y Combinator, SV Angel and Mantis VC.

Learn more at verahealth.ai.

¹ Download data: Appark, worldwide App Store and Google Play downloads, June through [September] 2026.

Media Contact
Interdependence
(949) 259-6377 x 225
425709@email4pr.com

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Self-Driving Cars Market worth 51,213 thousand units in 2035 | MarketsandMarkets™

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November 2, 2026

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DELRAY BEACH, Fla., Nov. 2, 2026 /PRNewswire/ — According to MarketsandMarkets™, the Self-Driving Cars Market is projected to grow from 31,509 thousand units in 2026 and to reach 51,213 thousand units in 2035, at a Compound Annual Growth Rate (CAGR) of 5.5% during the forecast period.

Browse 250 market data Tables and 75 Figures spread through 300 Pages and in-depth TOC on ‘Self-Driving Cars Market’

Self-Driving Cars Market Size & Forecast:

Market Size Available for Years: 2022-20352026 Market Size: 31,509 thousand Units2035 Projected Market Size: 51,213 thousand UnitsCAGR (2026–2035): 5.5%

Self-driving Cars Market Trends & Insights:

Personal mobility is estimated to hold the largest share during the forecast period.The Level 3 segment is to witness the fastest growth in the self-driving cars market during the forecast period.North America is expected to grow significantly during the forecast period.

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Self-driving cars are progressing from controlled testing toward commercial deployment, supported by advances in AI, computing architecture, and vehicle automation. The commercial operation of Level 4 robotaxis in multiple cities is accelerating investment in autonomous driving technologies, including perception, sensor fusion, decision-making software, and high-performance computing. These developments are also influencing passenger vehicle programs, where automakers are expanding Level 2+ driver assistance and developing new off-driving capabilities. Over the next few years, progress in AI models, simulation-based validation, and sensor integration is expected to improve system performance and support the wider deployment of automated driving across vehicle segments. Volkswagen is developing localized AI driving solutions in China through its CARIZON joint venture with Horizon Robotics, aligning its technology strategy with local market requirements. These strategies reflect a broader shift toward controlling software development, computing costs, and system integration. The competitive advantage will depend on how effectively automakers scale validated driving functions across vehicle portfolios, improve affordability, and meet regional regulatory requirements without compromising safety performance.

Hyundai Motor Group Builds an AI Data Strategy to Accelerate Self-driving Technology

In September 2026, Hyundai Motor Group activated its Data Flywheel strategy, linking real-world driving data collection, AI training, simulation, validation, and software deployment. The group is targeting NVIDIA-based Level 2+ production vehicles in the first half of 2028 and Level 2++ vehicles in the second half of 2028, followed by proprietary Atria AI-powered Level 2++ vehicles in the second half of 2029.Hyundai’s two-track strategy allows it to deploy technology developed with NVIDIA while continuing to develop its own end-to-end Atria AI system through 42dot. By standardizing sensor systems across Hyundai, Kia and its technology subsidiaries, the group aims to improve data consistency and software reuse across vehicle platforms. This approach can reduce duplicated development efforts and accelerate the identification of difficult driving scenarios, although the commercial advantage will depend on translating larger data volumes into measurable safety and performance improvements.

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Personal mobility is estimated to hold the largest share during the forecast period.

Personal mobility is emerging as a commercial opportunity in the self-driving cars market, as OEMs focus on making automated driving a practical feature that improves convenience and strengthens premium vehicle differentiation. According to China’s Ministry of Industry and Information Technology, 69.15% of passenger cars sold in January and February 2026 had Level 2 driving assistance, up 10 percentage points year on year. The US National Highway Traffic Safety Administration (NHTSA) added pass or fail assessments for advanced driver assistance systems to its New Car Assessment Program, encouraging automakers to improve safety features that protect drivers and pedestrians. The near-term opportunity lies in expanding assisted driving capabilities across urban roads and highways, while improving the reliability of AI-based perception, navigation, and decision-making. In January 2026, Mercedes-Benz presented MB. DRIVE ASSIST PRO on the new CLA, combining navigation with Level 2 driving assistance for supported urban journeys, with the system already available in China and a US launch planned for later in 2026. The development highlights how OEMs are leveraging automated driving capabilities to enhance the vehicle ownership experience and create opportunities for software-based feature upgrades. For automakers, the competitive advantage depends on delivering reliable automation across more vehicle models and price points, turning driving convenience into a stronger purchase incentive.

The Level 3 segment is to witness the fastest growth in the self-driving cars market during the forecast period.

The Level 3 segment is expected to be the fastest-growing segment in the self-driving cars market as automakers move beyond Level 2 driver assistance toward conditional automation. Adoption remains concentrated in specific driving conditions because Level 3 systems must operate within defined conditions and transfer control back to the driver when required. For instance, in December 2025, China approved its first two Level 3 passenger car models from Changan Automobile and BAIC’s ARCFOX brand. The Changan model was approved for operation during highway traffic congestion at speeds of up to 50 km/h on designated roads in Chongqing, while the ARCFOX model was permitted to operate at speeds of up to 80 km/h on designated roads in Beijing. These restricted approvals show that Level 3 deployment is progressing through controlled operating conditions rather than unrestricted use. Automakers that align system capabilities with approved road conditions and reliable driver handover requirements will be better positioned to expand Level 3 passenger car offerings.

North America is expected to grow significantly during the forecast period.

North America is strengthening its position in the self-driving cars market as automakers expand AI-based driving assistance and autonomous mobility programs. A key focus is extending automation to complex urban environments while maintaining driver supervision in passenger vehicles. In May 2026, Stellantis partnered with Wayve to integrate Wayve’s AI Driver into its STLA Auto Drive platform, targeting supervised, hands-free driving across urban and highway routes, with North American deployment planned from 2028. In a separate development, Volkswagen Group’s MOIA America partnered with Uber to introduce autonomous ID. Buzz vehicles in Los Angeles, with on-road testing and plans to launch ride-hailing services by the end of 2026. The two initiatives highlight distinct development paths in the region: integrating AI-powered driving capabilities into passenger vehicle platforms and deploying autonomous electric vehicles for commercial mobility services. Progress will depend on system validation, regulatory approvals, operational safety, and the ability to handle diverse traffic conditions.

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Top Companies in Self-Driving Cars Market:

The Top Companies in Self-Driving Cars Market are Toyota Motor Corporation (Japan), Volkswagen Group (Germany), BYD Co., Ltd. (China), Stellantis (Netherlands), and Hyundai Motor Group (South Korea).

Self-driving Cars Market – Investment and Funding Scenario

Investment Funding Context

The global self-driving cars market is projected to reach 51,213 thousand units by 2033, from 31,509 thousand units in 2026, at a CAGR of 5.5% during 2026–2035. Growth will be supported by AI-based perception, sensor fusion, and software-defined vehicle architecture. Automakers should prioritize scalable automation platforms, cost optimization, and software integration to strengthen competitiveness and capture future demand.

Revenue Shift Context

Revenue in the global self-driving cars market is shifting toward higher-value ADAS hardware, AI-powered driving software, and advanced perception systems, including cameras, radar, LiDAR, and high-performance computing platforms. Growing adoption of Level 2 and Level 2+ systems is driving demand for sensor fusion, driver monitoring, and hands-free driving capabilities. Additional revenue opportunities are emerging from software licensing, over-the-air upgrades, and technology partnerships. For instance, in February 2026, Waymo raised USD 16 billion to expand its autonomous ride-hailing operations and accelerate technology development. This investment highlights growing capital allocation toward scalable AI-driven autonomy and commercial deployment. Consequently, market value creation is increasingly driven by advanced technology content per vehicle, software monetization, and autonomous mobility services rather than vehicle volumes alone.

Mergers and Acquisitions

From September 2025 to September 2026, eight notable strategic transactions involving major self-driving cars market players were identified, including partnerships, funding rounds, technology agreements, and collaborations. The transactions mainly focused on autonomous driving software development, AI-powered vehicle systems, robotaxi expansion, advanced sensor technologies, and commercialization of self-driving solutions.

SELF-DRIVING CARS MARKET: MERGERS AND ACQUISITIONS, SEPTEMBER 2025 – SEPTEMBER 2026

Month & Year

Deal Type

Company 1

Company 2

Description

September 2026

Agreement

Mercedes-Benz Group AG (Germany)

Wayve (UK)

Mercedes-Benz (Germany) and Wayve (UK) signed an agreement to integrate Wayve’s autonomous driving system into future Mercedes-Benz vehicles, with deployment expected to begin within two years.

July 2026

Partnership

Ford (US)

Apple (US)

Ford (US) partnered with Apple (US) to integrate Apple Maps navigation into Ford’s next-generation Universal Electric Vehicle platform, providing drivers with navigation and route planning capabilities through Apple Maps.

July 2026

Partnership

BMW Group (Germany)

Qualcomm (US)

Qualcomm made an agreement with BMW to supply Snapdragon Digital Chassis solutions for BMW’s future vehicle platforms. The agreement covers cockpit processors, automated driving chips, and AI accelerators for BMW’s next-generation digital and advanced driver assistance systems.

July 2026

Partnership

Waymo LLC (US)

Hyundai Motor Group

Hyundai Motor (South Korea) and Waymo (US) partnered to test Hyundai IONIQ 5 vehicles equipped with Waymo’s sixth-generation Waymo Driver. The test began with an autonomous specialist onboard and is intended to validate the system ahead of fully autonomous operations.

April 2026

Joint Venture

Volkswagen AG (Germany)

Horizon Robotics (China)

Volkswagen partnered with Horizon Robotics through their CARIZON joint venture to develop automated driving solutions for the Chinese market. The joint venture integrates CARIZON’s ADAS solution into Volkswagen vehicles, including the ID. AURA T6.

March 2026

Partnership

BYD (China)

NVIDIA (US), BYD (China), Geely (China), Isuzu (Japan), and Nissan (Japan)

BYD partnered with NVIDIA, Geely, Isuzu, and Nissan to adopt its Hyperion platform for Level 4 autonomous vehicle programs. The platform integrates compute, sensors, networking, and safety systems to support development and deployment of Level 4 autonomous vehicles.

January 2026

Partnership

Mercedes-Benz Group AG (Germany)

NVIDIA Corporation (US), Uber (US)

Mercedes-Benz (Germany), NVIDIA (US), and Uber partnered to develop a global robotaxi platform. The platform will integrate Mercedes-Benz’s MB. OS with NVIDIA’s autonomous driving technologies, enabling highly automated driving applications while allowing Mercedes-Benz to retain control of its core vehicle software.

September 2025

Partnership

Waymo LLC (US)

Lyft (US)

Waymo (US) partnered with Lyft (US) to bring fully autonomous ride-hailing services to Nashville. Waymo will provide autonomous driving technology, while Lyft’s Flexdrive subsidiary will support vehicle fleet management.

Company Revenue Share Details

The top five players are estimated to account for approximately 41%–46% of the self-driving cars market, indicating a moderately concentrated competitive landscape with strong competition among established automotive manufacturers. Leading players such as Toyota Motor Corporation (Japan), Volkswagen AG (Germany), BYD Company Limited (China), Stellantis N.V. (Netherlands), and Hyundai Motor Company (South Korea) are expanding their autonomous driving capabilities across passenger vehicle platforms. Their strategies include ADAS integration, AI-powered driving software, sensor fusion, automated driving platforms, and partnerships with autonomous technology providers to enhance vehicle safety, improve driving automation, and accelerate commercialization across global markets.

Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting

Related Reports:

Autonomous Driving Software Market

Autonomous Vehicle Sensor Market

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Today, 80% of Fortune 2000 companies rely on MarketsandMarkets, and 90 of the top 100 companies in each sector trust us to accelerate their revenue growth. With a global clientele of over 13,000 organizations, we help businesses thrive in a disruptive ecosystem.

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Built on the ‘GIVE Growth’ principle, we collaborate with several Forbes Global 2000 B2B companies to keep them future-ready. Our insights and strategies are powered by industry experts, cutting-edge AI, and our Market Intelligence Cloud, KnowledgeStore™, which integrates research and provides ecosystem-wide visibility into revenue shifts.

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Q-Ball Intelligence launches to bring Predictive Intelligence into the AI era

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November 2, 2026

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19 years of predictive research, backed by a nine-year real-world investment record returning 235.19%

SAN FRANCISCO, Nov. 2, 2026 /PRNewswire/ — Q-Ball Intelligence today announces its launch as a new AI-native Predictive Intelligence venture, building on nearly two decades of research and practical applications dating back to 2007.

The company is developing a new generation of artificial intelligence capable of identifying emerging signals, recognising patterns and anticipating future developments moving beyond analysing what has happened to understanding what is likely to happen next.

The research behind Q-Ball has already been applied in practice. Between 17 February 2016 and 17 February 2025, a Q-Ball-informed investment portfolio delivered a cumulative return of 235.19%.

For comparison, the portfolio analysis shows returns of 129.86% for OMX Stockholm All-Share Gross Index (OMXSGI), representing the broader Swedish equity market, and 106.55% for OMX Stockholm 30 Index (OMXS30) over the same period. This represents an outperformance of 105.33 and 128.64 percentage points respectively.

The nine-year investment record provides a tangible example of the practical application of predictive research developed under the leadership of Assistant Professor Peter Majanen. It represents an actual investment portfolio record rather than a simulated backtest.

From analysing information to anticipating change

Most analytical systems are designed to process information, identify historical trends and explain developments that have already taken place.

Q-Ball is pursuing a different objective: recognising the signals and changing expectations that may reveal what comes next.

Its predictive methodology connects information, expectations, emerging patterns and momentum with potential catalysts and future outcomes. The objective is to translate complex information into structured, measurable forecasts.

The underlying research originated in 2007 and has evolved through nearly two decades of development and practical application. Q-Ball Intelligence represents the next stage: transforming this foundation into a scalable technology platform designed for international markets.

Building a new Predictive Intelligence platform

Q-Ball is developing an AI-native platform designed to identify relevant signals, assess emerging developments, generate structured forecasts and measure predictions against actual outcomes.

The company’s approach places particular emphasis on understanding changes in expectations and behaviour, rather than relying exclusively on historical data and conventional trend analysis.

By combining predictive methodology with AI-driven analysis, Q-Ball aims to create technology that helps organisations and individuals anticipate change, assess opportunities and make better-informed decisions.

An important part of the development philosophy is accountability: predictions should be structured, time-stamped and evaluated against what actually happens. This creates a foundation for continuous measurement, refinement and learning.

Applications across multiple markets

Q-Ball Intelligence is developing its technology for institutional and commercial customers, with additional applications across financial markets, sports and gaming.

Initial areas of focus include:

Enterprise Predictive Intelligence helping organisations anticipate market developments, changing conditions, emerging risks and strategic opportunities.

Financial Markets developing predictive intelligence for equities and financial markets, identifying emerging patterns and assessing the probability of potential market developments.

Sports and Gaming applying predictive models to sporting outcomes, competitive environments and gaming-related markets.

The company is building these applications on a shared predictive foundation, extending its core intelligence capabilities across different markets and customer segments.

A new chapter for predictive intelligence

“Prediction is not about knowing the future. It is about understanding the present well enough to recognize what the future is beginning to become,” says Peter Majanen, Founder and Chief Predictive Intelligence Architect.

Q-Ball Intelligence aims to establish Predictive Intelligence as a distinct category within the evolving AI landscape moving beyond systems that primarily describe the world towards technology designed to anticipate how it may change.

With research foundations dating back to 2007, the company now enters a new phase focused on technology development, commercialisation and international expansion.

Q-Ball Intelligence Predicting What Comes Next.

About Q-Ball Intelligence

Q-Ball Intelligence is an AI-native Predictive Intelligence venture developing technology designed to identify emerging signals, recognise patterns and anticipate future developments.

Its foundations combine predictive research, proprietary analytical methodology and practical applications developed since 2007. The company is focused on transforming this foundation into a scalable predictive intelligence platform for institutional, commercial and consumer applications.

Website: www.qballintel.com

Press contact:
Richard Sjoberg
Q-Ball Intelligence
press@qballintel.com
www.qballintel.com

Historical performance disclosure: The portfolio return of 235.19% relates to the period 17 February 2016 to 17 February 2025. Benchmark figures are based on Avanza data for OMX Stockholm All-Share Gross Index (OMXSGI) and OMX Stockholm 30 Index (OMXS30) over the same period. Historical performance is not indicative of future results. The historical portfolio performance should not be interpreted as performance generated by the new Q-Ball Intelligence platform or as a guarantee of future investment outcomes.

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NAPCO Security Technologies, Inc. Reports Fiscal Q1 2027 Results

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November 2, 2026

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AMITYVILLE, N.Y., Nov. 2, 2026 /PRNewswire/ — NAPCO Security Technologies, Inc. (NASDAQ: NSSC), one of the leading manufacturers and designers of high-tech electronic security equipment, wireless communication devices for intrusion and fire alarm systems and the related recurring service revenues as well as a provider of school safety solutions, today announced financial results for its first quarter of fiscal year 2027.  Results are reported in accordance with U.S. generally accepted accounting principles (“GAAP”) and are also reported adjusting for certain items (“Non-GAAP”). A reconciliation between GAAP and Non-GAAP operating results is provided at the end of this press release.  

First Quarter 2027 Financial Results as Compared to First Quarter 2026

Net revenue increased 1.7% to a First Quarter record $50.0 millionRecurring service revenue (“RSR”) increased 11.5% to a Quarterly record $26.1 million, with over 90% gross marginRSR has a prospective annual run rate of approximately $106 million based on October 2026 recurring service revenuesEquipment revenue decreased 7.3% to $23.9 millionGross profit margin increased to 58.7.% vs 56.6% in prior fiscal year quarterNet Income increased 6.9% YoY to a First Quarter record $13.0 millionDiluted Net Income per share increased 5.9% to $0.36Non-GAAP Adjusted EBITDA increased 3.8% to a First Quarter record $15.5 million with an Adjusted EBITDA Margin of 31.0%, compared to $14.9 million with an Adjusted EBITDA Margin of 30.4% in the prior fiscal year quarterThe board declared a quarterly dividend of $.17 per share, payable on January 4, 2027, to shareholders of record on December 14, 2026.

Kevin Buchel, CEO and President, commented, “Our Fiscal Q1 performance reflects continued positive financial results. We achieved record Q1 revenue of $50.0 million and record Q1 Adjusted EBITDA of $15.5 million, which was bolstered by our recurring service revenue. Our RSR continues to deliver gross margins of over 90% and has a prospective run rate of approximately $106 million, a $3 million increase from the run rate we reported in July 2026. While equipment revenue declined year-over-year, the decrease was driven by two locking distributors reducing their purchases during the quarter. Importantly, sell-through at both distributors grew year-over-year and strengthened meaningfully on a sequential basis. We view sell-through as the truest indicator of end-market demand, and these trends reinforce our confidence in the underlying health of the business.

We are pleased to continue our dividend program of which the quarterly dividend will be $0.17 per share, which will be paid on January 4, 2027, to shareholders of record on December 14, 2026.”

Three months ended September 30, 

(dollars in thousands)

% Increase/

Financial Highlights

2026

2025

(decrease)

GAAP Results

Net Revenue

$

49,980

$

49,168

1.7

%

Gross Profit

$

29,352

$

27,846

5.4

%

Gross Profit Margin

58.7

%

56.6

%

Operating Income

$

14,117

$

13,643

3.5

%

Net Income

$

13,009

$

12,165

6.9

%

Diluted Earnings Per Share

$

0.36

$

0.34

5.9

%

Non-GAAP Results

Adjusted EBITDA

$

15,509

$

14,942

3.8

%

Adjusted EBITDA Margin

31.0

%

30.4

%

Adjusted EBITDA Per Share

$

0.43

$

0.42

2.4

%

Free Cash Flows

$

2,317

$

11,444

(79.8)

%

Free Cash Flows Margin

4.6

%

23.3

%

Conference Call Information

Management will conduct a conference call at 11 a.m. ET today, November 2, 2026, and in order to participate please go to the Investor Relations section of the Company website at https://investor.napcosecurity.com/events-presentations or choose https://app.webinar.net/ndlaQ1yQy3W. Alternatively, interested parties may participate in the call by dialing (US) 1-800-836-8184 or (International) 1-646-357-8785.  A replay of the webcast will be available on the Investor Relations section of the Company’s website.

About NAPCO Security Technologies, Inc.

NAPCO Security Technologies, Inc., is one of the leading manufacturers and designers of high-tech electronic security devices, wireless recurring communication services for intrusion and fire alarm systems as well as a provider of school safety solutions, The Company consists of four Divisions: NAPCO, plus three wholly owned subsidiaries: Alarm Lock, Continental Instruments, and Marks USA. Headquartered in Amityville, New York, its products are installed by tens of thousands of security professionals worldwide in commercial, industrial, institutional, residential and government applications. NAPCO products have earned a reputation for innovation, technical excellence and reliability, positioning the Company for growth in the multi-billion dollar and rapidly expanding electronic security market. For additional information on NAPCO, please visit the Company’s web site at http://www.napcosecurity.com.

Safe Harbor Statement

This press release contains forward-looking statements that are based on current expectations, estimates, forecasts and projections of future performance based on management’s judgment, beliefs, current trends, and anticipated product performance. These forward-looking statements include, but are not limited to, statements relating to supply chain challenges and developments; the growth of recurring service revenues and annual run rate; the strength of our balance sheet; our expectations regarding future results; the introduction of new access control and locking products; the opportunities for school security products; the opportunities for fire alarm products; and our ability to execute our business strategies. Actual results, performance or achievements could differ materially from those anticipated in such forward-looking statements because of certain factors, including those risk factors set forth in the Company’s filings with the Securities and Exchange Commission, such as our annual report on Form 10-K and quarterly reports on Form 10-Q. Other unknown or unpredictable factors or underlying assumptions subsequently proved to be incorrect could cause actual results to differ materially from those in the forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, or achievements. You should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today’s date, unless otherwise stated, and the Company undertakes no duty to update such information, except as required under applicable law.

*Non-GAAP Financial Measures

Certain non-GAAP measures are included in this press release, including non-GAAP operating income, non-GAAP net income, non-GAAP net income per share (diluted), non-GAAP net income margin, Adjusted EBITDA, Adjusted EBITDA per share (diluted), Adjusted EBITDA per share margin, Free Cash Flow and Free Cash Flow margin. We define non-GAAP net income as GAAP net income plus litigation settlement costs. We define Adjusted EBITDA as GAAP net income plus income tax expense, less net interest income (expense), stock-based compensation, non-recurring legal expenses, litigation settlement costs, and depreciation and amortization expenses.  Non-GAAP net income margin is non-GAAP net income divided by revenue. Adjusted EBITDA margin is Adjusted EBITDA divided by revenue. We define Free Cash Flow (FCF) as net cash provided by operating activities less capital expenditures. FCF margin is the FCF divided by revenue. These non-GAAP measures are provided to enhance the user’s overall understanding of our financial performance. By excluding these charges our non-GAAP results provide information to management and investors that is useful in assessing NAPCO’s core operating performance and in comparing our results of operations on a consistent basis from period to period. Our use of non-GAAP financial measures has certain limitations in that such non-GAAP financial measures may not be directly comparable to those reported by other companies. For example, the terms used in this press release, such as Adjusted EBITDA, do not have a standardized meaning. Other companies may use the same or similarly named measures, but exclude different items, which may not provide investors with a comparable view of our performance in relation to other companies. The presentation of this information is not meant to be a substitute for the corresponding financial measures prepared in accordance with generally accepted accounting principles. Investors are encouraged to review the reconciliation of GAAP to non-GAAP financial measures set forth above.

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

September 30, 2026

June 30, 2026

(in thousands, except share data)

Assets

Current Assets

Cash and cash equivalents

$

123,882

$

126,928

Marketable securities

10,734

10,637

Accounts and other receivable, net of allowance for credit losses of $129 and $101 as of

September 30, 2026 and June 30, 2026, respectively

29,248

35,975

Inventories

34,130

30,118

Income tax receivable

1,523

—

Prepaid expenses and other current assets

3,838

4,325

Total Current Assets

203,355

207,983

Inventories – non-current

9,195

9,256

Property, plant and equipment, net

9,202

9,238

Intangible assets, net

2,919

2,990

Deferred income taxes

1,777

4,105

Operating lease – Right-of-use asset

4,838

4,906

Other assets

185

190

Total Assets

$

231,471

$

238,668

Liabilities and Stockholders’ Equity

Current Liabilities

Accounts payable

$

7,749

$

6,925

Accrued expenses

9,275

8,546

Accrued litigation costs

—

16,000

Accrued salaries and wages

5,036

4,484

Dividends payable

6,081

5,365

Accrued income taxes

—

1,134

Total Current Liabilities

28,141

42,454

Accrued income taxes

—

33

Operating lease liability

5,142

5,179

Total Liabilities

33,283

47,666

Commitments and Contingencies (Note 13)

Stockholders’ Equity

Common Stock, par value $0.01 per share; 100,000,000 shares authorized; 39,883,051 shares

issued; and 35,768,437 shares outstanding as of both September 30, 2026 and June 30, 2026,

respectively.

399

399

Additional paid-in capital

25,628

25,355

Retained earnings

228,331

221,403

Treasury Stock, at cost, 4,114,614 shares as of both September 30, 2026 and June 30, 2026

(56,315)

(56,315)

Accumulated other comprehensive income

145

160

Total Stockholders’ Equity

198,188

191,002

Total Liabilities and Stockholders’ Equity

$

231,471

$

238,668

 

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months ended September 30, 

2026

2025

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

Revenue:

Equipment revenue

$

23,850

$

25,739

Service revenue

26,130

23,429

Total revenue

49,980

49,168

Cost of Revenue:

Cost of equipment revenue

18,043

19,046

Cost of service revenue

2,585

2,276

Total cost of revenue

20,628

21,322

Gross Profit

29,352

27,846

Operating Expenses:

Research and development

4,053

3,240

Selling, general, and administrative

12,182

10,963

Litigation settlement

(1,000)

—

Total operating expenses

15,235

14,203

Operating Income

14,117

13,643

Other Income:

Interest income, net

1,117

854

Other income, net

115

138

Income before Provision for Income Taxes

15,349

14,635

Provision for Income Taxes

2,340

2,470

Net Income

$

13,009

$

12,165

Income Per Share:

Basic

$

0.36

$

0.34

Diluted

$

0.36

$

0.34

Weighted Average Number of Shares Outstanding:

Basic

35,768,000

35,658,000

Diluted

35,881,000

35,865,000

 

NAPCO SECURITY TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

Three Months ended September 30, 

2026

2025

(in thousands)

Cash Flows from Operating Activities

Net Income

$

13,009

$

12,165

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

Depreciation and amortization

540

570

Realized gain on sales of marketable securities

(114)

(92)

Charge (recovery) of credit losses

28

(1)

Change to inventory reserve

(109)

(354)

Deferred income taxes

2,328

1,681

Stock-based compensation expense

273

309

Changes in operating assets and liabilities:

Accounts and other receivable

6,699

(561)

Inventories

(3,842)

(177)

Prepaid expenses and other current assets

487

(305)

Income tax receivable

(1,523)

(1,993)

Other assets

5

4

Accounts payable, accrued expenses, accrued litigation costs, accrued salaries and wages,

accrued income taxes

(15,031)

391

Net Cash Provided by Operating Activities

2,750

11,637

Cash Flows from Investing Activities

Purchases of property, plant, and equipment

(433)

(193)

Purchases of marketable securities

(3,570)

(2,540)

Proceeds from sales of marketable securities

3,572

8,407

Net Cash (Used In) Provided by Investing Activities

(431)

5,674

Cash Flows from Financing Activates

Dividends paid

(5,365)

(4,992)

Net Cash Used in Financing Activities    

(5,365)

(4,992)

Net (decrease) increase in Cash and Cash Equivalents

(3,046)

12,319

Cash and Cash Equivalents – Beginning

126,928

83,081

Cash and Cash Equivalents – Ending

$

123,882

$

95,400

Supplemental Cash Flow Information

Income taxes paid, net of refunds received

$

2,701

$

3,104

Non-Cash Investing and Financing Transactions

Dividends declared and not paid

$

6,081

$

4,992

 

NAPCO SECURITY TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA*

(unaudited)

(in thousands, except share and per share data)

Non-GAAP Adjustments

Litigation

Tax

GAAP

Settlement

Adjustments (1)

Non-GAAP

Three months ended September 30, 2026

Revenue

$

49,980

$

—

$

—

$

49,980

Gross Profit

29,352

—

—

29,352

Operating Expenses

15,235

1,000

—

16,235

Operating Income

14,117

(1,000)

—

13,117

Net Income

13,009

(1,000)

108

12,117

Non-GAAP adjusted net income margin

24.2

%

Non-GAAP adjusted net income per share – diluted

$

0.34

Three months ended September 30, 2025

Revenue

$

49,168

$

—

$

—

$

49,168

Gross Profit

27,846

—

—

27,846

Operating Expenses

14,203

—

—

14,203

Operating Income

13,643

—

—

13,643

Net Income

12,165

—

—

12,165

Non-GAAP adjusted net income margin

24.7

%

Non-GAAP adjusted net income per share – diluted

$

0.34

Three months ended September 30,

2026

2025

Denominator:

Weighted average shares outstanding

Basic, as reported

35,768,000

35,658,000

Effect of Dilutive Securities

113,000

207,000

Diluted, (Denominator)

35,881,000

35,865,000

1.

The ‘with or without’ method is utilized to determine the income tax effect of all Non-GAAP adjustments.

 

NAPCO SECURITY TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL DATA*

(unaudited)

(in thousands, except share and per share data)

Three months ended September 30, 

2026

2025

Non-GAAP adjusted EBITDA:

Net income, as reported

$

13,009

$

12,165

Interest income, net

(1,117)

(854)

Provision for income taxes

2,340

2,470

Depreciation and amortization

540

570

Non-GAAP EBITDA

14,772

14,351

Adjustments:

Stock based compensation

273

309

Nonrecurring legal expense(1)

1,464

282

Litigation settlement(2)

(1,000)

—

Total adjustments

737

591

Non-GAAP adjusted EBITDA

$

15,509

$

14,942

Non-GAAP adjusted EBITDA margin

31.0

%

30.4

%

Non-GAAP per share data:

Non-GAAP adjusted EBITDA per share – diluted

$

0.43

$

0.42

Denominator:

Weighted average shares outstanding

Basic, as reported

35,768,000

35,658,000

Effect of Dilutive Securities

113,000

207,000

Diluted, (Denominator)

35,881,000

35,865,000

1.

Nonrecurring Legal Expenses, which are net of any insurance reimbursements, are legal fees that are determined not to be of a normal recuring nature and expenses necessary to operate the business

2.

Litigation settlement costs, which are net of any insurance reimbursements, were determined not to be of a recurring nature and costs that are not in the normal cost of business or necessary to operate the business

 

Three months ended September 30, 

(dollars in thousands)

2026

2025

Free cash flow:

Net Cash Provided by Operating Activities

$

2,750

$

11,637

Less: Purchases of property, plant, and equipment

(433)

(193)

Free Cash Flow(1)

$

2,317

$

11,444

Free Cash Flow Margin(1)

4.6

%

23.3

%

1.

Free cash flow is calculated as net cash provided by operating activities less capital expenditures. Free cash flow margin is the free cash flow divided by revenue.  

Contacts:
Francis J. Okoniewski
Vice President of Investor Relations
NAPCO Security Technologies, Inc.
Office 800-645-9445 x 374
Mobile 516-404-3597
fokoniewski@napcosecurity.com

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SOURCE NAPCO Security Technologies, Inc.

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