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Martello Reports Financial Results for the Fourth Quarter and 2024 Fiscal Year

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/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./

Strategic improvements in FY24 designed to boost sales momentum in FY25.

Vantage DX achieved 27% year-over-year revenue growth.Sales process and go-to-market strategy re-engineered in FY24 to accelerate Vantage DX growth in FY25.Strategic investments in product and channel leaders are driving capacity to focus on revenue growth.Mitel’s acquisition of Unify coupled with partners including leading telcos engaged with Vantage DX provide growth opportunities.Legacy products are sunsetting as planned.Demonstrating continued confidence in Martello, Chairman Terence Matthews provided CAD$1.5M in an unbrokered private placement of common shares in March 2024. Nicolae Lungu appointed Interim Chief Financial Officer subsequent to quarter-end.

OTTAWA, ON, June 20, 2024 /CNW/ – Martello Technologies Group Inc., (“Martello” or the “Company”) (TSXV: MTLO), a provider of software that optimizes the Microsoft Modern Workplace environment, today released financial results for the three and twelve months ended March 31, 2024. Martello software provides businesses with actionable insights on the performance and user experience of cloud services such as video conferencing and voice calls, with a focus on Microsoft 365, Microsoft Teams and Mitel unified communications.

Terence Matthews, Chairman of Martello Technologies is pleased to see a growing engagement with Mitel and its global partners: “At recent international Mitel Next events, the engagement of Mitel and Unify with Martello for both MPA and Vantage DX is increasing everywhere,” said Mr. Matthews. “Activity with other Martello partners is also increasing. As an example, one of the world’s largest telcos recently launched a Vantage DX trial.  I’m very encouraged by this groundswell of activity and continue to work closely with the Martello team to maximize the growth with key partners.”

“In FY24 we made a number of important improvements that I am confident will drive Vantage DX sales momentum in FY25”, said Jim Clark, Chief Executive Officer of Martello. “We recruited exceptional talent in product, marketing and channel leadership in the last half of FY24, which has already resulted in the development of Martello’s AI strategy and a channel activation plan which brought our first deal with US partner Yorktel. By re-engineering our sales processes and go-to-market strategy, we have laid the foundation for growth. I’m pleased that we executed on an aggressive slate of improvements across the business while decreasing operating expenses, and will maintain my focus on Vantage DX revenue growth in FY25 as we monitor the impact of these improvements”.

Having appointed Jim Clark as Chief Executive Officer in April 2024, Martello is pleased to announce the appointment of Nicolae (Nick) Lungu as Interim Chief Financial Officer, effective June 21, 2024. Mr. Lungu has led Martello’s accounting team since 2018 as Director of Corporate Accounting, helping drive key acquisition, disposition, financing transactions, implementing corporate finance processes, structural changes and policies to enhance accounting, external reporting and financial efficiency. Mr. Lungu is a Chartered Professional Accountant in Canada and the US (CPA, CA and CPA Vermont).

Q4 and FY24 Financial Highlights

Financial Highlights

March 31, 

March 31,

March 31, 

March 31,

(in 000’s)

2024

2023

2024

2023

(Three months ended)

(Twelve months ended)

Sales

$

3,808

4,027

15,773

16,099

Cost of Goods Sold

482

452

1,943

1,854

Gross Margin

3,326

3,575

13,830

14,246

Gross Margin

%

87.3 %

88.8 %

87.7 %

88.5 %

Operating Expenses

4,567

4,685

17,425

37,762

Loss from operations

(1,242)

(1,110)

(3,595)

(23,517)

Other income/(expense)

(459)

(438)

(2,163)

(1,811)

 

Loss before income tax

 

(1,700)

 

(1,548)

 

(5,759)

 

(25,328)

Income tax recovery (expense)

0

213

15

138

Net loss

(1,700)

(1,335)

(5,744)

(25,190)

Total Comprehensive loss

$

(1,770)

(1,236)

(5,680)

(24,454)

 EBITDA (1)

$

(886)

(522)

(1,799)

(21,950)

 Adjusted EBITDA (1)

$

(791)

(549)

(1,487)

(2,213)

(1) Non-IFRS measure.  See “Non-IFRS Financial Measures”.

Revenue in FY24 was $15.8M representing a 2% decrease compared to FY23. Q4 FY24 revenue of $3.8M represents a 5% decrease compared to $4.0M in Q4 FY23. Vantage DX revenue grew 27% year-over-year and Mitel revenue remained stable. Sunsetting legacy product revenue declined as expected.Vantage DX monthly recurring revenue (“MRR”) increased by 19% in Q4 FY24 compared to Q4 FY23, both from direct sales and activities with partners. Vantage DX is the experience management solution that is purpose-built for Microsoft Teams. Vantage DX contributed $0.61M in revenue in Q4 FY24, a 27% increase compared to the same period in the prior year.Sunsetting legacy product revenue represented 40% of total revenue in Q4 FY24 and declined by 13% or $0.23M in Q4 FY24 compared to Q4 FY23. The ongoing decline of legacy product revenue is proceeding as expected.The Mitel business remains a stable source of recurring revenue and cash, with a 7% decrease in revenue from this segment in Q4 FY24 compared to the same period in the prior year. This marginal decrease is attributable to a minor variance in the mix of revenue from various Mitel Performance Analytics offerings, partially offset by favourable foreign currency exchange rates (USD-CAD). The Mitel business represented 44% of total revenues in Q4 FY24 (45% in Q4 FY23).Revenue was 98% recurring in Q4 FY24 compared to 99% in Q4 FY23.Gross margin as a percentage of revenue was 88% in FY24, compared to 89% in FY23. A nominal decrease in Q4 FY24 is attributable to the higher cost of hosting software products on the cloud. Management continues to execute a strategy to reduce hosting costs.MRR decreased by 6% to $1.25M in Q4 FY24 compared to $1.33M in the prior year. The decrease is primarily attributable to planned declines in legacy product revenue. MRR is a non-IFRS measure, representing average monthly recurring revenues earned in a fiscal quarter.Operating expenses decreased 2% to $4.57M in Q4 FY24 compared to $4.68M in Q4 FY23. FY24 operating expenses normalized for intangible asset impairment decreased by 6% (FY24 $17.42M compared to FY23 of $18.60M). The OPEX reductions represent continued focus on value for spend in all functions of the value chain.The Q4 FY24 loss from operations of $1.24M represented a 12% increase compared to $1.11M in Q4 FY23, due to the items outlined above, partially offset by lower income tax recovery in FY24.The Adjusted EBITDA (a non-IFRS measure) was a loss of $0.79M in Q4 FY24 and $1.49M in FY24, a change of 44% and 33% respectively over the prior period, attributable to the items described above.The Company’s cash and short-term investments balance was $7.72M as of March 31, 2024 (compared to $2.22M at March 31, 2023).

The financial statements, notes and Management Discussion and Analysis (“MD&A”) are available under the Company’s profile on SEDAR+ at www.sedarplus.ca, and on Martello’s website at www.martellotech.com. The financial statements include the wholly-owned subsidiaries of Martello. All amounts are reported in Canadian dollars.

This press release does not constitute an offer of the securities of the Company for sale in the United States. The securities of the Company have not been registered under the United States Securities Act of 1933, (the “1933 Act”) as amended, and may not be offered or sold within the United States absent registration or an exemption from registration under the 1933 Act.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.

About Martello Technologies Group

Martello Technologies Group Inc. (TSXV: MTLO) is a technology company that provides digital experience monitoring (DEM) solutions to optimize the modern workplace. The company’s products provide actionable insight on the performance and user experience of cloud business applications, while giving IT teams and service providers control and visibility of their entire IT infrastructure. Martello’s software products include Vantage DX, which provides Microsoft 365 and Microsoft Teams end user experience monitoring and optimization. Martello is a public company headquartered in Ottawa, Canada with employees in Europe, North America and the Asia Pacific region. Learn more at http://www.martellotech.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Cautionary Note Regarding Forward-Looking Information

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods and ” includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future, including the aim to accelerate Vantage DX growth in FY25, growth opportunities presented by Mitel’s acquisition of Unify and partner engagement and the plan to reduce hosting costs.

Forward-looking information is neither a statement of historical fact nor assurance of future performance. Instead, forward-looking information is based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking information relates to the future, such statements are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking information. Therefore, you should not rely on any of the forward-looking information. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking information include, among others, the following:

Continued volatility in the capital or credit markets and the uncertainty of additional financing.Our ability to maintain our current credit rating and the impact on our funding costs and competitive position if we do not do so.Changes in customer demand.Disruptions to our technology network including computer systems and software, as well as natural events such as severe weather, fires, floods and earthquakes or man-made or other disruptions of our operating systems, structures or equipment.Delayed purchase timelines and disruptions to customer budgets, as well as Martello’s ability to maintain business continuity as a result of COVID-19.and other risks disclosed in the Company’s filings with Canadian Securities Regulators, including the Company’s annual information form for the year ended March 31, 2021 dated January 7, 2022, which is available on the Company’s profile on SEDAR at www.sedar.com.

Any forward-looking information provided by the Company in this news release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking information, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

SOURCE Martello Technologies Group Inc.

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DCCM Acquires Dynamic Solutions, LLC Expanding Water Resources Expertise

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DCCM has acquired Dynamic Solutions, LLC, a consulting firm recognized for advanced water resources, hydraulic, and hydrodynamic modeling. Dynamic Solutions expands DCCM’s technical capabilities in water and environmental modeling to better serve complex infrastructure and water-related client needs. Dynamic Solutions, founded in 1996 and offering services including watershed/hydrology studies, sediment transport, water quality, and ecological modeling, will continue operating with its existing leadership and team.

HOUSTON, May 4, 2026 /PRNewswire-PRWeb/ — DCCM, a national provider of design, consulting, and program and construction management professional services, is pleased to announce the acquisition of Dynamic Solutions, LLC, a specialized consulting firm known for advanced water resources, hydraulic, and hydrodynamic modeling.

“This acquisition expands DCCM’s technical capabilities in advanced water and environmental modeling while strengthening our ability to serve clients facing complex infrastructure and water-related challenges,” said James F. (Jim) Thompson, PE, Chairman and CEO of DCCM.

Founded in 1996, Dynamic Solutions is nationally recognized for its expertise in hydraulic and hydrodynamic modeling, watershed and hydrology studies, sediment transport, water quality, and ecological modeling. The firm supports clients across federal, state, and local markets, as well as select technical advisory engagements, delivering analytical solutions for complex water and environmental challenges.

Dynamic Solutions operates from offices in Knoxville, Tennessee; Baton Rouge, Louisiana; Columbus, Mississippi; and Hamilton, Ohio, supporting projects nationwide.

“This acquisition expands DCCM’s technical capabilities in advanced water and environmental modeling while strengthening our ability to serve clients facing complex infrastructure and water-related challenges,” said James F. (Jim) Thompson, PE, Chairman and CEO of DCCM. “Dynamic Solutions brings a depth of expertise and a reputation for technical excellence that aligns well with our long-term growth strategy.”

Dynamic Solutions will continue to operate with its existing leadership and team, maintaining its specialized service offerings and longstanding client relationships.

“Joining DCCM allows us to build on the outstanding work our team is known for while gaining access to broader resources and a national platform,” said Julie Wallen of Dynamic Solutions. “We look forward to continuing to deliver the same high level of service to our clients as part of the DCCM organization.”

About Dynamic Solutions, LLC

Dynamic Solutions, LLC is a consulting firm specializing in hydraulic and hydrodynamic modeling, watershed and hydrology studies, sediment transport, water quality, and ecological modeling. Founded in 1996, the firm serves public sector and institutional clients across the United States.

About DCCM

DCCM is a provider of design, consulting, and program and construction management professional services focused on infrastructure across the public and private sectors. Through a national platform, DCCM serves a diverse range of end markets.

DCCM is a portfolio company of Court Square Capital Partners.

For more information, please visit www.dccm.com.

Media Contact

Jessica Steglich, DCCM, 1 7138749162, marketing@dccm.com, dccm.com

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SOURCE DCCM

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Modine to Participate in Upcoming Oppenheimer Virtual Conference on May 5, 2026

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RACINE, Wis., May 4, 2026 /PRNewswire/ — Modine (NYSE: MOD), a diversified global leader in thermal management technology and solutions, announced today that it will participate in the Oppenheimer 21st Annual Industrial Growth Conference on Tuesday, May 5, 2026.

Neil D. Brinker, Modine President and Chief Executive Officer, and Michael B. (Mick) Lucareli, Executive Vice President and Chief Financial Officer, will participate in a virtual fireside chat during the conference on Tuesday, May 5, 2026, at 1:30 p.m. Eastern time (12:30 p.m. Central Time).

Live webcasts of the event will be available in the Investor Relations section of Modine’s website www.modine.com. Recordings of the events will be available for 365 days following the webcast.

About Modine
For more than 100 years, Modine has solved the toughest thermal management challenges for mission-critical applications. Our purpose of Engineering a Cleaner, Healthier World™ means we are always evolving our portfolio of technologies to provide the latest heating, cooling, and ventilation solutions. Through the hard work of more than 11,000 employees worldwide, our Climate Solutions, Data Centers, and Performance Technologies segments advance our purpose with systems that improve air quality, reduce energy and water consumption, lower harmful emissions, and enable the transition to a more sustainable future. Modine is a global company headquartered in Racine, Wisconsin (U.S.), with operations in North America, South America, Europe, and Asia. For more information about Modine, visit modine.com.

Investor Contact
Kathleen Powers
(262) 636-1687
kathleen.t.powers@modine.com

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SOURCE Modine

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Blaize and Winmate Sign Strategic Partnership Agreement to Bring AI to Rugged Systems for Defense and Critical Infrastructure

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Joint solutions combine Blaize’s energy-efficient and industrial-grade AI chips with Winmate’s rugged platforms – including drones, handhelds, vehicle-mounted units, and embedded edge devices used by defense, border security, maritime, and healthcare operators.

TAIPEI and EL DORADO HILLS, Calif., May 4, 2026 /PRNewswire/ — Blaize Holdings, Inc. (Nasdaq: BZAI, Nasdaq: BZAIW) (“Blaize,” the “Company,” “we,” “our,” or “us”), and Winmate Inc., a publicly traded company in Taiwan, today announced they have signed a Strategic Partnership Agreement (“Agreement”) with an intent to close approximately $15 million in business during the first year. The two companies will integrate Blaize’s AI chips into Winmate’s rugged systems, including drones, handhelds, vehicle-mounted units, and embedded devices that have to keep working in the field, often in places where regular hardware can’t survive.

The companies expect the Agreement to be the start of a much larger, multi-year relationship.

Why this partnership matters

Most AI today runs in large data centers rather than at the edge, where decisions must be made in real time. This model is often impractical for soldiers at remote posts, Coast Guard crew at sea, or medics in field clinics. They often don’t have a reliable network connection, and even when they do, they can’t afford to wait for an application to respond from halfway across the globe.

That’s the gap Blaize and Winmate intend to address through this partnership. Blaize’s chips were designed to industrial grade specifications and run AI directly on the device, with no cloud dependency. Winmate’s systems are purpose-built to perform in extreme environments, including heat, cold, dust, vibration, and rough handling. Together, they deliver real-time AI capabilities exactly where it’s needed, whether in drones, field units, the patrol vehicles, or diagnostic devices.

A fast-growing market

Demand for on-device AI is accelerating. According to BCC Research[1], the global edge AI market is projected to grow from $11.8 billion in 2025 to $56.8 billion by 2030, a 36.9% compound annual growth rate. Defense agencies, governments, hospitals, ports, and critical infrastructure operators all demand AI that can run securely on their equipment, without sending sensitive data over public networks.

From the leaders

“Our customers can’t wait, and they often can’t rely on the cloud. They need AI that runs where the work happens. Winmate makes some of the most capable rugged systems in the industry, and our chips are designed to run AI inside exactly those kinds of devices. This partnership turns a years-long vision into a practical, deployable answer for defense and critical infrastructure operators,” said Dinakar Munagala, CEO of Blaize, Inc.

“Our platforms are deployed on naval vessels, in border outposts, on industrial sites, and in disaster zones – environments where most hardware fails. With Blaize, we can now deliver those same systems with on-device AI built in, giving customers real-time intelligence wherever they operate,” said Ken Lu, Chairman and CEO of Winmate Inc.

Target applications

Border security and surveillance: Real-time threat detection and perimeter monitoringMobile command and control: On-site intelligence and situational awareness for field teamsDrones and unmanned systems: Autonomous navigation and mission execution for UAVs and ground vehiclesCritical infrastructure: Continuous monitoring and predictive analytics for power, ports, and transportationMaritime domain awareness: Vessel tracking and anomaly detection at seaField healthcare: Portable diagnostics and decision support in remote and disaster environments

Deal at a glance

First-year revenue: the parties intend to work in good faith to close approximately $15 million in business, expected to scale meaningfully in subsequent yearsTerm: Three-year initial term, with automatic renewalNext steps: Joint engineering, sales, and marketing execution to bring integrated systems to market, with additional opportunities to be added through follow-on programs

[1] BCC Research, “Global Edge AI Market,” October 2025

About Blaize, Inc.

Blaize delivers a programmable AI platform, purpose-built for AI inference workloads in real-world environments. Its Hybrid AI architecture combines the Blaize GSP (Graph Streaming Processor) with GPU-based infrastructure, enabling AI inference workloads to run across edge, cloud, and data center. Blaize solutions support computer vision, multimodal AI, and sensor-driven applications across smart cities, industrial automation, telecommunications, retail, logistics, and defense. Blaize is headquartered in El Dorado Hills, California, with a global presence across North America, Europe, the Middle East, and Asia. Visit www.blaize.com or follow us on LinkedIn @blaizeinc.

About Winmate Inc.

Winmate Inc. is a publicly traded global leader in rugged computing systems, delivering industrial-grade platforms – including handhelds, tablets, vehicle-mounted units, panel PCs, and embedded modules – for demanding environments across defense, transportation, energy, healthcare, and industrial markets.

Cautionary Statement Regarding Forward Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are based on beliefs and assumptions and on information currently available to Blaize, including expectations and scope of customer contracts, including the Strategic Partnership Agreement with Winmate, the potential value and the timing of revenue pursuant to such contracts, preliminary estimates of results of operations and guidance on results for future periods, the industry in which Blaize operates, market opportunities, and product offerings. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to those factors discussed under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 24, 2026, and other documents filed by Blaize from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Blaize assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. Blaize does not give any assurance that it will achieve its expectations.

Blaize Contact

press@blaize.com
www.blaize.com 

Investors

ir@blaize.com
www.blaize.com 

Winmate Inc.

Liu, Chih-Yuan
Tel: +886-2-8511-0288
Email: spokesman1@winmate.com.tw
https://www.winmate.com/ 

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SOURCE Blaize Inc.

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