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VOXX International Corporation Reports its Fiscal 2025 First Quarter Financial Results

Published

2 years ago

on

Net sales declined by 18.1%, gross margins improved by 310 basis points, operating expenses declined by 16.6%; Adjusted EBITDA Loss of $2.9 million improved by $2.1 million year-over-year amidst restructuring program to streamline sales, lower costs and working capital needs and return the Company to profitability

ORLANDO, Fla., July 10, 2024 /PRNewswire/ — VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, today announced its financial results for its Fiscal 2025 first quarter ended May 31, 2024.

Commenting on the Company’s first quarter results, Pat Lavelle, Chief Executive Officer stated, “During the first quarter, we took aggressive steps to improve gross margins and lower both our operating expenses and working capital needs. While our sales were down for the comparable periods, gross margins improved in our Automotive and Consumer segments, and we reduced year-over-year expenses by over 16%. The retail environment remains challenging, interest rates are high, and inflation is still a major concern. With market pressures expected to continue, we have instituted various restructuring programs to right size our business. We are equally focused on reducing our debt and freeing up capital to re-invest in VOXX. With the changes made and upcoming, we expect to return to profitability this year.”

Fiscal 2025 and Fiscal 2024 First Quarter Comparisons
On March 1, 2024, the Company’s majority owned subsidiary, EyeLock LLC, contributed assets, including inventory and intangible assets, to a newly formed joint venture, BioCenturion LLC, that will operate the Biometrics business moving forward. For the three months ended May 31, 2024, the Company accounted for its investment in BioCenturion as an equity method investment within our Biometrics segment (see Note 12 in the Company’s Form 10-Q filed with the Securities and Exchange Commission).

Net sales in the Fiscal 2025 first quarter ended May 31, 2024, were $91.7 million as compared to $111.9 million in the Fiscal 2024 first quarter ended May 31, 2023, a decrease of $20.3 million or 18.1%.

Automotive Electronics segment net sales in the Fiscal 2025 first quarter were $27.7 million as compared to $38.4 million in the comparable year-ago period, a decrease of $10.7 million or 27.9%. For the same comparable periods, OEM product sales were $12.8 million as compared to $20.3 million, primarily due to a decline in sales of OEM rear seat entertainment (“RSE”) products, partially offset by an increase in sales of OEM remote start products. RSE sales were lower for the comparable periods primarily due to temporary halts in customer programs and volume reductions, as well as the termination of a customer program that was in place in the prior year. Aftermarket product sales were $14.8 million as compared to $18.1 million due primarily to lower aftermarket security, rear seat entertainment, and satellite radio products, among others.Consumer Electronics segment net sales in the Fiscal 2025 first quarter were $63.9 million as compared to $73.3 million in the comparable year-ago period, a decrease of $9.4 million or 12.8%. For the same comparable periods, premium audio product sales were $48.4 million as compared to $47.6 million, driven by higher sales domestically and driven by the successful launch of new products during the current Fiscal year period. This growth was partially offset by lower sales of premium audio products in Europe and Asia. Other consumer electronics (“CE”) product sales were $15.5 million as compared to $25.7 million, primarily related to lower sales of domestic wireless accessory speakers as a large customer program did not repeat, as well as lower sales of the Company’s balcony solar power products.

The gross margin in the Fiscal 2025 first quarter was 27.7% as compared to 24.6% in the Fiscal 2024 first quarter, an improvement of 310 basis points as margins improved across all business segments. When comparing the Fiscal 2025 and Fiscal 2024 first quarters, the Company reported:

Automotive Electronics segment gross margin of 23.2% as compared to 21.0%, an increase of 220 basis points with the year-over-year improvement primarily driven by the Company’s OEM manufacturing transition from Florida to Mexico, as well as improvements related to product mix.Consumer Electronics segment gross margin of 29.6% as compared to 25.5%, an increase of 410 basis points. The year-over-year improvement was primarily driven by the launch of new products both domestically and internationally and fewer close-out promotion sales, with other offsetting factors.

Total operating expenses in the Fiscal 2025 first quarter were $32.5 million as compared to $39.0 million in the comparable Fiscal 2024 period, a decline of $6.5 million or 16.6%. The year-over-year improvement was driven primarily by restructuring programs and other initiatives designed to lower costs and working capital needs. When comparing the Fiscal 2025 and Fiscal 2024 first quarters, the Company reported:

Selling expenses of $9.6 million as compared to $11.2 million. The year-over-year improvement of $1.6 million or 14.1% was primarily driven by lower website and trade show expenses, as well as lower headcount related expenses.General and administrative (“G&A”) expenses of $16.5 million as compared to $19.4 million. The year-over-year improvement of $3.0 million or 15.3% was primarily driven by lower headcount related expenses, and a decline in legal, professional and third-party service fees, among other factors.Engineering and technical support expenses of $6.2 million as compared to $8.3 million. The year-over-year improvement of $2.1 million or 25.1% was primarily due to a decline in labor expense due to lower headcount, as well as lower research and development expenses.The Company incurred approximately $0.2 million of restructuring costs as compared to $0.1 million, with costs in both periods related to the relocation of certain OEM production operations to Mexico.

The Company reported an operating loss of $7.1 million in the Fiscal 2025 first quarter as compared to an operating loss of $11.4 million in the comparable year-ago period.

Total other expense, net, in the Fiscal 2025 first quarter increased by $2.0 million over the comparable Fiscal 2024 period. Interest and bank charges increased by $0.6 million principally due to higher borrowings on the Company’s Domestic Credit Facility, as well as an increase in interest rates, and equity in income of equity investees declined by $1.3 million, principally due to lower net income at ASA as well as due to losses incurred by BioCenturion, which was not present in the prior year period. Additionally, the Company incurred a loss of $0.4 million related to the contribution of assets to the BioCenturion joint venture, representing the difference between the book value of the assets contributed and their fair values on March 1, 2024. Lastly, other net increased by $0.8 million, primarily as a result of losses in foreign currency.

Net loss attributable to VOXX International Corporation in the Fiscal 2025 first quarter was $9.3 million as compared to a net loss attributable to VOXX International Corporation of $10.7 million in the comparable Fiscal 2024 period. The Company reported a basic and diluted loss per common share attributable to VOXX International Corporation of $0.40 in the Fiscal 2025 first quarter as compared to a basic and diluted loss per common share attributable to VOXX International Corporation of $0.45, in the comparable Fiscal 2024 period.

The Company reported an Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) loss in the Fiscal 2025 first quarter of $5.2 million as compared to an EBITDA loss in the comparable Fiscal 2024 first quarter of $7.6 million. Adjusted EBITDA in the Fiscal 2025 first quarter was a loss of $2.9 million as compared to an Adjusted EBITDA loss of $4.9 million in the comparable Fiscal 2024 period.

Balance Sheet Update
As of May 31, 2024, the Company had cash and cash equivalents of $4.2 million as compared to $11.0 million as of February 29, 2024. Total debt as of May 31, 2024 was $68.6 million as compared to $73.3 million as of February 29, 2024. The decline in total debt is primarily related to a $4.4 million reduction in outstanding debt on the Company’s Domestic Credit Facility as well as lower debt associated with the Company’s Florida mortgage and shareholder loan payable to Sharp Corporation. Total long-term debt, net of debt issuance costs as of May 31, 2024 was $63.7 million as compared to $71.9 million as of February 29, 2024, an improvement of $8.2 million.

Conference Call Information
The Company will be hosting its conference call and webcast on Thursday, July 11, 2024 at 10:00 a.m. ET.

To attend the webcast: https://edge.media-server.com/mmc/p/kzsk98zvTo access by phone: https://register.vevent.com/register/BI7eae05a5e3b74b5b8b78a3235500c167

Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. Those wishing to ask questions following management’s remarks should use the dial-in numbers provided.

A replay of the webcast will be available approximately two hours after the call and archived under “Events and Presentations” in the Investor Relations section of the Company’s website at https://investors.voxxintl.com/events-and-presentations

Non-GAAP Measures
EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net loss attributable to VOXX International Corporation and Subsidiaries, computed in accordance with GAAP, before interest expense and bank charges, taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for stock-based compensation expense, gains on the sale of certain assets, loss on contribution of assets to a joint venture, foreign currency losses, restructuring expenses, certain non-routine legal fees, and awards. Depreciation, amortization, stock-based compensation, loss on contribution of assets to a joint venture, and foreign currency losses are non-cash items.

We present EBITDA and Adjusted EBITDA in this release because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted EBITDA helps us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, the exclusion of certain costs or gains relating to certain events allows for a more meaningful comparison of our results from period-to-period. These non-GAAP measures, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. EBITDA and Adjusted EBITDA should not be assessed in isolation from, are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP.

About VOXX International Corporation
VOXX International Corporation (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world’s leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.

Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements. The factors include, but are not limited to the risk factors described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended February 29, 2024, and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports we file with the SEC. The factors described in such SEC filings include, without limitation: impacts related to the COVID-19 pandemic, global supply shortages and logistics costs and delays; global economic trends; cybersecurity risks; risks that may result from changes in the Company’s business operations; operational execution by our businesses; changes in law, regulation or policy that may affect our businesses; our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction methods; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the War in the Ukraine and any worsening of the global business and economic environment as a result. 

Investor Relations Contact:                                                        
Glenn Wiener, GW Communications (for VOXX)                              
Email: gwiener@GWCco.com

 

VOXX International Corporation and Subsidiaries

Consolidated Balance Sheets

(In thousands, except share and per share data)

May 31,
2024

February 29,
2024

(unaudited)

Assets

Current assets:

Cash and cash equivalents

$

4,160

$

10,986

Accounts receivable, net of allowances of $2,758 and $3,041 at May 31, 2024 and February 29, 2024, respectively

64,787

71,066

Inventory

116,230

128,471

Receivables from vendors

1,190

1,192

Due from GalvanEyes LLC, current

–

1,238

Prepaid expenses and other current assets

16,759

20,820

Income tax receivable

4,273

2,095

Total current assets

207,399

235,868

Investment securities

761

828

Equity investments

23,762

21,380

Property, plant and equipment, net

44,420

45,070

Operating lease, right of use assets

3,053

2,577

Goodwill

63,283

63,931

Intangible assets, net

65,265

68,766

Due from GalvanEyes LLC, less current portion

–

1,340

Deferred income tax assets

1,461

1,452

Other assets

2,798

2,794

Total assets

$

412,202

$

444,006

Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders’ Equity

Current liabilities:

Accounts payable

$

25,895

$

35,076

Accrued expenses and other current liabilities

36,601

38,238

Income taxes payable

834

1,123

Accrued sales incentives

15,160

18,236

Contract liabilities, current

3,574

3,810

Current portion of long-term debt

4,162

500

Total current liabilities

86,226

96,983

Long-term debt, net of debt issuance costs

63,684

71,881

Finance lease liabilities, less current portion

559

644

Operating lease liabilities, less current portion

2,127

1,884

Deferred compensation

761

828

Deferred income tax liabilities

2,604

2,690

Other tax liabilities

706

809

Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC

–

9,817

Other long-term liabilities

2,147

2,170

Total liabilities

158,814

187,706

Commitments and contingencies

Redeemable equity: Class A, $.01 par value; 577,581 shares at both May 31, 2024 and February 29, 2024 (Note 8)

4,110

4,110

Redeemable non-controlling interest

(3,158)

(3,203)

Stockholders’ equity:

Preferred stock:

No shares issued or outstanding

–

–

Common stock:

Class A, $.01 par value, 60,000,000 shares authorized, 23,990,603 and 23,985,603 shares issued and 19,639,420 and 19,698,562 shares outstanding at May 31, 2024 and February 29, 2024, respectively

240

240

Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and outstanding at both May 31, 2024 and February 29, 2024

22

22

Paid-in capital

296,044

293,272

Retained earnings

49,003

58,272

Accumulated other comprehensive loss

(16,784)

(17,366)

Less: Treasury stock, at cost, 4,351,183 and 4,287,041 shares of Class A Common Stock at May 31, 2024 and February 29, 2024, respectively

(39,821)

(39,573)

Total VOXX International Corporation stockholders’ equity

288,704

294,867

Non-controlling interest

(36,268)

(39,474)

Total stockholders’ equity

252,436

255,393

Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders’ equity

$

412,202

$

444,006

 

VOXX International Corporation and Subsidiaries

Unaudited Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except share and per share data)

Three months ended
May 31,

2024

2023

Net sales

$

91,661

$

111,926

Cost of sales

66,252

84,346

Gross profit

25,409

27,580

Operating expenses:

Selling

9,590

11,166

General and administrative

16,457

19,427

Engineering and technical support

6,244

8,337

Restructuring expenses

231

59

Total operating expenses

32,522

38,989

Operating loss

(7,113)

(11,409)

Other (expense) income:

Interest and bank charges

(2,138)

(1,546)

Equity in income of equity investees

351

1,616

Final arbitration award

–

(986)

Other, net

(1,871)

(701)

Total other expense, net

(3,658)

(1,617)

Loss before income taxes

(10,771)

(13,026)

Income tax benefit

(594)

(1,321)

Net loss

(10,177)

(11,705)

Less: net loss attributable to non-controlling interest

(908)

(967)

Net loss attributable to VOXX International Corporation and Subsidiaries

$

(9,269)

$

(10,738)

Other comprehensive income (loss):

Foreign currency translation adjustments

595

238

Derivatives designated for hedging

(13)

(60)

Pension plan adjustments

–

(1)

Other comprehensive income, net of tax

582

177

Comprehensive loss attributable to VOXX International Corporation and Subsidiaries

$

(8,687)

$

(10,561)

Loss per share – basic: Attributable to VOXX International Corporation and Subsidiaries

$

(0.40)

$

(0.45)

Loss per share – diluted: Attributable to VOXX International Corporation and Subsidiaries

$

(0.40)

$

(0.45)

Weighted-average common shares outstanding (basic)

23,139,876

23,795,718

Weighted-average common shares outstanding (diluted)

23,139,876

23,795,718

 

Reconciliation of GAAP Net Loss Attributable to 

VOXX International Corporation to EBITDA and Adjusted EBITDA

Three months ended
May 31,

2024

2023

Net loss attributable to VOXX International Corporation and Subsidiaries

$

(9,269)

$

(10,738)

Adjustments:

Interest expense and bank charges (1)

1,923

1,346

Depreciation and amortization (1)

2,728

3,101

Income tax benefit

(594)

(1,321)

EBITDA

(5,212)

(7,612)

Stock-based compensation

146

258

Gain on sale of tradename

–

(450)

Loss on contribution of assets to joint venture (1)

252

–

Foreign currency losses (1)

1,849

962

Restructuring expenses

231

59

Non-routine legal fees

(123)

853

Final arbitration award

–

986

Adjusted EBITDA

$

(2,857)

$

(4,944)

(1)

For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, depreciation and amortization, losses on the contribution of assets to a joint venture, as well as foreign currency losses have been adjusted in order to exclude the non-controlling interest portion of these expenses attributable to EyeLock LLC and Onkyo Technology KK, as appropriate.

 

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SOURCE VOXX International Corporation (NASDAQ:VOXX)

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Technology

Sabio Holdings Inc. Announces Fiscal 2025 Results, Achieves Continued Growth and Advances Strategic Revenue Diversification

Published

39 minutes ago

on

April 30, 2026

By

Achieved full-year IFRS revenue of $38.2 million and consolidated gross revenues1 of $41.3 million in FY2025, with continued growth in core ad-supported streaming businessFull-year gross margin of 60% in FY2025Scaled programmatic and international channels to 48% of Q4 2025 gross revenue1 mixEntering 2026 with strong momentum ahead of U.S. mid-term election cycle expected to drive increased demand and margin expansionConference call to be hosted on May 01, 2026 at 10:00 a.m. ET / 7 a.m. PT

TORONTO, April 30, 2026 /PRNewswire/ — Sabio Holdings Inc. (TSXV: SBIO) (OTCQB: SABOF) (the “Company” or “Sabio”), a Los Angeles-based ad-tech company helping global brands reach, engage and validate (R.E.V.) streaming TV audiences, today announced its audited consolidated financial results for the fiscal fourth quarter and year ended December 31, 2025. Unless otherwise indicated, all amounts are expressed in U.S. dollars.

“Despite economic uncertainties, including tariff-related impacts on two of our larger verticals, automotive and telecommunications, Sabio delivered double-digit top-line growth in its core business, supported by ongoing investment in product innovation and geographic expansion,” said Aziz Rahimtoola, Sabio Holdings’ CEO. “2025 was a year of strategic execution and transformation for Sabio. We scaled programmatic, expanded internationally, and built out Creator TV, further diversifying our revenue base. These initiatives are now contributing meaningfully to our results and positioning us for more predictable, scalable growth, underscoring the resilience of our platform and customer base even amid category-specific softness.”

“As we enter 2026, we are doing so with strong momentum across our business and ahead of a major U.S. mid-term election cycle. Historically, these cycles drive significant demand for streaming TV and mobile video advertising, and we believe Sabio is better positioned than ever to capture that opportunity.”

Fiscal 2025 Financial Highlights

Full-year consolidated gross revenue1 of $41.3 million (vs. $49.6 million in FY2024) and up 15% from $36.0 million in the last non-election year (2023). Core-business gross revenue2 grew 10% year over year, normalized for political and advocacy.Core ad-supported streaming gross revenue2 grew 18% year over year (normalized for political and advocacy). Total ad-supported streaming gross revenue2 declined to $30.2 million from $38.6 million, reflecting the expected post-election pullback in political and advocacy spending.Sabio’s newest international and programmatic offerings accelerated through 2025, with international sales3 rising from $0.2 million in Q1 to $2.6 million in Q4, and programmatic sales from $0.2 million to $2.7 million.Full year gross margin of 60%.Full-year Adjusted EBITDA4 loss of $7.1 million (vs. $3.8 million gain in FY2024), driven by lower political and advocacy spend in a non-election year, continued investment in growth initiatives (international, programmatic and Creator TV), and higher cloud infrastructure costs to support scaling programmatic and international volumes.

Fourth Quarter 2025 Financial Highlights

Consolidated gross revenue1 of $11.2 million in Q4 2025 (vs. $18.3 million in Q4 2024), reflecting the expected post-election decline in political and advocacy spend, with some softness in select verticals tied to tariff uncertainty. Despite these headwinds, core-business gross revenue2 grew 10% year over year, normalized for political and advocacy.Core ad-supported streaming gross revenue2 grew 29% year over year (normalized for political and advocacy). Total ad-supported streaming gross revenue2 declined to $8.4 million from $14.5 million, reflecting elevated spend in the prior year tied to the 2024 U.S. general election.Programmatic and international channels represented 48% of Q4 2025 revenue mix.Gross margin remained strong (57%), supported by Sabio’s end-to-end technology stack amid an evolving revenue mix.Adjusted EBITDA4 loss of $2.1 million (vs. $2.8 million gain in Q4 2024), reflecting lower political and advocacy spend in a non-election year and temporary softness in select advertiser categories tied to tariff uncertainty.

Subsequent Highlights

On April 29, 2026, the Company completed a tranche of a non-brokered private placement of 12% subordinated, secured convertible debentures for gross proceeds of CAD $900,000. The debentures have a 12-month term, bear 12% simple interest (calculated daily, paid semi-annually in arrears and at conversion or maturity), and are convertible at the holder’s option at C$0.30 per share. The debentures are secured by a general security agreement over all present and after-acquired personal property. At maturity, any unconverted principal is repayable at 107% plus accrued interest. The Company may complete additional tranches.

Business Highlights

Strategic Diversification Driving Scalable Growth

Programmatic and international channels scaled significantly throughout 2025, reaching 48% of Q4 2025 revenue mixBoth channels contributed meaningfully to full-year revenue growth, reflecting successful execution of diversification strategy

Core Branded Business

Core ad-supported streaming revenue2 grew 29% year-over-year (normalized)Growth was achieved despite softness in the automotive category in the second half of 2025, reflecting broader industry headwindsApproximately 80% reoccurring revenue5 base, supporting revenue stability Strong client retention with increased spend from existing customers

Expanding and Diversifying Customer Base

New customer logos increased 153% year-over-yearGrowth across telecommunications, financial services, entertainment, and technology verticalsIncreasing engagement with Fortune 500 advertisers

Creator TV Growth and Monetization

Expanded Creator TV distribution across major streaming platformsGrowth in original content and live programmingStrengthening of Sabio’s owned-and-operated media ecosystem

App Science® Platform and Data Leadership

Reaches approximately 80 million U.S. households, representing ~70% of the estimated 115 million U.S. streaming households, according to eMarketer6AI-powered targeting, analytics, and performance measurement capabilitiesIncreasing adoption across campaigns and insights offerings

Operational and Financial Position

Continued investments in programmatic, Creator TV, and international expansionBalance sheet strengthened through financing and debt restructuring initiatives Positioned to benefit from increasing operating leverage as scalable channels grow

Business Outlook
Sabio enters fiscal 2026 with strong momentum following the successful diversification of its revenue base in 2025.

The Company’s scaled programmatic and international offerings, combined with its expanding Creator TV ecosystem, are expected to contribute more meaningfully to results in 2026. As these channels grow, Sabio expects to benefit from increased operating leverage through its technology platform, enabling more efficient revenue growth with limited incremental headcount.

Sabio’s strengthened customer base and high level of reoccurring revenue also provide increased visibility and predictability entering the year.

Early 2026 Trends
Based on current internal data and sales pipeline trends, early activity in the first quarter of 2026 indicates continued strong momentum, with programmatic and international revenues3 growing at over 20x year-over-year levels. 

________________________

1

Gross revenue is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure.

2

Core-business gross revenue, core ad-supported streaming gross revenue and total ad-supported streaming gross revenue are supplementary financial measures; see “Use of Non‑IFRS Measures” for definitions.

3 

International sales is a supplementary financial measure; see “Use of Non‑IFRS Measures” for its definition.

4

Adjusted EBITDA is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure.

5

Reoccurring revenue is a non‑IFRS (non‑GAAP) financial measure; see “Use of Non‑IFRS Measures” and “Selected Financials” for definitions and reconciliations to the most directly comparable IFRS measure

6 

eMarketer “CTV households will be more than double traditional pay TV ones by next year“

Positioned for U.S. Mid-Term Election Cycle
Sabio is entering the 2026 U.S. mid-term election cycle, which historically drives significant demand across streaming TV and mobile video advertising.

The Company expects:

Increased political and advocacy advertising spendImproved cash flow visibility due to prepaid campaign spendingPotential margin expansion driven by premium demand for targeted advertising

With a more diversified revenue base, expanded product capabilities, and scaled global footprint, Sabio expects strong performance throughout 2026, with momentum building through the election cycle and continuing into the remainder of the year.

Conference Call Details

Date: May 01, 2026Time: 10:00 a.m. ET / 7:00 a.m. PTWebcast Registration Link: https://us02web.zoom.us/webinar/register/WN_jj3qt1ZbSMKAHOTuS5_sZg

Selected Financials
(All figures in US$ unless otherwise noted)

For the three months ended

For the twelve months ended

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2024

$

$

$

$

Revenue

9,778,763

18,301,162

38,231,397

49,602,885

Gross profit

5,563,171

11,286,755

22,753,955

30,627,389

Gross margin

57 %

62 %

60 %

62 %

Adjusted EBITDA(*)

(2,100,718)

2,843,977

(7,147,846)

3,832,162

Net increase in cash and cash
equivalents during the period

(633,639)

428,553

(1,957,308)

688,327

Cash and cash equivalents – end of
the period

1,343,131

3,300,439

1,343,131

3,300,439

For the three months ended

For the twelve months ended

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2024

$

$

$

$

Income (loss) for the period

(2,817,019)

1,194,528

(9,834,993)

(110,875)

Finance costs

444,032

329,055

1,395,878

1,292,344

Interest earned

(9,199)

(9,957)

(39,177)

(41,568)

Amortization of intangible Assets

39,224

45,053

172,346

193,668

Stock-based compensation

52,571

53,129

281,791

216,037

Employee retention tax credit
received

(225,918)

–

(809,063)

–

Impairment loss on ROU asset

–

–

20,275

–

Gain on early lease termination

–

–

(7,317)

–

Loss on loan forgiveness

–

935,567

–

935,567

Amortization of lease

185,061

148,627

694,617

689,255

Income taxes

35,985

8,600

80,504

41,606

Foreign exchange differences

22,618

7,379

45,587

20,151

State and local taxes

123,343

1,457

171,874

42,340

Severance expenses

48,584

128,539

679,832

553,637

Adjusted EBITDA(*)

(2,100,718)

2,843,977

(7,147,846)

3,832,162

For the three months ended

For the twelve months ended

December
31, 2025

December
31, 2024

December
31, 2025

December
31, 2024

$

$

$

$

Net revenue

9,778,763

18,301,162

38,231,397

49,602,885

Add: platform costs

1,431,691

–

3,070,269

–

Gross revenue*

11,210,454

18,301,162

41,301,666

49,602,885

*See “Use of Non-IFRS Measures” below.

The financial disclosures in this news release are subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release. The foregoing outlook and expectations constitute forward-looking statements and financial outlook and are qualified in their entirety by the “Forward-Looking Statements” cautionary statement below. Readers are cautioned that this release if for information purposes only and may not be appropriate for other purposes.

* Use of Non-IFRS Measures
This press release makes reference to certain non-IFRS (International Financial Reporting Standards) measures including, but not limited to, Adjusted EBITDA and Gross Revenue. These measures do not have a standardized meaning prescribed by IFRS and therefore they may not be comparable to similarly titled measures presented by other companies and should not be considered in isolation nor as a substitute for analysis of financial information reported under IFRS. Rather, these non-IFRS measures are provided as additional information to complement IFRS measures by providing a further understanding of operations from management’s perspective.

Management uses adjusted earnings before interest, income taxes, depreciation, and amortization (“Adjusted EBITDA”) as a key financial metric to evaluate Sabio’s operating performance as a complement to results provided in accordance with IFRS. The term “Adjusted EBITDA”, as defined by management, refers to net income (loss) before adjusting earnings for finance costs, income taxes, stock-based compensation, amortization, non-recurring items, and severance costs. Management believes that the items excluded from Adjusted EBITDA are not connected to and do not represent the operating performance of Sabio. Management believes that Adjusted EBITDA is useful supplemental information as it provides an indication of the results generated by Sabio’s main business activities prior to taking into consideration how those activities are financed and taxed as well as expenses related to stock-based compensation, depreciation, amortization, restructuring costs, other expense (income), and foreign exchange (gain) loss. Accordingly, management believes that this measure may also be useful to investors in enhancing their understanding of Sabio’s operating performance. It is a key measure used by Sabio’s management and board of directors to understand and evaluate Sabio’s operating performance, to prepare annual budgets, and to help develop operating plans.

The term “Gross Revenue”, as defined by management, represents revenue adjusted by adding back third-party platform costs that are deducted under IFRS presentation. This measure is intended to provide additional insight into the scale of Sabio’s advertising operations, particularly in its programmatic advertising business.  Management believes that Gross Revenue is useful supplemental information as it provides an indication of the overall transaction volume processed by Sabio’s platform, which management uses to evaluate operational scale and market penetration. Accordingly, management believes that this measure may also be useful to investors in understanding the size and growth of Sabio’s advertising operations. It is a key measure used by Sabio’s management and board of directors to assess platform activity, monitor business trends, and support strategic planning.

Refer to reconciliation to Adjusted EBITDA and Gross Revenue under the “Selected Financials” section of this release and in the Company’s MD&A for the three and twelve months ended December 31, 2025 and December 31, 2024, copies of which can be found under Sabio Holdings Inc.’s profile on SEDAR Plus at sedarplus.ca.

Reoccurring revenue is a supplementary financial measure. This measure refers to the percentage of quarterly revenue generated from customers who have previously transacted with Sabio (defined as those with the same brand logo). It is derived from internal tracking systems and is used to assess customer retention and revenue predictability. This metric is not audited.

Ad-supported streaming sales and Mobile advertising revenue are supplementary financial measures that represent the proportion of the Company’s consolidated revenue as reported in its financial statements contributed by the Company’s ad-supported and mobile display product offerings, as is also presented in the Company’s MD&A for the three and twelve months ended December 31, 2025 and December 31, 2024, copies of which can be found under Sabio’s profile on SEDAR+ at sedarplus.ca.

Core ad-supported streaming revenue is a supplementary financial measure that represents revenue generated from Sabio’s core streaming TV and mobile video advertising services, excluding revenue from political and advocacy advertising campaigns.

Programmatic revenue is a supplementary financial measure represents revenue earned from advertising transactions executed through programmatic platforms, including Sabio’s and/or third parties.

International revenue is a supplementary financial measure which represents revenue generated from customers located outside the United States.

About Sabio
‍Sabio Holdings (TSXV: SBIO, OTCQB: SABOF) is a technology and services leader in the fast-growing ad-supported streaming space. Its cloud-based, end-to-end technology stack works with top blue-chip, global brands and the agencies that represent them to reach, engage, and validate (R.E.V.) streaming audiences.

Sabio consists of a proprietary ad-serving technology platform that partners with the top ad-supported streaming platforms and apps in the world, App Science™, a non-cookie-based software as a service (SAAS) analytics and insights platform with AI natural language capabilities, and Creator Television®(Creator TV), the first creator-led streaming network and content studio dedicated to bringing the authenticity and energy of social media storytelling to TV.  For more information, visit: sabioctv.com

Forward-Looking Statements
This press release may contain certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, which is often, but not always, identified by the use of words such as “believes,” “anticipates,” “plans,” “intends,” “will,” “should,” “expects,” “continue,” “estimate,” “forecasts,” or the negative thereof and other similar expressions. All statements herein other than statements of historical fact constitute forward-looking information, including but not limited to, statements relating to Sabio’s outlook for fiscal 2026; expectations regarding growth in programmatic, international and Creator TV revenues; anticipated operating leverage, margin expansion and cash flow visibility; expected increased demand for streaming TV and mobile video advertising during the 2026 U.S. mid‑term election cycle; the timing, magnitude and revenue mix of political and advocacy advertising spend; expectations regarding scalability of the Company’s technology platform; anticipated benefits from revenue diversification initiatives; early‑stage indications of year‑over‑year growth rates in programmatic and international channels; and the Company’s ability to maintain customer retention and reoccurring revenue levels. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The Company undertakes no obligation to comment on analyses, expectations, or statements made by third parties in respect of the Company, its securities, or financial or operating results (as applicable). Material assumptions used to develop the forward-looking information in this press release include, but are not limited to: continued advertiser demand for connected TV and mobile video advertising; historical spending patterns associated with U.S. election cycles; successful execution and adoption of Sabio’s programmatic, international and Creator TV offerings; stable pricing and availability of streaming inventory; continued access to data, measurement and distribution partners. Although the Company believes that the expectations reflected in forward-looking information in this press release are reasonable, such forward-looking information has been based on expectations, factors, and assumptions concerning future events that may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including fluctuations or delays in political and advocacy advertising spend; changes in advertiser budgeting or campaign timing; continued or worsening macroeconomic conditions, including tariff‑related impacts affecting key advertiser verticals; increased competition in the ad‑tech and streaming advertising markets; changes in consumer viewing behavior; pricing pressure or shifts in advertising mix; reliance on third‑party platforms, data providers and cloud infrastructure and other risk factors disclosed in the Company’s annual information form and management’s discussion and analysis (MD&A), which are  publicly available on SEDAR Plus at www.sedarplus.ca . The Company has assumed that the material factors referred to herein will not cause such forward-looking statements and information to differ materially from actual results or events. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events, or otherwise.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information: Sajid Premji, Chief Financial Officer, investor@sabio.inc, Phone: 1.844.974.2662; Sam Wang, Investor Relations, investor@sabio.inc

View original content:https://www.prnewswire.com/news-releases/sabio-holdings-inc-announces-fiscal-2025-results-achieves-continued-growth-and-advances-strategic-revenue-diversification-302759594.html

SOURCE Sabio Inc.

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TMO Labs Integrates with Sei Network to Bring Blockchain into Everyday Payments in Korea

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39 minutes ago

on

April 30, 2026

By

NEW YORK, April 30, 2026 /PRNewswire/ — The Sei Development Foundation announced today that TMO Labs, a Web3 fintech company, will integrate with Sei Network, a high-performance Layer-1 blockchain, with the integration aimed at bringing blockchain technology into Korea’s everyday payments and financial infrastructure.

As part of the integration, TMO Labs will use Sei as the core blockchain behind TMO Wallet, with a focus on expanding real-world use cases across consumer payments, rewards, and digital finance in Korea.

Sei was chosen for its ability to handle real-time payment environments. With sub-second finality and high throughput, it supports large-scale activity and high-frequency transactions without sacrificing the speed and reliability users expect from modern payment systems.

TMO Labs is a Korean payment infrastructure company with deep experience in transit payments, mobile payments, loyalty systems, and consumer financial services. Built on this foundation, TMO Labs develops platforms that connect digital assets with real-world utility.

Its flagship product, TMO Wallet, is already connected to DaemDaem, a widely used transportation top-up and lifestyle rewards app in Korea, and has access to a large existing user base. TMO Wallet is also designed to connect with major domestic payment and loyalty ecosystems, including Naver Pay, Payco, Happy Point, L.POINT, and transportation-linked payment rails such as TMONEY and EZL.

Even accounting for overlapping users, these platforms represent tens of millions of consumer touchpoints across Korea’s payment and rewards landscape.

Sei will serve as the blockchain layer powering TMO Wallet‘s next phase of real-world financial utility. Users will be able to hold Sei-based digital assets, including stablecoins, within the wallet and link those assets to TMO Labs’ point and payment infrastructure for use in everyday transactions.

This will enable a more unified wallet experience where users can manage digital assets, rewards points, and payment balances in one place, and apply them across real-life use cases such as retail purchases, online commerce, and transportation top-ups.

More broadly, the integration is part of an effort to better connect blockchain infrastructure with the real economy—linking onchain assets to the payment and rewards systems people in Korea already use every day.

TMO Labs’ integration with Sei will span several key areas, including:

blockchain-based payment and rewards infrastructure;integration with Korean payment and loyalty services;expansion into transportation, mobility, and lifestyle use cases; anddevelopment of consumer-facing Web3 financial services grounded in real-world utility.

Jin Kim, Founder of TMO Labs said, “This partnership marks an important step toward making blockchain technology a natural part of everyday financial activity and consumer spending in Korea. By combining TMO Labs’ payment infrastructure with Sei’s high-performance blockchain, we aim to deliver a practical digital finance experience centered on real usage.”

Justin Barlow, Executive Director of Sei Development Foundation added, “TMO Labs is closely connected to Korea’s payment, transit, and rewards infrastructure. Through this integration, TMO Labs is well positioned to deliver one of the most meaningful examples of blockchain being applied in real consumer environments.”

About TMO Labs

TMO Labs is a Korean payment infrastructure company. It develops services that connect digital assets with real-world financial use cases. Its flagship product, TMO Wallet, is an all-in-one digital wallet that enables users to manage blockchain assets, reward points, and prepaid balances in a single platform and apply them across transportation, shopping, and everyday consumer activities.

To learn more about TMO Labs, visit www.tmolabs.io.

About Sei Development Foundation

Sei Development Foundation is an independent US non-profit dedicated to the advancement and adoption of open source, permissionless protocols like Sei – the fastest EVM Layer 1 blockchain built to support world-scale decentralized applications. Through education, funding, and ecosystem support, the Sei Development Foundation collaborates with a global community of builders and users to promote and expand the benefits of Sei and related projects.

To learn more about Sei Development Foundation, visit www.seifdn.org.

About Sei Network

Sei is a blockchain designed for fast, cheap financial transactions, combining the network effects of Ethereum with the performance of Solana. Sei has processed more than five billion transactions across more than 95 million wallets and has become the #1 EVM chain by number of active users.

Learn more at www.sei.io.

View original content:https://www.prnewswire.com/news-releases/tmo-labs-integrates-with-sei-network-to-bring-blockchain-into-everyday-payments-in-korea-302759158.html

SOURCE Sei Development Foundation

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ANGHAMI REPORTS FY2025 REVENUE OF $99.3M, UP 27%, ON 3.5M SUBSCRIBERS AND LANDMARK STRATEGIC PARTNERSHIPS

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2 hours ago

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April 30, 2026

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ABU DHABI, UAE, April 30, 2026 /PRNewswire/ — Anghami Inc. (NASDAQ: ANGH) (“Anghami”), the leading music and entertainment streaming platform in the MENA region, today announced its consolidated financial results for the year ended December 31, 2025, marked by revenue growth and subscribers reaching 3.5 million with a registered user base now exceeding 130 million, supported by landmark strategic partnerships.

HIGHLIGHTS

Revenue increased to $99.3 million in 2025, up 27% from $78.1 million in 2024. Growth came from subscriber gains across OSN+ and Anghami Plus, and the first full-year consolidation of OSN+ (April 1, 2024).Paid Subscribers exceeded 3.5 million across Anghami and OSN+, and registered users crossed 130 million.Warner Bros. Discovery closed its $57 million minority investment in OSN Streaming Limited in March 2025, expanding the content partnership and committing to joint investment in regional original production.Multiple strategic partnerships launched for OSN+ with Noon as well as a regional distribution agreement with talabat and the first-of-its-kind “Epic Bundle” with Shahid and Disney+ in December, delivering strong subscriber traction, high activation rates, and above-average conversion, reinforcing Anghami’s expanding distribution and monetization ecosystem.

Commenting on Anghami’s results, Elie Habib, CEO of Anghami, said: “2025 was the first full year of the combined Anghami and OSN+ business, and a year in which the scale of the opportunity became clear. Revenue grew 27% to $99.3 million. Paying subscribers exceeded 3.5 million, and our registered user base crossed 130 million across the MENA region.

We made important progress across the business. We rebuilt the OSN+ platform in-house, launched our first OSN+ Original, expanded strategic distribution partnerships with talabat and Noon, and signed the Epic Bundle with Shahid and Disney+, bringing three leading entertainment platforms into one subscription for the first time in the region. Warner Bros. Discovery’s investment in OSN Streaming Limited reflects confidence in our model, our market position, and the long-term value of premium regional streaming. Our HBO content commitments remain contractual and unchanged.

With a stronger product, a deeper content slate, Ramadan momentum, and early Epic Bundle traction, we enter 2026 focused on scaling revenue, improving unit economics, and converting momentum into sustainable growth.”

BUSINESS UPDATE

2025 marked a significant year in Anghami’s evolution as it progressed the integration of OSN+ into its multi-media streaming ecosystem and expanded its content, partnerships, and technology capabilities.

Anghami continued to invest in its proprietary technology, including AI-powered content recommendations, and completed the in-house rebuild of the OSN+ streaming platform, delivering improved performance, 4K capabilities, and full control over the user experience. 

In January 2025, OSN+ premiered its original production The Fashionista, reinforcing the platform’s investment in locally relevant content alongside its exclusive HBO catalogue, which includes House of the Dragon, The Last of Us, and Game of Thrones.

In March 2025, Warner Bros. Discovery announced an agreement to acquire a minority stake in OSN Streaming Limited, Anghami’s majority shareholder, investing $57 million. The transaction expands the existing content partnership and includes plans to jointly invest in locally produced content targeting regional audiences.

OSN+ partnerships with talabat and Noon expanded distribution and opened new customer acquisition channels, while high-profile live events including the Amr Diab & Adam Port concert in Abu Dhabi and Nancy Ajram Riyadh Boulevard activation reinforced Anghami’s cultural leadership position. Regional conflicts have impacted live events and regional content production; however, Anghami continued to scale its cultural footprint through flagship initiatives such as “Aktar Men Ayya Waqt,” a pan-Arab collaboration uniting leading artists across the region, alongside a focused Ramadan content strategy that delivered resilient engagement and outperformed industry trends that typically see lower metrics during the period.

As the year drew to a close, OSN+ launched the “Epic Bundle”, a first-of-its-kind bundled subscription with Shahid and Disney+, bringing all three platforms together under a single plan and broadening content access for consumers.

Anghami also continued to expand its telco partnership ecosystem in 2025, maintaining integrations with 45 telco operators across the MENA region. Telco partnerships serve as a dual-purpose growth lever by facilitating frictionless subscription payments, helping Anghami maintain one of the highest paying conversion rates among music streaming services in the MENA region, while also providing a significant marketing channel through co-branded campaigns and data bundle offerings.

From a financial perspective, revenue increased to $99.3 million in 2025, from $78.1 million in 2024, driven by subscriber growth across Anghami Plus and OSN+ and the first full-year contribution from the OSN+ video streaming segment which was consolidated from 1 April 2024. Profitability was impacted by the fixed video content licensing fees reflecting the full 12 month impact compared to 2024.

During 2025 and early 2026, the Company strengthened its Board of Directors with the appointments of Bassil Almouallimi (SRMG), James Cooke (Warner Bros. Discovery), Moustapha Chami (KIPCO), and Eman Al Awadhi (KIPCO).

OUTLOOK

Anghami is positioned to capitalize on continued growth in digital entertainment demand across the MENA region. The Company’s platform-led partnerships enhance distribution, content access and audience reach, further differentiating Anghami within an increasingly competitive streaming market.

Strategic collaborations with leading regional and global platforms, including Shahid, Disney+, talabat, and the expanded Warner Bros. Discovery relationship, are expected to remain key growth drivers. The content lineup is set to remain exceptional throughout the year, featuring highly anticipated global releases and returning flagship series. This includes A Knight of the Seven Kingdoms, Euphoria Season 3, Season 2 of The Pitt, which has emerged as one of the most widely watched series globally, and Season 4 of FROM. This is further reinforced by upcoming seasons of The House of the Dragon and a robust pipeline of award-winning and globally successful films, including major 2025 theatrical releases such as Sinners, Superman, and other leading box office titles.

Building on this early traction, Anghami aims to scale embedded and bundled distribution models to support more efficient user acquisition and deeper engagement across its core markets.

Management remains focused on balancing growth with operational discipline, as continued investment in platform capabilities, reshaping content acquisition costs, advertising optimization and partner integrations support scale benefits over time. As these initiatives mature, Anghami aims to drive improved monetization and stronger operating leverage across its digital entertainment platform that will lead to material unit economics improvements in 2026.

Anghami’s annual report on Form 20-F (the “Form 20-F”) for the year ended December 31, 2025 was filed today with the U.S. Securities and Exchange Commission. The Form 20-F can be accessed by visiting either the SEC’s website at www.sec.gov or the Company’s website at https://www.anghami.com/investors.

About Anghami Inc. (NASDAQ: ANGH)

Anghami is the leading multi-media technology streaming platform in the Middle East and North Africa (“MENA”) region, offering a comprehensive ecosystem of exclusive premium video, music, podcasts, live entertainment, audio services, and more.

With a user base exceeding 130 million registered users and over 3.5 million paid subscribers, Anghami has partnered with 45 telcos across MENA, facilitating customer acquisition and subscription payment, in addition to establishing relationships with major film studios, entertainment giants, and music labels, both regional and international. Headquartered in Abu Dhabi, UAE, Anghami operates in 16 countries across MENA, with offices in Beirut, Dubai, Cairo, and Riyadh.

To learn more about Anghami, please visit: https://anghami.com. Any questions for the Investors Relations Department can be emailed to IR@anghami.com or anghami@apcoworldwide.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Anghami’s actual results may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “start,” “project,” “budget,” “forecast,” “preliminary,” “anticipate,” “position,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “continue,” “predicts,” “potential,” “transform,” “commitment” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These statements include those related to the effect of the OSN+ integration, Warner Bros. Discovery investment in OSN Streaming, other new partnerships and collaborations, and future growth. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Anghami’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the outcome of any legal proceedings that may be instituted against Anghami; wars, conflicts and political instability; foreign exchange fluctuations, changes in applicable laws or regulations; and the possibility that Anghami may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties identified in Anghami’s fiscal 2025 annual report on Form 20-F filed with the SEC on April 30, 2026, including those under “Risk Factors” therein, and in other documents filed or to be filed with the SEC by Anghami and available at the SEC’s website at www.sec.gov. Anghami cautions that the foregoing list of factors is not exclusive. Anghami cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Except as required by law, Anghami does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

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SOURCE Anghami

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