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LENDINGTREE REPORTS SECOND QUARTER 2024 RESULTS

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Insurance Segment Continues Strong Rebound Driving 15% Revenue Growth

Consolidated revenue of $210.1 millionGAAP net income of $7.8 million or $0.58 per diluted shareVariable marketing margin of $70.9 millionAdjusted EBITDA of $23.5 millionAdjusted net income per share of $0.54

CHARLOTTE, N.C., July 25, 2024 /PRNewswire/ — LendingTree, Inc. (NASDAQ: TREE), operator of LendingTree.com, the nation’s leading online financial services marketplace, today announced results for the quarter ended June 30, 2024.

The company has posted a letter to shareholders on the company’s website at investors.lendingtree.com.

“Our Insurance segment generated exceptional growth in the second quarter with revenue more than doubling from the prior year period.  We expect our leading market position will result in meaningfully larger revenue generation through the remainder of this year,” said Doug Lebda, Chairman and CEO.  “Our company continues to benefit from the diversity of our business model.  As Insurance continues to grow both revenue and VMD, we are leaning into our highest margin Consumer segment to acquire more high-intent customers for our lender partners.”

Scott Peyree, President and COO, commented, “The growth in our Insurance business during the quarter well surpassed our expectations, and led us to beat the high end of our quarterly revenue guidance.  For most of the last two years, our team focused on matching the highest quality consumers searching for insurance policies with limited carrier demand.  We are now seeing the benefit of that focus.  We have been employing that same strategy in our Consumer business, improving our relationship with our network lenders by helping them close more loans with our consumers to position ourselves ahead of any future improvement in lending conditions.”

Jason Bengel, CFO, added, “I am very excited to assume CFO responsibilities at LendingTree.  Having previously served as the leader of our Finance department, as well as driving our efficiency and internal strategy initiatives, I know our team is well positioned to continue improving our balance sheet and harvesting operating leverage by operating with focus and discipline. During the quarter we were able to repurchase $161 million of our 2025 convertible notes for $152 million, capturing a $9 million discount.  The combination of cash on the balance sheet,  future free cash flow and the remaining $50M of debt available from our Apollo financing will allow us to comfortably retire these notes by maturity next year.”

Second Quarter 2024 Business Results

Home segment revenue of $32.2 million decreased 23% over second quarter 2023 and produced segment profit of $9.3 million, down 30% over the same period.Within Home, revenue from Home Equity of $22.0 million decreased 13% over prior year.Consumer segment revenue of $55.9 million declined 32% over second quarter 2023.Within Consumer, personal loans revenue of $26.9 million declined 4% over prior year.Revenue from our small business offering decreased 12% over prior year.Insurance segment revenue of $122.1 million increased 109% over second quarter 2023 and translated into segment profit of $36.4 million, up 47% over the same period.

 

LendingTree Summary Financial Metrics

(In millions, except per share amounts)

Three Months Ended
June 30,

Y/Y

Three Months Ended
March 31,

Q/Q

2024

2023

% Change

2024

% Change

Total revenue

$     210.1

$    182.5

15 %

$                     167.8

25 %

Income before income taxes

$         9.4

$        0.1

— %

$                         1.6

— %

Income tax expense

$       (1.6)

$       (0.2)

— %

$                        (0.6)

— %

Net income (loss)

$         7.8

$       (0.1)

— %

$                         1.0

— %

Net income (loss) % of revenue

4 %

— %

1 %

Income (loss) per share

Basic

$       0.58

$    (0.01)

$                       0.08

Diluted

$       0.58

$    (0.01)

$                       0.08

Variable marketing margin

Total revenue

$     210.1

$    182.5

15 %

$                     167.8

25 %

Variable marketing expense (1) (2)

$   (139.2)

$  (106.0)

31 %

$                     (98.4)

41 %

Variable marketing margin (2)

$       70.9

$      76.5

(7) %

$                       69.4

2 %

Variable marketing margin % of revenue (2)

34 %

42 %

41 %

Adjusted EBITDA (2)

$       23.5

$      26.7

(12) %

$                       21.6

9 %

Adjusted EBITDA % of revenue (2)

11 %

15 %

13 %

Adjusted net income (2)

$         7.2

$      14.7

(51) %

$                         9.2

(22) %

Adjusted net income per share (2)

$       0.54

$      1.14

(53) %

$                       0.70

(23) %

(1)

Represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses.  Excludes overhead, fixed costs and personnel-related expenses. 

(2)

Variable marketing expense, variable marketing margin, variable marketing margin % of revenue, adjusted EBITDA, adjusted EBITDA % of revenue, adjusted net income and adjusted net income per share are non-GAAP measures. Please see “LendingTree’s Reconciliation of Non-GAAP Measures to GAAP” and “LendingTree’s Principles of Financial Reporting” below for more information.

 

LendingTree Segment Results

(In millions)

Three Months Ended
June 30,

Y/Y

Three Months Ended
March 31,

Q/Q

2024

2023

% Change

2024

% Change

Home (1)

Revenue

$       32.2

$      41.6

(23) %

$                       30.4

6 %

Segment profit

$         9.3

$      13.3

(30) %

$                         9.6

(3) %

Segment profit % of revenue

29 %

32 %

32 %

Consumer (2)

Revenue

$       55.9

$      82.5

(32) %

$                       51.5

9 %

Segment profit

$       26.9

$      40.7

(34) %

$                       27.4

(2) %

Segment profit % of revenue

48 %

49 %

53 %

Insurance (3)

Revenue

$     122.1

$      58.4

109 %

$                       85.9

42 %

Segment profit

$       36.4

$      24.8

47 %

$                       33.4

9 %

Segment profit % of revenue

30 %

42 %

39 %

Other (4)

Revenue

$          —

$          —

— %

$                           —

— %

(Loss)

$       (0.1)

$       (0.3)

67 %

$                           —

— %

Total revenue

$     210.1

$    182.5

15 %

$                     167.8

25 %

Total segment profit

$       72.5

$      78.5

(8) %

$                       70.5

3 %

     Brand marketing expense (5)

$       (1.6)

$       (2.0)

(20) %

$                        (1.1)

45 %

Variable marketing margin

$       70.9

$      76.5

(7) %

$                       69.4

2 %

Variable marketing margin % of revenue

34 %

42 %

41 %

(1)

The Home segment includes the following products: purchase mortgage, refinance mortgage, and home equity loans.

(2)

The Consumer segment includes the following products: credit cards, personal loans, small business loans, student loans, auto loans, deposit accounts and debt settlement. We ceased offering credit repair with the closing of Ovation at the end of Q2 2023.

(3)

The Insurance segment consists of insurance quote products and sales of insurance policies.

(4)

The Other category primarily includes marketing revenue and related expenses not allocated to a specific segment.

(5)

Brand marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing and related expenses that are not assignable to the segments’ products. This measure excludes overhead, fixed costs and personnel-related expenses.

Financial Outlook*

Today we are updating our outlook for full-year 2024 and introducing our outlook for the third quarter.

Full-year 2024:

Revenue of $830 – $870 million compared to the prior range of $690 – $720 millionVariable Marketing Margin of $280 – $300 millionAdjusted EBITDA of $85 – $95 million

Third-quarter 2024:

Revenue: $230 – $260 millionVariable Marketing Margin: $73 – $80 millionAdjusted EBITDA: $23 – $27 million

*LendingTree is not able to provide a reconciliation of projected variable marketing margin or adjusted EBITDA to the most directly comparable expected GAAP results due to the unknown effect, timing and potential significance of the effects of legal matters and tax considerations. Expenses associated with legal matters and tax considerations have in the past, and may in the future, significantly affect GAAP results in a particular period.   

Quarterly Conference Call

A conference call to discuss LendingTree’s second quarter 2024 financial results will be webcast live today, July 25, 2024 at 5:00 PM Eastern Time (ET). The live audiocast is open to the public and will be available on LendingTree’s investor relations website at investors.lendingtree.com. Following completion of the call, a recorded replay of the webcast will be available on the website.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Expense

Below is a reconciliation of selling and marketing expense, the most directly comparable GAAP measure, to variable marketing expense. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of this non-GAAP measure.

Three Months Ended

June 30,
2024

March 31,
2024

June 30,
2023

(in thousands)

Selling and marketing expense

$      148,387

$      108,176

$      116,065

Non-variable selling and marketing expense (1)

(9,140)

(9,855)

(10,107)

Variable marketing expense

$      139,247

$        98,321

$      105,958

(1)

Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Variable Marketing Margin

Below is a reconciliation of net income (loss), the most directly comparable table GAAP measure, to variable marketing margin and net income (loss) % of revenue to variable marketing margin % of revenue. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

June 30,
2024

March 31,
2024

June 30,
2023

(in thousands, except percentages)

Net income (loss)

$          7,752

$          1,016

$          (115)

Net income (loss) % of revenue

4 %

1 %

— %

Adjustments to reconcile to variable marketing margin:

Cost of revenue

8,411

8,545

9,302

Non-variable selling and marketing expense (1)

9,140

9,855

10,107

General and administrative expense

27,118

25,796

29,160

Product development

10,374

11,857

10,601

Depreciation

4,601

4,667

4,684

Amortization of intangibles

1,467

1,489

1,982

Restructuring and severance

202

23

3,558

Litigation settlements and contingencies

(7)

36

488

Interest expense (income), net

1,201

6,638

6,940

Other income

(1,052)

(1,034)

(439)

Income tax expense

1,686

559

227

Variable marketing margin

$        70,893

$        69,447

$        76,495

Variable marketing margin % of revenue

34 %

41 %

42 %

(1)

Represents the portion of selling and marketing expense not attributable to variable costs paid for advertising, direct marketing and related expenses. Includes overhead, fixed costs and personnel-related expenses.

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted EBITDA

Below is a reconciliation of net income (loss), the most directly comparable table GAAP measure, to adjusted EBITDA and net income (loss) % of revenue to adjusted EBITDA % of revenue. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

June 30,
2024

March 31,
2024

June 30,
2023

(in thousands, except percentages)

Net income (loss)

$          7,752

$          1,016

$          (115)

Net income (loss) % of revenue

4 %

1 %

— %

Adjustments to reconcile to adjusted EBITDA:

Amortization of intangibles

1,467

1,489

1,982

Depreciation

4,601

4,667

4,684

Restructuring and severance

202

23

3,558

Loss on impairments and disposal of assets

413

368

140

Loss on impairment of investments

—

—

1,440

Non-cash compensation

7,437

7,789

9,204

Acquisition expense

—

—

4

Litigation settlements and contingencies

(7)

36

488

Interest expense (income), net

1,201

6,638

6,940

Dividend income

(1,225)

(1,034)

(1,879)

Income tax expense

1,686

559

227

Adjusted EBITDA

$        23,527

$        21,551

$        26,673

Adjusted EBITDA % of revenue

11 %

13 %

15 %

LENDINGTREE’S RECONCILIATION OF NON-GAAP MEASURES TO GAAP

Adjusted Net Income

Below is a reconciliation of net income (loss), the most directly comparable table GAAP measure, to adjusted net income and net income (loss) per diluted share to adjusted net income per share. See “LendingTree’s Principles of Financial Reporting” for further discussion of the Company’s use of these non-GAAP measures.

Three Months Ended

June 30,
2024

March 31,
2024

June 30,
2023

(in thousands, except per share amounts)

Net income (loss)

$          7,752

$          1,016

$          (115)

Adjustments to reconcile to adjusted net income:

Restructuring and severance

202

23

3,558

Loss on impairments and disposal of assets

413

368

140

Loss on impairment of investments

—

—

1,440

Non-cash compensation

7,437

7,789

9,204

Acquisition expense

—

—

4

Litigation settlements and contingencies

(7)

36

488

Gain on extinguishment of debt

(8,619)

—

—

Adjusted net income

$          7,178

$          9,232

$        14,719

Net income (loss) per diluted share

$            0.58

$            0.08

$         (0.01)

Adjustments to reconcile net income (loss) to adjusted net income

(0.04)

0.62

1.15

Adjustments to reconcile effect of dilutive securities

—

—

—

Adjusted net income per share

$            0.54

$            0.70

$            1.14

Adjusted weighted average diluted shares outstanding

13,407

13,276

12,928

Effect of dilutive securities

—

—

13

Weighted average diluted shares outstanding

13,407

13,276

12,915

Effect of dilutive securities

150

176

—

Weighted average basic shares outstanding

13,257

13,100

12,915

LENDINGTREE’S PRINCIPLES OF FINANCIAL REPORTING

LendingTree reports the following non-GAAP measures as supplemental to GAAP:

Variable marketing expenseVariable marketing marginVariable marketing margin % of revenueEarnings Before Interest, Taxes, Depreciation and Amortization, as adjusted for certain items discussed below (“Adjusted EBITDA”)Adjusted EBITDA % of revenueAdjusted net incomeAdjusted net income per share

Variable marketing expense, variable marketing margin and variable marketing margin % of revenue are related measures of the effectiveness of the Company’s marketing efforts. Variable marketing margin is a measure of the efficiency of the Company’s operating model, measuring revenue after subtracting variable marketing expense. Variable marketing expense represents the portion of selling and marketing expense attributable to variable costs paid for advertising, direct marketing, and related expenses, and excludes overhead, fixed costs, and personnel related expenses.  The Company’s operating model is highly sensitive to the amount and efficiency of variable marketing expenditures, and the Company’s proprietary systems are able to make rapidly changing decisions concerning the deployment of variable marketing expenditures (primarily but not exclusively online and mobile advertising placement) based on proprietary and sophisticated analytics.

Adjusted EBITDA and adjusted EBITDA % of revenue are primary metrics by which LendingTree evaluates the operating performance of its businesses, on which its marketing expenditures and internal budgets are based and, in the case of adjusted EBITDA, by which management and many employees are compensated in most years.

Adjusted net income and adjusted net income per share supplement GAAP net income and GAAP net income per diluted share by enabling investors to make period to period comparisons of those components of the most directly comparable GAAP measures that management believes better reflect the underlying financial performance of the Company’s business operations during particular financial reporting periods. Adjusted net income and adjusted net income per share exclude certain amounts, such as non-cash compensation, non-cash asset impairment charges, gain/loss on disposal of assets, gain/loss on investments, restructuring and severance, litigation settlements and contingencies, acquisition and disposition income or expenses including with respect to changes in fair value of contingent consideration, gain/loss on extinguishment of debt, contributions to the LendingTree Foundation, one-time items which are recognized and recorded under GAAP in particular periods but which might be viewed as not necessarily coinciding with the underlying business operations for the periods in which they are so recognized and recorded, the effects to income taxes of the aforementioned adjustments, any excess tax benefit or expense associated with stock-based compensation recorded in net income in conjunction with FASB pronouncement ASU 2016-09, and income tax (benefit) expense from a full valuation allowance. LendingTree believes that adjusted net income and adjusted net income per share are useful financial indicators that provide a different view of the financial performance of the Company than adjusted EBITDA (the primary metric by which LendingTree evaluates the operating performance of its businesses) and the GAAP measures of net income and GAAP net income per diluted share.

These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to GAAP results. LendingTree provides and encourages investors to examine the reconciling adjustments between the GAAP and non-GAAP measures set forth above.

Definition of LendingTree’s Non-GAAP Measures

Variable marketing margin is defined as revenue less variable marketing expense. Variable marketing expense is defined as the expense attributable to variable costs paid for advertising, direct marketing and related expenses, and excluding overhead, fixed costs and personnel-related expenses. The majority of these variable advertising costs are expressly intended to drive traffic to our websites and these variable advertising costs are included in selling and marketing expense on the Company’s consolidated statements of operations and consolidated income.

EBITDA is defined as net income from continuing operations excluding interest, income taxes, amortization of intangibles and depreciation.

Adjusted EBITDA is defined as EBITDA excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) contributions to the LendingTree Foundation (9) dividend income, and (10) one-time items.

Adjusted net income is defined as net income (loss) excluding (1) non-cash compensation expense, (2) non-cash impairment charges, (3) gain/loss on disposal of assets, (4) gain/loss on investments, (5) restructuring and severance expenses, (6) litigation settlements and contingencies, (7) acquisitions and dispositions income or expense (including with respect to changes in fair value of contingent consideration), (8) gain/loss on extinguishment of debt, (9) contributions to the LendingTree Foundation, (10) one-time items, (11) the effects to income taxes of the aforementioned adjustments, (12) any excess tax benefit or expense associated with stock-based compensation recorded in net income in conjunction with FASB pronouncement ASU 2016-09, and (13) income tax (benefit) expense from a full valuation allowance.

Adjusted net income per share is defined as adjusted net income divided by the adjusted weighted average diluted shares outstanding. For periods which the Company reports GAAP loss from continuing operations, the effects of potentially dilutive securities are excluded from the calculation of net loss per diluted share from continuing operations because their inclusion would have been anti-dilutive. In periods where the Company reports GAAP loss from continuing operations but reports positive non-GAAP adjusted net income, the effects of potentially dilutive securities are included in the denominator for calculating adjusted net income per share if their inclusion would be dilutive.

LendingTree endeavors to compensate for the limitations of these non-GAAP measures by also providing the comparable GAAP measures with equal or greater prominence and descriptions of the reconciling items, including quantifying such items, to derive the non-GAAP measures. These non-GAAP measures may not be comparable to similarly titled measures used by other companies.

One-Time Items

Adjusted EBITDA and adjusted net income are adjusted for one-time items, if applicable. Items are considered one-time in nature if they are non-recurring, infrequent or unusual, and have not occurred in the past two years or are not expected to recur in the next two years, in accordance with SEC rules. For the periods presented in this report, there are no adjustments for one-time items.

Non-Cash Expenses That Are Excluded From LendingTree’s Adjusted EBITDA and Adjusted Net Income

Non-cash compensation expense consists principally of expense associated with the grants of restricted stock, restricted stock units and stock options. These expenses are not paid in cash and LendingTree includes the related shares in its calculations of fully diluted shares outstanding. Upon settlement of restricted stock units, exercise of certain stock options or vesting of restricted stock awards, the awards may be settled on a net basis, with LendingTree remitting the required tax withholding amounts from its current funds. Cash expenditures for employer payroll taxes on non-cash compensation are included within adjusted EBITDA and adjusted net income.

Amortization of intangibles are non-cash expenses relating primarily to acquisitions. At the time of an acquisition, the intangible assets of the acquired company, such as purchase agreements, technology and customer relationships, are valued and amortized over their estimated lives.  Amortization of intangibles are only excluded from adjusted EBITDA.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

The matters contained in the discussion above may be considered to be “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations or anticipations of LendingTree and members of our management team. Factors currently known to management that could cause actual results to differ materially from those in forward-looking statements include the following: adverse conditions in the primary and secondary mortgage markets and in the economy, particularly interest rates and inflation; default rates on loans, particularly unsecured loans; demand by investors for unsecured personal loans; the effect of such demand on interest rates for personal loans and consumer demand for personal loans; seasonality of results; potential liabilities to secondary market purchasers; changes in the Company’s relationships with network partners, including dependence on certain key network partners; breaches of network security or the misappropriation or misuse of personal consumer information; failure to provide competitive service; failure to maintain brand recognition; ability to attract and retain consumers in a cost-effective manner; the effects of potential acquisitions of other businesses, including the ability to integrate them successfully with LendingTree’s existing operations; accounting rules related to excess tax benefits or expenses on stock-based compensation that could materially affect earnings in future periods; ability to develop new products and services and enhance existing ones; competition; effects of changing laws, rules or regulations on our business model; allegations of failure to comply with existing or changing laws, rules or regulations, or to obtain and maintain required licenses; failure of network partners or other affiliated parties to comply with regulatory requirements; failure to maintain the integrity of systems and infrastructure; liabilities as a result of privacy regulations; failure to adequately protect intellectual property rights or allegations of infringement of intellectual property rights; and changes in management. These and additional factors to be considered are set forth under “Risk Factors” in our Annual Report on Form 10-K for the period ended December 31, 2023, in our Quarterly Report on Form 10-Q for the period ended March 31, 2024, and in our other filings with the Securities and Exchange Commission. LendingTree undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results or expectations.

About LendingTree, Inc.

LendingTree, Inc. is the parent of LendingTree, LLC and several companies owned by LendingTree, LLC (collectively, “LendingTree” or the “Company”).

LendingTree is one of the nation’s largest, most experienced online financial platforms, created to give consumers the power to win financially.  LendingTree provides customers with access to the best offers on loans, credit cards, insurance and more through its network of approximately 400 financial partners.  Since its founding, LendingTree has helped millions of customers obtain financing, save money, and improve their financial and credit health in their personal journeys. With a portfolio of innovative products and tools and personalized financial recommendations, LendingTree helps customers achieve everyday financial wins.

LendingTree, Inc. is headquartered in Charlotte, NC. For more information, please visit www.lendingtree.com. 

Investor Relations Contact:
investors@lendingtree.com

Media Contact:
press@lendingtree.com         

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SOURCE LendingTree, Inc.

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VALENCIA, Spain, July 23, 2026 /PRNewswire/ — Ford Motor Company and Geely Automobile Holdings (hereafter “Geely Auto”) today announced an agreement to form a Europe-focused joint venture (JV) at Ford’s Valencia, Spain, manufacturing hub.

The new JV will manufacture Ford and Geely multi-energy passenger vehicles for the European market, driving greater choice and value for European drivers.

Europe is home to one of the fiercest competitive battles in the global automotive industry today. Tightening regulation, high operating costs and a new generation of global competitors have reset the industry’s benchmark for manufacturing cost, vehicle technology and software experience.

By pooling production volume, Ford and Geely will maximize the capacity of the Valencia plant, lower the cost of every vehicle built there, and compete at this emerging cost standard while delivering world-class multi-energy vehicles and strengthening the local Valencia economy in the process.

Pending regulatory approvals, the joint venture will begin operations in the first half of 2027, with the first new vehicles scheduled to roll off the line in 2028. The Valencia plant will continue to produce the Ford Kuga in the meantime.

“This JV with Ford in Europe reflects our commitment to open, collaborative product development as part of our growth strategy, deepening our local presence and commitment to customers in Europe”, said Alex Nan, Vice President of Geely Auto Group. “We are dedicated to delivering vehicles that European customers will choose on merit: on industry leading features, on high-quality and on actively contributing to Europe’s green future. Put simply: we are building cars in Europe, for Europe, alongside a trusted partner.”

Ford’s partnership with Geely is built on a foundation of trust and respect stretching back to 2010 when Ford sold Volvo Cars to Geely and watched it protect and revitalize the brand. Both companies share a commitment to quality, cost-efficient sourcing and continuous improvement, as well as a belief that customers should be able to choose their own path through the energy transition.

Transforming Valencia into a Powerhouse for Low-CO2 Mobility

The JV will transform Ford’s Valencia facility – already one of Europe’s most productive and advanced plants, with a potential annual capacity of about 500,000 vehicles – into a shared, high-tech manufacturing hub built to compete at the industry’s new global cost standard. The plant has been at the leading edge of the European market since it opened in 1976, when it built the original Ford Fiesta, Ford’s first global front-wheel-drive car, and a major success. Ford was the first non-Spanish automaker to build in Valencia, the start of a partnership with Spain and its people that remains as strong today.

Under the proposed ownership structure, Ford will own 66% of the new entity and Geely Auto 34%.

An Exciting Vehicle Lineup

“For nearly 50 years, Valencia has built some of the most-loved cars in our history, and now this team will help build our future”, said Jim Baumbick, President, Ford of Europe. ” That’s why we’re building a flexible, cost-effective industrial system with a capable partner in Geely Auto. Together we can fully utilize a best-in-class plant with a great workforce and match the industry’s new cost benchmark. This is all part of Ford’s vision to give European drivers rally-bred handling, true off-road capability and multi-energy technology, with a distinct Blue Oval DNA.”

The JV will combine the engineering, manufacturing and development know-how of two of the world’s leading automakers to build both Ford and Geely low- and zero-emission passenger vehicles. The cars will be tailored for European drivers and will offer them choice in powertrain technology, as well as outstanding digital experiences.

Ford Models:

The Popular Ford Kuga: Production of the Ford Kuga — one of Europe’s favorite plug-in hybrids — will continue uninterrupted in Valencia.A Rugged New Bronco: Valencia will also produce a new member of the global Bronco family – a tough, compact, adventure-ready SUV built for European roads, with production starting in 2028.An All-New Crossover: A multi-energy family crossover, designed by Ford and jointly developed with Geely will arrive in 2028. Engineered with Ford’s signature capabilities and driving dynamics, it is part of an aggressive product offensive that will bring five new multi-energy vehicles to Europe by 2029.

Geely Models:

Sleek Electric SUVs: Geely Auto plans to produce two electric SUVs at the Valencia facility in full support of their European focus and growth strategy. The first Geely-branded models to be manufactured under this joint venture are scheduled to roll off the production line in 2028.

The venture supports Geely Auto’s international expansion, following overseas sales of 474,228 vehicles in the first half of the year, while advancing Ford’s strategy of using partnerships to compete with speed, efficiency and scale in Europe.

“This partnership shows how automakers are strengthening Europe’s industrial base, but we can’t do it alone,” said Jim Baumbick. “What we’ve achieved in Valencia, with the ongoing support of Spain’s national and regional governments, is a masterclass in public-private partnership that sets the benchmark for the rest of Europe.”

About Ford Motor Company

Ford Motor Company (NYSE: F) is a global company based in Dearborn, Michigan, committed to helping build a better world, where every person is free to move and pursue their dreams. The company’s Ford+ plan for growth and value creation combines existing strengths, new capabilities, and always-on relationships with customers to enrich experiences for customers and deepen their loyalty. Ford develops and delivers innovative, must-have Ford trucks, sport utility vehicles, commercial vans and cars and Lincoln luxury vehicles, along with connected services, including BlueCruise (ADAS) and security. The company offers freedom of choice through three customer-centered business segments: Ford Blue, engineering iconic gas-powered and hybrid vehicles; Ford Model e, inventing breakthrough electric vehicles (“EVs”) along with embedded software that defines always-on digital experiences for all customers; and Ford Pro, helping commercial customers transform and expand their businesses with vehicles and services tailored to their needs. Additionally, the company provides financial services through Ford Motor Credit Company. Ford employs about 168,000 people worldwide. More information about the company and its products and services is available at corporate.ford.com.

About Geely Auto Group

Geely Auto Group is a leading global automotive company headquartered in Hangzhou, China. Part of Zhejiang Geely Holding Group, Geely Auto Group develops and manufactures passenger vehicles under the Geely, Lynk & Co, and Zeekr brands.

Geely Auto achieved cumulative sales of 3,024,567 units in 2025, exceeding the full-year sales target with a year-on-year growth of 39%. New energy vehicle (NEV) sales reached 1,687,767 units, a year-on-year increase of 90%.

With a strong focus on technology innovation, electrification, and sustainable mobility, Geely Auto Group operates world-class R&D centers and manufacturing facilities across China, Europe, and key international markets. The Group is committed to delivering safe, high-quality, and intelligent vehicles enabled by advanced technologies such as hybrid powertrains, full-electric architectures, smart connectivity, and autonomous driving systems.

As a global company, Geely Auto Group continues to expand its international presence through strategic partnerships, localized operations, and industry-leading platforms. Geely strives to create mobility solutions that are greener, smarter, and more accessible, driving forward the future of sustainable transportation.

Ford news releases, related materials, photos and video, visit From the Road, www.fordmedia.eu or www.media.ford.com.
Follow www.linkedin.com/company/ford-in-europe, www.youtube.com/FordNewsEurope, www.instagram.com/FordNewsEurope,
www.threads.net/@fordnewseurope and www.tiktok.com/@FordNewsEurope

 

 

 

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SOURCE Ford

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K25.ai Secures Series A Investment with Strategic Support from Amber Group, Valuation Doubles to US$200 Million

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42 minutes ago

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July 23, 2026

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Series A follows K25.ai’s oversubscribed Pre-A round and accelerates its vision to make prediction markets native to live digital content

SINGAPORE, July 23, 2026 /PRNewswire/ — K25.ai, the AI-native prediction market transforming livestreams into real-time interactive markets, today announced the closing of its Series A investment round, with strategic support from Amber Group, at a post-money valuation of US$200 million, doubling the company’s valuation in under 60 days.

The Series A marks another major milestone for K25.ai as it builds a new category at the convergence of artificial intelligence, live digital content, creator economies and prediction markets.

K25.ai enables audiences to predict what happens next across live sports, esports, entertainment and creator content. Its proprietary AI infrastructure supports real-time market generation, content monitoring and outcome resolution, powering a seamless watch-to-predict experience.

The investment and strategic collaboration will accelerate K25.ai’s product development, global expansion, institutional liquidity infrastructure and creator ecosystem.

“We’re building the category where AI meets live content and real-money prediction. Amber Group’s backing — and the doubling of our valuation — confirms the market is ready. We’re moving fast,” said Andy Cheung, Founder and CEO of K25.ai.

Amber Group will support K25.ai across market infrastructure, liquidity strategy, ecosystem development and related digital asset expertise.

“K25.ai is creating a differentiated platform at the intersection of AI, real-time content and prediction markets,” said Haoyu, Portfolio Director of amber.ac. “We are excited to support its experienced team as it scales a new generation of interactive financial and entertainment experiences.”

The Series A follows K25.ai’s recently closed Pre-A round led by Nasdaq-listed NewGenIVF Group Limited (Nasdaq: NIVF). The Series A support from Amber Group doubles K25.ai’s valuation from its Pre-A round and adds a second institutional backer alongside NewGenIVF Group, extending K25.ai’s strategic support across both public markets and digital assets.

About K25.ai

K25.ai is an AI-native livestreaming prediction market transforming passive audiences into active participants. By combining live content, creator-led markets and AI-powered resolution, K25.ai is building the infrastructure for the next generation of interactive information markets.

About Amber Group

Amber Group is a global leader in digital assets, headquartered in Singapore. Amber Group is the parent company of Amber International Holding Limited (Nasdaq: AMBR), which operates as a separate publicly traded company. Since 2017, Amber Group has developed full-stack solutions that bridge traditional finance and digital assets, offering end-to-end services including wealth management, asset management, market making, advisory, investment, and infrastructure. These products and services are offered across various entities within Amber Group. Certain products, services, technologies, and initiatives described in this press release are developed or carried out by subsidiaries or affiliates of Amber Group other than Amber International Holding Limited, and are not necessarily conducted by or attributable to the listed entity.

Backed by top investors and equipped with deep expertise in both digital and traditional markets, Amber Group leverages AI, blockchain, and quantitative research to deliver personalized, cutting-edge solutions. The company focuses on servicing a diverse global clientele—comprising HNW individuals, institutions, funds, exchanges, and projects—to optimize returns safely across all market conditions.

Learn more at www.ambergroup.io.

Media and Investor Contacts

K25.ai Media Contact
media@k25.ai 

K25.ai Investor Relations Contact
ir@k25.ai 

K25.ai Partnership Contact
partnership@k25.ai 

View original content:https://www.prnewswire.com/news-releases/k25ai-secures-series-a-investment-with-strategic-support-from-amber-group-valuation-doubles-to-us200-million-302833151.html

SOURCE K25.ai

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