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Silicom Reports Q2 2024 Results & Update of Strategic Plan

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KFAR SAVA, Israel, July 29, 2024 /PRNewswire/ — Silicom Ltd. (NASDAQ: SILC), a leading provider of high-performance networking and data infrastructure solutions, today reported its financial results for the second quarter ended June 30, 2024, and provided an update regarding the Strategic Plan announced on February 1st.  

Financial Results

Second quarter: Silicom’s revenues for the second quarter of 2024 were $14.5 million compared with $38.1 million for the second quarter of 2023.

On a GAAP basis, the company’s net loss for the quarter totalled $(1.5) million, or $(0.25) per ordinary share (basic and diluted), compared with net income of $3.8 million, or $0.56 per ordinary share (basic and diluted), for the second quarter of 2023.

On a non-GAAP basis (as described and reconciled below), net loss for the quarter totalled $(0.9) million, or $(0.14) per ordinary share (basic and diluted), compared with net income of $4.5 million, or $0.66 per ordinary share (basic and diluted), for the second quarter of 2023.

First Six Months: Silicom’s revenues for the first half of 2024 were $28.9 million compared with $75.3 million for the first half of 2023.

On a GAAP basis, net loss for the period totalled $(4.9) million, or $(0.80) per ordinary share (basic and diluted), compared with net income of $7.3 million, or $1.07 per diluted share ($1.09 per basic share), for the first half of 2023.

On a non-GAAP basis (as described and reconciled below), net loss for the period totalled $(3.2) million, or $(0.52) per ordinary share (basic and diluted), compared with net income of $8.6 million, or $1.27 per diluted share ($1.28 per basic share), for the first half of 2023.

During the first half of 2024, the Company generated more than $13 million in cash, and invested approximately half of that, about $6.6 million, in repurchasing Silicom shares. 

Guidance

In light of longer-than-expected sales cycles, the prolonged excess inventory digestion periods of several large customers and the global economic slowdown, Management projects that revenues for the third quarter of 2024 will range from $14 million to $15 million, and expects that revenues for the second half of 2024 as a whole to be similar to those of the first half.

Share Repurchase Plan

During the first half of the year, the Company repurchased approximately 410,000 of its ordinary shares at an investment of approximately $6.6 million. This was in line with the Strategic Plan, which calls for the acquisition in total of 1.6 million shares. The timing and actual number of shares repurchased in the future will depend upon a variety of factors, including share market price and general business and market conditions.

Comments of Management  

Liron Eizenman, Silicom’s President and CEO, commented, “The second quarter was another period of focused execution in line with our Strategic Plan, which has stabilized our expenses and brought a clear focus to our sales and R&D activities. As a result, we now have an exceptionally broad and deep pipeline of high-potential sales opportunities, making us even more optimistic about our long-term prospects. In parallel, however, we continue to be impacted by the market’s slowed sales cycles, which have significantly lengthened the timeframes of our Design Win processes and sales ramp-ups. This is having a negative impact on our revenues that is likely to persist for several more quarters through 2024 and 2025. As such, we have now extended our Strategic Plan by one year, with strong annual growth rates of 20%-30% expected to materialize from 2026 and to lead to over $3 Earnings Per Share (EPS) on annual revenues of $150 – $160 million.”

Mr. Eizenman continued, “While our guidance is conservative, we are excited by the upside potential of our pipeline, whose many opportunities could each generate annual revenues of $5 – $20 million. These range from low/mid-range networking solution customers evolving towards our higher-end offerings, to greenfield customers expressing interest in our latest FPGAs and Smart NICs, to existing Smart NIC customers migrating towards our full systems, and more. Promising talks are underway regarding large energy, retail, restaurant chains and connected vehicle operators evaluating our new line of ruggedized systems, and with SASE customers who already look to Silicom as a critical supplier.”

Mr. Eizenman concluded, “As we pursue these opportunities, we continue with the strict discipline, focus and control that has enabled us to remain cash positive throughout this challenging period. We have ‘right-sized’ our workforce, continue to optimize our inventory, and currently hold $78 million in cash. These assets, coupled with our superb products, a bursting pipeline of opportunities and the industry’s best minds, are the raw materials that we will utilize to rebuild Silicom and to achieve our full potential.”

Conference Call Details

Silicom’s Management will host an interactive conference today, July 29th, at 9am Eastern Time (6am Pacific Time, 4pm Israel Time) to review and discuss the results.

To participate, investors may either listen via a webcast link hosted on Silicom’s website or via the dial-in. The link is under the investor relations’ webcast section of Silicom’s website at https://www.silicom-usa.com/webcasts/ 

For those that wish to dial in via telephone, one of the following teleconferencing numbers may be used:

US: 1 866 860 9642
ISRAEL: 03 918 0609
INTERNATIONAL:  +972 3 918 0609
At: 9:00am Eastern Time, 6:00am Pacific Time, 4:00pm Israel Time

It is advised to connect to the conference call a few minutes before the start.

For those unable to listen to the live call, a replay of the call will be available for three months from the day after the call under the above-mentioned webcast section of Silicom’s website.

Non-GAAP Financial Measures

This release, including the financial tables below, presents other financial information that may be considered “non-GAAP financial measures” under Regulation G and related reporting requirements promulgated by the Securities and Exchange Commission (the “SEC”) as they apply to our company. These non-GAAP financial measures exclude compensation expenses in respect of options and RSUs granted to directors, officers and employees, impairment of goodwill, taxes on amortization and impairment of acquired intangible assets, impairment of intangible assets and related write-offs, as well as lease liabilities – financial expenses (income). Non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, GAAP financial measures. The tables also present the GAAP financial measures, which are most comparable to the non-GAAP financial measures as well as reconciliation between the non-GAAP financial measures and the most comparable GAAP financial measures. The non-GAAP financial information presented herein should not be considered in isolation from or as a substitute for operating income (loss), net income (loss) or per share data prepared in accordance with GAAP.

About Silicom

Silicom Ltd. is an industry-leading provider of high-performance networking and data infrastructure solutions. Designed primarily to improve performance and efficiency in Cloud and Data Center environments, Silicom’s solutions increase throughput, decrease latency and boost the performance of servers and networking appliances, the infrastructure backbone that enables advanced Cloud architectures and leading technologies like NFV, SD-WAN and Cyber Security. Our innovative solutions for high-density networking, high-speed fabric switching, offloading and acceleration, which utilize a range of cutting-edge silicon technologies as well as FPGA-based solutions, are ideal for scaling-up and scaling-out cloud infrastructures.

Silicom products are used by major Cloud players, service providers, telcos and OEMs as components of their infrastructure offerings, including both add-on adapters in the Data Center and stand-alone virtualized/universal CPE devices at the edge.

Silicom’s long-term, trusted relationships with more than 200 customers throughout the world, its more than 400 active Design Wins and more than 300 product SKUs have made Silicom a “go-to” connectivity/performance partner of choice for technology leaders around the globe.

For more information, please visit: www.silicom.co.il

Statements in this press Statements in this press release which are not historical data are forward-looking statements which involve known and unknown risks, uncertainties, or other factors not under the company’s control, which may cause actual results, performance, or achievements of the company to be materially different from the results, performance, or other expectations implied by these forward-looking statements. These factors include, but are not limited to, Silicom’s increasing dependence for substantial revenue growth on a limited number of customers, the speed and extent to which Silicom’s solutions are adopted by the relevant markets, difficulty in commercializing and marketing of Silicom’s products and services, maintaining and protecting brand recognition, protection of intellectual property, competition, disruptions to its manufacturing, sales & marketing, development and customer support activities, the impact of the wars in Gaza and in the Ukraine, attacks on shipping by Huthis in the Red Sea, rising inflation, rising interest rates and volatile exchange rates, as well as any continuing or new effects resulting from the COVID-19 pandemic, and  the global economic uncertainty, which may impact customer demand by encouraging them to exercise greater caution and selectivity with their short-term IT investment plans. The factors noted above are not exhaustive.

Further information about the company’s businesses, including information about factors that could materially affect Silicom’s results of operations and financial condition, are discussed in our Annual Report on Form 20-F and other documents filed by the Company and that may be subsequently filed by the company from time to time with the SEC. These forward-looking statements can generally be identified as such because the context of the statement will include words such as “expect,” “should,” “believe,” “anticipate” or words of similar import. Similarly, statements that describe future plans, objectives or goals are also forward-looking statements. In light of significant risks and uncertainties inherent in forward-looking statements, the inclusion of such statements should not be regarded as a representation by the company that it will achieve such forward-looking statements. The company disclaims any duty to update such statements, whether as a result of new information, future events, or otherwise.

Company Contact:

Eran Gilad, CFO

Silicom Ltd.        

Tel: +972-9-764-4555      

E-mail: erang@silicom.co.il

Investor Relations Contact:

Ehud Helft

EK Global Investor Relations

Tel: +1 212 378 8040

E-mail: silicom@ekgir.com 

— FINANCIAL TABLES FOLLOW –

Silicom Ltd. Consolidated Balance Sheets

(US$ thousands)

June 30,

December 31,

2024

2023

Assets

Current assets

Cash and cash equivalents

$

60,680

$

46,972

Marketable securities

8,628

7,957

Accounts receivables: Trade, net

12,988

25,004

Accounts receivables: Other

6,795

3,688

Inventories

44,652

51,507

Total current assets

133,743

135,128

Marketable securities

8,989

16,619

Assets held for employees’ severance benefits

1,257

1,357

Deferred tax assets

2,617

2,359

Property, plant and equipment, net

3,169

3,552

Intangible assets, net

2,285

2,253

Right of Use

5,847

6,466

Total assets

$

157,907

$

167,734

Liabilities and shareholders’ equity

Current liabilities

Trade accounts payable

$

5,667

$

4,139

Other accounts payable and accrued expenses

6,353

6,668

Lease Liabilities

1,711

2,070

Total current liabilities

13,731

12,877

Lease Liabilities

3,397

3,877

Liability for employees’ severance benefits

2,546

2,672

Deferred tax liabilities

81

46

Total liabilities

19,755

19,472

Shareholders’ equity

Ordinary shares and additional paid-in capital

72,140

70,693

Treasury shares

(50,240)

(43,631)

Retained earnings

116,252

121,200

Total shareholders’ equity

138,152

148,262

Total liabilities and shareholders’ equity

$

157,907

$

167,734

 

 

Silicom Ltd. Consolidated Statements of Operations

(US$ thousands, except for share and per share data)

Three-month period

Six-month period

ended June 30,

ended June 30,

2024

2023

2024

2023

Sales

$

14,502

$

38,130

$

28,867

$

75,311

Cost of sales

10,239

25,968

20,565

51,364

Gross profit

4,263

12,162

8,302

23,947

Research and development expenses

4,948

5,253

9,869

10,391

Selling and marketing expenses

1,474

1,894

2,994

3,397

General and administrative expenses

965

1,013

2,026

2,106

Total operating expenses

7,387

8,160

14,889

15,894

Operating income (loss)

(3,124)

4,002

(6,587)

8,053

Financial income (expenses), net

687

468

1,086

767

Income (loss) before income taxes

(2,437)

4,470

(5,501)

8,820

Income taxes

(921)

664

(553)

1,477

Net income (loss)

$

(1,516)

$

3,806

$

(4,948)

$

7,343

Basic income (loss) per ordinary share (US$)

$

(0.25)

$

0.56

$

(0.80)

$

1.09

Weighted average number of ordinary shares used to
compute basic income (loss) per share (in thousands)

6,079

6,772

6,176

6,760

Diluted income (loss) per ordinary share (US$)

$

(0.25)

$

0.56

$

(0.80)

$

1.07

Weighted average number of ordinary shares used to
compute diluted income (loss) per share (in thousands)

6,079

6,827

6,176

6,837

 

 

Silicom Ltd. Reconciliation of Non-GAAP Financial Results

(US$ thousands, except for share and per share data)

Three-month period

Six-month period

ended June 30,

ended June 30,

2024

2023

2024

2023

GAAP gross profit

$

4,263

$

12,162

$

8,302

$

23,947

(1) Share-based compensation (*)

50

104

111

218

Non-GAAP gross profit

$

4,313

$

12,266

$

8,413

$

24,165

GAAP operating income (loss)

$

(3,124)

$

4,002

$

(6,587)

$

8,053

Gross profit adjustments

50

104

111

218

(1) Share-based compensation (*)

647

647

1,336

1,257

Non-GAAP operating income (loss)

$

(2,427)

$

4,753

$

(5,140)

$

9,528

GAAP net income (loss)

$

(1,516)

$

3,806

$

(4,948)

$

7,343

Operating income (loss) adjustments

697

751

1,447

1,475

(2) Lease liabilities – Financial expenses (income)

(64)

(136)

(107)

(304)

(3) Taxes on amortization and impairment of acquired intangible assets

22

67

375

135

Non-GAAP net income (loss)

$

(861)

$

4,488

$

(3,233)

$

8,649

GAAP net income (loss)

$

(1,516)

$

3,806

$

(4,948)

$

7,343

Adjustments for Non-GAAP Cost of sales

50

104

111

218

Adjustments for Non-GAAP Research and development expenses

287

292

600

598

Adjustments for Non-GAAP Selling and marketing expenses

170

196

346

349

Adjustments for Non-GAAP General and administrative expenses

190

159

390

310

Adjustments for Non-GAAP Financial income (loss), net

(64)

(136)

(107)

(304)

Adjustments for Non-GAAP Income taxes

22

67

375

135

Non-GAAP net income (loss)

$

(861)

$

4,488

$

(3,233)

$

8,649

GAAP basic income (loss) per ordinary share (US$)

$

(0.25)

$

0.56

$

(0.80)

$

1.09

(1) Share-based compensation (*)

0.12

0.11

0.24

0.21

(2) Lease liabilities – Financial expenses (income)

(0.01)

(0.02)

(0.02)

(0.04)

(3) Taxes on amortization and impairment of acquired intangible assets

–

0.01

0.06

0.02

Non-GAAP basic income (loss) per ordinary share (US$)

$

(0.14)

$

0.66

$

(0.52)

$

1.28

GAAP diluted income (loss) per ordinary share (US$)

$

(0.25)

$

0.56

$

(0.80)

$

1.07

(1) Share-based compensation (*)

0.12

0.11

0.24

0.22

(2) Lease liabilities – Financial expenses (income)

(0.01)

(0.02)

(0.02)

(0.04)

(3) Taxes on amortization and impairment of acquired intangible assets

–

0.01

0.06

0.02

Non-GAAP diluted income (loss) per ordinary share (US$)

$

(0.14)

$

0.66

$

(0.52)

$

1.27

(*) Adjustments related to share-based compensation expenses according to ASC topic 718 (SFAS 123 (R))

Logo: https://mma.prnewswire.com/media/733229/Silicom_Ltd_Logo.jpg

 

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SOURCE Silicom Ltd.

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MARIANA MINERALS RESTARTS UTAH COPPER MINE AS THE WORLD’S ONLY AUTONOMOUS-FIRST MINE AND REFINERY

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April 27, 2026

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Software-first minerals company integrates autonomous haulage, drilling, and robotic sensing across mining and refining under a single AI operating platform

SAN JUAN COUNTY, Utah, April 27, 2026 /PRNewswire/ — Mariana Minerals, the world’s only software-first, vertically integrated minerals company, today announced the restart of mining operations at Copper One in southeastern Utah. The restart marks a milestone in mining history: Copper One becomes the world’s first mine to deploy autonomous tools across all three operational domains (mining, refining, and capital project execution) unified under a single operating system.

Mariana acquired Lisbon Valley Mining Company in Q4 2025, gaining control of a roughly 10,000-acre permitted land package that has produced high-purity copper cathode since 2009. While refinery operations continued uninterrupted, mining was paused in late 2024. Mining operations resume this month with autonomous systems and autonomous orchestration active from day one.

“Copper One will be the first mine where delivering end-to-end autonomy is the priority, where it’s being rapidly deployed across mining and refining operations and coordinated by our internal software stack. That’s what MarianaOS makes possible. We chose to prove it here because the stakes are real: the U.S. has a structural copper deficit, and the window to close it is narrowing. We’re producing now and ramping output aggressively, with the primary goal of achieving fully-autonomous mining operations,” said Turner Caldwell, Co-Founder & CEO, Mariana Minerals.

MarianaOS: An Autonomy-First Mining Operating System
What makes Copper One unprecedented is not any single piece of autonomous equipment, but the intelligence layer coordinating them. MarianaOS integrates three core subsystems, MineOS, PlantOS, and CapitalProjectOS, into a unified platform spanning project execution through copper production.

On the mining side, Copper One will begin with integrating three best-in-class autonomous equipment platforms. Pronto’s turnkey Autonomous Haulage System (AHS) uses camera-based machine learning and Global Navigation Satellite Systems (GNSS) to enable fully driverless haul truck operation, with OEM-agnostic retrofit capability across mixed fleets. Sandvik’s AutoMine® platform enables autonomous production drilling, allowing operators to simultaneously monitor multiple surface machine operations from a remote-operations control center. And Boston Dynamics’ Spot quadruped robots autonomously patrol the open pit, heap leach pad, and solvent extraction-electrowinning (SX-EW) refinery infrastructure. All of these data feed directly into MineOS, enabling fleet-wide optimization and continuous improvement.

PlantOS extends autonomous operations into refining by integrating real-time sensor data across the entire refining process (solution chemistry, flow rates, temperature, and electrowinning cell performance) into a unified control system. Machine learning models predict process drift, automatically adjust reagent dosing, and flags maintenance needs before they impact output. The result is a continuously optimized refinery that operates with minimal human intervention.

CapitalProjectOS redefines how capital-intensive infrastructure projects are planned and executed. Traditional projects often take a decade or more and frequently suffer from chronic cost overruns. CapitalProjectOS integrates process development, engineering, procurement, construction, and commissioning data into a single platform that enables real-time progress tracking, predictive risk modeling, and automated schedule optimization. At Copper One, CapitalProjectOS is managing the expansion roadmap to scale output to 50,000 metric tons per year, coordinating heap leach pad expansions, refinery upgrades, and autonomous equipment deployment in parallel.

Built to Move Fast
While Mariana is actively constructing and developing greenfield projects – with the goal of compressing engineering, procurement, construction, and commissioning timelines leveraging CapitalProjectOS – Copper One is uniquely positioned to accelerate deployment of MarianaOS at scale. With an existing open pit mine, heap leach pad, and SX-EW refining infrastructure already in place, Mariana will rapidly ramp production that would take years to replicate elsewhere.

Mariana’s longer-term plan is to scale Copper One output to 50,000 metric tons per year of high-purity copper cathode by 2030, leveraging additional proven deposits on the property and integrating copper scrap recycling.

A Critical Supply Gap
The U.S. currently imports approximately 50% of its refined copper. With domestic demand projected to nearly double by 2035 — driven by AI data centers, defense systems, EVs, and grid modernization — the supply gap is a national security issue. The Trump Administration’s Section 232 investigation cited copper imports as a direct concern, and the Pentagon has identified critical minerals vulnerability as a threat to the defense industrial base.

Domestic operations like Copper One, and the step-change in productivity that autonomous operations deliver, have become strategically essential.

About Mariana Minerals
Mariana engineers, builds, and operates mines and refineries, using proprietary AI and machine learning tools to accelerate project execution and optimize production across critically needed metals. Copper One is Mariana’s second active project, alongside Lithium One, the world’s first GWh-scale lithium extraction facility from oil and gas produced water, currently under construction in East Texas. Mariana has raised $120 million in total capital, including a Series A led by Andreessen Horowitz with participation from Breakthrough Energy Ventures, Khosla Ventures, and strategic investors.

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SOURCE Mariana Minerals

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State CISOs Report Lower Confidence Across the Public Sector Cyber Ecosystem, 2026 NASCIO-Deloitte Survey Finds

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April 27, 2026

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The 2026 National Association of Chief Information Officers – Deloitte biennial cybersecurity study finds state officials face increasingly sophisticated threats, including new artificial intelligence-enabled tactics, and highlights steps CISOs are taking to better protect public data and critical digital services

NEW YORK, April 27, 2026 /PRNewswire/ — 

Key takeaways

The survey of Chief Information Security Officers (CISOs) from all 50 states and two territories found that just 26% of state CISOs are “extremely” or “very” confident that their state’s information assets are protected from cyber threats, down from 48% in 2022.Implementing effectiveness metrics is now CISOs’ top priority: 49% named it a top cybersecurity initiative in 2026, up from 15% in 2022.Nearly all state CISOs (94%) said they are involved in developing Generative AI security policies and 84% are involved in Generative AI strategy development.Budget pressure is rising with 16% of CISOs reporting their budgets have been cut, up from none in 2024.The percentage of CISOs who described themselves as “not very confident” in the ability of local government and public higher education to secure public data rose significantly, from 35% in 2022 to 63% in 2026.

Why this decline in confidence matters
States share data and systems with counties, cities, and public colleges and universities, so a vulnerability in one network can cascade, exposing personal information, disrupting essential services and driving costly incident response. As attackers adopt AI-enabled tactics, the urgency is growing for faster coordination, clearer policy and stronger baseline defenses across the public sector. This may explain why roughly one-fifth of CISOs indicated that their states were moving toward a “whole-of-state” approach to cybersecurity.

Metrics reporting becomes CISOs’ top priority
Top priorities for CISOs have shifted since the 2024 survey. When asked to identify their states’ top cybersecurity initiatives for 2026, half of CISOs named implementing effectiveness metrics (49%, up from 25% in 2024 and 15% in 2022). Capturing the effectiveness of cyber spending can be difficult, but without metrics, it is challenging to show the benefits of investments. Tracking operational, compliance and risk-based key performance indicators, such as incident response time and phishing click rate, can help demonstrate the return on cyber investment.

AI both accelerates threats and becomes a frontline defense
AI is accelerating the scale and sophistication of attacks targeting public sector systems, making it easier and cheaper for adversaries to generate and automate cyberattacks. CISOs also point to an emerging threat toolkit, including deepfakes that can fool people and evade detection, AI agents that probe for weaknesses and adapt, and AI-driven ransomware-as-a-service operations.

At the same time, CISOs describe AI as a practical way to keep pace, using it to triage security alerts, summarize events, and explore faster report creation, threat identification and training. Several states are already utilizing Generative AI in core security operations, including security information and event management (SIEM) and security orchestration, automation and response (SOAR). The report also underscores how central CISOs have become to state AI efforts.

Key quotes
“We’re seeing more states move toward a ‘whole-of-state’ cybersecurity approach where the state helps extend protection beyond state agencies to local governments, public education and other critical entities that can become an entry point for attackers. At its core, it’s about scaling capabilities through shared services and better collaboration so a weakness in one part of the ecosystem doesn’t become a statewide incident. Many states are looking to scale capabilities through security operations centers and regional support, so counties, cities and schools can benefit from the same cyber-defense muscle as the enterprise.”

Mike Wyatt, Stale local and higher education cyber risk leader, Deloitte

“It’s an encouraging development that state CISOs are being placed at the center of Generative AI security. They are helping shape the strategy, establishing security policies and reviewing proposed use cases. By being involved from the beginning, CISOs are helping governments move faster without sacrificing safeguards because security and governance complement each other. We’re also seeing CISOs explore practical uses of AI to strengthen day-to-day defense, while putting clearer guardrails around responsible uses.”

Meredith Ward, deputy executive director, NASCIO

Additional data
To read the 2026 NASCIO-Deloitte report in its entirety, click here.

About NASCIO
The National Association of State Chief Information Officers is the premier network and resource for state CIOs and a leading advocate for technology policy at all levels of government. NASCIO represents state chief information officers and information technology executives from the states, territories, and the District of Columbia. For more information about NASCIO visit www.nascio.org.

As used in this document, “Deloitte” means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of our legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.

 

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SOURCE Deloitte

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Duck Creek Kicks Off Formation ’26 as Strong Fiscal Momentum Signals Accelerating Demand for its Intelligent Core Insurance Platform

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1 hour ago

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April 27, 2026

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Company highlights double-digit SaaS growth, global expansion, and launch of its new agentic AI platform as industry leaders gather in Orlando

BOSTON, April 27, 2026 /CNW/ — Duck Creek Technologies, the intelligent core of insurance, today kicks off Formation ’26: Agents of Innovation, its flagship user conference, as the company builds strong momentum in the first half of fiscal 2026, marked by double-digit year-over-year SaaS ARR growth fueled by new logos and expansion across its global customer base.

Duck Creek’s strong start to fiscal 2026 reflects this demand, with double-digit new customer wins and existing customer expansions across its core, specialty, and AI-powered solutions. Adoption of Duck Creek’s intelligent cloud continues to scale globally. Insurers are selecting Duck Creek for its enterprise depth including policy, billing, claims, rating, loss control, reinsurance, distribution management, and payments solutions to operate faster, more accurately, and maintain regulatory compliance.

“We are expanding our leadership in insurance technology with more than 370 customers globally. Including 33 of the top 50 North American insurers,” said Hardeep Gulati, Chief Executive Officer of Duck Creek. “Insurers modernizing their core systems are looking for more from their technology. They need a trusted partner like Duck Creek with proven enterprise scale and speed-to-value to help them drive profitable impact and growth. At Formation, we are excited to announce our new agentic platform that will help further improve the combined ratios for insurers with more than $150B in premium flowing through Duck Creek annually.”

Formation ’26 will bring together more than 800 insurance professionals, ecosystem partners, and industry leaders to explore how technology is transforming the insurance lifecycle. The event underscores growing market demand for intelligent, cloud-native platforms that enable insurers to accelerate cloud migration, product development, and automate core insurance workflows to accelerate decision-making and improve operational agility. A highlight of the event will be Duck Creek unveiling its agentic AI platform and showcasing live demonstrations of agentic applications and agents.

Formation ’26 will feature a distinguished lineup of guest speakers joining Gulati during his keynote, including Stephen Lord, Global CIO of AXIS Capital, and Monti Saroya, Senior Managing Director and Co-Head of the Flagship Fund at Vista Equity Partners. Together, they will share perspectives on large-scale transformation, AI adoption, and the future of agentic insurance.

The conference will also include a customer panel moderated by Chief Operating Officer Chris McCloskey, featuring leaders from Core Specialty, Europ Assistance, and Arbella Insurance, who will discuss their transformation journeys and business outcomes achieved through modern core systems. An analyst panel moderated by SVP of Sales William Magowan will bring together experts from AM Best, Celent, and Datos Insights to provide an external view on market trends and innovation benchmarks.

Customer Momentum

Millers Mutual Insurance advanced its modernization strategy with Duck Creek OnDemand, implementing Policy, Billing, and Reinsurance Clarity to modernize its core systems and support continued growth in the multifamily housing insurance market.Anchor Group Management Inc. partnered with Duck Creek to modernize its insurance payments infrastructure, enabling more streamlined billing processes and improved digital payment experiences for policyholders.Frankenmuth Insurance adopted Duck Creek OnDemand Distribution Management to transform how it manages agencies and producers, increasing visibility, improving operational efficiency, and strengthening collaboration across its distribution network.Indigo Insurance turned to Duck Creek OnDemand to accelerate its modernization strategy and support rapid growth, gaining a scalable cloud-based core platform designed to bring new products to market faster.Encova Insurance went live on an upgraded Duck Creek OnDemand Distribution Management system, unifying agency operations across lines of business, streamlining onboarding, and improving the overall agent experience.New Zealand’s Medical Assurance Society (MAS) selected Duck Creek’s full suite of core solutions delivered via OnDemand to modernize its general insurance business, enhance member experiences, and support a broader digital and data-driven transformation.Country-Wide Insurance selected Duck Creek Clarity to strengthen its data and analytics capabilities, enabling real-time insights and preparing for its upcoming OnDemand go-live with Active Delivery.Fortegra selected Duck Creek Reinsurance and Duck Creek Clarity to modernize financial operations, improve portfolio transparency, and support continued growth across products, geographies, and distribution models.Duck Creek secured more than a dozen additional new customer engagements across commercial specialty and personal lines.

Industry Recognition

Named a Leader in the 2025 Gartner Magic Quadrant for SaaS P&C Insurance Core Platforms North America, marking the seventh consecutive year the company has been recognized as a Leader.Named a Leader in the Everest Group 2025 Underwriting Orchestration Products PEAK Matrix Assessment, recognizing Duck Creek’s strength in delivering AI-driven underwriting, integrated core workflows, and measurable value across global P&C carriers.Featured in Everest Group’s 2026 Voice of the Customer Report for Insurance CXOPs, outperforming both core system peers and the market average, with customers citing strengths in seamless implementation, deep core system integration, and enterprise scalability and more.Received the 2025 IDC FinTech Real Results Award for Insurance Transformation for measurable customer outcomes.

About Duck Creek

Duck Creek is the intelligent core that leading insurers choose to build on. Purpose-built for property and casualty (P&C) and general insurance, Duck Creek unifies the full insurance lifecycle on a single platform with one data foundation. As an agentic platform, it connects intelligence across underwriting, policy, billing, claims, and payments workflows where decisions are made and compliance is non-negotiable. Duck Creek enables carriers to launch products faster, adapt quickly to change, and grow with precision and confidence. Solutions are available individually or as a full suite via Duck Creek OnDemand. Visit www.duckcreek.com and follow Duck Creek on LinkedIn and X.

Media Contacts:  
Marianne Dempsey / Tara Stred  
duckcreek@threeringsinc.com

 

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SOURCE Duck Creek Technologies, Inc.

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