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Meta Reports Second Quarter 2024 Results

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MENLO PARK, Calif., July 31, 2024 /PRNewswire/ — Meta Platforms, Inc. (Nasdaq: META) today reported financial results for the quarter ended June 30, 2024.

“We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year,” said Mark Zuckerberg, Meta founder and CEO. “We’ve released the first frontier-level open source AI model, we continue to see good traction with our Ray-Ban Meta AI glasses, and we’re driving good growth across our apps.”

 Second Quarter 2024 Financial Highlights

Three Months Ended June 30,

 % Change

In millions, except percentages and per share amounts               

2024

2023

Revenue

$                  39,071

$                  31,999

22 %

Costs and expenses

24,224

22,607

7 %

Income from operations

$                  14,847

$                    9,392

58 %

Operating margin

38 %

29 %

Provision for income taxes

$                    1,641

$                    1,505

9 %

Effective tax rate

11 %

16 %

Net income

$                  13,465

$                    7,788

73 %

Diluted earnings per share (EPS)

$                      5.16

$                      2.98

73 %

 

 Second Quarter 2024 Operational and Other Financial Highlights

Family daily active people (DAP) – DAP was 3.27 billion on average for June 2024, an increase of 7% year-over-year.Ad impressions – Ad impressions delivered across our Family of Apps increased by 10% year-over-year.Average price per ad – Average price per ad increased by 10% year-over-year.Revenue – Total revenue was $39.07 billion, an increase of 22% year-over-year. Revenue on a constant currency basis would have increased 23% year-over-year.Costs and expenses – Total costs and expenses were $24.22 billion, an increase of 7% year-over-year.Capital expenditures – Capital expenditures, including principal payments on finance leases, were $8.47 billion.Capital return program – Share repurchases were $6.32 billion of our Class A common stock and dividend payments were $1.27 billion.Cash, cash equivalents, and marketable securities – Cash, cash equivalents, and marketable securities were $58.08 billion as of June 30, 2024. Free cash flow was $10.90 billion.Headcount – Headcount was 70,799 as of June 30, 2024, a decrease of 1% year-over-year.

CFO Outlook Commentary

We expect third quarter 2024 total revenue to be in the range of $38.5-41 billion. Our guidance assumes foreign currency is a 2% headwind to year-over-year total revenue growth, based on current exchange rates.

We expect full-year 2024 total expenses to be in the range of $96-99 billion, unchanged from our prior outlook. For Reality Labs, we continue to expect 2024 operating losses to increase meaningfully year-over-year due to our ongoing product development efforts and investments to further scale our ecosystem.

While we do not intend to provide any quantitative guidance for 2025 until the fourth quarter call, we expect infrastructure costs will be a significant driver of expense growth next year as we recognize depreciation and operating costs associated with our expanded infrastructure footprint.

We anticipate our full-year 2024 capital expenditures will be in the range of $37-40 billion, updated from our prior range of $35-40 billion. While we continue to refine our plans for next year, we currently expect significant capital expenditures growth in 2025 as we invest to support our artificial intelligence research and product development efforts.

Absent any changes to our tax landscape, we expect our full-year 2024 tax rate to be in the mid-teens.

In addition, we continue to monitor an active regulatory landscape, including the increasing legal and regulatory headwinds in the EU and the U.S. that could significantly impact our business and our financial results.

Webcast and Conference Call Information

Meta will host a conference call to discuss the results at 2:00 p.m. PT / 5:00 p.m. ET today. The live webcast of Meta’s earnings conference call can be accessed at the Meta Investor Relations website at investor.fb.com, along with the earnings press release, financial tables, and slide presentation. 

Following the call, a replay will be available at the same website. Transcripts of conference calls with publishing equity research analysts held today will also be posted to the investor.fb.com website.

Disclosure Information

Meta uses the investor.fb.com and about.fb.com/news/ websites as well as Mark Zuckerberg’s Facebook Page (facebook.com/zuck), Instagram account (instagram.com/zuck) and Threads profile (threads.net/zuck) as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

About Meta

Meta builds technologies that help people connect, find communities, and grow businesses. When Facebook launched in 2004, it changed the way people connect. Apps like Messenger, Instagram, and WhatsApp further empowered billions around the world. Now, Meta is moving beyond 2D screens toward immersive experiences like augmented and virtual reality to help build the next evolution in social technology.

Contacts

Investors:
Kenneth Dorell
investor@meta.com / investor.fb.com

Press:
Ryan Moore
press@meta.com / about.fb.com/news/

Forward-Looking Statements

This press release contains forward-looking statements regarding our future business plans and expectations. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors including: the impact of macroeconomic conditions on our business and financial results, including as a result of geopolitical events; our ability to retain or increase users and engagement levels; our reliance on advertising revenue; our dependency on data signals and mobile operating systems, networks, and standards that we do not control; changes to the content or application of third-party policies that impact our advertising practices; risks associated with new products and changes to existing products as well as other new business initiatives, including our artificial intelligence initiatives and metaverse efforts; our emphasis on community growth and engagement and the user experience over short-term financial results; maintaining and enhancing our brand and reputation; our ongoing privacy, safety, security, and content review efforts; competition; risks associated with government actions that could restrict access to our products or impair our ability to sell advertising in certain countries; litigation and government inquiries; privacy, legislative, and regulatory concerns or developments; risks associated with acquisitions; security breaches; our ability to manage our scale and geographically-dispersed operations; and market conditions or other factors affecting the payment of dividends. These and other potential risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q filed with the SEC on April 25, 2024, which is available on our Investor Relations website at investor.fb.com and on the SEC website at www.sec.gov. Additional information will also be set forth in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. In addition, please note that the date of this press release is July 31, 2024, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. We undertake no obligation to update these statements as a result of new information or future events.

For a discussion of limitations in the measurement of certain of our community metrics, see the section entitled “Limitations of Key Metrics and Other Data” in our most recent quarterly or annual report filed with the SEC.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (GAAP), we use the following non-GAAP financial measures: revenue excluding foreign exchange effect, advertising revenue excluding foreign exchange effect, and free cash flow. The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In addition, these measures may be different from non-GAAP financial measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information regarding the GAAP amounts excluded from these non-GAAP financial measures.

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business.

Our non-GAAP financial measures are adjusted for the following items:

Foreign exchange effect on revenue. We translated revenue for the three and six months ended June 30, 2024 using the prior year’s monthly exchange rates for our settlement or billing currencies other than the U.S. dollar, which we believe is a useful metric that facilitates comparison to our historical performance.

Purchases of property and equipment; Principal payments on finance leases. We subtract both purchases of property and equipment, net of proceeds and principal payments on finance leases in our calculation of free cash flow because we believe that these two items collectively represent the amount of property and equipment we need to procure to support our business, regardless of whether we procure such property or equipment with a finance lease. We believe that this methodology can provide useful supplemental information to help investors better understand underlying trends in our business. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures.

For more information on our non-GAAP financial measures and a reconciliation of GAAP to non-GAAP measures, please see the “Reconciliation of GAAP to Non-GAAP Results” table in this press release.

 

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In millions, except per share amounts)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue

$           39,071

$           31,999

$           75,527

$           60,645

Costs and expenses:

Cost of revenue

7,308

5,945

13,948

12,054

Research and development

10,537

9,344

20,515

18,725

Marketing and sales

2,721

3,154

5,285

6,198

General and administrative (1)

3,658

4,164

7,114

7,049

Total costs and expenses

24,224

22,607

46,862

44,026

Income from operations

14,847

9,392

28,665

16,619

Interest and other income (expense), net

259

(99)

624

(19)

Income before provision for income taxes

15,106

9,293

29,289

16,600

Provision for income taxes

1,641

1,505

3,455

3,102

Net income

$           13,465

$              7,788

$           25,834

$           13,498

Earnings per share:

Basic

$               5.31

$                3.03

$             10.17

$               5.24

Diluted

$               5.16

$                2.98

$               9.86

$               5.18

Weighted-average shares used to compute earnings per share:   

Basic

2,534

2,568

2,540

2,577

Diluted

2,610

2,612

2,619

2,604

(1) The second quarter 2024 general and administrative expenses include a charge for the recent settlement with the State of Texas. The settlement amount is fully accrued as of June 30, 2024.

 

META PLATFORMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

June 30, 2024

December 31, 2023

Assets

Current assets:

Cash and cash equivalents

$                  32,045

$                  41,862

Marketable securities

26,035

23,541

Accounts receivable, net

14,505

16,169

Prepaid expenses and other current assets                            

3,846

3,793

Total current assets

76,431

85,365

Non-marketable equity securities

6,207

6,141

Property and equipment, net

102,959

96,587

Operating lease right-of-use assets

14,058

13,294

Goodwill

20,654

20,654

Other assets

9,929

7,582

Total assets

$                230,238

$                229,623

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$                    3,173

$                    4,849

Operating lease liabilities, current

1,917

1,623

Accrued expenses and other current liabilities                                                 

21,914

25,488

Total current liabilities

27,004

31,960

Operating lease liabilities, non-current

17,685

17,226

Long-term debt

18,389

18,385

Long-term income taxes

7,897

7,514

Other liabilities

2,500

1,370

Total liabilities

73,475

76,455

Commitments and contingencies

Stockholders’ equity:

Common stock and additional paid-in capital

78,270

73,253

Accumulated other comprehensive loss

(2,695)

(2,155)

Retained earnings

81,188

82,070

Total stockholders’ equity

156,763

153,168

Total liabilities and stockholders’ equity

$                230,238

$                229,623

 

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Cash flows from operating activities

Net income

$      13,465

$        7,788

$      25,834

$      13,498

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

Depreciation and amortization

3,637

2,623

7,011

5,147

Share-based compensation

4,616

4,060

8,178

7,111

Deferred income taxes

(1,643)

(1,137)

(2,098)

(1,757)

Impairment charges for facilities consolidation, net

41

232

280

1,002

Other

(6)

212

(71)

204

Changes in assets and liabilities:

Accounts receivable

(1,171)

(1,424)

1,350

1,122

Prepaid expenses and other current assets

(84)

(54)

16

767

Other assets

54

37

(41)

67

Accounts payable

250

(51)

(862)

(1,155)

Accrued expenses and other current liabilities

(497)

5,174

(1,771)

5,268

Other liabilities

708

(151)

790

33

Net cash provided by operating activities

19,370

17,309

38,616

31,307

Cash flows from investing activities

Purchases of property and equipment, net

(8,173)

(6,134)

(14,573)

(12,957)

Purchases of marketable debt securities

(3,289)

(717)

(10,176)

(803)

Sales and maturities of marketable debt securities

3,233

1,816

7,858

2,351

Acquisitions of businesses and intangible assets

(57)

(83)

(129)

(527)

Other investing activities

(12)

(85)

(12)

(10)

Net cash used in investing activities

(8,298)

(5,203)

(17,032)

(11,946)

Cash flows from financing activities

Taxes paid related to net share settlement of equity awards

(3,208)

(1,692)

(6,370)

(2,701)

Repurchases of Class A common stock

(6,299)

(898)

(21,307)

(10,263)

Dividend payments

(1,266)

(2,539)

Proceeds from issuance of long-term debt, net

8,455

8,455

Principal payments on finance leases

(299)

(220)

(614)

(484)

Other financing activities

(106)

(353)

(115)

(231)

Net cash provided by (used in) financing activities

(11,178)

5,292

(30,945)

(5,224)

Effect of exchange rate changes on cash, cash equivalents, and restricted cash

(152)

(14)

(440)

71

Net increase (decrease) in cash, cash equivalents, and restricted cash

(258)

17,384

(9,801)

14,208

Cash, cash equivalents, and restricted cash at beginning of the period

33,284

12,420

42,827

15,596

Cash, cash equivalents, and restricted cash at end of the period

$      33,026

$      29,804

$      33,026

$      29,804

Reconciliation of cash, cash equivalents, and restricted cash to the
condensed consolidated balance sheets

Cash and cash equivalents

$      32,045

$      28,785

$      32,045

$      28,785

Restricted cash, included in prepaid expenses and other current assets

100

165

100

165

Restricted cash, included in other assets

881

854

881

854

Total cash, cash equivalents, and restricted cash

$      33,026

$      29,804

$      33,026

$      29,804

 

META PLATFORMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Supplemental cash flow data

Cash paid for income taxes, net

$        5,929

$        1,102

$        6,559

$        1,507

Cash paid for interest, net of amounts capitalized

$           124

$             —

$           245

$           182

Non-cash investing and financing activities:

Property and equipment in accounts payable and accrued expenses and other
current liabilities

$        3,229

$        3,845

$        3,229

$        3,845

Acquisition of businesses and intangible assets in accrued expenses and
other current liabilities and other liabilities

$           267

$           217

$           267

$           217

 

Segment Results

We report our financial results for our two reportable segments: Family of Apps (FoA) and Reality Labs (RL). FoA includes Facebook, Instagram, Messenger, WhatsApp, and other services. RL includes our virtual, augmented, and mixed reality related consumer hardware, software, and content.

The following table presents our segment information of revenue and income (loss) from operations:

Segment Information

(In millions)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue:

Advertising

$      38,329

$      31,498

$     73,965

$     59,599

Other revenue

389

225

769

430

Family of Apps

38,718

31,723

74,734

60,029

Reality Labs

353

276

793

616

Total revenue

$      39,071

$      31,999

$     75,527

$     60,645

Income (loss) from operations:

Family of Apps

$      19,335

$      13,131

$     36,999

$     24,351

Reality Labs

(4,488)

(3,739)

(8,334)

(7,732)

Total income from operations                                           

$      14,847

$        9,392

$     28,665

$     16,619

 

Reconciliation of GAAP to Non-GAAP Results

(In millions, except percentages)

(Unaudited)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

GAAP revenue

$      39,071

$      31,999

$      75,527

$       60,645

Foreign exchange effect on 2024 revenue using 2023 rates

371

265

Revenue excluding foreign exchange effect

$      39,442

$      75,792

GAAP revenue year-over-year change %

22 %

25 %

Revenue excluding foreign exchange effect year-over-year change %

23 %

25 %

GAAP advertising revenue

$      38,329

$      31,498

$      73,965

$       59,599

Foreign exchange effect on 2024 advertising revenue using 2023 rates             

367

261

Advertising revenue excluding foreign exchange effect

$      38,696

$      74,226

GAAP advertising revenue year-over-year change %

22 %

24 %

Advertising revenue excluding foreign exchange effect year-over-year
change %

23 %

25 %

Net cash provided by operating activities

$      19,370

$      17,309

$      38,616

$       31,307

Purchases of property and equipment, net

(8,173)

(6,134)

(14,573)

(12,957)

Principal payments on finance leases

(299)

(220)

(614)

(484)

Free cash flow

$      10,898

$      10,955

$      23,429

$       17,866

 

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KTGHR leverages AI-powered real-time transaction capabilities to expand its e-commerce infrastructure, reshaping the engine of enterprise growth.

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DALLAS, April 18, 2026 /PRNewswire-PRWeb/ — Against the backdrop of artificial intelligence continuously reshaping the global business landscape, KTGHR officially launched its new B2B AI-powered intelligent solution for enterprises, dedicated to helping them achieve comprehensive upgrades in cost reduction and efficiency improvement, precise customer acquisition, and intelligent operations.

KTGHR Launches New B2B AI Solution, Reshaping the Engine of Enterprise Growth

As an innovative platform focused on the deep integration of AI technology and business scenarios, KTGHR’s newly released system integrates core functions such as intelligent data analysis, AI-automated marketing, customer behavior prediction, and intelligent customer service. This enables enterprises to make rapid decisions in a complex and ever-changing market environment, achieving sustained business growth.

AI-Driven Precise Customer Acquisition, Comprehensively Improving Conversion Efficiency KTGHR uses advanced algorithm models to conduct in-depth analysis of global market data, helping enterprises accurately target potential customer groups. The system can automatically generate high-conversion marketing content and intelligently distribute it through multiple channels, significantly improving customer reach and conversion rates, enabling enterprises to truly achieve “automated customer acquisition.”

Intelligent Operation System, Relieving Pressure on Human Resource Costs With AI-automated processes, KTGHR can intelligently handle order management, customer follow-up, and data statistics, reducing manual intervention and improving overall operational efficiency. Enterprises can complete global business layouts without a large team.

Integrated B2B Ecosystem, Connecting the Global Supply Chain KTGHR is not just an AI tool platform, but a complete B2B ecosystem. By integrating supply chain resources and intelligent matching mechanisms, it achieves efficient connections between supply and demand, helping companies rapidly expand into international markets and build a borderless business network.

Technology Empowering the Future, Driving Enterprise Digital Transformation KTGHR states that it will continue to increase investment in artificial intelligence, promoting the implementation of more innovative functions to help companies seize opportunities in the digital economy era. With the continuous maturation of AI technology, the B2B industry is ushering in unprecedented development opportunities.

The launch of KTGHR is not only a technological upgrade but also a revolution in business models. For companies seeking breakthroughs and growth, this may be a key step towards the next stage of success.

KTGHR leverages advanced AI algorithms and big data analytics capabilities to achieve a leap from “information matching” to “intelligent decision-making.” The platform can automatically match supply and demand, accurately recommending high-potential partners, significantly reducing the time and cost for companies to find customers and supply chain resources.

By intelligently analyzing market trends and user behavior, KTGHR helps businesses anticipate opportunities, making every transaction more efficient and precise.

End-to-End Intelligent Management, Creating a Seamless Business Ecosystem

KTGHR is not just a transaction platform, but a complete AI business ecosystem. Its core functions include:

AI-powered Intelligent Customer Matching and RecommendationReal-time Data Analysis and Business ForecastingAutomated Order and Supply Chain ManagementSeamless Global Market Connection

Whether you are a small or medium-sized enterprise (SME) or a large multinational corporation, you can achieve digital transformation and global expansion through KTGHR.

Cost Reduction and Efficiency Improvement, Unleashing Business Growth Potential In the traditional B2B model, high communication costs, information asymmetry, and low conversion rates have long been problems. KTGHR, through AI-automated processes, significantly reduces human intervention, helping businesses: Reduce operating costs Increase conversion rates Shorten transaction cycles Enhance customer experience Allow businesses to truly focus on core business and strategic growth.

Seize the AI Business Opportunities and Win the Future As artificial intelligence technology matures, the B2B industry is entering a new era of “intelligent-driven” growth. KTGHR stands at the forefront of this transformation, providing businesses with a sustainable competitive advantage. Choosing KTGHR is not just choosing a platform, but choosing a high-speed gateway to the future of business. For more information, please visit the official KTGHR platform and begin your AI-powered business journey.

Media Contact

William, Ktghr.com, 1 +14255550100 99762, service@ktghr.it.com, Ktghr.com

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SOURCE Ktghr.com

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Link Infinite: Hollyland Pyro Ultra Simplifies Multi-User Monitoring with 4K60 Wireless

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SHENZHEN, China, April 18, 2026 /PRNewswire/ — Hollyland, a global provider of professional wireless audio and video solutions, today announced the launch of Pyro Ultra, the new flagship in its Pyro series, featuring next-gen wireless video transmission technology that enables streamlined setup and uncompromised real-time performance. Engineered for professional creators and high-end production environments, Pyro Ultra balances high-performance transmission with practical on-set usability.

Building on Hollyland’s self-developed TWiFi technology, Pyro Ultra delivers one-to-many transmission, native 4K60 support, and a dedicated ultra-low-latency mode for focus pulling. Fully integrated into the Pyro ecosystem and equipped with DFS-ready operation, it is built to meet the demands of modern digital cinema workflows.

The New Standard for One-to-Many On-Set Transmission

In today’s production landscape, the video village is no longer confined to a single monitor. Directors, assistants, clients, and multiple departments require simultaneous, high-fidelity access to the live image across different positions on set.

While existing systems often force a choice between costly, over-engineered solutions and entry-level gear that struggles in demanding environments, Pyro Ultra offers a third approach. As one-to-many transmission becomes increasingly common across productions, it can introduce practical limits on device count and system stability in larger setups. Pyro Ultra’s Broadcast Mode addresses the issue by enabling a single transmitter to connect with an unlimited number of receivers, creating a fluid workflow. Every department, from lighting to hair and makeup, can monitor independently, which helps eliminate bottlenecks and accelerate decision-making.

Cinematic 4K60 Clarity Without Compromise

Image integrity is central to Pyro Ultra. With support for 4K60 transmission, the system delivers the detail and color accuracy required for high-end videography work. It also supports fractional frame rates, including 23.98 and 59.94 fps, commonly used in broadcast and professional pipelines. Its native compatibility enables direct connection to switchers and monitors without external converters, simplifying the signal path and reducing potential points of failure.

20ms Latency for Precise Focus Pulling

For first assistant camera operators and focus pullers, every millisecond counts. Pyro Ultra’s dedicated Focus Mode cuts latency to just 20ms, ensuring the real-time responsiveness needed for razor-sharp adjustments at any distance. The technical edge provides the freedom to navigate tight spaces or complex choreography with absolute confidence.

Powered by TWiFi Technology

At the core of Pyro Ultra is Hollyland’s TWiFi (dual-band wireless) technology. It leverages intelligent frequency management across the 2.4 GHz and 5 GHz bands to enable automatic hopping, ensuring a stable, high-bitrate connection even in congested RF environments. Pyro Ultra’s robust link supports a 1.5 km (4,900 ft) range and is fully DFS-ready, providing professional crews with reliable, globally compliant operation

Engineered for Modern Workflows & Seamless Integration

Pyro Ultra is built for today’s hybrid production workflows. With UVC (USB Video Class) support, it can connect directly to a computer for instant webcam functionality, removing the need for a capture card. Its RTMP support enables direct streaming to web platforms, simplifying remote collaboration. As part of the Pyro ecosystem, Ultra integrates seamlessly with existing Pyro devices. The modular design allows production teams to scale their setups based on project requirements, ensuring consistent performance across different production scenarios.

Pricing and Availability

Launched on April 18, 2026, Hollyland’s Pyro Ultra is now available through local distributors, the official Hollyland online store, and the Hollyland Amazon store.

The 1TX/1RX kit is priced at $1,199, and the 1TX/2RX kit at $1,699. Individual units can also be purchased separately, with transmitters starting at $699 and receivers at $579.

For more information, visit https://www.hollyland.com/product/pyro-ultra

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Three Papers Published Consecutively in Nature Energy: JinkoSolar’s Breakthroughs in TOPCon/Perovskite Tandem Technology Receive Authoritative Recognition

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SHANGHAI, April 18, 2026 /PRNewswire/ — JinkoSolar, the global leading PV and ESS supplier, recently published three research papers in succession within a single month in Nature Energy, one of the premier journals in the field of energy research. This series of papers showcases JinkoSolar’s multiple major breakthroughs in TOPCon and perovskite tandem cell technologies.

26.66%! Setting a New Record for Industrial-Scale TOPCon Cell Conversion Efficiency

JinkoSolar, in collaboration with the research team from the Ningbo Institute of Materials Technology and Engineering of the Chinese Academy of Sciences, successfully developed a dual-sided electrical synergy optimization strategy. This approach achieved a certified efficiency of up to 26.66% on M10-sized silicon wafers, setting a new efficiency record for industrial-scale TOPCon cells and significantly narrowing the gap between industrial-scale TOPCon cells and the theoretical efficiency of 29.4%.

Additionally, the research reduced carrier transport losses through a high-resistance boron emitter on the front side and an optimized fine-line grid design, while the back side employs an innovative double-layer tunneling silicon oxide/polysilicon structure on the rear side to effectively suppress performance degradation caused by silver paste puncture. Furthermore, by utilizing localized polysilicon thinning technology, the research achieved outstanding performance metrics, including an open-circuit voltage of 744.6 mV, a fill factor of 85.57%, and a bifaciality of 88.3%. This achievement provides a feasible and comprehensive solution for narrowing the efficiency gap between TOPCon cells and the theoretical limit, significantly enhancing the core competitiveness of TOPCon technology in the future photovoltaic market.

Reference link: Dual-side electrical refinement enables efficient industrial tunnel oxide passivating contact silicon solar cells:
https://www.nature.com/articles/s41560-026-01982-2

Certified Efficiency of 32.73%! Paving the Way for Scalable Compatibility of Perovskite/TOPCon Tandem Cells

JinkoSolar, in collaboration with the research team from Soochow University, has successfully developed a full-size bifacial TOPCon crystalline silicon solar cell with a certified photoconversion efficiency of 26.34%. This research abandons the traditional TOPCon cell design featuring a boron-diffused emitter on the front surface. Instead, it innovatively introduces patterned n-type TOPCon finger contacts on the front surface while retaining the full-area p-type TOPCon contact on the back. By localizing the polycrystalline silicon contact area, this structure significantly reduces parasitic absorption and recombination losses on the front surface, achieving a certified efficiency of 26.34% and significantly improving the open-circuit voltage.

Furthermore, to address the issues of poor contact performance and susceptibility to metal paste corrosion in P-type TOPCon, a “polysilicon/silicon dioxide/polysilicon” double-layer composite structure was designed. Combined with optimized rear-side polishing and a specially formulated silver paste, this structure not only achieves extremely low contact resistance and recombination current but, more importantly, the ultra-thin oxide layer in the middle effectively prevents silver crystal spikes from penetrating the silicon substrate, significantly enhancing the device’s reliability and high-temperature resistance. In the future, by improving the precision of laser patterning to further narrow the finger width and introducing localized contacts on the back side to reduce the polycrystalline silicon layer thickness, parasitic absorption can be reduced, and mass production efficiency is expected to approach 27%.

Using a high-efficiency bifacial TOPCon cell with a textured front surface as the bottom cell, the research team fabricated a monolithic perovskite/TOPCon tandem cell, achieving a certified efficiency of 32.73% and a high open-circuit voltage of 1.961 V. These results not only set a new performance record for this class of tandem cells but also demonstrated excellent long-term operational stability (maintaining 80% of the initial efficiency after 2,000 hours), proving the immense potential of this TOPCon technology route in tandem applications. They also provide a scalable and industrially compatible technical pathway for the development of higher-efficiency TOPCon and perovskite/TOPCon tandem photovoltaic modules.

Reference link: Bifacial tunnel oxide passivating contacts for silicon and perovskitesilicon tandem solar cells with improved efficiency: 
https://www.nature.com/articles/s41560-026-02007-8

32.76%! Breaking Through the Efficiency Barrier for Industrial TOPCon Silicon-Based Perovskite Tandem Cells

To address the critical challenge of rapid perovskite crystallization and film quality degradation caused by the high thermal conductivity of industrial thin silicon substrates, JinkoSolar, in collaboration with the National University of Singapore and other research institutions, innovatively proposed a strategy to regulate the major organic cation (FA⁺) using a dual-mode-coupled ligand (MBT), successfully achieving effective control over crystallization kinetics. A perovskite/TOPCon tandem solar cell fabricated using this strategy was certified by the National Photovoltaic Industry Metrology and Testing Center (NPVM) with a conversion efficiency of 32.76%, approaching the current efficiency record for tandem photovoltaic cells. Additionally, the cell maintained 91% of its initial efficiency after 1,700 hours of continuous operation, demonstrating excellent long-term operational reliability.

This research is of significant importance as it achieves high efficiency (certified at 32.76%) in TOPCon silicon-back-contact cells, which hold the greatest potential for market dominance. Not only does it elevate the efficiency of perovskite/TOPCon tandem cells to new heights, but more importantly, it provides critical scientific insights and a practical pathway for integrating high-performance perovskite materials from the laboratory with market-dominant TOPCon silicon technology, marking a solid step toward the mainstream industrialization of perovskite/ crystalline silicon tandem technology toward mainstream industrialization. In the future, this strategy is expected to be combined with solution-based production processes — which offer the potential for large-scale fabrication and low costs — to drive the industrial application of these research findings.

Reference link: Additive-assisted perovskite crystallization on industrial TOPCon silicon for tandem solar cells with improved efficiency: 
https://www.nature.com/articles/s41560-026-02010-z

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