Technology

Bandwidth Announces Second Quarter 2024 Financial Results

Published

2 years ago

August 1, 2024

Revenue of $174 million, up 19% year-over-year

Accelerating profitability, exceeding guidance

Expanding cash flow generation

RALEIGH, N.C., Aug. 1, 2024 /PRNewswire/ — Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the second quarter ended June 30, 2024.

“We’re pleased to report a very strong first half, making significant progress toward our plan for 2024. In the second quarter, we delivered solid revenue growth while accelerating profitability and cash flow,” said David Morken, CEO of Bandwidth. “Our team’s disciplined approach, coupled with innovative solutions like Maestro and AI Bridge, is driving strong performance in a dynamic market. I am incredibly proud of our Bandmates’ execution and grateful for the trust our customers place in us. As we move forward, we remain focused on delivering exceptional value and transforming the communications landscape.”

Second Quarter 2024 Financial Highlights

The following table summarizes the condensed consolidated financial highlights for the three months ended June 30, 2024 and 2023 ($ in millions).

Three months ended
June 30,

2024

2023

Revenue

$ 174

$ 146

Gross Margin

37 %

40 %

Non-GAAP Gross Margin (1)

56 %

55 %

Adjusted EBITDA(1)

$ 19

$ 11

Free Cash Flow (1)

$ 18

$ (1)

(1) Additional information regarding the Non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to Non-GAAP financial measures has also been provided in the financial tables included below.

“Bandwidth’s second quarter results underscore our commitment to sustainable, profitable growth. With total revenue reaching $174 million and Adjusted EBITDA up 77% from the prior year, we are performing well across all categories,” said Daryl Raiford, CFO of Bandwidth. “Our strategic investments and disciplined financial management have driven impressive free cash flow and operational efficiency. We are well-positioned to continue this momentum into the second half of the year, further enhancing our financial strength and growth trajectory.”

Second Quarter Customer and Operational Highlights

A nationwide provider of medical claims management selected Bandwidth as their exclusive provider for voice calling, valuing our exceptional customer support and the flexibility of our Maestro product to orchestrate and enhance functionality across their platform.A prominent provider of healthcare integrated supportive care solutions chose Bandwidth to power its cloud contact center. Our communications cloud reliability and the comprehensive protection offered by our Call Assure product resonated with the customer, ensuring redundancy and safeguarding mission critical communications.A trusted provider of business insurance switched to Bandwidth as their sole provider for voice calling. They valued our Advanced Call Routing solution, which offers robust resiliency and redundancy for their contact center traffic, along with our superior back-end reporting tools.A well-established customer and provider of communications management software significantly increased their messaging business with us. Our deep industry knowledge and outstanding customer service played pivotal roles in securing this additional business.

Financial Outlook

Bandwidth’s outlook is based on current indications for its business, which are subject to change. Bandwidth is providing guidance for its third quarter and full year 2024 as follows (in millions):

3Q 2024 Guidance

Full Year 2024 Guidance

Revenue

$180 – $184

$710 – $720

Adjusted EBITDA

$18 – $20

$72 – $76

Bandwidth has not reconciled its third quarter and full year 2024 guidance related to Adjusted EBITDA to GAAP net income or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Upcoming Investor Conference Schedule

Canaccord Genuity Growth Conference in Boston, MA. Presentation by Daryl Raiford, CFO on Wednesday, August 14th at 10:00AM Eastern Time.Piper Sandler Growth Frontiers Conference in Nashville, TN. Fireside chat with David Morken, CEO and Daryl Raiford, CFO on Tuesday, September 10th at 10:00AM Central Time.

About Bandwidth Inc.

Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world solve complex communications challenges to reach anyone, anywhere. For more information, visit www.bandwidth.com.

Conference Call

Bandwidth will host a conference call to discuss financial results for the second quarter ended June 30, 2024 on August 1, 2024. Details can be found below and on the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the call.

Conference Call Details

August 1, 2024
8:00 am ET
Domestic dial-in:
844-481-2707
International dial-in:
412-317-0663

Replay information

An audio replay of this conference call will be available through August 8, 2024, by dialing 877-344-7529 or 412-317-0088 for international callers, and entering passcode 9676778.

Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, future financial and business performance for the quarter ending September 30, 2024 and year ending December 31, 2024, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, macroeconomic conditions both in the U.S. and globally, legal, reputational and financial risks which may result from ever-evolving cybersecurity threats, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties set forth in the “Risk Factors” section of our latest Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and any subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no obligation to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

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, or GAAP, we provide investors with certain Non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these Non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these Non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of Non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our Non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.

We define Non-GAAP gross profit as gross profit after adding back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation. We add back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation because they are non-cash items. We eliminate the impact of these non-cash items, because we do not consider them indicative of our core operating performance. Their exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we believe that showing gross margin, as adjusted to remove the impact of these non-cash expenses, is helpful to investors in assessing our gross profit and gross margin performance in a way that is similar to how management assesses our performance. We calculate Non-GAAP gross margin by dividing Non-GAAP gross profit by cloud communications revenue, which is revenue less pass-through messaging surcharges.

We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) excludes stock-based compensation, amortization of acquired intangible assets related to acquisitions, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, net cost associated with early lease terminations and leases without economic benefit, (gain) loss on sale of business, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, non-recurring items not indicative of ongoing operations and other, and estimated tax impact of above adjustments, net of valuation allowances.

We define Adjusted EBITDA as net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, acquisition related expenses, stock-based compensation expense, impairment of intangible assets, (gain) loss on sale of business, net cost associated with early lease terminations and leases without economic benefit, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, and non-recurring items not indicative of ongoing operations and other. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.

We define free cash flow as net cash provided by or used in operating activities less net cash used in the acquisition of property, plant and equipment and capitalized development costs for software for internal use. We believe free cash flow is a useful indicator of liquidity and provides information to management and investors about the amount of cash generated from our core operations that can be used for investing in our business. Free cash flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, it does not take into consideration investment in long-term securities, nor does it represent the residual cash flows available for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with our condensed consolidated statements of cash flows.

We believe that these Non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making. While a reconciliation of Non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis as a result of the uncertainty regarding, and the potential variability of, many of these costs and expenses that we may incur in the future, we have provided a reconciliation of Non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

BANDWIDTH INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Revenue

$ 173,602

$ 145,874

$ 344,635

$ 283,718

Cost of revenue

108,773

86,919

214,322

169,110

Gross profit

64,829

58,955

130,313

114,608

Operating expenses

Research and development

28,132

24,852

57,044

50,513

Sales and marketing

26,066

25,754

55,205

50,783

General and administrative

16,705

15,868

34,554

32,587

Total operating expenses

70,903

66,474

146,803

133,883

Operating loss

(6,074)

(7,519)

(16,490)

(19,275)

Other income, net

9,798

3,782

10,781

16,021

Income (loss) before income taxes

3,724

(3,737)

(5,709)

(3,254)

Income tax benefit (provision)

331

(153)

531

2,975

Net income (loss)

$ 4,055

$ (3,890)

$ (5,178)

$ (279)

Net income (loss) per share:

Basic

$ 0.15

$ (0.15)

$ (0.19)

$ (0.01)

Diluted

$ (0.17)

$ (0.15)

$ (0.19)

$ (0.01)

Numerator used to compute net income (loss) per share:

Basic

$ 4,055

$ (3,890)

$ (5,178)

$ (279)

Diluted

$ (5,043)

$ (3,890)

$ (5,178)

$ (279)

Weighted average number of common shares outstanding:

Basic

27,079,333

25,555,219

26,786,568

25,502,131

Diluted

29,500,598

25,555,219

26,786,568

25,502,131

The Company recognized total stock-based compensation expense as follows:

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Cost of revenue

$ 375

$ 204

$ 771

$ 396

Research and development

4,684

3,315

10,000

6,456

Sales and marketing

2,105

1,428

4,270

2,665

General and administrative

4,196

3,058

8,658

5,866

Total

$ 11,360

$ 8,005

$ 23,699

$ 15,383

BANDWIDTH INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

As of June 30,

As of December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$ 62,044

$ 131,987

Marketable securities

14,399

21,488

Accounts receivable, net of allowance for doubtful accounts

85,576

78,155

Deferred costs

3,871

4,155

Prepaid expenses and other current assets

15,492

16,990

Total current assets

181,382

252,775

Property, plant and equipment, net

173,400

177,864

Operating right-of-use asset, net

155,484

157,507

Intangible assets, net

155,966

166,914

Deferred costs, non-current

4,800

4,586

Other long-term assets

4,851

5,530

Goodwill

326,220

335,872

Total assets

$ 1,002,103

$ 1,101,048

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$ 31,933

$ 34,208

Accrued expenses and other current liabilities

69,256

69,014

Current portion of deferred revenue

7,685

8,059

Advanced billings

4,111

6,027

Operating lease liability, current

3,478

5,463

Line of credit, current portion

40,000

—

Total current liabilities

156,463

122,771

Other liabilities

354

386

Operating lease liability, net of current portion

220,497

220,548

Deferred revenue, net of current portion

8,142

8,406

Deferred tax liability

28,540

33,021

Convertible senior notes

280,660

418,526

Total liabilities

694,656

803,658

Stockholders’ equity:

Class A and Class B common stock

Additional paid-in capital

418,503

391,048

Accumulated deficit

(70,068)

(64,890)

Accumulated other comprehensive loss

(41,015)

(28,794)

Total stockholders’ equity

307,447

297,390

Total liabilities and stockholders’ equity

$ 1,002,103

$ 1,101,048

BANDWIDTH INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Six months ended June 30,

2024

2023

Cash flows from operating activities

Net loss

$ (5,178)

$ (279)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities

Depreciation and amortization

24,714

18,692

Non-cash reduction to the right-of-use asset

2,007

3,242

Amortization of debt discount and issuance costs

962

1,485

Stock-based compensation

23,699

15,383

Deferred taxes and other

(4,116)

(5,225)

Net gain on extinguishment of debt

(10,267)

(12,767)

Gain on business interruption insurance recoveries

—

(4,000)

Changes in operating assets and liabilities:

Accounts receivable, net of allowances

(7,642)

3,712

Prepaid expenses and other assets

1,886

(957)

Accounts payable

(1,112)

(6,171)

Accrued expenses and other liabilities

3,968

(12,464)

Operating right-of-use liability

(2,020)

(3,919)

Net cash provided by (used in) operating activities

26,901

(3,268)

Cash flows from investing activities

Purchase of property, plant and equipment

(7,145)

(3,859)

Capitalized software development costs

(5,843)

(5,001)

Purchase of marketable securities

(31,096)

(40,625)

Proceeds from sales and maturities of marketable securities

38,312

81,233

Proceeds from sale of business

469

835

Net cash (used in) provided by investing activities

(5,303)

32,583

Cash flows from financing activities

Borrowings on line of credit

65,000

—

Repayments on line of credit

(25,000)

—

Payments on finance leases

(44)

(90)

Net cash paid for debt extinguishment

(128,451)

(51,259)

Payment of debt issuance costs

(354)

—

Proceeds from exercises of stock options

119

413

Value of equity awards withheld for tax liabilities

(2,290)

(1,000)

Net cash used in financing activities

(91,020)

(51,936)

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

(608)

Net decrease in cash, cash equivalents, and restricted cash

(70,030)

(22,594)

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

132,307

114,622

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

$ 62,277

$ 92,028

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

Non-GAAP Gross Profit and Non-GAAP Gross Margin

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Gross Profit

$ 64,829

$ 58,955

$ 130,313

$ 114,608

Gross Profit Margin %

37 %

40 %

38 %

40 %

Depreciation

4,678

4,205

9,456

7,734

Amortization of acquired intangible assets

1,941

1,959

3,900

3,904

Stock-based compensation

375

204

771

396

Non-GAAP Gross Profit

$ 71,823

$ 65,323

$ 144,440

$ 126,642

Non-GAAP Gross Margin % (1)

56 %

55 %

56 %

54 %

________________________

(1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of $128 million and $257 million in the three and six months ended June 30, 2024, respectively, and $118 million and $233 million for the three and six months ended June 30, 2023, respectively.

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

Non-GAAP Net Income

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$ 4,055

$ (3,890)

$ (5,178)

$ (279)

Stock-based compensation

11,360

8,005

23,699

15,383

Amortization of acquired intangibles

4,336

4,338

8,697

8,612

Amortization of debt discount and issuance costs for convertible debt

384

474

869

1,036

Net cost associated with early lease terminations and leases without economic benefit

877

—

2,033

—

Net gain on extinguishment of debt

(10,267)

—

(10,267)

(12,767)

Gain on business interruption insurance recoveries

—

(4,000)

—

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

180

129

739

Estimated tax effects of adjustments (2)

(2,075)

(708)

(3,443)

(3,135)

Non-GAAP net income

$ 8,719

$ 4,399

$ 16,539

$ 5,589

Interest expense on Convertible Notes (3)

300

317

617

655

Numerator used to compute Non-GAAP diluted net income per share

$ 9,019

$ 4,716

$ 17,156

$ 6,244

Net income (loss) per share

Basic

$ 0.15

$ (0.15)

$ (0.19)

$ (0.01)

Diluted

$ (0.17)

$ (0.15)

$ (0.19)

$ (0.01)

Non-GAAP net income per Non-GAAP share

Basic

$ 0.32

$ 0.17

$ 0.62

$ 0.22

Diluted

$ 0.29

$ 0.16

$ 0.55

$ 0.21

Weighted average number of shares outstanding

Basic

27,079,333

25,555,219

26,786,568

25,502,131

Diluted

29,500,598

25,555,219

26,786,568

25,502,131

Non-GAAP basic shares

27,079,333

25,555,219

26,786,568

25,502,131

Convertible debt conversion

2,421,265

3,317,023

2,869,144

3,569,511

Stock options issued and outstanding

28,513

27,413

30,108

60,583

Nonvested RSUs outstanding

1,284,862

—

1,260,376

—

Non-GAAP diluted shares

30,813,973

28,899,655

30,946,196

29,132,225

________________________

(1) Non-recurring items not indicative of ongoing operations and other include (i) less than $0.1 million and $0.2 million of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, (ii) $0.1 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2024, and (iii) $0.4 million of expense resulting from the early termination of our undrawn SVB credit facility and $0.3 million of losses on disposals of property, plant and equipment during the six months ended June 30, 2023.

(2) The estimated tax-effect of adjustments is determined by recalculating the tax provision on a Non-GAAP basis. The Non-GAAP effective income tax rate was 15.0% and 2.8% for the six months ended June 30, 2024 and 2023, respectively. For the six months ended June 30, 2024, the Non-GAAP effective income tax rate differed from the federal statutory tax rate of 21% in the U.S. primarily due to the research and development tax credits generated in 2024. We analyze the Non-GAAP valuation allowance position on a quarterly basis. In the fourth quarter of 2022, we removed the valuation allowance against all U.S. deferred tax assets for Non-GAAP purposes as a result of cumulative Non-GAAP U.S. income over the past three years and a significant depletion of net operating loss and tax credit carryforwards on a Non-GAAP basis. As of June 30, 2024, we have no valuation allowance against our remaining deferred tax assets for Non-GAAP purposes.

(3) Non-GAAP net income is increased for interest expense as part of the calculation for diluted Non-GAAP earnings per share.

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

Adjusted EBITDA

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net income (loss)

$ 4,055

$ (3,890)

$ (5,178)

$ (279)

Income tax (benefit) provision

(331)

153

(531)

(2,975)

Interest expense, net

698

322

1,236

Depreciation

7,964

5,460

16,017

10,080

Amortization

4,336

4,338

8,697

8,612

Stock-based compensation

11,360

8,005

23,699

15,383

Net cost associated with early lease terminations and leases without economic benefit

877

—

2,033

—

Net gain on extinguishment of debt

(10,267)

—

(10,267)

(12,767)

Gain on business interruption insurance recoveries

—

(4,000)

—

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

180

129

337

Adjusted EBITDA

$ 18,741

$ 10,568

$ 34,664

$ 15,627

________________________

(1) Non-recurring items not indicative of ongoing operations and other include less than $0.1 million and $0.2 million of losses on disposals of property, plant and equipment during the three months ended June 30, 2024 and 2023, respectively, and $0.1 million and $0.3 million for the six months ended June 30, 2024 and 2023, respectively.

Free Cash Flow

Three months ended June 30,

Six months ended June 30,

2024

2023

2024

2023

Net cash provided by (used in) operating activities

$ 24,436

$ 3,086

$ 26,901

$ (3,268)

Net cash used in investing in capital assets (1)

(6,116)

(4,314)

(12,988)

(8,860)

Free cash flow

$ 18,320

$ (1,228)

$ 13,913

$ (12,128)

________________________

(1) Represents the acquisition cost of property, plant and equipment and capitalized development costs for software for internal use.

View original content to download multimedia:https://www.prnewswire.com/news-releases/bandwidth-announces-second-quarter-2024-financial-results-302211653.html

SOURCE Bandwidth Inc.

Technology

QC Ware Announces 5th Q2B Tokyo Conference Focused on the Roadmap to Quantum Value in Asia and Beyond, Quemix to Co-host and Sponsor

Published

54 minutes ago

April 21, 2026

QC Ware hosts the 5th Q2B conference in Tokyo to connect the Asian and global quantum technology landscape and bring together quantum industry experts across computing, AI, telecommunications, sensing, finance, automotive, chemicals, and more.

TOKYO, April 21, 2026 /PRNewswire/ — QC Ware, a leading provider of industry-disrupting quantum technology, quantum-inspired machine learning, and quantum chemistry simulation solutions, today announced the 2026 Q2B Tokyo Conference (Q2B26) taking place June 4-5, 2026.

As the Q2B26 Tokyo Co-host and Platinum Sponsor, Quemix will contribute to discussions and demonstrations aimed at accelerating the adoption of quantum technologies in various industries, spanning pharmaceutical, biotech, finance, automotive, logistics, and artificial intelligence. “Quemix is proud to once again serve as a co-organizer for Q2B Tokyo, a venue that brings together the most significant global advancements in quantum technology. Our sessions will dive deep into these trends, offering a closer look at a variety of practical use cases implemented on real quantum devices.

We look forward to sharing our latest progress as we drive the practical realization of quantum computing. Please join us at Q2B to witness these breakthroughs in person.” said Quemix CEO and President, Yu-ichiro Matsushita. “A key highlight will be Quemix’s presentation of six industrial use cases, demonstrating tangible progress in real-world quantum applications across the automotive and materials industries.”

The conference, being held at the Grand Hyatt Tokyo, will dive deep into all major quantum technologies and themes: computing, sensing, communications, security, error correction, quantum AI, HPC integration, and more. Attendees can expect to see featured keynotes, industry case studies, and discussions led by experts at the forefront of quantum R&D from some of the world’s leading businesses and institutions across government, academia, and industry.

“Our team at QC Ware is really excited to see all of you at the 5th annual Q2B Tokyo conference! Quantum advantage is getting closer every day, and at this event you will be getting practical updates on progress by many of the leading QC hardware and software developers. If you are working in an enterprise that will be impacted by AI and quantum computing, then attending this event is a must!” said QC Ware CEO, Matt Johnson. “The quantum ecosystems of Japan and Asia are incredibly dynamic and exciting, and the work undertaken to directly and indirectly create that environment cannot be overstated.”

Through keynotes, business seminars, breakout sessions, technical workshops, and panel discussions, attendees at Q2B Tokyo will learn about the latest hardware and software breakthroughs as well as applications in optimization, chemistry simulations, pharmaceutical and materials discovery, error correction, and quantum AI. Additionally, the conference features several panels and sessions from field practitioners, end users, and experts across industries. Notable speakers include:

Kazuya Masu – Director, AIST – G-QuATTaro Shimada – Chair of the Board, Quantum Strategic Industry Alliance for Revolution (Q-STAR) and CEO, ToshibaMitsuhisa Sato – Division Director of Quantum-HPC Hybrid Platform Division, RIKEN Center for Computational ScienceMitsunobu Koshiba – Co founder, Cdots LLCShuntaro Takeda – Associate Professor, The University of TokyoYu-ichiro Matsushita – CEO, QuemixCarmen Palacios-Berraquero – Founder and CEO, Nu QuantumThom Murray – VP Quantum Technology Evangelism, D-Wave SystemsDr. Michael J. Biercuk – CEO and Founder, Q-CTRLShunsuke Okada – Chair of Executive Committee, Q-STARMatt Terabe – Chief of Quantum Technology, Deloitte TohmatsuSameh Yamany – Chief Technology Officer, VIAVI SolutionsAsif Sinai – Co-founder and CEO, QedmaTatsuo Nakamura – CEO & President & Founder, VALUENEX, Inc.Pouya Dianat – Chief Revenue Officer, Quantum Computing Inc.Yuval Boger – Chief Commercial Officer, QuEra Computing inc.Joseph Spencer – Director, GQI

Attendees will also have the opportunity to explore the exhibit floor with vendors showcasing their latest advancements in quantum technologies, featuring: Quemix, Classiq, Denso, Quantinuum, SQAI, QuEra Computing, Qedma, Quantum Machines, IonQ, Fujitsu, JHPC RIKEN Softbank, Quantum Computing Inc, IQM, Q-CTRL, D-Wave Quantum, Quanmatic, Toyota Tsusho, Lquom, Norma, Alpine Quantum Technologies, Q-STAR, Qunova Computing and more.

Find the agenda, featured speakers, sponsors, and register to attend Q2B26 Tokyo here.

About QC Ware

QC Ware is a quantum and classical computing SaaS company focused on delivering enterprise value through cutting-edge computational technology. The company develops enterprise-grade applications that run on state-of-the-art classical computing hardware and algorithms targeting near-term quantum hardware. Its flagship product, Promethium, is an advanced molecular discovery platform that leverages quantum chemistry to accelerate research across pharmaceutical, materials science, and chemical industries. With specialization in machine learning and chemistry simulation applications, the team bridges the gap between theoretical quantum computing and practical business solutions. Composed of some of the industry’s foremost experts, QC Ware is headquartered in Palo Alto, California, with a European subsidiary in Paris. The company also organizes Q2B, a global series of conferences for industry, practitioner, and academic quantum computing communities. Learn more at www.qcware.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/qc-ware-announces-5th-q2b-tokyo-conference-focused-on-the-roadmap-to-quantum-value-in-asia-and-beyond-quemix-to-co-host-and-sponsor-302748197.html

SOURCE QC Ware Corp.

Technology

8 Greenberg Traurig Attorneys to Speak at eMerge Americas Conference

Published

54 minutes ago

April 21, 2026

MIAMI, April 21, 2026 /PRNewswire/ — Eight attorneys from Greenberg Traurig, P.A. will speak at the 2026 eMerge Americas conference, considered the premier global technology event, April 23-24 at the Miami Beach Convention Center.

In addition to serving as an event sponsor, Greenberg Traurig is a founding partner of eMerge Americas and has played a central role in the conference’s development since its inception. Early planning discussions hosted at the firm’s Miami office helped spark the creation of eMerge Americas, laying the groundwork for what has become a premier global technology conference. Today, the annual event connects business leaders, government officials, investors, and entrepreneurs from around the world to discover the newest technologies fueling future innovation.

“Miami has emerged as one of the world’s premier tech hubs, attracting global talent and capital at an unprecedented pace,” said Jaret L. Davis, co-managing shareholder of Greenberg Traurig’s Miami office, a senior vice president of the firm, and general counsel for eMerge Americas. “As a founding partner of eMerge Americas, Greenberg Traurig’s attorneys are at the forefront of that transformation and are proud to share the eMerge Americas stage with the innovators and leaders building the future of technology both locally and globally.”

For over a decade, Davis has helped lead Greenberg Traurig’s work as a critical player guiding deals and investments in the technology industry. He routinely represents technology companies, including publicly traded clients with an aggregate market capitalization exceeding $100 billion, and several of Miami’s largest unicorn companies.

The following is a list of Greenberg Traurig speakers at the event and their corresponding panels:

Kieran Dwyer, Minneapolis Corporate shareholderDate and time: April 23, 3:15-3:45 p.m.Location: eMerge AI + DEEP TECH StagePanel: AI-Native Law: Securing and Governing Autonomous Systems at ScaleDescription: Explore what it means to operate in an artificial intelligence-native environment, how accountability is defined when systems act independently, and what it takes to secure and govern AI at scale.Jaret L. Davis, Miami co-managing shareholder and Corporate shareholderDate and time: April 24, 3-3:45 p.m.Location: Main StagePanel: Talent as National Infrastructure: Building the Workforce Powering America’s Innovation EconomyDescription: Dive into how education systems, economic development strategy, and private-sector innovation are aligning to build the workforce powering America’s innovation economy.Matthew Squires, Salt Lake City Corporate and Latin America shareholderDate and time: April 24, 1-1:30 p.m.Location: eMerge AI + DEEP TECH StagePanel: Investing Through Disruption: Venture Capital in the AI Acceleration EraDescription: From agentic AI and developer tooling to infrastructure and emerging platforms, the conversation will focus on areas where sustainable value is forming, how to separate momentum from substance, and what founders should understand about how capital is being deployed today.

Additionally, Greenberg Traurig attorneys will be presenting on a variety of topics at the firm’s booth, located at #517 in the eMerge AI Pavilion (view the full map):

Kieran Dwyer and Joshua B. Forman, Miami Corporate shareholderDate and time: April 23, 10-10:30 a.m.Topic: Inside the AI Boom: Explore the trends driving data center development, training, and AI deployment.Alan N. Sutin, Miami Technology, Media & Telecommunications Practice chair and Global Intellectual Property & Technology Practice senior chairDate and time: April 23, 11-11:30 a.m.Topic: Managing Risk When Licensing AI and Other Rapidly Evolving TechnologiesJohn D. Owens, III, Miami Corporate shareholderDate and time: April 23, 1:30-2 p.m.Topic: The Mainstreaming of Secondaries: The Role of Secondaries in the Venture Capital Market in 2026Shomari B. Wade, Washington, D.C., Government Contracts shareholderDate and time: April 23, 2:30-3 p.m.Topic: Navigating the New Era of Federal Acquisition: Policy Changes and Industry ImpactsErika Cabo, Miami Corporate of counsel Date and time: April 24, 10:30-11 a.m.Topic: Tokenization: Where the Real Opportunities Are — From Stablecoins to SecuritiesKieran DwyerDate and time: April 24, 11:30 a.m.-noonTopic: Five Questions Board Members Should be Asking About AI (and That CEOs Should be Ready to Answer)Date and time: April 24, 12:30-1 p.m.Topic: Effective AI Governance as an AI Accelerator – enabling teams to move faster within defined guardrails.

About Greenberg Traurig: Greenberg Traurig, LLP has approximately 3,100 lawyers across 51 locations in the United States, Europe, the Middle East, Latin America, and Asia. The firm’s broad geographic and practice range enables the delivery of innovative and strategic legal services across borders and industries. Recognized as a 2025 BTI “Best of the Best Recommended Law Firm” by general counsel for trust and relationship management, Greenberg Traurig is consistently ranked among the top firms on the Am Law Global 100, NLJ 500, and Law360 400. Greenberg Traurig is also known for its philanthropic giving, culture, innovation, and pro bono work. Web: www.gtlaw.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/8-greenberg-traurig-attorneys-to-speak-at-emerge-americas-conference-302749297.html

SOURCE Greenberg Traurig, LLP

Technology

Rockefeller Foundation Accelerates U.S. Economic Solutions at “Big Bets for America: Baltimore”

Published

54 minutes ago

April 21, 2026

More than 250 U.S. leaders from across philanthropy, policy, the private sector, and nonprofits to surface and scale bold solutions to the country’s most pressing economic challenges.

BALTIMORE, April 21, 2026 /PRNewswire/ — The Rockefeller Foundation today hosted Big Bets for America: Baltimore, bringing together more than 250 leaders spanning policy, philanthropic, private, and non-profit sectors in Baltimore to surface, accelerate, and scale ambitious solutions to the country’s most pressing challenges. With a Steering Committee—consisting of Abell Foundation, Baltimore Community Foundation, Baltimore Homecoming, Greater Baltimore Committee, and The Harry and Jeanette Weinberg Foundation—and strategic partners Greater Washington Partnership, Baltimore Development Corporation, and Johns Hopkins University, the Foundation and event participants, including Maryland Governor Wes Moore, Baltimore Mayor Brandon Scott, and Cleveland Mayor Justin Bibb, announced new initiatives and innovative collaborations to create economic pathways and advance opportunities for communities across the State of Maryland and nationwide. In Baltimore, The Rockefeller Foundation also launched a $100 million commitment to connect America’s workers to good jobs and its next class of U.S. Big Bets Fellows.

“For 250 years, America’s promise has been that hard work leads to a stable, dignified life,” said Dr. Rajiv J. Shah, President of The Rockefeller Foundation. “Today, too many communities have been left so far behind that this promise feels out of reach. With the commitments announced today, The Rockefeller Foundation is betting on the resilience of the American worker and the ingenuity of our communities — and building the infrastructure to help that bet pay off at national scale.”

Big Bets for America is a national series of convenings that brings together leaders from across the United States to accelerate economic growth, energize action, and move communities forward. The Baltimore event builds on momentum from the series’ inaugural gathering in Oklahoma City in November 2025.

Major announcements from Big Bets for America: Baltimore include:

The Rockefeller Foundation Commits $100 Million to Connect America’s Workers to Good Jobs. The Rockefeller Foundation launched a new three-year, $100 million commitment to help communities across the country connect more people to good jobs and adapt to rapid economic and technological change. The strategy aims to benefit 10 to 20 million people across approximately 250 of America’s most distressed communities, help enable the creation of roughly 1.6 million additional good jobs nationally, and leverage aligned capital in partnership with employers and public, private, and philanthropic funders. The strategy focuses on sectors with the strongest job growth outlook: healthcare and the care economy, energy transition, food systems, and AI-enabled industries.
The Rockefeller Foundation to Increase Support for Invest in Our Future. As part of The Rockefeller Foundation’s commitment to advancing good jobs and building stronger, more inclusive workforce systems, The Foundation expects to provide over the next three years an additional $12 million to Invest in Our Future, a pooled fund supported by RF Catalytic Capital, Inc., that mobilizes clean energy opportunities to drive economic opportunity, including jobs, in communities nationwide. Since its launch in 2023, the initiative has worked with aligned funders to unlock hundreds of millions of philanthropic dollars for clean energy deployment and has shown that combining philanthropic capital, policy implementation, and strong cross-sector partnerships can rapidly scale impact and turn clean energy investments into real economic opportunities at the state and local levels.
Governor Wes Moore Announces $1.5 Million in Philanthropic Awards to ENOUGH Communities. Governor Wes Moore highlighted the distribution of $1.5 million in philanthropic funding awards from the Sherman Family Foundation, the Bainum Family Foundation, David and Lucile Packard Foundation, and The Rockefeller Foundation to strengthen education and child care access in nine ENOUGH communities – Maryland jurisdictions with high concentrations of childhood poverty. The funding will support nine ENOUGH communities as they launch and sustain programs to strengthen education and child care, including through such efforts as reducing chronic absenteeism through safe transportation options to school and developing afterschool programs to boost literacy rates.
The Rockefeller Foundation Announces Second Class of U.S. Big Bets Fellows. The Rockefeller Foundation named 10 bold innovators to its 2026 class of U.S. Big Bets Fellows — working in California, Central Appalachia, Indiana, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Ohio, Tennessee, and West Virginia. Building on the inaugural 2025 class, this year’s fellows are working to expand workforce pathways and unlock capital for underserved communities. Over the course of the four-month fellowship, The Rockefeller Foundation will provide fellows with tailored programming, peer networking, and professional development to sharpen their approaches and scale their impact.
The Engine Introduces the Tough Tech Map. The Engine launched the Tough Tech Map, a public interactive directory connecting Tough Tech startups to sector- and geography-specific infrastructure — from national labs to test beds and fellowships to incubators. Developed in partnership with the broader ecosystem, the map aims to centralize resources startups in climate, health, advanced compute, and other Tough Tech sectors need to scale. Learn more at www.ToughTechMap.xyz.
LACI Expands City Climate Innovation Challenge to Baltimore & 15 Other US Cities. The Los Angeles Cleantech Incubator (LACI) announced a new cohort of cities for its City Climate Innovation Challenge, which includes Baltimore City and 15 others. The Challenge helps cities identify climate innovations and cleantech entrepreneurs, pilots the selected solutions, provides technical assistance, and scales what works to better improve lives and livelihoods in urban areas. Baltimore’s inclusion signals growing momentum for the program as it scales LACI’s unique model of public-private climate collaboration to cities across the country.
The Clean Fight Announces Expansion of its National Deployment Grant Fund. The Clean Fight announced that its National Deployment Grant Fund, an initiative that uses targeted catalytic grants of $50,000 to $250,000 to accelerate the adoption of proven clean energy solutions in homes, schools, and communities across America – prioritizing vulnerable and underserved communities – has received $1 million from The Rockefeller Foundation toward its $10 million goal. The Fund’s model is built on the idea that funding the right “first” project unlocks many more: each grant is structured to generate the evidence, financing model, or de-risked use case that allows other communities to follow without ongoing subsidy. In New York, The Clean Fight has supported 70 companies and 22 deployment projects with $5.4 million in catalytic grants, generating over 5,000 follow-on deployments statewide and nearly 1,000 jobs. The Rockefeller Foundation’s contribution is helping take The Clean Fight’s model national, with learnings shared broadly through open-source reference designs, implementation guides, and national convenings.
Big Bets for America Series to Go to Cleveland. Cleveland Mayor Justin Bibb and The Rockefeller Foundation announced that the next Big Bets for America convening will take place in Cleveland on June 9. More details about that agenda will be provided in the coming weeks.

What participants at Big Bets for America: Baltimore are saying:

Governor of Maryland Wes Moore: “When I committed to an unprecedented attack on child poverty in Maryland, I knew we needed more than just government on board. That’s why I’m grateful to our philanthropic partners who are stepping up alongside us to make bets on solutions no government can tackle alone. Today we’re taking another step forward on a truly collaborative approach that brings together government, philanthropy, and the private sector to set the standard for what real, structural progress looks like, and making Maryland a model for the nation.”
Mayor of Baltimore Brandon Scott: “Baltimore was proud to host this gathering of public and private sector partners committed to equitable, community-driven economic growth. Especially in areas that have historically faced intentional disinvestment—like many neighborhoods in Charm City—we have to be just as intentional with the ways we work to create opportunity today. I’m grateful that The Rockefeller Foundation shares that focus, and look forward to working together on many of the partnerships announced during this convening.”
Mayor of Cleveland Justin Bibb: “Cleveland is investing in its people, its neighborhoods, and its future – and it’s working. The moment is here to bet on our city, to connect residents to opportunity, and to unlock investment at scale. We’re ready to show the country what inclusive growth looks like in action.”
Kate Frucher, CEO, The Clean Fight: “This is the moment to make sure proven clean energy solutions – ones that improve lives right now and build resilience for decades to come – don’t sit on the sidelines. Supporting the right first project doesn’t just benefit one community, it creates a powerful slipstream for everyone who comes after. That’s exactly what our Deployment Grant Fund is built to do – using the disproportionate impact that strategically placed, small-dollar grant funding can have.”
Emily Knight, The Engine: “We built the Tough Tech Map to open up access to the infrastructure founders need to scale, not just in major hubs, but everywhere. It serves as connective tissue, helping startups leverage shared Tough-Tech-specific resources so they can stay capital efficient while turning breakthrough ideas into real-world impact.”
Matt Petersen, Los Angeles Cleantech Incubator: “LACI’s City Climate Innovation Challenge was created to help local governments pilot and scale the best cleantech solutions that improve air quality, create jobs, and grow the economy. Thanks to the support of the Rockefeller Foundation and others, we are excited to launch our next cohort of 16 cities across the U.S, including Baltimore, to increase access to reliable and affordable EV charging for every neighborhood, including apartment dwellers and underserved communities.”
Derrick Adams, Charm City Cultural Cultivation: “I’ve seen how different cities have transformed their communities into these types of communities where people can thrive. We’re really going into an entrepreneurial culture right now where there’s not going to be a lot of big industry in the way it used to be. We see it through the younger generations, the way they are mapping out their future…if you want to look at the way the economy is moving…people want to be in community, but we need to figure out how this community can advance.”
Torrey Smith, Philanthropist, two-time Super Bowl Champion: “The reality is there are so many more people doing way bigger and better things with less. And that’s why it’s important when you are the Baltimore Orioles or the Baltimore Ravens: You have the opportunity to uplift people by using your platform and providing them with opportunities.”
Kevin Plank, Under Armour: “Across the country, leaders are rethinking where they invest, where they grow, and where they place long-term confidence because capital is moving. Talent is mobile and cities are either stepping forward or falling further behind. But Baltimore has everything it needs to compete. …What is needed now isn’t more consensus; it’s shared conviction followed by action.”

About The Rockefeller Foundation
Investing $30 billion over the last 113 years to promote the well-being of humanity, The Rockefeller Foundation is a pioneering philanthropy built on unlikely partnerships and innovative solutions that deliver measurable results for people in the United States and around the world. We leverage scientific breakthroughs, artificial intelligence, and new technologies to make big bets across energy, food, health, and finance, including with our public charity, RF Catalytic Capital (RFCC). For more information, sign up for our newsletter at www.rockefellerfoundation.org/subscribe and follow us on X @RockefellerFdn, Instagram @rockefellerfdn, and LinkedIn @the-rockefeller-foundation.

About The Engine
The Engine is a nonprofit incubator and accelerator dedicated to supporting early stage Tough Tech companies by providing the infrastructure, programs, and ecosystem support they need to thrive. Tough Tech is transformational technology rooted in breakthrough science and engineering, aimed at solving the world’s most pressing challenges. These companies are capital-intensive, highly regulated, and technically complex, requiring specialized infrastructure, patient support, and a resilient path from lab to market. Learn more at www.engine.xyz

About Los Angeles Cleantech Incubator (LACI)
The Los Angeles Cleantech Incubator (LACI) is creating an inclusive green economy by unlocking innovation through scaling cleantech startups, transforming markets through catalytic partnerships with policymakers, innovators, and market leaders in transportation, energy, and sustainable cities, like the Transportation Electrification Partnership, and enhancing communities through green jobs workforce training, pilots and other programs. Founded as an economic development initiative by the City of Los Angeles and its Department of Water & Power (LADWP) in 2011, LACI is recognized as one of the top 10 innovative business incubators in the world by UBI. LACI has helped 506 portfolio companies raise over $1 billion in funding, generated $344 million in revenue, and created 2,626 jobs throughout the Los Angeles region, with a long term economic impact of more than $733 million.

About The Clean Fight
The Clean Fight is a not-for-profit dedicated to accelerating the adoption of climate solutions for 100% of the population – moving them into communities faster, more affordably, and at scale. Through catalytic grants, deployment programs, and prize competitions, The Clean Fight designs and delivers adoption models that turn one-off projects into first-of-many. The Clean Fight is supported by NYSERDA, the U.S. Economic Development Administration, and leading philanthropic partners. Learn more at thecleanfight.com.

View original content:https://www.prnewswire.com/news-releases/rockefeller-foundation-accelerates-us-economic-solutions-at-big-bets-for-america-baltimore-302749401.html

SOURCE The Rockefeller Foundation