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AAON REPORTS RECORD SALES, EARNINGS & BACKLOG FOR THE SECOND QUARTER OF 2024

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TULSA, Okla., Aug. 1, 2024 /PRNewswire/ — AAON, INC. (NASDAQ-AAON), a provider of premier, configurable HVAC solutions that bring long-term value to customers and owners, today announced its results for the second quarter of 2024.

Net sales for the second quarter of 2024 increased 10.4% to a record $313.6 million from $284.0 million in the second quarter of 2023. The year-over-year increase was largely driven by the BASX segment, which recognized an increase in sales of 58.3%, a majority of which was spurred by sales of data center equipment.  Sales at the AAON Oklahoma and AAON Coil Products segments grew year-over-year 3.4% and 4.3%, respectively. 

Gross profit margin in the quarter expanded to 36.1%, up from 33.1% in the comparable quarter in 2023.  Gross margin expansion was a result of greater operational efficiencies at the AAON Oklahoma and AAON Coil Products segments as well as lower material costs across the organization. 

Earnings per diluted share for the three months ended June 30, 2024, were a record $0.62, up 12.7% from the second quarter of 2023. 

Financial Highlights:

Three Months Ended 
 June 30,

%

Six Months Ended
June 30,

%

2024

2023

Change

2024

2023

Change

(in thousands, except share and per share data)

(in thousands, except share and per share data)

GAAP Measures

Net sales

$    313,566

$    283,957

10.4 %

$    575,665

$    549,910

4.7 %

Gross profit

$    113,094

$      94,018

20.3 %

$    205,336

$    171,172

20.0 %

Gross profit margin

36.1 %

33.1 %

35.7 %

31.1 %

Operating income

$      67,199

$      54,740

22.8 %

$    114,169

$      98,946

15.4 %

Operating margin

21.4 %

19.3 %

19.8 %

18.0 %

Net income

$      52,228

$      45,682

14.3 %

$      91,244

$      82,496

10.6 %

Earnings per diluted share1

$           0.62

$           0.55

12.7 %

$           1.09

$           0.99

10.1 %

Diluted average shares1

83,786,222

83,469,581

0.4 %

83,527,717

83,478,498

0.1 %

1  Reflects three-for-two stock split effective August 16, 2023.

Non-GAAP Measure

EBITDA2

$      81,860

$      65,865

24.3 %

$    142,344

$    120,459

18.2 %

2 This is a non-GAAP measure. See “Use of Non-GAAP Financial Measures” below for reconciliation to GAAP measure.

 

Backlog

June 30, 2024

December 31, 2023

June 30, 2023

(in thousands)

$                      650,005

$                      510,028

$                      526,209

 

At June 30, 2024, we had a record backlog of $650.0 million, up sequentially for a third straight quarter.  Compared to a year ago, backlog was up 23.5% from $526.2 million, driven by the BASX and AAON Coil Products segments.  The increase in bookings for the quarter primarily related to solutions for the data center market.

Gary Fields, CEO, stated, “Our second quarter performance exceeded expectations.  Production issues from the first quarter were largely resolved, leading to increased volume output and productivity across all three segments.  This resulted in record quarterly sales and earnings.  The BASX segment saw a significant rebound from the first quarter, with sales increasing 103.7%   and gross profit rising by 182.2%, quarter-over-quarter.  AAON Oklahoma and AAON Coil Products segments also realized sequential improvements.  Our operating margin in the quarter expanded to 21.4%, making it the most profitable quarter in the Company’s history.  We achieved these results with premium pricing and operating efficiencies, which drove our performance.”

Mr. Fields continued, “Bookings in the second quarter performed exceptionally well, resulting in a record backlog at the end of June.  The data center market continues to be robust and AAON is well positioned to take advantage of the growing opportunity.  Beyond the bookings that made up the backlog at quarter-end, there remains a large pipeline of data center projects for both airside and liquid cooling products that the Company is pursuing.  For AAON’s traditional packaged rooftop business, bookings in the first half of 2024 were up year-over-year, including in the second quarter.  However, growth moderated from prior years.  This business is impacted more by the softening macro conditions and disruptions associated with the refrigerant transition, which is resulting in an increased amount of uncertainty regarding near-term demand.  Any softness in the rooftop market will be more than offset with our data center products.  We anticipate sales and earnings will improve in the second half of the year from the first half, mostly realized in the fourth quarter.”  

Mr. Fields concluded, “AAON is strategically positioned for long-term success.  As regulations and demands for higher quality HVAC equipment increase, AAON is becoming increasingly cost competitive.  Furthermore, the Company is leading the industry in the development of cold climate heat pumps.  The opportunities within the data center market are vast and promising, which we anticipate will drive accelerated growth and further market share gains.  Consequently, we are investing in expanded production capacity through new facilities and enhanced output within our existing facilities.  Additionally, we continue to invest in our people and technology to effectively manage the business and adapt efficiently to the robust growth rates we are targeting for the long-term.”        

As of June 30, 2024, the Company had cash, cash equivalents and restricted cash of $12.1 million and a balance on its revolving credit facility of $85.9 million.  Rebecca Thompson, CFO and Treasurer, commented, “During the quarter, we completed our share repurchase program totaling $100.0 million.  This initiative reflects our confidence in the long-term prospects of the Company and our commitment to delivering value to our shareholders.  Looking ahead, we remain focused on executing our growth strategy with continued investments in capex and maintaining a healthy balance sheet through disciplined financial management.” 

Conference Call 
The Company will host a conference call and webcast today at 5:15 P.M. EDT to discuss the second quarter 2024 results and outlook. The conference call will be accessible via dial-in for those who wish to participate in Q&A as well as a listen-only webcast.  The dial-in is accessible at 1-800-836-8184.  To access the listen-only webcast, please register at https://app.webinar.net/OdbYjYb31qR. On the next business day following the call, a replay of the call will be available on the Company’s website at https://investors.aaon.com.

About AAON
Founded in 1988, AAON is a global leader in HVAC solutions for commercial and industrial indoor environments. The Company’s industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.AAON.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions.

Contact Information
Joseph Mondillo
Director of Investor Relations
Phone: (617) 877-6346
Email: joseph.mondillo@aaon.com

AAON, Inc. and Subsidiaries

Consolidated Statements of Income

(Unaudited)

Three Months Ended 
 June 30,

Six Months Ended 
 June 30,

2024

2023

2024

2023

(in thousands, except share and per share data)

Net sales

$                 313,566

$                 283,957

$            575,665

$            549,910

Cost of sales

200,472

189,939

370,329

378,738

Gross profit

113,094

94,018

205,336

171,172

Selling, general and administrative expenses

45,895

39,272

91,183

72,214

(Gain) loss on disposal of assets

—

6

(16)

12

Income from operations

67,199

54,740

114,169

98,946

Interest expense, net

(367)

(1,543)

(606)

(2,693)

Other income, net

175

163

252

277

Income before taxes

67,007

53,360

113,815

96,530

Income tax provision

14,779

7,678

22,571

14,034

Net income

$                   52,228

$                   45,682

$              91,244

$              82,496

Earnings per share:

Basic1

$                       0.64

$                       0.56

$                  1.12

$                  1.02

Diluted1

$                       0.62

$                       0.55

$                  1.09

$                  0.99

Cash dividends declared per common share1:

$                       0.08

$                       0.08

$                  0.16

$                  0.16

Weighted average shares outstanding:

Basic1

81,791,792

81,439,691

81,339,153

81,263,523

Diluted1

83,786,222

83,469,581

83,527,717

83,478,498

1  Reflects three-for-two stock split effective August 16, 2023.

 

AAON, Inc. and Subsidiaries

Consolidated Balance Sheets

(Unaudited)

June 30,
2024

December 31, 2023

Assets

(in thousands, except share and per share data)

Current assets:

Cash and cash equivalents

$                      13

$                       287

Restricted cash

12,065

8,736

Accounts receivable, net

149,149

138,108

Income tax receivable

4,969

—

Inventories, net

182,988

213,532

Contract assets

68,171

45,194

Prepaid expenses and other

5,740

3,097

Total current assets

423,095

408,954

Property, plant and equipment:

Land

16,018

15,438

Buildings

240,317

205,841

Machinery and equipment

403,664

391,366

Furniture and fixtures

41,128

40,787

Total property, plant and equipment

701,127

653,432

Less:  Accumulated depreciation

287,893

283,485

Property, plant and equipment, net

413,234

369,947

Intangible assets, net

75,560

68,053

Goodwill

81,892

81,892

Right of use assets

16,086

11,774

Other long-term assets

849

816

Total assets

$         1,010,716

$                941,436

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$              28,958

$                  27,484

Accrued liabilities

85,499

85,508

Contract liabilities

26,862

13,757

Total current liabilities

141,319

126,749

Revolving credit facility, long-term

85,884

38,328

Deferred tax liabilities

5,811

12,134

Other long-term liabilities

21,170

16,807

New market tax credit obligation

16,034

12,194

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $.001 par value, 5,000,000 shares authorized, no shares issued

—

—

Common stock, $.004 par value, 100,000,000 shares authorized, 80,950,856 and 81,508,381 issued and outstanding at June 30, 2024 and December 31, 2023, respectively1

324

326

Additional paid-in capital

49,174

122,063

Retained earnings1

691,000

612,835

Total stockholders’ equity

740,498

735,224

Total liabilities and stockholders’ equity

$          1,010,716

$                 941,436

1  Reflects three-for-two stock split effective August 16, 2023.

 

AAON, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(Unaudited)

Six Months Ended 
 June 30,

2024

2023

Operating Activities

(in thousands)

Net income

$                   91,244

$                   82,496

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

Depreciation and amortization

27,923

21,236

Amortization of debt issuance costs

71

32

Amortization of right of use assets

73

67

Provision for (recoveries of) credit losses on accounts receivable, net of adjustments

1,169

(171)

Provision for excess and obsolete inventories, net of write-offs

641

1,458

Share-based compensation

8,451

7,823

(Gain) loss on disposition of assets

(16)

12

Foreign currency transaction loss (gain)

15

(13)

Interest income on note receivable

(9)

(10)

Deferred income taxes

41

(4,438)

Changes in assets and liabilities:

Accounts receivable

(12,210)

(26,782)

Income taxes

(6,139)

(15,171)

Inventories

29,903

(17,927)

Contract assets

(22,977)

(4,711)

Prepaid expenses and other long-term assets

(2,708)

(2,502)

Accounts payable

(1,804)

(14,874)

Contract liabilities

13,105

(1,162)

Extended warranties

1,195

1,526

Accrued liabilities and other long-term liabilities

(56)

33,051

Net cash provided by operating activities

127,912

59,940

Investing Activities

Capital expenditures

(65,381)

(60,629)

Proceeds from sale of property, plant and equipment

16

104

Software development expenditures

(10,058)

—

Principal payments from note receivable

26

28

Net cash used in investing activities

(75,397)

(60,497)

Financing Activities

Proceeds from financing obligation, net of issuance costs

4,186

6,061

Payment related to financing costs

(417)

(398)

Borrowings under revolving credit facility

272,526

279,961

Payments under revolving credit facility

(224,970)

(272,429)

Stock options exercised

15,821

23,244

Repurchase of stock

(100,034)

—

Employee taxes paid by withholding shares

(3,493)

(1,162)

Cash dividends paid to stockholders

(13,079)

(13,004)

Net cash (used in) provided by financing activities

(49,460)

22,273

Net increase in cash, cash equivalents and restricted cash

3,055

21,716

Cash, cash equivalents and restricted cash, beginning of period

9,023

5,949

Cash, cash equivalents and restricted cash, end of period

$                   12,078

$                   27,665

 

Use of Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), additional non-GAAP financial measures are provided and reconciled in the following tables. The Company believes that these non-GAAP financial measures, when considered together with the GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results. The Company believes that this non-GAAP financial measure enhances the ability of investors to analyze the Company’s business trends and operating performance as they are used by management to better understand operating performance. Since EBITDA is a non-GAAP measures and is susceptible to varying calculations, EBITDA, as presented, may not be directly comparable with other similarly titled measures used by other companies.

EBITDA

EBITDA (as defined below) is presented herein and reconciled from the GAAP measure of net income because of its wide acceptance by the investment community as a financial indicator of a company’s ability to internally fund operations. The Company defines EBITDA as net income, plus (1) depreciation and amortization, (2) interest expense (income), net and (3) income tax expense. EBITDA is not a measure of net income or cash flows as determined by GAAP.

The Company’s EBITDA measure provides additional information which may be used to better understand the Company’s operations. EBITDA is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered as an alternative to, or more meaningful than, net income, as an indicator of operating performance. Certain items excluded from EBITDA are significant components in understanding and assessing a company’s financial performance. EBITDA, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that EBITDA is a widely followed measure of operating performance and is one of many metrics used by the Company’s management team and by other users of the Company’s consolidated financial statements.

The following table provides a reconciliation of net income (GAAP) to EBITDA (non-GAAP)  for the periods indicated:

Three Months Ended 
 June 30,

Six Months Ended 
 June 30,

2024

2023

2024

2023

(in thousands)

Net income, a GAAP measure

$               52,228

$               45,682

$         91,244

$         82,496

Depreciation and amortization

14,486

10,962

27,923

21,236

Interest expense, net

367

1,543

606

2,693

Income tax expense

14,779

7,678

22,571

14,034

EBITDA, a non-GAAP measure

$               81,860

$               65,865

$       142,344

$       120,459

 

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CCTV+: From the Sea, Toward the Future

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November 12, 2026

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— Yancheng Radio and Television Releases the Six‑Episode Micro‑documentary Homeland on the Tidal Flats

YANCHENG, China, Nov. 12, 2026 /PRNewswire/ — Ten thousand years ago, this land was nothing but sea. Today, 520,000 hectares of wetlands have risen from the tides, providing shelter for more than 4,700 species of life, where 467 kinds of birds arrive as promised. This land born out of the ocean holds an entire vibrant world.

Along China’s eastern coast stretches a 582‑kilometer coastline. Yancheng, home to 6.7 million people, lies next to one of the most densely populated regions on Earth, yet it has reserved vast “undeveloped” spaces for nature. Nearly one‑third of the world’s spoon‑billed sandpipers stop here to refuel; the world’s largest wild elk population thrives here; and four out of every ten offshore wind turbines worldwide are manufactured right here. At China’s first coastal World Natural Heritage Site — Yancheng — protection does not mean sealing nature off, nor does development mean pushing the wetlands aside. Instead, the city chooses to live in harmony with nature and grow along its rhythms: leaving ample room for nature amid development, and building better lives while safeguarding the ecosystem.

The six‑episode eco‑humanistic micro‑documentary Homeland on the Tidal Flats uses the camera as a pen to write a love letter between the sea and the land. Episode One, The Tidal Forest, reveals the intricate, hidden web of life in the intertidal zones. Episode Two, Return to the Wild, chronicles the rebirth of the elk population from just 39 to over 8,800. Episode Three, Beneath the Wings, records the visits of spoon‑billed sandpipers and red‑crowned cranes. Episode Four, New Life on Salty Soil, shows how rice waves and green granaries emerge from saline‑alkali soil. Episode Five, Light on the Wind, explores the pulse of offshore wind power and the zero‑carbon city. Episode Six, Wetland Life, captures the everyday rhythm of a city breathing in tune with its wetlands.

Prioritizing ecology and pursuing green development is the answer this beautiful city of harmonious coexistence between humanity and nature has written for Chinese‑style modernization.

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Over 100 Delegates and 16 Startups: Taiwan Sends Largest-Ever Fintech Delegation to SFF 2026 as FinTechSpace Debuts “Taiwan Fintech Fleet” Collaboration Model

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TAIPEI, Nov. 12, 2026 /PRNewswire/ — FinTechSpace, Taiwan’s premier one-stop fintech innovation acceleration hub – guided by the Financial Supervisory Commission (FSC) and founded by the Taiwan Financial Services Roundtable (TFSR) — is making its eighth consecutive appearance at the Singapore FinTech Festival (SFF). This year, FinTechSpace has mobilized innovation energy from both northern and southern Taiwan to curate the island’s largest-ever delegation, bringing over 100 fintech leaders, representatives, and 16 selected startups at the Taiwan Pavilion (Booth #5B33, Hall 5).

The Taiwan Pavilion showcases 16 international pitch sessions anchored around three core pillars: Resilience Forward: Operational Defense & Compliance; New Asset Horizons: Digital & Sustainable Finance; and Ignite Growth: Enterprise & Integrated Solutions. Crucially, FinTechSpace is debuting its groundbreaking “Theme-Based Fleet Pilot Program,” an initiative designed to integrate multi-team technologies and services to capitalize on complementary strengths, demonstrating the versatility, depth, and international competitiveness of Taiwan’s fintech ecosystem. The delegation will also host two high-level international networking events to deepen cross-border collaboration and unlock commercial opportunities.

Maiden Flagship Initiative: “Trustworthy FinTech” Fleet Hits the Global Stage

The newly launched “Taiwan Fintech Fleet” serves as a collaborative mechanism that connects the specialized capabilities of different startups into cohesive, scenario-based enterprise solutions. By replacing standalone tools with integrated offerings, the fleet model enables international financial institutions and enterprise clients to seamlessly adopt multi-faceted services that directly address operational pain points.

The inaugural rollout focuses on “Trust in FinTech,” bringing together six FinTechSpace portfolio companies – IHH, TOPPAN Security, KDAN, AIFT, FANO, and wiAdvance – to form two strategic theme fleets: “Digital Trust Chain” and “Trustworthy AI Guardrails”. The initiative propels startups to transition from “single-point services” to “full-scenario application” solutions, while taking a “fleet goes global” model to lead teams in jointly expanding into international markets and demonstrating the integration and collaborative strength driving Taiwan’s fintech industry.

Two Signature Events: Canada Meets Taiwan Forum and Taiwan–Korea Happy Hour Deepen Global Ties

During SFF, the Taiwan Pavilion will host “Canada Meets Taiwan: AI, Fintech, and New Opportunities for Financial Innovation” on Wednesday, November 18, 2026, from 2:30 to 3:15 PM (Singapore time). The session brings together government, industry, and academic representatives from Taiwan and Canada to discuss how artificial intelligence is reshaping fintech innovation, and to exchange insights on ecosystem development and collaboration opportunities, further strengthening bilateral fintech ties.

The Taiwan Pavilion is also teaming up with the Korea Pavilion to host a “Happy Hour” networking mixer, featuring Taiwanese and Korean snacks in a relaxed, social setting. The event is designed to spark connections between fintech startups, financial institutions, and industry partners from both countries, opening the door to future technical collaboration and market expansion.

An Open Invitation: Join Taiwan in Building the Next Wave of FinTech Opportunity

FinTechSpace warmly invites financial institutions, investors, and industry partners from around the world to visit the Taiwan Pavilion (Booth #5B33, Hall 5) during SFF, November 18–20, 2026, to engage with participating teams and explore opportunities for technical collaboration, business partnerships, and investment.

About FinTechSpace

Established in 2018, FinTechSpace is Taiwan’s first one-stop fintech innovation acceleration hub. Guided by the Financial Supervisory Commission (FSC) and initiated by the Taiwan Financial Services Roundtable (TFSR), the program is operated by the Institute for Information Industry (III). FinTechSpace is dedicated to creating a co-creation ecosystem that fosters FinTech development by integrating physical space, mentorship, and technical resources. It aims to drive FinTech innovation in Taiwan and promote international collaboration. For more information, please visit: www.fintechspace.com.tw.

2026 Taiwan Pavilion Exhibitor List

FinTechSpace (Taipei)

Resilience Forward: Operational Defense & Compliance

CoCoTree
Technology

CoCoTree Technology provides a nature-risk and TNFD-aligned decision platform that helps financial institutions and enterprises assess the nature sensitivity, biodiversity exposure,
and environmental risk of their operating sites and supply chains. The platform turns these insights into risk scores, monitoring alerts, and compliance summaries, supporting credit
underwriting, post-loan monitoring, supply chain engagement, and ESG/TNFD disclosure.

HiTRUST

HiTRUST is a fintech company specializing in digital security, identity verification, and fraud prevention that help financial institutions strengthen transaction security while improving
the user experience. Headquartered in Taiwan with seven offices worldwide, HiTRUST serves more than 10,000 institutions globally. In 2025, the company received a government
grant for Digital Service Innovation and won gold at the Ministry of Economic Affairs’ Smart Innovation Award.

IHH Co., Ltd.

IHH is dedicated to building “secure, anti-counterfeiting, and highly flexible commercial video solutions.”  Providing enterprises with a “secure and trusted mechanism to seamlessly
leverage integrated AI capabilities before, during, and after video conferencing to conduct business, yielding highly non-repudiable results.”

IHH ensures every interaction is secure and trustworthy and generates highly non-repudiable digital evidence. Its solutions have been successfully deployed by several major,
market-leading enterprises.

TOPPAN
Security Co.,
Ltd.

TOPPAN Security focuses on advanced digital identity and authentication solutions, offering a one-stop solution spanning eKYC facial recognition, SoftToken, multi-factor authentication
(MFA), and device rebinding to help financial institutions strengthen the security of their digital services. Founded in 2013, the company joined the TOPPAN Group in 2020 and has been
expanding into global markets under the TOPPAN Security brand since 2025.

Woodpecker
Technology
Inc.

Woodpecker Technology specializes in enterprise security monitoring, threat detection, and incident response. Its flagship platform, Woodpecker XVR, delivers a unified SOC view
by integrating data from endpoints, networks, security logs, and user activities. Combined with an on-premises AI security assistant, the platform accelerates incident investigation,
improves alert prioritization, and enables more effective response while ensuring that sensitive data remains fully under the customer’s control. Woodpecker serves financial institutions,
government agencies, critical infrastructure operators, and high-tech manufacturers through partnerships with MDR providers, MSSPs, and system integrators.

Ignite Growth: Enterprise & Integrated Solutions

HOYA BIT
Digital
Technology

HOYA BIT Digital Asset Exchange has secured business compliance approvals from the Taiwan FSC as an exchanger, trading platform, transferor, and custodian, while co-creating
a 24/7 fiat exchange withdrawal service with Taishin Bank and becoming the world’s first ISO 14068-1 carbon-neutral exchange. In partnership with Taishin Bank, it offers round-the-
clock fiat withdrawal services and is the world’s first ISO 14068-1 carbon-neutral certified exchange. Powered by Agentic AI trading technology, HOYA BIT offers virtual asset and
multi-strategy investment services, and its AI Native Exchange OS helps financial institutions and enterprises integrate virtual assets and stablecoin payments and settlement.

Light
Momentum
Technology

Founded in 2021, Light Momentum Technology (LMT) combines expertise in IC design, ICT, and finance to develop fintech, AIoT, and custom ASIC/SoC chip applications, delivering
financial AI and high-frequency trading solutions. LMT was named to EE Times’ Silicon 100 in both 2022 and 2023, established a subsidiary in the Czech Republic in 2024, and has
exhibited at the Singapore FinTech Festival for four consecutive years as it continues to expand into overseas markets and technical partnerships.

On-us Co.,
Ltd.

On-us combines AI with years of accumulated consumer-engagement data through its Smart E-Voucher and On-us Intelligence platforms, turning behavioral signals from how consumers
claim, engage with, and redeem offers into actionable business insights. This helps enterprises optimize membership management, customer acquisition, loyalty programs, and marketing
performance, driving greater customer engagement value and revenue growth.

ThinkCloud
Technology

ThinkCloud Technology specializes in digital identity verification and e-signature solutions. Its flagship innovation, SelfieSign, utilizes patented SVS (Signing Video Stream) technology to
capture real-time video and audio recording during the signing process, timestamps, and verification data in compliance with the EU’s XAdES electronic document standard. ThinkCloud
also offers eStamp digital seals and FaceOTP AI liveness detection. The platform processes more than 3 million signatures a month and holds a 90% share of Taiwan’s medical e-signature
market.

TradingValley
Co., Ltd.

One of Taiwan’s earliest robo-advisory fintech, TradingValley helps financial institutions build digital wealth-management services and, after obtaining a U.S. investment advisor license,
launched its own B2C business. In 2025, the company introduced WinwinGPT, a personalized AI investment assistant that has been a finalist in multiple international fintech competitions
and has been successfully deployed at a major domestic financial holding company to boost the productivity of relationship managers and investment research teams.

Vulcan

Vulcan is an international AI security brand focused on generative and agentic AI security, providing AI red-teaming and real-time runtime protection to help enterprises identify risks
such as prompt injection and data leakage. Vulcan has expanded across Taiwan, Hong Kong, Singapore, Thailand, and the Middle East, serving 10+ major domestic and international
commercial banks and financial holding companies, Global high-tech manufacturers, and government agencies. Its solutions are recognized in the OWASP Agentic AI Security Landscape
and hold Panel Tester status with Singapore’s AI Verify Foundation, helping financial, insurance, manufacturing, and government organizations build trustworthy, governable, compliance-
ready AI environments.

FINNOVATION HUB (Kaohsiung)

New Asset Horizons: Digital & Sustainable Finance

AI PASS LINE

Founded in 2024, AI Pass Line focuses on AI, avatars, voice tech, and AR/MR/XR applications. Built on an “AI × MR” core, the company delivers comprehensive smart solutions spanning
healthcare, education, customer service, AI agents, and digital-twin training. Leveraging AI knowledge management, its enterprise AI Agent platform, and Azure cloud technology, AI Pass
Line helps clients integrate systems and data to boost operational efficiency. With proven experience across medical, financial, retail, and education sectors, it delivers efficient, secure,
and human-centric intelligent services.

CyCatena
Technology

CyCatena Technology provides secure digital asset infrastructure for financial institutions and enterprises. Its core product, CyCatena Vault, enables secure and self-controlled management
of digital assets and stablecoins. With HSM-based key protection, multi-level approval, access control, transaction risk monitoring, and comprehensive audit trails, CyCatena Vault meets
institutional security and compliance requirements. Supporting both on-premises and private cloud deployment, it allows institutions to retain control of their private keys, transaction data,
and infrastructure while integrating seamlessly with existing banking and enterprise systems.

Eureka
FinTech TW
Limited

Eureka aims to be a pioneer in providing innovative market & credit analysis, KYC and ESG solutions to manufacturers and financial institutions across Asia via its comprehensive AI
services platform and bespoke consulting services. Eureka’s comprehensive platform integrates into one single platform big data, vendor databases and customers’ internal data by
utilizing AI and graph technologies. Eureka’s AI services platform provides users with information including market analysis, industry analysis, meeting minutes, credit report, ESG report
and compliance & sanction report systems to assist them in analyzing supply chains, green energy and business relationships.

Root
Intelligent
Tech

Root Intelligent Tech is dedicated to making professional financial planning more accessible through AI. Its services include intelligent financial health assessments, wealth succession and
estate and gift tax planning, AI-powered advisory tools for financial professionals, and green consumption applications. By combining data visualization, scenario simulation, and professional

knowledge retrieval, Root Intelligent Tech helps financial institutions, advisors, and individuals identify financial risks, evaluate planning options, and make informed decisions. 

Synstream
Pte Limited

Shinchuan Technology offers an enterprise-grade AI data orchestration platform for financial institutions, enabling rapid AI adoption without replacing existing core systems. The platform
integrates data orchestration, AI vision computing, on-premises small language models (SLMs), and multimodal RAG technology to support KYC/AML compliance monitoring, automated
regulatory reporting, wealth management, and enterprise AI agents, all backed by bank-grade governance, access control, and auditability to improve operational efficiency and data security.

Synstream is an enterprise AI data orchestration platform designed for financial institutions, enabling rapid AI adoption without replacing legacy systems. Powered by three core engines –
Data Orchestration, Visual Intelligence, and Enterprise On-Prem SLM & RAG – Synstream delivers specialized FinTech modules including KYC/AML automation, regulatory reporting,
and wealth management modernization. Featuring banking-grade data governance, full auditability, and hybrid/on-prem deployment, Synstream reduces false positives by ~85% and cuts
case resolution times by ~90%.

 

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SOURCE FinTechSpace

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IBM Announces Winner of Sports Tech Startup Prize Challenge at Web Summit Lisbon 2026

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2 minutes ago

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November 12, 2026

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LivXP has been selected from a global field of innovators advancing the future of sports through AI.

LISBON, Portugal, Nov. 12, 2026 /PRNewswire/ — IBM (NYSE: IBM) today announced LivXP as the winner of the IBM Sports Tech Startup Prize Challenge at Web Summit Lisbon, recognizing the company for its innovative use of agentic AI to transform how fans engage with their favorite teams, organizations, and leagues.

The challenge marks the culmination of the IBM Sports Tech Startup Challenge, a year-long global initiative created to identify and evaluate growth-stage startups building enterprise-ready technologies for sports organizations, teams, media companies, and fans. Launched at Web Summit Lisbon 2025, IBM has engaged founders through showcases at Web Summits in Vancouver, Rio de Janeiro, and Lisbon, alongside a16z Tech Weeks in New York and San Francisco, and in virtual forums. These showcase activities were designed to provide visibility and engagement opportunities and did not confer eligibility, ranking, priority, or advancement in the invitation-only Prize Challenge held this week. The invite-only challenge featured seven finalists selected from a broad field of sports technology innovators. Finalists pitched their solutions before a distinguished judging panel that included Sarah Meron, Chief Communications and Brand Officer, IBM; Marc Gené, Ferrari Ambassador, Scuderia Ferrari HP; Brad Smith, Headlines Anchor at CNN; and Frederico Gil, founder and CEO of FREDGIL Academy. 

LivXP, a Swiss-American company accelerated at the Harvard Innovation Labs, is an AI-powered impulse commerce infrastructure for sports: auctions, experiences, and sponsor activations that land at the fan’s emotional high. From the Tour de Suisse to Boston College Athletics, federations, clubs, international events, and U.S. college sports programs use its white-label platform to reach fans in 150 countries.

“We were incredibly impressed by both the technical innovation and practical application of LivXp’s solution,” said IBM Chief Communications and Brand officer Sarah Meron. “At IBM, we’re always looking for new ways AI can help our clients create more engaging, personalized experiences, and we see exciting potential for technologies like this to enhance the work we do alongside our global sports and entertainment partners.”

Upon being announced the winner, LivXP CEO and Co-Founder Ashima Saxena stated, “Every emotional moment in sport revenue is waiting to happen, and AI finally lets sports organizations capture it at scale, without adding staff. We’re proud to have won the IBM Sports Tech Startup Challenge, and we look forward to working with IBM’s Sports & Entertainment Partnerships Team to bring impulse commerce to more clubs, sponsors, and fans worldwide.”

The Lisbon finale capped a year-long series of startup showcases and judging sessions bringing together influential voices from sports, media, and venture capital, including Maria Sharapova, and representatives from a16z, USTA Ventures, Sony Ventures, Comcast Ventures, Maple Leaf Sports & Entertainment (MLSE), FIFA, and Powerhouse Capital.

Finalists

The seven startups participating in the 2026 IBM Sports Tech Startup Prize Challenge were:

Fanory – Fan intelligence platform transforming live sports experiences into memories, assets, and behavioral data.Neuron Systems – Multi agent AI platform for live sports and entertainment that generates real-time commentary, insights, and content for sports fans and creators.LivXP – Fan engagement marketplace that connects sports fans with exclusive experiences, auctions, and interactions with teams, athletes, and sports organizations.PressBox – AI-powered content platform that enables sports leagues, teams, and media organizations to create and personalize content and marketing.NTangible – Verbal cognitive assessment platform that measures how athletes perform under pressure.Proximity Works Inc. – AI engineering company that builds real-time intelligence and fan engagement systems for sports, media, and entertainment organizations.Noiz – Sports-matching platform making it easier to find courts, try new sports, and build player connections.

The Prize Challenge Grand Prize includes up to $100,000 to support an eligible proof-of-concept project with IBM’s Sports and Entertainment Partnership Team, subject to separate review and agreement requirements, up to $20,000 in IBM credits to be applied toward services and technology, mentorship opportunities, and evaluation opportunities described in the Official Rules.

About the IBM Sports Tech Startup Challenge

Launched in partnership with Web Summit, the IBM Sports Tech Startup Challenge is a global initiative designed to spotlight startups applying AI and other emerging technologies to solve challenges across the sports industry. Building on IBM Ventures’ mission to connect cutting-edge innovation with enterprise clients, the Challenge extends this approach to IBM’s sports portfolio, using our sports partnerships as a proving ground to showcase technologies with real-world potential for both the sports landscape and broader business applications. The 2026 program included startup showcases at Web Summit Vancouver, Rio, and Lisbon, events during a16z Tech Weeks in New York and San Francisco, and in virtual forms, culminating with the invite-only Prize Challenge at Web Summit Lisbon. These showcase activities provided opportunities for visibility and engagement but did not confer eligibility, ranking, priority, or advancement in the Prize Challenge.

About IBM in Sports

For more than 30 years, IBM has partnered with some of the world’s most iconic sports organizations, including Wimbledon, the US Open, the Masters Tournament, Scuderia Ferrari HP, and UFC. Together, IBM and its partners create AI-powered experiences designed to deliver deeper insights, smarter engagement, and richer digital experiences for sports fans around the globe.

About IBM Ventures

As the corporate venture capital arm of IBM, IBM Ventures invests in startups across enterprise AI and quantum software. A strategic investor, IBM Ventures works closely with startups and founders to bring innovative technologies into IBM and help drive value for IBM clients. Through IBM’s technology, expertise and global client network, IBM Ventures helps portfolio companies build strategic relationships and accelerate their growth.

Media Contact:

Rebeccah Propp

IBM

Rebeccah.Propp@ibm.com

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SOURCE IBM

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