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ePlus Reports First Quarter Fiscal Year 2025 Financial Results

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First Quarter Fiscal Year 2025

Net sales decreased 5.2% to $544.5 million from last year’s first quarter; technology business net sales decreased 5.3% to $535.5 million; services revenues increased 15.8% to $78.2 million.Technology business gross billings decreased 1.0% to $833.7 million.Consolidated gross profit decreased 5.5% to $134.5 million.Consolidated gross margin was 24.7% as compared to last year’s 24.8%.Net earnings decreased 19.2% to $27.3 million.Adjusted EBITDA decreased 19.9% to $43.1 million.Diluted net earnings per common share decreased 19.7% to $1.02 and non-GAAP diluted net earnings per common share decreased 19.9% to $1.13.

HERNDON, Va., Aug. 6, 2024 /PRNewswire/ — ePlus inc. (NASDAQ:  PLUS), a leading provider of technology and financing solutions, today announced financial results for the three months ended June 30, 2024, the first quarter of its 2025 fiscal year.

Management Comment

“We continued to see strong growth in security and services overall with our managed services up 28%.  For many years we have been building strong services and recurring revenue streams, in part to offset headwinds created by the increase in netted down revenues and ratable recognition of sales, both to build a more consistent financial model, but also to deliver the solutions that customers demand with today’s advanced technologies,” said Mark Marron, president and CEO of ePlus.  We are seeing strong customer interest in our AI Ignite program and discovery services.  While these create nominal current revenue, they also are key to locking in future business opportunities and securing customer mindshare in this fast moving technology solution.

“Given a hard compare, with last year’s first quarter growth of 25% due to supply chain easing, our first quarter net sales were down 5.2% and gross billings were down 1%.   Both the revenue and gross billings decline year over year is attributable to a more normalized supply chain, the absorption of prior purchases by our customers, product mix, and the ratable trend as noted above.  We do not see any long-term diminished demand for our products and services and our full year guidance remains unchanged.”

Mr. Marron continued, “We ended the quarter with a strong cash position of $350 million, providing ePlus the resources to invest in organic growth initiatives, continue our track record of strategic acquisitions, and increase shareholder returns through share repurchases.”

First Quarter Fiscal Year 2025 Results

For the first quarter ended June 30, 2024, as compared to the first quarter ended June 30, 2023:

Consolidated net sales decreased 5.2% to $544.5 million, from $574.2 million.

Technology business net sales decreased 5.3% to $535.5 million, from $565.7 million driven by lower product sales. Technology business gross billings decreased 1.0% to $833.7 million from $842.0 million.   

Product sales decreased 8.2% to $457.3 million, from $498.2 million, due to decreases in net sales of cloud and networking products, offset by increases in net sales of collaboration and security products. Gross profit decreased 11.6% to $98.5 million, from $111.4 million last year, due to the reduction of product sales and a 90-bps decline in product margin to 21.5% from 22.4% last year, due to a shift in customer mix, offset by a larger proportion of third-party maintenance and services sold in the current quarter which are recorded on a net basis.

Professional service revenues increased 4.8% from last year to $37.3 million from $35.6 million.  Gross profit increased 5.0% and gross margins increased 10 bps to 41.5% from 41.4% last year.

Managed service revenues increased 28.0% to $40.9 million due to ongoing demand in these offerings, including Enhanced Maintenance Support, Cloud, and Service Desk services. Gross profit increased 31.0% from last year due to the scaled growth in these services resulting in a 70-bps gross margin improvement. 

Financing business segment net sales increased 6.4% to $9.0 million, from $8.5 million due to increases in portfolio earnings. Gross profit in the financing business segment increased 20.8% to $7.7 million from $6.4 million last year.

Consolidated gross profit decreased 5.5% to $134.5 million, from $142.3 million. Consolidated gross margin was 24.7%, down 10 bps from last year’s 24.8%, due to lower product margin in our technology business.

Consolidated operating expenses were $99.0 million, up 3.2% from $95.9 million last year, primarily due to increases in salaries and benefits from additional headcount.  Our headcount at the end of the quarter was 1,907, up 54 from a year ago, including 28 employees from PEAK Resources, Inc. (“PEAK”) which we acquired in January 2024.

Consolidated operating income decreased 23.4% to $35.5 million. During the quarter ended June 30, 2024, we had other income of $2.1 million from interest income of $2.6 million offset by foreign currency transaction loss of $0.5 million. Earnings before tax decreased 19.3% to $37.5 million.

Our effective tax rate remained at 27.2% year over year.

Net earnings decreased 19.2% to $27.3 million from $33.8 million.

Consolidated adjusted EBITDA decreased 19.9% to $43.1 million from $53.9 million.

Diluted net earnings per common share was $1.02 for the first quarter ended June 30, 2024, compared with $1.27 for the first quarter ended June 30, 2023. Non-GAAP diluted net earnings per common share was $1.13 for the first quarter ended June 30, 2024, compared with $1.41 for the first quarter ended June 30, 2023. 

Balance Sheet Highlights

As of June 30, 2024, cash and cash equivalents were $349.9 million, up from $253.0 million as of March 31, 2024, primarily due to improvements in working capital, offset by repurchases of our common stock.  Inventory decreased 36.2% to $89.1 million compared with $139.7 million as of March 31, 2024.  Total stockholders’ equity was $921.9 million, compared with $901.8 million as of March 31, 2024.  Total shares outstanding were 26.9 million and 27.0 million on June 30, 2024 and March 31, 2024, respectively.

Fiscal Year Guidance

ePlus is maintaining fiscal year 2025 guidance for net sales growth over the prior fiscal year of between 3% and 6%, and an adjusted EBITDA range of $200.0 million to $215.0 million.  ePlus cannot predict with reasonable certainty and without unreasonable effort, the ultimate outcome of unusual gains and losses, the occurrence of matters creating GAAP tax impacts, fluctuations in interest expense or interest income and share-based compensation, and acquisition-related expenses. These items are uncertain, depend on various factors, and could be material to the ePlus’ results computed in accordance with GAAP.  Accordingly, the ePlus is unable to provide a reconciliation of GAAP net earnings to adjusted EBITDA for the full year 2025 forecast.

Summary and Outlook

“Looking ahead, as we add new products and services and benefit from recent acquisitions, ePlus continues to be positioned to achieve top-line growth.  Our business is supported by deep customer and channel relationships.  We have invested across the organization to strengthen our product and services offerings and to customize our solutions to meet the evolving needs of our customers. Our teams continue to execute well and operate efficiently with an unwavering commitment to superior customer service. These factors support our confidence in the underlying fundamentals of our business and our ability to deliver on our 2025 financial outlook and objectives.

“Additionally, our strong financial position provides us with considerable capital allocation options to drive long-term shareholder value, including the ability to expand our product offerings, make larger accretive acquisitions, and continue to return capital to shareholders through share repurchases. This flexibility, together with ongoing investments in differentiated capabilities, should enable us to build on our competitive advantage and advance our market positioning,” concluded Mr. Marron.

Recent Corporate Developments/Recognitions

In the month of July:

Announced Storage-as-a-Service leveraging NetApp.IGXGlobal, a subsidiary of ePlus, began offering Storage-as-a-Service powered by Pure Storage.

In the month of June:

Awarded the Lenovo U.S. Infrastructure Solutions Partner of the Year Award.Announced the launch of Azure Recover.Recognized as Juniper Networks 2023 Partner of the Year for Cloud Ready Data Center in both Worldwide and Americas Categories.

In the month of May:

Named Growth Partner of the Year by Varonis.Earned a spot on CRN’s 2024 Solution Provider 500 List.

Conference Call Information

ePlus will hold a conference call and webcast at 4:30 p.m. ET on August 6, 2024:

Date:                                                     

August 6, 2024

Time:                                                      

4:30 p.m. ET

Audio Webcast (Live & Replay):          

https://events.q4inc.com/attendee/653117486

Live Call:                                                

(888) 596-4144 (toll-free/domestic)

(646) 968-2525 (international)

Archived Call:                                        

(800) 770-2030 (toll-free/domestic)

(609) 800-9909 (international)

Conference ID:                                      

6593768# (live call and replay)

A replay of the call will be available approximately two hours after the call through August 13, 2024. A transcript of the call will also be available on the ePlus Investor Relations website at https://www.eplus.com/investors.

About ePlus inc.

ePlus has an unwavering and relentless focus on leveraging technology to create inspired and transformative business outcomes for its customers. Offering a robust portfolio of solutions, as well as a broad range of consultative and managed services across the technology spectrum, ePlus has proudly achieved more than 30 years of success, carrying customers forward through adversity, rapidly changing environments, and other obstacles. ePlus is a trusted advisor, bringing expertise, credentials, talent and a thorough understanding of innovative technologies, spanning security, cloud, data center, networking, collaboration and emerging solutions, to organizations across all industry segments. With complete lifecycle management services and flexible payment solutions, ePlus’ more than 1,900 associates are focused on cultivating positive customer experiences and are dedicated to their craft, harnessing new knowledge while applying decades of proven experience. ePlus is headquartered in Virginia, with locations in the United States, UK, Europe, and Asia‐Pacific. For more information, visit www.eplus.com, call 888-482-1122, or email info@eplus.com.  Connect with ePlus on LinkedIn, X, Facebook, and Instagram.  ePlus, Where Technology Means More.

ePlus® and ePlus products referenced herein are either registered trademarks or trademarks of ePlus inc. in the United States and/or other countries.  The names of other companies and products mentioned herein may be the trademarks of their respective owners.

Forward-looking statements

Statements in this press release that are not historical facts may be deemed to be “forward-looking statements,” including, among other things, statements regarding the future financial performance of ePlus. Actual and anticipated future results may vary materially due to certain risks and uncertainties, including, without limitation, exposure to fluctuation in foreign currency rates, interest rates, and inflation, including as a result of national and international political instability fostering uncertainty and volatility in the global economy, which may cause increases in our costs and our ability to increase prices to our customers, negative impacts to the arrangements that have pricing commitments over the term of the agreement, which may result in adverse changes in our gross profit; significant adverse changes in, reductions in, or loss of one or more of our larger volume customers or vendors; reliance on third-parties to perform some of our service obligations to our customers, and the reliance on a small number of key vendors in our supply chain with whom we do not have long-term supply agreements, guaranteed price agreements, or assurance of stock availability; our ability to remain secure during a cybersecurity attack or other IT outtage, including both disruptions in our or our vendors’ or other third party’s Information Technology (“IT”) systems and data and audio communication networks; our ability to secure our own and our customers’ electronic and other confidential information, while maintaining compliance with evolving data privacy and regulatory laws and regulations; ongoing remote work trends, and the increase in cybersecurity attacks that have occurred while employees work remotely and our ability to adequately train our personnel to prevent a cyber event; the possibility of a reduction of vendor incentives provided to us; our dependence on key personnel and our ability to hire, train and retain qualified personnel by recruiting and retaining highly skilled, competent personnel, and vendor certifications; our ability to manage a diverse product set of solutions, including artificial intelligence (“AI”) products, in highly competitive markets with a number of key vendors; changes in the IT industry and/or rapid changes in product offerings, including the proliferation of the cloud, infrastructure as a service, software as a service, platform as a service and AI; supply chain issues, including a shortage of IT products, may increase our costs or cause a delay in fulfilling customer orders, or increase our need for working capital, or delay completing professional services, or purchasing IT products or services needed to support our internal infrastructure or operations, resulting in an adverse impact on our financial results; our inability to identify acquisition candidates, or perform sufficient due diligence prior to completing an acquisition, or failure to integrate a completed acquisition may affect our earnings; our ability to raise capital, maintain or increase as needed our lines of credit with vendors or floor planning facility, obtain debt for our financing transactions, or the effect of those changes on our common stock price; our ability to implement comprehensive plans for the integration of sales forces, cost containment, asset rationalization, systems integration, and other key strategies; and other risks or uncertainties detailed in our reports filed with the Securities and Exchange Commission. All information set forth in this press release is current as of the date of this release and ePlus undertakes no duty or obligation to update this information.

 

ePlus inc. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share amounts)

June 30, 2024

March 31, 2024

ASSETS

Current assets:

Cash and cash equivalents

$349,909

$253,021

Accounts receivable—trade, net

577,019

644,616

Accounts receivable—other, net

54,987

46,884

Inventories

89,134

139,690

Financing receivables—net, current

109,119

102,600

Deferred costs

59,985

59,449

Other current assets

23,951

27,269

Total current assets

1,264,104

1,273,529

Financing receivables and operating leases—net

85,032

79,435

Deferred tax asset

5,620

5,620

Property, equipment and other assets

94,417

89,289

Goodwill

161,508

161,503

Other intangible assets—net

40,292

44,093

TOTAL ASSETS

$1,650,973

$1,653,469

LIABILITIES AND STOCKHOLDERS’ EQUITY

LIABILITIES

Current liabilities:

Accounts payable

$270,614

$315,676

Accounts payable—floor plan

119,511

105,104

Salaries and commissions payable

40,491

43,696

Deferred revenue

138,619

134,596

Non-recourse notes payable—current

29,898

23,288

Other current liabilities

29,103

34,630

Total current liabilities

628,236

656,990

Non-recourse notes payable—long-term

10,854

12,901

Other liabilities

89,955

81,799

TOTAL LIABILITIES 

729,045

751,690

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY

Preferred stock, $0.01 per share par value; 2,000 shares
     authorized; none outstanding

Common stock, $0.01 per share par value; 50,000 shares
authorized; 26,940 outstanding at June 30, 2024 and
     26,952 outstanding at March 31, 2024

276

274

     Additional paid-in capital

184,733

180,058

Treasury stock, at cost, 609 shares at June 30, 2024 and 

        447 shares at March 31, 2024

(35,746)

(23,811)

Retained earnings

770,317

742,978

Accumulated other comprehensive income—foreign currency

        translation adjustment

2,348

2,280

Total Stockholders’ Equity

921,928

901,779

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$1,650,973

$1,653,469

 

ePlus inc. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

Three Months Ended June 30,

2024

2023

Net sales

     Product

$466,349

$506,656

     Services

78,189

67,519

          Total

544,538

574,175

Cost of sales

     Product

360,157

388,904

     Services

49,900

42,998

          Total

410,057

431,902

Gross profit

134,481

142,273

Selling, general, and administrative

93,608

90,298

Depreciation and amortization

4,819

4,792

Interest and financing costs

585

851

Operating expenses

99,012

95,941

Operating income

35,469

46,332

Other income (expense), net

2,073

190

Earnings before taxes

37,542

46,522

Provision for income taxes

10,203

12,675

Net earnings

$27,339

$33,847

Net earnings per common share—basic

$1.03

$1.27

Net earnings per common share—diluted

$1.02

$1.27

Weighted average common shares outstanding—basic

26,642

26,552

Weighted average common shares outstanding—diluted

26,801

26,648

 

Technology Business

Three Months Ended June 30,

2024

2023

Change

(in thousands)

Net sales

    Product

$457,312

$498,166

(8.2 %)

    Professional services

37,279

35,556

4.8 %

    Managed services

40,910

31,963

28.0 %

          Total

535,501

565,685

(5.3 %)

Gross profit

     Product

98,505

111,391

(11.6 %)

     Professional services

15,455

14,724

5.0 %

     Managed services

12,834

9,797

31.0 %

          Total

126,794

135,912

(6.7 %)

Selling, general, and administrative

90,084

87,100

3.4 %

Depreciation and amortization

4,819

4,764

1.2 %

Interest and financing costs

550

(100.0 %)

Operating expenses

94,903

92,414

2.7 %

Operating income

$31,891

$43,498

(26.7 %)

Gross billings

$833,708

$841,970

(1.0 %)

Adjusted EBITDA

$39,501

$50,949

(22.5 %)

 

Technology Business Gross Billings by Type

 

Three Months Ended June 30,

2024

2023

Change

(in thousands)

Networking

$281,528

$276,645

1.8 %

Cloud

241,274

258,924

(6.8 %)

Security

151,883

147,343

3.1 %

Collaboration

32,976

22,161

48.8 %

Other

44,592

69,761

(36.1 %)

Product gross billings

752,253

774,834

(2.9 %)

Service gross billings

81,455

67,136

21.3 %

Total gross billings

$833,708

$ 841,970

(1.0 %)


 

Technology Business Net Sales by Type

 

Three Months Ended June 30,

2024

2023

Change

(in thousands)

Networking

$234,740

$245,188

(4.3 %)

Cloud

137,231

172,044

(20.2 %)

Security

48,005

45,796

4.8 %

Collaboration

20,899

12,956

61.3 %

Other

16,437

22,182

(25.9 %)

Total product

457,312

498,166

(8.2 %)

Professional services

37,279

35,556

4.8 %

Managed services

40,910

31,963

28.0 %

Total net sales

$535,501

$ 565,685

(5.3 %)

 

Technology Business Net Sales by Customer End Market

 

Three Months Ended June 30,

2024

2023

Change

(in thousands)

Telecom, Media, & Entertainment

$117,553

$ 141,335

(16.8 %)

Technology

109,106

73,403

48.6 %

SLED

92,096

109,405

(15.8 %)

Healthcare

75,280

86,656

(13.1 %)

Financial Services 

49,725

65,690

(24.3 %)

All other

91,741

89,196

2.9 %

Total net sales

$535,501

$ 565,685

(5.3 %)

 

Financing Business Segment

Three Months Ended June 30,

2024

2023

Change

(in thousands)

Portfolio earnings

$4,161

$3,073

35.4 %

Transactional gains

1,293

1,279

1.1 %

Post-contract earnings

3,315

3,634

(8.8 %)

Other

268

504

(46.8 %)

Net sales 

9,037

8,490

6.4 %

Gross profit

7,687

6,361

20.8 %

Selling, general, and administrative

3,524

3,198

10.2 %

Depreciation and amortization

28

(100.0 %)

Interest and financing costs

585

301

94.4 %

Operating expenses

4,109

3,527

16.5 %

Operating income

$3,578

$2,834

26.3 %

Adjusted EBITDA

$3,642

$2,930

24.3 %

ePlus inc. AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP INFORMATION

We included reconciliations below for the following non-GAAP financial measures: (i) Adjusted EBITDA, (ii) Adjusted EBITDA for business segments, (iii) non-GAAP Net Earnings and (iv) non-GAAP Net Earnings per Common Share – Diluted.

We define Adjusted EBITDA as net earnings calculated in accordance with US GAAP, adjusted for the following: interest expense, depreciation and amortization, share-based compensation, acquisition and integration expenses, provision for income taxes, and other income (expense). Adjusted EBITDA presented for the technology business segments and the financing business segment is defined as operating income calculated in accordance with US GAAP, adjusted for interest expense, share-based compensation, acquisition and integration expenses, and depreciation and amortization. We consider the interest on notes payable from our financing business segment and depreciation expense presented within cost of sales, which includes depreciation on assets financed as operating leases, to be operating expenses. As such, they are not included in the amounts added back to net earnings in the Adjusted EBITDA calculation.

Non-GAAP net earnings and non-GAAP net earnings per common share – diluted are based on net earnings calculated in accordance with GAAP, adjusted to exclude other income (expense), share based compensation, and acquisition related amortization expense, and the related tax effects.

We use the above non-GAAP financial measures as supplemental measures of our performance to gain insight into our operating performance and performance trends. We believe that such non-GAAP financial measures provide management and investors a useful measure for period-to-period comparisons of our business and operating results by excluding items that management believes are not reflective of our underlying operating performance. Accordingly, we believe that such non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results.

Our use of non-GAAP information as analytical tools has limitations, and you should not consider them in isolation or as substitutes for analysis of our financial results as reported under GAAP. In addition, other companies, including companies in our industry, might calculate adjusted EBITDA, non-GAAP net earnings and non-GAAP net earnings per common share or similarly titled measures differently, which may reduce their usefulness as comparative measures.

 

Three Months Ended June 30,

2024

2023

(in thousands)

Consolidated

Net earnings

$27,339

$33,847

Provision for income taxes

10,203

12,675

Depreciation and amortization [1]

4,819

4,792

Share based compensation

2,855

2,205

Interest and financing costs

550

Other expense, net [2]

(2,073)

(190)

Adjusted EBITDA

$43,143

$53,879

Technology Business Segment

Operating income

$31,891

$43,498

Depreciation and amortization [1]

4,819

4,764

Share based compensation

2,791

2,137

Interest and financing costs

550

Adjusted EBITDA

$39,501

$50,949

Financing Business Segment

Operating income

$3,578

$2,834

Depreciation and amortization [1]

28

Share based compensation

64

68

Adjusted EBITDA

$3,642

$2,930

 

Three Months Ended June 30,

2024

2023

(in thousands)

GAAP: Earnings before taxes

$37,542

$46,522

Share based compensation

2,855

2,205

Acquisition related amortization expense [3]

3,750

3,469

Other (income) expense [2]

(2,073)

(190)

Non-GAAP: Earnings before provision for income taxes

42,074

52,006

GAAP: Provision for income taxes

10,203

12,675

Share based compensation

799

607

Acquisition related amortization expense [3]

1,047

952

Other (income) expense, net [2]

(580)

(52)

Tax benefit (expense) on restricted stock

308

137

Non-GAAP: Provision for income taxes

11,777

14,319

Non-GAAP: Net earnings

$30,297

$37,687

Three Months Ended June 30,

2024

2023

GAAP: Net earnings per common share – diluted

$1.02

$1.27

Share based compensation

0.08

0.06

Acquisition related amortization expense [3]

0.10

0.09

Other (income) expense, net [2]

(0.06)

Tax benefit (expense) on restricted stock

(0.01)

(0.01)

Total non-GAAP adjustments – net of tax

0.11

0.14

Non-GAAP: Net earnings per common share – diluted

$1.13

$1.41

[1] Amount consists of depreciation and amortization for assets used internally.

[2] Legal settlement, interest income and foreign currency transaction gains and losses.

[3] Amount consists of amortization of intangible assets from acquired businesses.

 

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SOURCE EPLUS INC.

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Technology

BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept

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By

BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure

BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
 BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
 Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.

VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).

The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.

“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”

South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative

BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.

The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.

Built on Kaia Mainnet

A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.

Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.

By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.

QSSN as the Security Layer

The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.

BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.

Addressing the Harvest-Now, Decrypt-Later Risk

The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.

BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.

Expanding BTQ’s Korean Ecosystem

BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.

The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.

About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/

About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.

Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/

About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.

Connect with BTQ: Website | LinkedIn | X/Twitter

ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.

The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE BTQ Technologies Corp.

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Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference

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WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).

A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.

About Zimmer Biomet 
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.

With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation. 

For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.

Contacts:

 

Media

Investors

Troy Kirkpatrick

David DeMartino

614-284-1926

646-531-6115

troy.kirkpatrick@zimmerbiomet.com

david.demartino@zimmerbiomet.com

Kirsten Fallon

Zach Weiner

781-779-5561

908-591-6955

kirsten.fallon@zimmerbiomet.com

zach.weiner@zimmerbiomet.com

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SOURCE Zimmer Biomet Holdings, Inc.

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NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools

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New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing

Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment

ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.

The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health. 

The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.

NextLadder’s Focus Areas for Investment

Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations. 

As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.

“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”

NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.

The fund’s active investment areas include:

Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.

NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.

In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.

NextLadder’s Co-Founder Leadership Team

NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.

“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”

Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.

“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”

Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.

“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”

To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.

About NextLadder Ventures

NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.

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SOURCE NextLadder Ventures

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