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Qualys Announces Second Quarter 2024 Financial Results

Published

2 years ago

on

Revenue Growth of 8% Year-Over-Year
GAAP EPS: $1.17; Non-GAAP EPS: $1.52

FOSTER CITY, Calif., Aug. 6, 2024 /PRNewswire/ — Qualys, Inc. (NASDAQ: QLYS), a leading provider of disruptive cloud-based IT, security and compliance solutions, today announced financial results for the second quarter ended June 30, 2024. For the quarter, the Company reported revenues of $148.7 million, net income under United States Generally Accepted Accounting Principles (“U.S. GAAP”) of $43.8 million, non-GAAP net income of $56.9 million, Adjusted EBITDA of $69.9 million, GAAP net income per diluted share of $1.17, and non-GAAP net income per diluted share of $1.52.

“We delivered a strong quarter of rapid innovation on the Qualys Enterprise TruRisk Platform, reflecting our ongoing commitment to extend our technology leadership and customer success,” said Sumedh Thakar, president and CEO of Qualys. “Our comprehensive multi-sensor architecture and rapid innovation engine underscore our growing thought leadership and the value proposition we deliver to customers seeking to transform, consolidate, and fortify their security posture. We believe Qualys has created strong competitive differentiation and is strategically well positioned as the foundational risk management platform for the future with multiple avenues to drive sustainable long-term growth.”

Second Quarter 2024 Financial Highlights

Revenues: Revenues for the second quarter of 2024 increased by 8% to $148.7 million compared to $137.2 million for the same quarter in 2023.

Gross Profit: GAAP gross profit for the second quarter of 2024 increased by 11% to $122.3 million compared to $110.5 million for the same quarter in 2023. GAAP gross margin was 82% for the second quarter of 2024 compared to 81% for the same quarter in 2023. Non-GAAP gross profit for the second quarter of 2024 increased by 11% to $124.9 million compared to $113.0 million for the same quarter in 2023. Non-GAAP gross margin was 84% for the second quarter of 2024 compared to 82% for the same quarter in 2023.

Operating Income: GAAP operating income for the second quarter of 2024 increased by 12% to $48.1 million compared to $42.8 million for the same quarter in 2023. As a percentage of revenues, GAAP operating income was 32% for the second quarter of 2024 compared to 31% for the same quarter in 2023. Non-GAAP operating income for the second quarter of 2024 increased by 11% to $65.9 million compared to $59.6 million for the same quarter in 2023. As a percentage of revenues, non-GAAP operating income was 44% for the second quarter of 2024 compared to 43% for the same quarter in 2023.

Net Income: GAAP net income for the second quarter of 2024 increased by 24% to $43.8 million, or $1.17 per diluted share, compared to $35.4 million, or $0.95 per diluted share, for the same quarter in 2023. As a percentage of revenues, GAAP net income was 29% for the second quarter of 2024 compared to 26% for the same quarter in 2023. Non-GAAP net income for the second quarter of 2024 was $56.9 million, or $1.52 per diluted share, compared to $47.5 million, or $1.27 per diluted share, for the same quarter in 2023. As a percentage of revenues, non-GAAP net income was 38% for the second quarter of 2024 compared to 35% for the same quarter in 2023.

Adjusted EBITDA: Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2024 increased by 6% to $69.9 million compared to $65.8 million for the same quarter in 2023. As a percentage of revenues, Adjusted EBITDA was 47% for the second quarter of 2024 compared to 48% for the same quarter in 2023.

Operating Cash Flow: Operating cash flow for the second quarter of 2024 decreased by 3% to $49.8 million compared to $51.5 million for the same quarter in 2023. As a percentage of revenues, operating cash flow was 34% for the second quarter of 2024 compared to 38% for the same quarter in 2023.

Second Quarter 2024 Business Highlights

Reinforced Qualys’ commitment to the Managed Security Service Provider (MSSP) channel by launching a new global MSSP portal to streamline partner operations with a single-user interface that helps accelerate client acquisition and growth.Delivered CyberSecurity Asset Management 3.0 with significant External Attack Surface Management (EASM) enhancements for an accurate, real-time view of asset inventory that reduces false positives.Qualys’ VMDR was named the best vulnerability management solution by the prestigious SC Awards Europe.Expanded our focus on the government sector by accelerating support for federal zero-trust strategies through automated asset visibility and attack surface risk management aligning with the Federal Information Security Modernization Act (FISMA) guidelines. Additionally, Qualys hosted more than 200 attendees at its first Public Sector Cyber Risk Conference in Washington, D.C., with notable speakers from the public sector.Introduced Qualys’ Containerized Scanner Appliance (QCSA) providing agility, flexibility, scalability, isolation, and standardization of Docker containers, an invaluable tool for modern IT environments.Expanded File Integrity Monitoring (FIM) to support network devices, providing customers with comprehensive tracking of file and folder changes, as well as critical file access. This includes real-time File Access Monitoring and Agentless FIM to help organizations achieve Payment Card Industry – Data Security Standard (PCI DSS) 4.0 compliance.

Financial Performance Outlook

Based on information as of today, August 6, 2024, Qualys is issuing the following financial guidance for the third quarter and full year fiscal 2024. The Company emphasizes that the guidance is subject to various important cautionary factors referenced in the sections entitled “Legal Notice Regarding Forward-Looking Statements” and “Non-GAAP Financial Measures” below.

Third Quarter 2024 Guidance: Management expects revenues for the third quarter of 2024 to be in the range of $149.8 million to $151.8 million, representing 5% to 7% growth over the same quarter in 2023. GAAP net income per diluted share is expected to be in the range of $0.85 to $0.93, which assumes an effective income tax rate of 22%. Non-GAAP net income per diluted share is expected to be in the range of $1.28 to $1.36, which assumes a non-GAAP effective income tax rate of 21%. Third quarter 2024 net income per diluted share estimates are based on approximately 37.4 million weighted average diluted shares outstanding for the quarter.

Full Year 2024 Guidance: Management now expects revenues for the full year of 2024 to be in the range of $597.5 million to $601.5 million, representing 8% growth over 2023. This compares to the previous guidance range of $601.5 million to $608.5 million. GAAP net income per diluted share is expected to be in the range of $3.85 to $4.01, up from the previous guidance range of $3.26 to $3.50. This assumes an effective income tax rate of 21%. Non-GAAP net income per diluted share is expected to be in the range of $5.46 to $5.62, up from the previous guidance range of $5.06 to $5.30. This assumes a non-GAAP effective income tax rate of 21%. Full year 2024 net income per diluted share estimates are based on approximately 37.5 million weighted average diluted shares outstanding.

Qualys has not reconciled non-GAAP net income per diluted share guidance to GAAP net income per diluted share guidance because Qualys does not provide guidance on the various reconciling cash and non-cash items between GAAP net income and non-GAAP net income (i.e., stock-based compensation, amortization of intangible assets from acquisitions and non-recurring items). The actual dollar amount of reconciling items in the third quarter and full year 2024 is likely to have a significant impact on the Company’s GAAP net income per diluted share in the third quarter and full year 2024. A reconciliation of the non-GAAP net income per diluted share guidance to the GAAP net income per diluted share guidance is not available without unreasonable effort.

Investor Conference Call

Qualys will host a conference call and live webcast to discuss its second quarter financial results at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) on Tuesday, August 6, 2024. To access the conference call by phone, please register here. A live webcast of the earnings conference call, investor presentation and prepared remarks can be accessed at https://investor.qualys.com/events-presentations. A replay of the conference call will be available through the same webcast link following the end of the call.

Investor Contact

Blair King
Vice President, Investor Relations and Corporate Development
(650) 538-2088
ir@qualys.com 

About Qualys

Qualys, Inc. (NASDAQ: QLYS) is a leading provider of disruptive cloud-based Security, Compliance and IT solutions with more than 10,000 subscription customers worldwide, including a majority of the Forbes Global 100 and Fortune 100. Qualys helps organizations streamline and consolidate their security and compliance solutions onto a single platform for greater agility, better business outcomes, and substantial cost savings.

The Qualys Enterprise TruRisk Platform leverages a single agent to continuously deliver critical security intelligence while enabling enterprises to automate the full spectrum of vulnerability detection, compliance, and protection for IT systems, workloads and web applications across on premises, endpoints, servers, public and private clouds, containers, and mobile devices. Founded in 1999 as one of the first SaaS security companies, Qualys has strategic partnerships and seamlessly integrates its vulnerability management capabilities into security offerings from cloud service providers, including Amazon Web Services, the Google Cloud Platform and Microsoft Azure, along with a number of leading managed service providers and global consulting organizations. For more information, please visit www.qualys.com.

Qualys, Qualys VMDR® and the Qualys logo are proprietary trademarks of Qualys, Inc. All other products or names may be trademarks of their respective companies.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, quotations of management and statements related to: the benefits of our existing, new and upcoming products, features, integrations, acquisitions, collaborations and joint solutions, and their impact upon our long-term growth; our ability to advance our value proposition and competitive differentiation in the market; our ability to address demand trends; our ability to maintain and strengthen our category leadership; our ability to solve modern security challenges at scale; our strategies and ability to achieve and maintain durable profitable growth; our guidance for revenues, GAAP EPS and non-GAAP EPS for the third quarter and full year 2024; and our expectations for the number of weighted average diluted shares outstanding and the GAAP and non-GAAP effective income tax rate for the third quarter and full year 2024. Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include our ability to continue to develop platform capabilities and solutions; the ability of our platform and solutions to perform as intended; customer acceptance and purchase of our existing solutions and new solutions; real or perceived defects, errors or vulnerabilities in our products or services; our ability to retain existing customers and generate new customers; the budgeting cycles and seasonal buying patterns of our customers; general market, political, economic and business conditions in the United States as well as globally; our ability to manage costs as we increase our customer base and the number of our platform solutions; the market for cloud solutions for IT security and compliance not increasing at the rate we expect; competition from other products and services; fluctuations in currency exchange rates; unexpected fluctuations in our effective income tax rate on a GAAP and non-GAAP basis; our ability to effectively manage our rapid growth and our ability to anticipate future market needs and opportunities; and any unanticipated accounting charges. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

The forward-looking statements in this press release are based on information available to Qualys as of the date hereof, and Qualys disclaims any obligation to update any forward-looking statements, except as required by law.

Non-GAAP Financial Measures

In addition to reporting financial results in accordance with GAAP, Qualys provides investors with certain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA (defined as earnings before interest expense, interest income and other income (expense), net, income taxes, depreciation, amortization, and stock-based compensation) and non-GAAP free cash flows (defined as cash provided by operating activities less purchases of property and equipment, net of proceeds from disposal).

In computing non-GAAP financial measures, Qualys excludes the effects of stock-based compensation expense, amortization of intangible assets from acquisitions, non-recurring items and for non-GAAP net income, certain tax effects. Qualys believes that these non-GAAP financial measures help illustrate underlying trends in its business that could otherwise be masked by the effect of the income or expenses that are excluded in non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows.

Furthermore, Qualys uses some of these non-GAAP financial measures to establish budgets and operational goals for managing its business and evaluating its performance. Qualys believes that non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP net income, non-GAAP net income per diluted share, Adjusted EBITDA and non-GAAP free cash flows provide additional tools for investors to use in comparing its recurring core business operating results over multiple periods with other companies in its industry.

Although Qualys does not focus on or use quarterly billings in managing or monitoring the performance of its business, Qualys provides calculated current billings (defined as total revenues recognized in a period plus the sequential change in current deferred revenue in the corresponding period) for the convenience of investors and analysts in building their own financial models.

In order to provide a more complete picture of recurring core operating business results, the Company’s non-GAAP net income and non-GAAP net income per diluted share include adjustments for non-recurring income tax items and certain tax effects of non-GAAP adjustments to achieve the effective income tax rate on a non-GAAP basis. The Company’s non-GAAP effective tax rate may differ from the GAAP effective income tax rate as a result of these income tax adjustments. The Company believes its estimated non-GAAP effective income tax rate of 21% in 2024 is a reasonable estimate under its current global operating structure and core business operations. The Company may adjust this rate during the year to take into account events or trends that it believes materially impact the estimated annual rate. The non-GAAP effective income tax rate could be subject to change for a number of reasons, including but not limited to, significant changes resulting from tax legislation, material changes in geographic mix of revenues and expenses and other significant events.

The presentation of this non-GAAP financial information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures discussed in this press release to the most directly comparable GAAP financial measures is included with the financial statements contained in this press release. Management uses both GAAP and non-GAAP information in evaluating and operating its business internally and as such has determined that it is important to provide this information to investors.

Qualys, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

(in thousands, except per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

Revenues

$         148,708

$         137,209

$         294,513

$         267,892

Cost of revenues (1)

26,415

26,662

53,613

53,616

Gross profit

122,293

110,547

240,900

214,276

Operating expenses:

Research and development (1)

27,119

27,424

54,649

55,219

Sales and marketing (1)

32,146

26,241

61,554

51,869

General and administrative (1)

14,960

14,055

31,868

29,183

Total operating expenses

74,225

67,720

148,071

136,271

Income from operations

48,068

42,827

92,829

78,005

Other income (expense), net:

Interest income

6,703

3,809

12,826

6,206

Other expense, net

(587)

(959)

(1,986)

(1,175)

Total other income, net

6,116

2,850

10,840

5,031

Income before income taxes

54,184

45,677

103,669

83,036

Income tax provision

10,412

10,295

20,166

18,549

Net income

$           43,772

$           35,382

$           83,503

$           64,487

Net income per share:

Basic

$                1.19

$                0.96

$                2.26

$                1.75

Diluted

$                1.17

$                0.95

$                2.22

$                1.72

Weighted average shares used in computing net income per share:

Basic

36,915

36,842

36,935

36,954

Diluted

37,464

37,435

37,594

37,551

(1) Includes stock-based compensation as follows:

Cost of revenues

$              1,866

$              1,717

$              3,886

$              3,309

Research and development

5,160

5,103

10,463

10,063

Sales and marketing

3,632

2,897

7,371

5,351

General and administrative

6,428

6,288

14,397

13,315

Total stock-based compensation, net of
amounts capitalized

$           17,086

$           16,005

$           36,117

$           32,038

 

Qualys, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(in thousands)

June 30,
2024

December 31,
2023

Assets

Current assets:

Cash and cash equivalents

$         281,205

$         203,665

Restricted cash

—

1,500

Short-term marketable securities

112,004

221,893

Accounts receivable, net

109,584

146,226

Prepaid expenses and other current assets

31,266

26,714

Total current assets

534,059

599,998

Long-term marketable securities

162,058

56,644

Property and equipment, net

27,758

32,599

Operating leases – right of use asset

44,100

22,391

Deferred tax assets, net

70,433

62,761

Intangible assets, net

8,172

9,715

Goodwill

7,447

7,447

Noncurrent restricted cash

1,200

1,200

Other noncurrent assets

21,373

19,863

Total assets

$         876,600

$         812,618

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$              1,277

$                 988

Accrued liabilities

36,095

43,096

Deferred revenues, current

324,334

333,267

Operating lease liabilities, current

10,123

11,857

Total current liabilities

371,829

389,208

Deferred revenues, noncurrent

28,812

31,671

Operating lease liabilities, noncurrent

40,437

16,885

Other noncurrent liabilities

7,727

6,680

Total liabilities

448,805

444,444

Stockholders’ equity:

Common stock

37

37

Additional paid-in capital

623,939

597,921

Accumulated other comprehensive loss

(534)

(1,704)

Accumulated deficit

(195,647)

(228,080)

Total stockholders’ equity

427,795

368,174

Total liabilities and stockholders’ equity

$         876,600

$         812,618

 

Qualys, Inc

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

Six Months Ended
June 30,

2024

2023

Cash flow from operating activities:

Net income

$           83,503

$           64,487

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

Depreciation and amortization expense

10,019

14,446

Provision for credit losses

277

160

Loss on non-marketable securities

—

533

Stock-based compensation, net of amounts capitalized

36,117

32,038

Accretion of discount on marketable securities, net

(3,520)

(1,412)

Deferred income taxes

(8,165)

(9,122)

Changes in operating assets and liabilities:

Accounts receivable

36,365

(3,277)

Prepaid expenses and other assets

(4,489)

(7,450)

Accounts payable

229

(813)

Accrued liabilities and other noncurrent liabilities

(3,215)

8,736

Deferred revenues

(11,792)

20,002

Net cash provided by operating activities

135,329

118,328

Cash flow from investing activities:

Purchases of marketable securities

(191,812)

(159,392)

Sales and maturities of marketable securities

198,250

167,120

Purchases of property and equipment

(3,077)

(5,455)

Net cash provided by investing activities

3,361

2,273

Cash flow from financing activities:

Repurchase of common stock

(53,017)

(108,817)

Proceeds from exercise of stock options

5,970

7,148

Payments for taxes related to net share settlement of equity awards

(17,711)

(9,494)

Proceeds from issuance of common stock through employee stock purchase plan

3,608

2,988

Payment of acquisition-related holdback

(1,500)

—

Net cash used in financing activities

(62,650)

(108,175)

Net increase in cash, cash equivalents and restricted cash

76,040

12,426

Cash, cash equivalents and restricted cash at beginning of period

206,365

176,419

Cash, cash equivalents and restricted cash at end of period

$         282,405

$         188,845

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

ADJUSTED EBITDA

(unaudited)

(in thousands, except percentages)

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

Net income

$        43,772

$        35,382

$        83,503

$        64,487

Net income as a percentage of revenues

29 %

26 %

28 %

24 %

Depreciation and amortization of property and equipment

4,009

6,230

8,476

12,902

Amortization of intangible assets

771

772

1,543

1,544

Income tax provision

10,412

10,295

20,166

18,549

Stock-based compensation

17,086

16,005

36,117

32,038

Total other income, net

(6,116)

(2,850)

(10,840)

(5,031)

Adjusted EBITDA

$        69,934

$        65,834

$      138,965

$      124,489

Adjusted EBITDA as a percentage of revenues

47 %

48 %

47 %

46 %

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

(unaudited)

(in thousands, except per share data)

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

GAAP Cost of revenues

$           26,415

$           26,662

$           53,613

$           53,616

Less: Stock-based compensation

(1,866)

(1,717)

(3,886)

(3,309)

Less: Amortization of intangible assets

(746)

(747)

(1,493)

(1,494)

Non-GAAP Cost of revenues

$           23,803

$           24,198

$           48,234

$           48,813

GAAP Gross profit

$         122,293

$         110,547

$         240,900

$         214,276

Plus: Stock-based compensation

1,866

1,717

3,886

3,309

Plus: Amortization of intangible assets

746

747

1,493

1,494

Non-GAAP Gross Profit

$         124,905

$         113,011

$         246,279

$         219,079

GAAP Research and development

$           27,119

$           27,424

$           54,649

$           55,219

Less: Stock-based compensation

(5,160)

(5,103)

(10,463)

(10,063)

Less: Amortization of intangible assets

(25)

(25)

(50)

(50)

Non-GAAP Research and development

$           21,934

$           22,296

$           44,136

$           45,106

GAAP Sales and marketing

$           32,146

$           26,241

$           61,554

$           51,869

Less: Stock-based compensation

(3,632)

(2,897)

(7,371)

(5,351)

Non-GAAP Sales and marketing

$           28,514

$           23,344

$           54,183

$           46,518

GAAP General and administrative

$           14,960

$           14,055

$           31,868

$           29,183

Less: Stock-based compensation

(6,428)

(6,288)

(14,397)

(13,315)

Non-GAAP General and administrative

$             8,532

$             7,767

$           17,471

$           15,868

GAAP Operating expenses

$           74,225

$           67,720

$         148,071

$         136,271

Less: Stock-based compensation

(15,220)

(14,288)

(32,231)

(28,729)

Less: Amortization of intangible assets

(25)

(25)

(50)

(50)

Non-GAAP Operating expenses

$           58,980

$           53,407

$         115,790

$         107,492

GAAP Income from operations

$           48,068

$           42,827

$           92,829

$           78,005

Plus: Stock-based compensation

17,086

16,005

36,117

32,038

Plus: Amortization of intangible assets

771

772

1,543

1,544

Non-GAAP Income from operations

$           65,925

$           59,604

$         130,489

$         111,587

GAAP Net income

$           43,772

$           35,382

$           83,503

$           64,487

Plus: Stock-based compensation

17,086

16,005

36,117

32,038

Plus: Amortization of intangible assets

771

772

1,543

1,544

Less: Tax adjustment

(4,717)

(4,704)

(9,513)

(9,440)

Non-GAAP Net income

$           56,912

$           47,455

$          111,650

$           88,629

GAAP Net income per share:

Basic

$                1.19

$                0.96

$                2.26

$                1.75

Diluted

$                1.17

$                0.95

$                2.22

$                1.72

Non-GAAP Net income per share:

Basic

$                1.54

$                1.29

$                3.02

$                2.40

Diluted

$                1.52

$                1.27

$                2.97

$                2.36

Weighted average shares used in GAAP and non-GAAP net income per share:

Basic

36,915

36,842

36,935

36,954

Diluted

37,464

37,435

37,594

37,551

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

FREE CASH FLOWS

(unaudited)

(in thousands)

Six Months Ended
June 30,

2024

2023

GAAP Cash flows provided by operating activities

$         135,329

$         118,328

Less:

Purchases of property and equipment, net of proceeds from disposal

(3,077)

(5,455)

Non-GAAP Free cash flows

$         132,252

$         112,873

 

Qualys, Inc.

RECONCILIATION OF NON-GAAP DISCLOSURES

CALCULATED CURRENT BILLINGS

(unaudited)

(in thousands, except percentages)

Three Months Ended
June 30,

2024

2023

GAAP Revenue

$      148,708

$      137,209

GAAP Revenue growth compared to same quarter of prior year

8 %

14 %

Plus: Current deferred revenue at June 30

324,334

302,446

Less: Current deferred revenue at March 31

(332,128)

(296,516)

Non-GAAP Calculated current billings

$      140,914

$      143,139

Calculated current billings growth compared to same quarter of prior year

(2 %)

11 %

 

View original content:https://www.prnewswire.com/news-releases/qualys-announces-second-quarter-2024-financial-results-302214920.html

SOURCE Qualys, Inc.

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WHAKATĀNE, New Zealand, Nov. 10, 2026 /PRNewswire/ — An agrivoltaic project in Galatea, New Zealand, is demonstrating how agricultural land can generate renewable energy while continuing to support productive farming, offering a new approach to land use for rural communities.

The Gordon Cattle and Solar Farm, located in the Whakatāne District, combines a 4.7 MW solar installation on 8 hectares of land with a dairy farm operation of around 700 cattle heads. Featuring TCL Solar 625W TOPCon modules and Clenergy ezTrackers D1P, the project brings together solar technology, agricultural expertise and tracking infrastructure to demonstrate the potential of dual-purpose land use.

The official opening of the project will take place on Thursday, 12 November 2026, at the Gordon Dairy Farm in Galatea. The public event will bring together representatives from the agricultural and renewable energy industries, project partners and local communities, with a live panel discussion exploring the opportunities and practical considerations of integrating solar generation into working farmland.

Making More of Agricultural Land

Agrivoltaics refers to the integration of solar energy generation and agricultural activities on the same land. At the Gordon Solar Farm, solar trackers are elevated to 2.2 metres, allowing cattle to continue grazing beneath the installation. During daylight hours, the tracking system follows the sun to optimise electricity generation, while the farm retains its agricultural function.

This approach offers potential benefits beyond electricity production. By providing shade, the solar installation reduces direct sun exposure to the ground, lowering soil temperatures and moisture loss, and diminishing irrigation requirements. For livestock, shaded areas can offer relief from intense heat and contribute to improved animal comfort during warmer conditions.

The relationship can also benefit the solar installation itself. Vegetation and moisture beneath the panels may help moderate the module temperature and support energy generation.

Solar Technology Designed for Agricultural Environments

Operating solar modules in an agricultural setting presents specific technical challenges. One consideration is exposure to ammonia, a corrosive gas released through livestock waste, manure and agricultural processes. Over time, ammonia can affect susceptible materials and components within solar modules, potentially contributing to corrosion and reduced long-term performance.

This makes module durability an important consideration when selecting solar technology. The TCL Solar TOPCon modules supplied for the Gordon project have undergone ammonia corrosion resistance testing in accordance with IEC 62716, the international standard for assessing resistance to ammonia exposure.

The enhanced certification provides an additional layer of validation and reflects the importance of selecting technology suited to the specific environment of a project.

Bringing Farming and Solar Expertise Together

The Gordon Solar Farm has been delivered through collaboration between the Gordon family, TCL Solar, Clenergy, Micropico, insurance and financial partners. Each partner brings a different perspective to the project, from the practical realities of operating a working dairy farm to the engineering and technology required to integrate solar generation into an agricultural environment.

These perspectives will come together at the official opening during a live panel discussion that will explore the lessons emerging from the project and consider a broader question for the agricultural and energy sectors: how can landowners create additional value from their land while continuing to support the farming businesses and communities that depend on it?

A Model for the Future of Rural Renewable Energy

For TCL Solar, the project demonstrates the importance of reliable module technology in installations with specific operational and environmental demands.

As New Zealand continues to expand its renewable energy capacity, the Gordon Solar Farm offers a practical example of how solar energy can become part of the wider agricultural landscape, creating opportunities for farmers, energy providers and rural communities alike.

The official opening of the Gordon Cattle and Solar Farm will take place on Thursday, 12 November 2026, at 228 Grant Road, Galatea, New Zealand.

For more information, visit www.tclsolar.com

About TCL Solar

TCL Solar is one of TCL Zhonghuan’s two flagship module brands, alongside SunPower for the Australian and Pacific markets.

TCL Zhonghuan (TCL Zhonghuan Renewable Energy Technology Co., Ltd.) is a BNEF Tier 1 global solar manufacturer and a technology leader across the photovoltaic value chain. Founded in 1958, the company has played a defining role in the development of the global PV industry, beginning monocrystalline silicon R&D in 1969. With full vertical integration from ingots and wafers through to modules, TCL Zhonghuan became the world’s #1 silicon wafer manufacturer in 2024, achieving 19% of global production capacity share. Ongoing innovation is supported by over 4,600 solar-specific patents, alongside advanced manufacturing capabilities. The acquisition of SunPower in 2025 and DAS Solar in 2026 further strengthens TCL Zhonghuan’s position in high-efficiency BC technology.

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SOURCE TCL Solar

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Technology

GTN appoints former Gemini and Kraken executive Mark Jennings as global head of digital assets

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November 10, 2026

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New role to lead GTN’s tokenisation strategy as more platforms bring traditional assets on-chain

DUBAI, UAE, Nov. 10, 2026 /PRNewswire/ — GTN, the global fintech powering limitless investment, today announced the appointment of Mark Jennings as global head of digital assets. Mark will lead GTN’s strategy to support tokenised securities through its global market access.

Mark joins GTN from Gemini, where, as CEO of Gemini Europe, he led the exchange’s European expansion. Before that, he held senior roles at Kraken, including CEO of Crypto Facilities, its FCA-regulated derivatives venue for institutional clients.

Manjula Jayasinghe, GTN’s co-founder and group CEO, said: ‘We are seeing growing demand for tokenised securities, where investors can trade traditional assets on-chain, 24/7, with real-time settlement, and we expect this trend to accelerate in the years ahead. With our industry-leading multi-market, multi-asset coverage, we are well positioned to help platforms bridge traditional and digital markets. Mark brings substantial experience from the digital assets industry and will lead our efforts with the right technology, partnerships and regulatory approach.’

Mark said: ‘Tokenisation is one of the most significant shifts in market infrastructure in decades. At Gemini and Kraken, I saw first-hand users’ demand for traditional assets alongside crypto, and the complexity of delivering them in a robust, compliant and scalable way. GTN has already done the difficult work to connect to markets and asset classes. That puts us in a unique position to take a leading role in helping platforms bring those assets on-chain. I’m excited to lead that work with platforms across the ecosystem to bring tokenised securities to their users.’

Mark’s appointment follows GTN’s hire of former Saxo Bank executive Daniel Endler as its first group chief product officer in October. Together, the two appointments strengthen GTN’s senior leadership as it expands its offering for financial institutions and digital asset platforms.

About GTN
GTN is the global fintech infrastructure powering limitless investment through a unified API-first architecture. By combining cloud-native technology with deep institutional expertise, GTN provides brokers, banks, asset managers and fintechs with brokerage infrastructure spanning 90+ markets and up to 8 asset classes across GTN’s six regulated entities, through a single API, enabling partners to create the next generation of investing and trading experiences. From fractional trading and micro-portfolios, including $1 fractional bonds, to full-service brokerage, GTN automates the investment lifecycle from digital onboarding to post-trade settlement. As a single counterparty, GTN reduces technical and regulatory burdens, enabling investment banks, brokerage firms and wealth management firms to scale without having to build technology from scratch.

GTN has over 700 professionals across 14 countries and serves more than 500 clients worldwide, united by one mission: transforming the accessibility of investment and trading opportunities. GTN operates through six regulated entities, each authorised in its own jurisdiction: FCA in the UK, DFSA in the DIFC, MAS in Singapore, SEC and FINRA in the US, FSCA in South Africa and SFC in Hong Kong. Strategic investors include IFC (World Bank Group) and SBI Ventures Singapore. To learn more, visit www.gtngroup.com or follow us on LinkedIn.

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SOURCE GTN

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Technology

AI Plans Outrun Store Realities as Bad Stock Data Can Cost Large Retailers Millions Each Year

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38 minutes ago

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November 10, 2026

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Scandit survey of store associates finds stock records match shelves less than half the time, fueling a ‘shadow store’ of paper, chats and photos that leaves AI working from an incomplete view of the store and business

ZÜRICH, Nov. 10, 2026 /PRNewswire/ — Scandit, the leader in smart data capture powered by vision AI, today released the results of global research revealing that retail’s race to deploy AI is running ahead of the data reality inside its stores. Store associates reported that stock information matches what they find on the shelf just 46% of the time while only 8% trust store data completely. This creates a costly gap between what the system says, what is actually in the store and what customers experience, while leaving AI and other technology investments to act on incomplete records.

That gap is already being absorbed by labor. Associates estimate they would each get back more than 4.4 hours a week, nearly six working weeks a year, if they had data they could trust. That time amounts to millions in recoverable labor hours. A retailer employing 10,000 store associates, for example, faces more than $41 million a year* in labor cost tied to compensating for the gap. Extrapolating that time across the entire pool of retail associates in the U.S., as tabulated by the U.S. Bureau of Labor Statistics, inaccurate data could cost the retail industry as much as $22 billion annually.

And when the system is wrong, associates do what they have to do to keep the store running. Nearly half (49%) correct the record themselves and 44% raise a stock adjustment. But among associates who take action, 42% bypass the official system entirely, while 68% use at least one informal method, including paper notes, team chats, personal phone photos and apps or memory. The result is a ‘shadow store’ in which vital information exists outside the record that head office, dashboards and AI systems rely on.

“Retailers do not have an AI adoption problem as much as a store truth problem,” said Samuel Mueller, CEO and co-founder of Scandit. “Associates are spending valuable time repairing these gaps, yet much of that work disappears into unofficial tracking systems. Before retailers ask AI to make more decisions based on inaccurate store data, they need a shared, accurate view of what is actually happening on the shelf and across their stores.”

Associates’ trust in stock data does not build gradually. The survey highlights it stays low until the data is very good. Only 8% of associates completely trust their store’s stock information, and only one in four say it is accurate more than 70% of the time. Among associates who put accuracy anywhere up to 50%, roughly a quarter report high trust, and that figure barely moves until accuracy passes 70%, when it rises sharply.

“This is not a gradual improvement problem,” said Andrew Smith, Managing Partner and co-founder of ThinkUncommon and a RETHINK Retail Top Expert since 2021. “Moving stock accuracy from 46% to 60% may look like progress in a board report and still change nothing on the floor. Trust only begins to move once accuracy clears 70%, and until then associates do what sensible people do: they check the shelf themselves and either correct the system or just do what they need to do to help the customer in front of them.”

The consequences extend beyond productivity. Associates report spending an average of 4.1 hours each week handling customer questions that store technology should be able to answer, and are asked to physically check whether an item is in stock 5.85 times a week on average. More than one in five say they make those checks more than ten times a week.

The findings point to a practical lesson for technology deployment: associates who participated in a pilot reported using most store tools at a rate of 74%, compared with 61% among those who were consulted before rollout and those who were never asked. Half of pilot participants reported high trust in their stock data, compared with 25% of those who were never asked for input.

Read The Store Truth Gap report here.

Asked what would make inventory management workflows easier, associates said responded with the following:

“Get the stock counts actually right so I’m not chasing ghost inventory.””A lot of times the back stock isn’t in the system so I go and have to physically check more often than I’d like.””More accurate layouts. Sometimes it sends me to a location that doesn’t have product.””More consultation from head office with us, who are the ones facing the customer.”

*Estimate is based on an average self-reported $18 hourly wage

About the survey

Scandit commissioned Sapio Research to survey 2,200 store associates online in September 2026. All worked in physical stores for retailers with more than 1,000 employees across the U.S., Germany, UK, France, Italy, Canada and Poland. The research covered grocery, mass merchant and department store, hypermarket and supercenter, DIY and home improvement, convenience, and drugstore and pharmacy formats.

About Scandit

Scandit is the leader in smart data capture, powered by vision AI, giving superpowers to workers, customers, and businesses by providing actionable insights and automating end-to-end processes. Its Smart Data Capture platform enables smart devices, such as smartphones, handheld computers, drones, digital eyewear, robots, and fixed cameras to interact with physical items by capturing data from barcodes, text, IDs, and objects with unmatched speed, accuracy, and intelligence.

Scandit enables innovation that delivers significant cost savings, increases employee retention and customer loyalty. The company partners with customers at every step with trials, solution design, integration, and customer success support included.

Visit scandit.com to learn why market leaders across retail, transport and logistics, healthcare and manufacturing like Instacart, Carrefour, Ahold Delhaize, Albertsons, Levi Strauss & Co., Sephora, Lufthansa, and FedEx trust Scandit.

 

 

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