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Couchbase Announces Second Quarter Fiscal 2025 Financial Results

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2 years ago

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SANTA CLARA, Calif., Sept. 4, 2024 /PRNewswire/ — Couchbase, Inc. (NASDAQ: BASE), the cloud database platform company, today announced financial results for its second quarter ended July 31, 2024.

“I’m pleased with our hard work and execution in the quarter,” said Matt Cain, Chair, President and CEO of Couchbase. “We delivered revenue and operating loss results that exceeded the high end of our outlook, generated strong new business and new logos, and saw a meaningful increase in our Capella mix. I remain highly confident in our outlook and ability to achieve our objectives in fiscal 2025.”

Second Quarter Fiscal 2025 Financial Highlights

Revenue: Total revenue for the quarter was $51.6 million, an increase of 20% year-over-year. Subscription revenue for the quarter was $49.3 million, an increase of 20% year-over-year.Annual recurring revenue (ARR): Total ARR as of July 31, 2024 was $214.0 million, an increase of 18% year-over-year, or 19% on a constant currency basis. See the section titled “Key Business Metrics” below for details.Gross margin: Gross margin for the quarter was 87.5%, compared to 86.3% for the second quarter of fiscal 2024. Non-GAAP gross margin for the quarter was 88.3%, compared to 87.2% for the second quarter of fiscal 2024. See the section titled “Use of Non-GAAP Financial Measures” and the tables titled “Reconciliation of GAAP to Non-GAAP Results” below for details.Loss from operations: Loss from operations for the quarter was $21.0 million, compared to $21.9 million for the second quarter of fiscal 2024. Non-GAAP operating loss for the quarter was $4.1 million, compared to $9.2 million for the second quarter of fiscal 2024.Cash flow: Cash flow used in operating activities for the quarter was $4.9 million, compared to cash flow used in operating activities of $0.5 million in the second quarter of fiscal 2024. Capital expenditures were $1.0 million during the quarter, leading to negative free cash flow of $5.9 million, compared to negative free cash flow of $1.6 million in the second quarter of fiscal 2024.Remaining performance obligations (RPO): RPO as of July 31, 2024 was $215.8 million, an increase of 27% year-over-year.

Recent Business Highlights

Announced the general availability of Capella Columnar, an exciting milestone for Couchbase with strong uptake and positive feedback from early adopters across various industries. Columnar helps organizations streamline the development of adaptive applications by enabling real-time data analysis alongside operational workloads within a single database platform.Announced the general availability of Couchbase Mobile with vector search, which makes it possible for businesses to offer similarity and hybrid search in their applications on mobile and at the edge. With Capella Columnar and vector search capabilities in one cloud database platform, Couchbase helps businesses reduce cost and simplify operations, while enabling developers to create trustworthy adaptive applications.Introduced Capella Free Tier, a workspace which empowers developers to work faster by enabling the development of next generation, production-ready applications on Couchbase. Developers now have the access and convenience they need to build on applications without worrying about an end date.Announced the appointment of Josh Harbert as senior vice president and chief marketing officer. In this role, Harbert will lead all marketing and sales development efforts, driving brand momentum, demand creation, market leadership and growth initiatives. He brings over 20 years’ experience in the enterprise software industry and a proven track record of accelerating growth and achieving strategic outcomes in both private and public companies.

Financial Outlook

For the third quarter and full year of fiscal 2025, Couchbase expects:

Q3 FY2025 Outlook

FY2025 Outlook

Total Revenue

$50.3-51.1  million

$205.1-209.1 million

Total ARR

$218.5-221.5 million

$235.5-240.5 million

Non-GAAP Operating Loss

$5.5-4.5 million

$24.5-19.5 million

The guidance provided above is based on several assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.

Couchbase is not able, at this time, to provide GAAP targets for operating loss for the third quarter or full year of fiscal 2025 because of the difficulty of estimating certain items excluded from non-GAAP operating loss that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.

Conference Call Information

Couchbase will host a live webcast at 1:30 p.m. Pacific Time (or 4:30 p.m. Eastern Time) on Wednesday, September 4, 2024, to discuss its financial results and business highlights. The conference call can be accessed by dialing 877-407-8029 from the United States, or +1 201-689-8029 from international locations. The live webcast and a webcast replay can be accessed from the investor relations page of Couchbase’s website at investors.couchbase.com.

About Couchbase

Modern customer experiences need a flexible database platform that can power applications spanning from cloud to edge and everything in between. Couchbase’s mission is to simplify how developers and architects develop, deploy and run modern applications wherever they are. We have reimagined the database with our fast, flexible and affordable cloud database platform Couchbase Capella, allowing organizations to quickly build applications that deliver premium experiences to their customers – all with best-in-class price performance. 30% of the Fortune 100 trust Couchbase to power their modern applications. For more information, visit www.couchbase.com and follow us on X (formerly Twitter) @couchbase.

Couchbase has used, and intends to continue using, its investor relations website and the corporate blog at blog.couchbase.com to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the corporate blog in addition to following our press releases, SEC filings and public conference calls and webcasts.

Use of Non-GAAP Financial Measures

In addition to our financial information presented in accordance with GAAP, we believe certain non-GAAP financial measures are useful to investors in evaluating our operating performance. We use certain non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. Non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures (provided in the financial statement tables included in this press release), and not to rely on any single financial measure to evaluate our business.

Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net loss and non-GAAP net loss per share: We define these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense, employer payroll taxes on employee stock transactions, restructuring charges and impairment of capitalized internal-use software. We use these non-GAAP financial measures in conjunction with GAAP measures to assess our performance, including in the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.

For the fourth quarter of fiscal 2024, we excluded the impairment of capitalized internal-use software, a non-cash operating expense, from our non-GAAP results as it is not reflective of ongoing operating results. This impairment charge related to certain previously capitalized internal-use software that we determined would no longer be placed into service. Prior period non-GAAP financial measures have not been adjusted to reflect this change as we did not incur impairment of capitalized internal-use software in any prior period presented.

Free cash flow: We define free cash flow as cash used in operating activities less additions to property and equipment, which includes capitalized internal-use software costs. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives. 

Please see the reconciliation tables at the end of this press release for the reconciliation of GAAP and non-GAAP results.

Key Business Metrics

We review a number of operating and financial metrics, including ARR, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions.

We define ARR as of a given date as the annualized recurring revenue that we would contractually receive from our customers in the month ending 12 months following such date. Based on historical experience with customers, we assume all contracts will be renewed at the same levels unless we receive notification of non-renewal and are no longer in negotiations prior to the measurement date. For Capella products, ARR in a customer’s initial year is calculated as the greater of: (i) initial year contract revenue as described above or (ii) annualized prior 90 days of actual consumption; and ARR for subsequent years is calculated with method (ii). ARR excludes services revenue.

Prior to fiscal 2025, ARR excluded on-demand revenue and, for Capella products in a customer’s initial year, ARR was calculated solely on the basis of initial year contract revenue. The reason for these changes is to better reflect ARR where usage rates or timing of purchases may be uneven and to better align with how ARR is used to measure the performance of the business. ARR for prior periods has not been adjusted to reflect this change as it is not material to any period previously presented.

ARR should be viewed independently of revenue, and does not represent our revenue under GAAP on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal dates. ARR is not intended to be a replacement for forecasts of revenue. Although we seek to increase ARR as part of our strategy of targeting large enterprise customers, this metric may fluctuate from period to period based on our ability to acquire new customers, expand within our existing customers and consumption dynamics. We believe that ARR is an important indicator of the growth and performance of our business.

We also attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates within the current period. We calculate constant currency growth rates by applying the applicable prior period exchange rates to current period results.

Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, quotations of management, the section titled “Financial Outlook” above and statements about Couchbase’s market position, strategies and potential market opportunities. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “continue,” “could,” “potential,” “remain,” “may,” “might,” “will,” “would” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to: our history of net losses and ability to achieve or maintain profitability in the future; our ability to continue to grow on pace with historical rates; our ability to manage our growth effectively; intense competition and our ability to compete effectively; cost-effectively acquiring new customers or obtaining renewals, upgrades or expansions from our existing customers; the market for our products and services being highly competitive and evolving, and our future success depending on the growth and expansion of this market; our ability to innovate in response to changing customer needs, new technologies or other market requirements, including new capabilities, programs and partnerships and their impact on our customers and our business; our limited operating history, which makes it difficult to predict our future results of operations; the significant fluctuation of our future results of operations and ability to meet the expectations of analysts or investors; our significant reliance on revenue from subscriptions, which may decline and, the recognition of a significant portion of revenue from subscriptions over the term of the relevant subscription period, which means downturns or upturns in sales are not immediately reflected in full in our results of operations; and the impact of geopolitical and macroeconomic factors. Further information on risks that could cause actual results to differ materially from forecasted results are included in our filings with the Securities and Exchange Commission that we may file from time to time, including those more fully described in our Annual Report on Form 10-K for the fiscal year ended January 31, 2024. Additional information will be made available in our Quarterly Report on Form 10-Q for the quarter ended July 31, 2024 that will be filed with the Securities and Exchange Commission, which should be read in conjunction with this press release and the financial results included herein. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

 

Couchbase, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Revenue:

License

$                  5,242

$                  4,798

$                12,101

$                  9,741

Support and other

44,051

36,156

86,230

69,755

Total subscription revenue

49,293

40,954

98,331

79,496

Services

2,296

2,185

4,585

4,639

Total revenue

51,589

43,139

102,916

84,135

Cost of revenue:

Subscription(1)

4,455

3,845

8,412

7,518

Services(1)

2,008

2,064

3,733

4,313

Total cost of revenue

6,463

5,909

12,145

11,831

Gross profit

45,126

37,230

90,771

72,304

Operating expenses:

Research and development(1)

17,370

16,292

35,217

31,675

Sales and marketing(1)

36,168

32,348

73,923

64,901

General and administrative(1)

12,636

10,459

25,219

20,084

Restructuring(1)

—

—

—

46

Total operating expenses

66,174

59,099

134,359

116,706

Loss from operations

(21,048)

(21,869)

(43,588)

(44,402)

Interest expense

(29)

(18)

(29)

(43)

Other income, net

1,741

1,255

3,272

2,688

Loss before income taxes

(19,336)

(20,632)

(40,345)

(41,757)

Provision for income taxes

559

19

545

769

Net loss

$              (19,895)

$              (20,651)

$              (40,890)

$              (42,526)

Net loss per share, basic and diluted

$                  (0.39)

$                  (0.44)

$                  (0.81)

$                  (0.92)

Weighted-average shares used in computing
     net loss per share, basic and diluted

50,822

46,714

50,311

46,285

_______________________________

(1)

Includes stock-based compensation expense as follows:

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Cost of revenue—subscription

$                     301

$                     236

$                     567

$                     429

Cost of revenue—services

109

149

250

294

Research and development

4,214

3,614

8,207

6,382

Sales and marketing

6,162

4,032

11,385

7,273

General and administrative

5,370

4,086

10,374

7,014

Restructuring

—

—

—

1

Total stock-based compensation expense

$                16,156

$                12,117

$                30,783

$                21,393

 

Couchbase, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)

As of July 31,
2024

As of January 31,
2024

Assets

Current assets

Cash and cash equivalents

$                62,607

$                41,351

Short-term investments

93,526

112,281

Accounts receivable, net

31,263

44,848

Deferred commissions

13,187

15,421

Prepaid expenses and other current assets

10,092

10,385

Total current assets

210,675

224,286

Property and equipment, net

7,053

5,327

Operating lease right-of-use assets

3,497

4,848

Deferred commissions, noncurrent

13,603

11,400

Other assets

1,119

1,891

Total assets

$              235,947

$              247,752

Liabilities and Stockholders’ Equity

Current liabilities

Accounts payable

$                  5,031

$                  4,865

Accrued compensation and benefits

14,123

18,116

Other accrued expenses

3,373

4,581

Operating lease liabilities

2,670

3,208

Deferred revenue

81,906

81,736

Total current liabilities

107,103

112,506

Operating lease liabilities, noncurrent

1,170

2,078

Deferred revenue, noncurrent

1,031

2,747

Total liabilities

109,304

117,331

Stockholders’ equity

Preferred stock

—

—

Common stock

—

—

Additional paid-in capital

658,165

621,024

Accumulated other comprehensive income

27

56

Accumulated deficit

(531,549)

(490,659)

Total stockholders’ equity

126,643

130,421

Total liabilities and stockholders’ equity

$              235,947

$              247,752

 

Couchbase, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Cash flows from operating activities

Net loss

$                (19,895)

$                (20,651)

$                (40,890)

$                (42,526)

Adjustments to reconcile net loss to net cash used
      in operating activities

  Depreciation and amortization

363

745

763

1,635

  Stock-based compensation, net of amounts
  capitalized

16,156

12,117

30,783

21,393

  Amortization of deferred commissions

4,184

4,702

8,280

9,242

  Non-cash lease expense

765

776

1,530

1,548

  Foreign currency transaction losses (gains)

8

249

291

165

  Other

(589)

(1,030)

(1,413)

(1,776)

  Changes in operating assets and liabilities

Accounts receivable

3,130

9,811

13,295

7,537

Deferred commissions

(5,179)

(4,322)

(8,249)

(9,146)

Prepaid expenses and other assets

412

(1,523)

443

(118)

Accounts payable

938

(3,713)

146

1,745

Accrued compensation and benefits

5,188

2,306

(3,991)

(1,754)

Other Accrued Expenses

(294)

(615)

(1,107)

(1,871)

Operating lease liabilities

(782)

(897)

(1,625)

(1,723)

Deferred revenue

(9,255)

1,526

(1,547)

7,949

Net cash used in operating activities

(4,850)

(519)

(3,291)

(7,700)

Cash flows from investing activities

Purchases of short-term investments

(18,351)

(56,494)

(37,805)

(64,315)

Maturities of short-term investments

34,000

50,697

58,144

70,120

Additions to property and equipment

(1,067)

(1,071)

(2,062)

(2,359)

Net cash provided by (used in) investing
activities

14,582

(6,868)

18,277

3,446

Cash flows from financing activities

Proceeds from exercise of stock options

842

2,733

4,136

4,650

Proceeds from issuance of common stock under
ESPP

—

—

1,795

847

Net cash provided by financing activities

842

2,733

5,931

5,497

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

58

(149)

(204)

(252)

Net increase in cash, cash equivalents and
restricted cash

10,632

(4,803)

20,713

991

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

51,975

46,783

41,894

40,989

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

$                  62,607

$                  41,980

$                  62,607

$                  41,980

Reconciliation of cash, cash equivalents, and
restricted cash within the consolidated balance
sheets to the amounts shown above:

Cash and cash equivalents

$                  62,607

$                  41,437

$                  62,607

$                  41,437

Restricted cash included in other assets

—

543

—

543

Total cash, cash equivalents and restricted cash

$                  62,607

$                  41,980

$                  62,607

$                  41,980

 

Couchbase, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data)
(unaudited)

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Reconciliation of GAAP gross profit to
non-GAAP gross profit:

Total revenue

$               51,589

$               43,139

$            102,916

$               84,135

Gross profit

$               45,126

$               37,230

$               90,771

$               72,304

Add: Stock-based compensation expense

410

385

817

723

Add: Employer taxes on employee stock
transactions

28

21

98

31

Non-GAAP gross profit

$               45,564

$               37,636

$               91,686

$               73,058

Gross margin

87.5 %

86.3 %

88.2 %

85.9 %

Non-GAAP gross margin

88.3 %

87.2 %

89.1 %

86.8 %

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Reconciliation of GAAP operating
expenses to non-GAAP operating
expenses:

GAAP research and development

$                17,370

$                16,292

$                35,217

$                31,675

Less: Stock-based compensation expense

(4,214)

(3,614)

(8,207)

(6,382)

Less: Employer taxes on employee stock
transactions

(170)

(123)

(479)

(231)

Non-GAAP research and development

$                12,986

$                12,555

$                26,531

$                25,062

GAAP sales and marketing

$                36,168

$                32,348

$                73,923

$                64,901

Less: Stock-based compensation expense

(6,162)

(4,032)

(11,385)

(7,273)

Less: Employer taxes on employee stock
transactions

(421)

(330)

(1,103)

(450)

Non-GAAP sales and marketing

$                29,585

$                27,986

$                61,435

$                57,178

GAAP general and administrative

$                12,636

$                10,459

$                25,219

$                20,084

Less: Stock-based compensation expense

(5,370)

(4,086)

(10,374)

(7,014)

Less: Employer taxes on employee stock
transactions

(172)

(59)

(327)

(88)

Non-GAAP general and administrative

$                  7,094

$                  6,314

$                14,518

$                12,982

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Reconciliation of GAAP operating loss to
non-GAAP operating loss:

Total revenue

$               51,589

$               43,139

$             102,916

$               84,135

Loss from operations

$              (21,048)

$              (21,869)

$              (43,588)

$              (44,402)

Add: Stock-based compensation expense

16,156

12,117

30,783

21,392

Add: Employer taxes on employee stock
transactions

791

533

2,007

800

Add: Restructuring(2)

—

—

—

46

Non-GAAP operating loss

$                (4,101)

$                (9,219)

$             (10,798)

$             (22,164)

Operating margin

(41) %

(51) %

(42) %

(53) %

Non-GAAP operating margin

(8) %

(21) %

(10) %

(26) %

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Reconciliation of GAAP net loss to non-
GAAP net loss:

Net loss

$              (19,895)

$              (20,651)

$              (40,890)

$              (42,526)

Add: Stock-based compensation expense

16,156

12,117

30,783

21,392

Add: Employer taxes on employee stock
transactions

791

533

2,007

800

Add: Restructuring(2)

—

—

—

46

Non-GAAP net loss

$                (2,948)

$                (8,001)

$                (8,100)

$              (20,288)

GAAP net loss per share

$                  (0.39)

$                  (0.44)

$                  (0.81)

$                  (0.92)

Non-GAAP net loss per share

$                  (0.06)

$                  (0.17)

$                  (0.16)

$                  (0.44)

Weighted average shares outstanding, basic
and diluted

50,822

46,714

50,311

46,285

 _______________________________

(2)

For the six months ended July 31, 2023, an immaterial amount of stock-based compensation expense related to restructuring charges was included in the restructuring expense line.

The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure, for each of the periods indicated (in thousands, unaudited):

Three Months Ended July 31,

Six Months Ended July 31,

2024

2023

2024

2023

Net cash used in operating activities

$                (4,850)

$                   (519)

$                (3,291)

$                (7,700)

Less: Additions to property and equipment

(1,067)

(1,071)

(2,062)

(2,359)

Free cash flow

$                (5,917)

$                (1,590)

$                (5,353)

$              (10,059)

Net cash provided by (used in) investing
activities

$                14,582

$                (6,868)

$                18,277

$                  3,446

Net cash provided by financing activities

$                     842

$                  2,733

$                  5,931

$                  5,497

 

Couchbase, Inc.
Key Business Metrics
(in millions)
(unaudited)

As of

Oct. 31,

Jan. 31,

April 30,

July 31,

Oct. 31,

Jan. 31,

April 30,

July 31,

2022

2023

2023

2023

2023

2024

2024

2024

Annual Recurring
Revenue

$     151.7

$     163.7

$     172.2

$     180.7

$     188.7

$     204.2

$     207.7

$     214.0

 

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SOURCE Couchbase, Inc.

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Technology

The Inner Circle acknowledges Russell E. Jones as a Pinnacle Professional Member

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30 minutes ago

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July 21, 2026

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CHANDLER, Ariz., July 21, 2026 /PRNewswire/ — Prominently featured in The Inner Circle, Russell E. Jones is acknowledged as a Pinnacle Professional Member Inner Circle of Excellence for his contributions to Pioneering Innovation in Software Engineering and Communications.

With over three decades of experience in software engineering and software quality engineering, Russell E. Jones continues to lead transformative innovations in the field of communications as the Executive Director of Integration, Verification, and Validation at Iridium Communications Inc.. Since stepping into this role in 2021, Mr. Jones has overseen critical processes that ensure the seamless integration and functionality of the company’s sophisticated communication systems.

His promotion to this key leadership position followed a successful tenure as Director of SV Software Engineering at Iridium, where his leadership was pivotal in advancing the company’s technological capabilities. Before joining Iridium, Mr. Jones gained extensive experience in systems engineering and software testing through impactful roles at Motorola and Boeing, further solidifying his reputation as an innovator in the field.

Mr. Jones’s academic foundation includes an Associate of Arts in Electronics Technology (1990) and a Bachelor of Science in Technical Management (2001), both from DeVry University. These credentials have been instrumental in shaping his career, which has spanned satellite testing, systems engineering, and software integration.

Throughout his journey, Mr. Jones credits his family’s unwavering love and support and his mother and father’s influence for instilling the values of hard work and resourcefulness—traits that have been the cornerstone of his success.

Looking to the future, Mr. Jones is passionate about educating the next generation of engineers. His vision includes addressing educational gaps by teaching courses, presenting at conferences, and advocating for the inclusion of testing and integration in academic curricula. His goal is to inspire future leaders while continuing to contribute to the advancement of technology at Iridium.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

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Technology

Vision Marine Technologies Announces Next Phase of Its Marine Technology Strategy

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31 minutes ago

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July 21, 2026

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Company plans to leverage its integrated operating platform to support technology development, commercialization and long-term growth.

BOISBRIAND, QC, July 21, 2026 /PRNewswire/ — Vision Marine Technologies Inc. (NASDAQ: VMAR; TSXV: VMAR) (“Vision Marine” or the “Company”), a marine technology company combining proprietary high-voltage electric propulsion technology with an integrated marine retail, marina and service platform through Nautical Ventures, today announced the next phase of its long-term strategy to advance and commercialize marine technologies through its operating platform.

The initiative establishes a framework through which Vision Marine intends to pursue internal development, technology partnerships and selected strategic opportunities, which may include mergers or acquisitions, that complement its existing capabilities and relate to the recreational boating industry.

The initiative builds upon the strategy presented by Vision Marine in May 2026: connecting proprietary marine technology with direct retail distribution, vessel integration capabilities, marina infrastructure, service operations and established customer relationships.

Over the past year, Vision Marine has integrated and expanded the Nautical Ventures platform, commercially launched and begun customer deliveries of its E-Motion™ 180 high-voltage electric propulsion system, expanded its intellectual property portfolio, continued optimizing its real estate and operating structure, and completed its previously announced at-the-market equity offering program. As previously disclosed, the Company currently has no active ATM program.

As previously disclosed, net cash provided by operating activities totaled approximately US$2.4 million for the nine-month period ended May 31, 2026. This result was supported by working-capital management, including the reduction and monetization of inventory. Management believes this reflects its focus on operational discipline and capital efficiency. Net cash provided by operating activities is distinct from net income and should not be interpreted as profitability.

The Company intends to use its existing customer relationships, distribution channels and service infrastructure to evaluate and, where appropriate, commercialize complementary marine technologies.

By combining technology development and vessel integration with retail distribution, marina operations, service, rentals and direct customer engagement, Vision Marine intends to evaluate whether new technologies can be introduced and supported through its existing operations. Any such initiatives will remain subject to customer demand, technical development and integration requirements, operating costs, financing availability, market conditions, regulatory approvals and disciplined capital allocation. There can be no assurance that these initiatives will result in commercialization, additional revenue or anticipated financial benefits.

“We are not beginning from a concept. We are expanding from a platform that is already in operation,” said Alexandre Mongeon, Chief Executive Officer of Vision Marine. “Vision Marine now connects proprietary technology with vessel integration, retail distribution, marina infrastructure, service capabilities and direct customer access. Our objective is to use these capabilities to evaluate and, where appropriate, support the development and commercialization of complementary marine technologies.”

“Proprietary electric propulsion remains central to Vision Marine’s technology strategy,” continued Mongeon. “We intend to evaluate complementary technologies that could improve vessel integration, energy management, connectivity, serviceability and the overall ownership experience. Our objective is to strengthen our marine technology platform through internal development, strategic partnerships and carefully selected strategic opportunities, while maintaining disciplined capital allocation.”

Vision Marine intends to prioritize initiatives that it believes complement its existing platform and may provide commercial value. In evaluating potential opportunities, the Company will consider expected costs, technical and operational requirements, financing needs, integration risks and potential financial benefits. There can be no assurance that any initiative will expand recurring revenue, improve margins or strengthen cash generation.

This announcement does not constitute the announcement of any acquisition, merger or definitive transaction. There can be no assurance that any evaluation or discussion will result in a completed transaction. Any material transaction will be disclosed in accordance with applicable securities laws and the requirements of Nasdaq and the TSX Venture Exchange.

About Vision Marine Technologies Inc.

Vision Marine Technologies Inc. (NASDAQ: VMAR; TSXV: VMAR) is a marine technology company specializing in high-voltage electric propulsion systems and recreational boating solutions. Its E-Motion™ electric powertrain technology is designed to provide a marine-specific, integration-ready propulsion solution for boat manufacturers. Through Nautical Ventures, Vision Marine also operates an integrated marine retail, marina, service and rental platform supporting both electric and internal-combustion recreational boating. For more information, visit visionmarinetechnologies.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable Canadian securities laws and the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, without limitation, statements regarding Vision Marine’s business strategy; the advancement and commercialization of marine technologies; internal development initiatives; potential technology partnerships, investments, mergers, acquisitions and other strategic opportunities; the anticipated use and potential benefits of the Company’s operating platform; the introduction and commercialization of complementary technologies; the potential expansion of recurring revenue; potential improvements in margins and cash generation; and the Company’s capital allocation priorities and long-term growth objectives.

Forward-looking statements can often be identified by words such as “expects,” “plans,” “believes,” “intends,” “anticipates,” “continues,” “estimates,” “projects,” “potential,” “opportunity,” “may,” “could,” “would,” “will” and similar expressions or variations of such words and phrases.

These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These factors include, without limitation, the Company’s ability to execute its business strategy; identify, negotiate, finance, complete and integrate potential strategic transactions; develop and commercialize new technologies; generate market acceptance for its products and services; improve operating performance and achieve profitability; manage liquidity, inventory and floor-plan financing requirements; realize anticipated benefits from the integration of Nautical Ventures; maintain relationships with manufacturers, suppliers and commercial partners; protect its intellectual property; comply with applicable regulatory and listing requirements; and respond to competition, economic conditions, capital-market volatility, supply-chain disruptions and changes affecting the recreational marine industry.

Additional risks and uncertainties are described in the Company’s Annual Report on Form 20-F, as amended, for the year ended August 31, 2025, and in its subsequent filings with the U.S. Securities and Exchange Commission and on SEDAR+. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Vision Marine undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Vision Marine Technologies, Inc

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Technology

World-Renowned MAGURA USV Manufacturer UFORCE Partners with RECONCRAFT to Build Combat-Tested Autonomous Maritime Drones in the U.S.

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31 minutes ago

on

July 21, 2026

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MAGURA family of drones, made exclusively by UFORCE, holds one of the most impactful and reliable combat records in modern maritime warfare, helping drive the Russian Navy from the Black Sea

LONDON and KYIV, Ukraine and WASHINGTON, July 21, 2026 /PRNewswire/ — UFORCE, the Ukraine-origin, UK-based autonomous systems defense technology company built to unify and scale the world’s most combat-proven unmanned platforms, today announced the signing of a memorandum of understanding (MoU) with leading Special Operations combatant craft manufacturer RECONCRAFT, following a ceremony hosted by the Embassy of Ukraine in the United States.

UFORCE USA and RECONCRAFT are partnering to build the world’s most capable autonomous surface vessels as part of the Arsenal of Freedom. UFORCE has also entered the U.S. Drone Dominance competition and related programs in partnership with RECONCRAFT.

The initiative will be led by Sean Plankey, CEO of UFORCE USA. Plankey most recently served as Senior Advisor to the Secretary of Homeland Security, overseeing the United States Coast Guard, and was twice nominated by the President of the United States to lead the Cybersecurity and Infrastructure Security Agency.

Through the partnership, UFORCE will work to make available to the United States its combat-proven full-stack aerial, maritime, and ground unmanned systems, advanced autonomy software, and command-and-control technologies.

The company’s MAGURA family of autonomous surface vessels holds one of the most impactful and reliable combat records in modern maritime warfare and contributed to the destruction of more than a dozen Russian warships in the Black Sea. UFORCE’s portfolio also includes the first autonomous surface vessel to successfully down manned helicopters and fighter aircraft in combat.

“Today’s combat environments show that autonomous warfighting capabilities are a must-have. UFORCE is exceptionally positioned to deliver capabilities already tested by some of the world’s most sophisticated militaries under the most demanding battlefield conditions,” said Oleg Rogynskyy, CEO of UFORCE. “Through this partnership with RECONCRAFT, these combat-proven capabilities will become available to the U.S., combining Ukrainian battlefield innovation with American manufacturing excellence.”

“This partnership demonstrates what’s possible when American manufacturing and combat-proven innovation come together,” said Sean Plankey, CEO of UFORCE USA. “Working with RECONCRAFT, we will help ensure these proven autonomous capabilities become available to the U.S. It’s exactly the kind of industrial partnership the Arsenal of Democracy is designed to enable.”

“RECONCRAFT is building multiple combatant craft platforms trusted by U.S. and Partner Special Operations Forces in the world’s most demanding environments,” said Joe Silkowski, Co-Founder of RECONCRAFT. “Partnering with UFORCE combines our manufacturing expertise and capabilities with the combat-proven autonomy of the MAGURA platform, allowing us to deliver greater capability to American warfighters faster than developing a new system from the ground up.”

About UFORCE

UFORCE USA is a U.S. based, wholly owned subsidiary of Ukrainian-origin defense technology operating company UFORCE, built to unify and scale the world’s most battle-proven autonomous systems. UFORCE unified nine leading Ukrainian defense technology developers and manufacturers into a single company, with registered in London and operations in Ukraine. By combining Ukrainian frontline innovation with Western capital, governance, and global distribution, UFORCE delivers next-generation autonomous defense capabilities to allied militaries. The company’s full-stack platform includes hardware systems spanning aerial, maritime and ground unmanned platforms, advanced autonomy software, and command-and-control solutions.

Media Contact: KekstCNC-UFORCE@kekstcnc.com

About RECONCRAFT

RECONCRAFT is the leading designer and manufacturer of combatant craft for U.S. and Foreign Partner forces.  RECONCRAFT’s global headquarters and primary manufacturing campus is located in the Portland, Oregon, area where the skilled team produces highly sophisticated vessels, manned and unmanned, between multiple Programs of Record.

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SOURCE UFORCE

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