Connect with us

Technology

Resideo Announces Third Quarter 2024 Financial Results

Published

on

Net revenue growth of 18% year-over-year; mid-single-digit organic revenue growth at both ADI and Products and SolutionsProducts and Solutions gross margin of 42.2%, sixth consecutive quarter of year-over-year improvementNet income available to common stockholders of $11 million; adjusted EBITDA of $190 million, above the high end of outlook rangeStrong demand for the refreshed Honeywell Home Focus Pro™ thermostat portfolio, first in a cadence of new product introductions

SCOTTSDALE, Ariz., Nov. 7, 2024 /PRNewswire/ — Resideo Technologies, Inc. (NYSE: REZI), a leading global manufacturer and distributor of technology-driven products and solutions that provide home comfort and smart living, security, life safety and energy efficiency to consumers and businesses, today announced financial results for the third quarter ended September 28, 2024.

Third Quarter 2024 Financial Highlights

Net revenue was $1.83 billion, up 18% compared to $1.55 billion in the third quarter 2023Net income available to common stockholders was $11 million, compared to $21 million in the third quarter 2023Adjusted EBITDA (1) was $190 million, compared to $147 million in the third quarter 2023Fully diluted EPS was $0.07 and $0.14 and Adjusted EPS (1) was $0.58 and $0.55 for the third quarter 2024 and third quarter 2023, respectively

Management Remarks

“We delivered strong results in the third quarter with organic sales growth at both Products and Solutions and ADI in addition to consolidated Adjusted EBITDA again coming in ahead of our outlook,” commented Jay Geldmacher, Resideo’s President and CEO. “Products and Solutions continued to drive gross margin accretion, reflecting structural cost improvements. ADI also returned to organic revenue growth driven by improved demand across commercial categories and continued e-commerce expansion. The integration of Snap One is progressing well with the teams focused on cross-selling opportunities and cost reduction actions.”

“We are excited by the meaningful new product introductions that have begun to rollout at Products and Solutions. This is highlighted by refreshes of our thermostat offering and security solutions aimed at larger residential and small and medium business opportunities. At ADI, improving demand trends in key categories and cross-selling opportunities with a greater customer and product portfolio create significant benefits moving forward. Overall, we expect the positive business momentum to continue as we close out 2024 and look to 2025.”

(1) This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934. Resideo management believes the use of such non-GAAP financial measures, specifically Adjusted EBITDA and Adjusted EPS, assists investors in understanding the ongoing operating performance of Resideo by presenting the financial results between periods on a more comparable basis. See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.

Products and Solutions Third Quarter 2024 Highlights

Net revenue was $645 million, down 1% compared to the third quarter 2023 and up 4% excluding the impact of the Genesis divestitureGross margin was 42.2%, up 350 basis points compared to the third quarter 2023Income from operations was $128 million, compared to $94 million in the third quarter 2023Adjusted EBITDA was $157 million, or 24.3% of revenue, compared to $140 million, or 21.4% of revenue, in the third quarter 2023

Products and Solutions delivered net revenue of $645 million in the third quarter 2024, down 1% compared to third quarter 2023 and up 4% excluding the impact of the Genesis divestiture. Pricing trends remained positive across substantially all product categories compared with third quarter 2023. Organic revenue growth was partially offset by continued slower activity in the EMEA region and declines in Security product sales. During the quarter, Products and Solutions began taking orders for its programmable and connected thermostat line, the Honeywell Home Focus Pro, targeted at the entry tier of the professional market, in-line with its ongoing focus to introduce a regular cadence of new products and drive future innovation in key categories.

Gross margin for the quarter was 42.2%, compared to 38.7% in the third quarter 2023, reflecting improving manufacturing cost efficiency and pricing strength. Selling, general and administrative expenses were up $7 million and research and development expenses declined $5 million compared to 2023. Expense management was again strong in the quarter, and, combined with the strong gross margin expansion, helped drive operating profit of $128 million or 19.8% of revenue, up from $94 million or 14.4% of revenue in third quarter 2023. Adjusted EBITDA grew 12% year-over-year in the third quarter 2024 to $157 million, with Adjusted EBITDA margin up 300 basis points to 24.3%.

ADI Global Distribution Third Quarter 2024 Highlights

Net revenue was $1,183 million, up 31% compared to the third quarter 2023 and up 4% excluding the impact of the Snap One acquisitionGross margin was 21.3%, up 300 basis points compared to the third quarter 2023Income from operations was $36 million, compared to $52 million in the third quarter 2023Adjusted EBITDA was $92 million, or 7.8% of revenue, compared to $69 million, or 7.7% of revenue, in the third quarter 2023

ADI third quarter 2024 net revenue of $1,183 million increased $283 million compared to third quarter 2023, driven by the inclusion of $251 million of Snap One revenue and organic growth of $32 million, or 4%. ADI delivered year-over-year growth in all key commercial categories including Fire, Video Surveillance, professional Audio Visual, and Datacom. This was partially offset by year-over-year declines in residential Intrusion and residential Audio Visual. The e-commerce channel, excluding Snap One, grew 18% in third quarter 2024 compared to the prior year period. Exclusive brand sales grew 32% year-over-year, reflecting the inclusion of Snap One proprietary products and strong underlying growth.

Gross margin for the quarter was 21.3%, up 300 basis points compared to third quarter of 2023. The increase was driven by the inclusion of higher margin Snap One sales, partially offset by reduced inflationary pricing benefits. Selling, general and administrative and research and development expenses were $177 million in 2024, up $76 million compared to prior period including $73 million of Snap One expenses. Operating profit of $36 million for third quarter 2024 decreased 31% from $52 million in third quarter 2023. Adjusted EBITDA increased to $92 million in third quarter 2024 from $69 million in third quarter 2023.

Cash Flow and Liquidity

Net cash provided by operating activities was $147 million in third quarter 2024 compared to $60 million in the third quarter 2023. The increase was primarily driven by improved working capital dynamics and cash earnings. At September 28, 2024, Resideo had cash and cash equivalents of $531 million and total outstanding debt of $1.99 billion.

Outlook

The following table summarizes the Company’s current fourth quarter 2024 and updated full year 2024 outlook.

($ in millions, except per share data)

Q4 2024

2024

Net revenue

$1,815 – $1,855

$6,720 – $6,760

Non-GAAP Adjusted EBITDA

$170 – $185

$672 – $687

Non-GAAP Adjusted Earnings per share

$0.51 – $0.61

$2.18 – $2.28

Full Year Cash Provided by Operating Activities

 At least $375

Conference Call and Webcast Details

Resideo will hold a conference call with investors on November 7, 2024, at 5:00 p.m. ET. An audio webcast of the call will be accessible at https://investor.resideo.com, where related materials will be posted before the call. A replay of the webcast will be available following the presentation. To join the conference call, please dial 888-660-6357 (U.S. toll-free) or 1-929-201-6127 (international), with the conference title “Resideo Third Quarter 2024 Earnings” or the conference ID: 7301399.

About Resideo 

Resideo is a leading manufacturer and developer of technology-driven sensing and controls products that provide critical comfort, energy, smoke and carbon monoxide detection home safety products and security solutions to homes globally. We are also a leading wholesale distributor of low-voltage security products including access control, fire detection, fire suppression, security, and video products, and participate significantly in the broader related markets of, communications, data communications, networking, power, residential and professional audio-visual solutions, smart home, and wire and cable. Our global footprint serves both commercial and residential end markets. For more information about Resideo, please visit www.resideo.com.

Contacts:

Investors:

Media:

Jason Willey

Garrett Terry

Vice President, Investor Relations

Corporate Communications Manager

investorrelations@resideo.com

garrett.terry@resideo.com

Forward-Looking Statements
This release contains “forward-looking statements.” All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Such risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the fourth quarter 2024 and full year 2024, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint (3),  the amount of our obligations and nature of our contractual restrictions pursuant to, and disputes that have or may hereafter arise under the agreements we entered into with Honeywell in connection with our spin-off,  (4) risks related to our recently completed acquisitions including our ability to achieve the targeted amount of annual cost synergies and successfully integrate the acquired operations (including successfully driving category growth in connected offerings), (5) the ability of Snap One and/or Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (6) the ability of Snap One and/or Resideo to achieve the targeted amount of synergies described in this press release, (7) the accretive nature of the transaction to Resideo’s non-GAAP EPS in the first full year of ownership and the growth and margin profile of the combined businesses, (8)  the ability to integrate the Snap One business into Resideo and realize the anticipated strategic benefits of the transaction, including the anticipated operational and strategic benefits of the transaction, and (9) the other risks described under the headings “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2023 and other periodic filings we make from time to time with the Securities and Exchange Commission. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward looking statements.

Use of Non-GAAP Measures
This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting the financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP.

We have included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and provided in accordance with U.S. GAAP at the end of this release. A reconciliation of the forecasted range for Adjusted EBITDA and Adjusted Net Income per diluted common share for the fourth quarter of 2024 and for the fiscal period ending December 31, 2024 are not included in this release due to the number of variables in the projected range and because we are currently unable to quantify accurately certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. In addition, we believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors.

Table 1: SUMMARY OF FINANCIAL RESULTS (UNAUDITED) 

Q3 2024 (1)

YTD 2024 (1)

(in millions)

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Net revenue

$      645

$    1,183

$        —

$   1,828

$   1,895

$    3,008

$       —

$   4,903

Cost of goods sold

373

931

—

1,304

1,118

2,414

—

3,532

Gross profit

272

252

—

524

777

594

—

1,371

Research and development expenses

23

—

—

23

69

—

—

69

Selling, general and administrative expenses

107

177

33

317

307

397

124

828

Intangible asset amortization

6

22

1

29

18

31

2

51

Restructuring, impairment and extinguishment costs, net (2)

8

17

4

29

13

19

15

47

Income (loss) from operations

$      128

$         36

$      (38)

$      126

$      370

$        147

$   (141)

$      376

Q3 2023 (1)

YTD 2023 (1)

(in millions)

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Net revenue

$      654

$       900

$        —

$   1,554

$   1,989

$    2,716

$        —

$   4,705

Cost of goods sold

401

735

1

1,137

1,227

2,202

3

3,432

Gross profit (loss)

253

165

(1)

417

762

514

(3)

1,273

Research and development expenses

28

—

—

28

82

—

2

84

Selling, general and administrative expenses

100

101

32

233

322

307

90

719

Intangible asset amortization

6

2

1

9

17

8

3

28

Restructuring and impairment expenses

25

10

3

38

27

12

3

42

Income (loss) from operations

$         94

$         52

$      (37)

$      109

$      314

$       187

$    (101)

$      400

Q3 2024 % change compared with prior period

YTD 2024 % change compared with prior period

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Products
and
Solutions

ADI Global
Distribution

Corporate

Total
Company

Net revenue

(1) %

31 %

N/A

18 %

(5) %

11 %

N/A

4 %

Cost of goods sold

(7) %

27 %

N/A

15 %

(9) %

10 %

N/A

3 %

Gross profit

8 %

53 %

N/A

26 %

2 %

16 %

N/A

8 %

Research and development expenses

(18) %

N/A

N/A

(18) %

(16) %

N/A

N/A

(18) %

Selling, general and administrative expenses

7 %

75 %

3 %

36 %

(5) %

29 %

38 %

15 %

Intangible asset amortization

— %

1000 %

— %

222 %

6 %

288 %

(33) %

82 %

Restructuring, impairment and extinguishment costs, net

(68) %

70 %

33 %

(24) %

(52) %

58 %

400 %

12 %

Income (loss) from operations

36 %

(31) %

3 %

16 %

18 %

(21) %

40 %

(6) %

(1)

On January 1, 2024, certain corporate functions were decentralized into the operating segments aligning with the business strategy. Functional expenses related to information technology, finance, tax, business development, and research and development are now recorded within the Products and Solutions and ADI Global Distribution segments. For the three and nine months ended September 30, 2023, $13 million and $38 million of corporate expenses have been reclassified into the Products and Solutions while $8 million and $24 million of corporate expenses have been reclassified into the ADI Global Distribution segments, respectively, decreasing reported Income from Operations to conform to the current year presentation.

(2)

Includes $1 million and $7 million of debt extinguishment expense for corporate for the three and nine months ended September 28, 2024.

Table 2: CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months Ended

Nine Months Ended

(in millions, except per share data)

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Net revenue

$               1,828

$                1,554

$                4,903

$               4,705

Cost of goods sold

1,304

1,137

3,532

3,432

Gross profit

524

417

1,371

1,273

Operating expenses:

Research and development expenses

23

28

69

84

Selling, general and administrative expenses

317

233

828

719

Intangible asset amortization

29

9

51

28

Restructuring, impairment and extinguishment costs, net

29

38

47

42

Total operating expenses

398

308

995

873

Income from operations

126

109

376

400

Reimbursement Agreement expense (1)

45

43

135

128

Other expenses, net

10

13

10

10

Interest expense, net

27

16

55

50

Income before taxes

44

37

176

212

Provision for income taxes

24

16

83

84

Net income

$                     20

$                     21

$                      93

$                  128

Less: preferred stock dividends

8

—

10

—

Less: undistributed income allocated to preferred stockholders

1

—

4

—

Net income available to common stockholders

$                     11

$                     21

$                      79

$                  128

Earnings per common share:

Basic

$                 0.07

$                  0.14

$                   0.54

$                 0.87

Diluted

$                 0.07

$                  0.14

$                   0.53

$                 0.86

Weighted average common shares outstanding:

Basic

147

147

146

147

Diluted

149

148

149

149

(1)

Represents the expense incurred pursuant to the Reimbursement Agreement, which has an annual cash payment cap of $140 million. The following table summarizes information concerning the Reimbursement Agreement:

 

Three Months Ended

Nine Months Ended

(in millions)

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Accrual for Reimbursement Agreement liabilities deemed

probable and reasonably estimable

$                     45

$                     43

$                   135

$                   128

Cash payments made to Honeywell

(35)

(35)

(105)

(105)

Accrual increase, non-cash component in period

$                     10

$                       8

$                     30

$                     23

Table 3: CONSOLIDATED BALANCE SHEETS (UNAUDITED)

(in millions, except par value)

September 28,
2024

December 31,
2023

ASSETS

Current assets:

Cash and cash equivalents

$                    531

$                    636

Accounts receivable, net

1,103

973

Inventories, net

1,197

941

Other current assets

206

193

Total current assets

3,037

2,743

Property, plant and equipment, net

423

390

Goodwill

3,119

2,705

Intangible assets, net

1,197

461

Other assets

359

346

Total assets

$                8,135

$                6,645

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                1,021

$                    905

Current portion of long-term debt

6

12

Accrued liabilities

645

608

Total current liabilities

1,672

1,525

Long-term debt

1,983

1,396

Obligations payable under Indemnification Agreements

635

609

Other liabilities

491

366

Total liabilities

4,781

3,896

Stockholders’ equity

Preferred stock, $0.001 par value: 100 shares authorized, 0.5 shares issued and

outstanding at September 28, 2024 and no shares issued and outstanding at

December 31, 2023, respectively

482

—

Common stock, $0.001 par value: 700 shares authorized, 153 and 147 shares

issued and outstanding at September 28, 2024, respectively, and 151 and 145

shares issued and outstanding at December 31, 2023, respectively 

—

—

Additional paid-in capital

2,294

2,226

Retained earnings

893

810

Accumulated other comprehensive loss, net

(207)

(194)

Treasury stock at cost

(108)

(93)

Total stockholders’ equity

3,354

2,749

Total liabilities and stockholders’ equity

$                8,135

$                6,645

Table 4: CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

Three Months Ended

Nine Months Ended

(in millions)

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Cash Flows From Operating Activities:

Net income

$                      20

$                       21

$                      93

$                    128

Adjustments to reconcile net income to net cash in operating activities:

Depreciation and amortization

46

22

98

71

Restructuring, impairment and extinguishment costs, net

29

38

47

42

Stock-based compensation expense

15

11

44

36

Other, net

6

—

5

2

Changes in assets and liabilities, net of acquired companies:

Accounts receivable, net

(22)

26

(79)

(9)

Inventories, net

(9)

11

(13)

(4)

Other current assets

6

(8)

15

(5)

Accounts payable

31

(58)

62

(14)

Accrued liabilities

13

(20)

(65)

(114)

Other, net

12

17

34

44

Net cash provided by operating activities

147

60

241

177

Cash Flows From Investing Activities:

Acquisitions, net of cash acquired

—

(10)

(1,334)

(16)

Capital expenditures

(22)

(25)

(58)

(74)

Other investing activities, net

—

—

6

—

Net cash used in investing activities

(22)

(35)

(1,386)

(90)

Cash Flows From Financing Activities:

Proceeds from issuance of long-term debt, net

594

—

1,176

—

Proceeds from issuance of preferred stock, net of issuance costs

—

—

482

—

Repayments of long-term debt

(596)

(3)

(602)

(9)

Common stock repurchases

—

(28)

(1)

(28)

Other financing activities, net

(7)

2

(12)

(10)

Net cash provided by (used in) financing activities

(9)

(29)

1,043

(47)

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

2

(9)

(3)

1

Net (decrease) increase in cash, cash equivalents and restricted cash

118

(13)

(105)

41

Cash, cash equivalents and restricted cash at beginning of period

414

383

637

329

Cash, cash equivalents and restricted cash at end of period

$                    532

$                    370

$                    532

$                    370

 

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

ADJUSTED NET INCOME PER DILUTED COMMON SHARE AND

NET INCOME COMPARISON

(Unaudited)

 

RESIDEO TECHNOLOGIES, INC.

Three Months Ended

Nine Months Ended

(in millions, except per share data)

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

GAAP Net income

$                     20

$                    21

$                     93

$                   128

Less: preferred stock dividends

8

—

10

—

Less: undistributed income allocated to preferred stockholders

1

—

4

—

GAAP Net income available to common stockholders

11

21

79

128

Restructuring, impairment and extinguishment costs, net

29

38

47

42

Intangible asset amortization

29

9

51

28

Stock-based compensation expense

15

11

44

36

Reimbursement Agreement accrual increase, non-cash component (1)

10

8

30

23

Acquisition and integration costs

3

1

37

1

Other (2)

16

14

17

5

Tax effect of applicable non-GAAP adjustments (3)

(26)

(21)

(56)

(34)

Non-GAAP Adjusted net income available to common stockholders

$                     87

$                    81

$                   249

$                   229

Three Months Ended

Nine Months Ended

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

GAAP Net income per diluted common share

$                 0.07

$                 0.14

$                  0.53

$                  0.86

Restructuring, impairment and extinguishment costs, net

0.19

0.26

0.32

0.28

Intangible asset amortization

0.19

0.06

0.34

0.19

Stock-based compensation expense

0.10

0.07

0.30

0.24

Reimbursement Agreement accrual increase, non-cash component (1)

0.07

0.05

0.20

0.15

Acquisition and integration costs

0.02

0.01

0.25

0.01

Other (2)

0.11

0.10

0.11

0.03

Tax effect of applicable non-GAAP adjustments (3)

(0.17)

(0.14)

(0.38)

(0.22)

Non-GAAP Adjusted net income per diluted common share

$                 0.58

$                 0.55

$                  1.67

$                  1.54

(1)

Refer to the Unaudited Consolidated Statements of Operations herein.

(2)

For 2023 periods, other includes Tax Matters Agreement gain, foreign exchange transaction loss (income), and pension costs. For 2024 periods, other includes loss on sale of assets, foreign exchange transaction loss (income), gain on sale of investments, litigation settlements, and an inventory step-up related to the Snap One acquisition.

(3)

We calculated the tax effect of non-GAAP adjustments by applying a flat statutory tax rate of 25% for the three months ended September 28, 2024 and September 30, 2023.

 

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

ADJUSTED EBITDA AND NET INCOME COMPARISON

(Unaudited)

 

RESIDEO TECHNOLOGIES, INC.

Three Months Ended

Nine Months Ended

(in millions)

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Net revenue

$              1,828

$            1,554

$            4,903

$            4,705

GAAP Net income

$                   20

$                 21

$                 93

$               128

GAAP Net income as a % of net revenue

1.1 %

1.4 %

1.9 %

2.7 %

Provision for income taxes

24

16

83

84

GAAP Income before taxes

44

37

176

212

Depreciation and amortization

46

22

98

71

Restructuring, impairment and extinguishment costs, net

29

38

47

42

Interest expense, net

27

16

55

50

Stock-based compensation expense

15

11

44

36

Reimbursement Agreement accrual increase, non-cash component (1)

10

8

30

23

Acquisition and integration costs

3

1

37

1

Other (2)

16

14

17

5

Non-GAAP Adjusted EBITDA

$                 190

$               147

$               504

$               440

Non-GAAP Adjusted EBITDA as a % of net revenue

10.4 %

9.5 %

10.3 %

9.4 %

(1)

Refer to the Unaudited Consolidated Statements of Operations herein.

(2)

For 2023 periods, other includes Tax Matters Agreement gain, foreign exchange transaction loss (income), and pension costs. For 2024 periods, other includes loss on sale of assets, foreign exchange transaction loss (income), gain on sale of investments, litigation settlements, and an inventory step-up adjustment related to the Snap One acquisition.

 

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

(Unaudited)

 

PRODUCTS AND SOLUTIONS SEGMENT

Three Months Ended

Nine Months Ended

(in millions)

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Net revenue

$               645

$               654

$           1,895

$           1,989

GAAP Income from operations

$               128

$                 94

$               370

$               314

GAAP Income from operations as a % of net revenue

19.8 %

14.4 %

19.5 %

15.8 %

Restructuring and impairment expense

8

25

13

30

Stock-based compensation expense

5

4

15

13

Other (1)

—

1

4

1

Non-GAAP Adjusted Income from Operations

$               141

$               124

$               402

$               358

Depreciation and amortization

16

16

51

51

Non-GAAP Adjusted EBITDA

$               157

$               140

$               453

$               409

Non-GAAP Adjusted EBITDA as a % of net revenue

24.3 %

21.4 %

23.9 %

20.6 %

(1)

Other includes litigation settlements and acquisition costs.

 

ADI GLOBAL DISTRIBUTION SEGMENT

Three Months Ended

Nine Months Ended

(in millions)

September 28,
2024

September 30,
2023

September 28,
2024

September 30,
2023

Net revenue

$           1,183

$               900

$           3,008

$           2,716

GAAP Income from operations

$                 36

$                 52

$               147

$               187

GAAP Income from operations as a % of net revenue

3.0 %

5.8 %

4.9 %

6.9 %

Restructuring and impairment expense

17

10

19

17

Stock-based compensation expense

4

2

9

5

Acquisition and integration costs

2

—

6

—

Other (1)

5

—

5

—

Non-GAAP Adjusted Income from Operations

$                 64

$                 64

$               186

$               209

Depreciation and amortization

28

5

41

13

Non-GAAP Adjusted EBITDA

$                 92

$                 69

$               227

$               222

Non-GAAP Adjusted EBITDA as a % of net revenue

7.8 %

7.7 %

7.5 %

8.2 %

(1)

Other includes inventory adjustment related to the Snap One acquisition.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/resideo-announces-third-quarter-2024-financial-results-302299237.html

SOURCE Resideo Technologies, Inc.

Continue Reading

Technology

OASE+ and Elsevier Agree Next-Phase Read and Publish Agreement to Expand Open Access Publishing in Japan

Published

on

By

A new three-year term removes the annual cap on open access publishing under the Read and Publish agreement and extends eligibility beyond universities

TOKYO, Oct. 26, 2026 /PRNewswire/ — OASE+ (Open Access for Scholarly Empowerment +), the collective negotiating body established with Japanese government support to advance the country’s national open access policy, and Elsevier, a global leader in advanced information and decision support, have agreed a read-and-publish agreement covering 2027 to 2029.

The agreement further develops the framework established by Elsevier in partnership with the Japan Alliance of University Library Consortia for E-Resources (JUSTICE) for 2024 to 2026. Under this framework Japanese research institutions are able to expand open access publishing at a pace suited to their individual circumstances while maintaining access to scholarly journals.

From 2027, researchers at participating institutions will be able to publish open access in eligible Core Hybrid journals, subject to the terms of the agreement and without an annual cap on the number of open access articles. The decision to publish open access will rest with the researcher and the research itself, giving researchers greater flexibility in choosing open access publishing and greater certainty in meeting their funders’ and institutions’ open access requirements.             

A separate agreement applies the same approach to Cell Press. For institutions that subscribe to Cell Press Hybrid titles, reading access and open access publishing will cover the subscribed titles. The agreement will also have no annual cap on the number of open access articles and run from 2027 to 2029.

The agreement also extends eligibility for the first time beyond universities to national research and development agencies, opening participation to a substantial part of Japan’s publicly funded research base.

Japan is one of the world’s largest producers of scientific research. Wider open access publishing increases the international visibility of that research, supports collaboration across borders, and helps ensure Japanese findings inform science, practice and policy well beyond Japan. It also advances the objectives of the Japanese government’s National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data.

The agreement follows extended discussions between OASE+ and Elsevier and reflects the findings of a survey of the needs of institutes that expressed interest in the Read and Publish agreement, as well as experience gained through the current framework.

Professor Yasuteru Shigeta of the University of Tsukuba, Chair of OASE+, said: “In 2024, OASE was established under the Japanese government’s ‘National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data’. Through collaboration with JUSTICE, OASE has since strengthened its framework as OASE+. This enhanced structure enabled constructive negotiations with Elsevier, building upon the achievements and experience gained through the pilot proposal implemented for JUSTICE through 2026. As a result, we are pleased that researchers will be able to publish open access in Core Hybrid journals without any cap on the number of articles, and that Cell Press Hybrid journals are now also available under a Read and Publish agreement. While there should be multiple valid approaches to advancing open access, we hope that this agreement will serve as one of those pathways and help enhance the visibility of research from Japan to create positive impact.”

Gemma Hersh, Senior Vice President, Sales and Commercial Director, Primary Research, Elsevier, said: “We are delighted that this new agreement with OASE+ will enable us to further develop our long-standing partnership with the Japanese research community. We are grateful to OASE+ and the institutions that expressed interest in the agreement for the collaboration and pragmatism they brought to our discussions, and for helping to establish a framework with broader reach across Japan’s research base. Japan’s research is of global importance, and this agreement will help ensure more of it is openly available to researchers around the world.”

Further information is available from OASE+ and on Elsevier’s open access agreements page.

Notes to editors

A Read and Publish agreement combines, in a single contract, the subscription fees research institutions paid publishers for access to scholarly articles with the fees for publishing articles open access (article publishing charges, or APCs).

Core Hybrid journals are subscription-based journals that also give authors the option to publish individual articles open access. Under the 2027 to 2029 agreement, open access publishing in eligible Core Hybrid journals is available without an annual open access publishing limit.

Cell Press Hybrid journals are subscription-based Cell Press journals that also give authors the option to publish individual articles open access. A companion agreement covering 2027 to 2029 applies to Cell Press Hybrid journals, under which reading access and open access publishing are aligned to the Cell Press Hybrid journals an institution subscribes to, without an annual open access publishing limit.

Institutions that have expressed interest will not necessarily enter into the agreement immediately. Each institution reviews the terms and decides independently whether to participate, and contract commencement dates will vary. Institutions wishing to participate must submit an expression of interest through OASE+. As of October 21, 167 institutions have expressed interest in the agreement with Elsevier.

About OASE+

OASE+ (Open Access for Scholarly Empowerment +) is a team supported by the Japanese government working to establish a collective bargaining framework, led by universities and other research institutions, for negotiations with academic publishers. Through discussions with global academic publishers, OASE+ aims to contribute to the realization of the Japanese government’s National Policy on Promoting Open Access to Publicly Funded Scholarly Publications and Scientific Data.

OASE+ succeeds the activities of OASE, which was established in 2024, and operates as a joint initiative involving the Japan Alliance of University Library Consortia for E-Resources (JUSTICE) and OASE to promote open access to scholarly publications. For more information, visit the OASE+ website.

About Elsevier

Elsevier is a global leader in advanced information and decision support. For over a century, we have been helping advance science and healthcare to advance human progress. We support academic and corporate research communities, doctors, nurses, future healthcare professionals, and educators across 170 countries in their vital work. We help impact makers achieve better outcomes with research and clinical-grade solutions built on the world’s leading evidence-based scientific and medical content, precision AI, and expert human assessment. We champion inclusion and sustainability, working with the communities that we serve. The Elsevier Foundation supports research and health partnerships around the world.

Elsevier is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers. For more information, visit www.elsevier.com and follow us on social media @elsevierconnect.

 

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/oase-and-elsevier-agree-next-phase-read-and-publish-agreement-to-expand-open-access-publishing-in-japan-302918039.html

Continue Reading

Technology

uSMART and PIVOT Fintech Introduce GlobalSave Portfolios Balanced Strategy on FollowSmart

Published

on

By

SINGAPORE, Oct. 26, 2026 /PRNewswire/ — uSMART Securities (Singapore) Pte. Ltd. (“uSMART”) has announced the addition of the PIVOT- GlobalSave Portfolios Balanced Strategy to its FollowSmart platform. Managed by PIVOT Fintech Pte. Ltd. (“PIVOT”), the strategy is being made available through uSMART’s digital platform as part of the companies’ collaboration to provide investors with access to professionally managed investment strategies. Investors can find information about available strategies via the uSMART App at uSMART Securities. 

Streamlining Operations for Fund Management Companies

Offering professionally managed investment strategies to a wider investor base can involve significant technology, operational and client servicing requirements. FollowSmart provides a digital workflow supporting account onboarding, trade implementation, position monitoring, valuation and client reporting. The platform is designed to help investment managers handle these operational processes while focusing on portfolio management.

Empowering Investors with a Digital Marketplace

For individual investors, FollowSmart provides a digital platform for exploring professionally managed investment strategies. Available strategies span different asset classes, global markets and risk profiles. Users can review information such as investment philosophy, historical performance and the credentials of the management team, and monitor their portfolios over time. These features may help investors assess which available strategies are relevant to their own objectives and circumstances.

The PIVOT- GlobalSave Portfolios Balanced Strategy

uSMART is acting as an authorized distributor of the PIVOT- GlobalSave Portfolios Balanced Strategy, which is managed by MAS-regulated PIVOT Fintech. The investment team is led by Victor Lye. The strategy uses a quantitative investment approach informed by Modern Portfolio Theory (MPT). It invests in U.S.-listed ETFs across equities, fixed income, commodities and real estate to build globally diversified portfolios. Asset allocation weights are adjusted in response to macroeconomic trends, with the objective of balancing expected returns and risk for medium- to long-term investors.

Expanding the FollowSmart Ecosystem

The addition of PIVOT Fintech is part of uSMART’s ongoing development of the FollowSmart platform and its network of investment managers. Other strategies recently added to the platform include the Global Quantitative Core Growth Strategy by Sunova Capital Management and the JMC Absolute Return Strategy by JMC Capital Asset Management. Together, these offerings provide investors with access to a range of professionally managed investment approaches.

About uSMART Securities (Singapore) Pte Ltd – uSMART Securities (Singapore) Pte Ltd, established on March 22, 2021, is the Singapore entity under uSMART Group (uSmart Holding Ltd.). The company holds a Capital Markets Services (CMS) Licence (Licence No. CMS101161) regulated by the Monetary Authority of Singapore (MAS). Based in Singapore, it provides financial services through the uSMART platform. Its products include US, Hong Kong, Singapore, Japan and UK stocks, options, futures, ETFs, funds, Contracts for Difference (CFDs) and forex products. Its services include trading tools, client account services, risk management arrangements and segregated client fund accounts.

About PIVOT Fintech – PIVOT Fintech Pte. Ltd. (UEN 201716150D) holds a Capital Markets Services Licence (CMS100806) regulated by the Monetary Authority of Singapore and serves as the Investment Manager of the Strategy. PIVOT’s investment team is led by its founder, Victor Lye, who has over 35 years of senior leadership experience across wealth management, insurance, fintech, and artificial intelligence. He holds a First-Class Honours Degree in Economics and Accounting from the University of Adelaide and is a Chartered Financial Analyst (CFA) and Certified Financial Planner (CFP).

Risk Disclaimer – Investment involves risks. Past performance is not indicative of future performance. Investors should carefully consider their investment objectives, financial situation and risk tolerance before making any investment decision. This material is provided for information and reference purposes only and does not constitute an offer, solicitation, recommendation or investment advice. This advertisement has not been reviewed by the Monetary Authority of Singapore.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/usmart-and-pivot-fintech-introduce-globalsave-portfolios-balanced-strategy-on-followsmart-302918647.html

SOURCE uSMART Securities (Singapore) Pte Ltd

Continue Reading

Technology

FFR to Hold Listing Ceremony and Investor Day on October 26; FFAI Announces Rescheduling of YT Jia’s Investor Weekly Report to October 26

Published

on

By

Faraday Future announced that this week’s Investor Weekly Report from FF Founder and Global CEO YT Jia has been rescheduled to October 26.FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) will hold its Listing Ceremony and Investor Day on October 26.FFR management will outline the company’s future strategic direction and business plans and engage with investors in attendance.The full event video will be available at 5:00 p.m. ET on October 26 at: https://www.ff.com/us/

LOS ANGELES, Oct. 25, 2026 /PRNewswire/ — FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) (“FFR” or the “Company”), a U.S.-listed Embodied AI (“EAI“) robotics ecosystem company, today highlighted an update from Faraday Future Intelligent Electric Inc. (NASDAQ: FFAI) (“Faraday Future” or “FF“) that this week’s Investor Weekly Report from FF Founder and Global CEO YT Jia has been rescheduled to October 26.

FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) will hold its Listing Ceremony and Investor Day on October 26, 2026. During the event, FFR management will outline the company’s future strategic direction and business plans and engage with investors in attendance.

The full event video will be available at 5:00 p.m. ET on October 26 at: https://www.ff.com/us/

About FF EAI Robotics Ecosystem Inc.  

FF EAI Robotics Ecosystem Inc. (NASDAQ: FFR) (renamed from AIxCrypto Holdings, Inc. and AIXC, effective September 30, 2026) is a U.S.-based Embodied AI (EAI) robotics company that is in the process of acquiring the FF EAI Robotics business. Upon completion of the acquisition, the Company will focus on the research and development, manufacturing, commercialization, and deployment of intelligent robotic technologies, products, and industry solutions.    

The Company is committed to building a “Four-Core Full-Stack” AI ecosystem covering the full lifecycle of robotics, consisting of EAI Brain & Developer Platform, EAI Devices, Industry Productivity Solutions, and EAI Data Factory. Guided by the technology and product philosophy of “One Brain, Multi-forms, Multi-capabilities,” the Company aims to empower humanoid, biomimetic, and other robotic form factors through a unified EAI Brain, while continuously expanding their multi-task and multi-scenario capabilities. The ecosystem is designed to support the full robotics lifecycle, including R&D, deployment, data collection and training, operations, and commercial applications.    

The FF EAI Robotics business has already achieved commercial deliveries of humanoid and biomimetic robotic products. Through its multi-form-factor robotic products, EAI technology platform, closed-loop data capabilities, and industry solutions, the business continues to advance the scaled adoption of robotics across real-world applications. The Company also operates RoboShare, a robot-sharing and services platform designed to connect robotic assets, service capabilities, customer demand, and ecosystem partners, further strengthening its robotics commercialization and service ecosystem.   

For more information, visit www.ff.com.   

ABOUT FARADAY FUTURE

Founded in 2014, Faraday Future (FF) is a U.S.-based Physical AI ecosystem company dedicated to reshaping the future of robotics and mobility solutions through AI innovation and technologies. FF focuses on two major product strategies within the Embodied AI (EAI) robotics business: EAI humanoid and bionic robots, and EAI automotive-focused robots. By building a “Four-Core Full-Stack AI” ecosystem of EAI Brain and Developer Platform, EAI Devices, Industry Productivity Solutions and EAI Data Factory, FF aims to create an evolutionary flywheel: scaled device delivery, data collection and training, continuous evolution of the EAI Brain, stronger product capability, and even larger-scale delivery and deployment. Through this flywheel, FF seeks to maximize its commercial value and lead to the advancement of Physical AI. For more information, please visit Faraday Future’s official website: https://www.ff.com/

FFR Forward-Looking Statements 

This communication, including any presentation, press release, investor materials or other document of which it forms a part (this “Communication”), contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws, regarding FF EAI Robotics Ecosystem Inc. (“FFR,” the “Company,” “us,” “our,” or “we”) and our industry. All statements, whether written or oral, other than statements of historical fact, including any financial projections and any statements regarding future events, our strategy, our transition to robotics operations, our plans for RoboShare, our digital asset disposition plans, the proposed acquisition of the FF EAI Robotics business, the projections referenced in this communication, our name and ticker change, any related financing, and the anticipated benefits and timing of the foregoing, our objectives, expectations, or anticipated actions or results, are forward-looking statements. You can often identify forward-looking statements by words such as “may,” “might,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” “likely,” or “continue,” or the negative of these terms or other similar expressions; the absence of these words does not mean a statement is not forward-looking. These statements reflect our current expectations and projections about future events as of the date of this Communication and are necessarily based on estimates and assumptions that, while considered reasonable by management, are inherently uncertain. FFR can give no assurance that such forward-looking statements or financial projections will prove to be correct.

Actual results may differ materially from those expressed or implied by these forward-looking statements as a result of numerous risks and uncertainties, both general and specific, including, but not limited to: 

The proposed acquisition transaction and PIPE. The definitive agreements may be terminated in accordance with their terms, and the proposed transactions may not be completed on the terms described or at all; the conditions to closing, including the completion of FFAI’s internal restructuring of the robotics business, the execution of key employee agreements and other customary conditions, and the parties’ ability to satisfy them; the risk that the stockholder approval required under Nasdaq listing rules for the conversion of the preferred stock issued as consideration is not obtained or is delayed, and the effect of the conversion restrictions and the information statement process on the timing of conversion; the timing of the transaction and the costs of pursuing it; the issuance of a substantial number of shares as consideration and the resulting dilution to existing stockholders; the fact that the counterparty is our controlling stockholder, that it will hold a substantial majority of our outstanding shares following closing, that certain members of management serve both companies, and the conflicts of interest inherent in the transaction; the risk that the agreed valuations do not reflect the market value of our shares or of the acquired business; our dependence on the counterparty for transition, supply and support following any closing; the scope and enforceability of the non-competition and governance arrangements; the consequences of the transaction under Nasdaq listing rules, including the possibility that Nasdaq determines that the transaction requires us to satisfy initial listing requirements in connection with a business combination, change of control or change in the nature of our business; the risk that the PIPE financing, on which the transaction is not conditioned, is not completed on the anticipated terms or at all; the risk of litigation relating to the transaction; our ability to integrate and operate the acquired business; and the risk that the acquired business performs differently than anticipated. 

Projections. The projections referenced in this communication were prepared by FFAI management for the FF EAI Robotics business on a standalone basis and do not reflect our existing business, transaction-related expenses or the combined company. We have not independently verified them or adopted them as guidance. They were not prepared with a view toward public disclosure or toward compliance with the published guidelines of the Securities and Exchange Commission or the American Institute of Certified Public Accountants regarding prospective financial information, and no independent registered public accounting firm has examined, compiled or performed any procedures with respect to them, and none expresses an opinion or any other form of assurance with respect to them. The projections reflect estimates and assumptions that are inherently uncertain and subject to change, including through due diligence and the review of our special committee and its financial advisor. Actual results are likely to differ, and may differ materially. 

Liquidity, capital and going concern. Our limited cash and liquidity position and our history of operating losses and negative operating cash flow; substantial doubt regarding our ability to continue as a going concern, as described in our periodic reports; our need to obtain additional financing on acceptable terms or at all, and the substantial dilution to existing stockholders that additional financing may cause, including any financing completed in connection with the proposed transaction, which may not be completed or may be on less favorable terms than anticipated; our ability to fund operations pending and following the disposition of our digital asset positions; and our ability to satisfy the continued listing requirements of The Nasdaq Stock Market, including stockholders’ equity, minimum bid price and other applicable standards. 

Our strategic transition and the disposition of digital assets. Risks associated with a fundamental shift in our business strategy and the redeployment of resources from a digital asset treasury strategy to robotics operations; our ability to execute the disposition of our digital asset positions in an orderly manner and on acceptable terms; the risk that amounts realized on disposition are materially less than carrying value as a result of price volatility, market depth, execution timing, custody or transfer constraints, or other limitations; tax, accounting and regulatory consequences of the dispositions; the continued volatility and regulatory uncertainty associated with digital assets and cryptocurrencies during the wind-down period; the concentration of a substantial portion of our assets in a single equity investment, including an investment in a related party, and the illiquidity, valuation uncertainty, holding-period and transfer restrictions associated with that investment; and risks arising from our relationships and agreements with related parties and significant stockholders.  

Our robotics operations business. Our limited operating history in robotics operations and commercialization and the absence of a meaningful revenue history; the early stage of RoboShare and the risk that customer demand, repeat demand, pricing, utilization or unit economics do not develop as anticipated; our dependence on a small number of customers, on a single initial geographic market, and on individual events or engagements, and the risk that the loss of, or a change in the terms of, any such relationship has a disproportionate effect; our dependence on third-party robot owners, operators, suppliers, original equipment manufacturers and local partners, and on their willingness to make robots available on our platform; risks relating to the availability, cost, quality, maintenance, transport, insurance and technological obsolescence of robots and related equipment, and to supply chains, tariffs and trade measures affecting them; and our ability to expand into additional markets and to attract and retain participants on both sides of our marketplace. 

Operations, safety and liability. Risks of property damage, personal injury or death arising from the operation of humanoid robots, quadrupeds and other autonomous or semi-autonomous machines in proximity to performers, employees, guests and the public, including at live events and in uncontrolled environments; product liability, premises liability, negligence and related claims and the adequacy, scope, availability and cost of our insurance coverage and of contractual indemnities from customers, owners and suppliers; the allocation of responsibility among us, robot owners, venues, event producers and customers; permitting, licensing, occupational safety and event-specific regulatory requirements; and the reputational consequences of any safety incident. 

Technology, data and intellectual property. Systems, network, telecommunications or service disruptions, failures, defects or cyber-attacks; the performance, reliability and autonomy limitations of robotic systems and of the software, models and networks that support them; our collection, use, storage, transmission and protection of personal information, including images and any biometric or biometric-adjacent data captured in the course of robot deployments, and evolving privacy, biometric and artificial intelligence laws and regulations across the jurisdictions in which we operate or intend to operate; our ability to obtain, maintain, protect and enforce our intellectual property rights and to defend against third-party claims of infringement or misappropriation; and our reliance on third-party technology, platforms and licenses. 

Legal, regulatory and general. The regulated industries and jurisdictions in which we operate; current or future laws or regulations and new interpretations of existing laws or regulations, including those applicable to digital assets, robotics, autonomous systems, consumer protection, advertising and endorsements; the risk that our marketplace arrangements, or the manner in which they are described, are characterized differently than we intend by regulators or courts; the failure of counterparties to perform their contractual obligations; litigation, regulatory inquiries, investigations and enforcement actions, and their costs and outcomes; business, economic, market and capital-market conditions; competition in our industry; changes in market demand for, and the pricing of, our products and services; our ability to define, design and release new products and services in a timely manner that meet customer needs; our ability to attract, retain and motivate qualified personnel, including key management; our ability to manage our growth and our transition; and our ability to maintain effective internal control over financial reporting and disclosure controls and procedures. 

This list of factors is not exhaustive. Additional risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Reports on Form 10-Q, and our subsequent filings, which are available on the SEC’s website at www.sec.gov. Investors are urged to review the liquidity, capital resources and going concern disclosures contained in those reports.  

The forward-looking statements in this Communication speak only as of the date hereof. Except as required by law, neither FFR nor any other person undertakes any obligation to update or revise any forward-looking statement or financial projection set out herein, whether as a result of new information, future events or otherwise. This Communication is provided for informational purposes only, does not constitute an offer to sell or the solicitation of an offer to buy any security, and does not constitute investment, tax or legal advice or any investment recommendation, and does not take into account the investment objectives or financial situation of any person. FFR reserves the right to amend or replace the information contained herein, in whole or in part, at any time, and undertakes no obligation to notify any recipient thereof. Readers are cautioned not to place undue reliance on these forward-looking statements. This caution is made under, and these forward-looking statements are intended to be covered by, the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

FFAI FORWARD LOOKING STATEMENTS 

Important factors that may affect actual results or outcomes include, among others: the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations, which it currently lacks; the availability of sufficient share capital to meet its current obligations and execute on its strategy; the willingness of convertible debt investors to fund the Company; demand for the Company’s robotics products; competition in the robotics industry, which includes companies with far superior experience, funding and name recognition; the ability of the Company to build an EAI education ecosystem that serves both the B2C consumer market and the B2B institutional education market; the acceptance by teachers and students of the Company’s robotics products in the education market; the ability of the Company to expand into additional markets for its robotics products; the Company’s reliance on a single OEM for most of its robotics products; the Company’s reliance on Chinese OEMs for all of its robotics products; the possibility of the federal government banning imports of Chinese robotics products; the Company’s ability to get the planned robotics products to comply with all applicable U.S. rules and regulations; the ability of the robotics OEM to timely supply robotics to the Company; tariff uncertainty for imported products, particularly from China; the ability of the Company to close its transaction with FF EAI Robotics Ecosystem Inc. (FFR) for the sale of its robotics business; demand from automobile dealers for robotics products; the Company’s ability to homologate FX vehicles for sale; the Company’s ability to secure the necessary funding to execute on the FX strategy, which is substantial; the Company’s ability to secure an occupancy certificate covering all of its Hanford facility; the Company’s ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of substantial losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s ability to execute on its plans to enter the robotaxi and cybercab industries; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company’s control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company’s operations in China; the success of the Company’s remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company’s ability to develop and protect its technologies; the Company’s ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings; the volatility of the Company’s stock price; the ability of the Company to maintain its stock price above $1.00; and the ability of the Company to maintain compliance with Nasdaq regulations for continued listing. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-Q for the quarter ended June 30, 2026, filed with the SEC on August 13, 2026; the quarter ended March 31, 2026, filed with the SEC on May 14, 2026; and Form 10-K filed with the SEC on March 31, 2026, and other documents filed by the Company from time to time with the SEC.  

View original content to download multimedia:https://www.prnewswire.com/news-releases/ffr-to-hold-listing-ceremony-and-investor-day-on-october-26-ffai-announces-rescheduling-of-yt-jias-investor-weekly-report-to-october-26-302918891.html

SOURCE FF EAI Robotics Ecosystem Inc.

Continue Reading

Trending