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Kulicke & Soffa Reports Fourth Quarter 2024 Results

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SINGAPORE, Nov. 13, 2024 /PRNewswire/ — Kulicke and Soffa Industries, Inc. (NASDAQ: KLIC) (“Kulicke & Soffa,” “K&S,” “our,” or the “Company”), today announced the financial results of its fourth fiscal quarter ended September 28, 2024. The Company reported fourth quarter net revenue of $181.3 million, net income of $12.1 million, representing EPS of $0.22 per fully diluted shares, and non-GAAP net income of $18.5 million, representing non-GAAP EPS of $0.34 per fully diluted share.

Quarterly Results – U.S. GAAP

 

Fiscal Q4 2024

 

Change vs.

Fiscal Q4 2023

Change vs.

Fiscal Q3 2024

Net Revenue

$181.3 million

down 10.4%

down 0.2%

Gross Margin

48.3 %

up 90 bps

up 170 bps

Income from Operations

$2.7 million

down 86.2%

down 67.5%

Operating Margin

1.5 %

down 810 bps

down 310 bps

Net Income

$12.1 million

down 48.1%

down 1.2%

Net Margin

6.7 %

down 480 bps

down 10 bps

EPS – Diluted

$0.22

down 46.3%

up 0%

 

Quarterly Results – Non-GAAP

 

Fiscal Q4 2024

 

Change vs.

Fiscal Q4 2023

Change vs.

Fiscal Q3 2024

Income from Operations

$12.7 million

down 51.7%

down 20.2%

Operating Margin

7.0 %

down 600 bps

down 170 bps

Net Income

$18.5 million

down 37%

down 4.1%

Net Margin

10.2 %

down 430 bps

down 40 bps

EPS – Diluted

$0.34

down 33.3%

down 2.9%

A reconciliation of the GAAP and non-GAAP adjusted results is provided in the financial tables included in this release. See also “Use of non-GAAP Financial Results” section.

Fusen Chen, Kulicke & Soffa’s President and Chief Executive Officer, stated, “We continue to drive market adoption of our advanced packaging and assembly solutions including vertical wire, high-power interconnect (HPI), advanced dispense and fluxless thermo-compression (FTC). Demand for these solutions is anticipated to accelerate along with coordinated General Semiconductor and Automotive market recovery through fiscal year 2025.”

The transition to emerging chiplet and heterogeneous applications — which are enabling new levels of performance and transistor density — position Kulicke & Soffa for additional share gains within leading-edge logic. Beyond this emerging FTC solution which is supporting leading-edge assembly transitions; high-volume memory, automotive and LED applications are also requiring new assembly solutions which can deliver package-level transistor density improvements. These growing market needs are being directly supported through Kulicke & Soffa’s portfolio of vertical wire, advanced dispense and advanced display solutions.

Fiscal Year 2024 Financial Highlights

Net revenue of $706.2 million.Gross margin of 38.1%.Net loss of $69.0 million or $(1.24) per fully diluted share; non-GAAP net income of $1.6 million or $0.03 per fully diluted share.GAAP cash from operations of $31.0 million; Adjusted free cash flow of $14.9 million.The Company repurchased a total of 3.2 million shares of common stock at a cost of $151.0 million.Cash, cash equivalents, and short-term investments were $577.1 million as of September 28, 2024.

Fourth Quarter Fiscal 2024 Financial Highlights 

Net revenue of $181.3 million.Gross margin of 48.3%.Net income of $12.1 million or $0.22 per fully diluted share; non-GAAP net income of $18.5 million or $0.34 per fully diluted share.GAAP cash from operations of $31.6 million; Adjusted free cash flow of $29.2 million.The Company repurchased a total of 1.0 million shares of common stock at a cost of $42.7 million.

First Quarter Fiscal 2025 Outlook

The Company currently expects net revenue in the first fiscal quarter of 2025, ending December 28, 2024, to be approximately $165.0 million, +/- $10 million, GAAP diluted EPS to be approximately $1.45 +/- 10%, and non-GAAP diluted EPS to be approximately $0.28, +/- 10%. This outlook includes favorable claim/proceeds relating to cessation of business due to the cancellation of Project W – which was disclosed on March 11, 2024.

A reconciliation between the GAAP and non-GAAP financial outlook is provided in the financial tables included at the end of this press release.

Earnings Conference Webcast

A webcast to discuss these results will be held tomorrow, November 14, 2024, beginning at 8:00am EST. The live webcast link, supplemental earnings presentation, and archived webcast will be available at investor.kns.com. To access the audio-only portion of the live webcast, parties may call +1-877-407-8037 or internationally +1-201-689-8037.

A replay will be available from approximately one hour after the completion of the call by calling toll-free +1-877-660-6853 or internationally +1-201-612-7415 and using the replay ID number of 13743544.

Use of Non-GAAP Financial Results

In addition to U.S. GAAP results, this press release also contains the following non-GAAP financial results: income from operations, operating margin, net income, net margin, net income per fully diluted share and adjusted free cash flow. The Company’s non-GAAP results exclude amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, equity-based compensation, acquisition and integration cost, impairment relating to assets acquired through business combinations, long-lived asset impairment relating to business cessation or disposal, impairment relating to equity investments, income tax expense arising from discrete tax items triggered by acquisition, disposal of business (both via a sale or an abandonment), restructuring and significant changes in tax laws, gain/loss on disposal of business, as well as tax benefits or expenses associated with the foregoing non-GAAP items. The non-GAAP adjustments may or may not be infrequent or nonrecurring in nature, but are a result of periodic or non-core operating activities. These non-GAAP measures are consistent with the way management analyzes and assesses the Company’s operating results. The Company believes these non-GAAP measures enhance investors’ understanding of the Company’s underlying operational performance, as well as their ability to compare the Company’s period-to-period financial results and the Company’s overall performance to that of its competitors.

Management uses both U.S. GAAP metrics as well as non-GAAP metrics to evaluate the Company’s operating and financial results. Non-GAAP financial measures may not provide information that is directly comparable to that provided by other companies in the Company’s industry, as other companies in the industry may calculate non-GAAP financial results differently. In addition, there are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with GAAP, may be different from non-GAAP financial measures used by other companies and exclude expenses that may have a material impact on the Company’s reported financial results. The presentation of non-GAAP items is meant to supplement, but not substitute for, GAAP financial measures or information. The Company believes the presentation of non-GAAP results in combination with GAAP results provides better transparency to the investment community when analyzing business trends, providing meaningful comparisons with prior period performance and enhancing investors’ ability to view the Company’s results from management’s perspective. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP measure discussed in this press release is contained in the financial tables at the end of this press release.

About Kulicke & Soffa

Founded in 1951, Kulicke & Soffa specializes in developing cutting-edge semiconductor and electronics assembly solutions enabling a smart and more sustainable future. Our ever-growing range of products and services supports growth and facilitates technology transitions across large-scale markets, such as advanced display, automotive, communications, compute, consumer, data storage, energy storage and industrial.

Caution Concerning Results and Forward Looking Statements

In addition to historical statements, this press release contains statements relating to future events and our future results. These statements are “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our judgments and future expectations concerning our business, including the importance and competitiveness of our thermo-compression products and other emerging technology transitions, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to, the persistent macroeconomic headwinds on our business, actual or potential inflationary pressures, disruptions, breaches or failures in our information technology systems and network infrastructures, interest rate and risk premium adjustments, falling customer sentiment, or economic recession caused directly or indirectly by geopolitical tensions, our ability to develop, manufacture and gain market acceptance of new products, our ability to operate our business in accordance with our business plan and the other factors listed or discussed in our Annual Report on Form 10-K for the fiscal year ended September 30, 2023, filed on November 16, 2023, and our other filings with the Securities and Exchange Commission. Kulicke and Soffa Industries, Inc. is under no obligation to (and expressly disclaims any obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

Contacts:

Kulicke and Soffa Industries, Inc.
Joseph Elgindy
Finance
P: +1-215-784-7518

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(In thousands, except per share and employee data)

(Unaudited)

Three months ended

Twelve months ended

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Net revenue

$       181,319

$       202,320

$       706,232

$       742,491

Cost of sales

93,662

106,481

437,478

383,836

Gross profit

87,657

95,839

268,754

358,655

Operating expenses:

Selling, general and administrative

42,645

37,380

155,142

145,493

Research and development

38,763

37,616

151,214

144,701

Impairment charges

—

—

44,472

21,535

Acquisition-related cost

—

13

—

511

Amortization of intangible assets

1,266

1,356

5,188

6,099

Restructuring

2,294

—

5,234

879

Total operating expenses

84,968

76,365

361,250

319,218

Income/(loss) from operations

2,689

19,474

(92,496)

39,437

Other income / (expense):

Interest income

7,423

9,500

34,230

32,906

Interest expense

(29)

(26)

(89)

(142)

Income/(loss) before income taxes

10,083

28,948

(58,355)

72,201

Income tax (benefit) / expense

(2,034)

5,591

10,651

15,053

Net income / (loss)

$         12,117

$         23,357

$       (69,006)

$         57,148

Net income / (loss) per share:

Basic

$             0.22

$             0.41

$           (1.24)

$             1.01

Diluted

$             0.22

$             0.41

$           (1.24)

$             0.99

Cash dividends declared per share

$             0.20

$             0.19

$             0.80

$             0.76

Weighted average shares outstanding:

Basic

54,368

56,442

55,613

56,682

Diluted

54,871

57,408

55,613

57,548

Three months ended

Twelve months ended

Supplemental financial data:

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Depreciation and amortization

$           4,839

$           8,111

$         24,735

$         28,857

Capital expenditures

3,091

4,217

13,736

47,702

Equity-based compensation expense:

Cost of sales

240

289

1,277

1,192

Selling, general and administrative

4,441

3,841

18,524

16,239

Research and development

1,758

1,311

7,090

5,313

Total equity-based compensation expense

$           6,439

$           5,441

$         26,891

$         22,744

As of

September 28,
2024

September 30,
2023

Number of employees

2,746

3,025

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands)

(Unaudited)

As of

September 28,
2024

September 30,
2023

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$              227,147

$              529,402

Short-term investments

350,000

230,000

Accounts and notes receivable, net of allowance for doubtful accounts of $49 and $49 respectively

193,909

158,601

Inventories, net

177,736

217,304

Prepaid expenses and other current assets

46,161

53,751

TOTAL CURRENT ASSETS

994,953

1,189,058

Property, plant and equipment, net

64,823

110,051

Operating right-of-use assets

35,923

47,148

Goodwill

89,748

88,673

Intangible assets, net

25,239

29,357

Deferred tax assets

17,900

31,551

Equity investments

3,143

716

Other assets

8,433

3,223

TOTAL ASSETS

$           1,240,162

$           1,499,777

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

58,847

49,302

Operating lease liabilities

7,718

6,574

Accrued expenses and other current liabilities

90,802

103,005

Income taxes payable

26,427

22,670

TOTAL CURRENT LIABILITIES

183,794

181,551

Deferred tax liabilities

34,594

37,264

Income taxes payable

31,352

52,793

Operating lease liabilities

33,245

41,839

Other liabilities

13,168

11,769

TOTAL LIABILITIES

$              296,153

$              325,216

SHAREHOLDERS’ EQUITY

Common stock, no par value

596,703

577,727

Treasury stock, at cost

(881,830)

(737,214)

Retained earnings

1,242,558

1,355,810

Accumulated other comprehensive loss

(13,422)

(21,762)

TOTAL SHAREHOLDERS’ EQUITY

$              944,009

$           1,174,561

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$           1,240,162

$           1,499,777

 

KULICKE AND SOFFA INDUSTRIES, INC.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

Three months ended

Twelve months ended

September
28, 2024

September
30, 2023

September
28, 2024

September
30, 2023

Net cash provided by operating activities

$         31,619

$         77,492

$         31,037

$       173,404

Net cash (used in) / provided by investing activities, continuing operations

(117,983)

70,386

(138,501)

(91,338)

Net cash used in financing activities, continuing operations

(54,371)

(19,518)

(196,100)

(111,876)

Effect of exchange rate changes on cash and cash equivalents

965

(764)

1,309

3,675

Changes in cash and cash equivalents

(139,770)

127,596

(302,255)

(26,135)

Cash and cash equivalents, beginning of period

366,917

401,806

529,402

555,537

Cash and cash equivalents, end of period

$       227,147

$       529,402

$       227,147

$       529,402

Short-term investments

350,000

230,000

350,000

230,000

Total cash, cash equivalents, and short-term investments

$       577,147

$       759,402

$       577,147

$       759,402

 

Reconciliation of U.S. GAAP Income from Operating

to Non-GAAP Income from Operation and Operating Margin

(In thousands, except percentages)

(unaudited)

Three months ended

September 28,
2024

September 30,
2023

June 29,
2024

Net revenue

$         181,319

$          202,320

$          181,650

U.S. GAAP income from operations

2,689

19,474

8,277

U.S. GAAP operating margin

1.5 %

9.6 %

4.6 %

Pre-tax non-GAAP items:

Amortization related to intangible assets

$             1,266

$              1,356

1,250

Acquisition-related costs

—

13

—

Equity-based compensation

6,439

5,441

6,363

Restructuring

2,294

—

—

Non-GAAP income from operations

$           12,688

$            26,284

$            15,890

Non-GAAP operating margin

7.0 %

13.0 %

8.7 %

 

Reconciliation of U.S. GAAP Net Income to Non-GAAP Net Income and

U.S. GAAP net income per share to Non-GAAP net income per share

(in thousands, except per share data)

(unaudited)

Twelve months ended

Three months ended

September 28,
2024

September 28,
2024

September 30,
2023

June 29,
2024

Net revenue

$     706,232

$   181,319

$   202,320

$   181,650

U.S. GAAP net income

(69,006)

12,117

23,357

12,264

U.S. GAAP net margin

(9.8) %

6.7 %

11.5 %

6.8 %

Non-GAAP adjustments:

Amortization related to intangible assets

$         5,188

$       1,266

$       1,356

1,250

Restructuring

5,234

2,294

—

—

Acquisition-related costs

—

—

13

—

Equity-based compensation

26,891

6,439

5,441

6,363

Impairment charges

44,472

—

—

—

Income tax benefit – US one-time transition tax

(6,461)

(6,461)

—

—

Net income tax (benefit)/expense on non-GAAP items

(4,752)

2,866

(758)

(568)

Total non-GAAP adjustments

70,572

6,404

6,052

7,045

Non-GAAP net income

1,566

18,521

29,409

19,309

Non-GAAP net margin

0.2 %

10.2 %

14.5 %

10.6 %

U.S. GAAP net income per share:

Basic

(1.24)

0.22

0.41

0.22

Diluted(a)

(1.24)

0.22

0.41

0.22

Non-GAAP adjustments per share:(b)

Basic

1.27

0.12

0.11

0.13

Diluted

1.27

0.12

0.10

0.13

Non-GAAP net income per share:

Basic

$           0.03

$        0.34

$        0.52

$        0.35

Diluted(c)

$           0.03

$        0.34

$        0.51

$        0.35

Weighted average shares outstanding:

Basic

55,613

54,368

56,442

55,280

Diluted

55,613

54,871

57,408

55,724

(a)

GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock, but that effect is excluded when calculating GAAP diluted net loss per share because it would be anti-dilutive.

(b)

Non-GAAP adjustments per share includes amortization related to intangible assets acquired through business combinations, costs associated with restructuring and severance, acquisition and integration cost, equity-based compensation expenses, impairment relating to business cessation or disposal, income tax benefit from the U.S. Tax Court opinion in Varian Medical Systems, Inc. v. Commissioner related to the U.S. one-time transition tax and income tax effects associated with the foregoing non-GAAP items.

(c)

Non-GAAP diluted net earnings per share reflects any dilutive effect of outstanding restricted stock.

 

Reconciliation of U.S. GAAP Cash provided by Operating Activities

to Non-GAAP Adjusted Free Cash Flow

(In thousands, except percentages)

(unaudited)

Twelve
months ended

Three months ended

September 28,
2024

September
28, 2024

September
30, 2023

June 29,
2024

U.S. GAAP net cash provided by operating activities

$          31,037

$        31,619

$        77,492

$        26,897

Expenditures for property, plant and equipment

(16,148)

(2,468)

(9,281)

(2,683)

Proceeds from sales of property, plant and equipment

27

27

273

—

Non-GAAP adjusted free cash flow

14,916

29,178

68,484

24,214

 

Reconciliation of U.S. GAAP to Non-GAAP Outlook

(In millions, except per share data)

(Unaudited)

First quarter of fiscal 2025 ending December 28, 2024

GAAP Outlook

Adjustments

Non-GAAP Outlook

Net revenue

$165 million

+/- $10 million

—

$165 million

+/- $10 million

Operating expenses

$4.0 million

+/- 2%

$(66.5) million B,C,D,E

$70.5 million

+/- 2%

Diluted EPS(1)

$1.45

+/- 10%

$(1.17) A,B,C,D,E,F

$0.28

+/- 10%

Non-GAAP Adjustments

A. Equity-based compensation – Cost of sales

0.5

B. Equity-based compensation – Selling, general and
administrative and Research and development

6.3

C. Amortization related to intangible assets

1.4

D. Restructuring expenses

0.8

E. Claim/proceeds relating to cessation of business

(75.0)

F. Net income tax effect of the above items

2.4

(1)

GAAP and non-GAAP diluted EPS based on approximately 54.2 million diluted weighted average shares outstanding.

The tables above reconcile our GAAP to non-GAAP guidance based on the current outlook. The guidance does not incorporate the impact of any potential business combinations, divestitures, restructuring activities, strategic investments and other significant transactions. The timing and impact of such items are dependent on future events that may be uncertain or outside of our control.

 

View original content:https://www.prnewswire.com/news-releases/kulicke–soffa-reports-fourth-quarter-2024-results-302304678.html

SOURCE Kulicke & Soffa Industries, Inc.

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From Pasture to Power: Gordon Solar Farm Showcases the Future of Farming and Solar Energy in New Zealand

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

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

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

Making More of Agricultural Land

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

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

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

Solar Technology Designed for Agricultural Environments

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

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

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

Bringing Farming and Solar Expertise Together

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

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

A Model for the Future of Rural Renewable Energy

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

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

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

For more information, visit www.tclsolar.com

About TCL Solar

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

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

View original content:https://www.prnewswire.com/apac/news-releases/from-pasture-to-power-gordon-solar-farm-showcases-the-future-of-farming-and-solar-energy-in-new-zealand-302934622.html

SOURCE TCL Solar

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

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

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

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

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

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

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

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

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

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SOURCE GTN

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

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

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

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

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

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

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

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

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

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

Read The Store Truth Gap report here.

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

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

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

About the survey

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

About Scandit

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

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

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

 

 

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