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ZEEKR Reports Third Quarter 2024 Unaudited Financial Results

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HANGZHOU, China, Nov. 14, 2024 /PRNewswire/ — ZEEKR Intelligent Technology Holding Limited (“ZEEKR” or the “Company”) (NYSE: ZK), a global premium electric mobility technology company, today announced its unaudited financial results for the third quarter ended September 30, 2024.

Operating Highlights for the Third Quarter of 2024

Total vehicle deliveries were 55,003 units for the third quarter of 2024, representing a 51% year-over-year increase.

Deliveries

2024 Q3

2024 Q2

2024 Q1

2023 Q4

55,003

54,811

33,059

39,657

Deliveries

2023 Q3

2023 Q2

2023 Q1

2022 Q4

36,395

27,399

15,234

32,467

Financial Highlights for the Third Quarter of 2024

Vehicle sales were RMB14,401.3 million (US$2,052.2 million)[1] for the third quarter of 2024, representing an increase of 42.0% from the third quarter of 2023 and an increase of 7.2% from the second quarter of 2024.

Vehicle margin[2] was 15.7% for the third quarter of 2024, compared with 18.1% for the third quarter of 2023 and 14.2% for the second quarter of 2024.

Total revenues were RMB18,358.0 million (US$2,616.0 million) for the third quarter of 2024, representing an increase of 30.7% from the third quarter of 2023 and a decrease of 8.4% from the second quarter of 2024.

Gross profit was RMB2,941.8 million (US$419.2 million) for the third quarter of 2024, representing an increase of 28.5% from the third quarter of 2023 and a decrease of 14.7% from the second quarter of 2024.

Gross margin was 16.0% for the third quarter of 2024, compared with 16.3% for the third quarter of 2023 and 17.2% for the second quarter of 2024.

Loss from operations was RMB1,216.4 million (US$173.3 million) for the third quarter of 2024, representing a decrease of 19.3% from the third quarter of 2023 and a decrease of 29.3% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted loss from operations (non-GAAP)[3] was RMB1,169.8 million (US$166.7 million) for the third quarter of 2024, representing a decrease of 20.8% from the third quarter of 2023 and an increase of 50.5% from the second quarter of 2024.

Net loss was RMB1,139.1 million (US$162.3 million) for the third quarter of 2024, representing a decrease of 21.7% from the third quarter of 2023 and a decrease of 37.0% from the second quarter of 2024. Excluding share-based compensation expenses, adjusted net loss (non-GAAP) was RMB1,092.6 million (US$155.7 million) for the third quarter of 2024, representing a decrease of 23.4% from the third quarter of 2023 and an increase of 26.3% from the second quarter of 2024.

[1] All conversions from Renminbi(“RMB”) to U.S. dollars (“US$”) are made at an exchange rate of RMB7.0176 to US$1.00, set forth in the H.10 statistical release of the Federal Reserve Board on September 30, 2024.

[2] Vehicle margin is the margin of vehicle sales, which is calculated based on revenues and cost of revenues derived from vehicle sales only.

[3] The Company’s non-GAAP financial measures exclude share-based compensation expenses. See “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this announcement.

Key Financial Results

(in RMB millions, except for percentages)

2024 Q3

2024 Q2

2023 Q3

% Change i 

YoY

QoQ

Vehicle sales

14,401.3

13,438.2

10,143.7

42.0 %

7.2 %

Vehicle margin

15.7 %

14.2 %

18.1 %

(2.4)pts

1.5pts

Total revenues

18,358.0

20,040.1

14,044.6

30.7 %

(8.4) %

Gross profit

2,941.8

3,449.8

2,289.4

28.5 %

(14.7) %

Gross margin

16.0 %

17.2 %

16.3 %

(0.3)pts

(1.2)pts

Loss from operations

(1,216.4)

(1,721.0)

(1,507.8)

(19.3) %

(29.3) %

Non-GAAP loss from operations     

(1,169.8)

(777.1)

(1,477.6)

(20.8) %

50.5 %

Net loss

(1,139.1)

(1,808.8)

(1,455.7)

(21.7) %

(37.0) %

Non-GAAP net loss

(1,092.6)

(864.9)

(1,425.6)

(23.4) %

26.3 %

i 

Except for vehicle margin and gross margin, absolute changes instead of percentage changes are presented.

Recent Developments

Delivery Update  

In October 2024, the Company delivered 25,049 vehicles, representing an increase of 92% from October 2023.

New Model Launches

On October 23, 2024, ZEEKR officially launched and commenced deliveries of the ZEEKR MIX, a five-seat, family-oriented vehicle. The ZEEKR MIX redefines the concept of an everyday driver, seamlessly combining ample space, outstanding safety, and agile handling. As the first model built on the Company’s SEA-M architecture, the ZEEKR MIX boasts up to 93% in-cabin space utilization, maximizing interior space through innovative packaging and a capsule-style exterior. Two front-row seats that can swivel 270 degrees and a movable central console enhance cabin versatility, enabling “9+N” cabin scenario modes and flexible seating arrangements.

CEO and CFO Comments

“Our performance remained strong and resilient this quarter, marked by record-high deliveries and successful new model launches,” said Mr. Andy An, ZEEKR’s chief executive officer. “In the third quarter, we set a new record with 55,003 vehicle deliveries, representing a 51% year-over-year increase, and reached an additional milestone in October with monthly deliveries of 25,049 units. Notably, the ZEEKR 7X’s deliveries exceeded 20,000 units within 50 days since its launch, marking a robust achievement in the highly competitive mainstream SUV market. As we expand our product lineup and strengthen each model’s position in its respective category, we are delivering ZEEKR’s ultimate driving experience to more users, further cementing ZEEKR’s industry leadership.”

Mr. Jing Yuan, ZEEKR’s chief financial officer, added, “Our disciplined cost control measures, coupled with ongoing optimization of product structure, economies of scale, and technological innovation, drove a 30.7% year-over-year increase in revenue. Vehicle sales for the quarter grew by 42.0% and 7.2% year-over-year and quarter-over-quarter, respectively. Meanwhile, vehicle margin remained on an upward trajectory, rising to 15.7% in the third quarter of 2024, highlighting our consistent progress in profitability enhancement. Looking ahead, we will continue to consolidate resources, strengthen product capabilities, and expand our industry presence to propel our sustainable growth.”

Financial Results for the Third Quarter of 2024

Revenues

Total revenues were RMB18,358.0 million (US$2,616.0 million) for the third quarter of 2024, representing an increase of 30.7% from RMB14,044.6 million for the third quarter of 2023 and a decrease of 8.4% from RMB20,040.1 million for the second quarter of 2024.

Revenues from vehicle sales were RMB14,401.3 million (US$2,052.2 million) for the third quarter of 2024, representing an increase of 42.0% from RMB10,143.7 million for the third quarter of 2023, and an increase of 7.2% from RMB13,438.2 million for the second quarter of 2024. The year-over-year increase was due to the increase in new product delivery volume, partially offset by the lower average selling price due to the different product mix and pricing strategy changes between the two quarters. The quarter-over-quarter increase was mainly attributable to the launch of the ZEEKR 7X new model in the third quarter of 2024 and the higher average selling price resulting from changes in product mix.

Revenues from sales of batteries and other components were RMB3,245.3 million (US$462.5 million) for the third quarter of 2024, representing a decrease of 1.3% from RMB3,288.8 million for the third quarter of 2023 and a decrease of 38.8% from RMB5,299.2 million for the second quarter of 2024. The revenues from sales of batteries and other components remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly driven by lower sales volume of battery packs in the domestic market.

Revenues from research and development service and other services were RMB711.4 million (US$101.4 million) for the third quarter of 2024, representing an increase of 16.2% from RMB612.1 million for the third quarter of 2023 and a decrease of 45.4% from RMB1,302.6 million for the second quarter of 2024. The year-over-year increase was mainly due to the increased sales of after-sales vehicle services. The quarter-over-quarter decrease was mainly due to the decreased sales of research and development services to related parties.

Cost of Revenues and Gross Margin

Cost of revenues was RMB15,416.2 million (US$2,196.8 million) for the third quarter of 2024, representing an increase of 31.1% from RMB11,755.2 million for the third quarter of 2023 and a decrease of 7.1% from RMB16,590.2 million for the second quarter of 2024. The year-over-year increase was mainly attributable to the increase in vehicle delivery volume and the quarter-over-quarter decrease was mainly attributable to the decrease in sales of batteries and other components.

Gross profit was RMB2,941.8 million (US$419.2 million) for the third quarter of 2024, representing an increase of 28.5% from RMB2,289.4 million for the third quarter of 2023 and a decrease of 14.7% from RMB3,449.8 million for the second quarter of 2024.

Gross margin was 16.0% for the third quarter of 2024, compared with 16.3% for the third quarter of 2023 and 17.2% for the second quarter of 2024. The gross margin remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly attributable to the decreased margins on batteries and other components.

Vehicle margin was 15.7% for the third quarter of 2024, compared with 18.1% for the third quarter of 2023 and 14.2% for the second quarter of 2024. The year-over-year decrease was primarily attributed to the lower average selling price of ZEEKR vehicles due to the different product mix and pricing strategy changes between the two quarters, partially offset by the procurement savings as the cost of auto parts and materials decreased. The quarter-over-quarter increase was mainly due to the change in product mix.

Operating Expenses

Research and development expenses were RMB1,966.2 million (US$280.2 million) for the third quarter of 2024, representing a decrease of 2.6% from RMB2,018.1 million for the third quarter of 2023 and a decrease of 25.1% from RMB2,623.5 million for the second quarter of 2024. Research and development expenses remained relatively stable compared with the third quarter of 2023. The quarter-over-quarter decrease was mainly due to a one-off, large quantity of share-based compensation expenses in the second quarter, conditioned on the Company’s initial public offering.

Selling, general and administrative expenses were RMB2,274.8 million (US$324.1 million) for the third quarter of 2024, representing an increase of 25.4% from RMB1,813.9 million for the third quarter of 2023 and a decrease of 12.7% from RMB2,604.7 million for the second quarter of 2024. The year-over-year increase was mainly due to increased expenses related to the expansion of offline channels in China and overseas as well as the marketing activities of the launch of new models. The quarter-over-quarter decrease was mainly due to a one-off, large quantity of share-based compensation expenses in the second quarter, conditioned on the Company’s initial public offering.

Loss from Operations

Loss from operations was RMB1,216.4 million (US$173.3 million) for the third quarter of 2024, representing a decrease of 19.3% from RMB1.507.8 million for the third quarter of 2023 and a decrease of 29.3% from RMB1,721.0 million for the second quarter of 2024.

Non-GAAP loss from operations, which excludes share-based compensation expenses from loss from operations, was RMB1,169.8 million (US$166.7 million) for the third quarter of 2024, representing a decrease of 20.8% from RMB1,477.6 million for the third quarter of 2023 and an increase of 50.5% from RMB777.1 million for the second quarter of 2024.

Net Loss and Net Loss Per Share

Net loss was RMB1,139.1 million (US$162.3 million) for the third quarter of 2024, representing a decrease of 21.7% from RMB1,455.7 million for the third quarter of 2023 and a decrease of 37.0% from RMB1,808.8 million for the second quarter of 2024.

Non-GAAP net loss, which excludes share-based compensation expenses from net loss, was RMB1,092.6 million (US$155.7 million) for the third quarter of 2024, representing a decrease of 23.4% from RMB1,425.6 million for the third quarter of 2023 and an increase of 26.3% from RMB864.9 million for the second quarter of 2024.

Net loss attributable to ordinary shareholders of ZEEKR was RMB1,226.3 million (US$174.7 million) for the third quarter of 2024, representing a decrease of 16.9% from RMB1,476.1 million for the third quarter of 2023 and a decrease of 44.0% from RMB2,190.2 million for the second quarter of 2024.

Non-GAAP net loss attributable to ordinary shareholders of ZEEKR, which excludes share-based compensation expenses from net loss attributable to ordinary shareholders, was RMB1,179.7 million (US$168.1 million) for the third quarter of 2024, representing a decrease of 18.4% from RMB1,445.9 million for the third quarter of 2023 and a decrease of 5.3% from RMB1,246.3 million for the second quarter of 2024.

Basic and diluted net loss per share attributed to ordinary shareholders were RMB0.48 (US$0.07) each for the third quarter of 2024, compared with RMB0.74 each for the third quarter of 2023 and RMB0.95 each for the second quarter of 2024.

Non-GAAP basic and diluted net loss per share attributed to ordinary shareholders were both RMB0.46 (US$0.07) each for the third quarter of 2024, compared with RMB0.72 each for the third quarter of 2023 and RMB0.54 each for the second quarter of 2024.

Basic and diluted net loss per American Depositary Share (“ADS[4]”) attributed to ordinary shareholders were RMB4.80 (US$0.68) each for the third quarter of 2024, compared with RMB9.51 each for the second quarter of 2024.

Non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders were RMB4.62 (US$0.66) each for the third quarter of 2024, compared with RMB5.41 each for the second quarter of 2024.

[4] Each ADS represents ten ordinary shares.

Balance Sheets

Cash and cash equivalents and restricted cash was RMB8,297.7 million (US$1,182.4 million) as of September 30, 2024.

Conference Call

The Company’s management will host an earnings conference call on Thursday, November 14, 2024, at 7:00 A.M. U.S. Eastern Time (8:00 P.M. Beijing/Hong Kong Time on the same day).

All participants who wish to join the call are requested to complete the online registration using the link provided below. After registration, each participant will receive by email a set of dial-in numbers, a passcode and a unique access PIN to join the conference call. Participants may pre-register at any time, including up to and after the call start time.

Participant Online Registration: https://dpregister.com/sreg/10194063/fdd5d5735e

A live webcast of the conference call will be available on the Company’s investor relations website at https://ir.zeekrlife.com/.

About ZEEKR

ZEEKR (NYSE: ZK) is a global premium electric mobility technology brand from Geely Holding Group. ZEEKR aims to create a fully integrated user ecosystem with innovation as a standard. ZEEKR utilizes Sustainable Experience Architecture (SEA) and develops its own battery technologies, battery management systems, electric motor technologies, and electric vehicle supply chains. ZEEKR’s value is equality, diversity, and sustainability. Its ambition is to become a true mobility solution provider.

ZEEKR operates its R&D centers and design studios in Ningbo, Hangzhou, Gothenburg, and Shanghai and boasts state-of-the-art facilities and world-class expertise. Since ZEEKR began delivering vehicles in October 2021, the brand has developed a diversified product portfolio that primarily includes the ZEEKR 001, a luxury shooting brake; the ZEEKR 001 FR, a hyper-performing electric shooting brake; the ZEEKR 009, a pure electric luxury MPV; the ZEEKR 009 Grand, a four-seat ultra-luxury flagship MPV; the ZEEKR X, a compact SUV; the ZEEKR 7X, a premium electric five-seater SUV; the ZEEKR MIX; and an upscale sedan model. ZEEKR has announced plans to sell vehicles in global markets, and has an ambitious roll-out plan over the next 5 years to satisfy the rapidly expanding global EV demand.

For more information, please visit https://ir.zeekrlife.com/.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures, such as non-GAAP loss from operations, non-GAAP net loss, non-GAAP net loss attributable to ordinary shareholders, non-GAAP basic and diluted net loss per ordinary share attributed to ordinary shareholders, non-GAAP basic and diluted net loss per ADS attributed to ordinary shareholders, in evaluating its operating results and for financial and operational decision-making purposes. By excluding the impact of share-based compensation expenses, the Company believes that the non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that the non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. The non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for net loss or other consolidated statements of comprehensive loss data prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and non-GAAP Results” set forth in this announcement.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.0176 to US$1.00, the exchange rate on September 30, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “future,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any duty to update such information, except as required under applicable law.

For Investor Enquiries
ZEEKR
Investor Relations
Email: ir@zeekrlife.com

For Media Enquiries
ZEEKR
Media Relations
Email: Globalcomms@zeekrlife.com

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

As of

December 31

September 30

September 30

2023

2024

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

3,260,670

5,640,993

803,835

Restricted cash

844,079

2,656,734

378,582

Notes receivable

487,851

952,108

135,674

Accounts receivable

1,104,450

2,096,355

298,728

Inventories

5,228,689

4,745,085

676,169

Amounts due from related parties

7,256,861

6,535,623

931,319

Prepayments and other current assets    

2,294,508

2,711,024

386,317

Total current assets

20,477,108

25,337,922

3,610,624

Property, plant and equipment, net

2,914,274

3,265,370

465,312

Intangible assets, net

410,912

624,404

88,977

Land use rights, net

51,755

62,185

8,861

Operating lease right-of-use assets

2,443,545

2,225,175

317,085

Deferred tax assets

86,395

195,175

27,812

Long-term investments

459,794

629,383

89,686

Other non-current assets

273,717

367,752

52,404

Total non-current assets

6,640,392

7,369,444

1,050,137

TOTAL ASSETS

27,117,500

32,707,366

4,660,761

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)

(Amounts in thousands)

As of

December 31

September 30

September 30

2023

2024

2024

RMB

RMB

US$

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term Borrowings

–

30,000

4,275

Accounts payable

4,104,717

3,589,418

511,488

Notes payable

5,504,945

12,474,151

1,777,552

Amounts due to related parties

16,355,902

15,008,230

2,138,656

Income tax payable

108,083

172,826

24,628

Accruals and other current liabilities

6,243,956

8,114,841

1,156,354

Total current liabilities

32,317,603

39,389,466

5,612,953

Long-term borrowings

–

414,630

59,084

Operating lease liabilities, non-current

1,807,159

1,577,950

224,856

Amounts due to related parties, non-current

1,100,000

–

–

Other non-current liabilities

563,001

540,082

76,961

Deferred tax liability

8,337

8,224

1,172

Total non-current liabilities

3,478,497

2,540,886

362,073

TOTAL LIABILITIES

35,796,100

41,930,352

5,975,026

SHAREHOLDERS’ EQUITY

Ordinary shares

2,584

3,361

479

Convertible preferred shares

362

–

–

Shares subscription receivable

–

(66)

(9)

Additional paid-in capital

11,213,798

15,683,094

2,234,823

Accumulated deficits

(20,865,686)

(26,296,475)

(3,747,218)

Accumulated other comprehensive income/(loss)     

17,555

(26,402)

(3,762)

Total ZEEKR shareholders’ deficit

(9,631,387)

(10,636,488)

(1,515,687)

Non-controlling interest

952,787

1,413,502

201,422

TOTAL SHAREHOLDERS’ DEFICIT

(8,678,600)

(9,222,986)

(1,314,265)

TOTAL LIABILITIES AND SHAREHOLDERS’
EQUITY

27,117,500

32,707,366

4,660,761

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Revenues:

Vehicle sales

10,143,742

13,438,241

14,401,309

2,052,170

Sales of batteries and other components     

3,288,766

5,299,171

3,245,331

462,456

Research and development service and
other services

612,103

1,302,639

711,362

101,368

Total revenues

14,044,611

20,040,051

18,358,002

2,615,994

Cost of revenues:

Vehicle sales

(8,308,327)

(11,533,020)

(12,146,781)

(1,730,902)

Sales of batteries and other components

(3,050,588)

(4,223,452)

(2,808,646)

(400,229)

Research and development service and
other services

(396,289)

(833,756)

(460,775)

(65,660)

Total cost of revenues

(11,755,204)

(16,590,228)

(15,416,202)

(2,196,791)

Gross profit

2,289,407

3,449,823

2,941,800

419,203

Operating expenses:

Research and development expenses

(2,018,136)

(2,623,471)

(1,966,167)

(280,177)

Selling, general and administrative
expenses

(1,813,890)

(2,604,665)

(2,274,751)

(324,149)

Other operating income, net

34,851

57,287

82,747

11,791

Total operating expenses

(3,797,175)

(5,170,849)

(4,158,171)

(592,535)

Loss from operations

(1,507,768)

(1,721,026)

(1,216,371)

(173,332)

Interest expense

(28,186)

(23,396)

(8,088)

(1,153)

Interest income

27,614

42,537

43,255

6,163

Other income/(expense), net

6,020

(7,809)

54,967

7,833

Loss before income tax expense and
share of losses in equity method
investments

(1,502,320)

(1,709,694)

(1,126,237)

(160,489)

Share of income in equity method
investments

33,021

85,852

81,500

11,614

Income tax benefits/(expense)

13,605

(184,980)

(94,409)

(13,453)

Net loss

(1,455,694)

(1,808,822)

(1,139,146)

(162,328)

Less: income attributable to non-
controlling interest

20,368

381,363

87,134

12,416

Net loss attributable to shareholders
of ZEEKR

(1,476,062)

(2,190,185)

(1,226,280)

(174,744)

 

ZEEKR INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE
(LOSS)/INCOME (CONTINUED)

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Net loss per share attributed to
ordinary shareholders:

Basic and diluted

(0.74)

(0.95)

(0.48)

(0.07)

Weighted average shares used in
calculating net loss per share:

Basic and diluted

2,000,000,000

2,301,866,887

2,552,901,668

2,552,901,668

Net loss per ADS attributed to
ordinary shareholders:

Basic and diluted

–

(9.51)

(4.80)

(0.68)

Weighted average ADS used in
calculating net loss per ADS:

Basic and diluted

–

230,186,689

255,290,167

255,290,167

Net loss

(1,455,694)

(1,808,822)

(1,139,146)

(162,328)

Other comprehensive income/(loss),     
net of tax of nil:

Foreign currency translation
adjustments

(35,240)

74,670

(75,858)

(10,810)

Comprehensive loss

(1,490,934)

(1,734,152)

(1,215,004)

(173,138)

Less: comprehensive income/(loss)
attributable to non-controlling interest

20,368

381,363

87,134

12,416

Comprehensive loss attributable to
shareholders of ZEEKR

(1,511,302)

(2,115,515)

(1,302,138)

(185,554)

 

ZEEKR INC.

UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(Amounts in thousands, except share/ADS and per share/ADS data and otherwise noted)

Three Months Ended

September 30

June 30

September 30

September 30

2023

2024

2024

2024

RMB

RMB

RMB

US$

Loss from operations

(1,507,768)

(1,721,026)

(1,216,371)

(173,332)

Share-based compensation expenses      

30,142

943,921

46,595

6,640

Non-GAAP loss from operations

(1,477,626)

(777,105)

(1,169,776)

(166,692)

Net loss

(1,455,694)

(1,808,822)

(1,139,146)

(162,328)

Share-based compensation expenses

30,142

943,921

46,595

6,640

Non-GAAP net loss

(1,425,552)

(864,901)

(1,092,551)

(155,688)

Net loss attributable to ordinary
shareholders

(1,476,062)

(2,190,185)

(1,226,280)

(174,744)

Share-based compensation expenses

30,142

943,921

46,595

6,640

Non-GAAP net loss attributable to
ordinary shareholders of ZEEKR

(1,445,920)

(1,246,264)

(1,179,685)

(168,104)

Weighted average number of
ordinary shares used in calculating
Non-GAAP net loss per share

Basic and diluted

2,000,000,000

2,301,866,887

2,552,901,668

2,552,901,668

Non-GAAP net loss per ordinary
share attributed to ordinary
shareholders

Basic and diluted

(0.72)

(0.54)

(0.46)

(0.07)

Weighted average number of ADS
used in calculating Non-GAAP net
loss per ADS

Basic and diluted

–

230,186,689

255,290,167

255,290,167

Non-GAAP net loss per ADS
attributed to ordinary shareholders

Basic and diluted

–

(5.41)

(4.62)

(0.66)

 

View original content:https://www.prnewswire.com/news-releases/zeekr-reports-third-quarter-2024-unaudited-financial-results-302305084.html

SOURCE ZEEKR Intelligent Technology Holding Limited

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RADCOM Reports Third Quarter 2026 Results

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Increased revenue 19.4% sequentially, returned to quarterly non-GAAP operating income, and maintained positive cash flow

TEL AVIV, Israel, Nov. 11, 2026 /PRNewswire/ — RADCOM Ltd. (Nasdaq: RDCM) announced today its financial results for the third quarter ended September 30, 2026.

Third-quarter revenues were $14.0 million, up 19.4% sequentially and down 23.6% year over year. Although RADCOM recorded a GAAP operating loss, it returned to non-GAAP operating profitability. RADCOM also generated $1.7 million in positive cash flow and ended the quarter with $111.4 million in cash, cash equivalents, and short-term bank deposits and no debt, up from $109.7 million as of June 30, 2026.

“We returned to non-GAAP operating profitability this quarter and added two new customers, VNPT and CETIN Networks, each replacing the incumbent vendor through a competitive process,” said Benny Eppstein, RADCOM’s Chief Executive Officer. “Our solutions remain integral to how customers manage their networks and end-user service quality, and our customer relationships remain strong. Operators continue to invest in their networks, and we are working closely with them on their deployment plans. Based on those discussions, we see positive signs that some deployments delayed in 2026 will begin to move forward in early 2027.”

“We are reaffirming our revised full-year outlook,” Eppstein continued. “With $111.4 million in cash and no debt, we are investing in RADCOM ACE and our agentic AI roadmap to drive growth. We expect to begin repurchasing shares after the current earnings-related blackout period ends, at management’s discretion. Looking ahead, we remain open to partnerships and targeted acquisitions that expand our solution portfolio, enhance customer value, and deliver greater returns to stakeholders. Together, these steps reflect our confidence in the business and our commitment to building long-term value for our shareholders.”

Third Quarter of 2026 Financial Highlights:

Total revenues for the third quarter of 2026 were $14.0 million, up 19.4% sequentially from $11.8 million in the second quarter of 2026, and down 23.6% year over year from $18.4 million in the third quarter of 2025.GAAP operating loss for the third quarter of 2026 was $0.9 million, or (6.4%) of revenue, compared to GAAP operating income of $2.4 million, or 13.1% of revenue, for the third quarter of 2025.Non-GAAP operating income for the third quarter of 2026 was $0.7 million, or 4.9% of revenue, compared to non-GAAP operating income of $3.8 million, or 20.9% of revenue, for the third quarter of 2025.GAAP net income for the third quarter of 2026 was $0.4 million, or $0.03 per diluted share, compared to GAAP net income of $3.5 million, or $0.21 per diluted share, for the third quarter of 2025.Non-GAAP net income for the third quarter of 2026 was $1.9 million, or $0.11 per diluted share, compared to non-GAAP net income of $4.9 million, or $0.29 per diluted share, for the third quarter of 2025.Cash flow for the third quarter of 2026 was positive at $1.7 million. As of September 30, 2026, the Company had cash, cash equivalents and short-term bank deposits of $111.4 million and no debt, compared to $109.7 million as of June 30, 2026.

First Nine Months of 2026 Financial Highlights:

Total revenues for the first nine months of 2026 were $44.4 million, compared to $52.6 million in the first nine months of 2025, a decline of 15.7% year over year.GAAP operating loss for the first nine months of 2026 was $2.5 million, or (5.6%) of revenue, compared to GAAP operating income of $5.6 million, or 10.7% of revenue, for the first nine months of 2025.Non-GAAP operating income for the first nine months of 2026 was $2.3 million, or 5.1% of revenue, compared to non-GAAP operating income of $10.4 million, or 19.8% of revenue, for the first nine months of 2025.GAAP net income for the first nine months of 2026 was $0.4 million, or $0.02 per diluted share, compared to GAAP net income of $8.3 million, or $0.50 per diluted share, for the first nine months of 2025.Non-GAAP net income for the first nine months of 2026 was $5.1 million, or $0.30 per diluted share, compared to non-GAAP net income of $13.2 million, or $0.79 per diluted share, for the first nine months of 2025.

Recent Highlights:

In the third quarter, VNPT (Vietnam Posts and Telecommunications Group), one of Vietnam’s largest telecom operators with over 30 million subscribers, selected RADCOM to provide AI-native, cloud-native service assurance for its roaming network. Following a competitive request for proposal (RFP) process, RADCOM will replace VNPT’s incumbent assurance vendor, deploying the cloud-native RADCOM ACE platform across multiple cloud environments with AI and machine learning (ML)-based anomaly detection to recognize issues before they affect the customer experience.RADCOM booked a multi-year contract with new customer CETIN Networks in Slovakia in the third quarter to deploy end-to-end, AI-driven assurance across its mobile network, from the radio access network (RAN) to the core, replacing the incumbent assurance provider. CETIN Networks is part of CETIN International and the wider e& PPF Telecom Group, which together serve more than 12 million customers across four countries.In September 2026, RADCOM’s Board of Directors authorized a share repurchase program of up to $20 million of the Company’s ordinary shares, expected to remain in effect for up to 18 months. No shares were repurchased during the third quarter, and the Company expects to begin repurchases at management’s discretion, after the current earnings-related blackout period ends.

Outlook

RADCOM reaffirms its revised full-year 2026 revenue outlook of $57 to $63 million, with a midpoint of $60 million, as announced on July 30, 2026.

Conference Call and Webcast

RADCOM’s management will host an interactive conference call on Wednesday, November 11, 2026, at 8:00 a.m. Eastern Time (3:00 p.m. Israel Time) to discuss the results and answer questions.

Conference call details:

Date / Time: Wednesday, November 11, 2026, at 8:00 a.m. Eastern Time / 3:00 p.m. Israel Time
USA Toll-Free: 1-866-652-8972
USA Toll-Free (alternate): 1-800-994-4498
Local Access: 03-9180609
Webcast (live and replay): https://www.veidan-conferencing.com/radcom

An archived replay of the call will be available on the RADCOM website following the live event.

About RADCOM

RADCOM (Nasdaq: RDCM) is a leading provider of advanced, intelligent assurance solutions with integrated AI Operations (AIOps) capabilities. Its flagship platform, RADCOM ACE, harnesses AI-driven analytics and generative AI (GenAI) to improve customer experiences. From lab testing to full-scale deployment, RADCOM utilizes cutting-edge networking technologies to capture and analyze real-time data. Its advanced 5G portfolio delivers end-to-end network observability, from the radio access network (RAN) to the core.

Designed to be open, vendor-neutral, and cloud-agnostic, RADCOM’s solutions drive next-generation network automation, optimization, and efficiency. By leveraging AI-powered intelligence, RADCOM reduces operational costs, enables predictive customer insights, and seamlessly integrates with business support systems (BSS), operations support systems (OSS), and service management platforms. Offering a complete, real-time view of mobile and fixed networks, RADCOM empowers telecom operators to ensure exceptional service quality, enhance user experiences, and build customer-centric networks.

For all investor inquiries, please contact:

Investor Relations:
Rob Fink or Joey Delahoussaye
FNK IR
rdcm@fnkir.com
646-809-4048 / 312-809-1087

Company Contact:
Hod Cohen
CFO
+972-3-645-5055
hod.cohen@radcom.com

Non-GAAP Information

Certain non-GAAP financial measures are included in this press release. These non-GAAP financial measures are provided to enhance the reader’s overall understanding of the Company’s financial performance. By excluding non-cash stock-based compensation that has been expensed in accordance with ASC Topic 718, financial income (expenses) and amortization of intangible assets related to acquisitions, the Company’s non-GAAP results provide information to both management and investors that is useful in assessing the Company’s core operating performance and in evaluating and comparing the Company’s results of operations on a consistent basis from period to period. These non-GAAP financial measures are also used by management to evaluate financial results and to plan and forecast future periods. The presentation of this additional information is not meant to be considered a substitute for the corresponding financial measures prepared in accordance with GAAP.

Risks Regarding Forward-Looking Statements

Certain statements made herein that use words such as “estimate,” “project,” “intend,” “expect,” “believe,” “may,” “might,” “potential,” “anticipate,” “plan” or similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, when the Company discusses its full-year 2026 revenue outlook; the timing of customer deployments generally; continued investment by operators in their networks; the strength of its customer relationships building long-term value for shareholders and its investments in RADCOM ACE and its agentic AI roadmap; potential partnerships and targeted acquisitions and the initiation, timing, amount and duration of repurchases of its shares under its share repurchase program, it is using forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties that could cause the actual results, performance, or achievements of the Company to be materially different from those that may be expressed or implied by such statements, including, among others, changes in general economic and business conditions and specifically, decline in demand for the Company’s products, delays in or cancellation of customer deployments, dependence on a limited number of customers, inability to timely develop and introduce new technologies, products, and applications, including AI-based capabilities, loss of market share and pressure on prices resulting from competition, market conditions, share price and other factors affecting whether and when the Company repurchases shares, and the effects of the conflict in Israel. For additional information regarding these and other risks and uncertainties associated with the Company’s business, reference is made to the Company’s reports filed from time to time with the U.S. Securities and Exchange Commission. The Company does not undertake to revise or update any forward-looking statements for any reason, except as required by law.

 

 

 

RADCOM Ltd.

Consolidated Statements of Operations
Unaudited

 

(thousands of U.S. dollars, except share and per share data)

Three months ended
September 30,

Nine months ended
September 30,

2026

2025

2026

2025

Revenues

$ 14,041

$ 18,388

$ 44,386

$ 52,637

Cost of revenues

3,817

4,364

11,260

12,823

Gross profit

10,224

14,024

33,126

39,814

Research and development, gross

5,355

5,119

16,754

14,832

Less – royalty-bearing participation

–

189

113

214

Research and development, net

5,355

4,930

16,641

14,618

Sales and marketing

4,076

5,144

14,224

14,944

General and administrative

1,686

1,535

4,734

4,635

Total operating expenses

11,117

11,609

35,599

34,197

Operating (loss) income

(893)

2,415

(2,473)

5,617

Financial income, net

1,493

1,163

3,513

3,076

Income before taxes on income

600

3,578

1,040

8,693

Taxes on income

159

107

636

344

Net income

$ 441

$ 3,471

$ 404

$ 8,349

Basic net income per ordinary share

$ 0.03

$ 0.21

$ 0.02

$ 0.52

Diluted net income per ordinary share

$ 0.03

$ 0.21

$ 0.02

$ 0.50

Weighted average number of 
 ordinary shares used in computing basic
net income per ordinary share

17,008,033

16,357,554

16,842,641

16,183,572

Weighted average number of 
 ordinary shares used in computing
diluted net income per ordinary share

17,300,951

16,923,983

17,225,321

16,766,553

(*) Less than $ 0.01

 

 

 

RADCOM LTD.

Reconciliation of GAAP to Non-GAAP Financial Information

Unaudited

(thousands of U.S. dollars, except share and per share data)

Three months ended 

Nine months ended

September 30,

September 30,

2026

2025

2026

2025

GAAP gross profit

$                  10,224

$              14,024

$                33,126

$            39,814

Stock-based compensation

88

99

267

298

Amortization of intangible assets

57

57

168

168

Non-GAAP gross profit

$                  10,369

$              14,180

$                  33,561

$           40,280

 

GAAP research and development, net

$                    5,355

$                4,930

$                 16,641

$           14,618

Stock-based compensation

437

421

1,385

1,308

Non-GAAP research and development, net

$                    4,918

$                4,509

$                15,256

$           13,310

 

GAAP sales and marketing

$                    4,076

$                5,144

$                 14,224

$           14,944

Stock-based compensation

521

504

1,634

1,709

Amortization of intangible assets

29

29

87

86

Non-GAAP sales and marketing

$                    3,526

$                4,611

$                12,503

$           13,149

 

GAAP general and administrative

$                    1,686

$                1,535

$                  4,734

$             4,635

Stock-based compensation

450

323

1,183

1,244

Non-GAAP general and administrative

$                    1,236

$                1,212

$                  3,551

$             3,391

 

GAAP total operating expenses

$                  11,117

$              11,609

$                35,599

$           34,197

Stock-based compensation

1,408

1,248

4,202

4,261

Amortization of intangible assets

29

29

87

86

Non-GAAP total operating expenses

$                    9,680

$              10,332

$                 31,310

$           29,850

 

GAAP operating (loss) income

$                    (893)

$                2,415

$                 (2,473)

$             5,617

Stock-based compensation

1,496

1,347

4,469

4,559

Amortization of intangible assets

86

86

255

254

Non-GAAP operating income

$                       689

$                3,848

$                    2,251

$            10,430

 

 

 

RADCOM LTD.

Reconciliation of GAAP to Non-GAAP Financial Information

  Unaudited

 

(thousands of U.S. dollars, except share and per share data)

 

Three months ended

September 30,

Nine months ended

          September 30,

2026

2025

2026

2025

 

GAAP income before taxes on income

$ 600

$ 3,578

$ 1,040

$ 8,693

Stock-based compensation

1,496

1,347

4,469

4,559

Amortization of intangible assets

86

86

255

254

Financial (income) expenses, net

(90)

22

19

49

Non-GAAP income before taxes on income

$ 2,092

$ 5,033

$ 5,783

$ 13,555

 

GAAP net income

$ 441

$ 3,471

$ 404

$ 8,349

Stock-based compensation

1,496

1,347

4,469

4,559

Amortization of intangible assets

86

86

255

254

Financial (income) expenses, net

(90)

22

19

49

Non-GAAP net income

$ 1,933

$ 4,926

$ 5,147

$ 13,211

 

GAAP net income per diluted share

$ 0.03

$ 0.21

$ 0.02

$ 0.50

Stock-based compensation

0.09

0.07

0.27

0.27

Amortization of intangible assets

(*)

0.01

0.01

0.02

Financial (income) expenses, net

(0.01)

(*)

(*)

(*)

Non-GAAP net income per diluted share

$ 0.11

$ 0.29

$ 0.30

$ 0.79

Weighted average number of shares used to compute diluted
net income per share

17,300,951

16,923,983

17,225,321

16,766,553

(*) Less than $ 0.01

 

 

 

RADCOM Ltd.

Consolidated Balance Sheets

                                                                       Unaudited

(thousands of U.S. dollars)

As of

As of

September 30, 2026

December 31, 2025

Current Assets

    Cash and cash equivalents

$ 13,991

$ 30,486

    Short-term bank deposits

97,449

79,437

    Trade receivables, net

19,745

20,245

    Inventories

549

318

    Other accounts receivable and prepaid expenses

2,587

2,036

 

Total Current Assets

134,321

132,522

Non-Current Assets

    Severance pay fund

3,297

3,431

    Other long-term receivables

3,417

2,866

    Property and equipment, net

1,242

988

    Operating lease right-of-use assets

2,135

2,898

    Goodwill and intangible assets, net

2,013

2,269

 

Total Non-Current Assets

12,104

12,452

Total Assets

$ 146,425

$ 144,974

Liabilities and Shareholders’ Equity

Current Liabilities

       Trade payables

$ 2,676

$ 2,632

    Deferred revenues and advances from customers

1,062

1,100

       Employee and payroll accruals

4,405

7,325

    Operating lease liabilities

1,141

1,099

    Other liabilities and accrued expenses

10,587

10,872

 

Total Current Liabilities

19,871

23,028

Non-Current Liabilities

    Accrued severance pay       

4,581

4,790

    Operating lease liabilities

1,329

2,135

    Other liabilities and accrued expenses

1,164

916

 

Total Non-Current Liabilities

7,074

7,841

Total Liabilities

$ 26,945

$ 30,869

Shareholders’ Equity

     Share capital

$ 839

$ 809

     Additional paid-in capital

172,151

167,172

        Accumulated other comprehensive loss

(2,961)

(2,923)

     Accumulated deficit

(50,549)

(50,953)

Total Shareholders’ Equity

119,480

114,105

 

Total Liabilities and Shareholders’ Equity

$ 146,425

$ 144,974

 

 

 

View original content:https://www.prnewswire.com/news-releases/radcom-reports-third-quarter-2026-results-302936352.html

SOURCE RADCOM Ltd.

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IBM Quantum Nighthawk Demonstrates New Levels of Speed and Quality, with Plans to Scale Beyond 1,000 Qubits in 2027

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New Nighthawk r3 processor will be built to execute 10,000 quantum operations, enabling larger and more complex computations as IBM advances its roadmap toward fault tolerance

Clients and partners including E.ON, Algorithmiq, and Q-CTRL have run more than 34 billion circuits on Nighthawk r2, reporting speedups of up to 19x beyond previous IBM quantum processors

Enhanced IBM Quantum Platform unites quantum with classical computing in one environment

YORKTOWN HEIGHTS, N.Y., Nov. 11, 2026 /PRNewswire/ — IBM (NYSE: IBM) today announced IBM Quantum Nighthawk r3, its next-generation processor, will be built to accurately execute 10,000 quantum operations across 520 qubits to tackle larger, more complex problems while maintaining the speed and quality demonstrated by the current generation Nighthawk available today.

In 2027, IBM plans to link two Nighthawk r3 processors into a single system with more than 1,000 qubits.

To be at the frontier of quantum computing, industry-relevant applications demand both computational quality and speed. Speed matters because a quantum computer delivers its answer in samples: each run of a quantum circuit returns one result. Applications increasingly require circuits executing thousands of quantum operations on approximately 100 qubits or more, generating millions to billions of samples. Scale and quality enable increasingly complex computations, but speed determines whether these demanding workloads can be completed in practical timeframes and at a reasonable cost.

“Useful quantum computing hinges on whether results can be delivered with accuracy and speed, both are fundamental,” said Jay Gambetta, Director of IBM Research and IBM Fellow. “Nighthawk is already showing us what that looks like today. As we scale this architecture to larger and more powerful quantum computers, the capabilities of quantum computation will reach new levels as we integrate more closely with classical resources and march ahead to fault tolerance.”

Nighthawk r2: Delivering Speed for Real-World Workloads

Introduced in September, IBM Quantum Nighthawk r2 delivers up to 100,000 samples per second while supporting accurate computations with more than 7,500 quantum operations on 120 qubits. Its high-speed qubit reset technology dramatically reduces the time between circuit executions, enabling applications to collect the millions or billions of samples needed for complex computations far more efficiently.

Clients and partners including E.ON, Algorithmiq, and Q-CTRL have executed 34 billion circuits on Nighthawk r2 to date, reporting performance improvements of up to 19x while maintaining the quality needed for scientific computation.

The results are already demonstrating value across industries. E.ON reported a 15x speedup on Nighthawk r2 in quantum machine learning for energy grid optimization. IBM used Nighthawk r2 for a 12x speedup of an experiment ran earlier this year with Oak Ridge National Laboratory, which simulated real magnetic materials and produced results consistent with neutron scattering experiments. Both of these speedups were achieved over previous work on IBM Quantum Heron. Quantum Elements and ParityQC are also among the partners reporting significant performance improvements on their own Nighthawk r2 workloads.

The quantum advantage experiments IBM and its partners published in July were first run on IBM Quantum Heron, with circuits and results openly available for independent testing through the community-led Quantum Advantage Tracker. An experiment with Algorithmiq to simulate a heterogeneous quantum material has now been extended to Nighthawk r2, leveraging its speed and connectivity to execute circuits 8 times faster than the original experiment on Heron. At the same time, the new circuits are significantly more challenging for classical computers to simulate, requiring an estimated 240 times more memory to achieve comparable accuracy when using leading classical tensor-network methods.

Nighthawk r3: Scaling to More Than 1,000 Qubits

Building on the performance demonstrated by Nighthawk r2, Nighthawk r3 will extend the same high-speed architecture to larger quantum computers. The new processor is designed to support 10,000 quantum operations on 520 programmable qubits, with 2,034 total physical qubits. It retains r2’s square-lattice connectivity and fast operations while introducing 10 chip-to-chip interconnects, called l-couplers, designed to connect processors into larger systems.

IBM has already demonstrated two critical technologies that enable this modular approach. This year, IBM connected Nighthawk r1 processors using four l-couplers, achieving 99.3 percent quantum state transfer fidelity and progressing toward its 99.9 percent target. IBM also connected two cryogenic modules into a single system for the first time, reaching operating temperature in under five days and cooling below 15 millikelvin.

Together, these advances demonstrate critical progress in modularity and provide confidence in IBM’s ability to scale Nighthawk to larger quantum computers. In 2027, IBM plans to connect two Nighthawk r3 processors into a single 1,040-qubit system, extending its high-performance architecture to larger and more complex computations.

Quantum Meets Classical on the IBM Quantum Platform

Advancing quantum computers requires continued progress in how they work alongside classical compute to handle errors. Industry-relevant workloads will demand layers of quantum error correction and error mitigation techniques alongside noise learning and post-processing. As quantum workloads scale, they will call for more classical resources, and the challenge now is how to best scale this integration.

To unite these paradigms, IBM Quantum Platform is bringing high-performance (HPC) classical and quantum computing together into a single managed environment. Users can now integrate quantum workflows directly with a range of classical compute – whether from their laptop or a powerful supercomputer – or with the HPC and classical resources that are newly available on the platform.

Users are seeing promising results from these integrations. For example, using the new environment, IBM and RIKEN* scientists executed their original sample-based quantum diagonalization (SQD) workflow roughly 5 times faster while performing 100 times more computations than in the original study. Cleveland Clinic and RIKEN also leveraged the platform to automatically process 608 million samples for modeling biologically relevant structures, 33 times faster than without workflow automation.

Enhanced capabilities will also fuel breakthroughs in quantum error correction. IBM Quantum Platform offers pulse-level capabilities to give researchers precise control over how they can detect, understand, and better correct errors within quantum and classical architectures. This helps them better time operations, reset qubits faster, and extract more information from quantum measurements – giving researchers the visibility to improve error correction at its most fundamental levels.

IBM recently launched a new co-design platform for quantum error correction with Oak Ridge National Laboratory and AMD that physically co-locates Nighthawk with ORNL’s Umbra High-Performance Computing (HPC) system, powered by AMD Instinct™ MI355X GPUs and 5th Gen AMD EPYC™ CPUs.

About IBM

IBM is a leading global hybrid cloud and AI, and business services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

For more information, visit https://research.ibm.com.

Media contacts:
Brittany Forgione
IBM
Brittany.forgione@ibm.com

Erin Angelini
IBM
edlehr@us.ibm.com

* This project is supported by NEDO (New Energy and Industrial Technology Development Organization), an organization under the jurisdiction of Japan’s Ministry of Economy, Trade and Industry (METI)’s “Research and Development of Quantum-Supercomputers Hybrid Platform for Exploration of Uncharted Computable Capabilities” (Project Leader: Mitsuhisa Sato) as part of the “Project for Research and Development of Enhanced Infrastructures for Post 5G Information and Communications Systems (JPNP20017).”

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NewDay USA Honors Veterans Day with $1 Million Donation to Support New Fisher House in West Palm Beach

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Gift supports a larger, 16-suite house for Veteran families, building on NewDay’s year-round commitment to serving those who have served

WEST PALM BEACH, Fla., Nov. 11, 2026 /PRNewswire/ — This Veterans Day, NewDay USA, a national mortgage lending company serving the Veteran community, announced its $1 million donation to Fisher House Foundation in support of the new Fisher House at the West Palm Beach VA Medical Center. The gift supports construction of a larger, more accessible facility where Veteran families can stay close to their loved ones during medical care, at no cost to them. 

“Helping Veterans and Service Members achieve the American Dream of homeownership is at the heart of NewDay’s mission, but our commitment to those who have served extends well beyond that,” said Rob Posner, CEO of NewDay USA. “When a Veteran needs medical care, their family should be able to focus on being there for them, not worrying about the cost of where they stay. It is our privilege to support Fisher House and help more military families stay together when they need each other the most.”

The new Fisher House will replace the smaller existing house on the VA campus, expanding to 16 fully wheelchair-accessible suites. The original facility lacks an elevator and full accessibility, limiting its ability to accommodate some families with mobility needs. The new house will provide both greater capacity and more accessible accommodations to better meet the needs of the Veteran community.

“More space and fully accessible suites mean we can welcome more families and better meet their needs,” said David Coker, President of Fisher House Foundation. “We are grateful to NewDay USA for helping make this new Fisher House possible and for the employees who give their time to support our guests throughout the year. Their generosity will help more families focus on what matters most: being there for a loved one receiving care.”

The donation builds on NewDay’s ongoing involvement with the West Palm Beach VA Medical Center and Fisher House. NewDay employees regularly volunteer at both facilities and serve dinner at Fisher House each month, offering a warm meal and a welcoming connection to families spending time away from home.

“On Veterans Day and every day, we have a responsibility to honor the service and sacrifice of our nation’s Veterans and the families who stand beside them,” said Admiral Thomas Lynch, Executive Chairman of NewDay USA. “Supporting Fisher House is a meaningful way to put that gratitude into action. Whether we are helping build this new house or serving dinner to the families staying there, our message is the same: your service is remembered, and you are not alone.”

About NewDay USA
A leader in Veteran mortgage lending for more than 25 years, NewDay USA has proudly served more than 100,000 Veteran families nationwide. From buying a new home to refinancing, NewDay’s goal is to ensure Veteran families improve their credit and get back on the road to savings to live the lives they always imagined and deserve.

NewDay has an industry-leading Government National Mortgage Association (GNMA) record of loan performance with a delinquency rate that is two times lower than the industry average. Today, 95 percent of NewDay USA’s clients are enlisted Veterans. For additional information, visit www.newdayusa.com.

View original content:https://www.prnewswire.com/news-releases/newday-usa-honors-veterans-day-with-1-million-donation-to-support-new-fisher-house-in-west-palm-beach-302936159.html

SOURCE NewDay USA

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