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Pure Storage Announces Third Quarter Fiscal 2025 Financial Results

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Awarded industry-first design win from a top-four hyperscaler

SANTA CLARA, Calif., Dec. 3, 2024 /PRNewswire/ — Today Pure Storage (NYSE: PSTG), the IT pioneer that delivers the world’s most advanced data storage technologies and services, announced financial results for its third quarter fiscal year 2025 ended November 3, 2024.

“Pure Storage has achieved another industry first in our journey of data storage innovation with a transformational design win for our DirectFlash technology in a top-four hyperscaler,” said Pure Storage Chairman and CEO Charles Giancarlo. “This win is the vanguard for Pure Flash technology to become the standard for all hyperscaler online storage, providing unparalleled performance and scalability while also reducing operating costs and power consumption.”

Third Quarter Financial Highlights 

Revenue $831.1 million, an increase of 9% year-over-yearSubscription services revenue $376.4 million, up 22% year-over-yearSubscription annual recurring revenue (ARR) $1.6 billion, up 22% year-over-yearRemaining performance obligations (RPO) $2.4 billion, up 16% year-over-yearGAAP gross margin 70.1%; non-GAAP gross margin 71.9%GAAP operating income $59.7 million; non-GAAP operating income $167.3 millionGAAP operating margin 7.2%; non-GAAP operating margin 20.1%Q3 operating cash flow $97.0 million; free cash flow $35.2 millionTotal cash, cash equivalents, and marketable securities $1.6 billionReturned approximately $182 million in the third quarter to stockholders through share repurchases of 3.6 million shares

“Our third quarter results exceeded our expectations on revenue and operating income, demonstrating the sustaining strength of our business models,” said Kevan Krysler, Pure Storage CFO. “We remain focused on driving both near-term results and long-term value creation through disciplined investments and innovation that position Pure as the leader in transforming the data storage landscape.”

Third Quarter Company Highlights

Leading the Hyperscale Opportunity: With its industry-first design win with a top-four hyperscaler, Pure Storage is extending its DirectFlash® technology into massive scale environments today dominated by hard disks. The unmatched capabilities of Pure’s DirectFlash® technology deliver new levels of innovation, performance, and scalability to an industry with demanding requirements, enabling hyperscalers to fully modernize their infrastructure, significantly improve operational efficiency, and dramatically free up scarce electrical power.

Pure Storage also deepened its collaboration with Kioxia, a global leader of NAND Flash technology, to develop cutting-edge technology and manufacturing capacity to address the growing need for high-performance, scalable storage infrastructure for tomorrow’s hyperscale environments.

Advancing Enterprise AI: Pure Storage expanded its ability to serve the world’s largest AI training environments with recent certification of FlashBlade//S500 with NVIDIA DGX SuperPOD, which optimizes performance, power, and space efficiency. Pure also entered into a strategic partnership with CoreWeave to better serve AI customers by making Pure Storage available as a standard option within the CoreWeave dedicated cloud environment. With its introduction of the new Pure Storage GenAI Pod, Pure Storage is providing a set of full-stack solutions which reduce the time, cost, and expertise required to deploy generative AI projects.

Delivering Platform Innovation: With the Pure Storage platform, Pure is driving the biggest shift in enterprise storage since Flash. Pure Storage will be delivering v2.0 of Pure Fusion™ in its fourth quarter, which will enable customers to create their own enterprise data cloud, opening their data storage environment like the hyperscalers operate theirs. During the quarter Pure Storage unveiled solutions enabling seamless VMware migrations to Microsoft Azure, delivering enterprise-scale flexibility. And the new Pure Storage FlashArray™ with AWS Outposts brings together Amazon Web Services and Pure’s enterprise-grade storage on AWS Outposts, giving customers the flexibility to run cloud services on an enterprise-grade storage platform within their own data centers.

Industry Recognition and Accolades

Leader for Fifth Consecutive Year in the 2024 Gartner® Magic Quadrant™ for Primary Storage PlatformsLeader for Fourth Consecutive Year in the 2024 Gartner® Magic Quadrant™ for File and Object Storage PlatformsForbes Most Trusted Companies in America 2025 (Ranked #144)Fortune Best Places to Work in Technology 2024 (Ranked #14)

Fourth Quarter and FY25 Guidance

Q4FY25

Revenue

    $867M     

Revenue YoY Growth Rate

9.7 %

Non-GAAP Operating Income                                                                      

  $135M    

Non-GAAP Operating Margin

15.6 %

FY25

Revenue

$3.15B   

Revenue YoY Growth Rate

11.5 %

Non-GAAP Operating Income

$540M   

Non-GAAP Operating Margin

17 %

These statements are forward-looking and actual results may differ materially. Refer to the Forward Looking Statements section below for information on the factors that could cause our actual results to differ materially from these statements. Pure has not reconciled its guidance for non-GAAP operating income and non-GAAP operating margin to their most directly comparable GAAP measures because certain items that impact these measures are not within Pure’s control and/or cannot be reasonably predicted. Accordingly, reconciliations of these non-GAAP financial measures guidance to the corresponding GAAP measures are not available without unreasonable effort.

Conference Call Information

Pure will host a teleconference to discuss the third quarter fiscal 2025 results at 2:00 pm PT today, December 3, 2024. A live audio broadcast of the conference call will be available on the Pure Storage Investor Relations website. Pure will also post its earnings presentation and prepared remarks to this website concurrent with this release.

A replay will be available following the call on the Pure Storage Investor Relations website or for two weeks at 1-800-770-2030 (or 1-647-362-9199 for international callers) with passcode 5667482.

Additionally, Pure is scheduled to participate at the following investor conferences:

Wells Fargo 8th Annual TMT Summit
Date: Wednesday, December 4, 2024
Time: 1:30 p.m. PT / 4:30 p.m. ET
Chief Technology Officer Rob Lee

27th Annual Needham Growth Conference
Date: Thursday, January 16, 2025
Time: 9:45 a.m. PT / 12:45 p.m. ET
Founder & Chief Visionary Officer John “Coz” Colgrove
Chief Financial Officer Kevan Krysler

The presentations will be webcast live and archived on Pure’s Investor Relations website at investor.purestorage.com. 

—-

About Pure Storage

Pure Storage (NYSE: PSTG) delivers the industry’s most advanced data storage platform to store, manage, and protect the world’s data at any scale. With Pure Storage, organizations have ultimate simplicity and flexibility, saving time, money, and energy. From AI to archive, Pure Storage delivers a cloud experience with one unified Storage as-a-Service platform across on premises, cloud, and hosted environments. Our platform is built on our Evergreen architecture that evolves with your business – always getting newer and better with zero planned downtime, guaranteed. Our customers are actively increasing their capacity and processing power while significantly reducing their carbon and energy footprint. It’s easy to fall in love with Pure Storage, as evidenced by the highest Net Promoter Score in the industry. For more information, visit www.purestorage.com.

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Pure Storage, the Pure P Logo, Portworx, and the marks on the Pure Storage Trademark List are trademarks or registered trademarks of Pure Storage Inc. in the U.S. and/or other countries. The Trademark List can be found at  purestorage.com/trademarks. Other names may be trademarks of their respective owners.

Forward Looking Statements

This press release contains forward-looking statements regarding our products, business and operations, including but not limited to our views relating to our opportunity with hyperscale and AI environments, our ability to meet hyperscalers’ performance and price requirements, our ability to meet the needs of hyperscalers for the entire spectrum of their online storage use cases, the timing and magnitude of large orders, including sales to hyperscalers, the timing and amount of revenue from hyperscaler licensing and support services, future period financial and business results, demand for our products and subscription services, including Evergreen//One, the relative sales mix between our subscription and consumption offerings and traditional capital expenditure sales, our technology and product strategy, specifically customer priorities around sustainability, the environmental and energy saving benefits to our customers of using our products, our ability to perform during current macro conditions and expand market share, our sustainability goals and benefits, the impact of inflation, economic or supply chain disruptions, our expectations regarding our product and technology differentiation, new customer acquisition, and other statements regarding our products, business, operations and results. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements.

Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, those risks and uncertainties included under the caption “Risk Factors” and elsewhere in our filings and reports with the U.S. Securities and Exchange Commission, which are available on our Investor Relations website at investor.purestorage.com and on the SEC website at www.sec.gov. Additional information is also set forth in our Annual Report on Form 10-K for the year ended February 4, 2024. All information provided in this release and in the attachments is as of December 3, 2024, and Pure undertakes no duty to update this information unless required by law.

Key Performance Metric

Subscription ARR is a key business metric that refers to total annualized contract value of all active subscription agreements on the last day of the quarter, plus on-demand revenue for the quarter multiplied by four.

Non-GAAP Financial Measures

To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP, Pure uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, and free cash flow.

We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses such as stock-based compensation expense, payments to former shareholders of acquired companies, payroll tax expense related to stock-based activities, amortization of debt issuance costs related to debt, and amortization of intangible assets acquired from acquisitions that may not be indicative of our ongoing core business operating results. Pure believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when analyzing historical performance and liquidity and planning, forecasting, and analyzing future periods. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for our financial results prepared in accordance with GAAP, and our non-GAAP measures may be different from non-GAAP measures used by other companies.

For a reconciliation of these non-GAAP financial measures to GAAP measures, please see the tables captioned “Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures” and “Reconciliation from net cash provided by operating activities to free cash flow,” included at the end of this release.

PURE STORAGE, INC.

Condensed Consolidated Balance Sheets

(in thousands, unaudited)

 

At the End of

Third Quarter of
Fiscal 2025

Fiscal 2024

Assets

Current assets:

Cash and cash equivalents

$           894,569

$           702,536

Marketable securities

753,960

828,557

Accounts receivable, net of allowance of $956 and $1,060

578,224

662,179

Inventory

41,571

42,663

Deferred commissions, current

86,839

88,712

Prepaid expenses and other current assets

204,485

173,407

Total current assets

2,559,648

2,498,054

Property and equipment, net

431,353

352,604

Operating lease right-of-use-assets

157,574

129,942

Deferred commissions, non-current

210,671

215,620

Intangible assets, net

23,039

33,012

Goodwill

361,427

361,427

Restricted cash

11,249

9,595

Other assets, non-current

99,504

55,506

Total assets

$        3,854,465

$        3,655,760

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$           102,021

$             82,757

Accrued compensation and benefits

155,652

250,257

Accrued expenses and other liabilities

141,846

135,755

Operating lease liabilities, current

47,941

44,668

Deferred revenue, current

897,174

852,247

Debt, current

100,000

—

Total current liabilities

1,444,634

1,365,684

Long-term debt

—

100,000

Operating lease liabilities, non-current

146,390

123,201

Deferred revenue, non-current

784,282

742,275

Other liabilities, non-current

68,573

54,506

Total liabilities

2,443,879

2,385,666

Stockholders’ equity:

Common stock and additional paid-in capital

2,821,010

2,749,627

Accumulated other comprehensive income (loss)

1,023

(3,782)

Accumulated deficit

(1,411,447)

(1,475,751)

Total stockholders’ equity

1,410,586

1,270,094

Total liabilities and stockholders’ equity

$        3,854,465

$        3,655,760

 

PURE STORAGE, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data, unaudited)

 

Third Quarter of Fiscal

First Three Quarters of Fiscal

2025

2024

2025

2024

Revenue:

Product

$         454,735

$         453,277

$      1,204,714

$      1,161,978

Subscription services

376,337

309,561

1,083,608

878,838

Total revenue

831,072

762,838

2,288,322

2,040,816

Cost of revenue:

Product (1)

154,970

126,770

385,446

343,588

Subscription services (1)

93,180

83,321

284,168

244,541

Total cost of revenue

248,150

210,091

669,614

588,129

Gross profit

582,922

552,747

1,618,708

1,452,687

Operating expenses:

Research and development (1)

200,086

182,100

589,396

549,923

Sales and marketing (1)

255,830

231,707

757,069

696,885

General and administrative (1)

67,319

64,729

213,551

192,944

Restructuring and impairment (2)

—

—

15,901

16,766

Total operating expenses

523,235

478,536

1,575,917

1,456,518

Income (loss) from operations

59,687

74,211

42,791

(3,831)

Other income (expense), net

17,156

5,184

50,684

23,619

Income before provision for income taxes

76,843

79,395

93,475

19,788

Income tax provision

13,204

9,006

29,171

23,915

Net income (loss)

$           63,639

$           70,389

$           64,304

$           (4,127)

Net income (loss) per share attributable to common stockholders, basic

$              0.19

$              0.22

$              0.20

$             (0.01)

Net income (loss) per share attributable to common stockholders, diluted

$              0.19

$              0.21

$              0.19

$             (0.01)

Weighted-average shares used in computing net income (loss) per share
attributable to common stockholders, basic

327,675

314,153

325,530

309,842

Weighted-average shares used in computing net income (loss) per share
attributable to common stockholders, diluted

340,564

330,255

341,490

309,842

(1) Includes stock-based compensation expense as follows:

Cost of revenue — product

$             3,216

$             1,443

$             9,443

$             7,056

Cost of revenue — subscription services

7,800

6,849

24,632

19,347

Research and development

49,227

43,908

150,390

126,225

Sales and marketing

24,393

19,209

72,330

55,883

General and administrative

16,436

16,557

62,161

46,732

Total stock-based compensation expense

$         101,072

$           87,966

$         318,956

$         255,243

(2) Includes expenses for severance and termination benefits related to workforce realignment and lease impairment and abandonment charges associated with cease-use of
our former corporate headquarters.

 

PURE STORAGE, INC.

Condensed Consolidated Statements of Cash Flows

(in thousands, unaudited)

 

Third Quarter of Fiscal

First Three Quarters of Fiscal

2025

2024

2025

2024

Cash flows from operating activities

Net income (loss)

$               63,639

$               70,389

$               64,304

$                (4,127)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization

29,272

31,647

99,099

91,560

Stock-based compensation expense

101,072

87,966

318,956

255,243

Noncash portion of lease impairment and abandonment

—

—

3,270

16,766

Other

2,381

(2,815)

5,107

(5,844)

Changes in operating assets and liabilities:

Accounts receivable, net

(161,723)

(111,190)

83,998

(23,959)

Inventory

5,071

818

(1,590)

5,278

Deferred commissions

669

(9,501)

6,822

(19,061)

Prepaid expenses and other assets

(40,008)

20,044

(67,014)

19,686

Operating lease right-of-use assets

9,383

7,634

25,911

27,269

Accounts payable

33,755

7,533

20,597

33,844

Accrued compensation and other liabilities

7,781

4,767

(70,951)

(52,757)

Operating lease liabilities

(12,096)

(8,324)

(30,353)

(21,457)

Deferred revenue

57,797

59,464

86,934

110,856

Net cash provided by operating activities

96,993

158,432

545,090

433,297

Cash flows from investing activities

Purchases of property and equipment (1)

(61,788)

(45,062)

(170,641)

(151,591)

Purchases of marketable securities and other

(43,632)

(105,108)

(314,083)

(351,725)

Sales of marketable securities

12,817

3,747

61,241

52,495

Maturities of marketable securities

131,994

109,196

329,978

495,899

Net cash provided by (used in) investing activities

39,391

(37,227)

(93,505)

45,078

Cash flows from financing activities

Proceeds from exercise of stock options

3,426

3,056

21,194

32,904

Proceeds from issuance of common stock under employee stock purchase plan

26,408

23,870

51,736

45,089

Proceeds from borrowings

—

6,890

—

106,890

Principal payments on borrowings and finance lease obligations

(1,786)

(7,515)

(5,721)

(584,582)

Tax withholding on vesting of equity awards

(54,905)

(4,755)

(141,591)

(16,582)

Repurchases of common stock

(181,999)

(22,460)

(181,999)

(114,341)

Net cash used in financing activities

(208,856)

(914)

(256,381)

(530,622)

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

(72,472)

120,291

195,204

(52,247)

Cash, cash equivalents and restricted cash, beginning of period

979,807

418,860

712,131

591,398

Cash, cash equivalents and restricted cash, end of period

$             907,335

$             539,151

$             907,335

$             539,151

(1) Includes capitalized internal-use software costs of $6.0 million and $5.1 million for the third quarter of fiscal 2025 and 2024 and $15.8 million and $15.7 million for the first three quarters of fiscal 2025 and 2024.

Reconciliations of non-GAAP results of operations to the nearest comparable GAAP measures

The following table presents non-GAAP gross margins by revenue source before certain items (in thousands except percentages, unaudited):

Third Quarter of Fiscal 2025

Third Quarter of Fiscal 2024

GAAP

results

GAAP

gross

margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

gross

margin (b)

GAAP

results

GAAP

gross

margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

gross

margin (b)

$      3,216

(c)

$      1,443

(c)

103

(d)

75

(d)

3,306

(e)

3,306

(e)

Gross
profit —
product

$  299,765

65.9 %

$      6,625

$ 306,390

67.4 %

$  326,507

72.0 %

$      4,824

$  331,331

73.1 %

$      7,800

(c)

$      6,849

(c)

368

(d)

329

(d)

Gross
profit —
subscription
services

$  283,157

75.2 %

$      8,168

$ 291,325

77.4 %

$  226,240

73.1 %

$      7,178

$  233,418

75.4 %

$    11,016

(c)

$      8,292

(c)

471

(d)

404

(d)

3,306

(e)

3,306

(e)

Total gross profit

$  582,922

70.1 %

$    14,793

$ 597,715

71.9 %

$  552,747

72.5 %

$    12,002

$  564,749

74.0 %

(a) GAAP gross margin is defined as GAAP gross profit divided by revenue.

(b) Non-GAAP gross margin is defined as non-GAAP gross profit divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payroll tax expense related to stock-based activities.

(e) To eliminate amortization expense of acquired intangible assets.

The following table presents certain non-GAAP consolidated results before certain items (in thousands, except per share amounts and percentages, unaudited):

Third Quarter of Fiscal 2025

Third Quarter of Fiscal 2024

GAAP

results

GAAP

operating

margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

operating

margin (b)

GAAP

results

GAAP

operating

margin (a)

Adjustment

Non-

GAAP

results

Non-

GAAP

operating

margin (b)

$    101,072

(c)

$     87,966

(c)

—

580

(d)

2,991

(e)

2,604

(e)

3,536

(f)

3,718

(f)

Operating income

$   59,687

7.2 %

$    107,599

$  167,286

20.1 %

$   74,211

9.7 %

$     94,868

$  169,079

22.2 %

$    101,072

(c)

$     87,966

(c)

—

580

(d)

2,991

(e)

2,604

(e)

3,536

(f)

3,718

(f)

154

(g)

153

(g)

Net income

$   63,639

$    107,753

$  171,392

$   70,389

$     95,021

$  165,410

Net income per share — diluted

$       0.19

$     0.50

$       0.21

$      0.50

Weighted-average shares used in per share calculation — diluted

340,564

—

340,564

330,255

—

330,255

(a) GAAP operating margin is defined as GAAP operating income divided by revenue.

(b) Non-GAAP operating margin is defined as non-GAAP operating income divided by revenue.

(c) To eliminate stock-based compensation expense.

(d) To eliminate payments to former shareholders of acquired company.

(e) To eliminate payroll tax expense related to stock-based activities.

(f) To eliminate amortization expense of acquired intangible assets.

(g) To eliminate amortization expense of debt issuance costs related to our debt.

Reconciliation from net cash provided by operating activities to free cash flow (in thousands except percentages, unaudited):

Third Quarter of Fiscal

2025

2024

Net cash provided by operating activities

$                  96,993

$             158,432

Less: purchases of property and equipment (1)

(61,788)

(45,062)

Free cash flow (non-GAAP)

$                  35,205

$             113,370

(1) Includes capitalized internal-use software costs of $6.0 million and $5.1 million for the third quarter of fiscal 2025 and 2024.

 

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Horizon Petroleum Ltd. Announces Proposed $2,000,000 Secured Grid Promissory Note and Close of Its Shares for Debt Settlement

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CALGARY, AB, Oct. 22, 2026 /CNW/ — Horizon Petroleum Ltd. (the “Company” or “Horizon”) (TSXV: HPL) (FRA: HPM) (Tradegate: HPM) is pleased to announce that it intends to enter into a secured grid promissory note (the “Promissory Note”) with Wilco Investments Ltd., a company controlled by Trevor Williams who is a director of the Company, in the aggregate principal amount of up to CAD $2,000,000. 

The proceeds will be used to make deposits on three generators and on production facilities. The generators will have a combined generating capacity of 3 megawatts. This equipment is Horizon’s next investment in its gas to power strategy for its Lachowice natural gas development in Poland.

The Promissory Note will bear interest from the applicable issuance date at 12% per annum. The Promissory Note and accrued interest will be due on December 31, 2026 (the “Maturity Date”). The Maturity Date may be extended by mutual agreement between the parties. The Promissory Note may be prepaid in whole or in part at any time without penalty. The Promissory Note will be immediately due and payable upon completion by the Company of a financing of equity or debt of CAD $5,000,000 or more. The Promissory Note will be secured by Horizon’s electrical generating equipment in Poland.

The closing date is anticipated to be October 22, 2026.

Entering into the Promissory Note and the advance of funds thereunder are subject to the satisfaction of customary conditions, including the approval of the TSXV.

As Trevor Williams is a director of the Company, the Promissory Note will constitute a “related party transaction” pursuant to Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company intends to rely on the exemption from the formal valuation requirement pursuant to section 5.5(b) of MI 61-101 as the Company does not have securities listed on a specified market, and on the exemption from the minority shareholder approval requirement pursuant to section 5.7(1)(a) of MI 61-101 as the fair market value of the Promissory Note will not exceed 25% of the Company’s market capitalization.

In addition, the Company announces that it has completed an agreement to settle a total of CAD $524,000 of the Company’s debt (the “Debt”) with certain arm’s length and non-arm’s length parties (the “Shares for Debt Settlement”). The Debt payable to directors and officers of the Company who are Insiders (as such term is defined under the policies of the TSXV) is an aggregate of CAD $465,000 and the Company will settle the same by issuing to such parties 2,657,143 common shares at a deemed price of CAD $0.175 per common share. The Debt payable to arm’s length service providers is an aggregate of CAD $59,000 and the Company will settle the same by issuing to such parties 337,143 common shares at a deemed price of $0.175 per common share. 

The Shares for Debt Settlement was approved by disinterested shareholders at the shareholder meeting held on July 28, 2026. All securities issued in connection with the Shares for Debt Settlement will be subject to a statutory four-month hold period in accordance with applicable securities legislation. 

The Company has received final approval for the Shares for Debt Settlement from the TSXV. 

The Company relied on exemptions from the formal valuation and minority approval requirements of sections 5.5(b) and 5.7(1)(a) of MI 61-101 in respect of such insider participation in the Shares for Debt Settlement, based on a determination that fair market value of the participation by insiders did not exceed 25% of the market capitalization of Horizon, as determined in accordance with MI 61-101.

About Horizon Petroleum Ltd.

Calgary-based Horizon Petroleum Ltd. is focused on the appraisal and development of natural gas resources and clean energy opportunities in Europe, with the objective of contributing to European energy independence and security. Horizon is advancing its Polish natural gas assets through a technically focused, phased development strategy designed to unlock their commercial potential. Horizon’s management team and Board of Directors comprise oil and gas, business and finance professionals with significant international experience.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Horizon. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur or be achieved. This press release contains forward-looking statements pertaining to, among other things, the Company entering into the Promissory Note, the terms of the Promissory Note, the anticipated closing date, reliance on exemptions under MI 61-101, the anticipated use of proceeds and the approval of the TSX-V.

Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances, to differ materially from those anticipated by Horizon and described in the forward-looking information contained in this press release.

Although Horizon believes that the material factors, expectations and assumptions expressed in such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results, levels of activity and achievements and such statements are not guarantees of future performance.

SOURCE Horizon Petroleum Ltd.

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BMO Announces Cash Distributions for Certain BMO ETFs and ETF Series of BMO Mutual Funds for October 2026

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TORONTO, Oct. 22, 2026 /CNW/ — BMO Asset Management Inc., as manager of the BMO ETFs, and BMO Investments Inc., as manager of the BMO Mutual Funds, today announced the October 2026 cash distributions for unitholders of BMO ETFs and unitholders of exchange-traded series of units of the BMO Mutual Funds (collectively, the “ETF Series”)¹ that distribute monthly, as set out in the table below. Unitholders of record of the BMO ETFs and the ETF Series of the BMO Mutual Funds at the close of business on October 29, 2026, will receive cash distributions payable on November 3, 2026.

The ex-dividend date and record date for all BMO ETFs and ETF Series of BMO Mutual Funds is October 29, 2026.

Details of the per unit cash distribution amount are as follows:

Monthly Distributions

 FUND NAME

FUND TICKER

CASH DISTRIBUTION PER UNIT $

BMO AAA CLO ETF

ZAAA

0.124

BMO AAA CLO ETF (Hedged Units)

ZAAA.F

0.117

BMO AAA CLO ETF (USD Units)*

ZAAA.U

0.120

BMO Aggregate Bond Index ETF

ZAG

0.038

BMO All-Equity ETF (Target Cash Flow Units)

ZEQT.T

0.100

BMO Asset-Backed Securities ETF

ZABS

0.123

BMO Asset-Backed Securities ETF (Hedged Units)

ZABS.F

0.119

BMO Asset-Backed Securities ETF (USD Units)*

ZABS.U

0.119

BMO Balanced ETF (Target Cash Flow Units)

ZBAL.T

0.049

BMO BBB CLO ETF

ZBBZ

0.163

BMO BBB CLO ETF (Hedged Units)

ZBBZ.F

0.155

BMO BBB CLO ETF (USD Units)*

ZBBZ.U

0.158

BMO Canadian Core Plus US Balanced ETF

ZBCB

0.060

BMO Canadian Dividend ETF

ZDV

0.075

BMO Canadian High Dividend Covered Call ETF

ZWC

0.120

BMO Canadian High Dividend Covered Call ETF (Target Cash Flow Units)

ZWC.T

0.333

BMO Canadian MBS Index ETF

ZMBS

0.082

BMO Core Bond Fund (ETF Series)

ZCRB

0.044

BMO Covered Call Canadian Banks ETF

ZWB

0.170

BMO Covered Call Canadian Banks ETF (Target Cash Flow Units)

ZWB.T

0.488

BMO Covered Call Canadian Banks ETF (USD Units)*

ZWB.U

0.210

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF

ZWA

0.150

BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (Target Cash Flow Units)

ZWA.T

0.413

BMO Covered Call Energy ETF

ZWEN

0.220

BMO Covered Call Energy ETF (Target Cash Flow Units)

ZWEN.T

0.488

BMO Covered Call Health Care ETF

ZWHC

0.160

BMO Covered Call Health Care ETF (Target Cash Flow Units)

ZWHC.T

0.413

BMO Covered Call Spread Gold Bullion ETF

ZWGD

0.170

BMO Covered Call Spread Gold Bullion ETF (Target Cash Flow Units)

ZWGD.T

0.333

BMO Covered Call Technology ETF

ZWT

0.350

BMO Covered Call Technology ETF (Target Cash Flow Units)

ZWT.T

0.413

BMO Covered Call US Banks ETF

ZWK

0.160

BMO Covered Call US Banks ETF (Target Cash Flow Units)

ZWK.T

0.450

BMO Covered Call Utilities ETF

ZWU

0.070

BMO Covered Call Utilities ETF (Target Cash Flow Units)

ZWU.T

0.625

BMO Credit Stress Opportunities ETF

ZCDX

0.000

BMO Credit Stress Opportunities ETF (USD Units)*

ZCDX.U

0.000

BMO Discount Bond Index ETF

ZDB

0.022

BMO Emerging Markets Bond Hedged to CAD Index ETF

ZEF

0.045

BMO Emerging Markets Bond Fund (ETF Series)

ZEMB

0.053

BMO Equal Weight Banks Index ETF

ZEB

0.150

BMO Equal Weight REITs Index ETF

ZRE

0.090

BMO Equal Weight Utilities Index ETF

ZUT

0.071

BMO Europe High Dividend Covered Call ETF

ZWP

0.110

BMO Europe High Dividend Covered Call ETF (Target Cash Flow Units)

ZWP.T

0.333

BMO Europe High Dividend Covered Call Hedged to CAD ETF

ZWE

0.120

BMO Europe High Dividend Covered Call Hedged to CAD ETF (Target Cash Flow Units)

ZWE.T

0.333

BMO Floating Rate High Yield ETF

ZFH

0.062

BMO Global Dividend Opportunities Fund (Active ETF Series)

ZGDV

0.034

BMO Global Enhanced Income Fund (ETF Series)

ZWQT

0.085

BMO Global High Dividend Covered Call ETF

ZWG

0.190

BMO Global High Dividend Covered Call ETF (Target Cash Flow Units)

ZWG.T

0.333

BMO Global Infrastructure Fund (Active ETF Series)

ZGIF

0.050

BMO Global REIT Fund (Active ETF Series)

ZGRT

0.055

BMO Government Bond Index ETF

ZGB

0.111

BMO Growth ETF (Target Cash Flow Units)

ZGRO.T

0.058

BMO High Yield US Corporate Bond Hedged to CAD Index ETF

ZHY

0.060

BMO High Yield US Corporate Bond Index ETF

ZJK

0.103

BMO High Yield US Corporate Bond Index ETF (USD Units)*

ZJK.U

0.098

BMO International Dividend ETF

ZDI

0.085

BMO International Dividend Hedged to CAD ETF

ZDH

0.085

BMO Laddered Preferred Share Index ETF

ZPR

0.060

BMO Laddered Preferred Share Index ETF (USD Units)*

ZPR.U

0.096

BMO Long Corporate Bond Index ETF

ZLC

0.053

BMO Long Federal Bond Index ETF

ZFL

0.027

BMO Long Provincial Bond Index ETF

ZPL

0.034

BMO Mid Corporate Bond Index ETF

ZCM

0.055

BMO Mid Federal Bond Index ETF

ZFM

0.035

BMO Mid Provincial Bond Index ETF

ZMP

0.043

BMO Mid-Term US IG Corporate Bond Hedged to CAD Index ETF

ZMU

0.049

BMO Mid-Term US IG Corporate Bond Index ETF

ZIC

0.071

BMO Mid-Term US IG Corporate Bond Index ETF (USD Units)*

ZIC.U

0.052

BMO Money Market Fund (ETF Series)

ZMMK

0.100

BMO Monthly Income ETF

ZMI

0.049

BMO Monthly Income ETF (USD Units)*

ZMI.U

0.026

BMO MSCI Canada IMI High Dividend Yield Index ETF

ZDIV

0.108

BMO Premium Yield ETF

ZPAY

0.200

BMO Premium Yield ETF (Hedged Units)

ZPAY.F

0.175

BMO Premium Yield ETF (USD Units)*

ZPAY.U

0.180

BMO Real Return Bond Index ETF

ZRR

0.060

BMO Short Corporate Bond Index ETF

ZCS

0.047

BMO Short Federal Bond Index ETF

ZFS

0.028

BMO Short Provincial Bond Index ETF

ZPS

0.024

BMO Short-Term US IG Corporate Bond Hedged to CAD Index ETF

ZSU

0.050

BMO Strategic Autocallable Income US Large Cap ETF

ZACU

0.305

BMO Strategic Autocallable Income US Large Cap ETF (Hedged Units)

ZACU.F

0.305

BMO Strategic Autocallable Income US Large Cap ETF (USD Units)*

ZACU.U

0.305

BMO Ultra Short-Term Bond ETF

ZST

0.110

BMO Ultra Short-Term US Bond ETF (USD Units)*

ZUS.U

0.178

BMO US Aggregate Bond Index ETF

ZUAG

0.075

BMO US Aggregate Bond Index ETF (Hedged Units)

ZUAG.F

0.069

BMO US Aggregate Bond Index ETF (USD Units)*

ZUAG.U

0.072

BMO US Dividend ETF

ZDY

0.080

BMO US Dividend ETF (USD Units)*

ZDY.U

0.060

BMO US Dividend Growth ETF

ZBDU

0.070

BMO US Dividend Growth ETF (Hedged Units)

ZBDU.F

0.070

BMO US Dividend Hedged to CAD ETF

ZUD

0.055

BMO US High Dividend Covered Call ETF

ZWH

0.140

BMO US High Dividend Covered Call ETF (Target Cash Flow Units)

ZWH.T

0.413

BMO US High Dividend Covered Call ETF (USD Units)*

ZWH.U

0.140

BMO US High Dividend Covered Call Hedged to CAD ETF

ZWS

0.120

BMO US High Dividend Covered Call Hedged to CAD ETF (Target Cash Flow Units)

ZWS.T

0.413

BMO US Preferred Share Hedged to CAD Index ETF

ZHP

0.080

BMO US Preferred Share Index ETF

ZUP

0.096

BMO US Preferred Share Index ETF (USD Units)*

ZUP.U

0.090

BMO US Put Write ETF

ZPW

0.125

BMO US Put Write ETF (USD Units)*

ZPW.U

0.125

BMO US Put Write Hedged to CAD ETF

ZPH

0.120

BMO USD Cash Management ETF

ZUCM

0.108

BMO USD Cash Management ETF (USD Units)*

ZUCM.U

0.104

*Cash distribution per unit ($) amounts are USD for ZAAA.U, ZABS.U, ZBBZ.U, ZWB.U, ZCDX.U, ZJK.U, ZPR.U, ZIC.U, ZMI.U, ZPAY.U, ZACU.U, ZUS.U, ZUAG.U, ZDY.U, ZWH.U, ZUP.U, ZPW.U, ZUCM.U.

1 BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. ETF Series of the BMO Mutual Funds are managed by BMO Investments Inc., an investment fund manager and a separate legal entity from Bank of Montreal

Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent prospectus.

This communication is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual’s investment objectives and professional advice should be obtained with respect to any circumstance.

The BMO ETFs or securities referred to herein (ZDIV) are not sponsored, endorsed or promoted by MSCI Inc. (MSCI), and MSCI bears no liability with respect to any such BMO ETFs or securities or any index on which such BMO ETFs or securities are based. The prospectus of the BMO ETFs contains a more detailed description of the limited relationship MSCI has with BMO Asset Management Inc. and any related BMO ETFs.

The Dow Jones Industrial Index is a product of S&P Dow Jones Indices LLC or its affiliates (SPDJI), and has been licensed for use by BMO Asset Management Inc. S&P®, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates (S&P) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (Dow Jones), and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by BMO Asset Management Inc. The relevant BMO ETF (ZWA, ZWA.T) is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s), nor do they have any liability for any errors, omissions, or interruptions of the Index.

BLOOMBERG® and the Bloomberg Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (BISL), the administrator of the index (collectively, Bloomberg) and have been licensed for use for certain purposes by BMO Asset Management Inc. Bloomberg is not affiliated with BMO Asset Management Inc., and Bloomberg does not approve, endorse, review, or recommend any BMO ETFs. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the BMO ETFs.

BMO ETFs are not in any way sponsored, endorsed, sold or promoted by FTSE Global Debt Capital Markets Inc. (FGDCM), FTSE International Limited (FTSE), Frank Russell Company (Frank Russell), FTSE Fixed Income LLC (FTSE FI) or the London Stock Exchange Group companies (together with FGDCM, FTSE, Frank Russell and FTSE FI, the Licensor Parties). The Licensor Parties make no claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the FTSE BMO ETF Indices, (ii) the figure at which any of the FTSE BMO ETF Indices stands at any particular time on any particular day or otherwise, or (iii) the suitability of an Underlying Index for the particular purpose to which it is being put in connection with the FTSE BMO ETFs. Each of the FTSE BMO ETF Indices is compiled and calculated by FGDCM of FTSE and all copyright in any of the FTSE BMO ETF Indices values and constituent lists vests in FGDCM or FTSE, respectively. The Licensor Parties shall not be liable (whether in negligence or otherwise) to any person for any error in any of the FTSE BMO ETF Indices and the Licensor Parties shall not be under any obligation to advise any person of any error therein. FTSE® is a trade mark of the London Stock Exchange Group companies and is used under licence.

Commissions, management fees and expenses all may be associated with investments in BMO ETFs and ETF Series units of the BMO Mutual Funds. Please read the ETF facts, fund facts or prospectus of the relevant BMO ETF or ETF Series of BMO Mutual Fund before investing. BMO ETFs and ETF Series units of the BMO Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. BMO ETFs and ETF Series units may be bought and sold at market price on a stock exchange and brokerage commissions will reduce returns.

Distributions are not guaranteed and are subject to change and/or elimination depending on market conditions. The payment of distributions should not be confused with an investment fund’s performance, rate of return or yield. If distributions paid by an investment fund are greater than the performance of the fund, investors’ original investment will shrink. Distributions of net income and net taxable gains of a BMO ETF or an ETF Series will be included in the unitholder’s income for tax purposes in the year they are paid, whether or not such amounts are reinvested in additional units. A unitholder’s adjusted cost base (“ACB”) will be reduced by the amount of any return of capital (“ROC”). If a unitholder’s ACB goes below zero, such unitholder will have to pay capital gains tax on the amount below zero. Please refer to the summary of the principal income tax considerations set out in the prospectus for the relevant BMO ETF or ETF Series. Investors should also consult their own tax advisors about their individual circumstances.

The Target Cash Flow Units are subject to capital depletion risk. Target Cash Flow Units make monthly distributions of a fixed amount which may be comprised of, in whole or in part, a ROC. A ROC reduces the amount of an original investment and may result in the return to investors of the entire amount of an original investment.

The Target Cash Flow Units’ monthly distribution dollar amount is reset at the beginning of each calendar year. The dollar amount is a factor of the annualized distribution rate for the Target Cash Flow Units (which is the rate set out in the individual BMO ETF profiles in the applicable BMO ETF’s prospectus), the net asset value per unit of a series of a BMO ETF (NAVPS) as of the end of the previous calendar year, and the number of Target Cash Flow Units of the BMO ETF held at the time of the distribution. Although not expected, we may also adjust the monthly distribution during the year, if capital market conditions have significantly affected the ability of the BMO ETF to maintain the applicable distribution. If we make any such adjustment to the monthly distribution, we will issue a press release to communicate the change. The distribution rate applicable to the Target Cash Flow Units may be higher than the rate of return or the portfolio yield of the BMO ETF that offers such units. As a result, if you elect to receive some or all of the regular monthly distributions in cash, the value of your investment in the BMO ETF may decline over time.

For a summary of the risks of an investment in the BMO ETFs or ETF Series units of the BMO Mutual Funds, please see the specific risks set out in the relevant ETF facts, fund facts or prospectus. BMO ETFs and ETF Series units of the BMO Mutual Funds trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss.

BMO ETFs are managed by BMO Asset Management Inc., an investment fund manager, a portfolio manager, and a separate legal entity from Bank of Montreal. BMO Mutual Funds are managed by BMO Investments Inc., an investment fund manager and a separate legal entity from Bank of Montreal.

BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.

“BMO (M-bar roundel symbol)” is a registered trademark of Bank of Montreal, used under licence.

Further information about BMO ETFs and ETF Series of the BMO Mutual Funds can be found at www.bmoetfs.com.

About BMO Financial Group 

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.5 trillion as of July 31, 2026. Serving clients for more than 200 years, BMO provides a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services across Canada, the United States, and select markets globally. BMO is innovating for business value, by deploying and integrating human, digital and artificial intelligence to personalize client experiences, augment teams, and automate its business responsibly. Driven by its purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and stronger communities.

SOURCE BMO Financial Group

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ACL Digital Launches AgentixCare, a Human-in-the-Loop Agentic AI Platform for Healthcare Payers, Providers, and MedTech

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The AI-first platform applies agentic AI, generative AI, and predictive models across clinical care, revenue cycle management, and connected MedTech, with humans in control of every critical decision.

SAN JOSE, Calif., Oct. 22, 2026 /PRNewswire/ — ACL Digital, part of the ALTEN Group, today announced the launch of AgentixCare, a Human-in-the-Loop (HITL) Agentic AI platform for healthcare payers, providers, and MedTech organizations. A trusted AI-led Digital Enterprise & Systems Engineering Partner, ACL Digital drives innovation by designing and building intelligent systems across the full technology stack, from chip-to-cloud.

Traditional healthcare platforms record what happened but rarely act on it. Fragmented EHRs, manual prior authorizations, rising claim denials, and disconnected device data bury clinicians in documentation and leave revenue teams chasing paperwork. AgentixCare closes that gap, cutting costs by up to 30–50% while improving productivity, care quality, cash flow, and asset uptime, with HITL oversight at every decision point.

“Healthcare does not need another dashboard. It needs AI that does real clinical, financial, and operational work, safely. AgentixCare puts autonomous agents to work on the tasks that slow care down, from prior authorizations to denials to documentation, while keeping clinicians firmly in control. That is how our clients will move from AI pilots to measurable outcomes in weeks, not years,” said Ramandeep Singh, CEO of ACL Digital.

Unlike point solutions that bolt AI onto legacy workflows, the platform is built AI-first. Its agents assess data, gather clinical and policy evidence, assemble submissions, trace root causes, and recommend next-best actions.

End-to-End Coverage Across the Healthcare Value Chain

Clinical Care & Intelligence: EHR-ready AI notes, predictive early warnings, real-time clinical decision support (CDS), and formulary mapping.Agentic Revenue Cycle & Payer Operations: Electronic prior authorization and end-to-end claim and denial management, from scrubbing to recovery and reconciliation.Intelligent Connected MedTech: Predictive maintenance, performance analytics, a GenAI copilot for surgical robotics fleets, and infusion pump monitoring.AI-Governed Trust, Risk & Compliance: A compliance copilot for HIPAA and HITECH readiness.Future-Ready Interoperability: HL7 v2, FHIR R4, and SMART on FHIR connectors for leading enterprise and open-source EMRs.

The platform is designed to significantly reduce manual prior authorization work and administrative costs, speed up routine authorization decisions, cut claim denials and unplanned device downtime, catch more patient anomalies, and deliver faster answers through AI copilots and natural language processing.

“We engineered AgentixCare the way we build medical-grade systems: interoperable from day one, secure by design, and governed end to end. Every agent works on FHIR and HL7 data, every recommendation shows its evidence, and every action is approved and recorded. That combination of agentic AI and Human-in-the-Loop governance is what makes enterprise adoption fast and safe,” said Suresh Venkateswaran, Head – Digital Product Engineering Services at ACL Digital.

AgentixCare draws on ACL Digital’s decades of domain and product engineering experience with healthcare, life sciences, and medical device companies. Developed by the company’s Healthcare Center of Excellence, it combines first-hand knowledge of Clinical, Payer, and MedTech workflows with interoperability standards and responsible AI practices.

AgentixCare is available now for pilot programs. To request a demonstration, visit AgentixCare programs.

About ACL Digital

ACL Digital, part of the ALTEN Group, is a trusted AI-led Digital Enterprise & Systems Engineering Partner driving innovation by designing and building intelligent systems across the full technology stack from chip to cloud. By integrating AI and data-powered solutions, we help enterprises accelerate digital transformation, optimize operations, and achieve scalable business outcomes. Partner with us to turn complexity into clarity and shape the future of your organization. Learn more at www.acldigital.com.

 

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SOURCE ACL Digital

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