Technology
Tungray Technologies Inc Reports Unaudited 2024 First Half Financial Results
Published
1 year agoon
By
SINGAPORE, Dec. 31, 2024 /PRNewswire/ — Tungray Technologies Inc (“Tungray” or the “Company”), a global Engineer-to-Order (ETO) company, today reported its unaudited financial results for the six months ended June 30, 2024.
First Half 2024 Financial Highlights
Total revenues for the six months ended June 30, 2024 increased by 1.5% to $5.4 million, compared to $5.3 million in the same period of 2023.Gross margin for the six months ended June 30, 2024 was 46.7%, compared to 53.5% for the same period in 2023.Operating loss for the six months ended June 30, 2024, was $0.9 million, compared to an operating income of $0.1 million for the same period in 2023.Net loss for the six months ended June 30, 2024, was $0.8 million, compared to net income of $0.2 million for the same period in 2023.
Recent Developments and Strategic Highlights:
Cost-Cutting Measures:
The Company has implemented targeted cost control actions aimed at reducing expenses, enhancing operational efficiency, and renegotiating supplier contracts.
These actions include:
Identifying and utilizing high-trade volume suppliers.Leveraging volume to negotiate favorable rates for common-use components.
Revenue Enhancement:
To drive sales growth, the Company is exploring potential horizontal strategic partnerships to access new, high-value capabilities.
These initiatives include:
Introducing new lines of business through potential partnerships with existing companies.Utilizing the “market-for-tech” model to leverage Singapore’s hub position for regional business expansion.Exploring technologies and services such as metal 3D printing for precision engineering, standardized manufacturing of medical components, and contract repair work for aviation components, such as aircraft engine fan blades and turbines.Enhancing sales and market penetration by hiring a dedicated business-focused market and sales manager. This initiative will focus on:Increasing market penetration of non-printer related markets in the Southeast Asia (SEA) region.Focusing primarily on the semiconductor, automotive and non-printer related consumer product sectors.
Restatement of Previously Issued Financial Statements
During the course of preparing the unaudited condensed consolidated financial statements for the six months ended June 30, 2024, the Company identified misstatements in its previously issued consolidated financial statements for the six months ended June 30, 2023 as below, and as a result the Company has restated the previously issued consolidated financial statements for the six months ended June 30, 2023 in accordance with ASC 250 Accounting Changes and Error Corrections, to reflect the effects of the restatement adjustments and to make certain corresponding disclosures.
The categories of adjustments and their impacts on previously issued financial statements are described below and identified in the column entitled “Reference”:
a. The Company failed to record the correct income tax expense, taxes payable and retained earnings due to improper identification of non-deductible expenses which were not detected because of not performing a reconciliation between the financial statements and tax return. Such failure has resulted in the misstatements of “Income tax expense”, “Net income attributable to Tungray Technologies Inc”, and “Foreign currency translation adjustment” for the six months ended June 30, 2023. The impact to the accumulated other comprehensive loss and foreign currency translation adjustment was a result of the foreign currency translation difference to the misstatement.
b. The Company failed to take the purchase option into consideration for the finance lease and used the incorrect useful life for the assets amortization. Such failure has resulted in the misstatement of “Cost of revenue”, “Net income attributable to Tungray Technologies Inc” and “Foreign currency translation adjustment” for the six months ended June 30, 2023. The impact to the accumulated other comprehensive loss and foreign currency translation adjustment was a result of the foreign currency translation difference to the misstatement.
The effects of restatement adjustments to the line items are as below:
For the six months ended June 30,
2023
As previously
reported
Adjustment
Reference
As restated
Cost of revenues
$
2,480,629
$
12,590
b
$
2,493,219
Income tax expense
(88,638)
(16,853)
a
(105,491)
Foreign currency translation adjustment
(305,719)
12,507
a, b
(293,212)
Management Commentary
Mr. Wanjun Yao, Chairman and Chief Executive Officer of Tungray, commented, “This year, we faced challenges that impacted our year-over-year performance, particularly in revenue growth and profit margins. To remain viable amidst the price competition, we are implementing aggressive cost-cutting measures and seeking efficiencies in production. In addition, to complement our cost-cutting measures, we are also exploring new revenue streams and focusing on higher-margin products to improve profitability.”
“Despite significant headwinds from fierce price competition, our commitment to innovation and quality improvements remains unchanged, and we remain focused on delivering sustainable growth and innovation as our long-term strategy. During this reporting period, we expensed $0.4 million in R&D expenses, a slight increase compared to the same period last year. We are confident that our ongoing initiatives will position us well when market conditions improve.”
“As we move forward, we are dedicated to adapting to the evolving market landscape. To enhance Tungray’s business portfolio and adapt to high-growth markets, we are actively exploring 3D metal printing solutions tailored for high-end sectors such as commercial aviation, offshore marine, and oil & gas industries in which Singapore serves as a strategic hub. We believe potential expansion into 3D metal printing will complement our current product and service offerings and positions us to compete well in the provision of advanced, precision-engineered components. We are confident that this strategic initiative will elevate Tungray’s market presence, generate new revenue streams, and ultimately create greater value for our shareholders. We anticipate that the steps we’re taking now will yield improvements and help us return to a sustained growth trajectory in the upcoming years.”
First Half 2024 Financial Results
Total Revenues
Total revenues increased slightly by 1.5% to $5.4 million for the six months ended June 30, 2024, compared to $5.3 million for the six months ended June 30, 2023.
Revenues from customized products increased by $0.5 million or 11.6% for the six months ended June 30, 2024, primarily driven by the delivery of a major customization project during the period.Revenues from standardized products decreased by $0.4 million, or 30.5% for the six months ended June 30, 2024, mainly due to the impact of increasing industry competition resulting in lower sales pricing.
Cost of Revenues
Total costs increased by 16.2% to $2.9 million for the six months ended June 30, 2024, compared to $2.5 million for the six months ended June 30, 2023.
The cost of revenues for customized products rose by $0.6 million, or 31.3% for the same period ended June 30, 2024, in line with the revenue increase.The cost of revenues for standardized products decreased by $0.2 million, or 21.1% for the same period ended June 30, 2024, corresponding with the revenue decline due to increased industry competition.
Gross Profit
Gross profit was $2.5 million for the six months ended June 30, 2024, representing a decrease of 11.4% year over year from $2.9 million for the six months ended June 30, 2023. Gross margin was 46.7% for the six months ended June 30, 2024, compared to 53.5% for the same period in 2023. The decrease in gross profit and gross margin was mainly due to the increase of raw materials and labor costs.
Gross profit for customized products was $2.2 million for the six months ended June 30, 2024, a decrease of 3.6% as compared to $2.3 million for the six months ended June 30, 2023. Gross margin for customized products was 48.6% for the six months ended June 30, 2024, and 56.3% for the six months ended June 30, 2023.Gross profit for standardized products was $0.3 million for the six months ended June 30, 2024, a decrease of 42.1% as compared to $0.6 million for the six months ended June 30, 2023. Gross margin for standardized products was 37.2% for the six months ended June 30, 2024, and 44.6% for the six months ended June 30, 2023.
Operating Expenses
Total operating expenses were $3.5 million for the six months ended June 30, 2024, representing an increase of 26.5% year over year from $2.8 million for the six months ended June 30, 2023.
Selling expenses increased by $0.1 million or 38.8% from $0.2 million for the six months ended June 30, 2023 to $0.3 million for the six months ended June 30, 2024. The increase was mainly due to an increase of advertisement expense for business expansion.General and administrative expenses increased by $0.6 million or 29.8% from $2.1 million for the six months ended June 30, 2023 to $2.7 million for the six months ended June 30, 2024. The increase was mainly attributed to a $0.5 million increase in salary and benefits for talent retention, as well as a $0.1 million increase in professional service fee related to the Company’s initial public offering during the six months ended June 30, 2024 as compared with the same period last year.R&D expenses increased slightly by 3.8% for the six months ended June 30, 2024 as compared with the same period last year. The increase was consistent with the R&D plan the Company previously set out.
(Loss) Income from operations
Loss from operations was $0.9 million for the six months ended June 30, 2024, compared to income from operations of $0.1 million for the six months ended June 30, 2023.
Other Income, net
Total other income was $0.2 million for the six months ended June 30, 2024 and 2023.
Income tax expense
Income tax expense increased by approximately $20,000 or 19.6%, from $0.1 million for the six months ended June 30, 2023 to $0.1 million for the six months ended June 30, 2024.
Net (Loss) Income
Net loss was $0.8 million for the six months ended June 30, 2024, compared to net income of $0.2 million for the six months ended June 30, 2023.
About Tungray Technologies Inc
Tungray Technologies Inc is an Engineer-to-Order (ETO) company that provides customized industrial manufacturing solutions to original equipment manufacturers (OEMs) in the semiconductors, printers, electronics, and home appliances industries. With research, development and manufacturing bases in Singapore and China, Tungray designs, develops, and delivers a wide range of industrial products ranging from customized manufacturing machineries, direct drive and linear direct current motors, to induction welding equipment. As an ETO company with more than two decades of experience, Tungray takes pride in its ability to deliver quality customized industrial solutions that fulfil its customers’ unique needs and specifications. For more information, visit the Company’s website at http://tungray.com/.
Forward-Looking Statements
All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.
For more information, please contact:
Investor Relations:
Bill Zima
Email: tungray@icrinc.com
Tungray Technologies Inc and Subsidiaries
Unaudited Condensed Consolidated Balance Sheets
(Stated in U.S. Dollars, except for share data, or otherwise noted)
As of
June 30, 2024
As of
December 31, 2023
As Restated
ASSETS
CURRENT ASSETS
Cash
$
9,965,474
$
10,802,405
Accounts and notes receivable, net
2,732,116
3,574,739
Accounts receivable – related parties
295,487
319,589
Inventories, net
1,424,207
2,283,809
Prepayments, net
831,679
259,950
Prepayments – related parties
1,462,583
1,048,745
Other receivables and other current assets, net
805,048
215,651
Other receivables – related parties
461,924
23,816
Total current assets
17,978,518
18,528,704
PROPERTY AND EQUIPMENT, NET
6,184,336
6,326,369
OTHER ASSETS
Prepaid expenses and deposits
79,592
23,163
Prepayment for land use right
1,988,386
–
Long-term investment
206,407
211,271
Operating right-of-use assets
1,594,282
712,261
Intangible assets, net
72,884
55,842
Deferred initial public offering (“IPO”) costs
–
1,192,734
Total non-current assets
3,941,551
2,195,271
Total assets
28,104,405
27,050,344
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable
1,280,101
1,048,271
Accounts payable – related parties
515,276
498,923
Contract liabilities
3,859,463
4,010,832
Accrued expenses and other payables
965,192
1,289,941
Other payables – related parties
284,235
670,866
Current portion of banking facilities
156,654
140,162
Current portion of operating lease liabilities
236,305
46,232
Current portion of operating lease liabilities – related party
269,960
123,094
Taxes payable
635,216
1,206,141
Total current liabilities
8,202,402
9,034,462
OTHER LIABILITIES
Banking facilities
1,810,412
1,951,389
Operating lease liabilities
769,997
10,603
Operating lease liabilities – related party
228,627
339,450
Total other liabilities
2,809,036
2,301,442
Total liabilities
11,011,438
11,335,904
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY
Class A ordinary shares ($0.0001 par value; 400,000,000 and 400,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 11,793,485 and 10,440,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)
1,179
1,044
Class B ordinary shares ($0.0001 par value; 100,000,000 and 100,000,000 shares authorized as of June 30, 2024 and December 31, 2023, respectively; 4,560,000 and 4,560,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively)
456
456
Additional paid-in capital
3,135,124
332,574
Retained earnings
14,716,555
15,530,562
Statutory reserves
248,761
248,761
Accumulated other comprehensive loss
(913,916)
(284,444)
Total Tungray Technologies Inc shareholders’ equity
17,188,159
15,828,953
NONCONTROLLING INTERESTS
(95,192)
(114,513)
TOTAL EQUITY
17,092,967
15,714,440
Total liabilities and equity
$
28,104,405
$
27,050,344
Tungray Technologies Inc and Subsidiaries
Unaudited Condensed Consolidated Statements of Income (Loss) and Comprehensive Loss
(Stated in U.S. Dollars, except for share data, or otherwise noted)
For the six months ended
June 30,
2024
2023
(Unaudited)
As Restated
(Unaudited)
Revenue – products
$
5,435,786
$
5,313,634
Revenue – related party
–
42,790
Total revenues
5,435,786
5,356,424
Cost of revenue – products
2,897,866
2,460,361
Cost of revenue – related party
–
32,858
Total cost of revenues
2,897,866
2,493,219
Gross profit
2,537,920
2,863,205
Operating expenses:
Selling expenses
300,122
216,168
General and administrative expenses
2,735,835
2,106,952
Research and development expenses
447,234
430,809
Total operating expenses
3,483,191
2,753,929
(Loss) Income from operations
(945,271)
109,276
Other income
Other income, net
172,687
128,614
Lease income – related party
9,855
10,263
Financial expenses, net
44,262
22,074
Total other income, net
226,804
160,951
(Loss) Income before income taxes
(718,467)
270,227
Income tax expense
(126,219)
(105,491)
Net (loss) income
(844,686)
164,736
Less: net loss attributable to noncontrolling interests
(30,679)
(38,426)
Net (loss) income attributable to Tungray Technologies Inc
(814,007)
203,162
Net (loss) income
(844,686)
164,736
Foreign currency translation adjustment
(629,472)
(293,212)
Comprehensive loss
(1,474,158)
(128,476)
Less: comprehensive loss attributable to noncontrolling interests
(30,679)
(36,732)
Total comprehensive loss attributable to Tungray Technologies Inc
(1,443,479)
(91,744)
Weighted average number of common shares outstanding – basic and diluted
15,539,074
15,000,000
(Loss) Earnings per common share – basic and diluted
(0.05)
0.01
View original content:https://www.prnewswire.com/news-releases/tungray-technologies-inc-reports-unaudited-2024-first-half-financial-results-302340750.html
SOURCE Tungray Technologies Inc
You may like
Technology
Notice of annual general meeting in Truecaller AB
Published
32 minutes agoon
April 20, 2026By
STOCKHOLM, April 20, 2026 /PRNewswire/ — The English text is an unofficial translation. In case of any discrepancies between the Swedish text and the English translation, the Swedish text shall prevail.
The shareholders in Truecaller AB, Reg. No. 559278-2774, are hereby invited to attend the annual general meeting (Sw. årsstämma) to be held at the company’s premises at Mäster Samuelsgatan 56 in Stockholm, Sweden, on Friday 22 May 2026 at 11:00 a.m. CEST.
Right to participate in the meeting and notice of participation
Shareholders wishing to attend the annual general meeting must:
be registered in the company’s share register kept by Euroclear Sweden AB as of Wednesday 13 May 2026; and
no later than on Monday 18 May 2026, notify the company of their intention to participate in the annual general meeting by mail to Computershare AB, “Truecaller’s AGM”, P.O. Box 149, SE-182 12 Danderyd, Sweden, by phone to +46(0)771 24 64 00, by e-mail to proxy@computershare.se, or electronically on the company’s website, (corporate.truecaller.com/governance/general-meetings). The notice should specify the complete name of the shareholder, personal identity number or company registration number, the number of shares held by the shareholder, address, telephone number during work hours and, when applicable, information on the number of advisors (two at the most).
Trustee-registered shares
Shareholders whose shares are trustee-registered in the name of a bank or other trustee must, to be able to exercise their voting rights at the annual general meeting, request the trustee to register their shares in their own name with Euroclear Sweden AB (so called “voting rights registration”). Such voting rights registration must be implemented by the trustee no later than as of Monday 18 May 2026. Accordingly, shareholders must well in advance before this date notify their trustee of their request of such voting rights registration.
Proxies etc.
A proxy representing a shareholder must bring a written, dated and by the shareholder signed power of attorney to the annual general meeting. The validity term of the power of attorney may be at the longest five years if this is specifically stated. In case no validity term is stated, the power of attorney is valid for at the longest one year. Should the power of attorney be issued by a legal entity, a copy of a registration certificate (Sw. registreringsbevis) or equivalent document shall be presented at the meeting. In order to facilitate the preparations before the meeting, a copy of the power of attorney and other proof of authority should be attached to the notice of participation. A template power of attorney can be found at the company website (corporate.truecaller.com/governance/general-meetings) and will be sent by mail to the shareholders who request it and state their address.
Proposed agenda
0. Opening of the meeting.
Election of chairman of the meeting.
Preparation and approval of the voting register.
Approval of the agenda.
Election of one or two persons to attest the minutes.
Determination as to whether the meeting has been duly convened.
Address by the chief executive officer.
Presentation of the annual report and the auditor’s report and the consolidated annual report and the auditor’s report on the consolidated annual report.
Resolution:
a. in respect of the adoption of the profit and loss statement and the balance sheet and the consolidated profit and loss statement and the consolidated balance sheet;
b. in respect of the allocation of the company’s profits as set forth in the adopted balance sheet; and
c. in respect of discharge from liability of the board members and the chief executive officer.
Determination of the number of board members and the number of auditors and deputy auditors.
Determination of remuneration for the members of the board of directors.
Determination of remuneration for the auditors.
Election of board.
a. re-election of Alan Mamedi,
b. re-election of Annika Poutiainen,
c. re-election of Nami Zarringhalam,
d. re-election of Shailesh Lakhani,
e. re-election of Aruna Sundararajan.
f. new election of Sandeep Bhushan.
Election of chairman of the board.
Election of auditor.
Resolution on approval of remuneration report.
Resolution on establishment of principles for the Nomination Committee.
Resolution on authorization for the board of directors regarding issues.
Resolution on authorization for the board of directors regarding repurchase and transfer of series B shares in the company.
Resolution on (A) reduction of the share capital by way of cancellation of own shares, and (B) increase of the share capital by way of bonus issue.
Closing of the meeting.
Proposed resolutions
Item 1: Election of chairman of the meeting
The Nomination Committee, that has consisted of Kamjar Hajabdolahi (chairman), appointed by Nami Zarringhalam, Sven Törnkvist, appointed by Alan Mamedi, Staffan Ringvall, appointed by Handelsbanken Fonder, and Alan Mamedi, representing the board of directors, proposes that Annika Poutiainen is elected as chairwoman of the meeting.
Item 8 b: Resolution in respect of the allocation of the company’s profits as set forth in the adopted balance sheet
The board of directors proposes payment of a dividend of SEK 0.28 per series A and series B share. The record date to receive the dividend is proposed to be 26 May 2026. If the annual general meeting resolves in accordance with the proposal, payment of the dividend is expected to be performed through Euroclear Sweden AB on 29 May 2026.
Item 9: Determination of the number of board members and the number of auditors and deputy auditors
The Nomination Committee proposes that the board of directors shall be composed of six (6) board members. Furthermore, it is proposed, in accordance with the recommendation from the Audit Committee, that one registered public accounting firm is appointed as auditor.
Item 10: Determination of remuneration for the members of the board of directors
The Nomination Committee proposes that board remuneration shall be paid with SEK 650,000 to the chairman of the board of directors and with SEK 500,000 to each of the other board members. It is further proposed that remuneration for committee work shall be paid with SEK 250,000 to the chairman of the Audit Committee, with SEK 100,000 to each of the other members of the Audit Committee, with SEK 150,000 to the chairman of the Remuneration Committee and with SEK 80,000 to each of the other members of the Remuneration Committee. The board remuneration is unchanged from the previous year.
Item 11: Determination of remuneration for the auditors
The Nomination Committee proposes that remuneration for the auditor is, in accordance with the recommendation from the Audit Committee, paid in accordance with customary norms and approved invoice.
Item 12: Election of board
The Nomination Committee proposes that Alan Mamedi, Annika Poutiainen, Nami Zarringhalam, Shailesh Lakhani and Aruna Sundararajan are re-elected as board members. The Nomination Committee further proposes that Sandeep Bhushan is elected as new board member. Helena Svancar has declined re-election.
Mr. Bhushan, born 1974, brings extensive and direct experience from leading advertising platforms, having most recently served as India Director of Global Marketing Solutions at Meta, where he built and led a USD multi billion revenue business and was responsible for enterprise monetisation across complex advertising markets. His background further includes senior leadership at Samsung and WSJ/Mint, providing him with experience from the perspective of major advertisers operating across both platform and agency environments. Through these roles, Mr. Bhushan has developed substantial expertise in the dynamics of digital advertising ecosystems, including channel design, incentive structures, pricing and the interaction between advertiser relationships and long-term platform trust.
Mr. Bhushan possesses deep and proven knowledge of the Indian market, as well as a strong understanding of international markets. His experience navigating commercial and regulatory challenges within India’s complex environment is considered particularly valuable given Truecaller’s strategic priorities in India.
Mr. Bhushan’s other ongoing assignments include: Board member of Traya Health. Mr. Bhushan holds no shares in the company. Mr. Bhushan is considered to be independent both in relation to the company and its management aswell as in relation to its major shareholders.
Information on the board members proposed for re-election can be found at the company website (https://corporate.truecaller.com/governance/board-of-directors) and in the annual report.
Item 13: Election of chairman of the board
The Nomination Committee proposes that Nami Zarringhalam is re-elected as chairman of the board of directors.
Item 14: Election of auditor
The Nomination Committee proposes, in accordance with the recommendation from the Audit Committee, that Ernst & Young AB is re-elected as accounting firm. Ernst & Young AB has informed that the authorized public accountant Anna Svanberg will be the auditor in charge.
Item 15: Resolution on approval of remuneration report
The board of directors proposes that the annual general meeting resolves to approve the board of directors’ remuneration report for the financial year 2025.
Item 16: Resolution on establishment of principles for the Nomination Committee
The Nomination Committee proposes that the following principles for the Nomination Committee shall apply.
The chair of the board of directors shall contact the three largest shareholders or groups of shareholders in terms of votes (this refers to both directly registered shareholders and nominee registered shareholders), according to Euroclear Sweden AB’s transcript of the share register as of 30 September each year, each appointing a representative to, together with the chair of the board of directors, constitute the Nomination Committee for the period until a new Nomination Committee has been appointed in accordance with a mandate from the annual general the coming year.
In the event that one of the three largest shareholders or groups of shareholders does not wish to appoint such a representative, the fourth largest shareholder or group of shareholders shall be consulted and so on until the Nomination Committee consists of four members (including the chair of the board).
The majority of the members of the Nomination Committee shall be independent in relation to the company and the company’s management. At least one of the members of the Nomination Committee shall be independent in relation to the largest shareholder in terms of votes or group of shareholders who cooperate on the company’s management. The CEO or any other person from the company’s management shall not be a member of the Nomination Committee. Board members may be members of the Nomination Committee but shall not constitute a majority of its members. If more than one board member is a member of the Nomination Committee, no more than one of them may be dependent in relation to the company’s major shareholders.
The Nomination Committee appoints the chairman of the committee among themselves. The appointed board member or other board members shall not be chairman of the Nomination Committee.
The composition of the Nomination Committee shall be announced no later than six months before the annual general meeting. If one or more shareholders who have appointed representatives to the Nomination Committee no longer belong to the three largest shareholders in the company at a time more than two months before the annual general meeting, the representatives of these shareholders shall resign from their duties and new members shall be appointed by the new shareholders who then belong to the three largest shareholders. If a member of the Nomination Committee resigns before the nomination committee’s work is completed, the same shareholder who appointed the outgoing member shall, if deemed necessary, have the right to appoint a new member, or if the shareholder is no longer among the three largest shareholders, the largest shareholder in turn, in accordance with the principles above, but on the basis of Euroclear Sweden AB’s print of the share register as soon as possible after the member has left his post.
Changes in the composition of the Nomination Committee shall be made public immediately.
No remuneration shall be paid to the members of the Nomination Committee. The company shall pay the necessary expenses that the Nomination Committee may incur within the framework of its work.
The term of office of the Nomination Committee ends when the subsequent Nomination Committee has been announced.
The Nomination Committee shall start its work as soon as possible after the announcement of the composition of the committee. The task for the Nomination Committee is to submit proposals on the following issues for resolution to the annual general meeting:
a. proposal for the chairman of the meeting;
b. proposals for members of the board of directors;
c. proposal for chairman of the board of directors;
d. proposal for auditors;
e. proposals for board fees, with a division between the chairman and the other members of the board of directors;
f. proposal for fees for the company’s auditors; and
g. proposal for principles for the appointment of the Nomination Committee for the annual general meeting.
These principles for the Nomination Committee shall be valid until further notice until a resolution on amendment is passed by a general meeting.
Item 17: Resolution on authorization for the board of directors regarding issues
The board of directors proposes that the annual general meeting resolves to authorize the board of directors, at one or several occasions, during the time up until the next annual general meeting, with or without deviation from the shareholders’ preferential rights, and with or without provisions regarding payment in kind or through set-off or other provisions, to resolve to issue new series B shares, convertibles and/or warrants entitling to conversion or subscription of series B shares. The total number of series B shares that may be issued (alternatively be issued through conversion of convertibles and/or exercise of warrants) shall not exceed 37,501,755, which corresponds to a dilution of ten (10) percent of the number of issued shares after the completion of the cancellation of shares proposed under item 19 on the agenda. To the extent an issue is made with deviation from the shareholders’ preferential rights, the subscription price shall be on market terms (subject to customary new issue discount, as applicable). The purpose of the authorization is to be able to carry out and finance acquisitions of companies and assets and to give the board of directors increased room for maneuver and the opportunity to adapt and improve the company’s capital structure.
Item 18: Resolution on authorization for the board of directors regarding repurchase and transfer of series B shares in the company
The board of directors proposes that the annual general meeting resolves to authorize the board of directors, at one or several occasions, during the time up until the next annual general meeting, to resolve on repurchase and transfer of series B shares in the company. Repurchase of series B shares may be made of a maximum number of shares so that the company’s shareholding does not, at each time, exceed ten (10) percent of all outstanding shares in the company. Repurchase of series B shares on Nasdaq Stockholm may be made at a price per share that does not exceed the higher of the most recent independent trade and the highest current independent bid on the trading venue where the purchase is carried out, or otherwise on the terms and conditions determined by Nasdaq Stockholm. The company may however assign a stock exchange member to accumulate a certain amount of the company’s own series B shares by proprietary trading during a certain time period and on the day of delivery pay the volume weighted average price for the market as a whole for such period of time, even if the volume weighted average price falls outside the range of prices on the day of delivery. Acquisitions may not be made at a price lower than the lowest price at which an independent trade can be made. Payment of the series B shares shall be made in cash.
Transfer of series B shares may be made of the total number of shares held by the company from time to time. Transfer may be made with deviation from the shareholders’ preferential rights on Nasdaq Stockholm. Transfer may also be made to third parties in connection with acquisition of companies, operations, or assets. Transfer of series B shares on Nasdaq Stockholm may only be made at a price per share within the registered price interval of the company’s share at the time, or otherwise in accordance with applicable regulations, and if the transfer is made in another way, at a price corresponding to prices in money or value of property received that corresponds to the price of the company’s series B share at the time of the transfer of the shares being transferred with the deviation considered appropriate by the board of directors. Transfer in connection with acquisitions may be made at a market value assessed by the board of directors. Payment for transferred series B shares can be made in cash, through an issue in kind or set-off.
The purpose of the authorizations is to give the board of directors the opportunity to continuously adapt the company’s capital structure and thereby contribute to increased shareholder value, to be able to exploit attractive acquisition opportunities by fully or partly financing future acquisitions of companies, operations, or assets with the company’s own shares, and for financing and/or securing the delivery of series B shares in long-term incentive programs approved by the general meeting.
Item 19: Resolution on (A) reduction of the share capital by way of cancellation of own shares, and (B) increase of the share capital by way of bonus issue
A. Reduction of the share capital by way of cancellation of own shares
The board of directors proposes that the annual general meeting resolves to reduce the share capital by way of cancellation of 16,274,926 own series B shares that have been repurchased by the board of directors based on the authorization given at the annual general meeting in 2025. Through the reduction, the share capital is reduced by SEK 35,194.823547. The purpose of the reduction is allocation to unrestricted equity.
B. Increase of the share capital by way of bonus issue
To restore the share capital after the proposed reduction of the share capital set out in A above, the board of directors proposes that the annual general meeting simultaneously resolves to increase the share capital by SEK 35,194.823547 through a bonus issue, by transferring the same amount from the company’s unrestricted equity without the issuance of new shares.
The board’s report in accordance with Chapter 20, Section 13 of the Swedish Companies Act (2005:551)
In accordance with Chapter 20, Section 13 of the Swedish Companies Act, the board of directors reports as follows. The resolution to reduce the company’s share capital by cancellation of own series B shares according to item A can be carried out without authorization from the Swedish Companies Registration Office (Sw. Bolagsverket) or a general court, since the company at the same time carries out an equal increase of the share capital through a bonus issue in accordance with to item B above. Thus, the company’s restricted equity and share capital will remain unchanged.
The board of directors’ proposal in accordance with item A and B above shall be resolved upon as one resolution by the annual general meeting.
Particular majority requirements
For valid resolutions on the proposals pursuant to items 17-19, the proposals have to be supported by shareholders representing at least two thirds of the votes cast as well as of all shares represented at the annual general meeting.
Information at the annual general meeting
The board of directors and the chief executive officer shall at the annual general meeting, if any shareholder so requests and the board of directors believes that it can be done without significant harm to the company, provide information regarding circumstances that may affect the assessment of items on the agenda, circumstances that can affect the assessment of the company’s or its subsidiaries’ financial position and the company’s relation to other companies within the group.
Financial statements and complete proposals
Financial statements, the audit report, the board of directors’ remuneration report, the statement by the auditor on the compliance of the applicable guidelines for remuneration to senior executives as well as the complete proposals for resolutions with ancillary documents pursuant to the Swedish Companies Act, will be available for the shareholders at the company’s office at Mäster Samuelsgatan 56, SE-111 21 Stockholm, Sweden, and at the company’s website (corporate.truecaller.com/governance/general-meetings) as from no later than three weeks prior to the annual general meeting. Copies of the documents will be sent to the shareholders upon their request to the company, provided that such shareholders state their address, and will also be made available at the annual general meeting.
Number of shares and votes in the company
The total number of shares in the company amounts to 353,790,721, of which 46,783,800 are series A shares with ten votes per share, 301,993,135 are series B shares with one vote per share and 5,013,786 are series C shares with one vote per share. The number of votes in the company amounts to 774,844,921. As per the date of the notice to the annual general meeting, the company holds 22,274,926 series B shares and 5,013,786 series C shares, that cannot be represented at the meeting.
Processing of personal data
For information on how your personal data is processed, see
https://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf.
____________________
Stockholm in April 2026
Truecaller AB (publ)
The Board of Directors
For more information, please contact:
Andreas Frid, Head of IR & Communication
+46 705 290800
andreas.frid@truecaller.com
This information was submitted for publication, through the agency of the contact person set out above, at the time stated by the company’s news distributor, Cision, at the publication of this press release.
About Truecaller:
Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies. especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for almost 500 million active users. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information please visit corporate.truecaller.com
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/truecaller-ab/r/notice-of-annual-general-meeting-in-truecaller-ab,c4337275
The following files are available for download:
https://mb.cision.com/Main/20429/4337275/4046504.pdf
Notice of Annual General Meeting 2026
View original content:https://www.prnewswire.com/news-releases/notice-of-annual-general-meeting-in-truecaller-ab-302747382.html
SOURCE Truecaller AB
Technology
Blooming Health Announces Third Annual “Blooming Day” to Advance the Future of Outcome-Driven Health Related Social Care
Published
32 minutes agoon
April 20, 2026By
Hosted in NYC, the national convening will unite healthcare leaders, government officials, innovators, and community partners to address systemic challenges and drive change
NEW YORK, April 20, 2026 /PRNewswire-PRWeb/ — Blooming Health, the outcomes infrastructure platform powering the coordination and navigation of health-related social needs, today announced its third annual “Blooming Day”, taking place on May 12, 2026, at Lavan Midtown in New York City.
This year’s event marks growth in both theme and focus. Building upon the event’s theme, Access to Care, Blooming Day 2026 will convene leaders across healthcare, government, and community organizations to address a more fundamental challenge: how to reliably deliver better health outcomes at scale in a system where the majority of outcomes are driven and the majority of barriers are faced by non-medical needs.
As healthcare shifts toward outcome-based models, organizations are increasingly responsible for factors they cannot solve through clinical care alone. Blooming Day will focus on how the industry can move from fragmented, manual coordination efforts to systems that ensure needs are identified, addressed, and resolved – consistently and measurably at scale.
Confirmed speakers include:
Andy Slavitt, Former head of CMS and Town Hall Ventures cofounderChirlane McCray, Writer, Activist, Former First Lady of NYCShawyn Patterson-Howard, Mayor of Mt. Vernon, NYKevin Fiori, MD, MPH, Vice Chair, Community Health & Engagement, Montefiore Health SystemAmie Parikh, CEO, Hudson Valley Care CoalitionMatilde L. Roman, Esq., SVP, Chief Inclusion and Impact Officer, Westchester Medical CenterElizabeth Hall, LCSW, Vice President, Health Equity, Quality and Accreditation, AmeriHealth CaritasDomonic Hopson, MD, CEO, Neighborhood Family PracticeMichael Hancock, Former Mayor of DenverCelina Sullivan, Senior Director, Program Management, Kaiser PermanentePamela Mattel, CEO, Coordinated Behavioral CareDeborah Brown, SVP & Chief External Affairs Officer, NYC Health + HospitalsZachariah Hennessey, Chief Strategy Officer at Public Health SolutionsAndrew Mendenhall, MD, DABFM, DABPM, FASAM, President and CEO, Central City ConcernDr. Ashwin Vasan, Senior Fellow in the Department of Health Policy and Management, Yale School of Public Health.Diana E. Ramos, MD, MPH, MBA, FACOG, California Surgeon GeneralDr. Chelsea Clinton, Co-founder of Metrodora Ventures
“Healthcare has made enormous progress in clinical care, but we still lack the infrastructure to reliably and consistently address the non-medical needs that drive outcomes,” said Nima Roohi, Co-Founder and CEO of Blooming Health. “Blooming Day is about bringing together the leaders who are not just talking about access – but actively building systems that ensure coordination happens, gaps are closed, and outcomes improve. From solving for Medicaid Redetermination administrative requirements to reduce coverage loss to making sure a patient can show up for their annual check up with a safe transportation ride.”
Blooming Health will showcase its AI-forward solution, the first of its kind in the industry, designed to address social care gaps for millions of patients on its platform. The demonstration will also highlight new product capabilities and partnership announcements.
The event will feature panels, networking, and working sessions focused on:
Proven strategies to reduce care gaps and drive measurable health outcomesNavigating Medicaid redeterminations and the operational realities of the 6-month eligibility cycleAligning healthcare and social care to create coordinated, end-to-end systems of supportScaling outreach, engagement, and care coordination through AI-driven workflowsIntegrating social drivers of health into financial and risk-based care models
Blooming Day 2026 reflects a broader shift in the industry – from fragmented efforts to coordinated systems, and from measuring activity to delivering results. This event is designed not just to spark dialogue, but to catalyze partnerships and approaches that can be implemented in real-world settings.
For more information or to register, please visit:
https://gobloominghealth.com/blooming-day-2026
About Blooming Health
Blooming Health is building the operating system for social care – delivered as outcomes infrastructure. We partner with health plans, providers, and government organizations to detect, engage, coordinate, and resolve health-related social needs at population scale. By combining omnichannel engagement, AI-driven workflow automation, and a national network of community-based organizations, Blooming Health ensures care coordination is not just attempted – but executed reliably.
As healthcare shifts toward outcome-based models, our customers don’t buy software – they depend on Blooming to deliver measurable improvements in access, engagement, and outcomes, and to operate critical parts of their care delivery infrastructure.
Learn more at www.gobloominghealth.com
Media Contact
Jessica DelVirginia, Blooming Health, 1 (646) 397-2640, jdelvirginia@gobloominghealth.com, https://gobloominghealth.com/
View original content to download multimedia:https://www.prweb.com/releases/blooming-health-announces-third-annual-blooming-day-to-advance-the-future-of-outcome-driven-health-related-social-care-302746848.html
SOURCE Blooming Health
Technology
Jenson Cold Storage Selects Made4net WMS to Modernize 3PL Cold Storage
Published
32 minutes agoon
April 20, 2026By
With Made4net’s Synapse 3PLExpert WMS, the Utah-based provider gains the operational backbone to run high-volume distribution, connect via EDI, and scale B2C fulfillment from a single platform.
TEANECK, N.J., April 20, 2026 /PRNewswire/ — Made4net, a global leader in warehouse management systems (WMS) and supply chain execution software, today announced that Jenson Cold Storage, a Utah-based cold chain logistics provider operating more than 2.5 million cubic feet of temperature-controlled storage across the state, has selected Made4net’s Synapse 3PLExpert WMS to modernize operations and support expanded third-party logistics services.
The new WMS will enable Jenson Cold Storage to deliver full 3PL services, pick-and-pack fulfillment, B2C order processing, EDI integration, and real-time inventory visibility—capabilities increasingly requested by its growing customer base across agriculture, manufacturing, and retail.
Built to set a new standard for regional cold chain logistics, Jenson Cold Storage manages tens of thousands of pallets and SKUs across multiple temperature environments. As demand for temperature-controlled capacity continues to surge nationwide, the company needed a warehouse management system capable of supporting the scale, precision, and operational complexity required in modern cold chain logistics.
“Made4net made the most sense for us because of the control and adaptability it provides across our operations,” said Andrew Street, Manager, Jenson Cold Storage. “Other WMS solutions we evaluated fell short in supporting the level of service and consistency our customers expect.”
With Synapse 3PLExpert, Jenson Cold Storage will gain a centralized platform to manage inventory, orders, and customer integrations while expanding the services it offers clients. A key capability is EDI connectivity, allowing customers to place orders, monitor inventory levels, and access operational data in real time.
“Jenson Cold Storage has built a rapidly growing operation that requires precision, flexibility, and real-time visibility,” said Chipper Farley, President of 3PL Solutions at Made4net. “Synapse 3PLExpert gives them the control and scalability needed to support high-volume cold storage while expanding the services they offer customers.”
Jenson Cold Storage’s growth story began with a simple customer request for off-site storage. What started as a small walk-in cooler to help a customer manage an influx of orders has evolved into a rapidly expanding cold chain operation serving multiple industries and temperature requirements. With Made4net’s WMS now in place, the company is positioned to continue scaling operations while maintaining the customer-first approach that has defined its business for more than three decades.
About Jenson Cold Storage
Jenson Cold Storage is a Utah-based provider of temperature-controlled warehousing and logistics services with more than 30 years of experience in cold chain operations. Operating facilities in Draper and Nephi, the company manages over 2.5 million cubic feet of storage across multiple temperature environments and serves customers across agriculture, manufacturing, retail, and other industries. For more information, visit www.jensoncold.com.
About Made4net
Made4net is a global leader in WMS (warehouse management system) and supply chain execution software, delivering best-in-class, cloud-based WMS and 3PL WMS solutions. Our adaptable and scalable platform empowers organizations of all sizes to improve efficiency, visibility, and control across their supply chain.
For more information, visit www.made4net.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/jenson-cold-storage-selects-made4net-wms-to-modernize-3pl-cold-storage-302747350.html
SOURCE Made4net, LLC
Notice of annual general meeting in Truecaller AB
Blooming Health Announces Third Annual “Blooming Day” to Advance the Future of Outcome-Driven Health Related Social Care
Jenson Cold Storage Selects Made4net WMS to Modernize 3PL Cold Storage
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Send Rakhi to UK swiftly with UK Gifts Portal
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Near Videos3 days agoWe Have Only Scratched The Surface Of The Agentic Future
-
Coin Market3 days agoSingapore Gulf Bank adds stablecoin mint and redeem for 24/7 settlement
-
Coin Market3 days agoFrench finance minister backs euro-pegged stablecoins to compete with US
-
Technology3 days agoInterfaith America Works to Promote Free, Fair and Peaceful Elections
-
Near Videos3 days agoNEAR Intern Demos the Future of Private Trading
-
Technology3 days agoDynamite Integrates Biometric Cryptography and AI into its Wallet Product
-
Coin Market2 days agoBitcoin mining difficulty falls, but projected to rise in next adjustment
-
Near Videos3 days agoAnthropic Cuts Off OpenClaw Subscribers | GPT-Image-2 Leaked | Drift $285M Hack Explained
