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Digital Turbine Reports Fiscal 2025 Third Quarter Financial Results

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1 year ago

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Third Quarter Revenue Totaled $134.6 Million

Third Quarter GAAP Net Loss of $23.1 Million, or GAAP EPS of ($0.22); Third Quarter Non-GAAP Adjusted Net Income1 of $13.7 Million and Non-GAAP Adjusted EPS1 of $0.13

Third Quarter Non-GAAP Adjusted EBITDA2 Totaled $22.0 Million

AUSTIN, Texas, Feb. 5, 2025 /PRNewswire/ — Digital Turbine, Inc. (Nasdaq: APPS) announced financial results for the fiscal third quarter ended December 31, 2024.

Recent Financial Highlights:

Fiscal third quarter of 2025 revenue totaled $134.6 million, representing an increase of 13% quarter-over-quarter as compared to the fiscal second quarter of 2025, and a decline of 6% year-over-year as compared to the fiscal third quarter of 2024.

GAAP net loss for the fiscal third quarter of 2025 was $23.1 million, or ($0.22) per share, as compared to GAAP net loss for the fiscal third quarter of 2024 of $14.1 million, or ($0.14) per share. Non-GAAP adjusted net income1 for the fiscal third quarter of 2025 was $13.7 million, or $0.13 per share, as compared to Non-GAAP adjusted net income1 of $15.6 million, or $0.15 per share, in the fiscal third quarter of 2024.

Non-GAAP adjusted EBITDA2 for the fiscal third quarter of 2025 was $22.0 million, representing an increase of 44% quarter-over-quarter as compared to the fiscal second quarter of 2025, and a decline of 13% year-over-year as compared to Non-GAAP adjusted EBITDA2 of $25.4 million in the fiscal third quarter of 2024.

Non-GAAP free cash flow3 totaled $6.4 million in the fiscal third quarter of 2025.

“Our financial results exceeded our expectations in the December quarter with improved execution and the enactment of transformational profit-optimization measures driving improved operating performance and free cash flow,” said Bill Stone, CEO. “Strong advertiser and publisher demand for our increasingly wide array of On-Device product offerings and continuing growth in spending from leading advertising agencies and brand advertisers on our App Growth Platform were important revenue drivers. We are raising our fiscal 2025 outlook, which implies year-over-year revenue growth in the March quarter with more material year-over-year growth in EBITDA.  We believe that our future is bright, and I am extremely grateful for the resilience, focus and hustle prominently displayed throughout the organization as Digital Turbine returns to a growth company.”  

Fiscal 2025 Third Quarter Financial Results

Total revenue for the third quarter of fiscal 2025 was $134.6 million. Total On Device Solutions revenue before intercompany eliminations was $91.7 million. Total App Growth Platform revenue before intercompany eliminations was $44.2 million.

GAAP net loss for the third quarter of fiscal 2025 was $23.1 million, or ($0.22) per share, as compared to GAAP net loss for the third quarter of fiscal 2024 of $14.1 million, or ($0.14) per share.

Non-GAAP adjusted net income1 for the third quarter of fiscal 2025 was $13.7 million, or $0.13 per share, as compared to Non-GAAP adjusted net income1 of $15.6 million, or $0.15 per share, in the third quarter of fiscal 2024.

Non-GAAP adjusted EBITDA2 for the third quarter of fiscal 2025 was $22.0 million, as compared to Non-GAAP adjusted EBITDA2 for the third quarter of fiscal 2024 of $25.4 million.

Business Outlook

Based on information available as of February 5, 2025, the Company is raising its annual guidance, and currently expects the following for fiscal year 2025:

Revenue of between $485 million and $490 millionNon-GAAP adjusted EBITDA2 of between $69 million and $71 million

It is not reasonably practicable to provide a business outlook for GAAP net income because the Company cannot reasonably estimate the changes in stock-based compensation expense, which is directly impacted by changes in the Company’s stock price, or other items that are difficult to predict with precision.

About Digital Turbine, Inc.

Digital Turbine empowers superior mobile consumer experiences and results for the world’s leading telcos, advertisers, and publishers. Its end-to-end platform uniquely simplifies its partners’ abilities to supercharge awareness, acquisition, and monetization – connecting them with more consumers, in more ways, across more devices. Digital Turbine is headquartered in North America, with offices around the world. For additional information visit www.digitalturbine.com.

Conference Call

Management will host a conference call and webcast today at 4:30 p.m. ET to discuss its fiscal 2025 third quarter financial results and provide operational updates on the business. The conference call will discuss forward guidance and other material information. The call can be accessed online via the webcast link: https://app.webinar.net/r46V3JYXmyx. The call can also be accessed by dialing 888-317-6003 in the United States (or 412-317-6061 from international locations) and entering access code 8775045. A live and archived webcast of the call can be accessed via the Investor Relations section of Digital Turbine’s website.  The webcast will be archived for a period of one year and is available via the Investor Relations section of Digital Turbine’s website.

For those unable to join the live call, a playback will be available through February 12th, 2025. The replay can be accessed by dialing 877-344-7529 in the United States or 412-317-0088 from international locations, passcode 3909564.

An online webcast will be archived for a period of one year and is available via the Investor Relations section of Digital Turbine’s website.

Use of Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements presented in accordance with GAAP, Digital Turbine uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include non-GAAP adjusted net income and earnings per share (“EPS”), non-GAAP adjusted EBITDA, non-GAAP free cash flow and non-GAAP gross profit. Reconciliations to the nearest GAAP measures of all non-GAAP measures included in this press release can be found in the tables below.

Non-GAAP measures are provided to enhance investors’ overall understanding of the Company’s current financial performance, prospects for the future and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP measures provide meaningful supplemental information regarding financial performance by excluding certain expenses and benefits that may not be indicative of recurring core business operating results. The Company believes the non-GAAP measures that exclude such items when viewed in conjunction with GAAP results and the accompanying reconciliations enhance the comparability of results against prior periods and allow for greater transparency of financial results. The Company believes non-GAAP measures facilitate management’s internal comparison of its financial performance to that of prior periods as well as trend analysis for budgeting and planning purposes. The presentation of non-GAAP measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

1Non-GAAP adjusted net income and EPS are defined as GAAP net income and EPS adjusted to exclude the effect of stock-based compensation expense, amortization of intangibles, business transformation costs, transaction-related expenses, severance costs, changes in fair value of contingent considerations, contract settlement fees, and tax adjustments. Readers are cautioned that non-GAAP adjusted net income and EPS should not be construed as an alternative to comparable GAAP net income figures determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.

2Non-GAAP adjusted EBITDA is calculated as GAAP net income excluding the following cash and non-cash expenses: stock-based compensation expense, depreciation and amortization, net interest income (expense), net other income (expense), business transformation costs, foreign exchange transaction gains (losses), income tax (benefit) provision, transaction-related expenses, contract settlement fees, changes in fair value of contingent considerations, and severance costs. Non-GAAP adjusted EBITDA margin is calculated as non-GAAP adjusted EBITDA as a percentage of total revenue. Readers are cautioned that non-GAAP adjusted EBITDA should not be construed as an alternative to net income determined in accordance with U.S. GAAP as an indicator of performance, which is the most comparable measure under GAAP.

3Non-GAAP free cash flow, which is a non-GAAP financial measure, is defined as net cash provided by operating activities (as stated in our Consolidated Statements of Cash Flows), excluding transaction-related expenses, severance costs and business transformation costs, reduced by capital expenditures. Readers are cautioned that free cash flow should not be construed as an alternative to net cash provided by operating activities determined in accordance with U.S. GAAP as an indicator of profitability, performance or liquidity, which is the most comparable measure under GAAP.

4Non-GAAP gross profit is defined as GAAP income from operations adjusted to exclude the effect of product development costs, sales and marketing costs, general and administrative costs, contract settlement fees, and depreciation of software included in other direct costs of revenue. Readers are cautioned that non-GAAP gross profit should not be construed as an alternative to income from operations determined in accordance with U.S. GAAP as an indicator of profitability or performance, which is the most comparable measure under GAAP.

Non-GAAP adjusted EBITDA, non-GAAP adjusted net income and EPS, non-GAAP free cash flow and non-GAAP gross profit are used by management as internal measures of profitability and performance. They have been included because the Company believes that the measures are used by certain investors to assess the Company’s financial performance before non-cash charges and certain costs that the Company does not believe are reflective of its underlying business.

Forward-Looking Statements

This news release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this news release that are not statements of historical fact and that concern future results from operations, financial position, economic conditions, product releases and any other statement that may be construed as a prediction of future performance or events, including financial projections and growth in various products are forward-looking statements that speak only as of the date made and which involve known and unknown risks, uncertainties and other factors which may, should one or more of these risks uncertainties or other factors materialize, cause actual results to differ materially from those expressed or implied by such statements. These factors and risks include:

Risks Specific to our Business

We have a history of net lossesWe have a limited operating history for our current portfolio of assets.Growth may place significant demands on our management and our infrastructure.Our operations are global in scope, and we face added business, political, regulatory, legal, operational, financial and economic risks as a result of our international operations.Our financial results could vary significantly from quarter-to-quarter and are difficult to predict.A significant portion of our revenue is derived from a limited number of wireless carriers and customers.The risk of impairment of our goodwill.The effects of the current and any future general downturns in the U.S. and the global economy, including financial market disruptions.Our products, services and systems rely on software that is highly technical, and if it contains errors or viruses, our business could be adversely affected.Our business may involve the use, transmission and storage of confidential information and personally identifiable information, and the failure to properly safeguard such information could result in significant reputational harm and monetary damages.Our business and reputation could be impacted by information technology system failures and network disruptionsSystem security risks and cyber-attacks could disrupt our internal operations or information technology services provided to customers.Our business and growth may suffer if we are unable to hire and retain key talent.If we are unable to maintain our corporate culture, our business could be harmed.Our transformation activities and reduction in force may not adequately reduce our operating costs or improve our operating margins or cash flows, may lead to additional workforce attrition and may cause operational disruptions.If we make future acquisitions, this could require significant management attention and disrupt our business.Adverse effects of negative developments affecting the financial services industry, including events or concerns involving liquidity, defaults, or non-performance by financial institutions.Entry into new lines of business, and our offering of new products and services, resulting from our investments may result in exposure to new risks.Litigation may harm out business.

Risks Related to the Mobile Advertising Industry

The mobile advertising business is an intensely competitive industry, and we may not be able to compete successfully.The markets for our products and services are rapidly evolving and may decline or experience limited growth.Our business is dependent on the continued growth in usage of smartphones and other mobile connected devices.Wireless technologies are changing rapidly, and we may not be successful in working with these new technologies.The complexity of and incompatibilities among mobile devices may require us to use additional resources for the development of our products and services.If wireless subscribers do not continue to use their mobile devices to access mobile content and other applications, our business growth and future revenue may be adversely affected.A shift of technology platform by wireless carriers and mobile device manufacturers could lengthen the development period for our offerings, increase our costs, and cause our offerings to be published later than anticipated.Actual or perceived security vulnerabilities in devices or wireless networks could adversely affect our revenue.We may be subject to legal liability associated with providing mobile and online services.Risks of public health issues, such as a major epidemic or pandemic.Risk related to geopolitical conditions and the global economy, including conflicts, financial markets, and inflation.Risk related to the geopolitical relationship between the U.S. and China or changes in China’s economic and regulatory landscape.

Industry Regulatory Risks

We are subject to rapidly changing and increasingly stringent laws, regulations and contractual requirements related to privacy, data security, and protection of children.We are subject to anti-corruption, import/export, government sanction, and similar laws, especially related to our international operations.Government regulation of our marketing methods could restrict or prevent our ability to adequately advertise and promote our content, products and services available in certain jurisdictions.Regulatory requirements pertaining to the marketing, advertising, and promotion of our products and services.Governmental regulation of our marketing methods.

Risks Related to Our Intellectual Property and Potential Liability

Third parties may obtain and improperly use our intellectual property; and if so, our competitive position may be adversely affected, particularly if we do not, or are unable to, adequately protect our intellectual property rightsThird parties may sue us for intellectual property infringement, which may prevent or limit our use of the intellectual property and disrupt our business and could require us to pay significant damage awards.Our platform contains open source software.Indemnity provisions in various agreements potentially expose us to substantial liability for intellectual property infringement, damages caused by malicious software, and other losses.

Risks Relating to Our Common Stock and Capital Structure

We have secured and unsecured indebtedness, which could limit our financial flexibility.To service our debt and fund our other obligations and capital requirements, we will require a significant amount of cash, and our ability to generate cash will depend on many factors beyond our control.The market price of our common stock is likely to be highly volatile and subject to wide fluctuations, and you may be unable to resell your shares at or above the current price or the price at which you purchased your shares.Risk of not being able to raise capital to grow our business.Risk to trading volume of lack of securities or industry analysts research coverage.A material weakness in our internal control over financial reporting and disclosure controls and procedures could, if not remediated, result in material misstatements in our financial statements.Maintaining and improvising financial controls and being a public company may strain resources.Anti-takeover provisions in our charter documents could make an acquisition of our company more difficult.Our bylaws designate Delaware as the exclusive forum for certain disputes.Other risks described in the risk factors in Item 1A of our latest Annual Report on Form 10-K under the heading “Risk Factors” and subsequent Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission.

You should not place undue reliance on these forward-looking statements. The Company does not undertake to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact:
Brian Bartholomew
Digital Turbine, Inc.
brian.bartholomew@digitalturbine.com

 

Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income 
(Unaudited)
(in thousands, except share and per share amounts)

Three months ended December 31,

Nine months ended
December 31,

2024

2023

2024

2023

Net revenue

$     134,637

$          142,634

$   371,354

$   432,259

Costs of revenue and operating expenses

Revenue share

69,947

70,364

182,092

208,675

Other direct costs of revenue

8,954

8,614

25,182

27,244

Product development

10,203

13,036

30,350

42,873

Sales and marketing

15,494

14,432

47,628

45,546

General and administrative

42,792

45,455

128,485

127,339

Impairment of goodwill

—

—

—

147,181

Total costs of revenue and operating expenses

147,390

151,901

413,737

598,858

Loss from operations

(12,753)

(9,267)

(42,383)

(166,599)

Interest and other income (expense), net

Change in fair value of contingent consideration

(500)

—

(300)

372

Interest expense, net

(8,446)

(7,666)

(25,928)

(22,900)

Foreign exchange transaction gain

1,037

338

879

155

Other expense, net

(57)

(311)

21

(67)

Total interest and other expense, net

(7,966)

(7,639)

(25,328)

(22,440)

Loss before income taxes

(20,719)

(16,906)

(67,711)

(189,039)

Income tax provision (benefit)

2,412

(2,845)

5,562

(5,097)

Net loss

(23,131)

(14,061)

(73,273)

(183,942)

Less: net loss attributable to non-controlling interest

—

—

—

(220)

Net loss attributable to Digital Turbine, Inc.

(23,131)

(14,061)

(73,273)

(183,722)

Other comprehensive income (loss)

Foreign currency translation gain (loss)

(4,101)

3,585

(3,157)

(3,809)

Comprehensive loss

(27,232)

(10,476)

(76,430)

(187,751)

Less: comprehensive income attributable to non-controlling
interest

—

—

—

519

Comprehensive loss attributable to Digital Turbine, Inc.

$      (27,232)

$          (10,476)

$   (76,430)

$ (188,270)

Net loss per common share

Basic

$          (0.22)

$              (0.14)

$       (0.71)

$       (1.83)

Diluted

$          (0.22)

$              (0.14)

$       (0.71)

$       (1.83)

Weighted-average common shares outstanding

Basic

104,148

101,376

103,201

100,643

Diluted

104,148

101,376

103,201

100,643

 

Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value and share amounts)

December 31, 2024

March 31, 2024

(Unaudited)

ASSETS

Current assets

Cash and cash equivalents

$               35,314

$             33,605

Accounts receivable, net

199,949

191,015

Prepaid expenses

6,877

7,704

Other current assets

12,418

10,017

Total current assets

254,558

242,341

Property and equipment, net

49,625

45,782

Right-of-use assets

10,631

9,127

Intangible assets, net

270,262

313,505

Goodwill

221,080

220,072

Other non-current assets

33,992

34,713

TOTAL ASSETS

$             840,148

$           865,540

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities

Accounts payable

$             147,732

$           159,200

Accrued revenue share

34,734

33,934

Accrued compensation

8,475

7,209

Acquisition purchase price liabilities

1,886

—

Other current liabilities

47,830

35,681

Total current liabilities

240,657

236,024

Long-term debt, net of debt issuance costs

408,154

383,490

Deferred tax liabilities, net

14,903

20,424

Other non-current liabilities

12,853

11,670

Total liabilities

676,567

651,608

Commitments and contingencies

Stockholders’ equity

Preferred stock

Series A convertible preferred stock at $0.0001 par value; 2,000,000 shares
authorized, 100,000 issued and outstanding (liquidation preference of $1)

100

100

Common stock

$0.0001 par value: 200,000,000 shares authorized; 105,593,103 issued and
104,834,978 outstanding at December 31, 2024; 102,877,057 issued and
102,118,932 outstanding at March 31, 2024

10

10

Additional paid-in capital

884,270

858,191

Treasury stock (758,125 shares at December 31, 2024 and March 31, 2024)

(71)

(71)

Accumulated other comprehensive loss

(52,112)

(48,955)

Accumulated deficit

(668,616)

(595,343)

Total stockholders’ equity

163,581

213,932

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$             840,148

$           865,540

 

Digital Turbine, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(in thousands)

Three months ended December 31,

2024

2023

Cash flows from operating activities:

Net (loss) income

$          (23,131)

$          (14,061)

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

Depreciation and amortization

19,613

21,008

Non-cash interest expense

533

209

Allowance for credit losses

846

1,348

Stock-based compensation expense

8,250

7,987

Change in estimate of remaining contingent consideration

500

—

Right-of-use asset

238

(1,272)

Foreign exchange transaction gain

(1,037)

(338)

(Increase) decrease in assets:

Accounts receivable, gross

(9,532)

(27,790)

Prepaid expenses

143

(2,484)

Other current assets

(43)

(2,680)

Other non-current assets

284

(1,205)

Increase (decrease) in liabilities:

Accounts payable

(7)

19,799

Accrued revenue share

5,463

11,537

Accrued compensation

1,244

(743)

Other current liabilities

9,719

(2,788)

Deferred income taxes

(2,243)

1,723

Other non-current liabilities

(397)

1,411

Net cash provided by operating activities

10,443

11,661

Cash flows from investing activities

Equity investments

—

(9,678)

Business acquisitions, net of cash acquired

—

65

Capital expenditures

(7,125)

(3,107)

Net cash used in investing activities

(7,125)

(12,720)

Cash flows from financing activities

Proceeds from borrowings

—

8,000

Repayment of debt obligations

—

(17,998)

Payment of withholding taxes for net share settlement of equity awards

(71)

(139)

Options exercised

10

57

Net cash used in financing activities

(127)

(10,080)

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

(642)

1,955

Net change in cash and cash equivalents and restricted cash

2,549

(9,184)

Cash and cash equivalents and restricted cash, beginning of period

32,765

58,649

Cash and cash equivalents and restricted cash, end of period

$            35,314

$            49,465

 

REVENUE BY SEGMENT

(in thousands)

(Unaudited)

Three months ended December 31,

2024

2023

% Change

On Device Solutions

$           91,736

$           94,298

(3) %

App Growth Platform

44,241

49,181

(10) %

Elimination

(1,340)

(845)

59 %

Consolidated

$         134,637

$         142,634

(6) %

 

GAAP (LOSS) INCOME FROM OPERATIONS TO NON-GAAP GROSS PROFIT

(in thousands)

(Unaudited)

Three months ended December 31,

2024

2023

Net revenue

$      134,637

$      142,634

(Loss) income from operations

(12,753)

(9,267)

Add-back items:

Product development

10,203

13,036

Sales and marketing

15,494

14,432

General and administrative

42,792

45,455

Depreciation of software included in other direct costs of revenue

17

572

Contract settlement fees

3,800

—

Non-GAAP gross profit

$        59,553

$        64,228

Non-GAAP gross profit percentage

44 %

45 %

GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED NET INCOME

(in thousands)

(Unaudited)

Three months ended December 31,

2024

2023

Net (loss) income

$      (23,131)

(14,061)

Add-back items:

Stock-based compensation expense

8,250

7,987

Amortization of intangibles

13,474

15,936

Change in fair value of contingent consideration

500

—

Tax adjustment (1)

7,685

—

Business transformation costs

667

4,763

Transaction-related expenses

207

46

Severance costs

2,220

909

Contract settlement fees

3,800

—

Non-GAAP adjusted net income

$        13,672

$        15,580

Non-GAAP adjusted net income per common share

$            0.13

$            0.15

Weighted-average common shares outstanding, diluted

105,851

103,459

(1) Valuation allowance

 

GAAP NET (LOSS) INCOME TO NON-GAAP ADJUSTED EBITDA

(in thousands)

(Unaudited)

Three months ended December 31,

2024

2023

Net (loss) income

$          (23,131)

$          (14,061)

Add-back items:

Stock-based compensation expense

8,250

7,987

Depreciation and amortization

19,613

21,008

Interest expense, net

8,446

7,666

Other expense, net

57

311

Change in fair value of contingent consideration

500

—

Business transformation costs

667

4,763

Foreign exchange transaction (gain) loss

(1,037)

(338)

Income tax provision (benefit)

2,412

(2,845)

Transaction-related expenses

207

46

Severance costs

2,220

909

Contract settlement fees

3,800

—

Non-GAAP adjusted EBITDA

$            22,004

$            25,446

 

GAAP CASH FLOW FROM OPERATING ACTIVITIES TO NON-GAAP FREE CASH FLOW

(in thousands)

(Unaudited)

Three months ended December 31,

2024

2023

Net cash provided by operating activities

$            10,443

$            11,661

Capital expenditures

(7,125)

(3,107)

Transaction-related expenses

207

46

Severance costs

2,220

909

Business transformation costs

667

4,763

Non-GAAP free cash flow provided (used) by operations

$              6,412

$            14,272

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SOURCE Digital Turbine, Inc.

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The Inner Circle acknowledges Russell E. Jones as a Pinnacle Professional Member

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CHANDLER, Ariz., July 21, 2026 /PRNewswire/ — Prominently featured in The Inner Circle, Russell E. Jones is acknowledged as a Pinnacle Professional Member Inner Circle of Excellence for his contributions to Pioneering Innovation in Software Engineering and Communications.

With over three decades of experience in software engineering and software quality engineering, Russell E. Jones continues to lead transformative innovations in the field of communications as the Executive Director of Integration, Verification, and Validation at Iridium Communications Inc.. Since stepping into this role in 2021, Mr. Jones has overseen critical processes that ensure the seamless integration and functionality of the company’s sophisticated communication systems.

His promotion to this key leadership position followed a successful tenure as Director of SV Software Engineering at Iridium, where his leadership was pivotal in advancing the company’s technological capabilities. Before joining Iridium, Mr. Jones gained extensive experience in systems engineering and software testing through impactful roles at Motorola and Boeing, further solidifying his reputation as an innovator in the field.

Mr. Jones’s academic foundation includes an Associate of Arts in Electronics Technology (1990) and a Bachelor of Science in Technical Management (2001), both from DeVry University. These credentials have been instrumental in shaping his career, which has spanned satellite testing, systems engineering, and software integration.

Throughout his journey, Mr. Jones credits his family’s unwavering love and support and his mother and father’s influence for instilling the values of hard work and resourcefulness—traits that have been the cornerstone of his success.

Looking to the future, Mr. Jones is passionate about educating the next generation of engineers. His vision includes addressing educational gaps by teaching courses, presenting at conferences, and advocating for the inclusion of testing and integration in academic curricula. His goal is to inspire future leaders while continuing to contribute to the advancement of technology at Iridium.

Contact: Katherine Green, 516-825-5634, editorialteam@continentalwhoswho.com

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SOURCE The Inner Circle

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Vision Marine Technologies Announces Next Phase of Its Marine Technology Strategy

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Company plans to leverage its integrated operating platform to support technology development, commercialization and long-term growth.

BOISBRIAND, QC, July 21, 2026 /PRNewswire/ — Vision Marine Technologies Inc. (NASDAQ: VMAR; TSXV: VMAR) (“Vision Marine” or the “Company”), a marine technology company combining proprietary high-voltage electric propulsion technology with an integrated marine retail, marina and service platform through Nautical Ventures, today announced the next phase of its long-term strategy to advance and commercialize marine technologies through its operating platform.

The initiative establishes a framework through which Vision Marine intends to pursue internal development, technology partnerships and selected strategic opportunities, which may include mergers or acquisitions, that complement its existing capabilities and relate to the recreational boating industry.

The initiative builds upon the strategy presented by Vision Marine in May 2026: connecting proprietary marine technology with direct retail distribution, vessel integration capabilities, marina infrastructure, service operations and established customer relationships.

Over the past year, Vision Marine has integrated and expanded the Nautical Ventures platform, commercially launched and begun customer deliveries of its E-Motion™ 180 high-voltage electric propulsion system, expanded its intellectual property portfolio, continued optimizing its real estate and operating structure, and completed its previously announced at-the-market equity offering program. As previously disclosed, the Company currently has no active ATM program.

As previously disclosed, net cash provided by operating activities totaled approximately US$2.4 million for the nine-month period ended May 31, 2026. This result was supported by working-capital management, including the reduction and monetization of inventory. Management believes this reflects its focus on operational discipline and capital efficiency. Net cash provided by operating activities is distinct from net income and should not be interpreted as profitability.

The Company intends to use its existing customer relationships, distribution channels and service infrastructure to evaluate and, where appropriate, commercialize complementary marine technologies.

By combining technology development and vessel integration with retail distribution, marina operations, service, rentals and direct customer engagement, Vision Marine intends to evaluate whether new technologies can be introduced and supported through its existing operations. Any such initiatives will remain subject to customer demand, technical development and integration requirements, operating costs, financing availability, market conditions, regulatory approvals and disciplined capital allocation. There can be no assurance that these initiatives will result in commercialization, additional revenue or anticipated financial benefits.

“We are not beginning from a concept. We are expanding from a platform that is already in operation,” said Alexandre Mongeon, Chief Executive Officer of Vision Marine. “Vision Marine now connects proprietary technology with vessel integration, retail distribution, marina infrastructure, service capabilities and direct customer access. Our objective is to use these capabilities to evaluate and, where appropriate, support the development and commercialization of complementary marine technologies.”

“Proprietary electric propulsion remains central to Vision Marine’s technology strategy,” continued Mongeon. “We intend to evaluate complementary technologies that could improve vessel integration, energy management, connectivity, serviceability and the overall ownership experience. Our objective is to strengthen our marine technology platform through internal development, strategic partnerships and carefully selected strategic opportunities, while maintaining disciplined capital allocation.”

Vision Marine intends to prioritize initiatives that it believes complement its existing platform and may provide commercial value. In evaluating potential opportunities, the Company will consider expected costs, technical and operational requirements, financing needs, integration risks and potential financial benefits. There can be no assurance that any initiative will expand recurring revenue, improve margins or strengthen cash generation.

This announcement does not constitute the announcement of any acquisition, merger or definitive transaction. There can be no assurance that any evaluation or discussion will result in a completed transaction. Any material transaction will be disclosed in accordance with applicable securities laws and the requirements of Nasdaq and the TSX Venture Exchange.

About Vision Marine Technologies Inc.

Vision Marine Technologies Inc. (NASDAQ: VMAR; TSXV: VMAR) is a marine technology company specializing in high-voltage electric propulsion systems and recreational boating solutions. Its E-Motion™ electric powertrain technology is designed to provide a marine-specific, integration-ready propulsion solution for boat manufacturers. Through Nautical Ventures, Vision Marine also operates an integrated marine retail, marina, service and rental platform supporting both electric and internal-combustion recreational boating. For more information, visit visionmarinetechnologies.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of applicable Canadian securities laws and the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, without limitation, statements regarding Vision Marine’s business strategy; the advancement and commercialization of marine technologies; internal development initiatives; potential technology partnerships, investments, mergers, acquisitions and other strategic opportunities; the anticipated use and potential benefits of the Company’s operating platform; the introduction and commercialization of complementary technologies; the potential expansion of recurring revenue; potential improvements in margins and cash generation; and the Company’s capital allocation priorities and long-term growth objectives.

Forward-looking statements can often be identified by words such as “expects,” “plans,” “believes,” “intends,” “anticipates,” “continues,” “estimates,” “projects,” “potential,” “opportunity,” “may,” “could,” “would,” “will” and similar expressions or variations of such words and phrases.

These forward-looking statements are based on management’s current expectations, assumptions, estimates and projections and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied. These factors include, without limitation, the Company’s ability to execute its business strategy; identify, negotiate, finance, complete and integrate potential strategic transactions; develop and commercialize new technologies; generate market acceptance for its products and services; improve operating performance and achieve profitability; manage liquidity, inventory and floor-plan financing requirements; realize anticipated benefits from the integration of Nautical Ventures; maintain relationships with manufacturers, suppliers and commercial partners; protect its intellectual property; comply with applicable regulatory and listing requirements; and respond to competition, economic conditions, capital-market volatility, supply-chain disruptions and changes affecting the recreational marine industry.

Additional risks and uncertainties are described in the Company’s Annual Report on Form 20-F, as amended, for the year ended August 31, 2025, and in its subsequent filings with the U.S. Securities and Exchange Commission and on SEDAR+. Readers should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Vision Marine undertakes no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Vision Marine Technologies, Inc

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World-Renowned MAGURA USV Manufacturer UFORCE Partners with RECONCRAFT to Build Combat-Tested Autonomous Maritime Drones in the U.S.

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July 21, 2026

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MAGURA family of drones, made exclusively by UFORCE, holds one of the most impactful and reliable combat records in modern maritime warfare, helping drive the Russian Navy from the Black Sea

LONDON and KYIV, Ukraine and WASHINGTON, July 21, 2026 /PRNewswire/ — UFORCE, the Ukraine-origin, UK-based autonomous systems defense technology company built to unify and scale the world’s most combat-proven unmanned platforms, today announced the signing of a memorandum of understanding (MoU) with leading Special Operations combatant craft manufacturer RECONCRAFT, following a ceremony hosted by the Embassy of Ukraine in the United States.

UFORCE USA and RECONCRAFT are partnering to build the world’s most capable autonomous surface vessels as part of the Arsenal of Freedom. UFORCE has also entered the U.S. Drone Dominance competition and related programs in partnership with RECONCRAFT.

The initiative will be led by Sean Plankey, CEO of UFORCE USA. Plankey most recently served as Senior Advisor to the Secretary of Homeland Security, overseeing the United States Coast Guard, and was twice nominated by the President of the United States to lead the Cybersecurity and Infrastructure Security Agency.

Through the partnership, UFORCE will work to make available to the United States its combat-proven full-stack aerial, maritime, and ground unmanned systems, advanced autonomy software, and command-and-control technologies.

The company’s MAGURA family of autonomous surface vessels holds one of the most impactful and reliable combat records in modern maritime warfare and contributed to the destruction of more than a dozen Russian warships in the Black Sea. UFORCE’s portfolio also includes the first autonomous surface vessel to successfully down manned helicopters and fighter aircraft in combat.

“Today’s combat environments show that autonomous warfighting capabilities are a must-have. UFORCE is exceptionally positioned to deliver capabilities already tested by some of the world’s most sophisticated militaries under the most demanding battlefield conditions,” said Oleg Rogynskyy, CEO of UFORCE. “Through this partnership with RECONCRAFT, these combat-proven capabilities will become available to the U.S., combining Ukrainian battlefield innovation with American manufacturing excellence.”

“This partnership demonstrates what’s possible when American manufacturing and combat-proven innovation come together,” said Sean Plankey, CEO of UFORCE USA. “Working with RECONCRAFT, we will help ensure these proven autonomous capabilities become available to the U.S. It’s exactly the kind of industrial partnership the Arsenal of Democracy is designed to enable.”

“RECONCRAFT is building multiple combatant craft platforms trusted by U.S. and Partner Special Operations Forces in the world’s most demanding environments,” said Joe Silkowski, Co-Founder of RECONCRAFT. “Partnering with UFORCE combines our manufacturing expertise and capabilities with the combat-proven autonomy of the MAGURA platform, allowing us to deliver greater capability to American warfighters faster than developing a new system from the ground up.”

About UFORCE

UFORCE USA is a U.S. based, wholly owned subsidiary of Ukrainian-origin defense technology operating company UFORCE, built to unify and scale the world’s most battle-proven autonomous systems. UFORCE unified nine leading Ukrainian defense technology developers and manufacturers into a single company, with registered in London and operations in Ukraine. By combining Ukrainian frontline innovation with Western capital, governance, and global distribution, UFORCE delivers next-generation autonomous defense capabilities to allied militaries. The company’s full-stack platform includes hardware systems spanning aerial, maritime and ground unmanned platforms, advanced autonomy software, and command-and-control solutions.

Media Contact: KekstCNC-UFORCE@kekstcnc.com

About RECONCRAFT

RECONCRAFT is the leading designer and manufacturer of combatant craft for U.S. and Foreign Partner forces.  RECONCRAFT’s global headquarters and primary manufacturing campus is located in the Portland, Oregon, area where the skilled team produces highly sophisticated vessels, manned and unmanned, between multiple Programs of Record.

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SOURCE UFORCE

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