Technology
Couchbase Announces Fourth Quarter and Fiscal 2025 Financial Results
Published
1 year agoon
By
SANTA CLARA, Calif., Feb. 25, 2025 /PRNewswire/ — Couchbase, Inc. (NASDAQ: BASE), the developer data platform for critical applications in our AI world, today announced financial results for its fourth quarter and fiscal year ended January 31, 2025.
“We finished fiscal 2025 on a strong note, including the highest quarterly free cash flow and net new ARR results in company history,” said Matt Cain, Chair, President and CEO of Couchbase. “We delivered top- and bottom-line outcomes that exceeded the high end of our outlook, saw robust expansions and migrations, and made further progress with Capella uptake. I’m pleased with the team’s execution in the quarter and confident in our ability to continue our momentum in fiscal 2026.”
Fourth Quarter Fiscal 2025 Financial Highlights
Revenue: Total revenue for the quarter was $54.9 million, an increase of 10% year-over-year. Subscription revenue for the quarter was $52.8 million, an increase of 10% year-over-year.Annual recurring revenue (ARR): Total ARR as of January 31, 2025 was $237.9 million, an increase of 17% year-over-year as reported and on a constant currency basis. Relative to currency rates underpinning the quarter and full year guidance, total ARR was $239.8 million. See the section titled “Key Business Metrics” below for details.Gross margin: Gross margin for the quarter was 88.6%, compared to 89.7% for the fourth quarter of fiscal 2024. Non-GAAP gross margin for the quarter was 89.4%, compared to 90.4% for the fourth quarter of fiscal 2024. See the section titled “Use of Non-GAAP Financial Measures” and the tables titled “Reconciliation of GAAP to Non-GAAP Results” below for details.Loss from operations: Loss from operations for the quarter was $15.8 million, compared to $22.6 million for the fourth quarter of fiscal 2024. Non-GAAP operating loss for the quarter was $0.1 million, compared to $4.1 million for the fourth quarter of fiscal 2024.Cash flow: Cash flow provided by operating activities for the quarter was $4.4 million, compared to cash flow used in operating activities of $6.5 million in the fourth quarter of fiscal 2024. Capital expenditures were $0.4 million during the quarter, leading to free cash flow of $4.0 million, compared to negative free cash flow of $7.7 million in the fourth quarter of fiscal 2024.Remaining performance obligations (RPO): RPO as of January 31, 2025 was $251.1 million, an increase of 4% year-over-year.
Full Year Fiscal 2025 Financial Highlights
Revenue: Total revenue for the year was $209.5 million, an increase of 16% year-over-year. Subscription revenue for the year was $200.4 million, an increase of 17% year-over-year.Gross margin: Gross margin for the year was 88.1%, compared to 87.7% for fiscal 2024. Non-GAAP gross margin for the year was 88.9%, compared to 88.5% for fiscal 2024.Loss from operations: Loss from operations for the year was $78.7 million, compared to $84.5 million for fiscal 2024. Non-GAAP operating loss for the year was $14.4 million, compared to $31.3 million for fiscal 2024.Cash flow: Cash flow used in operating activities for the year was $15.8 million, compared to cash flow used in operating activities of $26.9 million in fiscal 2024. Capital expenditures were $3.0 million during the year, leading to negative free cash flow of $18.8 million, compared to negative free cash flow of $31.6 million in fiscal 2024.
Recent Business Highlights
Launched the private preview of Capella AI Services to help customers build and deploy secure agentic applications while reducing development complexity and operational costs. The offering empowers developers to more easily build agents by giving them control over RAG workflows, access to AI models, and management of agent transcripts and metadata for data governance. With simplified workflows and integrated AI models, everything developers need is available in a single platform.Announced that Couchbase is helping enterprises accelerate the development of agentic AI applications with NVIDIA AI. Capella AI Model Services have integrated with NVIDIA NIM microservices, part of the NVIDIA AI Enterprise software platform, to offer a safe and fast way for organizations to build, deploy and evolve AI-powered applications. This integration gives customers the flexibility to run their preferred generative AI models while delivering optimized performance, security, support and reliability for AI workloads.Introduced the availability of Capella Analytics Services on Google Cloud, empowering enterprises to analyze operational JSON data at scale, driving faster, smarter decisions in an AI world. Built on Google’s C4A instances with Arm-based processors and Titanium SSDs, Capella Analytics Services addresses the historical challenges of incorporating JSON data into analytics, machine learning, and AI, better enabling developers to build cutting-edge AI-powered applications.Earned prestigious industry recognition, including placement among CRN’s 20 Coolest Cloud Software Companies of 2025 and multiple product awards for Capella, highlighted by SiliconANGLE Media’s Most Innovative Database, UK IT Industry’s Cloud Innovation of the Year award, and a DEVIES award for best innovation in data storage and management.
Financial Outlook
For the first quarter and full year of fiscal 2026, Couchbase expects:
Q1 FY2026 Outlook
FY2026 Outlook
Total Revenue
$55.1-55.9 million
$228.0-232.0 million
Total ARR
$242.9-245.9 million
$273.6-278.6 million
Non-GAAP Operating Loss
$5.4-4.4 million
$13.4-8.4 million
The guidance provided above is based on several assumptions that are subject to change and many of which are outside our control. If actual results vary from these assumptions, our expectations may change. There can be no assurance that we will achieve these results.
Couchbase is not able, at this time, to provide GAAP targets for operating loss for the first quarter or full year of fiscal 2026 because of the difficulty of estimating certain items excluded from non-GAAP operating loss that cannot be reasonably predicted, such as charges related to stock-based compensation expense. The effect of these excluded items may be significant.
Conference Call Information
Couchbase will host a live webcast at 1:30 p.m. Pacific Time (or 4:30 p.m. Eastern Time) on Tuesday, February 25, 2025, to discuss its financial results and business highlights. The conference call can be accessed by dialing 877-407-8029 from the United States, or +1 201-689-8029 from international locations. The live webcast and a webcast replay can be accessed from the investor relations page of Couchbase’s website at investors.couchbase.com.
About Couchbase
As industries race to embrace AI, traditional database solutions fall short of rising demands for versatility, performance and affordability. Couchbase is seizing the opportunity to lead with Capella, the developer data platform architected for critical applications in our AI world. By uniting transactional, analytical, mobile and AI workloads into a seamless, fully-managed solution, Couchbase empowers developers and enterprises to build and scale applications and AI agents with complete flexibility – delivering exceptional performance, scalability and cost-efficiency from cloud to edge and everything in between. Couchbase enables organizations to unlock innovation, accelerate AI transformation and redefine customer experiences wherever they happen. Discover why Couchbase is the foundation of critical everyday applications by visiting www.couchbase.com and following us on LinkedIn and X.
Couchbase has used, and intends to continue using, its investor relations website and the corporate blog at blog.couchbase.com to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, you should monitor our investor relations website and the corporate blog in addition to following our press releases, SEC filings and public conference calls and webcasts.
Use of Non-GAAP Financial Measures
In addition to our financial information presented in accordance with GAAP, we believe certain non-GAAP financial measures are useful to investors in evaluating our operating performance. We use certain non-GAAP financial measures, collectively, to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial measures, when taken together with the corresponding GAAP financial measures, may be helpful to investors because they provide consistency and comparability with past financial performance and meaningful supplemental information regarding our performance by excluding certain items that may not be indicative of our business, results of operations or outlook. Non-GAAP financial measures are presented for supplemental informational purposes only, have limitations as analytical tools and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP, and may be different from similarly-titled non-GAAP financial measures used by other companies. In addition, other companies, including companies in our industry, may calculate similarly-titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures (provided in the financial statement tables included in this press release), and not to rely on any single financial measure to evaluate our business.
Non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating loss, non-GAAP operating margin, non-GAAP net income (loss) and non-GAAP net income (loss) per share: We define these non-GAAP financial measures as their respective GAAP measures, excluding expenses related to stock-based compensation expense, employer payroll taxes on employee stock transactions, restructuring charges and impairment of capitalized internal-use software. We use these non-GAAP financial measures in conjunction with GAAP measures to assess our performance, including in the preparation of our annual operating budget and quarterly forecasts, to evaluate the effectiveness of our business strategies and to communicate with our board of directors concerning our financial performance.
For the fourth quarter of fiscal 2024, we excluded the impairment of capitalized internal-use software, a non-cash operating expense, from our non-GAAP results as it is not reflective of ongoing operating results. This impairment charge related to certain previously capitalized internal-use software that we determined would no longer be placed into service. Prior period non-GAAP financial measures have not been adjusted to reflect this change as we did not incur impairment of capitalized internal-use software in any prior period presented.
Free cash flow: We define free cash flow as cash provided by or used in operating activities less additions to property and equipment, which includes capitalized internal-use software costs. We believe free cash flow is a useful indicator of liquidity that provides our management, board of directors and investors with information about our future ability to generate or use cash to enhance the strength of our balance sheet and further invest in our business and pursue potential strategic initiatives.
Please see the reconciliation tables at the end of this press release for the reconciliation of GAAP and non-GAAP results.
Key Business Metrics
We review a number of operating and financial metrics, including ARR, to evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions.
We define ARR as of a given date as the annualized recurring revenue that we would contractually receive from our customers in the month ending 12 months following such date. Based on historical experience with customers, we assume all contracts will be renewed at the same levels unless we receive notification of non-renewal and are no longer in negotiations prior to the measurement date. For Capella products, ARR in a customer’s initial year is calculated as the greater of: (i) initial year contract revenue as described above or (ii) annualized prior 90 days of actual consumption; and ARR for subsequent years is calculated with method (ii). ARR excludes services revenue.
Prior to fiscal 2025, ARR excluded on-demand revenue and, for Capella products in a customer’s initial year, ARR was calculated solely on the basis of initial year contract revenue. The reason for these changes is to better reflect ARR where usage rates or timing of purchases may be uneven and to better align with how ARR is used to measure the performance of the business. ARR for prior periods has not been adjusted to reflect this change as it is not material to any period previously presented.
ARR should be viewed independently of revenue, and does not represent our revenue under GAAP on an annualized basis, as it is an operating metric that can be impacted by contract start and end dates and renewal dates. ARR is not intended to be a replacement for forecasts of revenue. Although we seek to increase ARR as part of our strategy of targeting large enterprise customers, this metric may fluctuate from period to period based on our ability to acquire new customers, expand within our existing customers and consumption dynamics. We believe that ARR is an important indicator of the growth and performance of our business.
We also attempt to represent the changes in the underlying business operations by eliminating fluctuations caused by changes in foreign currency exchange rates within the current period. We calculate constant currency growth rates by applying the applicable prior period exchange rates to current period results.
Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include, but are not limited to, quotations of management, the section titled “Financial Outlook” above and statements about the expected client demand for and benefits of our offerings, the impact of our recently-released and planned products and services and our market position, strategies and potential market opportunities. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements include all statements that are not historical facts and, in some cases, can be identified by terms such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “continue,” “could,” “potential,” “remain,” “may,” “might,” “will,” “would” or similar expressions and the negatives of those terms. However, not all forward-looking statements contain these identifying words. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including factors beyond our control, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks include, but are not limited to: our history of net losses and ability to achieve or maintain profitability in the future; our ability to continue to grow on pace with historical rates; our ability to manage our growth effectively; intense competition and our ability to compete effectively; cost-effectively acquiring new customers or obtaining renewals, upgrades or expansions from our existing customers; the market for our products and services being highly competitive and evolving, and our future success depending on the growth and expansion of this market; our ability to innovate in response to changing customer needs, new technologies or other market requirements, including new capabilities, programs and partnerships and their impact on our customers and our business; our limited operating history, which makes it difficult to predict our future results of operations; the significant fluctuation of our future results of operations and ability to meet the expectations of analysts or investors; our significant reliance on revenue from subscriptions, which may decline and, the recognition of a significant portion of revenue from subscriptions over the term of the relevant subscription period, which means downturns or upturns in sales are not immediately reflected in full in our results of operations; and the impact of geopolitical and macroeconomic factors. Further information on risks that could cause actual results to differ materially from forecasted results are included in our filings with the Securities and Exchange Commission that we may file from time to time, including those more fully described in our Quarterly Report on Form 10-Q for the fiscal quarter ended October 31, 2024. Additional information will be made available in our Annual Report on Form 10-K for the fiscal year ended January 31, 2025 that will be filed with the Securities and Exchange Commission, which should be read in conjunction with this press release and the financial results included herein. Any forward-looking statements contained in this press release are based on assumptions that we believe to be reasonable as of this date. Except as required by law, we assume no obligation to update these forward-looking statements, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Couchbase, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2025
2024
2025
2024
Revenue:
License
$ 6,464
$ 7,196
$ 22,908
$ 21,514
Support and other
46,317
40,865
177,502
150,040
Total subscription revenue
52,781
48,061
200,410
171,554
Services
2,141
2,028
9,056
8,483
Total revenue
54,922
50,089
209,466
180,037
Cost of revenue:
Subscription(1)
4,838
3,580
18,116
14,647
Services(1)
1,420
1,560
6,843
7,435
Total cost of revenue
6,258
5,140
24,959
22,082
Gross profit
48,664
44,949
184,507
157,955
Operating expenses:
Research and development(1)
17,873
16,491
70,576
64,069
Sales and marketing(1)
33,818
34,055
141,937
130,558
General and administrative(1)
12,806
11,840
50,649
42,663
Impairment of capitalized internal-use software
—
5,156
—
5,156
Restructuring(1)
—
—
—
46
Total operating expenses
64,497
67,542
263,162
242,492
Loss from operations
(15,833)
(22,593)
(78,655)
(84,537)
Interest expense
(14)
—
(60)
(43)
Other income, net
802
1,766
5,864
5,752
Loss before income taxes
(15,045)
(20,827)
(72,851)
(78,828)
Provision for income taxes
566
575
1,802
1,355
Net loss
$ (15,611)
$ (21,402)
$ (74,653)
$ (80,183)
Net loss per share, basic and diluted
$ (0.30)
$ (0.44)
$ (1.45)
$ (1.70)
Weighted-average shares used in computing net loss per share, basic and diluted
52,766
48,513
51,310
47,175
(1) Includes stock-based compensation expense as follows:
Three Months Ended January 31,
Year Ended January 31,
2025
2024
2025
2024
Cost of revenue – subscription
$ 315
$ 148
$ 1,200
$ 707
Cost of revenue – services
101
116
455
529
Research and development
4,430
3,422
17,134
12,920
Sales and marketing
5,283
4,310
21,910
15,771
General and administrative
5,097
4,630
20,598
15,846
Restructuring
—
—
—
1
Total stock-based compensation expense
$ 15,226
$ 12,626
$ 61,297
$ 45,774
Couchbase, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
As of January 31, 2025
As of January 31, 2024
Assets
Current assets
Cash and cash equivalents
$ 30,536
$ 41,351
Short-term investments
116,635
112,281
Accounts receivable, net
49,242
44,848
Deferred commissions
16,774
15,421
Prepaid expenses and other current assets
15,206
10,385
Total current assets
228,393
224,286
Property and equipment, net
7,214
5,327
Operating lease right-of-use assets
3,935
4,848
Deferred commissions, noncurrent
19,602
11,400
Other assets
1,454
1,891
Total assets
$ 260,598
$ 247,752
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$ 2,186
$ 4,865
Accrued compensation and benefits
21,091
18,116
Other accrued expenses
8,443
4,581
Operating lease liabilities
1,356
3,208
Deferred revenue
94,252
81,736
Total current liabilities
127,328
112,506
Operating lease liabilities, noncurrent
2,960
2,078
Deferred revenue, noncurrent
2,694
2,747
Total liabilities
132,982
117,331
Stockholders’ equity
Preferred stock
—
—
Common stock
—
—
Additional paid-in capital
692,812
621,024
Accumulated other comprehensive income
116
56
Accumulated deficit
(565,312)
(490,659)
Total stockholders’ equity
127,616
130,421
Total liabilities and stockholders’ equity
$ 260,598
$ 247,752
Couchbase, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2025
2024
2025
2024
Cash flows from operating activities
Net loss
$ (15,611)
$ (21,402)
$ (74,653)
$ (80,183)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
760
390
2,280
2,424
Stock-based compensation, net of amounts capitalized
15,226
12,626
61,297
45,774
Amortization of deferred commissions
4,788
4,886
17,443
18,628
Non-cash lease expense
910
762
3,303
3,075
Impairment of capitalized internal-use software
—
5,156
—
5,156
Foreign currency transaction losses
626
116
857
765
Other
(379)
(973)
(2,248)
(3,553)
Changes in operating assets and liabilities:
Accounts receivable
(20,953)
(14,496)
(4,746)
(5,382)
Deferred commissions
(13,382)
(10,937)
(26,998)
(24,829)
Prepaid expenses and other assets
(4,672)
(3,111)
(4,835)
(2,274)
Accounts payable
(2,952)
1,712
(3,101)
3,447
Accrued compensation and benefits
8,820
8,989
3,030
5,472
Other Accrued Expenses
4,016
1,481
3,541
(1,516)
Operating lease liabilities
(959)
(828)
(3,460)
(3,389)
Deferred revenue
28,120
9,179
12,462
9,492
Net cash provided by (used in) operating activities
4,358
(6,450)
(15,828)
(26,893)
Cash flows from investing activities
Purchases of short-term investments
(25,362)
(40,704)
(100,976)
(131,160)
Maturities of short-term investments
18,000
39,322
99,144
151,296
Additions to property and equipment
(375)
(1,285)
(3,020)
(4,710)
Net cash (used in) provided by investing activities
(7,737)
(2,667)
(4,852)
15,426
Cash flows from financing activities
Proceeds from exercise of stock options
1,172
3,580
6,423
10,933
Proceeds from issuance of common stock under ESPP
—
—
3,515
2,000
Net cash provided by financing activities
1,172
3,580
9,938
12,933
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(288)
(19)
(616)
(561)
Net (decrease) increase in cash, cash equivalents and restricted cash
(2,495)
(5,556)
(11,358)
905
Cash, cash equivalents, and restricted cash at beginning of period
33,031
47,450
41,894
40,989
Cash, cash equivalents, and restricted cash at end of period
$ 30,536
$ 41,894
$ 30,536
$ 41,894
Reconciliation of cash, cash equivalents, and restricted cash within the consolidated balance sheets to the amounts shown above:
Cash and cash equivalents
$ 30,536
$ 41,351
$ 30,536
$ 41,351
Restricted cash included in other assets
—
543
—
543
Total cash, cash equivalents and restricted cash
$ 30,536
$ 41,894
$ 30,536
$ 41,894
Couchbase, Inc.
Reconciliation of GAAP to Non-GAAP Results
(in thousands, except per share data)
(unaudited)
Three Months Ended January 31,
Year Ended January 31,
2025
2024
2025
2024
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Total revenue
$ 54,922
$ 50,089
$ 209,466
$ 180,037
Gross profit
$ 48,664
$ 44,949
$ 184,507
$ 157,955
Add: Stock-based compensation expense
416
264
1,655
1,236
Add: Employer taxes on employee stock transactions
13
61
133
147
Non-GAAP gross profit
$ 49,093
$ 45,274
$ 186,295
$ 159,338
Gross margin
88.6 %
89.7 %
88.1 %
87.7 %
Non-GAAP gross margin
89.4 %
90.4 %
88.9 %
88.5 %
Three Months Ended January 31,
Year Ended January 31,
2025
2024
2025
2024
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
GAAP research and development
$ 17,873
$ 16,491
$ 70,576
$ 64,069
Less: Stock-based compensation expense
(4,430)
(3,422)
(17,134)
(12,920)
Less: Employer taxes on employee stock transactions
(122)
(181)
(707)
(611)
Non-GAAP research and development
$ 13,321
$ 12,888
$ 52,735
$ 50,538
GAAP sales and marketing
$ 33,818
$ 34,055
$ 141,937
$ 130,558
Less: Stock-based compensation expense
(5,283)
(4,310)
(21,910)
(15,771)
Less: Employer taxes on employee stock transactions
(269)
(377)
(1,647)
(1,154)
Non-GAAP sales and marketing
$ 28,266
$ 29,368
$ 118,380
$ 113,633
GAAP general and administrative
$ 12,806
$ 11,840
$ 50,649
$ 42,663
Less: Stock-based compensation expense
(5,097)
(4,630)
(20,598)
(15,846)
Less: Employer taxes on employee stock transactions
(59)
(77)
(450)
(341)
Non-GAAP general and administrative
$ 7,650
$ 7,133
$ 29,601
$ 26,476
Three Months Ended January 31,
Year Ended January 31,
2025
2024
2025
2024
Reconciliation of GAAP loss from operations to non-GAAP loss from operations:
Total revenue
$ 54,922
$ 50,089
$ 209,466
$ 180,037
Loss from operations
$ (15,833)
$ (22,593)
$ (78,655)
$ (84,537)
Add: Stock-based compensation expense
15,226
12,626
61,297
45,773
Add: Employer taxes on employee stock transactions
463
696
2,937
2,253
Add: Impairment of capitalized internal-use software
—
5,156
—
5,156
Add: Restructuring(2)
—
—
—
46
Non-GAAP loss from operations
$ (144)
$ (4,115)
$ (14,421)
$ (31,309)
Operating margin
(29) %
(45) %
(38) %
(47) %
Non-GAAP operating margin
— %
(8) %
(7) %
(17) %
Three Months Ended January 31,
Year Ended January 31,
2025
2024
2025
2024
Reconciliation of GAAP net loss to non-GAAP net income (loss):
Net loss
$ (15,611)
$ (21,402)
$ (74,653)
$ (80,183)
Add: Stock-based compensation expense
15,226
12,626
61,297
45,773
Add: Employer taxes on employee stock transactions
463
696
2,937
2,253
Add: Impairment of capitalized internal-use software
—
5,156
—
5,156
Add: Restructuring(2)
—
—
—
46
Non-GAAP net income (loss)
$ 78
$ (2,924)
$ (10,419)
$ (26,955)
GAAP net loss per share, basic and dilutive
$ (0.30)
$ (0.44)
$ (1.45)
$ (1.70)
Non-GAAP net income (loss) per share, basic and dilutive
$ —
$ (0.06)
$ (0.20)
$ (0.57)
Weighted average shares outstanding, basic
52,766
48,513
51,310
47,175
Weighted average shares outstanding, dilutive(3)
56,093
48,513
51,310
47,175
(2)
For the twelve months ended January 31, 2024, an immaterial amount of stock-based compensation expense related to restructuring charges was included in the restructuring expense line.
(3)
For periods where the Company is in a net loss position, basic and dilutive weighted average shares are equivalent.
The following table presents a reconciliation of free cash flow to net cash provided by (used in) operating activities, the most directly comparable GAAP measure (in thousands, unaudited):
Three Months Ended January 31,
Year Ended January 31,
2025
2024
2025
2024
Net cash provided by (used in) operating activities
$ 4,358
$ (6,450)
$ (15,828)
$ (26,893)
Less: Additions to property and equipment
(375)
(1,285)
(3,020)
(4,710)
Free cash flow
$ 3,983
$ (7,735)
$ (18,848)
$ (31,603)
Net cash (used in) provided by investing activities
$ (7,737)
$ (2,667)
$ (4,852)
$ 15,426
Net cash provided by financing activities
$ 1,172
$ 3,580
$ 9,938
$ 12,933
Couchbase, Inc.
Key Business Metrics
(in millions)
(unaudited)
As of:
April 30,
July 31,
Oct. 31,
Jan. 31,
April 30,
July 31,
Oct. 31,
Jan 31,
2023
2023
2023
2024
2024
2024
2024
2025
ARR
$ 172.2
$ 180.7
$ 188.7
$ 204.2
$ 207.7
$ 214.0
$ 220.3
$ 237.9
View original content to download multimedia:https://www.prnewswire.com/news-releases/couchbase-announces-fourth-quarter-and-fiscal-2025-financial-results-302385147.html
SOURCE Couchbase, Inc.
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Technology
SK Group Establishes Foundation for AI Collaboration with Vietnam
Published
10 minutes agoon
April 24, 2026By
SK Telecom and SK Innovation sign separate MOUs with Vietnam’s Nghe An Province and the National Innovation Center (NIC) to foster artificial intelligence (AI) ecosystem development.From AI data center (AIDC) construction to stable power supply, Korea’s full-stack AI is poised for its first overseas expansion.SK Chairman Chey Tae-won: “SK Group will contribute to the advancement of Vietnam’s AI industry through its comprehensive AI portfolio.”
SEOUL, South Korea, April 24, 2026 /PRNewswire/ — SK Group announced it will collaborate with Vietnam to build the country’s artificial intelligence (AI) industry ecosystem and develop core AI infrastructure.
At the Korea–Vietnam Business Forum held in Hanoi on April 23, SK Group signed separate memoranda of understanding (MOUs) with the Nghe An Provincial Government and Vietnam’s National Innovation Center (NIC) to foster AI ecosystem development.
The signing ceremony was held in the presence of Kim Jung-kwan, Minister of Trade, Industry and Resources of Korea, and Ngo Van Tuan, Minister of Finance of Vietnam.
The Memorandum of Understanding (MOU) between the Nghe An Provincial People’s Committee and SK Group was signed by Vo Trong Hai, Chairman of the Nghe An Provincial People’s Committee; Choo Hyeong-wook, President & CEO of SK Innovation; and Jung Jai-hun, President & CEO of SK Telecom.
Another MOU between the National Innovation Center (NIC) and SK Group was signed by Vu Quoc Huy, Director General of NIC; Choo Hyeong-wook, President & CEO of SK Innovation; and Jung Jai-hun, President & CEO of SK Telecom.
Chey Tae-won, Chairman of SK Group and Chairman of the Korea Chamber of Commerce and Industry (KCCI), also attended the ceremony.
Earlier, at the Korea–Vietnam Summit, the two countries agreed to expand cooperation in future growth sectors such as AI, semiconductors, and energy. SK Group’s MOUs with Vietnam represent this bilateral cooperation being put into action by the private sector.
Through these partnerships, SK Group plans to support Vietnam’s growth as a key partner in its national AI strategy. In addition, building on AI data center development and stable power supply, SK Group is expected to lay the groundwork for the first overseas expansion of its “Korean-style AI full-stack” model, linking AI model development and validation with the rollout of industry-specific AI services.
Joint AIDC feasibility study in Nghe An linked to the Quynh Lap LNG Power Project
SK Innovation and SK Telecom signed an MOU with the Nghe An provincial government to jointly explore developing an AIDC and related infrastructure projects in the region. Nghe An is a major economic hub in north-central Vietnam and has emerged as a fast-growing region for manufacturing, energy and advanced industries, supported by its port and logistics infrastructure.
SK Innovation will explore broad cooperation opportunities in energy solutions, including supplying electricity to the data center and building dedicated generation facilities connected to the Quynh Lap LNG Power Project, for which it was recently selected as the developer.
SK Telecom plans to review options for developing, building, and operating the AIDC while also seeking to secure global demand. The Nghe An provincial government agreed to discuss support measures to help advance the partnership, including permits, administrative procedures, inter-ministerial coordination and incentive programs.
In February, SK Innovation was selected as a developer for the Quynh Lap LNG power project in Nghe An Province, together with PV Power, a power generation subsidiary of Vietnam’s state-owned oil and gas group PVN, and local company NASU. The project is a large-scale energy infrastructure initiative that includes the development of a 1,500-MW gas-fired combined cycle power plant, an LNG terminal, and a dedicated port, with construction scheduled to begin in 2027 and completion targeted for 2030. From the proposal stage, SK Innovation also presented a model to foster high value-added industries by integrating SK Group’s AI and semiconductor capabilities in areas near the power plant, thereby laying the foundation for the current partnership.
At the forum, the Nghe An government also presented the SK Innovation consortium with the Investment Registration Certificate (IRC) for the Quynh Lap Power Project, reaffirming its commitment to the development.
“Drawing on SK Group’s experience in operating large-scale power generation and diverse energy solution businesses, we will ensure the successful development of the local power infrastructure,” said Choo Hyeong-wook, President & CEO of SK Innovation, during a presentation titled “Vietnam’s Economic Leap through AI + Energy Innovation.”
Cooperation with NIC to Build Vietnam’s AI Ecosystem
SK Telecom and SK Innovation also signed a comprehensive MOU with Vietnam’s NIC to support the development of the country’s AI ecosystem.
The two sides agreed to cooperate on AIDC development, energy infrastructure development and the establishment of policy and institutional frameworks to foster the AI industry.
Under the agreement, SK Telecom will support AI ecosystem development in Vietnam through technology collaboration and investment promotion, and SK Innovation will provide energy solutions for AIDCs and related industries. The NIC will provide institutional support, such as coordinating with government agencies, improving regulations and developing policy, while also identifying and connecting local partners to facilitate project execution.
Established in 2019 by the Vietnamese government, NIC serves as the country’s national innovation hub, leading initiatives in AI, semiconductors and investment promotion. SK Group has maintained a close partnership with NIC, including a previous $30 million contribution toward its establishment.
Jung Jai-hun, President and CEO of SK Telecom, said, “AI data centers are key infrastructure that underpins the growth of the AI industry. Building on SK Group’s accumulated capabilities in the development, construction, and operation of AI data centers, we will further refine a collaboration model tailored to the Vietnamese market.”
First Overseas Expansion of Chairman Chey Tae-won’s “AI Full-Stack Provider” Vision
This partnership in Vietnam is significant as it could mark SK Group’s first overseas expansion of the “AI full-stack provider” strategy, integrating capabilities in AIDC, power, and energy solutions.
Chairman Chey Tae-won has consistently articulated his vision of transforming SK Group into an “AI full-stack provider.” Leveraging SK Group’s strengths across the AI value chain—including semiconductors, data centers, power and energy solutions, and AI services—the Group aims to build the most efficient AI infrastructure model.
Under this vision, SK Group is advancing the development of the 100-MW hyperscale “SK AI Data Center Ulsan,” targeted for completion in 2027. The Group has also been laying the groundwork for Korea to emerge as an Asia-Pacific AI hub by engaging in discussions with OpenAI on collaboration for AI data center development in Korea.
Ahead of the Korea–Vietnam Business Forum, Chairman Chey Tae-won said at a business roundtable, “AI will play a critical role in Vietnam’s continued growth. SK Group has a portfolio spanning the entire AI ecosystem—from energy and semiconductors to AI models and applications—and we will leverage this to make tangible contributions to the development of Vietnam’s AI industry.”
About SK Telecom
SK Telecom has been leading the growth of the mobile industry since 1984. Now, it is taking customer experience to new heights by extending beyond connectivity. By placing AI at the core of its business, SK Telecom is rapidly transforming into an AI company with a strong global presence. It is focusing on driving innovations in areas of AI Infrastructure, AI Transformation (AIX) and AI Service to deliver greater value for industry, society, and life.
For more information, please contact skt_press@sk.com or visit our LinkedIn page www.linkedin.com/company/sk-telecom.
About SK Innovation
Founded in 1962 as Korea Oil Corporation, SK Innovation has been at the forefront of Korea’s energy industry for over six decades. The company has pioneered numerous milestones, including Korea’s first overseas oil field development, the vertical integration of its energy and chemical businesses, the nation’s first private LNG import, and a strategic entry into the electric vehicle battery business.
Now, SK Innovation has reached a transformative turning point in its journey to become a Comprehensive Global Energy Company. Extending beyond its traditional oil business to encompass the entire energy value chain -spanning LNG & Power, Renewable Energy, and Energy Solutions- the company is driving global expansion, including in Vietnam.
For more information, please visit the official SK Innovation website at www.skinnovation.com.
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SOURCE SK Group; SK Telecom
Technology
Ace Green Recycling, Inc. and Athena Technology Acquisition Corp. II Announce $32 Million PIPE Investment to Support Proposed Business Combination
Published
10 minutes agoon
April 24, 2026By
Investment led by seasoned sector-focused institutional investors supports development of Ace’s Texas facility and international operations
HOUSTON, April 24, 2026 /PRNewswire/ — Ace Green Recycling, Inc. (“Ace” or the “Company”), a leading provider of sustainable battery recycling technology solutions, and Athena Technology Acquisition Corp. II (“ATEK II” or “Athena”), a publicly traded special purpose acquisition company, today announced that they have entered into securities purchase agreements with certain investors for an aggregate $32 million private investment in public equity (“PIPE”) financing to support their previously-announced proposed business combination (the “Proposed Business Combination”), with the common stock of the combined company expected to be listed on the Nasdaq Stock Market under the ticker “AGXI” following the consummation of the Proposed Business Combination.
The PIPE financing includes participation from sector-focused institutional investors, and is expected to support Ace’s differentiated recycling platform for lithium (nickel-manganese-cobalt & lithium iron phosphate) and lead batteries and its role in enabling domestic supply chains for critical battery materials supporting a circular economy for batteries. The financing is a key milestone toward the completion of the Proposed Business Combination and supports the Company’s strategy to scale its U.S. footprint, global supply chain management platform, and commercialize its next-generation battery recycling technology.
“This investment accelerates our mission to redefine battery recycling at a global scale,” said Ace CEO Nishchay Chadha. “At Ace, we are deploying GREENLEAD® and LithiumFirst™ as a new standard – fully electrified, Scope 1 emissions-free solutions designed to replace legacy processes and unlock a cleaner supply chain for critical materials. We believe that the future of electrification depends on how efficiently and sustainably we recover these resources, and this milestone brings us meaningfully closer to that future.”
Concurrent with and contingent upon the closing of the Proposed Business Combination, Ace expects to receive approximately $32 million in gross proceeds from the PIPE financing before transaction expenses. The Company expects to use these proceeds primarily to fund capital expenditures related to the development of its Texas recycling facility as well as for general corporate purposes, including supporting the expansion of operations and to fund the purchase of other companies , as described in the registration statement on Form S-4 most recently filed with the Securities and Exchange Commission by Athena and Ace on March 24, 2026.
We believe that investor participation in this PIPE reflects confidence in Athena’s ability to bring together exceptional talent and partner with high-quality companies through complex transactions and the public market process. We also believe that Ace is well positioned to support a more resilient domestic supply chain for critical battery materials, and this marks an important step toward closing the Proposed Business Combination,” said Isabelle Freidheim, Chairman and Chief Executive Officer of Athena
Advisors
Rimon P.C. is serving as legal counsel to Ace. Latham & Watkins LLP is serving as legal counsel to ATEK II.
About Ace Green Recycling
Ace Green Recycling, Inc., incorporated in Delaware, is an innovative battery recycling technology platform offering sustainable end-of-life solutions. It has deployed modular, Scope 1 carbon emissions-free recycling facilities for lithium (nickel-manganese-cobalt & lithium iron phosphate) and lead batteries used in various industries including electronics, automotive and energy storage. Ace was founded by Nishchay Chadha, Chief Executive Officer and a veteran in recycling, mining and global supply chain industries, and Dr. Vipin Tyagi, Chief Technology Officer, with extensive experience in battery materials recycling technologies. For more information, please visit www.acegreenrecycling.com.
About Athena Technology Acquisition Corp. II
Athena Technology Acquisition Corp. II is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Athena is part of the broader Athena platform founded by Isabelle Freidheim and supported by a senior leadership team with deep experience across public transactions, private M&A, growth investing and technology leadership. The broader Athena platform brings differentiated transaction experience, investor alignment and partnership-oriented execution to the business.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This release contains statements regarding Athena, Ace, the Proposed Business Combination and other matters that are 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. In some cases, forward-looking statements can be identified by words such as “anticipate,” “approximate,” “believe,” “plan,” “estimate,” “expect,” “project,” “could,” “should,” “strategy,” “will,” “intend,” “may” and other similar expressions or the negative of such words or expressions. Statements in this report concerning (i) Athena’s or Ace’s expected future financial position, business strategy, production capacity, competitive positions, growth opportunities, plans and objectives of management and (ii) the expected benefits of the Proposed Business Combination, together with other statements that are not historical facts, are forward-looking statements that are estimates reflecting management’s best judgment based upon currently available information. Such forward-looking statements are inherently uncertain, and stockholders and other potential investors must recognize that actual results may differ materially from expectations as a result of a variety of factors, including, without limitation, those discussed below. Such forward-looking statements are based upon management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which Athena and Ace are unable to predict or control, that may cause actual results, performance or plans to differ materially from any future results, performance or plans expressed or implied by such forward-looking statements. These statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated in these statements as a result of a number of factors, including, but not limited to:
Ace has a limited operating history at scale and is developing a flagship and new facility in the United States; scaling up its operations and expansion in the U.S. may carry uncertainties and pose liquidity risks to Ace;Ace may not be able to secure adequate capital to execute its business plan;If Ace is unable to overcome the workforce and engineering challenges arising from scaling up production from its existing capacities, it may not succeed in executing its growth and expansion plans;Successful or timely implementation of Ace’s planned U.S. facility may be delayed due to licensing or regulatory issues;A large portion of Ace’s profit is derived from a relatively small number of major customers, and its business, financial condition, and results of operations could be materially and adversely affected if its key customers fail to meet their contractual obligations;Prices for recovered materials are subject to global market fluctuations and price instability may negatively impact Ace’s financial performance;Ace relies on third-party vendors for key machineries and failure to acquire and maintain them may adversely disrupt its operations;A decline in green energy adoption may inhibit future recycling opportunities and may result in decreased demand for Ace’s products;Ace’s proprietary know-how may be rivaled by competitors, which may erode the technological edge it has established;Unfavorable economic or geopolitical conditions could constrain Ace’s expansion, inhibit its further growth and otherwise have a material adverse effect its business, results of operations, prospects and financial condition;Athena and Ace may not obtain the requisite stockholder approvals for the Proposed Business Combination;Nasdaq may not list the common stock of the surviving company following the Proposed Business Combination, which could limit investors’ ability to effect transactions following the Proposed Business Combination;An event, change or other circumstance could result in the termination of the Proposed Business Combination;A condition to the closing of the Proposed Business Combination may not be satisfied;There may be delays in completing the Proposed Business Combination;Any announcement or news coverage relating to the Proposed Business Combination could have adverse effects on the market price of Athena common stock or Ace common stock;The risk of litigation related to the merger; andOther risks and uncertainties identified in the “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Business” sections of Athena’s most recent Annual Report on Form 10-K, and other risks as identified from time to time in its SEC reports.
All of the forward-looking statements Athena and Ace make in or in connection with this report are qualified by the information contained or incorporated by reference in a registration statement filed by Athena and Ace on Form S-4, that includes a proxy statement and a prospectus, to register the shares of Athena stock that will be issued to Ace’s stockholders (the “Registration Statement”). For additional information, see the sections entitled “Risk Factors” and “Where You Can Find More Information” beginning on pages 18 and 208, respectively, of the Registration Statement.
Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Except to the extent required by applicable law, neither Athena nor Ace undertakes any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.
NO OFFER OR SOLICITATION
This press release is not intended to be, and shall not constitute, an offer to buy, subscribe for or sell or the solicitation of an offer to buy, subscribe for or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
IMPORTANT ADDITIONAL INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION AND WHERE TO FIND IT
This release is being made in respect of the Proposed Business Combination between Athena and Ace. In connection with the Proposed Business Combination, Athena and Ace filed with the SEC the Registration Statement, as well as other relevant documents regarding the Proposed Business Combination. INVESTORS ARE URGED TO READ IN THEIR ENTIRETY THE REGISTRATION STATEMENT REGARDING THE TRANSACTION THAT HAS BEEN FILED AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY CONTAIN IMPORTANT INFORMATION.
A free copy of the Registration Statement, as well as other filings containing information about Athena, may be obtained at the SEC’s website (http://www.sec.gov). You will also be able to obtain these documents, free of charge, from Athena by calling (970) 925-1572.
PARTICIPANTS IN THE SOLICITATION
Athena, Ace and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from its respective stockholders in respect of the Proposed Business Combination contemplated by the Registration Statement. Information regarding the persons who are, under the rules of the SEC, participants in the solicitation of the stockholders of Athena in connection with the Proposed Business Combination, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the Registration Statement filed with the SEC. Information regarding Athena’s directors and executive officers is contained in its Annual Report on Form 10-K for the year ended December 31, 2025, which is filed with the SEC. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is or will be contained in the Registration Statement and other relevant materials filed or to be filed with the SEC regarding the Proposed Business Combination when such materials become available. Investors and security holders should read the Registration Statement carefully before making any voting or investment decisions. You may obtain free copies of any of the documents referenced herein using the sources indicated above.
Contacts:
Media
Media@ace-green.com
Investors
Investors@ace-green.com
Technology
TOTAL PLAY ANNOUNCES REVENUE OF Ps.11,177 MILLION AND EBITDA OF Ps.4,849 MILLION IN THE FIRST QUARTER OF 2026
Published
1 hour agoon
April 24, 2026By
—Growth of 115,020 net subscribers in Totalplay Residencial in the period strengthens the company’s service revenues—
—EBITDA less Capex and interest reached Ps.883 million, the highest level ever recorded for a first quarter—
—A 9% reduction in debt with cost from loans provides additional strength to the company’s capital structure—
MEXICO CITY, April 23, 2026 /PRNewswire/ — Total Play Telecomunicaciones, S.A.P.I. de C.V. (“Total Play”), a leading telecommunications company in Mexico, which offers internet access, pay television and telephony services, through one of the largest 100% fiber optic networks in the country, announced today financial results for the first quarter of 2026.
“The growing preference of millions of homes for our technologically advanced internet services, with superior stability and speed, resulted in a net increase of 115,020 subscribers in the quarter, which continued to drive the company’s revenue,” commented Eduardo Kuri, CEO of Total Play. “The growth of our operations was consistent with the Capex which represented only 22% of revenue, and interest payments that decreased double-digit, in the context of lower debt with cost at the company. This resulted in a 51% increase in cash generation — defined as EBITDA less Capex and interest paid — reaching a record high of Ps.883 million in the period.”
“Regarding the balance sheet, we began this quarter with the amortization schedule for the Senior Secured Notes due 2028 — through a principal payment of US$15 million for the period — which adds to the US$56 million amortization of the remaining balance of the Senior Notes due in 2025 — done in the previous quarter — which, among other debt payments, contributed to a 9% reduction in our balance of debt with cost from loans,” added Mr. Kuri. “Simultaneously, we were able to decrease our lease liabilities by 30% and our trade payables by 22%, further strengthening Total Play’s solid capital structure.”
First quarter results
Revenue for the quarter was Ps.11,177 million, 3% higher than Ps.10,843 million for the same period of the previous year. Total costs and expenses were Ps.6,328 million, compared to Ps.5,761 million in the prior year.
As a result, Total Play’s EBITDA was Ps.4,849 million, from Ps.5,082 million a year ago; the quarter’s EBITDA margin was 43%. The company reported operating profit of Ps.301 million, compared to Ps.763 million a year earlier.
Total Play reported a net loss of Ps.1,327 million from a loss of Ps.1,961 million in the same quarter of 2025.
Q1 2025
Q1 2026
Change
Ps.
%
Revenue from services
$10,843
$11,177
$334
3 %
EBITDA
$5,082
$4,849
$(233)
(5) %
Operating income
$763
$301
$(462)
(61) %
Net result
$(1,961)
$(1,327)
$634
32 %
Amounts in millions of pesos.
EBITDA: Earnings before interest, taxes, depreciation, and amortization.
Revenue from services
The company’s revenue increased 3%, as a result of 3% growth in sales in the residential segment and 4% growth in revenue from the enterprise segment.
Totalplay Residential’s revenue increase to Ps.9,848 million, up from Ps.9,570 million the previous year, is related to a 4% increase in the number of the company’s service subscribers compared to the same quarter of the previous year, reaching 5,554,374 this period — a figure that includes 67,856 small and medium-sized businesses. Compared to the previous quarter, the subscriber base increased by 115,020 users. The company believes that the number of subscribers achieved this quarter reflects its remarkable ability to offer technologically advanced internet services — with superior stability and speed — continuous innovation in its entertainment platform, and service excellence.
Average revenue per subscriber (ARPU) for the quarter was Ps.588, compared to Ps.597 a year ago. The decrease in ARPU is largely related to a growing proportion of double-play subscribers compared to triple-play subscribers within the total residential subscriber base.
The number of homes passed by Total Play in Mexico at the end of this period was 19.5 million, compared to 17.6 million a year ago.
Penetration — the proportion of homes passed by Total Play that have the company’s telecommunications services — was 28.5% at the end of the quarter from 30.2% a year ago.
Revenue from the enterprise segment was Ps.1,329 million, up from Ps.1,273 million in the previous year, as a result of contracting Total Play services for the development of corporate client projects.
Costs and expenses
Total costs and expenses increased 10% as a result of a 4% increase in service costs and a 12% increase in expenses.
The increase in costs to Ps.1,663 million from Ps.1,597 million in the previous year, results mainly from higher costs related to memberships, maintenance and support, partially offset by lower content costs — as a result of a higher proportion of double play users in the mix of residential service subscribers and the negotiation of terms, in an optimal way, with content producers —.
The increase in expenses to Ps.4,665 million from Ps.4,164 million reflects higher maintenance, personnel, advertising and promotion expenses, in the context of the company’s growing operations.
EBITDA and net result
Total Play’s EBITDA was Ps.4,849 million compared to Ps.5,082 million the previous year.
Relevant variations below EBITDA were the following:
An increase of Ps.229 million in depreciation and amortization, as a result of user acquisition costs — telecommunications equipment, labor and installation in the period.
A Decrease of Ps.189 million in accrued interest payable, in the context of reducing the company’s debt with cost balance during the period.
Changes in the fair value of financial instruments of Ps.921 million, due to costs related to hedging options in the previous year.
Other financial income of Ps.31 million, compared to other expenses of Ps.200 million in the previous year, as a result of costs related to debt issuances a year ago.
A, increase of Ps.109 million in exchange losses as a result of net liability monetary position in foreign currency, together with greater depreciation of the peso against the basket of currencies in which the company’s monetary liabilities are denominated this quarter, compared to the previous year.
Total Play reported a net loss of Ps.1,327 million from a net loss of Ps.1,961 million in the same period of 2025.
Balance sheet
As of March 31, 2026, the company’s debt with cost from loans was Ps.55,477 million, 9% lower than the Ps.60,806 million of the previous year. The reduction resulted from various debt with cost amortizations during the period, including US$15 million of the company’s Senior Secured Notes due 2028 this quarter and US$56 million of the remaining Senior Notes due 2025, done last November, partially offset by the issuance of US$200 million in Additional Notes to the Senior Secured Notes due 2032, announced in April 2025.
Lease liabilities were Ps.2,756 million, 30% lower compared to Ps.3,917 million in the previous year.
Cash and cash equivalents, as well as restricted cash in trusts, was Ps.6,477 million, compared to Ps.10,008 million a year ago. As a result, the company’s net debt was Ps.51,756 million, 5% lower compared to Ps.54,715 million in the previous year.
The debt ratio — Net Debt / EBITDA of the last two quarters annualized — was 2.62 times.
Total Play’s fixed assets — which include accumulated investment in fiber optics, telecommunications equipment and subscriber acquisition costs, among other assets — were Ps.79,312 million, compared to Ps.85,944 million a year ago.
About Total Play
Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: www.totalplay.com.mx.
Total Play is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors, and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities.
Investor Relations:
Bruno Rangel
Rolando Villarreal
+ 52 (55) 1720 9167
+ 52 (55) 1720 9167
jrangelk@totalplay.com.mx
rvillarreal@totalplay.com.mx
Press Relations:
Luciano Pascoe
Tel. +52 (55) 1720 1313 ext. 36553
lpascoe@gruposalinas.com.mx
TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V.
Consolidated Quarterly Income Statements
(Millions of Mexican pesos)
1Q 25
1Q 26
Change
$
%
$
%
$
%
Revenue from services
10,843
100 %
11,177
100 %
334
3 %
Cost of services
(1,597)
(15 %)
(1,663)
(15 %)
(66)
(4 %)
Gross profit
9,246
85 %
9,514
85 %
268
3 %
General expenses
(4,164)
(38 %)
(4,665)
(42 %)
(501)
(12 %)
EBITDA
5,082
47 %
4,849
43 %
(233)
(5 %)
Depreciation and amortization
(4,319)
(40 %)
(4,548)
(41 %)
(229)
(5 %)
Operating profit
763
7 %
301
3 %
(462)
(61 %)
Financial cost:
Interest revenue
56
1 %
30
0 %
(26)
(46 %)
Accrued interest expense
(1,770)
(16 %)
(1,581)
(14 %)
189
11 %
Change in fair value of financial instruments
(924)
(9 %)
(3)
(0 %)
921
100 %
Other financial (expenses) income
(200)
(2 %)
31
0 %
231
—
Foreign exchange (loss) – Net
(40)
(0 %)
(149)
(1 %)
(109)
n.m.
(2,878)
(27 %)
(1,672)
(15 %)
1,206
42 %
Loss before income tax provisions
(2,115)
(20 %)
(1,371)
(12 %)
744
35 %
Income tax provision
154
1 %
44
0 %
(110)
(71 %)
Net loss for the period
(1,961)
(18 %)
(1,327)
(12 %)
634
32 %
TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V.
Consolidated Statements of Financial Position
(Millions of Mexican pesos)
As of March 2025
As of March 2026
Cambio
$
%
$
%
$
%
ASSETS
Current Assets:
Cash and cash equivalents
7,132
6 %
4,342
4 %
(2,790)
(39 %)
Restricted cash in trusts
2,876
3 %
2,135
2 %
(741)
(26 %)
Customers – net
2,902
3 %
3,016
3 %
114
4 %
Recoverable taxes
3,365
3 %
2,293
2 %
(1,072)
(32 %)
Inventories
2,416
2 %
2,146
2 %
(270)
(11 %)
Derivative financial instruments
193
0 %
–
0 %
(193)
(100 %)
Other current assets
873
1 %
883
1 %
10
1 %
Total current assets
19,757
18 %
14,815
15 %
(4,942)
(25 %)
Non-Current Assets:
Property, plant and equipmente – Net
85,944
77 %
79,312
81 %
(6,632)
(8 %)
Rights-of-use assets -Net
2,849
3 %
1,652
2 %
(1,197)
(42 %)
Trademarks and other assets
2,620
2 %
2,464
3 %
(156)
(6 %)
Total non-current assets
91,413
82 %
83,428
85 %
(7,985)
(9 %)
Total assets
1,11,170
100 %
–
98,243
100 %
(12,927)
(12 %)
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-Term Liabilities
Financial debt
9,240
8 %
5,435
6 %
(3,805)
(41 %)
Lease liabilities
2,367
2 %
1,749
2 %
(618)
(26 %)
Trade payables
12,719
11 %
9,913
10 %
(2,806)
(22 %)
Reverse factoring
1,483
1 %
278
0 %
(1,205)
(81 %)
Other short-term liabilities
3,814
3 %
3,255
3 %
(559)
(15 %)
Total short-term liabilities
29,623
27 %
20,630
21 %
(8,993)
(30 %)
Long-Term Liabilities
Financial debt
51,566
46 %
50,042
51 %
(1,524)
(3 %)
Lease liabilities
1,550
1 %
1,007
1 %
(543)
(35 %)
Employee benefits
101
0 %
148
0 %
47
47 %
Deferred income tax
12,950
12 %
13,741
14 %
791
6 %
Total liabilities
95,790
86 %
85,568
87 %
(10,222)
(11 %)
EQUITY:
Capital stock
8,201
7 %
8,060
8 %
(141)
(2 %)
Retained earnings
(15,836)
(14 %)
(17,171)
(17 %)
(1,335)
(8 %)
Other comprehensive income
23,015
21 %
21,786
22 %
(1,229)
(5 %)
Total equity
15,380
14 %
12,675
13 %
(2,705)
(18 %)
Total liabilities and equity
1,11,170
100 %
98,243
100 %
(12,927)
(12 %)
TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V.
Consolidated Statements of Cash Flows
(Millions of Mexican pesos)
3M 25
3M 26
$
$
Operating activities:
Loss before income tax provision
(2,115)
(1,371)
Items not requiring the use of resources:
Depreciation and amortization
4,320
4,548
Employee benefits
9
10
Items related to investing or financing activities:
Accrued interest income
(56)
(30)
Accrued interest expense
1,770
1,581
Other financial transactions
1,122
(27)
Unrealized exchange (gain) loss
(89)
262
4,961
4,973
Resources (used in) generated by operating activities:
Customers and unearned revenue
315
134
Other receivables
–
2
Related parties, net
53
(104)
Taxes to be recovered
353
260
Inventories
292
400
Advance payments
(76)
(179)
Trade payables
(906)
(1,092)
Other payables
299
434
Cash flows generated by operating activities
5,291
4,828
Investing activities:
Acquisition of property, plant and equipment
(2,601)
(2,425)
Other assets
(234)
75
Collected interest
56
31
Cash flows used in investing activities
(2,779)
(2,319)
Financing activities:
Capital repayments
–
–
Loans (paid) received
4,312
(58)
Leasing cash flows
(822)
(449)
Restricted Cash in Trusts
(488)
(371)
Reverse factoring
(107)
(80)
Derivative financial instruments
265
–
Interest payment
(1,895)
(1,541)
Cash flows used in financing activities
1,265
(2,499)
Net increase in cash and cash equivalents
3,777
10
Cash and cash equivalents at the beginning of the year
3,355
4,332
Cash and cash equivalents at the end of the year
7,132
4,342
View original content:https://www.prnewswire.com/news-releases/total-play-announces-revenue-of-ps11-177-million-and-ebitda-of-ps4-849-million-in-the-first-quarter-of-2026–302752403.html
SOURCE Total Play Telecomunicaciones, S.A.P.I. de C.V.
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