Technology
Alkami Announces Fourth Quarter 2024 Financial Results
Published
2 years agoon
By
Alkami Today Also Announced Its Intent to Acquire MANTL
PLANO, Texas, Feb. 27, 2025 /PRNewswire/ — Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions (FIs) in the U.S., today announced results for its fourth quarter ending December 31, 2024.
Fourth Quarter 2024 Financial Highlights
GAAP total revenue of $89.7 million, an increase of 25.6% compared to the year-ago quarter;GAAP gross margin of 59.3%, compared to 56.0% in the year-ago quarter;Non-GAAP gross margin of 63.1%, compared to 60.3% in the year-ago quarter;GAAP net loss of $(7.6) million, compared to $(12.7) million in the year-ago quarter; andAdjusted EBITDA of $10.2 million, compared to $3.1 million in the year-ago quarter.
Full Year 2024 Financial Highlights
GAAP total revenue of $333.8 million, an increase of 26.1% compared to 2023;GAAP gross margin of 58.9%, compared to 54.4% in 2023;Non-GAAP gross margin of 62.7%, compared to 59.0% in 2023;GAAP net loss of $(40.8) million, compared to $(62.9) million in 2023; andAdjusted EBITDA of $26.9 million compared to $(1.6) million in 2023.
Alkami also announced today the signing of a definitive agreement to acquire Fin Technologies, Inc. (“MANTL”) for an enterprise value of $400 million, on a debt free, cash free basis and subject to customary purchase price adjustments, expected to be $7 million. Alkami plans to fund the acquisition with cash of approximately $380 million and restricted stock units issued to continuing MANTL employees with an estimated value of $13 million at transaction closing in replacement for unvested compensatory stock options. MANTL is the premier onboarding and account opening solution that allows financial institutions to acquire commercial, business and retail customers through any channel for virtually any deposit account type. MANTL combined with Alkami’s digital banking platform and marketing and analytic capabilities creates the industry leading digital sales and service platform for financial institutions.
Comments on the News
Alex Shootman, Chief Executive Officer, said, “In the fourth quarter, we continued to deliver strong growth and enhanced profitability, with revenue growth of over 25% and Adjusted EBITDA of $10.2 million. This capped a year that saw revenue growth of 26% and our first full year of positive Adjusted EBITDA. We also continued to expand our client portfolio, adding an additional seven banks in the fourth quarter.”
Shootman added, “We also announced today that we signed a definitive agreement to acquire MANTL, the premier onboarding and account opening solution. MANTL is unique in that it offers a multi-tenant, core-agnostic, single platform that enables FIs to support all channels in onboarding deposit accounts, including branch, call center and digital. With this acquisition, Alkami solidifies its position as the de facto digital sales and service platform in the industry, allowing FIs to onboard, engage, and grow their account base. This creates a tremendous opportunity for us to expand market share and generate cross sell within our client base, driving additional revenue growth and enhancing our competitive offering among financial institutions.”
Bryan Hill, Chief Financial Officer, said, “In 2024, we added 2.5 million registered users to our digital banking platform, ending the year with 20 million digital banking users. We exited 2024 with annual recurring revenue of $356 million, up 22% compared to December 31, 2023 and revenue per registered user of $17.81, up 7% compared to the year-ago quarter. Our remaining performance obligation reached $1.4 billion at December 31, 2024, providing substantial visibility into our future operating and financial performance. In addition, we are thrilled to welcome MANTL to the Alkami team. We believe MANTL will be accretive to Alkami’s overall revenue growth and gross margin expansion, and we expect the impact of the acquisition to be accretive to Adjusted EBITDA in 2026, allowing Alkami to meet or exceed its long-term financial targets.”
2025 Financial Outlook
The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement Regarding Forward-Looking Statements.” Alkami’s financial outlook is based on current expectations, and includes the impact of the MANTL acquisition.
Alkami is providing guidance for its first quarter ending March 31, 2025 of:
GAAP total revenue in the range of $93.5 million to $95.0 million;Adjusted EBITDA in the range of $9.5 million to $10.5 million.
Alkami is providing guidance for its fiscal year ending December 31, 2025 of:
GAAP total revenue in the range of $440.0 million to $445.0 million;Adjusted EBITDA in the range of $47.0 million to $51.0 million.
The completion of the MANTL acquisition remains subject to certain standard conditions, and is expected to close on or before March 31, 2025. As such, starting in the second quarter of 2025 and included in Alkami’s full year guidance, Alkami expects MANTL to contribute revenue of approximately $30 million and an Adjusted EBITDA loss of $5 million to its 2025 full-year financial performance. Alkami expects MANTL’s annual recurring revenue under contract at December 31, 2025 to be approximately $60 million, which represents a year-over-year growth rate of over 30%.
Conference Call Information
The Company will host a conference call at 5:00 p.m. ET today to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 1-800-836-8184 and internationally at 1-646-357-8785, using passcode 39894. The webcast replay will be available on the Alkami investor relations website.
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly, and build thriving digital communities. Alkami helps clients transform through retail and business banking, digital account opening, payment security, and data and marketing solutions. To learn more, visit www.alkami.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking” statements relating to Alkami Technology, Inc.’s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients’ use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company’s filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
Explanation of Non-GAAP Financial Measures and Key Business Metrics
The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. The company also uses results of operations excluding such items to evaluate the operating performance of Alkami and compare it against prior periods, make operating decisions, determine executive compensation, and serve as a basis for long-term strategic planning. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management’s ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company’s financial and operational performance and comparing this performance to the company’s peers and competitors.
The company defines “Non-GAAP Cost of Revenues” as cost of revenues, excluding (1) amortization and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.
The company defines “Non-GAAP Gross Margin” as gross profit, plus (1) amortization and (2) stock-based compensation expense, all divided by revenue. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.
The company defines “Non-GAAP Research and Development Expense” as research and development expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to product innovation.
The company defines “Non-GAAP Sales and Marketing Expense” as sales and marketing expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to its sales and marketing strategies.
The company defines “Non-GAAP General and Administrative Expense” as general and administrative expense, excluding (1) stock-based compensation expense and (2) secondary offering costs. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s underlying expense structure to support corporate activities and processes.
The company defines “Non-GAAP Income (loss) before income taxes” as loss before income taxes, plus (1) gain on financial instruments, (2) amortization, (3) stock-based compensation expense, (4) secondary offering costs, and (5) acquisition-related expenses. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.
The company defines “Adjusted EBITDA” as net loss plus (1) provision (benefit) for income taxes, (2) gain on financial instruments, (3) interest income, net, (4) depreciation and amortization (5) stock-based compensation expense, (6) secondary offering costs, (7) acquisition-related expenses, and (8) loss on extinguishment of debt. The company believes adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.
In addition, the Company also uses the following important operating metrics to evaluate its business:
The company defines “Annual Recurring Revenue (ARR)” by aggregating annualized recurring revenue related to SaaS subscription services recognized in the last month of the reporting period as well as the next 12 months of expected implementation services revenues in the last month of the reporting period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients, and our ability to maintain and expand our relationship with existing clients.
The company defines “Registered Users” as an individual or business related to an account holder of an FI client on our digital banking platform who has registered to use one or more of our solutions and has current access to use those solutions as of the last day of the reporting period presented. We price our digital banking platform based on the number of registered users, so as the number of registered users of our digital banking platform increases, our ARR grows. We believe growth in the number of registered users provides important information about our ability to expand market adoption of our digital banking platform and its associated software products, and therefore to grow revenues over time.
The company defines “Revenue per Registered User (RPU)” by dividing ARR for the reporting period by the number of registered users as of the last day of the reporting period. We believe RPU provides important information about our ability to grow the number of software products adopted by new clients over time, as well as our ability to expand the number of software products that our existing clients add to their contracts with us over time.
The company does not provide a reconciliation of our adjusted EBITDA outlook to GAAP net loss because certain significant information required for such reconciliation is not available without unreasonable efforts, including provision for income taxes, loss on financial instruments, stock-based compensation expense, and acquisition-related expenses, net, all of which may be significant.
ALKAMI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(UNAUDITED)
December 31,
December 31,
2024
2023
Assets
Current assets
Cash and cash equivalents
$ 94,359
$ 40,927
Marketable securities
21,375
51,196
Accounts receivable, net
38,739
35,499
Deferred costs, current
13,207
10,329
Prepaid expenses and other current assets
13,697
10,634
Total current assets
181,377
148,585
Property and equipment, net
22,075
16,946
Right-of-use assets
14,565
15,754
Deferred costs, net of current portion
37,178
30,734
Intangibles, net
29,021
35,807
Goodwill
148,050
148,050
Other assets
5,011
3,949
Total assets
$ 437,277
$ 399,825
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$ 6,129
$ 7,478
Accrued liabilities
24,520
19,763
Deferred revenues, current portion
13,578
10,984
Lease liabilities, current portion
1,343
1,205
Total current liabilities
45,570
39,430
Deferred revenues, net of current portion
15,526
15,384
Deferred income taxes
1,822
1,713
Lease liabilities, net of current portion
17,109
18,052
Other non-current liabilities
220
305
Total liabilities
80,247
74,884
Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding
as of December 31, 2024 and 2023
—
—
Common stock, $0.001 par value, 500,000,000 shares authorized; and 102,088,783 and 96,722,098
shares issued and outstanding as of December 31, 2024 and 2023, respectively
102
97
Additional paid-in capital
833,129
760,210
Accumulated deficit
(476,201)
(435,366)
Total stockholders’ equity
357,030
324,941
Total liabilities and stockholders’ equity
$ 437,277
$ 399,825
ALKAMI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(UNAUDITED)
Three months ended December 31,
Year ended December 31,
2024
2023
2024
2023
Revenues
$ 89,656
$ 71,369
$ 333,849
$ 264,831
Cost of revenues(1)
36,446
31,420
137,219
120,720
Gross profit
53,210
39,949
196,630
144,111
Operating expenses:
Research and development
25,349
21,491
96,211
84,661
Sales and marketing
14,552
11,863
59,765
48,557
General and administrative
21,576
19,292
83,650
72,900
Acquisition-related expenses
—
43
195
263
Amortization of acquired intangibles
359
359
1,435
1,435
Total operating expenses
61,836
53,048
241,256
207,816
Loss from operations
(8,626)
(13,099)
(44,626)
(63,705)
Non-operating income (expense):
Interest income
1,070
2,273
4,560
8,095
Interest expense
(134)
(1,870)
(461)
(7,384)
Gain on financial instruments
—
113
—
534
Loss on extinguishment of debt
—
(409)
—
(409)
Loss before income taxes
(7,690)
(12,992)
(40,527)
(62,869)
Provision (benefit) for income taxes
(47)
(279)
308
44
Net loss
$ (7,643)
$ (12,713)
$ (40,835)
$ (62,913)
Net loss per share attributable to common stockholders:
Basic and diluted
$ (0.08)
$ (0.13)
$ (0.41)
$ (0.67)
Weighted average number of shares of common stock outstanding:
Basic and diluted
101,057,260
95,871,058
98,892,692
94,080,797
(1) Includes amortization of acquired technology of $1.3 million and $1.4 million for the three months ended December 31, 2024 and 2023, respectively, and $5.4 million for both the years ended December 31, 2024 and 2023.
ALKAMI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(UNAUDITED)
Year ended December 31,
2024
2023
Cash flows from operating activities:
Net loss
$ (40,835)
$ (62,913)
Adjustments to reconcile net loss to net cash provide by (used in) operating activities:
Depreciation and amortization expense
10,508
10,631
Accrued interest on marketable securities, net
(1,075)
(3,231)
Stock-based compensation expense
59,437
51,231
Amortization of debt issuance costs
210
138
Gain on financial instruments
—
(532)
Loss on extinguishment of debt
—
409
Gain on lease modification
—
(375)
Deferred taxes
109
(32)
Changes in operating assets and liabilities:
Accounts receivable
(3,240)
(9,253)
Prepaid expenses and other assets
(3,972)
425
Accounts payable and accrued liabilities
3,322
91
Deferred costs
(8,603)
(7,720)
Deferred revenues
2,736
3,629
Net cash provided by (used in) operating activities
18,597
(17,502)
Cash flows from investing activities:
Purchase of marketable securities
(40,416)
(140,816)
Proceeds from sales, maturities, and redemptions of marketable securities
71,312
181,019
Purchases of property and equipment
(1,195)
(1,058)
Capitalized software development costs
(6,660)
(5,234)
Net cash provided by investing activities
23,041
33,911
Cash flows from financing activities:
Principal payments on debt
—
(85,000)
Payment of holdback funds from acquisition
—
(3,600)
Payments for taxes related to net settlement of equity awards
(12,820)
(15,985)
Proceeds from stock option exercises
20,241
12,983
Proceeds from Employee Stock Purchase Plan issuances
4,736
4,124
Debt issuance costs paid
(363)
(341)
Net cash provided by (used in) financing activities
11,794
(87,819)
Net increase (decrease) in cash and cash equivalents and restricted cash
53,432
(71,410)
Cash and cash equivalents and restricted cash, beginning of period
40,927
112,337
Cash and cash equivalents and restricted cash, end of period
$ 94,359
$ 40,927
ALKAMI TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share data)
(UNAUDITED)
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP total revenues
$ 89,656
$ 71,369
$ 333,849
$ 264,831
December 31,
2024
2023
Annual Recurring Revenue (ARR)
$ 355,874
$ 291,049
Registered Users
19,984
17,502
Revenue per Registered User (RPU)
$ 17.81
$ 16.63
Non-GAAP Cost of Revenues
Set forth below is a presentation of the company’s “Non-GAAP Cost of Revenues.” Please reference the “Explanation of Non-GAAP Measures” section.
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP cost of revenues
$ 36,446
$ 31,420
$ 137,219
$ 120,720
Amortization
(1,926)
(1,656)
(7,389)
(6,579)
Stock-based compensation expense
(1,434)
(1,444)
(5,366)
(5,584)
Non-GAAP cost of revenues
$ 33,086
$ 28,320
$ 124,464
$ 108,557
Non-GAAP Gross Margin
Set forth below is a presentation of the company’s “Non-GAAP Gross Margin.” Please reference the “Explanation of Non-GAAP Measures” section.
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP gross margin
59.3 %
56.0 %
58.9 %
54.4 %
Amortization
2.2 %
2.3 %
2.2 %
2.5 %
Stock-based compensation expense
1.6 %
2.0 %
1.6 %
2.1 %
Non-GAAP gross margin
63.1 %
60.3 %
62.7 %
59.0 %
Non-GAAP Research and Development Expense
Set forth below is a presentation of the company’s “Non-GAAP Research and Development Expense.” Please reference the “Explanation of Non-GAAP Measures” section.
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP research and development expense
$ 25,349
$ 21,491
$ 96,211
$ 84,661
Stock-based compensation expense
(4,533)
(4,141)
(17,279)
(15,995)
Non-GAAP research and development expense
$ 20,816
$ 17,350
$ 78,932
$ 68,666
Non-GAAP Sales and Marketing Expense
Set forth below is a presentation of the company’s “Non-GAAP Sales and Marketing Expense.” Please reference the “Explanation of Non-GAAP Measures” section.
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP sales and marketing expense
$ 14,552
$ 11,863
$ 59,765
$ 48,557
Stock-based compensation expense
(2,400)
(1,911)
(9,049)
(7,220)
Non-GAAP sales and marketing expense
$ 12,152
$ 9,952
$ 50,716
$ 41,337
Non-GAAP General and Administrative Expense
Set forth below is a presentation of the company’s “Non-GAAP General and Administrative Expense.” Please reference the “Explanation of Non-GAAP Measures” section.
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP general and administrative expense
$ 21,576
$ 19,292
$ 83,650
$ 72,900
Stock-based compensation expense
(7,248)
(5,821)
(27,743)
(22,432)
Secondary offering costs
(527)
—
(1,337)
—
Non-GAAP general and administrative expense
$ 13,801
$ 13,471
$ 54,570
$ 50,468
Non-GAAP Income (Loss) Before Income Taxes
Set forth below is a presentation of the company’s “Non-GAAP Income (Loss) Before Income Taxes.” Please reference the “Explanation of Non-GAAP Measures” section.
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP loss before income taxes
$ (7,690)
$ (12,992)
$ (40,527)
$ (62,869)
Gain on financial instruments
—
(113)
—
(534)
Amortization
2,285
2,015
8,824
8,014
Stock-based compensation expense
15,615
13,317
59,437
51,231
Secondary offering costs
527
—
1,337
—
Acquisition-related expenses
—
43
195
263
Non-GAAP Income (loss) before income taxes
$ 10,737
$ 2,270
$ 29,266
$ (3,895)
Adjusted EBITDA
Set forth below is a presentation of the company’s “Adjusted EBITDA.” Please reference the “Explanation of Non-GAAP Measures” section.
Three Months Ended
Year Ended
December 31,
December 31,
2024
2023
2024
2023
GAAP net loss
$ (7,643)
$ (12,713)
$ (40,835)
$ (62,913)
Provision (benefit) for income taxes
(47)
(279)
308
44
Gain on financial instruments
—
(113)
—
(534)
Interest income, net
(936)
(403)
(4,099)
(711)
Depreciation and amortization
2,654
2,790
10,508
10,631
Stock-based compensation expense
15,615
13,317
59,437
51,231
Secondary offering costs
527
—
1,337
—
Acquisition-related expenses
—
43
195
263
Loss on extinguishment of debt
—
409
—
409
Adjusted EBITDA
$ 10,170
$ 3,051
$ 26,851
$ (1,580)
Investor Relations Contact
Steve Calk
ir@alkami.com
Media Relations Contacts
Marla Pieton
marla.pieton@alkami.com
Valerie Kerner
alkami@fullyvested.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/alkami-announces-fourth-quarter-2024-financial-results-302387917.html
SOURCE Alkami Technology, Inc.
You may like
Technology
Unity: The Convergence of the Three Main Red Army Forces
Published
36 minutes agoon
October 21, 2026By
BEIJING, Oct. 21, 2026 /PRNewswire/ — An interview from China.org.cn with Wang Xiaohui and David Ferguson on the Long March:
Wang Xiaohui:
We have all been through something similar — a group of people disagreeing with one another, with each side holding sound reasons to believe their own judgment is correct.
In such moments, should they part ways, or find another path forward together?
David Ferguson:
The word “unity” is often understood as a strategy. People unite when they face a common enemy, and when that enemy disappears, the cooperation ends with it. But I’ve always wondered if there is a different kind of unity — one not forged by a common enemy, but by a common destination. A unity that isn’t temporary, that doesn’t fall apart the moment circumstances change. I wanted to find out.
Wang Xiaohui:
An arduous expedition like the Long March posed unparalleled trials for any military unit.
Bitter cold on snow-capped mountains, hidden mire across marshlands, and dangers lurking every step of the way; food and warm clothes were constantly scarce, while enemies and artillery fire were relentless. Even so, through the Long March, these poorly equipped and raggedly dressed Red Army troops remained tightly bonded as one.
This bond was not coerced by harsh military discipline, but arose spontaneously from every soldier’s heart. Before they even set off, shared ideals and conviction had already taken deep root within every soldier, steeling their resolve to follow the Communist Party of China without hesitation. Along the trail, officers and soldiers of the Red Army ate from the same pots and wore uniforms made from the same coarse cloth. High-ranking commanders like Zhu De and Peng Dehuai covered most of the journey on foot alongside their troops, leaving their horses to the ill and wounded, while splitting their last rations with soldiers. Amid food shortages, even when columns in the front discovered edible greens, they would never dig them all up; instead, they sent words to rear units so that all troops could share.
The Red Army’s unity took root in shared ideals, flourished under equal treatment for all, and was forged through countless moments of entrusting each other with their lives. It also became the unshakable foundation that carried them through every ordeal.
In the late autumn of 1936, the Loess Plateau in northwestern China witnessed two hopeful rendezvous, marking the Long March’s triumphant close. First in Huining, soldiers of the First and Fourth Front Armies embraced in a long-awaited reunion. Just over 10 days later, at Jiangtaibu, the waiting First Front Army finally greeted the travel-worn soldiers of the Second Front Army.
Many of these soldiers had never met before, yet they greeted one another like long-lost brothers, eyes brimming with tears as they clasped hands. Officers and soldiers of the First Front Army sent whatever supplies they had saved up to their brother troops. Three battle-hardened columns merged into a mighty iron stream across the plateau. Just one month later, they fought in coordinated formation to secure triumph in the battle of Shanchengbao, putting a glorious full stop to the Long March.
When scattered sparks merge, inherent unity surges into a mighty force, powerful enough to rewrite an army’s fate and shift the course of a nation’s history.
At the time, Japanese invaders advanced deeper into China, occupying more and more territory, yet the civil war persisted. The CPC clearly understood that brutal conflict among the Chinese would only play to the invaders’ hands, and only national unity could safeguard the motherland. The CPC publicly called for an end to the civil war and joint resistance against Japanese invaders, officially proposed to build the national united front against Japanese aggression, and even took the initiative to halt military operations and withdraw troops as a gesture of goodwill — when the survival of a nation hung by a thread, they chose to unite all Chinese people.
The two KMT officers, Zhang Xueliang and Yang Hucheng, who were stationed in the northwest, witnessed the nation’s peril and were touched by the CPC’s advocacy of a united resistance. Resolved to collaborate with the CPC to fend off Japanese aggression, Zhang and Yang repeatedly pleaded with Chiang Kai-shek to shift focus to national defense, but to no avail. Ultimately, they detained Chiang by force, which later became known as the Xi’an Incident.
When word spread of Chiang’s detention, many assumed the CPC would demand a public trial, given years of bitter partisan strife. Instead, Zhou Enlai personally traveled to Xi’an with the CPC delegation to mediate, laying out the stakes for all parties concerned: executing Chiang would only result in a much larger-scale civil war, handing the Japanese aggressors golden opportunities to advance further into China. The only path to a promising future for the Chinese nation lay in a peaceful settlement that would compel Chiang to join the resistance against Japanese aggression.
Setting aside partisan divisions and prioritizing the supreme interests of the nation — this was the answer delivered by the CPC. At last, the Xi’an Incident was settled in peace, bringing an end to a decade of war. Since then, the Chinese nation finally stood united in fighting back against foreign invasion.
Nearly a century has passed, yet the spirit of unity forged on the Long March has never faded.
In September 1949, the First Plenary Session of the Chinese People’s Political Consultative Conference (CPPCC) was convened, officially instituting the system of multiparty cooperation and political consultation under the leadership of the Communist Party of China. The spirit of solidarity tempered amid the Long March was thereafter embedded in the very fabric of China’s governance system, with unity becoming one of its enduring tenets.
From the early reconstruction years since the founding of the People’s Republic of China in 1949, through the era of reform and opening up since 1978, to today’s march toward China’s modernization, each successive trial has burnished this core spirit of unity. In the fight against absolute poverty, the whole nation pulled together as a single force: the more developed eastern regions lent robust support to underdeveloped western regions, officials devoted themselves to working at grassroots communities, and local residents worked hard and strove for self-improvement. Together, hundreds of millions of Chinese worked to eradicate absolute poverty nationwide. When earthquakes and floods struck, rescue teams rushed to disaster zones from every corner of the country, while relief supplies and charitable donations poured in ceaselessly.
From the helping hands extended between soldiers along the Long March to the nationwide solidarity repeatedly demonstrated today, the essence of unity has never changed. It was the key that carried the Red Army through seemingly impossible odds, and it endures as China’s bedrock strength that propels China forward to this day.
David Ferguson:
After hearing the stories of the reunion of the three main forces of the Red Army and the Xi’an Incident, I found my answer.
The Long March showed me that unity is a condition for survival — not in the sense of “I need you for now, so let’s work together.” Rather, it was “We believe in a common cause, so we must stand together.” That kind of unity does not dissolve when the danger is gone, because it is rooted not in fear, but in conviction.
Whether I look at stories of the Long March or at China’s development today, what strikes me is not simply unity itself. What gives unity its power is the shared ideal that enables people to stand together, and the common mission that at critical moments, enables them to rise above the interests of the individual, of groups, and even of political parties.
Wang Xiaohui:
From the arduous trails of the Long March to the contemporary journey of national rejuvenation, when a group of people or a whole nation stand united around common ideals, they will always arrive at the future they hoped for, no matter how lengthy and winding the road ahead is.
China Mosaic
http://www.china.org.cn/video/node_7230027.htm
Unity: The Convergence of the Three Main Red Army Forces
http://www.china.org.cn/2026-10/20/content_118741729.shtml
View original content to download multimedia:https://www.prnewswire.com/news-releases/unity-the-convergence-of-the-three-main-red-army-forces-302914999.html
SOURCE China.org.cn
Technology
KingClean Debuts at the 140th Canton Fair with One-Stop ODM Solutions for Global Brands
Published
36 minutes agoon
October 21, 2026By
GUANGZHOU, China, Oct. 21, 2026 /PRNewswire/ — KingClean, a global leader in home appliances and cleaning solutions, showcased its latest smart home product line at the 140th Canton Fair, which includes cleaning appliances, kitchen and coffee equipment, drinking equipment, personal care and air comfort products. During the exhibition, KingClean held in-depth discussions with global channel partners at Booths E30–36 and F13–19, Hall 2.2, Zone A.
KingClean showcased over 40 innovative products. The cleaning appliances exhibition area covers cordless stick vacuum cleaners with docking stations, upright 3-in-1 wet-and-dry vacuum cleaner with steam, spot cleaner with steam, cordless mattress cleaners and canister. The kitchen appliance exhibition area showcases products such as cooking robot, commercial blenders, and fully automatic coffee machines. The water & beverage solutions area presents desktop intelligent water purifiers with functions of water purification, sparkling water, ice making, and tea brewing. In addition, KingClean balances personal care with environmental comfort, showcasing water-ion turbofan hair dryers, desktop air purifiers, and smart air circulation fans.
The collaboration between high-performance cleaning equipment and intelligent base stations is the key direction of this exhibition. The exhibits include cordless vacuum cleaners equipped with high-power motors, dust‑cup or dust‑bag docking stations, charging and automatic cleaning functions, as well as floor cleaning vacuum cleaners that integrate functions of steam cleaning, automatic water refilling, and hot air drying. Multiple reference models intuitively demonstrate how the same technology platform can flexibly adapt to different power levels, structural schemes, and accessory configurations.
KingClean also showcased a series of home fully automatic coffee machines, smoothies and ice-making equipment, as well as desktop intelligent beverage purifiers that supported flexible combinations of sparkling water, ice water, tea brewing, and coffee related modules in the beverage area. These exhibits could be further customized based on the customer’s beverage menus, usage frequency, and after-sales mode.
“We connect globally through innovative products, focusing on smart solutions that improve life and strengthen our leadership in the smart home industry” said Nate Yang, Senior Marketing Director at KingClean Electric Co., Ltd.
About KingClean
KingClean was founded in 1994 and is headquartered in Suzhou, China. The company specializes in high-end smart home appliances and mechatronic products, with motor as our core technology.
For more information, visit http://www.kingclean.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/kingclean-debuts-at-the-140th-canton-fair-with-one-stop-odm-solutions-for-global-brands-302914851.html
SOURCE KingClean
Technology
Husqvarna Group: INTERIM REPORT JANUARY – SEPTEMBER 2026
Published
37 minutes agoon
October 21, 2026By
STOCKHOLM, Oct. 21, 2026 /PRNewswire/ —
Consistent strategy execution in a continued challenging market
Third quarter 2026
Net sales decreased organically by 5%.Net sales decreased by 2% to SEK 9,012m (9,204), and included a positive impact of 3% from changes in exchange rates.Operating income amounted to SEK -334m (141) and the operating margin was -3.7% (1.5).Items affecting comparability (IAC) amounted to SEK -88m. These were primarily related to the execution of cost-saving initiatives.Excluding IAC, operating income amounted to SEK -246m (140), and the operating margin was -2.7% (1.5).Earnings per share (EPS) after dilution amounted to SEK -0.70 (-0.02) and EPS excluding IAC and after dilution amounted to SEK -0.58 (-0.02).Free operating cash flow was SEK 2,422m (2,423).Net debt was SEK 9.4bn (9.9).
January – September 2026
Net sales decreased organically by 2%.Net sales decreased by 5% to SEK 37,356m (39,184), and included an impact of -3% from changes in exchange rates.Operating income amounted to SEK 2,977m (3,735) and the operating margin was 8.0% (9.5).Items affecting comparability (IAC) amounted to SEK -445m. These were primarily related to the execution of cost-saving initiatives.Excluding IAC, operating income amounted to SEK 3,421m (3,742), and the operating margin was 9.2% (9.5).IEEPA-related tariff refunds of SEK 240m were recognized in COGS during the second quarter.Earnings per share (EPS) after dilution amounted to SEK 3.14 (4.43) and EPS excluding IAC and after dilution amounted to SEK 3.74 (4.44).Free operating cash flow was SEK 4,891m (4,743).
CEO Comment
We are making solid progress on our strategic priorities. Our cost savings program remains on track, recent product launches are receiving encouraging customer feedback, and we are broadening our presence across sales channels. Although these measures have not yet fully offset current market headwinds, they reinforce our confidence in the Group’s long-term competitiveness and prospects.
Financial performance summary
Net sales were SEK 9,012m (9,204), representing an organic decline of 5% in the quarter, primarily driven by continued weakness in Europe. Organic sales in the Husqvarna Forest & Garden Division declined by 10%, sales in the Husqvarna Construction Division were unchanged, while the Gardena Division delivered solid organic growth of 8%. Performance in the Husqvarna Forest & Garden Division was significantly affected by the widespread drought across large parts of Europe and continued weak consumer demand in key markets, including Germany and France. In contrast, strong growth in the Gardena Division’s Watering business highlighted the resilience of our diversified portfolio, gaining market shares in key markets, and the Husqvarna Construction Division has continued good momentum in its aftermarket business. I am also encouraged by continued growth across all three divisions in North America.
Operating income excluding IAC was SEK -246m (140), corresponding to a margin of -2.7% (1.5). The result reflected lower volumes in the Husqvarna Forest & Garden Division, an unfavorable product mix, inventory reductions and cost increases on raw materials and logistics costs. Free operating cash flow was stable at SEK 2,422m (2,423), as lower operating income was offset by changes in working capital, primarily driven by reduced inventories. We further strengthened the balance sheet, reducing net debt to SEK 9.4bn (9.9).
Executing on cost savings while navigating cost headwinds
Our transformative cost savings program remains on track to deliver SEK 3bn in gross savings by the end of 2028. Year-to-date savings reached approximately SEK 935m, including around SEK 305m in the third quarter, driven mainly by sourcing activities and personnel reductions. However, lower volumes, inventory reductions and cost headwinds continue to weigh on profitability. We are responding with targeted price increases, supply chain actions and product cost optimization, which will partly offset these pressures, although near-term headwinds are expected to remain.
We are advancing our asset-light strategy through further outsourcing initiatives. We will transfer production of selected Husqvarna-branded battery handheld products from Europe to Asia, using both our own facilities and external partners to enhance efficiency and competitiveness.
In addition, the ongoing discontinuation of the stone diamond tool business in the Construction Division, the phase-out of our Brastad component factory in the Husqvarna Forest & Garden Division and relocation of selected activities within Gardena’s European manufacturing network are progressing according to plan.
Unlocking the next phase of robotics growth
Our robotic lawn mowing business faced a difficult quarter, with adverse weather, competitive headwinds, and elevated channel partner inventories in Europe constraining demand for Husqvarna- and Gardena-branded products. Although recent performance has fallen short of expectations, we remain the clear market leader and we are confident in our strategy and longer-term development.
The strategic review of the Powered Garden BPU in the Gardena Division is ongoing and we aim to provide an update in the beginning of next year. Our priorities in the Husqvarna Forest & Garden Residential Robotics BPU include expanding our retail footprint and product range across price points and channels, strengthening the robotics organization and development model.
During the quarter, the US became the largest market in terms of sales for our Professional Robotics BPU, driven mainly by continued growth in the golf segment. Upcoming product launches and broader US distribution are expected to further strengthen our competitive position next season. We are also encouraged to be the first robotics company to receive conditional approval from the Federal Communications Commission (FCC) for foreign-produced advanced robotic devices in the US market.
Building a stronger, more competitive Husqvarna Group
We are accelerating change across the Group to create a leaner, more agile and asset-light organization. By challenging established ways of working, simplifying operations and acting decisively, we are strengthening competitiveness and profitability in the longer-term. Significant work remains, but I am confident we are moving in the right direction.
When consumer sentiment recovers, particularly in Europe, we will be well positioned to capture growth and improve earnings.
Glen Instone, CEO
Webcast presentation and telephone conference
A webcast presentation of the Q3 report hosted by Glen Instone, CEO and Patrik Johnson, CFO will be held at 9:00 CEST on Oct 21, 2026.
To view the presentation, please use this link.
The dial-in to the telephone conference (to ask questions):
+46 (0) 8 505 100 31 (Sweden) or +44 203 059 58 63 (UK)
Contact
Emelie Alm, Vice President, Investor Relations
+46 70 514 64 14
Husqvarna AB (publ), P.O. Box 7454, SE-103 92 Stockholm
Hälsingegatan 49, +46 8 738 90 00, www.husqvarnagroup.com
Reg. Nr: 556000-5331
(NASDAQ STOCKHOLM: HUSQ-A) (NASDAQ STOCKHOLM: HUSQ-B)
This report contains insider information that Husqvarna AB is required to disclose under the EU Market Abuse Regulation. The information was submitted for publication, through the contact person set out above, at 07:00 CEST on Oct 21, 2026.
Factors affecting forward-looking statements
This report contains some forward-looking statements. These statements are subject to risks and uncertainties that may give rise to major deviations in the result due to several aspects. These aspects include, among other things: consumer demand and market conditions in the geographical areas and lines of business in which Husqvarna operates, the effects of currency fluctuations, downward pressure on prices due to competition, success in developing new products, outcome of product responsibility litigation and progress in terms of reaching the goals set for productivity and efficient use of capital.
This information was brought to you by Cision http://news.cision.com
https://news.cision.com/husqvarna-group/r/interim-report-january—september-2026,c4412543
The following files are available for download:
https://mb.cision.com/Main/996/4412543/4328797.pdf
Interim report Q3 2026 Husqvarna Group
View original content:https://www.prnewswire.com/news-releases/husqvarna-group-interim-report-january–september-2026-302915009.html
SOURCE Husqvarna Group
Unity: The Convergence of the Three Main Red Army Forces
KingClean Debuts at the 140th Canton Fair with One-Stop ODM Solutions for Global Brands
Husqvarna Group: INTERIM REPORT JANUARY – SEPTEMBER 2026
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
Nullmax and Renesas Forge Strategic Partnership to Deliver Competitive ADAS Solutions for the Global Market
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology4 days agoHighland and Bath Counties, Virginia Go Live on a Shared Caliber Hosted CAD Environment
-
Technology4 days agoJinkoSolar Unveils Tiger Neo 5.0 All-Black Residential Solar Module with 25.52% Efficiency
-
Coin Market5 days agoBitcoin price steadies around $82K after Fed’s Warsh avoids rate-hike hints
-
Near Videos4 days agoWhat if you could build a skyscraper with one prompt?
-
Technology5 days ago
/R E P E A T — Media Advisory – Minister Hodgson to deliver remarks and participate in fireside chat/
-
Technology5 days agoFrost & Sullivan: Netradyne Receives the 2026 Global Commercial Vehicle Video Telematics Product Leadership Recognition for Excellence in AI-Driven Fleet Safety and Operational Intelligence
-
Technology5 days agoFIRST LOOK: NINTENDO’S FIRST-EVER STORE-WITHIN-A-STORE EXPERIENCE IN NORTH AMERICA ARRIVES IN TORONTO
-
Technology3 days agoBioethanol from human hair – Indian start-up’s solution to rising prices of grains and sugar
