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Flotek Surpasses 2024 Annual Guidance with Strong Fourth Quarter and Full-Year Results

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HOUSTON, March 10, 2025 /PRNewswire/ — Flotek Industries, Inc. (“Flotek” or the “Company”) (NYSE: FTK) today announced operational and financial results for the fourth quarter and full-year ended December 31, 2024.  Fourth quarter 2024 results were the strongest quarterly results of 2024 in terms of revenue, gross profit, net income and adjusted EBITDA (1).

Financial Summary (in thousands, except ‘per share’ amounts)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Total Revenues

$            50,758

$            42,188

$          187,025

$          188,058

Gross Profit

$            12,277

$              9,430

$            39,386

$            24,263

Net Income

$              4,429

$              2,104

$            10,498

$            24,713

Diluted Income (Loss) Per Share

$                0.14

$                0.07

$                0.34

$               (0.10)

Adjusted EBITDA (1)

$              7,023

$              3,952

$            20,327

$              1,488

Full-Year and Fourth Quarter 2024 Highlights

Q4 2024 total revenue rose 20% vs. Q4 2023, led by a 21% jump in external customer revenue—the highest in 5 years.Data analytics service revenue grew 124% vs. Q4 2023 and 44% vs. full year 2023.Gross profit climbed 30% vs. Q4 2023 and 62% vs. full year 2023, with Q4 2024 gross margin rising to 24%.Q4 2024 net income was $4.4 million and adjusted EBITDA(1) totaled $7.0 million, up 111% and 78%, respectively, vs Q4 2023.2024 net income hit $10.5 million or $0.34/share, vs. a loss of $(0.10)/share in 2023.2024 adjusted EBITDA(1) reached $20.3 million, up $18.8 million from 2023—the highest since 2017—exceeding guidance of $18.5 million by 10%.

Management Commentary

Chief Executive Officer Dr. Ryan Ezell commented, “2024 marks a significant step in the execution of our corporate strategy towards the convergence between innovative Data and Chemistry solutions that deliver outstanding value to our customers and external stakeholders. This year, we not only achieved the highest profitability metrics in nearly a decade but did so through superior operational efficiency and service quality execution. Additionally, our commitment to safety has shone through, with no lost-time incidents recorded in the past three years.

We’ve expanded our technology portfolio with the introduction of three cutting-edge Data Analytics solutions: VeraCal, JP3 Raman, and XSPCT, systems specifically designed to address the unique challenges of the energy and infrastructure sector while driving high-margin growth into 2025 and beyond. In the fourth quarter, we observed a significant transformation in our Data Analytics revenue resulting in a 67% sequential increase in service revenue furthering the shift from products to services.

Looking ahead, we expect that the integration of Data and Chemistry at Flotek will provide exciting new innovations in the energy and infrastructure market. These advancements are set to empower our customers’ assets to maximize returns, reduce costs, automate processes, and leverage data in ways previously unimaginable. We believe that our relentless pursuit to leverage chemistry as the common value creation platform will position Flotek as a leader in differentiated technologies and foster our future growth.”

Fourth Quarter and Full-Year 2024 Financial Results

Revenue: Flotek reported total revenues of $50.8 million for fourth quarter 2024, an increase of $8.6 million, or 20%, compared to total revenues of $42.2 million for fourth quarter 2023. Full-year 2024 total revenues totaled $187.0 million, as compared to total revenues of $188.1 million during 2023. Fourth quarter and full year 2024 revenues include $8.6 million and $32.4 million, respectively, related to the minimum purchase requirements under the Company’s long-term supply agreement with ProFrac Services, LLC.

Segment Revenue Summary (in thousands)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Chemistry Technologies:

 External Revenues

$             21,071

$             17,996

$             63,214

$             59,016

Related Party Revenues

27,215

22,769

114,947

120,903

Total

$             48,286

$             40,765

$           178,161

$           179,919

Data Analytics:

Product Revenues

$                   826

$                   688

$               4,745

$               5,277

Service Revenues

1,646

735

4,119

2,862

Total

$               2,472

$               1,423

$               8,864

$               8,139

Gross Profit: The Company generated gross profit of $12.3 million during fourth quarter 2024 compared to a gross profit of $9.4 million during fourth quarter 2023. The improvement in fourth quarter 2024 gross profit was primarily the result of successful initiatives throughout 2024 to drive cost reductions with respect to freight, logistics and materials combined with an 18% increase in chemistry revenue and a 74% increase in data analytics revenue, as compared to fourth quarter 2023.

The Company generated gross profit of $39.4 million for full-year 2024 compared to gross profit of $24.3 million for full-year 2023.Selling, General and Administrative (“SG&A”) Expense: SG&A expense totaled $6.6 million for the fourth quarters of 2024 and 2023. SG&A expense totaled $24.7 million for full-year 2024 compared to $27.8 million for full-year 2023, an 11% reduction year-over-year. Excluding non-cash stock compensation expense, 2024 SG&A expense is 17% lower than 2023.Net Income (Loss) and EPS: Flotek reported net income of $4.4 million, or $0.14 per diluted share, for the fourth quarter 2024. This compares to net income of $2.1 million, or $0.07 per diluted share, for the fourth quarter 2023. Net income for full-year 2024 was $10.5 million, or $0.34 per diluted share, compared to net income (loss) of $24.7 million, or ($0.10) per diluted share, for the comparable period of 2023. Net income for full-year 2023 included non-cash gains related to the fair value measurement of convertible notes payable and a PPP loan forgiveness totaling $34.5 million.Adjusted EBITDA (Non-GAAP)(1): Adjusted EBITDA(1) was $7.0 million in fourth quarter 2024 as compared to $4.0 million in fourth quarter 2023. Adjusted EBITDA(1) was $20.3 million for full-year 2024 compared to $1.5 million for full-year 2023.

(1)

See the “Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings” section in this release for more information, including reconciliations to the most comparable GAAP measures.

2025 Guidance

Consistent with 2024 and 2023, Flotek plans to issue 2025 guidance in conjunction with the release of its first quarter 2025 financial and operating results.

Upcoming Investor Event

Flotek will participate in the 37th Annual Roth Conference to be held at the Marriott in Laguna Dana Point, California, March 17-18, 2025. Flotek Chief Executive Officer, Ryan Ezell, will participate in an industry panel discussion on March 17 at 10:00 a.m. PT and will be joined by Chief Financial Officer, Bond Clement, in hosting one-on-one meetings during the event. An updated corporate presentation to be used in discussions at the conference will be posted to the Investor Relations section of Flotek’s corporate website at www.flotekind.com prior to the start of the conference.

Conference Call Details

Flotek will host a conference call on March 11, 2025, at 9:00 a.m. CT (10:00 a.m. ET) to discuss its fourth quarter and full-year 2024 results. Participants may access the call through Flotek’s website at www.flotekind.com under “News” within the Investor Relations section, by telephone toll free at 1-800-836-8184 (international toll: 1-646-357-8785), or by using the following link to access the audience view of the webcast at https://app.webinar.net/qDjWg9qga1Y approximately five minutes prior to the start of the call. Following the conclusion of the conference call, a recording of the call will be available on the Company’s website.

An updated corporate presentation that will be referenced on the call will be posted to the Investor Relations section of Flotek’s website at www.flotekind.com prior to the start of the earnings conference call.

About Flotek Industries, Inc.

Flotek Industries, Inc. is a leading chemistry and data technology company focused on servicing the Energy industry. The Company’s top tier technologies leverage near real-time data to deliver innovative solutions to maximize customer returns. Flotek has an intellectual property portfolio of over 130 patents, 20+ years of field and laboratory data, and a global presence in more than 59 countries.

Flotek has established collaborative partnerships focused on sustainable and optimized chemistry and data solutions, aiming to reduce the environmental impact of energy on land, air, water and people.

Flotek is based in Houston, Texas and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit www.flotekind.com

Forward-Looking Statements

Certain statements set forth in this press release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.’s business, financial condition, results of operations and prospects. Words such as will, continue, expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this press release. Although forward-looking statements in this press release reflect the good faith judgment of management, such statements can only be based on facts and factors currently known to management. Consequently, forward-looking statements are inherently subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements. Further information about the risks and uncertainties that may impact the Company are set forth in the Company’s most recent filing with the Securities and Exchange Commission on Form 10-K (including, without limitation, in the “Risk Factors” section thereof), and in the Company’s other SEC filings and publicly available documents. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this press release.

FLOTEK INDUSTRIES, INC.

 UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

December 31, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

$                          4,404

$                          5,851

Restricted cash

102

102

Accounts receivable, net of allowance for credit losses of $447 and $745 at
December 31, 2024 and December 31, 2023, respectively

17,386

13,687

Accounts receivable, related party, net of allowance for credit losses of $0 at
each of December 31, 2024 and December 31, 2023, respectively

52,370

34,569

Inventories, net

13,303

12,838

Other current assets

2,952

3,564

Current contract asset

5,939

5,836

Total current assets

96,456

76,447

Long-term contract asset

63,105

68,820

Property and equipment, net

6,178

5,129

Operating lease right-of-use assets

3,326

5,030

Deferred tax assets, net

51

300

Other long-term assets

1,680

1,787

TOTAL ASSETS

$                      170,796

$                      157,513

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$                        38,073

$                        31,705

Accrued liabilities

5,912

5,890

Income taxes payable

48

45

Current portion of operating lease liabilities

1,486

2,449

Current portion of finance lease liabilities

22

Asset-based loan

4,789

7,492

Current portion of long-term debt

60

179

Total current liabilities

50,368

47,782

Deferred revenue, long-term

14

35

Long-term operating lease liabilities

6,514

7,676

Long-term debt

60

TOTAL LIABILITIES

56,896

55,553

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.0001 par value, 100,000 shares authorized; no shares
     issued and outstanding

Common stock, $0.0001 par value, 240,000,000 shares authorized;
     30,938,073 shares issued and 29,826,508 shares outstanding at
     December 31, 2024; 30,772,837 shares issued and 29,664,130 shares
     outstanding at December 31, 2023

3

3

Additional paid-in capital

464,620

463,140

Accumulated other comprehensive income

251

127

Accumulated deficit

(316,308)

(326,806)

Treasury stock, at cost; 1,111,565 and 1,108,707 shares at December 31,
     2024 and December 31, 2023, respectively

(34,666)

(34,504)

Total stockholders’ equity

113,900

101,960

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$                      170,796

$                      157,513

 

FLOTEK INDUSTRIES, INC.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share data)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Revenue:

Revenue from external customers

$              23,328

$            19,239

$            71,263

$          66,518

Revenue from related party

27,430

22,949

115,762

121,540

Total revenues

50,758

42,188

187,025

188,058

Cost of goods sold

38,481

32,758

147,639

163,795

Gross profit

12,277

9,430

39,386

24,263

Operating costs and expenses:

Selling, general, and administrative

6,630

6,552

24,709

27,827

Depreciation

229

204

891

734

Research and development

365

255

1,714

2,486

Gain on sale of property and equipment

(90)

(124)

(38)

Gain in fair value of Contract Consideration
Convertible Notes Payable

(29,969)

Total operating costs and expenses

7,134

7,011

27,190

1,040

Income from operations

5,143

2,419

12,196

23,223

Other income (expense):

Paycheck protection plan loan forgiveness

4,522

Interest expense

(253)

(320)

(1,095)

(2,857)

Other income (expense), net

(105)

56

46

(26)

Total other (expense) income

(358)

(264)

(1,049)

1,639

Income before income taxes

4,785

2,155

11,147

24,862

Income tax expense

(356)

(51)

(649)

(149)

Net income

$                 4,429

$               2,104

$            10,498

$          24,713

Income (loss) per common share:

Basic

$                   0.15

$                 0.07

$                0.36

$               1.00

Diluted

$                   0.14

$                 0.07

$                0.34

$             (0.10)

Weighted average common shares:

Weighted average common shares used in
   computing basic income (loss) per common
   share

29,642

29,396

29,534

24,830

Weighted average common shares used in
   computing diluted income (loss) per common
   share

31,436

30,496

30,889

28,377

 

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Twelve Months Ended

December 31,

2024

2023

Cash flows from operating activities:

Net income

$                  10,498

$                  24,713

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

Change in fair value of contingent consideration

71

(527)

Change in fair value of Contract Consideration Convertible Notes Payable

(29,969)

Amortization of convertible note issuance costs

83

Payment-in-kind interest expense

2,284

Amortization of contract asset

5,612

5,033

Depreciation

891

734

Amortization of asset-based loan origination costs

314

121

Provision for credit losses, net of recoveries

181

138

Provision for excess and obsolete inventory

645

959

Gain on sale of property and equipment

(124)

(38)

Non-cash lease expense

2,094

3,014

Stock compensation expense

1,366

(254)

Deferred income tax expense

249

104

Paycheck protection plan loan forgiveness

(4,522)

Changes in current assets and liabilities:

Accounts receivable

(3,880)

5,311

Accounts receivable, related party

(17,801)

(11,886)

Inventories

(1,110)

1,938

Income taxes receivable

8

Other assets

561

(836)

Accounts payable

6,368

(1,670)

Accrued liabilities

(70)

(2,575)

Operating lease liabilities

(2,515)

(3,391)

Income taxes payable

3

(53)

Interest payable

(8)

Net cash provided by (used in) operating activities

3,361

(11,297)

 

FLOTEK INDUSTRIES, INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(continued)

Twelve Months Ended

December 31,

2024

2023

Cash flows from investing activities:

Capital expenditures

(1,940)

(1,081)

Proceeds from sale of assets

124

67

Net cash used in investing activities

(1,816)

(1,014)

Cash flows from financing activities:

Payment for forfeited stock options

(617)

Payments on long term debt

(179)

(149)

Proceeds from asset-based loan

166,950

68,716

Payments on asset-based loan

(169,653)

(61,224)

Payment of asset-based loan origination costs

(164)

(574)

Payments to tax authorities for shares withheld from employees

(162)

(268)

Proceeds from issuance of stock under Employee Stock Purchase Plan

114

77

Payments for finance leases

(22)

(33)

Net cash (used in) provided by financing activities

(3,116)

5,928

Effect of changes in exchange rates on cash and cash equivalents

124

(54)

Net change in cash and cash equivalents and restricted cash

(1,447)

(6,437)

Cash and cash equivalents at the beginning of period

5,851

12,290

Restricted cash at the beginning of period

102

100

Cash and cash equivalents and restricted cash at beginning of period

5,953

12,390

Cash and cash equivalents at end of period

4,404

5,851

Restricted cash at the end of period

102

102

Cash and cash equivalents and restricted cash at end of period

$                    4,506

$                    5,953

 

FLOTEK INDUSTRIES, INC.

Unaudited Reconciliation of Non-GAAP Items and Non-Cash Items Impacting Earnings

(in thousands)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2024

2023

2024

2023

Gross profit

$             12,277

$               9,430

$             39,386

$             24,263

Stock compensation expense

15

3

24

(132)

Severance and retirement

2

3

11

29

Contingent liability revaluation

117

(143)

71

(527)

Amortization of contract asset

1,271

1,368

5,612

5,033

Adjusted Gross profit (Non-GAAP) (1)

$             13,682

$             10,661

$             45,104

$             28,666

Net income

$               4,429

$               2,104

$             10,498

$             24,713

Interest expense

253

320

1,095

2,857

Income tax expense

356

51

649

149

Depreciation and amortization

229

204

891

734

EBITDA (Non-GAAP) (1)

$               5,267

$               2,679

$             13,133

$             28,453

Stock compensation expense

451

307

1,366

(268)

Severance and retirement

7

10

39

(17)

Contingent liability revaluation

117

(143)

71

(527)

Gain on disposal of assets

(90)

(124)

(38)

PPP loan forgiveness

(4,522)

Contract Consideration Convertible Notes Payable revaluation adjustment

(29,969)

Amortization of contract asset

1,271

1,368

5,612

5,033

Non-Recurring professional fees

(269)

230

3,343

Adjusted EBITDA (Non-GAAP) (1)

$               7,023

$               3,952

$             20,327

$               1,488

(1)

Management believes that adjusted gross profit, EBITDA and adjusted EBITDA for the three and twelve months ended December 31, 2024 and 2023, are useful to investors to assess and understand operating performance, especially when comparing those results with previous and subsequent periods.  Management views the income and expenses noted above to be outside of the Company’s normal operating results.  Management analyzes operating results without the impact of the above items as an indicator of performance, to identify underlying trends in the business and cash flow from continuing operations, and to establish financial and operational goals, excluding certain non-cash or non-recurring items.

 

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SOURCE Flotek Industries, Inc.

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ADX welcomes Morgan Stanley as the first international investment bank Remote Trading Member, expanding global access to Abu Dhabi’s capital markets

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ABU DHABI, UAE, May 5, 2026 /PRNewswire/ — The Abu Dhabi Securities Exchange (ADX) Group today announced that Morgan Stanley, a leading investment bank and financial services company, has joined the ADX as its first international investment bank Remote Trading Member — enabling Morgan Stanley’s clients to access the ADX directly.

This milestone strengthens ADX’s global connectivity and supports growing international institutional demand for exposure to UAE markets. It also reinforces its position as one of the world’s fastest-growing exchanges by market capitalization, while highlighting the market’s continued progress in depth, liquidity, and inclusion in major global indices.

Remote membership enables Morgan Stanley to provide its clients with direct market access to the ADX, with trading conducted via the firm’s global trading platform. The ADX continues to play a pivotal role in advancing Abu Dhabi’s long-term economic ambitions, as a mechanism for a diversified, innovation-led, knowledge-based economy.

Morgan Stanley’s direct trading access to ADX reflects the strength of Abu Dhabi’s investment proposition and the continued institutionalization of UAE capital markets. Morgan Stanley’s membership will enhance execution quality, optimize order routing, and provide greater control across the end-to-end trade lifecycle, delivering an advanced trading experience for global investors.

The structure follows a proven international access model used by Morgan Stanley and is designed to meet growing client demand for efficient, transparent, and seamless access to ADX-listed opportunities.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of Abu Dhabi Securities Exchange (ADX) Group, said: “This marks a significant step in advancing our ambition to be a leading financial marketplace that drives opportunity and sustainable economic growth. This momentum is reflected in the strong foreign investor participation, with trading value exceeding 85 billion dirhams in the first quarter of 2026 up by 22% year on year. This performance underscores the growing depth and global relevance of our market, while reinforcing our commitment to expanding international access, strengthening cross-border connectivity, and building a world-class market infrastructure that attracts global capital, supports a diverse range of issuers and contributes to Abu Dhabi’s long-term economic prosperity.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley, said: “Becoming a Remote Trading Member of ADX reflects our focus on providing clients with efficient, seamless access to Abu Dhabi’s capital markets through our market–leading trading platform. We see continued momentum in the institutionalization and international participation of UAE markets, and we’re pleased to support that evolution by enabling international investors to access opportunities in MENA with direct connectivity to local markets, alongside greater transparency and control across the trading lifecycle.”

Morgan Stanley’s participation aligns with ADX’s strategy to strengthen international connectivity, with remote memberships selectively offered to global firms to attract high-quality cross-border liquidity. The announcement builds on the ADX’s expansion momentum: in 2025, foreign investment rose by nearly 14% and institutional trading increased by 10% year on year. Subject to final operational readiness, Morgan Stanley expects to begin trading as a remote member in the coming weeks.

About Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) was established on 15 November 2000 pursuant to Local Law No. (3) of 2000, which granted the exchange legal rights with independent financial and administrative status, as well as the necessary supervisory and executive powers necessary to carry out its functions. On 17 March 2020, the ADX was converted from a public entity into a Public Joint Stock Company (PJSC) in accordance with Law No. (8) of 2020.

The ADX Group, a market infrastructure group comprising the exchange (ADX) and its post-trade ecosystem, including its wholly owned subsidiaries AD Depository and AD Clear, was established. Through its integrated and globally aligned business structure, the ADX Group supports efficient, transparent, and resilient capital markets across trading, clearing, settlement, and custody.

The Group provides an efficient and regulated marketplace for the trading of securities, including equities issued by public joint-stock companies, bonds issued by governments and corporations, exchange-traded funds (ETFs), and other financial instruments approved by the UAE Capital Market Authority.

The ADX is the second-largest exchange in the Arab region by market capitalization. Its strategy of delivering stable financial performance through diversified revenue streams is aligned with the UAE’s national development agenda, “Towards the Next 50”, which aims to build a sustainable, diversified, and high-value-added economy.

For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication
Abu Dhabi Securities Exchange (ADX)
Mobile: +971 (50) 668 9733
Email: ALKhateebA@adx.ae

 

 

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SOURCE Abu Dhabi Securities Exchange (ADX)

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Geotab integrates Polestar vehicles into its OEM telematics network

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Fleet operators across North America, Europe, and APAC can now access Polestar vehicle data directly in MyGeotab — no aftermarket hardware required.

LONDON, UK, May 5, 2026 /PRNewswire/ — Geotab, a global leader in connected vehicle and asset management solutions, today announced the integration of Polestar vehicles into its OEM telematics network, giving commercial fleet operators seamless access to Polestar data within MyGeotab from day one — with no aftermarket hardware installation required. The integration is available globally across North America, Europe, and Asia Pacific, supporting all Polestar models.

Developed in collaboration with Geotab, among other telematics service providers, Polestar Fleet Telematics integrates directly into MyGeotab. The Geotab integration enables fleet managers to manage Polestar vehicles alongside all other makes and models on a single unified platform — without fitting additional devices.

Connected vehicle data where it matters most

Through Polestar Fleet Telematics, fleet operators gain near-real-time access to a comprehensive dataset — covering EV battery and charging status, location, tyre information, vehicle security, maintenance alerts, and climate data — flowing directly from Polestar’s connected vehicle architecture into MyGeotab, with no physical installation required.

This breadth of data enables fleet managers to move from reactive to proactive operations — scheduling maintenance before failures occur, optimising charge planning across depots, and maintaining duty-of-care oversight across the entire fleet.

Supporting Europe’s Mixed-Fleet Reality

OEM-embedded telematics removes the need for aftermarket device installation across mixed-manufacturer fleets, reducing logistical overhead and supporting compliance with works council and GDPR requirements — a critical consideration for European fleet operators.

“Polestar Fleet Telematics combines sustainability with intelligence, integrating seamlessly with Geotab to deliver these capabilities directly into the platforms fleet operators trust. Continuous data visibility enables more efficient and informed fleet operations, from day-to-day management to long-term planning. By leveraging Polestar vehicles’ embedded connectivity, fleet managers can make smarter, data-driven decisions — without adding hardware or complexity to their operations.” said Emma Knapp, Manager of Global Key Accounts at Polestar.

Polestar joins an OEM telematics network that already spans over 80% of leading global vehicle manufacturers by fleet market share, including BMW Group, Ford, Stellantis, Volkswagen Group, and Volvo Cars. For fleet operators already using MyGeotab, Polestar vehicles can be connected and deliver data without any additional hardware or installation.

“OEM-embedded telematics represents a change in how fleet data reaches the platform — and Polestar’s connected vehicle architecture makes this integration particularly well-suited for markets that are seriously considering transitioning to electric vehicles.” said Christoph Ludewig, Vice President OEM Global at Geotab. “Fleet operators managing mixed EV and internal combustion engine fleets no longer need separate tools or hardware for each vehicle type. Polestar data flows directly into MyGeotab alongside every other vehicle in the fleet — giving operators the consolidated visibility they need to drive efficiency, support duty of care, and manage their EV transition with confidence.”

Global Availability

The integration is available now across North America, Europe, and Asia Pacific, supporting all Polestar models. Fleet managers can activate the service via the Geotab Marketplace or by contacting their Geotab representative.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe and Asia Pacific.

Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include the Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

About Geotab

Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we’re celebrating 25 years of innovation. Learn more at www.geotab.com/uk and follow us on LinkedIn or visit our blog.

GEOTAB and GEOTAB MARKETPLACE are registered trademarks of Geotab Inc. in Canada, the United States and/or other countries.

Media Contact: Geotab Contact, Romina Dashghachian, Strategic Communications Lead, EMEA, pr@geotab.com

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IDX Opens Geneva Office and Strengthens Global Data & Insights Capability

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New Swiss presence and specialist team integration support growing global demand for evidence-based, defensible communications strategies

LONDON, May 5, 2026 /PRNewswire/ — IDX today announced the opening of its new Geneva office and the integration of a specialist Data & Insights team, strengthening the company’s international footprint and expanding its ability to help clients worldwide build communications strategies grounded in evidence, market intelligence and audience insight.

The expansion gives IDX an on-the-ground presence in Switzerland while adding further depth to its Data & Insights capability. The Geneva-based team will work closely with IDX specialists across performance marketing and corporate communications, helping clients develop a clearer view of the markets they operate in and the forces shaping their growth.

The move aligns with Destination 250 – Customers First, IDX’s global strategy to grow its team by 250, focused on deepening client value, strengthening delivery and investing in the capabilities that matter most to clients.

The investment strengthens the Data pillar of IDX’s Connected Content™ model, which combines Creative, Data, Technology and Media to create what IDX calls The Multiplier Effect, helping clients multiply what matters through more connected, measurable and effective work.

“IDX is experiencing phenomenal growth, and our new Geneva office gives us boots on the ground to better serve clients across Europe and globally across performance marketing, investor relations and corporate communications,” said Crispin Beale, Worldwide CEO, IDX. “Data has been at the heart of this business for decades, and this centre of excellence reflects our continued investment in that capability. It’s an incredibly exciting time for IDX, and I look forward to the next phase of our growth as we continue to expand globally.”

“This is an exciting step in IDX’s growth story and a clear response to what clients are asking for: more evidence-based thinking, stronger market context and clearer rationale behind their communications strategies,” said Chris Corrigan, Chief Customer Growth Officer, IDX. “Our new presence in Geneva, combined with deeper Data & Insights expertise, strengthens the way we support clients globally, giving them earlier access to the insight and market context they need to make better-informed decisions and turn evidence into action.”

The Geneva office will strengthen relationships with existing clients in the region, support re-engagement with former partners and create new opportunities for IDX with organisations operating across European and global markets. It reflects IDX’s continued investment in the capabilities that matter most to clients as communications, marketing and corporate reputation work become increasingly data-led and commercially accountable.

“IDX’s integrated offer across insights, performance marketing and corporate communications, powered by the combination of human intelligence, advanced technology and AI, represents exactly where the industry is heading,” said Lonneke de Roo, Head of Data & Insights, IDX. “I am delighted to join the business and help clients navigate increasingly complex markets with clearer evidence, sharper insight and more connected strategies.”

ABOUT IDX  

IDX is a global strategic communications and marketing agency, headquartered in London with offices around the world, including New York, London, Phoenix, Helsinki, Gothenburg, Geneva, and Vadodara. Working with more than 1,600 clients across sectors, IDX combines deep industry knowledge with a data-first mindset to help ambitious brands thrive in complex, fast-moving markets. The firm specialises in performance marketing, investor relations, and stakeholder engagement, delivering integrated campaigns that drive meaningful business outcomes. Visit www.idx.inc to learn more.

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