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TE Connectivity delivers sales and EPS above guidance in second quarter of fiscal year 2025

Published

1 year ago

on

Third quarter guidance reflects continued momentum and Richards acquisition 

GALWAY, Ireland, April 23, 2025 /PRNewswire/ — TE Connectivity plc (NYSE: TEL) today reported results for the fiscal second quarter ended Mar. 28, 2025.

Second Quarter Highlights

Net sales were $4.1 billion, up 4% on a reported basis year over year and 5% organically driven by double digit growth in the Industrial segment.GAAP diluted earnings per share (EPS) from continuing operations was $0.04, which includes a one-time non-cash tax charge due to a change in tax law in the second quarter of 2025. Adjusted EPS was $2.10, a company record and up approximately 13% year over year.Orders were $4.25 billion, up 6% both year over year and sequentially.Operating margin was 18.1% and adjusted operating margin was 19.4%, driven by strong operational performance in both segments.Cash flow from operating activities during the first half of the fiscal year was $1.5 billion and free cash flow was approximately $1.1 billion.Returned approximately $1 billion to shareholders and announced a 9% dividend increase.Richards Manufacturing Co. acquisition completed in April to capitalize on strong growth opportunities in the North American utility market.Issued One Connected World corporate responsibility report, highlighted by an 80% reduction in Scope 1 & 2 greenhouse gas emissions during the past four years.

“Our teams delivered strong operational performance that led to record adjusted EPS and results that exceeded our guidance on both sales and earnings,” said TE Connectivity CEO Terrence Curtin. “Our Transportation segment continued to execute well, capitalizing on our leading position in Asia and maintaining strong margin performance. Our Industrial segment expanded its operating margin on sales growth of 17%, driven by broad business growth and ongoing momentum in AI, aerospace and energy applications.

“Due to our long-standing business strategy and investments to locate manufacturing facilities near customers, we expect to effectively navigate the current trade environment. Our ongoing momentum and ability to pull operational levers gives us confidence in our third quarter guidance for year-over-year improvement in sales and EPS. We are well positioned for the current uncertain macroeconomic environment and remain focused on innovating in long-term industrial technology growth trends and creating value for both our customers and owners.”

Third Quarter FY25 Outlook
For the third quarter of fiscal 2025, the company expects net sales of approximately $4.30 billion, up 8% year over year. GAAP EPS from continuing operations is expected to be approximately $2.02, up nearly 9% year over year, with adjusted EPS of approximately $2.06, up 8% year over year. Third quarter guidance includes the benefit from the Richards acquisition and tariff impact assumptions, as well as tax rate headwinds of $0.04 on a year over year basis and $0.06 sequentially.

Information about TE Connectivity’s use of non-GAAP financial measures is provided below. For reconciliations of these non-GAAP financial measures, see the attached tables.

Conference Call and Webcast
The company will hold a conference call for investors today beginning at 8:30 a.m. ET. The conference call may be accessed in the following ways:

At TE Connectivity’s website: investors.te.comBy telephone: For both “listen-only” participants and those participants who wish to take part in the question-and-answer portion of the call, the dial-in number in the United States is (800) 715-9871 and for international callers, the dial-in number is (646) 307-1963.A replay of the conference call will be available on TE Connectivity’s investor website at investors.te.com at 11:30 a.m. ET on April 23.

About TE Connectivity
TE Connectivity plc (NYSE: TEL) is a global industrial technology leader creating a safer, sustainable, productive, and connected future. Our broad range of connectivity and sensor solutions enable the distribution of power, signal and data to advance next-generation transportation, energy networks, automated factories, data centers, medical technology and more. With more than 85,000 employees, including 9,000 engineers, working alongside customers in approximately 130 countries, TE ensures that EVERY CONNECTION COUNTS. Learn more at www.te.com and on LinkedIn, Facebook, WeChat, Instagram and X (formerly Twitter). 

Non-GAAP Financial Measures

We present non-GAAP performance and liquidity measures as we believe it is appropriate for investors to consider adjusted financial measures in addition to results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). These non-GAAP financial measures provide supplemental information and should not be considered replacements for results in accordance with GAAP. Management uses non-GAAP financial measures internally for planning and forecasting purposes and in its decision-making processes related to the operations of our company. We believe these measures provide meaningful information to us and investors because they enhance the understanding of our operating performance, ability to generate cash, and the trends of our business. Additionally, we believe that investors benefit from having access to the same financial measures that management uses in evaluating our operations. The primary limitation of these measures is that they exclude the financial impact of items that would otherwise either increase or decrease our reported results. This limitation is best addressed by using these non-GAAP financial measures in combination with the most directly comparable GAAP financial measures in order to better understand the amounts, character, and impact of any increase or decrease in reported amounts. These non-GAAP financial measures may not be comparable to similarly-titled measures reported by other companies.

The following provides additional information regarding our non-GAAP financial measures:

Organic Net Sales Growth (Decline) – represents net sales growth (decline) (the most comparable GAAP financial measure) excluding the impact of foreign currency exchange rates, and acquisitions and divestitures that occurred in the preceding twelve months, if any. Organic Net Sales Growth (Decline) is a useful measure of our performance because it excludes items that are not completely under management’s control, such as the impact of changes in foreign currency exchange rates, and items that do not reflect the underlying growth of the company, such as acquisition and divestiture activity. This measure is a significant component in our incentive compensation plans.Adjusted Operating Income and Adjusted Operating Margin – represent operating income and operating margin, respectively, (the most comparable GAAP financial measures) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, and other income or charges, if any. We utilize these adjusted measures in combination with operating income and operating margin to assess segment level operating performance and to provide insight to management in evaluating segment operating plan execution and market conditions. Adjusted Operating Income is a significant component in our incentive compensation plans.Adjusted Income Tax (Expense) Benefit and Adjusted Effective Tax Rate – represent income tax (expense) benefit and effective tax rate, respectively, (the most comparable GAAP financial measures) after adjusting for the tax effect of special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, other income or charges, and certain significant tax items, if any.Adjusted Income from Continuing Operations – represents income from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects.Adjusted Earnings Per Share – represents diluted earnings (loss) per share from continuing operations (the most comparable GAAP financial measure) before special items including restructuring and other charges, acquisition-related charges, impairment of goodwill, other income or charges, and certain significant tax items, if any, and, if applicable, the related tax effects. This measure is a significant component in our incentive compensation plans.Free Cash Flow (FCF) – is a useful measure of our ability to generate cash. The difference between net cash provided by operating activities (the most comparable GAAP financial measure) and Free Cash Flow consists mainly of significant cash outflows and inflows that we believe are useful to identify. We believe Free Cash Flow provides useful information to investors as it provides insight into the primary cash flow metric used by management to monitor and evaluate cash flows generated from our operations. Free Cash Flow is defined as net cash provided by operating activities excluding voluntary pension contributions and the cash impact of special items, if any, minus net capital expenditures. Voluntary pension contributions are excluded from the GAAP financial measure because this activity is driven by economic financing decisions rather than operating activity. Certain special items, including cash paid (collected) pursuant to collateral requirements related to cross-currency swap contracts, are also excluded by management in evaluating Free Cash Flow. Net capital expenditures consist of capital expenditures less proceeds from the sale of property, plant, and equipment. These items are subtracted because they represent long-term commitments. In the calculation of Free Cash Flow, we subtract certain cash items that are ultimately within management’s and the Board of Directors’ discretion to direct and may imply that there is less or more cash available for our programs than the most comparable GAAP financial measure indicates. It should not be inferred that the entire Free Cash Flow amount is available for future discretionary expenditures, as our definition of Free Cash Flow does not consider certain non-discretionary expenditures, such as debt payments. In addition, we may have other discretionary expenditures, such as discretionary dividends, share repurchases, and business acquisitions, that are not considered in the calculation of Free Cash Flow.

Forward-Looking Statements

This release contains certain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to risks, uncertainty and changes in circumstances, which may cause actual results, performance, financial condition or achievements to differ materially from anticipated results, performance, financial condition or achievements. All statements contained herein that are not clearly historical in nature are forward-looking and the words “anticipate,” “believe,” “expect,” “estimate,” “plan,” and similar expressions are generally intended to identify forward-looking statements. We have no intention and are under no obligation to update or alter (and expressly disclaim any such intention or obligation to do so) our forward-looking statements whether as a result of new information, future events or otherwise, except to the extent required by law. The forward-looking statements in this release include statements addressing our future financial condition and operating results. Examples of factors that could cause actual results to differ materially from those described in the forward-looking statements include, among others, the extent, severity and duration of business interruptions negatively affecting our business operations; business, economic, competitive and regulatory risks, such as conditions affecting demand for products in the automotive and other industries we serve; competition and pricing pressure; fluctuations in foreign currency exchange rates and commodity prices; natural disasters and political, economic and military instability in countries in which we operate, including continuing military conflict in certain parts of the world; developments in the credit markets; future goodwill impairment; compliance with current and future environmental and other laws and regulations; and the possible effects on us of changes in tax laws, tax treaties and other legislation. In addition, our change of incorporation from Switzerland to Ireland is subject to risks, such as the risk that the anticipated advantages might not materialize, as well as the risks that the price of our stock could decline and our position on stock exchanges and indices could change, and Irish corporate governance and regulatory schemes could prove different or more challenging than currently expected. More detailed information about these and other factors is set forth in TE Connectivity plc’s Annual Report on Form 10-K for the fiscal year ended Sept 27, 2024, as well as in our Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other reports filed by us with the U.S. Securities and Exchange Commission.

TE CONNECTIVITY PLC

 CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

For the Quarters Ended

For the Six Months Ended

March 28,

March 29,

March 28,

March 29,

2025

2024

2025

2024

(in millions, except per share data)

Net sales

$

4,143

$

3,967

$

7,979

$

7,798

Cost of sales

2,684

2,604

5,160

5,111

Gross margin

1,459

1,363

2,819

2,687

Selling, general, and administrative expenses

454

444

881

868

Research, development, and engineering expenses

203

184

391

357

Acquisition and integration costs

9

3

14

11

Restructuring and other charges, net

45

40

95

61

Operating income

748

692

1,438

1,390

Interest income

22

19

45

41

Interest expense

(14)

(19)

(20)

(37)

Other expense, net

(1)

(5)

(2)

(8)

Income from continuing operations before income taxes

755

687

1,461

1,386

Income tax (expense) benefit

(742)

(146)

(920)

959

Income from continuing operations

13

541

541

2,345

Loss from discontinued operations, net of income taxes

—

—

—

(1)

Net income

$

13

$

541

$

541

$

2,344

Basic earnings per share:

Income from continuing operations

$

0.04

$

1.76

$

1.81

$

7.59

Net income

0.04

1.76

1.81

7.59

Diluted earnings per share:

Income from continuing operations

$

0.04

$

1.75

$

1.80

$

7.54

Net income

0.04

1.75

1.80

7.54

Weighted-average number of shares outstanding:

Basic

298

308

299

309

Diluted

300

310

301

311

 

TE CONNECTIVITY PLC

CONSOLIDATED BALANCE SHEETS (UNAUDITED)

March 28,

September 27,

2025

2024

(in millions, except share data)

Assets

Current assets:

Cash and cash equivalents

$

2,554

$

1,319

Accounts receivable, net of allowance for doubtful accounts of $36 and $32, respectively

3,193

3,055

Inventories

2,603

2,517

Prepaid expenses and other current assets

724

740

Total current assets

9,074

7,631

Property, plant, and equipment, net

3,925

3,903

Goodwill

5,900

5,801

Intangible assets, net

1,161

1,174

Deferred income taxes

2,741

3,497

Other assets

855

848

Total assets

$

23,656

$

22,854

Liabilities, redeemable noncontrolling interests, and shareholders’ equity

Current liabilities:

Short-term debt

$

2,351

$

871

Accounts payable

1,843

1,728

Accrued and other current liabilities

1,805

2,147

Total current liabilities

5,999

4,746

Long-term debt

3,263

3,332

Long-term pension and postretirement liabilities

786

810

Deferred income taxes

211

199

Income taxes

396

411

Other liabilities

784

870

Total liabilities

11,439

10,368

Commitments and contingencies

Redeemable noncontrolling interests

132

131

Shareholders’ equity:

Preferred shares, $1.00 par value, 2 shares authorized, none outstanding as of March 28, 2025

—

—

Ordinary class A shares,  €1.00 par value, 25,000 shares authorized, none outstanding as of March 28, 2025

—

—

Ordinary shares, $0.01 par value, 1,500,000,000 shares authorized, 301,276,687 shares issued and
common shares, CHF 0.57 par value, 316,574,781 shares authorized and issued, respectively

3

139

Accumulated earnings

12,811

14,533

Ordinary shares and common shares held in treasury, at cost, 4,139,531 and 16,656,681 shares, respectively

(615)

(2,322)

Accumulated other comprehensive income (loss)

(114)

5

Total shareholders’ equity

12,085

12,355

Total liabilities, redeemable noncontrolling interests, and shareholders’ equity

$

23,656

$

22,854

 

TE CONNECTIVITY PLC

 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

For the Quarters Ended

For the Six Months Ended

March 28,

March 29,

March 28,

March 29,

2025

2024

2025

2024

(in millions)

Cash flows from operating activities:

Net income

$

13

$

541

$

541

$

2,344

Loss from discontinued operations, net of income taxes

—

—

—

1

Income from continuing operations

13

541

541

2,345

Adjustments to reconcile income from continuing operations to net cash
provided by operating activities:

Depreciation and amortization

192

192

378

386

Deferred income taxes

603

5

701

(1,212)

Non-cash lease cost

35

33

69

67

Provision for losses on accounts receivable and inventories

2

13

43

55

Share-based compensation expense

34

35

69

69

Other

22

24

34

64

Changes in assets and liabilities, net of the effects of acquisitions and divestitures:

Accounts receivable, net

(317)

(55)

(171)

72

Inventories

(14)

41

(132)

(241)

Prepaid expenses and other current assets

72

47

140

(1)

Accounts payable

(4)

(73)

146

55

Accrued and other current liabilities

(3)

(48)

(298)

(287)

Income taxes

25

3

55

15

Other

(7)

(48)

(44)

42

Net cash provided by operating activities

653

710

1,531

1,429

Cash flows from investing activities:

Capital expenditures

(230)

(167)

(435)

(318)

Proceeds from sale of property, plant, and equipment

1

—

2

2

Acquisition of businesses, net of cash acquired

4

10

(321)

(339)

Proceeds from divestiture of business, net of cash retained by business sold

—

—

—

38

Other

1

(2)

(7)

(10)

Net cash used in investing activities

(224)

(159)

(761)

(627)

Cash flows from financing activities:

Net increase (decrease) in commercial paper

1,155

30

1,245

(39)

Proceeds from issuance of debt

773

—

773

—

Repayment of debt

(579)

—

(579)

(1)

Proceeds from exercise of share options

25

22

59

33

Repurchase of ordinary/common shares

(306)

(409)

(609)

(885)

Payment of ordinary/common share dividends to shareholders

(193)

(182)

(382)

(365)

Other

(6)

—

(33)

(27)

Net cash provided by (used in) financing activities

869

(539)

474

(1,284)

Effect of currency translation on cash

2

(6)

(9)

(3)

Net increase (decrease) in cash, cash equivalents, and restricted cash

1,300

6

1,235

(485)

Cash, cash equivalents, and restricted cash at beginning of period

1,254

1,170

1,319

1,661

Cash, cash equivalents, and restricted cash at end of period

$

2,554

$

1,176

$

2,554

$

1,176

Supplemental cash flow information:

Income taxes paid, net of refunds

$

115

$

138

$

164

$

238

 

TE CONNECTIVITY PLC

RECONCILIATION OF FREE CASH FLOW (UNAUDITED)

For the Quarters Ended

For the Six Months Ended

March 28,

March 29,

March 28,

March 29,

2025

2024

2025

2024

(in millions)

Net cash provided by operating activities

$

653

$

710

$

1,531

$

1,429

Capital expenditures, net

(229)

(167)

(433)

(316)

Free cash flow (1)

$

424

$

543

$

1,098

$

1,113

(1) Free cash flow is a non-GAAP financial measure. See description of non-GAAP financial measures.

 

TE CONNECTIVITY PLC

SEGMENT DATA (UNAUDITED)

For the Quarters Ended

For the Six Months Ended

March 28,

March 29,

March 28,

March 29,

2025

2024

2025

2024

($ in millions)

Net Sales

Net Sales

Net Sales

Net Sales

Transportation Solutions

$

2,314

$

2,407

$

4,557

$

4,800

Industrial Solutions

1,829

1,560

3,422

2,998

Total

$

4,143

$

3,967

$

7,979

$

7,798

Operating

Operating

Operating

Operating

Operating

Operating

Operating

Operating

Income

Margin

Income

Margin

Income

Margin

Income

Margin

Transportation Solutions

$

445

19.2

%

$

477

19.8

%

$

891

19.6

%

$

964

20.1

%

Industrial Solutions

303

16.6

215

13.8

547

16.0

426

14.2

Total

$

748

18.1

%

$

692

17.4

%

$

1,438

18.0

%

$

1,390

17.8

%

Adjusted

Adjusted

Adjusted

Adjusted

Adjusted

Adjusted

Adjusted

Adjusted

Operating

Operating

Operating

Operating

Operating

Operating

Operating

Operating

Income (1)

Margin (1)

Income (1)

Margin (1)

Income (1)

Margin (1)

Income (1)

Margin (1)

Transportation Solutions

$

478

20.7

%

$

496

20.6

%

$

956

21.0

%

$

1,000

20.8

%

Industrial Solutions

327

17.9

239

15.3

594

17.4

466

15.5

Total

$

805

19.4

%

$

735

18.5

%

$

1,550

19.4

%

$

1,466

18.8

%

(1) Adjusted operating income and adjusted operating margin are non-GAAP financial measures. See description of non-GAAP financial measures.

 

TE CONNECTIVITY PLC

RECONCILIATION OF NET SALES GROWTH (DECLINE) (UNAUDITED)

Change in Net Sales for the Quarter Ended March 28, 2025

versus Net Sales for the Quarter Ended March 29, 2024

Net Sales

Organic Net Sales

Growth (Decline)

Growth (Decline) (1)

Translation (2)

Acquisitions

($ in millions)

Transportation Solutions (3):

Automotive

$

(37)

(2.1)

%

$

6

0.4

%

$

(43)

$

—

Commercial transportation

(27)

(7.0)

(20)

(5.1)

(7)

—

Sensors

(29)

(11.6)

(25)

(9.6)

(4)

—

Total Transportation Solutions

(93)

(3.9)

(39)

(1.5)

(54)

—

Industrial Solutions (3):

Automation and connected living

12

2.4

8

1.5

(10)

14

Aerospace, defense, and marine

32

9.4

37

10.8

(5)

—

Digital data networks

209

76.6

213

78.0

(4)

—

Energy

45

19.2

18

7.6

(7)

34

Medical

(29)

(13.7)

(29)

(13.7)

—

—

Total Industrial Solutions

269

17.2

247

15.7

(26)

48

Total

$

176

4.4

%

$

208

5.3

%

$

(80)

$

48

Change in Net Sales for the Six Months Ended March 28, 2025

versus Net Sales for the Six Months Ended March 29, 2024

Net Sales

Organic Net Sales

Acquisitions/

Growth (Decline)

Growth (Decline) (1)

Translation (2)

(Divestiture)

($ in millions)

Transportation Solutions (3):

Automotive

$

(111)

(3.1)

%

$

(49)

(1.3)

%

$

(50)

$

(12)

Commercial transportation

(71)

(9.6)

(61)

(8.3)

(10)

—

Sensors

(61)

(12.4)

(55)

(11.1)

(6)

—

Total Transportation Solutions

(243)

(5.1)

(165)

(3.4)

(66)

(12)

Industrial Solutions (3):

Automation and connected living

27

2.8

(13)

(1.4)

(12)

52

Aerospace, defense, and marine

76

12.0

82

12.9

(6)

—

Digital data networks

343

62.1

347

62.8

(4)

—

Energy

56

12.8

32

7.2

(10)

34

Medical

(78)

(19.0)

(78)

(19.0)

—

—

Total Industrial Solutions

424

14.1

370

12.3

(32)

86

Total

$

181

2.3

%

$

205

2.7

%

$

(98)

$

74

(1) Organic net sales growth (decline) is a non-GAAP financial measure. See description of non-GAAP financial measures.

(2) Represents the change in net sales resulting from changes in foreign currency exchange rates.

(3) Industry end market information is presented consistently with our internal management reporting and may be periodically revised as management deems necessary.

 

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended March 28, 2025

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

Related

and Other

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Tax Items (2)

(Non-GAAP) (3)

($ in millions, except per share data)

Operating income:

Transportation Solutions

$

445

$

—

$

33

$

—

$

478

Industrial Solutions

303

12

12

—

327

Total

$

748

$

12

$

45

$

—

$

805

Operating margin

18.1

%

19.4

%

Income tax expense

$

(742)

$

(2)

$

(11)

$

574

$

(181)

Effective tax rate

98.3

%

22.3

%

Income from continuing operations

$

13

$

10

$

34

$

574

$

631

Diluted earnings per share from continuing operations

$

0.04

$

0.03

$

0.11

$

1.91

$

2.10

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.

(2) Represents income tax expense related to a net increase in the valuation allowance for certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024.

(3) See description of non-GAAP financial measures.

 

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended March 29, 2024

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

Related

and Other

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

(Non-GAAP) (2)

($ in millions, except per share data)

Operating income:

Transportation Solutions

$

477

$

—

$

19

$

496

Industrial Solutions

215

3

21

239

Total

$

692

$

3

$

40

$

735

Operating margin

17.4

%

18.5

%

Income tax expense

$

(146)

$

(1)

$

(6)

$

(153)

Effective tax rate

21.3

%

21.0

%

Income from continuing operations

$

541

$

2

$

34

$

577

Diluted earnings per share from continuing operations

$

1.75

$

0.01

$

0.11

$

1.86

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.

(2) See description of non-GAAP financial measures.

 

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Six Months Ended March 28, 2025

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

Related

and Other

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Tax Items (2)

(Non-GAAP) (3)

($ in millions, except per share data)

Operating income:

Transportation Solutions

$

891

$

—

$

65

$

—

$

956

Industrial Solutions

547

17

30

—

594

Total

$

1,438

$

17

$

95

$

—

$

1,550

Operating margin

18.0

%

19.4

%

Income tax expense

$

(920)

$

(3)

$

(20)

$

587

$

(356)

Effective tax rate

63.0

%

22.6

%

Income from continuing operations

$

541

$

14

$

75

$

587

$

1,217

Diluted earnings per share from continuing operations

$

1.80

$

0.05

$

0.25

$

1.95

$

4.04

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.

(2) Includes income tax expense of $574 million related to a net increase in the valuation allowance for certain deferred tax assets associated with a ten-year tax credit obtained by a Swiss subsidiary in fiscal 2024 as well as income tax expense of $13 million related to the revaluation of deferred tax assets as a result of a decrease in the corporate tax rate in a non-U.S. jurisdiction.

(3) See description of non-GAAP financial measures.

 

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Six Months Ended March 29, 2024

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

Related

and Other

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Tax Items (2)

(Non-GAAP) (3)

($ in millions, except per share data)

Operating income:

Transportation Solutions

$

964

$

—

$

33

$

3

$

1,000

Industrial Solutions

426

11

28

1

466

Total

$

1,390

$

11

$

61

$

4

$

1,466

Operating margin

17.8

%

18.8

%

Income tax (expense) benefit

$

959

$

(2)

$

(11)

$

(1,254)

$

(308)

Effective tax rate

(69.2)

%

21.1

%

Income from continuing operations

$

2,345

$

9

$

50

$

(1,250)

$

1,154

Diluted earnings per share from continuing operations

$

7.54

$

0.03

$

0.16

$

(4.02)

$

3.71

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.

(2) Includes an $874 million net income tax benefit associated with a ten-year tax credit obtained by a Swiss subsidiary and a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland. Also includes a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.

(3) See description of non-GAAP financial measures.

 

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Quarter Ended June 28, 2024

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

Related

and Other

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

(Non-GAAP) (2)

($ in millions, except per share data)

Operating income:

Transportation Solutions

$

506

$

—

$

(8)

$

498

Industrial Solutions

249

5

14

268

Total

$

755

$

5

$

6

$

766

Operating margin

19.0

%

19.3

%

Income tax expense

$

(181)

$

—

$

4

$

(177)

Effective tax rate

24.0

%

23.1

%

Income from continuing operations

$

573

$

5

$

10

$

588

Diluted earnings per share from continuing operations

$

1.86

$

0.02

$

0.03

$

1.91

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.

(2) See description of non-GAAP financial measures.

 

TE CONNECTIVITY PLC

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO GAAP FINANCIAL MEASURES

For the Year Ended September 27, 2024

(UNAUDITED)

Adjustments

Acquisition-

Restructuring

Related

and Other

Adjusted

U.S. GAAP

Charges (1)

Charges, Net (1)

Tax Items (2)

(Non-GAAP) (3)

($ in millions, except per share data)

Operating income:

Transportation Solutions

$

1,880

$

—

$

67

$

3

$

1,950

Industrial Solutions

916

21

99

1

1,037

Total

$

2,796

$

21

$

166

$

4

$

2,987

Operating margin

17.6

%

18.9

%

Income tax (expense) benefit

$

397

$

(3)

$

(29)

$

(1,016)

$

(651)

Effective tax rate

(14.2)

%

21.8

%

Income from continuing operations

$

3,194

$

18

$

137

$

(1,012)

$

2,337

Diluted earnings per share from continuing operations

$

10.34

$

0.06

$

0.44

$

(3.28)

$

7.56

(1) The tax effect of each non-GAAP adjustment is calculated based on the jurisdictions in which the expense (income) is incurred and the tax laws in effect for each such jurisdiction.

(2) Includes a $636 million net income tax benefit associated with a $972 million ten-year tax credit obtained by a Swiss subsidiary reduced by a $336 million valuation allowance related to the amount of the tax credit not expected to be realized. Also includes a $262 million income tax benefit related to the revaluation of deferred tax assets as a result of a corporate tax rate increase in Switzerland and a $118 million income tax benefit associated with the tax impacts of a legal entity restructuring with related costs of $4 million recorded in selling, general, and administrative expenses for other non-income taxes.

(3) See description of non-GAAP financial measures.

 

TE CONNECTIVITY PLC

RECONCILIATION OF FORWARD-LOOKING NON-GAAP FINANCIAL MEASURES

TO FORWARD-LOOKING GAAP FINANCIAL MEASURES

As of April 23, 2025

(UNAUDITED)

Outlook for

Quarter Ending

June 27,

2025

Diluted earnings per share from continuing operations

$

2.02

Restructuring and other charges, net

0.02

Acquisition-related charges

0.02

Adjusted diluted earnings per share from continuing operations (1)

$

2.06

Net sales growth

8.1

%

(Acquisitions) divestitures, net

(3.0)

Organic net sales growth (1)

5.1

%

(1) See description of non-GAAP financial measures.

 

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Technology

Reach Showcases Full-Stack Product Portfolio for AI Vehicle Intelligent Evolution at Auto China 2026

Published

2 hours ago

on

May 1, 2026

By

BEIJING, April 30, 2026 /PRNewswire/ — At Auto China 2026, Reach officially unveiled its full-stack product portfolio designed to accelerate the intelligent evolution of AI vehicles. Industry leaders and experts, along with executives and representatives from Honda, Toyota, FAW, Geely, GAC, Dongfeng Voyah, FAW Jiefang, BMW, Volkswagen CARIAD, Chery, Nissan, Mazda, Hitachi Astemo, Bosch, UAES, ZTE Microelectronics and other global OEMs and industry partners, visited the booth for in-depth discussions on the future of AI-powered mobility and intelligent vehicle evolution.

At the show, Reach demonstrated how AI vehicles are moving from “responding to commands” to “understanding intent and proactively serving users.” Human-vehicle interaction is evolving from isolated smart functions to integrated intelligent experiences, creating a new vision for future mobility.

Supporting this transformation is Reach’s full-stack portfolio covering five key areas: AI Vehicle Neural Foundation, Emotional Cognition, Intelligent Driving Brain, Vehicle-Cloud Computational Brain, and Energy Heart.

At the core is NeuSAR OS, the digital foundation for AI vehicles. Backed by over 10 million production deployments, it provides secure, reliable, and scalable support for AI applications, enabling unified management of vehicle-wide capabilities, cross-domain resources, and AI Agents while improving development efficiency by 30%–50%.

Cloud OS introduces a vehicle-cloud collaborative computing architecture that allows flexible scheduling between onboard small models and cloud-based large models, reducing hardware dependency and optimizing computing costs.

For intelligent driving, Reach’s full-stack AI solution and fifth-generation architecture NeuAUTO support faster mass production across passenger and commercial vehicles through unified software architecture and end-to-end AI models.

Reach AI Data-driven EV power system enables proactive battery health management and energy optimization. It also introduced AI-powered automated testing systems to improve testing efficiency and coverage.

Reach also launched its lifecycle-wide AI Agent solution, built on a full-domain data platform and intelligent systems for planning, after-sales, and operations, it supports product planning, price forecasting, safety monitoring, and customer operations across the full vehicle lifecycle.

As AI vehicles evolve toward full-system intelligence, system-level capability building and ecosystem collaboration are becoming the key to competitiveness. Reach is collaborating with global OEMs, Tier 1 suppliers, and semiconductor partners to accelerate large-scale industrial deployment.

Looking ahead, Reach continues advancing its full-stack portfolio through stronger innovation and deeper ecosystem collaboration, enabling vehicles evolve into true intelligent agents and delivering smarter, safer, and more trusted mobility experiences worldwide.

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Technology

Hydreight Reports Record Fiscal 2025 Results as VSDHOne Drives Rapid Growth and Platform Scale

Published

2 hours ago

on

May 1, 2026

By

Achieves profitability, scales to 11,000+ platform licenses, and strengthens balance sheet with $15.7M in cash 

VANCOUVER, BC and LAS VEGAS, April 30, 2026 /PRNewswire/ – Hydreight Technologies Inc. (“Hydreight” or the “Company”) (TSXV: NURS) (OTCQB: HYDTF) (FSE: SO6), a U.S.-focused digital health infrastructure platform, is pleased to report its audited financial results for the year ended December 31, 2025. All figures are in Canadian dollars unless otherwise stated. All references to Non-GAAP Financial Measures1 2 are as reported in the Company’s amended and restated Management Discussion and Analysis dated April 30, 2026 (“MD&A”).

Revenue reached $35.4M in 2025, with $43.6M in Adjusted Revenue1 (non-GAAP) and $2.5M in Adjusted EBITDA2 (non-GAAP), reflecting strong growth and improving operating leverage.

The Company achieved net income of $1.69M and continued to scale its platform, driven by accelerating adoption of VSDHOne and expanding transaction volumes across its national healthcare network.

FULL YEAR 2025 HIGHLIGHTS

All comparisons below are to the year ended December 31, 2024, unless otherwise noted.

Revenue: $35.4M vs. $16.04M (+121% YoY)Adjusted Revenue:(1) $43.56M vs. $22.32M (+95% YoY)Adjusted EBITDA:(2) $2.5M vs. $136K (+1,765% YoY)Rising Operating Leverage: OPEX as a % of revenue fell from 38% to 22%2025 Year-end Cash Position: $15.65M vs. $1.19M (strong balance sheet improvement)Positive Adjusted EBITDA2 across the year, reflecting improving operating leverageOver 11,000 licenses signed across the VSDHOne platform, which the Company believes demonstrates strong demand and accelerating adoption

4th QUARTER 2025 HIGHLIGHTS

All comparisons below are to the quarter ended December 31, 2024, unless otherwise noted

Revenue: $14.95M vs. $4.04M (+270% YoY)Adjusted Revenue:(1) $16.85M vs. $5.74M (+193% YoY)Adjusted EBITDA:(2) $1.58M vs. ($0.1M)Rising Operating Leverage: OPEX as a % of revenue fell to 15% in Q4 2025, versus 34% in Q4 2024

The Company believes the following Non-GAAP financial measures provide meaningful insight to its shareholders in understanding the Company’s performance and may assist in the evaluation of the Company’s business relative to that of its peers.

Notes:

(1) “Adjusted Revenue” is a non-GAAP financial measure, and the figures reflect gross economic activity processed through the Company’s platform and should not be considered revenue recognized under IFRS. See “Non-GAAP Financial Measures” section below for definition.

(2) “Adjusted EBITDA” is a non-GAAP financial measure and reflects EBITDA plus additions for atypical and non-recurring charges. See “Non-GAAP Financial Measures” section below for definition.

The following table is included to provide a reconciliation of the Company’s non-GAAP financial measures to the most directly comparable IFRS measures and to enhance the comparability and transparency of the Company’s financial performance for investors.

    Three months ended December 31,

        Twelve months ended December 31,

2025

2024

%
change

2025

2024

%
change

Adjusted Revenue

$                   16,853,102

$     5,742,523

193 %

$               43,563,753

$            22,321,265

95 %

  Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

  Deduct – business partner payouts on app
service gross revenue

2,218,121

1,493,509

7,752,770

6,321,866

GAAP Revenue

$                   14,948,859

$     4,040,578

270 %

$               35,385,038

$            16,044,716

121 %

Adjusted Gross Margin

$                     2,924,341

$     1,580,387

85 %

$                 9,429,151

$              5,650,936

67 %

  Deduct – deferred business partner contract
revenue

(313,878)

208,436

425,945

(45,317)

GAAP Gross Margin

$                     3,238,219

$     1,371,951

136 %

$                 9,003,206

$              5,696,253

58 %

Adjusted EBITDA

$                     1,577,760

$         (83,191)

$                 2,542,895

$                 136,334

1765 %

  Deduct – amortization and depreciation

127,982

62,853

452,772

181,136

  Deduct – share-based payments

8,843

87,889

82,385

614,877

  Deduct – interest and accretion

452,209

–

586,354

–

  Deduct – sales tax provision, net cash paid

252,603

(254,510)

252,603

(254,510)

  Deduct – impairment charge

54,814

–

54,814

–

  Deduct – income tax expense

(119,249)

–

(119,249)

–

  Deduct – deferred tax recovery

699,586

–

699,586

–

GAAP Net Income (Loss)

$                     1,261,646

$          20,577

6031 %

$                 1,694,304

$                (405,169)

518 %

Shane Madden, CEO of Hydreight, commented:

“2025 was a defining year for Hydreight. We transitioned from a growing platform into a scaled healthcare infrastructure business, with strong revenue growth and sustained profitability.

The acceleration we saw in the second half of the year was driven largely by the rollout of VSDHOne, which is now becoming a meaningful contributor to both revenue and long-term scalability.

As we move into 2026, our focus is on expanding our partner network, increasing transaction volume across the platform, and continuing to grow our compliant healthcare infrastructures in the United States.”

BUSINESS PERFORMANCE & DRIVERS

VSDHOne – Core Growth Engine

The Company’s VSDHOne platform, launched in 2025, was a primary driver of growth, contributing to:

Rapid onboarding of new partnersExpansion of direct-to-consumer healthcare brandsIncreased transaction volume across telehealth and pharmacy services

Revenue growth in 2025 was primarily driven by VSDHOne-related activity, combined with continued organic growth across existing partners.

The platform ramped significantly through the second half of the year, with Q4 alone contributing $14.9M in revenue, representing approximately 270% growth compared to the same period in 2024. This acceleration reflects strong demand from partners seeking compliant, turnkey solutions and demonstrates the Company’s ability to scale transaction volume efficiently across its infrastructure.

OPERATING METRICS & VOLUME GROWTH

Operational performance across the Company’s core verticals continued to strengthen throughout 2025.

The Company’s first two verticals continued their historical growth in 2025, supported by alignment with broader market trends and the introduction of direct-to-consumer products and services through Hydreight’s proprietary platform structure.

Completed Services revenue in Q4 2025 for the first vertical increased by approximately 44% compared to the same period in 2024Completed Services revenue for the first vertical in 2025 increased by approximately 17% compared to 2024New nurse sign-ups increased by approximately 45% in 2025 compared to 2024

These metrics reflect continued growth in the Company’s core service offerings, expansion of its provider network, and increasing utilization across the platform.

PLATFORM SCALE & NETWORK EFFECTS

Hydreight continues to expand its position as a leading healthcare infrastructure platform:

11,000+ licenses signed across VSDHOneNational footprint across all 50 U.S. statesNetwork of healthcare providers, pharmacies, and partners

The Company believes that this scale reflects growing demand from businesses seeking compliant, turnkey solutions to enter and expand within the U.S. healthcare market.

MULTI-VERTICAL REVENUE MODEL

Hydreight generates revenue across three primary streams:

Business partner subscription contractsTelehealth consultation and platform commissionsPharmacy sales

Growth was supported by:

Expansion of product offerings (GLP-1s, peptides, NAD, TRT, and more)Increased partner utilizationBroader adoption across wellness verticals

PROFITABILITY & OPERATING LEVERAGE

Hydreight achieved strong improvements in Adjusted EBITDA, a non-GAAP measure:

Adjusted EBITDA: $2.5M in 2025 vs. $0.14M in 2024 (+1,765% YoY)Net income (loss): $1.69M in 2025 vs. $(0.41)M in 2024

Performance strengthened meaningfully in the fourth quarter, reflecting the scaling of the platform in the second half of the year.

Q4 Adjusted EBITDA: $1.58M vs. ($0.10M) in Q4 2024

This reflects:

Platform scalabilityRevenue growth outpacing cost increasesImproved operational efficiency

This improvement reflects the operating leverage inherent in the Company’s platform model and was not solely a function of higher revenue. As transaction volumes scaled across VSDHOne, incremental revenue flowed through at higher margins, supported by a largely fixed regulatory, pharmacy, and technology infrastructure. As a result, revenue growth outpaced cost growth, driving improved profitability and demonstrating the scalability of the Company’s platform.

¹ See “Non-GAAP Financial Measures and Reconciliation”.

BALANCE SHEET & LIQUIDITY

Cash: $15.65M (vs. $1.2M in 2024)Working Capital: ~$15.7M (vs. deficiency of $2.5M in 2024)Strong capital position to support ongoing operations

The Company also completed a $15M financing in January 2026, subsequent to year‑end, further strengthening its ability to scale operations and pursue strategic initiatives.

Including the $15M financing completed in January 2026, the Company has access to over $30.7M in capital to support growth initiatives.

Please see SEDAR+ for the Company’s consolidated audited financial statements and MD&A for the year ended December 31, 2025.

STRATEGIC INITIATIVES & MILESTONES

Hydreight continues to expand its platform through strategic initiatives and partnerships.

During 2025, the Company:

Strengthened its vertically integrated healthcare infrastructureExpanded its national pharmacy networkInvested in next-generation platform capabilities (VSDHOne 2.0)Established strategic relationships to enhance product innovation and distribution

In 2026, Hydreight further expanded its strategic initiatives through an investment in Insu Therapeutics, a company focused on developing innovative delivery mechanisms for peptide-based therapies. This aligns with Hydreight’s long-term strategy of supporting next-generation treatments across its platform.

OUTLOOK

Hydreight is entering 2026 with strong momentum, supported by:

Continued onboarding of new partnersIncreasing transaction volumes across VSDHOneRecent capital deployment initiativesExpansion into new healthcare verticals

As of the end of Q1 2026, VSDHOne has surpassed 12,000 licenses sold, reflecting continued momentum in platform adoption.

Management remains focused on scaling the platform while maintaining disciplined growth and operational efficiency.

“We look forward to discussing these results in more detail on our upcoming earnings call.” -Shane Madden

ANNUAL FILINGS

The Company’s audited annual financial statements for the year ended December 31, 2025, and the associated MD&A, including a full discussion of non-GAAP financial measures and their reconciliation to IFRS measures, have been filed on SEDAR+ at www.sedarplus.ca and are available on the Company’s issuer profile. Readers are encouraged to review the complete financial statements and MD&A in conjunction with this press release. The Company refiled its MD&A to correct a typographical error in the calculation of Adjusted EBITDA. No other changes have been made.

UPCOMING EARNINGS CALL

Hydreight Technologies will host a live earnings call to discuss its Q4 and full-year 2025 financial results, provide a business update, and outline the Company’s strategic priorities heading into 2026.

Date & Time: Friday, May 1, 2026 at 9:00am – 10:00pm EST

Registration Link: https://hydreight.zoom.us/webinar/register/WN_vP-U6hAiRf2Ejg8muQcocQ

The call will include a formal presentation followed by a live Q&A session. Investors are encouraged to attend to gain deeper insight into Hydreight’s growth strategy and platform expansion.

Clarification on Engagement of GRA Enterprises

Further to the Company’s news release early last year dated February 27, 2025, the Company wishes to clarify that its prior 3-month engagement of GRA Enterprises LLC (doing business as National Inflation Association) (“GRA”) was not renewed and as such was terminated effective May 27, 2025.

Under the engagement, the Company paid GRA an aggregate fee of USD $30,000 in cash pursuant to the GRA Engagement. The fee was paid from general working capital at the commencement of the engagement. No securities, stock options, or other equity-based compensation were issued or granted in connection with the engagement.

The engagement was conducted at arm’s length and has been fully concluded, with no ongoing obligations or amounts payable by the Company.  To the Company’s knowledge, neither GRA nor its principal, Gerard Adams, holds any direct or indirect interest in the Company or its securities, nor any right to acquire such an interest.

On behalf of the Board of Directors

Shane Madden
Director and Chief Executive Officer
Hydreight Technologies Inc.

Hydreight Technologies Inc Ranked Number 56 Fastest-Growing Company in North America on the 2024 Deloitte Technology Fast 500™

Hydreight Technologies Recognized as a Top 50 TSX Venture Exchange Company

About Hydreight Technologies Inc.
Hydreight Technologies Inc is building one of the largest mobile clinic networks in the United States. Its proprietary, fully integrated platform has hosted a network of over 3000 nurses, over 300 doctors and a pharmacy network through its Doctor networks across 50 states. The platform includes a built-in, easy-to-use suite of fully integrated tools for accounting, documentation, sales, inventory, booking, and managing patient data, which enables licensed healthcare professionals to provide services directly to patients at home, office or hotel. Hydreight is bridging the gap between provider compliance and patient convenience, empowering nurses, med spa technicians, and other licensed healthcare professionals. The Hydreight platform allows healthcare professionals to deliver services independently, on their own terms, or to add mobile services to existing location-based operations. Hydreight has a 503B pharmacy network servicing all 50 states and is closely affiliated with a U.S. certified e-script and telemedicine provider network.

About VSDHOne – Direct to Consumer Platform
Developed in partnership with Victory Square Technologies (CSE: VST) (OTC: VSQTF) (FWB: 6F6), Hydreight Technologies launched the VSDHOne platform. VSDHOne simplifies the entry challenges for companies and medi-spa businesses to enter the online healthcare space compliantly. This platform is expected to help businesses launch direct-to-consumer healthcare brand in a matter of days in all 50 states. Compliant offerings include: GLP-1s, peptides, personalized healthcare treatments, sermorelin, testosterone replacement therapy (“TRT”), hair loss, skincare, sexual health and more. Hydreight invested in technology, legal and infrastructure to launch this platform. The VSDHOne platform offers a complete, and modular end-to-end solution for businesses looking to launch direct-to-consumer healthcare brands. From compliance and telemedicine technology to nationwide doctor and pharmacy networks, VSDHOne provides all the tools needed for a seamless entry into the online healthcare space. The platform is designed to significantly reduce the time and costs associated with launching such services, making it possible for businesses to go live in days instead of months.

Neither TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Use of Non-GAAP Financial Measures:
The Company uses certain non-GAAP financial measures to assess its operating performance, and this press release contains non-GAAP financial measures, including “Adjusted Revenue” and “Adjusted EBITDA”. These measures are not recognized under International Financial Reporting Standards (“IFRS”) and do not have standardized meanings prescribed by IFRS or GAAP.

The Company defines Adjusted Revenue as gross cash income before adjustment for the deferred portion of business partner contract revenue and gross receipts from Hydreight App service sales. The Company defines Adjusted Gross Margin as GAAP gross margin plus inventory impairment plus the deferred portion of business partner contract revenue. The Company defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization and before (i) transaction, restructuring, and integration costs (ii) share-based payments expense, (iii) gains/losses that are not reflective of ongoing operating performance including inventory impairment and (iv) sales tax provision, net of actual cash payments to state tax authorities. 

Adjusted Revenue reflects the gross economic activity processed through the Company’s platform during the applicable period and may differ materially from revenue recognized under IFRS, which is based on revenue recognition and deferral requirements. Adjusted Revenue is not a measure of financial performance or profitability and should not be considered a substitute for revenue determined in accordance with IFRS.  As used, Adjusted Revenue accelerates cash receipts relative to IFRS revenue recognition. Adjusted EBITDA should not be considered in isolation or as a substitute for net income (loss) prepared in accordance with IFRS.

The Company believes that these non‑GAAP measures provide information useful to investors in understanding historical operating trends and the scale of the Company’s platform relative to its peers but does not intend for such measures to represent future performance. This data is furnished to provide additional information and does not have any standardized meaning prescribed by IFRS. Accordingly, it should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS and is not necessarily indicative of other metrics presented in accordance with IFRS.

Cautionary Note Regarding Forward-Looking Information
This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the Company with respect to future business activities and operating performance. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions and includes information regarding expectations for the Company’s 2026 strategic outlook, growth, platform scaling initiatives, and anticipated expansion of VSDHOne and other platform offerings.

Forward‑looking information is based on management’s expectations, estimates and assumptions as of the date hereof, including assumptions regarding: continued partner adoption, stable regulatory regimes applicable to telehealth and pharmacy operations in the United States, availability of capital, and general economic conditions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the Company’s management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company.

Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain requisite regulatory and other approvals with respect to the business operated by the Company and/or the potential impact of the listing of the Company’s shares on the TSXV on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time as a result of being a publicly listed entity. This forward-looking information may be affected by risks and uncertainties in the business of the Company and market conditions.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although the Company has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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SOURCE Hydreight Technologies Inc.

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Technology

Scaled Commercial Breakthrough: OMODA & JAECOO AiMOGA Robotics Secures 1,000 Robot Orders, Boosting Smart City Deployment Step by Step

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May 1, 2026

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KUALA LUMPUR, Malaysia and WUHU, China, May 1, 2026 /PRNewswire/ — In response to steady advancement of smart city construction and the actual demand for efficient, low-cost urban public service equipment, OMODA & JAECOO officially launched the full-scale commercial layout of AiMOGA Robotics at the 2026 Chery International Business Summit in Wuhu. Centering on the theme “Driven by Scenarios, United for Growth”, the event witnessed a key industrial breakthrough: AiMOGA Intelligent Police Robots secured 1,000 intentional signing orders and completed an official concentrated delivery of 100 units, laying a solid foundation for orderly large-scale promotion and practical scenario operation in urban roads, traffic hubs and daily public governance links.

Jointly developed by OMODA & JAECOO and the professional AiMOGA technical team, the robotic product lineup covers humanoid robots, quadruped robots and core intelligent patrol robots. Drawing on the brand’s mature intelligent vehicle underlying technologies in perception, planning and control, the equipment retains high operational stability. It can well adapt to daily road conditions and climatic environments, independently completing core practical tasks such as real-time traffic guidance, illegal parking identification and fixed-route auxiliary patrols, effectively assisting local frontline staff and optimizing urban refined management efficiency.

Chery Group pointed out that intelligent vehicles and robots share core technological homology, and the batch signing and delivery officially means AiMOGA enters the stage of large-scale standardized commercialization. The products have been iteratively optimized in more than 100 real scenarios across 50 countries including Malaysia, with reliable performance that meets local application standards. Relying on supporting facilities such as university talent cooperation projects, 31 innovation laboratories and a special robot leasing platform launched at the conference, OMODA & JAECOO will steadily improve local supporting service capabilities. The brand will rely on its global channel advantages to accelerate the localized landing of embodied intelligent equipment, pragmatically empower the steady development of smart urban governance industry, and jointly build a complete regional intelligent service ecology with local partners.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/scaled-commercial-breakthrough-omoda–jaecoo-aimoga-robotics-secures-1-000-robot-orders-boosting-smart-city-deployment-step-by-step-302758705.html

SOURCE OMODA & JAECOO

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