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Resideo Announces Filing of Form 10 Registration Statement for Planned Spin-Off of ADI Global Distribution

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Names ADI and Resideo Leadership Teams and Boards of Directors

Investor Days Scheduled for Mid-July to Provide Details on Resideo and ADI’s Go-Forward Business and Value Creation Strategies

Spin-Off on Track for Completion Between Mid-Third Quarter and Mid-Fourth Quarter 2026

SCOTTSDALE, Ariz., May 11, 2026 /PRNewswire/ — Resideo Technologies, Inc. (NYSE: REZI) (“Resideo” or the “Company”), a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets, today provided an update on its planned spin-off of its ADI Global Distribution business (“ADI”), including:

Filing of the Form 10 registration statement (the “Form 10”) with the U.S. Securities and Exchange Commission (“SEC”), a copy of which is available on the SEC website as well as Resideo’s Investor Relations website;Announcing ADI’s leadership team and Board of Directors;Announcing Resideo’s leadership team and Board of Directors;Timing for Resideo and ADI Investor Day events in mid-July 2026; andExpected timing for completion of the spin-off between mid-third quarter and mid-fourth quarter of 2026.

“Today’s filing reflects the tremendous progress we have made to launch two industry-leading companies, each extremely well positioned to better serve customers and unlock shareholder value,” said Jay Geldmacher, President and CEO of Resideo. “ADI’s new leadership team and Board are a highly skilled and diverse group of individuals who will bring deep knowledge of ADI, cross-sector expertise and proven leadership that will help shape ADI’s future. Similarly, we have a strong bench of talent at Resideo that will remain in place and lead the company forward following the separation.”

Highlights from Form 10, ADI Leadership Team and Board of Directors

The Form 10 highlights how ADI will:

Leverage its preeminent platform position as a global specialty distributor of professionally installed low-voltage products servicing the commercial and residential markets through a leading omnichannel go-to-market platform.Deliver on its distinct value proposition with over 500,000 products from more than 1,000 suppliers, curated through disciplined category management and reinforced by long-standing relationships with top suppliers and premier integrators, high product availability and superior technical sales support.Drive sustained profitable growth and disciplined capital allocation to fund high-return investments and enable a balanced capital allocation approach that will initially be focused on deleveraging.Expand upon its strong financial foundation. In fiscal year 2025, ADI on a carveout basis generated revenue of approximately $4.8 billion, $261 million net loss, $318 million in Adjusted EBITDA, 22.3% gross margin profit, 5.5% net loss margin, and 6.6% Adjusted EBITDA margin.1

The ADI leadership team will include the following individuals:

Robert Aarnes, President and Chief Executive Officer. Mr. Aarnes has served as President of ADI at Resideo since 2018.Michael Carlet, Chief Financial Officer. Mr. Carlet has served as the Chief Financial Officer of Resideo since 2024 and previously served as the Chief Financial Officer of Snap One, which was acquired by Resideo in 2024.Marco Cardazzi, Chief Merchandising Officer. Mr. Cardazzi has been with ADI since 2011 and currently serves as Chief Merchandising Officer and previously served as Chief Marketing Officer, Vice President of Global Marketing and held various leadership roles across merchandising, marketing, category management and products.Alicia Copeland, Chief Operating Officer. Ms. Copeland has been with ADI since 2016, currently serving as Chief Operating Officer and previously as Chief Commercial Officer, Chief Transformation Officer, and Vice President of Global Operations.Jeannine Lane, General Counsel, Corporate Secretary and Chief Compliance Officer. Ms. Lane has served as the General Counsel and Corporate Secretary of Resideo since 2018 and previously held various senior positions within Honeywell’s legal department.James Olender, Chief Information Officer. Mr. Olender joined ADI in 2026 as Chief Information Officer and previously held various executive roles within GE, including as Chief Information Officer of GE Vernova’s Wind Segment, among others.Nicole Stevens, Chief Accounting Officer. Ms. Stevens joined ADI in 2026 as Senior Vice President of Accounting, and previously served as SVP Financial Reporting at Amwins, Vice President of Financial Reporting at Snap One (prior to Resideo’s acquisition) and at EY.

The ADI Board will be comprised of the following individuals:

Michael Kaufmann will serve as Chairman. Mr. Kaufmann previously served in numerous executive positions at Cardinal Health, including Chief Executive Officer and Chief Financial Officer, among others. He is a seasoned board member and currently serves on the board of MSC Industrial Direct.

Robert Aarnes will serve as a director, in addition to his role as President and Chief Executive Officer of ADI.

William Galvin has over 35 years of experience as a senior executive and leader in the industrial distribution and supply chain services sector. Mr. Galvin was most recently President and CEO of Anixter International, a global distributor of network and security, electrical and electronic and utility power solutions. He currently serves on the boards of Integrated Power Services and Engineered & Industrial Solutions. Mr. Galvin is an operating advisor of CD&R.Christine Gorjanc is a financial expert who has served as Chief Financial Officer for various companies, including Invitae, Arlo Technologies and NETGEAR. She has held numerous public company board director roles, including as Audit Committee Chair, and currently serves on the boards of Polestar Automotive and Forward Air Corporation.Cynthia Hostetler has 26 years of leadership experience managing large investment funds (with significant global markets investments), guiding institutional investors and allocating capital resources for businesses. She is an experienced board member and currently serves on several mutual fund boards, including as trustee of Invesco Funds, director of TriLinc Global Impact Fund and board member of Investment Company Institute. Ms. Hostetler has served as a director on the Resideo board since 2020 and effective upon the spin-off, she will resign from the Resideo board.Stephen O. LeClair has decades of experience within the specialty distribution industry, including senior executive roles across operations, manufacturing, finance and sales. Mr. LeClair served as Executive Chair and Chief Executive Officer of Core & Main and previously held senior operations roles at HD Supply Waterworks, HD Supply Lumber and Building Materials, HD Supply and within GE Equipment Services. Mr. LeClair currently serves on the boards of Dycom Industries and AAON.Nathan Sleeper is the Chief Executive Officer of CD&R and chairs the investment firm’s executive committee and is a member of its investment, operating review and compliance committees. Mr. Sleeper has served on numerous public company boards and is currently a member of the Columbus McKinnon Corporation board. Mr. Sleeper has served as a director on the Resideo board since 2024 and effective upon the spin-off, he will resign from the Resideo board.Brian Walker has extensive experience in the distribution sector and currently serves as Senior Vice President, Sales and Onsite Services of W.W. Grainger and previously held numerous leadership positions within its sales and supply chain functions.

Resideo Leadership Team and Board of Directors

The Resideo leadership team will include the following individuals:

Thomas Surran, President and Chief Executive Officer. Mr. Surran has served as President of Resideo’s Products and Solutions business since 2023.Joshua Foster, Senior Vice President, General Counsel and Corporate Secretary. Mr. Foster has served as Deputy General Counsel for Resideo since 2018 and previously spent over a decade at Honeywell in various capacities within the legal division.Scott Harkins, Senior Vice President of Sales and Marketing. Mr. Harkins has served as SVP of Resideo’s Global Sales since 2020 and previously spent over 20 years with Honeywell, including as Vice President of Partner Development for Honeywell Connected Home.Amit Mehta, Senior Vice President of Strategy and Business Operations. Mr. Mehta has been with Resideo since 2019, and he will continue to lead strategy, corporate development and operational initiatives for Resideo.Patrick Murray, Senior Vice President of Integrated Supply Chain and Information Technology. Mr. Murray has been Resideo’s Senior Vice President of Global Operations and Supply Chain since 2018.Ryan Strassburg, Senior Vice President and General Manager of Global Climate Solutions. Mr. Strassburg currently serves as Vice President and General Manager of Resideo’s Global Climate Solutions business unit and previously held various leadership positions across Honeywell’s sales, product management, and marketing teams.Scott Ziffra, Senior Vice President of Engineering. Mr. Ziffra has served as Resideo’s SVP of Engineering and Product Management since 2020.Jeff Kutz, Senior Vice President and Chief Accounting Officer. Mr. Kutz will remain in his role as Resideo’s Chief Accounting Officer.

With the assistance of a leading search firm, the Resideo Board has an active search process underway to identify its new Chief Financial Officer.

Upon completion of the spin-off, the Resideo Board of Directors will comprise ten directors:

Cynthia Hostetler, Nathan Sleeper and Jay Geldmacher will resign from the Board.Andrew Campelli, a partner at CD&R, will be appointed to the Board.Andrew Teich will remain in his role as Chairman and all other current Resideo directors will continue as members of the Resideo Board.Mr. Geldmacher’s retirement from Resideo will become effective upon completion of the separation, after which time, he will serve in an advisory capacity for six months.Thomas Surran will be appointed as a director, in addition to his role as President and Chief Executive Officer.

Investor Days

Resideo and ADI will host separate investor days in mid-July in New York City. Members of the leadership teams will provide details on the businesses and outline their respective value creation strategies. Additional information, including dates, webcasts and registration, will be provided in the coming weeks.

Additional Information

Resideo expects the spin-off of ADI to be completed between mid-third quarter and mid-fourth quarter of 2026, subject to final approval from the Resideo Board and other customary conditions.

The planned spin-off of ADI is intended to be tax-free for Resideo and its stockholders for U.S. federal income tax purposes, except for cash that stockholders may receive (if any) in lieu of fractional shares. Consistent with the Form 10 process, the filing is an initial step in an iterative process and is subject to change. Additional information will be included in subsequent Form 10 filings. Future updates to the Form 10 will be filed with the SEC and may be viewed at www.sec.gov filings under ADI Global Distribution Inc.

ADI’s common stock is expected to be listed on the New York Stock Exchange under the ticker symbol “ADIG”. 

About Resideo

Resideo is a leading global manufacturer, developer, and distributor of technology-driven sensing and controls products and solutions for residential and commercial end-markets. We are a leader in the home heating, ventilation, and air conditioning controls markets, smoke and carbon monoxide detection home safety and fire suppression products markets, and security products markets. Our solutions and services can be found in over 150 million residential and commercial spaces globally, with tens of millions of new devices sold annually. For more information about Resideo and our trusted, well-established brands including First Alert, Honeywell Home, BRK, Control4, and others, visit www.resideo.com.

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, those regarding the anticipated separation of Resideo Technologies’ Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies, the expected timeline for completing the transaction, the strategic rationale and potential benefits of the separation, the anticipated financial and operational performance of each company following the separation, expected leadership transitions, future capital allocation priorities, growth initiatives, market positioning, and other future events or developments. Forward-looking statements are typically identified by such words as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “should,” “will,” and similar expressions, although not all forward-looking statements contain these words. These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those projected. Among the factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements are the possibility that the conditions to the separation may not be obtained or satisfied within the expected timeframe or at all; that the separation may not be completed on the anticipated terms or timing or may not occur at all; that the separation may not achieve the intended strategic, operational, or financial benefits for Resideo, its businesses, or its shareholders; that Resideo may experience operational or other disruptions as a result of the separation, including those relating to information technology systems, business processes, internal controls, customer and vendor relationships, and workforce alignment. Each separated company’s ability to succeed as an independent enterprise will depend on numerous factors, including the execution of their respective strategies and plans, access to capital markets, the competitive landscape, and general business and economic conditions. Other risks and uncertainties include, but are not limited to, (1) our ability to achieve our outlook regarding the full year 2026, (2) our ability to recognize the expected savings from, and the timing and impact of, our existing and anticipated cost reduction actions, and our ability to optimize our portfolio and operational footprint, (3) the ability of Resideo to drive increased customer value and financial returns and enhance strategic and operational capabilities, (4) risks and uncertainties relating to tariffs that have been or may be imposed by the United States and other governments, and (5) the other risks described under the headings “Risk Factors” and “Cautionary Statement Concerning Forward-Looking Statements” in our Annual Report on Form 10-K for the year ended December 31, 2025 and other periodic reports as well as risks described under the heading “Risk Factors” of the Form 10 filed with the SEC. 

All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks and uncertainties, which may cause the actual results or performance of the Company to differ materially from such forward-looking statements. Forward-looking statements are not guarantees of future performance, and actual results, developments, and business decisions may differ from those envisaged by our forward-looking statements. Except as required by law, we undertake no obligation to update such statements to reflect events or circumstances arising after the date of this press release and we caution investors not to place undue reliance on any such forward-looking statements.

Non-GAAP Financial Measures and Pro Forma Information

This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934 and in accordance with Regulation G thereunder, including Adjusted EBITDA and Adjusted EBITDA margin, as well as certain pro forma standalone financial information for ADI. Management believes the use of such non-GAAP financial measures assists investors in understanding the ongoing operating performance of the Company by presenting financial results between periods on a more comparable basis. Such non-GAAP financial measures should not be construed as an alternative to reported results determined in accordance with U.S. GAAP. Readers should also consider the limitations associated with these non-GAAP financial measures, including the potential lack of comparability of these measures from one company to another.

“Adjusted EBITDA” represents ADI’s net income before interest expense, income tax expense (benefit), depreciation and amortization, adjusted to exclude the effects of unique and/or non-cash items that are not closely associated with ongoing operations, and provides management and investors with meaningful measures of our performance that increase the period-to-period comparability by highlighting the results from ongoing operations and the underlying profitability factors. “Adjusted EBITDA margin” is calculated as Adjusted EBITDA as a percentage of revenue.

The standalone financial information presented for ADI in this press release has been derived from the consolidated financial statements and accounting records of Resideo and reflects certain assumptions and allocations. The pro forma standalone financial information includes all revenues and costs directly attributable to ADI, as well as allocations of certain corporate expenses. These allocations may not be reflective of the actual expenses that ADI would have incurred as an independent, publicly traded company or of the costs it will incur in the future. For additional information regarding the basis of presentation, please see the Form 10 filed with the SEC.

The following table provides a reconciliation of net (loss) income and net (loss) income margin, the most closely comparable GAAP financial measures, to Adjusted EBITDA and Adjusted EBITDA margin:

ADI’s Adjusted EBITDA and Adjusted EBITDA margin

2025

Net revenue

$

4,784

Net (loss) income

$

(261)

Net (loss) income margin

(5.5) %

Provision for income taxes

11

Income before taxes

(250)

Depreciation and amortization

115

Interest expense

50

Interest income

(8)

Indemnification Agreement expense (1)

364

Stock-based compensation expense (2)

24

Restructuring, impairment and extinguishment costs (3)

9

Transaction related expenses (4)

16

Other (5)

(2)

Adjusted EBITDA

$

318

Adjusted EBITDA margin

6.6 %

(1)

Consists of charges associated with the Indemnification Agreement that were allocated to the Combined Financial Statements. Refer to Note 10. Indemnification Agreement within the Combined Financial Statements for additional information.

(2)

Represents non-cash compensation expenses recognized for stock-based compensation arrangements.

(3)

Consists of non-recurring charges associated with restructuring initiatives as well as non-cash asset impairment charges and the allocation of debt extinguishment costs associated with third-party debt instruments. 

(4)

Represents expenses incurred in 2025 for integration costs related to the Snap One Acquisition of $9 million and allocated transaction costs primarily related to third party vendors incurred due to the Spin-off of $7 million. 

(5)

Represents amounts included in Other Expense reported on the Combined Statement of Operations.

Contacts: 
Investors:
Christopher T. Lee
Global Head of Strategic Finance
investorrelations@resideo.com

Media:
Garrett Terry
Corporate Communications Manager
garrett.terry@resideo.com

or

Dan Moore, Jim Golden, Tali Epstein
Collected Strategies
Resideo-CS@collectedstrategies.com

(1)

This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934. See reconciliations of U.S. GAAP results to adjusted results in the accompanying tables.

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SOURCE Resideo Technologies, Inc.

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AIxCrypto Provides Additional Context on Schedule 14C Filing and Disciplined Capital Strategy to Advance RoboShare’s Next Stage of Growth

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No shares have been issued or sold under the ELOC to date, and AIxC has raised no capital under the facility.The Schedule 14C does not itself result in any issuance of shares or require AIxC to draw capital under the ELOC.AIxC retains discretion over whether, when and how much capital to access and intends to evaluate future utilization based on business needs, market conditions and potential dilution to existing stockholders.

LOS ANGELES, Aug. 25, 2026 /PRNewswire/ — AIxCrypto Holdings, Inc. (Nasdaq: AIXC) (“AIxC” or the “Company”) today provided additional context regarding its recent Schedule 14C filing and the Company’s existing $50 million equity line of credit (“ELOC”), highlighting how the facility is intended to provide flexible access to capital as AIxC advances the measured expansion of its RoboShare business toward becoming a leading robot-sharing platform in the U.S., with the support from its largest shareholder Faraday Future.

While the emerging U.S. robot-sharing market presents certain challenges, AIxC believes it also represents a critical first-mover opportunity. AIxC aims to build a scalable platform across key U.S. regions, while using operational data from early deployments to continuously refine its services and operating model.

The ELOC is intended to serve as a flexible capital facility rather than a commitment to raise a predetermined amount of capital or issue shares upfront, as RoboShare moves from initial commercial validation toward broader market development. Importantly, the availability of the facility does not itself require the Company to immediately issue shares or draw the full amount of available capital. Subject to the terms and conditions of the Purchase Agreement, AIxC retains discretion over whether and when to initiate a draw and the amount of capital accessed under the facility. The Company has not issued or sold any shares in a subsequent capital raise since Faraday Future’s PIPE investment in 2025.

The Company intends to evaluate any future use of the ELOC prudently, based on actual business requirements, market conditions and the potential impact on all existing stockholders, with the objective of minimizing unnecessary dilution. The Company does not intend to raise capital simply because capacity is available under the ELOC. The Company expects to balance access to growth capital with disciplined capital deployment as RoboShare advances its Physical AI and robotics strategy. Potential dilution is not predetermined and will depend on the amount of capital raised and the prevailing share price, with higher share prices generally requiring fewer shares.

Supporting the Next Stage of RoboShare Growth

RoboShare is intended to be the core operating platform supporting AIxC’s transition into Physical AI and robotics operations. The Company believes the robotics industry is entering a stage in which value creation will increasingly depend on both the manufacturing of robots and the operating infrastructure required to put those robots to productive commercial use. While hardware capabilities have advanced rapidly, the cost of robot ownership remains beyond the reach of many potential commercial users, while robots that have already been sold may remain underutilized. RoboShare is building an operating platform designed to connect robot owners with customers and make robotic capabilities available, without requiring every customer to purchase equipment directly.

RoboShare is designed as an asset-light marketplace that can onboard qualified robots owned by customers and other asset owners, enabling the platform to expand available supply, robot categories and geographic coverage without requiring a corresponding increase in assets held on AIxC’s balance sheet.

RoboShare has begun securing commercial engagements and generating revenue. Because RoboShare is designed as an asset-light marketplace, the Company does not currently intend to build growth primarily through large-scale ownership of robot inventory. This structure is expected to allow capital deployment to scale more closely with demonstrated commercial demand.

ELOC Is Currently Subject to a Defined Share Limit

The facility is subject to an aggregate limit of up to 55 million shares under the Purchase Agreement. The Company’s recent Schedule 14C filing relates to the written consent of the Company’s majority stockholder associated with the existing $50 million ELOC. The filing should not be interpreted as an indication that AIxC intends to immediately issue the maximum number of shares authorized or immediately draw the full amount available under the ELOC. The Company will provide disclosure regarding utilization of the ELOC in accordance with applicable securities laws and disclosure requirements.

Authorized Shares and ELOC Are Separate Concepts

Authorized shares represent the maximum number of shares the Company is permitted to issue and do not represent shares that have been issued or are required to be issued. AIxC’s 225 million authorized share capacity was established prior to the FFAI-related PIPE transaction, and the $50 million ELOC should not be interpreted as an intention or obligation to issue shares up to that amount.

About AIxCrypto Holdings, Inc.

AIxCrypto Holdings, Inc. (Nasdaq: AIXC) is a technology company focused on the commercial deployment of physical AI. The Company, through its subsidiary, operates RoboShare, an online marketplace for robot sharing that connects robot owners with customers needing robotic capability on demand. For more information, visit www.aixcrypto.ai.

Forward-Looking Statements

This communication, including any presentation, press release, investor materials or other document of which it forms a part (this “Communication”), contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, and other securities laws, regarding AIxCrypto Holdings, Inc. (“AIxCrypto,” the “Company,” “us,” “our,” or “we”) and our industry. All statements, whether written or oral, other than statements of historical fact, including any financial projections and any statements regarding future events, our strategy, our transition to robotics operations, our plans for RoboShare, our digital asset disposition plans, our objectives, expectations, or anticipated actions or results, are forward-looking statements. You can often identify forward-looking statements by words such as “may,” “might,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “objective,” “seeks,” “likely,” or “continue,” or the negative of these terms or other similar expressions; the absence of these words does not mean a statement is not forward-looking. These statements reflect our current expectations and projections about future events as of the date of this Communication and are necessarily based on estimates and assumptions that, while considered reasonable by management, are inherently uncertain. AIxCrypto can give no assurance that such forward-looking statements or financial projections will prove to be correct.

Actual results may differ materially from those expressed or implied by these forward-looking statements as a result of numerous risks and uncertainties, both general and specific, including, but not limited to:

Liquidity, capital and going concern. Our limited cash and liquidity position and our history of operating losses and negative operating cash flow; substantial doubt regarding our ability to continue as a going concern, as described in our periodic reports; our need to obtain additional financing on acceptable terms or at all, and the substantial dilution to existing stockholders that additional financing may cause; our ability to fund operations pending and following the disposition of our digital asset positions; and our ability to satisfy the continued listing requirements of The Nasdaq Stock Market, including stockholders’ equity, minimum bid price and other applicable standards.

Our strategic transition and the disposition of digital assets. Risks associated with a fundamental shift in our business strategy and the redeployment of resources from a digital asset treasury strategy to robotics operations; our ability to execute the disposition of our digital asset positions in an orderly manner and on acceptable terms; the risk that amounts realized on disposition are materially less than carrying value as a result of price volatility, market depth, execution timing, custody or transfer constraints, or other limitations; tax, accounting and regulatory consequences of the dispositions; the continued volatility and regulatory uncertainty associated with digital assets and cryptocurrencies during the wind-down period; the concentration of a substantial portion of our assets in a single equity investment, including an investment in a related party, and the illiquidity, valuation uncertainty, holding-period and transfer restrictions associated with that investment; and risks arising from our relationships and agreements with related parties and significant stockholders.

Our robotics operations business. Our limited operating history in robotics operations and commercialization and the absence of a meaningful revenue history; the early stage of RoboShare and the risk that customer demand, repeat demand, pricing, utilization or unit economics do not develop as anticipated; our dependence on a small number of customers, on a single initial geographic market, and on individual events or engagements, and the risk that the loss of, or a change in the terms of, any such relationship has a disproportionate effect; our dependence on third-party robot owners, operators, suppliers, original equipment manufacturers and local partners, and on their willingness to make robots available on our platform; risks relating to the availability, cost, quality, maintenance, transport, insurance and technological obsolescence of robots and related equipment, and to supply chains, tariffs and trade measures affecting them; and our ability to expand into additional markets and to attract and retain participants on both sides of our marketplace.

Operations, safety and liability. Risks of property damage, personal injury or death arising from the operation of humanoid robots, quadrupeds and other autonomous or semi-autonomous machines in proximity to performers, employees, guests and the public, including at live events and in uncontrolled environments; product liability, premises liability, negligence and related claims and the adequacy, scope, availability and cost of our insurance coverage and of contractual indemnities from customers, owners and suppliers; the allocation of responsibility among us, robot owners, venues, event producers and customers; permitting, licensing, occupational safety and event-specific regulatory requirements; and the reputational consequences of any safety incident.

Technology, data and intellectual property. Systems, network, telecommunications or service disruptions, failures, defects or cyber-attacks; the performance, reliability and autonomy limitations of robotic systems and of the software, models and networks that support them; our collection, use, storage, transmission and protection of personal information, including images and any biometric or biometric-adjacent data captured in the course of robot deployments, and evolving privacy, biometric and artificial intelligence laws and regulations across the jurisdictions in which we operate or intend to operate; our ability to obtain, maintain, protect and enforce our intellectual property rights and to defend against third-party claims of infringement or misappropriation; and our reliance on third-party technology, platforms and licenses.

Legal, regulatory and general. The regulated industries and jurisdictions in which we operate; current or future laws or regulations and new interpretations of existing laws or regulations, including those applicable to digital assets, robotics, autonomous systems, consumer protection, advertising and endorsements; the risk that our marketplace arrangements, or the manner in which they are described, are characterized differently than we intend by regulators or courts; the failure of counterparties to perform their contractual obligations; litigation, regulatory inquiries, investigations and enforcement actions, and their costs and outcomes; business, economic, market and capital-market conditions; competition in our industry; changes in market demand for, and the pricing of, our products and services; our ability to define, design and release new products and services in a timely manner that meet customer needs; our ability to attract, retain and motivate qualified personnel, including key management; our ability to manage our growth and our transition; and our ability to maintain effective internal control over financial reporting and disclosure controls and procedures.

This list of factors is not exhaustive. Additional risks and uncertainties are described more fully in our filings with the U.S. Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year ended December 31, 2025, our Quarterly Reports on Form 10-Q, and our subsequent filings, which are available on the SEC’s website at www.sec.gov. Investors are urged to review the liquidity, capital resources and going concern disclosures contained in those reports.

The forward-looking statements in this Communication speak only as of the date hereof. Except as required by law, neither AIxCrypto nor any other person undertakes any obligation to update or revise any forward-looking statement or financial projection set out herein, whether as a result of new information, future events or otherwise. This Communication is provided for informational purposes only, does not constitute an offer to sell or the solicitation of an offer to buy any security, and does not constitute investment, tax or legal advice or any investment recommendation, and does not take into account the investment objectives or financial situation of any person. AIxCrypto reserves the right to amend or replace the information contained herein, in whole or in part, at any time, and undertakes no obligation to notify any recipient thereof. Readers are cautioned not to place undue reliance on these forward-looking statements. This caution is made under, and these forward-looking statements are intended to be covered by, the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.

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SOURCE AIxCrypto Holdings, Inc.

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TrueCar Announces Continued Profitability and Two New Credit Union Partners

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State Employees’ Credit Union and Affinity Federal Credit Union are TrueCar’s newest credit union partners

The company has now expanded to over 80 credit union partners, updating the TrueCar platform, and reinforcing its commitment to upfront vehicle pricing

SANTA MONICA, Calif., Aug. 25, 2026 /PRNewswire/ — TrueCar, one of the most recognized and trusted automotive brands, today announced a profitable second quarter of 2026 and that the company has maintained profitability since going private in January 2026. Additionally, TrueCar is announcing State Employees’ Credit Union (SECU), the second-largest credit union in the U.S. with over $60 billion in assets, and Affinity Federal Credit Union, which has $4.35 billion in assets, as its newest credit union partners. Since the take-private transaction, TrueCar’s management team has revitalized the business by sharpening its strategic focus, enhancing execution, and expanding key auto buying partnerships. The successful turnaround is highlighted by sustained profitability, renewed business momentum, and a commitment to full compliance with Federal Trade Commission (FTC) and state regulations.

TrueCar is reinvesting its positive cash flow into its technology, products, and consumer experience. The changes are already producing stronger results for consumers, dealers and affinity partners with increased vehicle transactions through the TrueCar platform. The company’s technology teams are deploying AI, shortening development cycles, and releasing software updates with ongoing enhancements to the platform’s speed, design, and functionality.

“We have completed our financial turnaround, and are mid-river on a major product revamp,” said Scott Painter, Founder and CEO, TrueCar. “TrueCar gives consumers an upfront price they can transact on, delivers buyers who are prepared to purchase to dealers, and enables credit unions and other partners to offer more benefits to their members. With TrueCar, consumers save time and money, dealers sell more vehicles, and our partners deepen the value they provide to their members.”

Prepared for Scale

To date, TrueCar has more than 80 credit union partners, including TrueCar’s strategic partner PenFed Credit Union, one of the nation’s largest and most innovative credit unions. In addition to SECU and Affinity Federal Credit Union, the following long time credit union partners have worked alongside TrueCar to help guide TrueCar’s credit union program over the last six months:

BCU, a not-for-profit full-service, federally insured financial institution backed by the National Credit Union Administration (NCUA), serving over 370,000 members with $6.5 billion in assets.Tower Federal Credit Union, a large member-owned, non-profit financial institution serving over 220,000 members worldwide with more than $5 billion in assets.Consumers Credit Union (CCU), a not-for-profit financial cooperative with approximately $4.6 billion in assets and more than 287,000 members.

TrueCar’s collaboration with credit union partners has helped inform the company’s enhancements of its auto-buying program to better serve members and financial institutions. Credit union members save up to approximately 9% off MSRP on new vehicle purchases through participating programs with TrueCar depending on the vehicle and available incentives. This close collaboration has resulted in approximately 20% of credit union members who leverage TrueCar’s auto-buying program purchasing a vehicle on the platform, which is higher than the industry average of 2-3% for customer conversions.

Participating credit unions can unlock potential savings for its members through the TrueCar platform. Once a member’s eligibility is verified, participating dealers provide that member with a personalized offer on a specific vehicle. The offer is private, available for a limited period, and priced below the dealer’s publicly advertised price. This gives the credit union member additional savings opportunities. The program extends the trust, service and financial guidance credit unions offer into one of their members’ largest purchases to provide a faster and clearer path through vehicle selection, financing, and purchase.

TrueCar aims to create a streamlined experience that reduces the traditionally time-consuming purchasing process from hours to minutes. That experience is further strengthened by TrueCar’s marketplace, which connects consumers with a nationwide network of approximately 8,000 Certified Dealers. The dealer network gives consumers broad access to inventory and provides dealers with informed buyers who are prepared to purchase.

About TrueCar
TrueCar is a leading digital automotive platform that uses technology to help car buyers save time and money through a nationwide network of Certified Dealers. Founded in 2005 by Scott Painter, TrueCar was built on the belief that serving membership and affinity organizations central to the car-buying process, including lenders, insurers, and dealers, enables a more valuable auto-buying experience for new and used vehicles. As part of its platform, TrueCar powers auto-buying programs for over 250 leading brands, including Sam’s Club, AAA, and more than 80 credit unions.

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SOURCE TrueCar, Inc.

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Teledyne LeCroy Accelerates Ultra Ethernet™ Validation for AI and HPC Infrastructure

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Integrated traffic generation, protocol analysis, error injection, and debugging streamline validation of next-generation AI networks.

MILPITAS, Calif., Aug. 25, 2026 /PRNewswire/ — Teledyne LeCroy, a business unit of Teledyne Technologies Incorporated (NYSE:TDY) and a worldwide leader in protocol test solutions, today announced expanded Ultra Ethernet validation capabilities on the Xena Z1608 Edun™ and Xena Z800 Freya™ Ethernet Traffic Generators and the SierraNet® M1288 Protocol Analyzer platforms. These solutions are designed to help network equipment manufacturers, silicon providers, cloud service providers, and hyperscalers accelerate the development and deployment of high-performance Artificial Intelligence (AI) and High-Performance Computing (HPC) networks. The integrated solution combines wire-speed traffic generation, stateful message testing, deep protocol analysis, error injection, packet capture, and advanced debugging to deliver end-to-end visibility into network behavior—accelerating root-cause analysis, strengthening interoperability validation, and reducing deployment risk for next-generation AI networking infrastructure.

As AI and HPC infrastructure scales, network performance, reliability, interoperability, and deterministic low latency are essential to efficient scale-up and scale-out fabrics. Ultra Ethernet, an open Ethernet-based architecture designed for AI and HPC environments, addresses these requirements through enhanced congestion management, scalability, and reliability mechanisms.

The Xena Z1608 Edun and Z800 Freya Ethernet Traffic Generators and the SierraNet M1288 Protocol Analyzer provide comprehensive validation of critical Ultra Ethernet capabilities across high-speed PAM4 and legacy NRZ interfaces through wire-speed traffic generation, deep protocol analysis, stateful message testing, error injection, packet capture, and advanced debugging:

Link Layer Retry (LLR)Credit-Based Flow Control (CBFC)Link Layer Discover Protocol (LLDP)Stateful Ultra Ethernet protocol messagingProtocol error injectionMessage inspection and packet capture

The Xena Z800 Freya and SierraNet M1288 also support 10G and 25G NRZ speeds, extending Ultra Ethernet validation to chip emulation, pre-silicon functional testing, and mixed-speed interoperability environments.

Availability

The Xena Z1608 Edun and Z800 Freya Ethernet Traffic Generators and SierraNet M1288 Protocol Analyzer with Ultra Ethernet support are available for purchase today. Contact Teledyne LeCroy for product information, technical specifications, configuration guidance, and regional availability. Learn more about Teledyne LeCroy Ultra Ethernet test solutions at: https://www.teledynelecroy.com/serialdata/artificial_intelligence.

For additional information about Teledyne LeCroy Ethernet traffic generation, protocol analysis, error injection, and validation solutions, contact Teledyne LeCroy at +1 (800) 909-7211 or visit https://www.teledynelecroy.com/protocolanalyzer/ethernet-solutions.

About Teledyne LeCroy

Teledyne LeCroy is a leading manufacturer of advanced oscilloscopes, protocol analyzers, and other test instruments that help engineers verify performance, validate compliance, and debug complex electronic systems quickly and thoroughly. Since 1964, the company has focused on incorporating powerful analysis tools into innovative products that enhance “Time-to-Insight.” Faster time to insight helps users identify and resolve defects sooner, improving time to market across a wide range of applications and end markets. Teledyne LeCroy is based in Chestnut Ridge, New York. For more information, visit teledynelecroy.com.

© 2026 Teledyne LeCroy. All rights reserved. Specifications are subject to change without notice. SierraNet, InFusion, Edun, Xena, and Teledyne LeCroy are trademarks or registered trademarks of Teledyne LeCroy, Inc. Ultra Ethernet is a trademark of the Ultra Ethernet Consortium. All other trademarks are the property of their respective owners.

Technical contact:  

Martin Olsen – VP of Networks Marketing  

+45 7020 0823

Customer contact:  

Teledyne LeCroy PSG Customer Care Center  

800-909-7211

Website:  

https://www.teledynelecroy.com 

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SOURCE Teledyne LeCroy

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