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Resideo Provides Update on Planned Spin-Off of ADI Global Distribution

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5 months ago

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Files Amended Form 10 Registration Statement

Announces Scheduling Details for Resideo and ADI Investor Days

Reaffirms Previously Announced Second Quarter and Full Year 2026 Outlook; Releases Segmented P&S and ADI Second Quarter 2026 Financial Outlook

SCOTTSDALE, Ariz., June 4, 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 announced that in connection with the planned spin-off of its ADI Global Distribution business (“ADI”) and consistent with the typical spin-off process, Resideo has filed an amended Form 10 registration statement to include the ADI financial statements for the three months ended April 4, 2026, 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.

Resideo and ADI Investor Days

In anticipation of the business separation occurring within the previously announced range of mid-Q3’26 to mid-Q4’26, Resideo and ADI will be hosting Investor Days in New York City on July 13, 2026, and July 14, 2026.

Resideo will host a live video webcast of its Investor Day on July 13, 2026, starting at 12:00 p.m. EDT. Registration information for the Resideo Investor Day can be found here.

ADI will host a live video webcast of its Investor Day on July 14, 2026, starting at 12:00 p.m. EDT. Registration information for the ADI Investor Day can be found here.

Both events will take place at the New York Stock Exchange and will include management presentations, product showcases and Q&A sessions with executive management. During the events, members of the leadership teams will provide details on Resideo’s and ADI’s standalone businesses, longer-term financial outlooks and respective value creation strategies.

Live webcasts of the events, along with related presentation materials, will be available on Resideo’s Investor Relations website. Replays of the webcasts will be available following the presentations.

Resideo Reaffirms Second Quarter and Full Year 2026 Financial Outlook and Releases Second Quarter 2026 Segmented P&S and ADI Financial Outlook

Resideo reaffirms its previously released second quarter and full year 2026 financial outlook as provided on May 12, 2026. The full year 2026 financial outlook reflects the expectation that ADI net revenue and Adjusted EBITDA will be up year over year in the second half of 2026.

($ in millions, except per share data)

Q2 2026

Full Year 2026

Net revenue

$1,916 – $1,940

$7,800 – $7,900

Non-GAAP Adjusted EBITDA1

$216 – $230

$935 – $985

Non-GAAP Adjusted Earnings Per Share1

$0.71 – $0.75

$3.00 – $3.20

Ahead of the announced investor days, the Company is providing the following segmented outlooks for the second quarter of 20262:

($ in millions)

P&S

ADI

Corporate

Total

Net Revenue

$673 – $681

$1,243 – $1,259

N/A

$1,916 – $1,940

Non-GAAP Adjusted EBITDA1

$163 – $175

$81 – $87

($28) – ($32)

$216 – $230

Commentary Regarding Second Quarter Segmented Outlooks

Based on quarter-to-date performance, for the second quarter of 2026, Resideo anticipates:

P&S being at or above the midpoint of the outlook ranges for net revenue and Adjusted EBITDA due primarily to continued demand for products across various channels; andADI being at or above the midpoint of the outlook ranges for net revenue and Adjusted EBITDA, with estimated low single-digit average daily sales growth year-over-year and low single-digit decline year-over-year in reported net revenue, partially as a result of one fewer selling day in the second quarter of 2026 as compared to the second quarter of 2025.

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 timing for the Investor Days for Resideo and ADI, our reaffirmation of previously released second quarter and full year 2026 financial outlook for Resideo, our segmented 2026 second quarter outlooks for each of our business segments, 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 second quarter and full year 2026 for Resideo as a whole and for the 2026 second quarter for each of our business segments, (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” and “Cautionary Statement Concerning Forward-Looking Statements” in the Form 10 filed by ADI Global Distribution Inc. 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 Resideo and/or our business segments 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.

Basis of Presentation

This press release contains forecasted financial information that does not reflect the anticipated separation of Resideo Technologies’ Products & Solutions and ADI Global Distribution businesses into two independent publicly traded companies or how each company expects to operate on a standalone basis. As a result, the Adjusted EBITDA forecasts included in this press release should not be viewed as our expectation for what Resideo (as the owner of the Products & Solutions business) or ADI Global Distribution will report or achieve on a standalone basis, including what ADI Global Distribution may report in its Registration Statement on Form 10 or other future filings. As previously disclosed, the estimated pro forma standalone costs for each of the Products & Solutions and ADI Global Distribution businesses, respectively, for the year ended December 31, 2025 were $76 million and $64 million.

Use of Non-GAAP Measures

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. 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.

A reconciliation of the forecasted ranges for Adjusted EBITDA and Adjusted Earnings Per Share for the second quarter of 2026 and for the full year 2026 are not included in this press release due to the number of variables in the projected range and because we are currently unable to quantify accurately without unreasonable efforts certain amounts that would be required to be included in the U.S. GAAP measure or the individual adjustments for such reconciliation. In addition, we believe such reconciliation would imply a degree of precision that could be confusing or misleading to investors. However, for Resideo as a whole, the second quarter of 2026 and full year 2026, respectively, we anticipate the following expenses in our GAAP to non-GAAP reconciliation: depreciation and amortization of $53 million and $212 million, interest expense, net of $46 million and $181 million, and stock-based compensation expense of $14 million and $58 million.

————————————————————
1 This press release includes certain “non-GAAP financial measures” as defined under the Securities Exchange Act of 1934. Resideo management believes the use of such non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS assists investors in understanding the ongoing operating performance of Resideo by presenting the financial results between periods on a more comparable basis.

2 Please refer to the information set forth under the heading “Basis of Presentation” below.

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, Tali Epstein
Collected Strategies
Resideo-CS@collectedstrategies.com  

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SOURCE Resideo Technologies, Inc.

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Karma Automotive Announces Eximius, the Bespoke Vehicle Program for Elite Clients Seeking Singular Expressions of Extreme Performance and Bold Craftsmanship

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6 hours ago

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October 31, 2026

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The First Eximius Creation, “Eximius 1,” is a Menacing Four-Seater Built for the Track which Makes its World Premiere at the 2026 Concours at Wynn Las Vegas

LAS VEGAS, Oct. 31, 2026 /PRNewswire/ — Karma Automotive builds vehicles in the hundreds rather than the thousands, attracting a highly individualistic clientele seeking a unique statement. For those who wish to go further still, and explore new possibilities beyond the extensive options for personalization available through the Studio program, Karma has created the Eximius bespoke vehicle program. Eximius clients may modify the vehicle’s body, performance and powertrain, collaborating with Karma’s design and engineering teams to build a One-of-One statement which will never be repeated.

Karma Eximius clients may modify the vehicle’s body, performance and powertrain to build a One-of-One statement

The first vehicle from Karma Eximius debuts today at the 2026 Concours at Wynn Las Vegas. A menacing four-seater purpose-built for the track, “Eximius 1” is in ongoing development with its commissioning client, who is not revealed at this time. Upon delivery in 2027, “Eximius 1” will be fitted with an extreme-performance Plug-in Series Hybrid utilizing a 6.2 Liter V8 producing nearly 1200hp (550hp ICE, 645hp battery), delivering acceleration from 0-60mph in 2.7 seconds and a top speed in excess of 200mph (estimated). As these parameters would demand, “Eximius 1” will be equipped with carbon-ceramic brakes and two-piece slotted brake rotors, and Ohlins semi-active suspension.

“‘Eximius 1’ began as a conversation with an elite client who loves their Karma Revero, but wanted something more extreme and unexpected, which was music to our ears,” says Marques McCammon, President and Chief Executive, Karma Automotive. “The Eximius program effectively deletes the word ‘no’ from conversations about what’s possible,” he continues, “and as a four-seat track weapon packing what’ll be the most powerful Plug-in Series Hybrid powertrain and vehicle ever developed, ‘Eximius 1’ shatters expectations and further establishes Karma as a manufacturer of exotic, uniquely American vehicles.” 

Exterior Design
“Eximius 1” is an imposing vehicle to behold, exhibiting the muscularity and eyepopping strength of a superhero. Every panel – excluding the body surface outer – is constructed of pre-impregnated carbon fiber, and the vehicle is 50mm wider due to its wheel arch extensions. The front doors and hood have a unique technical fade from glossy, exposed regular carbon fiber to signature Borealis Blue paint.

The front carbon splitter sets an aggressive tone and is flanked by massive side air intakes incorporating Karma’s Target Acquisition Lighting, rotated 45º to create a distinctive ‘><‘ DRL graphic identity. On the hood, the dramatic arc of the Comet Line – which is inspired by Halley’s Comet is it streaks across the evening sky – widens from its apex towards the base of the windshield; vents above the front fenders release air pressure from the wheel housings and add further visual intrigue. Moving to the side of the vehicle, the front fenders aft of the wheels feature Karma’s signature “Backslash” bearing the number “5,” which is of particular significance to the commissioning client. 21″ Magnesium wheels with center-locks reduce rotating and unsprung mass, and are finished in satin black. Aft of the driver’s side front wheel, twin exhaust tips announce the fearsome new powertrain.

The full-width rear GT wing maximizes stability and downforce at high speeds, and continues the distinctive ‘><‘ DRL graphic identity established at the front of “Eximius 1.” The rear fascia also boasts large side air intakes which are connected by a dominant diffuser to manage underbody airflow.

Interior Design
An aura of intensity continues to the interior of “Eximius 1.” In concert with the exterior, blue-tinted carbon-fiber adorns the seats, flat-bottom steering wheel and doors; for aesthetics and weight-savings, all four doors are manufactured in exposed carbon fiber with one purposeful arm pad on each door. The seats, which are Recaro carbon fiber buckets up front, are trimmed with blue Alcantara and blue Italian leather with Moondust Alcantara upper sections, creating an articulated, form-fitted feel. To support high-speed driving and intense braking force, the accelerator, brake pedal and dead pedal are billet machined aluminum.

The instrument panel is reimagined in glossy carbon fiber and incorporates anodized billet aluminum HVAC vents. The carbon fiber center console is simplified to include the essentials only: the PRND gear selector, window switches, key fob holder, and Emergency kill switch. This console extends through to the rear compartment, to which the client’s custom-fitted carbon fiber racing helmet is held in place by a center-latched strap matching the blue seat belts.

About Karma Automotive
Karma Automotive is America’s only full-line ultra-luxury vehicle manufacturer, and a pioneer of Plug-in Series Hybrid vehicles which it manufactures at its Karma Innovation and Customization Center (KICC) in Moreno Valley, CA. Its Executive, Product Development, and Design headquarters are located in nearby Irvine, CA. The Karma portfolio embodies California’s spirit of innovation and entrepreneurial boldness, reflected by the signature Comet Line which is the central hallmark of Karma’s new design language. The Gyesera Grand Coupe, a Plug-in Series Hybrid four-seater, arrives at dealerships in December 2026; and the Amaris GT 2-Door Plug-in Series Hybrid arrives in Q4 2027. The Karma Kaveya Super Coupe, with over 1,000HP and butterfly-doors, will arrive in Q1 2028, to be followed by the Karma Ivara GT-UV: both EVs will incorporate SDVA (Software-Defined Vehicle Architecture) developed with leading technology partners. For more information, visit www.karmaautomotive.com) 

Media Contact:

Joe Richardson, (917) 716-6617
Joe@BeautifulNoisePR.com 

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SOURCE Karma Automotive

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ModelBest and OpenBMB Open-Source MiniCPM-OCR Series, Delivering High-Performance Document Parsing and AI-Powered Quality Control

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8 hours ago

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October 31, 2026

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BEIJING, Oct. 31, 2026 /PRNewswire/ — ModelBest and OpenBMB jointly announced the release and open-source availability of the MiniCPM-OCR series, a family of models for efficient document parsing and parsing-quality assessment. The launch includes two models: MiniCPM-OCR 1.0 (1.3B) and MiniCPM-OCR Jev (2B).

As the first OCR-focused model in the MiniCPM family, MiniCPM-OCR 1.0 brings top-tier parsing accuracy to a compact 1.3-billion-parameter architecture optimized for edge deployment, pushing forward the balance between efficiency and performance for open-source OCR models. Built for real-world conditions, it accurately parses scanned, photographed, curved, tilted and screen-captured documents without cumbersome image pre-correction, lowering the barrier to large-scale document digitization.

The model handles dense bilingual Chinese-English content, complex mathematical formulas, and multi-level or borderless tables, consistently performing at a leading level across a broad range of mainstream industry evaluations. Beyond full-page reconstruction, it supports key information extraction (KIE), pulling specified fields from invoices, IDs and financial statements according to business instructions.

Powered by DSpark decoding acceleration, MiniCPM-OCR 1.0 significantly increases end-to-end throughput while lowering per-page latency. For enterprises processing millions of pages—such as financial contract archives, academic libraries and government records—this means processing far more documents with the same hardware and time budget, at a substantially lower computing cost.

To address the long-standing need for page-by-page manual review, ModelBest and OpenBMB also introduced MiniCPM-OCR Jev, the first OCR result decision model that acts as an “AI quality inspector.” Rather than performing OCR itself, Jev compares the source image with OCR output and rapidly assigns confidence scores to text, LaTeX formulas and tables, detecting missing characters, errors and formatting misalignments. Despite its compact 2B-parameter size, Jev delivers judgment accuracy typically associated with far larger models.

Jev supports cross-model deployment and can be integrated into existing OCR workflows without replacing the underlying OCR engine. It can automatically identify reliable results for direct processing, flag potentially inaccurate outputs for human review and select the best result from multiple OCR systems. This enables enterprises to move from full manual inspection toward risk-based, automated quality control.

The MiniCPM-OCR series is available on GitHub, Hugging Face and ModelScope, and supports vLLM, SGLang, llama.cpp and Ollama, along with SDKs, APIs, Agent Skill plugins and open-source fine-tuning code. Day-0 hardware adaptation covers AMD, Arm, Houmo AI, Intel and NVIDIA. Through the FlagOS software stack, it also has Day-0 support for AI and edge chips from CIX Technology, Huawei Ascend, Hygon, Iluvatar CoreX, Kunlunxin, MetaX, Moore Threads, Sunrise, T-Head, TsingMicro, NVIDIA and Apple Mac (Arm).

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SOURCE ModelBest

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Wulcea Elevates Consumer Trust in Heated Apparel Through Multi-National Safety Certifications and Rigorous Technical Testing

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11 hours ago

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October 31, 2026

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NEW YORK, Oct. 31, 2026 /PRNewswire/ — As smart heated clothing gains broader adoption, consumers are paying closer attention to the safety and reliability of the technology behind these products. Wulcea, a brand specializing in graphene-powered heated apparel, combines its flexible GrapheneNano™ heating technology with documented safety compliance and durability testing for its heating components and battery systems.

“Trust in smart heated apparel goes beyond warmth—it comes down to confidence in battery safety and heating element reliability,” said John C, Founder of Wulcea. “Our goal is to give users peace of mind through certified technical standards.”

Advanced Graphene Heating Elements Supported by Global Standards

At the core of Wulcea’s thermal architecture is its GrapheneNano™ heating technology. Engineered to eliminate garment stiffness, Wulcea integrates flexible graphene elements that deliver balanced warmth across key upper-body zones while preserving natural garment drape and full freedom of movement.

Wulcea supports its heating components with applicable compliance documentation for major markets. These include CE and FCC compliance documentation addressing relevant electrical and electromagnetic compatibility requirements, as well as PSE compliance for applicable products in Japan. RoHS compliance further addresses restrictions on specified hazardous substances in applicable electrical and electronic components.

Multi-Certified Battery System for Dependable Power

To power its heating elements, Wulcea pairs its heated apparel with rechargeable battery systems designed for convenient everyday use. Featuring a compact design and housed in dedicated interior pockets, the batteries provide portable power while maintaining a streamlined garment profile and comfortable fit.

Wulcea backs its battery options with comprehensive third-party accreditations. UL certification demonstrates that the battery system has been evaluated against recognized power bank safety requirements, covering key areas such as overcharge protection, short-circuit protection, and thermal safety. The battery systems are also supported by applicable CE and FCC compliance documentation, addressing relevant regulatory requirements for electrical and electromagnetic compatibility.

For daily handling and travel, RoHS compliance validates that the battery system meets stringent global standards for material safety. The battery models have also undergone applicable UN 38.3 testing, supporting compliance with international requirements for lithium battery transportation.

Real-World Durability and Practical Usability

Component compliance forms Wulcea’s foundation, but reliability is defined by real-world performance. Built for high-flex endurance, Wulcea’s flexible graphene heating elements are tested through 10,000 active flexing cycles to maintain steady thermal output through repeated bending and everyday body movement.

Everyday convenience is equally essential. Built for hassle-free care, Wulcea’s heating elements withstand 100 machine-wash cycles under standard care guidelines, maintaining internal conductivity and structural stability under repeated laundering.

Integrated NTC temperature sensors provide thermal monitoring and are designed to stop heating if temperatures exceed 131°F (55°C). Combined with runtime of up to 10 hours on the low setting and a discreet interior control button, these features support practical everyday use in cold-weather conditions.

Aligning Technical Standards with Everyday Warmth

By combining graphene-based heating technology with documented battery safety compliance and durability testing, Wulcea continues to focus on the technical foundations of dependable heated apparel. This approach reflects the brand’s emphasis on bringing together safety considerations, practical functionality, and everyday comfort for cold-weather use.

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SOURCE Wulcea

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