Technology
Broadridge’s Distributed Ledger Repo Processes $8.0 Trillion in July
Published
2 hours agoon
By
July 2026 ADV reaches $365 billion;
Institutional adoption continues as tokenized funding markets mature
NEW YORK, Aug. 10, 2026 /PRNewswire/ — Broadridge Financial Solutions, Inc. (NYSE: BR), global Fintech leader, today announced that its Distributed Ledger Repo (DLR) processed an average of $365 billion in daily repo transactions during July, with volumes totaling $8.0 trillion. The daily average is a 28% increase year-over-year, reflecting the continued evolution of tokenized market infrastructure and the expanding role of distributed ledger technology in modernizing funding and collateral markets.
“Tokenization is increasingly becoming part of how institutions optimize liquidity and collateral management,” said Horacio Barakat, Global Head of Digital Innovation at Broadridge. “DLR continues to demonstrate that distributed ledger infrastructure can support the scale, reliability and interoperability required for core financing activity. As adoption broadens, firms are gaining greater confidence in bringing tokenized workflows into day-to-day market operations.”
DLR enables firms to settle repo transactions on distributed ledger technology while operating within their existing trading and post-trade environments. The platform supports efficient, real-time financing by enabling the movement of tokenized collateral across counterparties, helping institutions improve liquidity management, optimize capital usage and enhance operational efficiency without disrupting established market workflows.
As financial institutions continue to expand their tokenization strategies, Broadridge is helping bridge traditional and digital capital markets through scalable infrastructure that supports financing, settlement and collateral management at institutional scale. DLR remains a foundational component of Broadridge’s broader tokenization strategy, enabling clients to modernize core market operations while maintaining the resiliency, interoperability and trust required across global markets. To learn more about DLR, the world’s largest institutional platform for settling tokenized real assets, visit Broadridge’s DLR.
About Broadridge’s Tokenization Solutions
Broadridge enables on-chain proxy voting and governance, digital asset infrastructure including post trade, wallets and custody, and the scaling of digital asset capabilities across multiple asset classes. Through these innovations, Broadridge is helping financial institutions unlock the next era of digital assets investing.
Broadridge’s Distributed Ledger Repo (DLR) solution is the world’s largest institutional platform for settling tokenized real assets, tokenizing $365 billion a day. As tokenization gains momentum across financial services, Broadridge is meeting the complexity of operating across traditional and digital ecosystems with established scale, critical market knowledge, and technological expertise.
About Broadridge
Broadridge Financial Solutions (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.
Our technology and operations platforms process and generate over 8 billion communications annually and underpin the daily average trading of over $18 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing approximately 16,000 associates in 28 countries. For more information about us, please visit www.broadridge.com.
For more information about us, please visit www.broadridge.com.
Broadridge Contacts:
Investors:
broadridgeir@broadridge.com
Media:
Gregg.Rosenberg@broadridge.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/broadridges-distributed-ledger-repo-processes-8-0-trillion-in-july-302847362.html
SOURCE Broadridge Financial Solutions, Inc.
You may like
Revenue of $105 million
Subscription and Service Revenue of $29 million
New MISSION 1 Series of Cameras Available On-line and Through Retailers Globally
GoPro Subscription Hits Record 69% Attach Rate
SAN MATEO, Calif., Aug. 10, 2026 /PRNewswire/ — GoPro, Inc. (NASDAQ: GPRO) announced financial results for its second quarter ended June 30, 2026, and posted management commentary in the investor relations section of its website at https://investor.gopro.com.
“In Q2, we expanded the performance and creative potential of our camera lineup with the launch of the MISSION 1 Series of cameras and continued to advance our strategic review process to maximize shareholder value. I’m excited about our new and upcoming products as they further establish GoPro as one of the world’s most exciting digital imaging companies and brands,” said Nicholas Woodman, GoPro’s founder and CEO.
Q2 2026 Financial Results
Revenue was $105 million, down 31% year-over-year.Sell-through was approximately 291,000 camera units, down 38% year-over-year.Subscription and service revenue increased 11% year-over-year to $29 million, or 28% of revenue, compared to 17% of Q2 2025 revenue. Q2 2026 subscription and service revenue included $2 million generated from GoPro’s AI content licensing program.Subscriber attach rate was a record at 69%, compared to 54% the prior year quarter.Subscription ARPU increased 9% year-over-year and 5% sequentially.Revenue from the retail channel was $58 million, or 56% of total revenue and down 48% year-over-year. GoPro.com revenue, including subscription and service revenue, was $47 million, or 44% of total revenue and up 13% year-over-year.GAAP gross margin was 30.2% compared to 35.8% in the prior year quarter and included a $19 million benefit from tariff refunds, partially offset by a $15 million charge related to certain component purchase commitments. Non-GAAP gross margin was 30.4% compared to 36.0% in the prior year quarter.GAAP net loss was $51 million, or a $(0.30) loss per share, compared to a net loss of $16 million or a $(0.10) loss per share, in the prior year quarter. Non-GAAP net loss was $36 million, or a $(0.21) loss per share, compared to a net loss of $12 million or a $(0.08) loss per share, in the prior year quarter. GAAP and non-GAAP net loss for Q2 2026 included a $19 million benefit from tariff refunds, partially offset by a $15 million charge related to certain component purchase commitments.Adjusted EBITDA was negative $29 million compared to negative $6 million in the prior year quarter.
Recent Business Highlights
In May, GoPro’s Board of Directors authorized a process to evaluate a potential sale of the company and other strategic alternatives, aimed at maximizing shareholder value. In May, GoPro began shipping its new MISSION 1 PRO and MISSION 1 compact cinema cameras, available on GoPro.com and through retail partners globally, including Best Buy and Walmart, and specialized imaging retailers B&H and Adorama. The MISSION 1 Series has earned recognition across the industry, including editor’s choice awards and recommendations from press.GoPro’s tech-enabled motorcycle helmet initiative, jointly developed with AGV, the leading Italian helmet brand, remains on track. The helmet recently achieved ECE 22.06 safety standard compliance, one of the industry’s most advanced and comprehensive street-riding helmet safety standards.
Results Summary:
($ in thousands, except per share amounts)
Three months ended June 30,
2026
2025
% Change
Revenue
Hardware revenue
$ 75,953
$ 126,428
(39.9) %
Subscription and services revenue
28,981
26,215
10.6 %
Total revenue
$ 104,934
$ 152,643
(31.3) %
Gross margin
GAAP
30.2 %
35.8 %
(560) bps
Non-GAAP
30.4 %
36.0 %
(560) bps
Operating loss
GAAP
$ (38,982)
$ (14,007)
178.3 %
Non-GAAP
$ (32,601)
$ (8,480)
284.4 %
Net loss
GAAP
$ (51,005)
$ (16,422)
210.6 %
Non-GAAP
$ (35,794)
$ (11,957)
199.4 %
Diluted net loss per share
GAAP
$ (0.30)
$ (0.10)
200.0 %
Non-GAAP
$ (0.21)
$ (0.08)
162.5 %
Adjusted EBITDA
$ (29,497)
$ (5,690)
418.4 %
Conference Call
GoPro management will host a conference call and live webcast for analysts and investors today at 2 p.m. Pacific Time (5 p.m. Eastern Time) to discuss the Company’s financial results.
Prior to the start of the call, the Company will post Management Commentary on the “Events & Presentations” section of its investor relations website at https://investor.gopro.com. Management will make brief opening comments before taking questions.
To listen to the live conference call, please dial +1 833-461-5787 (US) or +1 585-542-9983 (International) and enter access code 529 017 833, approximately 15 minutes prior to the start of the call. A live webcast of the conference call will be accessible on the “Events & Presentations” section of the Company’s website at https://investor.gopro.com. An archived audio webcast will be accessible for at least 90 days on GoPro’s website, https://investor.gopro.com.
About GoPro, Inc. (NASDAQ: GPRO)
GoPro helps the world capture and share itself in immersive and exciting ways.
Connect with GoPro on Instagram, YouTube, TikTok, Facebook, X, LinkedIn, and GoPro’s blog, The Current. Members of the press can access official logos and imagery on our press portal. For more information, visit GoPro.com.
GoPro, HERO, MAX, MISSION and their respective logos are trademarks or registered trademarks of GoPro, Inc. in the United States and other countries.
Note Regarding Use of Non-GAAP Financial Measures
GoPro reports gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and diluted net income (loss) per share in accordance with U.S. generally accepted accounting principles (GAAP) and on a non-GAAP basis. Additionally, GoPro reports non-GAAP adjusted EBITDA. Non-GAAP items exclude, where applicable, the effects of stock-based compensation, acquisition-related costs, restructuring and other related costs, gains or losses on insurance proceeds, gains or losses on extinguishment of debt, gains or losses on the revaluation of warrants, gains or losses related to derivative liabilities, gains on the sale and/or license of intellectual property, non-cash interest expense, goodwill impairment charges, and the tax impact of these items. When planning, forecasting, and analyzing gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss) and net income (loss) per share for future periods, GoPro does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for reconciling items which are inherently difficult to predict with reasonable accuracy. A reconciliation of preliminary GAAP to non-GAAP measures has been provided in this press release, and investors are encouraged to review the reconciliation.
Note on Forward-looking Statements
This press release may contain projections or other forward-looking statements within the meaning Section 27A of the Private Securities Litigation Reform Act. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “should,” “will,” “may”, “plan” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward-looking statements in this press release may include but are not limited to statements regarding our expectations regarding revenue, profitability, improved gross margin, and reduced operating expenses; cash flow improvement and inventory reduction; the launch and market positioning of the MISSION 1 Series cameras in the high-end digital imaging market; our evaluation of strategic alternatives and the timing of completing any strategic alternatives, including a potential sale or merger of the Company; subscription and service revenue and subscriber retention and; partnerships and brand collaborations. These statements involve risks and uncertainties, and actual events or results may differ materially. Among the important factors that could cause actual results to differ materially from those in the forward-looking statements include the inability to achieve or sustain revenue growth or profitability in the future; substantial doubt about our ability to continue as a going concern; dilution of our common stock; our ability to maintain compliance with Nasdaq listing requirements; plans to drive profitability, including our restructuring plans and the improved efficiencies in our operations that such plans may create; our ability to achieve profitability if there are delays in our product launches, increases in component costs, or shortages of key components, including due to our ability to retain or identify alternative suppliers in a timely fashion; the impact of negative macroeconomic factors including fluctuating interest rates, inflation, currency exchange rates, market volatility, and economic downturns or uncertainty in our key U.S. and international markets that may adversely affect consumer discretionary spending and demand for our products; changes to trade agreements, trade policies, increased tariffs, and import/export regulations which may negatively affect our business, supply chain expenses, and gross margins; the fact that our goal to grow revenue and be profitable relies upon our ability to manage expenses and grow sales from our direct-to-consumer business, our retail partners, and distributors; our ability to acquire and retain subscribers, and the risk that subscriber count may continue to decline; our reliance on third-party suppliers, some of which are sole-source suppliers, and contract manufacturers for our products, some of which may be impacted due to supply shortages, long lead times, or other service disruptions, including unprecedented increases and volatility in memory component costs, that may lead to increased costs due to the effects of global conflicts and geopolitical issues such as the ongoing conflicts in the Middle East, Ukraine, or China-Taiwan relations; our ability to maintain the value and reputation of our brand and protect our intellectual property and proprietary rights; the risk that our sales fall below our forecasts, especially during the holiday season; the risk we fail to manage our operating expenses effectively, which may result in our financial performance suffering; the fact that our profitability depends in part on further penetrating our total addressable market, including through new products such as the MISSION 1 Series and potential expansion into defense and aerospace markets, and we may not be successful in doing so; the risk we are unable to reduce our operating expenses or that continued reductions in research and development and marketing spending may constrain our product roadmap, ability to innovate, and ability to generate sufficient consumer demand; the fact that we rely on sales of our cameras, mounts, and accessories for substantially all of our revenue, and any decrease in the sales or change in sales mix of these products could harm our business; the risk that we may not successfully manage product introductions, product transitions, product pricing, and marketing; the fact that a small number of retailers and distributors account for a substantial portion of our revenue and our level of business with them could be significantly reduced; our ability to attract, engage, and retain qualified personnel, particularly given reductions in our workforce and fluctuations in the price of our Class A common stock; the impact of competition on our market share, revenue, and profitability; the fact that we may experience fluctuating revenue, expenses, and profitability in the future; our substantial indebtedness, including but not limited to, our Credit Facilities and Convertible Debentures and 2026 Notes, and the corresponding cash debt service obligations and restrictive covenants; our ability to comply with financial covenants in our Credit Facilities and the risk of cross-default; the risk that our evaluation of strategic alternatives may not result in a transaction or other outcome that enhances stockholder value, and may be disruptive to our business operations; the risk that our pursuit of defense and aerospace opportunities could subject us to retaliatory actions by foreign governments; risks related to inventory, purchase commitments, and long-lived assets; the risk that we will encounter problems with our distribution system; the threat of a security breach or other disruption including cyberattacks; the concern that our intellectual property and proprietary rights may not adequately protect our products and services; the outcome of pending or future litigation and legal proceedings; and other factors detailed in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the Securities and Exchange Commission (the “SEC”) on March 12, 2026, and as updated in subsequent periodic filings with the SEC including the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. These forward-looking statements speak only as of the date hereof or as of the date otherwise stated herein. GoPro disclaims any obligation to update these forward-looking statements.
GoPro, Inc.
Preliminary Condensed Consolidated Statements of Operations
(unaudited)
Three months ended June 30,
Six months ended June 30,
(in thousands, except per share data)
2026
2025
2026
2025
Revenue
Hardware
$ 75,953
$ 126,428
$ 148,103
$ 233,847
Subscription and services
28,981
26,215
55,896
53,104
Total revenue
104,934
152,643
203,999
286,951
Cost of revenue
Hardware
62,510
90,566
148,199
174,162
Subscription and services
10,761
7,414
19,831
14,977
Total cost of revenue
73,271
97,980
168,030
189,139
Gross profit
31,663
54,663
35,969
97,812
Operating expenses:
Research and development
29,646
30,503
58,081
60,060
Sales and marketing
29,016
25,275
52,234
48,533
General and administrative
11,983
12,892
21,881
29,834
Goodwill impairment
—
—
—
18,600
Total operating expenses
70,645
68,670
132,196
157,027
Operating loss
(38,982)
(14,007)
(96,227)
(59,215)
Other income (expense):
Interest expense
(6,442)
(1,436)
(10,560)
(2,233)
Other income (expense), net
(4,785)
330
(22,397)
1,278
Total other interest (expense), net
(11,227)
(1,106)
(32,957)
(955)
Loss before income taxes
(50,209)
(15,113)
(129,184)
(60,170)
Income tax expense
796
1,309
2,641
2,961
Net loss
$ (51,005)
$ (16,422)
$ (131,825)
$ (63,131)
Basic and diluted net loss per share
$ (0.30)
$ (0.10)
$ (0.79)
$ (0.40)
Shares used to compute basic and diluted net
loss per share
171,234
157,843
167,243
157,144
GoPro, Inc.
Preliminary Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
June 30,
2026
December 31,
2025
Assets
Current assets:
Cash and cash equivalents
$ 27,265
$ 49,674
Accounts receivable, net
60,366
93,513
Inventory
86,745
78,431
Prepaid expenses and other current assets
54,690
30,951
Total current assets
229,066
252,569
Property and equipment, net
7,019
5,903
Operating lease right-of-use assets
9,220
11,138
Goodwill
133,751
133,751
Other long-term assets
19,400
24,622
Total assets
$ 398,456
$ 427,983
Liabilities and Stockholders’ Equity (Deficit)
Current liabilities:
Accounts payable
$ 125,987
$ 97,012
Accrued expenses and other current liabilities
147,830
95,856
Short-term operating lease liabilities
7,547
12,069
Deferred revenue
50,876
52,636
Short-term debt
72,656
19,598
Total current liabilities
404,896
277,171
Long-term taxes payable
14,799
13,544
Long-term debt
—
44,322
Long-term operating lease liabilities
5,845
7,329
Other long-term liabilities
5,587
9,067
Total liabilities
431,127
351,433
Stockholders’ equity (deficit):
Common stock and additional paid-in capital
1,067,479
1,044,875
Treasury stock, at cost
(193,231)
(193,231)
Accumulated deficit
(906,919)
(775,094)
Total stockholders’ equity (deficit)
(32,671)
76,550
Total liabilities and stockholders’ equity (deficit)
$ 398,456
$ 427,983
GoPro, Inc.
Preliminary Condensed Consolidated Statements of Cash Flows
(unaudited)
Three months ended June 30,
Six months ended June 30,
(in thousands)
2026
2025
2026
2025
Operating activities:
Net loss
$ (51,005)
$ (16,422)
$ (131,825)
$ (63,131)
Adjustments to reconcile net loss to net cash
provided by (used in) operating activities:
Depreciation and amortization
1,784
1,698
3,578
3,416
Non-cash operating lease cost
1,360
1,368
2,720
1,153
Stock-based compensation
4,056
5,116
7,054
10,486
Goodwill impairment
—
—
—
18,600
Deferred income taxes, net
8
(233)
581
(130)
Non-cash interest expense
3,837
—
5,682
—
Gain on sale of intellectual property
—
—
(1,200)
—
Loss on extinguishment of debt
—
—
8,870
—
Derivative expense
—
—
7,552
—
Change in fair value of derivative liabilities
4,789
—
10,441
—
Other
354
178
(2,117)
284
Net changes in operating assets and liabilities
24,633
17,047
41,262
(19,112)
Net cash provided by (used in) operating
activities
(10,184)
8,752
(47,402)
(48,434)
Investing activities:
Purchases of property and equipment, net
(1,020)
(478)
(2,063)
(1,783)
Proceeds from the sale and license of intellectual
property
600
—
1,200
—
Net cash used in investing activities
(420)
(478)
(863)
(1,783)
Financing activities:
Proceeds from issuance of common stock
—
—
303
374
Taxes paid related to net share settlement of
equity awards
(1,314)
(121)
(1,743)
(624)
Proceeds from borrowings
—
—
30,250
25,000
Repayments of borrowings
(1,475)
(20,000)
(1,850)
(20,000)
Payment of debt issuance costs
—
—
(941)
—
Net cash provided by (used in) financing
activities
(2,789)
(20,121)
26,019
4,750
Effect of exchange rate changes on cash and
cash equivalents
(65)
784
(163)
1,227
Net change in cash and cash equivalents
(13,458)
(11,063)
(22,409)
(44,240)
Cash and cash equivalents at beginning of period
40,723
69,634
49,674
102,811
Cash and cash equivalents at end of period
$ 27,265
$ 58,571
$ 27,265
$ 58,571
GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures
To supplement our unaudited selected financial data presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross profit, gross margin percentage, operating expenses, operating income (loss), other income (expense), tax expense (benefit), net income (loss), diluted net income (loss) per share and adjusted EBITDA. We also provide forecasts of non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income (expense), non-GAAP tax expense (benefit), non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. We use non-GAAP financial measures to help us understand and evaluate our core operating performance and trends, to prepare and approve our annual budget, and to develop short-term and long-term operational plans. Our management uses and believes that investors benefit from referring to these non-GAAP financial measures in assessing our operating results. These non-GAAP financial measures should not be considered in isolation from, or as an alternative to, the measures prepared in accordance with GAAP, and are not based on any comprehensive set of accounting rules or principles. We believe that these non-GAAP measures, when read in conjunction with our GAAP financials, provide useful information to investors by facilitating:
the comparability of our on-going operating results over the periods presented;the ability to identify trends in our underlying business; andthe comparison of our operating results against analyst financial models and operating results of other public companies that supplement their GAAP results with non-GAAP financial measures.
These non-GAAP financial measures have limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Some of these limitations are:
adjusted EBITDA does not reflect income tax expense (benefit), which may change cash available to us;adjusted EBITDA does not reflect interest income (expense), which may reduce cash available to us;adjusted EBITDA excludes depreciation and amortization and, although these are non-cash charges, the property and equipment being depreciated and amortized often will have to be replaced in the future, and adjusted EBITDA does not reflect any cash capital expenditure requirements for such replacements;adjusted EBITDA excludes the amortization of point of purchase (POP) display assets because it is a non-cash charge, and is treated similarly to depreciation of property and equipment and amortization of acquired intangible assets;adjusted EBITDA and non-GAAP net income (loss) exclude restructuring and other related costs which primarily include severance-related costs, stock-based compensation expenses, manufacturing consolidation charges, facilities consolidation charges recorded in connection with restructuring actions, including right-of-use asset impairment charges (if applicable), and the related ongoing operating lease cost of those facilities recorded under ASC 842, Leases. These expenses do not reflect expected future operating expenses and do not contribute to a meaningful evaluation of current operating performance or comparisons to the operating performance in other periods;adjusted EBITDA and non-GAAP net income (loss) exclude stock-based compensation expense related to equity awards granted primarily to our workforce. We exclude stock-based compensation expense because we believe that the non-GAAP financial measures excluding this item provide meaningful supplemental information regarding operational performance. In particular, we note that companies calculate stock-based compensation expense for the variety of award types that they employ using different valuation methodologies and subjective assumptions. These non-cash charges are not factored into our internal evaluation of non-GAAP net income (loss) as we believe their inclusion would hinder our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes any gain or loss on the extinguishment of debt because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) on insurance proceeds because it is not reflective of ongoing operating results in the period, and the frequency and amount of such gains and losses vary;adjusted EBITDA and non-GAAP net income (loss) excludes a gain (loss) on the revaluation of warrants because it is not reflective of ongoing operating results in the period, and hinders our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes gains (losses) related to derivative liabilities as they are not reflective of ongoing operating results in the period and hinder our ability to assess core operational performance;adjusted EBITDA and non-GAAP net income (loss) excludes goodwill impairment charges as they do not reflect ongoing operating results in the period and hinders our ability to assess core operational performance;non-GAAP net income (loss) excludes acquisition-related costs including the amortization of acquired intangible assets (primarily consisting of acquired technology), the impairment of acquired intangible assets (if applicable), as well as third-party transaction costs incurred for legal and other professional services. These costs are not factored into our evaluation of potential acquisitions, or of our performance after completion of the acquisitions because these costs are not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such costs vary significantly based on the timing and magnitude of our acquisition transactions and the maturities of the businesses being acquired. Although we exclude the amortization of acquired intangible assets from our non-GAAP net income (loss), management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and can contribute to revenue generation;non-GAAP net income (loss) excludes a gain on the sale and/or license of intellectual property. This gain is not related to our core operating performance or reflective of ongoing operating results in the period, and the frequency and amount of such gains are inconsistent;non-GAAP net income (loss) excludes non-cash interest expense as it is not related to our core operating performance or reflective of ongoing operating results in the period;non-GAAP net income (loss) includes income tax adjustments which reflect the current and deferred income tax expense (benefit) and the effect of non-GAAP adjustments;GAAP and non-GAAP net income (loss) per share includes the dilutive, tax effected cash interest expense associated with our 2025 convertible senior notes and Convertible Debentures in periods of net income, as if converted at the beginning of the period; andother companies may calculate these non-GAAP financial measures differently than we do, limiting their usefulness as comparative measures.
GoPro, Inc.
Reconciliation of Preliminary GAAP to Non-GAAP Financial Measures
(unaudited)
Reconciliations of non-GAAP financial measures are set forth below:
Three months ended June 30,
Six months ended June 30,
(in thousands, except per share data)
2026
2025
2026
2025
GAAP net loss
$ (51,005)
$ (16,422)
$ (131,825)
$ (63,131)
Stock-based compensation:
Cost of revenue
148
240
292
488
Research and development
1,859
2,681
3,419
5,501
Sales and marketing
760
935
1,335
1,817
General and administrative
1,289
1,260
2,008
2,680
Total stock-based compensation
4,056
5,116
7,054
10,486
Acquisition-related costs:
Research and development
469
469
938
938
General and administrative
1
—
2
3
Total acquisition-related costs
470
469
940
941
Restructuring and other costs:
Cost of revenue
72
(19)
57
(32)
Research and development
1,404
(611)
1,189
(20)
Sales and marketing
222
(64)
97
321
General and administrative
157
636
152
1,779
Total restructuring and other costs
1,855
(58)
1,495
2,048
Non-cash interest expense
3,837
—
5,682
—
(Gain) loss on insurance recovery
—
—
—
(424)
Loss on extinguishment of debt
—
—
8,870
—
(Gain) loss on revaluation of warrants
179
—
(2,571)
—
(Gain) loss related to derivative liabilities
4,789
—
17,993
—
(Gain) loss on sale and/or license of intellectual
property
—
—
(1,200)
—
Goodwill impairment
—
—
—
18,600
Income tax adjustments
25
(1,062)
92
79
Non-GAAP net loss
$ (35,794)
$ (11,957)
$ (93,470)
$ (31,401)
GAAP and non-GAAP shares for diluted net
loss per share
171,234
157,843
167,243
157,144
GAAP diluted net loss per share
$ (0.30)
$ (0.10)
$ (0.79)
$ (0.40)
Non-GAAP diluted net loss per share
$ (0.21)
$ (0.08)
$ (0.56)
$ (0.20)
Three months ended June 30,
Six months ended June 30,
(dollars in thousands)
2026
2025
2026
2025
GAAP gross margin as a % of revenue
30.2 %
35.8 %
17.6 %
34.1 %
Stock-based compensation
0.1
0.2
0.1
0.1
Restructuring and other costs
0.1
—
0.1
—
Non-GAAP gross margin as a % of revenue
30.4 %
36.0 %
17.8 %
34.2 %
GAAP operating expenses
$ 70,645
$ 68,670
$ 132,196
$ 157,027
Stock-based compensation
(3,908)
(4,876)
(6,762)
(9,998)
Acquisition-related costs
(470)
(469)
(940)
(941)
Restructuring and other costs
(1,783)
39
(1,438)
(2,080)
Goodwill impairment
—
—
—
(18,600)
Non-GAAP operating expenses
$ 64,484
$ 63,364
$ 123,056
$ 125,408
GAAP operating loss
$ (38,982)
$ (14,007)
$ (96,227)
$ (59,215)
Stock-based compensation
4,056
5,116
7,054
10,486
Acquisition-related costs
470
469
940
941
Restructuring and other costs
1,855
(58)
1,495
2,048
Goodwill impairment
—
—
—
18,600
Non-GAAP operating loss
$ (32,601)
$ (8,480)
$ (86,738)
$ (27,140)
Three months ended June 30,
Six months ended June 30,
(in thousands)
2026
2025
2026
2025
GAAP net loss
$ (51,005)
$ (16,422)
$ (131,825)
$ (63,131)
Income tax expense
796
1,309
2,641
2,961
Interest expense, net
6,263
916
9,932
1,164
Depreciation and amortization
1,784
1,698
3,578
3,416
POP display amortization
1,786
1,751
3,555
3,483
Stock-based compensation
4,056
5,116
7,054
10,486
(Gain) loss on insurance recovery
—
—
—
(424)
Loss on extinguishment of debt
—
—
8,870
—
(Gain) loss on revaluation of warrants
179
—
(2,571)
—
(Gain) loss related to derivative liabilities
4,789
—
17,993
—
Goodwill impairment
—
—
—
18,600
Restructuring and other costs
1,855
(58)
1,495
2,048
Adjusted EBITDA
$ (29,497)
$ (5,690)
$ (79,278)
$ (21,397)
View original content to download multimedia:https://www.prnewswire.com/news-releases/gopro-announces-second-quarter-results-302847487.html
SOURCE GoPro, Inc.
Technology
SAIHEAT Enters into Definitive Merger Agreement with Canopy Wave to Build a Global AI Inference Platform
Published
46 minutes agoon
August 10, 2026By
The combined company will be renamed Canopy Wave Holdings Inc. and expected to trade on Nasdaq under the new ticker symbol “CWAV” — transaction repositions the Company around AI inference infrastructure for open-weight large language models.
SINGAPORE and SANTA CLARA, Calif., Aug. 10, 2026 /PRNewswire/ — SAIHEAT Limited (“SAIHEAT” or the “Company”) (Nasdaq: SAIH) today announced that it has entered into a definitive merger agreement, dated August 10, 2026 (the “Merger Agreement”), with Canopy Wave, Inc. (“Canopy Wave”), a Santa Clara, California-based AI inference and GPU cloud platform company. Upon the closing of the transaction, Canopy Wave will become a wholly-owned subsidiary of the Company. The combined company will be renamed “Canopy Wave Holdings Inc.” and is expected to trade on the Nasdaq Stock Market (“Nasdaq”) under the new ticker symbol “CWAV,” subject to required approvals.
The transaction is intended to reposition the Company around AI inference, the delivery of AI model outputs, or “tokens,” at production scale, while retaining SAIHEAT’s existing data center infrastructure business. The Company’s management believes AI inference represents a growing share of AI infrastructure spending, as enterprise adoption shifts investment from one-time model training toward ongoing inference workloads.
Strategic Rationale
SAIHEAT’s combination with Canopy Wave creates a U.S.-based global AI inference platform that combines modular data center infrastructure with Canopy Wave’s inference platform.
A pivot into AI inference infrastructure. The combined company intends to provide inference services for open-weight large language models to enterprise and developer customers worldwide. Open-weight models have closed the capability gap with proprietary frontier models. The demand for cost-efficient, secure inference of these open models is expanding across AI coding, agent, and enterprise AI workloads.A full-stack inference platform. Canopy Wave provides a full-stack inference platform combining GPU cloud infrastructure, orchestration software, API endpoints, and security features that include SOC 2 Type II certification and a zero-data-retention policy.Complementary infrastructure capabilities. SAIHEAT’s existing capabilities in modular data center infrastructure and energy-efficient computing are expected to complement Canopy Wave’s GPU cloud operations, which Canopy Wave conducts utilizing its access to third-party infrastructure through leasing arrangements.An experienced, U.S.-based local leadership team. Following the closing, the combined company will be headquartered in Santa Clara, California and led by Canopy Wave’s founding team, including Chief Executive Officer (CEO) Tao Zhang and Chief Technology Officer (CTO) James Liao. Tao Zhang and James Liao are expected to collectively hold a majority of the combined company’s economic interests and voting power following the closing. The Company expects to transition from a foreign private issuer to domestic-issuer reporting requirements beginning as of the next fiscal year, as required by such rules.
Transaction Overview
Under the terms of the Merger Agreement, the merger will be effected through the issuance of new SAIHEAT Class A and Class B ordinary shares to Canopy Wave’s shareholders, based on a pre-money equity valuation of Canopy Wave of US$60,000,000 and a pre-money equity valuation of SAIHEAT of US$40,000,000, which amounts represent the result of arm’s length negotiation between the parties and are not intended to be, and should not be relied upon as, an appraisal, valuation opinion, or indication of market value. Based on such valuations, transaction will result in former Canopy Wave stockholders owning approximately 54.19% of the combined company’s economic interests and 78.44% of the combined company’s voting power, taking into account a concurrent private placement planned by the Company of Class A Ordinary Shares for aggregate proceeds of approximately US$4.5 million (representing a purchase price of US$18.15 per share). The transactions have been unanimously approved by the boards of directors of both companies.
The parties expect the transactions to close by the end of 2026. However, the closing of the transaction is subject to customary conditions, including approval by SAIHEAT’s shareholders, Nasdaq’s approval of the combined company’s initial listing application, and satisfaction of conditions to consummation of the concurrent private placement financing.
Management Commentary
“This combination will position the company where the AI market is going: inference at scale,” said Jianwei Li, Chief Executive Officer of SAIHEAT. “Canopy Wave brings an inference platform and an exceptional engineering team. Combined with our infrastructure capabilities, we believe we can build a competitive inference offering.”
“We believe enterprises are increasingly evaluating open weight models for performance, control, and cost efficiency,” said Tao Zhang, Chief Executive Officer of Canopy Wave. “Joining forces with SAIHEAT will give us the public-company platform and the infrastructure depth to scale much faster. Our mission is to make serving these models simple, secure, and economical. This transaction accelerates that mission globally.”
About Canopy Wave, Inc.
Canopy Wave is a Santa Clara, California-based AI inference and GPU cloud platform company. Its full-stack platform is engineered for open-weight generative AI models, featuring OpenAI-compatible API interfaces, intelligent GPU resource scheduling, and enterprise-grade security protocols, including data isolation and zero-data-retention policies. The platform supports a broad catalog of leading open-weight models and serves developers and enterprises across AI coding, AI agent, and other production workloads. For more information, please visit https://www.canopywave.com.
About SAIHEAT Limited (Nasdaq: SAIH)
SAIHEAT is a global distributed computing power operator. By leveraging a modular computing power system, the Company helps energy owners address the issues of local energy consumption and efficient resource utilization. For more information, please visit https://www.saiheat.com.
No Offer or Solicitation
This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of the U.S. Securities Act of 1933, as amended, or pursuant to an applicable exemption therefrom.
Additional Information and Where to Find It
In connection with the proposed transaction, SAIHEAT intends to file relevant materials with the U.S. Securities and Exchange Commission (the “SEC”), including a Report of Foreign Private Issuer on Form 6-K furnishing the Merger Agreement. Shareholders and investors are urged to read these materials, and any other relevant documents filed or furnished with the SEC, when they become available, because they will contain important information about the proposed transaction. Shareholders and investors may obtain a free copy of these materials, and other documents filed by SAIHEAT with the SEC, at the SEC’s website at www.sec.gov, or from SAIHEAT at the contact information below.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “expect,” “estimate,” “anticipate,” “target,” “continue,” “predict,” “intend,” “plan,” “aim,” “may,” “will,” “would,” and similar expressions identify forward-looking statements. Examples include, among others, statements regarding the expected benefits of the proposed transaction, the anticipated timing of the closing, the satisfaction of the closing conditions (including approval by SAIHEAT’s shareholders, Nasdaq’s approval of the combined company’s initial listing application, satisfaction of conditions to the consummation of the concurrent private placement financing, and any applicable regulatory clearances), and the combined company’s strategy, market opportunity, and future performance. These statements reflect management’s current expectations and are subject to risks and uncertainties. Actual results may differ materially due to factors including, among others: the risk that the proposed transaction may not be completed in a timely manner or at all; the failure to satisfy closing conditions or obtain required approvals; risks associated with the possible failure to realize, or that it may take longer to realize than expected, certain anticipated benefits of the proposed transaction, including with respect to future financial and operating results; the effect of the announcement or pendency of the transaction on business relationships and operating results; the risk that the proposed concurrent financing is not completed in a timely manner, if at all; risks related to SAIHEAT’s continued listing on Nasdaq until closing of the proposed transactions and the combined company’s ability to remain listed following the closing of the proposed transactions; the occurrence of any event, change or other circumstance or condition that could give rise to the termination of the merger agreement; the combined company’s dependence on third-party open-weight AI models, including models developed outside the United States, and related exposure to export controls, trade restrictions, and customer procurement policies; the combined company’s reliance on third-party computing infrastructure that it does not own and that is subject to termination; declines in per-token pricing or GPU rental rates; Canopy Wave’s limited operating history since its formation in 2024; customer concentration; capital requirements and potential shareholder dilution; concentration of voting power; costs of the proposed transactions and of transitioning from a foreign private issuer to a domestic issuer; competition from substantially larger providers; the risk of involvement in litigation, including securities class action litigation; regulatory changes; macroeconomic conditions; and the other risks and uncertainties described in SAIHEAT’s filings with the U.S. Securities and Exchange Commission, including its annual report on Form 20-F. All forward-looking statements speak only as of the date hereof, and SAIHEAT undertakes no obligation to update them except as required by law.
View original content:https://www.prnewswire.com/news-releases/saiheat-enters-into-definitive-merger-agreement-with-canopy-wave-to-build-a-global-ai-inference-platform-302847471.html
SOURCE SAIHEAT Limited
Technology
RKR to Represent SJE Rhombus Across Key Rocky Mountain Markets
Published
46 minutes agoon
August 10, 2026By
Collaboration brings responsive, local support to customers in WY, CO, NM, and El Paso, TX..
DETROIT LAKES, Minn., Aug. 10, 2026 /PRNewswire/ — SJE Rhombus is excited to announce that RKR is its new manufacturers’ representative agency for Wyoming, Colorado, New Mexico, and El Paso, Texas.
“RKR has built an outstanding reputation by putting customers first and providing exceptional service throughout the Rocky Mountain region,” said Matt Murray, Vice President of Sales & Marketing – CLT Division, SJE, Inc. “Their market knowledge and industry expertise make them an ideal partner to help customers select the right solutions while growing the SJE Rhombus brand across the territory.”
Founded in 1959, RKR is a leading manufacturers’ representative firm serving the Rocky Mountain region. RKR has partnered with premier manufacturers to provide plumbing, water, and wastewater products for commercial and residential applications. Supported by the region’s largest warehouse facility, RKR’s experienced sales and customer service teams deliver responsive support and technical expertise to customers throughout its territory.
“We’re proud to partner with SJE Rhombus, a trusted leader in water and wastewater controls, and bring their quality control solutions to our customers,” said Kurt O’Donnell, Partner at RKR.
“Our team looks forward to building on our long-standing industry relationships while helping customers solve their control solutions challenges with the support and expertise they’ve come to expect from RKR,” added Paul Prutch, Partner at RKR.
For more than 65 years, RKR has represented many of the industry’s leading manufacturers, including Liberty Pumps, American Standard, Charlotte Pipe and Foundry, JOSAM Company, Oatey and Florestone, among others.
The addition of RKR further strengthens SJE Rhombus’ extensive manufacturers’ representative network, providing customers throughout Wyoming, Colorado, New Mexico, and El Paso, Texas with enhanced local access to product expertise, application support, and responsive service. To learn more about RKR, visit https://rkrnet.com.
About SJE Rhombus
SJE Rhombus® is a leading manufacturer of liquid level control products, including panels, alarms, floats, and accessories. We have been servicing the water and wastewater industries since 1975. SJE Rhombus is part of the SJE® Inc. family of brands. SJE is a global industry leader in control systems, operating throughout the United States and Canada, as well as in international markets. SJE, a privately held company, is comprised of 12 well-respected brands known for their innovation and quality. To learn more, visit www.sjerhombus.com or www.sjeinc.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/rkr-to-represent-sje-rhombus-across-key-rocky-mountain-markets-302847491.html
SOURCE SJE Inc
GoPro Announces Second Quarter Results
SAIHEAT Enters into Definitive Merger Agreement with Canopy Wave to Build a Global AI Inference Platform
RKR to Represent SJE Rhombus Across Key Rocky Mountain Markets
Send Rakhi to UK swiftly with UK Gifts Portal
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package
Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs
Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network
NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Technology4 days agogoeasy Ltd. Reports Results for the Second Quarter 2026
-
Technology4 days agoKAHI Brings Its Viral CAXA M1 Facial Tool to the U.S. Market
-
Technology4 days agoScientific American Announces Jeanna Bryner as New Editor-in-Chief
-
Technology5 days agoLongsys Showcases End-to-End AI Storage Solutions at FMS 2026
-
Technology4 days agoNew Study Ranks 68 Third-Party Risk Management Platforms
-
Technology4 days agoScaling Autonomous Freight: Inside Pony.ai’s Robotruck Business
-
Coin Market2 days agoBitcoin will never fall below $60K again: Nansen founder
-
Technology3 days agoFancyAI Launches Agentic Social Engagement to Shape AI Recommendations
