Market Newsdesk

February 27, 2025 4:05 pm

Redfin Reports Fourth Quarter and Full Year 2024 Financial Results

Redfin Reports Fourth Quarter and Full Year 2024 Financial Results

SEATTLE–(BUSINESS WIRE)–
Redfin Corporation (NASDAQ: RDFN) today announced results for its fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024

Fourth quarter revenue was $244.3 million, an increase of 12% compared to the fourth quarter of 2023. Gross profit was $81.9 million, an increase of 12% year-over-year. Real estate services gross profit was $32.7 million, an increase of 9% year-over-year, and real estate services gross margin was 21.9%, compared to 22.5% in the fourth quarter of 2023.

Net loss was $36.4 million, compared to a net loss of $22.9 million in the fourth quarter of 2023. Net loss attributable to common stock was $36.7 million. Net loss per share attributable to common stock, diluted, was $0.29, compared to net loss per share, diluted, of $0.20 in the fourth quarter of 2023.

Adjusted EBITDA was $2.9 million, compared to adjusted EBITDA loss of $13.5 million in the fourth quarter of 2023.

Full Year 2024

Full year revenue was $1,043.0 million, an increase of 7% year-over-year. Gross profit was $364.2 million, an increase of 10% year-over-year. Real estate services gross profit was $155.4 million, flat year-over-year, and real estate services gross margin was 24.2%, compared to 25.2% in 2023.

Total net loss was $164.8 million, compared to a net loss of $130.0 million in 2023. Total net loss attributable to common stock was $165.9 million. Net loss per share attributable to common stock, diluted, was $1.36, compared to a net loss per share, diluted, of $1.16 in 2023.

Adjusted EBITDA loss was $26.5 million, compared to adjusted EBITDA loss of $76.4 million in 2023.

“After recording our fourth straight quarter of revenue growth, with profits improving year-over-year in every business segment, we’re headed into 2025 with more demand, and a bigger and better sales force,” said Redfin CEO Glenn Kelman. “We incurred one-time costs from the transition to paying Redfin agents entirely on commissions, but our agent census is now 25% higher than it was just six months ago, and the new hires are out-performing tenured Redfin agents at meeting customers and winning offers. We now expect real-estate-services gross margins to improve year-over-year throughout 2025, starting in the first quarter. And we expect to connect our agents with significantly more demand in 2025. A Zillow rentals partnership will let us compete better for traffic, by doubling the number of high-quality apartment listings on our sites. The $100 million we got from that partnership, coupled with further cost savings from restructurings, will let us increase advertising 38% while still earning a full-year adjusted-EBITDA profit. Already January demand for our agents is up 5%, setting us up for our best year in many years.”

Fourth Quarter and Full Year Highlights

#1 brokerage website for 2024, with 7x the traffic of our next closest brokerage competitor.
Our agents and partners helped approximately 61,000 customers buy or sell a home in 2024, resulting in a market share of 0.76% of U.S. existing home sales.
Achieved mortgage attach rate (excluding cash transactions) of 27% for 2024, up from 24% in 2023.¹
Maintained momentum in loyalty sales, with 38% of sales coming from loyalty customers in the fourth quarter, compared to 36% in the fourth quarter of 2023.
Welcomed 399 new Redfin agents in the fourth quarter following the nationwide expansion of Redfin Next. Redfin Next continues to attract high-quality talent and help existing Redfin agents thrive.
Average lead agents of 1,927 in the fourth quarter, up 14% compared to the fourth quarter of 2023 and marking Redfin’s third straight quarter of sequential agent growth.
Increased participation in Redfin Teams, with more than 250 active teams nationwide and 31% of Redfin agents now belonging to a team. The program has improved agent performance in our pilot markets, including a 13% lift in the number of web contacts who go on to close with Redfin within 90 days.

(1) Attach rate reflects total closed loans for Redfin buy-side customers divided by Redfin buy-side transactions with a mortgage (excluding cash transactions) for the period. We previously reported only the inclusive attach rate (includes cash transactions in the denominator), which was 22% in 2024, compared to 19% in 2023.

Business Outlook

The following forward-looking statements reflect Redfin’s expectations as of February 27, 2025, and are subject to substantial uncertainty.

For the first quarter of 2025 we expect:

Total revenue between $214 million and $225 million, representing a year-over-year change between (5)% and 0% compared to the first quarter of 2024. Included within total revenue are real estate services revenue between $126 million and $131 million, rentals revenue between $49 million and $51 million, mortgage revenue between $27 million and $30 million, title revenue of approximately $8 million and monetization revenue of approximately $4 million.
Total net loss is expected to be between $94 million and $83 million. This guidance includes approximately $40 million in total marketing expenses, $21 million to $24 million in restructuring expense, $15 million in stock-based compensation, $9 million in depreciation and amortization, and $6 million in net interest expense. Adjusted EBITDA loss is expected to be between $39 million and $32 million.

Conference Call

Redfin will webcast a conference call to discuss the results at 1:30 p.m. Pacific Time today. The webcast will be open to the public at http://investors.redfin.com. The webcast will remain available on the investor relations website for at least three months following the conference call.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of federal securities laws, including our future operating results, as described under Business Outlook. We believe our expectations related to these forward-looking statements are reasonable, but actual results may turn out to be materially different. For factors that could cause actual results to differ materially from the forward-looking statements in this press release, please see the risks and uncertainties identified under the heading “Risk Factors” in our annual report for the year ended December 31, 2024, which is available on our Investor Relations website at http://investors.redfin.com and on the SEC website at www.sec.gov. All forward-looking statements reflect our beliefs and assumptions only as of the date of this press release. We undertake no obligation to update forward-looking statements to reflect future events or circumstances.

About Redfin

Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.

Redfin-F


Redfin Corporation and Subsidiaries Consolidated Balance Sheets (in thousands, except share and per share amounts, unaudited)

	December 31,
		2024			2023
Assets
Current assets
Cash and cash equivalents	$	124,743		$	149,759
Restricted cash		229			1,241
Short-term investments		—			41,952
Accounts receivable, net of allowances for credit losses of $4,571 and $3,234		48,730			51,738
Loans held for sale		152,426			159,587
Prepaid expenses		26,853			33,296
Other current assets		22,457			7,472
Total current assets		375,438			445,045
Property and equipment, net		41,302			46,431
Right-of-use assets, net		23,713			31,763
Mortgage servicing rights, at fair value		2,736			32,171
Long-term investments		—			3,149
Goodwill		461,349			461,349
Intangible assets, net		99,543			123,284
Other assets, noncurrent		8,376			10,456
Total assets	$	1,012,457		$	1,153,648
Liabilities, mezzanine equity, and stockholders’ (deficit) equity
Current liabilities
Accounts payable	$	16,847		$	10,507
Accrued and other liabilities		82,709			90,360
Warehouse credit facilities		146,629			151,964
Convertible senior notes, net		73,516			—
Lease liabilities		12,862			15,609
Total current liabilities		332,563			268,440
Lease liabilities, noncurrent		19,855			29,084
Convertible senior notes, net, noncurrent		498,691			688,737
Term loan		243,344			124,416
Deferred tax liabilities		672			264
Total liabilities		1,095,125			1,110,941
Series A convertible preferred stock—par value $0.001 per share; 10,000,000 shares authorized; 0 and 40,000 shares issued and outstanding at December 31, 2024 and 2023, respectively		—			39,959
Stockholders’ (deficit) equity
Common stock—par value $0.001 per share; 500,000,000 shares authorized; 126,389,289 and 117,372,171 shares issued and outstanding at December 31, 2024 and 2023, respectively		126			117
Additional paid-in capital		905,506			826,146
Accumulated other comprehensive loss		(166	)		(182	)
Accumulated deficit		(988,134	)		(823,333	)
Total stockholders’ (deficit) equity		(82,668	)		2,748
Total liabilities, mezzanine equity, and stockholders’ (deficit) equity	$	1,012,457		$	1,153,648

Redfin Corporation and Subsidiaries Consolidated Statements of Comprehensive Loss (in thousands, except share and per share amounts, unaudited)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Revenue		244,282			218,077			1,042,979			976,672
Cost of revenue⁽¹⁾		162,342			144,926			678,778			646,853
Gross profit		81,940			73,151			364,201			329,819
Operating expenses
Technology and development⁽¹⁾		34,951			44,098			163,927			183,294
Marketing⁽¹⁾		22,157			20,332			114,481			117,863
General and administrative⁽¹⁾		53,998			52,206			235,364			238,790
Restructuring and reorganization		952			768			5,684			7,927
Total operating expenses		112,058			117,404			519,456			547,874
Loss from continuing operations		(30,118	)		(44,253	)		(155,255	)		(218,055	)
Interest income		1,216			2,362			6,348			10,532
Interest expense		(8,283	)		(4,233	)		(27,780	)		(9,524	)
Income tax benefit (expense)		905			(97	)		530			(979	)
Gain on extinguishment of convertible senior notes		—			25,171			12,000			94,019
Other expense, net		(85	)		(1,848	)		(644	)		(2,385	)
Net loss from continuing operations		(36,365	)		(22,898	)		(164,801	)		(126,392	)
Net loss from discontinued operations		—			—			—			(3,634	)
Net loss	$	(36,365	)	$	(22,898	)	$	(164,801	)	$	(130,026	)

Dividends on convertible preferred stock		(367	)		(216	)		(1,073	)		(1,074	)

Net loss from continuing operations attributable to common stock—basic and diluted	$	(36,732	)	$	(23,114	)	$	(165,874	)	$	(127,466	)
Net loss attributable to common stock—basic and diluted	$	(36,732	)	$	(23,114	)	$	(165,874	)	$	(131,100	)

Net loss from continuing operations per share attributable to common stock—basic and diluted	$	(0.29	)	$	(0.20	)	$	(1.36	)	$	(1.13	)
Net loss per share attributable to common stock—basic and diluted	$	(0.29	)	$	(0.20	)	$	(1.36	)	$	(1.16	)

Weighted average shares of common stock—basic and diluted		125,027,643			116,154,001			121,677,971			113,152,752

Net loss	$	(36,365	)	$	(22,898	)	$	(164,801	)	$	(130,026	)
Other comprehensive (loss) income
Foreign currency translation adjustments		(27	)		2			(24	)		(71	)
Unrealized gain on available-for-sale securities		—			73			40			690
Comprehensive loss	$	(36,392	)	$	(22,823	)	$	(164,785	)	$	(129,407	)

(1) Includes stock-based compensation as follows:

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Cost of revenue	$	2,577	$	2,741	$	11,180	$	12,914
Technology and development		8,247		8,352		34,339		33,111
Marketing		1,116		1,312		5,027		5,148
General and administrative		5,277		3,148		20,613		19,528
Total	$	17,217	$	15,553	$	71,159	$	70,701

Redfin Corporation and Subsidiaries Consolidated Statements of Cash Flows (in thousands, unaudited)

	Year Ended December 31,
		2024			2023
Operating Activities
Net loss	$	(164,801	)	$	(130,026	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		42,768			62,851
Stock-based compensation		71,159			70,935
Amortization of debt discount and issuance costs		3,116			3,620
Non-cash lease expense		11,815			16,269
Impairment costs		—			1,948
Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale		(19	)		(1,992	)
Change in fair value of mortgage servicing rights, net		(892	)		3,198
Gain on extinguishment of convertible senior notes		(12,000	)		(94,019	)
Other		644			(2,113	)
Change in assets and liabilities:
Accounts receivable, net		2,864			3,286
Inventory		—			114,232
Prepaid expenses and other assets		(8,229	)		6,004
Accounts payable		6,371			(1,323	)
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent		(5,401	)		(19,085	)
Lease liabilities		(15,682	)		(18,998	)
Origination of mortgage servicing rights		(255	)		(565	)
Proceeds from sale of mortgage servicing rights		30,582			1,457
Origination of loans held for sale		(3,979,765	)		(3,525,987	)
Proceeds from sale of loans originated as held for sale		3,985,418			3,567,066
Net cash (used in) provided by operating activities		(32,307	)		56,758
Investing activities
Purchases of property and equipment		(11,209	)		(12,056	)
Purchases of investments		—			(76,866	)
Sales of investments		39,225			124,681
Maturities of investments		6,395			61,723
Net cash provided by investing activities		34,411			97,482
Financing activities
Redemption of convertible preferred stock, net of issuance costs		(40,000	)		—
Payment of dividends on convertible preferred stock		(367	)		—
Proceeds from the issuance of common stock pursuant to employee equity plans		6,558			9,613
Tax payments related to net share settlements on restricted stock units		(2,284	)		(16,348	)
Borrowings from warehouse credit facilities		4,016,909			3,532,119
Repayments to warehouse credit facilities		(4,022,245	)		(3,570,664	)
Principal payments under finance lease obligations		(56	)		(89	)
Repurchases of convertible senior notes		(106,953	)		(241,808	)
Repayments of convertible senior notes		—			(23,512	)
Repayment of term loan principal		(2,188	)		(313	)
Extinguishment of convertible senior notes associated with closing of term loan		—			(57,075	)
Payments of debt issuance costs		(2,482	)		(2,338	)
Proceeds from term loan		125,000			125,000
Net cash used in financing activities		(28,108	)		(245,415	)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash		(24	)		(71	)
Net change in cash, cash equivalents, and restricted cash		(26,028	)		(91,246	)
Cash, cash equivalents, and restricted cash:
Beginning of period		151,000			242,246
End of period	$	124,972		$	151,000

Redfin Corporation and Subsidiaries Supplemental Financial Information and Business Metrics (unaudited)

	Three Months Ended
	Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Mar. 31, 2024			Dec. 31, 2023			Sep. 30, 2023			Jun. 30, 2023			Mar. 31, 2023
Monthly average visitors (in thousands)		42,680			49,413			51,619			48,803			43,861			51,309			52,308			50,440
Real estate services transactions
Brokerage		11,441			13,324			14,178			10,039			10,152			13,075			13,716			10,301
Partner		2,922			3,440			3,395			2,691			3,186			4,351			3,952			3,187
Total		14,363			16,764			17,573			12,730			13,338			17,426			17,668			13,488
Real estate services revenue per transaction
Brokerage	$	12,249		$	12,363		$	12,545		$	12,433		$	12,248		$	12,704		$	12,376		$	11,556
Partner		3,027			3,025			2,859			2,367			2,684			2,677			2,756			2,592
Aggregate		10,373			10,447			10,674			10,305			9,963			10,200			10,224			9,438
U.S. market share by units⁽¹⁾		0.72	%		0.76	%		0.77	%		0.77	%		0.72	%		0.78	%		0.75	%		0.79	%
Revenue from top-10 Redfin markets as a percentage of real estate services revenue		56	%		56	%		56	%		55	%		55	%		56	%		55	%		53	%
Average number of lead agents		1,927			1,757			1,719			1,658			1,692			1,744			1,792			1,876
Mortgage originations by dollars (in millions)	$	1,035		$	1,214		$	1,338		$	969		$	885		$	1,110		$	1,282		$	991
Mortgage originations by units (in ones)		2,434			2,900			3,192			2,365			2,293			2,786			3,131			2,444

	Year Ended December 31,
		2024			2023
Monthly average visitors (in thousands)		48,129			49,479
Real estate services transactions
Brokerage		48,982			47,244
Partner		12,448			14,676
Total		61,430			61,920
Real estate services revenue per transaction
Brokerage	$	12,403		$	12,260
Partner		2,838			2,681
Aggregate		10,465			9,990
U.S. market share by units⁽¹⁾		0.76	%		0.76	%
Revenue from top-10 markets as a percentage of real estate services revenue		56	%		55	%
Average number of lead agents		1,765			1,776
Mortgage originations by dollars (in millions)	$	4,556		$	4,268
Mortgage originations by units (in ones)		10,891			10,654
(1) Prior to the second quarter of 2022, we reported our U.S. market share based on the aggregate home value of our real estate services transactions, relative to the aggregate value of all U.S. home sales, which we computed based on the mean sale price of U.S. homes provided by the National Association of REALTORS® (“NAR”). Beginning in the second quarter of 2022, NAR (1) revised its methodology of computing the mean sale price, (2) restated its previously reported mean sale price beginning from January 2020 (and indicated that previously reported mean sale price prior to January 2020 is not comparable), and (3) discontinued publication of the mean sale price as part of its primary data set. Due to these changes, as of the second quarter of 2022, we report our U.S. market share based on the number of homes sold, rather than the dollar value of homes sold. Our market share by number of homes sold has historically been lower than our market share by dollar value of homes sold. We also stopped reporting the aggregate home value of our real estate services transactions.

Redfin Corporation and Subsidiaries Segment Reporting and Reconciliation of Adjusted EBITDA to Net Income (Loss) (unaudited, in thousands)

	Three Months Ended December 31, 2024
	Real estate services			Rentals			Mortgage			Title		Monetization		Corporate overhead			Total
Revenue	$	148,982		$	51,634		$	30,210		$	9,097	$	4,359	$	—		$	244,282
Cost of revenue		116,315			12,271			26,910			6,718		128		—			162,342
Gross profit		32,667			39,363			3,300			2,379		4,231		—			81,940
Operating expenses
Technology and development		20,914			11,438			696			114		755		1,034			34,951
Marketing		10,022			11,353			767			14		—		1			22,157
General and administrative		17,616			21,653			6,341			794		662		6,932			53,998
Restructuring and reorganization		—			—			—			—		—		952			952
Total operating expenses		48,552			44,444			7,804			922		1,417		8,919			112,058
(Loss) income from continuing operations		(15,885	)		(5,081	)		(4,504	)		1,457		2,814		(8,919	)		(30,118	)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net		(31	)		132			(6	)		220		63		(6,625	)		(6,247	)
Net (loss) income from continuing operations	$	(15,916	)	$	(4,949	)	$	(4,510	)	$	1,677	$	2,877	$	(15,544	)	$	(36,365	)

	Three Months Ended December 31, 2024
	Real estate services			Rentals			Mortgage			Title			Monetization			Corporate overhead			Total
Net (loss) income from continuing operations	$	(15,916	)	$	(4,949	)	$	(4,510	)	$	1,677		$	2,877		$	(15,544	)	$	(36,365	)
Interest income⁽¹⁾		(27	)		(132	)		(3,199	)		(220	)		(63	)		(775	)		(4,416	)
Interest expense⁽²⁾		—			—			2,962			—			—			8,276			11,238
Income tax expense		—			—			—			—			—			(905	)		(905	)
Depreciation and amortization		3,143			5,150			881			28			87			140			9,429
Stock-based compensation⁽³⁾		10,177			3,465			375			284			304			2,612			17,217
Restructuring and reorganization⁽⁴⁾		—			—			—			—			—			952			952
Adjusted EBITDA	$	(2,623	)	$	3,534		$	(3,491	)	$	1,769		$	3,205		$	(5,244	)	$	(2,850	)
(1) Interest income includes $3.2 million of interest income related to originated mortgage loans for the three months ended December 31, 2024.
(2) Interest expense includes $3.0 million of interest expense related to our warehouse credit facilities for the three months ended December 31, 2024.
(3) Stock-based compensation consists of expenses related to restricted stock units and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.

	Three Months Ended December 31, 2023
	Real estate services			Rentals			Mortgage			Title			Monetization		Corporate overhead			Total
Revenue	$	132,890		$	49,176		$	26,270		$	5,759		$	3,982	$	—		$	218,077
Cost of revenue		103,000			11,070			25,070			5,633			153		—			144,926
Gross profit		29,890			38,106			1,200			126			3,829		—			73,151
Operating expenses
Technology and development		25,551			15,853			694			91			938		971			44,098
Marketing		7,897			11,443			942			13			1		36			20,332
General and administrative		17,854			20,807			4,689			672			296		7,888			52,206
Restructuring and reorganization		—			503			—			—			—		265			768
Total operating expenses		51,302			48,606			6,325			776			1,235		9,160			117,404
(Loss) income from continuing operations		(21,412	)		(10,500	)		(5,125	)		(650	)		2,594		(9,160	)		(44,253	)
Interest income, interest expense, income tax benefit, gain on extinguishment of convertible senior notes, and other expense, net		18			100			(168	)		131			106		21,168			21,355
Net (loss) income from continuing operations	$	(21,394	)	$	(10,400	)	$	(5,293	)	$	(519	)	$	2,700	$	12,008		$	(22,898	)

	Three Months Ended December 31, 2023
	Real estate services			Rentals			Mortgage			Title			Monetization			Corporate overhead			Total
Net (loss) income from continuing operations	$	(21,394	)	$	(10,400	)	$	(5,293	)	$	(519	)	$	2,700		$	12,008		$	(22,898	)
Interest income⁽¹⁾		(18	)		(100	)		(2,176	)		(131	)		(106	)		(2,007	)		(4,538	)
Interest expense⁽²⁾		—			—			2,318			—			—			4,132			6,450
Income tax expense		—			—			68			—			—			29			97
Depreciation and amortization		3,201			9,808			935			28			218			255			14,445
Stock-based compensation⁽³⁾		10,961			3,073			(1,088	)		217			333			2,057			15,553
Restructuring and reorganization⁽⁴⁾		—			503			—			—			—			265			768
Impairment⁽⁵⁾		—			—			—			—			—			1,835			1,835
Gain on extinguishment of convertible senior notes		—			—			—			—			—			(25,171	)		(25,171	)
Adjusted EBITDA	$	(7,250	)	$	2,884		$	(5,236	)	$	(405	)	$	3,145		$	(6,597	)	$	(13,459	)
(1) Interest income includes $2.2 million of interest income related to originated mortgage loans for the three months ended December 31, 2023.
(2) Interest expense includes $2.2 million of interest expense related to our warehouse credit facilities for the three months ended December 31, 2023.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(5) Impairment consists of an impairment loss due to subleasing one of our operating leases.

	Year Ended December 31, 2024
	Real estate services			Rentals			Mortgage			Title		Monetization		Corporate overhead			Total
Revenue	$	642,867		$	203,739		$	139,829		$	37,509	$	19,035	$	—		$	1,042,979
Cost of revenue		487,513			47,724			115,556			27,024		961		—			678,778
Gross profit		155,354			156,015			24,273			10,485		18,074		—			364,201
Operating expenses
Technology and development		105,268			48,015			2,727			448		3,107		4,362			163,927
Marketing		57,961			53,490			2,988			37		4		1			114,481
General and administrative		74,794			88,447			25,428			3,215		1,520		41,960			235,364
Restructuring and reorganization		—			—			—			—		—		5,684			5,684
Total operating expenses		238,023			189,952			31,143			3,700		4,631		52,007			519,456
(Loss) income from continuing operations		(82,669	)		(33,937	)		(6,870	)		6,785		13,443		(52,007	)		(155,255	)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net		(25	)		197			(2,968	)		690		283		(7,723	)		(9,546	)
Net (loss) income from continuing operations	$	(82,694	)	$	(33,740	)	$	(9,838	)	$	7,475	$	13,726	$	(59,730	)	$	(164,801	)

	Year ended December 31, 2024
	Real estate services			Rentals			Mortgage			Title			Monetization			Corporate overhead			Total
Net (loss) income from continuing operations	$	(82,694	)	$	(33,740	)	$	(9,838	)	$	7,475		$	13,726		$	(59,730	)	$	(164,801	)
Interest income⁽¹⁾		(67	)		(365	)		(11,615	)		(690	)		(283	)		(4,944	)		(17,964	)
Interest expense⁽²⁾		—			—			14,208			—			—			24,798			39,006
Income tax expense		—			109			—			—			—			(639	)		(530	)
Depreciation and amortization		12,445			25,038			3,660			109			673			843			42,768
Stock-based compensation⁽³⁾		44,423			13,443			1,038			1,119			1,157			9,979			71,159
Restructuring and reorganization⁽⁴⁾		—			—			—			—			—			5,684			5,684
Gain on extinguishment of convertible senior notes		—			—			—			—			—			(12,000	)		(12,000	)
Legal contingencies⁽⁵⁾		—			—			—			—			—			10,154			10,154
Adjusted EBITDA	$	(25,893	)	$	4,485		$	(2,547	)	$	8,013		$	15,273		$	(25,855	)	$	(26,524	)
(1) Interest income includes $11.6 million of interest income related to originated mortgage loans for the year ended December 31, 2024.
(2) Interest expense includes $11.2 million of interest expense related to our warehouse credit facilities for the year ended December 31, 2024.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(5) Legal contingencies includes expenses related to material contingent liabilities resulting from litigation or other legal proceedings.

	Year Ended December 31, 2023
	Real estate services			Rentals			Mortgage			Title			Monetization		Corporate overhead			Total
Revenue⁽¹⁾	$	618,577		$	184,812		$	134,108		$	25,095		$	14,080	$	—		$	976,672
Cost of revenue		462,625			42,086			118,178			23,335			629		—			646,853
Gross profit		155,952			142,726			15,930			1,760			13,451		—			329,819
Operating expenses
Technology and development		108,201			63,934			2,871			510			3,994		3,784			183,294
Marketing		59,746			53,952			4,064			54			6		41			117,863
General and administrative		76,851			94,252			25,012			2,776			1,241		38,658			238,790
Restructuring and reorganization		—			503			—			—			—		7,424			7,927
Total operating expenses		244,798			212,641			31,947			3,340			5,241		49,907			547,874
(Loss) income from continuing operations		(88,846	)		(69,915	)		(16,017	)		(1,580	)		8,210		(49,907	)		(218,055	)
Interest income, interest expense, income tax expense, gain on extinguishment of convertible senior notes, and other expense, net		59			215			(392	)		348			364		91,069			91,663
Net (loss) income from continuing operations	$	(88,787	)	$	(69,700	)	$	(16,409	)	$	(1,232	)	$	8,574	$	41,162		$	(126,392	)
(1) Included in revenue is $1.2 million from providing services to our discontinued properties segment.

	Year ended December 31, 2023
	Real estate services			Rentals			Mortgage			Title			Monetization			Corporate overhead			Total
Net (loss) income from continuing operations	$	(88,787	)	$	(69,700	)	$	(16,409	)	$	(1,232	)	$	8,574		$	41,162		$	(126,392	)
Interest income⁽¹⁾		(59	)		(338	)		(11,238	)		(348	)		(364	)		(9,407	)		(21,754	)
Interest expense⁽²⁾		—			—			12,055			—			—			9,417			21,472
Income tax expense		—			123			289			—			—			567			979
Depreciation and amortization		16,020			39,876			3,864			137			865			2,000			62,762
Stock-based compensation⁽³⁾		44,002			14,653			1,466			885			1,361			8,334			70,701
Acquisition-related costs⁽⁴⁾		—			—			—			—			—			8			8
Restructuring and reorganization⁽⁵⁾		—			503			—			—			—			7,424			7,927
Impairment⁽⁶⁾		—			—			—			—			—			1,948			1,948
Gain on extinguishment of convertible senior notes		—			—			—			—			—			(94,019	)		(94,019	)
Adjusted EBITDA		(28,824	)		(14,883	)		(9,973	)		(558	)		10,436			(32,566	)		(76,368	)
(1) Interest income includes $11.2 million of interest income related to originated mortgage loans for the year ended December 31, 2023.
(2) Interest expense includes $11.9 million of interest expense related to our warehouse credit facilities for the year ended December 31, 2023.
(3) Stock-based compensation consists of expenses related to stock options, restricted stock units, and our employee stock purchase program.
(4) Acquisition-related costs consist of fees for external advisory, legal, and other professional services incurred in connection with our acquisition of other companies.
(5) Restructuring and reorganization expenses primarily consist of personnel-related costs associated with employee terminations, furloughs, or retention due to the restructuring and reorganization activities.
(6) Impairment consists of impairment losses due to subleasing two of our operating leases.

Redfin Corporation and Subsidiaries Reconciliation of Adjusted EBITDA Guidance to Net Loss Guidance (unaudited, in millions)

	Three Months Ended March 31, 2025
	Low			High
Net loss	$	(94	)	$	(83	)
Net interest expense		6			6
Depreciation and amortization		9			9
Stock-based compensation		15			15
Restructuring and reorganization		24			21
Adjusted EBITDA	$	(39	)	$	(32	)

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227416933/en/

Investor Relations

Meg Nunnally

[email protected]

Press

Alina Ptaszynski

[email protected]

KEYWORDS: United States North America Washington

INDUSTRY KEYWORDS: Residential Building & Real Estate Construction & Property Professional Services Insurance

MEDIA:

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February 27, 2025 4:04 pm

Intchains Group Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

NEW YORK, Feb. 27, 2025 (GLOBE NEWSWIRE) — Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Operating and Financial Highlights

Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Since we offer a wide range of altcoin mining products, with each unit incorporating anywhere from tens to thousands of ASIC chips, it is more meaningful to measure the sales of our altcoin mining products by the number of embedded ASIC chips. Our sales volume of ASIC chips for Q4 2024 was 1,705,408 units, compared to 423,040 units for the same period last year, representing an increase of 303.1%.
Revenue: Our revenue for Q4 2024 reached RMB74.2 million (US$10.2 million), reflecting a significant increase of 109.2% from RMB35.5 million for the same period of 2023. For the fourth quarter of 2024, revenue derived from mainland China and overseas countries and regions accounted for 67.0% and 33.0% of our total revenue, respectively.
Net Income: Our net income for Q4 2024 was RMB12.8 million (US$1.8 million), reflecting an increase of 58.2% from RMB8.1 million for the same period in 2023.
Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB14.8 million (US$2.0 million), reflecting an increase of 54.2% from RMB9.6 million for the same period in 2023. Non-GAAP adjusted net income excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release.
Cryptocurrency Assets: As of December 31, 2024, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB148.8 million (US$20.4 million), primarily comprised of approximately 5,702 ETH-based cryptocurrencies, valued at RMB141.2 million (US$19.3 million).

Full Year 2024 Operating and Financial Highlights

Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Our sales volume of ASIC chips achieved 2,681,500 units for the year ended December 31, 2024, representing a year-over-year increase of 84.0% from 1,457,373 units for 2023.
Revenue: Our revenue was RMB281.8 million (US$38.6 million) for the year ended December 31, 2024, representing a year-over-year increase of 242.7% from RMB82.2 million for 2023. For the year ended December 31, 2024, revenue derived from mainland China and overseas countries and regions accounted for 45.5% and 54.5% of our total revenue, respectively.
Net Income: Our net income was RMB51.5 million (US$7.1 million) for the year ended December 31, 2024, compared to a net loss of RMB26.8 million for 2023.
Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income for the year ended December 31, 2024 was RMB60.5 million (US$8.3 million), compared to a net loss of RMB23.3 million for 2023. Non-GAAP adjusted net income excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press release.

Intchains Group Achieves Milestones in Innovative Solutions and Cryptocurrency Strategy

Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “The cryptocurrency market showed strong performance in Q4 2024, with growing optimism from major financial institutions about its prospects for 2025. Riding this momentum, Dogecoin saw solid price growth during the quarter. As a leading supplier of Dogecoin mining machines, the Company also delivered satisfactory operational results in Q4 2024. The growth rate of net profit in Q4 was slower than that of revenue, primarily due to the Company’s research and development expenses for the launch of new projects in 2025. the Company expects that the increased investment in research and development will better drive the Company’s operational performance in 2025. Throughout this quarter, the Company continued its Ethereum treasury strategy, increasing its ETH holdings by 37% compared to Q3 2024 in terms of units of ETH held at the end of the quarter, The combination of rising Ethereum prices and an expanded ETH portfolio had a positive impact on net profit, further strengthening the company’s financial position.

Looking ahead to 2025, the Company remains committed to expanding its presence in altcoin development. In February 2025, the Company introduced the AE BOX series of mining products, positioning itself as an early mover in Aleo mining. The Company will also continue upgrading its Dogecoin mining machines, reinforcing its industry leadership. Additionally, it will maintain its Ethereum treasury strategy throughout the year. On the application front, the Company took a significant step in Web3 payments with the launch of Goldshell Wallet in February 2025. This expansion reflects the Company’s commitment to broadening its Web3 ecosystem.”

Fourth Quarter 2024 Financial Results

Revenue

Revenue was RMB74.2 million (US$10.2 million) for the fourth quarter of 2024, representing an increase of 109.2% from RMB35.5 million for the same period in 2023. The substantial growth was primarily driven by a significant increase in demand for our altcoin mining products, fueled by improved cryptocurrency market performance.

Cost of Revenue

Cost of revenue was RMB54.8 million (US$7.5 million) for the fourth quarter of 2024, representing an increase of 287.4% from RMB14.1 million for the same period of 2023. The percentage increase in cost of revenue was higher than the percentage increase in our revenue, which was primarily due to the lower gross margins for the series of mining products we primarily sold in the fourth quarter of 2024, compared to the same period last year.

Operating Expenses

Total operating expenses were RMB56.0million (US$7.7 million) for the fourth quarter of 2024, representing an increase of 145.8% from RMB22.8 million for the same period of 2023. The increase was primarily due to an increase in research and development expenses.

Research and development expenses increased by 228.7% to RMB45.9 million (US$6.3 million) for the fourth quarter of 2024 from RMB14.0 million for the same period of 2023. The increase was primarily due to higher expenses related to preliminary research costs conducted for new projects, as well as increased personnel-related expenses.
Sales and marketing expenses increased by 62.1% to RMB2.9 million (US$0.4 million) for the fourth quarter of 2024 from RMB1.8 million for the same period of 2023, mainly driven by increased personnel-related expenses.
General and administrative expenses remained relatively steady at RMB7.0 million and RMB7.2 million (US$1.0 million), respectively, for the fourth quarter of 2023 and 2024.

Interest Income

Interest income decreased by 11.1% to RMB3.8 million (US$0.5 million) for the fourth quarter of 2024 from RMB4.2 million for the same period of 2023, mainly due to a reduced cash balance resulting from our strategy of using part of our operating cash flow to acquire and hold ETH-based cryptocurrencies.

Gain on fair value of cryptocurrency, net

Gain on fair value of cryptocurrency, net, for the fourth quarter of 2024 was RMB29.2 million (US$4.0 million), compared to nil in the same period of 2023. The gain was primarily due to an approximately 31.5% increase in the price of ETH and an approximately 37.4% increase in the number of ETH-based cryptocurrency units held from the end of the third quarter of 2024 to the end of the fourth quarter of 2024.

Other Income, Net

Other income, net, decreased by 29.8% to RMB5.2 million (US$0.7 million) for the fourth quarter of 2024 from RMB7.5 million for the same period of 2023, primarily due to the decrease in grants received from the local government, which have no repayment obligations.

Net Income

As a result of the foregoing, our net income increased by 58.2% to RMB12.8 million (US$1.8 million) for the fourth quarter of 2024 from RMB8.1 million for the same period of 2023.

Non-GAAP Adjusted Net Income

Non-GAAP adjusted net income increased by 54.2% to RMB14.8 million (US$2.0 million) for the fourth quarter of 2024 from RMB9.6 million for the same period of 2023.

Basic and Diluted Net Earnings Per Ordinary Share

Basic and diluted net earnings per ordinary share both increased by 57.1% to RMB0.11 (US$0.01) for the fourth quarter of 2024 from RMB0.07 for the same period of 2023.

Non-GAAP Basic and Diluted Net Earnings Per Ordinary Share

Non-GAAP adjusted basic and diluted net earnings per ordinary share increased by 50.2% to RMB0.12 (US$0.02) for the fourth quarter of 2024 from RMB0.08 for the same period of 2023. Each ADS represents two of the Company’s Class A ordinary shares.

Full Year 2024 Financial Results

Revenue

Revenue was RMB281.8 million (US$38.6 million) in 2024, representing an increase of 242.7% from RMB82.2 million in 2023. The substantial growth was primarily driven by a significant increase in the average selling price of our new products launched in March 2024, compared to older products, as well as improved cryptocurrency market performance, which led to higher demand for our products.

Cost of Revenue

Cost of revenue was RMB130.5 million (US$17.9 million) for the year ended December 31, 2024, representing an increase of 78.3% from RMB73.1 million for 2023. The percentage increase in cost of revenue was substantially lower than the percentage increase in our revenue, which was primarily due to the higher gross margins for our new products launched in March 2024 compared to the older products.

Operating Expenses

Total operating expenses were RMB148.2 million (US$20.3 million) for 2024, representing an increase of 100.1% from RMB74.0 million for 2023. The increase was primarily due to an increase in research and development expenses.

Research and development expenses increased by 158.7% to RMB109.4 million (US$15.0 million) for 2024 from RMB42.3 million for 2023. The increase was primarily due to more products launched in 2024, as well as increased personnel-related expenses.
Sales and marketing expenses increased by 29.6% to RMB8.5 million (US$1.2 million) for 2024 from RMB6.5 million for 2023, mainly driven by increased personnel-related expenses.
General and administrative expenses increased by 20.0% to RMB30.2 million (US$4.1 million) for 2024 from RMB25.2 million for 2023, primarily due to increased personnel-related expenses and increased amortization expenses of trademarks.

Interest Income

Interest income remained relatively steady at RMB16.8 million and RMB16.2 million (US$2.2 million), respectively, for the year ended December 31, 2023 and 2024.

Gain on fair value of cryptocurrency, net

Gain on fair value of cryptocurrency, net, for 2024 was RMB21.3 million (US$2.9 million), compared to nil for 2023. The gain was primarily due to ETH closing price rising approximately 48.6% from the end of 2023 to the end of 2024, as well as units of ETH-based cryptocurrencies held increased from approximately 60 from the end of 2023 to 5,702 from the end of 2024.

Other Income, Net

Other income, net, decreased by 38.7% to RMB8.1 million (US$1.1 million) for 2024 from RMB13.2 million for 2023, primarily due to the decrease in grants received from the local government, which have no repayment obligations.

Net Income/(loss)

As a result of the foregoing, we recorded a net income of RMB51.5 million (US$7.1 million) for the year ended December 31, 2024, compared to a net loss of RMB26.8 million for the year ended December 31, 2023.

Basic and Diluted Net Earnings/(Losses) Per Ordinary Share

Basic and diluted net earnings per ordinary share were both RMB0.43 (US$0.06) for the year ended December 31, 2024, compared to basic and diluted net loss per ordinary share of RMB0.22 for the year ended December 31, 2023.

Non-GAAP Basic and Diluted Net Earnings/(Losses) Per Ordinary Share

Non-GAAP adjusted basic and diluted net income per ordinary share was RMB0.50 (US$0.07) for the year ended December 31, 2024, compared to Non-GAAP adjusted basic and diluted net loss per ordinary share of RMB0.20 for the year ended December 31, 2023. Each ADS represents two of the Company’s Class A ordinary shares.

Recent Development

Aleo Mining: On February 7, 2025, the Company launched AE BOX series of cutting-edge mining products for Aleo, establishing itself as a pioneer in Aleo mining solutions. This marks the Company’s first venture into the zero-knowledge proof sector, further reinforcing its deep expertise and innovation in the altcoin space.

Goldshell Wallet: On February 26, 2025, the Company introduced the Goldshell Wallet, an air-gapped, triple-secured wallet designed for maximum security and seamless user experience. Currently in their trial stage, Goldshell Wallet is not expected to contribute materially to our profits during this phase. However, we believe they represent an important step toward becoming a company with a stable application development pipeline and the ability to navigate across the crypto cycle.

Conference Call Information

The Company’s management team will host an earnings conference call to discuss its financial results at 8:00 PM U.S. Eastern Time on February 27, 2025 (9:00 AM Beijing Time on February 28, 2025). Details for the conference call are as follows:

Event Title:	Intchains Group Limited Fourth Quarter 2024 Earnings Conference Call
Date:	February 27, 2025
Time:	8:00 PM U.S. Eastern Time
Registration Link:	https://register.vevent.com/register/BI19e79ee987794b71a2f0af1c0f1a3d42

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://intchains.com/.

About Intchains Group Limited

Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.

Exchange Rate Information

The unaudited United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00=RMB7.2993 on the last trading day of the fourth quarter of 2024 (December 31, 2024). No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Use of Non-GAAP Financial Measures

In evaluating Company’s business, the Company uses non-GAAP measures, such as adjusted income (loss) from operations and adjusted net income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses, and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted net income is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in Company’s business and are not reflected in the presentation of adjusted net income. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For investor and media inquiries, please contact:

Intchains Group Limited

Investor relations
Email: [email protected]

Redhill

Belinda Chan
Tel: +852-9379-3045
Email: [email protected]


INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands, except share and per share data, or as otherwise noted)

	As of December 31,
	2023		2024
	RMB		RMB		US$
ASSETS
Current Assets：
Cash and cash equivalents	694,750		322,252		44,148
USDC	—		1,690		232
Cryptocurrency-current	—		30,079		4,121
Inventories, net	41,767		98,614		13,510
Prepayments and other current assets, net	47,403		69,703		9,549
Short-term investments	13,596		198,562		27,203
Total current assets	797,516		720,900		98,763
Non-current Assets:
Cryptocurrency-non-current	645		148,790		20,384
Long-term investments	—		20,569		2,818
Property, equipment, and software, net	49,184		157,065		21,518
Intangible assets, net	3,425		3,552		487
Right-of-use assets	1,735		272		37
Deferred tax assets	12,899		28,942		3,965
Prepayments on long-term assets	113,425		—		—
Other non-current assets	421		9,419		1,290
Total non-current assets	181,734		368,609		50,499
Total assets	979,250		1,089,509		149,262
LIABILITIES, AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	195		14,847		2,034
Contract liabilities	9,828		37,447		5,129
Income tax payable	1,634		2,023		277
Lease liabilities	1,103		272		37
Provision for warranty	40		161		22
Accrued liabilities and other current liabilities	15,364		21,692		2,971
Total current liabilities	28,164		76,442		10,470
Non-current Liabilities:
Deferred tax liabilities	—		—		—
Lease liabilities	761		—		—
Total non-current liabilities	761		—		—
Total liabilities	28,925		76,442		10,470
Shareholders’ Equity:
Ordinary shares (US$0.000001 par value; 50,000,000,000 shares authorized, 119,876,032 and 120,081,456 shares issued, 119,876,032 and 119,962,962 shares outstanding as of December 31, 2023 and December 31, 2024, respectively)	1		1		—
Subscriptions receivable from shareholders	(1	)	(1	)	—
Additional paid-in capital	186,262		195,236		26,747
Statutory reserve	48,265		51,762		7,091
Accumulated other comprehensive income	1,838		3,777		518
Retained earnings	713,960		762,292		104,436
Total equity	950,325		1,013,067		138,792
Total liabilities and shareholders’ equity	979,250		1,089,509		149,262

INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(All amounts in thousands, except share and per share data, or as otherwise noted)

	For the Three Months ended December 31,
	2023		2024
	RMB		RMB		US$
Products revenue	35,454		74,177		10,162
Cost of revenue	(14,132	)	(54,752	)	(7,501	)
Gross profit	21,322		19,425		2,661
Operating expenses:
Research and development expenses	(13,962	)	(45,887	)	(6,286	)
Sales and marketing expenses	(1,787	)	(2,897	)	(397	)
General and administrative expenses	(7,040	)	(7,237	)	(991	)
Total operating expenses	(22,789	)	(56,021	)	(7,674	)
Loss from operations	(1,467	)	(36,596	)	(5,013	)
Interest income	4,248		3,778		518
Foreign exchange gains/(losses), net	(971	)	2,264		310
Gain on fair value of cryptocurrency, net	—		29,228		4,004
Other income, net	7,458		5,237		717
Income before income tax expenses	9,268		3,911		536
Income tax (expense)/benefit	(1,190	)	8,870		1,215
Net Income	8,078		12,781		1,751
Foreign currency translation adjustment, net of nil tax	(826	)	4,127		565
Total comprehensive income	7,252		16,908		2,316

Weighted average number of shares used in per share calculation
— Basic	119,876,032		119,962,962		119,962,962
— Diluted	119,921,358		119,980,895		119,980,895
Net earnings per share
— Basic	0.07		0.11		0.01
— Diluted	0.07		0.11		0.01

INTCHAINS GROUP LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)
(All amounts in thousands, except share and per share data, or as otherwise noted)

	For the Year ended December 31,
	2023		2024
	RMB		RMB		US$
Products revenue	82,225		281,767		38,602
Cost of revenue	(73,147	)	(130,452	)	(17,872	)
Gross profit	9,078		151,315		20,730
Operating expenses:
Research and development expenses	(42,304	)	(109,443	)	(14,994	)
Sales and marketing expenses	(6,532	)	(8,468	)	(1,160	)
General and administrative expenses	(25,210	)	(30,248	)	(4,144	)
Total operating expenses	(74,046	)	(148,159	)	(20,298	)
Income/(loss) from operations	(64,968	)	3,156		432
Interest income	16,750		16,235		2,224
Foreign exchange gains/(losses), net	(524	)	1,382		189
Gain on fair value of cryptocurrency, net	—		21,322		2,921
Other income, net	13,191		8,082		1,107
Income/(loss) before income tax expenses	(35,551	)	50,177		6,873
Income tax benefit	8,756		1,320		181
Net Income/(loss)	(26,795	)	51,497		7,054
Foreign currency translation adjustment, net of nil tax	1,838		1,939		266
Total comprehensive income/(loss)	(24,957	)	53,436		7,320

Weighted average number of shares used in per share calculation
— Basic	119,387,937		119,932,051		119,932,051
— Diluted	119,387,937		120,011,806		120,011,806
Net earnings/(losses) per share
— Basic	(0.22	)	0.43		0.06
— Diluted	(0.22	)	0.43		0.06

INTCHAINS GROUP LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except per share data)

	For the Three Months ended December 31,
	2023		2024
	RMB		RMB		US$
L oss from operations	(1,467	)	(36,596	)	(5,013	)
Add:
Share-based compensation expense	1,501		1,992		273
Non-GAAP adjusted operating income/(loss)	34		(34,604	)	(4,740	)
Net income	8,078		12,781		1,751
Add:
Share-based compensation expense	1,501		1,992		273
Non-GAAP adjusted net income	9,579		14,773		2,024

Non-GAAP adjusted net earnings per share
— Basic	0.08		0.12		0.02
— Diluted	0.08		0.12		0.02

INTCHAINS GROUP LIMITED
RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except per share data)

	For the Year ended December 31,
	2023		2024
	RMB		RMB	US$
Income/(loss) from operations	(64,968	)	3,156	432
Add:
Share-based compensation expense	3,474		8,973	1,229
Non-GAAP adjusted operating income/(loss)	(61,494	)	12,129	1,661
Net income /(loss)	(26,795	)	51,497	7,054
Add:
Share-based compensation expense	3,474		8,973	1,229
Non-GAAP adjusted net income /(loss)	(23,321	)	60,470	8,283

Non-GAAP adjusted net earnings/(losses) per share
— Basic	(0.20	)	0.50	0.07
— Diluted	(0.20	)	0.50	0.07

INTCHAINS GROUP LIMITED
UNAUDITED CRYPTOCURRENCY-ADDITIONAL INFORMATION

As of Quarter Ended	Cryptocurrency	Approximate Number of Cryptocurrency Held at End of Quarter	Original Cost Basis	Approximate Average Cost Price Per Unit of Cryptocurrency	Lowest Market Price Per Unit of Cryptocurrency During Quarter (a)	Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price (b)	Highest Market Price Per Unit of Cryptocurrency During Quarter (c)	Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price (d)	Market Price Per Unit of Cryptocurrency at End of Quarter (e)	Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price (f)
		Unit	USD	USD	USD	USD	USD	USD	USD	USD
December 31, 2024	ETH	5,075	15,102,524	2,976	2,309	11,718,175	4,109	20,853,175	3,414	17,326,050
	ETH-Coinbase Staked	627	1,800,713	2,872	2,487	1,559,349	4,450	2,790,150	3,701	2,320,527
	Bitcoin	10.29	720,567	70,026	58,864	605,711	108,389	1,115,323	95,285	980,483
	USDT&USDC	4,425,484	4,428,159	1	1	4,384,335	1	4,469,357	1	4,419,574
	Others	Multiple *	78,298	Multiple *	Multiple *	30,694	Multiple *	101,589	Multiple *	69,389
	Total		22,130,261			18,298,264		29,329,594		25,116,023

September 30, 2024	ETH	3,522	10,115,116	2,872	2,116	7,452,552	3,563	12,548,886	2,596	9,143,112
	ETH-Coinbase Staked	627	1,800,713	2,872	2,290	1,435,830	3,926	2,461,602	2,807	1,759,989
	Bitcoin	8.47	549,364	64,860	49,050	415,454	70,000	592,900	63,552	538,285
	USDT&USDC	9,847,687	9,849,266	1	1	9,814,682	1	9,857,395	1	9,845,929
	Others	Multiple *	105,405	Multiple *	Multiple *	36,415	Multiple *	72,441	Multiple *	53,661
	Total		22,419,864			19,154,933		25,533,224		21,340,976

June 30, 2024	ETH	1,937	6,179,744	3,190	2,814	5,450,718	3,974	7,697,638	3,394	6,574,178
	ETH-Coinbase Staked	480	1,301,108	2,711	2,954	1,417,920	4,243	2,036,640	3,645	1,749,600
	Bitcoin	3.95	265,883	67,312	56,500	223,175	72,777	287,469	61,613	243,371
	USDT&USDC	10,422,648	10,423,276	1	1	10,386,315	1	10,458,980	1	10,404,063
	Others	Multiple *	107,484	Multiple *	Multiple *	54,226	Multiple *	122,435	Multiple *	64,202
	Total		18,277,495			17,532,354		20,603,162		19,035,414

March 31, 2024	ETH	346	999,180	2,888	2,100	726,600	4,094	1,416,524	3,618	1,251,828
	ETH-Coinbase Staked	479	1,297,687	2,709	2,236	1,071,044	4,341	2,079,339	3,842	1,840,318
	Bitcoin	0.67	44,995	67,157	38,501	25,796	73,836	49,470	70,407	47,173
	USDT&USDC	99,583	99,583	1	1	99,583	1	99,583	1	99,583
	Others	Multiple *	81,571	Multiple *	Multiple *	67,814	Multiple *	124,481	Multiple *	91,346
	Total		2,523,016			1,990,837		3,769,397		3,330,248

^{* The ‘Others’ category encompasses various cryptocurrencies that are not reported individually due to their lower significance. This category is labeled as ‘Multiple’ to indicate the presence of diverse prices associated with different type of cryptocurrency. Due to their immaterial nature, detailed price listings are not provided.}

^{(a) The “Lowest Market Price Per Unit of Cryptocurrency During Quarter” represents the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.}

^{(b) The “Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price” represents a mathematical calculation consisting of the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.}

^{(c) The “Highest Market Price Per Unit of Cryptocurrency During Quarter” represents the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.}

^{(d) The “Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price” represents a mathematical calculation consisting of the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.}

^{(e) The “Market Price Per Unit of Cryptocurrency at End of Quarter” represents the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter, which aligns with the our revenue recognition cut-off.}

^{(f) The “Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price” represents a mathematical calculation consisting of the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable period.}

February 27, 2025 4:04 pm

Arcellx Provides Fourth Quarter and Year-End 2024 Financial Results and Business Highlights

Arcellx Provides Fourth Quarter and Year-End 2024 Financial Results and Business Highlights

— Presented positive preliminary data at ASH 2024 from 86 patients enrolled in the Phase 2 pivotal iMMagine-1 study of anito-cel in patients with RRMM which demonstrated 97% ORR and 62% CR/sCR at a median follow-up of 9.5 months —

— No delayed neurotoxicities observed with anito-cel, including no Parkinsonism, no cranial nerve palsies, and no Guillain-Barré syndrome in 155 patients dosed across the Phase 1 and iMMagine-1 studies as presented at ASH 2024 —

— iMMagine-1 update planned for presentation mid-year 2025 —

— Commercial launch of anito-cel in RRMM planned for 2026 —

— Ended the quarter with $626M, reiterating cash runway into 2027 —

REDWOOD CITY, Calif.–(BUSINESS WIRE)–
Arcellx, Inc. (NASDAQ: ACLX), a biotechnology company reimagining cell therapy through the development of innovative immunotherapies for patients with cancer and other incurable diseases, today reported business highlights and financial results for the fourth quarter and year ended December 31, 2024.

“2024 was a transformational year for Arcellx as our ASH data presentations for anito-cel, in partnership with Kite, continued to demonstrate anito-cel’s differentiated clinical profile for the potential treatment of patients with relapsed or refractory multiple myeloma,” said Rami Elghandour, Arcellx’s Chairman and Chief Executive Officer. “In our Phase 1 and iMMagine-1 studies, data demonstrate that anito-cel has the potential to provide a meaningful benefit to a broad population of patients. Our Phase 1 study demonstrated that the deep responses observed with anito-cel also translated to durable benefit for patients with a 30.2 month median progression-free survival in a challenging patient cohort and the preliminary data from our pivotal iMMagine-1 study demonstrated anito-cel also delivered deep responses for late line myeloma patients with a 97% overall response rate and 62% complete response rate at a median follow-up of 9.5 months. Most notably, as presented during ASH, the safety profile for anito-cel continues to be manageable with no delayed neurotoxicities, including no Parkinsonism, no cranial nerve palsies, and no Guillain-Barré syndrome in the 155 patients dosed across the Phase 1 and iMMagine-1 studies. Physician engagement and enthusiasm for anito-cel continues to build following these data presentations and as more sites gain experience with anito-cel through iMMagine-3, our earlier-line study. Kite is manufacturing for iMMagine-3, and turnaround times are consistent with Kite commercial products. This year, we look forward to presenting updated data from our iMMagine-1 study mid-year, preparing for the commercial launch of anito-cel in multiple myeloma in 2026, enrolling our program in generalized myasthenia gravis, and expanding our ARC-SparX program in acute myeloid leukemia to include an additional SparX antigen target. Thank you to our Arcellx team who are willing to embrace challenges and think creatively to make an impact for the patients we serve.”

Recent Business Progress

Presented positive preliminary data for the Phase 2 pivotal iMMagine-1 study of anito-cel in patients with relapsed or refractory multiple myeloma (RRMM) at the 66th ASH Annual Meeting and Exposition. The data presented on December 9, 2024 demonstrated deep and durable responses with a predictable and manageable safety profile in a high-risk fourth-line or higher (4L+) RRMM population, including triple- and penta-class refractory disease. The data were from an October 31, 2024 data cutoff date, with a median follow-up of 9.5 months for the 86 patients who were evaluable for efficacy based on a follow-up of at least two months after treatment with anito-cel, and 98 patients were evaluable for safety based on a follow-up of at least one month after treatment with anito-cel.

Overall response rate was 97% (83/86) with a complete response/stringent complete response rate of 62% (53/86) and a very good partial response or higher rate of 81% (70/86), per International Myeloma Working Group (IMWG) criteria as investigator-assessed. Of those evaluable for minimal residual disease (MRD) testing, 93.1% (54/58) achieved MRD negativity at a minimum of 10 ^-5sensitivity. Median progression-free survival (mPFS) and overall survival (OS) were not reached; 6-month PFS and OS rates were 93.3% and 96.5%, respectively, and 12-month PFS and OS rates were 78.5% and 96.5%, respectively. No delayed or non-ICANS neurotoxicities, including no Parkinsonism, no cranial nerve palsies, and no Guillain-Barré syndrome, were observed in the 155 patients dosed with anito-cel.

Fourth Quarter and Full Year 2024 Financial Highlights

Cash, cash equivalents, and marketable securities:

As of December 31, 2024, Arcellx had cash, cash equivalents, and marketable securities of $625.7 million. Arcellx anticipates that its cash, cash equivalents, and marketable securities will fund its operations into 2027.

Collaboration revenue:

Collaboration revenue were $15.3 million and $63.1 million for the quarters ended December 31, 2024 and 2023, respectively, a decrease of $47.8 million. This decrease was primarily driven by the December 2023 expansion to the license and collaboration agreement with Kite Pharma, Inc. Collaboration revenue were $107.9 million and $110.3 million for the twelve months ended December 31, 2024 and 2023, respectively, a decrease of $2.4 million.

R&D expenses:

Research and development expenses were $44.6 million and $28.8 million for the quarters ended December 31, 2024 and 2023, respectively, an increase of $15.8 million. Research and development expenses were $157.1 million and $133.8 million for the twelve months ended December 31, 2024 and 2023, respectively, an increase of $23.3 million. The increases were primarily driven by increased personnel costs, which include non-cash stock-based compensation expense, and increased costs relating to anito-cel and other pipeline programs.

G&A expenses:

General and administrative expenses were $23.8 million and $19.4 million for the quarters ended December 31, 2024 and 2023, respectively, an increase of $4.4 million. General and administrative expenses were $88.4 million and $66.4 million for the twelve months ended December 31, 2024 and 2023, respectively, an increase of $22.0 million. The increases were primarily driven by increased personnel costs, which include non-cash stock-based compensation expense, increased costs relating to commercial readiness, and increased depreciation expense.

Net losses:

Net losses were $47.1 million and $19.8 million for the quarters ended December 31, 2024 and 2023, respectively. Net losses were $107.3 million and $70.7 million for the twelve months ended December 31, 2024 and 2023, respectively.

About Multiple Myeloma

Multiple Myeloma (MM) is a type of hematological cancer in which diseased plasma cells proliferate and accumulate in the bone marrow, crowding out healthy blood cells and causing bone lesions, loss of bone density, and bone fractures. These abnormal plasma cells also produce excessive quantities of an abnormal immunoglobulin fragment, called a myeloma protein (M protein), causing kidney damage and impairing the patient’s immune function. Multiple myeloma is the third most common hematological malignancy in the United States and Europe, representing approximately 10% of all hematological cancer cases and 20% of deaths due to hematological malignancies. The median age of patients at diagnosis is 69 years with one-third of patients diagnosed at an age of at least 75 years. Because MM tends to afflict patients at an advanced stage of life, patients often have multiple co-morbidities and toxicities that can quickly escalate and become life-endangering.

About anitocabtagene autoleucel (anito-cel)

Anitocabtagene autoleucel (anito-cel, previously CART-ddBCMA) is the first BCMA-directed CAR T-cell therapy to be investigated in multiple myeloma that utilizes Arcellx’s novel and compact binder known as the D-Domain. The small, stable D-Domain binder enables high CAR expression without tonic signaling and is designed to quickly release from the BCMA target. This combination may allow for the effective elimination of multiple myeloma cells without severe immunotoxicity. Anito-cel has been granted Fast Track, Orphan Drug, and Regenerative Medicine Advanced Therapy Designations by the U.S. Food and Drug Administration.

About Arcellx and Kite Collaboration

Arcellx and Kite, a Gilead Company, formed a global strategic collaboration and license agreement to co-develop and co-commercialize anito-cel for patients with relapsed or refractory multiple myeloma (RRMM). Anito-cel is currently being developed in a Phase 2 registrational pivotal study and a Phase 3 randomized controlled study for RRMM. Kite and Arcellx will jointly commercialize the anito-cel asset in the United States, and Kite will commercialize the product outside the United States.

About Arcellx, Inc.

Arcellx, Inc. is a clinical-stage biotechnology company reimagining cell therapy by engineering innovative immunotherapies for patients with cancer and other incurable diseases. Arcellx believes that cell therapies are one of the forward pillars of medicine and Arcellx’s mission is to advance humanity by developing cell therapies that are safer, more effective, and more broadly accessible. For more information on Arcellx, please visit www.arcellx.com. Follow Arcellx on X @arcellx and LinkedIn.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that are not purely historical are forward-looking statements, including, without limitation, statements regarding: the potential of anito-cel for providing meaningful benefit in patients suffering from multiple myeloma; the potential impact of anito-cel on rrMM patients and expected clinical profile; anito-cel tolerability and toxicity trends; Arcellx’s plans for the research, pre-clinical and clinical development of its product candidates; expectations regarding the clinical trial sites and their experience; the anticipated timing for the presentation of updated iMMagine-1 preliminary data; Arcellx’s partnership with Kite; the potential commercial launch of anito-cel, subject to FDA approval; Arcellx’s ability to deliver cell therapies that will meet the key expectations of patients and clinicians and serve the multiple myeloma community; and the sufficiency of cash, cash equivalents and marketable securities and its ability to fund operations into 2027. The forward-looking statements contained herein are based upon Arcellx’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. These forward-looking statements are neither promises nor guarantees and are subject to a variety of risks and uncertainties, including risks that may be found in the section entitled Part I, Item 1A (Risk Factors) in the Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission (SEC) on or about the date hereof, and the other documents that Arcellx may file from time to time with the SEC. These forward-looking statements are made as of the date of this press release, and Arcellx assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

ARCELLX, INC.
SELECTED CONSOLIDATED BALANCE SHEET DATA
(in thousands)

	December 31,		December 31,
		2024		2023
Cash, cash equivalents, and marketable securities	$	625,652	$	729,185
Total assets		711,327		825,132
Total liabilities		256,535		339,752
Total stockholders’ equity		454,792		485,380

ARCELLX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)

	Year Ended December 31,
		2024			2023
Revenue	$	107,936		$	110,319
Operating expenses:
Research and development		157,093			133,849
General and administrative		88,414			66,350
Total operating expenses		245,507			200,199
Loss from operations		(137,571	)		(89,880	)
Other income, net		32,292			19,853
Loss before income taxes		(105,279	)		(70,027	)
Income tax expense		(2,069	)		(663	)
Net loss		(107,348	)		(70,690	)
Other comprehensive loss:
Unrealized gain on marketable securities		301			768
Comprehensive loss	$	(107,047	)	$	(69,922	)
Net loss per share attributable to common stockholders—basic and diluted	$	(2.00	)	$	(1.47	)
Weighted-average common shares outstanding—basic and diluted		53,566,153			48,061,450

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227247275/en/

Investor Contact:

Myesha Lacy

Arcellx, Inc.

[email protected]

510-418-2412

Media Contact:

Andrea Cohen

Sam Brown Inc.

[email protected]

917-209-7163

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Biotechnology Health Pharmaceutical Clinical Trials Oncology

MEDIA:

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February 27, 2025 4:04 pm

Pacira BioSciences Acquires Remaining Equity Stake of GQ Bio

— Advances Pacira’s “5×30” path to becoming an innovative biopharmaceutical organization —

— Adds novel, high-capacity, local-delivery platform for the development of genetic medicines with disease-modifying potential for prevalent musculoskeletal diseases with significant unmet needs —

— Brings preclinical portfolio and research and development talent —

— Provides expected near-term and long-term financial benefits with elimination of future milestone payments —

PARSIPPANY, N.J., Feb. 27, 2025 (GLOBE NEWSWIRE) — Pacira BioSciences, Inc. (Nasdaq: PCRX), the industry leader in its commitment to deliver innovative, non-opioid pain therapies to transform the lives of patients, today announced it has acquired the remaining 81 percent equity stake of GQ Bio Therapeutics GmbH for approximately $32 million, net of working capital and other transaction adjustments, to equity holders other than Pacira. The net purchase price includes $18 million of cash paid at closing, $8 million to be paid over three years pursuant to a key employee holdback agreement and a post-closing indemnity holdback of $6 million. The transaction builds upon Pacira’s previous investments in GQ Bio, as well as the two companies’ partnership for the development of a commercially scalable manufacturing process for PCRX-201 (enekinragene inzadenovec) and other products utilizing GQ Bio’s high-capacity adenovirus, or HCAd, gene therapy vector platform.

GQ Bio is a privately held biopharmaceutical company with a novel, high-capacity, local-delivery platform that makes genetic medicines more efficient and enables the use of large and multiple gene constructs. GQ Bio also brings to Pacira a preclinical portfolio of assets with disease-modifying potential in prevalent musculoskeletal diseases, and research and development talent.

“We are confident that this transaction will enhance our ability to address unmet patient needs, while building on our 5×30 plan to transition into an innovative biopharmaceutical organization,” said Frank D. Lee, chief executive officer of Pacira. “We have seen GQ Bio’s platform generate encouraging clinical data with PCRX-201 in osteoarthritis, underscoring the potential of this novel platform.”

“Beyond the lead indication in osteoarthritis, we believe the HCAd platform has great potential to solidify Pacira as a leading developer of new treatments for musculoskeletal pain and adjacencies by addressing the underlying cause of chronic pain using a targeted molecular approach. With nearly 1 in 4 Americans currently suffering from chronic pain, there is a critical need to address this national epidemic. Additionally, we see great potential for partnering in areas outside of our therapeutic focus to extend the HCAd platform into other conditions of high unmet need where local administration of a genetic medicine is warranted,” continued Mr. Lee.

Transaction Details

Pacira intends to maintain GQ Bio’s operations and invest in its HCAd gene therapy vector platform and innovative products built on the platform, leveraging Pacira’s clinical, regulatory and commercial capabilities.

The transaction provides Pacira with substantial expected financial benefits by eliminating its obligations for up to $64 million in potential future milestone payments, including a $4.5 million milestone payment due upon initiation of a Phase 2 clinical trial of PCRX-201, which recently opened for enrollment.

About the HCAd Platform

GQ Bio’s HCAd vector platform solves many of the challenges in the field of genetic medicine that have prevented its utilization in treating common diseases like osteoarthritis. Key features include:

The HCAd vector is much more efficient at delivering genes into cells compared to many other gene therapies that rely on adenovirus associated virus, or AAV, vectors. As a result, the desired effect can be achieved with much smaller doses.
The vector used in the HCAd platform can carry up to 30,000 base pairs of DNA, which enables gene therapy with multiple or larger genes compared to AAV vectors.
Genetic medicines based on the HCAd platform can be administered locally and have the potential for redosing at therapeutically appropriate intervals.
Lower dose levels and efficient delivery of genes into cells means that thousands of doses can be produced in a single batch. As a result, therapies built on the HCAd platform are expected to have a commercially attractive and viable cost of goods profile.

About the HCAd Pipeline

Pacira’s novel product candidate PCRX-201 (enekinragene inzadenovec), originally developed by GQ Bio, features an innovative HCAd-based design. PCRX-201 is in clinical development for osteoarthritis of the knee. PCRX-201 is injected locally into the knee joint to boost cellular production of interleukin-1 receptor antagonist (IL-1Ra) and block IL-1 pathway activation, significantly reducing chronic inflammation. PCRX-201’s unique design also features an inflammation-responsive promoter to only produce IL-1Ra when needed, mimicking how the body naturally responds to inflammation.

At the American College of Rheumatology meeting in November 2024, Pacira reported promising data from a large Phase 1 study in which PCRX-201 provided sustained improvements in knee pain, stiffness, and function through two years following local administration, with a well-tolerated safety profile. The Company is preparing to initiate a randomized, double-blind Phase 2 study of PCRX-201 for the treatment of osteoarthritis of the knee which recently opened for enrollment.

In addition to preclinical product candidates based on the HCAd vector platform, the two companies have identified numerous well-validated cytokines that could be the basis for additional locally administered genetic therapies using the HCAd platform.

About Pacira

Pacira delivers innovative, non-opioid pain therapies to transform the lives of patients. Pacira has three commercial-stage non-opioid treatments: EXPAREL^® (bupivacaine liposome injectable suspension), a long-acting local analgesic currently approved for infiltration, fascial plane block, and as an interscalene brachial plexus nerve block, an adductor canal nerve block, and a sciatic nerve block in the popliteal fossa for postsurgical pain management; ZILRETTA^® (triamcinolone acetonide extended-release injectable suspension), an extended-release, intra-articular injection indicated for the management of osteoarthritis knee pain; and iovera_®º, a novel, handheld device for delivering immediate, long-acting, drug-free pain control using precise, controlled doses of cold temperature to a targeted nerve. The Company is also advancing the development of PCRX-201, a novel, locally administered gene therapy with the potential to treat large prevalent diseases like osteoarthritis. To learn more about Pacira, visit www.pacira.com.

About GQ Bio Therapeutics GmbH

GQ Bio is pioneering a high-capacity adenovirus (HCAd) gene therapy vector platform that addresses some of the big challenges in the gene therapy field: Transfer of large and multiple genes with a single vector, highly efficient gene delivery (high transduction efficiency), and large-scale manufacturability. Based on its HCAd vector platform, GQ Bio develops transformative treatments for chronic, prevalent conditions such as osteoarthritis and intervertebral disc degeneration. GQ Bio is headquartered in Hamburg, Germany and has sites at Luckenwalde (greater Berlin area), Germany, as well as Eupen and Liège, Belgium. To learn more about GQ Bio, visit www.gq-biotx.com.

Forward-Looking Statements

Any statements in this press release about Pacira’s future expectations, plans, trends, outlook, projections and prospects, and other statements containing the words “believes,” “anticipates,” “plans,” “estimates,” “expects,” “intends,” “may,” “will,” “would,” “could,” “can” and similar expressions, constitute forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995, including, without limitation, statements related to: ‘5×30’, our growth and business strategy, our future outlook, contributions of new directors and executives, our intellectual property and patent terms, the acquisition of GQ Bio and the anticipated benefits thereof, our growth and future operating results and trends, our strategy, plans, objectives, expectations (financial or otherwise) and intentions, and future financial results and growth potential, including our plans with respect to the repayment of our indebtedness, anticipated product portfolio, development programs, development of products, strategic alliances, and the Non-Opioids Prevent Addiction in the Nation (“NOPAIN”) Act and other statements that are not historical facts. For this purpose, any statement that is not a statement of historical fact should be considered a forward-looking statement. We cannot assure you that our estimates, assumptions and expectations will prove to have been correct. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to, among others: the failure to realize the anticipated benefits and synergies from the acquisition of GQ Bio; the ability to successfully integrate GQ Bio into our existing business; the commercial success of GQ Bio’s high-capacity adenovirus gene therapy vector platform; future opportunities and plans for GQ Bio and its product candidates, including uncertainty of the expected financial performance of GQ Bio and its product candidates; disruption from the acquisition of GQ Bio, making it more difficult to conduct business as usual or maintain relationships with customers, employees or suppliers; the possibility that if we do not achieve the perceived benefits of the transaction as rapidly or to the extent anticipated by financial analysts or investors, the market price of our common stock could decline; risks associated with acquisitions, such as the risk that the acquired businesses will not be integrated successfully, that such integration may be more difficult, time-consuming or costly than expected or that the expected benefits of the transaction will not occur; our manufacturing and supply chain, global and U.S. economic conditions (including inflation and rising interest rates), and our business, including our revenues, financial condition, cash flow and results of operations; the success of our sales and manufacturing efforts in support of the commercialization of EXPAREL, ZILRETTA and iovera°; the rate and degree of market acceptance of EXPAREL, ZILRETTA and iovera°; the size and growth of the potential markets for EXPAREL, ZILRETTA and iovera° and our ability to serve those markets; our plans to expand the use of EXPAREL, ZILRETTA and iovera° to additional indications and opportunities, and the timing and success of any related clinical trials for EXPAREL, ZILRETTA and iovera°; the commercial success of EXPAREL, ZILRETTA and iovera°; the related timing and success of U.S. Food and Drug Administration supplemental New Drug Applications and premarket notification 510(k)s; the related timing and success of European Medicines Agency Marketing Authorization Applications; our plans to evaluate, develop and pursue additional product candidates utilizing our proprietary multivesicular liposome (“pMVL”) drug delivery technology; the approval of the commercialization of our products in other jurisdictions; clinical trials in support of an existing or potential pMVL-based product; our commercialization and marketing capabilities; our ability to successfully complete capital projects; the outcome of any litigation; the recoverability of our deferred tax assets; assumptions associated with contingent consideration payments; assumptions used for estimated future cash flows associated with determining the fair value of the Company; the anticipated funding or benefits of our share repurchase program; and factors discussed in the “Risk Factors” of our most recent Annual Report on Form 10-K and in other filings that we periodically make with the Securities and Exchange Commission (the “SEC”). In addition, the forward-looking statements included in this press release represent our views as of the date of this press release. Important factors could cause actual results to differ materially from those indicated or implied by forward-looking statements, and as such we anticipate that subsequent events and developments will cause our views to change. Except as required by applicable law, we undertake no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and readers should not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from those expressed or implied by these statements. These factors include the matters discussed and referenced in the “Risk Factors” of our most recent Annual Report on Form 10-K and in other filings that we periodically make with the SEC.

Investor Contact:
Susan Mesco, (973) 451-4030
[email protected]

Media Contact:
Sara Marino, (973) 370-5430
[email protected]

February 27, 2025 4:03 pm

Diginex Limited Announces Relocation of Headquarters to London as Cornerstone for Global Expansion

Strengthening Market Position and Enhancing Strategic Growth Initiatives

LONDON, Feb. 27, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”) (Nasdaq: DGNX), an impact technology company specializing in environmental, social, and governance (ESG) issues, today announced that the Company will relocate its corporate headquarters to London, the United Kingdom, as part of its centralizing leadership to execute its strategic growth plans. On February 26, 2025, the Company signed a lease for office space with International Workplace Group for 18 months at 25 Wilton Road, Victoria, London, Greater London, SW1V 1LW, United Kingdom commencing on April 1, 2025, underscoring its commitment to establishing a strong base in one of the world’s leading financial hubs.

By establishing its headquarters in London, Diginex Limited aims to enhance access to global financial markets, expand business operations, and strengthen opportunities for strategic partnerships and acquisitions in the European market and beyond. The upcoming move follows the Company’s recent cross-listing on the Frankfurt Stock Exchange (Open Market) and the Tradegate Exchange under the symbol “I0Q” as of February 20, 2025, as well as its engagement with German-based investor relations firm, Kirchhoff Consult GmbH.

Diginex Limited’s Chief Executive Officer, Mark Blick, will relocate to London to lead the Company’s expansion in the region. The Company’s executive leadership team comprises of six senior leaders, including four British executives, one German, and one Swiss. The Company plans to hire additional senior executives in London to further support its growing operations and drive strategic initiatives. This decision strengthens Diginex Limited’s leadership presence in the European market, which has become an increasingly important region for its growth strategy. With this shift, Diginex Limited expects to be better positioned to intensify its focus on mergers and acquisitions across Europe and the United States, allowing key executives to be closer to potential M&A target companies and emerging opportunities.

“We believe relocating our corporate headquarters to London is a welcome milestone in our strategic plan to grow by acquisition and places key executives closer to the company’s external M&A partners thus encouraging greater efficiency and more fluid decision making,” said Miles Pelham, Chairman of Diginex Limited. “This move strengthens our ability to engage with global investors, expand our leadership team, and accelerate future growth. With sustainability and regulatory frameworks playing a growing role in corporate governance, the relocation makes it easier to engage directly with organizations operating under the ISSB (International Sustainability Standards Board) and the CSRD (Corporate Sustainability Reporting Directive) frameworks.”

As Diginex Limited continues its expansion, the Company remains dedicated to driving innovation in ESG solutions, supporting businesses in navigating regulatory landscapes, and delivering value to global clients across Europe, North America and Asia.

About Diginex Limited

Diginex Limited is a Cayman Islands exempted company, with subsidiaries located in Hong Kong, the United Kingdom and the United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software. For more information, please visit the Company’s website: https://www.diginex.com/.

Forward-Looking Statements

For investor and media inquiries, please contact:

Diginex
Investor Relations
Email:[email protected]

European IR Contact
Jens Hecht
Phone: +49.40.609186.82
Email:[email protected]

US IR Contact
Jackson Lin
Lambert by LLYC
Phone: +1 (646) 717-4593
Email: [email protected]

February 27, 2025 4:03 pm

Expensify Announces Q4 and Full Year Fiscal 2024 Results

Expensify Announces Q4 and Full Year Fiscal 2024 Results

The company generated $23.9 million in Operating Cash Flow and $23.9 million in free cash flow in fiscal year 2024, Q4 revenue increased 5% from Q3 2024.

PORTLAND, Ore.–(BUSINESS WIRE)–
Expensify, Inc. (Nasdaq: EXFY), a payments superapp that helps individuals and businesses around the world simplify the way they manage money across expenses, corporate cards and bills, today released a letter to shareholders from Founder and CEO David Barrett alongside results for its quarter and year ended December 31, 2024.

A Message From Our Founder

Quite simply, another great quarter, capping off an exciting year. The numbers speak for themselves:

Q4 Revenue is up 5% q/q, FY24 Net loss is down 76% y/y and FY24 Adjusted EBITDA is up 199% y/y – to a whopping $39.4 million.
We generated $23.9 million in Operating Cash Flow and $23.9 million in free cash flow – beating the high end of our 2024 forecast by 19% even after raising it multiple times throughout the year.
Expensify Card spend is up 44% y/y, and interchange is up 54% y/y – essentially all of which is revenue now that we’ve effectively completed our migration to the new card program (which treats interchange as revenue, not as a contra expense, and earns more interchange per swipe).
And my personal favorite, we paid off $22.7 million in debt – making us debt free.

These results weren’t easy, and are the early results of our integration of “deep AI” – not surface level, gimmicky features, but AI applied to complex systems that have previously required large teams of human agents. For example:

We have virtually eliminated human intervention in the SmartScan process, and now leverage a highly tuned and backtested AI model that results in faster, more accurate scans, across more languages and complex formats than ever – at 25% the cost.
We made a major upgrade to our hybrid-AI Concierge system, where AI takes a first pass at every new conversation, resulting in ~80% fewer “escalations” to our human team in February ’25. Not only has this increased the speed and accuracy of “basic” customer requests, it has freed up substantially more time for our human team to proactively engage with customers via account management calls.
We are evaluating the transcripts of every customer call based on documented best practices, providing real-time feedback to our sales team and support staff (as well as detailed performance indicators to their managers). This has resulted in a 97% increase in “perfect calls” (as measured by our team covering every point correctly before hanging up) in January ’25 alone.

But that’s certainly not all, and is really just a preview of much more impactful projects underway:

We are planning to add “Concierge everywhere”, transforming NewDot’s chat-first design into an AI-first experience. If you have a question or want to make a change on basically anything, just ask Concierge in the chat attached to that thing – be that changing a workspace setting, asking about a particular employee’s spending patterns, performing a flux analysis across multiple accounting periods, or just fixing an expense violation in natural text. Yes, Expensify Chat can be used like Slack to collaborate with co-workers. But it’s better to think of it like ChatGPT: New Expensify is a tool for “chatting” with Concierge and your colleagues, right in the context of what you’re analyzing.
We are working on integrating artificial engineers into our development team. Early work on this was recently published by OpenAI, which has selected the “paid open source” contributor program behind the official Expensify app as the basis of its SWE-Lancer coding benchmark. This benchmark evaluates how many of Expensify’s real-world, paid freelance projects can be successfully implemented using best-of-breed LLMs. We are betting our unique corporate structure will enable us to seamlessly integrate GenAI engineering on a meaningful scale, just like we’ve already done with our global network of human freelance engineers.

Granted, it’s tough to talk about AI because it is so cliche and noisy, with everyone clamoring to outdo each other with ever more grandiose claims. It’s hard to say anything without earning eye rolls in return. But make no mistake:

Expensify is gunning for AI supremacy in fintech. And I think we are better positioned than any competitor to achieve it.

That might sound like wishful thinking, which is why our midwestern sensibilities make us shy to talk about it. But that’s the plan, and we feel very, very proud of the progress made down that path in the last year – and super excited about the years to come. Thank you for coming along with us on this journey. It’s been quite a ride!

-david

Founder and CEO of Expensify

Financial

Fourth Quarter 2024 Highlights

Revenue was $37.0 million, an increase of 5% compared to the same period last year.
Generated $7.4 million of cash from operating activities.
Free cash flow was $6.3 million.
Net loss was $1.3 million, compared to $7.2 million for the same period last year.
Non-GAAP net income was $8.7 million.
Adjusted EBITDA was $12.4 million.
Interchange derived from the Expensify Card grew to $5.1 million, an increase of 62% compared to the same period last year.
See Financial Outlook section for Free Cash Flow guidance for fiscal year ending December 31, 2025.

Full Year Fiscal 2024 Highlights

Revenue was $139.2 million, a decrease of 8% compared to the prior year.
Generated $23.9 million of cash from operating activities.
Free cash flow was $23.9 million.
Net loss was $10.1 million, compared to $41.5 million for the prior year.
Non-GAAP net income was $23.5 million.
Adjusted EBITDA was $39.4 million.
Interchange derived from the Expensify Card grew to $17.2 million, an increase of 54% compared to the prior year.

Business

Fourth Quarter 2024 Highlights

Paid members – Paid members were 687,000, a decrease of 4% from the same period last year, however a slight increase compared to Q3 2024’s paid members of 684,000.
Expanded AI Support – expanded enterprise client relationship with OpenAI to provide 80% of tier 1 support through AI driven responses.
Expensify Travel – The company launched its travel product, adding fee-based and transactional revenue opportunities to the business.

2024 Highlights

Debt reduction –The company reduced its debt by $22.7 million in 2024.

Share purchases –The company’s employees purchased $4.1 million worth of Class A common stock via the company’s Stock Purchase and Matching Plan in 2024.

Expensify Card migration – The company completed its migration to its new card program with substantially all Expensify Card spend now under the new program.

Financial Outlook

Expensify’s outlook statements are based on current estimates, expectations and assumptions and are not a guarantee of future performance. The following statements are forward-looking and actual results could differ materially depending on market conditions and the factors set forth under “Forward-Looking Statements” below. There can be no assurance that the Company will achieve the results expressed by this guidance.

Free Cash Flow

Expensify estimates Free Cash Flow of $16.0 million – $20.0 million for the fiscal year ending December 31, 2025.

The Company does not provide a reconciliation for free cash flow estimates on a forward-looking basis because it is unable, without making unreasonable efforts, to provide a meaningful or reasonably accurate calculation or estimation of net cash provided by operating activities and certain reconciling items on a forward-looking basis, which could be significant to the Company’s results.

Stock Based Compensation

An estimate of expected stock-based compensation for the next four fiscal quarters is as follows, which is driven primarily by the pre-IPO grant of RSUs issued to all employees (which vest quarterly over eight years with approximately four years remaining).

Est. stock-based compensation (millions)

Q1 2025

Q2 2025

Q3 2025

Q4 2025

Low

High

Low

High

Low

High

Low

High

Cost of revenue, net

$

2.7

$

3.4

$

2.4

$

3.1

$

2.4

$

3.1

$

2.3

$

3.0

Research and development

2.4

3.1

2.2

2.9

2.2

2.9

2.1

2.8

General and administrative

1.3

1.7

1.2

1.6

1.1

1.5

1.1

1.5

Sales and marketing

0.5

0.7

0.5

0.7

0.5

0.7

0.5

0.7

Total

$

6.9

$

8.9

$

6.3

$

8.3

$

6.2

$

8.2

$

6.0

$

8.0

Availability of Information on Expensify’s Website

Investors and others should note that Expensify routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the Expensify Investor Relations website at https://ir.expensify.com. While not all of the information that the Company posts to its Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in Expensify to review the information that it shares on its Investor Relations website.

Conference Call

Expensify will host a video call to discuss the financial results and business highlights at 2:00 p.m. Pacific Time today. An investor presentation and the video call information is available on Expensify’s Investor Relations website at https://ir.expensify.com. A replay of the call will be available on the site for three months.

Non-GAAP Financial Measures

In addition to financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), we provide certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP net income, and free cash flow.

We believe our non-GAAP financial measures are useful in evaluating our business, measuring our performance, identifying trends affecting our business, formulating business plans and making strategic decisions. Accordingly, we believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management team. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled metrics or measures presented by other companies. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business. A reconciliation of each non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP is at the end of this press release.

Adjusted EBITDA. We define adjusted EBITDA as net loss from operations excluding provision for income taxes, interest and other expenses, net, depreciation and amortization and stock-based compensation.

Non-GAAP net income. We define Non-GAAP net income as net loss from operations excluding stock-based compensation.

Free cash flow. We define Free cash flow as net cash provided by operating activities excluding changes in settlement assets and settlement liabilities, which represent funds held for customers and customer funds in transit, respectively, reduced by the purchases of property and equipment and software development costs.

The tables at the end of the Consolidated Financial Statements provide reconciliations to the most directly comparable GAAP financial measure to each of these non-GAAP financial measures.

Forward-Looking Statements

Forward-looking statements in this press release, or made during the earnings call, which are not historical facts, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1955. These statements include statements regarding our strategy, future financial condition, future operations, future cash flow, projected costs, prospects, plans, objectives of management and expected market growth, product developments and their potential impact and our stock-based compensation estimates and involve known and unknown risks that are difficult to predict. As a result, our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “shall,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “goal,” “ambition,” “objective,” “seeks,” “outlook,” or “continue” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the impact on inflation on us and our members; our borrowing costs have and may continue to increase as a result of increases in interest rates; our expectations regarding our financial performance and future operating performance; our ability to attract and retain members, expand usage of our platform, sell subscriptions to our platform and convert individuals and organizations into paying customers; the timing and success of new features, integrations, capabilities and enhancements by us, or by competitors to their products, or any other changes in the competitive landscape of our market; the amount and timing of operating expenses and capital expenditures that we may incur to maintain and expand our business and operations to remain competitive; the sufficiency of our cash, cash equivalents and investments to meet our liquidity needs; our ability to make required payments under and to comply with the various requirements of our current and future indebtedness; our cash flows, the prevailing stock prices, general economic and market conditions and other considerations that could affect the specific timing, price and size of repurchases under our stock repurchase program or our ability to fund any stock repurchases; geopolitical tensions, including the war in Ukraine and the conflict in Israel, Gaza and surrounding areas; our ability to effectively manage our exposure to fluctuations in foreign currency exchange rates; the expenses associated with being a public company; the size of our addressable markets, market share and market trends; anticipated trends, developments and challenges in our industry, business and the highly competitive markets in which we operate; any adverse impact on our business operations as a result of using artificial intelligence or other machine learning technologies in our services; our expectations regarding our income tax liabilities and the adequacy of our reserves; our ability to effectively manage our growth and expand our infrastructure and maintain our corporate culture; our ability to identify, recruit and retain skilled personnel, including key members of senior management; the safety, affordability and convenience of our platform and our offerings; our ability to successfully defend litigation brought against us; our ability to successfully identify, manage and integrate any existing and potential acquisitions of businesses, talent, technologies or intellectual property; general economic conditions in either domestic or international markets, and geopolitical uncertainty and instability, and their effects on software spending; our protections against security breaches, technical difficulties, or interruptions to our platform; our ability to maintain, protect and enhance our intellectual property; and other risks discussed in our filings with the SEC. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above. We caution you not to place undue reliance on any forward-looking statements, which are made only as of the date of this press release. We do not undertake or assume any obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

About Expensify

Expensify helps 15 million people worldwide track expenses, book travel, reimburse employees, manage corporate cards, send invoices, and pay bills—all in one place. Whether you’re self-employed, running a small business, managing a team, or overseeing global finances, let Expensify handle your travel and expense, at the speed of chat.

Expensify, Inc.

Consolidated Balance Sheets

(unaudited, in thousands, except share and per share data)

As of December 31,

2024

2023

Assets

Cash and cash equivalents

$

48,772

$

47,510

Accounts receivable, net

12,701

13,834

Settlement assets, net

42,406

39,261

Prepaid expenses

12,089

5,649

Other current assets

20,908

30,978

Total current assets

136,876

137,232

Capitalized software, net

16,232

12,494

Property and equipment, net

13,621

14,372

Lease right-of-use assets

5,441

6,435

Deferred tax assets, net

499

457

Other assets

1,011

5,794

Total assets

$

173,680

$

176,784

Liabilities and stockholders’ equity

Accounts payable

$

196

$

1,425

Accrued expenses and other liabilities

8,240

9,390

Borrowings under line of credit

—

15,000

Current portion of long-term debt, net of original issue discount and debt issuance costs

—

7,655

Lease liabilities, current

729

432

Settlement liabilities

28,845

33,990

Total current liabilities

38,010

67,892

Lease liabilities, non-current

5,738

6,467

Other liabilities

1,689

1,681

Total liabilities

45,437

76,040

Commitments and contingencies (Note 12)

Stockholders’ equity:

Preferred stock, par value $0.0001; 10,000,000 shares of preferred stock authorized as of December 31, 2024 and 2023, respectively; no shares of preferred stock issued and outstanding as of December 31, 2024 and 2023

—

—

Common stock, par value $0.0001; 1,000,000,000 shares of Class A common stock authorized as of December 31, 2024 and 2023; 79,471,414 and 70,569,815 shares of Class A common stock issued and outstanding as of December 31, 2024 and 2023, respectively; 21,871,197 and 24,994,989 shares of LT10 common stock authorized as of December 31, 2024 and 2023, respectively; 4,209,827 and 7,333,619 shares of LT10 common stock issued and outstanding as of December 31, 2024 and 2023, respectively; 24,967,114 and 24,998,941 shares of LT50 common stock authorized as of December 31, 2024 and 2023, respectively; 7,695,524 and 7,321,894 shares of LT50 common stock issued and outstanding as of December 31, 2024 and 2023, respectively

9

8

Additional paid-in capital

279,062

241,509

Accumulated deficit

(150,828

)

(140,773

)

Total stockholders’ equity

128,243

100,744

Total liabilities and stockholders’ equity

$

173,680

$

176,784

Expensify, Inc.

Consolidated Statements of Operations

(unaudited, in thousands, except share and per share data)

Three Months Ended December 31,

Year ended December 31,

2024

2023

2024

2023

Revenue

$

37,004

$

35,208

$

139,236

$

150,687

Cost of revenue, net⁽¹⁾

18,148

16,508

64,239

66,888

Gross margin

18,856

18,700

74,997

83,799

Operating expenses:

Research and development⁽¹⁾

6,702

6,249

24,638

23,368

General and administrative⁽¹⁾

8,622

10,842

38,382

49,228

Sales and marketing⁽¹⁾

3,067

7,595

12,797

44,352

Total operating expenses

18,391

24,686

75,817

116,948

Income (loss) from operations

465

(5,986

)

(820

)

(33,149

)

Interest and other expenses, net

(539

)

(169

)

(1,572

)

(5,327

)

Loss before income taxes

(74

)

(6,155

)

(2,392

)

(38,476

)

Provision for income taxes

(1,238

)

(1,049

)

(7,663

)

(2,980

)

Net loss

$

(1,312

)

$

(7,204

)

$

(10,055

)

$

(41,456

)

Net loss per share:

Basic and diluted

$

(0.01

)

$

(0.09

)

$

(0.12

)

$

(0.50

)

Weighted average shares of common stock used to compute net loss per share:

Basic and diluted

89,577,172

83,703,085

87,380,708

82,493,226

(1) Includes stock-based compensation expense as follows:

Three Months Ended December 31,

Year ended December 31,

2024

2023

2024

2023

Cost of revenue, net

$

3,845

$

3,650

$

12,506

$

13,868

Research and development

3,476

3,308

11,900

10,870

General and administrative

1,850

2,290

6,815

9,842

Sales and marketing

831

1,352

2,316

6,632

Total stock-based compensation expense

$

10,002

$

10,600

$

33,537

$

41,212

Expensify, Inc.

Consolidated Statements of Cash Flows

(unaudited, in thousands)

Year Ended December 31,

2024

2023

Cash flows from operating activities:

Net loss

$

(10,055

)

$

(41,456

)

Adjustments to reconcile net loss to cash provided by operating activities:

Depreciation and amortization

6,814

5,164

Reduction of operating lease right-of-use assets

547

614

Loss on impairment, receivables and sale or disposal of equipment

727

923

Stock-based compensation

33,537

41,212

Amortization of original issue discount and debt issuance costs

54

257

Deferred tax assets

(42

)

(113

)

Changes in assets and liabilities:

Accounts receivable, net

704

2,219

Settlement assets, net

(2,469

)

(6,398

)

Prepaid expenses

(1,490

)

3,176

Other current assets

2,341

(561

)

Other assets

(167

)

(5,130

)

Accounts payable

(1,091

)

228

Accrued expenses and other liabilities

(404

)

906

Operating lease liabilities

8

(200

)

Settlement liabilities

(5,145

)

108

Other liabilities

8

610

Net cash provided by operating activities

23,877

1,559

Cash flows from investing activities:

Purchase of property and equipment

—

(1,384

)

Software development costs

(7,628

)

(5,910

)

Net cash used in investing activities

(7,628

)

(7,294

)

Cash flows from financing activities:

Principal payments of finance leases

(129

)

(513

)

Principal payments of term loan

(22,671

)

(44,587

)

Repurchases of early exercises of common stock

(35

)

(17

)

Proceeds from common stock purchased under Matching Plan

4,091

4,255

Proceeds from issuance of common stock on exercise of stock options

431

311

Payments for debt issuance costs

(71

)

—

Payments for employee taxes withheld from stock-based awards

(2,179

)

(1,766

)

Repurchase and retirement of common stock

(1,510

)

(3,000

)

Net cash used in financing activities

(22,073

)

(45,317

)

Net decrease in cash and cash equivalents and restricted cash

(5,824

)

(51,052

)

Cash and cash equivalents and restricted cash, beginning of period

96,658

147,710

Cash and cash equivalents and restricted cash, end of period

$

90,834

$

96,658

Supplemental disclosure of cash flow information:

Cash paid for interest

$

1,362

$

5,936

Cash paid for income taxes

$

5,072

$

3,785

Noncash investing and financing items:

Stock-based compensation capitalized as software development costs

$

2,688

$

3,126

Purchases of property and equipment and capitalized software in accounts payable and accrued expenses

$

37

$

390

Right-of-use assets acquired through operating leases

$

—

$

6,402

Right-of-use assets acquired through finance leases

$

—

$

409

Cashless exercise of stock options

335

—

Reconciliation of cash and cash equivalents and restricted cash to the Consolidated Balance Sheets:

Cash and cash equivalents

$

48,772

$

47,510

Restricted cash included in other current assets

19,980

27,742

Restricted cash included in settlement assets, net

22,082

21,406

Total cash and cash equivalents and restricted cash

$

90,834

$

96,658

Expensify, Inc.

Reconciliation of GAAP to Non-GAAP Financial Measures

(unaudited, in thousands, except percentages)

Adjusted EBITDA and Adjusted EBITDA Margin

Three Months Ended December 31,

Year ended December 31,

2024

2023

2024

2023

Net loss

$

(1,312

)

$

(7,204

)

$

(10,055

)

$

(41,456

)

Net loss margin

(4

)%

(20

)%

(7

)%

(28

)%

Add:

Provision for income taxes

1,238

1,049

7,663

2,980

Interest and other expenses, net

539

169

1,572

5,327

Depreciation and amortization

1,923

1,240

6,655

5,111

Stock-based compensation expense

10,002

10,600

33,537

41,212

Adjusted EBITDA

$

12,390

$

5,854

$

39,372

$

13,174

Adjusted EBITDA margin

33

%

17

%

28

%

9

%

Non-GAAP Net Income and Non-GAAP Net Income Margin

Three Months Ended December 31,

Year ended December 31,

2024

2023

2024

2023

Net loss

$

(1,312

)

$

(7,204

)

$

(10,055

)

$

(41,456

)

Net loss margin

(4

)%

(20

)%

(7

)%

(28

)%

Add:

Stock-based compensation expense

10,002

10,600

33,537

41,212

Non-GAAP net income (loss)

$

8,690

$

3,396

$

23,482

$

(244

)

Non-GAAP net income (loss) margin

23

%

10

%

17

%

—

%

Adjusted Operating Cash Flow and Free Cash Flow

Three Months Ended December 31,

Year ended December 31,

2024

2023

2024

2023

Net cash provided by (used in) operating activities

$

7,402

$

(543

)

$

23,877

$

1,559

Operating cash flow margin

20

%

(2

)%

17

%

1

%

(Increase) decrease in changes in assets and liabilities:

Settlement assets

(10,733

)

(2,983

)

2,469

6,398

Settlement liabilities

10,534

2,343

5,145

(108

)

Adjusted operating cash flow

7,203

(1,183

)

31,491

7,849

Less:

Purchases of property and equipment

—

(281

)

—

(1,384

)

Software development costs

(929

)

(2,180

)

(7,628

)

(5,910

)

Free cash flow

$

6,274

$

(3,644

)

$

23,863

$

555

Free cash flow margin

17

%

(10

)%

17

%

—

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227063322/en/

Investor Relations Contact

Nick Tooker

[email protected]

Press Contact

James Dean

[email protected]

KEYWORDS: United States North America Canada Oregon

INDUSTRY KEYWORDS: Software Banking Accounting Online Retail Internet Professional Services Fintech Payments Apps/Applications Technology Retail Finance

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Posted on February 27, 2025 4:03 pm
Archer Announces Fourth Quarter & Full Year 2024 Results, Sets Plans For Midnight Commercial Deployments Ahead Of FAA Certification

Archer Announces Fourth Quarter & Full Year 2024 Results, Sets Plans For Midnight Commercial Deployments Ahead Of FAA Certification

Unveiled “Launch Edition” commercialization program with Abu Dhabi Aviation (ADA) as its first customer, establishing a playbook to deploy Midnight commercially to dozens of early adopter markets in advance of type certification of the aircraft by the FAA

Eyeing strong demand in the defense market and beyond for its planned hybrid aircraft that it is developing under an exclusive partnership with Anduril Industries Inc. (“Anduril”)

Starting production of the first Midnight aircraft at its ARC facility in Covington with plans to build up to 10 Midnight aircraft this year to support ongoing certification testing programs and deployments with key partners

Maintaining one of the strongest balance sheets in our industry with over $1B¹ in liquidity all while spending remained relatively flat for the second straight quarter

SANTA CLARA, Calif.–(BUSINESS WIRE)–
Archer Aviation Inc. (“Archer” or the “Company”) (NYSE: ACHR) today announced operating and financial results for the fourth quarter and fiscal year ended December 31, 2024. The Company issued a shareholder letter discussing those results, as well as its first quarter 2025 estimates.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250227475882/en/

Archer Chief Pilot Jeff Greenwood With The Company’s Midnight Aircraft (Photo: Business Wire)

Commenting on fourth quarter 2024 results, Adam Goldstein, Archer’s founder and CEO said:

“With our new Launch Edition program now in place and aircraft production starting at ARC, we are on track to deliver our first revenue-generating Midnight aircraft later this year. Our billion-dollar plus liquidity position gives us the resources we need to execute against our civil and defense business strategies while also setting us up to seize new opportunities around AI and more.”

Live Webcast Details

Archer will host a live webcast to discuss its results at 2:00 p.m. Pacific Time today. The live webcast and replay is accessible via our investor relations website at investors.archer.com or conference call by dialing 404-975-4839 (domestic) or +1 833-470-1428 (international) and entering the access code 673149.

Fourth Quarter Highlights

Early Commercial Deployment of Aircraft

Archer announced a comprehensive “Launch Edition” commercialization program for its Midnight aircraft. The goal of this program is to establish a pragmatic and repeatable playbook to deploy Midnight commercially in dozens of early adopter markets in advance of type certification of the aircraft by the FAA. This approach is intended to enable Archer to build operational expertise, generate revenue and continue to strengthen long-term demand.

Abu Dhabi Aviation (ADA) will be Archer’s first Launch Edition customer, with plans to deploy an initial fleet of Midnight aircraft beginning later this year. In addition to the Launch Edition aircraft, Archer also plans to provide ADA with a team of pilots, technicians and engineers to support the initial operational ramp, helping ensure a safe and efficient deployment.

Outsized Defense Opportunity

In December, Archer announced an exclusive partnership with Anduril to jointly develop a hybrid vertical take off and landing (VTOL) aircraft for critical defense applications. Archer believes the potential demand for this aircraft is stronger than expected. Archer is working closely with Anduril on future vertical lift use cases for defense, and expects this to result in sizable programs of record without the need to certify these aircraft with the FAA.

Starting Production at ARC

Archer is now starting production of its first Midnight aircraft at its ARC facility in Covington, GA. Archer is planning to build up to 10 Midnight aircraft this year to support ongoing certification testing programs and deployments with its key partners.

Liquidity Position

Archer’s total liquidity is now over $1B¹. Archer has long maintained one of the strongest balance sheets in its industry, and, with the additional capital raised since the end of Q3’24, has further strengthened its leadership position. Archer’s spending in Q4’24 remained within its guided range, and stayed nearly flat for the second straight quarter.

_______________

¹ Includes Q4’24 ending cash balance of $835M, and the $302M raised through our equity offering in February that was previously announced.

Fourth Quarter and Fiscal 2024 Financial Results

Q4 2024

(GAAP)

Q4 2024¹

(Non-GAAP)

FY 2024

(GAAP)

FY 2024¹

(Non-GAAP)

Total Operating Expenses

$

124.2M

$

98.3M

$

509.7M

$

380.6M

Net Loss

$

(198.1M)

NA

$

(536.8M)

NA

Adjusted EBITDA

NA

$

(94.8M)

NA

$

(368.9M)

Cash and Cash Equivalents

$

834.5M

NA

$

834.5M

NA

A reconciliation of non-GAAP financial measures to the most comparable GAAP measures is provided below in the section titled “Reconciliation of Selected GAAP To Non-GAAP Results for Q4 2024 and FY 2024.”

First Quarter 2025 Financial Estimates

Archer’s financial estimates for first quarter of 2025 are as follows:

Adjusted EBITDA to be a loss of $95 million to $110 million

We have not reconciled our Adjusted EBITDA estimates because certain items that impact non-GAAP metrics are uncertain or out of our control and cannot be reasonably predicted. In particular, stock-based compensation expense is impacted by the future fair market value of our common stock and other factors, all of which are difficult to predict, subject to frequent change, or not within our control. The actual amount of these expenses during 2025 will have a significant impact on our future GAAP financial results. Accordingly, a reconciliation of non-GAAP metrics is not available without unreasonable effort.

About Archer

Archer is designing and developing the key enabling technologies and aircraft necessary to power the future of aviation. To learn more, visit www.archer.com.

Source: Archer

Text: ArcherIR

Forward-Looking Statements

This press release contains forward-looking statements regarding Archer’s future business plans and expectations, including statements regarding its expected financial results for the first quarter of 2025, business strategy and plans, aircraft performance, the design and target specifications of our aircraft, the pace at which Archer intends to design, develop, certify, conduct test flights, manufacture and commercialize its planned eVTOL aircraft, business opportunities, the production timeline, ramp-up and volume of its manufacturing facilities, indicative orders for aircraft in agreements with third parties, its plans with respect to its strategic partnership with Anduril, projected demand for Archer’s aircraft and services, including its “Launch Edition” commercialization program and associated deployment of aircraft, and international expansion. In addition, this press release refers to signed agreements with third parties on certain key terms which are conditioned on the future execution by the parties of additional binding definitive agreements incorporating those terms, which definitive agreements may not be completed or may contain different terms. These forward-looking statements are only predictions and may differ materially from actual results due to a variety of factors. The risks and uncertainties that could cause actual results to differ from the results predicted are more fully detailed in our filings with the Securities and Exchange Commission (SEC), including our most recent Annual Report on Form 10-K, which is or will be available on our investor relations website at investors.archer.com and on the SEC website at www.sec.gov. In addition, please note that any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of the date of this press release. We undertake no obligation to update these statements as a result of new information or future events.

Reconciliation of Selected GAAP To Non-GAAP Results for Q4 2024 and FY 2024

Reconciliation of Total Operating Expenses (in millions; unaudited): A reconciliation of total operating expenses to non-GAAP total operating expenses for the three months and twelve months ended December 31, 2024 is set forth below.

Three Months Ended

December 31, 2024

Twelve Months Ended

December 31, 2024

Total operating expenses

$

124.2

$

509.7

Adjusted to exclude the following:

Stellantis warrant expense ⁽¹⁾

(2.0)

(8.1)

Stock-based compensation ⁽²⁾

(23.9)

(108.8)

Technology and dispute resolution agreements ⁽³⁾

–

(12.0)

General and administrative warrant expense

–

(0.2)

Non-GAAP total operating expenses

$

98.3

$

380.6

(1)

Amounts include non-cash warrant costs, classified as research and development expenses, for the warrants issued to Stellantis in connection with certain services they are providing to the Company.

(2)

Amounts include stock-based compensation for options and restricted stock units issued to both employees and non-employees, including the grant issued to our founder in connection with the closing of the business combination.

(3)

Amounts reflect charges related to the technology and dispute resolution agreements (the “Boeing Wisk Agreements”) reached on August 10, 2023, between us, Wisk Aero LLC and the Boeing Company.

Reconciliation of Adjusted EBITDA (in millions; unaudited): A reconciliation of net loss to Adjusted EBITDA for the three months and twelve months ended December 31, 2024 is set forth below.

Three Months Ended

December 31, 2024

Twelve Months Ended

December 31, 2024

Net loss

$

(198.1)

$

(536.8)

Adjusted to exclude the following:

Other (income) expense, net ⁽¹⁾

80.1

48.8

Interest income, net

(6.0)

(21.9)

Income tax expense

(0.2)

0.2

Depreciation and amortization expense

3.5

11.7

Stellantis warrant expense ⁽²⁾

2.0

8.1

Stock-based compensation ⁽³⁾

23.9

108.8

Technology and dispute resolution agreements ⁽⁴⁾

–

12.0

General and administrative warrant expense

–

0.2

Adjusted EBITDA

$

(94.8)

$

(368.9)

(1)

Amounts include changes in fair value of the public and private warrants, which are classified as warrant liabilities, and gain on share issuance.

(2)

Amounts include non-cash warrant costs, classified as research and development expenses, for the warrants issued to Stellantis in connection with certain services they are providing to the Company.

(3)

Amounts include stock-based compensation for options and restricted stock units issued to both employees and non-employees, including the grant issued to our founder in connection with the closing of the business combination.

(4)

Amounts reflect charges relating to the Boeing Wisk Agreements.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use a number of non-GAAP financial measures to help us in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance, ongoing operations and prospects for the future as well as understanding financial and business trends relating to our financial condition and results of operations.

While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance and to provide incremental insight into the underlying factors and trends affecting our performance, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. Consistent with this approach, we believe that disclosing non-GAAP financial measures to the readers of our financial statements provides useful supplemental data that, while not a substitute for GAAP financial measures, can offer insight in the review of our financial and operational performance and enables investors to more fully understand trends in our current and future performance.

In assessing our business during the quarter and year ended December 31, 2024, we excluded items in the following general categories from one or more of our non-GAAP financial measures, certain of which are described below:

Stock-Based Compensation Expense: We believe that providing non-GAAP measures excluding stock-based compensation expense, in addition to the GAAP measures, allows for better comparability of our financial results from period to period. We prepare and maintain our budgets and forecasts for future periods on a basis consistent with this non-GAAP financial measure. Further, companies use a variety of types of equity awards as well as a variety of methodologies, assumptions and estimates to determine stock-based compensation expense. We believe that excluding stock-based compensation expenses enhances our ability and the ability of investors to understand the impact of non-cash stock-based compensation on our operating results and to compare our results against the results of other companies.

Warrant Expense and Gains or Losses from Revaluation of Warrants: Expense from our common stock warrants issued to Stellantis and vendors, which is recurring (but non-cash) and gains or losses from change in fair value of public and private warrants from revaluation will be reflected in our financial results for the foreseeable future. We exclude warrant expense and gains or losses from change in fair value for similar reasons to our stock-based compensation expense.

Technology and Dispute Resolution Agreements: Amounts reflect charges relating to the Boeing Wisk Agreements.

Each of the non-GAAP financial measures presented in this release should not be considered in isolation from, or as a substitute for, a measure of financial performance prepared in accordance with GAAP and are presented for supplemental informational purposes only. Further, investors are cautioned that there are inherent limitations associated with the use of each of these non-GAAP financial measures as an analytical tool. In particular, these non-GAAP financial measures have no standardized meaning prescribed by GAAP and are not based on a comprehensive set of accounting rules or principles and many of the adjustments to the GAAP financial measures reflect the exclusion of items that are recurring and may be reflected in our financial results for the foreseeable future. In addition, the non-GAAP measures we use may be different from non-GAAP measures used by other companies, limiting their usefulness for comparison purposes. We compensate for these limitations by providing specific information in the reconciliation included in this release regarding the GAAP amounts excluded from the non-GAAP financial measures. In addition, as noted above, we evaluate the non-GAAP financial measures together with the most directly comparable GAAP financial information. Investors are encouraged to review the reconciliations of these non-GAAP measures to their most directly comparable GAAP financial measures included in this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227475882/en/

For Investors

[email protected]

For Media

The Brand Amp

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Defense Transportation Military Travel Air Aerospace Transport Manufacturing

MEDIA:

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Archer Chief Pilot Jeff Greenwood With The Company’s Midnight Aircraft (Photo: Business Wire)

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Posted on February 27, 2025 4:03 pm
Sandiskto Participate in Upcoming Investor Conferences

Sandisk^{to Participate in Upcoming Investor Conferences}

MILPITAS, Calif.–(BUSINESS WIRE)–
Sandisk Corporation (NASDAQ: SNDK) today announced management participation in the following upcoming investor conferences:

Event: Morgan Stanley Technology, Media & Telecom Conference

Date: Monday, March 3, 2025 at 12:20 p.m. PT / 3:20 p.m. ET

Event: Cantor Global Technology Conference

Date: Tuesday, March 11, 2025 at 5:40 a.m. PT / 8:40 a.m. ET

The management presentations will be available as live webcasts, accessible through Sandisk’s Investor Relations website at investor.sandisk.com. Archived replays will be accessible through the website after the conclusion of the presentations.

About Sandisk

Sandisk (Nasdaq: SNDK) delivers innovative Flash solutions and advanced memory technologies that meet people and businesses at the intersection of their aspirations and the moment, enabling them to keep moving and pushing possibility forward. Follow Sandisk on Instagram, Facebook, X, LinkedIn, Youtube. Join TeamSandisk on Instagram.

Sandisk and the Sandisk logo are registered trademarks or trademarks of Sandisk Corporation or its affiliates in the U.S. and/or other countries.

© 2025 Sandisk Corporation or its affiliates. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227169491/en/

Company Contacts:

Investors: [email protected]

Media: [email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Technology Hardware Semiconductor Other Technology

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Posted on February 27, 2025 3:57 pm
PCRX Deadline: PCRX Investors with Losses in Excess of $100K Have Opportunity to Lead Pacira BioSciences, Inc. Securities Fraud Lawsuit

PR Newswire

NEW YORK
, Feb. 27, 2025 /PRNewswire/ — Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Pacira BioSciences, Inc. (NASDAQ: PCRX) between August 2, 2023 and August 8, 2024, both dates inclusive (the “Class Period”), of the important March 14, 2025 lead plaintiff deadline.

So what: If you purchased Pacira securities during the Class Period, you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the Pacira class action, go to https://rosenlegal.com/submit-form/?case_id=33570 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 14, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, statements made during the Class Period were false and/or misleading because defendants created the false impression that Pacira had sufficient patent protections on Exparel and, as such, the ability to expand the marketing, production, and sales of Exparel, which Pacira stated was critical to its future growth and revenue. In truth, Pacira’s optimistic claims pertaining to its patent protections on Exparel were fragile at best. In fact, Pacira knew that the ‘495 patent was not as protective as defendants publicly touted because on June 6, 2023 the New Jersey District Court issued a ruling in eVenus’s favor regarding claims construction in another case filed by Pacira in a failed attempt to protect Exparel. Yet defendants continued to make public statements affirming their belief in the ‘495 patent and the protection it applied for Exparel. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Pacira class action, go to https://rosenlegal.com/submit-form/?case_id=33570 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

      Laurence Rosen, Esq.
      Phillip Kim, Esq.
      The Rosen Law Firm, P.A.
      275 Madison Avenue, 40th Floor
      New York, NY 10016
      Tel: (212) 686-1060
      Toll Free: (866) 767-3653
      Fax: (212) 202-3827
      [email protected]
      www.rosenlegal.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/pcrx-deadline-pcrx-investors-with-losses-in-excess-of-100k-have-opportunity-to-lead-pacira-biosciences-inc-securities-fraud-lawsuit-302387751.html

SOURCE THE ROSEN LAW FIRM, P. A.

Posted on February 27, 2025 3:50 pm
Douglas Emmett Declares Quarterly Cash Dividend

Douglas Emmett Declares Quarterly Cash Dividend

SANTA MONICA, Calif.–(BUSINESS WIRE)–
Douglas Emmett, Inc. (NYSE: DEI), a real estate investment trust (REIT), announced today that its Board of Directors has declared a quarterly cash dividend on each share of its common stock of $0.19, or $0.76 on an annualized basis, to be paid on April 15, 2025 to shareholders of record as of March 31, 2025.

About Douglas Emmett, Inc.

Douglas Emmett, Inc. (DEI) is a fully integrated, self-administered and self-managed real estate investment trust (REIT), and one of the largest owners and operators of high-quality office and multifamily properties located in the premier coastal submarkets of Los Angeles and Honolulu. Douglas Emmett focuses on owning and acquiring a substantial share of top-tier office properties and premier multifamily communities in neighborhoods that possess significant supply constraints, high-end executive housing and key lifestyle amenities. Please visit our website at www.douglasemmett.com for more information about Douglas Emmett.

Safe Harbor Statement

Except for the historical facts, the statements in this press release regarding Douglas Emmett’s business activities are forward-looking statements based on the beliefs of, assumptions made by, and information currently available to us about known and unknown risks, trends, uncertainties and factors that are beyond our control or ability to predict. Although we believe that our assumptions are reasonable, they are not guarantees of future performance and some will inevitably prove to be incorrect. As a result, our actual future results can be expected to differ from our expectations, and those differences may be material. Accordingly, investors should use caution in relying on forward-looking statements to anticipate future results or trends. For a discussion of some of the risks and uncertainties that could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in our Annual Report on Form 10-K for 2024, filed with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20250227886976/en/

Stuart McElhinney, Vice President – Investor Relations

310.255.7751 [email protected]

KEYWORDS: United States North America California

INDUSTRY KEYWORDS: Commercial Building & Real Estate Construction & Property REIT

MEDIA:

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