ZenaTech Reports Over 500% Increase in Year-Over-Year Revenue for Second Quarter of 2025 and Over 250% Increase in Revenue for the First Six Months of Year

VANCOUVER, British Columbia, Aug. 12, 2025 (GLOBE NEWSWIRE) — ZenaTech, Inc. (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology business solution provider specializing in AI (Artificial Intelligence) drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces financial results for the second quarter ended June 30, 2025. Results include a 500% increase in year-over-year revenue for the second quarter and a 250% revenue increase for the first six months of the year compared to the same period last year. In addition, the Company delivered its highest-ever quarterly revenue, driven by exceptional performance for its Drone as a Service (DaaS) segment, steady growth in its enterprise SaaS software division, and progress was made towards advancing its defense industry business.

Key Highlights for Q2 2025

  • Record Revenue: Revenue for the quarter was $2.24 million, a 503% increase from $371,049 in Q2 2024
  • Six-Month Growth Momentum: Revenue for the first half of 2025 reached $3.38 million, up 251% from $962,428 for the same period in 2024
  • Successful Market Diversification: Drone as a Service contributed $1.98 million in revenue for the first half, complementing $1.39 million from enterprise SaaS
  • Robust Balance Sheet: Cash reserves increased to $10.29 million as of June 30, 2025, up from $3.75 million at year-end 2024
  • Strategic Acquisitions: Completed six US land surveying and engineering company acquisitions in the first half of 2025, creating a nationwide platform for drone-powered surveying, inspections, inventory management, and other solutions for business and government
  • Defense Business: Submitted applications for Green UAS (Uncrewed Aircraft Systems), part of the pathway to becoming a verified government supplier, partnered with key business development consultants to help secure government DoD (Department of Defense) contracts, and launched Zena AI Inc., which will focus on advanced AI development of military applications

Shaun Passley, PhD, ZenaTech CEO, commented, “The second quarter 2025 was transformative for ZenaTech. Our aggressive entry into the drone services market has generated substantial revenue growth while our established enterprise software business continues to provide a stable foundation. The integration of our land surveying acquisitions positions us to lead the industry in the DaaS pay-per-use and subscription- based drone services for multiple applications from mapping and inspections to precision agriculture and inventory management.

“Importantly, we made significant headway in our defense business, launching Zena AI, our specialized AI development center for defense applications. We partnered with several consultants to help us find government procurement opportunities, grants, and build relationships to sell to the DoD. And we completed our application submission for the Green UAS certification for the IQ Nani and IQ Square drones, part of our path to be a verified Blue UAS supplier to the DoD. We believe defense will continue to be a key segment for our ZenaDrone subsidiary and we are poised to quickly react to the ongoing historic policy directives furthering American drone makers and industry growth and resulting regulatory and operational changes when implemented,” continued Dr. Passley.

Financial Overview

  • Revenue Growth: The significant increase was fueled by the full-scale rollout of the Drone as a Service segment encompassing six acquisitions and strong enterprise software license renewals
  • Asset Growth: Total assets grew to $52.94 million from $34.65 million at December 31, 2024, reflecting the impact of our acquisitions and technology investments
  • Working Capital Strength: Working capital improved to $13.02 million, up from $3.39 million at year-end 2024
  • Investments in Business Growth: Expenses increased as expected during the second quarter, largely due to the costs associated with acquired operations, expanded sales and marketing efforts, professional fees, and costs related to integration of acquisitions and product commercialization costs

Operational Highlights

  • Expanded US DaaS footprint: Expanded presence in the Northwest and Southeast regions through six acquisitions, with immediate plans for integration of drone surveying technology into all locations
  • Expanded Spider Vision Sensors in Taiwan: Expanded drone component parts manufacturing company, with additional business development and engineering staff to expand partnerships in East Asia targeting defense and commercial markets
  • Expanding manufacturing capabilities: Accelerating drone production in the US to meet growing future demand through initiating the tripling of square footage in Phoenix by securing a new facility to enable full US drone manufacturing and a team of up to 30 by the end of this year
  • Path to Profitability While the Company continues to invest heavily in scaling operations and integrating acquisitions, management remains confident in the strategic plan to achieve sustainable profitability as drone adoption accelerates globally

Outlook

ZenaTech expects continued revenue growth in the second half of 2025, driven by:

  • Full-period contributions from recent acquisitions
  • A pipeline of target acquisitions with a goal to have acquired a total of 25 DaaS-related companies by mid-2026
  • Increased utilization of drone technology in existing operations in surveying and inspections, and introduce new applications such as precision agriculture, maintenance inspections, and power washing
  • Expansion of SaaS offerings across existing and new enterprise customers
  • Applications submitted and pending for Green UAS certification, which will be followed by Blue UAS certification submission required to be a verified provider on the procurement list to sell to the DoD and other defense agencies

“We are now well-positioned to expand our range of drone services in the US and globally. We have built a strong platform for long-term growth. The demand for drone technology and software solutions is growing rapidly, helped in the US by new Government policy directives, and we are uniquely positioned to capture market share in both commercial and defense sectors. We remain confident in our strategic plan to achieve sustainable profitability as drone adoption accelerates globally,” concluded Dr. Passley.

Additional information is available from ZenaTech’s 6K filing on the SEC EDGAR website.

About ZenaTech

ZenaTech (Nasdaq: ZENA) (FSE: 49Q) (BMV: ZENA) is a business technology solution provider specializing in AI drone, Drone as a Service (DaaS), enterprise SaaS and Quantum Computing solutions for mission-critical business applications. Since 2017, the Company has leveraged its software development expertise and grown its drone design and manufacturing capabilities through ZenaDrone, to innovate and improve customer inspection, monitoring, safety, security, compliance, and surveying processes. With enterprise software customers using branded solutions in law enforcement, government, and industrial sectors, and drones being implemented in agriculture, defense, logistics and land survey sectors, ZenaTech’s portfolio of solutions helps drive exceptional operational efficiencies, precision, and cost savings. The Company operates through offices in North America, Europe, Taiwan, and UAE, and is growing its DaaS business and network in the US.

About ZenaDrone

ZenaDrone, a wholly owned subsidiary of ZenaTech, develops and manufactures autonomous business drone solutions that can incorporate machine learning software, AI, predictive modeling, Quantum Computing, and other software and hardware innovations. Created to revolutionize the hemp farming sector, its specialization has grown to multifunctional drone solutions for industrial surveillance, monitoring, inspection, process automation and defense applications. Currently, the ZenaDrone 1000 drone is used for crop management applications in agriculture and critical field cargo applications in the defense sector, the IQ Nano indoor drone is used for inventory management and security in the warehouse and logistics sectors, and the IQ Square is an outdoor drone designed for land survey and inspections use in commercial and defense sectors.

Contacts for more information:

Company, Investors, and Media:
Linda Montgomery
ZenaTech
312-241-1415
[email protected]

Investors:
Michael Mason
CORE IR
[email protected]

Safe Harbor

This press release and related comments by management of ZenaTech, Inc. include “forward-looking statements” within the meaning of U.S. federal securities laws and applicable Canadian securities laws. These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. This forward-looking information relates to future events or future performance of ZenaTech and reflects management’s expectations and projections regarding ZenaTech’s growth, results of operations, performance, and business prospects and opportunities. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. In some cases, forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “aim”, “seek”, “is/are likely to”, “believe”, “estimate”, “predict”, “potential”, “continue” or the negative of these terms or other comparable terminology intended to identify forward-looking statements. Forward-looking information in this document includes, but is not limited to ZenaTech’s expectations regarding its revenue, expenses, production, operations, costs, cash flows, and future growth; expectations with respect to future production costs and capacity; ZenaTech’s ability to deliver products to the market as currently contemplated, including its drone products including ZenaDrone 1000 and IQ Nano; ZenaTech’s anticipated cash needs and it’s needs for additional financing; ZenaTech’s intention to grow the business and its operations and execution risk; expectations with respect to future operations and costs; the volatility of stock prices and market conditions in the industries in which ZenaTech operates; political, economic, environmental, tax, security, and other risks associated with operating in emerging markets; regulatory risks; unfavorable publicity or consumer perception; difficulty in forecasting industry trends; the ability to hire key personnel; the competitive conditions of the industry and the competitive and business strategies of ZenaTech; ZenaTech’s expected business objectives for the next twelve months; ZenaTech’s ability to obtain additional funds through the sale of equity or debt commitments; investment capital and market share; the ability to complete any contemplated acquisitions; changes in the target markets; market uncertainty; ability to access additional capital, including through the listing of its securities in various jurisdictions; management of growth (plans and timing for expansion); patent infringement; litigation; applicable laws, regulations, and any amendments affecting the business of ZenaTech. 



Informa TechTarget Q2 2025: Continuing Momentum, including 15%+ Quarter-over-Quarter Sequential Revenue Growth

Informa TechTarget Q2 2025: Continuing Momentum, including 15%+ Quarter-over-Quarter Sequential Revenue Growth

NEWTON, Mass.–(BUSINESS WIRE)–
TechTarget, Inc. (Nasdaq: TTGT), (“Informa TechTarget” or the “Company”), a leading growth accelerator for the B2B Technology sector, today published its financial results for the second quarter of 2025, including strong sequential growth in Revenues and Adjusted EBITDA(1), and a narrowing of its net loss from Q1. The Company also reaffirmed its full year 2025 guidance.

Gary Nugent, Chief Executive Officer, Informa TechTarget, said:

“We continue to make good progress through the Foundation Year for Informa TechTarget, delivering sequential improvement in financial performance through Q2, as the impact of our early strategic actions are beginning to bear fruit. We are targeting continuing momentum in H2 as we unlock the benefits of combination in talent, product and go-to-market, and serve our customers with an increasingly powerful portfolio of specialist products and services to help them accelerate their growth.”

Highlights

  • Q2 Performance Acceleration: Revenues increased 15.5% vs Q1 with encouraging performance in strategic priority areas; Q2 Net Income impacted by technical non-cash impairment reflecting reduction in market capitalization since end of Q1 versus book value;

  • Continued Progress on Combination Plan: Proceeding at pace during 2025 Foundation Year with focus on reshaping and optimizing the combined company to focus on strengths and capture opportunities from scale, breadth and diversity;

  • Full Year Guidance Reaffirmed: Improving momentum expected to continue in H2 as combined proposition gains traction; coupled with delivery of cost synergies, this underpins guidance of broadly flat revenues and increase in Adjusted EBITDA to at least $85 million;

  • Long-term Growth Opportunity: We expect underlying demand for data-driven marketing solutions to remain strong; the scale, breadth and diversity of Informa TechTarget creates a unique opportunity to build a leading position in a long-term growth market;

Financial Summary

 

 

2025

 

 

2024

 

 

2024

 

 

Growth

 

 

Growth

 

Three Months Ended June 30

 

Reported

 

 

As Restated

 

 

Combined

 

 

Reported vs As Restated

 

 

Reported vs Combined

 

 

 

$m

 

 

$m

 

 

$m(1), (2)

 

 

%

 

 

%(1), (2)

 

Revenue

 

$

120

 

 

$

63

 

 

$

122

 

 

 

90

%

 

 

(2

)%

Net loss

 

$

(399

)

 

$

(40

)

 

$

(31

)

 

n/a

 

 

n/a

 

Net loss margin

 

 

(332

)%

 

 

(64

)%

 

 

(26

)%

 

n/a

 

 

n/a

 

Adjusted EBITDA(1)

 

$

17

 

 

$

2

 

 

$

19

 

 

 

641

%

 

 

(8

)%

Adjusted EBITDA margin (%)(1)

 

 

14

%

 

 

4

%

 

 

16

%

 

 

11

%

 

 

(1

)%

 

 

2025

 

 

2024

 

 

2024

 

 

Growth

 

 

Growth

 

Six Months Ended June 30

 

Reported

 

 

As Restated

 

 

Combined

 

 

Reported vs As Restated

 

 

Reported vs Combined

 

 

 

$m

 

 

$m

 

 

$m(1), (2)

 

 

%

 

 

%(1), (2)

 

Revenue

 

$

224

 

 

$

122

 

 

$

232

 

 

 

84

%

 

 

(4

)%

Net loss

 

$

(922

)

 

$

(60

)

 

$

(63

)

 

n/a

 

 

n/a

 

Net loss margin

 

 

(412

)%

 

 

(49

)%

 

 

(27

)%

 

n/a

 

 

n/a

 

Adjusted EBITDA(1)

 

$

23

 

 

$

2

 

 

$

32

 

 

 

866

%

 

 

(27

)%

Adjusted EBITDA margin (%)(1)

 

 

10

%

 

 

2

%

 

 

14

%

 

 

8

%

 

 

(3

)%

(1)

Denotes a non-GAAP financial measure. See Non-GAAP Financial Measures below for explanations of these measures and reconciliations to comparable GAAP measures.

(2)

Combined Company measure represents Informa TechTarget’s performance for the three and six months ended June 30, 2024 as if the acquisition of Former TechTarget had occurred on January 1, 2023. Note that it is not necessarily indicative of the performance of Informa TechTarget that may have actually occurred had the combination been completed on January 1, 2023.

Business Performance

We continue to make good progress in combining the complementary strengths of Informa Tech’s digital businesses with those of TechTarget, firmly establishing Informa TechTarget with customers in the Foundation Year for the Company.

Our ambition is to become the reference player within data-driven B2B Digital Marketing, a $20 billion growth market, establishing Informa TechTarget as an indispensable source of trusted expertise, knowledge and actionable data, and an essential partner to the B2B technology sector.

Q2 Progress and Momentum

Our focus in Q2 was on further progressing our Combination Plan, whilst continuing to deliver for customers. The market backdrop remained subdued, with enterprise technology customers continuing to limit investments in marketing and sales to prioritize research and development. Despite this, we delivered positive momentum, with the strategic and operational actions already taken beginning to have a positive impact on performance.

We achieved strong sequential growth in Q2 revenues, +15.5% to $120 million, up from the $104 million delivered in Q1. This improving momentum was also reflected year-on-year, with Q2 revenues 1.6% lower than in Q2 2024 on a Combined Company basis, improving from the 5.8% year-on-year decline reported in Q1.

Areas of strength included the NetLine and Industry Dive businesses, which both delivered strong growth through the period. Our paid subscription-based business Omdia, also grew year-on-year, underlining the value of its proprietary data and intelligence offering. The Brand & Intent business remained the most volatile, reflecting the continuing lack of commitment to marketing investment and sales support activities amongst enterprise technology customers, something we are confident will improve over time.

We also continued to expand our strategic partnerships that help customers deliver better outcomes announcing new technology integration partnerships with Demandbase, Outreach and Salesloft.

Q2 adjusted EBITDA was $17.3 million with an adjusted EBITDA margin of 14.4%. This was slightly lower than the prior year period on a Combined Company basis largely as a result of lower year-on-year revenues.

The Company reported a Q2 net loss of $399 million, compared to $31 million for the Combined Company in the prior year period and a narrowing from the net loss in Q1 of $523 million. As previously flagged, the Q2 net loss included a $382 million non-cash impairment, reflecting the reduction in the Company’s market capitalization during the quarter relative to book value at the prior quarter-end.

A number of actions supported improving momentum through Q2:

  • Brand Consolidation: We combined the brands within our Intelligence & Advisory offerings (Canalys, ESG, Omdia and Wards) under the Omdia brand, simplifying the offer to customers and freeing up analysts to spend more time in the field, something reflected in consistent growth through the period;

  • Focus on Key Accounts: We restructured our go-to-market teams to better target major customer accounts including dedicated sales and service teams with an encouraging growth in bookings from these accounts;

  • Product Positioning: We made an early decision to reposition the NetLine business, focusing it on the volume end of the demand generation market to distinguish it from other products within our portfolio and target a market segment that is currently experiencing higher levels of activity. This delivered good year-on-year revenue growth in Q2, with continuing growth in bookings into the second half of the year.

Balance Sheet and Liquidity

The Company ended Q2 with a strong balance sheet, including approximately $62 million in cash and cash equivalents, and with $120 million of its $250 million revolving credit facility utilized. This resulted in a net debt position of $58 million, similar to the position at the end of 2024 demonstrating the resilient cash characteristics of the business model.

Compliance with Nasdaq Listing Rules

Following a period of technical delays to filing through the first half of 2025, reflecting the complications of combining a UK IFRS-based subsidiary business with a US GAAP-based small-cap listed business, the Company has now been compliant with filing requirements under Nasdaq Listing Rule 5250(c)(1) for both Q1 and Q2 2025 reporting. With much of the combination activity now behind us, we expect to make future filings in a timely manner, remaining fully compliant with Nasdaq requirements.

The Foundation Year: Re-focusing Resources on Growth

The next phase of our Combination Plan is underway, as detailed in the announcement on July 14, 2025. This sees us refocus our resources more directly into areas of opportunity and growth, enabling us to make the most of our increased scale, breadth and diversity. The plan involves streamlining certain areas and functions while re-investing in others to improve product and service delivery and enhance our go-to-market capabilities. It is expected to lead to a net reduction of approximately 10% of the Company’s global colleague base.

As we continue to invest in our capabilities to ensure that we are well-positioned to capture current and future demand, we are also looking forward to an exciting new launch (Informa TechTarget Portal) in the fall that will mark a significant step forward in our product strategy taking the first steps to bring together a unified customer experience and an expansion of our audience data.

Cost synergies

A key output of the Combination Plan is the delivery of $45m in annualized run rate synergies by the end of Year 3 ($25 million of cost synergies and $20 million of profit impact from revenue synergies).

In the Foundation Year, we were originally targeting $5 million of cost synergies. Our accelerated approach to combination and addressing areas of duplication means we now expect to more than double our original Year 1 cost savings goal, delivering a minimum of $10 million operating synergies in 2025 with the majority of these savings to be realized in the second half of the year, putting us firmly on track to deliver our annualized run-rate operating expense savings target.

Audience Development

One of the Company’s unique and differentiating factors and a source of long-term value is our proprietary first-party permissioned audience data of over 50 million B2B tech and business professionals worldwide. We serve our audiences by providing trusted market intelligence and analysis that predicts and shapes where technology markets are headed, by producing independent journalism that educates and informs technology and business leaders to help guide their business decisions, and by informing and accelerating the buying journey.

Artificial Intelligence (AI) is evolving the way audiences discover and consume information, including a shift from traditional search to AI-enabled platforms. We have multiple audience engagement strategies that continue to serve us well with active members holding steady. These strategies include Search Engine Optimization (SEO) where our traditional strength translates directly to AI visibility appearing in over 50,000 AI overviews monthly and generating a substantial increase in traffic from AI overviews and with higher conversion rates, but also including the outbound email and newsletter model at Industry Dive which is seeing double-digit growth, partnership models at BrightTALK and NetLine as well as first-party data from Informa PLC. Ultimately, B2B tech buyers require trusted, independent, authoritative sources to support vital technology investment decisions and we continue to prioritize the quality of our 220+ digital brands and were pleased to recently win 45 prestigious online editorial awards across the American Society of Business Publication Editors (ASBPE)’s annual Regional & National Azbee Awards and SIIA’s Jesse H. Neal Awards honoring excellence in B2B journalism.

Overall, we continue to see AI as a significant opportunity for us with benefits from it representing a growing customer market to serve, as a tool to utilize for driving efficiencies, and as a technology to power our content generation strategy and value proposition of our products.

2025 Outlook Reaffirmed: Improving momentum into H2

Feedback from our customer engagements and potential pipeline opportunities provide us with confidence that the improving momentum in our business will continue in the second half of the year.

As we continue to execute on our combination plan during this Foundation Year for our business, and as the impact of our strategic actions around our product initiatives and revitalized go-to-market approach continues to build and gain further traction with customers, we anticipate modest sequential improvement in revenues in Q3 that we expect to improve further in Q4 which will also include a boost from the seasonal inclusion of event revenues within our Canalys business.

Overall, we expect the seasonally stronger H2 to deliver year-on-year revenue growth to leave full year 2025 revenues broadly flat compared to 2024 on a Combined Company basis.

The accelerated delivery of cost synergies which we expect will build in the second half of the year and to reach at least $10 million in 2025, including cost savings from the recently-announced reorganization plan, underpins our ambition for positive growth in adjusted EBITDA in 2025 to at least $85 million and an increase in Adjusted EBITDA margin despite broadly flat revenues while also allowing us to invest in our strategic business priorities.

Conference Call and Webcast

The Company will discuss these financial results in a conference call and webcast on Tuesday August 12, 2025 at 8:30 AM (Eastern Time) which will include brief remarks by management followed by questions and answers.

Conference Call Dial-In Information:

  • United States (Toll Free): 1-833-470-1428

  • United States: 1-404-975-4839

  • United Kingdom (Toll Free): +44 808 189 6484

  • United Kingdom: +44 20 8068 2558

  • Global Dial-in Numbers
  • Access code: 967110

  • Please access the call at least 10 minutes prior to the time the conference is set to begin.

  • Please ask to be joined into the Informa TechTarget call.

Conference Call Webcast Information:

This webcast can be accessed via Informa TechTarget’s website at:

https://investor.informatechtarget.com/

Conference Call Replay Information:

A replay of the conference call will be available via telephone beginning one (1) hour after the conference call through September 11, 2025 at 11:59 p.m. EDT. To hear the replay:

  • United States (Toll Free): 1-866-813-9403

  • United States: 1-929-458-6194

  • Access Code: 703085

About Informa TechTarget

TechTarget, Inc. (Nasdaq: TTGT), which also refers to itself as Informa TechTarget, informs, influences and connects the world’s technology buyers and sellers, helping accelerate growth from R&D to ROI.

With a vast reach of over 220 highly targeted technology-specific websites and over 50 million permissioned first-party audience members, Informa TechTarget has a unique understanding of and insight into the technology market.

Underpinned by those audiences and their data, we offer expert-led, data-driven, and digitally enabled services that have the potential to deliver significant impact and measurable outcomes to our clients:

  • Trusted information that shapes the industry and informs investment

  • Intelligence and advice that guides and influences strategy

  • Advertising that grows reputation and establishes thought leadership

  • Custom content that engages and prompts action

  • Intent and demand generation that more precisely targets and converts

Informa TechTarget is headquartered in Boston, MA and has offices in 19 global locations. For more information, visit informatechtarget.com and follow us on LinkedIn.

© 2025 TechTarget, Inc. All rights reserved. All trademarks are the property of their respective owners.

Non-GAAP Financial Measures

This release and the accompanying tables include a discussion of Adjusted EBITDA, Adjusted EBITDA Margin, Combined Company Revenue, Combined Company Net Loss, Combined Company Net Loss Margin, Combined Company Adjusted EBITDA, Combined Company Adjusted EBITDA Margin and Net Debt, all of which are non-GAAP financial measures which are provided as a complement to results provided in accordance with GAAP.

“Adjusted EBITDA” means earnings before net interest, income taxes, depreciation and amortization, as further adjusted to exclude stock-based compensation, other income and expenses such as asset impairment and impairment related to goodwill, costs related to mergers, acquisitions or reduction in forces expenses, and foreign exchange gains or losses, if any. As of the second quarter 2025, we have revised our Adjusted EBITDA calculation to exclude the effects of foreign exchange gains and losses, if any, and we have recast comparative prior period amounts accordingly.

“Adjusted EBITDA Margin” means Adjusted EBITDA divided by Revenue.

“Combined Company Revenue” means revenue calculated as if the acquisition of Former TechTarget occurred on January 1, 2023. See Footnote 5 of the Company’s Form 10-K for December 31, 2024 for additional information related to our presentation of unaudited supplemental Combined Company financial information.

“Combined Company Net Loss” means net income/loss calculated as if the acquisition of Former TechTarget had occurred on January 1, 2023. See Footnote 5 of the Company’s Form 10-K for December 31, 2024 for additional information related to our presentation of unaudited supplemental Combined Company financial information.

“Combined Company Net Loss Margin” means Combined Company Net Loss divided by Combined Company Revenue.

“Combined Company Adjusted EBITDA” means earnings before net interest, income taxes, depreciation and amortization, as further adjusted to exclude stock-based compensation, other income and expenses such as asset impairment and impairment related to goodwill, and costs related to mergers, acquisitions or reduction in forces expenses, if any. See Footnote 5 of the Company’s Form 10-K for December 31, 2024 for additional information related to our presentation of unaudited supplemental Combined Company financial information. The items included in the calculation assume the acquisition of Former TechTarget had occurred on January 1, 2023.

“Combined Company Adjusted EBITDA Margin” means Combined Company Adjusted EBITDA divided by Combined Company Revenue.

“Net Debt” at a period end means cash, cash equivalents and short-term investments less financial debt obligations including related party revolving lines of credit.

These non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. In addition, our definitions of Adjusted EBITDA, Adjusted EBITDA margin, Combined Company Revenue, Combined Company Net Loss, Combined Company Net Loss Margin, Combined Company Adjusted EBITDA, Combined Company Adjusted EBITDA Margin and Net Debt, may not be comparable to the definitions as reported by other companies. We believe that these measures provide relevant and useful information to enable us and investors to compare our operating performance, and financial position in the case of net debt, using an additional measurement. We use these measures in our internal management reporting and planning process as primary measures to evaluate the operating performance of our business, as well as potential acquisitions.

Combined Company measures are provided to assist our investors in further comparing our performance as if the acquisition of Former TechTarget occurred on January 1, 2023. The components of Adjusted EBITDA and Combined Company Adjusted EBITDA include the key revenue and expense items for which our operating managers are responsible and upon which we evaluate their performance. Adjusted EBITDA is also used in presentations to our Board of Directors. Furthermore, we intend to provide these non-GAAP financial measures as part of our future earnings discussions and, therefore, the inclusion of these non-GAAP financial measures will provide consistency in our financial reporting. A reconciliation of these non-GAAP measures to GAAP is provided in the accompanying tables, except that full reconciliations of certain forward-looking non-GAAP measures are not provided because the Company is unable to provide such reconciliations without unreasonable effort due to the uncertainty and inherent difficulty of predicting the occurrence and financial impact of certain significant items. These items include, but are not limited to, acquisition and integration costs, amortization of intangible assets, restructuring and other expenses, asset impairment, and the income tax effect of these items. These items are uncertain, depend on various factors, including, but not limited to, our recent acquisition of Former TechTarget and could have a material impact on GAAP reported results for the relevant period.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements”. All statements, other than historical facts, are forward-looking statements, including: statements regarding the expected benefits of the transactions consummated on December 2, 2024 (the “Closing Date”) pursuant to the Agreement and Plan of Merger, dated as of January 10, 2024, among TechTarget Holdings Inc. (formerly known as TechTarget, Inc. (“Former TechTarget”)), Informa TechTarget, Toro Acquisition Sub, LLC, Informa PLC, Informa US Holdings Limited, and Informa Intrepid Holdings Inc. (the “Transactions”), such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio and financial strength; the competitive ability and position of Informa TechTarget; legal, economic, and regulatory conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “plan,” “could,” “would,” “project,” “predict,” “continue,” “target,” or the negatives of these words or other similar terms or expressions that concern Informa TechTarget’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements are based upon current plans, estimates, and expectations that are subject to risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. We can give no assurance that such plans, estimates, or expectations will be achieved, and therefore, actual results may differ materially from any plans, estimates, or expectations in such forward-looking statements.

Important factors that could cause actual results to differ materially from such plans, estimates, or expectations include, among others: unexpected costs, charges, or expenses resulting from the Transactions; uncertainty regarding the expected financial performance of Informa TechTarget; failure to realize the anticipated benefits of the Transactions, including as a result of integrating the Informa Tech Digital Businesses with the business of Former TechTarget; the ability of Informa TechTarget to implement its business strategy; difficulties and delays in Informa TechTarget achieving revenue and cost synergies; evolving legal, regulatory, and tax regimes; changes in economic, financial, political, and regulatory conditions, in the United States and elsewhere, and other factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, pandemics, geopolitical uncertainty, and conditions that may result from legislative, regulatory, trade, and policy changes associated with the current or subsequent U.S. administrations; Informa TechTarget’s ability to meet expectations regarding the accounting and tax treatments of the Transactions; market acceptance of Informa TechTarget’s products and services; the impact of pandemics and future health epidemics and any related economic downturns on Informa TechTarget and the markets in which it and its customers operate; changes in economic or regulatory conditions or other trends affecting the internet, internet advertising and IT industries; data privacy and artificial intelligence laws, rules, and regulations; the impact of foreign currency exchange rates; certain macroeconomic factors facing the global economy, including instability in the regional banking sector, disruptions in the capital markets, economic sanctions and economic slowdowns or recessions, rising inflation and interest rate fluctuations on the operating results of Informa TechTarget; and other matters included in Risk Factors of Informa TechTarget’s Form 10-K for fiscal year 2024 (filed with the United States Securities and Exchange Commission (the “SEC”) on May 28, 2025) and other documents filed by Informa TechTarget from time to time with the SEC. This summary of risks and uncertainties should not be considered to be a complete statement of all potential risks and uncertainties that may affect Informa TechTarget. Other factors may affect the accuracy and reliability of forward-looking statements. We caution you not to place undue reliance on any of these forward-looking statements as they are not guarantees of future performance or outcomes. Actual performance and outcomes, including, without limitation, Informa TechTarget’s actual results of operations, financial condition and liquidity, may differ materially from those made in or suggested by the forward-looking statements contained in this press release.

Any forward-looking statements speak only as of the date of this press release. None of Informa TechTarget, its affiliates, advisors or representatives, undertake any obligation to update any forward-looking statements, whether as a result of new information or developments, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

TechTarget, Inc.

Unaudited Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

June 30, 2025

 

 

December 31, 2024

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

61,732

 

 

$

275,983

 

Short-term investments

 

 

 

 

 

77,705

 

Accounts receivable, net of allowance for credit losses of $1,872 and $907 respectively

 

 

78,039

 

 

 

79,039

 

Related party receivables

 

 

6,826

 

 

 

2,900

 

Prepaid taxes

 

 

7,140

 

 

 

6,443

 

Prepaid expenses and other current assets

 

 

14,609

 

 

 

13,547

 

Total current assets

 

 

168,346

 

 

 

455,617

 

Non-current assets:

 

 

 

 

 

 

Property and equipment, net

 

 

3,695

 

 

 

4,621

 

Goodwill

 

 

134,978

 

 

 

973,398

 

Intangible assets, net

 

 

767,896

 

 

 

808,732

 

Operating lease right-of-use assets

 

 

13,696

 

 

 

15,907

 

Deferred tax assets

 

 

5,118

 

 

 

5,097

 

Other non-current assets

 

 

2,790

 

 

 

3,115

 

Total non-current assets

 

 

928,173

 

 

 

1,810,870

 

Total assets

 

$

1,096,519

 

 

$

2,266,487

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

10,186

 

 

$

10,639

 

Related party payables

 

 

18,679

 

 

 

4,795

 

Contract liabilities

 

 

61,504

 

 

 

44,825

 

Operating lease liabilities

 

 

5,240

 

 

 

5,186

 

Accrued expenses and other current liabilities

 

 

22,060

 

 

 

29,328

 

Accrued compensation expenses

 

 

20,923

 

 

 

18,093

 

Income taxes payable

 

 

36,478

 

 

 

6,701

 

Convertible debt

 

 

 

 

 

415,690

 

Total current liabilities

 

 

175,070

 

 

 

535,257

 

Non-current liabilities:

 

 

 

 

 

 

Operating lease liabilities

 

 

12,366

 

 

 

15,107

 

Other liabilities

 

 

5,326

 

 

 

4,913

 

Related party revolving line of credit

 

 

120,000

 

 

 

 

Deferred tax liabilities

 

 

115,076

 

 

 

139,356

 

Total non-current liabilities

 

 

252,768

 

 

 

159,376

 

Total liabilities

 

$

427,838

 

 

$

694,633

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.001 par value; 250,000,000 shares authorized; 71,489,000 shares issued and outstanding at June 30, 2025; 71,460,169 shares issued and outstanding at December 31, 2024

 

 

71

 

 

 

71

 

Additional paid-in capital

 

 

1,634,904

 

 

 

1,626,785

 

Retained deficit

 

 

(997,987

)

 

 

(75,937

)

Accumulated other comprehensive income

 

 

31,693

 

 

 

20,935

 

Total stockholders’ equity

 

 

668,681

 

 

 

1,571,854

 

Total liabilities and stockholders’ equity

 

$

1,096,519

 

 

$

2,266,487

 

TechTarget, Inc.

Unaudited Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)

(in thousands, except per share data)

 

 

For the Three Months Ended

 

 

For the Six Months Ended

 

 

 

June 30, 2025

 

 

June 30, 2024

 

 

June 30, 2025

 

 

June 30, 2024

 

 

 

 

 

 

As Restated

 

 

 

 

 

As Restated

 

Revenues1

 

$

119,943

 

 

$

62,968

 

 

$

223,830

 

 

$

121,627

 

Cost of revenues1,2

 

 

(51,164

)

 

 

(26,701

)

 

 

(95,324

)

 

 

(50,670

)

Gross profit

 

 

68,779

 

 

 

36,267

 

 

 

128,506

 

 

 

70,957

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing2

 

 

37,063

 

 

 

14,072

 

 

 

70,373

 

 

 

27,879

 

General and administrative1,2

 

 

18,921

 

 

 

17,394

 

 

 

43,205

 

 

 

35,572

 

Product development2

 

 

2,596

 

 

 

2,909

 

 

 

5,385

 

 

 

5,928

 

Depreciation

 

 

531

 

 

 

384

 

 

 

1,063

 

 

 

787

 

Amortization, excluding amortization of $2,950, $143, $5,423 and $245 included in cost of revenues

 

 

22,898

 

 

 

11,194

 

 

 

46,186

 

 

 

22,030

 

Impairment of goodwill

 

 

382,248

 

 

 

 

 

 

841,348

 

 

 

 

Impairment of long-lived assets

 

 

 

 

 

155

 

 

 

 

 

 

2,019

 

Acquisition and integration costs1

 

 

14,811

 

 

 

22,477

 

 

 

24,139

 

 

 

29,454

 

Remeasurement of contingent consideration

 

 

 

 

 

2,100

 

 

 

 

 

 

4,164

 

Total operating expenses

 

 

479,068

 

 

 

70,685

 

 

 

1,031,699

 

 

 

127,833

 

Operating loss

 

 

(410,289

)

 

 

(34,418

)

 

 

(903,193

)

 

 

(56,876

)

Related party interest expense

 

 

(2,815

)

 

 

(6,202

)

 

 

(4,628

)

 

 

(12,403

)

Interest income1

 

 

62

 

 

 

1,231

 

 

 

888

 

 

 

2,464

 

Other income (expense), net

 

 

(5,222

)

 

 

152

 

 

 

(8,316

)

 

 

371

 

Loss before provision for income taxes

 

 

(418,264

)

 

 

(39,237

)

 

 

(915,249

)

 

 

(66,444

)

Income tax benefit (provision)

 

 

19,602

 

 

 

(966

)

 

 

(6,801

)

 

 

6,732

 

Net loss

 

$

(398,662

)

 

$

(40,203

)

 

$

(922,050

)

 

$

(59,712

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

6,768

 

 

 

(669

)

 

 

10,758

 

 

 

1,882

 

Total comprehensive loss

 

$

(391,894

)

 

$

(40,872

)

 

$

(911,292

)

 

$

(57,830

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

(5.58

)

 

 

(0.97

)

 

 

(12.90

)

 

 

(1.43

)

Diluted

 

 

(5.58

)

 

 

(0.97

)

 

 

(12.90

)

 

 

(1.43

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

71,487,725

 

 

 

41,651,366

 

 

 

71,476,670

 

 

 

41,651,366

 

Diluted

 

 

71,487,725

 

 

 

41,651,366

 

 

 

71,476,670

 

 

 

41,651,366

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Amounts include related party transactions as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

347

 

 

 

70

 

 

 

571

 

 

 

154

 

Cost of revenues

 

 

323

 

 

 

53

 

 

 

600

 

 

 

53

 

General and administrative

 

 

4,917

 

 

 

8,416

 

 

 

10,294

 

 

 

16,921

 

Interest income

 

 

 

 

 

834

 

 

 

 

 

 

1,863

 

Acquisition and integration costs

 

 

12,101

 

 

 

20,940

 

 

 

19,361

 

 

 

26,995

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2) Amounts include stock-based compensation expense as follows:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

426

 

 

 

 

 

 

734

 

 

 

 

Selling and marketing

 

 

2,776

 

 

 

 

 

 

5,533

 

 

 

 

General and administrative

 

 

773

 

 

 

300

 

 

 

1,484

 

 

 

566

 

Product development

 

 

185

 

 

 

 

 

 

368

 

 

 

 

TechTarget, Inc.

Reconciliation of Net Loss to Adjusted EBITDA and Net Loss Margin to Adjusted EBITDA Margin

($ in thousands)

 

 

For Three Months Ended

June 30,

 

 

For Six Months Ended

June 30,

 

 

 

2025

 

 

2024

 

 

2024

 

 

2025

 

 

2024

 

 

2024

 

 

 

 

 

 

As Restated

 

 

Combined

 

 

 

 

 

As Restated

 

 

Combined

 

Revenues

 

$

119,943

 

 

$

62,968

 

 

$

121,882

 

 

$

223,830

 

 

$

121,627

 

 

$

232,177

 

Net loss

 

$

(398,662

)

 

$

(40,203

)

 

$

(31,108

)

 

$

(922,050

)

 

$

(59,712

)

 

$

(62,696

)

Interest (income) expense, net

 

 

2,745

 

 

 

4,972

 

 

 

1,648

 

 

 

3,775

 

 

 

9,939

 

 

 

3,437

 

Provision (benefit) for income taxes

 

 

(19,602

)

 

 

966

 

 

 

2,860

 

 

 

6,801

 

 

 

(6,732

)

 

 

(3,278

)

Depreciation

 

 

531

 

 

 

384

 

 

 

661

 

 

 

1,063

 

 

 

787

 

 

 

1,348

 

Amortization

 

 

25,848

 

 

 

11,337

 

 

 

25,002

 

 

 

51,609

 

 

 

22,275

 

 

 

49,605

 

EBITDA

 

$

(389,140

)

 

$

(22,544

)

 

$

(937

)

 

$

(858,802

)

 

$

(33,443

)

 

$

(11,584

)

Stock-based compensation

 

 

4,160

 

 

 

300

 

 

 

11,643

 

 

 

8,119

 

 

 

566

 

 

 

23,368

 

Other (income) expense, net

 

 

5,230

 

 

 

(152

)

 

 

(107

)

 

 

8,281

 

 

 

(371

)

 

 

(218

)

Impairment of goodwill

 

 

382,248

 

 

 

 

 

 

 

 

 

841,348

 

 

 

 

 

 

 

Impairment of long-lived assets

 

 

 

 

 

155

 

 

 

155

 

 

 

 

 

 

2,019

 

 

 

2,019

 

Acquisition and integration costs

 

 

14,811

 

 

 

22,477

 

 

 

6,039

 

 

 

24,139

 

 

 

29,454

 

 

 

13,797

 

Remeasurement of contingent consideration

 

 

 

 

 

2,100

 

 

 

2,100

 

 

 

 

 

 

4,164

 

 

 

4,164

 

Adjusted EBITDA

 

$

17,309

 

 

$

2,336

 

 

$

18,893

 

 

$

23,085

 

 

$

2,389

 

 

$

31,546

 

Net loss margin

 

 

(332.4

)%

 

 

(63.8

)%

 

 

(25.5

)%

 

 

(411.9

)%

 

 

(49.1

)%

 

 

(27.0

)%

Adjusted EBITDA margin

 

 

14.4

%

 

 

3.7

%

 

 

15.5

%

 

 

10.3

%

 

 

2.0

%

 

 

13.6

%

TechTarget Inc.

Reconciliation of Combined Company Revenue and Net Loss

For the three months ended June 30, 2024

($ in thousands)

 

 

Historical

 

 

Combined Company

 

 

 

Informa Tech Digital Business (Note a)

 

 

Former TechTarget (Note b)

 

 

Transaction Accounting Adjustments

 

 

Note

 

Combined Company

 

Revenues

 

$

62,968

 

 

$

58,914

 

 

$

 

 

 

 

$

121,882

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

(26,558

)

 

 

(21,414

)

 

 

1,274

 

 

(c)

 

 

(46,698

)

Amortization of acquired technology

 

 

(143

)

 

 

(703

)

 

 

(4,264

)

 

(d)

 

 

(5,110

)

Gross profit

 

 

36,267

 

 

 

36,797

 

 

 

(2,990

)

 

 

 

 

70,074

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

14,072

 

 

 

23,187

 

 

 

19

 

 

(e)

 

 

37,278

 

General and administrative

 

 

17,394

 

 

 

7,625

 

 

 

84

 

 

(f)

 

 

25,103

 

Product development

 

 

2,909

 

 

 

2,644

 

 

 

 

 

 

 

 

5,553

 

Depreciation

 

 

384

 

 

 

277

 

 

 

 

 

 

 

 

661

 

Amortization

 

 

11,194

 

 

 

3,523

 

 

 

5,175

 

 

(g)

 

 

19,892

 

Impairment of long-lived assets

 

 

155

 

 

 

 

 

 

 

 

 

 

 

155

 

Acquisition and integration costs

 

 

22,477

 

 

 

 

 

 

(18,507

)

 

(h)

 

 

3,970

 

Transaction and related expenses

 

 

 

 

 

2,069

 

 

 

 

 

 

 

 

2,069

 

Remeasurement of contingent consideration

 

 

2,100

 

 

 

 

 

 

 

 

 

 

 

2,100

 

Total operating expenses

 

 

70,685

 

 

 

39,325

 

 

 

(13,229

)

 

 

 

 

96,781

 

Operating loss

 

 

(34,418

)

 

 

(2,528

)

 

 

10,239

 

 

 

 

 

(26,707

)

Interest expense

 

 

 

 

 

(551

)

 

 

 

 

 

 

 

(551

)

Interest income

 

 

1,231

 

 

 

3,874

 

 

 

 

 

 

 

 

5,105

 

Other income (expense), net

 

 

152

 

 

 

(45

)

 

 

 

 

 

 

 

107

 

Related party interest expense

 

 

(6,202

)

 

 

 

 

 

 

 

 

 

 

(6,202

)

Loss before provision for income taxes

 

 

(39,237

)

 

 

750

 

 

 

10,239

 

 

 

 

 

(28,248

)

Income tax benefit (provision)

 

 

(966

)

 

 

563

 

 

 

(2,457

)

 

(i)

 

 

(2,860

)

Net loss

 

$

(40,203

)

 

$

1,313

 

 

$

7,782

 

 

 

 

$

(31,108

)

(a)

Represents the condensed statement of income of the Informa Tech Digital Business for the quarter ended June 30, 2024.

(b)

Represents the condensed consolidated statement of operations as reported in Former TechTarget’s Form 10-Q for the quarter ended June 30, 2024.

(c)

Represents adjustments to cost of revenues associated with the elimination of TechTarget’s historical lease expense, amortization related to existing computer software, internal-use software, and website development costs, and the recognition of the estimated lease expense based on remeasured lease liabilities and ROU assets.

(d)

Represents the elimination of Former TechTarget’s historical amortization of acquired technology of $703 thousand and recognition of new amortization expense of $4,967 thousand resulting from intangible assets identified as part of the purchase price allocation.

(e)

Represents adjustments to selling and marketing expenses associated with the elimination of Former TechTarget’s lease expense, and the recognition of the estimated lease expense based on remeasured lease liabilities and ROU assets.

(f)

Represents adjustments to general and administrative expenses associated with the elimination of Former TechTarget’s historical lease expense, and the recognition of the estimated lease expense based on remeasured lease liabilities and ROU assets.

(g)

Represents the elimination of Former TechTarget’s historical amortization of intangible assets of $3,523 thousand and recognition of new amortization expense of $8,698 thousand resulting from intangible assets identified as part of the purchase price allocation.

(h)

Represents the elimination of acquisition costs of $18,507 thousand incurred by the Informa Tech Digital Business for the three months ended June 30, 2024.

(i)

Represents the income tax effect of the pro forma adjustments presented. The pro forma income tax adjustments were estimated using a combined U.S. federal and statutory tax rate of 24.0% applied to all adjustments.

TechTarget Inc.

Reconciliation of Combined Company Revenue and Net Loss

For the six months ended June 30, 2024

($ in thousands)

 

 

Historical

 

 

Combined Company

 

 

 

Informa Tech Digital Business (Note a)

 

 

Former TechTarget (Note b)

 

 

Transaction Accounting Adjustments

 

 

Note

 

Combined Company

 

Revenues

 

$

121,627

 

 

$

110,550

 

 

$

 

 

 

 

$

232,177

 

Cost of revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of revenues

 

 

(50,425

)

 

 

(40,572

)

 

 

2,446

 

 

(c)

 

 

(88,551

)

Amortization of acquired technology

 

 

(245

)

 

 

(1,405

)

 

 

(8,529

)

 

(d)

 

 

(10,179

)

Gross profit

 

 

70,957

 

 

 

68,573

 

 

 

(6,083

)

 

 

 

 

133,447

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

27,879

 

 

 

46,149

 

 

 

37

 

 

(e)

 

 

74,065

 

General and administrative

 

 

35,572

 

 

 

14,320

 

 

 

166

 

 

(f)

 

 

50,058

 

Product development

 

 

5,928

 

 

 

5,397

 

 

 

 

 

 

 

 

11,325

 

Depreciation

 

 

787

 

 

 

561

 

 

 

 

 

 

 

 

1,348

 

Amortization

 

 

22,030

 

 

 

7,048

 

 

 

10,348

 

 

(g)

 

 

39,426

 

Impairment of long-lived assets

 

 

2,019

 

 

 

 

 

 

 

 

 

 

 

2,019

 

Acquisition and integration costs

 

 

29,454

 

 

 

 

 

 

(24,252

)

 

(h)

 

 

5,202

 

Transaction and related expenses

 

 

 

 

 

8,595

 

 

 

 

 

 

 

 

8,595

 

Remeasurement of contingent consideration

 

 

4,164

 

 

 

 

 

 

 

 

 

 

 

4,164

 

Total operating expenses

 

 

127,833

 

 

 

82,070

 

 

 

(13,701

)

 

 

 

 

196,202

 

Operating loss

 

 

(56,876

)

 

 

(13,497

)

 

 

7,618

 

 

 

 

 

(62,755

)

Interest expense

 

 

 

 

 

(1,103

)

 

 

 

 

 

 

 

(1,103

)

Interest income

 

 

2,465

 

 

 

7,605

 

 

 

 

 

 

 

 

10,070

 

Other income (expense), net

 

 

371

 

 

 

(153

)

 

 

 

 

 

 

 

218

 

Related party interest expense

 

 

(12,403

)

 

 

 

 

 

 

 

 

 

 

(12,403

)

Loss before provision for income taxes

 

 

(66,443

)

 

 

(7,148

)

 

 

7,618

 

 

 

 

 

(65,973

)

Income tax benefit (provision)

 

 

6,731

 

 

 

(1,627

)

 

 

(1,827

)

 

(i)

 

 

3,277

 

Net loss

 

$

(59,712

)

 

$

(8,775

)

 

$

5,791

 

 

 

 

$

(62,696

)

(a)

Represents the condensed statement of income of the Informa Tech Digital Business for the six months ended June 30, 2024.

(b)

Represents the condensed consolidated statement of operations as reported in Former TechTarget’s Form 10-Q for the six months ended June 30, 2024.

(c)

Represents adjustments to cost of revenues associated with the elimination of TechTarget’s historical lease expense, amortization related to existing computer software, internal-use software, and website development costs, and the recognition of the estimated lease expense based on remeasured lease liabilities and ROU assets.

(d)

Represents the elimination of Former TechTarget’s historical amortization of acquired technology of $1,405 thousand and recognition of new amortization expense of $9,934 thousand resulting from intangible assets identified as part of the purchase price allocation.

(e)

Represents adjustments to selling and marketing expenses associated with the elimination of Former TechTarget’s lease expense, and the recognition of the estimated lease expense based on remeasured lease liabilities and ROU assets.

(f)

Represents adjustments to general and administrative expenses associated with the elimination of Former TechTarget’s historical lease expense, and the recognition of the estimated lease expense based on remeasured lease liabilities and ROU assets.

(g)

Represents the elimination of Former TechTarget’s historical amortization of intangible assets of $7,048 thousand and recognition of new amortization expense of $17,396 thousand resulting from intangible assets identified as part of the purchase price allocation.

(h)

Represents the elimination of acquisition costs of $24,252 thousand incurred by the Informa Tech Digital Business for the six months ended June 30, 2024.

(i)

Represents the income tax effect of the pro forma adjustments presented. The pro forma income tax adjustments were estimated using a combined U.S. federal and statutory tax rate of 24.0% applied to all adjustments.

 

Dan Noreck, Chief Financial Officer, +1 617 431 9200

Garrett Mann, Corporate Communications, +1 617 431 9371

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Networks Internet Hardware Data Management Technology Other Manufacturing Textiles Steel Packaging Engineering Chemicals/Plastics Automotive Manufacturing Aerospace Manufacturing Other Communications Publishing Public Relations/Investor Relations Marketing Advertising Communications Health Security General Health Audio/Video Other Professional Services Mobile/Wireless Legal Insurance Human Resources Social Media Finance Search Engine Optimization Consulting Search Engine Marketing Other Technology Banking Blogging Telecommunications Accounting Software Professional Services

MEDIA:

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Anavex Life Sciences Reports Fiscal 2025 Third Quarter Financial Results and Provides Business Update

Company to host a

webcast

today at 8:30 a.m. Eastern Time

NEW YORK, Aug. 12, 2025 (GLOBE NEWSWIRE) — Anavex Life Sciences Corp. (“Anavex” or the “Company”) (Nasdaq: AVXL), a clinical-stage biopharmaceutical company focused on developing innovative treatments for Alzheimer’s disease, Parkinson’s disease, schizophrenia, neurodevelopmental, neurodegenerative, and rare diseases, including Rett syndrome, and other central nervous system (CNS) disorders, today reported financial results for its third quarter of fiscal 2025.

“Our development of non-invasive, targeted upstream compounds continues to advance, particularly in the context of Alzheimer’s disease,” said Christopher U. Missling, PhD, President and CEO of Anavex. “Clinical feedback highlights the importance of orally administered therapies that are both accessible and effective. At AAIC 2025, we presented open-label extension data for blarcamesine, which demonstrated continued clinically meaningful benefit in early-stage Alzheimer’s patients—further validating its therapeutic potential.”

Recent Highlights:

  • On July 31, 2025, Anavex announced the latest findings for blarcamesine, an oral small molecule for the potential treatment of early Alzheimer’s disease. The data were presented by Marwan Noel Sabbagh, MD, Professor of Neurology, and Chairman of the Anavex Scientific Advisory Board at the 2025 Alzheimer’s Association International Conference (AAIC). Blarcamesine-treated patients continue to accrue benefit through up to 4 years, as measured by the prespecified clinical endpoints ADAS-Cog13 and ADCS-ADL, respectively. Further presentations at the AAIC 2025 Conference featured prespecified Precision Medicine Phase IIb/III 48-week ANAVEX®2-73-AD-004 double-blind (DB) clinical trial data on blarcamesine, confirming the upstream mechanism of blarcamesine, restoring impaired autophagy as an early event, preceding amyloid-beta and tau.
  • July 27-31, 2025, Anavex was honored to be a part of the program at the 2025 Alzheimer’s Association International Conference (AAIC) in Toronto. The sharing of knowledge at these central events is important to help advance dementia science to better support the millions of individuals, families, and communities impacted by Alzheimer’s disease.
  • In June 2025, a survey of Alzheimer’s Disease stakeholders from European Union (EU) Member States on ‘Current Unmet Needs in Alzheimer Care’ was conducted. There is a clear acknowledgment that oral therapies would ‘facilitate things’ for many countries and be ‘much more accessible’ for the respective healthcare systems, potentially requiring less extensive monitoring and complex administration compared to injectable monoclonal antibodies. This modality difference is seen as a key factor in potential broader market penetration.

Financial Highlights:

  • Cash and cash equivalents of $101.2 million at June 30, 2025 compared to $132.2 million at year ended September 30, 2024. The Company anticipates at current adjusted cash utilization rates and ranges, an approximate cash runway of more than 3 years.
  • Research and development expenses for the quarter of $10.0 million compared to $11.8 million for the comparable quarter of fiscal 2024.
  • General and administrative expenses for the quarter of $4.5 million compared to $2.8 million for the comparable quarter of fiscal 2024.
  • An increase in non-cash compensation charges, was offset by a decrease in overall cash operating expenses, as compared to the same quarter of fiscal 2024.
  • Net loss for the quarter of $13.2 million, or $0.16 per share, compared to a net loss of $12.2 million, or $0.14 per share for the comparable quarter of fiscal 2024.

The financial information for the quarter ended June 30, 2025, should be read in conjunction with the Company’s consolidated financial statements, which will appear on EDGAR, www.sec.gov and will be available on the Anavex website at www.anavex.com.

Webcast / Conference Call Information:

The live webcast of the conference call will be available on Anavex’s website at www.anavex.com.

The conference call can be also accessed by dialing 1 929 205 6099 for participants in the U.S. using the Meeting ID# 856 5033 5285 and reference passcode 014 352. A replay of the conference call will also be available on Anavex’s website for up to 30 days.

About Anavex Life Sciences Corp.

Anavex Life Sciences Corp. (Nasdaq: AVXL) is a publicly traded biopharmaceutical company dedicated to the development of novel therapeutics for the treatment of neurodegenerative, neurodevelopmental, and neuropsychiatric disorders, including Alzheimer’s disease, Parkinson’s disease, schizophrenia, Rett syndrome, and other central nervous system (CNS) diseases, pain, and various types of cancer. Anavex’s lead drug candidate, ANAVEX®2-73 (blarcamesine), has successfully completed a Phase 2a and a Phase 2b/3 clinical trial for Alzheimer’s disease, a Phase 2 proof-of-concept study in Parkinson’s disease dementia, and both a Phase 2 and a Phase 3 study in adult patients and one Phase 2/3 study in pediatric patients with Rett syndrome. ANAVEX®2-73 is an orally available drug candidate designed to restore cellular homeostasis by targeting SIGMAR1 and muscarinic receptors. Preclinical studies demonstrated its potential to halt and/or reverse the course of Alzheimer’s disease. ANAVEX®2-73 also exhibited anticonvulsant, anti-amnesic, neuroprotective, and anti-depressant properties in animal models, indicating its potential to treat additional CNS disorders, including epilepsy. The Michael J. Fox Foundation for Parkinson’s Research previously awarded Anavex a research grant, which fully funded a preclinical study to develop ANAVEX®2-73 for the treatment of Parkinson’s disease. We believe that ANAVEX®3-71, which targets SIGMAR1 and M1 muscarinic receptors, is a promising clinical stage drug candidate demonstrating disease-modifying activity against the major hallmarks of Alzheimer’s disease in transgenic (3xTg-AD) mice, including cognitive deficits, amyloid, and tau pathologies. In preclinical trials, ANAVEX®3-71 has shown beneficial effects on mitochondrial dysfunction and neuroinflammation. Further information is available at www.anavex.com. You can also connect with the Company on Twitter,Facebook, Instagram, and LinkedIn.

Forward-Looking Statements

Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks set forth in the Company’s most recent Annual Report on Form 10-K filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and Anavex Life Sciences Corp. undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof.

Anavex Life Sciences Corp.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
(Unaudited)
 
  Three months ended June 30,
    2025       2024  
Operating Expenses    
General and administrative $ 4,500     $ 2,792  
Research and development   9,959       11,811  
Total operating expenses   14,459       14,603  
Operating loss   (14,459 )     (14,603 )
     
Other income    
Grant income   25        
Research and development incentive income   127       526  
Interest income, net   1,075       1,796  
Foreign exchange gain   (11 )     67  
Total other income, net   1,216       2,389  
Net loss and comprehensive loss $ (13,243 )   $ (12,214 )
     
Net loss per share    
Basic and diluted $ (0.16 )   $ (0.14 )
     
Weighted average number of shares outstanding  
Basic and diluted           85,380,587                  84,535,328  

 
Anavex Life Sciences Corp.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share amounts)
(Unaudited)
 
  Nine months ended June 30,
    2025       2024  
Operating Expenses    
General and administrative $                 10,266     $                 8,382  
Research and development                  30,298                        30,224  
Total operating expenses                  40,564                        38,606  
Operating loss   (40,564 )     (38,606 )
     
Other income (expense)    
Grant income                         37        
Research and development incentive income                       635                          1,591  
Interest income, net                    3,679                          5,561  
Foreign exchange gain (loss)                     (337 )                           72  
Total other income, net                    4,014                          7,224  
Net loss and comprehensive loss $                 (36,550 )   $                 (31,385 )
     
Net loss per share    
Basic and diluted $                 (0.43 )   $                 (0.38 )
     
Weighted average number of shares outstanding  
Basic and diluted   85,085,795       83,022,330  

 
Anavex Life Sciences Corp.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
   
  June 30, September 30,
    2025     2024  
Assets    
Current    
Cash and cash equivalents $ 101,164   $ 132,187  
Incentive and tax receivables                              820                        2,449  
Prepaid expenses and other current assets                              448                           931  
Total Assets $ 102,432   $ 135,567  
     
Liabilities and stockholders’ equity    
Current Liabilities    
Accounts payable $ 6,740   $ 9,627  
Accrued liabilities                        3,929                        4,835  
Deferred grant income                             805                           842  
Total Liabilities                        11,474                      15,304  
Capital Stock                             85     85  
Additional paid-in capital                      463,494                    456,249  
Accumulated deficit   (372,621 )   (336,071 )
Total Stockholders’ Equity                         90,958                    120,263  
Total Liabilities and Stockholders’ Equity $ 102,432   $ 135,567  

For Further Information:

Anavex Life Sciences Corp.
Research & Business Development
Toll-free: 1-844-689-3939
Email: [email protected]

Investors:

Andrew J. Barwicki
Investor Relations
Tel: 516-662-9461
Email: [email protected]



AIRO Announces Second Quarter 2025 Earnings Call Details

AIRO Announces Second Quarter 2025 Earnings Call Details

ALBUQUERQUE, N.M. & MONTREAL & STØVRING, Denmark & WASHINGTON–(BUSINESS WIRE)–
AIRO Group Holdings, Inc. (Nasdaq: AIRO) (“AIRO” or the “Company”), a global leader in advanced aerospace and defense technologies, today announced that it will host a conference call to report its financial results for the second quarter 2025 at 8:00 a.m., ET, on Thursday, August 14, 2025.

Participants can join the call by dialing 1 (800)-715-9871 (US) or 1 (646)-307-1963 (international) and enter the access code 4209950. To listen to the live audio webcast and Q&A, visit the Event & Presentations section of AIRO’s investor relations website at AIRO Group Holdings, Inc. – Events & Presentations, or by clicking on the link HERE. To avoid delays, it is recommended that participants dial into the conference call 15 minutes ahead of the scheduled start time.

A replay of the webcast will be available on the website within 24 hours after the call. The earnings press release and related materials will also be available on AIRO’s investor relations website at https://investor.theairogroup.com/.

About AIRO

AIRO is a technologically differentiated aerospace, autonomy, and air mobility platform targeting 21st century aerospace and defense opportunities. AIRO is organized into four operating segments, each of which represents a critical growth vector in the aerospace and defense market: Drones, Avionics, Training, and Electric Air Mobility.

Investor Relations Contact

Dan Johnson

AIRO Group Holdings, Inc.

[email protected]

[email protected]

KEYWORDS: United States North America New Mexico

INDUSTRY KEYWORDS: Technology Transportation Automotive Manufacturing Travel Manufacturing Automotive Training Autonomous Driving/Vehicles Drones Air Defense Transport Other Defense Education

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Kopin Corporation Reports Financial Results for the Second Quarter 2025

Kopin Corporation Reports Financial Results for the Second Quarter 2025

  • Created strategic partnership with Theon Sensors to gain significant and immediate access to Europe, Southeast Asia and NATO growth opportunities

  • Introduced first phase of optical automation which is expected to increase throughput and quality and reduce costs

  • Positive book to bill including new contract wins in helmet mounted display systems and MicroLED Display research orders

  • AI-Enabled OLEDoS NeuralDisplay™ achieved prototype milestone with software and hardware improvements

  • Inclusion in Russell 2000 and 3000 indexes on June 27th, 2025

  • Recently Announced Erich Manz as new Chief Financial Officer, effective September 2nd

WESTBOROUGH, Mass.–(BUSINESS WIRE)–
Kopin Corporation (“Kopin” or “the Company”) (Nasdaq: KOPN), a leading developer and provider of high-performance application-specific optical solutions consisting of high-resolution microdisplays, microdisplays subassemblies and related components for defense, enterprise, industrial, and consumer products, today reported financial results for the Second Quarter ended June 28, 2025.

“The recently announced Theon Sensors, S.A (Theon) investment in Kopin Europe and our global operations is a transformational event for Kopin,” said Michael Murray, CEO of Kopin. “Theon is a global market leading developer and manufacturer of customizable night vision, thermal imaging systems and Electro-Optical ISR systems. Kopin’s exposure to the European and Southeast Asian defense market has been minimal to date. European NATO nations have pledged to make over a trillion dollars of investments in defense. Our relationship with Theon provides Kopin with a tremendous market leading partner, a vertically integrated optical technology developer and provides immediate access into this rapidly growing market while greatly reducing the time to build our European and Southeast Asian presence and revenue. Kopin provides Theon with access to our advanced display technologies, our growing suite of application specific solutions and a trusted US defense integrator.”

Mr. Murray, continued, “Revenue in the second quarter of 2025 was lower than expectations due to order delays related to US government budget process delays and subsequent customer uncertainty. We are now experiencing improved order flow as we have now received several of the orders previously expected and believe further contracts will be issued over the next few months.

“Defense departments in the U.S., EU and Southeast Asia are increasing their budgets to combat security threats and advancing technologies. Our products and technologies are industry leading and with the addition of Theon along with our existing Tier one customers, Kopin is transforming into a global defense player,” Mr. Murray concluded.

Second Quarter Financial Results

Total revenues for the second quarter ended June 28, 2025, were $8.5 million, compared to $12.3 million for the second quarter ended June 28, 2024. Year-over-year product revenues decreased to $7.5 million compared to $11.1 million in the year ago period. The decrease was from a reduction in revenues from products used in thermal weapon sights, lower than expected orders for training and simulation and optical inspection modules that were partially offset by an increase in sales of our products used for public safety and medical devices. Second quarter 2025 funded research and development revenues decreased to $0.9 million primarily due to decreases in funding for U.S. defense programs and budget delays.

Cost of Product Revenues for the second quarter of 2025 were $7.1 million, or 94% of net product revenues, compared with $8.7 million, or 79% of net product revenues for the second quarter of 2024. The increase in cost of product revenue as a percentage of net product revenues for the three months ended June 28, 2025 as compared to the three months ended June 29, 2024 was due to a decrease in unit volumes which resulted in the under absorption of overhead costs.

Research and Development expenses (R&D) for the second quarter of 2025 were $1.9 million compared to $1.8 million for the second quarter of 2024. Customer-funded R&D expense declined approximately $0.2 million in the second quarter of 2025 as compared to the second quarter of 2024, while internal R&D increased $0.3 million year over year. Customer funded R&D declined due to the completion of certain programs and delays in receiving new programs due to the government budgeting process. Internal R&D increased primarily due to investments in production automation. Selling, General and Administration expenses (SG&A) were $4.9 million for the second quarter of 2025, compared to $7.3 million for the second quarter of 2024. The decrease for the three months ending June 28, 2025, as compared to the three months ending June 29, 2024, was primarily due to a decrease in legal fees partially offset by an increase in non-cash stock-based compensation.

Net Loss Attributed to Kopin Corporation for the second quarter of 2025 was ($5.2) million, or ($0.03) per share, compared with ($5.9) million, or ($0.05) per share, for the second quarter of 2024.

All amounts above are estimates and readers should refer to our Form 10-Q for the quarter ended June 28, 2025, for final disposition as well as important risk factors.

Earnings Call and Webcast

Kopin Corporation management will host the conference call, followed by a question-and-answer session.

Date: Tuesday, August 12, 2025

Time: 8:30 AM Eastern Time (5:30 AM Pacific Time)

U.S. dial-in number: 800-343-4136

International number: 203-518-9843

Conference ID: KOPIN

Webcast: 2Q25 Webcast Link

The Company will also provide a link https://www.kopin.com/investors/ for those who wish to stream the call via webcast. Please call the conference telephone number 5-10 minutes prior to the start time.

A telephonic replay of the conference call will also be available through August 19, 2025.

Toll-free replay number: 844-512-2921

International replay number: 412-317-6671

Replay passcode: 11159803

About Kopin

Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for defense, industrial and consumer products. Kopin’s technology portfolio includes ultra-small MicroLED (µLED), Active-Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. For more information, please visit Kopin’s website at www.kopin.com. Kopin is a trademark of Kopin Corporation.

Forward-Looking Statements

Statements in this press release may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the safe harbor created by such sections. Words such as “expects,” “believes,” “can,” “will,” “estimates,” and variations of such words and similar expressions, and the negatives thereof, are intended to identify such forward-looking statements. We caution readers not to place undue reliance on any such “forward-looking statements,” which speak only as of the date made, and advise readers that these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, estimates, and assumptions by us that are difficult to predict. These forward-looking statements may include statements with respect to our projected increase in demand for our thermal weapons displays; and our belief that there are opportunities for additional follow-on orders and several new customer development orders which we expect to receive soon. Various factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements, including without limitation our ability to produce thermal weapons displays in adequate quantities to meet projected demand, the outcome of any litigation and other factors beyond our control. All such forward-looking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany the forward-looking statements. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as may otherwise be required by the federal securities laws. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management’s expectations are described in Part I, Item 1A. Risk Factors; Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations; and other parts of our Annual Report on Form 10-K, as amended, for the fiscal year ended December 28, 2024, or as updated from time to time our Securities and Exchange Commission filings.

Kopin Corporation

Supplemental Information

(Unaudited)

 

Three Months Ended Six Months Ended
 
June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Display Revenues by Category (in millions)
Defense

$

6.3

$

10.4

$

14.7

$

18.7

Industrial/Enterprise

 

1.0

 

0.6

 

1.4

 

1.4

Medical

 

0.2

 

 

0.6

 

R&D

 

0.9

 

1.2

 

2.2

 

2.1

License and Royalties

 

0.1

 

0.1

 

0.1

 

0.2

Total

$

8.5

$

12.3

$

19.0

$

22.4

 
 
Stock-Based Compensation Expense
Cost of product revenues

$

87,000

$

268,000

$

226,000

$

489,000

Research and development

 

124,000

 

117,000

 

242,000

 

261,000

Selling, general and administrative

 

537,000

 

291,000

 

1,054,000

 

661,000

$

748,000

$

676,000

$

1,522,000

$

1,411,000

 
Other Financial Information
Depreciation and amortization

$

225,000

$

137,000

$

445,000

$

332,000

Kopin Corporation

Condensed Consolidated Statements of Operations

(Unaudited)

 

Three Months Ended Six Months Ended
June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Revenues:
Net product revenues

$

7,498,436

 

$

11,054,030

 

$

16,728,321

 

$

20,079,396

 

Research and development revenues

 

907,907

 

 

1,170,329

 

 

2,144,574

 

 

2,070,294

 

Other revenues

 

48,540

 

 

112,064

 

 

120,480

 

 

219,374

 

 

8,454,883

 

 

12,336,423

 

 

18,993,375

 

 

22,369,064

 

Expenses:
Cost of product revenues

 

7,071,517

 

 

8,685,328

 

 

14,700,984

 

 

17,226,902

 

Research and development

 

1,945,436

 

 

1,839,663

 

 

4,061,357

 

 

3,940,416

 

Selling, general and administration

 

4,899,313

 

 

7,267,868

 

 

9,600,374

 

 

14,499,733

 

Litigation damages

 

 

 

 

 

 

 

24,800,000

 

 

13,916,266

 

 

17,792,859

 

 

28,362,715

 

 

60,467,051

 

 
Loss from operations

 

(5,461,383

)

 

(5,456,436

)

 

(9,369,340

)

 

(38,097,987

)

 
Other income (expense), net

 

346,750

 

 

(465,562

)

 

1,193,174

 

 

(372,226

)

 
Loss before provision for income taxes

 

(5,114,633

)

 

(5,921,998

)

 

(8,176,166

)

 

(38,470,213

)

 
Tax provision

 

(52,000

)

 

 

 

(104,000

)

 

 

 
Net loss

 

(5,166,633

)

 

(5,921,998

)

 

(8,280,166

)

 

(38,470,213

)

 
Net loss per share:
Basic

$

(0.03

)

$

(0.05

)

$

(0.05

)

$

(0.32

)

Diluted

$

(0.03

)

$

(0.05

)

$

(0.05

)

$

(0.32

)

 
Weighted average number of common shares outstanding:
Basic

 

166,351,615

 

 

121,400,739

 

 

166,234,813

 

 

120,757,868

 

Diluted

 

166,351,615

 

 

121,400,739

 

 

166,234,813

 

 

120,757,868

 

Kopin Corporation
Condensed Consolidated Balance Sheets
(Unaudited)

 

June 28, 2025 December 28, 2024
ASSETS
Current assets:
Cash, restricted cash and marketable securities

$

27,837,187

$

36,629,778

Accounts receivable, net

 

9,481,332

 

11,850,654

Inventory

 

6,685,225

 

6,134,096

Contract assets and unbilled receivables

 

6,840,887

 

7,074,020

Prepaid and other current assets

 

1,795,521

 

1,153,852

 
Total current assets

 

52,640,152

 

62,842,400

 
Plant and equipment, net

 

2,684,545

 

2,099,708

Operating lease right-of-use assets

 

2,212,679

 

2,134,898

Equity investments

 

3,523,632

 

3,564,938

Other assets

 

123,822

 

123,822

 
Total assets

$

61,184,830

$

70,765,766

 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable

$

4,129,863

$

5,941,470

Accrued expenses

 

2,994,134

 

3,095,414

Accrued Compensation

 

40,000

 

40,000

Deferred tax liabilities

 

447,498

 

414,118

Contract liabilities and billings in excess of revenue earned

 

275,053

 

87,752

Operating lease liabilities

 

765,559

 

639,642

Accrued warranty

 

2,016,000

 

2,557,000

Accrued legal expenses

 

5,961,506

 

6,367,900

Accrued litigation damages

 

24,800,000

 

24,800,000

 
Total current liabilities

 

41,429,613

 

43,943,296

 
Other long term liabilities

 

2,279,107

 

2,060,932

Operating lease liabilities, net of current portion

 

1,436,276

 

1,479,976

 
Total stockholders’ equity

 

16,039,834

 

23,281,562

Total liabilities and stockholders’ equity

$

61,184,830

$

70,765,766

 

For Investor Relations

Kopin Corporation

Richard Sneider

Treasurer and Chief Financial Officer

[email protected]

MZ Contact

Brian M. Prenoveau, CFA

MZ Group – MZ North America

[email protected]

+561 489 5315

KEYWORDS: United States North America Massachusetts

INDUSTRY KEYWORDS: Data Management Consumer Electronics Technology Semiconductor Telecommunications Software Defense Audio/Video Contracts Internet Hardware

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Madison Square Garden Sports Corp. Reports Fiscal 2025 Fourth Quarter and Full-Year Results

Madison Square Garden Sports Corp. Reports Fiscal 2025 Fourth Quarter and Full-Year Results

NEW YORK–(BUSINESS WIRE)–
Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2025.

The fiscal 2025 fourth quarter was highlighted by the New York Knicks’ (the “Knicks”) participation in the NBA playoffs, which included nine home playoff games at the Madison Square Garden Arena (“The Garden”) and culminated with the team’s appearance in the Eastern Conference Finals. This compared to fifteen combined home playoff games for the Knicks and the New York Rangers (the “Rangers”) in the prior year quarter. In addition, fiscal 2025 fourth quarter and full-year results reflect increases in average regular season per-game revenues, including tickets, sponsorship and suites; the impact of reductions in local media rights fees as a result of amendments to the Knicks’ and Rangers’ local media rights agreements with MSG Networks Inc. (“MSG Networks”); the impact of the Knicks’ and Rangers’ rosters for the 2024-25 seasons; and the impact of certain team personnel transactions.

For fiscal 2025, the Company reported revenues of $1,039.2 million, an increase of $12.1 million, or 1%, as compared to the prior year. In addition, the Company reported operating income of $14.8 million, a decrease of $131.2 million, and adjusted operating income of $38.2 million, a decrease of $134.1 million, both as compared to the prior year.(1)

For the fiscal 2025 fourth quarter, the Company generated revenues of $204.0 million, a decrease of $23.3 million, or 10%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $22.6 million and an adjusted operating loss of $16.8 million, as compared to operating income of $52.3 million and adjusted operating income of $56.5 million in the prior year quarter.(1)

Madison Square Garden Sports Corp. Executive Chairman and CEO James L. Dolan said, “Fiscal 2025 was highlighted by growth in per-game revenues and the Knicks’ postseason run to the Eastern Conference Finals, while it also reflected our investment in our teams and the changing local media landscape. Looking ahead, we expect continued strong demand for the Knicks and Rangers and remain confident in the value of owning two professional sports franchises.”

Financial Results for the Three and Twelve Months Ended June 30, 2025 and 2024:

 

 

Three Months Ended

 

 

 

 

 

Twelve Months Ended

 

 

 

 

 

 

June 30,

 

Change

 

June 30,

 

Change

$ millions

 

 

2025

 

 

 

2024

 

$

 

%

 

 

2025

 

 

2024

 

$

 

%

Revenues

 

$

204.0

 

 

$

227.3

 

$

(23.3

)

 

(10

)%

 

$

1,039.2

 

$

1,027.1

 

$

12.1

 

 

1

%

Operating (loss) income

 

$

(22.6

)

 

$

52.3

 

$

(74.9

)

 

NM

 

 

$

14.8

 

$

146.0

 

$

(131.2

)

 

(90

)%

Adjusted operating (loss) income(1)

 

$

(16.8

)

 

$

56.5

 

$

(73.3

)

 

NM

 

 

$

38.2

 

$

172.2

 

$

(134.1

)

 

(78

)%

Note: Does not foot due to rounding

 

1.

See page 4 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.

Summary of Financial Results

For the fiscal 2025 fourth quarter, revenues of $204.0 million decreased $23.3 million, or 10%, as compared to the prior year quarter. The decrease was primarily due to lower playoff-related revenues, lower revenues from leagues distributions and, to a lesser extent, lower food, beverage and merchandise sales and local media rights fees. During the fiscal 2025 fourth quarter, the Rangers and the Knicks played a combined one fewer regular season game and six fewer playoff games at The Garden, both as compared to the prior year quarter.

Playoff-related revenues decreased $12.9 million as compared to the prior year quarter, primarily due to the Rangers playing eight home playoff games in the prior year quarter as compared to not qualifying for the playoffs in the current year quarter. This decrease was partially offset by higher per-game Knicks playoff revenue and two additional Knicks home playoff games as compared to the prior year quarter.

Revenues from league distributions decreased $6.8 million as compared to the prior year quarter, primarily due to the absence of a non-recurring territorial fee from the NHL of approximately $7 million recognized in the prior year quarter, partially offset by higher national media rights fees.

Food, beverage and merchandise sales decreased $1.8 million as compared to the prior year quarter, primarily due to lower average per-game revenue, lower online sales of merchandise and the Knicks and Rangers playing a combined one fewer regular season game at The Garden during the fiscal 2025 fourth quarter. Merchandise sales in the fiscal 2024 fourth quarter included the positive impact of new Rangers’ jersey launches.

Local media rights fees decreased $1.1 million as compared to the prior year period, primarily due to a reduction in local media rights fees for the 2024-25 season as a result of amendments to the Knicks’ and Rangers’ local media rights agreements with MSG Networks. This decrease was partially offset by net lower reductions in rights fees as compared to the prior year quarter related to the number of telecasts exclusively available to MSG Networks.

Direct operating expenses of $154.8 million increased $47.1 million, or 44%, as compared to the prior year quarter. This increase was primarily driven by higher net provisions for certain team personnel transactions of $42.8 million, higher net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax of $9.8 million and higher team personnel compensation of $2.9 million, all as compared to the prior year period. These increases were partially offset by lower playoff-related expenses of $5.5 million, as well as other cost decreases.

Selling, general and administrative expenses of $70.9 million increased $4.5 million, or 7%, as compared to the prior year quarter. This increase was primarily driven by higher professional fees of $3.7 million, higher playoff-related expenses of $1.5 million, as well as higher other general and administrative expenses, partially offset by lower sales and marketing costs of $1.3 million and lower employee compensation and related benefits of $1.2 million.

Operating income decreased by $74.9 million to an operating loss of $22.6 million and adjusted operating income decreased by $73.3 million to an adjusted operating loss of $16.8 million, both as compared to the prior year quarter, primarily due to the increase in direct operating expenses and, to a lesser extent, the decrease in revenues.

Other Matters

On June 27, 2025, the Knicks and Rangers amended their respective media rights agreements with MSG Networks, which included: (i) 28% and 18% reductions in annual rights fees payable to the Knicks and Rangers, respectively, effective January 1, 2025; (ii) an elimination of annual rights fee escalators; and (iii) a change to the contract expiration dates to the end of the 2028-29 seasons, subject to a right of first refusal in favor of MSG Networks. Concurrent with the amendments to the media rights agreements, MSG Networks issued penny warrants to the Company exercisable for 19.9% of the equity interests in MSG Networks.

About Madison Square Garden Sports Corp.

Madison Square Garden Sports Corp. (MSG Sports) is a leading professional sports company, with a collection of assets that includes the New York Knicks (NBA) and the New York Rangers (NHL), as well as two development league teams – the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL). MSG Sports also operates a professional sports team performance center – the MSG Training Center in Greenburgh, NY. More information is available at www.msgsports.com.

Non-GAAP Financial Measures

We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) gains or losses on sales or dispositions of businesses, (v) the impact of purchase accounting adjustments related to business acquisitions, and (vi) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan. Because it is based upon operating income (loss), adjusted operating income (loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. In addition, we believe that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles (“GAAP”), gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Miscellaneous income (expense), net, which is not reflected in Operating income (loss).

We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our Company. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this earnings release.

Forward-Looking Statements

This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates, and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Conference Call Information:

The conference call will be Webcast live today at 10:00 a.m. ET at investor.msgsports.com

Conference call dial-in number is 888-660-6386 / Conference ID Number 6996895

Conference call replay number is 800-770-2030 / Conference ID Number 6996895 until August 19, 2025

 

MADISON SQUARE GARDEN SPORTS CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

June 30,

 

June 30,

 

 

 

2025

 

 

 

2024

 

 

 

2025

 

 

 

2024

 

Revenues

 

$

203,957

 

 

$

227,251

 

 

$

1,039,220

 

 

$

1,027,149

 

Direct operating expenses

 

 

154,819

 

 

 

107,743

 

 

 

755,118

 

 

 

616,514

 

Selling, general and administrative expenses

 

 

70,892

 

 

 

66,413

 

 

 

266,076

 

 

 

261,433

 

Depreciation and amortization

 

 

822

 

 

 

792

 

 

 

3,218

 

 

 

3,164

 

Operating (loss) income

 

 

(22,576

)

 

 

52,303

 

 

 

14,808

 

 

 

146,038

 

Other income (expense):

 

 

 

 

 

 

 

 

Interest income

 

 

1,429

 

 

 

1,238

 

 

 

4,034

 

 

 

2,787

 

Interest expense

 

 

(4,990

)

 

 

(6,320

)

 

 

(21,652

)

 

 

(27,589

)

Miscellaneous expense, net

 

 

(984

)

 

 

(4,491

)

 

 

(14,462

)

 

 

(15,568

)

Loss (income) before income taxes

 

 

(27,121

)

 

 

42,730

 

 

 

(17,272

)

 

 

105,668

 

Income tax benefit (expense)

 

 

25,341

 

 

 

(17,239

)

 

 

(5,166

)

 

 

(46,897

)

Net (loss) income

 

$

(1,780

)

 

$

25,491

 

 

$

(22,438

)

 

$

58,771

 

 

 

 

 

 

 

 

 

 

Basic (loss) earnings per common share attributable to Madison Square Garden Sports Corp.’s stockholders

 

$

(0.07

)

 

$

1.06

 

 

$

(0.93

)

 

$

2.45

 

Diluted (loss) earnings per common share attributable to Madison Square Garden Sports Corp.’s stockholders

 

$

(0.07

)

 

$

1.06

 

 

$

(0.93

)

 

$

2.44

 

 

 

 

 

 

 

 

 

 

Basic weighted-average number of common shares outstanding

 

 

24,105

 

 

 

24,030

 

 

 

24,089

 

 

 

24,011

 

Diluted weighted-average number of common shares outstanding

 

 

24,105

 

 

 

24,156

 

 

 

24,089

 

 

 

24,096

 

MADISON SQUARE GARDEN SPORTS CORP.

ADJUSTMENTS TO RECONCILE OPERATING (LOSS) INCOME TO

ADJUSTED OPERATING (LOSS) INCOME

(In thousands)

(Unaudited)

The following is a description of the adjustments to operating (loss) income in arriving at adjusted operating (loss) income as described in this earnings release:

  • Depreciation and amortization. This adjustment eliminates depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets in all periods.
  • Share-based compensation. This adjustment eliminates the compensation expense related to restricted stock units and stock options granted under the Company’s employee stock plan and non-employee director plan in all periods.
  • Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the Company’s executive deferred compensation plan.

 

 

Three Months Ended

 

Twelve Months Ended

 

 

June 30,

 

June 30,

 

 

 

2025

 

 

 

2024

 

 

2025

 

 

2024

Operating (loss) income

 

$

(22,576

)

 

$

52,303

 

$

14,808

 

$

146,038

Depreciation and amortization

 

 

822

 

 

 

792

 

 

3,218

 

 

3,164

Share-based compensation

 

 

3,776

 

 

 

3,222

 

 

17,935

 

 

21,291

Remeasurement of deferred compensation plan liabilities

 

 

1,222

 

 

 

193

 

 

2,195

 

 

1,749

Adjusted operating (loss) income

 

$

(16,756

)

 

$

56,510

 

$

38,156

 

$

172,242

 

MADISON SQUARE GARDEN SPORTS CORP.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

(Unaudited)

 

 

 

June 30,

2025

 

June 30,

2024

ASSETS

 

 

 

 

Current Assets:

 

 

 

 

Cash and cash equivalents

 

$

144,617

 

$

89,136

Restricted cash

 

 

8,571

 

 

5,771

Accounts receivable, net

 

 

25,855

 

 

33,781

Net related party receivables

 

 

3,582

 

 

32,255

Prepaid expenses

 

 

43,417

 

 

30,956

Other current assets

 

 

25,053

 

 

25,043

Total current assets

 

 

251,095

 

 

216,942

Property and equipment, net

 

 

28,962

 

 

28,541

Right-of-use lease assets

 

 

760,456

 

 

694,566

Indefinite-lived intangible assets

 

 

103,644

 

 

103,644

Goodwill

 

 

226,523

 

 

226,523

Investments

 

 

54,720

 

 

62,543

Deferred tax assets, net

 

 

34,821

 

 

Other assets

 

 

12,753

 

 

13,533

Total assets

 

$

1,472,974

 

$

1,346,292

 

MADISON SQUARE GARDEN SPORTS CORP.

CONSOLIDATED BALANCE SHEETS (continued)

(In thousands, except per share data)

(Unaudited)

 

 

 

June 30,

2025

 

June 30,

2024

LIABILITIES AND EQUITY

 

 

 

 

Current Liabilities:

 

 

 

 

Accounts payable

 

$

9,336

 

 

$

9,900

 

Net related party payables

 

 

4,807

 

 

 

6,718

 

Debt

 

 

24,000

 

 

 

30,000

 

Accrued liabilities:

 

 

 

 

Employee-related costs

 

 

98,924

 

 

 

133,930

 

League-related accruals

 

 

196,567

 

 

 

120,876

 

Other accrued liabilities

 

 

13,093

 

 

 

21,613

 

Operating lease liabilities, current

 

 

52,618

 

 

 

50,267

 

Deferred revenue

 

 

164,178

 

 

 

148,678

 

Total current liabilities

 

 

563,523

 

 

 

521,982

 

Long-term debt

 

 

267,000

 

 

 

275,000

 

Operating lease liabilities, noncurrent

 

 

841,050

 

 

 

749,952

 

Defined benefit obligations

 

 

4,086

 

 

 

4,103

 

Other employee-related costs

 

 

78,092

 

 

 

43,493

 

Deferred tax liabilities, net

 

 

 

 

 

16,925

 

Deferred revenue, noncurrent

 

 

662

 

 

 

1,147

 

Total liabilities

 

 

1,754,413

 

 

 

1,612,602

 

Commitments and contingencies

 

 

 

 

Class A Common stock, par value $0.01, 120,000 shares authorized; 19,488 and 19,423 shares outstanding as of June 30, 2025 and 2024, respectively

 

 

204

 

 

 

204

 

Class B Common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of June 30, 2025 and 2024

 

 

45

 

 

 

45

 

Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of June 30, 2025 and 2024

 

 

 

 

 

 

Additional paid-in capital

 

 

15,348

 

 

 

19,079

 

Treasury stock, at cost, 960 and 1,025 shares as of June 30, 2025 and 2024, respectively

 

 

(158,543

)

 

 

(169,547

)

Accumulated deficit

 

 

(137,596

)

 

 

(115,139

)

Accumulated other comprehensive loss

 

 

(897

)

 

 

(952

)

Total equity

 

 

(281,439

)

 

 

(266,310

)

Total liabilities and equity

 

$

1,472,974

 

 

$

1,346,292

 

 

MADISON SQUARE GARDEN SPORTS CORP.

SELECTED CASH FLOW INFORMATION

(In thousands)

(Unaudited)

 

 

 

Twelve Months Ended

 

 

June 30,

 

 

 

2025

 

 

 

2024

 

Net cash provided by operating activities

 

$

91,607

 

 

$

92,131

 

Net cash used in investing activities

 

 

(6,920

)

 

 

(8,898

)

Net cash used in financing activities

 

 

(26,406

)

 

 

(28,785

)

Net increase in cash, cash equivalents and restricted cash

 

 

58,281

 

 

 

54,448

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

94,907

 

 

 

40,459

 

Cash, cash equivalents and restricted cash at end of period

 

$

153,188

 

 

$

94,907

 

 

Ari Danes, CFA

Investor Relations and Financial Communications

(212) 465-6072

Grace Kaminer

Investor Relations

(212) 631-5076

Justin Blaber

Financial Communications

(212) 465-6109

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Basketball Licensing (Sports) Sports General Sports Entertainment Hockey Events/Concerts General Entertainment TV and Radio Licensing (Entertainment)

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Distribution Solutions Group to Participate in Two Conferences: 16th Annual Midwest IDEAS Conference & Jefferies Industrial Conference

Distribution Solutions Group to Participate in Two Conferences: 16th Annual Midwest IDEAS Conference & Jefferies Industrial Conference

FORT WORTH, Texas–(BUSINESS WIRE)–Distribution Solutions Group, Inc. (NASDAQ: DSGR) (“DSG” or the “Company”), a premier, multi-platform specialty distribution company, today announced that management is participating in one-on-one investor meetings and presenting at the following conferences:

  • 16th Annual Midwest IDEAS Conference in Chicago on August 27, 2025, with one-on-one investor meetings and a 1:20 p.m. CT presentation time.

  • Jefferies Industrial Conference in New York City on September 4, 2025, with one-on-one investor meetings and an 8:50 a.m. ET presentation time.

The presentations will be webcast and can be accessed through the investor relations section of the Company’s website: https://investor.distributionsolutionsgroup.com/news/events.

About Distribution Solutions Group, Inc.

Distribution Solutions Group (“DSG”) is a premier multi-platform specialty distribution company providing high touch, value-added distribution solutions to the maintenance, repair & operations (MRO), the original equipment manufacturer (OEM) and the industrial technologies markets. DSG was formed through the strategic combination of Lawson Products, a leader in MRO distribution of C-parts, Gexpro Services, a leading global supply chain services provider to manufacturing customers, and TestEquity, a leader in electronic test & measurement solutions.

Through its collective businesses, DSG is dedicated to helping customers lower their total cost of operation by increasing productivity and efficiency with the right products, expert technical support and fast, reliable delivery to be a one-stop solution provider. DSG serves approximately 200,000 customers in several diverse end markets supported by approximately 4,400 dedicated employees and strong vendor partnerships. DSG ships from strategically located distribution and service centers to customers in North America, Europe, Asia, South America and the Middle East.

For more information on Distribution Solutions Group, please visit www.distributionsolutionsgroup.com.

Company Contact:

Distribution Solutions Group, Inc.

Ronald J. Knutson

Executive Vice President, Chief Financial Officer and Treasurer

Toll-free: 1-888-611-9888

Investor Relations Contacts:

Three Part Advisors, LLC

Steven Hooser or Sandy Martin

214-872-2710 or 214-616-2207

KEYWORDS: United States North America Illinois New York Texas

INDUSTRY KEYWORDS: Construction & Property Other Manufacturing Packaging Trucking Automotive Manufacturing Other Construction & Property Transport Manufacturing

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Soluna Expands Partnership with Galaxy Digital to Deploy 48 MW at Project Kati

Soluna Expands Partnership with Galaxy Digital to Deploy 48 MW at Project Kati

New deployment— largest to date—secures its first operational partner at Project Kati 1, expands to 83 MW, and is construction-ready to launch.

ALBANY, N.Y.–(BUSINESS WIRE)–Soluna Holdings, Inc. (“Soluna” or the “Company”), (NASDAQ: SLNH), a developer of green data centers for intensive computing applications, including Bitcoin mining and AI, announced today an expanded partnership with Galaxy Digital Inc. (“Galaxy”) (NASDAQ/TSX: GLXY), a global leader in digital assets and datacenter infrastructure. Under the new agreement, Galaxy will deploy proprietary bitcoin mining operations – previously housed at their Helios datacenter campus in the Texas panhandle – at a 48 MW expansion of Soluna’s Project Kati 1 in Texas. The expansion brings Project Kati 1 to its full capacity of 83 MW and, having cleared tax abatement approvals, construction is expected to launch before the end of August.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250812900775/en/

Soluna Expands Partnership with Galaxy Digital to Deploy 48 MW at Project Kati

Soluna Expands Partnership with Galaxy Digital to Deploy 48 MW at Project Kati

Soluna previously entered into a $5 million loan facility with Galaxy in Q1 2025. With this new deployment, the partnership extends into an operational collaboration.

Project Kati 1 is currently expected to be operational in Q1 2026. This expansion marks Soluna’s largest deployment of a single partner to date, following a recent 30 MW rollout with another Top-Tier Bitcoin miner. Galaxy will be the first customer to begin mining operations at Project Kati 1 once construction is complete.

“As demand from hyperscaler miners continues to surge, Soluna is scaling to meet the moment,” said John Belizaire, CEO of Soluna. “This partnership with Galaxy represents our largest MW deployment to date and underscores how our modular approach allows us to deliver efficient, renewable-powered infrastructure at scale. We’re proud to deepen our relationship with Galaxy and help power the next wave of computing.”

Key Deal overview:

  • 48 MW of hosting of Galaxy Bitcoin mining containers and miners

  • Deployment expected 1Q26 and 2Q26

  • Turnkey power infrastructure and operations provided by Soluna

“As we transition our Helios campus to an AI and high-performance computing data center, we’re pleased to relocate a portion of our existing Bitcoin mining assets to Soluna to manage,” said Sam Kiernan, Business Development Lead at Galaxy.

The company expects that this expansion will bring Soluna’s operating capacity to 206 MW once fully deployed.

For more information, visit www.solunacomputing.com

Soluna’s glossary of terms can be found here.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Other examples of forward-looking statements may include, but are not limited to, statements of Soluna’s plans and objectives, including with respect to the development of Project Kati and our expectations with respect to the amount of renewable energy capacity Project Kati will deliver. Soluna may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including but not limited to statements about Soluna’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, further information regarding which is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of the press release, and Soluna Holdings, Inc. undertakes no duty to update such information, except as required under applicable law.

About Soluna Holdings, Inc. (Nasdaq: SLNH)

Soluna is on a mission to make renewable energy a global superpower, using computing as a catalyst. The company designs, develops, and operates digital infrastructure that transforms surplus renewable energy into global computing resources. Soluna’s pioneering data centers are strategically co-located with wind, solar, or hydroelectric power plants to support high-performance computing applications, including Bitcoin Mining, Generative AI, and other compute-intensive applications. Soluna’s proprietary software MaestroOS(™) helps energize a greener grid while delivering cost-effective and sustainable computing solutions and superior returns. To learn more, visit solunacomputing.com and follow us on:

LinkedIn: https://www.linkedin.com/company/solunaholdings/

X (formerly Twitter): x.com/solunaholdings

YouTube: youtube.com/c/solunacomputing

Newsletter: bit.ly/solunasubscribe

Resource Center: solunacomputing.com/resources

Soluna regularly posts important information on its website and encourages investors and potential investors to consult the Soluna investor relations and investor resources sections of its website regularly.

About Galaxy

Galaxy Digital Inc. (NASDAQ/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Galaxy’s digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, Galaxy invests in and operates cutting-edge data center infrastructure to power AI and high-performance computing, meeting the growing demand for scalable energy and compute solutions in the U.S. Galaxy is headquartered in New York City, with offices across North America, Europe, the Middle East, and Asia.

Soluna Contact Information

Public Relations

West of Fairfax for Soluna

[email protected]

KEYWORDS: Texas New York United States North America

INDUSTRY KEYWORDS: Commercial Building & Real Estate Alternative Energy Construction & Property Data Management Energy Green Technology Sustainability Technology Professional Services Environment Artificial Intelligence Digital Cash Management/Digital Assets Other Technology Other Construction & Property Cryptocurrency

MEDIA:

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Soluna Expands Partnership with Galaxy Digital to Deploy 48 MW at Project Kati

CIBC Announces Senior Executive Leadership Changes

PR Newswire


TORONTO
, Aug. 12, 2025 /PRNewswire/ – CIBC (TSX: CM) (NYSE: CM) today announced senior leadership appointments to its Group Executive Leadership Team that will position the bank for the future and further accelerate the execution of its client-focused strategy as Harry Culham assumes the role of President and CEO, November 1, 2025.

“Across CIBC, we are accelerating our momentum by delivering on our client-focused strategy and by fostering a purpose-led, connected culture, which starts with our leadership team and extends to every corner of our bank,” said Mr. Culham. “Our strategic investments and our people have enabled our growth, and the changes we’re announcing today will help position us for the future. Each of these leaders brings exceptional experience, a proven track record of performance and exemplifies our purpose-led and collaborative culture.”

  • Christian Exshaw will be appointed Senior Executive Vice-President and Group Head, Capital Markets. In this role, he will have accountability for Capital Markets globally. He was appointed to an expanded role as Deputy Head of Capital Markets in 2024, leading CIBC’s Global Markets, Global Corporate and Global Investment Banking teams.

    “From his early days on the trading floor to his many years in key leadership roles across Capital Markets, Christian is known for his clear focus on our clients, execution, innovation and bringing a growth mindset to our bank,” said Mr. Culham.


  • Kevin Li
     will be appointed Senior Executive Vice-President and Group Head, U.S. Region; President and CEO, CIBC Bank USA. He is currently Managing Director and Head, Global Investment Banking, and was previously Head of CIBC in Europe, and has held various senior roles in Canada. He first joined CIBC in 1994 and has been based in Chicago since 2018.

    “Kevin has consistently brought a strong client focus and disciplined approach to growing our business across borders,” said Mr. Culham. “Drawing on his deep relationships in the U.S., Canada and Europe, he will provide exceptional leadership for our U.S. team.”


  • Christina Kramer
     will be appointed Senior Executive Vice-President and Chief Administrative Officer (CAO), CIBC. She will continue to lead CIBC’s Technology, Infrastructure and Innovation group, and adds accountability for Corporate Governance, Client Complaints, Environment, Social and Governance (ESG), as well as CAO teams across the enterprise.

    “A trusted leader, Christina brings tremendous leadership and deep experience, drawing on strategic and operational capabilities that have served our bank well over the course of her career,” said Mr. Culham.


  • Hratch Panossian
    , Senior Executive Vice-President and Group Head, Personal and Business Banking, continues in his current role and will expand his mandate to include contact centres and client marketing.

    “Under Hratch’s leadership, our retail bank has continued to build strong momentum,” said Mr. Culham. “His strategic perspective, client-centred approach, and commitment to innovation, modernization and digitization are enabling our team to attract new clients to our bank, deepen relationships and grow our Personal and Business Banking franchise.”

  • Susan Rimmer, Senior Executive Vice-President and Group Head, Commercial Banking and Wealth Management, continues in her current role leading this strategic business unit in Canada and will add oversight of CIBC Caribbean.

    “Susan exemplifies our client-focused, highly connected approach to serving our clients,” said Mr. Culham. “Under her leadership our team in the Caribbean will further our momentum in deepening client relationships and building connectivity across our bank.”

  • Amy South will be appointed Executive Vice-President, Office of the CEO and Chief of Staff. Her responsibilities will include the Strategic Client Office, Government Relations, CIBC’s Economics group and oversight of CIBC Mellon.

    “Amy is a proven leader with extensive experience, and she will continue to play an important role in enabling our connectivity and building strong client relationships across our bank,” said Mr. Culham.

  • Stephen Scholtz will be appointed Global Chief Legal Officer. He was most recently General Counsel, Canada. Stephen has held progressively more senior roles in Legal during his almost 20-year career with CIBC, as well as at leading legal firms prior to joining the bank.

    “Stephen is a respected leader on our team, and he is well positioned to take on the leadership of our legal affairs globally,” said Mr. Culham. “His expertise across various facets of legal and wise counsel will be an asset as he steps into his new role.”

Alongside these leaders, the following executives will continue in their roles as part of our Group Executive Leadership Team, providing further continuity and strong execution of our client-focused strategy:

  • Frank Guse, Senior Executive Vice-President and Chief Risk Officer
  • Robert Sedran, Senior Executive Vice-President and Chief Financial Officer and Enterprise Strategy
  • Sandy Sharman, Senior Executive Vice-President and Group Head, People, Culture and Brand

In addition to today’s appointments, the following leaders will be retiring from CIBC:

  • Shawn Beber, Senior Executive Vice-President and Group Head, U.S. Region; President and CEO, CIBC Bank USA, will retire from the bank after 23 years on July 1, 2026, and will be appointed as Special Advisor on November 1, 2025 to ensure a smooth leadership transition. Prior to his current role, he served as Chief Risk Officer, and previously held senior roles with CIBC including General Counsel, head of Strategy and Corporate Development, and head of U.S. Capital Markets.

    “During his tenure, Shawn has brought deep expertise and knowledge of both financial services and our bank,” said Mr. Culham. “He has been instrumental in our progress in the U.S., ensuring that we have a strong, diversified cross-border platform and a disciplined, risk controlled approach to growing the business.”

  • Kikelomo Lawal, Executive Vice-President and Chief Legal Officer will retire from CIBC. In her role, she oversaw Legal, Corporate Governance, Client Complaints, Government Relations as well as leading the development of the bank’s enterprise ESG strategy.

    “Kikelomo is an accomplished leader and legal professional, and she has been instrumental in building and embedding sustainability into our operations, which will help guide our efforts for years to come,” said Mr. Culham. 

“We have a strong, highly connected and purpose-led team that is focused on making client ambitions real and executing our strategy every day,” said Mr. Culham. “Building on the continuity and depth of our leadership team, I’m looking forward to working closely with each of these senior leaders in their new and expanded roles, as well as our entire leadership team as we further our momentum. I would also like to recognize and thank Jon Hountalas, Vice-Chair, North American Banking, who announced his retirement earlier this year after 15 years with CIBC and 40 years in Financial Services, for his many contributions to our bank and his deep commitment to our clients.”

“On behalf of our entire CIBC team, I want to recognize Victor for his continued strong leadership throughout the transition,” added Mr. Culham. “Together, we’ve had the opportunity to engage directly with clients, our team, investors, and members of the community in every market we operate in. The continuity he has provided and the collective focus we see in our experienced leadership team has been integral to a smooth transition, and will serve as a strong foundation as we go forward.”

About CIBC
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at https://www.cibc.com/en/about-cibc/media-centre.html

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/cibc-announces-senior-executive-leadership-changes-302527642.html

SOURCE CIBC

Mobilicom Reports Financial and Operational Results for the Six Months Ended June 30, 2025


Momentum accelerates with $1.5 million in revenue for H1 2025 and an order backlog of $1.6 million as of June 30, bringing the combined total to $3.1 million — already approaching full-year 2024 revenue, as new sales continue to ramp in the second half of 2025


Growth driven by


transition o


f


key


Tier-1


customers


in


to mass production


as


U.S.


sets policy


to


advance adoption of drones


,


defense manufacturers prepare for DoD Programs of Record,


continued conflicts in the Middle


East


and


increase


d European


defense spending



Selection


of


Mobilicom’s


cybersecure systems


in


to


the DoD’s prestigious


Blue UAS


Framework is


fast track


ing


additional


sales to


Tier-1


defense contractors

PALO ALTO, Calif., Aug. 12, 2025 (GLOBE NEWSWIRE) — Mobilicom Limited (Nasdaq: MOB, MOBBW), a provider of cybersecurity and robust solutions for drones and robotics, today announced financial results for the six months ended June 30, 2025, as well as recent business and operational highlights.

“During the first half of 2025, we saw a ramp up in order sas Tier-1 customers geared up for production for anticipated U.S. Department of Defense (DoD) programs of record, as evidenced by our most recent $1.4 million order and our $1.6 million backlog, which we expect to fulfill during the second half of the year,” stated Mobilicom CEO and Founder Oren Elkayam. “Our SkyHopper’s addition to the DoD BlueUAS Framework was a major achievement earlier this year and is very well timed with the broader drone-focused defense spending patterns emerging in the U.S., Europe, and Asia, all of which are fast tracking sales to DoD and allied militaries. Additionally, we expect to see accelerated adoption of our OS3cybersecurity software into AI-driven next-generation drones and robotics through key industry partnerships, several of we established during the first half of 2025.”

“We believe that Mobilicom remains very well positioned to continue to capture market share, supported by a strong balance sheet and narrowing burn rate,” Elkayam concluded.

H1
202
5
and
Recent Operational Highlights

  • Recently secured a $1.4 million orders from a Tier-1 customer, one of the U.S.’s largest manufacturers of small-sized drones, for Mobilicom’s BlueUAS-listed SkyHopper PRO. Customer shifting into mass production to meet U.S. Department of Defense (DoD) demand
  • Selected by one of the world’s largest loitering munitions manufacturers for Mobilicom’s cybersecure MCU-30 Mobile MESH product for integration into its latest perimeter protection drone fleets
  • Secured initial production scale orders from a Tier-1 Asian conglomerate and manufacturer of robotics platforms that are sold to customers in the military and industrial markets
  • Selected by U.S. DoD’s Defense Innovation Unit (DIU) added three Mobilicom SkyHopper products to the Blue UAS Framework, a prestigious short-list of approved products eligible for procurement by the DoD
  • Entered a cooperation agreement with Palladyne AI to offer a bundled solution of Mobilicom’s OS3 cybersecurity with Palladyne AI’s Pilot autonomy software for UAVs and Palladyne’s IQ autonomy software for industrial robots and cobots
  • Launched with ARK Electronics joint integrated cybersecure solution for drones and robotics platforms combining Mobilicom’s BlueUAS-listed SkyHopper PRO and advanced OS3 cybersecurity with ARK’s made-in-USA, BlueUAS listed, powered by NVIDIA
  • Partnered with Aitech Systems to deliver aerospace and defense-grade solutions for next-generation autonomous AI-driven UAS platforms that combine Mobilicom’s OS3 with Aitech’s NVIDIA AI-driven autonomous computers
  • Selected for a $390,000 innovation program to develop Enhanced Electronic Warfare communications systems that protect UAVs against advanced wideband jamming; Upon full development, the new innovation would be offered as an upgrade to further fortify Mobilicom’s ICE software suite when embedded on its SkyHopper family of products

Financial Highlights for the
Six
Months Ended
June 30
, 202
5

  • Revenues were $1.5 million for the six months ended June 30, 2025
  • Confirmed order backlog of $1.6 million as of June 30, 2025, in addition to momentum in new orders expected to be received and fulfilled in the second half of 2025
  • Gross margin remained consistently high at 55%, reflecting strong high-end IP-based technology and effective components and supply chain management
  • Operating net cash burns continue to narrow to approximately $262,000 per month during the first half of the year as a result of continued efficiencies in operating expenses
  • $7 million cash position as of June 30, 2025 and a low monthly burn rate affords Mobilicom a long cash runway to implement its strategic plans
  • Clean balance sheet with no debt, no loans, no credit lines and no convertible debt
  • EBITDA was $(1.9) million compared to $(1.5) million for the six months ended June 30, 2024

About
Mobilicom

Mobilicom is a leading provider of cybersecure robust solutions for the rapidly growing defense and commercial drones and robotics market. Mobilicom’s large portfolio of field-proven technologies includes cybersecurity, software, hardware, and professional services that power, connect, guide, and secure drones and robotics. Through deployments across the globe with over 50 customers, including the world’s largest drone manufacturers, Mobilicom’s end-to-end solutions are used in mission-critical functions.

For investors, please use https://ir.mobilicom.com/
For company, please use www.mobilicom.com

Forward Looking Statements

This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. For example, the Company is using forward-looking statements when it discusses its expectations that its order backlog will be filled in the second half of the year and momentum in new orders, its beliefs with respect to drone-focused defense spending patterns emerging in the U.S., Europe, and Asia, allof which are fast tracking sales to the DoD and militaries, its expectation expect to see accelerated adoption of its OS3 cybersecurity software into AI-driven next-generation drones and robotics through key industry partnerships and its belief that it remains very well positioned to continue to capture market share. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on Mobilicom Limited’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. These and other risks and uncertainties are described more fully in the Company’s filings with the Securities and Exchange Commission.

Forward-looking statements contained in this announcement are made as of this date, and Mobilicom Limited undertakes no duty to update such information except as required under applicable law.

For more information on
Mobilicom
, please contact:

Liad Gelfer

Mobilicom Ltd
[email protected]

Use of Non-IFRS Financial Information

In addition to disclosing financial results calculated in accordance with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board, this release also contains non-IFRS financial measures, which Mobilicom believes are the principal indicators of the operating and financial performance of its business.

Management believes the non-IFRS financial measures provided are useful to investors’ understanding and assessment of Mobilicom’s ongoing core operations and prospects for the future, as the charges eliminated are not part of the day-to-day business or reflective of the core operational activities of the company. Management uses these non-IFRS financial measures as a basis for strategic decisions and evaluating the Company’s current performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation from, or as a substitute for, or superior to, operating loss and or net income (loss) or any other performance measures derived in accordance with IFRS or as an alternative to net cash provided by operating activities or any other measures of our cash flows or liquidity.

EBITDA is a non-IFRS financial measure that is defined as earnings before interest, taxes, depreciation, amortization, and other non-cash or one-time expenses.

   
  Mobilicom Limited
  Unaudited Interim Condensed Consolidated Statements of Profit or Loss and Other Comprehensive Income
               
  For the
six months ended,
June 30,
  For the
six months ended,
June 30,
    2025       2024  
  $   $
Revenue $ 1,450,561     $ 1,804,765  
Cost of sales   653,381       802,151  
Gross margin   797,180       1,002,614  
       
Operating Expenses      
Selling and marketing expenses   903,353       924,449  
Research and development, net   1,274,687       1,001,149  
General and administration expenses   1,150,596       1,127,117  
Total operating expenses   3,328,636       3,052,715  
       
Operating loss   (2,531,456 )     (2,050,101 )
       
Financial income, net   2,485,830       453,226  
       
Loss before income tax expenses $ (45,626 )   $ (1,596,875 )
       
Income tax expenses   (23,120 )     (57,000 )
       
Net loss $ (68,746 )   $ (1,653,875 )
       
Loss per share – basic and diluted (*)     (0.11 )
       
Weighted average shares outstanding – basic and diluted   2,069,708,742       1,555,961,075  
               

* Less than $0.01 cents

  Mobilicom Limited
  Reconciliation table of EBITDA to Loss after income tax expenses
   
  For the
six months ended,
June 30,
   
For the
six months ended,
June 30,
    2025       2024  
  $   $
Loss after income tax expense $ (68,746 )   $ (1,653,875 )
Financial income, net   (2,485,830 )     (453,226 )
Depreciation   124,393       129,303  
Share-based compensation   541,197       428,066  
Income tax expense   23,120       57,000  
EBITDA $ (1,865,866 )   $ (1,492,732 )
       

  Mobilicom Limited
  Unaudited Interim Condensed Consolidated Statements of Financial Position
       
  June 30,   December 31,
    2024       2024  
  $   $
Assets      
       
Current assets      
Cash and cash equivalents $ 6,833,201     $ 8,589,282  
Restricted cash   103,733       97,108  
Trade and other receivables, net   662,951       949,225  
Inventories, net   971,450       892,882  
Total current assets   8,571,335       10,528,497  
       
Non-current assets      
Property, plant and equipment, net   82,404       81,420  
Right-of-use assets   528,774       232,868  
Total non-current assets   611,178       314,288  
       
Total assets $ 9,182,513     $ 10,842,785  
       
Liabilities      
       
Current liabilities      
Trade and other payables $ 1,029,372     $ 1,233,654  
Lease liabilities   205,426       211,265  
Total current liabilities   1,234,798       1,444,919  
       
Non-current liabilities      
Lease liabilities   319,571       16,028  
Employee benefits   220,224       200,604  
Financial liability   2,623,773       5,140,921  
Governmental liabilities on grants received   14,558       12,468  
Total non-current liabilities   3,178,126       5,370,021  
       
Total liabilities   4,412,924       6,814,940  
       
Net assets $ 4,769,589     $ 4,027,845  
       
Equity      
       
Issued capital   34,993,134       34,837,206  
Reserves   236,603       (417,959 )
Accumulated losses   (30,460,148 )     (30,391,402 )
       
Total equity $ 4,769,589     $ 4,027,845