ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q1 Results. Reported Q1 revenue of $59.6 million, slightly over the top end of management’s issued guidance and our estimate of $59.0 million. Net income totaled $1.5 million, or $0.03 per diluted share, an improvement from a loss of $3.4 million, or $0.07 per share, last year. We estimated a net income of $0.78 million or $0.02 per share. Adjusted EBITDA was $7.4 million, near the high end of management’s issued guidance and above our estimate of $6.5 million. Adjusted EPS for Q1 came in at $0.07 per share, up from $0.01 per share last year, and above our estimate of $0.05 per share.
Favorable Developments. Notably, adj. EBITDA increased 68%, and adj. EBITDA margin increased by more than 550 basis points compared to the prior year period. The favorable growth in adj. EBITDA and adj. EBITDA margin are reflective of the Company’s disciplined operating approach and improved business mix. Additionally, we believe the Company is well-positioned to benefit from the uncertain economic environment as more companies look to optimize costs with investments in technology.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Key Points: – IonQ has agreed to acquire Capella Space to accelerate its development of a global quantum key distribution (QKD) network. – Capella’s radar imaging satellites will help enable space-based secure communication for defense and commercial sectors. – The acquisition follows IonQ’s broader strategy to dominate quantum networking through vertical integration and space-based infrastructure
Quantum computing firm IonQ is doubling down on its ambitions in secure communication. On Wednesday, the Maryland-based company announced a deal to acquire Capella Space, a satellite imaging firm known for its synthetic aperture radar (SAR) technology, in a move designed to supercharge its push into quantum networking.
The acquisition marks a pivotal moment for IonQ, as it shifts from primarily offering quantum computing solutions to developing a space-based quantum key distribution (QKD) network. QKD is seen as essential for enabling unhackable communication channels in a future where classical encryption could be rendered obsolete by quantum computers.
Capella, based in San Francisco, operates four commercial satellites that collect high-resolution X-band SAR imagery, useful for intelligence, disaster response, and maritime surveillance. The company has additional satellite launches planned for this year, which will expand its imaging capabilities and support IonQ’s space-to-space and space-to-ground QKD efforts.
According to IonQ CEO Niccolo de Masi, the acquisition will “deepen and accelerate IonQ’s quantum networking leadership” by combining Capella’s satellite infrastructure with IonQ’s quantum technologies. “We have an exceptional opportunity to accelerate our vision for the quantum internet,” he said.
In addition to providing satellite assets, Capella also brings a valuable facility security clearance, enabling closer collaboration with U.S. defense and intelligence agencies—key customers for quantum-secure communications.
The Capella deal is the latest in a string of strategic moves by IonQ. Earlier this year, it acquired Qubitekk, a specialist in quantum networking, and Lightsynq Technologies, a startup founded by former Harvard researchers focused on quantum memory. IonQ has also signed a memorandum of understanding with Intellian Technologies, a satellite hardware manufacturer, to explore integrating quantum networking into future satellite ground systems.
Capella CEO Frank Backes echoed the enthusiasm, saying the integration of Capella’s radar imaging with IonQ’s quantum computing would enhance global defense and commercial missions through “ultra-secure environments.”
The transaction, expected to close in the second half of 2025 pending regulatory approval, continues a trend of quantum-tech consolidation as players position themselves to meet anticipated demand for secure communications in both government and private sectors. As cyber threats grow and classical encryption ages, the ability to offer end-to-end quantum-secure channels—especially via space infrastructure—may become a competitive necessity.
IonQ’s aggressive strategy has drawn investor interest, with its stock gaining momentum in recent weeks. As the quantum industry matures, vertical integration—spanning hardware, software, and infrastructure—is becoming increasingly critical.
If successful, IonQ’s vision for a global quantum-secure network could reshape how sensitive data is protected and transmitted across borders, laying the groundwork for a new era of secure, quantum-powered communication.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid results. The company reported Q1 revenue of $751 million, slightly below our estimate of $767 million, illustrated in Figure #1 CNDT Q1 Results. Quarterly adj. EBITDA of $37 million was significantly higher than our estimate of $14 million, driven by better-than-expected operating cost reductions as the company works to remove stranded costs from its 2024 divestitures.
New business signings. During Q1, new business annual contract values (ACV) increased to $109 million, up 13.5% from $96 million in the prior year period. The total contract value (TCV) of the Q1 new business wins was $280 million, up an impressive 95.8%, year-over-year, indicating that management’s plan to return the organization to organic revenue growth is off to a good start, following a year that was more squarely focused on divestitures and debt reduction.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Alphabet shares dropped more than 8% on Wednesday following comments from Apple’s senior vice president of services, Eddy Cue, who warned that artificial intelligence-powered tools could soon overtake traditional search engines like Google. Cue made the remarks during his testimony in a federal court in Washington, where the Department of Justice is pursuing an antitrust case against Alphabet.
According to reporting from Bloomberg, Cue said he expects that advanced AI services—such as those from OpenAI, Perplexity, and Anthropic—will eventually become key search tools and will likely be added as options in Apple’s Safari browser. The implication is clear: the long-standing dominance of Google in the search space may be approaching a turning point.
The market reaction was swift. Alphabet’s stock tumbled by 7.7%, shaving billions off its market cap, while Apple’s shares dipped by nearly 2%, signaling broader investor concern over the shifting dynamics of the search engine ecosystem.
Cue’s testimony comes at a critical moment. The Justice Department’s lawsuit centers on Google’s dominance in digital advertising and its long-running practice of paying companies—particularly Apple—billions of dollars annually to remain the default search engine on their platforms. In 2022 alone, Google is believed to have paid Apple as much as $20 billion for this privilege.
While the partnership has been lucrative for both tech giants, Cue’s comments suggest cracks are forming. He admitted he’s “lost sleep” over the possibility of Apple losing its massive revenue share from Google, yet he also acknowledged the surge in AI adoption is starting to impact user behavior. In fact, he revealed that search queries in Safari declined in April for the first time—something he attributes to users increasingly turning to generative AI platforms to answer questions and find information.
This trend could reshape the entire search business. If users shift from traditional keyword-based engines to conversational AI tools capable of synthesizing and contextualizing results, Google’s core advertising model—which relies heavily on search traffic—could face existential pressure.
The irony is that Apple, while currently a beneficiary of Google’s dominance through revenue sharing, is now signaling it may contribute to that dominance unraveling. By embracing AI competitors as viable alternatives to Google in Safari, Apple may be preparing for a future in which users prefer personalized, context-rich AI interactions over the standard search box.
The timing also adds pressure to Alphabet as it faces increased regulatory scrutiny and competition. Google has been investing in its own AI initiatives, such as Gemini, but the pace of user migration toward competitors could prove disruptive before Alphabet fully adjusts its strategy.
If Cue is right, and if Safari becomes an open platform for AI-powered search alternatives, the current Google-Apple alliance could evolve—or fracture entirely. The future of search may be less about who owns the default setting and more about who delivers the smartest, most helpful answers.
FLORHAM PARK, NJ, May 7, 2025 – Conduent Incorporated (Nasdaq: CNDT), a global technology-led business process solutions and services company, today announced its first quarter 2025 financial results.
Cliff Skelton, Conduent President and Chief Executive Officer stated, “Conduent had a good start to 2025, especially amidst the broad uncertainty in the macro-economic landscape. Our results are in line with internal expectations and consistent with our 2025 outlook with respect to Adjusted Revenue, and
Adjusted EBITDA margins exceeded expectations. New business signings and our Net ARR Activity Metric, both signals of future growth, improved on a year-over-year basis. Operating cash flow comparison was negatively influenced by several one-time events in 2024 which when normalized, was better versus Q1 2024. Fortunately, while macro-economic and geopolitical environments affect everyone, most of our business segments are somewhat insulated from trade and government efficiency challenges, and in some cases, may benefit from opportunities. Our portfolio rationalization efforts are being reinvigorated with additional opportunities and are on track toward achieving more than $1B in deployable capital. Finally, we remain confident in achieving our previously stated 2025 exit rate targets we outlined two years ago.”
Key Financial Q1 2025 Results
($ in millions, except margin and per share data)
Q1 2025
Q1 2024
CurrentQuarterY/Y B/(W)
Revenue
$751
$921
(18.5)%
Adjusted Revenue(1)
$751
$821
(8.5)%
GAAP Net Income (Loss)
$(51)
$99
n/m
Adjusted EBITDA(1)
$37
$36
2.8%
Adjusted EBITDA Margin (1)
4.9%
4.4%
50 bps
GAAP Income (Loss) Before Income Tax
$(56)
$127
n/m
GAAP Diluted EPS
$(0.33)
$0.46
n/m
Adjusted Diluted EPS(1)
$(0.13)
$(0.09)
(44.4)%
Cash Flow from Operating Activities
$(58)
$(37)
(56.8)%
Adjusted Free Cash Flow(1)
$(74)
$(60)
(23.3)%
Performance Commentary
Conduent’s liquidity position at the end of the quarter remained strong with $293 million of cash and our $550 million revolving credit facility largely undrawn.
Pre-tax income (loss) for the first quarter of 2025 was $(56) million versus $127 million in the prior year period. This decrease is primarily driven by the gain on the transfer of the BenefitWallet portfolio in the prior year period.
Q1 2025 Adjusted EBITDA of $37 million and Adjusted EBITDA Margin of 4.9% both increased versus the prior year period and were ahead of our expectations.
Cash Flow from Operating Activities and Adjusted Free Cash Flow, while down year-over-year, are significantly better in Q1 2025 versus Q1 2024 when adjusting for the positive impacts of the tax refund and contributions from divested assets in the prior year period.
Additional Q1 2025 Performance Highlights
Conduent achieved several milestones in technology-led solutions, operational excellence and helping organizations achieve operating efficiencies:
As part of its efficiency and cost reduction initiatives, selected by a leading global logistics company to expand its digital customer experience based on proven outcomes, building on a trusted relationship spanning more than three decades;
Played an integral role in implementing a Congestion Relief Zone in New York City, the first of its kind in the United States, by facilitating the toll transactions and payment processing, helping to reduce traffic and improve air quality for the New York Metropolitan Area;
Launched fraud prevention tool that leverages traditional rules-based AI combined with GenAI to help prevent account take-over fraud in government benefits, initially being used in production for our payment card solutions to prevent fraud;
Awarded a contract by NJ TRANSIT to install state-of-the-art 3D fare gates at two New Jersey stations to modernize and enhance its fare collections and infrastructure;
Launched Conni, an innovative GenAI virtual assistant, designed to strengthen quality of inquiry results and improve customer experience across Conduent platforms for companies and government agencies;
Announced the selections by the Oklahoma State Department of Health and the Republic of Ireland’s Health Service Executive to deploy the company’s Maven system;
Announced a $92 million contract by the Alaska Department of Health, Division of Health Care Services to operate, manage and modernize the state’s MMIS;
For the fourth time, a leading healthcare provider recognized the Company’s for quality, ensuring efficient and effective call handling and delivering top performance through the use of analytics and insights; and
Secured a contract with the Urban Transport Authority for Lima and Callao (ATU) to implement a new transit fare collection system that enables interoperability across all transit options in the city of Lima and allows for new forms of payments including EMV and digital wallets.
FY 2025 Outlook(3)
FY 2024 Actuals
FY 2025 Outlook(3)
Adj. Revenue(1)
$3,176M
$3,100M – $3,250M
Adj. EBITDA(1) / Adj. EBITDA Margin(1)
$124M / 3.9%
4.5% – 5.5%
(1) Refer to Appendix for definition and complete non-GAAP reconciliations of Adjusted Revenue, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS and Adjusted Free Cash Flow. (2) Refer to Appendix for definition. (3) Refer to Appendix for additional information regarding non-GAAP outlook.
Conference Call
Management will present the results during a conference call and webcast on May 7, 2025 at 9:00 a.m. ET.
The call will be available by live audio webcast along with the news release and online presentation slides at https://investor.conduent.com/.
The conference call will also be available by calling 877-407-4019 toll-free. If requested, the conference ID for this call is 13752430.
The international dial-in is 1-201-689-8337. The international conference ID is also 13752430.
A recording of the conference call will be available by calling 1-877-660-6853 three hours after the conference call concludes. The replay ID is 13752430.
The telephone recording will be available until May 20, 2025.
About Conduent
Conduent delivers digital business solutions and services spanning the commercial, government and transportation spectrum – creating valuable outcomes for its clients and the millions of people who count on them. The Company leverages cloud computing, artificial intelligence, machine learning, automation and advanced analytics to deliver mission-critical solutions. Through a dedicated global team of approximately 53,000 associates, process expertise and advanced technologies, Conduent’s solutions and services digitally transform its clients’ operations to enhance customer experiences, improve performance, increase efficiencies and reduce costs. Conduent adds momentum to its clients’ missions in many ways including disbursing approximately $85 billion in government payments annually, enabling approximately 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing over 13 million tolling transactions every day. Learn more at www.conduent.com.
Non-GAAP Financial Measures
We have reported our financial results in accordance with accounting principles generally accepted in the U.S. (U.S. GAAP). In addition, we have discussed our financial results using non-GAAP measures. We believe these non-GAAP measures allow investors to better understand the trends in our business and to better understand and compare our results. Accordingly, we believe it is necessary to adjust several reported amounts, determined in accordance with U.S. GAAP, to exclude the effects of certain items as well as their related tax effects. Management believes that these non-GAAP financial measures provide an additional means of analyzing the results of the current period against the corresponding prior period. However, these non-GAAP financial measures should be viewed in addition to, and not as a substitute for, our reported results prepared in accordance with U.S. GAAP. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable U.S. GAAP measures and should be read only in conjunction with our Consolidated Financial Statements prepared in accordance with U.S. GAAP. Our management regularly uses our non-GAAP financial measures internally to understand, manage and evaluate our business and make operating decisions. Providing such nonGAAP financial measures to investors allows for a further level of transparency as to how management reviews and evaluates our business results and trends. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures. Refer to the “Non-GAAP Financial Measures” section attached to this release for a discussion of these non-GAAP measures and their reconciliation to the reported U.S. GAAP measures.
Forward-Looking Statements
This press release, any exhibits or attachments to this release, and other public statements we make may contain “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. The words “anticipate,” “believe,” “estimate,” “expect,” “expectations,” “in front of us,” “plan,” “intend,” “will,” “aim,” “should,” “could,” “forecast,” “target,” “may,” “continue to,” “looking to continue,” “endeavor,” “if,” “growing,”
“projected,” “potential,” “likely,” “see,” “ahead,” “further,” “going forward,” “on the horizon,” “as we progress,” “going to,” “path from here forward,” “think,” “path to deliver,” “from here,” “on track,” “remain” and similar expressions (including the negative and plural forms of such words and phrases), as they relate to us, are intended to identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. All statements other than statements of historical fact included in this press release or any attachment to this press release are forward-looking statements, including, but not limited to, statements regarding our financial results, condition and outlook; changes in our operating results; general market and economic conditions; and our projected financial performance, including all statements made under the section captioned “FY 2025 Outlook” within this release. These statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, many of which are outside of our control, that could cause actual results to differ materially from those expected or implied by such forward-looking statements contained in this press release, any exhibits to this press release and other public statements we make.
Important factors and uncertainties that could cause our actual results to differ materially from those in our forward-looking statements include, but are not limited to: government appropriations and termination rights contained in our government contracts, the competitiveness of the markets in which we operate and our ability to renew commercial and government contracts, including contracts awarded through competitive bidding processes; our ability to recover capital and other investments in connection with our contracts; our reliance on third-party providers; risk and impact of geopolitical events and increasing geopolitical tensions (such as the war in the Ukraine and conflict in the Middle East), macroeconomic conditions, natural disasters and other factors in a particular country or region on our workforce, customers and vendors; our ability to deliver on our contractual obligations properly and on time; changes in interest in outsourced business process services; claims of infringement of third-party intellectual property rights; our ability to estimate the scope of work or the costs of performance in our contracts; the loss of key senior management and our ability to attract and retain necessary technical personnel and qualified subcontractors; our failure to develop new service offerings and protect our intellectual property rights; our ability to modernize our information technology infrastructure and consolidate data centers; expectations relating to environmental, social and governance considerations; utilization of our stock repurchase program; risks related to our use of artificial intelligence; the failure to comply with laws relating to individually identifiable information and personal health information; the failure to comply with laws relating to processing certain financial transactions, including payment card transactions and debit or credit card transactions; breaches of our information systems or security systems or any service interruptions; risks related to hacking or other cybersecurity threats to our data systems, information systems and network infrastructure and other service interruptions, including relating to the cyber event that took place in January 2025, including Conduent’s investigation of such incident and mitigation and remediation efforts, the nature and extent of such incident, the potential disruption to our business or operations, the potential impact on Conduent’s reputation, and Conduent’s assessments of the likely financial and operational impacts of such incident; our ability to comply with data security standards; developments in various contingent liabilities that are not reflected on our balance sheet, including those arising as a result of being involved in a variety of claims, lawsuits, investigations and proceedings; risks related to recently completed divestitures including (i) the transfer of the Company’s BenefitWallet’s health savings account, medical savings account and flexible spending account portfolio, (ii) the sale of the Company’s Curbside Management and Public Safety Solutions businesses and (iii) the sale of the Company’s Casualty Claims Solutions business, including but not limited to the Company’s ability to realize the benefits anticipated from such transactions, unexpected costs, liabilities or delays in connection with such transactions, and the significant transaction costs associated with such transactions; risk and impact of potential goodwill and other asset impairments; our significant indebtedness and the terms of such indebtedness; our failure to obtain or maintain a satisfactory credit rating and financial performance; our ability to obtain adequate pricing for our services and to improve our cost structure; our ability to collect our receivables, including those for unbilled services; a decline in revenues from, or a loss of, or a reduction in business from or failure of significant clients; fluctuations in our non-recurring revenue; increases in the cost of voice and data services or significant interruptions in such services; our ability to receive dividends or other payments from our subsidiaries; and other factors that are set forth in the “Risk Factors” section, the “Legal Proceedings” section, the “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” section and other sections in our 2024 Annual Report on Form 10-K, as well as in our Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with or furnished to the Securities and Exchange Commission. Any forward-looking statements made by us in this release speak only as of the date on which they are made. We are under no obligation to, and expressly disclaim any obligation to, update or alter our forward-looking statements, whether because of new information, subsequent events or otherwise, except as required by law.
In a major strategic shift, OpenAI announced Monday that it will no longer pursue a full for-profit transformation and will instead maintain its original nonprofit governance structure. The decision, which follows months of internal and external pressure, reaffirms the organization’s commitment to building artificial general intelligence (AGI) for the benefit of humanity — not just shareholders.
The announcement came in a letter from CEO Sam Altman, who cited conversations with civic leaders and discussions with the Attorneys General of California and Delaware as key factors behind the change. “We made the decision for the nonprofit to stay in control,” Altman wrote, emphasizing a renewed focus on public interest and ethical stewardship of AI technologies like ChatGPT.
OpenAI was originally founded in 2015 as a nonprofit with the ambitious goal of ensuring that AGI — artificial intelligence that can outperform humans across a broad range of tasks — would be developed safely and equitably. Over time, however, the organization layered on a “capped-profit” arm to attract commercial investment and scale operations. That for-profit entity will now be restructured into a public benefit corporation (PBC) — a legally recognized business type that must weigh public impact alongside financial returns.
Bret Taylor, chair of OpenAI’s nonprofit board, clarified that this new structure aims to balance mission and market. “The public benefit corporation model ensures we can grow while staying true to our founding purpose,” he said.
The move comes as OpenAI faces intensifying legal, political, and ethical scrutiny. One major flashpoint is an ongoing lawsuit filed by co-founder Elon Musk, who accused the company and Altman of straying from its original principles. While a federal judge recently dismissed several of Musk’s claims, parts of the case will proceed to trial next year. The lawsuit has amplified a broader debate over whether cutting-edge AI development should be governed by public-interest frameworks or private market incentives.
In addition to legal pressure, OpenAI has come under the microscope from the Attorneys General of California and Delaware — the two jurisdictions where the company operates and is incorporated. Advocacy groups and former employees had petitioned both states’ top law enforcement officials to intervene, arguing that OpenAI’s planned restructuring posed a risk to its charitable mission.
Critics feared a future in which OpenAI — armed with the capability to develop superhuman AI — could shift its focus toward profit maximization at the expense of public safety. These concerns, coupled with growing public reliance on ChatGPT (which now boasts over 400 million weekly users), helped fuel a backlash against the proposed governance changes.
Ultimately, the reversal signals that OpenAI is listening. By recommitting to nonprofit oversight, the company aims to rebuild trust and reinforce its identity as a mission-driven organization — even as it operates at the forefront of one of the world’s most powerful technological revolutions.
Whether this hybrid model can withstand the pressures of a $300 billion valuation and commercial demand remains to be seen. But for now, OpenAI has chosen public accountability over private control — a move that may shape the future of AI governance for years to come.
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Key Points: – Ripple reportedly made a $4–$5 billion bid to acquire USDC issuer Circle, which was declined. – Circle is pursuing a public listing and is currently in a regulatory quiet period. – The deal reflects intensifying competition in the stablecoin space ahead of expected U.S. legislation.
Crypto payments firm Ripple made headlines this week after reports emerged that it offered between $4 billion and $5 billion to acquire Circle, the issuer of the USDC stablecoin. While the offer was ultimately turned down, the attempted acquisition highlights a growing race among major players in the digital asset space to consolidate infrastructure and scale stablecoin capabilities ahead of impending U.S. regulation.
According to Bloomberg, Ripple’s bid was rebuffed by Circle as undervaluing the company. The timing is notable: Circle recently filed for a public listing with the SEC and is currently in a regulatory “quiet period,” restricting its ability to comment on financial matters. Nevertheless, the attempted acquisition sheds light on Ripple’s expansion strategy and broader trends in the maturing stablecoin ecosystem.
Ripple CEO Brad Garlinghouse has previously stated the company would be “more proactive in looking at acquisitions,” particularly in blockchain infrastructure. Ripple’s recent launch of its own stablecoin, RLUSD, on Ethereum and the XRP Ledger is consistent with this strategy. RLUSD has grown quickly in 2025, with its market cap rising to $317 million, but it still trails far behind Circle’s USDC, which boasts a market cap exceeding $62 billion and is issued across 19 blockchains.
Stablecoins—cryptocurrencies pegged to fiat currencies like the U.S. dollar—have become central to the crypto economy. They’re used for everything from trading and remittances to DeFi protocols and cross-border payments. As such, ownership of a dominant stablecoin platform offers a critical foothold in the broader digital asset infrastructure.
For Ripple, acquiring Circle would have provided a powerful shortcut to stablecoin dominance. Beyond simply growing its token footprint, the deal could have given Ripple access to Circle’s institutional network, regulatory goodwill, and technical infrastructure—all valuable assets as Congress debates landmark stablecoin regulation. While Ripple’s own RLUSD is gaining traction, it lacks USDC’s deep liquidity and institutional adoption.
This isn’t the first major deal in the stablecoin space. In October 2024, payments firm Stripe acquired Bridge, a stablecoin platform, for $1.1 billion—one of the largest crypto M&A deals to date. The Ripple-Circle talks, though unsuccessful, suggest that much larger transactions could be on the table as fintech and crypto firms position themselves ahead of coming legislation.
Lawmakers in Washington are working on frameworks to regulate stablecoins and digital asset markets. With increased clarity, more traditional financial players—like Bank of America or PayPal—could soon enter the space. That raises the stakes for crypto-native firms like Ripple and Circle, which are racing to cement their roles before regulations unlock the next wave of competition.
For small and micro-cap crypto investors, this event underscores the growing importance of strategic acquisitions in shaping the sector’s future. Ripple’s failed bid also suggests that Circle sees itself on a trajectory toward greater independence and valuation—particularly with a public listing on the horizon.
Whether or not a Ripple-Circle deal is revived, it’s clear the stablecoin wars are accelerating—and consolidation could define the next phase of the crypto market.
CULVER CITY, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail Games” or the “Company”), a leading global independent developer and publisher of interactive digital entertainment, today highlighted major milestones across its portfolio for April 2025, including expansions within the ARK franchise, a content milestone for Bellwright, and multiple IP launches under Wandering Wizard, the Company’s independent indie publishing label.
ARK Franchise Strengthens with New Content Snail Games continued to build on the momentum of its flagship sandbox survival IP with two major content updates:
Eggcellent Adventure Returns to ARK: Survival Ascended The seasonal Eggcellent Adventure event reinforces seasonal events as a key strategy for retention and re-engagement.
Extinction Map Launches in ARK: Ultimate Mobile Edition The rollout of the Extinction map on mobile represents a continued push into high-growth mobile markets. This update supports Snail Games’ long-term vision of delivering premium survival experiences across multiple platforms, making the IP more accessible to a broader audience of players.
In addition to new content releases, Snail Games continues to prepare for the 10-year anniversary of its flagship ARK: Survival Evolved, with the anticipated upcoming release of its new expansion map DLC, ARK: Aquatica.
BellwrightMarks One Year in Early Access with Major Update April 2025 also marked the one-year Early Access anniversary for Bellwright. The update introduced significant new content and player-requested features. With a growing player base and positive community sentiment, Bellwright reflects Snail’s commitment to long-term support and scalable IP growth.
Notable Update Features include:
Animal Husbandry & Advanced Resource Systems Players can now raise livestock through new husbandry structures, producing essential resources like milk, eggs, and meat. Paired with the new Butchery system, this deepens the economy and rewards strategic village management.
Fishing & Exploration Enhancements A full-featured fishing system with diverse fish types, mini-games, and a Fishing Hut adds immersive gameplay variety. New locations, including caves, swamps, and mountain trails, further expand the world’s exploration potential.
Quality-of-Life Upgrades & Narrative Expansion A major crafting UI overhaul, savable squad rosters, and over 25 new quests enhance both accessibility and long-term player retention.
Wandering WizardCelebrates New Game Launches and Acquisition Snail Inc’s indie publishing label Wandering Wizard deepened its footprint in the horror space with two notable releases and a strategic publishing deal.
Launches of The Cecil: The Journey Beginsand Chasmal Fear In April 2025, Wandering Wizard expanded its catalog with the launch of two horror titles, The Cecil: The Journey Begins and Chasmal Fear. Both games highlight the creativity and passion of small indie teams — with The Cecil: The Journey Begins crafted by a solo developer and Chasmal Fear brought to life by a duo of brothers. These releases underscore Wandering Wizard’s commitment to empowering independent creators and bringing bold, fresh voices to the gaming community.
Publishing Rights Secured for Whispers of West Grove The acquisition of publishing rights to Whispers of West Grove adds another indie horror experience to the Wandering Wizard portfolio, aligning with Snail Games’ strategy of identifying high-potential indie IPs with organic audience momentum.
These achievements reflect Snail Games’ continued execution across its core franchises, emerging IPs, and strategic publishing initiatives. As the Company moves into the second quarter, it remains focused on the 10-year anniversary of ARK: Survival Evolved, the anticipated launch of the ARK: Aquatica DLC, expanding its global reach, investing in scalable growth opportunities, and delivering fresh experiences that engage players across multiple platforms and genres.
For Creators interested in collaborative opportunities reach out to creatordirect@noiz.gg
For media inquiries, interview requests, or additional details, please contact: press@snailgamesusa.com
About Snail, Inc. Snail, Inc. (Nasdaq: SNAL) is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs, and mobile devices. For more information, please visit: https://snail.com/.
Forward-Looking Statements This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding expansions within the ARK franchise, development of new content, a content milestone for Bellwright, and multiple IP launches under Wandering Wizard, the Company’s independent indie publishing label. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which was filed by the Company with the SEC on March 26, 2025 and other documents filed by the Company from time to time with the SEC, including the Company’s Forms 10-Q filed with the SEC. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
Investor Contact: John Yi and Steven Shinmachi Gateway Group, Inc. 949-574-3860 SNAL@gateway-grp.com
ATLANTA, May 01, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot (“Bitcoin Depot” or the “Company”) (NASDAQ: BTM), a U.S.-based Bitcoin ATM operator and leading fintech company, will hold a conference call and live audio webcast on Thursday, May 15th at 10:00 a.m. Eastern time (7:00 a.m. Pacific time) to discuss its financial results for the first quarter ended March 31, 2025. Bitcoin Depot plans to release results before the market opens on the same day.
Call Date: Thursday, May 15, 2025 Time: 10:00 a.m. Eastern time (7:00 a.m. Pacific time)
Phone Instructions U.S. and Canada (toll-free): 888-596-4144 U.S. (toll): 646-968-2525 Conference ID: 4520708
A replay of the call will be available beginning after 2:00 p.m. Eastern time through May 22, 2025.
U.S. & Canada (toll-free) replay number: 800-770-2030 U.S. toll number: 609-800-9909 Conference ID: 4520708
If you have any difficulty connecting with the conference call, please contact Bitcoin Depot’s investor relations team at 1-949-574-3860.
About Bitcoin Depot Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q1 results. The company reported Q1 revenue growth of 13.4% year over year to $16.0 million, roughly in line with our estimate of $16.2 million. Adj. EBITDA of $0.9 million was better than our estimate of $0.4 million.
B2C momentum. The strong quarterly revenue growth was driven by the company’s B2C segment. Importantly, the company is in the midst of optimizing pricing for its popular beauty app subscription and recently introduced a higher margin premium subscription plan. We believe the B2C segment is poised for continued revenue growth throughout 2025.
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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Providers play crucial role in modernizing procurement systems for higher transparency, efficiency, resilience, ISG Provider Lens™ report says
STAMFORD, Conn.–(BUSINESS WIRE)– Enterprises are expanding procurement strategies beyond cost reduction, seeking to optimize processes and reduce time to market, according to a new research report published today by Information Services Group (ISG) (Nasdaq: III), a global AI-centered technology research and advisory firm.
The 2025 ISG Provider Lens™ global Procurement Services report finds that procurement is becoming a strategic priority in mitigating risks and ensuring the continuity of supply chains. While wars, geopolitical unrest and rising tariffs have presented a seemingly unending series of disruptions affecting procurement in recent years, innovative companies are finding ways to make procurement a competitive differentiator.
“Enterprises recognize the need to make their procurement processes more efficient, transparent and resilient,” said Robert Stapleton, partner and lead, business process outsourcing for ISG. “At many companies, modern procurement services from leading providers play an important role in these efforts.”
Procurement teams are partnering with service providers to implement new technologies that enhance automation, data analytics and collaboration with suppliers, the report says. These include AI, generative AI, advanced analytics tools and robotic process automation (RPA). Dedicated procurement centers of excellence are developing customized solutions to meet specific enterprise requirements. Over the next 12-24 months, ISG expects companies to increase their use of advanced technologies to refine sourcing practices, enrich user experience and improve supply chain collaboration.
The use of AI and automation is rising alongside other technology trends that are reshaping enterprise procurement, the report says. Companies are using advanced analytics for granular visibility into spending patterns, supplier performance and market conditions. They are also embracing strategic sourcing based on benchmarks and best practices to enhance client-supplier relationships. Proactive risk assessments based on real-time data increase provider reliability in an unstable global environment. Circular economy practices, which improve sustainability by reducing waste, are also an increasingly common part of enterprise procurement strategies.
The use of procurement business process outsourcing (BPO) and managed services continues to grow as enterprises seek more flexible operations, ISG says. Strategic sourcing, spending data management and supplier risk and performance management are among the most common outsourced functions, while procurement technology management and sourcing governance are beginning to gain traction.
“Procurement has the potential to transform supply chain management,” said Jan Erik Aase, partner and global leader, ISG Provider Lens Research. “Enterprises seek services and technology expertise to maximize the value of procurement systems, and providers are stepping up.”
The report also explores other procurement trends affecting enterprises, including the growing need for training to keep pace with technology and the increasing priority placed on cybersecurity in procurement systems.
For more insights into the procurement challenges facing enterprises, plus ISG’s advice for overcoming them, see the ISG Provider Lens™ Focal Points briefing here.
The 2025 ISG Provider Lens™ global Procurement Services report evaluates the capabilities of 28 providers across three quadrants: Procurement Operations Modernization Services, Strategic Sourcing and Category Management Services and Supplier Management and Contract Lifecycle Services.
The report names Accenture, Corcentric, Deloitte, Genpact, GEP, HCLTech, IBM, Infosys, TCS and WNS Procurement as Leaders in all three quadrants. It names Capgemini as a Leader in two quadrants and Tech Mahindra as a Leader in one quadrant.
In addition, Cognizant and Tech Mahindra are named as Rising Stars — companies with a “promising portfolio” and “high future potential” by ISG’s definition — in two quadrants each. ProcureAbility is named as a Rising Star in one quadrant.
In the area of customer experience, Genpact is named the global ISG CX Star Performer for 2025 among Procurement BPO Services providers. Genpact earned the highest customer satisfaction scores in ISG’s Voice of the Customer survey, part of the ISG Star of Excellence™ program, the premier quality recognition for the technology and business services industry.
The 2025 ISG Provider Lens™ global Procurement Services report is available to subscribers or for one-time purchase on this webpage.
About ISG Provider Lens™ Research
The ISG Provider Lens™ Quadrant research series is the only service provider evaluation of its kind to combine empirical, data-driven research and market analysis with the real-world experience and observations of ISG’s global advisory team. Enterprises will find a wealth of detailed data and market analysis to help guide their selection of appropriate sourcing partners, while ISG advisors use the reports to validate their own market knowledge and make recommendations to ISG’s enterprise clients. The research currently covers providers offering their services globally, across Europe, as well as in the U.S., Canada, Mexico, Brazil, the U.K., France, Benelux, Germany, Switzerland, the Nordics, Australia and Singapore/Malaysia, with additional markets to be added in the future. For more information about ISG Provider Lens research, please visit this webpage.
About ISG
ISG (Nasdaq: III) is a global AI-centered technology research and advisory firm. A trusted partner to more than 900 clients, including 75 of the world’s top 100 enterprises, ISG is a long-time leader in technology and business services that is now at the forefront of leveraging AI to help organizations achieve operational excellence and faster growth. The firm, founded in 2006, is known for its proprietary market data, in-depth knowledge of provider ecosystems, and the expertise of its 1,600 professionals worldwide working together to help clients maximize the value of their technology investments.
Source: Information Services Group, Inc.View all news
ATLANTA, April 28, 2025 (GLOBE NEWSWIRE) — DLH Holdings Corp. (NASDAQ: DLHC) (“DLH” or the “Company”), a leading provider of science research and development, systems engineering and integration, and digital transformation and cyber security solutions to federal agencies, will release financial results for the fiscal second quarter ended March 31, 2025 on May 7, 2025 after the market closes. DLH will then host a conference call for the investment community at 10:00 a.m. Eastern Time the following day, May 8, 2025, during which members of senior management will make a brief presentation focused on the financial results and operating trends. A question-and-answer session will follow.
Interested parties may listen to the conference call by dialing 888-347-5290 or 412-317-5256. Presentation materials will also be posted on the Investor Relations section of the DLH website prior to the commencement of the conference call. A digital recording of the conference call will be available for replay two hours after the completion of the call and can be accessed on the DLH Investor Relations website or by dialing 877-344-7529 and entering the conference ID 3751581.
About DLH DLH (NASDAQ: DLHC), a Russell 2000 company, enhances technology, public health, and cyber security readiness missions through science, technology, cyber, and engineering solutions and services. Our experts solve some of the most complex and critical missions faced by customers today, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,800 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of technology, innovation, and world-class expertise, to improve lives across the globe. For more information, visit www.DLHcorp.com.
INVESTOR RELATIONS Contact: Chris Witty Phone: 646-438-9385 Email: cwitty@darrowir.com
