The Three Projects Will Include an 80 Story High-Rise Building in the Miami Brickell District at 1040 South Miami Ave, Two Buildings in Clearwater Beach, and a Project in Jupiter Florida, Totaling Over 400 High-End Luxury Units
SKYX is Expected to Supply Forte Development with Over 12,000 Smart and Plug & Play Products Across Three Luxury Projects, Including Ceiling Outlet Receptacles, Lighting, Ceiling Fans, Recessed Lights, EXIT Signs, Emergency Lights, Downlights, and Indoor/Outdoor Wall Lights
SKYX’s Technologies Provide Opportunities for Recurring Revenues Through Upgrades, Interchangeability, Monitoring and Subscriptions and More
MIAMI, Feb. 20, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive smart platform technology company with more than 97 issued and pending patents globally and over 60 lighting and home décor websites, announces that it will start supplying its technologies to Forte Developments’ upcoming high-end luxury projects, including an 80-story building in Miami located at the Brickell district, two buildings in Clearwater Beach and a project in Jupiter, Florida.
Forte Developments is a leading high-end luxury condo and home development company. Forte’s developments include well-known luxury buildings in Palm Beach and Miami, Florida, as well as in The Hamptons, New York, among others.
During the course of the three projects, SKYX is expected to deliver over 12,000 of its products, representing a variety of its advanced and smart platform technology plug & play platform products. SKYX is expected to start supplying its products during the second half of 2025.
Marius Fortelni CEO and Founder of Forte Developments said: “We are excited to develop our ultra-high-end luxury upcoming projects utilizing SKYX’s game-changing advanced, smart, and safe plug and play technologies. I strongly believe that SKYX’s disruptive ceiling platform technologies will become the standard for new construction as they provide smart capabilities, safety and time savings, while adding significant value to our homes and buildings.” Link to Forte’s website here: https://fortedevelopmentus.com/
Rani Kohen, Founder/Inventor and Executive Chairman, of SKYX Platforms, said: “We are excited to work with a high-end condo developer such as Forte Developers. This is another step toward our goal of making homes and buildings become advanced, safe, and smart as the new standard. We look forward to continuing to demonstrate our advanced smart platform technology’s ability to make homes and buildings become smart and safe instantly, while significantly advancing buildings and saving time and cost to developers.”
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Key Points: – Broadcom and Taiwan Semiconductor Manufacturing Co. (TSMC) are reportedly considering independent deals that could split Intel. – Intel has lost billions in market value after falling behind in the AI-driven semiconductor boom. – Despite a 60% slump in 2024, Intel shares have climbed 29% this year, with a 12% rally on Tuesday.
Intel shares surged 12% on Tuesday following a report from The Wall Street Journal that Broadcom and Taiwan Semiconductor Manufacturing Co. (TSMC) are contemplating bids that could potentially split the struggling chip giant. This marked Intel’s best single-day performance since March 2020, fueling renewed investor interest in the company’s future.
According to sources cited by The Wall Street Journal, Broadcom is evaluating a deal to acquire Intel’s chip design and marketing unit, while TSMC is considering a stake or full control of Intel’s manufacturing facilities. These discussions are still in their early stages, with no official bids filed and negotiations remaining largely informal.
Intel, once a dominant force in the semiconductor industry, has faced significant challenges in recent years. As the artificial intelligence boom propelled competitors such as Nvidia and AMD to new heights, Intel struggled to keep pace. The company has shed billions in market value, unable to capitalize on the AI-driven demand that has reshaped the sector.
In August 2024, Intel suffered its worst stock market day in five decades, with shares plummeting to their lowest level since 2013 following disappointing quarterly results. The company’s struggles prompted major cost-cutting measures, including a 15% reduction in its workforce. Amid these difficulties, Intel’s board ousted CEO Pat Gelsinger in December, citing waning investor confidence in his ability to steer the company back to profitability.
The prospect of Broadcom and TSMC acquiring different segments of Intel signals a possible strategic shift for the embattled chipmaker. Broadcom, known for its aggressive acquisition strategy, could benefit from Intel’s chip design expertise and established market presence. Meanwhile, TSMC, the world’s largest contract chipmaker, would strengthen its global semiconductor manufacturing footprint by securing Intel’s production facilities.
Investors responded positively to the news, with Intel shares soaring 12% on Tuesday. The rally extended the stock’s year-to-date gains to 29%, offering some relief after a brutal 2024 that saw a 60% decline in share value. Meanwhile, Broadcom shares fell 2%, while TSMC experienced a modest dip of less than 1%.
The potential breakup of Intel comes amid broader geopolitical concerns surrounding semiconductor production. The U.S. government has intensified efforts to safeguard domestic chip manufacturing, with Vice President JD Vance recently affirming that AI chip production will be protected from foreign adversaries. This sentiment boosted Intel’s stock last week, as the company remains a key player in the U.S. semiconductor supply chain.
As Intel navigates its uncertain future, the reported interest from Broadcom and TSMC could present an opportunity for the company to restructure and regain competitiveness in the rapidly evolving semiconductor industry.
New Business Signings ACV (2) : Q4 $137M / FY $485M
Net ARR Activity Metric (2) (TTM): $92M
FLORHAM PARK, N.J., Feb. 12, 2025 — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business process solutions and services company, today announced its fourth quarter and full year 2024 financial results.
Cliff Skelton, Conduent President and Chief Executive Officer stated, “2024 proved to be broadly in line with what we planned for. It was a year we said would be characterized by a continued shift to growth, with a focus on new leadership, a rationalized portfolio, improved industry recognition, and improved client retention. It was all of that and more, enhanced by divestitures with solid multiples and a 50% reduction in debt compared to year-end 2023.”
“From a numbers perspective, while timing drove a slightly weaker top line finish to the year, it was offset by an EBITDA margin on the high end of expectations. Quarterly Adjusted Revenue improved sequentially for the past three quarters and Adjusted EBITDA also increased over the past three quarters.”
“We remain bullish on achieving expectations in 2025. We continue to see opportunities for a further rationalized portfolio and remain focused on delivering outstanding service to our valued client base.”
Key Financial Q4 & Full Year 2024 Results
Performance Commentary During 2024, the Company completed three divestitures as part of its portfolio rationalization strategy. The transfer of the BenefitWallet portfolio was completed during the second quarter of 2024 for a total purchase price of $425 million. During the second quarter of 2024, the company also completed the sale of the Curbside Management and Public Safety businesses with a purchase price of $230 million, $50 million of which is deferred to the first half of 2025. During the third quarter of 2024, the company completed the sale of the Casualty Claims Solutions Business and received $224 million of cash consideration.
Also, during 2024, the Company used a portion of the proceeds from the divested businesses to voluntarily prepay all of the principal of the Term Loan B and $137 million of the Term Loan A.
Conduent’s liquidity position remains strong with long-dated debt maturities and a modest net leverage ratio.
Full year 2024 pre-tax income (loss) was $504 million versus $(332) million in the prior year. This increase is primarily driven by the gain on the sale of the three divested businesses noted above, as well as a goodwill impairment in the prior year.
During 2024 the Company completed its previously approved $75 million share repurchase program and bought back a total of 52 million shares of common stock, including approximately 38 million shares purchased from Carl Icahn and affiliates.
Additional Q4 & Full Year 2024 Performance Highlights
Conduent achieved several milestones in technology-led solutions, operational excellence and culture, including:
Announced several implementations and advanced solutions in Transportation including expanded 3D fare gates, open payment digital wallet fare collection and all-electronic express lane tolling for clients in the US and Europe;
Implemented several digital payment solutions for several states that combat fraud and disburse payments to those in need;
Integrated AI-driven solutions by TALON and Jellyvision’s ALEX with Conduent’s Life@Work Connect Experience Platform to enhance employee benefits decisions;
Collaborated with Microsoft on an initiative across the Conduent portfolio to drive innovation using Microsoft Azure OpenAI Services;
Earned Leader Recognition from:
Information Services Group (ISG) as a U.S. and Europe “Leader” in its 2024 Contact Center – Customer Experience Services Provider Lens™ report; and
NelsonHall’s NEAT Report for Healthcare Payer Operational Transformation; CX Services Transformation – Cost Optimization Focus; and Multi-Process HR Transformation Services for Large Enterprises.
Earned Recognition for Industry Leadership and Culture:
“GovTech Top 100 Company” for the third consecutive year;
Newsweek Top 100 Most Loved Workplaces for third consecutive year;
“Best Place to Work for Disability Inclusion” (Disability Equality Index); and
Forbes’ list of America’s Best Employers for Diversity for the fourth consecutive year.
FY 2025 Outlook
Conference Call Management will present the results during a conference call and webcast on February 12, 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 13750544.
The international dial-in is 1-201-689-8337. The international conference ID is also 13750544.
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 13750544.
The telephone recording will be available until February 26, 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 56,000 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 non-GAAP 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,” 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; 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 the (i) 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.
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Appendix
Definitions
Net ARR Activity Metric (TTM)
Projected Annual Recurring Revenue (ARR) for contracts signed in the prior 12 months, less the annualized impact of any client losses, contractual volume and price changes, and other known impacts for which the company was notified in that same time period, which could positively or negatively impact results. The metric annualizes the net impact to revenue. Timing of revenue impact varies and may not be realized within the forward 12-month timeframe. The metric is for indicative purposes only. This metric excludes non-recurring revenue signings. This metric is not indicative of any specific 12 month timeframe.
New Business Annual Contract Value (ACV): (New Business TCV / contract term) multiplied by 12.
New Business Total Contract Value (TCV): Estimated total future revenues from contracts signed during the period related to new logo, new service line or expansion with existing customers.
TTM: Trailing twelve months.
PBT: Profit before tax.
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, the Company’s 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, and providing such non-GAAP 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.
Management cautions that amounts presented in accordance with Conduent’s definition of non-GAAP financial measures may not be comparable to similar measures disclosed by other companies because not all companies calculate non-GAAP measures in the same manner.
A reconciliation of the following non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP are provided below.
These reconciliations also include the income tax effects for our non-GAAP performance measures in total, to the extent applicable. The income tax effects are calculated under the same accounting principles as applied to our reported pre-tax performance measures under Accounting Standards Codification 740, which employs an annual effective tax rate method. The noted income tax effect for our non-GAAP performance measures is effectively the difference in income taxes for reported and adjusted pre-tax income calculated under the annual effective tax rate method. The tax effect of the non-GAAP adjustments was calculated based upon evaluation of the statutory tax treatment and the applicable statutory tax rate in the jurisdictions in which such charges were incurred.
Adjusted Revenue, Adjusted Profit Before Tax, Adjusted Net Income (Loss), Adjusted Diluted Earnings per Share, Adjusted Weighted Average Common Shares Outstanding, and Adjusted Effective Tax Rate
We make adjustments to Revenue, Net Income (Loss) before Income Taxes for the following items, as applicable, to the particular financial measure, for the purpose of calculating Adjusted Revenue, Adjusted Profit Before Tax, Adjusted Net Income (Loss), Adjusted Diluted Earnings per Share, Adjusted Weighted Average Common Shares Outstanding, and Adjusted Effective Tax Rate:
Amortization of acquired intangible assets. The amortization of acquired intangible assets is driven by acquisition activity, which can vary in size, nature and timing as compared to other companies within our industry and from period to period.
Restructuring and related costs. Restructuring and related costs include restructuring and asset impairment charges as well as costs associated with our strategic transformation program.
Goodwill impairment. This represents goodwill impairment charges arising from annual or interim goodwill testing.
(Gain) loss on divestitures and transaction costs, net. Represents (gain) loss on divested businesses and transaction costs.
Litigation settlements (recoveries), net represents settlements or recoveries for various matters subject to litigation.
Loss on extinguishment of debt. This represents write-off related debt issuance costs related to prepayments of debt.
Other charges (credits). This includes Other (income) expenses, net on the Consolidated Statements of Income (loss) and other adjustments.
Divestitures. Revenue and Adjusted EBITDA of divested businesses are excluded.
The Company provides adjusted net income and adjusted EPS financial measures to assist our investors in evaluating our ongoing operating performance for the current reporting period and, where provided, over different reporting periods, by adjusting for certain items which may be recurring or non-recurring and which in our view do not necessarily reflect ongoing performance. We also internally use these measures to assess our operating performance, both absolutely and in comparison to other companies, and in evaluating or making selected compensation decisions.
Management believes that the adjusted effective tax rate, provided as supplemental information, facilitates a comparison by investors of our actual effective tax rate with an adjusted effective tax rate which reflects the impact of the items which are excluded in providing adjusted net income and certain other identified items, and may provide added insight into our underlying business results and how effective tax rates impact our ongoing business.
Adjusted Revenue, Adjusted Operating Income and Adjusted Operating Margin
We make adjustments to Revenue, Costs and Expenses and Operating Margin for the following items, as applicable, for the purpose of calculating Adjusted Revenue, Adjusted Operating Income and Adjusted Operating Margin:
Amortization of acquired intangible assets.
Restructuring and related costs.
Interest expense. Interest expense includes interest on long-term debt and amortization of debt issuance costs.
Goodwill impairment.
Loss on extinguishment of debt.
(Gain) loss on divestitures and transaction costs, net.
Litigation settlements (recoveries), net.
Other charges (credits).
Divestitures.
We provide our investors with adjusted revenue, adjusted operating income and adjusted operating margin information, as supplemental information, because we believe it offers added insight, by itself and for comparability between periods, by adjusting for certain non-cash items as well as certain other identified items which we do not believe are indicative of our ongoing business, and may also provide added insight on trends in our ongoing business.
Adjusted EBITDA and EBITDA Margin
We use Adjusted EBITDA and Adjusted EBITDA Margin as an additional way of assessing certain aspects of our operations that, when viewed with the U.S. GAAP results and the accompanying reconciliations to corresponding U.S. GAAP financial measures, provide a more complete understanding of our on-going business. Adjusted EBITDA represents income (loss) before interest, income taxes, depreciation and amortization and contract inducement amortization adjusted for the following items. Adjusted EBITDA Margin is Adjusted EBITDA divided by revenue or adjusted revenue, as applicable.
Restructuring and related costs.
Goodwill impairment.
Loss on extinguishment of debt.
(Gain) loss on divestitures and transaction costs, net.
Litigation settlements (recoveries), net.
Other charges (credits).
Divestitures.
Adjusted EBITDA is not intended to represent cash flows from operations, operating income (loss) or net income (loss) as defined by U.S. GAAP as indicators of operating performance.
Free Cash Flow
Free Cash Flow is defined as cash flows from operating activities as reported on the consolidated statement of cash flows, less cost of additions to land, buildings and equipment, cost of additions to internal use software, and proceeds from sales of land, buildings and equipment, as applicable. We use the non-GAAP measure of Free Cash Flow as a criterion of liquidity. We use Free Cash Flow as a measure of liquidity to determine amounts we can reinvest in our core businesses, such as amounts available to make acquisitions and invest in land, buildings and equipment and internal use software, after required payments on debt. In order to provide a meaningful basis for comparison, we are providing information with respect to our Free Cash Flow reconciled to cash flow provided by operating activities, which we believe to be the most directly comparable measure under U.S. GAAP.
Adjusted Free Cash Flow
Adjusted Free Cash Flow is defined as Free Cash Flow from above plus adjustments for litigation insurance recoveries, transaction costs, taxes paid on gains from divestitures and litigation recoveries, proceeds from failed sale-leaseback transactions and certain other identified adjustments, as applicable. We use Adjusted Free Cash Flow, in addition to Free Cash Flow, to provide supplemental information to our investors concerning our ability to generate cash from our ongoing operating activities; by excluding these items, we believe we provide useful additional information to our investors to help them further understand our ability to generate cash period-over-period as well as added information on comparability to our competitors. Such as with Free Cash Flow information, as so adjusted, it is specifically not intended to provide amounts available for discretionary spending. We have added certain adjustments to account for items which we do not believe reflect our core business or operating performance, and we computed all periods with such adjusted costs.
Revenue at Constant Currency
To better understand trends in our business, we believe that it is helpful to adjust revenue to exclude the impact of changes in the translation of foreign currencies into U.S. Dollars. We refer to this adjusted revenue as “constant currency.” Currency impact is determined as the difference between actual growth rates and constant currency growth rates. This currency impact is calculated by translating the current period activity in local currency using the comparable prior-year period’s currency translation rate.
Non-GAAP Outlook
In providing the Full Year 2025 outlook for Adjusted EBITDA and Adjusted EBITDA Margin we exclude certain items which are otherwise included in determining the comparable U.S. GAAP financial measure. A description of the adjustments which historically have been applicable in determining Adjusted EBITDA and Adjusted EBITDA Margin is reflected in the table below. We are providing such outlook only on a non-GAAP basis because the company is unable without unreasonable efforts to predict with reasonable certainty the totality or ultimate outcome or occurrence of these adjustments for the forward-looking period, which can be dependent on future events that may not be reliably predicted. Based on past reported results, where one or more of these items have been applicable, such excluded items could be material, individually or in the aggregate, to reported results. We have provided an outlook for Adjusted Revenue only on a non-GAAP basis using foreign currency translation rates as of fiscal year end due to the inability to, without unreasonable efforts, accurately predict foreign currency impact on revenues. Full Year 2025 Outlook for Adjusted Free Cash Flow is provided as a factor of expected Adjusted EBITDA, and such outlook is only available on a non-GAAP basis for the reasons described above. For the same reason, we are unable to provide a GAAP expected adjusted tax rate, which adjusts for our non-GAAP adjustments. Non-GAAP Reconciliations: Adjusted Revenue, Revenue at Constant Currency, Adjusted Net Income (Loss), Adjusted Effective Tax, Adjusted Operating Income (Loss) and Adjusted EBITDA were as follows (see footnotes on last page of Non-GAAP reconciliations):
NEW YORK–(BUSINESS WIRE)– Perfect Corp. (NYSE: PERF) (“Perfect” or the “Company”), a global leader in providing augmented reality (“AR”) and artificial intelligence (“AI”) Software-as-a-Service (“SaaS”) solutions to beauty and fashion industries, today announced that it plans to release its financial results for the full year of 2024 before U.S. markets open on Wednesday, February 26, 2025 and to hold a conference call at 7:30 p.m. Eastern Time the same day on February 26, 2025 (or 8:30 a.m. Taipei Standard Time the following day on February 27, 2025).
The Company’s management will discuss the financial results and latest developments during the conference call. For participants who wish to join the call, please complete online registration using the link provided below in advance of the conference call. Upon registration, each participant will receive a participant dial-in number and a unique access PIN, which can be used to join the conference call.
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at https://ir.perfectcorp.com.
About Perfect Corp.
Perfect Corp. (NYSE: PERF) leverages ‘Beautiful AI’ innovations to make our world more beautiful. As a pioneer and leader in the space, Perfect Corp. works with over 650 partners around the globe to empower brands to embrace the digital-first world by transforming shopping journeys through digital tech innovations. Perfect Corp.’s suite of enterprise solutions delivers synergistic, technology-driven experiences that facilitate sustainable, ultra-personalized, and engaging shopping journeys through hyper-realistic virtual try-ons, AI-powered skin analyses, personalized product recommendation tools and many more Beautiful AI innovations. For more information, visit https://ir.perfectcorp.com/.
Conni will be integrated into multiple Conduent platforms to boost clients’ productivity, enhance quality, and elevate customer experience
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global leader in technology-driven business solutions and services, launches Conni, an innovative GenAI virtual assistant developed as part of the company’s AI initiative. Leveraging Microsoft Azure OpenAI Service, Conni is designed to enhance the quality of results and improve customer experience across Conduent platforms for companies and government agencies.
“We will continue to embed AI and generative AI within our solutions to drive functionality. New features like Conni build on Conduent’s strategy of integrating advanced technologies, such as automation, machine learning, and digitalization to drive better outcomes for our clients,” said Cliff Skelton, President and Chief Executive Officer at Conduent. “In our Human Capital Solutions business, Conni is deployed to help employees navigate their benefits. By enhancing the employee experience, Conni can drive improved satisfaction and help reduce HR-related inquiries.”
The first implementation of Conni is in Conduent’s Life@Work® Connect Experience Platform, a secure closed system, centralized portal for health, wealth, and wellness employee benefits. Life@Work Connect, with its suite of advanced AI-driven features like JellyVision and TALON, consolidates data from various sources, offering interactive content, educational resources and guided recommendations to help employees manage their benefits with a personalized, intelligent experience.
With Conni in Life@Work Connect, employees can:
Use natural, everyday language, avoiding the technical jargon.
Get fast, accurate personalized answers to specific questions about their health and wealth benefits and supplemental benefits.
Easily navigate to resources and transactions for life events, health savings accounts, flexible savings accounts, and other benefits.
Access personalized data and employer program details to make informed decisions.
Use information from all resources on the Life@Work Connect Experience Platform.
Seamlessly transition to live customer support when needed.
DeeAnna Warrington, Principal Research Analyst at NelsonHall and a member of its HR Talent Transformation practice said, “By incorporating generative AI into its client offerings and internal operations, Conduent continues its tradition of delivering advanced technologies and solutions that boost client efficiency, reduce costs, enhance customer experiences, and optimize business processes.”
As an example of how Conni works, in a use case such as an injury requiring physical therapy, Conni can answer questions like, “Where is the best place for physical therapy near me?” and “How much money is in my health savings account to pay for treatment?” Conni uses the employee-specific coverage and elections along with the information available through the health plan to guide the employee and provide fast answers.
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 55,000 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 $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
STAMFORD, Conn.–(BUSINESS WIRE)– Information Services Group (ISG) (Nasdaq: III ), a leading global technology research and advisory firm, said today it will release its fourth-quarter financial results on Thursday, March 6, 2025, at approximately 4:15 p.m., U.S. Eastern Time.
The firm will host a conference call with investors and industry analysts at 9 a.m., U.S. Eastern Time, the following day, Friday, March 7. Dial-in details are as follows:
The dial-in number for U.S. participants is+1 (800) 715-9871.
International participants should call+1 (646) 307-1963.
The security code to access the call is4083759.
Participants are requested to dial in at least five minutes before the scheduled start time.
A recording of the conference call will be accessible on ISG’s investor relations page for approximately four weeks following the call.
About ISG
ISG (Information Services Group) (Nasdaq: III ) is a leading global technology research and advisory firm. A trusted business partner to more than 900 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 AI, 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 1,600 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 more information, visit www.isg-one.com.
Key Points: – Above Food Ingredients Inc. (NASDAQ: ABVE) has signed a Letter of Intent to acquire Palm Global Technologies Ltd. in a $180 million share exchange, expanding into Agri-Tech, FinTech, and carbon credit securitization. – Palm Global’s proprietary AI, blockchain, and decentralized finance technologies will enhance Above Food’s vertically integrated food systems, supporting sustainable agriculture and economic empowerment for millions of farmers. – Following the acquisition, Palm Global’s Peter Knez will become Chairman and CEO of the combined companies, with definitive agreements expected to be finalized and closed in the near term.
Above Food Ingredients Inc. (NASDAQ: ABVE), a leader in sustainable, vertically integrated food systems, has signed a Letter of Intent (LOI) to acquire Palm Global Technologies Ltd., a next-generation innovator in technology, sustainability, and global food markets. The acquisition is expected to strengthen Above Food’s position in Agri-Tech, FinTech, and carbon credit securitization, further advancing its commitment to sustainable food production and innovation.
Strategic Rationale and Industry Impact
The transaction will integrate Above Food’s vertically integrated food systems with Palm Global’s groundbreaking technologies, alliances, and global reach. Palm Global’s proprietary AI, blockchain, and decentralized finance technologies are designed to drive economic empowerment, education, and sustainable growth, particularly in underserved markets, benefiting tens of millions of farmers worldwide.
“This transformative acquisition positions Above Food to redefine global agriculture and sustainability while unlocking a number of significant opportunities in high-growth markets,” said Lionel Kambeitz, Founder and CEO of Above Food. “Palm Global’s innovative technologies, combined with its mission to drive economic empowerment, align perfectly with our vision for sustainable food solutions worldwide.”
Palm Global’s Technological and Strategic Contributions
AI, Blockchain, and DeFi Technologies – Palm Global’s solutions enhance efficiency, security, and accessibility in the global food supply chain.
Partnerships with Governments and Institutions – Palm Global collaborates with entities like the Peace for Life Foundation, IIMSAM, and global institutions to accelerate technology adoption among farmers.
Strategic Global Alliances – The acquisition allows Above Food to leverage Palm Global’s extensive partnerships to develop, utilize, and maximize R&D capabilities in agronomy and genomics.
The newly combined entity will enable innovative initiatives such as regenerative agriculture and grow-to-order food solutions, creating customized approaches to meet evolving consumer and agricultural needs.
Transaction Details and Leadership Transition
The LOI outlines a share exchange valuing Palm Global at approximately $180 million.
Definitive agreements are expected this month, with approvals and closing anticipated soon after.
Peter Knez, currently on Palm Global’s Board of Directors, will assume the role of Chairman and CEO of the combined companies.
Future Outlook
This merger is set to enhance global food security, promote sustainable agriculture, and create economic opportunities in underserved markets through technological innovation and strategic partnerships. By combining resources, Above Food and Palm Global aim to drive the next wave of transformation in sustainable food production and agricultural technology.
OVERLAND PARK, Kan.–(BUSINESS WIRE)– SelectQuote, Inc. (NYSE: SLQT), a leading distributor of Medicare insurance policies and owner of a rapidly growing Healthcare Services platform, today announced it will release its second quarter 2025 financial results after market close on Monday, February 10, 2025. Chief Executive Officer, Tim Danker, and Chief Financial Officer, Ryan Clement, will host a conference call on the day of the release (February 10, 2025) at 5:00 pm ET to discuss the results.
After registering, a confirmation will be sent via email, including dial in details and unique conference call codes for entry. Registration is open through the live call, but to ensure you are connected for the full call, we suggest registering a day in advance or at minimum 10 minutes before the start of the call. The event will also be webcasted live via our investor relations website https://ir.selectquote.com/investor-home/default.aspx or via this link.
About SelectQuote:
Founded in 1985, SelectQuote (NYSE: SLQT) provides solutions that help consumers protect their most valuable assets: their families, health, and property. The company pioneered the model of providing unbiased comparisons from multiple, highly-rated insurance companies allowing consumers to choose the policy and terms that best meet their unique needs. Two foundational pillars underpin SelectQuote’s success: a strong force of highly-trained and skilled agents who provide a consultative needs analysis for every consumer, and proprietary technology that sources and routes high-quality leads.
With an ecosystem offering high touchpoints for consumers across insurance, medicare, pharmacy, and value-based care, the company now has four core business lines: SelectQuote Senior, SelectQuote Healthcare Services, SelectQuote Life, and SelectQuote Auto and Home. SelectQuote Senior serves the needs of a demographic that sees around 10,000 people turn 65 each day with a range of Medicare Advantage and Medicare Supplement plans. SelectQuote Healthcare Services is comprised of the SelectRx Pharmacy, a Patient-Centered Pharmacy Home™ (PCPH) accredited pharmacy, and Healthcare Select which proactively connects consumers with a wide breadth of healthcare services supporting their needs.
Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, plans to report its fourth-quarter and full-year 2024 financial results on Wednesday, February 12 before market open. Management will present the results during a conference call and webcast at 9:00 a.m. ET.
The call will be available by live audio cast 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 13750544.
The international dial-in is +1 201-689-8337. The international conference ID is also 13750544.
A recording of the conference call will be available by calling 877-660-6853 three hours after the conference call concludes. The access ID for the recording is 13750544.
The call recording will be available until February 26, 2025.
We look forward to your participation.
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 55,000 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 $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com .
Trademarks Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Q4 2024 Results Signal Strength and Momentum for 2025
ATLANTA, Jan. 21, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, today announced certain preliminary financial results for the fourth quarter ended December 31, 2024.
The Company expects revenue to range between $135 million and $137 million, compared to $135.3 million reported in the third quarter of 2024 and $148.4 million reported in the fourth quarter of 2023. The Company also expects adjusted EBITDA to range between $11 million and $13 million, an increase of 22% to 44% compared to the $9.0 million reported in the fourth quarter of 2023 and an increase of 19% to 41% compared to the $9.2 million reported in the third quarter of 2024.
“We ended 2024 on a strong note, with an anticipated uptick in sequential revenue and significant improvements in adjusted EBITDA on both a sequential and year-over-year basis,” said Brandon Mintz, CEO and Founder of Bitcoin Depot. “This performance reflects the expansion of our BTM network and our progress in improving kiosk profitability. The strength of our fourth quarter positions us well for a rebound in 2025, supported by the overall health of our business and a more favorable cryptocurrency market environment.”
The financial results for the fourth quarter ended December 31, 2024, included in this release are preliminary, have not been reviewed or audited, are based upon the Company’s estimates, and were prepared prior to the completion of the company’s financial statement close process. The preliminary financial results should not be viewed as a substitute for the Company’s full fourth quarter results and do not present all information necessary for an understanding of the Company’s financial performance. Accordingly, undue reliance should not be placed on this preliminary data. Bitcoin Depot plans to release its fully audited fourth-quarter and full-year 2024 financial results in March.
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 approximately 8,400 kiosk locations as of December 31, 2024. Learn more at www.bitcoindepot.com.
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.
These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.
We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
Use of non-GAAP Financial Measures
This press release includes preliminary Adjusted EBITDA results for the fourth quarter ended December 31, 2025. Adjusted EBITDA is a non-GAAP. Bitcoin Depot defines Adjusted EBITDA as net income before interest expense, income tax expense, depreciation and amortization, non-recurring expenses, share-based compensation, expenses related to the PIPE financing and miscellaneous cost adjustments. Such items are excluded from Adjusted EBITDA because these items are non-cash in nature, or because the amount and timing of these items is unpredictable, not driven by core results of operations and renders comparisons with prior periods and competitors less meaningful. Bitcoin Depot believes Adjusted EBITDA provides useful information to investors and others in understanding and evaluating Bitcoin Depot’s results of operations, as well as provides a useful measure for period-to-period comparisons of Bitcoin Depot’s business performance. Adjusted EBITDA is a key measurements used internally by management to make operating decisions, including those related to operating expenses, evaluate performance and perform strategic and financial planning. However, you should be aware that Adjusted EBITDA may exclude items that are significant in understanding and assessing Bitcoin Depot’s financial results, and further, that Bitcoin Depot may incur future expenses similar to those excluded when calculating this measures. Bitcoin Depot primarily relies on GAAP results and relies on Adjusted EBITDA and other non-GAAP measures on a supplemental basis. No such measure should be considered in isolation from, or as an alternative to, net income, cash flows from operations or other measures of profitability, liquidity or performance under GAAP and may not be indicative of Bitcoin Depot’s historical or future operating results. Bitcoin Depot’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures computed by other companies because not all companies calculate such measures in the same fashion. As such, undue reliance should not be placed on such measures. Due to some of the information excluded from Adjusted EBITDA calculation being non-ascertainable or non-accessible until the financial close is complete, Bitcoin Depot is unable to quantify certain amounts that would be required to be included in the most directly comparable GAAP financial measures without unreasonable effort. Consequently, no disclosure of estimated comparable GAAP measures is included and no reconciliation of the non-GAAP financial measures is included.
Contacts:
Investors Cody Slach Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
Media Brenlyn Motlagh, Ryan Deloney Gateway Group, Inc. 949-574-3860 BTM@gateway-grp.com
As SKYX Continues to Grow its Market Penetration, it is Expected to Supply Developer Jeremiah Baron Companies Products to a Total of 1000 Mixed-Use Residential and Commercial Units
The Products that are Expected to be Supplied to the Mixed-Use Project will include Ceiling Outlet Receptacles, Smart Plug & Play Platform Products including Lighting, Ceiling Fans, Recessed Lights, EXIT Signs, Emergency Lights, Down Lights, and Indoor and Outdoor Wall Lights
MIAMI, Jan. 15, 2025 (GLOBE NEWSWIRE) — SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the “Company” or “SKYX”), a highly disruptive smart platform technology company with more than 97 issued and pending patents globally and over 60 lighting and home décor websites, announces that it will start supplying its products to developer Jeremiah Baron Companies for 140 commercial units representing the initial rollout of overall projects.
During the course of the projects, SKYX is expected to deliver tens of thousands of its products, representing a variety of its advanced and smart platform technology plug & play products. Delivery is expected to start in January 2025 and to continue throughout the construction of the developments in the state of Florida.
Rani Kohen, Founder/Inventor and Executive Chairman, of SKYX Platforms, said: “This is another step towards our goal of making homes and buildings become advanced, safe, and smart as the new standard. We are eager to continue to demonstrate our advanced smart platform technology’s ability to instantly make homes and buildings become advanced, safe, and smart.”
Jeremiah Baron, CEO and Founder of Jeremiah Baron Companies, said: “We are looking forward to developing and providing safe, smart, and advanced residential and commercial projects utilizing SKYX’s game changing technologies. This enables us to create substantial added value to our homes and buildings as well as for our customers, while realizing significant cost and time savings.” About Jeremiah Baron, click here: https://jeremiahbaroncompanies.com
About SKYX Platforms Corp.
As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://skyplug.com/ or follow us on LinkedIn.
Forward-Looking Statements
Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws.
Company to continue to partner on the state’s Medicaid Management Information System to better serve providers and residents
FLORHAM PARK, N.J. — Conduent Incorporated (Nasdaq: CNDT), a global technology-led business solutions and services company, today announced a $92 million contract with the Alaska Department of Health, Division of Health Care Services (HCS). Under this agreement, Conduent will operate and manage the state’s Medicaid Management Information System (MMIS) as well as modernize the system.
Conduent has been a trusted partner to HCS since 2007 when it was first selected to deliver Medicaid Enterprise Systems technology solutions to the state of Alaska. The company will continue to manage essential services to support the state’s MMIS modernization goals, streamline business processes, enhance efficiency and create better access to health services for over 260,000 Medicaid-eligible residents.
Conduent will also provide technological innovations that enhance the state’s ability to improve the quality of health care, including enabling the system to process behavioral health claims to ensure recipients receive holistic healthcare and providers are paid timely and accurately.
“We are honored to continue our partnership with the Alaska Division of Health Care Services, and we share in their commitment to improving the health and well-being of its residents,” said Anna Sever, President, Government Solutions at Conduent. “Our top priority is to implement modern technology that enables the state’s Medicaid program operations to support high-quality payments to providers and seamless access for residents.”
Conduent supports approximately 100 million U.S. residents across various government health programs, helping state and federal agencies deliver critical services while reducing costs, increasing program participation and improving compliance.
For more than 42 years, Conduent has provided a range of government solutions, including Medicaid Enterprise Systems technology and services, as well as eligibility, critical payment disbursement and child support solutions. Visit Conduent Government Solutions to learn more.
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 55,000 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 $100 billion in government payments annually, enabling 2.3 billion customer service interactions annually, empowering millions of employees through HR services every year and processing nearly 13 million tolling transactions every day. Learn more at www.conduent.com.
Trademarks Conduent is a trademark of Conduent Incorporated in the United States and/or other countries. Other names may be trademarks of their respective owners.
Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
1Q25 Results. Revenue came in at $115.8 million, down 23.8% y-o-y. Revenue was below our estimate, consensus estimate, and management’s 4Q24 commentary. Adjusted EBITDA loss totaled $19.4 million, again below our estimate, consensus estimate, and management’s 4Q24 commentary. Comtech reported a GAAP net loss of $5.29/sh versus a loss of $0.11/sh in 1Q24. Adjusted net loss was $1.27/sh compared to EPS of $0.26/sh last year.
Segments. Terrestrial &Wireless revenue of $56.9 million rose 14.9% y-o-y. Adjusted EBITDA was $11 million, up 14% y-o-y. Book-to-bill was 1.22x. Satellite & Space segment revenue of $58.9 million declined 42.5% y-o-y, driven by a combination of divestitures and suboptimal performance. Segment adjusted EBITDA was a negative $21.1 million, while book-to-bill was 0.99x.
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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.
