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Hello Group Inc. Announces Unaudited Financial Results for the First Quarter of 2024

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BEIJING, May 28, 2024 /PRNewswire/ — Hello Group Inc. (NASDAQ: MOMO) (“Hello Group” or the “Company”), a leading player in mainland China’s online social networking space, today announced its unaudited financial results for the first quarter of 2024.  

First Quarter of 2024 Highlights

Net revenues decreased by 9.2% year over year to RMB2,560.4 million (US$354.6 million*) in the first quarter of 2024.Net income attributable to Hello Group Inc. decreased to RMB5.2 million (US$0.7 million) in the first quarter of 2024, from RMB390.3 million in the same period of 2023.Non-GAAP net income attributable to Hello Group Inc. (note 1) decreased to RMB59.9 million (US$8.3 million) in the first quarter of 2024, from RMB471.9 million in the same period of 2023, mainly due to the accrual of withholding income tax of RMB448.6 million (US$62.1 million) on historical undistributed earnings generated by our wholly-foreign owned enterprise (“WFOE”).Diluted net income per American Depositary Share (“ADS”) was RMB0.03 (US$0.00) in the first quarter of 2024, compared to RMB1.96 in the same period of 2023.Non-GAAP diluted net income per ADS (note 1) was RMB0.31 (US$0.04) in the first quarter of 2024, compared to RMB2.36 in the same period of 2023.Monthly Active Users (“MAU”) on Tantan app were 13.7 million in March 2024, compared to 19.5 million in March 2023.For the Momo app total paying users was 7.1 million for the first quarter of 2024, compared to 7.8 million for the same period last year. Tantan had 1.1 million paying users for the first quarter of 2024 compared to 1.6 million from the year ago period.

“We have made steady progress in implementing our strategic priorities for Momo, Tantan, and our new endeavors since the beginning of the year,” commented Yan Tang, Chairman and CEO of Hello Group. “Product innovation and our ability to leverage technological advancements have enabled Momo to play an important role in helping users discover new relationships and build meaningful interactions. This has laid a solid foundation for us to maintain user and revenue scale over the long term. I am also glad to see that our overseas team has accelerated the localization process to drive continued growth in the new endeavors. We look forward to delivering high quality social and entertainment services to a much broader user base global wise.” 

* This press release contains translations of certain Renminbi amounts into U.S. dollars at specified rate solely for the convenience of readers. Unless otherwise noted, all translations from Renminbi to U.S. dollars, in this press release, were made at a rate of RMB7.2203 to US$1.00, the effective noon buying rate for March 29, 2024 as set forth in the H.10 statistical release of the Federal Reserve Board.

First Quarter of 2024 Financial Results

Net revenues

Total net revenues were RMB2,560.4 million (US$354.6 million) in the first quarter of 2024, a decrease of 9.2% from RMB2,818.9 million in the first quarter of 2023.

Live video service revenues were RMB1,238.5 million (US$171.5 million) in the first quarter of 2024, a decrease of 13.3% from RMB1,429.3 million during the same period of 2023. The decrease was primarily attributable to our proactive operational adjustments to de-emphasise large scale competition events in the Momo app and a soft consumer sentiment in the current macro environment, and to a lesser degree, Tantan pivoting away from the less dating-centric live video service.

Value-added service revenues mainly include virtual gift revenues and membership subscription revenues. Total value-added service revenues were RMB1,294.4 million (US$179.3 million) in the first quarter of 2024, a decrease of 4.9% from RMB1,361.5 million during the same period of 2023. The decrease was primarily due to our product adjustments to improve Momo app’s ecosystem as well as the impact of the macro economy on consumer sentiment, and to a lesser extent, the decline in Tantan’s paying users. The decrease was partially offset by the rapid revenue growth from the new standalone apps.

Mobile marketing revenues were RMB26.6 million (US$3.7 million) in the first quarter of 2024, an increase of 26.2% from RMB21.1 million during the same period of 2023.

Mobile games revenues were RMB0.4 million (US$0.1 million) in the first quarter of 2024, a decrease of 88.3% from RMB3.7 million in the first quarter of 2023.

Net revenues from the Momo segment decreased from RMB2,510.1 million in the first quarter of 2023 to RMB2,318.9 million (US$321.2 million) in the first quarter of 2024, primarily due to the decrease in net revenues from value-added service and live video service on Momo app. The decrease was partially offset by the revenue growth of the new standalone apps. Net revenues from the Tantan segment decreased from RMB308.6 million in the first quarter of 2023 to RMB241.5 million (US$33.4 million) in the first quarter of 2024, mainly due to the decrease in net revenues from live video service, and to a lesser extent, the decrease from value-added service.

Cost and expenses

Cost and expenses were RMB2,120.0 million (US$293.6 million) in the first quarter of 2024, a decrease of 12.4% from RMB2,419.1 million in the first quarter of 2023. The decrease was primarily attributable to: (a) a decrease in revenue sharing with broadcasters related to live video service on Momo app and Tantan app, and a decrease in revenue sharing with virtual gift recipients of virtual gift service on Momo app. The decrease was partially offset by an increase in revenue sharing with virtual gift recipients for new standalone apps; (b) a decrease in salary expenses and share-based compensation expenses, due to our continuous optimization in personnel costs and the newly granted share options which had lower fair value; (c) a decrease in sales and marketing expenses due to less marketing and promotional spend on live video service and our strategy to trim inefficient channel marketing spend.

Non-GAAP cost and expenses (note 1) were RMB2,065.3 million (US$286.0 million) in the first quarter of 2024, a decrease of 11.6% from RMB2,337.4 million during the same period of 2023.

Income from operations

Income from operations was RMB460.3 million (US$63.8 million) in the first quarter of 2024, compared to RMB436.2 million during the same period of 2023. Income from operations of the Momo segment was RMB434.0 million (US$60.1 million) in the first quarter of 2024, which decreased from RMB435.0 million in the first quarter of 2023. Income from operations of the Tantan segment was RMB28.6 million (US$4.0 million) in the first quarter of 2024, which increased from RMB5.2 million in the first quarter of 2023.

Non-GAAP income from operations (note 1) was RMB515.0 million (US$71.3 million) in the first quarter of 2024, compared to RMB517.8 million during the same period of 2023. Non-GAAP income from operations of the Momo segment was RMB488.5 million (US$67.7 million) in the first quarter of 2024, which decreased from RMB507.5 million in the first quarter of 2023. Non-GAAP income from operations of the Tantan segment was RMB28.8 million (US$4.0 million) in the first quarter of 2024, compared to RMB14.5 million in the first quarter of 2023.  

Income tax expenses

Income tax expenses were RMB557.6 million (US$77.2 million) in the first quarter of 2024, compared to RMB122.6 million in the first quarter of 2023. In the first quarter of 2024, we accrued an income tax expenses of RMB109.0 million (US$15.1 million) associated with the profit generated in this quarter. Additionally, we accrued a withholding income tax of RMB448.6 million (US$62.1 million) associated with our WFOE’s historical undistributed earnings for the potential remittance of earnings from our WFOE to its offshore parent company in the form of dividend distribution. Because we believe that we might continue to distribute the WFOE’s undistributed earnings in the future to fund our demands in overseas business operations, payments of dividends, potential investments, etc, to be prudent, we accrued withholding tax on the total balance of undistributed earnings of our WFOE as of March 31, 2024. From the first quarter of 2024, dividends paid by our wholly foreign-owned subsidiary in the Chinese mainland to its offshore parent company in Hong Kong are qualified for the preferential withholding tax rate of 5% under the Arrangement between the PRC and the Hong Kong Special Administrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income, instead of the normal withholding tax rate of 10%.

Net income

Net income was RMB5.2 million (US$0.7 million) in the first quarter of 2024, compared to RMB389.5 million during the same period of 2023. Net loss of the Momo segment was RMB20.8 million (US$2.9 million) in the first quarter of 2024, compared to a net income of RMB389.0 million in the same period of 2023. Net income from the Tantan segment was RMB28.2 million (US$3.9 million) in the first quarter of 2024, compared to RMB4.5 million in the first quarter of 2023.

Non-GAAP net income (note 1) was RMB59.9 million (US$8.3 million) in the first quarter of 2024, compared to RMB471.1 million during the same period of 2023. Non-GAAP net income from the Momo segment was RMB33.7 million (US$4.7 million) in the first quarter of 2024, which decreased from RMB461.5 million in the first quarter of 2023. Non-GAAP net income of the Tantan segment was RMB28.4 million (US$3.9 million) in the first quarter of 2024, compared to RMB13.7 million in the first quarter of 2023.

Net income attributable to Hello Group Inc.

Net income attributable to Hello Group Inc. was RMB5.2 million (US$0.7 million) in the first quarter of 2024, compared to RMB390.3 million during the same period of 2023.

Non-GAAP net income (note 1) attributable to Hello Group Inc. was RMB59.9 million (US$8.3 million) in the first quarter of 2024, compared to RMB471.9 million during the same period of 2023.

Net income per ADS

Diluted net income per ADS was RMB0.03 (US$0.00) in the first quarter of 2024, compared to RMB1.96 in the first quarter of 2023.

Non-GAAP diluted net income per ADS (note 1) was RMB0.31 (US$0.04) in the first quarter of 2024, compared to RMB2.36 in the first quarter of 2023.

Cash and cash flow

As of March 31, 2024, the Company’s cash, cash equivalents, short-term deposits, long-term deposits, short-term restricted cash and long-term restricted cash totaled RMB15,115.8 million (US$2,093.5 million), compared to RMB13,478.5 million as of December 31, 2023.

Net cash provided by operating activities in the first quarter of 2024 was RMB400.2 million (US$55.4 million), compared to RMB451.1 million in the first quarter of 2023.

Recent Development

Payment of a special cash dividend

In March 2024, Hello Group’s board of directors declared a special cash dividend in the amount of US$0.54 per ADS, or US$0.27 per ordinary share. The cash dividend was paid on April 30, 2024 to shareholders of record at the close of business on April 12, 2024. The aggregate amount of cash dividends paid was US$98.9 million.

Share repurchase program

On June 7, 2022, Hello Group’s board of directors authorized a share repurchase program under which the Company may repurchase up to US$200 million of its shares up to June 6, 2024 (the “Share Repurchase Program”). On March 14, 2024, Hello Group’s board of directors approved to amend the Share Repurchase Program to (i) extend the term of the Share Repurchase Program up to June 30, 2026, and (ii) upsize the Share Repurchase Program so that the Company is authorized to, from time to time, acquire up to an aggregate of US$286.1 million worth of its shares in the form of ADSs and/or the ordinary shares of the Company in the open market and through privately negotiated transactions, in block trades and/or through other legally permissible means, depending on market conditions and in accordance with applicable rules and regulations.

As of May 28, 2024, the Company has repurchased 22.3 million ADSs for US$122.6 million on the open market under Share Repurchase Program announced on June 7, 2022 and amended on March 14, 2024, at an average purchase price of US$5.48 per ADS.

Business Outlook

For the second quarter of 2024, the Company expects total net revenues to be between RMB2.65 billion to RMB2.75 billion, representing a decrease of 15.5% to 12.4% year over year. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Note 1: Non-GAAP measures

To supplement our consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (“GAAP”), we, Hello Group, use various non-GAAP financial measures that are adjusted from the most comparable GAAP results to exclude share-based compensation.

Reconciliations of our non-GAAP financial measures to our U.S. GAAP financial measures are shown in tables at the end of this earnings release, which provide more details about the non-GAAP financial measures.

Our non-GAAP financial information is provided as additional information to help investors compare business trends among different reporting periods on a consistent basis and to enhance investors’ overall understanding of the historical and current financial performance of our continuing operations and our prospects for the future. Our non-GAAP financial information should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for or superior to the GAAP results. In addition, our calculation of the non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited.

Our non-GAAP information (including non-GAAP cost and operating expenses, income (loss) from operations, net income (loss), net income attributable to Hello Group Inc., and diluted net income per ADS) is adjusted from the most comparable GAAP results to exclude share-based compensation. A limitation of using these non-GAAP financial measures is that share-based compensation has been and will continue to be for the foreseeable future significant recurring expenses in our results of operations. We compensate for such limitation by providing reconciliations of our non-GAAP measures to our U.S. GAAP measures. Please see the reconciliation tables at the end of this earnings release.

Conference Call

Hello Group’s management will host an earnings conference call on Tuesday, May 28, 2024, at 8:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing / Hong Kong Time on May 28, 2024).

Participants can register for the conference call by navigating to:

https://s1.c-conf.com/diamondpass/10039014-cp8m51.html.

Upon registration, each participant will receive details for the conference call, including dial-in numbers, conference call passcode and a unique access PIN. Please dial in 10 minutes before the call is scheduled to begin.

A telephone replay of the call will be available after the conclusion of the conference call through June 4, 2024. The dial-in details for the replay are as follows:

U.S. / Canada: 1-855-883-1031

Hong Kong: 800-930-639

Passcode: 10039014

Additionally, a live and archived webcast of the conference call will be available on the Investor Relations section of Hello Group’s website at https://ir.hellogroup.com.

About Hello Group Inc.

We are a leading player in mainland China’s online social networking space. Through Momo, Tantan and other properties within our product portfolio, we enable users to discover new relationships, expand their social connections and build meaningful interactions. Momo is a mobile application that connects people and facilitates social interactions based on location, interests and a variety of online recreational activities. Tantan, which was added into our family of applications through acquisition in May 2018, is a leading social and dating application. Tantan is designed to help its users find and establish romantic connections as well as meet interesting people. Starting from 2019, we have incubated a number of other new apps, such as Hertz, Soulchill, Duidui and Tietie, which target more niche markets and more selective demographics.

For investor and media inquiries, please contact:

Hello Group Inc.

Investor Relations
Phone: +86-10-5731-0538
Email: ir@hellogroup.com 

Christensen

In China
Ms. Xiaoyan Su
Phone: +86-10-5900-1548
E-mail: Xiaoyan.Su@christensencomms.com 

In U.S.

Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: linda.bergkamp@christensencomms.com 

Safe Harbor Statement

This news release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include but are not limited to our management quotes, our financial outlook for the second quarter of 2024, as well as the amount of, timing, methods and funding sources for repurchases of our shares under the share repurchase program.

Our forward-looking statements are not historical facts but instead represent only our belief regarding expected results and events, many of which, by their nature, are inherently uncertain and outside of our control. Our actual results and other circumstances may differ, possibly materially, from the anticipated results and events indicated in these forward-looking statements. Announced results for the first quarter of 2024 are preliminary, unaudited and subject to audit adjustment. In addition, we may not meet our financial outlook for the second quarter of 2024 and may be unable to grow our business in the manner planned. We may also modify our strategy for growth.  Moreover, there are other risks and uncertainties that could cause our actual results to differ from what we currently anticipate, including those relating to our ability to retain and grow our user base, our ability to attract and retain sufficiently trained professionals to support our operations, our ability to anticipate and develop new services and enhance existing services to meet the demand of our users or customers, the market price of the Company’s stock prevailing from time to time, the nature of other investment opportunities presented to the Company from time to time, the Company’s cash flows from operations, general economic conditions, and other factors.  For additional information on these and other important factors that could adversely affect our business, financial condition, results of operations, and prospects, please see our filings with the U.S. Securities and Exchange Commission.

All information provided in this press release and in the attachments is as of the date of the press release. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise, after the date of this release, except as required by law. Such information speaks only as of the date of this release.          

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Operations

(All amounts in thousands, except share and per share data)

Three months

Ended March 31

2023

2024

2024

RMB

RMB

US$

Net revenues:

Live video service

1,429,340

1,238,541

171,536

Value-added service

1,361,469

1,294,376

179,269

Mobile marketing

21,071

26,595

3,683

Mobile games

3,699

432

60

Other services

3,279

476

66

Total net revenues

2,818,858

2,560,420

354,614

Cost and expenses:

Cost of revenues

(1,664,188)

(1,503,008)

(208,164)

Research and development

(236,803)

(192,191)

(26,618)

Sales and marketing

(379,786)

(293,431)

(40,640)

General and administrative

(138,298)

(131,381)

(18,196)

Total cost and expenses

(2,419,075)

(2,120,011)

(293,618)

Other operating income, net

36,394

19,906

2,757

Income from operations

436,177

460,315

63,753

Interest income

99,787

121,107

16,773

Interest expense

(10,415)

(23,698)

(3,282)

Other gain or loss, net

–

(9,245)

(1,280)

Income before income tax and share of (loss) income on equity method
investments

525,549

548,479

75,964

Income tax expenses

(122,613)

(557,613)

(77,229)

Income (loss) before share of income on equity method investments

402,936

(9,134)

(1,265)

Share of (loss) income on equity method investments

(13,475)

14,318

1,983

Net income 

389,461

5,184

718

Less: net loss attributable to non-controlling interest

(828)

–

–

Net income attributable to the shareholders of Hello Group Inc.

390,289

5,184

718

Net income per share attributable to ordinary shareholders

Basic

1.04

0.01

0.00

Diluted

0.98

0.01

0.00

Weighted average shares used in calculating net income per ordinary share

Basic

377,017,080

374,650,649

374,650,649

Diluted

409,102,277

389,278,806

389,278,806

 

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income

(All amounts in thousands, except share and per share data)

Three months

Ended March 31

2023

2024

2024

RMB

RMB

US$

Net income 

389,461

5,184

718

Other comprehensive income, net of tax:

Foreign currency translation adjustment

2,181

54,894

7,603

Comprehensive income 

391,642

60,078

8,321

Less: comprehensive (loss) income attributed to the non-controlling interest

(1,670)

3,084

427

Comprehensive income attributable to Hello Group Inc.

393,312

56,994

7,894

 

 

Hello Group Inc.

Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands, except share and per share data)

December 31

March 31

March 31

2023

2024

2024

RMB

RMB

US$

Assets

Current assets

Cash and cash equivalents

5,620,466

6,023,224

834,207

Short-term deposits

1,270,626

1,129,454

156,428

Restricted cash

10,147

1,504,307

208,344

Accounts receivable, net of allowance for doubtful accounts of
RMB12,780 and RMB12,497 as of December 31, 2023 and March 31,
2024, respectively

201,517

189,561

26,254

Amounts due from related parties

7,258

–

–

Prepaid expenses and other current assets

723,364

823,251

114,019

Total current assets

7,833,378

9,669,797

1,339,252

Long-term deposits

3,924,975

3,805,075

526,997

Long-term restricted cash

2,652,299

2,653,744

367,539

Right-of-use assets, net

109,572

116,607

16,150

Property and equipment, net

659,033

688,699

95,384

Intangible assets, net

17,086

15,806

2,189

Rental deposits

12,962

13,766

1,907

Long-term investments

786,911

710,557

98,411

Amounts due from RPT-non current

20,000

–

–

Other non-current assets

180,052

200,649

27,790

Deferred tax assets

31,741

34,240

4,742

Total assets

16,228,009

17,908,940

2,480,361

Liabilities and equity

Current liabilities

Accounts payable

616,681

604,398

83,711

Deferred revenue

442,805

459,797

63,681

Accrued expenses and other current liabilities

630,617

564,205

78,141

Amounts due to related parties

4,314

–

–

Lease liabilities due within one year

60,008

66,136

9,160

Income tax payable

94,719

100,756

13,955

Deferred consideration in connection with business acquisitions

27,261

27,723

3,840

Long-term borrowings, current portion

215,615

217,094

30,067

Dividends payable

–

714,120

98,904

Short-term borrowings

–

1,334,664

184,849

Total current liabilities

2,092,020

4,088,893

566,308

Deferred tax liabilities

24,987

391,502

54,222

Convertible Senior Notes

19,571

19,920

2,759

Long-term borrowings

1,938,385

1,938,169

268,433

Lease liabilities

52,171

52,487

7,269

Other non-current liabilities

114,085

139,721

19,351

Total liabilities

4,241,219

6,630,692

918,342

Shareholder’s equity (i)

11,986,790

11,278,248

1,562,019

Total liabilities and shareholder’s equity

16,228,009

17,908,940

2,480,361

(i): As of March 31, 2024, the number of ordinary shares outstanding was 370,162,906.

 

Hello Group Inc.

Unaudited Condensed Consolidated Statement of Cash Flows

(All amounts in thousands, except share and per share data)

Three months

Ended March 31

2023

2024

2024

RMB

RMB

US$

Cash flows from operating activities:

Net income 

389,461

5,184

718

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

Depreciation of property and equipment

22,844

14,310

1,982

Amortization of intangible assets

1,279

1,279

177

Share-based compensation

81,657

54,670

7,572

Share of loss (income) on equity method investments

13,475

(14,318)

(1,983)

Loss on long-term investments

–

9,245

1,280

Gain or loss on disposal of property and equipment

67

258

36

Provision of loss on receivable and other assets

9,182

1,776

246

Changes in operating assets and liabilities:

Accounts receivable

(548)

10,980

1,521

Prepaid expenses and other current assets

24,352

(9,677)

(1,340)

Amounts due from related parties

55

–

–

Rental deposits

–

(802)

(111)

Deferred tax assets

440

(2,498)

(346)

Other non-current assets

(7,485)

(7,597)

(1,052)

Accounts payable

20,379

(17,454)

(2,417)

Income tax payable

(6,393)

6,036

836

Deferred revenue

(8,811)

16,674

2,309

Accrued expenses and other current liabilities

(132,733)

(56,800)

(7,867)

Amount due to related parties

3,169

–

–

Deferred tax liabilities

34,120

365,011

50,553

Other non-current liabilities

6,564

23,893

3,309

Net cash provided by operating activities

451,074

400,170

55,423

Cash flows from investing activities:

Purchase of property and equipment

(10,234)

(44,176)

(6,118)

Purchase of short-term deposits

(497,342)

–

–

Cash received on maturity of short-term deposits

900,000

300,000

41,550

Purchase of long-term deposits

–

(718,860)

(99,561)

Cash received on maturity of long-term deposits

–

718,860

99,561

Cash received from sales of long-term investment

–

2,000

277

Other investing activities

738

385

53

Net cash provided by investing activities

393,162

258,209

35,762

Cash flows from financing activities:

Proceeds from exercise of share options

3

11

2

Payment in relation to the share repurchase program

(3,237)

(112,261)

(15,548)

Repurchase of subsidiary’s share options

(1,539)

–

–

Proceeds from short-term borrowings

–

1,331,635

184,429

Repayment of long-term borrowings

–

(215)

(30)

Payment for redemption of convertible bonds

(478,786)

–

–

Net cash (used in) provided by financing activities

(483,559)

1,219,170

168,853

Effect of exchange rate changes

(9,426)

20,814

2,882

Net increase in cash and cash equivalents 

351,251

1,898,363

262,920

Cash, cash equivalents and restricted cash at the beginning of period

5,198,601

8,282,912

1,147,170

Cash, cash equivalents and restricted cash at the end of period

5,549,852

10,181,275

1,410,090

 

Hello Group Inc.

Reconciliation of Non-GAAP financial measures to comparable GAAP measures

(All amounts in thousands, except per share data)

1.

Reconciliation of Non-GAAP cost and operating expenses, income from operations, and net income to comparable GAAP measures.

Three months

Three months

Three months

Ended March 31, 2023

Ended March 31, 2024

Ended March 31, 2024

GAAP

Share-based
compensation

Non-GAAP

GAAP

Share-based
compensation

Non-GAAP

GAAP

Share-based
compensation

Non-GAAP

RMB

RMB

RMB

RMB

RMB 

RMB

US$

US$

US$

Cost of revenues

(1,664,188)

1,635

(1,662,553)

(1,503,008)

1,882

(1,501,126)

(208,164)

261

(207,903)

Research and development

(236,803)

22,372

(214,431)

(192,191)

8,786

(183,405)

(26,618)

1,217

(25,401)

Sales and marketing

(379,786)

7,746

(372,040)

(293,431)

6,117

(287,314)

(40,640)

847

(39,793)

General and administrative

(138,298)

49,904

(88,394)

(131,381)

37,885

(93,496)

(18,196)

5,247

(12,949)

Cost and operating expenses

(2,419,075)

81,657

(2,337,418)

(2,120,011)

54,670

(2,065,341)

(293,618)

7,572

(286,046)

Income from operations

436,177

81,657

517,834

460,315

54,670

514,985

63,753

7,572

71,325

Net income attributable to Hello Group Inc.

390,289

81,657

471,946

5,184

54,670

59,854

718

7,572

8,290

 

Unaudited Condensed Segment Report

(All amounts in thousands, except share and per share data)

Three months

  Ended March 31, 2024

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Net revenues:

Live video service

1,150,844

87,697

–

1,238,541

171,536

Value-added service

1,149,285

145,091

–

1,294,376

179,269

Mobile marketing

17,893

8,702

–

26,595

3,683

Mobile games

432

–

–

432

60

Other services

434

–

42

476

66

Total net revenues

2,318,888

241,490

42

2,560,420

354,614

Cost and expenses (ii):

Cost of revenues

(1,392,824)

(110,184)

–

(1,503,008)

(208,164)

Research and development

(150,861)

(41,330)

–

(192,191)

(26,618)

Sales and marketing

(236,659)

(54,482)

(2,290)

(293,431)

(40,640)

General and administrative

(123,752)

(7,591)

(38)

(131,381)

(18,196)

Total cost and expenses

(1,904,096)

(213,587)

(2,328)

(2,120,011)

(293,618)

Other operating income

19,158

724

24

19,906

2,757

Income (loss) from operations

433,950

28,627

(2,262)

460,315

63,753

Interest income

120,958

147

2

121,107

16,773

Interest expense

(23,698)

–

–

(23,698)

(3,282)

Other gain or loss, net

(9,245)

–

–

(9,245)

(1,280)

Income (loss) before income tax and share of income on equity
method investments

521,965

28,774

(2,260)

548,479

75,964

Income tax expenses

(557,079)

(534)

–

(557,613)

(77,229)

(Loss) income before share of income on equity method
investments

(35,114)

28,240

(2,260)

(9,134)

(1,265)

Share of income on equity method investments

14,318

–

–

14,318

1,983

Net (loss) income

(20,796)

28,240

(2,260)

5,184

718

(ii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three months

Ended March 31, 2024

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

1,878

4

–

1,882

261

Research and development

8,638

148

–

8,786

1,217

Sales and marketing

6,117

–

–

6,117

847

General and administrative

37,874

11

–

37,885

5,247

Total cost and expenses

54,507

163

–

54,670

7,572

 

 

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands, except share and per share data)

Three months

Ended March 31, 2024

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Income (loss) from operations

433,950

28,627

(2,262)

460,315

63,753

Share-based compensation

54,507

163

–

54,670

7,572

Non-GAAP income (loss) from operations

488,457

28,790

(2,262)

514,985

71,325

Net (loss) income 

(20,796)

28,240

(2,260)

5,184

718

Share-based compensation

54,507

163

–

54,670

7,572

Non-GAAP net income (loss)

33,711

28,403

(2,260)

59,854

8,290

   

 

Hello Group Inc.

Unaudited Condensed Segment Report

(All amounts in thousands, except share and per share data)

Three months

  Ended March 31, 2023

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$[1]

Net revenues:

Live video service

1,289,718

139,622

–

1,429,340

208,128

Value-added service

1,193,544

167,925

–

1,361,469

198,246

Mobile marketing

20,021

1,050

–

21,071

3,068

Mobile games

3,699

–

–

3,699

539

Other services

3,137

–

142

3,279

477

Total net revenues

2,510,119

308,597

142

2,818,858

410,458

Cost and expenses (iii):

Cost of revenues

(1,500,531)

(163,114)

(543)

(1,664,188)

(242,325)

Research and development

(169,308)

(67,495)

–

(236,803)

(34,481)

Sales and marketing

(312,640)

(65,852)

(1,294)

(379,786)

(55,301)

General and administrative

(128,078)

(7,746)

(2,474)

(138,298)

(20,138)

Total cost and expenses

(2,110,557)

(304,207)

(4,311)

(2,419,075)

(352,245)

Other operating income, net

35,478

854

62

36,394

5,299

Income (loss) from operations

435,040

5,244

(4,107)

436,177

63,512

Interest income

99,531

204

52

99,787

14,530

Interest expense

(10,415)

–

–

(10,415)

(1,517)

Income (loss) before income tax and share of income on equity 
method investments

524,156

5,448

(4,055)

525,549

76,525

Income tax expenses

(121,642)

(971)

–

(122,613)

(17,854)

Income (loss) before share of income on equity method investments

402,514

4,477

(4,055)

402,936

58,671

Share of loss on equity method investments

(13,475)

–

–

(13,475)

(1,962)

Net income (loss)

389,039

4,477

(4,055)

389,461

56,709

(iii) Share-based compensation was allocated in cost of revenues and operating expenses as follows:

Three months

Ended March 31, 2023

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Cost of revenues

1,618

17

–

1,635

238

Research and development

13,170

9,202

–

22,372

3,258

Sales and marketing

7,741

5

–

7,746

1,128

General and administrative

49,896

8

–

49,904

7,267

Total cost and expenses

72,425

9,232

–

81,657

11,891

[1] All translations from RMB to U.S. dollars are made at a rate of RMB6.8676 to US$1.00, the effective noon buying rate for March 31, 2023 as set forth in the H.10 statistical release of the Federal Reserve Board.

 

Hello Group Inc.

Reconciliation of GAAP and NON-GAAP Results of Unaudited Segment Report

(All amounts in thousands, except share and per share data)

Three months

Ended March 31, 2023

Momo

Tantan

QOOL

Total

Total

RMB

RMB

RMB

RMB

US$

Income (loss) from operations

435,040

5,244

(4,107)

436,177

63,512

Share-based compensation

72,425

9,232

–

81,657

11,891

Non-GAAP income (loss) from operations

507,465

14,476

(4,107)

517,834

75,403

Net income (loss)

389,039

4,477

(4,055)

389,461

56,709

Share-based compensation

72,425

9,232

–

81,657

11,891

Non-GAAP net income (loss)

461,464

13,709

(4,055)

471,118

68,600

 

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Technology

Smartkem Reports First Quarter 2025 Financial Results

Published

25 minutes ago

on

May 14, 2025

By

MANCHESTER, England, May 14, 2025 /PRNewswire/ — Smartkem (Nasdaq: SMTK), which is seeking to change the world of electronics with a new class of transistor technology, today provides a business update and reports its financial results for the three months ended March 31, 2025.

Smartkem Chairman and CEO, Ian Jenks, commented: “Progress toward commercialization continued in the first quarter of 2025. As previously announced, we commenced our project with AUO to develop the world’s first rollable, transparent MicroLED display, made the first sales of our TRUFLEX® advanced semiconductor materials to Chip Foundation, and signed a memorandum of understanding with RiTdisplay Corporation for the integration of Smartkem’s OTFT process on RiTdisplay’s Gen2.5 line. In addition, the Company appointed Jonathan Watkins as our new COO.

“Building on our momentum in the first quarter, in April, we introduced the first application of our “MiP4” platform at Touch Taiwan 2025. This MicroLED Smart Backlight showcases how our unique semiconductor materials and chip-first architecture can unlock higher brightness and better contrast for LCDs, particularly in automotive displays.

“Tomorrow, during Display Week 2025 and as part of the associated SID Business Conference, I’ll be giving a presentation titled “Changing the World of Electronics: Unveiling a Breakthrough in Transistor Technology for the Future of MicroLED Displays” that will present the latest advancements in our technology.

“I look forward to keeping you informed of our progress this year as we strengthen our position as a global leader in organic transistor technology and close in on our goal of commercializing our technology,” Jenks concluded.

First Quarter 2025 Financial Highlights:

Cash and cash equivalents were $3.9 million as of March 31, 2025, compared to $7.1 million as of December 31, 2024.Revenues were $23 thousand for the three months ended March 31, 2025, compared to nil for the same period of 2024, primarily as a result of sales of OTFT backplanes and TRUFLEX® materials for customer assessment and development purposes.Operating expenses were $3.4 million for the three months ended March 31, 2025, compared to $2.7 million for the same period of 2024.Loss from operations was $3.1 million for the three months ending March 31, 2025, compared to $2.4 million for the same period of 2024.

About Smartkem

Smartkem is seeking to change the world of electronics with a new class of transistors developed using its proprietary advanced semiconductor materials. Our TRUFLEX® materials can be used in a range of applications including next generation MicroLED, LCD and AMOLED displays, as well as advanced computer and AI chip packaging, and a new type of sensor.

Smartkem’s MiP4 is designed to replace existing MiniLED packages in LCD backlights and signage applications.  The MiP4 will offer higher brightness at lower power, lower production costs, and compatibility with existing MiniLED die bonding equipment.  MiP4s are expected to ship -on-blue tape format for seamless industry adoption.

For MicroLED display applications, Smartkem’s low temperature process allows its liquid transistors to be poured directly onto MicroLEDs, eliminating the need to use current high-cost, low-yield manufacturing processes. This innovation is expected to reduce defects and enhance yield, and to integrate seamlessly into existing manufacturing infrastructure, with the potential to make MicroLED displays more commercially viable across a number of sectors including smartphones, wearables, automotives and digital signage.

Smartkem designs and develops its materials at its research and development facility in Manchester, UK and provides prototyping services at the Centre for Process Innovation (CPI) in Sedgefield, UK. It operates a field application office in Hsinchu, Taiwan, close to collaboration partner, The Industrial Technology Research Institute (ITRI). Smartkem is developing a commercial-scale production process and Electronic Design Automation (EDA) tools to demonstrate the commercial viability of manufacturing a new generation of displays using its materials.

The company has an extensive IP portfolio including 138 granted patents across 17 patent families, 16 pending patents and 40 codified trade secrets. For more information, visit our website or follow us on LinkedIn.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, its market position and market opportunity, expectations and plans as to its product development, manufacturing and sales, and relations with its partners and investors. These statements are not historical facts but rather are based on Smartkem, Inc.’s current expectations, estimates, and projections regarding its business, operations and other similar or related factors. Words such as “may,” “will,” “could,” “would,” “should,” “anticipate,” “predict,” “potential,” “continue,” “expect,” “intend,” “plan,” “project,” “believe,” “estimate,” and other similar or elated expressions are used to identify these forward-looking statements, although not all forward-looking statements contain these words. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, and assumptions that are difficult or impossible to predict and, in some cases, beyond the Company’s control. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update information in this release to reflect events or circumstances in the future, even if new information becomes available.

Industry Representatives and Media

Selena Kirkwood
Head of Communications for Smartkem
T: +44 (0) 7971 460 364
s.kirkwood@smartkem.com

Analysts and Investors

David Barnard, CFA
Alliance Advisors Investor Relations
T: 1 415 433 3777
dbarnard@allianceadvisors.com

 

SMARTKEM, INC. AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

(in thousands, except number of shares and per share data)

March 31, 

December 31, 

2025

2024

Assets

Current assets

Cash and cash equivalents

$

3,881

$

7,141

Research and development tax credit receivable

664

519

Prepaid expenses and other current assets

1,091

849

Total current assets

5,636

8,509

Property, plant and equipment, net

220

269

Right-of-use assets, net

54

120

Other assets, non-current

—

6

Total assets

$

5,910

$

8,904

Liabilities and stockholders’ equity

Current liabilities

Accounts payable and accrued expenses

$

1,439

$

1,791

Lease liabilities, current

24

47

Other current liabilities

639

450

Total current liabilities

2,102

2,288

Lease liabilities, non-current

21

25

Total liabilities

2,123

2,313

Commitments and contingencies (Note 7)

—

—

Stockholders’ equity:

Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized,
856 shares issued and outstanding, at March 31, 2025 and December 31, 2024,
respectively

—

—

Common stock, par value $0.0001 per share, 300,000,000 shares authorized,
3,620,217 and 3,590,217 shares issued and outstanding, at March 31, 2025
and December 31,2024, respectively

—

—

Additional paid-in capital

122,651

122,316

Accumulated other comprehensive loss

(2,110)

(1,105)

Accumulated deficit

(116,754)

(114,620)

Total stockholders’ equity

3,787

6,591

Total liabilities and stockholders’ equity

$

5,910

$

8,904

 

 

SMARTKEM, INC. AND SUBSIDIARIES

Consolidated Statements of Operations and Comprehensive Loss

(Unaudited)

(in thousands, except number of shares and per share data)

Three Months Ended March 31, 

2025

2024

Revenue

$

23

$

—

Cost of revenue

1

—

Gross profit

22

—

Other operating income

251

202

Operating expenses

Research and development

1,497

1,276

General and administrative

2,009

1,362

(Gain)/loss on foreign currency transactions

(95)

13

Total operating expenses

3,411

2,651

Loss from operations

(3,138)

(2,449)

Non-operating income/(expense)

Gain/(loss) on foreign currency transactions

969

(6)

Change in fair value of the warrant liability

—

753

Interest income/(expense)

10

6

Total non-operating income/(expense)

979

753

Loss before income taxes

(2,159)

(1,696)

Income tax refund

25

—

Net loss

$

(2,134)

$

(1,696)

Preferred stock deemed dividends

—

(7,094)

Net loss attributed to common stockholders

$

(2,134)

$

(8,790)

Weighted average shares outstanding – basic and diluted

6,649,603

2,735,375

Basic and diluted net loss per common share attributed to common stockholders

$

(0.32)

$

(3.21)

Net loss

$

(2,134)

$

(1,696)

Other comprehensive loss:

Foreign currency translation

(1,005)

(18)

Total comprehensive loss

$

(3,139)

$

(1,714)

 

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Technology

Toyota Debuts Stylish, Powerful 2026 C-HR Battery Electric Vehicle

Published

25 minutes ago

on

May 14, 2025

By

All-new, Toyota C-HR Battery Electric Vehicle with 338 combined system net hp and a manufacturer-estimated all electric driving range rating of up to 290-miles*Premium interior and easy access rear cargo area for comfort, convenience and utilityDC fast-charging capability with access to thousands of Level Three charging stations nationwide for a 10-80% charge in around 30 minutes under ideal conditionsCoupe-like SUV profile with eye-catching design and a fun-to-drive character with standard All-Wheel Drive (AWD)Built on Toyota’s e-TNGA platform, with chassis tuning that compliments its spirited outputModern interior with soft touch materials, customizable lighting, and 14-inch touchscreenCompact crossover utility with 60/40-fold flat seats and up-to 25.4-cubic feet of cargo space behind the rear seatsExpected arrival at U.S. Toyota dealerships in 2026

PLANO, Texas, May 14, 2025 /PRNewswire-HISPANIC PR WIRE/ — Today Toyota announces the all-new 2026 Toyota C-HR Battery Electric Vehicle (BEV), an all-new model set to be a bold entry in its electrified lineup. With an impressive 338 horsepower combined system output, and standard All-Wheel Drive, it has a performance-inspired spirit with a manufacturer estimated 0-60 mph time of around 5 seconds. The C-HR couples its dynamic performance with a coupe-like design, a well-appointed interior, and up-to 25.4-cubic feet of rear cargo space behind the rear seats for compact crossover utility.

The 2026 C-HR BEV brings cutting-edge style and high-tech features. It will be powered by a 74.7 kW battery and have a manufacturer-estimated all-electric range rating of 290 miles*. It will come equipped with a North American Charging System (NACS) port, giving it access to thousands of DC charging stations nationwide. It will also be capable of charging on Level One and Level Two AC power sources. Steering wheel-mounted paddle shifters that control regenerative braking power are also standard. When activated, four different levels of regenerative braking power can be selected to convert kinetic energy to electric energy, adding charge to the traction battery.

It will come in SE and XSE grades and have great standard interior features like a 14-inch touchscreen that runs the Toyota Audio Multimedia system, fully digital gauge cluster, dual wireless chargers in the center console, and the Toyota Safety Sense 3.0 system. The cabin also brings comfort, with seating choices from fabric and SofTex®-trim to synthetic suede and SofTex-trim.

On the outside, key standard equipment like a power liftgate, low-profile roof rails, and rain-sensing wipers bring functional value. There will be 18-inch and 20-inch wheel options and a variety of available exterior paint colors in single and two-tone paint options.

Developed from a compact BEV concept Toyota first presented in 2022, the new C-HR BEV is the 20th electrified model to be added to the Toyota lineup. The model carries forward Toyota’s multi-pathway powertrain approach, which includes a variety of models available across its lineup to fit customers’ lifestyles, including BEV, Hybrid, Plug-in Hybrid, and Fuel Cell (CA and Hawaii only) powertrains. The 2026 C-HR BEV is expected to arrive at Toyota dealerships nationwide in 2026.

*Ranges and charging times will vary depending on weather and other factors.

Spacious Style

The Toyota C-HR BEV is designed as an expression of the fun-to-drive, exhilarating character of electric vehicles. Built on Toyota’s dedicated e-TNGA battery electric vehicle platform, its flowing body lines and wide stance convey a dynamic drive. The vehicle’s compact coupe silhouette is formed by Toyota’s signature hammerhead front end flowing seamlessly into a compact cabin and angular rear.

The C-HR has compact crossover proportions with an overall length of 177.9-inches, overall width of 73.6-inches, wheelbase of 108.3-inches, and overall height 63.8-inches. This helps give it spacious accommodation, with generous headroom and ample cabin space. The interior design is clean and open, with a slim driver’s display and easy-to-access center console. For an added touch, it also has customizable ambient lighting for setting just the right mood. Altogether, it has a comfortable, high-tech cabin that is stylish and functional.

It also provides drivers and passengers alike with plenty of comfort and convenience, such as two wireless smartphone chargers and rear cabin USB ports to ensure everyone on board can be connected when on the move; rear cabin air conditioning controls; and an available panoramic roof that brings natural light to all parts of the interior.

Electrifying Performance

The 2026 Toyota C-HR BEV comes equipped with standard AWD with electric motors housed in the front and rear eAxles. Altogether, the model is expected to be capable of going from 0 to 60 miles per hour in around 5 seconds. Its coupe-like lines are complemented by a low center of gravity, thanks to the underfloor-mounted battery pack that is surrounded by a cross-framing structure for overall vehicle rigidity. In addition to the fundamental strength, rigidity and agility of the dedicated BEV platform, suspension parts have been precisely tuned for the new C-HR, including spring and damper performance and the stiffness of the anti-roll bars.

It will have a lithium-ion battery with a total capacity of 74.7-kWh and an 11-kW on-board AC charger. It will have a NACS charging port that is compatible with Level Three DC fast-charging, giving it access to thousands of high-speed charging stations nationwide. When using fast charging the C-HR will be capable of recharging from 10% to 80% battery capacity in around 30 minutes under ideal conditions*. The 2026 C-HR will also be capable of charging on Level One and Level Two AC power sources.

A battery pre-conditioning function is also included on C-HR. This system brings the battery to an optimal temperature for DC fast charging, enabling faster charging in colder climates. This function can be activated manually or automatically by setting the navigation system destination to a fast-charging station.  

The 2026 C-HR also features steering wheel-mounted paddle shifters to activate and adjust regenerative braking. Regenerative braking is the process of converting energy created by the movement of the vehicle, also known as kinetic energy, into electrical energy. The driver can adjust the amount of regenerative braking power from four levels using the paddle shifters.

Two Style and Value-Packed Grades

The all-electric 2026 C-HR will be available in an SE and XSE grade. Exterior paint options on both grades will include the all-new Overcast and Tandoori colors, along with Cement, Midnight Black Metallic, and Wind Chill Pearl (premium paint option). The XSE will also have two-tone paint available, including the combination of Tandoori, Cement, or Wind Chill Pearl with a Midnight Black Metallic Roof. Key features by grade include:

SE

Performance specifications:Manufacturer estimated 290-mile all-electric driving range rating*338 horsepower11-kW onboard AC chargerDual-voltage A/C charging cableNACS charging port18-in. wheels with black alloy insertsPower liftgateRain-sensing wipersLow profile roof railsFabric/SofTex trimmed seating with 8-way power driver seat and 6-way manual passenger seatHeated front seats and steering wheel14-in. touchscreen with Toyota Audio Multimedia systemTwo front wireless Qi chargersThree USB-Type C ports (one front, two rear)Toyota Safety Sense 3.0Front & Rear Parking Assist with Automatic BrakingBlind Spot Monitor

XSE (adds to or replaces SE features with):

20-in. gun metal finished wheelsSofTex and synthetic suede-trimmed seats8-way power passenger seatDriver memory seatDigital Rearview Mirror with HomeLink®Traffic Jam Assist**Lane Change AssistPanoramic View Monitor

**4G Network dependent. Requires an active Drive Connect subscription or trial. Subscription required after trial period.

Intuitive Connected Tech

Modern convenience also comes standard on the 2026 Toyota C-HR BEV, as it will come with a 14-inch touchscreen that runs the Toyota Audio Multimedia system, designed and engineered by Toyota’s Texas-based Connected Technologies team. It also comes with a host of Toyota Connected Services** trials.

The Drive Connect** 3-year trial gives access to Intelligent Assistant, Cloud Navigation and Destination Assist. With Intelligent Assistant, simple phrases like “Hey Toyota” awakens the system for voice activated commands to search for directions, find Points of Interest (POI), adjust audio controls, change the cabin temperatures and more. Cloud Navigation, the available onboard navigation solution, utilizes the cloud to download the latest available map, traffic and routing information. To ensure users have the most up-to-date search capabilities, POI search is provided by Google Points-of-Interest data. Destination Assist also gives access to 24/7 live agent assistance to locate the next destination.

All Toyota C-HR models are equipped with a six-speaker audio system for enjoying entertainment while on-the-go, a JBL® Premium Audio system with 9 speakers, including an 8-channel 800-watt amplifier and 9-inch subwoofer will also be available.

The Toyota Audio Multimedia system also allows for dual Bluetooth phone connectivity, with support for standard wireless Apple CarPlay® and Android Auto™ compatibility. With further connectivity, the C-HR has a Wi-Fi Connect trial (30 days or up to 3GB upon activation) that offers 4G connectivity for up to five devices – turning the C-HR into an AT&T Hotspot.

Adding to the already robust offering of audio playback ability with HD Radio, USB data and a SiriusXM® 3-month trial subscription, Wi-Fi Connect also enables the new Integrated Streaming feature, providing the ability to link separate Apple Music® and Amazon Music subscriptions to the vehicle for onboard control.

The C-HR also comes with a 5-year minimum trial subscription for both Safety Connect** and Service Connect**. Safety Connect includes an Emergency Assistance Button (SOS), 24/7 Enhanced Roadside Assistance, Automatic Collision Notification and Stolen Vehicle Locator. Service Connect gives drivers the capability to receive Vehicle Health Reports, Maintenance Alerts and reminders.

With the Toyota App, users can stay connected to their C-HR with Remote Connect**, included as a 3-year trial. With Remote Connect, users can activate headlights, a horn alert, buzzer and unlock the rear hatch. The remote climate features include the ability for in-cabin temperature controls, including remote activation of the available seat heaters/ventilators, steering wheel heater, defroster, and the ability to schedule a timer to activate in a daily routine.

Remote charging capabilities are also included with Remote Connect trial or subscription on the C-HR, which includes the ability to check charging status, start/stop charging with a vehicle that is already plugged in and even edit charging schedules, allowing for enhanced controls of the C-HR’s charging. The Toyota App also provides an easy-to-use map to find charging station locations near you or along your route.

**4G Network dependent. Requires an active Drive Connect subscription or trial. Subscription required after trial period.

Active Safety & Driver Assist Technology

The C-HR features Toyota Safety Sense 3.0™, Toyota’s suite of active safety and driver assistance features designed to support driver awareness, decision-making, and vehicle operation. Please note that Toyota Safety Sense 3.0 systems and driver assist features are not a substitute for safe and attentive driving. The safety suite includes:

Pre-Collision System with Pedestrian Detection (PCS w/PD): Designed to help detect a vehicle, pedestrian, bicyclist, or motorcyclist and provide an audible/visual forward-collision warning under certain circumstances. If you don’t react, the system is designed to provide automatic emergency braking.Full-Speed Range Dynamic Radar Cruise Control (DCRR): An adaptive cruise control system that is designed to be set at speeds above 20 mph. DRCC uses vehicle-to-vehicle distance control to help maintain a preset distance from the vehicle ahead of you.Lane Departure Alert with Steering Assist (LDA w/SA):  Detects lane markings or the road’s edge at speeds above 30 mph. LDA w/SA is designed to provide an audible/visual warning if an inadvertent lane departure is detected. If no corrective action is taken, Steering Assist is designed to provide gentle corrective steering for lane-keeping assistance.Lane Tracing Assist (LTA): Designed to help keep the vehicle in the center of a lane. LTA assists the driver with steering control while DRCC is in use.Road Sign Assist (RSA): Uses the forward-facing camera to recognize specific road signs, such as speed limit, stop, and yield signs. RSA provides sign information to the driver via the Multi-Information Display.Automatic High Beams (AHB): Designed to detect headlights of oncoming vehicles and taillights of preceding vehicles. AHB automatically toggles between high and low beams as appropriate.Proactive Driving Assist (PDA): Uses the vehicle’s camera and radar, when system operating conditions are met, to provide gentle braking and/or steering to support driving tasks such as distance control between your vehicle and a preceding vehicle, pedestrian, or bicyclist. PDA can also provide gentle braking into curves.

For complete details on TSS 3.0, please visit Toyota.com/safety-sense.

Blind Spot Monitor with Rear Cross-Traffic Alert is also standard. The BSM system uses rear side radar sensors installed on the inner side of the rear bumper, on both the left and right sides, to assist the driver in confirming safety when changing lanes. The RCTA function uses the same sensors installed behind the rear bumper. This function is intended to assist the driver in checking areas that are not easily visible when backing up.

Safe Exit Alert is also standard on the C-HR. This system is designed to detect vehicles or cyclists approaching from the rear and judge if there is a possibility of a collision with an open door or passengers who are exiting. Safe Exit Alert will illuminate an indicator in the outer mirror and provide an audible alert to notify vehicle occupants.

The Toyota C-HR is also equipped with Toyota’s Star Safety System, standard. This system includes Vehicle Stability Control (VSC), Traction Control (TRAC), Anti-lock Brake System (ABS), Electronic Brake-force Distribution (EBD), Brake Assist (BA) and Smart Stop Technology® (SST).

Driver assistance features include Traffic Jam Assist, Lane Change Assist, and Front Cross-Traffic Alert, standard**.

In terms of battery safety, Toyota uses many measures to help protect cell integrity, thanks to the design and a multiple monitoring system intended to protect the vehicle’s battery system. This includes:

Redundant monitoring of battery voltage, current and temperature designed to detect signs of abnormal heating to maintain optimal battery temperature and help prevent cell damageUtilization of a high-resistance coolant circulation system is designed to help prevent a thermal event from short circuits even in high battery load conditions due to repeatedly switching between high-speed driving and rapid charging

Limited Warranty

Toyota’s 36-month/36,000-mile basic new-vehicle warranty applies to all components other than normal wear and maintenance items. Additional 60-month warranties cover the powertrain for 60,000 miles and corrosion with no mileage limitation. The Electric Vehicle Driving Components, including the traction battery, are covered for 8 years or 100,000 miles, whichever comes first. Toyota dealers have complete details on the limited warranty.

The Toyota C-HR also comes with ToyotaCare, a plan covering normal factory-scheduled maintenance, for two years or 25,000 miles, whichever comes first, and three years of Roadside Assistance, regardless of mileage.

About Toyota 

Toyota (NYSE: TM) has been a part of the cultural fabric in the U.S. for nearly 70 years, and is committed to advancing sustainable, next-generation mobility through our Toyota and Lexus brands, plus our nearly 1,500 dealerships.   

Toyota directly employs nearly 48,000 people in the U.S. who have contributed to the design, engineering, and assembly of more than 35 million cars and trucks at our 11 manufacturing plants. In spring 2025, Toyota’s plant in North Carolina will begin to manufacture automotive batteries for electrified vehicles. With more electrified vehicles on the road than any other automaker, Toyota currently offers 32 electrified options. 

Through its Driving Possibilities initiative, the Toyota USA Foundation has committed to creating innovative educational programs within, and in partnership with, historically underserved communities near the company’s U.S. operating sites.   

For more information about Toyota, visit  www.ToyotaNewsroom.com.

MEDIA CONTACT
Paul Hogard
paul.hogard@toyota.com  
469-429-4524

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Logo – https://mma.prnewswire.com/media/785813/TOYOTA_MEDIA_RELATIONS_LOGO.jpg

SOURCE Toyota Motor North America

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Identiv, ZATAP and Genuine-Analytics Partner to Digitally Authenticate Fine Wines Using Specialized IoT and Blockchain Technology

Published

25 minutes ago

on

May 14, 2025

By

Companies will Demo Innovative Wine Authentication Solution in May 28 Webinar on the Future of Wine Authentication

SANTA ANA, Calif., May 14, 2025 /PRNewswire/ — Identiv, Inc. (NASDAQ: INVE), a global leader in RFID- and BLE-enabled Internet of Things (IoT) solutions, introduces a new NFC-based anti-counterfeiting smart packaging solution for luxury wine producers and collectors in collaboration with ZATAP and Genuine-Analytics.

With global wine fraud estimated to impact as much as 20% of bottles in circulation, the partnership between Identiv, ZATAP, and Genuine-Analytics AG is setting a new standard in wine authentication using wireless IoT, digital certificates, and blockchain to verify not just the bottle, but the wine inside.  This next-generation solution combines secure NFC technology, non-invasive content testing, and blockchain-based digital identity, enabling near-instant verification of a wine’s authenticity and protecting a brand’s value, reputation, and consumer trust.

At a Swiss wine auction in 2024, the partnership’s solution successfully authenticated a series of rare, high-value vintages, with some bottles priced at over 20,000 Swiss Francs. It even detected a counterfeit bottle, reinforcing the platform’s potential for broader adoption.

“This is the future of wine authentication,” said Klaus Simonmeyer, Vice President at Identiv. “With our NFC inlays designed specifically for the unique properties of wine bottles, Genuine-Analytics’ groundbreaking analysis of wine contents, and ZATAP’s digital twin technology, we’re able to confirm not only that a wine bottle is authentic, but so is the wine inside.”

A Proven Solution
Each company brings its specific expertise to the solution. This collaboration establishes an immutable digital link between a physical bottle of wine, its contents, and its authenticated, digital twin hosted on an IoT-based blockchain.  The integrated solution includes:

Identiv’s secure NFC inlays, powered by NTAG® 424 DNA TagTamper security-certified chips from trusted IC provider NXP® Semiconductors, are built to detect tampering and link each bottle to its digital identity.Genuine-Analytics’ scientific content analysis, validated against its proprietary winePROOF database.ZATAP’s mobile interface communicates with Blockchain infrastructure, providing real-time authentication and provenance data to buyers and sellers.

To authenticate a wine bottle’s contents, Genuine-Analytics uses a microscopic laser-drilled hole to test the wine inside the bottle against its proprietary winePROOF database. Once verified, a GA Safety Tag custom-designed by Identiv is applied to reseal the bottle and provide digital proof of authenticity. By securing both the contents and the container, the system creates a new standard for digital trust – one that benefits not only collectors and auction houses, but also wine producers seeking to protect their brand and customers.

“This partnership’s goal is to make wine authentication seamless and reliable for everyone,” said Dr. Markus Ehrat, CEO of Genuine-Analytics. “Together, we’re delivering a complete authentication solution that’s scalable and secure, helping the wine industry stay ahead of counterfeiting risks.”

David Geisser, CEO of ZATAP, added, “When this solution is applied at the producer level, it can scale to include any wine, from luxury wines to more everyday vintages.”

Leaders from Identiv, Genuine-Analytics AG, and ZATAP will co-host a webinar, “The Future of Wine Authentication,” on May 28, 2025, at 9:00 AM PDT/6 PM CET. The webinar will include a live demo of the wine authentication application. To attend, please register here.

About Identiv
Identiv’s full-circle RFID-enabled IoT solutions create digital identities for physical objects, enhancing global connectivity for businesses, people, and the planet. Its solutions, integrated into over 1.5 billion applications worldwide, drive innovation across healthcare, consumer electronics, luxury goods, smart packaging, and more. For additional information, visit identiv.com.

Identiv Media Contact:
Sophie Pearson
Identiv, Inc.
spearson@identiv.com

ZATAP Media Contact:
David Geisser
ZATAP
geisser@collectid.net

Genuine-Analytics AG Media Contact:
Dr. Markus Ehrat
Genuine-Analytics AG
markus.ehrat@genuine-analytics.ch

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SOURCE Identiv

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