Technology
Alkami Announces Second Quarter 2024 Financial Results
Published
8 months agoon
By

PLANO, Texas, July 31, 2024 /PRNewswire/ — Alkami Technology, Inc. (Nasdaq: ALKT) (“Alkami”), a leading cloud-based digital banking solutions provider for financial institutions in the U.S., today announced results for its first quarter ending June 30, 2024.
Second Quarter 2024 Financial Highlights
GAAP total revenue of $82.2 million, an increase of 24.9% compared to the year-ago quarter;GAAP gross margin of 59.4%, compared to 53.9% in the year-ago quarter;Non-GAAP gross margin of 63.2%, compared to 58.7% in the year-ago quarter;GAAP net loss of $(12.3) million, compared to $(17.8) million in the year-ago quarter; andAdjusted EBITDA of $4.6 million, compared to a loss of $(2.5) million in the year-ago quarter.
Comments on the News
Alex Shootman, Chief Executive Officer, said, “In the second quarter, we delivered another quarter of tremendous operating and financial results. We ended the second quarter with 18.6 million live registered users, up 2.7 million compared to the prior-year quarter, and delivered excellent performance from new client wins, add-on sales and renewals. Alkami continues to lead the industry in terms of end user satisfaction and gains in market share, underscoring our commitment to deliver the best digital banking solution to regional and community financial institutions.”
Shootman added, “In the second quarter we signed eight new digital banking clients, including four credit unions and four banks. One of the wins was a tier one credit union that will be among our top clients in terms of ARR. We also won a large Midwestern bank that possesses a robust commercial banking growth strategy. The bank was an existing ACH Alert client where we cultivated a strong relationship and ultimately cross-sold our digital banking platform.”
Bryan Hill, Chief Financial Officer, said, “We achieved total revenue growth of 25% for the quarter, and more importantly, we achieved 28% subscription revenue growth. We exceeded our gross margin and adjusted EBITDA expectations, demonstrating continued progress towards our 2026 objectives of a non-GAAP gross margin of 65% and adjusted EBITDA margin of 20%.”
2024 Financial Outlook
Alkami’s financial outlook is based on current expectations. The following statements are forward-looking, and actual results could differ materially depending on market conditions and the factors set forth under “Cautionary Statement Regarding Forward-Looking Statements.”
Alkami is providing guidance for its third quarter ending September 30, 2024 of:
GAAP total revenue in the range of $83.8 million to $85.3 million;Adjusted EBITDA in the range of $5.8 million to $6.8 million.
Alkami is providing guidance for its fiscal year ending December 31, 2024 of:
GAAP total revenue in the range of $330.5 million to $333.5 million;Adjusted EBITDA in the range of $22.0 million to $24.0 million.
Conference Call Information
The Company will host a conference call at 5:00 p.m. ET today to discuss its financial results with investors. A live webcast of the event will be available on the Alkami investor relations website at investors.alkami.com. In addition, a live dial-in will be available domestically at 1-800-836-8184 and internationally at 1-646-357-8785 using passcode 83045. A replay will be available in the Investor Relations section of the Alkami website.
About Alkami
Alkami Technology, Inc. is a leading cloud-based digital banking solutions provider for financial institutions in the United States that enables clients to grow confidently, adapt quickly and build thriving digital communities. Alkami helps clients transform through retail and commercial banking, digital account opening, and data and marketing solutions. To learn more, visit www.alkami.com.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains “forward-looking” statements relating to Alkami Technology, Inc.’s strategy, goals, future focus areas, and expected, possible or assumed future results, including its future cash flows and its financial outlook. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management. Forward-looking statements include all statements that are not historical facts and may be identified by terms such as “expects,” “believes,” “plans,” or similar expressions and the negatives of those terms. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements, expressed or implied by the forward-looking statements. Factors that may materially affect such forward-looking statements include: Our limited operating history and history of operating losses; our ability to manage future growth; our ability to attract new clients and retain and expand existing clients’ use of our solutions; the unpredictable and time-consuming nature of our sales cycles; our ability to maintain, protect and enhance our brand; our ability to accurately predict the long-term rate of client subscription renewals or adoption of our solutions; our reliance on third-party software, content and services; our ability to effectively integrate our solutions with other systems used by our clients; intense competition in our industry; any downturn, consolidation or decrease in technology spend in the financial services industry, including as a result of recent closures of certain financial institutions and liquidity concerns at other financial institutions; our ability and the ability of third parties on which we rely to prevent and identify breaches of security measures (including cybersecurity) and resulting disruptions of our systems or operations and unauthorized access to client customer and other data; our ability to successfully integrate acquired companies or businesses; our ability to comply with regulatory and legal requirements and developments; our ability to attract and retain key employees; the political, economic and competitive conditions in the markets and jurisdictions where we operate; our ability to maintain, develop and protect our intellectual property; our ability to respond to evolving technological requirements to develop or acquire new and enhanced products that achieve market acceptance in a timely manner; our ability to estimate our expenses, future revenues, capital requirements, our needs for additional financing and our ability to obtain additional capital and other factors described in the Company’s filings with the Securities and Exchange Commission. We undertake 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 applicable law.
Explanation of Non-GAAP Financial Measures and Key Business Metrics
The company reports its financial results in accordance with accounting principles generally accepted in the United States of America, or GAAP. However, the company believes that, in order to properly understand its short-term and long-term financial, operational and strategic trends, it may be helpful for investors to exclude certain non-cash or non-recurring items when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in both frequency and impact on continuing operations. The company also uses results of operations excluding such items to evaluate the operating performance of Alkami and compare it against prior periods, make operating decisions, determine executive compensation, and serve as a basis for long-term strategic planning. These non-GAAP financial measures provide the company with additional means to understand and evaluate the operating results and trends in its ongoing business by eliminating certain non-cash expenses and other items that Alkami believes might otherwise make comparisons of its ongoing business with prior periods more difficult, obscure trends in ongoing operations, reduce management’s ability to make useful forecasts, or obscure the ability to evaluate the effectiveness of certain business strategies and management incentive structures. In addition, the company also believes that investors and financial analysts find this information to be helpful in analyzing the company’s financial and operational performance and comparing this performance to the company’s peers and competitors.
The company defines “Non-GAAP Cost of Revenues” as cost of revenues, excluding (1) amortization and (2) stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.
The company defines “Non-GAAP Gross Margin” as gross profit, plus (1) amortization and (2) stock-based compensation expense, all divided by revenue. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.
The company defines “Non-GAAP Research and Development Expense” as research and development expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to product innovation.
The company defines “Non-GAAP Sales and Marketing Expense” as sales and marketing expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ongoing expenditures related to its sales and marketing strategies.
The company defines “Non-GAAP General and Administrative Expense” as general and administrative expense, excluding stock-based compensation expense. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s underlying expense structure to support corporate activities and processes.
The company defines “Non-GAAP Net Loss” as net loss, plus (1) provision for income taxes (2) (loss) gain on financial instruments, (3) amortization, (4) stock-based compensation expense, and (5) acquisition-related expenses. The company believes that investors and financial analysts find this non-GAAP financial measure to be useful in analyzing the company’s financial and operational performance, comparing this performance to the company’s peers and competitors, and understanding the company’s ability to generate income from ongoing business operations.
The company defines “Adjusted EBITDA” as net loss plus (1) provision for income taxes, (2) (loss) gain on financial instruments, (3) interest income, net, (4) depreciation and amortization (5) stock-based compensation expense, and (6) acquisition-related expenses. The company believes adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance and facilitates period-to-period comparisons of operations.
In addition, the Company also uses the following important operating metrics to evaluate its business:
The company defines “Annual Recurring Revenue (ARR)” by aggregating annualized recurring revenue related to SaaS subscription services recognized in the last month of the reporting period as well as the next 12 months of expected implementation services revenues in the last month of the reporting period. We believe ARR provides important information about our future revenue potential, our ability to acquire new clients, and our ability to maintain and expand our relationship with existing clients.
The company defines “Registered Users” as an individual or business related to an account holder of an FI client on our digital banking platform who has registered to use one or more of our solutions and has current access to use those solutions as of the last day of the reporting period presented. We price our digital banking platform based on the number of registered users, so as the number of registered users of our digital banking platform increases, our ARR grows. We believe growth in the number of registered users provides important information about our ability to expand market adoption of our digital banking platform and its associated software products, and therefore to grow revenues over time.
The company defines “Revenue per Registered User (RPU)” by dividing ARR for the reporting period by the number of registered users as of the last day of the reporting period. We believe RPU provides important information about our ability to grow the number of software products adopted by new clients over time, as well as our ability to expand the number of software products that our existing clients add to their contracts with us over time.
The company does not provide a reconciliation of our adjusted EBITDA outlook to GAAP net loss because certain significant information required for such reconciliation is not available without unreasonable efforts, including provision for income taxes, loss on financial instruments, stock-based compensation expense, and acquisition-related expenses, net, all of which may be significant.
ALKAMI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(UNAUDITED)
June 30,
December 31,
2024
2023
Assets
Current assets
Cash and cash equivalents
$ 61,432
$ 40,927
Marketable securities
25,962
51,196
Accounts receivable, net
38,952
35,499
Deferred costs, current
11,478
10,329
Prepaid expenses and other current assets
14,132
10,634
Total current assets
151,956
148,585
Property and equipment, net
19,539
16,946
Right-of-use assets
15,180
15,754
Deferred costs, net of current portion
32,542
30,734
Intangibles, net
32,414
35,807
Goodwill
148,050
148,050
Other assets
4,176
3,949
Total assets
$ 403,857
$ 399,825
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable
$ 5,794
$ 7,478
Accrued liabilities
20,879
19,763
Deferred revenues, current portion
12,572
10,984
Lease liabilities, current portion
1,275
1,205
Total current liabilities
40,520
39,430
Deferred revenues, net of current portion
16,445
15,384
Deferred income taxes
1,760
1,713
Lease liabilities, net of current portion
17,736
18,052
Other non-current liabilities
212
305
Total liabilities
76,673
74,884
Stockholders’ Equity
Preferred stock, $0.001 par value, 10,000,000 shares authorized and 0 shares issued and outstanding as of
June 30, 2024 and December 31, 2023
—
—
Common stock, $0.001 par value, 500,000,000 shares authorized; and 98,985,370 and 96,722,098 shares
issued and outstanding as of June 30, 2024 and December 31, 2023, respectively
99
97
Additional paid-in capital
786,201
760,210
Accumulated deficit
(459,116)
(435,366)
Total stockholders’ equity
327,184
324,941
Total liabilities and stockholders’ equity
$ 403,857
$ 399,825
ALKAMI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(UNAUDITED)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Revenues
$ 82,160
$ 65,763
$ 158,287
$ 125,759
Cost of revenues(1)
33,389
30,289
65,484
58,147
Gross profit
48,771
35,474
92,803
67,612
Operating expenses:
Research and development
23,909
20,866
46,729
41,415
Sales and marketing
16,964
13,883
30,807
24,761
General and administrative
20,612
18,207
39,927
35,318
Acquisition-related expenses
135
34
195
220
Amortization of acquired intangibles
358
357
717
717
Total operating expenses
61,978
53,347
118,375
102,431
Loss from operations
(13,207)
(17,873)
(25,572)
(34,819)
Non-operating income (expense):
Interest income
1,261
2,016
2,343
3,742
Interest expense
(74)
(1,826)
(147)
(3,583)
(Loss) gain on financial instruments
(112)
10
—
220
Loss before income taxes
(12,132)
(17,673)
(23,376)
(34,440)
Provision for income taxes
185
88
374
284
Net loss
$ (12,317)
$ (17,761)
$ (23,750)
$ (34,724)
Net loss per share attributable to common stockholders:
Basic and diluted
$ (0.13)
$ (0.19)
$ (0.24)
$ (0.37)
Weighted average number of shares of common stock outstanding:
Basic and diluted
98,103,527
93,334,725
97,524,379
92,868,623
(1) Includes amortization of acquired technology of $1.4 million for both the three months ended June 30, 2024 and 2023, and $2.7 million for both the six months ended June 30, 2024 and 2023.
ALKAMI TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(UNAUDITED)
Six months ended June 30,
2024
2023
Cash flows from operating activities:
Net loss
$ (23,750)
$ (34,724)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense
5,175
5,146
Accrued interest on marketable securities, net
(787)
(1,179)
Stock-based compensation expense
28,565
24,399
Amortization of debt issuance costs
65
80
Gain on financial instruments
—
(177)
Deferred taxes
47
85
Changes in operating assets and liabilities:
Accounts receivable
(3,453)
(1,906)
Prepaid expenses and other current assets
(3,790)
(1,882)
Accounts payable and accrued liabilities
(653)
(2,126)
Deferred costs
(2,569)
(2,856)
Deferred revenues
2,649
(185)
Net cash provided by (used in) operating activities
1,499
(15,325)
Cash flows from investing activities:
Purchase of marketable securities
(15,588)
(62,640)
Proceeds from sales, maturities and redemptions of marketable securities
41,609
65,622
Purchases of property and equipment
(731)
(417)
Capitalized software development costs
(3,015)
(2,661)
Net cash provided by (used in) investing activities
22,275
(96)
Cash flows from financing activities:
Principal payments on debt
—
(1,063)
Debt issuance costs paid
—
(341)
Proceeds from Employee Stock Purchase Plan issuances
2,598
2,407
Payment of holdback funds from acquisition
—
(1,000)
Payments for taxes related to net settlement of equity awards
(12,795)
(6,825)
Proceeds from stock option exercises
6,928
2,802
Net cash used in financing activities
(3,269)
(4,020)
Net increase (decrease) in cash and cash equivalents and restricted cash
20,505
(19,441)
Cash and cash equivalents and restricted cash, beginning of period
40,927
112,337
Cash and cash equivalents and restricted cash, end of period
$ 61,432
$ 92,896
ALKAMI TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP MEASURES
(In thousands, except per share data)
(UNAUDITED)
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
GAAP total revenues
$ 82,160
$ 65,763
$ 158,287
$ 125,759
June 30,
2024
2023
Annual Recurring Revenue (ARR)
$ 321,284
$ 256,811
Registered Users
18,584
15,849
Revenue per Registered User (RPU)
$ 17.29
$ 16.20
Non-GAAP Cost of Revenues
Set forth below is a presentation of the company’s “Non-GAAP Cost of Revenues.” Please reference the “Explanation of Non-
GAAP Measures” section.
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
GAAP cost of revenues
$ 33,389
$ 30,289
$ 65,484
$ 58,147
Amortization
(1,793)
(1,638)
(3,568)
(3,237)
Stock-based compensation expense
(1,347)
(1,487)
(2,525)
(2,633)
Non-GAAP cost of revenues
$ 30,249
$ 27,164
$ 59,391
$ 52,277
Non-GAAP Gross Margin
Set forth below is a presentation of the company’s “Non-GAAP Gross Margin.” Please reference the “Explanation of Non-GAAP
Measures” section.
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
GAAP gross margin
59.4 %
53.9 %
58.6 %
53.8 %
Amortization
2.2 %
2.5 %
2.3 %
2.5 %
Stock-based compensation expense
1.6 %
2.3 %
1.6 %
2.1 %
Non-GAAP gross margin
63.2 %
58.7 %
62.5 %
58.4 %
Non-GAAP Research and Development Expense
Set forth below is a presentation of the company’s “Non-GAAP Research and Development Expense.” Please reference the
“Explanation of Non-GAAP Measures” section.
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
GAAP research and development expense
$ 23,909
$ 20,866
$ 46,729
$ 41,415
Stock-based compensation expense
(4,256)
(3,963)
(8,254)
(7,738)
Non-GAAP research and development expense
$ 19,653
$ 16,903
$ 38,475
$ 33,677
Non-GAAP Sales and Marketing Expense
Set forth below is a presentation of the company’s “Non-GAAP Sales and Marketing Expense.” Please reference the
“Explanation of Non-GAAP Measures” section.
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
GAAP sales and marketing expense
$ 16,964
$ 13,883
$ 30,807
$ 24,761
Stock-based compensation expense
(2,291)
(1,813)
(4,322)
(3,403)
Non-GAAP sales and marketing expense
$ 14,673
$ 12,070
$ 26,485
$ 21,358
Non-GAAP General and Administrative Expense
Set forth below is a presentation of the company’s “Non-GAAP General and Administrative Expense.” Please reference the
“Explanation of Non-GAAP Measures” section.
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
GAAP general and administrative expense
$ 20,612
$ 18,207
$ 39,927
$ 35,318
Stock-based compensation expense
(7,119)
(5,489)
(13,464)
(10,222)
Non-GAAP general and administrative expense
$ 13,493
$ 12,718
$ 26,463
$ 25,096
Non-GAAP Net Loss
Set forth below is a presentation of the company’s “Non-GAAP Net Loss.” Please reference the “Explanation of Non-GAAP
Measures” section.
Three Months Ended
Six Months Ended
June 30,
June 30,
2024
2023
2024
2023
GAAP net loss
$ (12,317)
$ (17,761)
$ (23,750)
$ (34,724)
Provision for income taxes
185
88
374
284
Loss (gain) on financial instruments
112
(10)
—
(220)
Amortization
2,151
1,995
4,285
3,954
Stock-based compensation expense
15,013
12,752
28,565
23,996
Acquisition-related expenses
135
34
195
220
Non-GAAP net loss
$ 5,279
$ (2,902)
$ 9,669
$ (6,490)
Adjusted EBITDA
Set forth below is a presentation of the company’s “Adjusted EBITDA.” Please reference the “Explanation of Non-GAAP
Measures” section.
Three Months Ended
Year Ended
June 30,
June 30,
2024
2023
2024
2023
GAAP net loss
$ (12,317)
$ (17,761)
$ (23,750)
$ (34,724)
Provision for income taxes
185
88
374
284
Loss (gain) on financial instruments
112
(10)
—
(220)
Interest income, net
(1,187)
(190)
(2,196)
(159)
Depreciation and amortization
2,613
2,560
5,175
5,146
Stock-based compensation expense
15,013
12,752
28,565
23,996
Acquisition-related expenses
135
34
195
220
Adjusted EBITDA
$ 4,554
$ (2,527)
$ 8,363
$ (5,457)
Investor Relations Contact
Steve Calk
ir@alkami.com
Media Relations Contacts
Marla Pieton
marla.pieton@alkami.com
Valerie Kerner
alkami@fullyvested.com
View original content:https://www.prnewswire.com/news-releases/alkami-announces-second-quarter-2024-financial-results-302211396.html
SOURCE Alkami Technology, Inc.
You may like
Technology
BREAKTHROUGH PRIZE ANNOUNCES 2025 LAUREATES IN LIFE SCIENCES, FUNDAMENTAL PHYSICS, AND MATHEMATICS
Published
40 minutes agoon
April 5, 2025By

“Oscars® of Science” Awards Six $3 Million Prizes
GLP-1 Diabetes and Obesity Discovery | Multiple Sclerosis Causes and Treatments | DNA Editing
Exploration of Nature at Shortest Distances
Proof of Geometric Langlands Conjecture
Special Prize Awarded to Giant of Theoretical Physics
Breakthrough Prize in Life Sciences Awarded to Daniel J. Drucker, Joel Habener, Jens Juul Holst, Lotte Bjerre Knudsen and Svetlana Mojsov; Alberto Ascherio and Stephen L. Hauser; and David R. Liu
Breakthrough Prize in Fundamental Physics Awarded to More than 13,000 Researchers from ATLAS, CMS, ALICE and LHCb Experiments at CERN
Breakthrough Prize in Mathematics Awarded to Dennis Gaitsgory
Special Breakthrough Prize in Fundamental Physics Awarded to Gerardus ‘t Hooft
Six New Horizons Prizes Awarded for Early-Career Achievements in Physics and Mathematics
Three Maryam Mirzakhani New Frontiers Prizes Awarded to Women Mathematicians
for Early-Career Work
Laureates Announced and Honored at Annual Breakthrough Prize Ceremony in Los Angeles
LOS ANGELES, April 5, 2025 /CNW/ — The Breakthrough Prize Foundation today announced the winners of the 2025 Breakthrough Prizes, honoring scientists driving remarkable discoveries in gene editing, human diseases, the fundamental particles of the Universe and its underlying mathematical principles.
The Breakthrough Prize – popularly known as the “Oscars® of Science” – was created to celebrate the wonders of our scientific age by founding sponsors Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki.
Six Breakthrough Prizes of $3 million each were awarded in Life Sciences, Fundamental Physics, and Mathematics. In addition, the foundation announced eight early-career physicists and mathematicians are sharing six $100,000 New Horizons Prizes. Three women mathematicians recently completing PhDs are each receiving a $50,000 Maryam Mirzakhani New Frontiers Prize. This year’s prize money totals $18.75 million, bringing the amount conferred over the 14 years of the Breakthrough Prize to more than $326 million.
“This year’s Breakthrough Prize laureates have made amazing strides – including treatments for major diseases affecting millions of people worldwide – showing once again the transformative power of curiosity-driven basic science.”
– Priscilla Chan and Mark Zuckerberg
“The questions these laureates are asking are among the deepest questions there are – about the workings of life, the nature of the Universe and the abstract landscapes of mathematics. It’s inspiring to see scientists seeking and finding answers to these questions.”
– Yuri Milner
“The breakthroughs being recognized this year are extraordinary – including, in my own field, amazing gene-editing technologies that are already having a big impact. I’m excited to learn more about the scientists’ ideas across all the fields.”
– Anne Wojcicki
Life Sciences
Daniel J. Drucker, Joel Habener, Jens Juul Holst, Lotte Bjerre Knudsen and Svetlana Mojsov share the Breakthrough Prize in Life Sciences. These five scientists’ complementary contributions – from basic hormone discovery through physiological understanding to pharmaceutical development – have led to highly effective drugs for diabetes and obesity, ushering in a new era of GLP-1 medicines for cardiometabolic disorders. Between them their breakthroughs include: the discovery of the gene encoding the GLP-1 hormone; the synthesis, isolation and characterization of the hormone’s biologically active forms; the demonstration that it is produced in the gut and stimulates insulin production; elucidation of its broader physiological roles, including control of appetite and energy homeostasis; the development of a more stable version of the hormone that continues to act in the body for days rather than hours; and its translation into a new class of drugs that is transforming the treatment of metabolic diseases affecting hundreds of millions of people worldwide.
Stephen L. Hauser and Alberto Ascherio share the Breakthrough Prize in Life Sciences. The two researchers have transformed the understanding and treatment of multiple sclerosis (MS), a debilitating neurodegenerative disease in which the immune system attacks the insulating protein around nerve fibers. Among other contributions, Hauser overturned the scientific consensus on the mechanism of MS, identifying the immune system’s B cells as the primary driver of damage to nerve cells. He was also instrumental in the development and testing of B cell-depleting therapies, which have revolutionized modern treatment of the disease. Meanwhile, through painstaking long-term epidemiological analysis, Ascherio discovered the necessary condition for getting MS: infection with the Epstein-Barr virus (EBV). The majority of the population carries this pathogen, normally without severe effects, but Ascherio showed that contracting it raises the risk of developing MS by a factor of 32. This work opens the possibility of treating MS with antiviral drugs, and for the development of a vaccine for EBV that could effectively prevent MS altogether.
David R. Liu is awarded the Breakthrough Prize in Life Sciences for developing two powerful, widely used gene-editing technologies. These technologies are engineered molecular machines that correct mutations in our DNA that cause genetic diseases in patients. Importantly, they do not require cutting the DNA double-helix, and thus lead to fewer unwanted outcomes. In 2016 Liu’s lab developed base editing, which corrects the single-letter “misspellings” that constitute about 30 percent of mutations known to cause genetic diseases. Then in 2019 his lab invented prime editing, which replaces whole stretches of defective DNA with a corrected version, and in principle could be used to repair nearly all disease-causing mutations. These technologies have already been distributed more than 20,000 times to labs around the world, resulting in thousands of published advances in research, agriculture, and biomedicine. In animals, base editing and prime editing have successfully corrected mutations to rescue blood diseases such as sickle-cell disease and beta-thalassemia, neurological disorders such as ALS and spinal muscular atrophy (SMA), muscle diseases such as muscular dystrophy and cardiomyopathies, genetic forms of blindness, genetic forms of hearing loss, several metabolic disorders, and progeria, a premature aging disease. At least 15 base editing and prime editing clinical trials have begun in five countries, with beneficial and, in some cases, life-saving results already confirmed in patients for the treatment of T-cell leukemia, sickle-cell disease, beta-thalassemia, and high cholesterol.
Fundamental Physics
The Breakthrough Prize in Fundamental Physics is awarded to thousands of researchers from more than 70 countries representing four experimental collaborations at CERN’s Large Hadron Collider (LHC) – ATLAS, CMS, ALICE and LHCb.
The $3 million prize is allocated to ATLAS ($1 million); CMS ($1 million), ALICE ($500,000) and LHCb ($500,000), in recognition of 13,508 co-authors of publications based on LHC Run-2 data released between 2015 and July 15, 2024. [ATLAS – 5,345 researchers; CMS – 4,550; ALICE – 1,869; LHCb – 1,744].
In consultation with the leaders of the experiments, the Breakthrough Prize Foundation will donate 100 percent of the prize funds to the CERN & Society Foundation. The prize money will be used by the collaborations to offer grants for doctoral students from member institutes to spend research time at CERN, giving the students experience working at the forefront of science and new expertise to bring back to their home countries and regions.
The four experiments are recognized for testing the modern theory of particle physics – the Standard Model – and other theories describing physics that might lie beyond it to high precision. This includes precisely measuring properties of the Higgs boson and elucidating the mechanism by which the Higgs field gives mass to elementary particles; probing extremely rare particle interactions, and exotic states of matter that existed in the first moments of the Universe; discovering more than 72 new hadrons and measuring subtle differences between matter and antimatter particles; and setting strong bounds on possibilities for new physics beyond the Standard Model, including dark matter, supersymmetry and hidden extra dimensions. ATLAS and CMS are general-purpose experiments, which pursue the full program of exploration offered by the LHC’s high-energy and high-intensity proton and ion beams. They synchronously announced the discovery of the Higgs boson in 2012 and continue to investigate its properties. ALICE studies the quark-gluon plasma, a state of extremely hot and dense matter that existed in the first microseconds after the Big Bang. And LHCb explores minute differences between matter and antimatter, violation of fundamental symmetries, and the complex spectra of composite particles (“hadrons”) made of heavy and light quarks. By performing these extraordinarily precise and delicate tests, the LHC experiments have pushed the boundaries of fundamental physics to unprecedented limits.
Mathematics
Dennis Gaitsgory wins the Breakthrough Prize in Mathematics for his central role in the proof of the geometric Langlands conjecture. The Langlands program is a broad research program spanning several fields of mathematics. It grew out of a series of conjectures proposing precise connections between seemingly disparate mathematical concepts. Such connections are powerful tools; for example, the proof of Fermat’s Last Theorem reduces to a particular instance of the Langlands conjecture. These Langlands program equivalences can be thought of as generalizations of the Fourier transform, a tool that relates waves to frequency spectrums and has widespread uses from seismology to sound engineering. In the case of the geometric Langlands conjecture, the proposed one-to-one correspondence is between two very different sets of objects, analogous to these spectrums and waves: on the spectrum side are abstract algebraic objects called representations of the fundamental group, which capture information about the kinds of loop that can wrap around certain complex surfaces; on the “wave” side are sheaves, which, loosely speaking, are rules assigning vector spaces to points on a surface. Gaitsgory has dedicated much of the last 30 years to the geometric Langlands conjecture. In 2013 he wrote an outline of the steps required for a proof, and after more than a decade of intensive research in 2024 he and his colleagues published the full proof, comprising over 800 pages spread over 5 papers. This is a monumental advance, expected to have deep implications in other areas of mathematics too, including number theory, algebraic geometry and mathematical physics.
Special Breakthrough Prize in Fundamental Physics
Gerard ‘t Hooft, winner of the Special Breakthrough Prize in Fundamental Physics, is one of the world’s most pre-eminent theoretical physicists. In the early 1970s he made crucial contributions to the foundations of what would later become known as the Standard Model of the subatomic particles. He proved that Yang-Mills theories (the mathematical framework underlying theories of both the weak and strong nuclear forces) make sense when treated quantum mechanically – that they can give finite, calculable results rather than meaningless infinities – thus validating theories which became central to the Standard Model. He made several crucial contributions to understanding the theory of the strong force, including resolving a major problem involving the masses of particles through special field configurations called instantons; he developed new mathematical tools for studying strongly interacting quarks; and he introduced the fruitful approach of studying the strong force by imagining it is mediated by many more varieties of quarks and gluons than it actually is. These and other contributions helped establish the Standard Model as a workable theory and provided powerful tools for calculating its predictions. ‘t Hooft has studied the quantum effects that can explain how information is processed in black holes, which led to the development of the holographic principle in cosmology, and possibly to new alternative ways to interpret quantum mechanics.
New Horizons in Physics Prize
This year’s New Horizons in Physics Prizes honor early-career researchers across a wide range of fields. In atomic physics, Waseem Bakr has created quantum gas microscopes that can image individual atoms confined in an optical lattice, advancing the study of strongly interacting quantum systems. In quantum information, a field at the fertile intersection of physics, mathematics and computer science, Jeongwan Haah has developed models of emergent quantum systems –macroscopic systems exhibiting quantum behavior, whose potential applications include quantum computing; these models include ‘Haah’s code’, which has opened the field of a class of quasi-particles called fractons. And in astronomy, Sebastiaan Haffert, Rebecca Jensen-Clem and Maaike van Kooten have designed and enabled novel techniques for extreme adaptive optics, which are systems that compensate for the effects of Earth’s atmosphere on light reaching terrestrial telescopes. Their work promises to enable the direct detection of the smallest exoplanets.
New Horizons in Mathematics Prize
Modern physics and higher mathematics share intimate connections, and it is notable that the research areas of all three of this year’s New Horizons in Mathematics Prize winners have links to quantum physics. Ewain Gwynne is recognized for his work in conformal probability, which studies probabilistic objects such as random curves and surfaces. John Pardon has produced a number of important results in geometry and topology, particularly in the field of symplectic geometry and pseudo-holomorphic curves, which are certain types of smooth surfaces in manifolds. Sam Raskin has played a significant role in the major recent progress on the geometric Langlands program (see Mathematics section above), including the final proof of the geometric Langlands conjecture in characteristic 0.
Maryam Mirzakhani New Frontiers Prize
The Maryam Mirzakhani New Frontiers Prize is awarded to outstanding women mathematicians who have recently completed their PhDs. Si Ying Lee has found a new approach to an important problem in the Langlands program (see Mathematics section above), succeeding in reducing it to a local problem. Rajula Srivastava has made progress in a challenging area at the intersection of harmonic analysis and number theory. Her work focuses on bounding the number of lattice points one can find near a given smooth surface, with important applications to Diophantine approximation in higher dimensions. Ewin Tang has invented quantum computing algorithms for machine learning. She also proved that certain calculations, which quantum algorithms were widely considered to be exponentially faster at solving, can actually be solved in comparable time by a normal (non-quantum) computer.
Citations for 2025 Laureates
2025 Breakthrough Prize in Life Sciences
Daniel J. Drucker
Lunenfeld-Tanenbaum Research Institute, Sinai Health, and University of Toronto
Joel Habener
Massachusetts General Hospital and Harvard University
Jens Juul Holst
Novo Nordisk Foundation Center for Basic Metabolic Research and the Department of Biomedical Sciences, University of Copenhagen
Lotte Bjerre Knudsen
Novo Nordisk
Svetlana Mojsov
Rockefeller University
For the discovery and characterization of GLP-1 and revealing its physiology and potential in treating diabetes and obesity.
2025 Breakthrough Prize in Life Sciences
Alberto Ascherio
Harvard University
Stephen L. Hauser
University of California, San Francisco
For establishing the role of B cells in multiple sclerosis and developing B-cell based treatments, and for revealing that Epstein-Barr virus infection is the leading risk for multiple sclerosis.
2025 Breakthrough Prize in Life Sciences
David R. Liu
Merkin Institute for Transformative Technologies in Healthcare at the Broad Institute of MIT and Harvard, Harvard University, and Howard Hughes Medical Institute
For developing base editing and prime editing, technologies that edit the DNA of living systems without cutting the DNA double helix, and rewrite segments of genes at their native locations, enabling the correction or replacement of virtually any mutation.
2025 Breakthrough Prize in Fundamental Physics
The ATLAS, CMS, ALICE and LHCb Collaborations at CERN’s Large Hadron Collider
For detailed measurements of Higgs boson properties confirming the symmetry-breaking mechanism of mass generation, the discovery of new strongly interacting particles, the study of rare processes and matter-antimatter asymmetry, and the exploration of nature at the shortest distances and most extreme conditions at CERN’s Large Hadron Collider.
The $3 million prize is allocated to ATLAS ($1 million); CMS ($1 million), ALICE ($500,000) and LHCb ($500,000), in recognition of 13,508 co-authors of publications based on LHC Run-2 data released between 2015 and July 15, 2024. [ATLAS – 5,345 researchers; CMS – 4,550; ALICE – 1,869; LHCb – 1,744].
In consultation with the leaders of the experiments, the Breakthrough Prize Foundation will donate 100 percent of the prize funds to the CERN & Society Foundation. The prize money will be used by the collaborations to offer grants for doctoral students from member institutes to spend research time at CERN, giving the students experience working at the forefront of science and new expertise to bring back to their home countries and regions.
The names of each prizewinner can be found at https://breakthroughprize.org/Laureates/1.
2025 Special Breakthrough Prize in Fundamental Physics
Gerardus ‘t Hooft
Utrecht University
For fundamental insights into gauge theory and the standard model.
2025 Breakthrough Prize in Mathematics
Dennis Gaitsgory
Max Planck Institute for Mathematics
For foundational works and numerous breakthrough contributions to the geometric Langlands program and its quantum version; in particular, the development of the derived algebraic geometry approach and the proof of the geometric Langlands conjecture in characteristic 0.
2025 New Horizons in Mathematics Prize
Ewain Gwynne
University of Chicago
For contributions to conformal probability, in particular to the understanding of the LQG metric.
John Pardon
Stony Brook University
For contributions to symplectic topology and other areas of geometry and topology.
Sam Raskin
Yale University
For contributions to the geometric Langlands program, including the theory of the Whittaker model and the proof of the geometric Langlands conjecture in characteristic 0.
2025 Maryam Mirzakhani New Frontiers Prize
Si Ying Lee
Stanford University
(PhD Harvard University 2022)
For contributions to the theory of Shimura varieties.
Rajula Srivastava
University of Bonn and Max Planck Institute for Mathematics
(PhD University of Wisconsin 2022)
For contributions in harmonic analysis and analytic number theory, including contributions to the problem of counting rational points near smooth manifolds.
Ewin Tang
University of California, Berkeley
(PhD University of Washington 2023)
For developing classical analogs of quantum algorithms for machine learning and linear algebra, and for advances in quantum machine learning on quantum data.
2025 New Horizons in Physics Prize
Waseem Bakr
Princeton University
For the realization of quantum gas microscopes for atoms and molecules, providing a microscopic view on correlations and transport in strongly interacting quantum systems.
2025 New Horizons in Physics Prize
Jeongwan Haah
Stanford University
For the discovery of Haah’s code, in which fractal conservation laws emerge, and other models bringing discrete mathematical structures to physics
2025 New Horizons in Physics Prize
Sebastiaan Haffert
Leiden University, Leiden Observatory and University of Arizona, Steward Observatory
Rebecca Jensen-Clem
University of California, Santa Cruz
Maaike van Kooten
National Research Council Canada
For demonstrating new extreme adaptive optics techniques that will allow the direct detection of the smallest exoplanets.
About The Breakthrough Prize
For the 13th year, the Breakthrough Prize, renowned as the “Oscars® of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics and Mathematics. In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.
The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki and have been sponsored by foundations established by them. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at https://breakthroughprize.org.
View original content to download multimedia:https://www.prnewswire.com/news-releases/breakthrough-prize-announces-2025-laureates-in-life-sciences-fundamental-physics-and-mathematics-302421435.html
SOURCE The Breakthrough Prize
Technology
Breakthrough Prize Foundation Announces Student Winner of 10th Annual Breakthrough Junior Challenge Science Video Competition
Published
40 minutes agoon
April 5, 2025By

Jasmine Eyal, Age 16, of Singapore, Receives Top Honors and $400,000 in Education Prizes for her Original Video Explaining Mechanogenetic Cellular Engineering
LOS ANGELES, April 5, 2025 /CNW/ — The Breakthrough Prize Foundation today announced Singapore-based Jasmine Eyal as winner of the 10th annual Breakthrough Junior Challenge, a global science video competition designed to inspire creative thinking and communications skills around fundamental concepts in the life sciences, physics, and mathematics.
The Breakthrough Junior Challenge will award a total of $400,000 in educational prizes to Jasmine and her science teacher Julie Li-Eyal. Jasmine will receive a $250,000 college scholarship. In her role as science teacher, Ms. Li-Eyal will receive a $50,000 prize. The prize also includes a state-of-the-art science lab designed by Cold Spring Harbor Laboratory valued at $100,000, which will be given to Community High School, part of the Beginning with Children Education Network in Brooklyn, NY.
Jasmine was honored alongside the 2025 Breakthrough Prize laureates at The Breakthrough Prize Ceremony in Los Angeles.
“This is the tenth year of the Junior Challenge, and every year I’m very impressed by the quality of the submissions,” said Julia Milner, co-founder of the Breakthrough Prize. “Jasmine’s video is a great example of where curiosity can lead you. She was researching potential treatments for her grandma’s diabetes, and it inspired her to explain the idea in a really smart, original and funny way.”
Jasmine’s winning entry explains mechanogenetic cellular engineering, an innovative biotechnology, exploring how it works and its potential as a medical tool in the future. The short film can be seen here. The entry marks Jasmine’s second time as a competition finalist, having entered the Breakthrough Junior Challenge in 2023.
“I am so honored to receive this award. My grandma, Popo, struggles with Type 1 diabetes, and I was inspired to learn more about this field of biology because of its potential to revolutionize health and medicine, treat chronic illnesses, and improve health outcomes,” said Jasmine. “The intersection of biology and technology in cellular engineering is an area where breakthroughs can dramatically improve the quality of life for countless individuals, including Popo.”
Her grandmother, who co-stars in the video, was the first person to share with Jasmine the news of her win, in a video which can be seen here.
“I was so pleased when Jasmine asked me to participate in her entry and was delighted to be the one to share the news with her,” said Anne Li, Jasmine’s grandmother. “Jasmine has been an enthusiastic learner her entire life, and her mother has been an outstanding homeschool educator, connecting everyday experiences to science. She encourages Jasmine to approach the world with scientific curiosity, teaching her to hypothesize, experiment, and analyze results critically.”
“We are incredibly grateful for this generous gift, which will be a true blessing for our students and the entire Community High School family,” said Esosa Ogbahon, Superintendent of Beginning with Children and Community High School Principal. “Science is a critical and ever-evolving field and having access to a dedicated lab will allow our students to engage in hands-on learning, deepen their curiosity, and explore the endless possibilities that science offers. This opportunity will not only enrich our curriculum but also inspire the next generation of scientists, innovators, and problem-solvers.”
The Breakthrough Junior Challenge is a global initiative to develop and demonstrate young people’s knowledge of science and scientific principles; generate excitement in these fields; support STEM career choices; and engage the imagination and interest of the public-at-large in key concepts of fundamental science. Each year, students ages 13-18 are invited to create original videos (up to two minutes in length) that illustrate a concept or theory in life sciences, physics or mathematics. Submissions are evaluated based on the students’ ability to communicate complex scientific ideas in the most engaging, illuminating and imaginative ways.
“Jasmine and all the incredible finalists demonstrate a passion for learning – and a passion for sharing learning with others,” said Sal Khan. “Khan Academy is proud to partner with the Challenge to encourage and support students around the world as they explore deep concepts in science and math.”
This year, the Breakthrough Junior Challenge attracted more than 2,300 applicants from around the world. Submissions were narrowed down to 30 semifinalists, which represented the top submissions after two rounds of judging: first, a mandatory peer review, followed by an evaluation panel of judges. Sixteen finalists were selected in September 2024.
Now in its 10th year, the Breakthrough Junior Challenge has attracted more than 100,000 students, parents and teachers, and received applications from more than 30,000 students from over 200 countries across the globe, including Canada, India, Mauritius, Peru, the Philippines, Singapore, and the United States. The Challenge has awarded more than $2.5 million in college scholarships, $1 million for science labs, and $500,000 in awards to inspiring teachers in science or math. Previous winners have created videos about the Einstein’s Theory of Relativity, Circadian Rhythms, Neutrino Astronomy, Quantum Physics, and more. Award alumni have gone on to attend institutions including MIT, Harvard, Princeton, and Stanford.
This year’s Selection Committee was comprised of: Ian Agol, professor of mathematics, University of California, Berkeley, and Breakthrough Prize in Mathematics laureate; Rachel Crane, former space and science correspondent, CNN; Pascale Ehrenfreund, PhD, president, Committee on Space Research COSPAR; John Grunsfeld, PhD, NASA astronaut and administrator; Mae Jemison, science literacy expert, former astronaut, and principal, 100 Year Starship; Jeffrey W. Kelly, professor of chemistry, Scripps Research Institute and Breakthrough Prize in Life Sciences laureate; Scott Kelly, retired NASA astronaut; Salman Khan, founder and CEO, Khan Academy; Ijad Madisch, CEO, co-founder, ResearchGate; Samaya Nissanke, University of Amsterdam, Breakthrough Prize in Fundamental Physics laureate; Nicole Stott, NASA astronaut; Andrew Strominger, professor of physics, Harvard University, and Breakthrough Prize in Fundamental Physics laureate; Terence Tao, UCLA professor and Breakthrough Prize in Mathematics laureate; Esther Wojcicki, founder, Palo Alto High Media Arts Center; Richard Youle, National Institutes of Health, and Breakthrough Prize in Life Sciences laureate; and S. Pete Worden, chairman, Breakthrough Prize Foundation and executive director, Breakthrough StarShot.
Submissions for the 2025 Breakthrough Challenge open on May 1st.
Partners
The Breakthrough Junior Challenge
The Breakthrough Junior Challenge, founded by Julia and Yuri Milner, is a global science video competition, aiming to develop and demonstrate young people’s knowledge of science and scientific principles and communications skills; generate excitement in these fields; support STEM career choices; and engage the imagination and interest of the public-at-large in key concepts of fundamental science.
The Breakthrough Prize
The Breakthrough Prize, renowned as the “Oscars of Science,” recognizes the world’s top scientists. Each prize is $3 million and presented in the fields of Life Sciences, Fundamental Physics (one per year) and Mathematics (one per year). In addition, up to three New Horizons in Physics Prizes, up to three New Horizons in Mathematics Prizes and up to three Maryam Mirzakhani New Frontiers Prizes are given out to early-career researchers each year. Laureates attend a gala award ceremony designed to celebrate their achievements and inspire the next generation of scientists.
The Breakthrough Prizes were founded by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner, and Anne Wojcicki. The Prizes have been sponsored by the personal foundations established by Sergey Brin, Priscilla Chan and Mark Zuckerberg, Julia and Yuri Milner and Anne Wojcicki. Selection Committees composed of previous Breakthrough Prize laureates in each field choose the winners. Information on the Breakthrough Prize is available at breakthroughprize.org.
About Khan Academy
Khan Academy is a 501(c)(3) nonprofit organization with the mission of providing a free, world-class education for anyone, anywhere. Khan Academy is piloting an AI guide called Khanmigo that is a tutor and teaching assistant. Khanmigo is integrated into a platform that includes practice problems, videos and articles that cover a range of subjects. Khan Academy’s free app for young children ages two to eight is Khan Academy Kids. The organization partners with school districts across the country that serve students who are historically under-resourced. Districts use Khan Academy Districts, MAP Accelerator and Khan Academy Kids to help teachers differentiate instruction. Worldwide, more than 160 million registered learners have used Khan Academy in 190 countries and 51 languages. For more information, please see research findings about Khan Academy and our press center.
Cold Spring Harbor Laboratory (CSHL)
The Breakthrough Prize Lab for the winning student’s school is designed in partnership with Cold Spring Harbor Laboratory (CSHL). Founded in 1890, CSHL is an independent 501(c)(3) nonprofit that powers transformation discoveries in cancer, neuroscience, plant biology, artificial intelligence, and quantitative biology. Merging world-renowned science and education divisions, CSHL nurtures a culture of curiosity, discovery, and innovation to make lives better. CSHL’s DNA Learning Center (DNALC) is the largest provider of hands-on instruction in genetics and biotechnology – operating five centers in the NY metro area, encompassing 20 teaching and bioinformatics labs. Each year 36,000 middle and high school students conduct experiments with DNALC faculty; an additional 2,000 participate in intensive, 5-day summer camps and mentored research projects. For more information visit www.cshl.edu.
Contact
For more information, including competition rules, video submission guidelines and queries, go to: breakthroughjuniorchallenge.org.
View original content to download multimedia:https://www.prnewswire.com/news-releases/breakthrough-prize-foundation-announces-student-winner-of-10th-annual-breakthrough-junior-challenge-science-video-competition-302421434.html
SOURCE The Breakthrough Prize
Technology
VISION CAPITAL GROUP USA, LLC To Auction All Assets of Solstice Marketing Concepts LLC Via Public Sale
Published
41 minutes agoon
April 5, 2025By

VISION CAPITAL GROUP USA, LLC, a New Jersey-based secured party, will hold a public sale on April 21, 2025, at 1:00 p.m. EST, conducted telephonically, to foreclose its security interest in all assets of Solstice Marketing Concepts LLC and any affiliates (the “Borrower”). The sale, governed by Section 9-610 of the Uniform Commercial Code, will offer the “Public Sale Collateral”—comprising all tangible and intangible assets, including accounts, inventory, equipment, intellectual property, and more—to the highest bidder for cash, with reserve. The assets will be sold “as is, where is,” with no warranties. Qualified bidders must submit a confidentiality agreement, financial proof, an executed Asset Purchase Agreement, and a 10% deposit to participate. The collateral may be sold in lots or as a single unit, with payment due via wire transfer upon sale conclusion. The Secured Party retains rights to credit bid, reject bids, or cancel the sale. For details, contact Chad Friedman Esq. at cfriedman@chapter11law.com or (917) 447-7712.
NEW YORK, April 5, 2025 /PRNewswire-PRWeb/ — Pursuant to Section 9-610 of the Uniform Commercial Code, VISION CAPITAL GROUP USA, LLC, a New Jersey limited liability company, as secured party, servicer and attorney-in-fact will hold a secured party public sale to the highest and best bidder for cash, with reserve, to be conducted telephonically by the Secured Party on Monday, April 21, 2025 at 1:00 p.m. Eastern Standard Time (the “Public Sale”). Qualified Bidders (defined below) may attend the Public Sale telephonically.
The Secured Party is conducting the Public Sale to foreclose the security interest held by the Secured Party in all of the assets of Solstice Marketing Concepts LLC (the “Borrower”). The assets being sold are referred to as the “Public Sale Collateral”.
The Secured Party is conducting the Public Sale to foreclose the lien and security interest held by the Secured Party in and to the Public Sale Collateral only but Secured Party’s lien and security interest on the remainder of Borrower’s personal property, including any inventory that is not part of this Public Sale, shall remain. At the Public Sale, all of Borrower’s right, title and interest in and to the Public Sale Collateral will be sold “as is” and “where is” and the Secured Party shall make no representation or warranty, either express or implied, relating to title, use, quiet enjoyment, possession, merchantability or fitness for a particular purpose, completeness, condition or the like, all of which are hereby disclaimed, in the sale or disposition of the Public Sale Collateral. The Public Sale of the Public Sale Collateral, if made, shall be to the bidder with the highest and best offer.
The Public Sale Collateral consists of all of the Debtor’s assets (whether tangible, intangible, personal or mixed), whether now owned or hereafter acquired and wherever located, including, without limitation, all accounts, proceeds of leases, cash, inventory, supplies, furniture, fixtures, equipment, deposits and other accounts, security deposits, third party deposits, money, equity interests or capital stock in subsidiaries, investment property, instruments, chattel paper, contracts, patents, copyrights, trademarks and other general intangibles, commercial litigation claims, commercial tort claims, farm products, deposit accounts, documents, the proceeds of all claims or causes of action, and all rents, products, offspring, profits, supporting obligations, and proceeds of any and all of the foregoing.
In order to participate in the bidding process, each person or entity (a “Potential Bidder”) must deliver to the undersigned (i) an executed confidentiality agreement in form and substance acceptable to Secured Party, (ii) current financial statements of the Potential Bidder or other evidence acceptable to Secured Party that will show the financial ability of the Potential Bidder to purchase the Public Sale Collateral and such other information as the Secured Party shall require to show proof of the Potential Bidder’s ability to execute the closing the Public Sale, (iii) a completed and executed Asset Purchase Agreement in the form provided by Secured Party, and (iv) a deposit in an amount equal to ten percent of the bid amount which will be held in escrow by Secured Party. A Potential Bidder that complies with the foregoing requirements shall be deemed a “Qualified Bidder”. Those Qualified Bidders participating at the Public Sale shall be provided with the telephone number and passcode to attend the Public Sale and shall be given the opportunity to bid on a competitive basis.
At the Public Sale, the Public Sale Collateral may be offered for sale in separate lots and will be offered as a single lot. At the conclusion of the Public Sale, the successful bidder(s) must pay the final bid amount in full by a wire transfer of funds to the Secured Party. The Secured Party reserves the right to credit bid on any or all of the Public Sale Collateral at the Public Sale. The Secured Party reserves the right to reject all bids, adjourn or cancel the Public Sale.
For further details regarding the Public Sale Collateral, obtaining the confidentiality agreement and the form asset purchase agreement, and information regarding the Public Sale, including a detailed listing of the Inventory being sold, you may contact Chad Friedman Esq. by email at cfriedman@chapter11law.com or by telephone at (917) 447-7712.
Media Contact
Chad Friedman, Vision Capital Group, 1 (917) 447-7712, cfriedman@chapter11law.com
View original content:https://www.prweb.com/releases/vision-capital-group-usa-llc-to-auction-all-assets-of-solstice-marketing-concepts-llc-via-public-sale-302421268.html
SOURCE Vision Capital Group


BREAKTHROUGH PRIZE ANNOUNCES 2025 LAUREATES IN LIFE SCIENCES, FUNDAMENTAL PHYSICS, AND MATHEMATICS

Breakthrough Prize Foundation Announces Student Winner of 10th Annual Breakthrough Junior Challenge Science Video Competition

VISION CAPITAL GROUP USA, LLC To Auction All Assets of Solstice Marketing Concepts LLC Via Public Sale

Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network

New Gooseneck Omni Antennas Offer Enhanced Signals in a Durable Package

Huawei Launches Global City Intelligent Twins Architecture to Accelerate City Digital Transformation

Why You Should Build on #NEAR – Co-founder Illia Polosukhin at CV Labs

Whiteboard Series with NEAR | Ep: 45 Joel Thorstensson from ceramic.network

NEAR End of Year Town Hall 2021: The Open Web World, MetaBUILD 2 Hackathon and 2021 recap
Trending
-
Near Videos4 days ago
NEAR AI Office Hours 39 Eliza Labs – for review
-
Coin Market3 days ago
US House committee passes stablecoin-regulating STABLE Act
-
Near Videos5 days ago
The AI Coding Crisis: Why We Need Formal Verification
-
Technology5 days ago
Why Are There No New Users in the Crypto Market? How Multi-Asset Trading Wallet BiyaPay Is Finding New Solutions Amidst Fierce Competition and User Confusion ?
-
Technology5 days ago
CCTV+: Xinjiang In Focus | Life in a Tuvan Log Cabin
-
Near Videos3 days ago
Building Useful Agents: SF Hackathon Shows the Power of Practical AI
-
Technology3 days ago
The Pause Technologies Completes Participation in 2025 Mayo Clinic and ASU MedTech Accelerator
-
Technology5 days ago
Blokees Officially Announces the Launch of the second season of 3rd BFC Creation Competition: Breaking the Cocoon Season