Technology

Pluribus Technologies Corp. Announces Q2 2024 Financial Results

Published

4 months ago

August 29, 2024

Second quarter highlighted by the Company’s continued focus on the strategic review

TORONTO, Aug. 29, 2024 /PRNewswire/ – Pluribus Technologies Corp. (TSXV: PLRB) (“Pluribus” or the “Company”), a growing acquiror of small, profitable technology companies, today announced its financial results for the second quarter ended June 30, 2024. The Company’s consolidated financial statements and accompanying notes for the quarters ended June 30, 2024 and 2023 are available under Pluribus’ profile on SEDAR+ (www.sedarplus.ca).

All dollar amounts are in thousands of Canadian dollars unless otherwise noted. Certain metrics, including Adjusted EBITDA, are non-IFRS measures (see Non-IFRS Measures below).

“As we finalize our strategic review, our priority is to restructure the balance sheet and reduce debt,” said Richard Adair, CEO of Pluribus. “Our focus is now on driving growth for our remaining businesses as we move forward.”

Selected Financial and Business Highlights for the Second Quarter

During the second quarter of 2024 as part of the strategic review undertaken by the Company’s Special Committee, management decided to proceed with a sale process to dispose of its Digital Enablement and POWR businesses. The Company has not reached a definitive arrangement to sell these businesses. All figures referenced therein are from continuing operations, therefore excluding the results of Digital Enablement and POWR, unless otherwise noted.Revenue for the quarter increased by $33 or 1% from $4,965 in 2023 to $4,998 in 2024. The increase in revenue was primarily driven by eLearning ($143), offset by a decline in eCommerce revenue ($110). Revenue for the six months ended June 30, 2024 increased by $1,043 or 10% from $10,031 in 2023 to $11,074 in 2024. The increase in revenue was primarily driven by the Learning Network perpetual license sale in Q1 2024 ($1,109).Adjusted EBITDA1 for the quarter increased by $547, or 68% from ($802) in 2023 to ($255) in 2024, while Adjusted EBITDA for the six months ended June 30, 2024 increased by $2,325, or 137% from ($1,697) in 2023 to $628 in 2024. The change for both periods was driven by the increase in revenue and lower cost base following the restructuring undertaken by the Company in 2023. While the Company undertakes the sale process to divest of POWR and Digital Enablement, the shared services to support these businesses have been retained at Corporate and the associated costs are fully burdening continuing operations.The Company incurred a net loss of $4,062 for the quarter ended June 30, 2024 compared to a net loss of $3,504 for the comparable period in 2023. The increase in the net loss was primarily due to an impairment charge taken against Social5 goodwill ($1,643), offset by the increase in Adjusted EBITDA ($547). The Company incurred a net loss of $6,453 for the six months ended June 30, 2024 compared to a net loss of $6,443 for the comparable period. This flat trend was primarily attributable to the increase in Adjusted EBITDA ($2,325), offset by the impairment charge booked to Social5 goodwill ($1,643) and an increase in income tax expense ($468).Cash on hand from continuing operations at June 30, 2024 was $1,067, of which $467 was restricted, compared with $1,279 on December 31, 2023. Subsequent to June 30, 2024, National Bank released the restricted balance to the Company to use for net working capital requirements.The Company signed a forbearance agreement with National Bank in January 18, 2024. The agreement was subsequently amended multiple times. On August 16, 2024, the Company and National Bank entered into a second forbearance agreement whereby National Bank will continue to forbear from exercising its rights and remedies under the Credit Agreement until the earlier of September 16, 2024 and the occurrence of any terminating event. The Company has provided a covenant to close a certain sale transaction, in respect of which the Company has executed a non-binding letter of intent, on or before September 16, 2024.

1 Adjusted EBITDA is a non-IFRS measure as described in the Non-IFRS Measures section of this news release. These measures are not recognized measures under IFRS, do not have a standardized meaning under IFRS and are therefore unlikely to be comparable to similar measures presented by other companies.

Results of Operations

(000’s)

Three Months

Six Months

For the period ended June 30,

2024

2023

Var

2024

2023

Var

Revenue

4,998

4,965

1 %

11,074

10,031

1,043

10 %

Gross Profit

2,843

2,495

348

14 %

6,829

5,013

1,816

36 %

Operating Expenses

3,098

3,297

(199)

-6 %

6,201

6,710

(509)

-8 %

Non-Operational Expenses

3,815

2,772

1,043

38 %

6,851

4,984

1,867

37 %

Net Loss from continuing operations after tax

(4,062)

(3,504)

(558)

16 %

(6,453)

(6,443)

(10)

0 %

Net Income (Loss) from discontinued operations after tax

(9,908)

1,375

(11,283)

-821 %

(9,020)

2,568

(11,588)

-451 %

Adjusted EBITDA

(255)

(802)

547

-68 %

628

(1,697)

2,325

-137 %

Adjusted EBITDA %

-5.1 %

-16.2 %

5.7 %

-16.9 %

Outlook

The Special Committee continues its previously communicated strategic review to explore alternatives to optimize its capital structure including reviewing the remaining verticals to determine which are core and non-core based on their growth potential and looking at refinancing opportunities.

The Board of Directors and Management determined selling Digital Enablement and POWR would provide the necessary liquidity to allow the Company to continue to deleverage and reduce the debt with National Bank while still leaving the profitable eLearning vertical as a strategic asset where value can be grown.

About Pluribus Technologies Corp.

Pluribus is a technology company that is a value-based acquirer and operator of small, profitable business-to-business technology companies in a range of verticals and industries. Pluribus provides its acquisitions access to experienced sales and marketing resources, strategic partnership opportunities, a diverse portfolio of customers in different geographical markets and enabling technologies to create new revenue streams and provide the opportunity for these companies to grow in their respective markets. When market conditions are conducive to raising capital at reasonable costs, Pluribus focuses on rapidly acquiring and integrating new acquisitions to accelerate growth. When the environment does not support this, Pluribus focuses on implementing strategies to maximize organic growth and increase cashflow from operations in its existing portfolio companies. For more information, please visit: pluribustechnologies.com

Non-IFRS Measures

The Company uses non-IFRS measures to assess its operating performance. Securities regulations require that companies caution readers that earnings and other measures adjusted to a basis other than IFRS do not have standardized meanings and are unlikely to be comparable to similar measures used by other companies. Accordingly, they should not be considered in isolation. The Company uses Adjusted EBITDA as a measure of operating performance. Management uses Adjusted EBITDA to evaluate operating performance as it excludes amortization of software and intangibles (which is an accounting allocation of the cost of software and intangible assets arising on acquisition), any impact of finance and tax related activities, asset depreciation, foreign exchange gains and losses, other income, restructuring and transition costs primarily related to acquisitions and other one-time non-recurring transactions.

Reconciliation of Non-IFRS Measures

The Company uses the non-IFRS measure Adjusted EBITDA to evaluate performance. The following table presents the reconciliation from net income (loss) to Adjusted EBITDA from continuing operations for the three and six months ended June 30, 2024.

Three Months

Six Months

For the period ended June 30,

2024

2023

Var

2024

2023

Var

Total Revenue

4,998

4,965

1 %

11,074

10,031

1,043

10 %

Net income (loss) for the period

(4,062)

(3,504)

(558)

16 %

(6,453)

(6,443)

(10)

0 %

Acquisition costs

614

775

(161)

-21 %

1,535

1,262

273

22 %

Amortization and depreciation

628

859

(231)

-27 %

1,292

1,578

(286)

-18 %

Impairment of goodwill

1,643

—

1,643

n/a

1,643

—

1,643

n/a

Share-based compensation

122

(109)

-89 %

278

(229)

-82 %

Loss (gain) on revaluation of contingent consideration

(150)

—

(150)

n/a

330

—

330

n/a

Finance expense, net

816

703

113

16 %

1,673

1,430

243

17 %

Foreign exchange loss (gain)

251

313

(62)

-20 %

329

436

(107)

-25 %

Income tax expense

(8)

(70)

-89 %

230

(238)

468

-197 %

Total Adjustments

3,807

2,702

1,105

41 %

7,081

4,746

2,335

49 %

Adjusted EBITDA

(255)

(802)

547

-68 %

628

(1,697)

2,325

-137 %

Adjusted EBITDA %

-5.1 %

-16.2 %

5.7 %

-16.9 %

Forward-Looking Information

Certain information in this press release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking information in this press release includes, but is not limited to, statements with respect to the business plans of the Company, including the successful completion of future acquisitions, management’s expectation on the growth, profitability and performance of its current and future acquisitions, the Company’s ability to continue acquiring business-to-business technology companies at reasonable prices, the Company’s ability to grow its portfolio companies into significant organizations, the benefits from the proposed sale of its Digital Enablement and POWR businesses and the Company’s ability to achieve a positive transaction pursuant to its strategic review process. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or negatives of these terms and similar expressions.

Forward-looking statements are based on certain assumptions, including the Company’s ability to complete acquisitions on favourable terms; the Company’s ability to manage a complex portfolio of companies effectively; the Company’s ability to scale its management team to support its growth; the Company’s ability to raise sufficient financing to continue its acquisition strategy; the Company’s ability to achieve positive results pursuant to its strategic review process. Other assumptions include industry trends, the availability of growth opportunities, and general business, economic, competitive, political, regulatory and social uncertainties will not prevent the Company from conducting its business. While the Company considers these assumptions to be reasonable based on information currently available, they are inherently subject to significant business, economic and competitive uncertainties and contingencies and they may prove to be incorrect. Forward-looking information speaks only to such assumptions as of the date of this release.

Forward-looking statements also necessarily involve known and unknown risks, including without limitation, risks associated with general economic conditions, adverse industry events, marketing costs, loss of markets, future legislative and regulatory developments, the inability to access sufficient capital on favourable terms, the Company’s limited operating history; ability to complete favourable acquisitions; the technology industry in Canada and internationally, income tax and regulatory matters, the ability of the Company to execute its business strategies, including the ability manage a complex portfolio of companies effectively, competition, currency and interest rate fluctuations, and other risks.

Readers are cautioned that the foregoing is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ from those anticipated. Forward-looking statements are not guarantees of future performance. The purpose of forward-looking information is to provide the reader with a description of management’s expectations, and such forward-looking information may not be appropriate for any other purpose. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, events or otherwise. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Contact:

Richard Adair
Chief Executive Officer
Pluribus Technologies Corp.
1 (800) 851-9383

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SOURCE Pluribus Technologies Corp.

Technology

CNN rings in 2025 from across the Asia Pacific, culminating with Anderson Cooper and Andy Cohen in New York

Published

47 minutes ago

December 23, 2024

HONG KONG, Dec. 23, 2024 /PRNewswire/ — CNN is gearing up for another unforgettable New Year’s Eve celebration, leading its global audience into 2025 with music, laughter, and live coverage from around the world. At 7:00 AM ET, CNN kicks off its live reporting from various international cities as they ring in the new year in the Asia Pacific, with Kristie Lu Stout anchoring live from Victoria Harbor in Hong Kong starting at 9:00 AM ET/10:00 PM HKT to 12:00 PM ET/1:00 AM HKT. The festivities will culminate with Anderson Cooper and Andy Cohen co-hosting CNN’s New Year’s Eve Live with Anderson Cooper and Andy Cohen from New York City’s Times Square for an eighth consecutive year.

CNN’s line-up of international correspondents will also make appearances during the broadcast, including Lynda Kinkade from Luna Park in Sydney, Hanako Montgomery in glittering Tokyo, Mike Valerio from the iconic Bosingak Belfry in the heart of Seoul and Will Ripley overlooking the Chao Phraya River in Bangkok.

Joining our correspondents will be a star-studded line-up of guests from across the worlds of entertainment, fashion, arts and sports. Kristie Lu Stout has a full slate with Marie Kondo, Japanese “professional tidier”, organization expert and Konmari founder, Japanese contemporary artist Takashi Murakami, Chinese-American fashion designer Vivienne Tam, the Philippines’ double gold medalist, Carlos Yulo, viral Japanese dance troupe Avantgardey, Pakistani actor and filmmaker Usman Mukhtar, Indian-American comic Zarna Garg, and Panda keeper at Hong Kong’s Ocean Park, Matt Leung.

In Australia, Lynda Kinkade chats with music legend Sting, Colin Hay from 80’s band Men at Work, fashion designer Rebecca Vallance, and actress and voice of Chilli from Bluey, Melanie Zanetti.

Thailand will provide the backdrop as Will Ripley talks to international rapper, singer, dancer and style icon, LISA, Chinese-American double gold medalist in freestyle skiing, Eileen Gu, Pakistani actress Hania Aamir and Taiwanese-American drag performer and winner of season 16 of RuPaul’s Drag Race, Nymphia Wind.

From Japan, Hanako Montgomery speaks with K-pop superstar, TAEYANG, Japanese comedian Naomi Watanabe and Japanese two-time Olympic gold medalist skateboarder, Yuto Horigome, while in Korea, Mike Valerio interviews Indonesian all-female rock trio, Voice of Baceport.

CNN’s New Year’s Eve Live with Anderson Cooper and Andy Cohen begins at 8:00 PM ET, with music, comedy and some surprise guests, including Curtis “50 Cent” Jackson, live from his residency at Planet Hollywood Resort & Casino in Las Vegas, Meghan Trainor, Shania Twain, Diplo, Lil Jon, Mickey Guyton who will perform “Imagine” live from Times Square, Patti LaBelle, and comedians Whitney Cummings, Amy Sedaris, Sasheer Zamata, Ziwe, Adam Devine, and more.

CNN’s New Year’s Eve coverage will stream live on Max for subscribers and on CNN.com, CNN connected TV and mobile apps for pay TV subscribers.

About CNN Worldwide

CNN Worldwide is the most honored brand in cable news, reaching more individuals through television, streaming and online than any other cable news organization in the United States. Globally, people across the world can watch CNN International, which is widely distributed in over 200 countries and territories. CNN Digital is the #1 online news destination, with more unique visitors than any other news source. Max, Warner Bros. Discovery’s streaming platform, features CNN Max, a 24/7 streaming news offering available to subscribers alongside expanded access to News content and CNN Originals. CNN’s award-winning portfolio includes non-scripted programming from CNN Original Series and CNN Films for broadcast, streaming and distribution across multiple platforms. CNN programming can be found on CNN, CNN International and CNN en Español channels, via CNN Max and the CNN Originals hub on discovery+ and via pay TV subscription on CNN.com, CNN apps and cable operator platforms. Additionally, CNN Newsource is the world’s most extensively utilized news service partnering with over 1,000 local and international news organizations around the world. CNN is a division of Warner Bros. Discovery.

About Warner Bros. Discovery

Warner Bros. Discovery is a leading global media and entertainment company that creates and distributes the world’s most differentiated and complete portfolio of branded content across television, film, streaming and gaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, Max, discovery+, CNN, DC, TNT Sports, Eurosport, HBO, HGTV, Food Network, OWN, Investigation Discovery, TLC, Magnolia Network, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Motion Picture Group, Warner Bros. Television Group, Warner Bros. Pictures Animation, Warner Bros. Games, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies, Discovery en Español, Hogar de HGTV and others. For more information, please visit www.wbd.com.

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SOURCE CNN International

Technology

Incheon’s Bold Return to CES 2025: Pioneering Tomorrow’s Smart Cities

Published

47 minutes ago

December 23, 2024

SEOUL, South Korea, Dec. 18, 2024 /PRNewswire/ — The Incheon Free Economic Zone Authority (IFEZ) will make a strong comeback at CES 2025, which will be held from January 7 to 10 in Las Vegas. Under the theme “Urban Renaissance: Building Tomorrow’s Smart Cities Today,” IFEZ will showcase its smart city vision and highlight cutting-edge technologies from 41 innovative companies.

The Incheon-IFEZ pavilion in the AI Zone of the North Hall at the Las Vegas Convention Center will spotlight ten leading Incheon-based startups specializing in AI, urban tech, and smart city solutions. Beyond the pavilion, ten companies will join the Eureka Park Korea Pavilion, six will exhibit at the Global Pavilion, and 15 more will participate as part of a broader delegation.

This extensive representation underscores Incheon’s emergence as a tech innovation hub, reflecting its global ambitions and technological prowess.

The Incheon-IFEZ pavilion promises to be more than just an exhibition space. It will transform into a dynamic networking hub where global business leaders, investors, and innovators can explore potential collaborations with Incheon-based companies.

The pavilion’s first major event, the Unveiled Incheon Media Stage, will introduce IFEZ’s forward-thinking smart city vision to international media outlets on January 7. All Connected Incheon Night will bring together global investors, entrepreneurs, and industry leaders to foster meaningful partnerships that evening.

The momentum continues on January 8 with the IFEZ Tech Talk, featuring industry giants like LG Electronics, Lotte Innovate, and the Stanford Center at Incheon Global Campus. They will present insights into IFEZ’s smart city projects and innovation initiatives.

On January 9, the spotlight will shift to the IFEZ Showcase, a pitching competition where Incheon’s top startups will present their groundbreaking technologies to over 30 global venture capital investors. This event aims to secure international partnerships and expand market reach.

IFEZ’s continued participation at CES reflects its commitment to driving global innovation. Established in 2003 as South Korea’s first free economic zone, IFEZ encompasses Songdo, Yeongjong, and Cheongna. Designed to stimulate economic growth, its advanced infrastructure and prime location have made it a thriving business hub over the past two decades.

By participating in CES 2025, IFEZ reaffirms its dedication to fostering innovation and connecting visionary startups with the global market. The official CES 2025 Incheon-IFEZ website, www.ces2025-ifez.com, provides more details.

Media and Interview Contact

Don Southerton, CES 2025 Incheon-IFEZ
Dsoutherton@bridgingculture.com
+1 310-866-3777

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SOURCE The Incheon Free Economic Zone Authority

Technology

ANTA Unveils ANTAZERO UPCYCLE Collection

Published

47 minutes ago

December 23, 2024

Shanghai’s Iconic Wukang Road Hosts the Industry’s First Sustainable Sports Fashion Extravaganza

SHANGHAI, Dec. 22, 2024 /PRNewswire/ — ANTA captivated audiences with a groundbreaking sustainable sports showcase on Shanghai’s iconic Wukang Road, debuting the ANTAZERO UPCYCLE collection. Co-conceived with the sustainability platform canU and renowned Chinese creative visionaries, the collection reimagines ANTA’s surplus inventory into elevated, eco-forward designs. Melding artistry with environmental responsibility, the event underscores ANTA’s trailblazing commitment to sustainable innovation.

Set against the backdrop of ANTA’s Zero-Carbon Mission Store at 98 Wukang Road, the unconventional runway blurred boundaries between fashion, sports, and daily life. Models and influencers brought the upcycled collection to life, embodying dynamic looks for diverse scenarios—from skiing and cycling to city walk, ageless style, and pet-friendly ensembles. The spirited procession spilled into the streets, inviting onlookers to witness the harmonious fusion of sustainability, inclusivity, and sports-inspired aesthetics.

The ANTAZERO UPCYCLE collection represents a pioneering collaboration with canU and four Chinese design luminaries, each infusing their unique vision into ANTA’s inventory. The canU platform’s ethos of weaving sports into everyday life is reflected throughout the collection; CHENPENG crafts bold expressions of environmental themes using surplus down materials; SANKUANZ revitalizes inventory pieces with experimental spray-painting, breathing new emotion into existing fabrics; MEGARMENTS celebrates ANTA’s basketball heritage with intricate upcycled craftsmanship; and KAIKAI explores the aspirational ideal of 100% recycled design, pushing the boundaries of sustainability. Through their innovation, dormant inventory was transformed into wearable art, embodying a circular tenor of creativity and resourcefulness.

ANTA CEO Xu Yang has articulated a clear vision: green principles must evolve into green growth engines to achieve lasting commercial sustainability. The newly unveiled ANTAZERO UPCYCLE collection exemplifies this philosophy, repurposing surplus garments and fabrics into mass-producible, market-ready designs. By minimizing energy-intensive processes such as weaving and dyeing, the collection marries environmental responsibility with fresh, contemporary aesthetics. Offering consumers innovative, eco-conscious lifestyle choices, it underscores the seamless integration of sustainability into business strategy. As Cui Dan, ANTA’s sustainability advisor and founder of the canU sustainable platform, aptly noted, “Only when brands and industries translate sustainability into tangible products can consumers truly recognize its value.”

The ANTAZERO UPCYCLE collection is now available at ANTA’s Zero-Carbon Mission Store and via the ANTA WeChat Mini Program, providing consumers with access to a new era of sustainable fashion.

Since inaugurating its Zero-Carbon Mission Store on Earth Day, April 22, ANTA has actively celebrated global sustainability milestones, including World Oceans Day and International Panda Day. Through immersive art installations, curated exhibitions, and interactive events, ANTA has collaborated with media outlets, industry partners, and its consumer base to champion eco-consciousness. The launch of the ANTAZERO UPCYCLE collection and the resounding success of the sustainable sports fashion show serve as a crowning achievement in ANTA’s year-long sustainability efforts, addressing global environmental challenges while spotlighting the ingenuity and responsibility of Chinese sports brands.

As part of its ambitious goal to achieve carbon neutrality by 2050, ANTA continues to pioneer sustainable solutions across product development and retail operations. According to its 2023 ESG report, nearly 20% of ANTA Group’s products are now sustainable, driven by continuous advancements in eco-friendly materials and innovative design. The brand remains dedicated to mainstreaming sustainable consumption, delivering products that seamlessly blend style, functionality, and environmental stewardship.

In 2024, ANTA Group retained its top position in China’s sports industry on the “Green Supply Chain CITI Index”, published by the Institute of Public & Environmental Affairs (IPE), for the second consecutive year. Looking ahead, ANTA reaffirms its commitment to sustainability, leveraging innovation to fuel green growth. By offering sustainable products and services to a global audience and spearheading the eco-transformation of its supply chain, ANTA is forging a path toward a low-carbon future in collaboration with consumers and partners alike.

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SOURCE ANTA Group