Connect with us

Technology

BGC Group Updates its Outlook for the Third Quarter of 2024

Published

on

NEW YORK, Sept. 30, 2024 /PRNewswire/ — BGC Group, Inc. (Nasdaq: BGC), today announced that it has updated its outlook for the quarter ending September 30, 2024.

Updated Outlook
BGC expects to be around the high-end of its previously stated outlook ranges for revenue and pre-tax Adjusted Earnings for the third quarter of 2024. The Company’s outlook was contained in BGC’s financial results press release issued on July 30, 2024, which can be found at http://ir.bgcg.com.

Non-GAAP Financial Measures
The non-GAAP definitions below include references to certain equity-based compensation instruments, such as restricted stock awards and/or restricted stock units (“RSUs”), that the Company has issued and outstanding following its corporate conversion on July 1, 2023. Although BGC is retaining certain defined terms and references, including references to partnerships or partnership units, for purposes of comparability before and after the corporate conversion, such references may not be applicable following the period ended June 30, 2023.

This document contains non-GAAP financial measures that differ from the most directly comparable measures calculated and presented in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Non-GAAP financial measures used by the Company include “Adjusted Earnings before noncontrolling interests and taxes”, which is used interchangeably with “pre-tax Adjusted Earnings”; “Post-tax Adjusted Earnings to fully diluted shareholders”, which is used interchangeably with “post-tax Adjusted Earnings”; “Adjusted EBITDA”; “Liquidity”; and “Constant Currency”. The definitions of these terms are below.

Adjusted Earnings Defined
BGC uses non-GAAP financial measures, including “Adjusted Earnings before noncontrolling interests and taxes” and “Post-tax Adjusted Earnings to fully diluted shareholders”, which are supplemental measures of operating results used by management to evaluate the financial performance of the Company and its consolidated subsidiaries. BGC believes that Adjusted Earnings best reflect the operating earnings generated by the Company on a consolidated basis and are the earnings which management considers when managing its business.

As compared with “Income (loss) from operations before income taxes” and “Net income (loss) for fully diluted shares”, both prepared in accordance with GAAP, Adjusted Earnings calculations primarily exclude certain non-cash items and other expenses that generally do not involve the receipt or outlay of cash by the Company and/or which do not dilute existing stockholders. In addition, Adjusted Earnings calculations exclude certain gains and charges that management believes do not best reflect the underlying operating performance of BGC. Adjusted Earnings is calculated by taking the most comparable GAAP measures and adjusting for certain items with respect to compensation expenses, non-compensation expenses, and other income, as discussed below.

Calculations of Compensation Adjustments for Adjusted Earnings and Adjusted EBITDA

Treatment of Equity-Based Compensation Line Item for Adjusted Earnings and Adjusted EBITDA
The Company’s Adjusted Earnings and Adjusted EBITDA measures exclude all GAAP charges included in the line item “Equity-based compensation and allocations of net income to limited partnership units and FPUs” (or “equity-based compensation” for purposes of defining the Company’s non-GAAP results) as recorded on the Company’s GAAP Consolidated Statements of Operations and GAAP Consolidated Statements of Cash Flows. These GAAP equity-based compensation charges reflect the following items:

Charges related to amortization of RSUs, restricted stock awards, other equity-based awards, and limited partnership units;Charges with respect to grants of exchangeability, which reflect the right of holders of limited partnership units with no capital accounts, such as LPUs and PSUs, to exchange these units into shares of common stock, or into partnership units with capital accounts, such as HDUs, as well as cash paid with respect to taxes withheld or expected to be owed by the unit holder upon such exchange. The withholding taxes related to the exchange of certain non-exchangeable units without a capital account into either common shares or units with a capital account may be funded by the redemption of preferred units such as PPSUs;Charges with respect to preferred units and RSU tax accounts. Any preferred units and RSU tax accounts would not be included in the Company’s fully diluted share count because they cannot be made exchangeable into shares of common stock and are entitled only to a fixed distribution or dividend. Preferred units are granted in connection with the grant of certain limited partnership units that may be granted exchangeability or redeemed in connection with the grant of shares of common stock, and RSU tax accounts are granted in connection with the grant of RSUs. The preferred units and RSU tax accounts are granted at ratios designed to cover any withholding taxes expected to be paid. This is an alternative to the common practice among public companies of issuing the gross amount of shares to employees, subject to cashless withholding of shares, to pay applicable withholding taxes;GAAP equity-based compensation charges with respect to the grant of an offsetting amount of common stock or partnership units with capital accounts in connection with the redemption of non-exchangeable units, including PSUs and LPUs;Charges related to grants of equity awards, including common stock, RSUs, restricted stock awards or partnership units with capital accounts;Allocations of net income to limited partnership units and FPUs. Such allocations represent the pro-rata portion of post-tax GAAP earnings available to such unit holders; andCharges related to dividend equivalents earned on RSUs and any preferred returns on RSU tax accounts.

The amounts of certain quarterly equity-based compensation charges are based upon the Company’s estimate of such expected charges during the annual period, as described further below under “Methodology for Calculating Adjusted Earnings Taxes.”

Virtually all of BGC’s key executives and producers have equity stakes in the Company and its subsidiaries and generally receive deferred equity as part of their compensation. A significant percentage of BGC’s fully diluted shares are owned by its executives, partners and employees. The Company issues RSUs, restricted stock, limited partnership units (prior to July 1, 2023) as well as other forms of equity-based compensation, including grants of exchangeability into shares of common stock (prior to July 1, 2023), to provide liquidity to its employees, to align the interests of its employees and management with those of common stockholders, to help motivate and retain key employees, and to encourage a collaborative culture that drives cross-selling and revenue growth.

All share equivalents that are part of the Company’s equity-based compensation program, including REUs, PSUs, LPUs, HDUs, and other units that may be made exchangeable into common stock, as well as RSUs (which are recorded using the treasury stock method), are included in the fully diluted share count when issued or at the beginning of the subsequent quarter after the date of grant.

Compensation charges are also adjusted for certain other cash and non-cash items.

Certain Other Compensation-Related Adjustments for Adjusted Earnings
BGC also excludes various other GAAP items that management views as not reflective of the Company’s underlying performance in a given period from its calculation of Adjusted Earnings. These may include compensation-related items with respect to cost-saving initiatives, such as severance charges incurred in connection with headcount reductions as part of broad restructuring and/or cost savings plans.

Calculation of Non-Compensation Adjustments for Adjusted Earnings
Adjusted Earnings calculations may also exclude items such as:

Non-cash GAAP charges related to the amortization of intangibles with respect to acquisitions;Acquisition related costs;Non-cash GAAP asset impairment charges;Resolutions of litigation, disputes, investigations, or enforcement matters that are generally non-recurring, exceptional, or unusual, or similar items that management believes do not best reflect BGC’s underlying operating performance, including related unaffiliated third-party professional fees and expenses; andVarious other GAAP items that management views as not reflective of the Company’s underlying performance in a given period, including non-compensation-related charges incurred as part of broad restructuring and/or cost savings plans. Such GAAP items may include charges for professional fees and expenses, exiting leases and/or other long-term contracts as part of cost-saving initiatives, as well as non-cash impairment charges related to assets, goodwill and/or intangible assets created from acquisitions.

Calculation of Adjustments for Other (income) losses for Adjusted Earnings
Adjusted Earnings calculations also exclude gains from litigation resolution and certain other non-cash, non-dilutive, and/or non-economic items, which may, in some periods, include:

Gains or losses on divestitures;Fair value adjustment of investments;Certain other GAAP items, including gains or losses related to BGC’s investments accounted for under the equity method; andAny unusual, non-ordinary, or non-recurring gains or losses.

Methodology for Calculating Adjusted Earnings Taxes
Although Adjusted Earnings are calculated on a pre-tax basis, BGC also reports post-tax Adjusted Earnings to fully diluted shareholders. The Company defines post-tax Adjusted Earnings to fully diluted shareholders as pre-tax Adjusted Earnings reduced by the non-GAAP tax provision described below and net income (loss) attributable to noncontrolling interest for Adjusted Earnings.

The Company calculates its tax provision for post-tax Adjusted Earnings using an annual estimate similar to how it accounts for its income tax provision under GAAP. To calculate the quarterly tax provision under GAAP, BGC estimates its full fiscal year GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries and the expected inclusions and deductions for income tax purposes, including expected equity-based compensation during the annual period. The resulting annualized tax rate is applied to BGC’s quarterly GAAP income (loss) from operations before income taxes and noncontrolling interests in subsidiaries. At the end of the annual period, the Company updates its estimate to reflect the actual tax amounts owed for the period.

To determine the non-GAAP tax provision, BGC first adjusts pre-tax Adjusted Earnings by recognizing any, and only, amounts for which a tax deduction applies under applicable law. The amounts include charges with respect to equity-based compensation; certain charges related to employee loan forgiveness; certain net operating loss carryforwards when taken for statutory purposes; and certain charges related to tax goodwill amortization. These adjustments may also reflect timing and measurement differences, including treatment of employee loans; changes in the value of units between the dates of grants of exchangeability and the date of actual unit exchange; changes in the value of RSUs and/or restricted stock awards between the date of grant and the date the award vests; variations in the value of certain deferred tax assets; and liabilities and the different timing of permitted deductions for tax under GAAP and statutory tax requirements.

After application of these adjustments, the result is the Company’s taxable income for its pre-tax Adjusted Earnings, to which BGC then applies the statutory tax rates to determine its non-GAAP tax provision. BGC views the effective tax rate on pre-tax Adjusted Earnings as equal to the amount of its non-GAAP tax provision divided by the amount of pre-tax Adjusted Earnings.

Generally, the most significant factor affecting this non-GAAP tax provision is the amount of charges relating to equity-based compensation. Because the charges relating to equity-based compensation are deductible in accordance with applicable tax laws, increases in such charges have the effect of lowering the Company’s non-GAAP effective tax rate and thereby increasing its post-tax Adjusted Earnings.

BGC incurs income tax expenses based on the location, legal structure and jurisdictional taxing authorities of each of its subsidiaries. Certain of the Company’s entities are taxed as U.S. partnerships and are subject to the Unincorporated Business Tax (“UBT”) in New York City. Any U.S. federal and state income tax liability or benefit related to the partnership income or loss, with the exception of UBT, rests with the unit holders rather than with the partnership entity. The Company’s consolidated financial statements include U.S. federal, state, and local income taxes on the Company’s allocable share of the U.S. results of operations. Outside of the U.S., BGC operates principally through subsidiary corporations subject to local income taxes. For these reasons, taxes for Adjusted Earnings are expected to be presented to show the tax provision the consolidated Company would expect to pay if 100% of earnings were taxed at global corporate rates.

Calculations of Pre- and Post-Tax Adjusted Earnings per Share
BGC’s pre- and post-tax Adjusted Earnings per share calculations assume either that:

The fully diluted share count includes the shares related to any dilutive instruments, but excludes the associated expense, net of tax, when the impact would be dilutive; orThe fully diluted share count excludes the shares related to these instruments, but includes the associated expense, net of tax, when the impact would be anti-dilutive.

The share count for Adjusted Earnings excludes certain shares and share equivalents expected to be issued in future periods but not yet eligible to receive dividends and/or distributions. Each quarter, the dividend payable to BGC’s stockholders, if any, is expected to be determined by the Company’s Board of Directors with reference to a number of factors. The declaration, payment, timing, and amount of any future dividends payable by the Company will be at the discretion of its Board of Directors using the fully diluted share count. For more information on any share count adjustments, see the table titled “Fully Diluted Weighted-Average Share Count under GAAP and for Adjusted Earnings” in the Company’s most recent financial results press release.

Management Rationale for Using Adjusted Earnings
BGC’s calculation of Adjusted Earnings excludes the items discussed above because they are either non-cash in nature, because the anticipated benefits from the expenditures are not expected to be fully realized until future periods, or because the Company views results excluding these items as a better reflection of the underlying performance of BGC’s ongoing operations. Management uses Adjusted Earnings in part to help it evaluate, among other things, the overall performance of the Company’s business and to make decisions with respect to the Company’s operations.

The term “Adjusted Earnings” should not be considered in isolation or as an alternative to GAAP net income (loss). The Company views Adjusted Earnings as a metric that is not indicative of liquidity, or the cash available to fund its operations, but rather as a performance measure. Pre- and post-tax Adjusted Earnings, as well as related measures, are not intended to replace the Company’s presentation of its GAAP financial results. However, management believes that these measures help provide investors with a clearer understanding of BGC’s financial performance and offer useful information to both management and investors regarding certain financial and business trends related to the Company’s financial condition and results of operations. Management believes that the GAAP and Adjusted Earnings measures of financial performance should be considered together.

For more information regarding Adjusted Earnings, see the sections of this document and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Income (Loss) from Operations before Income Taxes to Adjusted Earnings and GAAP Fully Diluted EPS to Post-Tax Adjusted EPS”, including the related footnotes, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.

Adjusted EBITDA Defined
BGC also provides an additional non-GAAP financial performance measure, “Adjusted EBITDA”, which it defines as GAAP “Net income (loss) available to common stockholders”, adjusted to add back the following items:

Provision (benefit) for income taxes;Net income (loss) attributable to noncontrolling interest in subsidiaries;Interest expense;Fixed asset depreciation and intangible asset amortization;Equity-based compensation, dividend equivalents and allocations of net income to limited partnership units and FPUs;Impairment of long-lived assets;(Gains) losses on equity method investments; andCertain other non-cash GAAP items, such as non-cash charges of amortized rents.

The Company’s management believes that its Adjusted EBITDA measure is useful in evaluating BGC’s operating performance, because the calculation of this measure generally eliminates the effects of financing and income taxes and the accounting effects of capital spending and acquisitions, which would include impairment charges of goodwill and intangibles created from acquisitions. Such items may vary for different companies for reasons unrelated to overall operating performance. As a result, the Company’s management uses this measure to evaluate operating performance and for other discretionary purposes. BGC believes that Adjusted EBITDA is useful to investors to assist them in getting a more complete picture of the Company’s financial results and operations.

Since BGC’s Adjusted EBITDA is not a recognized measurement under GAAP, investors should use this measure in addition to GAAP measures of net income when analyzing BGC’s operating performance. Because not all companies use identical EBITDA calculations, the Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Furthermore, Adjusted EBITDA is not intended to be a measure of free cash flow or GAAP cash flow from operations because the Company’s Adjusted EBITDA does not consider certain cash requirements, such as tax and debt service payments.

For more information regarding Adjusted EBITDA, see the section of this document and/or in the Company’s most recent financial results press release titled “Reconciliation of GAAP Net Income (Loss) Available to Common Stockholders to Adjusted EBITDA”, including the footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.

Timing of Outlook for Certain GAAP and Non-GAAP Items
BGC anticipates providing forward-looking guidance for GAAP revenues and for certain non-GAAP measures from time to time. However, the Company does not anticipate providing an outlook for other GAAP results. This is because certain GAAP items, which are excluded from Adjusted Earnings and/or Adjusted EBITDA, are difficult to forecast with precision before the end of each period. The Company therefore believes that it is not possible for it to have the required information necessary to forecast GAAP results or to quantitatively reconcile GAAP forecasts to non-GAAP forecasts with sufficient precision without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The relevant items that are difficult to predict on a quarterly and/or annual basis with precision and may materially impact the Company’s GAAP results include, but are not limited, to the following:

Certain equity-based compensation charges that may be determined at the discretion of management throughout and up to the period-end;Unusual, non-ordinary, or non-recurring items;The impact of gains or losses on certain marketable securities, as well as any gains or losses related to associated mark-to- market movements and/or hedging. These items are calculated using period-end closing prices;Non-cash asset impairment charges, which are calculated and analyzed based on the period-end values of the underlying assets. These amounts may not be known until after period-end; andAcquisitions, dispositions, and/or resolutions of litigation, disputes, investigations, or enforcement matters, or similar items, which are fluid and unpredictable in nature.

Liquidity Defined
BGC may also use a non-GAAP measure called “liquidity”. The Company considers liquidity to be comprised of the sum of cash and cash equivalents, reverse repurchase agreements (if any), financial instruments owned, at fair value, less securities lent out in securities loaned transactions and repurchase agreements (if any). The Company considers liquidity to be an important metric for determining the amount of cash that is available or that could be readily available to the Company on short notice.

For more information regarding Liquidity, see the section of this document and/or in the Company’s most recent financial results press release titled “Liquidity Analysis”, including any footnotes to the same, for details about how BGC’s non-GAAP results are reconciled to those under GAAP.

Constant Currency Defined
BGC generates a significant amount of its revenues in non-U.S. dollar denominated currencies, particularly in the euro and pound sterling. In order to present a better comparison of the Company’s revenues during the period, which exhibited highly volatile foreign exchange movements, BGC provides revenues year-over-year comparisons on a “Constant Currency” basis. BGC uses a Constant Currency financial metric to provide a better comparison of the Company’s underlying operating performance by eliminating the impacts of foreign currency fluctuations between comparative periods. Since BGC’s consolidated financial statements are presented in U.S. dollars, fluctuations in non-U.S. dollar denominated currencies have an impact on the Company’s GAAP results. The Company’s Constant Currency metric, which is a non-GAAP financial measure, assumes the foreign exchange rates used to determine the Company’s comparative prior period revenues, apply to the current period revenues. Constant Currency revenue percentage change is calculated by determining the change in current quarter non-GAAP Constant Currency revenues over prior period revenues. Non-GAAP Constant Currency revenues are total revenues excluding the effect of foreign exchange rate movements and are calculated by remeasuring and/or translating current quarter revenues using prior period exchange rates. BGC presents certain non-GAAP Constant Currency percentage changes in Constant Currency revenues as a supplementary measure because it facilitates the comparison of the Company’s core operating results. This information should be considered in addition to, and not as a substitute for, results reported in accordance with GAAP.

About BGC Group, Inc.
BGC Group, Inc. (Nasdaq: BGC) is a leading global marketplace, data, and financial technology services company for a broad range of products, including fixed income, foreign exchange, energy, commodities, shipping, equities, and now includes the FMX Futures Exchange. BGC’s clients are many of the world’s largest banks, broker-dealers, investment banks, trading firms, hedge funds, governments, corporations, and investment firms.

BGC and leading global investment banks and market making firms have partnered to create FMX, part of the BGC Group of companies, which includes a U.S. interest rate futures exchange, spot foreign exchange platform and the world’s fastest growing U.S. cash treasuries platform.

For more information about BGC, please visit www.bgcg.com.

Discussion of Forward-Looking Statements about BGC
Statements in this document regarding BGC that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, BGC undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see BGC’s Securities and Exchange Commission (“SEC”) filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.

Media Contact:
Erica Chase
+1 212-610-2419

Investor Contact:
Jason Chryssicas 
+1 212-610-2426

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/bgc-group-updates-its-outlook-for-the-third-quarter-of-2024-302262891.html

SOURCE BGC Group, Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Sungrow Leads the Dialogue on Spain’s Path to a Sustainable Energy Future

Published

on

By

Sungrow’s exclusive conference in Madrid brought together industry leaders to highlight how technology, dedicated professionals and collaboration between all stakeholders can support Spain to further accelerate towards a sustainable future.

MADRID, April 6, 2025 /PRNewswire/ — As the global leading PV inverter and energy storage system provider, Sungrow successfully hosted an exclusive conference in Madrid on April 2, bringing together industry experts and business leaders to discuss the opportunities for Spain to achieve its ambitious climate and energy targets. The event provided a vital platform to explore the country’s renewable energy opportunities, emphasizing the crucial role of the Commercial & Industrial (C&I) sector and the growing importance of hybrid solutions combining photovoltaic (PV) systems with Energy Storage Systems (ESS). At the same time, as mobility enters a new era with the electrification of vehicles, EV Charging become an increasingly critical topic on the road towards a sustainable future.

Spain’s Renewable Energy Vision and the Role of C&I Projects
Spain has set an ambitious target of reaching 81% renewable electricity generation by 2030, as outlined in its National Energy and Climate Plan (PNIEC)1. With solar energy playing a pivotal role in this transition, the integration of battery storage is becoming increasingly essential to ensure grid stability, maximize self-consumption, and enhance energy independence.

During the conference, experts highlighted the potential of the C&I sector to accelerate the deployment of clean energy solutions. Businesses are increasingly recognizing the economic and environmental advantages of integrating solar power with storage, reducing dependency on fossil fuels and fluctuating energy prices. Sungrow reaffirmed its commitment to supporting this sector with cutting-edge technology, providing tailored solutions that enhance efficiency, reliability, and long-term savings. As its latest ESS for C&I projects, the PowerStack 200CS, clearly showcases, energy storage can lead to significant ecological and financial benefits, as long as cutting-edge technology, high efficiency, and undisputed safety are combined with a strong team of experts supporting all the phases of such a complex operation, from the design phase and delivery phase, up to the Operation and Maintenance (O&M) of the project. 

Hybrid Solutions: The Key to a Resilient Energy Future
A major theme of the conference was the critical role of hybrid systems in achieving Spain’s energy transition. Combining PV with ESS allows businesses and energy producers to store excess solar energy, ensuring uninterrupted supply and mitigating grid congestion challenges. This approach not only optimizes energy usage but also supports Spain’s goal of a more decentralized and resilient energy network. Sungrow showcased its comprehensive portfolio of solutions designed to empower businesses and energy developers to implement hybrid energy projects seamlessly and great flexibility. These include PV inverters like the SG350HX-20 string inverter, the SHT range of hybrid inverters and a range of storage solutions, characterised also for the ease of expandability. At the same time, as part of a fully sustainable ecosystem, Sungrow offers a complete range of AC and DC, EV Chargers, for private, semi-public and public use, as the latest IDC480E, an ultra-fast charger capable of charging up to 8 vehicles at once, making it an ideal solution for fleet operators.

A Commitment to Innovation, Public Dialogue and Sustainability
Sungrow’s conference in Madrid reinforced the company’s proactive role in shaping the future of renewable energy in Spain. By fostering discussions between industry stakeholders and providing world-class solutions, Sungrow continues to drive the adoption of clean energy technologies that align with the nation’s sustainability goals. The panel discussion “The Next Step of Renewables” emphasized this focus on public dialogue as a means to fully utilize the opportunities of a sustainable future.

“As Spain advances toward its renewable energy objectives, collaboration and innovation will be key drivers of success,” said Mr. Javier Blanco, Country Manager at Sungrow Iberica. “At Sungrow, we are proud to contribute to this transition by equipping businesses with state-of-the-art PV and storage solutions and the utmost levels of service and support that pave the way for a cleaner, more sustainable future.”

With Spain’s renewable energy landscape evolving rapidly, Sungrow remains committed to empowering businesses and energy producers with the tools they need to thrive in the green transition. Sungrow has established a strong team of more than 100 experts in Spain and Portugal. Moreover, with two offices, in Pamplona and Madrid and the impressive new Technological Center for Training and Innovation in Pamplona that covers a total area of 10,000 square meters, designed to serve as a hub for training, innovation, and service excellence, Sungrow confirms its commitment on supporting the energy transition in Spain and South Europe. The company will continue to invest in advanced technologies, local partnerships, and knowledge-sharing initiatives to accelerate Spain’s clean energy revolution.

https://www.enerdata.net/publications/daily-energy-news/spain-target-2030-power-renewable.html

About Sungrow
Sungrow, a global leader in renewable energy technology, has pioneered sustainable power solutions for over 28 years. As of December 2024, Sungrow has installed 740 GW of power electronic converters worldwide. The Company is recognized as the world’s No. 1 on PV inverter shipments (S&P Global Commodity Insights) and the world’s most bankable energy storage company (BloombergNEF). Its innovations power clean energy projects in over 180 countries, supported by a network of 520 service outlets guaranteeing excellent customer experience. At Sungrow, we’re committed to bridging to a sustainable future through cutting-edge technology and unparalleled service. For more information, please visit: www.sungrowpower.com.

Photo – https://mma.prnewswire.com/media/2658041/Sungrow_Leads_the_Dialogue_on_Spain_s_Path_to_a_Sustainable_Energy_Future.jpg
Logo – https://mma.prnewswire.com/media/1344575/Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/sungrow-leads-the-dialogue-on-spains-path-to-a-sustainable-energy-future-302421505.html

Continue Reading

Technology

City of Corona Leverages AI to Improve Housing Affordability by Automating Pre-checks & Plan Reviews

Published

on

By

The City of Corona has partnered with Blitz Permits, the most widely used Assistive AI platform for local governments in the U.S.

CORONA, Calif., April 6, 2025 /PRNewswire-PRWeb/ — The City of Corona has partnered with Blitz Permits, the most widely used Assistive AI platform for local governments in the U.S. This move will streamline development reviews, reduce permitting delays, and deliver faster service to residents and builders. Across California, permitting backlogs have stalled projects by 12–15 months in some cities—Corona is taking action.

Across California, permitting backlogs have stalled projects by 12–15 months in some cities—Corona is taking action.

Blitz Permits is transforming understaffed Planning and Building departments with the world’s first dual AI engine for plan reviews. By combining pre-check automation with AI-driven code compliance, it slashes review time and increases efficiency. The platform helps governments work faster, smarter, and more cost-effectively, making housing more accessible while strengthening civic resilience.

As Corona experiences rapid growth, the city is leading a nationwide shift towards automation. By embracing AI, Corona is cutting red tape, addressing staffing shortages, and bringing greater speed, accuracy, and transparency to the permitting process.

About Blitz Permits:

Blitz Permits is the leading GovTech provider revolutionizing plan reviews with AI-driven automation. Its proprietary Intelligent Data Dictionary and advanced contextual algorithms deliver unmatched speed, accuracy, and built-in regulatory compliance.

Supporting PDF, CAD, and BIM formats, Blitz Permits integrates seamlessly into government workflows, helping planning, zoning, and building departments cut review times by up to 5x, improve compliance, and fast-track housing and infrastructure development. Learn more at: www.blitzpermits.ai

Media Contact

Brittany Griffin, Blitz Permits Inc., 1 (470) 430-7574, brittanygriffin@blitzpermits.ai, https://www.blitzpermits.ai/

View original content:https://www.prweb.com/releases/city-of-corona-leverages-ai-to-improve-housing-affordability-by-automating-pre-checks–plan-reviews-302421236.html

SOURCE Blitz Permits Inc.

Continue Reading

Technology

NEW STUDY: 73% OF FINTECH STARTUPS FAIL DUE TO REGULATORY CHALLENGES

Published

on

By

LOS ANGELES, April 6, 2025 /PRNewswire/ — Nearly three-quarters of financial technology startups fail within their first three years due to preventable regulatory compliance issues, according to a new industry report released today.

The study, published by Los Angeles-based Hare Strategy Group, analyzed five years of data from over 400 fintech ventures and identified regulatory navigation as the primary factor determining success or failure in the rapidly growing sector.

“What’s striking about the data is how technical excellence alone doesn’t guarantee market success,” said Jeremy Hare, principal researcher and founder of the consulting firm that conducted the study. “The findings clearly show that early regulatory planning is as critical as product development.”

KEY FINDINGS HIGHLIGHT ACTIONABLE INSIGHTS

The comprehensive analysis, titled “Bridging the Compliance Gap: Critical Strategies for Fintech Success in 2025,” revealed several key insights for industry stakeholders:

Regulatory preparation in pre-seed stage increased survival rates by 64%Banking partnership integration issues caused 42% of failures among technically viable productsCross-border compliance challenges were the primary failure point for 58% of international expansion attemptsStartups with regulatory experts on their founding teams secured funding 2.8 times faster than those without

The report emerges as fintech investment reached $53 billion globally in 2024, despite ongoing concerns about regulatory uncertainty in the sector.

PRACTICAL FRAMEWORKS FOR IMPLEMENTATION

“This isn’t just academic research—it’s designed to provide practical, implementable strategies,” explained Hare, who previously managed hedge fund investments and covered financial markets for major news outlets. “We’ve created actionable frameworks specifically for fintech founders navigating their first regulatory hurdles.”

The study includes a regulatory roadmap template and partnership development toolkit, available as free downloads for industry professionals from the firm’s website.

Hare Strategy Group, founded in 2023, specializes in helping companies identify and navigate regulatory challenges in financial technology. The firm developed the research over a six-month period, including interviews with founders, regulators, and venture capital firms active in the fintech ecosystem.

“The timing of this research aligns with Q2 planning cycles when many fintech companies reassess their regulatory strategies,” added Hare. “We’re seeing increased interest from venture firms who want portfolio companies to address these issues earlier in their development.”

The executive summary and full report are available at www.harestrategygroup.com/fintech-report.

MEDIA CONTACT:
Media Relations
Hare Strategy Group
Los Angeles, CA
213-900-7426

View original content:https://www.prnewswire.com/news-releases/new-study-73-of-fintech-startups-fail-due-to-regulatory-challenges-302421486.html

SOURCE Hare Strategy Group

Continue Reading

Trending