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V2X Reports Strong Third Quarter Results with Record Revenue, Net Income, and Adjusted EBITDA

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Third Quarter Highlights

Record revenue of $1.08 billion, up 8% y/yIndo-Pacific revenue growth of 31% y/y driven by increased demandOperating income of $49.9 million; Adjusted operating income1 of $76.9 millionRecord net income of $15.1 million, up $21.5 million y/y; Adjusted net income1 of $41.3 million, up 76% y/yRecord adjusted EBITDA1 of $82.7 million, up 28% y/y with a margin of 7.6%Diluted EPS of $0.47; Adjusted diluted EPS1 of $1.29, up 77% y/y

2024 Guidance:

Raising full-year revenue and adjusted EPS1 guidance midpoint and reaffirming adjusted EBITDA and operating cash flow1

MCLEAN, Va., Nov. 4, 2024 /PRNewswire/ — V2X, Inc. (NYSE:VVX) announced third quarter 2024 financial results.

“V2X reported strong third quarter results with record revenue, net income, and adjusted EBITDA1, driven by our continued alignment to well-funded critical missions and the ability to deliver capabilities at scale across the globe,” said Jeremy Wensinger, President and Chief Executive Officer of V2X. “Revenue increased 8% year-over-year and adjusted EBITDA1 increased 28% year-over-year, reflecting strong program performance. Adjusted net income1 increased 76% year-over-year and adjusted diluted EPS1 increased 77% year-over-year.”

Mr. Wensinger continued, “During the third quarter we demonstrated continued growth in the Indo-Pacific region with revenue increasing 31% year-over-year. This performance was tied to the DoD’s continued focus on enhancing U.S. readiness in the region. We are seeing additional opportunities for growth in the region that align to improving the capacity and capabilities of U.S. allies and our partners.”  

“Our full spectrum capabilities across the mission lifecycle serve as a differentiator.  The fact that we are with our customers across the globe at every phase of mission execution, gives us prodigious knowledge, allowing us to deliver best of breed cost effective solutions that are enhancing outcomes. This unique position is yielding results with V2X securing approximately $5 billion of awards in the third quarter. This includes the $3.7 billion Warfighter-Training Readiness Solutions (W-TRS) award that represents a milestone win for V2X. We delivered a technology enabled solution that was compelling and will ensure every Army soldier has the tools necessary to conduct accurate training preparing them for whenever called upon to deploy. These wins validate our strong positioning in the marketplace and are expected to contribute to our financial performance for years to come.”

Mr. Wensinger concluded, “I believe there is additional opportunity to build on our momentum through further optimization of our business. This includes enhancing the breadth and depth of our pipeline as a result of the collective capabilities.  W-TRS is a great example of a solution that leveraged the collective capabilities.  We are building on that success to expand our addressable markets in all areas of the company.  We are investing in this expanded pipeline to ensure we address opportunities with talent and solutions that will differentiate V2X offerings.”

Third Quarter 2024 Results

“V2X reported record revenue of $1.08 billion in the quarter, which represents 8% year-over-year growth,” said Shawn Mural, Senior Vice President and Chief Financial Officer. “We continued to deliver double digit revenue growth in the Indo-Pacific (31% year-over-year) and Middle East (13% year-over-year) regions, which was achieved through continued expansion of existing business as well as new programs.

“For the quarter, the Company reported operating income of $49.9 million and adjusted operating income1 of $76.9 million. V2X delivered record adjusted EBITDA1, increasing 28% year-over-year to $82.7 million, with a margin of 7.6%, reflecting our expected second half program performance. Third quarter GAAP diluted EPS was $0.47. Adjusted diluted EPS1 for the quarter increased 77% year-over-year to $1.29.”

“Third quarter net cash provided by operating activities was $62.7 million. Adjusted net cash provided by operating activities1 increased 35% year-over-year to $130.1 million. On a year-to-date basis, net cash provided by operating activities was $31.1 million. Adjusted net cash used by operating activities1 was $7.2 million.”

“At the end of the quarter, net debt for V2X was $1,089 million.  Net leverage ratio1 was 3.27x, improving 0.29x sequentially. We continue to demonstrate progress on debt paydown and remain on track to be at or below a net leverage ratio of 3.0x, by the end of 2024.”

“Total backlog as of September 27, 2024, was $12.2 billion. Funded backlog was $3.0 billion. Book-to-bill in the quarter was approximately 1.0x. Backlog does not include the full contract value associated with recent awards.”

2024 Guidance

Mr. Mural concluded, “Given our strong performance through the first nine-months of the year we are updating our total year guidance.”

Guidance for 2024 is as follows:       

$ millions, except for per share amounts

Prior 2024 Guidance

Updated 2024 Guidance

Revenue

$4,175

$4,275

$4,225

$4,275

Adjusted EBITDA1

$300

$315

$300

$315

Adjusted Diluted Earnings Per Share1

$3.85

$4.20

$3.95

$4.20

Adjusted Net Cash Provided by Operating Activities1

$145

$165

$145

$165

The Company is not providing a quantitative reconciliation with respect to the foregoing forward-looking non-GAAP measures in reliance on the “unreasonable efforts” exception set forth in SEC rules because certain financial information, the probable significance of which cannot be determined, is not available and cannot be reasonably estimated. For example, unusual, one-time, non-ordinary, or non-recurring costs, which relate to M&A, integration and related activities cannot be reasonably estimated. Forward-looking statements are based upon current expectations and are subject to factors that could cause actual results to differ materially from those suggested here, including those factors set forth in the Safe Harbor Statement below. 

Third Quarter Conference Call

Management will conduct a conference call with analysts and investors at 4:30 p.m. ET on Monday, November 4, 2024. U.S.-based participants may dial in to the conference call at 877-506-6380, while international participants may dial 412-542-4198. A live webcast of the conference call as well as an accompanying slide presentation will be available here: https://app.webinar.net/8eqdGbMZ6Xa  

A replay of the conference call will be posted on the V2X website shortly after completion of the call and will be available for one year. A telephonic replay will also be available through November 18, 2024, at 844-512-2921 (domestic) or 412-317-6671 (international) with passcode 10193464. 

Presentation slides that will be used in conjunction with the conference call will also be made available online in advance on the “investors” section of the company’s website at https://gov2x.com. V2X recognizes its website as a key channel of distribution to reach public investors and as a means of disclosing material non-public information to comply with its obligations under the U.S. Securities and Exchange Commission (“SEC”) Regulation FD.

Footnotes:
1 See “Key Performance Indicators and Non-GAAP Financial Measures” for descriptions and reconciliations.

About V2X
V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Investor Contact

Media Contact

Mike Smith, CFA

Angelica Spanos Deoudes

IR@goV2X.com

Communications@goV2X.com

719-637-5773

571-338-5195

Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 (the “Act”): Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Act. These forward-looking statements include, but are not limited to, all the statements and items listed under “2024 Guidance” above and other assumptions contained therein for purposes of such guidance, other statements about our 2024 performance outlook, revenue, contract opportunities, and any discussion of future operating or financial performance.

Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “could,” “potential,” “continue” or similar terminology. These statements are based on the beliefs and assumptions of the management of the Company based on information currently available to management. Forward-looking statements in this press release, include, but are not limited to our discussion regarding the Army and its capabilities; our future performance and capabilities; investing in the expanded pipeline; future net leverage ratio; and our belief in our ability to achieve our updated total year guidance.

These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside our management’s control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.  In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Company’s historical experience and our present expectations or projections. For a discussion of some of the risks and uncertainties that could cause actual results to differ from such forward-looking statements, see the risks and other factors detailed from time to time in our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other filings with the SEC.

We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

 

 V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)

 

Three Months Ended

Nine Months Ended

September 27,

September 29,

September 27,

September 29,

(In thousands, except per share data)

2024

2023

2024

2023

Revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

Cost of revenue

990,220

930,828

2,928,858

2,685,910

Selling, general, and administrative expenses

41,549

49,640

127,901

151,021

Operating income

49,887

21,039

107,644

85,888

Loss on extinguishment of debt

(1,998)

(22,052)

Interest expense, net

(27,152)

(30,252)

(83,533)

(93,946)

Other expense, net

(3,198)

(2,024)

(9,566)

(2,335)

Income (loss) from operations before income taxes

19,537

(11,237)

12,547

(32,445)

Income tax expense (benefit)

4,486

(4,837)

2,896

(10,364)

Net income (loss)

$          15,051

$          (6,400)

$            9,651

$         (22,081)

Earnings (loss) per share

Basic

$              0.48

$            (0.21)

$              0.31

$            (0.71)

Diluted

$              0.47

$            (0.21)

$              0.30

$            (0.71)

Weighted average common shares outstanding – basic

31,550

31,179

31,458

31,048

Weighted average common shares outstanding – diluted

31,973

31,179

31,921

31,048

 

V2X, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

September 27,

December 31,

(In thousands, except per share data)

2024

2023

Assets

Current assets

Cash, cash equivalents and restricted cash

$          59,857

$          72,651

Receivables

766,399

705,995

Prepaid expenses and other current assets

156,042

96,223

Total current assets

982,298

874,869

Property, plant, and equipment, net

65,746

85,429

Goodwill

1,652,855

1,656,926

Intangible assets, net

345,712

407,530

Right-of-use assets

33,370

41,215

Other non-current assets

46,124

15,931

Total non-current assets

2,143,807

2,207,031

Total Assets

$     3,126,105

$     3,081,900

Liabilities and Shareholders’ Equity

Current liabilities

Accounts payable

$        538,225

$        453,052

Compensation and other employee benefits

115,569

158,088

Short-term debt

16,878

15,361

Other accrued liabilities

235,379

213,700

Total current liabilities

906,051

840,201

Long-term debt, net

1,096,865

1,100,269

Deferred tax liabilities

12,313

11,763

Operating lease liabilities

29,590

34,691

Other non-current liabilities

78,725

104,176

Total non-current liabilities

1,217,493

1,250,899

Total liabilities

2,123,544

2,091,100

Commitments and contingencies (Note 7)

Shareholders’ Equity

Preferred stock; $0.01 par value; 10,000,000 shares authorized; No shares issued and outstanding

Common stock; $0.01 par value; 100,000,000 shares authorized; 31,556,556 and 31,191,628 shares issued and outstanding as of September 27, 2024 and December 31, 2023, respectively

316

312

Additional paid in capital

766,690

762,324

Retained earnings

240,502

230,851

Accumulated other comprehensive loss

(4,947)

(2,687)

Total shareholders’ equity

1,002,561

990,800

Total Liabilities and Shareholders’ Equity

$     3,126,105

$     3,081,900

 

V2X, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

 

Nine Months Ended

September 27,

September 29,

(In thousands)

2024

2023

Operating activities

Net income (loss)

$            9,651

$         (22,081)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation expense

16,442

16,532

Amortization of intangible assets

68,252

67,818

Amortization of cloud computing arrangements

2,073

213

Impairment of non-operating long-lived asset

2,192

Loss on disposal of property, plant, and equipment

1,170

625

Stock-based compensation

12,874

26,809

Deferred taxes

72

(9,887)

Amortization of debt issuance costs

5,717

6,875

Loss on extinguishment of debt

1,998

22,052

Changes in assets and liabilities:

Receivables

(25,614)

9,647

Other assets

(70,827)

7,916

Accounts payable

66,101

28,094

Compensation and other employee benefits

(42,417)

(28,620)

Other liabilities

(16,581)

9,182

Net cash provided by operating activities

31,103

135,175

Investing activities

Purchases of capital assets

(10,700)

(16,559)

Proceeds from the disposition of assets

14

16

Acquisitions of businesses

(16,939)

Distribution from joint venture

834

Net cash used in investing activities

(27,625)

(15,709)

Financing activities

Proceeds from issuance of long-term debt

250,000

Repayments of long-term debt

(7,669)

(428,763)

Proceeds from revolver

1,009,250

719,750

Repayments of revolver

(1,009,250)

(669,750)

Proceeds from stock awards and stock options

154

7

Payment of debt issuance costs

(1,188)

(7,507)

Prepayment premium on early redemption of debt

(1,600)

Payments of employee withholding taxes on stock-based compensation

(8,036)

(17,871)

Net cash used in financing activities

(16,739)

(155,734)

Exchange rate effect on cash

467

(1,540)

Net change in cash, cash equivalents and restricted cash

(12,794)

(37,808)

Cash, cash equivalents and restricted cash – beginning of period

72,651

116,067

Cash, cash equivalents and restricted cash – end of period

$          59,857

$          78,259

Supplemental disclosure of cash flow information:

Interest paid

$          74,774

$          89,635

Income taxes paid

$            9,167

$            5,242

Purchase of capital assets on account

$                90

$            2,882

 

Key Performance Indicators and Non-GAAP Measures

The primary financial performance measures we use to manage our business and monitor results of operations are revenue trends and operating income trends. Management believes that these financial performance measures are the primary drivers for our earnings and net cash from operating activities. Management evaluates its contracts and business performance by focusing on revenue, and operating income. Operating income represents revenue less both cost of revenue and selling, general and administrative (SG&A) expenses. Cost of revenue consists of labor, subcontracting costs, materials, and an allocation of indirect costs, which includes service center transaction costs. SG&A expenses consist of indirect labor costs (including wages and salaries for executives and administrative personnel), bid and proposal expenses and other general and administrative expenses not allocated to cost of revenue.

We manage the nature and amount of costs at the program level, which forms the basis for estimating our total costs and profitability. This is consistent with our approach for managing our business, which begins with management’s assessing the bidding opportunity for each contract and then managing contract profitability throughout the performance period.

In addition to the key performance measures discussed above, we consider adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted operating cash flow to be useful to management and investors in evaluating our operating performance, and to provide a tool for evaluating our ongoing operations. This information can assist investors in assessing our financial performance and measures our ability to generate capital for deployment among competing strategic alternatives and initiatives. We provide this information to our investors in our earnings releases, presentations, and other disclosures.

Adjusted net income, adjusted diluted earnings per share, adjusted operating income, adjusted EBITDA, adjusted EBITDA margin, and adjusted net cash provided by (used in) operating activities, however, are not measures of financial performance under GAAP and should not be considered a substitute for financial measures determined in accordance with GAAP.  Definitions and reconciliations of these items are provided below.

Adjusted operating income is defined as operating income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA is defined as operating income, adjusted to exclude depreciation and amortization of intangible assets, and items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration, and related costs.Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue.Adjusted net income is defined as net income, adjusted to exclude items that may include, but are not limited to, significant charges or credits, and unusual and infrequent non-operating items that impact current results but are not related to our ongoing operations, such as M&A, integration and related costs, amortization of acquired intangible assets, amortization of debt issuance costs, and loss on extinguishment of debt.Adjusted diluted earnings per share is defined as adjusted net income divided by the weighted average diluted common shares outstanding.Cash interest expense, net is defined as interest expense, net adjusted to exclude amortization of debt issuance costs.Adjusted net cash provided by (used in) operating activities or adjusted operating cash flow is defined as net cash provided by (or used in) operating activities adjusted to exclude infrequent non-operating items, such as M&A payments and related costs.Net leverage ratio is defined as net debt (or total debt less unrestricted cash) divided by trailing twelve-month (TTM) bank EBITDA.

 

Non-GAAP Tables

($K, except per share data)

Three Months Ended 

Nine Months Ended

September 27, 2024

September 29, 2023

September 27, 2024

September 29, 2023

Revenue

$             1,081,656

$           1,001,507

$           3,164,403

$           2,922,819

Net income (loss)

$                  15,051

$                 (6,400)

$                  9,651

$               (22,081)

Plus:

Income tax expense (benefit)

4,486

(4,837)

2,896

(10,364)

Other expense, net

3,198

2,024

9,566

2,335

Interest expense, net

27,152

30,252

83,533

93,946

Loss on extinguishment of debt

1,998

22,052

Operating income

$                  49,887

$                21,039

$              107,644

$                85,888

Plus:

Amortization of intangible assets

22,727

22,607

68,252

67,818

M&A, integration and related costs 

4,319

15,824

29,644

41,565

Adjusted operating income

$                  76,933

$                59,470

$              205,540

$              195,271

Plus:

Depreciation and CCA amortization

5,759

5,206

18,515

16,532

Adjusted EBITDA

$                  82,692

$                64,676

$              224,055

$              211,803

Adjusted EBITDA margin

7.6 %

6.5 %

7.1 %

7.2 %

Minus:

Cash interest expense, net

25,598

28,069

77,816

87,071

Income tax expense, as adjusted

6,887

5,937

24,187

26,329

Depreciation and CCA amortization

5,759

5,206

18,515

16,532

Other expense, net, as adjusted

3,198

2,024

7,373

2,335

Adjusted net income

$                  41,250

$                23,440

$                96,163

$                79,536

($K, except per share data)

Three Months Ended 

Nine Months Ended

September 27, 2024

September 29, 2023

September 27, 2024

September 29, 2023

Diluted earnings (loss) per share

$                      0.47

$                  (0.21)

$                    0.30

$                  (0.71)

Plus:

M&A, integration and related costs 

0.14

0.37

0.75

0.97

Amortization of intangible assets

0.63

0.52

1.72

1.58

Amortization of debt issuance costs and
Loss on extinguishment of debt

0.05

0.05

0.19

0.67

FMV land impairment

0.00

$                       —

0.06

$                       —

Adjusted diluted earnings per share

$                      1.29

$                    0.73

$                    3.01

$                    2.51

Average shares outstanding:

Basic, as reported

31,550

31,179

31,458

31,048

Diluted, as reported

31,973

31,179

31,921

31,048

Adjusted diluted

31,973

31,761

31,921

31,520

($K)

Three Months Ended 

Nine Months Ended

September 27, 2024

September 29, 2023

September 27, 2024

September 29, 2023

Net cash provided by operating activities

62,654

57,035

31,103

135,175

Plus:

M&A, integration, CARES Act, and related payments

13,009

11,854

25,044

34,248

MARPA facility activity

54,471

27,168

(63,348)

(85,832)

Adjusted operating cash flow

130,134

96,057

(7,201)

83,591

 

($K)

TTM

September 27, 2024

Net income (loss)

$                            9,159

Plus:

Interest expense, net

112,030

Income tax expense

11,315

Depreciation and amortization

115,248

Additional permitted add-backs1

85,707

TTM Bank EBITDA

$                         333,458

($K, except ratio)

Period Ending

September 27, 2024

Total debt

$                      1,146,490

Cash, cash equivalents and restricted cash

$                          59,857

Less:

Restricted cash

(2,117)

Cash and cash equivalents

$                          57,740

Net debt

$                      1,088,750

TTM bank EBITDA

$                         333,458

Net leverage ratio

 3.27x 

1Additional permitted add-backs includes among other items, non-cash losses like loss on extinguishment of debt and/or lease impairments, stock compensation, transaction and integration related costs, and pro forma cost savings.

SUPPLEMENTAL INFORMATION
Revenue by client branch, contract type, contract relationship, and geographic region for the periods presented below was as follows: 

Revenue by Client

Three Months Ended

Nine Months Ended

September 27,

September 29,

%

September 27,

September 29,

%

(In thousands)

2024

2023

Change

2024

2023

Change

Army

$        455,877

$        412,841

10.4 %

$     1,345,997

$     1,196,843

12.5 %

Navy

366,217

311,088

17.7 %

1,037,425

896,976

15.7 %

Air Force

121,863

134,728

(9.5) %

367,899

418,710

(12.1) %

Other

137,699

142,850

(3.6) %

413,082

410,290

0.7 %

Total revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

Revenue by Contract Type

 

Three Months Ended

Nine Months Ended

September 27,

September 29,

%

September 27,

September 29,

%

(In thousands)

2024

2023

Change

2024

2023

Change

Cost-plus and cost-reimbursable

$        649,925

$        570,402

13.9 %

$     1,850,584

$     1,589,619

16.4 %

Firm-fixed-price

403,132

402,219

0.2 %

1,229,565

1,237,110

(0.6) %

Time-and-materials

28,599

28,886

(1.0) %

84,254

96,090

(12.3) %

Total revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

Revenue by Contract Relationship

 

Three Months Ended

Nine Months Ended

September 27,

September 29,

%

September 27,

September 29,

%

(In thousands)

2024

2023

Change

2024

2023

Change

Prime contractor

$     1,021,497

$        945,669

8.0 %

$     2,972,773

$     2,740,908

8.5 %

Subcontractor

60,159

55,838

7.7 %

191,630

181,911

5.3 %

Total revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

Revenue by Geographic Region

Three Months Ended

Nine Months Ended

September 27,

September 29,

%

September 27,

September 29,

%

(In thousands)

2024

2023

Change

2024

2023

Change

United States

$        604,872

$        571,405

5.9 %

$     1,728,480

$     1,698,689

1.8 %

Middle East

346,527

305,918

13.3 %

1,050,888

866,122

21.3 %

Asia

82,907

63,259

31.1 %

236,371

193,109

22.4 %

Europe

47,350

60,925

(22.3) %

148,664

164,899

(9.8) %

Total revenue

$     1,081,656

$     1,001,507

$     3,164,403

$     2,922,819

     

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SOURCE V2X, Inc.

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Storage Empowers an Intelligent World: Longsys to Debut Dual-Brand Innovations and PTM Business Model at Electronica 2024 in Munich

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SHENZHEN, China, Nov. 7, 2024 /PRNewswire/ — From November 12-15, 2024, Longsys(301308.SZ), a branded semiconductor memory enterprise, will be unveiling its latest innovations in memory technology at Electronica in Munich. As an innovative memory solution manufacturer that integrates R&D, design, packaging and testing, manufacturing, and sales services, Longsys has been recognized for its exceptional product performance and market leadership, selected for the 2024 Fortune China’s Top 50 Tech Companies as the only storage enterprise on the list.

PTM Business Model Makes Overseas Debut

At Electronica, Longsys will introduce its groundbreaking PTM (Product Technology Manufacturing) business model to global customers. PTM is designed to provide high-end, flexible, and efficient full-stack customization services, empowering industries like automotive and industrial to embrace smart transformation and supporting global trends in intelligent development.

FORESEE and Lexar Brands Introduce New Products

Longsys, together with its dual brands—the industrial storage brand FORESEE and the high-end consumer storage brand Lexar—will introduce a range of innovative products at the exhibition, featuring solutions for industrial-grade, automotive-grade, and consumer-grade smart applications. These products are designed to meet the storage needs of diverse global industries advancing in digital transformation.

Germany, as a hub for automotive and industrial sectors, will see specific high-reliability products from FORESEE, including SPI NOR Flash and Grade 2 LPDDR4x for industrial and automotive applications. The FORESEE SPI NOR Flash offers versatile packaging options—WSON8, BGA24, and SO16—to suit varied applications, supporting data widths from x1 to x8 with storage capacities up to 256Mb. Additionally, the Grade 2 LPDDR4x, manufactured with a 1y nm process, offers capacities from 2GB to 8GB and data transfer speeds up to 4266Mbps, ensuring reliable performance across a wide automotive temperature range of -40°C to 105°C. Compared to the previous-generation LPDDR3, this new LPDDR4x improves performance by 128% and reduces power consumption by more than 50%, making it ideal for intelligent automotive systems.

Lexar will also present products like the Lexar® JumpDrive® USB 3.2 Flash Drive and PCIe Gen5 SSD, targeting a broad consumer market in automotive applications. The Lexar® JumpDrive® USB 3.2 Flash Drive, with its compact design and powerful USB 3.2 Gen 1 performance, offers a durable and convenient storage solution for in-car monitoring systems. Available in capacities from 64GB to 256GB, it supports read speeds up to 200MB/s, ensuring smooth video recording. With years of market experience, Lexar’s automotive-grade storage solutions, including car USB drives and Micro SD cards, have gained recognition from many leading global new energy vehicle manufacturers and have become standard equipment in some well-known car brands.

With subsidiaries and branches in Europe, the Americas, and Asia, Longsys’ global footprint provides efficient local support and services to customers worldwide. This expansive network also sets a strong foundation for implementing the PTM business model internationally.

At Electronica 2024, Longsys will showcase its extensive expertise and continuous innovation in storage technology. Through the PTM business model and a wide range of products from its two brands, Longsys looks forward to exploring new opportunities in industrial and automotive storage applications, contributing to the global transformation toward smarter industries. We warmly invite all attendees to visit our booth to experience the future of intelligent storage innovation firsthand.

About Longsys

Longsys is a globally leading branded semiconductor memory brand founded in 1999. As an innovative memory solution manufacturer that integrates R&D, design, packaging and testing, manufacturing, and sales services, Longsys upholds the corporate vision of “Everything for memory.” With memory technology innovation at its core, Longsys provides high-end, flexible, and efficient full-stack customized services to global customers. For more information please visit https://www.longsys.com/, and follow Longsys on LinkedIn, Facebook and Twitter.

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HashKey Global to Initially List HSK, the HashKey Platform Token

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HAMILTON, Bermuda, Nov. 7, 2024 /PRNewswire/ — HashKey Global, the licensed digital asset exchange, is proud to announce the initial listing of the HashKey Platform Token (HSK). As the platform token of HashKey Group, HSK will be integral to the entire HashKey ecosystem, and enhance mass adoption from the global Web3 community. HashKey Global will open deposits on November 7, with HSK/USDT spot trading opening on November 26.

HSK is the platform token of HashKey Group, and will be used across all HashKey businesses, covering global licensed exchanges, investment and asset management, tokenization, infrastructure services, and more. Additionally, HSK is the native token and gas token of HashKey Chain, an L2 public chain, empowering long-term growth of the ecosystem.

As a fully compliant Web3 infrastructure provider across Asia, HashKey Group is dedicated to the connection of traditional finance and crypto space. Founded in 2018, HashKey Group has built an established one-stop digital asset platform involving millions of users worldwide. As the sole core asset of HashKey Group, HSK will integrate and drive the entire ecosystem, fostering synergies and community engagement while creating value for users globally.

Ben El-Baz, Managing Director of HashKey Global, comments: “HSK is not just a token but a bridge between Asia and the global financial infrastructure. HashKey Global, as an important business of HashKey Group, will not only provide robust liquidity support and a stable trading environment for HSK, but will also continue to support the global expansion of the HSK ecosystem, safeguarding the development of a premier compliant Web3 ecosystem.”

HSK deposits will open on November 7 at 07:00 (UTC). HSK/USDT spot trading will start on November 26 at 10:00 (UTC), followed by the opening of HSK withdrawals on November 27 at 10:00 (UTC).

About HashKey Global

HashKey Global is the flagship digital asset exchange under HashKey Group, offering licensed digital asset trading services to users worldwide, and becomes one of the fastest-growing crypto exchanges in 2024. HashKey Global has obtained a license from the Bermuda Monetary Authority providing mainstream trading and service products such as LaunchPad, contracts, leverage, etc. HashKey Global does not service users from Hong Kong, United States, Mainland China and certain other jurisdictions in compliance with laws and regulations. Certain services, features, and campaigns may not be available in your jurisdiction.

Please read our latest Disclaimer.

For more details, please visit global.hashkey.com. Follow us on X, Telegram, and Discord.

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SOURCE HashKey Global

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Marosa secures investment from Aquiline to accelerate growth and expand VAT compliance solutions

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VIGO, Spain and LONDON, Nov. 7, 2024 /PRNewswire/ — Marosa 2024 S.L. (“Marosa”), a leading provider of VAT compliance and e-invoicing technology solutions, today announced it has secured a €12 million investment from Aquiline, a private investment firm specializing in financial services and technology. This funding represents Marosa’s first external capital raise and will help accelerate its growth strategy, expand compliance software and e-invoicing offerings, and support its global expansion.

Founded in 2016 by Pedro Pestana da Silva, Marosa is a tech-enabled provider of mission-critical VAT compliance technology and services, catering to large multinational business customers with VAT filing obligations across Europe. With over 1,200 enterprise and eCommerce customers, Marosa’s flagship software, VATify, offers a cloud-based, end-to-end solution that centralizes e-invoicing, VAT registration, and reporting. The company also provides real-time reporting of e-invoices in response to regulatory requirements in various EU countries.

The investment from Aquiline will enable Marosa to further accelerate product development, go-to-market approach, and international expansion, while capitalizing on significant regulatory and market momentum across Europe. Recent regulatory shifts, such as the adoption of mandatory e-invoicing and real-time reporting across Europe, have underscored the importance of digital VAT compliance solutions. Marosa is at the heart of these requirements, as it helps large multinational enterprises seeking to get ahead of regulatory changes by digitizing e-invoicing and VAT processes.

Pedro Pestana da Silva, Founder and CEO of Marosa, commented:

“I am delighted to welcome Aquiline as our first external investor. Over time, we have built a trusted relationship with their team, and they truly understand our vision, technology, and the needs of our clients. With this investment, we are well prepared to accelerate our R&D, enhance our product offerings, and expand our reach in a complex and evolving market.”

Giovanni Nani, Principal at Aquiline, added:

“Since our first meeting in 2020 we have admired the software and services that Pedro and the Marosa team have been developing for their growing customer base in an increasingly complex regulatory environment. Aquiline has a strong track record of backing bootstrapped financial services and technology entrepreneurs. We are excited to partner with Marosa on its next phase of growth and support the team on its journey of becoming a pan-European VAT compliance and e-invoicing leader.”

Notes to Editors

About Marosa

Marosa is a leading provider of fully integrated VAT compliance and e-invoicing technology solutions, serving enterprise and eCommerce clients across Europe. Headquartered in Vigo, Spain, Marosa’s flagship software, VATify, centralizes e-invoicing, VAT registration, and reporting, and automates communication with tax authorities, helping businesses stay ahead of regulatory changes and streamline their VAT compliance processes.

For more information, visit www.marosavat.com.

About Aquiline

Aquiline Capital Partners LP (“Aquiline”) is a private investment firm based in New York, London, and Philadelphia, that is dedicated to financial services and technology. As of September 30, 2024, Aquiline has approximately $11.3 billion of assets under management and has deployed approximately $7.0 billion of capital across the firm’s three strategies in private equity, venture, and credit.

For more information about Aquiline, its investment professionals, and its portfolio companies, visit www.aquiline.com.

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