MILL VALLEY, Calif., March 28, 2025 /PRNewswire/ — EpicCyber, a leader in Zscaler deployment and operational services, announces its partnership with TD SYNNEX to deliver enterprise-grade Zscaler solutions and services to its network of Value-Add Resellers. This strategic partnership will enable TD SYNNEX partners to offer comprehensive cybersecurity implementations using known best practices with consistent, repeatable success.

“EpicCyber has transformed enterprise-level cybersecurity into a simple, affordable delivery SKU for VARs and integrators,” stated David Gottesman, CEO and President of EpicCyber. “Success in cybersecurity is only achieved with best practices and full adoption. That always needs to be the focus and end goal of any Zscaler deployment.”

Industry Validation

“Zscaler developed this service delivery program with EpicCyber to service our small business customers,” confirms Bill Oehlrich, Senior Director, Global MSSP GTM & Strategy at Zscaler. “Their track record of success and innovative approach to deployment makes them an ideal partner for TD SYNNEX’s partner network.”

Proven Excellence

“TD SYNNEX is committed to uniting technology solutions that deliver business outcomes today and unlock growth for the future,” said Joe Pittillo, Senior Vice President, Services at TD SYNNEX. “With EpicCyber added as a service provider, we’re able to enrich the breadth and depth of our cybersecurity services offerings in a critically important sector for our partners.”

Key Partnership Benefits

EpicCyber have delivered over 400,000 seats of Zscaler successfully deployedA track record of more than 200 referenceable Zscaler customersOffering the implementation of Zscaler Advanced SKUs at no additional chargeCustomized deployment templates and best practices

Value for TD SYNNEX Partners

This partnership addresses a critical market need by providing TD SYNNEX’s  network with:

Enterprise-grade deployment capabilitiesAccelerated time-to-value for end customersComprehensive deployment and optional managed servicesDirect escalation channels and dedicated supportProven methodology delivering 100% success rate

About EpicCyber

Since 2014, EpicCyber has been a trusted Zscaler partner, achieving Services Certification in 2018 and Managed Services Certification in 2022. The company specializes in transforming complex enterprise security solutions into accessible, efficient implementations for small and mid-market businesses.

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SOURCE EpicCyber, Inc.

Carl Vogel to become Interim CEO focused on accelerating growth

NEW YORK, March 28, 2025 /PRNewswire/ — PRG (Production Resource Group), the world’s leading provider of production solutions for entertainment and live events, today announced that Richard Porter is stepping down from his role as CEO, effective immediately. Carl Vogel, who joined the PRG Board as Lead Director in October of 2024, will expand his role and become Interim CEO.

Carl will focus on accelerating PRG’s growth through strategic initiatives, potential joint ventures, complementary go-to-market strategies, operational enhancements, and improved customer support.

“We are excited to welcome Carl to the team, as he’s brought valuable insights and leadership to PRG as a board member over the last six months. Carl has a strong track record of driving profitable growth across global businesses, and he’s well positioned to execute a series of strategic initiatives aimed at accelerating growth and expanding our customer base,” said Lauren Krueger, Managing Director of KKR, on behalf of the PRG Board of Directors.

Jere Harris, Executive Chairman, Chief Creative Officer and founder of PRG, said, “As we enter this new chapter, PRG remains focused, powered by a world-class team devoted to innovation and unmatched customer service. I look forward to partnering closely with Carl to advance our goals and ensure a seamless transition. We are fully aligned in PRG’s mission, vision and core values—dedicated to our customers, employees and stakeholders. Our entire organization is committed to delivering exceptional value and continuing to shape PRG’s future.”

Carl is an accomplished executive with over 30 years of senior leadership experience including as Chief Executive Officer of Charter Communications, Vice Chairman/President of Dish Network, and Chairman of the Board at FanDuel. Carl has served on the PRG board for the last six months and is an industry advisor to KKR.

ABOUT PRG
PRG realizes the ideas and vision of creators, producers, designers, performers, and business leaders, working in every form of entertainment and experience. It is the leading solutions provider in the production space, leveraging deep expertise and unsurpassed technology to power events of every scale and, with 37 offices in 29 countries, deliver in every corner of the globe. Capabilities span broadcasting, camera, audio, video, lighting, rigging, scenic and automation, digital services, virtual production, and labor. With over 250 patents and trademarks, PRG innovations have won awards and transformed the entertainment industry. For more information, please visit https://www.prg.com/.

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SOURCE PRG

TAIPEI, March 28, 2025 /PRNewswire/ — GigaMedia Limited (NASDAQ: GIGM) today announced its unaudited financial results for the fourth quarter and full year of 2024.

Highlights

For 2024, GigaMedia reported revenues of $3.0 million, with a gross profit of $1.5 million, an operating loss of $3.7 million and the net loss of $2.3 million.

The revenues decreased by 30.8% in 2024, mainly as our licensed games experienced slowdown. Meanwhile, we have re-constructed player’s ecosystem in our legacy casual games to maintain steady revenue streams and a healthier margin in them. In 2024, we continued rightsizing our workforce and consolidating resources to mitigate the impact of declined revenues. As a result, the operating loss were mildly increased, whereas the net loss was reduced to $2.3 million, compared to a net loss of $3.4 million in 2023.

On the balance sheet side, we maintained a solid financial position with a small cash burn rate in 2024, and our cash, cash equivalents and restricted cash amounted to $35.1 million at the end of 2024.

In 2024, we have been establishing AI-competence in our product developing settings. We believe achieving sophistication in AI is very crucial in boosting our productivity and accelerate the growth of our business.

Fourth Quarter and Full Year Overview

Consolidated 4Q revenues decreased slightly by 1.8% quarter-on-quarter , and by 13.2% year-over-year due to certain licensed games declined. Full year revenues decreased by 30.8% to $3.0 million from $4.3 million in 2023.

Loss from operations for 4Q was $0.5 million, representing a loss reduction from $1.0 million in the third quarter in 2024, as we managed to reduce the operating costs and expenses. Full year operating loss was $3.7 million, increased from $3.2 million in 2023.

The net asset value was approximately $3.69 per share as of the end of 2024.

Unaudited Consolidated Financial Results

GigaMedia Limited is a diversified provider of digital entertainment services. GigaMedia’s digital entertainment service business FunTown develops and operates a suite of digital entertainments in Taiwan and Hong Kong, with focus on mobile games and casual games.

Unaudited consolidated results of GigaMedia are summarized in the table below.

For the Full Year 2024

NM= Not Meaningful

(A)       EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.) 

Consolidated revenues for the year ended December 31, 2024 was $3.0 million, decreased from $4.3 million in the prior year. The decrease was mainly as revenues from certain licensed games declined.

Consolidated loss from operations for 2024 was $3.7 million, compared to a loss of $3.2 million in the last year. The increase of loss was mainly due to the decline of revenues.

Consolidated net loss for 2024 was $2.3 million, decreased from $3.4 million in the prior year. Loss per share for 2024 was $0.21 per share, compared to $0.31 last year.

Cash, cash equivalents and restricted cash at the year end of 2024 amounted to $35.1 million.

For the Fourth Quarter

NM= Not Meaningful

(A)       EBITDA (earnings before interest, taxes, depreciation, and amortization) is provided as a supplement to results provided in accordance with U.S. generally accepted accounting principles (“GAAP”). (See, “Use of Non-GAAP Measures,” for more details.) 

Fourth-Quarter Financial Results

Consolidated revenues for the fourth quarter of 2024 decreased slightly by 1.8% quarter-on-quarter, and decreased by 13.2% year-over-year mainly as revenues from licensed games declined.

Consolidated loss from operations of the fourth quarter of 2024 was $0.5 million, compare to a loss of $1.0 million in the last quarter.

Consolidated net loss of the fourth quarter of 2024 was $0.5 million, increased from a net loss of $0.3 million in the last quarter, mainly due to a valuation loss of $0.2 million in investments.

Cash, cash equivalents and restricted cash at the end of the fourth quarter of 2024 amounted to $35.1 million, slightly decreased from the prior quarter.

Financial Position

GigaMedia maintained its solid financial position. Cash, cash equivalents and restricted cash amounted to $35.1 million, or approximately $3.175 per share, along with zero bank loan. Our shareholders’ equity was approximately $40.8 million of as of December 31, 2024.

Business Outlook

The following forward-looking statements reflect GigaMedia’s expectations as of March 28, 2025. Given potential changes in economic conditions and consumer spending, the evolving nature of digital entertainments, and various other risk factors, including those discussed in the Company’s 2023 Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission as referenced below, actual results may differ materially.

In 2025, we will be devoted in developing AI-based creation applet for producing well-featured personal social media materials. Besides in-house application, we will also explore potentials for the related tools to become a commercialized solution of platform for publishing AI-assisted creation of products.

Meanwhile, our business strategies always include expanding through mergers and acquisitions. “We will actively pursue suitable strategic opportunities that would enable us to accelerate our growth and enhance shareholders’ value,” stated CEO James Huang.

Use of Non-GAAP Measures

To supplement GigaMedia’s consolidated financial statements presented in accordance with U.S. GAAP, the Company uses the following measure defined as non-GAAP by the SEC: EBITDA. Management believes that EBITDA (earnings before interest, taxes, depreciation, and amortization) is a useful supplemental measure of performance because it excludes certain non-cash items such as depreciation and amortization and that EBITDA is a measure of performance used by some investors, equity analysts and others to make informed investment decisions. EBITDA is not a recognized earnings measure under GAAP and does not have a standardized meaning. Non-GAAP measures such as EBITDA should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, other financial measures prepared in accordance with GAAP. A limitation of using EBITDA is that it does not include all items that impact the Company’s net income for the period. Reconciliations to the GAAP equivalents of the non-GAAP financial measures are provided on the attached unaudited financial statements.

About the Numbers in This Release

Unaudited results

All quarterly and certain annual results referred to in the text, tables and attachments to this release are unaudited. The financial statements from which the financial results reported in this press release are derived have been prepared in accordance with U.S. GAAP, unless otherwise noted as “non-GAAP,” and are presented in U.S. dollars.

Q&A

For Q&A regarding the fourth quarter and full year 2024 performance upon the release, investors may send the questions via email to IR@gigamedia.com.tw and the responses will be replied individually.

About GigaMedia

Headquartered in Taipei, Taiwan, GigaMedia Limited (Singapore registration number: 199905474H) is a diversified provider of digital entertainment services in Taiwan and Hong Kong. GigaMedia’s digital entertainment service business is an innovative leader in Asia with growing capabilities of development, distribution and operation of digital entertainments, as well as platform services for games with a focus on mobile games and casual games. More information on GigaMedia can be obtained from www.gigamedia.com.tw.  

The statements included above and elsewhere in this press release that are not historical in nature are “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding expected financial performance (as described without limitation in the “Business Outlook” section and in quotations from management in this press release) and GigaMedia’s strategic and operational plans. These statements are based on management’s current expectations and are subject to risks and uncertainties and changes in circumstances. There are important factors that could cause actual results to differ materially from those anticipated in the forward looking statements, including but not limited to, our ability to license, develop or acquire additional digital entertainment products or services that are appealing to users, our ability to retain existing users and attract new users, and our ability to launch digital entertainment products and services in a timely manner and pursuant to our anticipated schedule. Further information on risks or other factors that could cause results to differ is detailed in GigaMedia’s Annual Report on Form 20-F filed in April  2024 and its other filings with the United States Securities and Exchange Commission.

(Tables to follow)

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SOURCE GigaMedia