Market News – Prop Firm Plus

Asetek – Q2 2024: Lower demand impacting Liquid cooling business, SimSports on track

Farhan SEO — Thu, 22 Aug 2024 08:42:16 +0000

Q2 revenue of $12.7 million compared with $24.5 million in Q2 2023 Q2 gross margin of 45%, level with Q2 2023 Q2 adjusted EBITDA of $0.2 million, compared with $6.2 million in Q2 2023 SimSports revenue was in line with expectations at $1.7 million in the quarter. Q2 2023 SimSports revenue of $2.4 million was unusually high due to initial shipments to a large reseller First-half 2024 revenue of $24.9 million and adjusted EBITDA of $0.2 million, compared with $39.3 million and $8.9 million in first-half 2023, respectively Group revenue expectation updated on July 1 to reflect a decrease of 28% to 32% compared to 2023 with an adjusted EBITDA margin of 1% to 4% Cost reductions initiated which are expected to yield annual cost savings of ~$3 million with full effect from Q1 2025 AALBORG, Denmark, Aug. 13, 2024 /PRNewswire/ — Asetek reported second-quarter revenue of $12.7 million compared with $24.5 million in the same period of 2023. The second quarter of 2023 was among the top three quarters ever for the Company. First-half 2024 revenue was $24.9 million compared with $39.3 million in the first half 2023. The change in both periods mainly reflects fewer shipments of liquid cooling products. Gross margin was level at 45% for both the second quarter and first half of 2024 and the respective periods of 2023. “With several factors currently impacting the liquid cooling business, we have taken steps to reduce costs, support profitability and ensure we are positioned to capture the long-term potential when the market stabilizes. Our SimSports business is progressing as planned supported by market-leading products, superior customer service and a strong brand name,” says André S. Eriksen, the CEO of Asetek. Adjusted EBITDA was $0.2 million in the second quarter of 2024, compared with $6.2 million in the second quarter of 2023. First-half 2024 adjusted EBITDA was $0.2 million, compared with $8.9 million in the same period of 2023. Adjusted EBITDA in the second quarter and first half of 2023 includes $0.8 million of non-recurring charges related to the dual listing of shares on Nasdaq Copenhagen. During the first half of 2024, the Company invested $5.8 million in property and equipment, including development of a new …

https://www.benzinga.com/pressreleases/24/08/n40331585/asetek-q2-2024-lower-demand-impacting-liquid-cooling-business-simsports-on-track

Natura &Co shows improved revenue trends, with strong performance by Natura in Brazil and signs of stability at Avon in the country

Farhan SEO — Thu, 22 Aug 2024 08:41:18 +0000

Hispanic countries that have implemented Wave 2 continue to boost Natura &Co’s profitability in Latin America SÃO PAULO, Aug. 13, 2024 /PRNewswire/ — Natura &Co (B3: NTCO3) today reported financial results for the second quarter of 2024 (2Q-24), showing improved revenue trends while margins continued to expand, especially in Hispanic countries where the second wave of the integration of Natura and Avon in the region was implemented. This positive performance, however, continued to be impacted by the ongoing sales deleverage at Avon International, which encompasses all global markets except Latin America. In addition, Natura &Co announced its support for the voluntary financial restructuring procedure of its non-operating subsidiary Avon Products, Inc. (API) initiated today in the U.S. through a Chapter 11 process to address pre-existing debts and liabilities. The proceedings are restricted to API and no impacts are expected on Avon brand operations outside the U.S., which are not part of the proceedings. Consolidated net revenue reached BRL 7.4 billion, up 5.7% vs. 2Q-23 (YoY) in constant currency (CC) and up 5.4% in reais (BRL), driven by Natura &Co’s operation in Latin America, whose revenues grew 10.0% YoY in CC (+4.3% ex-Argentina), offset by Avon International, whose revenues fell 8.4% YoY in CC. This improvement was mainly driven by the performance of both brands in Brazil. While Natura recorded another quarter of strong growth (+14.8% YoY), Avon posted a significant recovery compared to the previous quarter’s figures (from -11.3% in Q1-24 to …

https://www.benzinga.com/pressreleases/24/08/n40331441/natura-co-shows-improved-revenue-trends-with-strong-performance-by-natura-in-brazil-and-signs-of-s

Tencent Music Entertainment Group Announces Second Quarter 2024 Unaudited Financial Results

Farhan SEO — Thu, 22 Aug 2024 08:40:37 +0000

SHENZHEN, China, Aug. 13, 2024 /PRNewswire/ — Tencent Music Entertainment Group (“TME,” or the “Company”) (NYSE:TME), the leading online music and audio entertainment platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Highlights Total revenues were RMB7.16 billion (US$985 million), representing a 1.7% year-over-year decrease, primarily due to a decline in revenues from social entertainment services and others, which was partially offset by strong year-over-year growth in revenues from online music services. Revenues from music subscriptions were RMB3.74 billion (US$515 million), representing 29.4% year-over-year growth. The number of paying users increased by 17.7% year-over-year to 117.0 million, up by 3.5 million from the first quarter of 2024. Net profit was RMB1.79 billion (US$247 million), representing 33.1% year-over-year growth. Net profit attributable to equity holders of the Company was RMB1.68 billion (US$231 million), representing 29.6% year-over-year growth. Non-IFRS net profit[1] was RMB1.99 billion (US$273 million), representing 25.7% year-over-year growth. Non-IFRS net profit attributable to equity holders of the Company[1] was RMB1.87 billion (US$258 million), representing 22.5% year-over-year growth. Diluted earnings per ADS was RMB1.07 (US$0.15), up from RMB0.82 in the same period of 2023. Total cash, cash equivalents, term deposits and short-term investments as of June 30, 2024 were RMB35.03 billion (US$4.82 billion). Mr. Cussion Pang, Executive Chairman of TME, commented, “We are pleased to report another quarter of robust results, driven by the strong performance of our online music services. With over 10 million net subscriber additions in the first half of 2024 and ARPPU expansion, we continue to break new grounds within China’s streaming landscape. We remain optimistic about the music industry’s long-term potential and are committed to sustainably achieving our mid- to long-term goals, at a healthy pace and with the right balance. This approach has been instrumental in the past as we effectively navigated across various development stages and changing external environments, and it will continue to fuel innovation and growth for the years to come.” Mr. Ross Liang, CEO of TME, continued, “Our focus on user-centric innovation continued to pay off, as we have seen a steady increase in both online music subscribers and retention. This achievement is the result of further enriched membership benefits as well as unique streaming experiences delivered to a broader user base. We are delighted to see improved user loyalty on our platform, thanks to multi-faceted product and technological advancements that bring out increasingly engaging and entertaining music journey for each user.” Second Quarter 2024 Operational Highlights Key Operating Metrics 2Q24 2Q23 YoY % MAUs – online music (million) 571 594 (3.9 %) Mobile MAUs – social entertainment (million) 93 136 (31.6 %) Paying users – online music (million) 117.0 99.4 17.7 % Paying users – social entertainment (million) 7.9 7.5 5.3 % Monthly ARPPU – online music (RMB) 10.7 9.7 10.3 % Monthly ARPPU – social entertainment (RMB) 73.2 135.0 (45.8 %) Enriched content library, deepened record label collaborations, and self-produced content offerings boosted our content ecosystem. Our strong alliances with record labels ensure ongoing and deeper collaborations, including but not limited to providing users with early listening privileges to new songs to promote membership conversion and engagement. Our recent contract renewal with Sodagreen and CJ ENM reaffirmed this effective approach. Introduced digital album offerings with distinguished fan-artist interaction benefits, and premiered notable new releases in the quarter. Particularly, Zhou Shen’s digital album Shenself topped sales volume on our platform for this year. The digital albums of Lay Zhang and aespa also delivered solid performances. Supported artists in hosting concerts and staged our own music festivals, providing fans with early access to value-added services such as ticketing and artist merchandise, thereby elevating our industry influence. For example, we 1) upgraded our flagship annual event, TMEA 2024, featuring a wider array of artists from top nationwide singers and emerging musicians to overseas idols; 2) hosted TIA RAY’s first large-scale concert tour, highlighted by creative stage design, and achieved a sell-out success; 3) initiated a new collaboration with Karen Mok, customizing event-themed merchandise for her concert. Capitalized on extensive IP and artist resources to elevate production, promotion, and success of our self-produced content. 1) Produced chart-topping soundtracks for TV dramas Joy of Life 2 and The Tale of Rose, featuring joint promotion with the cast on our music Apps; 2) Promoted original content Heard of You and Who Am I on the popular national music variety show The Treasured Voice Season 5, with both songs going viral and boosting streams on our platform. Unique blend of premium benefits, original content, and a variety of engaging use cases drove sustainable subscriber growth. Advanced sound quality across devices and platforms consistently, e.g. QQ Music introduced Premium Panoramic Sound 2.0 and Kugou Music rolled out Viper Ultra Sound, both featuring ultra-clear sound quality and saw increased user adoption. Introduced more personalized privileges to strengthen member loyalty. Our proprietary players and ringtones crafted based on famous IPs and artists have been well received by members. Offering original content that appeals to different music preferences is proven to be increasingly effective for subscriber conversion. Our Super VIP (SVIP) service has started to gain more traction, thanks to our efforts in meeting members’ evolving needs. It provides a holistic listening experience across various devices and scenarios, including music and long-form audio content, with additional benefits such as priority access to digital albums and ticket booking for offline performances. Enhanced listening experience for a wider audience through advanced technology and innovative product features. Upgraded our recommendation middleware to allow for a more personalized music discovery experience. Notably, nearly 40% of streams were generated from recommendations during the quarter. Applied AIGC to elevate sound quality and interactive streaming experience. For example, we introduced data-saving AI-enhanced SQ Lite Mode while preserving superior sound quality, and rolled out a virtual DJ feature within Kugou Music to provide users with tailored music introductions and a sense of companionship. Recently launched a multi-device synchronized playback feature and a compact, half-screen music player that allow users to navigate music streaming seamlessly. Expansive rewards program gained popularity among users, resulting in more frequent and longer listening sessions. Second Quarter 2024 Financial Review Total revenues decreased to RMB7.16 billion (US$985 million) from RMB7.29 billion in the same period of 2023. Revenues from online music services delivered a strong year-over-year increase of 27.7% to RMB5.42 billion (US$746 million) from RMB4.25 billion in the same period of 2023. The increase was driven by solid growth in music subscription revenues, supplemented by growth in revenues from advertising services. Revenues from music subscriptions were RMB3.74 billion (US$515 million), representing 29.4% year-over-year growth compared with RMB2.89 billion in the same period of 2023. This rapid growth was driven by continuous expansion in the online music paying user base and improved ARPPU. The number of online music paying users increased by 17.7% year-over-year to 117.0 million, with a monthly ARPPU of RMB10.7 in the second quarter of 2024. The increase in the number of paying users was primarily due to high quality content, attractive membership privileges, and optimized user operations and effective promotions. The year-over-year increase in revenues from advertising was primarily due to our more diversified product portfolio and innovative ad formats, including ad-supported mode and sponsorship advertising. Additionally, increased revenues from offline performances also contributed to the growth in revenues from online music services. Revenues from social entertainment services and others decreased by 42.8% to RMB1.74 billion (US$239 million) from RMB3.04 billion in the same period of 2023. The continued decrease was mainly the result of adjustments to certain live-streaming interactive functions and more stringent compliance procedures we started to implement in the second quarter of 2023, as well as increased competition from other platforms. Cost of revenues decreased by 13.3% year-over-year to RMB4.15 billion (US$571 million), mainly due to decreased revenues from social entertainment services that led to less revenue sharing fees, partially offset by increased content costs of royalties, costs related to offline performances and payment channel fees. Gross margin increased to 42.0% from 34.3% in the same period of 2023, primarily due to strong revenue growth from music subscriptions and advertising services, and the ramp-up of our own content. Total operating expenses decreased by 8.5% year-over-year to RMB1.15 billion (US$158 million). Operating expenses as a percentage of total revenues decrease to 16.0% from 17.2% in the same period of 2023. Selling and marketing expenses were RMB210 million (US$29 million), which were relatively stable compared with same period of last year. We continue to maintain ROI focused approach for promotion expenses. General and administrative expenses were RMB938 million (US$129 million), representing a 10.2% year-over-year decrease. This decrease was primarily due to reduced employee-related expenses. Total operating profit was RMB2.20 billion (US$302 million) in the second quarter of 2024, representing an increase of 42.8% year-over-year. The effective tax rate for the second quarter of 2024 was 19.4% compared with 12.2% in the same period of 2023. The increase in the effective tax rate was mainly driven by the accrual of withholding income tax of RMB111 million (US$15 million) in the second quarter of 2024. Additionally, changes in preferential tax rates for certain entities also impacted our effective tax rate. For the second quarter of 2024, net profit was RMB1.79 billion (US$247 million) and net profit attributable to equity holders of the Company was RMB1.68 billion (US$231 million). Non-IFRS net profit was RMB1.99 billion (US$273 million) and non-IFRS net profit attributable to equity holders of the Company was RMB1.87 billion (US$258 million). Please refer to the section in this press release titled “Non-IFRS Financial Measure” for details. Basic and diluted earnings per American Depositary Shares (“ADS”) for the second quarter of 2024 were RMB1.09 (US$0.15) and RMB1.07 (US$0.15), respectively; non-IFRS basic and diluted earnings per ADS were RMB1.21 (US$0.17) and RMB1.19 (US$0.16), respectively. The Company had weighted averages of 1.54 billion basic and 1.57 billion diluted ADSs outstanding, respectively. Each ADS represents two of the Company’s Class A ordinary shares. Declaration and Payment of 2023 Dividend On May 11, 2024, the Company’s board of directors declared a cash dividend of US$0.0685 per ordinary share, or US$0.1370 per ADS, for the year ended December 31, 2023, to holders of record of ordinary shares and ADSs as of the close of business on May 31, 2024. The payment for the cash dividend of US$212 million was made in June 2024. As of June 30, 2024, the combined balance of the Company’s cash, cash equivalents, term deposits and short-term investments amounted to RMB35.03 billion (US$4.82 billion), compared with RMB34.18 billion as of March 31, 2024. Social Responsibilities In the second quarter, we cooperated with Tencent Charity to launch another “Little Red Flower Concert”, aiming to share compassion through music and inspire the society as a whole. We continued to partner with volunteer artists and teachers to support local education, and amplified its online reach this year by deepening collaboration with Weixin Video Accounts. Exchange Rate This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2672 to US$1.00, the noon buying rate in effect on June 28, 2024, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentation, all percentages are calculated using the numbers presented in the financial statements contained in this earnings release. Non-IFRS Financial Measure The Company uses non-IFRS net profit for the period, which is a non-IFRS financial measure, in evaluating its operating results and for financial and operational decision-making purposes. TME believes that non-IFRS net profit helps identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that the Company includes in its profit for the period. TME believes that non-IFRS net profit for the period provides useful information about its results of operations, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by its management in its financial and operational decision-making. Non-IFRS net profit for the period should not be considered in isolation or construed as an alternative to operating profit, net profit for the period or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review non-IFRS net profit for the period and the reconciliation to its most directly comparable IFRS measure. Non-IFRS net profit for the period presented here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to the Company’s data. TME encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. Non-IFRS net profit for the period represents profit for the period excluding amortization of intangible and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments and related income tax effects. Please see the “Unaudited Non-IFRS Financial Measure” included in this press release for a full reconciliation of non-IFRS net profit for the period to its net profit for the period. [1] Non-IFRS net profit and non-IFRS net profit attributable to equity holders of the Company were arrived at after excluding the combined effect of amortization of intangible assets and other assets arising from business acquisitions or combinations, share-based compensation expenses, net losses/gains from investments, and related income tax effects. About Tencent Music Entertainment Tencent Music Entertainment Group (NYSE:TME) is the leading online music and audio entertainment platform in China, operating the country’s highly popular and innovative music apps: QQ Music, Kugou Music, Kuwo Music and WeSing. TME’s mission is to create endless possibilities with music and technology. TME’s platform comprises online music, online audio, online karaoke, music-centric live streaming and online concert services, enabling music fans to discover, listen, sing, watch, perform and socialize around music. For more information, please visit ir.tencentmusic.com. Safe Harbor Statement This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC and the HKEX. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact Tencent Music Entertainment +86 (755) 8601-3388 ext. 818415 TENCENT MUSIC ENTERTAINMENT GROUP CONSOLIDATED INCOME STATEMENTS Three Months Ended June 30 Six Months Ended June 30 2023 2024 2023 2024 RMB RMB US$ RMB RMB US$ Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited (in millions, except per share data) (in millions, except per share data) Revenues Online music services 4,249 5,424 746 7,750 10,431 1,435 Social entertainment services and others 3,037 1,736 239 6,540 3,497 481 7,286 7,160 985 14,290 13,928 1,917 Cost of revenues (4,789) (4,150) (571) (9,478) (8,147) (1,121) Gross profit 2,497 3,010 414 4,812 5,781 795 Selling and marketing expenses (211) (210) (29) (423) (397) (55) General and administrative expenses (1,044) (938) (129) (2,061) (1,887) (260) Total operating expenses (1,255) (1,148) (158) (2,484) (2,284) (314) Interest income 265 304 42 502 582 80 Other gains, net 32 32 4 90 78 11 Operating profit 1,539 2,198 302 2,920 4,157 572 Share of net profit of investments accountedfor using equity method 38 54 7 58 36 5 Finance cost (42) (26)

https://www.benzinga.com/pressreleases/24/08/n40331155/tencent-music-entertainment-group-announces-second-quarter-2024-unaudited-financial-results

UBS Q2 Earnings Beats: Wealth Management Shines, Cost Savings Accelerate & More

Farhan SEO — Wed, 21 Aug 2024 07:42:38 +0000

UBS Group AG (NYSE:UBS) shares are trading higher after it reported second-quarter FY24 sales of $11.9 billion, up 25% Y/Y, beating the consensus of $11.3 billion. Underlying operating profit before tax reached $2.06 billion, significantly higher than $891 million a year ago. Global Wealth Management’s net new assets for the second quarter were $26.9 billion, with revenues increasing 15% Y/Y to $6.05 billion. The group posted a net profit attributable to shareholders of $1.14 billion for the quarter, which declined from $27.3 billion a year ago. EPS of $0.34 beat the consensus of $0.12. CET1 capital ratio, a measure of bank liquidity, was 14.9%, compared to 14.8% the previous quarter and 14.1% a year ago. CEO Sergio Ermotti said, “Our first-half results reflect the significant progress we have made since the closing of the acquisition as we deliver on all of our commitments to stakeholders. We are well positioned to meet our financial targets and return to the levels of profitability we delivered before being asked to step in and stabilize Credit Suisse.” “We are …

https://www.benzinga.com/news/earnings/24/08/40360422/ubs-q2-earnings-beats-wealth-management-shines-cost-savings-accelerate-more

Apollomics Reports First Half 2024 Financial Results and Highlights Vebreltinib Clinical Progress

Farhan SEO — Wed, 21 Aug 2024 07:41:51 +0000

Continued clinical progress for the vebreltinib registration-enabling program, including new data in non-CNS MET fusion tumors and non-small cell lung cancer (NSCLC) with MET amplification $25.9 million in cash and cash equivalents as of June 30, 2024; cash runway into the third quarter of 2025 FOSTER CITY, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) — Apollomics Inc. (NASDAQ:APLM) (“Apollomics” or the “Company”), a late-stage clinical biopharmaceutical company developing multiple oncology drug candidates to address difficult-to-treat and treatment-resistant cancers, today announced financial results for the first half of 2024 ended June 30, 2024, and highlighted updates for its pipeline. “Thus far in 2024, we have announced promising preliminary results from our vebreltinib program for the treatment of various tumors with Met dysregulation. This includes new Apollomics data for the treatment of non-CNS solid tumors with Met fusions, an incremental data update for NSCLC with MET Exon 14 skipping earlier in the year and data for the treatment of NSCLC with MET Amplification shared in this announcement,” said Guo-Liang Yu, Ph.D., Chairman and Chief Executive Officer of Apollomics. “We are encouraged by these new data and remain focused on progressing the vebreltinib program to its first regulatory submission. We look forward to providing future data updates for this program.” Pipeline Update Vebreltinib (APL-101) – a highly specific Met inhibitor for the treatment of NSCLC and other solid tumors with Met dysregulation In August 2024, the Company announced data from its SPARTA Phase 2 clinical trial for 14 patients with non-CNS MET fusion solid tumors, where a 43% objective response rate (ORR) was achieved by RECIST v1.1 criteria. This includes six confirmed responses out of 14 evaluable patients: one complete response in second-line metastatic NSCLC and five partial responses (three patients with NSCLC, one patient with pancreatic cancer, and one patient with intrahepatic bile duct cancer). Alongside the Avistone data for vebreltinib in the treatment of glioblastoma with PTPRZ1 MET fusions, vebreltinib has now demonstrated activity in a variety of tumors with MET fusions. Apollomics has also recently completed an analysis of 38 patients in the SPARTA MET amplification cohorts. Testing method discordance (determination of MET amplification by status sequencing of blood, sequencing of tumor biopsies, and/or fluorescent in-situ hybridization (FISH), as well as the use of local versus central laboratory testing), has complicated the analysis. Of the patients with the highest MET gene copy number (GCN) as determined by central sequencing, an ORR of 30% (3/10) was achieved, as compared to 13% (5/38) in the overall dataset. Going forward, Apollomics will only enroll NSCLC patients with MET amplification confirmed by central FISH testing. Apollomics believes that MET GCN ≥10 by sequencing may be comparable to GCN ≥6 by central FISH testing, which is the criteria to define MET amplification used in previous clinical trials of other MET inhibitors. In March 2024, Apollomics announced an updated efficacy analysis by gene copy number (GCN) subgroup in the treatment of NSCLC patients with Met Exon 14 skipping mutations. The data show vebreltinib activity similar to previously announced. In the absence of overlapping c-Met amplification (GCN<4), in a pooled analysis of patients from SPARTA and KUNPENG an ORR of 67% was achieved (n=86). Uproleselan (APL-106) – an E-selectin inhibitor as an adjunct to chemotherapy in acute myeloid leukemia (AML) treatment In May 2024, GlycoMimetics, our licensor of uproleselan in China, announced negative results from its pivotal Phase 3 study of uproleselan in relapsed or refractory acute myeloid leukemia. Apollomics is conducting a Phase 3 bridging study of uproleselan in China for the same indication. As positive results from the GlycoMimetics global study were likely necessary for approval of uproleselan in China for this indication, the Company has decided to close this study early and unblind after treatment for all patients is completed. As a result of these negative Phase 3 results from GlycoMimetics, the Company determined the recoverable amount was lower than the carrying value of the intangible asset and recorded an impairment loss of $10.0 million to write down the full value of our intangible asset for this program. Business Highlights Focus on vebreltinib: In July 2024, Apollomics announced a strategic prioritization for the treatment of NSCLC patients with Met Amplification. By focusing on the patient population with the greatest unmet medical need that can be addressed by MET inhibition with vebreltinib, Apollomics intends to apply its resources in the most efficient manner to generate additional clinical data for support of regulatory submissions. Leadership team changes: As previously announced, as a result of the updated strategic focus, and aligned with the Company’s resource needs going forward, Sanjeev Redkar, Ph.D., Company co-founder and former President, and Peony Yu, M.D., former Chief Medical Officer, have departed their previous roles and are expected to transition to consulting roles in August. Dr. Redkar will remain on the Board of Directors. Raised $5.8 million: In May 2024, the Company raised $5.8 million in a private placement in public equity (PIPE) financing, before transaction expenses. First Half 2024 Financial Results Cash, cash equivalents, bank deposits and money market funds as of June 30, 2024 were $25.9 million, compared to $37.8 million as of December 31, 2023. Based on current projections, the Company believes its cash position is sufficient to fund planned operations into the third quarter of 2025. Research and development (R&D) expenses were $16.9 million, including share-based compensation of $3.7 million, for the first half of 2024, compared to $16.5 million, including share-based compensation of $2.8 million, for the first half of 2023. General and administrative (G&A) expenses were $10.2 million, including share-based compensation of $4.5 million, for the first half of 2024, compared to $9.7 million, including share-based compensation of $2.4 million, for the first half of 2023. Net loss for the first half of 2024 was $(35.2) million, or $(0.38) per basic and diluted share, compared with a net loss of $(150.7) million, or $(2.55) per basic and diluted share, for the first half of 2023. Net loss for the first half of 2024 includes an impairment loss of $10.0 million to write down the full value of the uproleselan intangible asset. Net loss for the first half of 2023 includes a non-cash expense for change in fair value of convertible preferred shares of $76.4 million and expenses related to capital markets activities of $45.5 million. About Apollomics Inc. Apollomics Inc. is an innovative clinical-stage biopharmaceutical company focused on the discovery and development of oncology therapies with the potential to be combined with other treatment options to harness the immune system and target specific molecular pathways to inhibit cancer. Apollomics’ lead programs include its core product, vebreltinib (APL-101), a potent, selective c-Met inhibitor for the treatment of non-small cell lung cancer and other advanced tumors with c-Met alterations, which is currently in a Phase 2 multicohort clinical trial in the United States, and uproleselan (APL-106), a specific E-selectin antagonist that has the potential to be used adjunctively with standard chemotherapy to treat acute myeloid leukemia and other hematologic cancers, which is currently in Phase 1 and Phase 3 clinical trials in China. For more information, please visit www.apollomicsinc.com. Cautionary Statement Regarding Forward-Looking Statements This press release includes statements that constitute “forward-looking statements” within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, prospects, plans and objectives are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Apollomics cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Apollomics. In addition, Apollomics cautions you that the forward-looking statements contained in this press release are subject to unknown risks, uncertainties and other factors, including: (i) the impact of any current or new government regulations in the United States and China affecting Apollomics’ operations and the continued listing of Apollomics’ securities; (ii) the inability to achieve successful clinical results or to obtain licensing of third-party intellectual property rights for future discovery and development of Apollomics’ oncology projects; (iii) the failure to commercialize product candidates and achieve market acceptance of such product candidates; (iv) the failure to protect Apollomics’ intellectual property; (v) breaches in data security; (vi) the risk that Apollomics may not be able to develop and maintain effective internal controls; (vii) unfavorable changes to the regulatory environment; and (viii) those risks and uncertainties discussed in the Annual Report on Form 20-F for the year ended December 31, 2023, filed by Apollomics Inc. with the U.S. Securities and Exchange Commission (“SEC”) under the heading “Risk Factors” and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that Apollomics has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date made by the Company. Apollomics undertakes no obligation to update publicly any of its forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. Investor Contact: Eric Ribner LifeSci Advisors, LLC (646) 751-4363 APOLLOMICS INC.CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION(All amounts in thousands of $) As of June 30, 2024(Unaudited) As of December 31, 2023 Non-current assets Plant and equipment, net $ 124 $ 161 Right-of-use assets 1,177 425 Intangible assets, net 4,747 14,757 Rental deposits 113 119 Total non-current assets 6,161

https://www.benzinga.com/pressreleases/24/08/g40360479/apollomics-reports-first-half-2024-financial-results-and-highlights-vebreltinib-clinical-progress

Katapult Grows Second Quarter Revenue 9% Year-Over-Year

Farhan SEO — Wed, 21 Aug 2024 07:41:07 +0000

Seventh Consecutive Quarter of Year-Over-Year Gross Originations Growth Reiterates Full Year 2024 Outlook For At Least 10% Gross Originations and Revenue Growth PLANO, Texas, Aug. 14, 2024 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ:KPLT), an e-commerce-focused financial technology company, today reported its financial results for the second quarter ended June 30, 2024. “We grew the business across our key financial and operating metrics year-over-year – gross originations, revenue and Adjusted EBITDA – and continued to make strong progress on our growth strategy,” said Orlando Zayas, CEO of Katapult. “Despite the macro headwinds in the home furnishings category, our non-Wayfair gross originations, which were 52% of our base this quarter, grew nearly 20% and total Katapult Pay(R) gross originations more than doubled, representing 28% of total gross originations during the quarter. Year-to-date we’ve added three merchants to the Katapult Pay marketplace and we have kicked off new waterfall integrations with Meineke and Adorama as well as an integration with PayTomorrow, a premier waterfall financing platform. Our team is working hard to deliver the consistent experience our customers want and the incremental growth that our merchants value. We are excited about the second half of the year and look forward to building value for our stakeholders.” Operating Progress: Recent Highlights Launched new waterfall relationships that integrate our lease-to-own (LTO) offering in the merchant checkout process: Meineke, a leading franchise-based automotive repair chain with more than 700 locations across the US, has added Katapult to its consumer application process, called Meineke Payment Solutions PayTomorrow, a premier waterfall financing platform that provides a diverse range of payment options for prime, near prime and nonprime customers to more than 2,700 merchants, has integrated our LTO into its solution. We believe this integration will be instrumental in accelerating our inclusion in the waterfall platforms of multiple merchants over time. Adorama, a leading photography, video, audio, drones, and computer retailer, has awarded Katapult with an exclusive waterfall agreement Completed our integration process with Synchrony’s digital waterfall application process, and are now piloting our solution with a regional merchant. This integration will enable Synchrony’s retail partners to offer our LTO option to their customers and allow Katapult to receive application flow from applicants who are declined for Synchrony’s prime credit option. Upgraded Katapult platform with the integration of the newest version of Shopify; have successfully transitioned more than 70 merchants and/or websites to the platform Continued to build momentum for Katapult Pay and our app Katapult Pay gross originations grew more than 100% year-over-year Launched Lowe’s, Costco and Newegg in the Katapult marketplace Customer satisfaction remained high and Katapult had a Net Promoter Score of 62 as of June 30, 2024 and 59.3% of gross originations for the second quarter of 2024 came from repeat customers1 Second Quarter 2024 Financial Highlights (All comparisons are year-over-year unless stated otherwise.) Gross originations were $55.3 million, an increase of 1.1% Total revenue was $58.9 million, an increase of 8.7% Total operating expenses in the second quarter decreased 6.9%. Fixed cash operating expenses2 decreased approximately 8.8%. Net loss was $6.9 million for the second quarter of 2024, an improvement compared with net loss of $7.4 million reported for the second quarter of 2023. Adjusted net loss was $5.4 million for the second quarter of 2024, an improvement of $0.6 million compared to an adjusted net loss of $6.0 million reported for the second quarter of 2023 Adjusted EBITDA2 loss was $0.4 million for the second quarter of 2024, a meaningful improvement compared to an Adjusted EBITDA2 loss of $1.5 million in the second quarter of 2023 Katapult ended the quarter with total cash and cash equivalents of $38.4 million, which includes $4.6 million of restricted cash. The Company ended the quarter with $69.7 million of outstanding debt on its credit facility. Write-offs as a percentage of revenue were 9.3% in the second quarter of 2024 and are within the Company’s 8% to 10% long-term target range. This is a 30 bps improvement compared with 9.6% in the second quarter of 2023. [1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers. [2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information. Third Quarter and Full Year 2024 Business Outlook The Company is continuing to navigate a challenging macro environment and it is unclear if interest rates will move lower this year. While we continue to believe that our core customer is generally resilient, we also believe inflation is taking a toll on their budgets and dampening consumer demand. As a result, it’s difficult to assess what, if any impact these dynamics will ultimately have on our core consumer, prime lending standards and the US consumer’s access to financing. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available. Based on these dynamics and the operating plan in place for the full year 2024, Katapult expects to deliver the following results for the third quarter of 2024: 8 to 10% year-over-year increase in gross originations 7 to 8% year-over-year increase in revenue Breakeven or better Adjusted EBITDA For full year 2024, Katapult is reiterating the following outlook: We expect to continue to expand our customer base and acquire new customers Year-over-year growth in gross originations is expected to continue. For the full year we expect gross originations to grow at a rate of at least 10%.This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment. Both our third quarter and full year outlooks assume the home furnishings retail category returns to growth. We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay Revenue growth is expected to be at least 10% Finally with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver positive Adjusted EBITDA for full year 2024. “We delivered another strong quarter of financial performance and expect to build momentum during the second half of 2024,” said Nancy Walsh, CFO of Katapult. “As we execute on our top-line growth initiatives we are continuing to make investments in our future while maintaining our focus on fiscal discipline. This has allowed us to successfully grow both revenue and Adjusted EBITDA. We are on track to deliver a minimum of 10% gross originations and revenue growth for 2024, and for the first time since 2021, we expect to achieve positive Adjusted EBITDA for the full year. We are proud of our progress and look forward to a productive second half of the year.” Conference Call and Webcast The Company will host a conference call and webcast at 8:00 AM ET on Wednesday, August 14, 2024, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year. About Katapult Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity. Contact Jennifer Kull VP of Investor Relations Forward-Looking Statements Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our third quarter 2024 and full year 2024 business outlook and underlying assumptions, the impact of our integration with PayTomorrow and, on our associated earnings call, statements regarding our relationship with Wayfair, the durability and timing of macroeconomic headwinds, the impact of our integrations within third-party waterfalls and our relationships with new merchant-partners on gross originations and financial expectations beyond 2024. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of Katapult’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Katapult. These forward-looking statements are subject to a number of risks and uncertainties, including Katapult’s ability to refinance its indebtedness, the execution of Katapult’s business strategy, launching new product offerings and new brands and expanding information and technology capabilities; Katapult’s market opportunity and its ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance and the impact of our new executive hires and brand strategy; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where Katapult operates, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under Katapult’s control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, pandemics (such as COVID-19), consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through Katapult when due; risks relating to uncertainty of Katapult’s estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on Katapult’s future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of Katapult’s platform and effectiveness of its risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to Katapult’s business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to Katapult’s business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; that Katapult has identified material weaknesses in its internal control over financial reporting which, if not remediated, could affect the reliability of its condensed consolidated financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), or responses to such events; Katapult’s ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; the effects of the reverse stock split on our common stock; and those factors discussed in greater detail in the section entitled “Risk Factors” in Katapult’s periodic reports filed with the Securities and Exchange Commission (“SEC”), and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 that Katapult filed with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Katapult does not presently know or that Katapult currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release. All forward-looking statements contained herein are based on information available to Katapult as of the date hereof, and Katapult does not assume any obligation to update these statements as a result of new information or future events, except as required by law. Key Performance Metrics Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA. Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform. Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers. Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management. Non-GAAP Financial Measures To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release. Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue. Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrant liability, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt and stock-based compensation expense. Adjusted net loss is a non-GAAP measure that is defined as net loss before change in fair value of warrant liability and stock-based compensation expense. Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses. Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures: Are widely used to measure a company’s operating performance; Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting. Management believes the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies. KATAPULT HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (amounts in thousands, except per share data) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (As Restated) (1) (As Restated) (1) Revenue Rental revenue $ 58,196 $ 53,439 $ 122,338 $ 107,570 Other revenue 667 697 1,586 1,649 Total revenue 58,863 54,136 123,924 109,219 Cost of revenue 48,935 44,669 97,508 87,882 Gross profit 9,928 9,467 26,416 21,337 Operating expenses 12,549 13,477 25,237 29,044 Income (loss) from operations (2,621 ) (4,010 ) 1,179 (7,707 ) Loss on partial extinguishment of debt — — — (2,391 ) Interest expense and other fees (4,674 ) (4,098 ) (9,201 ) (9,287 ) Interest income 359 427 683 1,047 Change in fair value of warrant liability 109 257 (53 ) 389 Loss before income taxes (6,827 ) (7,424 ) (7,392 ) (17,949 ) Provision for income taxes (61 ) (14 ) (66 ) (34 ) Net loss $ (6,888 ) $ (7,438 ) $ (7,458 ) $ (17,983 ) Weighted average common shares outstanding – basic and diluted 4,286 4,073 4,264 4,023 Net loss per common share – basic and diluted $ (1.61 ) $ (1.83 ) $ (1.75 ) $ (4.47 ) (1) Comparisons to 2023 financial results reflect the restatement made to the Company’s unaudited interim condensed consolidated financial statements for each of the interim periods within the year ended December 31, 2023. For further information, refer to Notes 2 and 16 to the Consolidated Financial Statements included in Part II, Item 8 contained on Form 10-K for the fiscal year ended December 31, 2023. KATAPULT HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) June 30, December 31, 2024 2023 (unaudited) ASSETS Current assets:

https://www.benzinga.com/pressreleases/24/08/g40360480/katapult-grows-second-quarter-revenue-9-year-over-year

Lumentum Analysts Boost Their Forecasts Following Earnings Beat

Farhan SEO — Tue, 20 Aug 2024 08:07:33 +0000

Lumentum Holdings Inc. (NASDAQ:LITE) reported better-than-expected fourth-quarter financial results and issued strong first-quarter revenue guidance on Wednesday. The company reported quarterly earnings of 6 cents per share which beat the analyst consensus estimate of 3 cents per share. The company reported quarterly sales of $308.30 million which beat the analyst consensus estimate of $300.80 million. “We exceeded our guidance midpoints for both revenue and EPS in the fourth quarter. We booked record orders for datacom chips used in data center applications and saw emerging positive trends in the broader traditional networking market,” said Alan Lowe, President and CEO. “We are making significant progress executing our strategy to …

https://www.benzinga.com/news/earnings/24/08/40394150/lumentum-analysts-boost-their-forecasts-following-earnings-beat

Swifty Global Reports Strong Q2 Performance and Prepares for Major Exchange Uplisting

Farhan SEO — Tue, 20 Aug 2024 08:06:56 +0000

NEW YORK, NY, Aug. 15, 2024 (GLOBE NEWSWIRE) — Dear Cashmere Holding Company (OTC:DRCR) also known as Swifty Global (Swifty), is a cutting-edge technology firm focused on creating ground-breaking solutions in the sports betting sector. Swifty aims to drive shareholder value through accelerated innovation and enhanced usability of the products the company develops. With licenses spanning several global jurisdictions, Swifty has successfully brought to market a revolutionary suite of offerings. This includes the company’s proprietary swipe betting sports prediction application, as well as its traditional sportsbook and casino gaming platforms. Swifty Global is pleased to announce the completion and publication of the company’s quarterly disclosure, now available on the OTC Market website. For the second quarter of 2024, compared to the same period in 2023, the company reported a robust financial performance with the following key highlights: Cash on Hand: Increased by approximately 37%. Total Assets: Increased by $2.1 million, representing a growth of approximately 35%. Liabilities: Reduced by $1.1 million, a decrease of approximately 35%. While revenue and net income were slightly reduced compared to Q2 2023, this outcome was the result of the company’s contunued efforts to conservatively manage its risk profile by limiting exposure to larger players utilizing the Swifty platform, which in turn impacted the company’s revenue and net income. Despite this, the company’s strategic focus on long-term stability and growth has paid off. The impressive results from the second quarter have led to a significant increase in shareholders’ equity, reaching $5.9 million. This achievement is a critical milestone, meeting the listing requirements for major exchanges and providing Swifty with a solid foundation for its planned transition to a major national exchange. Throughout this quarterly period, the company has been highly focused on preparation for its uplisting to a national exchange, with a strong emphasis on balance sheet strength and risk reduction. By maintaining a disciplined approach and concentrating on building value, Swifty Global has prioritized financial stability by growing cautiously out of its own cash flow, avoiding debt, and minimizing dilution. This strategy has positioned the …

https://www.benzinga.com/pressreleases/24/08/g40394147/swifty-global-reports-strong-q2-performance-and-prepares-for-major-exchange-uplisting

UBS Liquidates $2B Credit Suisse Real Estate Fund Amid Market Slump: Report

Farhan SEO — Tue, 20 Aug 2024 08:05:59 +0000

UBS Group AG (NYSE:UBS) reportedly placed a real estate fund from its former competitor Credit Suisse, valued at over $2 billion, into “orderly liquidation.” UBS stated that the Credit Suisse Real Estate Fund International had total net assets of 1.88 billion Swiss francs ($2.17 billion) as of June, reported Reuters. The fund’s value had significantly declined throughout 2023, according to earlier reports from the bank. UBS stated that 36% of the fund’s total units in circulation in 2022 …

https://www.benzinga.com/markets/equities/24/08/40394313/ubs-liquidates-2b-credit-suisse-real-estate-fund-amid-market-slump-report

The Southern Banc Company, Inc. Announces Preliminary Fourth Quarter Earnings

Farhan SEO — Mon, 19 Aug 2024 08:46:23 +0000

GADSDEN, Ala., Aug. 15, 2024 (GLOBE NEWSWIRE) — Gates Little, President and Chief Executive Officer of The Southern Banc Company, Inc. (OTC:SRNN), the holding company for The Southern Bank Company, announced preliminary unaudited results (subject to audit adjustments following the fiscal year-end audit) of operations for the fourth quarter and year ended June 30, 2024: For the three months ended June 30, 2024, the Company reported net income of approximately $424,000, or $0.56 per basic and $0.55 per diluted share as compared to net income of approximately $784,000, or $1.03 per basic and $1.02 per diluted share, for the three months ended June 30, 2023. For the fiscal year ended June 30, 2024, the Company recorded net income of approximately $1,602,000, or $2.11 per basic and $2.09 per diluted share, as compared to net income of approximately $2,474,000, or $3.26 per basic and $3.24 per diluted share, for the fiscal year ended June 30, 2023. For the three months ended June 30, 2024, net interest income decreased approximately $240,000, or (10.52%) as compared to the same period in 2023. The decrease in net interest income for the three-month period was primarily attributable to an increase in interest and fees on loans in the amount of approximately $133,000 or 5.65%, an increase in other interest income of approximately $55,000, or 57.44%, offset in part by an increase in interest on deposits of approximately $270,000, or 81.08%. For the three months ended June 30, 2024, the Company recorded approximately $155,000 in provisions for loan losses as compared to the same period in 2023. For the three months ended June 30, 2024, total interest paid on deposits and borrowings increased approximately $250,000, or 71.02% as compared to the same period in 2023. The current interest rate environment continues to have an impact on the bank’s lending and deposit activities. For the fiscal year ended June 30, 2024, net interest income decreased approximately $346,000, or (4.17%) as compared to fiscal year 2023. The decrease in net interest income for the fiscal year ended June 30, 2024, was primarily attributable to an increase in interest and fees on loans of approximately $510,000 or 6.17%, an increase in other interest income of approximately $230,000 or 100.44%, offset in part by an increase in interest on deposits of approximately $1,175,000, or 143.19% as compared to fiscal year 2023. For the fiscal year ended June 30, 2024, the Company recorded approximately $155,000 in provisions for loan losses as compared to no provision in 2023. For the fiscal year ended June 30, 2024, total interest paid on deposits and borrowings increased approximately $1,071,000, or 115.56%. For the three months ended June 30, 2024, non-interest income increased approximately $13,000, or 8.5% as compared to the same period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $25,000, or 21.5% offset in part by a decrease in customer service fees of approximately $12,000, or (24.91%). For the fiscal year ended June 30, 2024, non-interest income increased approximately $120,000, or 22.46% as compared to fiscal year 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $151,000, or 40.78% offset in part by a decrease in customer service fees of approximately $31,000, or (18.66%). For the three months ended June 30, 2024, total non-interest expenses increased approximately $251,000, or 17.82%, as compared to the same three-month period in 2023. The increase in non-interest expense for the three-month period was primarily attributable to increases in salaries and benefits of approximately $157,000, or 17.78%, office occupancy expenses of approximately $21,000, or 29.30%, professional services of approximately $56,000, or 52.01%, and other operating expenses of approximately $21,000, or 13.38%, offset in part by decreases in data processing expenses of approximately $4,000, or (1.41%). For the fiscal year ended June 30, 2024, total non-interest expenses increased approximately $795,000, or 14.43%, as compared to fiscal year 2023. The increase in total non-interest expense for the fiscal year was primarily attributable to increases in salary and benefit expenses of approximately $468,000, or 14.01%, other operating expenses of approximately $129,000, or 19.46%, professional services expenses of approximately $49,000, or 9.06%, data processing expenses of approximately $73,000, or 10.46%, and office occupancy expenses of approximately $77,000, or 27.69%. The Company’s total assets on June 30, 2024, were approximately $113.1 million as compared to $108.6 million at June 30, 2023. Total stockholders’ equity was approximately $14.5 million, or 12.79% of assets and $12.1 million, or 11.16% of assets at June 30, 2024 and 2023, respectively. The unaudited financial information for the three and twelve months ended June 30, 2024, has been prepared on the same basis as our audited financial information and includes, in the opinion of management, all adjustments necessary to present the data for such periods. The Company expects to release its final year end results and its related audited financial statements in October 2024, following completion of the year-end audit. Historical results are not necessarily indicative of future results. The Bank has four full-service banking offices located in Gadsden, Albertville, Guntersville, and Centre, AL, and one loan production office in Birmingham, AL. The stock of The Southern Banc Company, Inc. is listed on the OTC Bulletin Board under the symbol “SRNN”. Certain statements in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “target,” “plan,” “project,” “continue,” or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management’s plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company’s financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized. (Selected financial data attached) THE SOUTHERN BANC COMPANY, INC.CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION(Dollar Amounts in Thousands) June 30, June 30, 2024 2023 (Unaudited) (Audited) ASSETS CASH AND CASH EQUIVALENTS $ 12,632 $ 8,745 SECURITIES AVAILABLE FOR SALE, at fair value 37,912 40,425 FEDERAL HOME LOAN BANK (FHLB) STOCK 120 98 LOANS RECEIVABLE, net of allowance for loan losses of $1,160 and $1,049, respectively 58,199 55,356 PREMISES AND EQUIPMENT, net 1,133 858 ACCRUED INTEREST AND DIVIDENDS RECEIVABLE 934 782 PREPAID EXPENSES AND OTHER ASSETS 2,166 2,367 TOTAL ASSETS $ 113,096 $ 108,631 LIABILITIES DEPOSITS $ 92,250 $ 90,952 FHLB ADVANCES AND OTHER BORROWED MONEY 0 0 OTHER LIABILITIES 6,380 5,557 TOTAL LIABILITIES 98,630 96,609 STOCKHOLDERS’ EQUITY: Preferred stock, par value $.01 per share 500,000 shares authorized; no shares issued and outstanding – –

https://www.benzinga.com/pressreleases/24/08/g40400833/the-southern-banc-company-inc-announces-preliminary-fourth-quarter-earnings