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BEIJING, March 18, 2025 /PRNewswire/ -- A news report from chinadaily.com.cn： The World Internet Conference (WIC) held a press briefing in Beijing on March 17 to introduce the upcoming WIC Asia-Pacific Summit, which will take place in Hong Kong from April 14 to 15. The briefing outlined key highlights of the event and the latest preparations. Ren Xianliang, secretary-general of the WIC, and Sun Dong, secretary for Innovation, Technology and Industry of the Hong Kong Special Administrative Region (HKSAR) Government, attended the event and took questions from the media. The press conference was chaired by Liang Hao, executive deputy secretary-general of the WIC. The WIC Asia-Pacific Summit is hosted by the WIC, organized by the HKSAR Government, and co-organized by the Hong Kong Innovation, Technology and Industry Bureau. This summit will focus on artificial intelligence (AI) under the theme "Integration of AI and Digital Technologies Shaping the Future – Jointly Building a Community with a Shared Future in Cyberspace." The summit will feature an opening ceremony, the main forum, and sub-forums on key topics, including large AI models, digital finance, digital government and smart life, providing a platform for collaboration and exchanges to drive digital and intelligent transformation across the Asia-Pacific region. Ren highlighted Hong Kong's role as a global financial, trade, and shipping hub, as well as a key intersection of culture and technology. He emphasized that Hong Kong's open, innovative spirit aligns closely with AI development, making it an ideal location for the summit. The event aims to foster a cross-regional, cross-sector, and cross-cultural dialogue platform to promote open collaboration, innovation-driven growth, and digital connectivity across the Asia-Pacific. Sun noted that Hong Kong serves as a vital bridge between China and the world and has been actively advancing technological innovation in line with national strategies. The city has introduced a series of innovation and technology development initiatives to drive the growth of new quality productive forces, foster a thriving innovation ecosystem, and establish a new real economy leveraging Hong Kong's unique strengths. He pointed out that Hong Kong's AI Supercomputing Centre, launched in late 2024, and the upcoming Hong Kong AI Research and Development Institute will further boost AI research, commercialization, and application development. The summit will discuss latest developments in these emerging and future industries. The Asia-Pacific Summit will uphold the WIC's global, professional, and high-level standards, featuring discussions on AI infrastructure, technology industries, and security governance. The event will bring together high-level representatives from international organizations, governments, leading enterprises, and industry associations, as well as renowned experts and scholars from around the world. Confirmed attendees include representatives from international organizations such as the Global System for Mobile Communications Association, the IPv6 Forum, the British Standards Institution, the JSC Development Fund of Georgia, the Great Silk Way International Youth Union, and the Pakistan Information Security Association. Distinguished experts, including Kilnam Chon, "Father of the Internet in South Korea," and Nii Narku Quaynor, "Father of the Internet in Africa," as well as executives from leading global technology firms like IBM, 360 Group, Ant Group, Ping An, Lalamove, MTel, H3C, and Renmin University of China, will also participate. In addition, representatives from rising internet start-ups, including those from Hangzhou's "Six Little Dragons" tech cluster, will be in attendance. During the summit, a government-business dialogue will be held, where ministerial-level officials, senior industry representatives, and WIC enterprise member executives will discuss innovation-driven economic growth and global expansion strategies for enterprises. A promotion event for the 2025 Practice Cases of Jointly Building a Community with a Shared Future in Cyberspace and the WIC Awards for Pioneering Science and Technology will also be held on the sidelines of the summit, where the submission requirements for both initiatives will be introduced. Representatives of past award-winning projects will share their experiences, and a special member day activity at China Unicom Global will be organized as well. The World Internet Conference Digital Academy will also host an advanced training program on cybersecurity emergency response. In addition, research findings including Intelligence Governance for Good and for All—Empowering Global Sustainable Development and Comparative Study on Cross-Border Global Data Flow Policies, and a series of reports under the think tank cooperation program will also be released at the summit.
全台資安圈年度盛事「CYBERSEC 2025 臺灣資安大會」即將於4月15日在南港展覽二館盛大登場，以「TEAM CYBERSECURITY」為主題，匯聚產業菁英共探資安新解，全景軟體將在本屆大會重磅展示其PKI (Public Key Infrastructure)技術如何為智慧家庭與企業數位轉型注入強大動能，引領資安新時代。 全景軟體推出IoT解決方案「Ciot」，以資安防護(Cyber)、控制(Control)和連結 (Connect)作為核心價值，多面向滿足物聯網需求，促進製造商與企業構築安全、高效的數位信任基礎。Ciot Matter解決方案攜手日本Cybertrust共同推動Matter 生態系，Cybertrust作為日本首家參與 Matter 全球標準制定的電子認證機構，將自 2025年3月起提供DAC(Device Attestation Certificate)測試證書，協助製造商搶占智慧家庭市場先機，Ciot讓Matter合規更輕鬆，無論是快速升級現有產品，或建立自有認證體系，結合藍牙通訊模組、Thread與內建DAC的安全晶片與模組，省去繁瑣認證流程，讓智慧家庭產品加速上市，抓住Matter熱潮帶來的商機。 全景軟體深耕身分認證技術多年，持續強化零信任安全驗證，並不斷優化多因素身分認證機制-IDExpert身分認證系統，提升企業資安防護層級，包括Agent Less AD閘道型認證模組，無需安裝代理程式即可整合AD驗證，簡化企業導入流程；Geofencing地理圍欄模組，透過地理位置限制存取，提高機敏資訊安全性；MFA監控中心- MoniCenter，集中管理全景伺服器與用戶端設備的代理程式狀態與日誌資料，透過一站式平台，IT 管理員能即時監控並快速處理異常，保障服務穩定運行；以及Active Sync裝置認證，確保同步裝置符合安全標準，降低未授權存取風險，無間斷的協助企業建構更穩固的資安保護架構。 而在推動數位轉型的進程，全景集結自身所長，透過電子簽章、數位簽章不斷精進簽署流程，因應不同產業提供最適化方案，同時，整合AI-OCR、影像處理技術，強化資料辨識與數據保護，落實文件全生命週期管理。此外，經由整合最高安全強度的第三方憑證、結合生物識別/無密碼認證FIDO身分鑑別等驗證方式，讓身分驗證更確實，企業資料管理更安全，在邁向數位化未來的過程，也能安心無虞。更多產品資訊，請參考全景軟體官網：www.changingtec.com。 CYBERSEC 2025臺灣資安大會展會資訊 n 2025.4.15(二)~4.17(四) n 台北南港展覽二館 n 全景軟體攤位： 4樓／AIoT & Hardware Security Zone AH16 4樓／臺灣資安館 T20 1樓／CYBERSEC EXPO C205 n 全景IoT安全解決方案https://www.changingtec.com/iot_security.html n 全景零信任解決方案https://www.changingtec.com/zero_trust.html n MoniCenter 監控與日誌管理解決方案https://www.changingtec.com/monicenter.html n FastSIGN快速簽解決方案https://www.changingtec.com/fastsign_cloud.html 媒體聯絡單位 全景軟體 行銷公關部 電話：03-563-0688 EMAIL：marcom@changingtec.com 關於全景軟體CHANGING 全景軟體秉持自主研發精神，致力於建立安全且便捷的網路應用環境，核心專業領域包括人、事、物的認證安全，如關鍵驗證-零信任架構、物聯網安全、科技金融資安和數位轉型應用等。憑藉超過25年的深厚專業知識，使命在於為各行各業構建更加安全且可信賴的零信任網路環境架構，同時不斷創新，提供多元化的產品與服務，以滿足客戶多樣化的需求，並一同建立更為安全、高效的網路環境，在數位時代中，成為您可以依賴的合作夥伴。
SINGAPORE, March 18, 2025 /PRNewswire/ -- Binance, the global blockchain ecosystem behind the largest crypto exchange by trading volume, is proud to announce that it has received an appreciation award from the Singapore Police Force (SPF) for its proactive contribution in the fight against cyber threats. This recognition reinforces Binance's dedication to remaining at the forefront of industry efforts to build a safe and secure financial ecosystem for all. The award was presented by SPF's CyberCrime Command (CCC) during this year's Alliance of Public PrivAte Cybercrime sTakeholders (APPACT) networking dinner held last week on March 11, 2025. The APPACT Appreciation Awards recognize private companies for their efforts and partnership with the SPF CCC in capability building and their contributions to detecting and preventing cybercrime. This award underscores the important role that private sector players, such as Binance, play in combatting emerging cybersecurity threats in Singapore. The Guest of Honor at the dinner, Mr Zhang Weihan, Acting Deputy Commissioner (Investigation & Intelligence) and Director of the Criminal Investigation Department (CID) of SPF, gave an opening speech where he directly expressed appreciation to various private sector entities, including Binance, for their analytical and operational support in cases handled by the Singapore Police Force. Binance received the award this year alongside 17 other companies. Award recipients also include tech giants like Google, Mastercard, Meta, Microsoft, and PayPal. On receiving the award, Akbar Akhtar, Binance's Head of Investigations for APAC, shared: "Receiving the APPACT Appreciation Award is an honor for Binance, and we are deeply grateful to the Singapore Police Force for recognizing our team's efforts in combating cybercrime. At Binance, we have always believed that effective security requires collaboration. That is why we are constantly looking for opportunities to directly engage with both law enforcement agencies and industry players to create a digital environment where everyone feels safe, comfortable, and protected." This latest recognition places a spotlight on Binance's broader and ongoing efforts to combat illicit activity and build strong public-private partnerships in all parts of the world. In fact, it has been a particularly active month for Binance in Southeast Asia. Earlier this month, Binance also received an appreciation from Thailand's Central Investigation Bureau (CIB) for contributions to Operation Cyber Guardian. Additionally, Binance was recently honored with an appreciation medal from the Directorate of Cyber Crime of Indonesia for its long-term support for the unit. In 2024, Binance responded to nearly 65,000 requests from law enforcement agencies worldwide. Moving forward, Binance remains committed to working collaboratively with both public and private players to ensure the digital sphere remains safe and secure for all.
Strategic Move Positions VCI Global’s Fintech Division Among Tech Unicorns like Carsome and SoftBank-Backed Carro KUALA LUMPUR, Malaysia, March 17, 2025 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global” or the “Company”), a leading AI infrastructure provider, has signed a definitive agreement, valued at approximately US$1.8 million, to acquire Datanex Asia Sdn Bhd (“Lux-Motion”), a high-growth Malaysian luxury supercar e-commerce platform. The acquisition marked a significant expansion into AI-driven automotive financing and blockchain-powered digital lending, further solidifying VCI Global’s leadership innovation within the luxury auto sector. As an AI-powered luxury supercar e-commerce platform, Lux-Motion is transforming high-end automotive services through advanced digital innovation. At the core of its technology, the LuxScore system leverages comprehensive data sources to provide accurate financial assessments and personalized luxury supercar recommendations. By integrating AI-driven risk evaluation with blockchain-backed transaction security, Lux-Motion ensures a seamless, intelligent marketplace that delivers highly tailored, efficient, and secure transactions for buyers and sellers. Lux-Motion’s platform offers: AI-Powered Instant Financing: Automated loan approvals and same-day disbursements. Lease-to-Own & Flexible Payment Options: Expands financing accessibility for luxury car buyers. Blockchain-Based Digital Ownership: Ensures secure, tokenized asset tracking for vehicle transactions. AI-Powered Vehicle Matching: Proprietary LuxScore algorithm optimizes financing and pricing options. By integrating AI-powered risk assessment and blockchain-backed transaction security, Lux-Motion strengthens VCI Global’s presence in the rapidly expanding digital automotive marketplace. With the global automotive e-commerce market projected to reach approximately US$343.13 billion by 2032 at a compound annual growth rate (CAGR) of 16.6%, VCI Global is well-positioned to capitalize on this growth by transforming high-value vehicle financing. The acquisition of Lux-Motion not only accelerates VCI Global’s expansion into AI-driven digital lending but also enhances its potential for strategic mergers, acquisitions, and partnerships. By leveraging Lux-Motion’s AI-powered financing model, VCI Global reinforces its leadership in high-value automotive transactions, unlocking new revenue streams and increasing market valuation in the evolving digital lending landscape. “Luxury car buyers expect efficiency, trust, and seamless financing. This acquisition is a strategic milestone that strengthens our position in AI-powered asset financing while laying the foundation for future expansion into high-value digital lending, enabling VCI Global to compete with major digital automotive platforms. By integrating AI-driven risk assessment, fintech-backed lending, and blockchain-powered ownership, we are building a scalable ecosystem that streamlines luxury car transactions—enhancing the customer experience, unlocking new revenue streams, increasing market valuation, and driving long-term value for our investors,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global. About Datanex Asia Sdn Bhd (Lux-Motion) Lux-Motion is Malaysia’s AI-powered luxury supercar e-commerce platform, transforming high-end automotive services through advanced digital innovation. The company provides a seamless, technology-driven approach to luxury car ownership, offering buyer-centric solutions and premium chartered car services tailored to the needs of high-net-worth clients. Its proprietary LuxScore system enhances transaction efficiency by providing data-driven financial assessments and personalized vehicle recommendations, ensuring a superior purchasing experience. For more information, please visit https://lux-motion.com/. About VCI Global Limited VCI Global is a diversified global holding company with a strategic focus on AI & Robotics, Fintech, Cybersecurity, Renewable Energy, and Capital Market Consultancy. With a strong presence in Asia, Europe, and the United States, VCI Global is committed to driving technological innovation, sustainable growth, and financial excellence across multiple industries. For more information on the Company, please log on to https://v-capital.co/. Cautionary Note Regarding Forward-Looking Statements This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (“SEC”). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law. CONTACT INFORMATION: For media queries, please contact: VCI GLOBAL LIMITEDenquiries@v-capital.co
Total audited revenue for 2024 was $19.5 million. The first two months of 2025, our unaudited revenue is about $5.7million, more than 50% growth year over year for the first two months of 2024, and exceeded the revenue of the entire Q1 of 2024 Cash and cash equivalents were $7.8 million, and Total Current Liabilities were $2.1 million as of December 31, 2024 STUART, Fla., March 18, 2025 /PRNewswire/ -- Health In Tech (Nasdaq: HIT), an Insurtech platform company backed by third-party AI technology, today announced its financial results for the fourth quarter and full year ended December 31, 2024. Financial Highlights for the Full Year 2024: Cash and cash equivalents were $7.8 million as of December 31, 2024, compared to $2.4 million in the same period end of 2023 Account receivables were $1.6million as of December 31, 2024, compared to $2.2 million in the same period end of 2023. The accounts receivable turnover was 29 days in 2024. Total liabilities were $2.6million as of December 31, 2024 compared to $5.4 million in the same period end of 2023. The number of enrolled employees (EEs) billed was 18,348, compared to 21,213 in the same period of 2023 The number of business clients serviced was 890, compared to 1,002 in the same period of 2023 Total revenues of $19.5 million, up 1.8% year-over-year Gross margin was 79.2%, compared to 88.0% in the same period of 2023 Income from continuing operations, net of income taxes was $0.7 million, compared to $2.5 million in the same period of 2023 Adjusted EBITDA was $2.3 million, compared to $4.8 million in the same period of 2023 Financial Highlights for the Fourth Quarter of 2024 The number of enrolled employees (EEs) billed was 18,348, compared to 21,213 in the same period of 2023 The number of business clients serviced was 890, compared to 1,002 in the same period of 2023 Total revenues of $4.9 million, compared to $5.2 million in the same period of 2023 Gross margin was 77.4%, compared to 81.8% in the same period of 2023 Income from continuing operations, net of income taxes was ($0.1) million, compared to $1.0 million in the same period of 2023 Adjusted EBITDA was $0.5 million, compared to $1.0 million in the same period of 2023 "2024 was a transformative year for Health In Tech as we successfully completed our IPO, expanded our product offerings, and made strategic investments in technology and infrastructure." said Tim Johnson, CEO of Health In Tech. "These initiatives have strengthened our foundation and positioned us for scalable growth. While we took a deliberate approach to moderating growth this year, we made significant progress in enhancing our platform, improving cybersecurity, and developing innovative solutions tailored to meet the evolving needs of our customers." Mr. Johnson continued: "In 2025, we are accelerating execution and expanding our reach. We are set to fully launch our mid-sized business underwriting solution, extending coverage to employers with more than 150 employees, expanding beyond our traditional focus on small businesses (5–150 employees). Our new Spec & Agg stop-loss product further enhances efficiency by streamlining claims processing for TPAs and carriers. These advancements will drive revenue growth and significantly expand our total addressable market." "We are entering 2025 with strong momentum and a clear path for growth. With the strategic groundwork laid in 2024, we anticipate continuing to invest in automation, and expand into new markets, we remain committed to delivering innovative, value-driven solutions that transform self-funded healthcare." As we scale, invest in automation, and enter new markets, we remain committed to delivering innovative, value-driven solutions that transform self-funded healthcare" Tim concluded. Recent Developments and Business Highlights Initial Public Offering. In December 2024, the Company completed its initial public offering (the "IPO") of 2,300,000 shares of Class A common stock. Gross proceeds to Health In Tech from the offering were $9.2 million before deducting underwriting discounts and commissions. Partnerships and Collaborations. On January 22, 2025, the Company announced an innovative collaboration with MARPAI and Vitable DPC to introduce enhanced self-funded health plan solutions at highly competitive prices. This collaboration leverages the strengths of Vitable's Direct Primary Care (DPC) model, alongside a comprehensive health plan and stop-loss coverage, to offer cost-effective quotes through Health In Tech's eDIYBS platform. The collaboration is poised to set a new benchmark in the industry for affordability and operational efficiency, empowering businesses to provide high-quality healthcare solutions to their employees at a lower cost. Expand Executive Team to Drive Growth and Innovation. Effective March 17, 2025, the company has appointed key executives to strengthen its leadership and drive innovation. Chris Kurtenbach has been promoted to Chief Operating Officer, replacing (Jonathan) Del Lockett, who now serves as Chief Strategy Officer. Dustin Plantholt has been named Chief Growth Officer, and Jenni Guerrica has been promoted to Chief Information Security Officer. These leadership changes enhance operational efficiency, support market expansion, and position Health In Tech for continued growth in the healthcare industry. Conference Call Details Health In Tech will host a conference call to discuss the financial results for the fourth quarter and full year of 2024 on March 17, 2024, at 5:00 p.m. (ET). To participate in our live conference call and webcast, please dial 1-888-346-8982 or 1-412-902-4272 (for international participants). A live audio webcast will be available via the Investor Relations page of Health In Tech's website at https://healthintech.com/. A replay of the webcast will be available for on-demand listening shortly after the completion of the call, at the same web link, and will remain available for approximately 90 days. Non-GAAP Financial Information This release presents Adjusted EBITDA, a non-GAAP financial metric, which is provided as a complement to the results provided in accordance with accounting principles generally accepted in the United States of America ("GAAP"). A reconciliation of historical non-GAAP financial information to the most directly comparable GAAP financial measure is provided in the accompanying tables found at the end of this release. Use of Forward‑Looking Statements Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity. About Health In Tech Health In Tech (Nasdaq: "HIT") is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com. Health In Tech, Inc. Consolidated Statements of Operations Three Months Ended December 31, Fiscal Year Ended December 31, 2024 2023 2024 2023 Revenues Revenues from underwriting modeling (ICE) $1,697,080 $2,011,060 $6,649,271 $8,226,852 Revenues from fees 3,207,484 3,205,223 12,841,635 10,924,650 SMR 2,470,284 2,405,622 9,849,300 8,085,596 HI Card 737,200 799,601 2,992,335 2,839,054 Total revenues 4,904,564 5,216,283 19,490,906 19,151,502 Cost of revenues 1,107,173 951,967 4,051,439 2,303,911 Gross profit 3,797,391 4,264,316 15,439,467 16,847,591 Operating expenses Sales and marketing expenses 632,060 873,893 3,158,257 3,380,375 General and administrative expenses 2,848,014 1,261,594 8,477,407 8,079,329 Research and development expenses 633,653 673,444 2,813,899 2,004,796 Total operating expenses 4,113,727 2,808,931 14,449,563 13,464,500 Other income (expense): Interest income 28,774 26,132 122,885 40,857 Interest expenses - (1,104) (495,000) (2,052) Other income 114,055 - 271,211 - Other expense 62,759 - - - Total other income (expense), net 205,588 25,028 (100,904) 38,805 Income (loss) before income tax expense $(110,748) $1,480,413 $889,000 $3,421,896 Provision for income taxes (33,404) (478,113) (218,523) (945,236) Income (loss) from continuing operations, net of income taxes (144,152) 1,002,300 670,477 2,476,660 Income from discontinued operations, net of income taxes - - - 1,481,254 Net income (loss) $(144,152) $1,002,300 $670,477 $3,957,914 Net income attributable to noncontrolling interests - - - $1,481,254 Net income (loss) attributable to common stockholders $(144,152) $1,002,300 $670,477 $2,476,660 Health In Tech, Inc. Consolidated Balance Sheets December 31, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $7,849,248 $2,416,350 Accounts receivable, net 1,647,103 2,235,666 Other receivables 500,252 1,681,100 Deferred offering costs - 261,769 Prepaid expenses and other current assets 787,161 264,382 Total current assets 10,783,764 6,859,267 Non-current assets Software 3,962,461 3,561,385 Loans receivable, net 815,995 815,999 Operating lease - right of use assets 206,269 266,641 Total non-current assets 4,984,725 4,644,025 Total assets $15,768,489 $11,503,292 Liabilities and stockholders' equity Current liabilities Notes payable $- $1,650,000 Accounts payable and accrued expenses 1,858,840 2,620,965 Income taxes payable 205,253 451,946 Operating lease liabilities - current 66,881 58,482 Total current liabilities 2,130,974 4,781,393 Non-current liabilities Deferred tax liabilities 328,676 421,980 Operating lease liabilities - non-current 139,811 206,693 Total non-current liabilities 468,487 628,673 Total liabilities 2,599,461 5,410,066 Stockholders' equity Common stock, $0.001 par value; Class A Common stock 150,000,000 shares authorized, 42,914,870 and 29,269,358 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 42,915 29,269 Common stock, $0.001 par value; Class B Common stock 50,000,000 shares authorized, 11,700,000 and 22,500,000 issued and outstanding as of December 31, 2024 and December 31, 2023, respectively 11,700 22,500 Additional paid-in capital 9,173,017 2,770,538 Retained earnings 3,941,396 3,270,919 Total stockholders' equity 13,169,028 6,093,226 Total liabilities and stockholders' equity $15,768,489 $11,503,292 Health In Tech, Inc. Consolidated Statements of Cash Flows Fiscal Year Ended December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $670,477 $3,957,914 Adjustments to reconcile net income to net cash provided by operating activities: Write-off of accounts receivable 1,878 - Amortization expense 541,141 339,300 Deferred tax expenses (benefits) (93,304) 133,980 Amortization of debt discount 495,000 - Interest income (63,996) (15,999) Stock-based compensation expense 468,489 - Changes in operating assets and liabilities: Accounts receivable 586,685 (1,279,324) Other receivables 1,180,848 (1,678,823) Other receivables-related party - 18,242 Prepaid expenses and other current assets (514,242) (211,097) Operating lease right of use assets and liabilities, net 1,889 4,259 Accounts payable and accrued expenses (851,963) 2,146,570 Income taxes payable (246,693) 332,047 Assets and liabilities of discontinued operations - (2,218,191) Net cash provided by operating activities 2,176,209 1,528,878 CASH FLOWS FROM INVESTING ACTIVITIES: Development of software (900,755) (1,144,361) Funds provided for loans receivable - (800,000) Interest received from loans receivable 64,000 - Net cash used in investing activities (836,755) (1,944,361) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock in connection with initial public offering, net of underwriting discounts and commissions 8,214,000 - Payments of deferred offering costs (1,975,556) (261,769) Payment of distributions - (44,351) Proceeds from notes payable - 1,650,000 Repayments of notes payable (2,145,000) - Net cash provided by financing activities 4,093,444 1,343,880 Increase in cash and cash equivalents 5,432,898 928,397 Cash and cash equivalents, beginning of year 2,416,350 1,487,953 Cash and cash equivalents, end of year 7,849,248 2,416,350 Supplemental disclosures of cash flow information: Cash paid for interest $- $2,052 Cash paid for income taxes $558,521 $479,209 Summary of noncash investing and financing activities: Accrued deferred offering costs included in accounts payable and accrued expenses $39,839 $- Accrued development of software included in accounts payable and accrued expenses $50,000 $- Conversion of Series A convertible preferred stock to Class A common stock $- $2,566,038 Reclassification of deferred offering costs to additional paid-in capital upon initial public offering $2,277,164 $- Components of Operating Results Revenues While we generate our revenue primarily from small employers and insurance carriers, we grow our business primarily from offering solutions that streamline sales processes, enhance service delivery, and reduce the sales cycle duration for TPAs, MGUs, and Brokers. We offer our services through our three subsidiaries. Program services provided by SMR and MGU activities provided by ICE (including eDIYBS) are interdependent, as they cannot function effectively without being combined. Services provided by HI Card is an optional add-on to our other services, and it cannot be offered on a standalone basis. Brokers that utilize the program services on behalf of the small employer provided by SMR and MGU activities provided by ICE, are not obligated to utilize our HI Card service. Currently ICE does not offer underwriting services as a standalone service. In the future, we may consider offering it as a standalone service. Cost of revenues Cost of revenues primarily consists of infrastructure costs to operate our platform such as hosting fees and fees paid to various third-party partners for access to their technology, services and amortization expenses of our capitalized internal-use software related to our platform. We mainly outsource captive management services and data services from the third-party companies. Our internal proprietary system seeks to consistently improve underwriting and services results through machine learning and data feeds. The captive management activities include introducing new carriers, conducting due diligence on carriers, conducting feasibility studies to determine the viability to be a stop-loss carrier on the platform, negotiating terms and contracts, coordinating audit requests, managing relationship with unrelated carriers and their regulators and auditor firms to ensure that our risk associated with our service offerings is minimized. Sales and marketing expenses Sales and marketing expenses primarily consist of personnel-related costs including salaries, benefits and commissions cost for our sales and marketing personnel. Sales and marketing expenses also include the costs for advertising, promotional and other marketing activities, as well as certain fees paid to various third-party for sales and customer acquisition. General and administrative expenses General and administrative expenses primarily consist of personnel-related costs and related expenses for our executives, finance, legal, human resources, technical support, and administrative personnel as well as the costs associated with professional fees for external legal, accounting and other consulting services, insurance premiums. Research and development expenses Research and development expenses primarily consist of personnel-related costs, including salaries and benefits for our research and development personnel. Additional expenses include costs related to the software development, quality assurance, and testing of new technology, and enhancement of our existing platform technology. Adjusted EBITDA Adjusted EBITDA represents our earnings from continuing operations before net interest expense, taxes, and depreciation and amortization expense, adjusted to eliminate stock-based compensation expense and public company readiness costs not deemed capitalizable. Adjusted EBITDA is not a measure calculated in accordance with United States Generally Accepted Accounting Principles, or GAAP. We exclude certain non-recurring or non-cash items when calculating Adjusted EBITDA, and we believe this approach provides a more meaningful measure by offering a clearer view of our underlying operational performance. Financial Results Summary ($ in millions) Three Months Ended December 31, Year Ended December 31, 2024 2023 % Change 2024 2023 % Change Total revenues $ 4.9 $ 5.2 -6.0 % $ 19.5 $ 19.2 1.8 % GAAP gross margin 77.4 % 81.8 % -4.4 % $ 79.2 % $ 88.0 % -8.8 % Income (loss) from continuing operations, net of income taxes $ (0.1) $ 1.0 -114.4 % $ 0.7 $ 2.5 -72.9 % Adjusted EBITDA $ 0.5 $ 1.0 -51.2 % $ 2.3 $ 4.8 -52.7 % Investor ContactInvestor Relations:ir@healthintech.com
Dustin Plantholt appointed Chief Growth Officer Chris Kurtenbach appointed Chief Operating Officer (Jonathan) Del Lockett appointed Chief Strategy Officer Jenni Guerrica appointed Chief Information Security Officer STUART, Fla., March 18, 2025 /PRNewswire/ -- Health In Tech (Nasdaq: HIT), an Insurtech platform company backed by third-party AI technology, today announced key executive appointments to fuel growth, expand market opportunities, and drive innovation in the self-funded healthcare industry. These executive appointments mark a pivotal step in the company's strategy to strengthen its operational capabilities, scale its technology-driven solutions, and reinforce its position as a disruptor in the industry. "These executive appointments underscore our commitment to driving innovation, enhancing scalability, and accelerating market expansion," said Tim Johnson, CEO of Health in Tech. "Each of these leaders brings deep expertise and a proven track record in driving business transformation, high-growth strategies, and operational excellence. Their diverse backgrounds in insurtech, underwriting, cybersecurity, and market expansion will elevate our platform, optimize efficiency, and continue to deliver groundbreaking solutions that redefine self-funded healthcare." Dustin Plantholt Appointed Chief Growth Officer Dustin Plantholt has been named Chief Growth Officer, effective March 2025, succeeding Glenn Hillyer, who has been appointed Senior Vice President of Sales Partner Relations. In this role, Plantholt will lead business expansion, innovation, and strategic partnerships to drive the company's next phase of growth. With over 20 years of experience in insurance, emerging technology, and media, Plantholt has successfully built, scaled, and exited multiple companies, with a strong focus on sustainability and disruptive innovation. Plantholt has served as Chief Executive Officer at BlockBuzz Inc., a strategy, media and partnership advisory company, since November 2018. Previously, he served as Chief Executive Officer at Life's Tough Media from July 2019 to June 2023, Senior Editor at Forbes Monaco from September 2021 to February 2023, Executive Vice President at Optimed Health, Inc. from September 2017 to November 2018, and Chief Sales & Marketing Officer at Evergreen Health, Inc. from October 2016 to September 2017. Chris Kurtenbach Appointed Chief Operating Officer Chris Kurtenbach has been appointed as its Chief Operating Officer (COO), effective March 2025. Kurtenbach previously served as the company's Senior Vice President of Operations from November 2024 to March 2025. In his new role, he will oversee claims, enrollment, underwriting, data analytics, and operational efficiency. Kurtenbach brings over 30 years of experience in operations, customer service, and process improvement across multiple industries. He has proven track record in building high performing organizations through a "roll-up my sleeves technique," diving into the details and understanding the strengths and weaknesses of the teams, the systems and the processes. Kurtenbach is an industry veteran with over 30 years of experience senior leadership roles leading various product and business functions in diverse companies. Prior to his role at HIT, he served as the VP of Service and Operations at BCS Financial Corporation, a company that provides a wide range of insurance and financial solutions for Blue Cross and Blue Shield organizations and commercial partners nationwide, from October 2017 to November 2024, Senior VP at LifeWatch, an ambulatory cardiac monitoring service, from May 2016 to August 2017, and VP of Operation and VP of Business and Product Operations at AIM Specialty Health (now Carelon Medical Benefits Management Inc.), a medical benefits management service, from June 2012 to May 2016. (Jonathan) Del Lockett Appointed Chief Strategy Officer Formerly Chief Operating Officer, (Jonathan) Del Lockett is transitioning to Chief Strategy Officer, where he will oversee new business development, SaaS innovation, and market expansion. As Health in Tech continues to refine its technology-driven offerings, the company is placing a stronger emphasis on long-term business strategy and product innovation. Lockett's transition into this role reflects the company's commitment to leveraging his deep industry expertise to drive the next phase of growth. His background in managing general agency (MGA), TPA, and captive health insurance uniquely positions him to identify and implement strategic initiatives that enhance Health in Tech's market positioning. Jenni Guerrica Appointed Chief Information Security Officer Health in Tech is also announcing the promotion of Jenni Guerrica to Chief Information Security Officer, effective March 2025, recognizing her outstanding leadership in cybersecurity, risk management, and regulatory compliance. Jenni Guerrica is an accomplished cybersecurity executive with over 20 years of experience in the field. Guerrica previously served as the VP of Information Security & Compliance at Health In Tech from October 2022 to March 2025. Prior to that, she served as a Security Architect at Allegiant Air, an airline focused on serving leisure traffic from small and medium-sized cities, from November 2015 to September 2022. In these roles, she gained invaluable expertise in regulatory compliance, with a particular focus on Sarbanes-Oxley (SOX) requirements. Guerrica's deep understanding of regulatory frameworks, combined with her ability to design and implement robust security architectures, has enabled her to safeguard complex digital environments while maintaining high standards of compliance. Use of Forward‑Looking Statements Certain statements in this press release are forward-looking statements for purposes of the safe harbor provisions under the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements may include estimates or expectations about Health In Tech's possible or assumed operational results, financial condition, business strategies and plans, market opportunities, competitive position, industry environment, and potential growth opportunities. In some cases, forward-looking statements can be identified by terms such as "may," "will," "should," "design," "target," "aim," "hope," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "project," "potential," "goal," or other words that convey the uncertainty of future events or outcomes. These statements relate to future events or to Health In Tech's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause Health In Tech's actual results, levels of activity, performance, or achievements to be different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond Health In Tech's control and which could, and likely will, affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects Health In Tech's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to Health In Tech's operations, results of operations, growth strategy and liquidity. About Health In Tech Health In Tech (Nasdaq: "HIT") is an Insurtech platform company backed by third-party AI technology, which offers a marketplace that aims to improve processes in the healthcare industry through vertical integration, process simplification, and automation. By removing friction and complexities, we streamline the underwriting, sales and service process for insurance companies, licensed brokers, and TPAs. Learn more at healthintech.com. Investor Contact Investor Relations:ir@healthintech.com
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