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ZUG, Switzerland and SAN FRANCISCO, June 21, 2023 /PRNewswire/ -- Arf, a global liquidity and settlement platform, and Huma Finance, who builds infrastructure for real-world lending, have announced a partnership to introduce the world's first-ever fully transparent on-chain liquidity solution for cross-border payments. The strategic partnership addresses the current liquidity challenges in the industry caused by lack of transparency. Financial institutions require liquidity to achieve same-day cross-border settlements, but the amount they can borrow is limited based on the cash collateral they can provide. As a result, an astonishing $4 trillion is currently locked in pre-funded accounts, which is a massive but hidden cost to the overall global payments industry. To remove the costly prefunding requirement and reduce the delays and counter-party risks, Arf offers short-term USDC-based working capital loans of 1-5 days to licensed financial institutions and helps them to settle cross-border payments immediately in USDC. Arf's solution helps to settle cross-border transactions in a cost-efficient manner, making these services significantly more accessible and faster for the everyday person. This way, financial institutions can access liquidity and expand in coverage and grow in volume, without any prefunding or additional working capital requirements. In addition, Arf leverages a blend of traditional and alternative data by developing a proprietary credit engine and an in-house credit score. This sophisticated approach enables optimized risk-adjusted pricing, providing Arf clients with an enhanced and customized financial experience. Arf and Huma Finance have joined forces to create the world's first on-chain credit pool for cross-border payments, aiming to enhance transparency and traceability in the industry. As part of this partnership, Arf tokenizes cross-border payment orders through Huma Protocol in a privacy-preserving manner and uses them as collateral to borrow from the lending pools. The collaboration brings all loans, repayments, and receivables onto the blockchain, creating a fully traceable borrowing record. Every transaction, including late repayments and even default rates, will be visible on-chain, ensuring comprehensive and daily transparency while maintaining privacy. This way, lenders can effectively assess risks and promote secure working capital, while financial institutions can expand their operations and meet the increasing global demand with enhanced access to liquidity. "We are committed to making liquidity more accessible, bringing day-to-day transparency into cross-border payments by utilizing the right digital assets," says Arf Co-founder and CEO Ali Erhat Nalbant. "We're excited to partner with Huma to have receivable-backed lending on-chain, which will enhance our transparency capabilities to an unprecedented level." Huma Finance Co-founder Erbil Karaman says, "Our partnership with Arf embodies our vision of creating a more equitable financial ecosystem. We're not only enhancing the liquidity access and achieving an unprecedented level of transparency, we are also making the remittances systemically cheaper and faster. We're excited to work with Arf to drive the evolution of global finance forward." About Arf Arf is a global liquidity and settlement platform for licensed financial institutions, offering digital asset-based working capital credit lines and settlement services with fiat on- and off-ramp capabilities. With a commitment to transparency, Arf strives to overcome liquidity constraints in the industry and empower financial institutions worldwide. For more information, visit arf.one. About Huma Finance Huma Finance builds the infrastructure powering an ecosystem for real-world lending solutions. With a mission to make the crypto industry more accessible and supportive of practical use cases, Huma Finance enables borrowing against cash flows and receivables, opening up new possibilities for individuals and businesses around the world.
GOTHENBURG, Sweden, April 25, 2025 /PRNewswire/ -- Q1 2025 Net sales: MSEK 23,966 (24,699) Organic growth: −3.5% (−7.0%), driven by lower market demand across regions and industries, except for aerospace showing continuous growth. Adjusted operating profit: MSEK 3,233 (3,303). Continued strong price/mix contribution, driven by pricing actions and active portfolio management, as well as good cost control which largely offset the lower volumes. Adjusted operating margin: 13.5% (13.4%) with Industrial at 16.9% (16.4%) and Automotive at 5.2% (6.0%). Net cash flow from operating activities: MSEK 977 (1,781). Financial overview, MSEK unless otherwise stated Q1 2025 Q1 2024 Net sales 23,966 24,699 Organic growth, % −3.5 −7.0 Adjusted operating profit 3,233 3,303 Adjusted operating margin, % 13.5 13.4 Operating profit 2,885 2,993 Operating margin, % 12.0 12.1 Adjusted net profit 2,296 2,312 Net profit 1,948 2,002 Net cash flow from operating activities 977 1,781 Basic earnings per share 3.95 4.15 Adjusted earnings per share 4.71 4.83 Rickard Gustafson, President and CEO: "In a volatile environment, I'm pleased that we maintained our resilient performance and improved our adjusted operating margin year-over-year. We continue to execute our strategy including the creation of two independent and fit for purpose businesses and thereby creating strong foundations for the future. Margin resilience despite continued weak demand In the first quarter we saw continued weak demand resulting in an organic sales decline of −3.5% compared to last year. The lower volumes were partly offset by a solid price/mix. Demand in Europe remained weak. However, we view the announced state-backed investments aimed at increasing European competitiveness as positive long term. China and Northeast Asia posted positive organic growth for the first time in seven quarters, primarily driven by favorable comparable figures. Both Americas and India and Southeast Asia shifted from organic growth in Q4 to a decline in Q1. This was mainly due to the positive timing effects at the end of 2024 as previously communicated and a weaker automotive demand. The adjusted operating margin was strong at 13.5%, a slight year-over-year improvement despite a weak market environment. The margin resilience was supported by an effective execution of pricing, portfolio management, and cost reduction initiatives. However, these initiatives did not fully offset the negative impact from lower volumes. Currency effects had a positive impact on the margin, mainly driven by a stronger USD year-over-year. The adjusted operating margin for our Industrial business increased to 16.9%, driven by good portfolio and cost management execution. The Automotive business performed relatively well, considering the challenging market conditions, with an adjusted operating margin of 5.2%. We see potential in further improving the margin, but given the current turbulent environment, the timeline of achieving the targeted 8% adjusted operating margin level will extend beyond 2025. Cash flow was not satisfactory at close to BSEK 1, mainly driven by increased working capital, including high accounts receivables generated by a strong quarter end, and negative currency effects. Creating two fit for purpose businesses The separation of the Automotive business continues at high pace, where the operating model and organizational design now have been concluded. Automotive's global manufacturing footprint has also been finalized with 16 factories. The overall separation process progresses according to plan, but the complexity of the separation, including the IT structure, may stretch the overall time plan. The initiated organizational review is progressing well, rightsizing both organizations to create strong foundations for the future and to withstand turbulent markets. More focused businesses with less complexity allow for leaner organizational structures resulting in sizeable reductions in staff positions, not least within Europe. The number of positions affected, savings and restructuring charge will be presented in conjunction with the Q2 2025 report. Outlook Lately, the business environment has experienced significant volatility driven by increased geopolitical uncertainty including trade and tariff turmoil. We are preparing the business for different scenarios and remain confident that our strategy, in combination with our decentralized organization and effective cost management, will provide us with the agility and flexibility to navigate through these turbulent times. So far, we have largely compensated for increased tariff costs through price adjustments and we expect to continue to do so also in the second quarter, given current tariff levels. However, today's market uncertainty may influence demand and the prerequisites for certain products and markets. We expect continued volatility and, even if we have seen signs of markets bottoming out, we plan for another quarter with negative volumes and expect organic sales to weaken somewhat in Q2, year-over-year." Outlook and guidance Outlook Q2 2025: We expect continued volatility and, even if we have seen signs of markets bottoming out, we plan for another quarter with negative volumes and expect organic sales to weaken somewhat in Q2, year-over-year. Guidance Q2 2025 Currency impact on the operating profit is expected to be around MSEK 400 negative compared to the second quarter 2024, based on exchange rates per 31 March 2025. Guidance FY 2025 Tax level excluding effects related to divested businesses: around 26%. Additions to property, plant and equipment: around BSEK 4.5 excluding separation of the Automotive business. A webcast will be held on 25 April 2025 at 09:00 (CEST):Sweden: +46 (0)8 5051 0031UK/International: +44 (0)207 107 0613https://investors.skf.com Aktiebolaget SKF (publ) For further information, please contact:Press Relations: Carl Bjernstam, +46 31-337 2517; +46 722 201 893; carl.bjernstam@skf.com Investor Relations: Sophie Arnius, +46 31-337 8072; +46 705 908072; sophie.arnius@skf.com The financial information in this press release contains inside information that AB SKF is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above on 25 April 2025 at 07.30 CEST. This information was brought to you by Cision http://news.cision.com https://news.cision.com/skf/r/skf-q1-2025--strong-margin-in-turbulent-markets,c4140309 The following files are available for download: https://mb.cision.com/Main/637/4140309/3409403.pdf Q1_2025_eng https://news.cision.com/skf/i/clip032-1,c3402327 Clip032 1 https://news.cision.com/skf/i/rickard-gustafson-jpg-highpreview-800,c3402326 Rickard Gustafson jpg highpreview 800
CHANGZHOU, China, April 24, 2025 /PRNewswire/ -- STAK Inc. (the "Company" or "STAK") (Nasdaq: STAK), a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specialized production and maintenance equipment, today announced its unaudited financial results for the first half of fiscal year 2025 ended December 31, 2024. Mr. Chuanbo Jiang, Chairman and Chief Executive Officer of STAK, commented, "Driven by rising market demand and our strategic focus on higher-margin, specialized oilfield vehicles, the first half of fiscal year 2025 recorded a solid performance for our company, reflecting both operational and strategic progress. We delivered robust financial results, with revenues reaching $17.0 million, representing a 24.44% increase year over year. Our gross profit margin also improved to 30.65%, up from 28.54% in same period of the prior year, underscoring the success of our product strategy transformation. Net income rose to $2.0 million, representing a 23.81% year-over-year increase, highlighting the effectiveness of our strategic initiatives, as well as our commitment to sustainable, profitable growth. We also maintained a solid pace of investment in research and development, aiming to enhance our existing product portfolio and enter new markets through technical innovation and distinctive designs. In addition to our financial achievements, the completion of our Initial Public Offering was a significant milestone. On February 26, 2025, we commenced trading on the Nasdaq Capital Market under the ticker symbol 'STAK.' This achievement reflects the market's confidence in our vision and provides a strong foundation to accelerate our growth trajectory and push the boundaries for long-term value. As we move forward, we remain confident in our market position and the opportunities emerging in the recovering oil field services industry. Innovation will remain central to our strategy as we continue to advance our product offerings to help customers reduce costs, enhance efficiency, and meet evolving operational needs. Moreover, diversifying our portfolio to support international expansion will be another key pillar for our long-term vision, positioning STAK to embrace emerging opportunities in global oilfield markets." First Half of Fiscal Year 2025 Financial Highlights Revenues were $17.0 million for the first half of fiscal year 2025, an increase of 24.44% from $13.6 million for the first half of fiscal year 2024. Gross profit was $5.2 million for the first half of fiscal year 2025, an increase of 33.63% from $3.9 million for the first half of fiscal year 2024. Gross profit margin was 30.65% for the first half of fiscal year 2025, compared to 28.54% for the first half of fiscal year 2024. Research and development expenses was $1.5 million for the first half of fiscal year 2025, an increase of 52.71% from $1.0 million for the first half of fiscal year 2024. Net income was $2.0 million for the first half of fiscal year 2025, an increase of 23.81% from $1.6 million for the first half of fiscal year 2024. Basic and diluted earnings per share were $0.20 for the first half of fiscal year 2025, compared to $0.16 for the first half of fiscal year 2024. First Half of Fiscal Year 2025 Financial Results Revenues Revenues were $17.0 million for the first half of fiscal year 2025, an increase of 24.44% from $13.6 million for the first half of fiscal year 2024. The increase in revenues was mainly driven by the increase in demand for specialized oilfield equipment and increase in average sales price for specialized oilfield vehicles and partially offset by the decrease in demand for sales of raw materials and parts. Sales of specialized oilfield equipment were $9.5 million for the first half of fiscal year 2025, an increase of 73.54% from $5.5 million for the first half of fiscal year 2024. The increase was mainly due to the Company's decision to expand production capacity of higher-pricing specialized oilfield equipment in order to allocate more resources towards research and development for the Company's new specialized oilfield equipment products with higher profit margins, given that all specialized oilfield equipment shares the same production facilities. Sales of specialized oilfield vehicles were $5.6 million for the first half of fiscal year 2025, an increase of 58.27% from $3.6 million for the first half of fiscal year 2024. The increase was mainly due to the Company's decision to optimize its product portfolio. Service revenue was $1.8 million for the first half of fiscal year 2025, an increase of 1.51% from $1.7 million for the first half of fiscal year 2024. The increase was because the Company earned cultivate positive word-of-mouth recommendations within the oilfield industry and a good reputation in the market. Other revenue was $0.04 million for the first half of fiscal year 2025, a decrease of 98.57% from $2.8 million for the first half of fiscal year 2024. The Company sold chassis parts of $2.8 million for the first half of fiscal year 2024. Cost of Revenues Cost of revenues was $11.8 million for the first half of fiscal year 2025, an increase of 20.77% from $9.7 million for the first half of fiscal year 2024. The increase in cost was mainly due to the increase in revenues of 24.44%. Gross Profit and Gross Profit Margin Gross profit was $5.2 million for the first half of fiscal year 2025, an increase of 33.63% from $3.9 million for the first half of fiscal year 2024. Gross profit margin was 30.65% for the first half of fiscal year 2025, increased from 28.54% for the first half of fiscal year 2024. The increase in both gross profit and gross profit margin was mainly driven by higher margin achieved in sales of specialized oilfield vehicles, which was partially offset by the decreasing unsustainable sales of the Company's parts and materials. Operating Expenses Total operating expenses were $2.9 million for the first half of fiscal year 2025, compared to $2.0 million for the first half of fiscal year 2024. Selling and marketing expenses have been consistently maintained at $0.6 million for the first half of fiscal year 2025 and 2024. The observed revenue expansion reflects the Company's management team's direct business development efforts rather than commission-based sales channels, thereby maintaining stable commission expenditures. General and administrative expenses were $0.8 million for the first half of fiscal year 2025, an increase of 91.78% from $0.4 million for the first half of fiscal year 2024. The increase was attributed to the increase in provision for credit losses of $0.4 million on accounts receivables. Research and development expenses were $1.5 million for the first half of fiscal year 2025, an increase of 52.71% from $1.0 million for the first half of fiscal year 2024. The increase was attributed to the increase of design and development expenses to develop new products and refine existing products. The research and development expenses are mainly driven by the stage and scale of the Company's equipment development. Net Income Net income was $2.0 million for the first half of fiscal year 2025, an increase of 23.81% from $1.6 million for the first half of fiscal year 2024. Basic and Diluted Earnings per Share Basic and diluted earnings per share were $0.20 for the first half of fiscal year 2025, compared to $0.16 for the first half of fiscal year 2024. Financial Condition As of December 31, 2024, the Company had cash and cash equivalents of $0.4 million, compared to $0.7 million as of June 30, 2024. Net cash used in operating activities was $1.0 million for the first half of fiscal year 2025, compared to $1.4 million for the first half of fiscal year 2024. Net cash provided by investing activities was $0.1 million for the first half of fiscal year 2025, compared to $0.3 million for the first half of fiscal year 2024. Net cash provided by financing activities was $0.6 million for the first half of fiscal year 2025, compared to $1.1 million for the first half of fiscal year 2024. Recent Development On February 27, 2025, the Company completed its initial public offering (the "Offering") of 1,250,000 ordinary shares at a price of $4.00 per share. On March 4, 2025, the underwriters of the Offering partially exercised their over-allotment option to purchase an additional 160,349 ordinary shares at the public offering price of $4.00 per share. The gross proceeds were $5.64 million, before deducting underwriting discounts and other related expenses. The Company's ordinary shares began trading on the Nasdaq Capital Market on February 26, 2025, under the ticker symbol "STAK." About STAK Inc. STAK Inc. is a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specific production and maintenance equipment. The Company designs and manufactures oilfield-specialized production and maintenance equipment, then collaborates with qualified specialized vehicle manufacturing companies to integrate the equipment onto vehicle chassis, producing specialized oilfield vehicles for sale. Additionally, the Company sells oilfield-specialized equipment components, related products, and provides automation solutions. Its vision is to help oilfield services companies reduce costs and increase efficiency by providing the cutting-edge integrated oilfield equipment and automation solutions service. Its mission is to become a powerful provider for the niche markets of specialized oilfield vehicles and equipment in China. For more information, please visit the company's website at https://www.stakindustry.com/ir/. Forward-Looking Statements Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "expect," "anticipate," "aim," "estimate," "potential," "intend," "plan," "believe," "likely to" or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC. For more information, please contact: STAK Inc.Investor Relations DepartmentEmail: ir@stakindustry.com Ascent Investor Relations LLCTina XiaoPhone: +1-646-932-7242Email: investors@ascent-ir.com STAK INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (Expressed in U.S. dollars, except for the number of shares) As of December 31, 2024 June 30, 2024 Assets Current assets: Cash and cash equivalents $ 360,522 $ 658,154 Accounts receivable, net 8,668,130 3,485,523 Inventories 13,389,498 8,282,243 Advances to suppliers 88,381 1,427,849 Amounts due from a related party 77,700 133,482 Prepayments and other current assets, net 447,022 680,496 Deferred offering costs 748,757 627,604 Total current assets 23,780,010 15,295,351 Non-current assets: Property and equipment, net 2,411,116 2,582,713 Intangible asset, net 59,473 62,241 Right-of-use assets, net 28,567 38,197 Deferred tax assets 627,498 506,523 Other assets 261,471 297,696 Total non-current assets 3,388,125 3,487,370 Total assets $ 27,168,135 $ 18,782,721 Liabilities and shareholder's equity Liabilities Current liabilities: Accounts payable $ 6,678,474 $ 746,134 Amounts due to a related party 52,697 42,487 Accrued expenses and other current liabilities 997,367 1,293,243 Short-term borrowings 4,986,780 4,334,544 Income tax payable 1,956,021 1,668,400 Total current liabilities 14,671,339 8,084,808 Non-Current liability: Long-term borrowing - 116,964 Total non-current liability - 116,964 Total liabilities $ 14,671,339 $ 8,201,772 Commitments and contingencies Shareholder's equity Ordinary shares (par value of $0.001 per share; 50,000,000 shares authorized; 10,000,000 and 10,000,000 shares issued and outstanding as of December 31, 2024 and June 30, 2024, respectively) * 10,000 10,000 Additional paid in capital 4,249,517 4,249,517 Statutory reserve 877,821 672,402 Retained earnings 7,831,517 6,037,573 Accumulated other comprehensive loss (472,059) (388,543) Total shareholders' equity 12,496,796 10,580,949 Total liabilities and shareholder's equity $ 27,168,135 $ 18,782,721 * The shares and per share information are presented on a retroactive basis to reflect the reorganization and the shares surrender (Note 1). The accompanying notes are an integral part of these unaudited consolidated financial statements. STAK INC. UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (Expressed in U.S. dollars, except for number of shares) For the Six Months Ended December 31, 2024 2023 Revenues $ 16,955,913 $ 13,626,151 Cost of revenues (11,759,741) (9,737,606) Gross profit 5,196,172 3,888,545 Operating expenses: Selling and marketing expenses (599,471) (608,507) General and administrative expenses (806,833) (420,700) Research and development expenses (1,542,926) (1,010,394) Total operating expenses (2,949,230) (2,039,601) Operating income 2,246,942 1,848,944 Other (expense) income: Interest expense, net (89,907) (45,082) Government subsidies 17,006 28,015 Total other expense, net (72,901) (17,067) Income before income tax expense 2,174,041 1,831,877 Income tax expense (174,678) (216,960) Net income 1,999,363 1,614,917 Net income per ordinary share: Earnings per share, basic and diluted * $ 0.20 $ 0.16 Weighted average number of shares outstanding, basic and diluted * 10,000,000 10,000,000 Net income $ 1,999,363 $ 1,614,917 Foreign currency translation adjustments (83,516) 204,744 Total comprehensive income $ 1,915,847 $ 1,819,661 * The shares and per share information are presented on a retroactive basis to reflect the reorganization and the share surrender (Note 1). The accompanying notes are an integral part of these unaudited consolidated financial statements. STAK INC. UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in U.S. dollars) For the Six Months Ended December 31, 2024 2023 CASH FLOWS FROM OPERATING ACTIVITIES: Net income 1,999,363 1,614,917 Adjustments to reconcile net income to net cash used in operating activities: Provision for credit losses 524,509 97,944 Depreciation of property and equipment 166,058 163,622 Amortization of intangible asset 2,538 2,518 Amortization of operating lease right-of-use asset 9,624 30,157 Deferred income tax (125,305) (208,562) Changes in operating assets and liabilities: Accounts receivable (5,791,039) (7,863,471) Advance to suppliers 1,355,963 184,254 Inventories (5,231,547) (1,844,324) Amounts due from/due to related parties 66,712 946,203 Prepaid expenses and other current asset 73,201 (94,121) Other assets 35,512 (377,901) Accounts payable 6,037,020 5,611,525 Deferred revenue - (385,413) Income tax payable 299,996 425,522 Accrued expenses and other current liabilities (421,174) 309,778 Operating lease liabilities - (22,628) Net cash used in operating activities (998,569) (1,409,980) CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (3,082) (17,403) Loans to third parties (209,010) Collection of loans to third parties 350,022 297,455 Net cash provided by investing activities 137,930 280,052 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from short-term bank loans 2,424,513 2,294,497 Repayments of short-term bank loans (1,741,748) (1,188,715) Repayments of long-term bank loans (118,439) - Net cash provided by financing activities 564,326 1,105,782 Effect of exchange rate changes on cash and cash equivalents (1,319) 12,840 Net decrease in cash and cash equivalents (297,632) (11,306) Cash and cash equivalents, at beginning of the period 658,154 593,199 Cash and cash equivalents, at end of the period $ 360,522 $ 581,893 SUPPLEMENTAL DISCLOSURE OF CASH FLOWINFORMATION: Interest paid $ 90,523 $ - SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: Addition of right-of-use assets $ - $ 105,760 The accompanying notes are an integral part of these unaudited consolidated financial statements.
- Highest ever Free Cash Flow at $4.1 billion for FY25- FY26 revenue guidance at 0%-3% and operating margin at 20%-22% BENGALURU, India, April 17, 2025 /PRNewswire/ -- Infosys (NSE: INFY), (BSE: INFY), (NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $19,277 million in FY25 revenues, growth of 4.2% in constant currency. Operating margin was at 21.1%, expansion of 0.5% year on year. Free cash flow was the highest ever at $4,088 million, an increase of 41.8% year on year. TCV of large deal wins was $11.6 billion for the year, with 56% net new. Q4 revenues were $4,730 million, an increase of 4.8% year on year in constant currency and 3.6% in reported terms. Operating margin was at 21.0%, an increase of 0.9% year on year. "We have built a resilient organization with sharp focus on client-centricity and responsiveness to the market, thanks to the trust of our clients and dedication of our employees. Our performance for the year has been robust in terms of revenues, expansion in operating margins and highest ever free cash generation", said Salil Parekh, CEO and MD. "Our depth in AI, cloud and digital and strength in cost efficiency, automation, and consolidation position us well for the needs of our clients", he added. 4.2% FY4.8% Q4 YoY CC Growth 21.1% FY21.0% Q4Operating Margin0.5% Increase in FY 8.3% FY10.1% Q4EPS Increase (₹ terms)* $11.6 Bn FY$2.6 Bn Q4Large DealTCV $4.1 Bn FY$0.9 Bn Q4 Free Cash Flow Guidance for FY26: Revenue growth of 0%-3% in constant currency Operating margin of 20%-22% Key highlights: For the quarter ended March 31, 2025 Revenues in CC terms grew by 4.8% YoY and declined by 3.5% QoQ Reported revenues at $4,730 million, growth of 3.6% YoY Operating margin at 21.0%, increase of 0.9% YoY and decline of 0.3% QoQ Basic EPS at $0.20, decline of 15.2% YoY FCF at $892 million, growth of 5.2% YoY; FCF conversion at 109.6% of net profit For the year ended March 31, 2025 Revenues in CC terms grew by 4.2% YoY Reported revenues at $19,277 million, growth of 3.9% YoY Operating margin at 21.1%, growth of 0.5% YoY Basic EPS at $0.76, decline of 0.3% YoY FCF at $4,088 million, growth of 41.8% YoY; FCF conversion at 129.3% of net profit "FY25 operating margins expanded by 0.5% which reflects our relentless focus on identifying opportunities for efficiency and executing Project Maximus with discipline, after navigating through multiple headwinds in a challenging macro environment. We delivered the highest ever free cash flows in the history of the company in FY25," said Jayesh Sanghrajka, CFO. The Board has proposed a final dividend of `22, which along with the interim dividend, is an increase of 13.2% over last year," he added. *EPS Increase post normalization of Income Tax refunds 1. Client wins & Testimonials Infosys announced the expansion of its long-standing strategic collaboration with Citizens to Propel AI-led Transformation. Michael Ruttledge, Chief Information Officer, Citizens Financial Group, said, "Infosys has been a key strategic collaborator in Citizens' next-gen transformation program for the last five years. Together, we have not only modernized our technology landscape with domain-centric, cloud native platforms but also built a foundation for future growth aligned with Citizens' north star technology vision without losing focus on resiliency and stability." Infosys announced the expansion of its collaboration with Siemens AG to accelerate Siemens AG digital learning initiatives with generative AI. Jenny Lin, Global Head of Learning & Growth at Siemens AG, said, "A thriving learning and growth environment is essential for Siemens to maintain our competitive edge and foster innovation. By providing our people with the tools, resources, and support they need to continuously develop their skills, we empower our people to meet the challenges of the future. Infosys' expertise in digital transformation and AI is very valuable in creating a more engaging and effective learning experience for everyone. By leveraging GenAI on Siemens' digital learning platform we can foster a culture of lifelong learning and empower our teams to reach their full potential." Infosys announced a strategic, long-term collaboration with Lufthansa Group (LHG) and Lufthansa Systems GmbH (LSY) to accelerate digital transformation and drive innovation in the aviation industry. Thomas Wittmann – CEO, Lufthansa Systems, said, "At Lufthansa Systems, we champion a modular approach to solutions and collaborations, ensuring adaptability and tailoring to the unique needs of each airline. This principle extends perfectly to our collaboration with Infosys. By combining our deep aviation expertise with Infosys's global technology prowess and establishing a dedicated Global Capability Center (GCC), we are not only enhancing our one-stop-shop offerings but also accelerating the pace of digital innovation across the aviation industry. This collaboration empowers us to deliver cutting-edge solutions with greater agility and scale, ultimately benefiting our airline customers with more efficient, innovative, and cost-effective technologies." Infosys announced a successful collaboration with LKQ Europe to adopt a unified, cloud-based digital platform to streamline its HR processes across 18 countries, leveraging Infosys Cobalt. David Brookfield, Vice President, Human Resources, LKQ Europe, said, "Our collaboration with Infosys is a crucial step in helping us harmonize and simplify our wider business processes – ultimately enabling faster delivery and better service for our end customers. Through the platform, we will unify our HR processes across locations to drive efficiency and enhance regulatory compliance. Looking ahead, we believe this platform will empower our workforce and foster a more cohesive organizational culture, enabling us to continue leading the automotive aftermarket industry." Infosys announced the launch of its open-source Responsible AI Toolkit designed to help enterprises innovate responsibly while addressing the challenges and risks associated with ethical AI adoption. Sunil Abraham, Public Policy Director - Data Economy and Emerging Tech, Meta, said, "We congratulate Infosys on launching an openly available Responsible AI Toolkit, which will contribute to advancing safe and responsible AI through open innovation. Open-source code and open datasets is essential to empower a broad spectrum of AI innovators, builders, and adopters with the information and tools needed to harness the advancements in ways that prioritize safety, diversity, economic opportunity and benefits to all." Infosys announced a strategic collaboration with Ontex Group N.V. to drive their ERP transformation. Jeroen Dejonckheere, VP Business Transformation, Ontex, said "We are excited to collaborate with Infosys on our business transformation journey for modernising our ERP systems to SAP S/4HANA. We also look forward to leveraging Infosys Topaz and embrace the power of AI for our enterprise growth. This will be a significant step forward for us to deliver exceptional experiences for our employees, suppliers, and customers." 2. Recognitions & Awards Brand Recognized as one of the World's Most Ethical Companies in 2025 for the fifth consecutive year by Ethisphere Recognized as the Global Top Employer 2025 for the fifth consecutive year by the Top Employers Institute Recognized as a Top 3 IT services brand and the fastest growing IT services brand globally in the Brand Finance Global 500 2025 report Featured in 2025 LinkedIn's Top Companies list in India, US, and Canada AI and Cloud Services Positioned as a leader in The Forrester Wave™: Application Modernization and Multicloud Managed Services, Q1 2025 Rated as a leader in IDC MarketScape: EMEA Industry Cloud Professional Services 2024-2025 Vendor Assessment Recognized as leader in ISG Intelligent Automation - Services 2024 Provider lens™ study in US and Europe Recognized as leader in ISG Advanced Analytics and AI Services 2024 Provider lens™ study in US and Europe Recognized as leader in ISG Oracle Cloud and Technology Ecosystem 2024 Provider lens™ study in US, APAC and Europe Key Digital Services Positioned as a leader in The Forrester Wave™: Modern Application Development Services, Q1 2025 Rated as a leader in Custom Application Development Services PEAK Matrix® Assessment 2025 by Everest Group Rated as a leader in Application Management Services PEAK Matrix® Assessment 2025 by Everest Group Rated as a leader in SAP Business Application Services PEAK Matrix® Assessment 2025 by Everest Group Rated as a leader in IDC MarketScape: Worldwide SAP Implementation Services 2025 Vendor Assessment Rated as a leader in IDC MarketScape: Worldwide IIoT Engineering and Managed Services Rated as a leader in IDC MarketScape: Worldwide IIoT Consulting and Integration Services Recognized as a leader in HFS Horizons: Salesforce Services, 2025 Recognized as a leader in HFS Horizons: Generative Enterprise Services, 2025 Recognized as a leader in Cognitive & Self-Healing IT Infrastructure Management Solutions 2025 by NelsonHall Positioned as a leader in Constellation ShortList™: Cybersecurity Services Positioned as a leader in Constellation ShortList™: Innovation Services and Engineering Positioned as a leader in Constellation ShortList™: Microsoft End-to-End Service Providers Positioned as a leader in Constellation ShortList™: QA Tools for NextGen Apps Recognized as leader in ISG Mainframe Services 2025 Provider lens™ study in US, Europe, and US Public Services Positioned as a leader in CapioIT APAC Salesforce SI and Solutions Providers Ecosystem Capture Share Report, 2025 Industry & Solutions Recognized as a leader in HFS Horizons: Telecom Service Providers, 2025 Recognized as a leader in Core Banking Services 2025 by NelsonHall Recognized as leader in ISG Oil & Gas Industry - Services and Solutions 2024 Provider lens™ study in Europe and North America Recognized as leader in ISG Healthcare Digital Services 2024 ISG Provider lens™ study in US Recognized as leader in ISG Insurance Services 2024 Provider lens™ study in North America, ANZ and Europe Recognized as leader in ISG Telecom, Media & Entertainment Industry Services 2024 Provider lens™ study in EMEA Recognized as leader in ISG Manufacturing Industry Services 2024 Provider lens™ study in North America and Europe Recognized as leader in ISG Sustainability and ESG 2024 Provider lens™ study in Australia, US and Europe Recognized as leader in ISG Power & Utilities Services 2024 Provider lens™ study in North America, Europe and APAC Infosys Finacle received the Technology & Innovation Award under the Best Solution for Trade & Supply Chain category at the TMI Awards for Innovation & Excellence – 2024 Infosys Finacle alongside its clients Newcastle Permanent (NP), Union Bank of Philippines, and Axis Bank received recognition at the Retail Banker International Asia Trailblazer Awards 2025 for Best Partnership for Customer Experience (with NP), Best Open Banking Initiative (with Union Bank of Philippines), and Best Strategic Partnership (with Axis Bank) Infosys Finacle alongside its clients Zand Bank, Emirates NBD, Union Bank of Philippines, and Arab National Bank received recognition at the Global Business Magazine Winners 2025 for Best Digital-First Bank UAE 2025 (Zand Bank), Best Cloud-Based Core Banking Implementation Saudi Arabia 2025 (Emirates NBD), Best Customer Experience Innovation Philippines 2025 (Union Bank of Philippines), and Outstanding Digital Banking Transformation Saudi Arabia 2025 (Arab National Bank) Infosys Finacle recognized as a leader in the 2025 Gartner® Magic Quadrant™ for Retail Core Banking Systems, Europe Infosys BPM received the SSON North America Impact Awards 2025 with T-Mobile in the 'Customer Centricity' category Read more about our Awards & Recognitions here. About Infosys Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in more than 56 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next. Safe Harbor Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the amount of any additional costs, including indemnities or damages or claims, resulting directly or indirectly from the McCamish cybersecurity incident and the outcome and effect of related litigation. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2024. These filings are available at https://www.sec.gov/. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law. Infosys Limited and subsidiariesExtracted from the Condensed Consolidated Balance Sheet under IFRS as at: (Dollars in millions) March 31, 2025 March 31, 2024 ASSETS Current assets Cash and cash equivalents 2,861 1,773 Current investments 1,460 1,548 Trade receivables 3,645 3,620 Unbilled revenue 1,503 1,531 Other current assets 1,890 2,250 Total current assets 11,359 10,722 Non-current assets Property, plant and equipment and Right-of-use assets 2,235 2,323 Goodwill and other Intangible assets 1,505 1,042 Non-current investments 1,294 1,404 Unbilled revenue 261 213 Other non-current assets 765 819 Total non-current assets 6,060 5,801 Total assets 17,419 16,523 LIABILITIES AND EQUITY Current liabilities Trade payables 487 474 Unearned revenue 994 880 Employee benefit obligations 340 314 Other current liabilities and provisions 3,191 2,983 Total current liabilities 5,012 4,651 Non-current liabilities Lease liabilities 675 767 Other non-current liabilities 477 500 Total non-current liabilities 1,152 1,267 Total liabilities 6,164 5,918 Total equity attributable to equity holders of the company 11,205 10,559 Non-controlling interests 50 46 Total equity 11,255 10,605 Total liabilities and equity 17,419 16,523 Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for (Dollars in millions except per equity share data) 3 months endedMarch 31, 2025 3 months ended March 31, 2024 3 months ended March 31, 2024 Year ended March 31, 2024 Revenues 4,730 4,564 19,277 18,562 Cost of sales 3,302 3,219 13,405 12,975 Gross profit 1,428 1,345 5,872 5,587 Operating expenses: Selling and marketing expenses 226 209 898 842 Administrative expenses 210 219 903 911 Total operating expenses 436 428 1,801 1,753 Operating profit 992 917 4,071 3,834 Other income, net (3) (4) 125 315 376 512 Profit before income taxes 1,117 1,232 4,447 4,346 Income tax expense (4) 303 273 1,285 1,177 Net profit (before minority interest) 814 959 3,162 3,169 Net profit (after minority interest) 813 958 3,158 3,167 Basic EPS ($) (4) 0.2 0.23 0.76 0.77 Diluted EPS ($) (4) 0.2 0.23 0.76 0.76 NOTES: The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter and year ended March 31, 2025, which have been taken on record at the Board meeting held on April 17, 2025. A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com. Other income is net of Finance Cost. Includes interest income (pre-tax) of $38Mn with reversal of net tax provisions amounting to $12Mn in FY'25 and interest income (pre-tax) of $232Mn with reversal of net tax provisions amounting to $5Mn in FY'24 on account of orders received under sections 250 & 254 of the Income Tax Act, 1961, from the Income Tax Authorities in India for certain assessment years. This has resulted in a positive impact on the consolidated Basic and Diluted EPS by approximately $0.01 for the quarter and year ended March 31, 2025 and $0.06 for the quarter and year ended March 31, 2024. As the quarter and year ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the year ended figures reported in this statement.
Revenues increased 56% over the first quarter 2024 to $8.0 million, reflecting strong market demand Income before income taxes more than tripled to $0.7 million, up 257% over the first quarter 2024 Cash position remained strong at $7.6 million as of March 31, 2025 STUART, Fla., April 15, 2025 /PRNewswire/ -- Health In Tech (Nasdaq: HIT), an Insurtech platform company backed by third-party AI technology, today announced its financial results for the first quarter ended March 31, 2025. Financial Highlights for the First Quarter of 2025 The number of enrolled employees (EEs) billed was 24,307, compared to 20,802 in the same period of 2024. Total revenues were $8.0 million, 56% YoY growth. Income before income tax expense was $0.7 million, 8.5% of revenue, compared to $0.2 million, 3.7% of revenue in the same period of 2024 Adjusted EBITDA was $1.2 million, compared to $0.5 million in the same period of 2024 Cash and cash equivalents were $7.6 million as of March 31, 2025, compared to $7.8 million as of December 31,2024. Accounts receivable was $2.1 million as of March 31, 2025, with 28 days of AR days, compared to $1.6 million, 29 days of AR days as of December 31, 2024. "We're off to a strong start in 2025," said Tim Johnson, CEO of Health In Tech. "First-quarter revenue grew 56% over the first quarter 2024, and income before income tax reached $0.7 million—8.5% of revenue—marking a 257% increase from the same period last year." "Our momentum continues to build post-IPO, validating the strategic initiatives we've executed. Innovations in our platform, product development, and market expansion are driving meaningful results and laying the groundwork for long-term growth. These gains reflect the strategic investments we made in 2024, particularly in product and service innovation, IT enhancements, infrastructure, cybersecurity, and internal controls. With these foundations in place, we're now scaling efficiently and reaching a wider market." Tim continued: "Since beginning beta development of our large-group third-party AI-powered underwriting platform in November 2024, we've seen strong interest from the market. Even in its early stages, we successfully delivered solutions in Q1 to large employers, including one with over 1,000 employees. We're on track for a full rollout in Q3, marking a major milestone as we broaden our total addressable market and provide smarter, faster quoting for mid-sized and large employers." "As we move forward, we're accelerating new program development and expanding our broker and TPA network to grow our national footprint. With a robust pipeline and sustained momentum, we expect continued strong growth in Q2 2025. We remain dedicated to delivering exceptional value, innovation, and service as we scale." Recent Developments and Business Highlights Partnerships and Collaborations. On March 25, 2025, the Company announced a strategic collaboration with DialCare, a leading provider of telehealth and virtual care solutions. Through this partnership, DialCare's virtual primary care, therapy, and psychiatry services will be integrated into Health In Tech's self-funded health plan offerings. Members across the U.S. will gain on-demand access to licensed physicians, therapists and psychiatric providers via phone or video consultations. This collaboration further enhances the Company's mission to deliver smarter, more accessible healthcare solutions for diverse populations. Appointment of Sanjay Shrestha to Board of Directors. On April 10, 2025, the Company announced the appointment of Sanjay Shrestha to its Board of Directors. Mr. Shrestha brings extensive leadership experience in scaling platform-based businesses and driving growth across the energy and technology sectors. He currently serves as President of Plug Power, having joined the company in 2019 as Chief Strategy Officer. He has played a pivotal role in driving growth and expanding value for both customers and shareholders. As General Manager, he significantly broadened the company's product portfolio and built out the Energy business to deliver end-to-end solutions—including electrolyzers, liquefiers, and cryogenic systems—while overseeing the development of Plug's hydrogen production facilities. In addition to his operational expertise, Mr. Shrestha has a strong capital market background, having served as a top-ranked renewables research analyst at Lazard Capital Markets and First Albany Capital. His appointment adds valuable industry and financial expertise to the Board and further strengthens Health In Tech's strategic vision for long-term growth and market expansion. Conference Call Details Health In Tech will host a conference call to discuss the financial results for the first quarter of 2025 on April 14, 2025 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 (Unaudited） Three Months Ended March 31, 2025 2024 Revenues Revenues from underwriting modeling (ICE) $2,351,984 $1,784,635 Revenues from fees 5,663,000 3,340,296 SMR 5,663,000 2,532,922 HI Card - 807,374 Total revenues 8,014,984 5,124,931 Cost of revenues 2,659,585 989,911 Gross profit 5,355,399 4,135,020 Operating expenses Sales and marketing expenses 1,090,255 1,043,208 General and administrative expenses 3,246,765 1,999,194 Research and development expenses 537,721 760,196 Total operating expenses 4,874,741 3,802,598 Other income (expense): Interest income 85,366 24,312 Interest expenses - (165,000) Other income 118,399 - Total other income (expense), net 203,765 (140,688) Income before income tax expense $684,423 $191,734 Provision for income taxes (185,831) (91,198) Net income $498,592 $100,536 Net income per share Basic $0.01 - Diluted $0.01 - Weighted average common stocks outstanding Basic 54,619,858 51,769,358 Diluted 56,996,936 51,769,358 Health In Tech, Inc. Consolidated Balance Sheets (Unaudited） March 31, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents $7,575,037 $7,849,248 Accounts receivable, net 2,110,601 1,647,103 Other receivables 3,989,788 500,252 Deferred offering costs 91,500 - Prepaid expenses and other current assets 1,804,912 787,161 Total current assets 15,571,838 10,783,764 Non-current assets Software 4,736,093 3,962,461 Loans receivable, net 831,994 815,995 Operating lease - right of use assets 190,275 206,269 Total non-current assets 5,758,362 4,984,725 Total assets $21,330,200 $15,768,489 Liabilities and stockholders' equity Current liabilities Accounts payable and accrued expenses $5,478,888 $1,858,840 Income taxes payable 425,556 205,253 Operating lease liabilities - current 69,122 66,881 Other current liabilities 780,045 - Total current liabilities 6,753,611 2,130,974 Non-current liabilities Deferred tax liabilities 294,203 328,676 Operating lease liabilities - non-current 121,595 139,811 Total non-current liabilities 415,798 468,487 Total liabilities 7,169,409 2,599,461 Stockholders' equity Common stock, $0.001 par value; Class A Common stock 150,000,000 shares authorized, 42,973,204 and 42,914,870 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 42,973 42,915 Common stock, $0.001 par value; Class B Common stock 50,000,000 shares authorized, 11,700,000 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively 11,700 11,700 Additional paid-in capital 9,666,130 9,173,017 Retained earnings 4,439,988 3,941,396 Total stockholders' equity 14,160,791 13,169,028 Total liabilities and stockholders' equity $ 21,330,200 $15,768,489 Health In Tech, Inc. Consolidated Statements of Cash Flows (Unaudited） Three Months Ended March 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $498,592 $100,536 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Amortization expense 135,983 134,787 Provision for potential revenue reduction 780,045 - Deferred tax benefits (34,473) (60,070) Amortization of debt discount - 165,000 Interest income (15,999) (15,999) Stock-based compensation expense 493,171 - Changes in operating assets and liabilities: Accounts receivable (463,498) 221,102 Other receivables (3,489,536) 237,093 Prepaid expenses and other current assets (1,017,751) (89,988) Operating lease right of use assets and liabilities, net 19 624 Accounts payable and accrued expenses 3,420,497 (1,485,329) Income taxes payable 220,303 112,032 Net cash provided by (used in) operating activities 527,353 (680,212) CASH FLOWS FROM INVESTING ACTIVITIES: Development of software (703,475) (133,394) Net cash used in investing activities (703,475) (133,394) CASH FLOWS FROM FINANCING ACTIVITIES: Payments of deferred offering costs (98,089) (243,210) Net cash used in financing activities (98,089) (243,210) Decrease in cash and cash equivalents (274,211) (1,056,816) Cash and cash equivalents, beginning of year 7,849,248 2,416,350 Cash and cash equivalents, end of year 7,575,037 1,359,534 Supplemental disclosures of cash flow information: Cash paid for interest $- $- Cash paid for income taxes $- $39,235 Summary of noncash investing and financing activities: Accrued deferred offering costs included in accounts payable and accrued expenses $33,250 $110,044 Accrued development of software included in accounts payable and accrued expenses $256,140 $9,500 Components of Operating Results Revenues While our revenue this quarter primarily comes from underwriting activities and program fees associated with customized healthcare plans for small businesses, our growth is driven by delivering solutions that streamline sales processes, enhance service delivery, and shorten the sales cycle 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 (Unaudited） ($ in millions) Three Months Ended March 31, 2025 2024 % Change Total revenues $ 8.0 $ 5.1 56.4 % GAAP gross margin 66.8 % 80.7 % -13.9 % Income before income tax expense $ 0.7 $ 0.2 257.0 % Adjusted EBITDA $ 1.2 $ 0.5 163 % Investor ContactInvestor Relations:ir@healthintech.com
HONG KONG, April 1, 2025 /PRNewswire/ -- The Board of Directors (the "Board") of China High Speed Transmission Equipment Group Co., Ltd. (the "Company", Stock Code: 0658.HK, together with its subsidiaries, the "Group") today announced that its wholly-owned subsidiaries, Nanjing High Accurate Drive Equipment Manufacturing Group Co., Ltd. ("Nanjing Drive"), Nanjing Handa Import and Export Trade Co., Ltd. ("Nanjing Handa") and Nanjing Shengzhuang Supply Chain Co., Ltd. ("Nanjing Shengzhuang", together with Nanjing Drive and Nanjing Handa, the "Relevant Subsidiaries"), issued a writ of summons (HCA 656/2025) in the High Court of Hong Kong on 31 March 2025. The Legal Proceedings The action is brought against the following defendants (the "Defendants"): (1) Fang Jian (former Executive Director of the Company and former Legal Representative of the Relevant Subsidiaries), (2) Fullshare Holdings Limited ("Fullshare", Stock Code: 0607.HK), (3) Five Seasons XVI Limited, a wholly-owned subsidiary of Fullshare, (4) Ji Changqun (Chairman and Executive Director of Fullshare), (5) 16 other companies (the "Counterparties") which are counterparties to certain agreements for the sale and purchase of commodities (the "Agreements"), and (6) 10 other individuals who were Fullshare personnel improperly involved in the administration, financial management and contract approval of the Relevant Subsidiaries. The claim is based on the alleged wrongful conduct of the Defendants, which resulted in the loss of RMB 6.64 billion (the "Relevant Amounts") of the Relevant Subsidiaries. The legal action reflects the Group's commitment to safeguarding the interests of all shareholders, particularly minority shareholders, in light of potential unlawful activities by the Defendants. "Our Board takes this matter very seriously and has taken decisive steps to protect the Group's interests and uphold our obligations to shareholders," said Hu Jichun, Chairman of the Group. "We are duty-bound to rectify any misconduct that undermines corporate governance and shareholder value. We will pursue all necessary legal remedies to ensure accountability and transparency." Key Considerations As of 31 October 2024, receivables and pre-payments due to the Relevant Subsidiaries under the Agreements totaled approximately RMB 6.64 billion. Demand letters were sent to the Counterparties, which were not properly answered. Amongst the limited replies received, the Counterparties claimed that amounts owed were transferred to third parties following instructions from the Relevant Subsidiaries. The Relevant Subsidiaries have reported to the authorities in the PRC, which have, after vetting, initiated formal criminal investigation into suspected embezzlement and misappropriation of the Relevant Subsidiaries' funds and assets by individual(s) in position(s) of authority. Whilst the details surrounding the Relevant Amounts are still under independent investigation and formal criminal investigation, the Company and the Relevant Subsidiaries have been advised of the following: Meeting minutes, commercial records and communication records of the Relevant Subsidiaries indicate that Fullshare personnel, reporting to Ji Changqun, were improperly involved in the decision-making and management of the trading business of the Relevant Subsidiaries for which the Agreements were signed. According to Nanjing Drive's employees interviewed and financial records reviewed, Fullshare's financial personnel and accountants directly handled various payments between the Relevant Subsidiaries and the Counterparties; Financial records of the Relevant Subsidiaries were recovered from Fullshare's premises at Fengsheng Science Park in December 2024, after repeated demands from the current management of Nanjing Drive, demonstrating the potential control of Fullshare over the financials of the Relevant Subsidiaries; There existed a parallel contract approval procedure of the Relevant Subsidiaries where former legal counsel and other former or current executives of Fullshare were substantively involved; Crucially, public company search records show that certain Counterparties, which received the funds of the Relevant Subsidiaries, could be related to Ji Changqun or Fullshare. Nanjing Drive's current and former employees also indicated that the Counterparties are indirectly connected to Fullshare; and Fang Jian was responsible for the operation and management of the Relevant Subsidiaries when the Agreements were executed. Fang Jian also oversaw the management and approval of the company seal for these subsidiaries at the relevant time. In view of the above, the Relevant Subsidiaries have started to pursue the Defendants named in the legal action for the Relevant Amounts. Further defendants may be added to the proceedings as the investigations progress. Actions taken Upon discovering the Agreements, the Board promptly formed an Independent Investigation Committee to oversee an investigation into the matter. An independent investigative consultant was engaged and is expected to deliver a preliminary report of its findings by mid-May. The Board and the Group have reiterated their unwavering commitment to strengthening the Group's internal controls and have to date implemented interim remedial measures, including: Enhanced oversight and control of commodities trading operations Streamlined cash flow controls and inventory management Optimized senior management roles to ensure robust corporate governance Heightened management oversight and compliance - END - About the Group China High Speed Transmission Equipment Group Co., Ltd. (Stock Code: 0658.HK, together with its subsidiaries, the "Group") operates as a professional corporation principally engaged in the manufacture of high-speed and heavy-duty gears. The Group was established in 1969 and listed in Hong Kong in 2007. The Group's "NGC" brand is famous in the PRC market and well established in the international market. Its business is focused on wind energy gearboxes, rail vehicle gearboxes, industrial gearboxes, robot reducers and new energy vehicle gearboxes. For more information, please visit www.chste.com.
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