Upwave Wins 'Generative AI Innovation Award' at 8th Annual AI Breakthrough Awards
SAN FRANCISCO, June 25, 2025 (GLOBE NEWSWIRE) -- Upwave, the Brand Outcomes Measurement Platform, today announced it has been named the winner of the 'Generative AI Innovation Award' in the 8th annual AI Breakthrough Awards program. This prestigious awards series, conducted by Tech Breakthrough, honors the world's top companies, technologies, and products shaping the artificial intelligence market landscape.
Selected out of over 5,000 nominations worldwide, Upwave was recognized for its pioneering use of Bayes, the company's AI Agent that powers brand campaign analysis, optimization, and reporting. With this honor, Upwave joins a distinguished list of past and present winners, including NVIDIA, Microsoft, UiPath, Dell Technologies, and Glean.
Upwave is the only platform purpose-built to measure and optimize the impact of brand investment. Central to its expanding AI capabilities is Bayes, which automates complex analyses and uncovers real-time optimization opportunities—eliminating the need for deep statistical expertise and enabling marketers to act quickly and confidently.
One standout innovation powered by Bayes is Upwave's AI Campaign Insights Reports—the first practical application of generative AI in advertising measurement. By leveraging large language models (LLMs), these reports automatically generate clear, data-rich slide decks designed to help improve brand performance. Since launching in Q1 2024, more than 3,000 reports have been downloaded, giving advertisers, agencies, and media partners instant access to insights that drive smarter, faster, and more effective campaign decisions.
'Winning the Generative AI Innovation Award is an important milestone for Upwave and a strong endorsement of our mission to reinvent brand measurement, powered by advanced AI. It reflects the work our team has done to move beyond traditional brand lift—toward more scalable, and impactful, Brand Outcomes measurement,' said George London, CTO, Upwave.
About UpwaveUpwave is the Brand Outcomes Measurement Platform. The only company entirely focused on measuring and optimizing brand lift driven by advertising, the world's leading advertisers, agencies, and media partners trust Upwave's robust, AI-driven, SaaS platform. Upwave brings science to top-of-funnel, providing real-time, top-of-funnel measurement for CTV, Digital, Retail Media, Social, Streaming Audio, Linear, and Addressable. The company is based in San Francisco and New York and backed by leading Silicon Valley venture capital investors. Learn more at www.upwave.com.
About AI BreakthroughPart of Tech Breakthrough, a leading market intelligence and recognition platform for global technology innovation and leadership, the AI Breakthrough Awards program is devoted to honoring excellence in Artificial Intelligence technologies, services, companies, and products. The AI Breakthrough Awards provide public recognition for the achievements of AI companies and products in categories including Generative AI, Machine Learning, AI Platforms, Robotics, Business Intelligence, AI Hardware, Computer Vision, and more. For more information, visit AIBreakthroughAwards.com.
Tech Breakthrough LLC does not endorse any vendor, product, or service depicted in our recognition programs, and does not advise technology users to select only those vendors with award designations. Tech Breakthrough LLC recognition consists of the opinions of the Tech Breakthrough LLC organization and should not be construed as statements of fact. Tech Breakthrough LLC disclaims all warranties, expressed or implied, with respect to this recognition program, including any warranties of merchantability or fitness for a particular purpose.
Media ContactJohn McCartneyJMAC PR for Upwave upwave@jmacpr.com登入存取你的投資組合
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Mercury Systems Reports Fourth Quarter and Fiscal 2025 Results
Record Q4 FY25 Bookings of $341.5 million; book-to-bill of 1.25 Record backlog of $1.40 billion; up 6% year-over-year Q4 FY25 Revenue of $273.1 million; GAAP net income of $16.4 million; and adjusted EBITDA of $51.3 million Q4 FY25 Operating Cash Flow of $38.1 million with Free Cash Flow of $34.0 million, with record free cash flow of $119.0 million for FY25 ANDOVER, Mass., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Mercury Systems, Inc. (NASDAQ: MRCY, reported operating results for the fourth quarter and fiscal year 2025, ended June 27, 2025. 'We delivered very strong results in the fourth quarter that were once again in line with or ahead of our expectations, resulting in solid year-over-year growth in backlog, revenue, net income, adjusted EBITDA, and free cash flow for our full fiscal year 2025,' said Bill Ballhaus, Mercury's Chairman and CEO. 'In the fourth quarter we delivered record quarterly bookings of $341.5 million, and a book-to-bill of 1.25, resulting in a record backlog of $1.40 billion. Fourth quarter revenue of $273.1 million and full year revenue of $912.0 million were up 9.9% and 9.2% year-over-year, respectively. Fourth quarter adjusted EBITDA of $51.3 million with adjusted EBITDA margin of 18.8% and full year adjusted EBITDA of $119.4 million with full year adjusted EBITDA margin of 13.1%, were all up substantially year-over-year. Fourth quarter free cash flow of $34.0 million resulted in record full year free cash flow of $119.0 million." Fourth Quarter Fiscal 2025 Results Fourth quarter fiscal 2025 revenues were $273.1 million, compared to $248.6 million in the fourth quarter of fiscal 2024. Total bookings for the fourth quarter of fiscal 2025 were $341.5 million, yielding a book-to-bill ratio of 1.25 for the quarter. GAAP net income and diluted earnings per share for the fourth quarter of fiscal 2025 were $16.4 million, and $0.27, respectively, compared to GAAP net loss and loss per share of $10.8 million, and $0.19, respectively, for the fourth quarter of fiscal 2024. Adjusted earnings per share ('adjusted EPS') was $0.47 per share for the fourth quarter of fiscal 2025, compared to $0.23 per share in the fourth quarter of fiscal 2024. Fourth quarter fiscal 2025 adjusted EBITDA was $51.3 million, compared to $31.2 million for the fourth quarter of fiscal 2024. Cash flows provided by operating activities in the fourth quarter of fiscal 2025 were $38.1 million, compared to $71.8 million in the fourth quarter of fiscal 2024. Free cash flow, defined as cash flows from operating activities less capital expenditures for property and equipment, was $34.0 million for the fourth quarter of fiscal 2025 and $61.4 million for the fourth quarter of fiscal 2024. Full Year Fiscal 2025 Results Full year fiscal 2025 revenues were $912.0 million, compared to $835.3 million for full year fiscal 2024. Total bookings for fiscal 2025 were $1.03 billion, yielding a book-to-bill ratio of 1.13 for the year. GAAP net loss and loss per share for fiscal 2025 were $37.9 million, and $0.65, respectively, compared to GAAP net loss and loss per share of $137.6 million, and $2.38, respectively, for fiscal 2024. Adjusted earnings per share ('adjusted EPS') was $0.64 per share for fiscal 2025, compared to adjusted loss per share of $0.69 per share for fiscal 2024. Fiscal 2025 adjusted EBITDA was $119.4 million, compared to $9.4 million for fiscal 2024. Cash flows provided by operating activities in fiscal 2025 were $138.9 million, compared to $60.4 million in fiscal 2024. Free cash flow, defined as cash flows from operating activities less capital expenditures for property and equipment, was $119.0 million for fiscal 2025 and $26.1 million for fiscal 2024. Backlog Mercury's total backlog at June 27, 2025 was $1.40 billion, an approximate $79.2 million increase from a year ago. Of the June 27, 2025 total backlog, $807.8 million represents orders expected to be recognized as revenue within the next 12 months. Conference Call Information Management will host a conference call and simultaneous webcast at 5:00 p.m. ET on Monday, August 11, 2025, to discuss Mercury's quarterly financial results, business highlights and outlook. In addition, Company representatives may answer questions concerning business and financial developments and trends, the Company's view on earnings forecasts, and other business and financial matters affecting the Company, the responses to which may contain information that has not been previously disclosed. To attend the conference call or webcast, participants should register online at Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. A replay of the webcast will be available two hours after the call and archived on the same web page for six months. Use of Non-GAAP Financial Measures In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, the Company provides adjusted EBITDA, adjusted income, adjusted earnings per share ('adjusted EPS') and free cash flow, which are non-GAAP financial measures. Adjusted EBITDA, adjusted income, and adjusted EPS exclude certain non-cash and other specified charges. The Company believes these non-GAAP financial measures are useful to help investors understand its past financial performance and prospects for the future. However, these non-GAAP measures should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. Management believes these non-GAAP measures assist in providing a more complete understanding of the Company's underlying operational results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company's business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. A reconciliation of GAAP to non-GAAP financial results discussed in this press release is contained in the attached exhibits. Mercury Systems – Innovation that Matters®Mercury Systems is a technology company that delivers mission-critical processing power to the edge, making advanced technologies profoundly more accessible for today's most challenging aerospace and defense missions. The Mercury Processing Platform allows customers to tap into innovative capabilities from silicon to system scale, turning data into decisions on timelines that matter. Mercury's products and solutions are deployed in more than 300 programs and across 35 countries, enabling a broad range of applications in mission computing, sensor processing, command and control, and communications. Mercury is headquartered in Andover, Massachusetts, and has more than 20 locations worldwide. To learn more, visit (Nasdaq: MRCY) Investors and others should note that we announce material financial information using our website ( SEC filings, press releases, public conference calls, webcasts, and social media, including X ( and LinkedIn ( Therefore, we encourage investors and others interested in Mercury to review the information we post on the social media and other communication channels listed on our website. Forward-Looking Safe Harbor StatementThis press release contains certain forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including those relating to the Company's focus on enhanced execution of the Company's strategic plan. You can identify these statements by the words 'may,' 'will,' 'could,' 'should,' 'would,' 'plans,' 'expects,' 'anticipates,' 'continue,' 'estimate,' 'project,' 'intend,' 'likely,' 'forecast,' 'probable,' 'potential,' and similar expressions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected or anticipated. Such risks and uncertainties include, but are not limited to, continued funding of defense programs, the timing and amounts of such funding, general economic and business conditions, including unforeseen weakness in the Company's markets, effects of any U.S. federal government shutdown or extended continuing resolution, effects of geopolitical unrest and regional conflicts, competition, changes in technology and methods of marketing, delays in or cost increases related to completing development, engineering and manufacturing programs, changes in customer order patterns, changes in product mix, continued success in technological advances and delivering technological innovations, changes in, or in the U.S. government's interpretation of, federal export control or procurement rules and regulations, including tariffs, changes in, or in the interpretation or enforcement of, environmental rules and regulations, market acceptance of the Company's products, shortages in or delays in receiving components, supply chain delays or volatility for critical components, production delays or unanticipated expenses including due to quality issues or manufacturing execution issues, adherence to required manufacturing standards, capacity underutilization, increases in scrap or inventory write-offs, failure to achieve or maintain manufacturing quality certifications, such as AS9100, failure to achieve or maintain qualified business systems, such as those required by the DFARS, the impact of supply chain disruption, inflation and labor shortages, among other things, on program execution and the resulting effect on customer satisfaction, inability to fully realize the expected benefits from acquisitions, restructurings, and operational efficiency initiatives or delays in realizing such benefits, challenges in integrating acquired businesses and achieving anticipated synergies, effects of shareholder activism, increases in interest rates, changes to industrial security and cyber-security regulations and requirements and impacts from any cyber or insider threat events, changes in tax rates or tax regulations, changes to interest rate swaps or other cash flow hedging arrangements, changes to generally accepted accounting principles, difficulties in retaining key employees and customers, litigation, including the dispute arising with the former CEO over his resignation, unanticipated costs under fixed-price service and system integration engagements, and various other factors beyond our control. These risks and uncertainties also include such additional risk factors as are discussed in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 27, 2025 and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company cautions readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made. Contact:Tyler Hojo, CFA, Vice President of Investor RelationsMercury Systems, Inc.978-967-3676 Mercury Systems and Innovation That Matters are registered trademarks of Mercury Systems, Inc. Other product and company names mentioned may be trademarks and/or registered trademarks of their respective holders. MERCURY SYSTEMS, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS (In thousands) June 27, June 28, 2025 2024 Assets Current assets: Cash and cash equivalents $ 309,099 $ 180,521 Accounts receivable, net 109,588 111,441 Unbilled receivables and costs in excess of billings, net 278,475 304,029 Inventory 332,920 335,300 Prepaid income taxes 457 — Prepaid expenses and other current assets 27,639 22,493 Total current assets 1,058,178 953,784 Property and equipment, net 101,440 110,353 Goodwill 938,093 938,093 Intangible assets, net 210,611 250,512 Operating lease right-of-use assets, net 52,264 60,860 Deferred tax asset 69,016 58,612 Other non-current assets 5,162 6,691 Total assets $ 2,434,764 $ 2,378,905 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 79,116 $ 81,068 Accrued expenses 43,143 42,926 Accrued compensation 51,321 36,398 Income taxes payable — 109 Deferred revenues and customer advances 126,797 73,915 Total current liabilities 300,377 234,416 Income taxes payable 4,046 7,713 Long-term debt 591,500 591,500 Operating lease liabilities 52,738 62,584 Other non-current liabilities 12,642 9,917 Total liabilities 961,303 906,130 Shareholders' equity: Preferred stock — — Common stock 590 581 Additional paid-in capital 1,287,478 1,242,402 Retained earnings 181,895 219,799 Accumulated other comprehensive income 3,498 9,993 Total shareholders' equity 1,473,461 1,472,775 Total liabilities and shareholders' equity $ 2,434,764 $ 2,378,905 MERCURY SYSTEMS, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) Fourth Quarters Ended Twelve Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net revenues $ 273,106 $ 248,563 $ 912,020 $ 835,275 Cost of revenues(1) 188,338 175,351 657,526 639,374 Gross margin 84,768 73,212 254,494 195,901 Operating expenses: Selling, general and administrative(1) 37,714 43,365 154,412 166,786 Research and development(1) 11,913 19,417 67,647 101,328 Amortization of intangible assets 10,275 11,311 42,849 47,661 Restructuring and other charges (15 ) 6,781 7,216 26,170 Acquisition costs and other related expenses 1,331 306 1,997 1,710 Total operating expenses 61,218 81,180 274,121 343,655 Income (loss) from operations 23,550 (7,968 ) (19,627 ) (147,754 ) Interest income 1,367 525 3,607 1,199 Interest expense (8,026 ) (9,159 ) (33,430 ) (35,015 ) Other income (expense), net 1,926 (1,999 ) (974 ) (7,705 ) Income (loss) before income tax (benefit) expense 18,817 (18,601 ) (50,424 ) (189,275 ) Income tax expense (benefit) 2,447 (7,824 ) (12,520 ) (51,635 ) Net income (loss) $ 16,370 $ (10,777 ) $ (37,904 ) $ (137,640 ) Basic net earnings (loss) per share $ 0.28 $ (0.19 ) $ (0.65 ) $ (2.38 ) Diluted net earnings (loss) per share $ 0.27 $ (0.19 ) $ (0.65 ) $ (2.38 ) Weighted-average shares outstanding: Basic 58,924 57,974 58,746 57,738 Diluted 59,540 57,974 58,746 57,738 (1) Includes stock-based compensation expense, allocated as follows: Cost of revenues $ 446 $ 800 $ 1,205 $ 2,919 Selling, general and administrative $ 653 $ 5,310 $ 17,809 $ 16,936 Research and development $ 1,318 $ 1,136 $ 6,005 $ 5,814 MERCURY SYSTEMS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Fourth Quarters Ended Twelve Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Cash flows from operating activities: Net income (loss) $ 16,370 $ (10,777 ) $ (37,904 ) $ (137,640 ) Depreciation and amortization 19,969 21,391 82,027 88,030 Other non-cash items, net 6,953 286 26,627 25,764 Cash settlement for termination of interest rate swap — — — 7,403 Changes in operating assets and liabilities (5,217 ) 60,861 68,101 76,825 Net cash provided by operating activities 38,075 71,761 138,851 60,382 Cash flows from investing activities: Purchases of property and equipment (4,098 ) (10,348 ) (19,803 ) (34,291 ) Acquisition of assets and businesses, net of cash acquired (4,543 ) — (4,543 ) — Proceeds from sale of manufacturing operations to Cicor Group 6,246 — 6,246 Other investing activities — — 4,600 — Net cash used in investing activities (2,395 ) (10,348 ) (13,500 ) (34,291 ) Cash flows from financing activities: Proceeds from employee stock plans 2,169 1,479 3,661 4,642 Borrowings under credit facilities — — — 105,000 Payments under credit facilities — (25,000 ) — (25,000 ) Payments of deferred financing and offering costs — — (2,249 ) (1,931 ) Payments for retirement of common stock — (16 ) — (31 ) Net cash provided by (used in) financing activities 2,169 (23,537 ) 1,412 82,680 Effect of exchange rate changes on cash and cash equivalents 1,428 — 1,815 187 Net increase in cash and cash equivalents 39,277 37,876 128,578 108,958 Cash and cash equivalents at beginning of period 269,822 142,645 180,521 71,563 Cash and cash equivalents at end of period $ 309,099 $ 180,521 $ 309,099 $ 180,521 UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands) Adjusted EBITDA, a non-GAAP measure for reporting financial performance, excludes the impact of certain items and, therefore, has not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company's underlying results and trends, and management uses these measures along with the corresponding GAAP financial measures to manage the Company's business, to evaluate its performance compared to prior periods and the marketplace, and to establish operational goals. The adjustments to calculate this non-GAAP financial measure, and the basis for such adjustments, are outlined below: Other non-operating adjustments. The Company records other non-operating adjustments such as gains or losses on foreign currency remeasurement, investments and fixed asset sales or disposals among other adjustments. These adjustments may vary from period to period without any direct correlation to underlying operating performance. Interest income and expense. The Company receives interest income on investments and incurs interest expense on loans, financing leases and other financing arrangements. These amounts may vary from period to period due to changes in cash and debt balances and interest rates driven by general market conditions or other circumstances which may be outside of the normal course of the Company's operations. Income taxes. The Company's GAAP tax expense can fluctuate materially from period to period due to tax adjustments that are not directly related to underlying operating performance or to the current period of operations. Depreciation. The Company incurs depreciation expense related to capital assets purchased to support the ongoing operations of the business. These assets are recorded at cost or fair value and are depreciated using the straight-line method over the useful life of the asset. Purchases of such assets may vary significantly from period to period and without any direct correlation to underlying operating performance. Amortization of intangible assets. The Company incurs amortization of intangible assets primarily as a result of acquired intangible assets such as backlog, customer relationships and completed technologies but also due to licenses, patents and other arrangements. These intangible assets are valued at the time of acquisition or upon receipt of right to use the asset, amortized over the requisite life and generally cannot be changed or influenced by management after acquisition. Restructuring and other charges. The Company incurs restructuring and other charges in connection with management's decisions to undertake certain actions to realign operating expenses through workforce reductions and the closure of certain Company facilities, businesses and lines of business. The Company's adjustments reflected in restructuring and other charges are typically related to acquisitions and organizational redesign programs initiated as part of discrete post-acquisition integration activities. Management believes these items are non-routine and may not be indicative of ongoing operating results. Impairment of long-lived assets. The Company incurs impairment charges of long-lived assets based on events that may or may not be within the control of management. Management believes these items are outside the normal operations of the Company's business and are not indicative of ongoing operating results. Acquisition, financing and other third party costs. The Company incurs transaction costs related to acquisition and potential acquisition opportunities, such as legal, accounting, and other third party advisory fees. The Company may also incur third party costs, such as legal, banking, communications, proxy solicitation, and other third party advisory fees in connection with engagements by activist investors or unsolicited acquisition offers. Although the Company may incur such third party costs and other related charges and adjustments, it is not indicative that any transaction will be consummated. Additionally, the Company incurs unused revolver and bank fees associated with maintaining its credit facility as well as non-cash financing expenses associated with obtaining its credit facility. Management believes these items are outside the normal operations of the Company's business and are not indicative of ongoing operating results. Fair value adjustments from purchase accounting. As a result of applying purchase accounting rules to acquired assets and liabilities, certain fair value adjustments are recorded in the opening balance sheet of acquired companies. These adjustments are then reflected in the Company's income statements in periods subsequent to the acquisition. In addition, the impact of any changes to originally recorded contingent consideration amounts are reflected in the income statements in the period of the change. Management believes these items are outside the normal operations of the Company and are not indicative of ongoing operating results. Litigation and settlement income and expense. The Company periodically receives income and incurs expenses related to pending claims and litigation and associated legal fees and potential case settlements and/or judgments. Although the Company may incur such costs and other related charges and adjustments, it is not indicative of any particular outcome until the matter is fully resolved. Management believes these items are outside the normal operations of the Company's business, often occur in periods other than the period of activity, and are not indicative of ongoing operating results. The Company periodically receives warranty claims from customers and makes warranty claims towards its vendors and supply chain. Management believes the expenses and gains associated with these recurring warranty items are within the normal operations and operating cycle of the Company's business. Therefore, management deems no adjustments are necessary unless under extraordinary circumstances. Stock-based and other non-cash compensation expense. The Company incurs expense related to stock-based compensation included in its GAAP presentation of cost of revenues, selling, general and administrative expense and research and development expense. The Company also incurs non-cash based compensation in the form of pension related expenses and matching contributions to its defined contribution plan. Although stock-based and other non-cash compensation is an expense of the Company and viewed as a form of compensation, these expenses vary in amount from period to period, and are affected by market forces that are difficult to predict and are not within the control of management, such as the market price and volatility of the Company's shares, risk-free interest rates and the expected term and forfeiture rates of the awards, as well as pension actuarial assumptions. Management believes that exclusion of these expenses allows comparisons of operating results to those of other companies, both public, private or foreign, that disclose non-GAAP financial measures that exclude stock-based compensation and other non-cash compensation. Mercury uses adjusted EBITDA as an important indicator of the operating performance of its business. Management excludes the above-described items from its internal forecasts and models when establishing internal operating budgets, supplementing the financial results and forecasts reported to the Company's board of directors, determining a portion of bonus compensation for executive officers and other key employees based on operating performance, evaluating short-term and long-term operating trends in the Company's operations, and allocating resources to various initiatives and operational requirements. The Company believes that adjusted EBITDA permits a comparative assessment of its operating performance, relative to its performance based on its GAAP results, while isolating the effects of charges that may vary from period to period without direct correlation to underlying operating performance. The Company believes that these non-GAAP financial adjustments are useful to investors because they allow investors to evaluate the effectiveness of the methodology and information used by management in its financial and operational decision-making. The Company believes that trends in its adjusted EBITDA are valuable indicators of its operating performance. Adjusted EBITDA is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenses similar to the adjusted EBITDA financial adjustments described above, and investors should not infer from the Company's presentation of this non-GAAP financial measure that these costs are unusual, infrequent or non-recurring. The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure. Fourth Quarters Ended Twelve Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net income (loss) $ 16,370 $ (10,777 ) $ (37,904 ) $ (137,640 ) Other non-operating adjustments, net (4,645 ) (217 ) (7,742 ) (592 ) Interest expense, net 6,659 8,634 29,823 33,816 Income tax expense (benefit) 2,447 (7,824 ) (12,520 ) (51,635 ) Depreciation 9,694 10,080 39,178 40,369 Amortization of intangible assets 10,275 11,311 42,849 47,661 Restructuring and other charges (15 ) 6,781 7,216 26,170 Impairment of long-lived assets — — — — Acquisition, financing and other third party costs 2,126 1,400 6,638 4,370 Fair value adjustments from purchase accounting 131 178 617 710 Litigation and settlement expense, net 4,062 945 13,010 4,927 Stock-based and other non-cash compensation expense 4,165 10,650 38,273 41,257 Adjusted EBITDA $ 51,269 $ 31,161 $ 119,438 $ 9,413 Free cash flow, a non-GAAP measure for reporting cash flow, is defined as cash provided by operating activities less capital expenditures for property and equipment, which includes capitalized software development costs, and, therefore, has not been calculated in accordance with GAAP. Management believes free cash flow provides investors with an important perspective on cash available for investment and acquisitions after making capital investments required to support ongoing business operations and long-term value creation. The Company believes that trends in its free cash flow are valuable indicators of its operating performance and liquidity. Free cash flow is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. This non-GAAP financial measure may not be computed in the same manner as similarly titled measures used by other companies. The Company expects to continue to incur expenditures similar to the free cash flow financial adjustment described above, and investors should not infer from the Company's presentation of this non-GAAP financial measure that these expenditures reflect all of the Company's obligations which require cash. The following table reconciles the most directly comparable GAAP financial measure to the non-GAAP financial measure. Fourth Quarters Ended Twelve Months Ended June 27, 2025 June 28, 2024 June 27, 2025 June 28, 2024 Net cash provided by operating activities $ 38,075 $ 71,761 $ 138,851 $ 60,382 Purchases of property and equipment (4,098 ) (10,348 ) (19,803 ) (34,291 ) Free cash flow $ 33,977 $ 61,413 $ 119,048 $ 26,091 UNAUDITED SUPPLEMENTAL INFORMATION RECONCILIATION OF GAAP TO NON-GAAP MEASURES (In thousands, except per share data) Adjusted income and adjusted earnings per share ('adjusted EPS') are non-GAAP measures for reporting financial performance, exclude the impact of certain items and, therefore, have not been calculated in accordance with GAAP. Management believes that exclusion of these items assists in providing a more complete understanding of the Company's underlying results and trends and allows for comparability with its peer company index and industry. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. The Company uses these measures along with the corresponding GAAP financial measures to manage the Company's business and to evaluate its performance compared to prior periods and the marketplace. The Company defines adjusted income as income before other non-operating adjustments, amortization of intangible assets, restructuring and other charges, impairment of long-lived assets, acquisition, financing and other third party costs, fair value adjustments from purchase accounting, litigation and settlement income and expense, and stock-based and other non-cash compensation expense. The impact to income taxes includes the impact to the effective tax rate, current tax provision and deferred tax provision(1). Adjusted EPS expresses adjusted income on a per share basis using weighted average diluted shares outstanding. The following tables reconcile the most directly comparable GAAP financial measures to the non-GAAP financial measures. Fourth Quarters Ended June 27, 2025 June 28, 2024 Net income (loss) and earnings (loss) per share $ 16,370 $ 0.27 $ (10,777 ) $ (0.19 ) Other non-operating adjustments, net (4,645 ) (217 ) Amortization of intangible assets 10,275 11,311 Restructuring and other charges (15 ) 6,781 Impairment of long-lived assets — — Acquisition, financing and other third party costs 2,126 1,400 Fair value adjustments from purchase accounting 131 178 Litigation and settlement expense, net 4,062 945 Stock-based and other non-cash compensation expense 4,165 10,650 Impact to income taxes(1) (4,576 ) (7,033 ) Adjusted income and adjusted earnings per share(2) $ 27,893 $ 0.47 $ 13,238 $ 0.23 Diluted weighted-average shares outstanding 59,540 58,048 (1) Impact to income taxes is calculated by recasting income before income taxes to include the items involved in determining adjusted income and recalculating the income tax provision using this adjusted income from operations before income taxes. The recalculation also adjusts for any discrete tax expense or benefit related to the items. (2) Adjusted earnings per share is calculated using diluted shares whereas Net loss per share or Adjusted loss per share is calculated using basic shares. There was a $0.01 impact to the calculation of adjusted earnings per share as a result of this for the fourth quarters ended June 28, 2024. Twelve Months Ended June 27, 2025 June 28, 2024 Net loss and loss per share $ (37,904 ) $ (0.65 ) $ (137,640 ) $ (2.38 ) Other non-operating adjustments, net (7,742 ) (592 ) Amortization of intangible assets 42,849 47,661 Restructuring and other charges 7,216 26,170 Impairment of long-lived assets — — Acquisition, financing and other third party costs 6,638 4,370 Fair value adjustments from purchase accounting 617 710 Litigation and settlement expense, net 13,010 4,927 Stock-based and other non-cash compensation expense 38,273 41,257 Impact to income taxes(1) (25,091 ) (26,621 ) Adjusted income (loss) and adjusted earnings (loss) per share(2) $ 37,866 $ 0.64 $ (39,758 ) $ (0.69 ) Diluted weighted-average shares outstanding 59,203 57,738 (1) Impact to income taxes is calculated by recasting income before income taxes to include the items involved in determining adjusted income and recalculating the income tax provision using this adjusted income from operations before income taxes. The recalculation also adjusts for any discrete tax expense or benefit related to the items. (2) Adjusted earnings per share is calculated using diluted shares whereas Net loss per share is calculated using basic shares. There was a $0.01 impact to the calculation of adjusted earnings per share as a result of this for the twelve months ended June 27, 2025 and June 28, 2024, respectively. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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- Business Upturn
LiTime Day Launches Globally: 16 Years of Lithium Battery Expertise Building a Full-Scenario Energy Ecosystem
Shenzhen, China, Aug. 11, 2025 (GLOBE NEWSWIRE) — To celebrate ' 16 Years of LiFePO₄ Battery Expertise ', LiTime will launch an 18-day brand festival from August 11-27 (PDT), featuring major annual discounts on all best-selling products. As a global pioneer in lithium iron phosphate (LiFePO₄) technology, LiTime continues to drive innovation through a user-first, tech-forward approach. With standout product lines like the Mini Series, Trolling Motor Series, and T5.0 Smart ComFlex Series, the company is redefining the boundaries of outdoor and residential energy, delivering a storage ecosystem that is safe, efficient, and intelligently connected. With extreme weather on the rise and outdoor power needs hitting record highs, renewable energy storage demand surged 32% year-over-year in 2024, according to data from the U.S. Department of Energy. As a result, high-efficiency storage solutions are no longer a luxury — they're a necessity. Today's market is increasingly shaped by two key trends: energy density and intelligent system integration. As a one-stop independent energy solution expert with 16 years of industry experience, LiTime has consistently focused on cutting-edge breakthroughs in LiFePO₄ technology and on addressing real user needs, building a smart energy storage ecosystem that covers all application scenarios. Armed with 70+ core patents, logistics coverage across 100+ countries, and a 40-warehouse global network, LiTime has already served more than 3.5 million users worldwide. The company backs its products with industry-leading support: a 30-day price guarantee, 7-day free returns, 5-year warranty, 24/7 expert service, and 2–5 day shipping — securing its position as the No.1 online lithium battery brand in RV and marine sectors across global markets. Over 3.5 Million Users Strong, LiTime Is Pioneering the Future of Sustainable Energy Since its founding, LiTime has been driven by a clear mission: MAKE ENERGY AFFORDABLE FOR EVERYONE. Today, LiTime's solutions power an extensive range of applications — from RV camping, marine, and golf carts to micromobility，off-grid, home energy storage, agricultural automation and security monitoring — helping to accelerate global adoption of renewable energy. 'Every product we design is based on genuine user feedback.' said the company's founder. |'From solving RV space limitations to building smart, connected energy systems, we design for real-world scenarios. That's how we've earned the trust of over 3.5 million users.'Continuing to grow its all-scenario energy ecosystem, LiTime remains true to its vision: 'Powering Outdoor Adventures for Generations.' LiTime Unveils Three Breakthroughs, Redefining the Limits of Lithium Power ■ Mini Series Breaks New Ground in Compact Energy Storage Back in 2019, LiTime introduced the 12V 100Ah Mini to solve a critical challenge: delivering reliable power in tight spaces like trailers and small cabins. Over the years, the company has relentlessly refined its approach to lightweight engineering and high energy density, resulting in advanced solutions like the 12V 320Ah Mini Smart Battery — a compact powerhouse with a gravimetric energy density 3.8 times greater than conventional Group 31 lead-acid models — and several other cutting-edge designs. Limited-Time LiTime Day Deal: 12V 320Ah Mini Smart Battery $699.99 (regularly $929.99), 24% OFF. ■ TM Series Secures Top Spot in Marine Power Solutions Engineered specifically for electric boats and fishing vessels, LiTime's Trolling Motor Series has earned a solid reputation among anglers and outdoor enthusiasts alike. With twice the runtime efficiency of comparable lead-acid batteries and outstanding corrosion protection, it delivers reliable, all-day power on the water. Fishing content creator FishingProTV put it to the test and was impressed:'Ran my trolling motor all day. Still 60% left!' LiTime Day Hot Deal: 12V 100Ah OBM Smart Battery $319.99 (regularly $399.99), 20% OFF. ■ T5.0 Smart ComFlex System Reimagines How Energy is Managed Developed in-house by LiTime, the T5.0 Smart ComFlex System is the first'Talking LiFePO4 Battery' designed for RV and marine energy use. It seamlessly integrates with third-party platforms like Victron, removing technical barriers and delivering true plug-and-play performance. With no complex configuration required, users can now: l Monitor battery health down to the cell level and optimize charging strategies in real time and optimize charging strategies in real time l Enjoy a plug-and-play setup with centralized control via a single screen l Enjoy affordable, intelligent connectivity with premium functionality Launch Price for LiTime Day: 12V 100Ah Smart ComFlex Battery $339.99 (regularly $429.99), 20% OFF. LiTime Expands Its All-Scenario Energy Ecosystem with Four Real-World Solutions RVs: Travel Further with Reliable Power 12V 165Ah Smart Battery – $389.99 (Was $509.99), Save 23% LiTime specializes in end-to-end energy solutions for RV owners, offering everything from smart lithium batteries and 2000W pure sine wave inverters to high-efficiency MPPT controllers and a full range of charging accessories. Its complete, plug-and-play system — from storage to power delivery — has already supported more than 80,000 users on the road. At the center of this ecosystem is the all-new 12V 165Ah Smart Battery, a flagship model that delivers 2112Wh of power — a 65% increase in capacity within the standard Group 31 footprint — making it ideal for users demanding more energy without sacrificing space. Marines: All-Day Power for Every Cast 12V 100Ah TM Bluetooth Battery Bonus Deal (Aug. 18–30): Grab it at a surprise low of $254.99 (was $379.99) LiTime offers versatile battery solutions tailored to the needs of both recreational and professional boaters. From engine starting and trolling motors to fish finders and onboard power, its systems are built to support extended outings — making LiTime a top choice among anglers and sailors alike. The standout 12V 100Ah TM Bluetooth Battery is engineered for harsh marine conditions, with a peak output of 500A (1 second) that pairs perfectly with 30–70 lb thrust motors. It's also 83% lighter and 50% more compact than traditional lead-acid batteries, delivering a noticeable boost in speed and maneuverability on the water. Golf Carts: Built to Conquer Every Terrain 48V 100Ah Bluetooth Battery Kit (Includes Bracket + Monitor) Bonus Deal (Aug. 12–30): Grab it at a surprise low of $999.99 (was $1,649.99) LiTime's golf cart power systems are built around three core values: energy efficiency, smart control, and modular design. The lineup includes GC2-style parallel battery packs and 51.2V 60Ah/100Ah lithium batteries, offering flexible solutions for a wide range of vehicle types. With CAN-enabled auto-parallel networking and support for centralized monitoring of up to 8 batteries via an external display, users can easily manage and shut down their entire system with one interface. Whether tackling rugged terrain or harsh weather, LiTime's system delivers stable, intelligent power in every environment. Home Energy Storages: Power Through Any Outage 48V (51.2V) 100Ah ComFlex Edition Battery – $1,199.99 (Was $1,869.99), Save 35% As extreme weather events become more common across North America, LiTime has introduced a fully integrated off-grid home energy solution. Combining an inverter, MPPT charge controller, AC/DC charging modules, and a smart battery management system, the setup is designed to save space, reduce wiring complexity, and support four versatile charging modes — ensuring uninterrupted 24/7 power in any condition. At the heart of the system is the 48V 100Ah ComFlex Edition, a stackable lithium battery that supports up to 16 units in parallel. It works seamlessly with leading inverter brands like Victron, Growatt, and DEYE, delivering a flexible and future-proof energy backup for modern homes. LiTime Day Global Celebration :Limited-Time Deals & Exclusive Member Rewards To celebrate 16 years of innovation and customer trust, LiTime Day is back — running from August 11–27, 2025 (PDT) — packed with exclusive perks, rewards, and surprises you won't want to miss! Ø Member-Only Rewards Turn points into instant savings: 1 point = 5% OFF sitewide Earn double points on all purchases during the event Score 500 bonus points by sharing the event page on Facebook Ø Limited-Time Deal Zone Unbeatable offers, updated throughout the event (offers cannot be combined) l 8% OFF all accessories all accessories l Tiered instant savings: • Spend $400 → Save 5% • Spend $800 → Save 6% • Spend $2000 → Save 8% Ø 100% Win Spin-the-Wheel Giveaway l Subscribe to the LiTime newsletter to get 1 spin + a 5% discount code l Win guaranteed prizes including discount coupons, free accessories, and more Ready to power up your gear and your savings? The LiTime Day celebration is on — and it's global. About LiTime LiTime is a premium brand specializing in lithium iron phosphate (LiFePO₄) battery technologies. With 16 years of expertise in the new energy storage industry, the company is committed to delivering safe, intelligent, and sustainable energy solutions to a global user base across RV, marine, solar, and off-grid applications. Guided by its brand philosophy, Life & Discovery, LiTime combines strong R&D capabilities, rigorous production standards, and top-tier service to meet evolving market needs. To date, LiTime's advanced battery technology has earned over 380 product certifications worldwide. By reducing the global carbon footprint and transforming the future of energy systems, LiTime is trusted by both professionals and adventurers to power tomorrow's clean energy journeys — Powering Outdoor Adventures for Generations. Learn More Company: LiTime USA/Germany/Japan Visit： Contact: [email protected] Subscribe: Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
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Matrix-Game 2.0 Released: The First Open-Source Interactive World Model for Real-Time Long-Sequence Generation
Singapore, Aug. 11, 2025 (GLOBE NEWSWIRE) — On August 12, Skywork AI announced the release of Matrix-Game 2.0, the upgraded version of its Matrix series interactive world model. This breakthrough model delivers real-time, long-sequence interactive video generation across general-purpose scenarios, and the model is fully open-sourced, making it the first of its kind in the industry. Matrix-Game 2.0 represents a major leap in both real-time performance and long-sequence generation capabilities. With a focus on low latency and high frame rates, the model can stably generate continuous video at 25 FPS across complex environments, with durations extending to minutes. The result is significantly enhanced coherence, usability, and immersion. In addition to faster inference, Matrix-Game 2.0 maintains precise understanding of physics and scene semantics. Users can issue simple commands to freely explore, manipulate, and construct virtual environments that are structurally consistent, visually rich, and logically sound in real time. This breakthrough removes the barrier between content generation and interactive engagement, opening new possibilities for applications in virtual humans, gaming engines, embodied AI, and more. Model Architecture Matrix-Game 2.0 introduces a new vision-driven approach to interactive world modeling—moving away from language-prompt dependency and focusing on spatial understanding and physics-based learning. 3D Causal VAE Compression: Efficiently compresses spatial and temporal dimensions for better modeling and generation. Efficiently compresses spatial and temporal dimensions for better modeling and generation. Multimodal Diffusion Transformer (DiT): Combines vision encoding with user action commands to generate frame-by-frame realistic dynamic sequences. Combines vision encoding with user action commands to generate frame-by-frame realistic dynamic sequences. User Interaction Module: Adapts GameFactory and Genie-style frameworks to enable real-time control. Real-Time Autoregressive Video Generation Using a Self-Forcing training strategy, Matrix-Game 2.0 employs a novel autoregressive diffusion generation mechanism to overcome latency and error accumulation in conventional models: Causal Diffusion Model Distillation: Minimizes sequence delay by conditioning on past frames. Minimizes sequence delay by conditioning on past frames. Distribution Matching Distillation (DMD): Aligns training and inference distributions for more stable results. Aligns training and inference distributions for more stable results. KV Cache Mechanism: Enables seamless long video generation without redundant computation, supporting unlimited output length at 25 FPS on a single GPU. Applications & Performance Matrix-Game 2.0 supports dynamic, physics-consistent interactions—such as character movement and camera rotation—through keyboard and mouse input. It is applicable to diverse scenes, including GTA-style environments, Minecraft, and open-world exploration, with enhanced cross-domain adaptability and physical realism. Three Core Breakthroughs: High-FPS Real-Time Long-Sequence Generation: Minute-long, natural, and responsive interactions at 25 FPS. Multi-Scene Generalization: Adaptable to various styles and environments, from urban landscapes to artistical renderings. Enhanced Physical Consistency: Realistic movement over complex terrains, boosting immersion and controllability. Matrix-Game 2.0 sets a new milestone for spatial intelligence research and application, paving the way for embodied AI training, rapid virtual world construction, and content creation for films and the metaverse. Open-Source Links: is a consumer-facing AI workspace and creative platform that helps everyday users produce slides, spreadsheets, videos, documents, and interactive content in minutes – built around intuitive conversational workflows. The platform offers guided prompts, real-time previews, and integrations with common office tools to speed up workflows for students, freelancers, and small teams. Available on web and mobile, emphasizes ease of use, affordability, and rapid iteration—bringing advanced AI creativity tools directly to consumers. Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
