Iveco Group N.V. to present its 2025 Second Quarter Results on 31st July 2025
A live audio webcast of the conference call will begin at 11:00 a.m. CEST / 10:00 a.m. BST on Thursday, 31 st July 2025.
Details for accessing the webcast are available at the following link:
Q2 2025 Iveco Group Webcast.
The press release and presentation material will be posted on the corporate website at www.ivecogroup.com on Wednesday, 30 th July 2025, in advance of the conference call.
For those unable to take part in the live session, a replay will be available in the Investors section of the company website (www.ivecogroup.com) following the conference call.
Iveco Group N.V. (EXM: IVG) is the home of unique people and brands that power your business and mission to advance a more sustainable society. The seven brands are each a major force in its specific business: IVECO, a pioneering commercial vehicles brand that designs, manufactures, and markets heavy, medium, and light-duty trucks; FPT Industrial, a global leader in a vast array of advanced powertrain technologies in the agriculture, construction, marine, power generation, and commercial vehicles sectors; IVECO BUS and HEULIEZ, mass-transit and premium bus and coach brands; IDV, for highly specialised defence and civil protection equipment; ASTRA, a leader in large-scale heavy-duty quarry and construction vehicles; and IVECO CAPITAL, the financing arm which supports them all. Iveco Group employs 36,000 people around the world and has 19 industrial sites and 30 R&D centres. Further information is available on the Company's website www.ivecogroup.com
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Globe and Mail
8 minutes ago
- Globe and Mail
MediaCo Reports Second Quarter Net Revenue of $31.2 Million and First Half of 2025 Net Revenue of $59.3 Million
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Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please refer to the 'Definitions and Disclosures Regarding Non- GAAP Financial Information' section herein, the reconciliations at the end of this press release and additional information on our website. 2025 Second Quarter Financial Summary Three Months Ended June 30, Change (Dollars in thousands) 2025 2024 % NET REVENUES $ 31,245 $ 26,202 19 % NET LOSS $ (8,800 ) $ (48,307 ) 82 % % Margin (1) (28 )% (184 )% ADJUSTED EBITDA (2) $ 1,791 $ (5,222 ) 134 % % Margin (1)(2) 6 % (20 )% 2025 First Half Financial Summary Six Months Ended June 30, Change (Dollars in thousands) 2025 2024 % NET REVENUES $ 59,275 $ 32,908 80 % NET LOSS $ (17,406 ) $ (51,984 ) 67 % % Margin (1) (29 )% (158 )% ADJUSTED EBITDA (2) $ 2,918 $ (4,499 ) 165 % % Margin (1)(2) 5 % (14 )% (1) Net Income margin is Net Income as a percentage of Net Revenue. Adjusted EBITDA margin is Adjusted EBITDA as a percentage of Net Revenue. (2) Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures. Please refer to the 'Definitions and Disclosures Regarding Non-GAAP Financial Information' section herein, the reconciliations at the end of this press release and additional information on our website. Albert Rodriguez, MediaCo CEO and President, commented, 'We're proud to report a 19% year-over-year revenue increase this quarter, clear proof that our business is not only strong but gaining real momentum. Even more compelling is the 345% surge in first half digital revenue, which now accounts for 33.0% of our total ad income. This growth is fueled by our deep connection with multicultural audiences and the cultural relevance we deliver across every platform. It's a powerful validation of our strategy and indicates that MediaCo is leading the charge in today's digital-first economy. This quarter delivered record revenue, with P18–49 growth in five of the last seven months. EstrellaTV was the only Spanish-language broadcast network to post year-over-year prime-time growth for the full quarter—proof of our consistent performance and enduring audience connection.' Debra DeFelice, CFO and Treasurer, commented, 'MediaCo delivered a record second quarter, reflecting continued strength across our portfolio. Growth was driven by increases in radio and TV advertising revenue, record-breaking digital performance, and disciplined expense management. Our successful integration of Estrella Media assets from the most recent acquisition, combined with the progressive realization of synergies across markets and multiple delivery platforms, is fueling strong, sustainable results. We remain focused on delivering strong operating performance, enhancing cash flow, and executing on our long-term growth strategy, while advancing our content offerings and accelerating digital expansion. These initiatives position us to capitalize on emerging opportunities in the second half of the year.' Company and Business Highlights MediaCo Holding Inc. (Nasdaq: MDIA) is a diverse-owned, multi-platform media company serving multicultural audiences across the U.S. Through a network of iconic brands—including Hot 97, WBLS, EstrellaTV, Estrella News, Que Buena Los Angeles and the Don Cheto Radio Network—MediaCo reaches over 20 million people monthly via television, radio, digital, and streaming platforms. The company's innovative and culturally resonant content spans music, news, and entertainment across major local and national markets. New Programming: EstrellaTV is poised for continued growth with new sports, original, and acquired programming. The network secured multi-year rights to all Tigres, Tigres Femenil, Juarez, and Juarez Femenil Liga MX home games across all platforms. It also acquired multiplatform rights to the live music reality show Objetivo Fama and greenlit another season of Tengo Talento, Mucho Talento: Nueva Era for fall. Events: The 31st annual Summer Jam sold out the Prudential Center, featuring A Boogie, Wit Da Hoodie, Gunna, GloRilla and more and is back in June 2026, promising an even bigger show. In celebration of Cinco de Mayo, MediaCo's Spanish-language radio stations hosted sold out music festivals in Los Angeles, Houston and Dallas with over 40,000 in attendance. Digital & Streaming: MediaCo expects remarkable year-over-year digital and streaming revenue growth, fueled by EstrellaTV's Spanish-language brands and rising demand for CTV and FAST channels on major platforms. FAST watch time and monetized CTV ad inventory grew significantly in Q2. EstrellaTV and Estrella News were ranked as the top Latino-focused mixed IP FAST channels in the most recent Amagi/Ampere report. 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Broadcast TV: EstrellaTV posted year-over-year prime time growth in five of the last seven months. Q2 P18-49 Mon–Sun prime averaged 15.3k viewers, up 23% YoY, driven by new originals and news programming. On May 14, the semifinal Liga MX match (Tigres UANL vs. Toluca) delivered the network's largest full coverage P18-49 audience ever (+157% vs. season average). June marked the third straight monthly gain, with Mon–Fri prime up 29% YoY. Local TV: EstrellaTV Local saw strong year-over-year growth in the combined April–May book averages. Three of the network's largest owned-and-operated stations posted gains in weekday prime among P18-49: KRCA/LA nearly doubled its audience (+96%), QFAA/Dallas grew +49%, and KZJL/Houston surged +143%. WGEN/Miami also delivered impressive results, up +198% in weekday prime among P25-54. Forward-Looking Statements This communication includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended ('Exchange Act'). You can identify these forward-looking statements by our use of words such as 'intend,' 'plan,' 'may,' 'will,' 'project,' 'estimate,' 'anticipate,' 'believe,' 'expect,' 'continue,' 'potential,' 'opportunity' and similar expressions, whether in the negative or affirmative. Such forward-looking statements, which speak only as of the date hereof, are based on managements' estimates, assumptions and beliefs regarding our future plans, intentions and expectations. We cannot guarantee that we will achieve these plans, intentions or expectations. All statements regarding our expected financial position, business, results of operations and financing plans are forward-looking statements. Actual results or events could differ materially from the plans, intentions or expectations disclosed in the forward-looking statements we make. We have included important facts in various cautionary statements in this communication that we believe could cause our actual results to differ materially from forward-looking statements that we make. The forward-looking statements do not reflect the potential impact of any future acquisitions, mergers or dispositions. We undertake no obligation to update or revise any forward-looking statements because of new information, future events or otherwise. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this release. For more details on factors that could affect these expectations, please see MediaCo's other filings with the Securities and Exchange Commission. Definitions and Disclosures Regarding Non-GAAP Financial Information We define Adjusted EBITDA as consolidated Operating loss adjusted to exclude restructuring expenses, business combination transaction costs, unusual and non-recurring expenditures and non-cash compensation included within operating expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Loss on disposal of assets, change in fair value of warrant shares liability and Other income. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Provision for income taxes, Interest expense, net, Depreciation and amortization, Loss on disposal of assets, Change in fair value of warrant shares liability, Other income, and Other adjustments. We use Adjusted EBITDA, among other measures, to evaluate the Company's operating performance. This measure is among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe this measure is an important indicator of our operational strength and performance of our business because it provides a link between operational performance and operating income. It is also a primary measure used by management in evaluating companies as potential acquisition targets. We believe the presentation of this measure is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. We believe it helps improve investors' ability to understand our operating performance and makes it easier to compare our results with other companies that have different capital structures or tax rates. In addition, we believe this measure is also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our operating performance to other companies in our industry. Since Adjusted EBITDA is not a measure calculated in accordance with GAAP, it should not be considered in isolation of, or as a substitute for, operating loss or net loss as an indicator of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA is not necessarily a measure of our ability to fund our cash needs. Because it excludes certain financial information compared with operating loss and compared with consolidated net loss, the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded. For a reconciliation of these non-GAAP financial measurements to the GAAP financial results cited in this news announcement, please see the supplemental tables at the end of this release. About MediaCo Holding Inc. MediaCo Holding Inc. (Nasdaq: MDIA) is a diverse-owned, multi-platform media company serving multicultural audiences across the U.S. Through a network of iconic brands—including Hot 97, WBLS, EstrellaTV, Estrella News, Que Buena Los Angeles and the Don Cheto Radio Network—MediaCo reaches over 20 million people monthly via television, radio, digital, and streaming platforms. The company's innovative and culturally resonant content spans music, news, and entertainment across major local and national markets. More info at Three Months Ended June 30, Change (Dollars in thousands) 2025 2024 $ % NET REVENUES $ 31,245 $ 26,202 5,043 19 OPERATING EXPENSES: Operating expenses 34,774 34,647 127 — Corporate expenses 1,554 3,445 (1,891 ) (55 ) Depreciation and amortization 1,697 1,431 266 19 Loss on disposal of assets 5 5 — N/A Total operating expenses 38,030 39,528 (1,498 ) (4 ) OPERATING LOSS (6,785 ) (13,326 ) 6,541 (49 ) OTHER INCOME (EXPENSE): Interest expense, net (3,855 ) (3,782 ) (73 ) 2 Change in fair value of warrant shares liability — (31,027 ) 31,027 N/A Other income 2,119 10 2,109 21,090 Total other expense (1,736 ) (34,799 ) 33,063 (95 ) LOSS BEFORE INCOME TAXES (8,521 ) (48,125 ) 39,604 (82 ) PROVISION FOR INCOME TAXES 279 182 97 53 NET LOSS $ (8,800 ) $ (48,307 ) 39,507 (82 ) MEDIACO HOLDING INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Six Months Ended June 30, Change (Dollars in thousands) 2025 2024 $ % NET REVENUES $ 59,275 $ 32,908 26,367 80 OPERATING EXPENSES: Operating expenses 63,986 41,297 22,689 55 Corporate expenses 3,147 6,835 (3,688 ) (54 ) Depreciation and amortization 3,466 1,564 1,902 122 Loss on disposal of assets 144 5 139 2,780 Total operating expenses 70,743 49,701 21,042 42 OPERATING LOSS (11,468 ) (16,793 ) 5,325 (32 ) OTHER INCOME (EXPENSE): Interest expense, net (7,609 ) (3,918 ) (3,691 ) 94 Change in fair value of warrant shares liability — (31,027 ) 31,027 N/A Other income 2,230 20 2,210 11,050 Total other expense (5,379 ) (34,925 ) 29,546 (85 ) LOSS BEFORE INCOME TAXES (16,847 ) (51,718 ) 34,871 (67 ) PROVISION FOR INCOME TAXES 559 266 293 110 NET LOSS $ (17,406 ) $ (51,984 ) 34,578 (67 ) MEDIACO HOLDING INC. NON-GAAP FINANCIAL MEASURES RECONCILIATIONS OF NET LOSS TO EBITDA AND ADJUSTED EBITDA (1) AND NET LOSS MARGIN TO ADJUSTED EBITDA MARGIN (1) Three Months Ended June 30, Six Months Ended June 30, (Dollars in thousands) 2025 2024 2025 2024 Net revenues $ 31,245 $ 26,202 $ 59,275 $ 32,908 Net Loss $ (8,521 ) $ (48,125 ) $ (17,406 ) $ (51,984 ) % Margin (28 )% (184 )% (29 )% (158 )% Provision for income taxes 279 182 559 266 Interest expense, net 3,855 3,782 7,609 3,918 Depreciation and amortization 1,697 1,431 3,466 1,564 EBITDA $ (2,690 ) $ (42,730 ) $ (5,772 ) $ (46,236 ) Loss on disposal of assets 5 5 144 5 Change in fair value of warrant shares liability — 31,027 — 31,027 Other income (2,119 ) (10 ) (2,230 ) (20 ) Other adjustments 6,595 6,486 10,776 10,725 Adjusted EBITDA (1) $ 1,791 $ (5,222 ) $ 2,918 $ (4,499 ) % Margin (1) 6 % (20 )% 5 % (14 )% (1) We define Adjusted EBITDA as consolidated Operating loss adjusted to exclude restructuring expenses, business combination transaction costs, unusual and non-recurring expenditures and non-cash compensation included within operating expenses, as well as the following line items presented in our Statements of Operations: Depreciation and amortization, Loss on disposal of assets, change in fair value of warrant shares liability and Other income. Alternatively, Adjusted EBITDA is calculated as Net loss, adjusted to exclude Provision for income taxes, Interest expense, net, Depreciation and amortization, Loss on disposal of assets, Change in fair value of warrant shares liability, Other income, and Other adjustments. We define Adjusted EBITDA margin as Adjusted EBITDA as a percentage of net revenue. We use Adjusted EBITDA and Adjusted EBITDA margin, among other measures, to evaluate the Company's operating performance. These measures are among the primary measures used by management for the planning and forecasting of future periods, as well as for measuring performance for compensation of executives and other members of management. We believe these measures are an important indicator of our operational strength and performance of our business because they provide a link between operational performance and operating income. They are also primary measures used by management in evaluating companies as potential acquisition targets. We believe the presentation of these measures is relevant and useful for investors because it allows investors to view performance in a manner similar to the method used by management. We believe they help improve investors' ability to understand our operating performance and make it easier to compare our results with other companies that have different capital structures or tax rates. In addition, we believe these measures are also among the primary measures used externally by our investors, analysts and peers in our industry for purposes of valuation and comparing our operating performance to other companies in our industry. Since Adjusted EBITDA and Adjusted EBITDA margin are not measures calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, operating loss or net loss, or net loss margin as indicators of operating performance and may not be comparable to similarly titled measures employed by other companies. Adjusted EBITDA and Adjusted EBITDA margin are not necessarily measures of our ability to fund our cash needs. Because they exclude certain financial information compared with operating loss, consolidated net loss, and consolidated net loss margin, the most directly comparable GAAP financial measures, users of this financial information should consider the types of events and transactions which are excluded.
Globe and Mail
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Customer Engagement: Hosted 'Kaltura Connect on the Road 2025' events in New York, San Francisco, and London, alongside our 'Kaltura Connect in Education' events series across Europe and the U.S. Additional education-focused events are planned for later this year in Europe and the Asia-Pacific region - details available on our website. Organizational Realignment to Drive Efficiency and Scale: Initiated a company-wide reorganization to enhance productivity, streamline operations, and capture synergies. As part of this effort, all engineering resources have been unified under a single R&D organization, and Customer Experience and Sales have been consolidated into one go-to-market team—both of which now support our M&T and EE&T business segments. Headcount Adjustment and Expense Optimization: The reorganization includes a reduction of approximately 10% of our workforce. We expect to realize cost savings starting later in the third quarter. The reorganization will primarily impact engineering, professional services, and administrative spend. Our sales and marketing budget remains intact, with expectations for gradual growth to support pipeline momentum. Ongoing investments in automation and AI-driven efficiency are already delivering measurable benefits and are expected to continue contributing to cost savings and scalability across the organization. Financial Impact of Reorganization: Total savings from workforce reductions associated with the reorganization expected for the balance of 2025 is approximately $2.6 million, which translates to $8.5 million on an annualized basis, strengthening our financial position moving forward. The total one-time charge related to the reorganization is expected to be approximately $0.7 million in the third quarter of 2025. Financial Outlook: For the third quarter of 2025, Kaltura expects: Subscription Revenue to be between $40.8 million and $41.6 million. Total Revenue to be between $42.8 million and $43.6 million. Adjusted EBITDA to be between $1.5 million to $2.5 million. For the full year ending December 31, 2025, Kaltura expects: Subscription Revenue to be between $170.9 million and $172.9 million. Total Revenue to be between $180.4 million and $182.4 million. Adjusted EBITDA to be in the range of $14.5 million to $16.0 million. The guidance provided above contains forward-looking statements and actual results may differ materially. Refer to 'Forward-Looking Statements' below for information on the factors that could cause our actual results to differ materially from these forward-looking statements. Kaltura has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net loss within this press release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. The reconciliation for Adjusted EBITDA includes but is not limited to the following items: stock-based compensation expenses, depreciation, amortization, financial expenses (income), net, provision for income tax, and other non-recurring operating expenses. These items, which could materially affect the computation of forward-looking GAAP net loss, are inherently uncertain and depend on various factors, some of which are outside of the Company's control. The guidance above is based on the Company's current expectations relating to the macro-economic climate trends. Additional information on Kaltura's reported results, including a reconciliation of the non-GAAP financial measures to their most comparable GAAP measures, is included in the financial tables below. Investor Deck Our second quarter and full year 2025 Investor Deck has been posted in the investor relations page on our website at: Conference Call Kaltura will host a conference call today on August 7, 2025 to review its second quarter 2025 financial results and to discuss its financial outlook. A live webcast will also be available in the Investor Relations section of Kaltura's website at: A replay of the webcast will be available in the Investor Relations section of the company's web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days. About Kaltura Kaltura's mission is to create and power AI-infused hyper-personalized video experiences that boost customer and employee engagement and success. Kaltura's AI Video Experience Cloud includes a platform for enterprise and TV content management and a wide array of Gen AI-infused video-first products, including Video Portals, LMS and CMS Video Extensions, Virtual Events and Webinars, Virtual Classrooms, and TV Streaming Applications. Kaltura engages millions of end-users at home, at work, and at school, boosting both customer and employee experiences, including marketing, sales, and customer success; teaching, learning, training and certification; communication and collaboration; and entertainment, and monetization. For more information, visit Investor Contacts: Kaltura John Doherty Chief Financial Officer IR@ Sapphire Investor Relations Erica Mannion and Michael Funari +1 617 542 6180 IR@ Media Contacts: Kaltura Nohar Zmora Headline Media Raanan Loew raanan@ +1 347 897 9276 Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including but not limited to, statements regarding our future financial and operating performance, including our guidance and long-term targets; our business strategy, plans and objectives for future operations; including our cost saving initiatives; the timing and impact of our reorganization plan; expectations with respect to our products and capabilities, including the adoption and performance of our new AI-driven technologies; our expectations regarding potential profitability and growth; and general economic, business and industry conditions, including expectations with respect to trends in customer consolidation and corporate spending. In some cases, you can identify forward-looking statements by terminology such as 'aim,' 'anticipate,' 'assume,' 'believe,' 'contemplate,' 'continue,' 'could,' 'due,' 'estimate,' 'expect,' 'goal,' 'intend,' 'may,' 'objective,' 'plan,' 'predict,' 'potential,' 'positioned,' 'seek,' 'should,' 'target,' 'will,' 'would' and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Any forward-looking statements contained herein are based on our historical performance and our current plans, estimates and expectations and are not a representation that such plans, estimates, or expectations will be achieved. These forward-looking statements represent our expectations as of the date of this press release. Subsequent events may cause these expectations to change, and we disclaim any obligation to update the forward-looking statements in the future, except as required by law. These forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from our current expectations. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, the current volatile economic climate and its direct and indirect impact on our business and operations; political, economic, and military conditions in Israel and other geographies; our ability to retain our customers and meet demand; our ability to achieve and maintain profitability; the evolution of the markets for our offerings; our ability to keep pace with technological and competitive developments; risks associated with our use of certain artificial intelligence and machine learning models; our ability to maintain the interoperability of our offerings across devices, operating systems and third-party applications; risks associated with our Application Programming Interfaces, other components in our offerings and other intellectual property; our ability to compete successfully against current and future competitors; our ability to increase customer revenue; risks related to our approach to revenue recognition; our potential exposure to cybersecurity threats; our compliance with data privacy and data protection laws; our ability to meet our contractual commitments; our reliance on third parties; our ability to retain our key personnel; risks related to revenue mix and customer base; risks related to our international operations; risks related to potential acquisitions; our ability to generate or raise additional capital; and the other risks under the caption 'Risk Factors' in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the Securities and Exchange Commission ('SEC'), as such factors may be updated from time to time in our other filings with the SEC, which are accessible on the SEC's website at and the Investor Relations page of our website at Non-GAAP Financial Measures Kaltura has provided in this press release and the accompanying tables measures of financial information that have not been prepared in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including non-GAAP gross profit, non-GAAP gross margin (calculated as a percentage of revenue), non-GAAP research and development expenses, non-GAAP sales and marketing expenses, non-GAAP general and administrative expenses, non-GAAP operating profit (loss), non-GAAP operating margin (calculated as a percentage of revenue), non-GAAP net income (loss), non-GAAP net income (loss) per share and Adjusted EBITDA. Beginning with the second quarter, non-GAAP Net Income was adjusted for gains or losses from foreign currency translation adjustments, with the recent fluctuation of the U.S dollar, specifically against the Israeli Shekel and less certainty in the global economic environment, Kaltura believes that this change will provide a better reflection of its overall operating performance on an adjusted net income (loss) basis. Kaltura defines these non-GAAP financial measures as the respective corresponding GAAP measure, adjusted for, as applicable: (1) stock-based compensation expense; (2) the amortization of acquired intangibles; and (3) strategic initiatives costs, (4) war-related costs, and (5) foreign currency translation adjustments loss (gain). Kaltura defines EBITDA as net profit (loss) before financial expenses (income), net, provision for income taxes, and depreciation and amortization expenses. Adjusted EBITDA is defined as EBITDA (as defined above), adjusted for the impact of certain non-cash and other items that we believe are not indicative of our core operating performance, such as non-cash stock-based compensation expenses and certain non-recurring operating expenses. We believe these non-GAAP financial measures provide useful information to management and investors regarding certain financial and business trends relating to Kaltura's financial condition and results of operations. These non-GAAP metrics are a supplemental measure of our performance, are not defined by or presented in accordance with GAAP, and should not be considered in isolation or as an alternative to net profit (loss) or any other performance measure prepared in accordance with GAAP. Non-GAAP financial measures are presented because we believe that they provide useful supplemental information to investors and analysts regarding our operating performance and are frequently used by these parties in evaluating companies in our industry. By presenting these non-GAAP financial measures, we provide a basis for comparison of our business operations between periods by excluding items that we do not believe are indicative of our core operating performance. We believe that investors' understanding of our performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. Additionally, our management uses these non-GAAP financial measures as supplemental measures of our performance because they assist us in comparing the operating performance of our business on a consistent basis between periods, as described above. Although we use the non-GAAP financial measures described above, such measures have significant limitations as analytical tools and only supplement but do not replace, our financial statements in accordance with GAAP. See the tables below regarding reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures Key Financial and Operating Metrics Annualized Recurring Revenue. We use Annualized Recurring Revenue ('ARR') as a measure of our revenue trend and an indicator of our future revenue opportunity from existing recurring customer contracts. We calculate ARR by annualizing our recurring revenue for the most recently completed fiscal quarter. Recurring revenues are generated from SaaS and PaaS subscriptions, as well as term licenses for software installed on the customer's premises ('On-Prem'). For the SaaS and PaaS components, we calculate ARR by annualizing the actual recurring revenue recognized for the latest fiscal quarter. For the On-Prem components for which revenue recognition is not ratable across the license term, we calculate ARR for each contract by dividing the total contract value (excluding professional services) as of the last day of the specified period by the number of days in the contract term and then multiplying by 365. Recurring revenue excludes revenue from one-time professional services and setup fees. ARR is not adjusted for the impact of any known or projected future customer cancellations, upgrades or downgrades or price increases or decreases. The amount of actual revenue that we recognize over any 12-month period is likely to differ from ARR at the beginning of that period, sometimes significantly. This may occur due to new bookings, cancellations, upgrades or downgrades, pending renewals, professional services revenue, foreign exchange rate fluctuations and acquisitions or divestitures. ARR should be viewed independently of revenue as it is an operating metric and is not intended to be a replacement or forecast of revenue. Our calculation of ARR may differ from similarly titled metrics presented by other companies. Net Dollar Retention Rate. Our Net Dollar Retention Rate, which we use to measure our success in retaining and growing recurring revenue from our existing customers, compares our recognized recurring revenue from a set of customers across comparable periods. We calculate our Net Dollar Retention Rate for a given period as the recognized recurring revenue from the latest reported fiscal quarter from the set of customers whose revenue existed in the reported fiscal quarter from the prior year (the numerator), divided by recognized recurring revenue from such customers for the same fiscal quarter in the prior year (denominator). For annual periods, we report Net Dollar Retention Rate as the arithmetic average of the Net Dollar Retention Rate for all fiscal quarters included in the period. We consider subdivisions of the same legal entity (for example, divisions of a parent company or separate campuses that are part of the same state university system) ,as well as Value-add Resellers ('VARs') (meaning resellers that directly manage the relationship with the customer) and the customers they manage, to be a single customer for purposes of calculating our Net Dollar Retention Rate. Our calculation of Net Dollar Retention Rate for any fiscal period includes the positive recognized recurring revenue impacts of selling new services to existing customers and the negative recognized recurring revenue impacts of contraction and attrition among this set of customers. Our Net Dollar Retention Rate may fluctuate as a result of a number of factors, including the growing level of our revenue base, the level of penetration within our customer base, expansion of products and features, and our ability to retain our customers. Our calculation of Net Dollar Retention Rate may differ from similarly titled metrics presented by other companies. Remaining Performance Obligations. Remaining Performance Obligations represents the amount of contracted future revenue that has not yet been delivered, including both subscription and professional services revenues. Remaining Performance Obligations consists of both deferred revenue and contracted non-cancelable amounts that will be invoiced and recognized in future periods. We expect to recognize 61% of our Remaining Performance Obligations as revenue over the next 12 months, and the remainder over a period of four years, in each case, in accordance with our revenue recognition policy; however, we cannot guarantee that any portion of our Remaining Performance Obligations will be recognized as revenue within the timeframe we expect or at all. As of June 30, 2025 December 31, 2024 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 35,446 $ 33,059 Marketable securities 35,756 48,275 Trade receivables 21,241 19,978 Prepaid expenses and other current assets 12,306 9,481 Deferred contract acquisition and fulfillment costs, current 9,670 10,765 Total current assets 114,419 121,558 LONG-TERM ASSETS: Marketable securities 4,132 3,379 Property and equipment, net 14,279 16,190 Other assets, noncurrent 3,438 2,983 Deferred contract acquisition and fulfillment costs, noncurrent 10,778 13,605 Operating lease right-of-use assets 11,242 12,308 Intangible assets, net 89 212 Goodwill 11,070 11,070 Total noncurrent assets 55,028 59,747 TOTAL ASSETS $ 169,447 $ 181,305 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Current portion of long-term loans $ 4,423 $ 3,110 Trade payables 9,188 3,265 Employees and payroll accruals 14,083 15,399 Accrued expenses and other current liabilities 12,466 14,262 Operating lease liabilities 2,734 2,504 Deferred revenue, current 55,075 63,123 Total current liabilities 97,969 101,663 NONCURRENT LIABILITIES: Deferred revenue, noncurrent 47 67 Long-term loans, net of current portion 26,616 29,153 Operating lease liabilities, noncurrent 15,032 15,263 Other liabilities, noncurrent 12,829 10,772 Total noncurrent liabilities 54,524 55,255 TOTAL LIABILITIES $ 152,493 $ 156,918 STOCKHOLDERS' EQUITY: Common stock 17 15 Treasury stock (17,396) (7,801) Additional paid-in capital 508,106 500,024 Accumulated other comprehensive loss 3,906 959 Accumulated deficit (477,679) (468,810) Total stockholders' equity 16,954 24,387 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 169,447 $ 181,305 Consolidated Statements of Operations (U.S. dollars in thousands, except for share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited) Revenue: Subscription $ 42,384 $ 41,014 $ 87,290 $ 82,184 Professional services 2,078 3,018 4,156 6,629 Total revenue 44,462 44,032 91,446 88,813 Cost of revenue: Subscription 9,642 10,861 20,129 22,262 Professional services 3,601 4,495 7,362 9,267 Total cost of revenue 13,243 15,356 27,491 31,529 Gross profit 31,219 28,676 63,955 57,284 Operating expenses: Research and development 11,568 12,029 23,656 24,034 Sales and marketing 11,519 11,780 23,442 23,592 General and administrative 10,889 13,417 21,191 25,498 Total operating expenses 33,976 37,226 68,289 73,124 Operating loss 2,757 8,550 4,334 15,840 Financial expense (income), net 4,569 (1,010) 2,766 488 Loss before provision for income taxes 7,326 7,540 7,100 16,328 Provision for income taxes 424 2,464 1,769 4,772 Net loss 7,750 10,004 8,869 21,100 Net loss per share attributable to common stockholders, basic and diluted $ 0.05 $ 0.07 $ 0.06 $ 0.14 Weighted average number of shares used in computing basic and diluted net loss per share attributable to common stockholders 153,536,740 147,607,504 153,771,875 145,939,847 Stock-based compensation included in above line items: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited) Cost of revenue $ 119 $ 263 $ 247 $ 547 Research and development 760 1,158 1,609 2,329 Sales and marketing 383 729 815 1,499 General and administrative 2,829 6,752 5,953 11,054 Total $ 4,091 $ 8,902 $ 8,624 $ 15,429 Revenue by Segment (U.S. dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited) Enterprise, Education and Technology $ 33,242 $ 30,965 $ 67,658 $ 63,405 Media and Telecom 11,220 13,067 23,788 25,408 Total $ 44,462 $ 44,032 $ 91,446 $ 88,813 Gross Profit by Segment (U.S. dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (Unaudited) Enterprise, Education and Technology $ 25,867 $ 22,932 $ 52,435 $ 46,488 Media and Telecom 5,352 5,744 11,520 10,796 Total $ 31,219 $ 28,676 $ 63,955 $ 57,284 Consolidated Statement of Cash Flows (U.S. dollars in thousands) Six Months Ended June 30, 2025 2024 (Unaudited) Cash flows from operating activities: Net loss $ (8,869) $ (21,100) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 2,279 2,585 Stock-based compensation expenses 8,624 15,429 Amortization of deferred contract acquisition and fulfillment costs 5,746 5,731 Non-cash interest income, net (194) (593) Losses (Gain) on foreign exchange (487) 132 Changes in operating assets and liabilities: Decrease (Increase) in trade receivables (1,263) 1,196 Increase in prepaid expenses and other current assets and other assets, noncurrent (98) (34) Increase in deferred contract acquisition and fulfillment costs (2,001) (2,497) Increase in trade payables 6,101 3,447 Increase (decrease) in accrued expenses and other current liabilities (1,552) 1,967 Decrease in employees and payroll accruals (1,316) (903) Increase (Decrease) in other liabilities, noncurrent 1,643 (33) Decrease in deferred revenue (8,068) (7,195) Operating lease right-of-use assets and lease liabilities, net 1,065 (883) Net cash provided by (used in) operating activities 1,610 (2,751) Cash flows from investing activities: Investment in available-for-sale marketable securities (30,436) (19,392) Proceeds from maturities of available-for-sale marketable securities 42,484 21,482 Purchases of property and equipment (423) (327) Net cash provided by investing activities 11,625 1,763 Cash flows from financing activities: Repayment of long-term loans (1,531) (1,313) Proceeds from exercise of stock options 2,849 177 Cash settlement of equity classified share-based payment awards (3,089) — Payment of debt issuance costs — (10) Repurchase of common stock (9,595) (85) Change in prepayments for repurchase of common stock 31 (65) Net cash used in financing activities (11,335) (1,296) Effect of exchange rate changes on cash, cash equivalents and restricted cash 487 (132) Net increase (decrease) in cash, cash equivalents and restricted cash 2,387 (2,416) Cash, cash equivalents and restricted cash at the beginning of the period 33,159 36,784 Cash, cash equivalents and restricted cash at the end of the period $ 35,546 $ 34,368 Reconciliation from GAAP to Non-GAAP Results (U.S. dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of gross profit and gross margin GAAP gross profit $ 31,219 $ 28,676 $ 63,955 $ 57,284 Stock-based compensation expense 119 263 247 547 Amortization of acquired intangibles — 106 98 213 Non-GAAP gross profit $ 31,338 $ 29,045 $ 64,300 $ 58,044 GAAP gross margin 70 % 65 % 70 % 64 % Non-GAAP gross margin 70 % 66 % 70 % 65 % Reconciliation of operating expenses GAAP research and development expenses $ 11,568 $ 12,029 $ 23,656 $ 24,034 Stock-based compensation expense 760 1,158 1,609 2,329 Non-GAAP research and development expenses $ 10,808 $ 10,871 $ 22,047 $ 21,705 GAAP sales and marketing $ 11,519 $ 11,780 $ 23,442 $ 23,592 Stock-based compensation expense 383 729 815 1,499 Amortization of acquired intangibles 12 13 25 26 Non-GAAP sales and marketing expenses $ 11,124 $ 11,038 $ 22,602 $ 22,067 GAAP general and administrative expenses $ 10,889 $ 13,417 $ 21,191 $ 25,498 Stock-based compensation expense 2,829 6,752 5,953 11,054 Strategic initiatives (b) 1,632 — 1,632 — War related costs (c) — 1 — 22 Non-GAAP general and administrative expenses $ 6,428 $ 6,664 $ 13,606 $ 14,422 Reconciliation of operating income (loss) and operating margin GAAP operating loss $ (2,757) $ (8,550) $ (4,334) $ (15,840) Stock-based compensation expense 4,091 8,902 8,624 15,429 Amortization of acquired intangibles 12 119 123 239 Strategic initiatives (b) 1,632 — 1,632 — War related costs (c) — 1 — 22 Non-GAAP operating profit (loss) $ 2,978 $ 472 $ 6,045 $ (150) GAAP operating margin (6)% (19)% (5)% (18)% Non-GAAP operating margin 7 % 1 % 7 % — % Reconciliation of net loss GAAP net loss attributable to common stockholders $ (7,750) $ (10,004) $ (8,869) $ (21,100) Stock-based compensation expense 4,091 8,902 8,624 15,429 Amortization of acquired intangibles 12 119 123 239 Strategic initiatives (b) 1,632 — 1,632 — War related costs (c) — 1 — 22 Foreign currency translation adjustments loss (gain) (d) 4,464 (1,068) 2,892 497 Non-GAAP net profit (loss) attributable to common stockholders $ 2,449 $ (2,050) $ 4,402 $ (4,913) Non-GAAP net earnings (loss) per share - basic $ 0.02 $ (0.01) $ 0.03 $ (0.03) Non-GAAP net earnings (loss) per share - diluted $ 0.01 $ (0.01) $ 0.03 $ (0.03) Reconciliation of weighted average number of shares outstanding: Weighted-average number of shares used in calculating GAAP and Non-GAAP net earnings (loss) per share, basic 153,536,740 147,607,504 153,771,875 145,939,847 Effect of dilutive shares used in calculating Non-GAAP net earnings (loss) per share, diluted (e) 12,681,956 — 10,186,719 — Weighted-average number of shares used in calculating Non-GAAP net earnings (loss) per share, diluted 166,218,696 147,607,504 163,958,594 145,939,847 Adjusted EBITDA (U.S. dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (7,750) $ (10,004) $ (8,869) $ (21,100) Financial expense (income), net (a) 4,569 (1,010) 2,766 488 Provision for income taxes 424 2,464 1,769 4,772 Depreciation and amortization 1,094 1,279 2,279 2,585 EBITDA (1,663) (7,271) (2,055) (13,255) Non-cash stock-based compensation expense 4,091 8,902 8,624 15,429 Strategic initiatives (b) 1,632 — 1,632 — War related costs (c) — 1 — 22 Adjusted EBITDA $ 4,060 $ 1,632 $ 8,201 $ 2,196 (a) The three months ended June 30, 2025 and 2024, and the six months ended June 30, 2025 and 2024 include $602, $702, $1,210 and $1,406, respectively, of interest expenses and $737, $790, $1,632 and $1,608, respectively, of interest income. (b) Strategic initiatives for the three and six months ended June 30, 2025 include professional, consulting and other costs associated with strategic initiatives. (c) The three and six months ended June 30, 2024 includes costs related to conflicts in Israel, attributable to temporary relocation of key employees from Israel for business continuity purposes, purchase of emergency equipment for key employees for business continuity purposes, and charitable donation to communities directly impacted by the war (d) Represents gains or losses from foreign currency translation adjustments related to the remeasurement of monetary assets and liabilities to the Company's functional currency, using exchange rates in effect as of the end of the reporting period (e) The effect of these dilutive shares was not included in the GAAP calculation of diluted net loss per share for the three and six months ended June 30, 2025 and 2024 because the effect would have been anti-dilutive
