Adastra Acquired by Global Investment Firm Carlyle
Founded in 2000 with headquarters in Prague, Czech Republic and Toronto, Canada, Adastra supports its customers throughout their AI, data, and cloud journey by defining data and AI-driven strategies and implementing transformative solutions to drive measurable business outcomes. It brings deep expertise in the financial services, automotive, manufacturing, TMT (technology, media and telecom), healthcare, retail and professional services sectors. The company has more than 2,000 employees across North America, Europe and Asia.
In partnership with Adastra's founders, Carlyle will support the business in growing its leading data, cloud and AI offerings, supporting existing and new customers, as well as expanding its international presence via organic investments and targeted M&A.
Equity for the investment will be provided jointly by Carlyle Europe Technology Partners V ("CETP"), a fund focused on investments in technology companies across Europe, and Carlyle Asia Partners Growth II ('CAPG'), a fund focused on investments in high-growth companies across a range of sectors in Asia. Carlyle will leverage its longstanding track record of investing in and scaling up leading IT services companies globally.
Rob Turner, CEO at Adastra, and Pavel Kysela, COO at Adastra, said: 'This is an exciting and transformative step for Adastra. With Carlyle's deep experience and global network, we believe we can unlock a new phase of growth for the business and capitalize on the substantial opportunity in the global market for AI, data, and cloud services. We would like to thank the team for all the hard work that has made Adastra the business it is today, and we look forward to this partnership with the Carlyle team.'
Vladimir Lasocki, Co-Head of the CETP investment advisory team, and Greg Zeluck, Co-Head of the CAPG investment advisory team, said: 'We are pleased to partner with Adastra's founders to back Rob, Pavel and their team, who together have built the company into a specialized, global data, cloud and AI services leader with a proven value proposition. In our view, there is a significant opportunity to expand Adastra's presence in the large, fast-growing and attractive global market for data, analytics, cloud, and AI transformations. With Carlyle's resources, global footprint, and deep experience in this space, we believe Adastra is well-positioned to further accelerate its growth trajectory through a combination of organic initiatives and M&A.'
About Carlyle
Carlyle (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across three business segments: Global Private Equity, Global Credit, and Carlyle AlpInvest. With $453 billion of assets under management as of March 31, 2025, Carlyle's purpose is to invest wisely and create value on behalf of its investors, portfolio companies, and the communities in which we live and invest. Carlyle employs more than 2,300 people in 29 offices across four continents. Further information is available at www.carlyle.com. Follow Carlyle on X @OneCarlyle and LinkedIn at The Carlyle Group.
About Adastra
Adastra is a global leader in AI and data-driven transformation, helping organizations lead with artificial intelligence—responsibly, strategically, and at scale. With over 25 years of experience, Adastra empowers enterprise clients to unlock business value through data innovation, operational excellence, and smart customer engagement.
Trusted by some of the world's most prominent brands, Adastra delivers end-to-end solutions grounded in thoughtful strategy, robust governance, and deep technical expertise. From defining vision to ensuring execution, Adastra guides organizations through every stage of their AI, data and cloud journey—building future-ready capabilities and delivering measurable, lasting impact.
Adastra serves clients across key industries including financial services, automotive, manufacturing, technology, media and telecom (TMT), healthcare, retail, and professional services. The company employs more than 2,000 professionals across several market facing and global delivery centres.
J.P. Morgan served as financial advisor to Adastra on the transaction.
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All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, future financial position, future revenue, projected expenses, sufficiency of cash and cash runway, expected timing, development and results of clinical trials, prospects, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to Immunic's development programs and the targeted diseases; the potential for Immunic's development programs to safely and effectively target diseases; preclinical and clinical data for Immunic's development programs; the feasibility of advancing vidofludimus calcium to a confirmatory phase 3 clinical trial in progressive multiple sclerosis; the timing of current and future clinical trials and anticipated clinical milestones; the nature, strategy and focus of the company and further updates with respect thereto; and the development and commercial potential of any product candidates of the company. Immunic may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Such statements are based on management's current expectations and involve substantial risks and uncertainties. Actual results and performance could differ materially from those projected in the forward-looking statements as a result of many factors, including, without limitation, increasing inflation, tariffs and macroeconomics trends, impacts of the Ukraine – Russia conflict and the conflict in the Middle East on planned and ongoing clinical trials, risks and uncertainties associated with the ability to project future cash utilization and reserves needed for contingent future liabilities and business operations, the availability of sufficient financial and other resources to meet business objectives and operational requirements, and the ability to raise sufficient capital to continue as a going concern, the fact that the results of earlier preclinical studies and clinical trials may not be predictive of future clinical trial results, any changes to the size of the target markets for the company's products or product candidates, the protection and market exclusivity provided by Immunic's intellectual property, risks related to the drug development and the regulatory approval process and the impact of competitive products and technological changes. A further list and descriptions of these risks, uncertainties and other factors can be found in the section captioned "Risk Factors," in the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on March 31, 2025, and in the company's subsequent filings with the SEC. Copies of these filings are available online at or Any forward-looking statement made in this release speaks only as of the date of this release. Immunic disclaims any intent or obligation to update these forward-looking statements to reflect events or circumstances that exist after the date on which they were made. Immunic expressly disclaims all liability in respect to actions taken or not taken based on any or all of the contents of this press release. Contact Information Immunic, BreuVice President Investor Relations and Communications+49 89 2080 477 US IR ContactRx Communications GroupPaula Schwartz+1 917 633 7790immunic@ US Media ContactKCSA Strategic CommunicationsCaitlin Kasunich+1 212 896 1241ckasunich@ Financials Immunic, Consolidated Statements of Operations(In thousands, except share and per share amounts)(Unaudited) Three Months Ended June 30,Six Months Ended June 30, 2025202420252024 Operating expenses: Research and development$ 21,369$ 18,323$ 42,902$ 37,059 General and administrative5,7144,49111,0069,636 Total operating expenses27,08322,81453,90846,695 Loss from operations(27,083)(22,814)(53,908)(46,695) Other income (expense): Interest income2419984242,185 Change in fair value of the tranche rights———(4,796) Other income (expense), net224361,191(1,658) Total other income (expense)2631,4341,615(4,269) Net loss$ (26,820)$ (21,380)$ (52,293)$ (50,964)Net loss per share, basic and diluted$ (0.20)$ (0.21)$ (0.45)$ (0.51)Weighted-average common shares outstanding, basic and diluted132,175,202101,272,580116,844,98599,607,158 Immunic, Consolidated Balance Sheets(In thousands, except share and per share amounts)(Unaudited)June 30, 2025December 31, 2024(Unaudited) AssetsCurrent assets:Cash and cash equivalents $ 55,310$ 35,668 Other current assets and prepaid expenses 4,5323,664 Total current assets 59,84239,332 Property and equipment, net 612545 Right-of-use assets 975991 Total assets $ 61,429$ 40,868 Liabilities and Stockholders' EquityCurrent liabilities:Accounts payable $ 7,893$ 7,846 Accrued expenses 18,11312,913 Other current liabilities 1,3071,416 Total current liabilities 27,31322,175 Long term liabilitiesOperating lease liabilities 205264 Total long-term liabilities 205264 Total liabilities 27,51822,439 Commitments and contingenciesStockholders' equity:Preferred stock, $0.0001 par value; 20,000,000 shares authorized and no shares issued or outstanding as of June 30, 2025 and December 31, 2024 —— Common stock, $0.0001 par value; 500,000,000 shares authorized as of June 30, 2025 and December 31, 2024, and 98,650,590 and 90,150,869 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively 98 Additional paid-in capital 595,069525,611 Accumulated other comprehensive income 2,5254,209 Accumulated deficit (563,692)(511,399) Total stockholders' equity 33,91118,429 Total liabilities and stockholders' equity $ 61,429$ 40,868 View original content to download multimedia: SOURCE Immunic, Inc. 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Full-Year 2025 Q3 2025 Net revenue $1.29 billion to $1.38 billion $320 million to $350 million Net revenue growth 1.5% to 8.6% 0.3% to 9.7% Comparable growth(1) (5)% to 1.5% (4)% to 5% Net income(5) $48 million to $68 million $7 million to $17 million Adjusted EBITDA(6) $123 million to $145 million $23 million to $33 million Company-funded capital expenditures(4) $80 million to $100 million Depreciation & amortization $47 million to $52 million Fully diluted shares ~ 141 million Effective tax rate ~ 26% Showroom openings 4 to 6 new showrooms Total Showroom Projects(2) 12 to 15 showroom projects (1) Comparable growth is a key performance indicator and is defined as the year-over-year percentage change of the dollar value of orders delivered (based on purchase price), net of the dollar value of returns (based on amount credited to client), from our comparable Showrooms and eCommerce, including through our catalogs and other mailings.(2) Total Showroom Projects is defined as the number of showroom projects completed during the period, including new showroom openings, strategic relocations, remodels, and expansions. The Company considers all showroom projects integral to its long-term growth strategy, with each evaluated based on strategic relevance and expected return on investment.(3) Demand comparable growth is a key performance indicator and is defined as the year-over-year percentage change of demand from our comparable Showrooms and eCommerce, including through our catalogs and other mailings.(4) Company-funded capital expenditures is defined as total net cash used in investing activities less landlord contributions.(5) U.S. GAAP net income (loss).(6) We have not reconciled guidance for Adjusted EBITDA to the corresponding GAAP financial measure because we do not provide guidance for the various reconciling items. These items include, but are not limited to, future share-based compensation expense, income taxes, interest income, and transaction costs. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of our control and cannot be reasonably predicted due to the fact that these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort. Conference Call You are invited to listen to Arhaus' conference call to discuss the second quarter 2025 financial results scheduled for today, August 7, 2025, at 8:30 a.m. Eastern Time. The call will be available over the Internet on our website ( or by dialing (877) 407-3982 within the U.S., or 1 (201) 493-6780, outside the U.S. The conference ID number is 13748992. A recorded replay of the conference call will be available within approximately three hours of the conclusion of the call and can be accessed online at for approximately twelve months. About Arhaus Founded in 1986, Arhaus is a growing lifestyle brand and omni-channel retailer of premium home furnishings. Through a differentiated proprietary model that directly designs and sources products from leading manufacturers and artisans around the world, Arhaus offers an exclusive assortment of heirloom quality products that are sustainably sourced, lovingly made, and built to last. With more than 100 showroom and design studio locations across the United States, a team of interior designers providing complimentary in-home design services, and robust online and eCommerce capabilities, Arhaus is known for innovative design, responsible sourcing, and client-first service. For more information, please visit Investor Contact: Tara Louise AtwoodVice President, Investor Relations(440) 439-7700 invest@ Non-GAAP Financial Measures In addition to the results provided in accordance with U.S. GAAP, this press release and related tables include adjusted EBITDA and adjusted EBITDA as a percentage of net revenue, which present operating results on an adjusted basis. We use non-GAAP measures to help assess the performance of our business, identify trends affecting our business, formulate business plans and make strategic decisions. In addition to our results determined in accordance with U.S. GAAP, we believe that providing these non-GAAP financial measures is useful to our investors as they present an informative supplemental view of our results from period to period by removing the effect of non-recurring items. However, our inclusion of these adjusted measures should not be construed as an indication that our future results will be unaffected by unusual or infrequent items or that the items for which we have made adjustments are unusual or infrequent or will not recur. These non-U.S. GAAP measures are not a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company. These measures should only be read together with the corresponding U.S. GAAP measures. Please refer to the reconciliations of adjusted EBITDA to the most directly comparable financial measures prepared in accordance with U.S. GAAP below. Forward-Looking Statements Certain statements contained herein, including statements under the heading 'Outlook' are not based on historical fact and are 'forward-looking statements' within the meaning of applicable securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology, including, but not limited to, 'may,' 'could,' 'seek,' 'guidance,' 'predict,' 'potential,' 'likely,' 'believe,' 'will,' 'expect,' 'anticipate,' 'estimate,' 'plan,' 'intend,' 'forecast,' or variations of these terms and similar expressions, or the negative of these terms or similar expressions. Past performance is not a guarantee of future results or returns and no representation or warranty is made regarding future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond our control that could cause our actual results, performance or achievements to be materially different from the expected results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: our ability to manage and maintain the growth rate of our business; our ability to obtain quality merchandise in sufficient quantities; disruption in our receiving and distribution system, including delays in the integration of our distribution centers and the possibility that we may not realize the anticipated benefits of multiple distribution centers; effects of new or proposed tariffs and changes to international trade policies and agreements; the possibility of cyberattacks and our ability to maintain adequate cybersecurity systems and procedures; loss, corruption and misappropriation of data and information relating to clients and employees; changes in and compliance with applicable data privacy rules and regulations; risks as a result of constraints in our supply chain or disruptions due to geopolitical events such as acts of war and/or terrorism or other hostilities; a failure of our vendors to meet our quality standards; declines in general economic conditions that affect consumer confidence and consumer spending that could adversely affect our revenue; our ability to anticipate changes in consumer preferences; risks related to maintaining and increasing Showroom traffic and sales; our ability to compete in our market; our ability to adequately protect our intellectual property; compliance with applicable governmental regulations; effectively managing our eCommerce sales channel and digital marketing efforts; our reliance on third-party transportation carriers and risks associated with freight and transportation costs; and compliance with SEC rules and regulations as a public reporting company. These factors should not be construed as exhaustive. Further information on potential factors that could affect the financial results of the Company and its forward-looking statements is included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update any forward-looking statement, except as may be required by law. These forward-looking statements speak only as of the date of this release. All forward-looking statements are qualified in their entirety by this cautionary statement. Arhaus, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited, amounts in thousands, except share and per share data) June 30,2025 December 31,2024 Assets Current assets Cash and cash equivalents $ 234,797 $ 197,511 Restricted cash 3,622 3,418 Accounts receivable, net 970 1,252 Merchandise inventory, net 311,117 297,010 Prepaid and other current assets 27,063 31,852 Total current assets 577,569 531,043 Operating right-of-use assets 367,524 322,302 Financing right-of-use assets 34,208 36,105 Property, furniture and equipment, net 303,425 282,520 Deferred tax assets 22,620 21,091 Goodwill 10,961 10,961 Other noncurrent assets 2,069 2,294 Total assets $ 1,318,376 $ 1,206,316 Liabilities and Stockholders' Equity Current liabilities Accounts payable $ 70,542 $ 68,621 Accrued taxes 15,602 10,480 Accrued wages 16,413 11,538 Accrued other expenses 43,353 47,668 Client deposits 233,070 220,873 Current portion of operating lease liabilities 55,096 42,247 Current portion of financing lease liabilities 647 1,024 Total current liabilities 434,723 402,451 Operating lease liabilities, long-term 441,945 402,916 Financing lease liabilities, long-term 52,590 53,312 Other long-term liabilities 3,505 3,892 Total liabilities $ 932,763 $ 862,571 Commitments and contingencies Stockholders' equity Class A shares, par value $0.001 per share (600,000,000 shares authorized, 54,400,128 shares issued and 53,859,215 outstanding as of June 30, 2025; 53,788,036 shares issued and 53,514,062 outstanding as of December 31, 2024) 54 53 Class B shares, par value $0.001 per share (100,000,000 shares authorized, 87,115,600 shares issued and outstanding as of June 30, 2025; 87,115,600 shares issued and outstanding as of December 31, 2024) 87 87 Retained earnings 183,047 142,898 Additional paid-in capital 202,425 200,707 Total stockholders' equity 385,613 343,745 Total liabilities and stockholders' equity $ 1,318,376 $ 1,206,316Arhaus, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited, amounts in thousands, except share and per share data) Six months ended Three months ended June 30, June 30, 2025 2024 2025 2024 Net revenue $ 669,807 $ 604,963 $ 358,435 $ 309,801 Cost of goods sold 405,993 365,537 210,208 185,429 Gross margin 263,814 239,426 148,227 124,372 Selling, general and administrative expenses 211,520 191,684 101,462 94,991 Loss on disposal of assets 108 — — — Income from operations $ 52,186 $ 47,742 $ 46,765 $ 29,381 Interest income, net (1,317 ) (2,038 ) (744 ) (606 ) Other income (236 ) (197 ) (150 ) (75 ) Income before taxes 53,739 49,977 47,659 30,062 Income tax expense 13,791 12,644 12,593 7,828 Net and comprehensive income $ 39,948 $ 37,333 $ 35,066 $ 22,234 Net and comprehensive income per share, basic Weighted-average number of common shares outstanding, basic 140,536,663 139,901,319 140,709,814 139,985,846 Net and comprehensive income per share, basic $ 0.28 $ 0.27 $ 0.25 $ 0.16 Net and comprehensive income per share, diluted Weighted-average number of common shares outstanding, diluted 141,126,879 140,736,096 141,162,310 140,916,161 Net and comprehensive income per share, diluted $ 0.28 $ 0.27 $ 0.25 $ 0.16 Arhaus, Inc. and SubsidiariesCondensed Consolidated Statements of Cash Flows (Unaudited, amounts in thousands) Six months ended June 30, 2025 2024 Cash flows from operating activities Net income $ 39,948 $ 37,333 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 22,959 17,709 Amortization of operating lease right-of-use asset 20,335 17,942 Amortization of deferred financing fees, interest on finance lease in excess of principal paid and interest on operating leases 14,156 13,008 Equity based compensation 3,390 3,351 Deferred tax assets (1,529 ) 4,870 Amortization of cloud computing arrangements 853 762 Loss on disposal of property, furniture and equipment 108 — Amortization and write-off of lease incentives — (80 ) Changes in operating assets and liabilities Accounts receivable 282 850 Merchandise inventory (14,107 ) (19,265 ) Prepaid and other assets 4,398 (11,545 ) Other noncurrent liabilities (172 ) 332 Accounts payable 1,816 4,571 Accrued expenses 4,746 (11,254 ) Operating lease liabilities (27,952 ) (10,740 ) Client deposits 12,197 36,460 Net cash provided by operating activities 81,428 84,304 Cash flows from investing activities Purchases of property, furniture and equipment (41,622 ) (62,158 ) Net cash used in investing activities (41,622 ) (62,158 ) Cash flows from financing activities Principal payments under finance leases (365 ) (448 ) Repurchase of shares for payment of withholding taxes for equity based compensation (1,675 ) (548 ) Cash dividend payments (276 ) (70,056 ) Net cash used in financing activities (2,316 ) (71,052 ) Net increase (decrease) in cash, cash equivalents and restricted cash 37,490 (48,906 ) Cash, cash equivalents and restricted cash Beginning of period 200,929 226,305 End of period $ 238,419 $ 177,399 Supplemental disclosure of cash flow information Interest paid in cash $ 2,513 $ 2,143 Interest received in cash 4,040 5,155 Income taxes paid in cash 13,030 15,815 Noncash investing activities: Purchase of property, furniture and equipment in current liabilities 7,190 12,672 Arhaus, Inc. and SubsidiariesReconciliation of Net Income to Adjusted EBITDA (Unaudited, amounts in thousands) Six months ended Three months ended June 30, June 30, 2025 2024 2025 2024 Net and comprehensive income $ 39,948 $ 37,333 $ 35,066 $ 22,234 Interest income, net (1,317 ) (2,038 ) (744 ) (606 ) Income tax expense 13,791 12,644 12,593 7,828 Depreciation and amortization 22,959 17,709 11,597 9,106 EBITDA 75,381 65,648 58,512 38,562 Equity based compensation 3,390 3,351 1,795 1,327 Other expenses (1) 108 — — — Adjusted EBITDA $ 78,879 $ 68,999 $ 60,307 $ 39,889 Net revenue $ 669,807 $ 604,963 $ 358,435 $ 309,801 Net and comprehensive income as a % of net revenue 6.0 % 6.2 % 9.8 % 7.2 % Adjusted EBITDA as a % of net revenue 11.8 % 11.4 % 16.8 % 12.9 % ___________________________________________________________(1)Other expenses represent costs and investments not indicative of ongoing business performance, such as loss on disposal of 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
