logo
Primemas Announces Customer Samples Milestone of World's First CXL 3.0 SoC

Primemas Announces Customer Samples Milestone of World's First CXL 3.0 SoC

Business Wire24-06-2025
SANTA CLARA, Calif., and SEOUL, South Korea--(BUSINESS WIRE)-- Primemas Inc., a fabless semiconductor company specializing in chiplet-based SoC solutions through its Hublet® architecture, today announced the availability of customer samples of the world's first Compute Express Link (CXL) memory 3.0 controller.
Primemas and Micron Collaborate to Accelerate CXL Commercialization for AI and Data Centers
Share
Primemas has been delivering engineering samples and development boards to select strategic customers and partners, who have played a key role in validating the performance and capabilities of Hublet® compared to alternative CXL controllers. Building on this successful early engagement, Primemas is now pleased to announce that Hublet® product samples are ready for shipment to memory vendors, customers, and ecosystem partners.
While conventional CXL memory expansion controllers are limited by fixed form factors and capped DRAM capacities, Primemas leverages cutting-edge chiplet technology to deliver unmatched scalability and modularity. At the core of this innovation is the Hublet®—a versatile building block that enables a wide variety of configurations. Primemas customers are finding innovative ways to leverage the modularity:
A 1x1 single Hublet® delivers compact E3.S products supporting up to 512GB of DRAM;
A 2x2 Hublet® can support a PCIe Add-in-card or CEM products with up to 2TB of DRAM, and
For hyperscale environments, a 4x4 Hublet® powers a 1U rack memory appliance capable of an impressive 8TB of DRAM.
' We are very encouraged by the excellent feedback from our initial partners, who leveraged Hublet® to address the challenges posed by rapidly growing workloads,' said Jay Kim, EVP and Head of Business Development at Primemas. 'We're excited to take the next major step toward commercialization through our collaboration with Micron and their CXL AVL program.'
The CXL ASIC Validation Lab (AVL) program was established by Micron to help bring next-generation CXL controllers to market and achieve maximum reliability and compatibility with its advanced DRAM modules. There are numerous challenges to delivering stable, reliable memory read and write operations while optimizing performance and power efficiency in CXL controllers. Through this joint effort, the two companies aim to provide a high-quality, reliable and the world's first CXL 3.0 controller along with the latest high-capacity 128GB RDIMM modules.
'With the rapid adoption of AI, and the corresponding increase in memory-intensive workloads, CXL-based solutions are driving innovations to transform traditional compute platforms,' said Luis Ancajas, director of CXL Business Development at Micron. 'As an industry leader in data center memory solutions, we are excited to collaborate with innovators like Primemas to validate and accelerate next-generation solutions like the Hublet® SoC through our AVL program and help bring these transformative solutions to market to unlock new levels of performance, scalability and efficiency for the data center.'
This joint effort demonstrates the shared commitment of Primemas and Micron to innovation and quality in the semiconductor industry and further strengthens Primemas' position as a leader in scalable, high-performance chiplet-based SoC solutions for CXL, AI, and data analytics applications.
About Primemas
Primemas is a fabless semiconductor company delivering pre-built SoC hub chiplets (Hublet®) to streamline development and manufacturing—reducing the cost and time associated with custom design and production. The Hublet® platform provides scalable I/O, control, and compute functionality, supporting markets such as CXL, AI, and data analytics. Primemas is headquartered in Santa Clara, California, with an R&D center in Seoul, South Korea. To learn more about Primemas, visit www.primemas.com.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Zai Lab Announces Second Quarter 2025 Financial Results and Recent Corporate Updates
Zai Lab Announces Second Quarter 2025 Financial Results and Recent Corporate Updates

Yahoo

timea few seconds ago

  • Yahoo

Zai Lab Announces Second Quarter 2025 Financial Results and Recent Corporate Updates

Total revenues grew 9% y-o-y to $110.0 million for the second quarter of 2025; reaffirming full-year 2025 revenue guidance of $560 million to $590 million VYVGART reached record patient utilization in the second quarter; updated national guidelines elevate VYVGART's role as a treatment for both acute and maintenance gMG Operating loss improved by 28% year-over-year to $54.9 million for the second quarter of 2025, and by 37% to $34.2 million on an adjusted basis1; on track to achieve profitability1 in the fourth quarter of 2025 ZL-1310 (DLL3 ADC) data presented at ASCO 2025 showed a 67% ORR across all doses (n=33) and 79% at 1.6mg/kg (n=14) in 2L ES-SCLC, with a differentiated safety profile; registrational study to be initiated in the second half of 2025 The success of the global Phase 3 FORTITUDE-101 study of bemarituzumab highlighted its potential as a first-line treatment for gastric cancer patients with FGFR2b overexpression; China regulatory submission expected in the second half of 2025 EAACI Congress 2025 presentation of ZL-1503 (IL-13/IL-31R) underscores its promising potential as a novel treatment option for moderate-to-severe atopic dermatitis Conference call and webcast today, August 7, 2025, at 8:00 a.m. ET (8:00 p.m. HKT) SHANGHAI & CAMBRIDGE, Mass., August 07, 2025--(BUSINESS WIRE)--Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) today announced financial results for the second quarter of 2025, along with recent product highlights and corporate updates. "Zai Lab is entering a pivotal period – defined by innovation, scale and strong execution," said Dr. Samantha Du, Founder, Chairperson, and CEO of Zai Lab. "We are making meaningful progress throughout our business – expanding patient impact, accelerating global innovation, and operating with financial discipline. Updated ASCO data for ZL-1310 (DLL3 ADC) reaffirm its best-in-class potential in second-line SCLC, and we are moving swiftly into pivotal development while exploring opportunities in first-line SCLC and other neuroendocrine carcinomas. We were also encouraged by positive data for bemarituzumab in first-line gastric cancer and by emerging preclinical results for our IL-13/IL-31 bispecific antibody in atopic dermatitis, reinforcing both our near-term commercial opportunities and the potential of our global pipeline, respectively. With multiple launches ahead, a robust pipeline, and profitability1 within reach, Zai Lab is executing on its vision to become a leading global biopharma company." "VYVGART continues to lead our commercial momentum, with record patient utilization driven by longer treatment durations and growing adoption in the maintenance setting," said Josh Smiley, President and COO of Zai Lab. "The July update to national MG guidelines further strengthens VYVGART's role in both acute and chronic care, and we expect momentum to accelerate in the second half. We are also preparing for several high-impact launches – including KarXT and bemarituzumab – that, together with pipeline-in-a-product assets like VYVGART and povetacicept, will fuel our next wave of growth. With a 28% year-over-year reduction in operating loss and a 37% improvement on an adjusted basis, we are on track to achieve profitability1 in the fourth quarter. Backed by a strong cash position2, a growing commercial business, and an advancing global pipeline, Zai Lab is well equipped to deliver long-term shareholder value." 1 Refers to adjusted income (loss) from operations (non-GAAP), calculated as GAAP income (loss) from operations adjusted to exclude certain non-cash expenses, including depreciation, amortization, and share-based compensation. For additional information on this adjusted profitability measure, refer to the "Non-GAAP Measures" section. 2 Cash position includes cash and cash equivalents, current restricted cash, and short-term investments. Second Quarter 2025 Financial Results Product revenue, net was $109.1 million in the second quarter of 2025, compared to $100.1 million for the same period in 2024, representing 9% y-o-y growth, 10% y-o-y growth at constant exchange rate (CER). This increase was primarily driven by increased sales for VYVGART, XACDURO, and NUZYRA, partially offset by softer sales for ZEJULA: VYVGART and VYVGART Hytrulo were $26.5 million in the second quarter of 2025, compared to $18.1 million in the first quarter of 2025. Sales grew 46% quarter over quarter driven by an extension of duration of therapy and increasing market penetration. ZEJULA was $41.0 million in the second quarter of 2025, compared to $45.0 million for the same period in 2024. Sales were softer due to evolving competitive dynamics within the PARPi class. XACDURO, which was launched since the fourth quarter of 2024, was $4.6 million in the second quarter of 2025. NUZYRA was $14.3 million in the second quarter of 2025, compared to $12.3 million for the same period in 2024. This growth was supported by increasing market coverage and penetration. Research and Development (R&D) expenses were $50.6 million in the second quarter of 2025, compared to $61.6 million for the same period in 2024. The decrease reflects reduced personnel and clinical trial costs, driven by ongoing resource prioritization and efficiency efforts. Selling, General and Administrative expenses were $71.0 million in the second quarter of 2025, compared to $79.7 million for the same period in 2024. The decrease was primarily driven by reduced personnel costs because of resource prioritization and efficiency efforts. Loss from operations was $54.9 million in the second quarter of 2025, $34.2 million when adjusted to exclude certain non-cash expenses including depreciation, amortization, and share-based compensation. A reconciliation of loss from operations (GAAP) to adjusted loss from operations (non-GAAP) is included at the end of this release. Net loss was $40.7 million in the second quarter of 2025, or a loss per ordinary share attributable to common stockholders of $0.04 (or loss per American Deposit Share (ADS) of $0.37), compared to a net loss of $80.3 million for the same period in 2024, or a loss per ordinary share of $0.08 (or loss per ADS of $0.82). These decreases in net loss were primarily due to product revenue growing faster than net operating expenses. Cash and cash equivalents, short-term investments, and current restricted cash totaled $832.3 million as of June 30, 2025, compared to $857.3 million as of March 31, 2025. Recent Pipeline Highlights Below are key product updates since our last earnings release: Oncology Pipeline ZL-1310 (DLL3 ADC): In June 2025, Zai Lab presented positive data from an ongoing, global Phase 1a/1b clinical trial of ZL-1310 for the treatment of patients with extensive-stage small cell lung cancer (ES-SCLC) at the 2025 American Society of Clinical Oncology (ASCO) Annual Meeting. In second-line (2L) SCLC, objective response rate (ORR) was 67% across all dose levels (n=33) and 79% at 1.6 mg/kg dose (n=14). ZL-1310 demonstrated a well-tolerated safety profile at target doses of less than 2.0 mg/kg, with Grade ≥3 treatment-related adverse events (TRAEs) of 6%, no Grade ≥2 interstitial lung disease, and no drug discontinuations. In May 2025, the U.S. Food and Drug Administration (FDA) granted Fast Track designation to ZL-1310 for treatment of ES-SCLC. Bemarituzumab (FGFR2b): In June 2025, Zai Lab announced the Phase 3 FORTITUDE-101 clinical trial evaluating first-line bemarituzumab plus chemotherapy (mFOLFOX6) met its primary endpoint of overall survival (OS) at a pre-specified interim analysis.​ At the interim analysis, bemarituzumab plus chemotherapy significantly improved OS in patients with FGFR2b overexpression compared to chemotherapy alone. The most common treatment-emergent adverse events (>25%) in patients treated with bemarituzumab plus chemotherapy were reduced visual acuity, punctate keratitis, anemia, neutropenia, nausea, corneal epithelium defect and dry eye. While ocular events were consistent with the Phase 2 experience and observed in both arms, they occurred with greater frequency and severity in the Phase 3 bemarituzumab arm. Detailed results from FORTITUDE 101 will be shared at a future medical meeting. Zai Lab plans to move rapidly toward regulatory submission in China in the second half of 2025. Tumor Treating Fields (TTFields): In May 2025, Zai Lab partner Novocure presented results from the Phase 3 PANOVA-3 trial for pancreatic cancer as a late-breaking oral presentation at the 2025 ASCO Annual Meeting. The data demonstrated that TTFields therapy, when added to standard of care, achieved an OS benefit supported by significantly improved quality of life and extended pain-free survival, a key outcome for patients with pancreatic cancer. Zai Lab participated in the study in Greater China (mainland China, Hong Kong, Macau and Taiwan, collectively) and plans to file for regulatory approval in China in the second half of 2025.​ Immunology Pipeline Efgartigimod (FcRn): In July 2025, the China Guidelines for the Diagnosis and Treatment of Myasthenia Gravis (MG) (2025) was published, emphasizing the importance of Minimal Symptom Expression (MSE), as the primary treatment goal in MG. The guidelines have highlighted VYVGART's ability to achieve MSE rapidly and provide durable benefit. VYVGART is now recommended for early use in mild-to-moderate and highly active patients, and for sustained long-term treatment to maximize potential benefit. ZL-1503 (IL-13/IL-31R): In June 2025, Zai Lab announced new preclinical data highlighting the potential of ZL-1503 as a promising treatment for moderate-to-severe atopic dermatitis and other IL-13 and IL-31-driven diseases. Its favorable preclinical safety profile, prolonged half-life and durable suppression of both inflammatory and pruritogenic pathways support the continued advancement of ZL-1503 toward clinical development. Anticipated Major Milestones in 2025 and the First Half of 2026 Upcoming Potential NMPA Submissions Bemarituzumab (FGFR2b) in first-line gastric cancer in the second half of 2025 Tumor Treating Fields (TTFields) in first-line pancreatic cancer in the second half of 2025 Efgartigimod (FcRn) for prefilled syringe in generalized myasthenia gravis (gMG) and chronic inflammatory demyelinating polyneuropathy (CIDP) in the second half of 2025 Upcoming Potential NMPA Approvals Xanomeline-Trospium (or KarXT) (M1/M4-agonist) in schizophrenia Tisotumab Vedotin (Tissue Factor ADC) in recurrent or metastatic cervical cancer following progression on or after chemotherapy Repotrectinib (ROS1/TRK) in NTRK+ solid tumors Expected Clinical Developments and Data Readouts Global Pipeline ZL-1310 or Zocilurtatug pelitecan (DLL3 ADC) Second-Line ES-SCLC: Zai Lab to provide data update and to initiate a global registrational study of ZL-1310 monotherapy in the second half of 2025. First-Line ES-SCLC: Zai Lab to provide data readout for dose escalation of ZL-1310 doublet in combination with atezolizumab. Other neuroendocrine carcinomas: Zai Lab to provide data readout from the global Phase 1/2 study in patients with selected solid tumors. ZL-1503 (IL-13/IL-31R) Zai Lab to advance into a global Phase 1 study in moderate-to-severe atopic dermatitis in the second half of 2025. ZL-6201 (LRRC15 ADC) Zai Lab to advance into global Phase 1 development for patients with sarcoma and potentially other LRRC15-positive solid tumors, such as breast cancer and other malignancies. Regional Pipeline Bemarituzumab (FGFR2b) Zai Lab partner Amgen to provide detailed results from the Phase 3 FORTITUDE-101 study of bemarituzumab combined with chemotherapy versus chemotherapy alone in first-line gastric cancer at an upcoming medical meeting. Zai Lab participated in the study in Greater China. Zai Lab partner Amgen to provide potential data readout from the Phase 1b/3 FORTITUDE-102 study of bemarituzumab plus chemotherapy and nivolumab versus chemotherapy and nivolumab in first-line gastric cancer. Zai Lab participated in the study in Greater China. Xanomeline-Trospium (or KarXT) (M1/M4-agonist) Zai Lab partner Bristol Myers Squibb to provide data readout from the Phase 3 ADEPT-2 study of KarXT in Alzheimer's Disease Psychosis in the second half of 2025. Zai Lab participated in the study in Greater China. Efgartigimod (FcRn) Lupus Nephritis (LN): Zai Lab and partner argenx to provide topline results from the Phase 2 study in LN in the fourth quarter of 2025. Seronegative gMG: Zai Lab partner argenx to provide topline results from the global Phase 3 ADAPT-SERON study in seronegative gMG in the second half of 2025. Zai Lab participated in the study in Greater China. Ocular myasthenia gravis: Zai Lab partner argenx to provide topline results from the global Phase 3 ADAPT-OCULUS study in the first half of 2026. Zai Lab participated in the study in Greater China. Sjogren's disease: Zai Lab to join the registrational UNITY study of efgartigimod subcutaneous given by prefilled syringe in Sjogren's disease in Greater China in the third quarter of 2025. Povetacicept (APRIL/BAFF) Primary Membranous Nephropathy (pMN): Zai Lab plans to partner with Vertex to execute the global pivotal Phase 2/3 study of povetacicept in pMN in Greater China. The study is expected to start in the second half of 2025. IgA Nephropathy (IgAN): Zai Lab partner Vertex will conduct an interim analysis of the global Phase 3 RAINIER study following 36 weeks of treatment with the potential to file for U.S. accelerated approval in the first half of 2026. VRDN-003 (IGF-1R, subcutaneous) Zai Lab to initiate a registrational study in thyroid eye disease in Greater China in the second half of 2025. Zai Lab partner Viridian to provide topline results from the global registrational REVEAL-1 and REVEAL-2 studies in the first half of 2026. Conference Call and Webcast Information Zai Lab will host a live conference call and webcast today, August 7, 2025, at 8:00 a.m. ET (8:00 p.m. HKT). Listeners may access the live webcast by visiting the Company's website at Participants must register in advance of the conference call. Details of registration links are as follows: For webcast: For dial-in: All participants must use the link provided above to complete the online registration process in advance of the conference call. Dial-in details will be in the confirmation email which the participant will receive upon registering. A replay will be available shortly after the call and can be accessed by visiting the Company's website. About Zai Lab Zai Lab Limited (NASDAQ: ZLAB; HKEX: 9688) is an innovative, research-based, commercial-stage biopharmaceutical company based in China and the United States. We are focused on discovering, developing, and commercializing innovative products that address medical conditions with significant unmet needs in the areas of oncology, immunology, neuroscience, and infectious disease. Our goal is to leverage our competencies and resources to positively impact human health worldwide. For additional information about Zai Lab, please visit or follow us at Non-GAAP Measures In addition to results presented in accordance with GAAP, we disclose growth rates that have been adjusted to exclude the impact of changes due to the translation of foreign currencies into U.S. dollars. We have also presented a measure of adjusted loss from operations that adjusts GAAP loss from operations to exclude the impact of certain non-cash expenses including depreciation, amortization, and share-based compensation, which we refer to as "profitability." These adjusted growth rates and adjusted loss from operations are non-GAAP financial measures. We believe that these non-GAAP financial measures are important for an understanding of the performance of our business operations and financial results and provide investors with an additional perspective on operational trends and greater transparency into our historical and projected operating performance. Although we believe the non-GAAP financial measures enhance investors' understanding of our business and performance, these non-GAAP financial measures should not be considered an exclusive alternative to the corresponding GAAP financial measures. Zai Lab Forward-Looking Statements This press release contains certain forward-looking statements, including statements relating to our strategy and plans; potential of and expectations for our business, commercial products, and pipeline programs; our goals, objectives, and priorities and our expectations under our growth strategy (including our expectations regarding our commercial products and launches, clinical stage products, revenue growth, profitability, and cash flow); clinical development programs and related clinical trials; clinical trial data, data readouts, and presentations; risks and uncertainties associated with drug development and commercialization; regulatory discussions, submissions, filings, and approvals and the timing thereof; the potential benefits, safety, and efficacy of our products and product candidates and those of our collaboration partners; the anticipated benefits and potential of investments, collaborations, and business development activities; our profitability and timeline to profitability; our future financial and operating results; and financial guidance, including with respect to our capital allocation and investment strategy and our expected path to profitability. All statements, other than statements of historical fact, included in this press release are forward-looking statements, and can be identified by words such as "aim," "anticipate," "believe," "could," "estimate," "expect," "forecast," "goal," "intend," "may," "plan," "poised," "positioned," "possible," "potential," "will," "would," and other similar expressions. Such statements constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees or assurances of future performance. Forward-looking statements are based on our expectations and assumptions as of the date of this press release and are subject to inherent uncertainties, risks, and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. We may not actually achieve the plans, carry out the intentions, or meet the expectations or projections disclosed in our forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including but not limited to (1) our ability to successfully commercialize and generate revenue from our approved products; (2) our ability to obtain funding for our operations and business initiatives; (3) the results of our clinical and pre-clinical development of our product candidates; (4) the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approvals of our product candidates; (5) risks related to doing business in China; and (6) other factors identified in our most recent annual and quarterly reports and in other reports we have filed with the U.S. Securities and Exchange Commission (SEC). We anticipate that subsequent events and developments will cause our expectations and assumptions to change, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date of this press release. Our SEC filings can be found on our website at and on the SEC's website at Zai Lab Limited Unaudited Condensed Consolidated Balance Sheets (in thousands of U.S. dollars ($), except for number of shares and per share data) June 30, 2025 December 31, 2024 Assets Current assets Cash and cash equivalents 732,159 449,667 Restricted cash, current 100,111 100,000 Short-term investments — 330,000 Accounts receivable (net of allowance for credit losses of $26 and $25 as of June 30, 2025 and December 31, 2024, respectively) 88,499 85,178 Notes receivable 10,843 4,233 Inventories, net 61,700 39,875 Prepayments and other current assets 40,750 41,527 Total current assets 1,034,062 1,050,480 Restricted cash, non-current 1,114 1,114 Property and equipment, net 50,160 47,961 Operating lease right-of-use assets 16,787 21,496 Land use rights, net 2,860 2,907 Intangible assets, net 56,519 56,027 Other non-current assets 2,599 5,768 Total assets 1,164,101 1,185,753 Liabilities and shareholders' equity Current liabilities Accounts payable 107,357 100,906 Current operating lease liabilities 5,584 8,048 Short-term debt 174,509 131,711 Other current liabilities 44,051 58,720 Total current liabilities 331,501 299,385 Deferred income 29,233 31,433 Non-current operating lease liabilities 11,307 13,712 Other non-current liabilities 325 325 Total liabilities 372,366 344,855 Commitments and contingencies Shareholders' equity Ordinary shares (par value of $0.000006 per share; 5,000,000,000 shares authorized; 1,104,032,910 and 1,082,614,740 shares issued as of June 30, 2025 and December 31, 2024, respectively; 1,099,112,890 and 1,077,702,540 shares outstanding as of June 30, 2025 and December 31, 2024, respectively) 7 7 Additional paid-in capital 3,308,491 3,264,295 Accumulated deficit (2,542,248 ) (2,453,083 ) Accumulated other comprehensive income 46,348 50,515 Treasury Stock (at cost, 4,920,020 and 4,912,200 shares as of June 30, 2025 and December 31, 2024, respectively) (20,863 ) (20,836 ) Total shareholders' equity 791,735 840,898 Total liabilities and shareholders' equity 1,164,101 1,185,753 Zai Lab Limited Unaudited Condensed Consolidated Statements of Operations (in thousands of $, except for number of shares and per share data) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenues Product revenue, net 109,085 100,106 214,735 187,255 Collaboration revenue 892 398 1,729 398 Total revenues 109,977 100,504 216,464 187,653 Expenses Cost of product revenue (43,003 ) (35,148 ) (81,455 ) (68,767 ) Cost of collaboration revenue (217 ) (85 ) (412 ) (85 ) Research and development (50,614 ) (61,625 ) (111,343 ) (116,270 ) Selling, general, and administrative (71,038 ) (79,710 ) (134,460 ) (148,904 ) Loss from operations (54,895 ) (76,064 ) (111,206 ) (146,373 ) Interest income 8,843 9,330 17,449 18,988 Interest expenses (1,262 ) (492 ) (2,449 ) (605 ) Foreign currency gains (losses) 2,837 (4,108 ) 3,488 (6,176 ) Other income (expense), net 3,750 (8,943 ) 3,553 418 Loss before income tax (40,727 ) (80,277 ) (89,165 ) (133,748 ) Income tax expense — — — — Net loss (40,727 ) (80,277 ) (89,165 ) (133,748 ) Loss per share - basic and diluted (0.04 ) (0.08 ) (0.08 ) (0.14 ) Weighted-average shares used in calculating net loss per ordinary share - basic and diluted 1,091,933,150 975,937,790 1,086,413,130 974,541,780 Zai Lab Limited Unaudited Condensed Consolidated Statements of Comprehensive Loss (in thousands of $) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss (40,727 ) (80,277 ) (89,165 ) (133,748 ) Other comprehensive (loss) income, net of tax of nil: Foreign currency translation adjustments (2,955 ) 3,605 (4,167 ) 5,147 Comprehensive loss (43,682 ) (76,672 ) (93,332 ) (128,601 ) Zai Lab Limited Non-GAAP Measures (unaudited) ($ in thousands) Growth on a Constant Exchange Rate (CER) Basis Three Months EndedJune 30, Year over Year %Growth Six Months Ended June 30, Year over Year %Growth 2025 2024 Asreported At CER* 2025 2024 Asreported At CER* Product revenue, net 109,085 100,106 9 % 10 % 214,735 187,255 15 % 16 % Loss from operations (54,895 ) (76,064 ) (28 )% (28 )% (111,206 ) (146,373 ) (24 )% (24 )% * The growth rates at CER were calculated assuming the same foreign currency exchange rates were in effect for the current and prior year periods. Reconciliation of Loss from Operations (GAAP) to Adjusted Loss from Operations (Non-GAAP) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 GAAP loss from operations (54,895 ) (76,064 ) (111,206 ) (146,373 ) Plus: Depreciation and amortization expenses 3,735 2,941 7,193 5,953 Plus: Share-based compensation 16,973 18,638 32,773 36,618 Adjusted loss from operations (34,187 ) (54,485 ) (71,240 ) (103,802 ) View source version on Contacts For more information, please contact: Investor Relations: Christine Chiou / Lina Zhang+1 (917) 886-6929 / +86 136 8257 / Media: Shaun Maccoun / Xiaoyu Chen+1 (415) 317-7255 / +86 185 0015 / Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data

Income Lab and Independent Advisor Alliance Partner to Power Personalized Retirement Planning for Advisors
Income Lab and Independent Advisor Alliance Partner to Power Personalized Retirement Planning for Advisors

Yahoo

timea few seconds ago

  • Yahoo

Income Lab and Independent Advisor Alliance Partner to Power Personalized Retirement Planning for Advisors

DENVER, August 07, 2025--(BUSINESS WIRE)--Income Laboratory, Inc. (Income Lab), maker of award-winning retirement planning software, today announced a strategic partnership with Independent Advisor Alliance (IAA), one of the nation's leading hybrid RIAs. This collaboration brings Income Lab's dynamic retirement planning platform to IAA's network of over 142 partner firms, offering powerful tools to support personalized retirement planning at scale. As the demand for more personalized financial planning grows, advisors are turning to Income Lab's modern platform, built to help guide clients toward retirement and address the complexities of retirement planning. "At IAA, we're dedicated to equipping advisors with the innovative technology and support they need to build stronger client relationships and grow their businesses with confidence," said Lauren Grames, Director of Advisor Technology. "Income Lab delivers powerful insights through an intuitive platform, enabling advisors to offer personalized, high-quality planning at scale. It meets advisors where they are and elevates the entire client experience." Income Lab equips advisors with intelligent tools to answer the most critical questions retirees ask: How much can I safely spend in retirement? What happens if markets, inflation, or taxes change? Which accounts should I draw from and when, to minimize taxes? Advisors can also take advantage of features like plan scenario comparisons, tax-smart withdrawal strategies, Roth conversion modeling, and Social Security optimization, all within an easy-to-use interface that enhances both the planning process and client experience. "We're excited to partner with IAA to bring next-generation retirement planning tools to their advisor network," said Johnny Poulsen, CEO and co-founder of Income Lab. "We're proud to support IAA's growing advisor network and share in their commitment to delivering exceptional client experiences. Together, we're equipping advisors with modern tools that elevate the planning experience and help them deliver greater value to the clients they serve." For more information about Income Lab's full suite of retirement planning solutions, visit About IAA Independent Advisor Alliance (IAA) is a leading hybrid firm strategically focused on empowering financial advisors to succeed as independent business owners by providing services that align with each advisor's unique needs and challenges. IAA supports its partner firms with customized support services, resources, and programs designed to optimize efficiencies, reduce expenses, retain and attract clients, assist with succession planning, boost revenue, and more. For more information, visit About Income Lab Income Lab equips financial advisors with cutting-edge software for retirement planning, ongoing retirement income management, and client engagement. With personalized, data-driven insights, advisors help clients navigate changing economic conditions and fine-tune income strategies for long-term success and tax efficiency. Income Lab has been recognized as a top retirement planning solution—named "Best in Show" at the 2022 & 2023 XYPN Advisor Tech Expos, the "Highest-Rated Retirement Distribution Planning Tool" in the 2023 & 2024 T3/Inside Information Survey, and a "Stand Out" in the Report for satisfaction and value. View source version on Contacts Media Contacts Ashley Dudzikmedia@ (720) 634-5120 Dana Ryandryan@ 888-430-1555

YETI Reports Second Quarter 2025 Results
YETI Reports Second Quarter 2025 Results

Business Wire

timea minute ago

  • Business Wire

YETI Reports Second Quarter 2025 Results

AUSTIN, Texas--(BUSINESS WIRE)--YETI Holdings, Inc. ('YETI') (NYSE: YETI) today announced its financial results for the second quarter ended June 28, 2025. YETI reports its financial performance in accordance with accounting principles generally accepted in the United States of America ('GAAP') and as adjusted on a non-GAAP basis. Please see 'Non-GAAP Financial Measures' and 'Reconciliation of GAAP to Non-GAAP Financial Information' below for additional information and reconciliations of the non-GAAP financial measures to the most comparable GAAP financial measures. Second Quarter 2025 Highlights Net sales decreased 4%, reflecting a more promotional drinkware market environment, caution from consumers and our retail partners, and inventory constraints driven by our supply chain transition. EPS increased 3% to $0.61; Adjusted EPS decreased 6% to $0.66, inclusive of $0.07 net impact of higher tariff costs in the second quarter of 2025 Repurchased 0.7 million shares for $23 million Matt Reintjes, President and Chief Executive Officer, commented, 'We are making excellent progress on our long-term strategic priorities—accelerating innovation, expanding our global brand, and diversifying our supply chain. We are seeing these strategies play out in the market with momentum in product innovation and diversification across our portfolio with notable strength in bags, our global expansion with exceptional performance in the UK and Europe and strong end user demand in Canada and Australia, and the transformational shift in our supply chain. Our brand continues to expand, connecting both domestically and, importantly, globally. Amidst a disruptive macroeconomic environment, we are positioning YETI to deliver long-term, sustainable top and bottom-line growth supported by a strong financial foundation. Our strong balance sheet and robust free cash flow generation are enabling investment in growth initiatives while also advancing our capital allocation priorities, including share repurchases. We exited the second quarter with encouraging momentum across our key growth drivers, and we are seeing signs of continued improvement in the third quarter, reinforcing our confidence in the trajectory ahead.' Second Quarter 2025 Results Sales and adjusted sales both decreased 4% to $445.9 million, compared to $463.5 million during the same period last year. Direct-to-consumer ('DTC') channel sales decreased 1% to $248.6 million, compared to $250.4 million in the prior year quarter. Wholesale channel sales decreased 7% to $197.3 million, compared to $213.1 million in the same period last year, due to a decline in both Drinkware and Coolers & Equipment. Drinkware sales decreased 4% to $236.4 million, compared to $246.5 million in the prior year quarter. As expected, Drinkware growth in our international regions was more than offset by a decline in our U.S. region, reflecting a challenging market and inventory constraints driven by our supply chain transition. Coolers & Equipment sales decreased 3% to $200.6 million, compared to $205.9 million in the same period last year. Growth in hard coolers was more than offset by a decline in soft coolers during the quarter. Sales in the U.S. decreased 5% to $367.8 million, compared to $386.9 million in the prior year quarter. International sales rose 2% to $78.1 million, compared to $76.6 million in the prior year quarter reflecting strong growth in Europe and our launch in Japan. This was partially offset by conservative inventory purchases and caution from our wholesale partners in other international regions against robust consumer demand. Gross profit decreased 3% to $257.6 million, or 57.8% of sales, compared to $264.3 million, or 57.0% of sales, in the second quarter of 2024. The 80 basis points increase in gross margin was primarily due to lower product costs, selective price increases implemented in the second quarter of 2025 and the absence in the current year quarter of purchase accounting inventory step-up amortization, partially offset by higher tariff costs. Adjusted gross profit decreased 4% to $257.6 million, or 57.8% of adjusted sales, compared to $267.5 million, or 57.7% of adjusted sales, in the second quarter of 2024. The 10 basis points increase in adjusted gross margin was primarily due to lower product costs and selective price increases implemented in the second quarter of 2025, partially offset by higher tariffs. Selling, general, and administrative ('SG&A') expenses decreased 1% to $195.5 million, compared to $196.9 million in the second quarter of 2024. As a percentage of sales, SG&A expenses increased 140 basis points to 43.9% from 42.5% in the prior year period. This increase was primarily due to higher technology expenses related to our growth investments. Adjusted SG&A expenses decreased 2% to $184.4 million, compared to $187.5 million in the second quarter of 2024. As a percentage of adjusted sales, adjusted SG&A expenses increased 80 basis points to 41.3% from 40.5% in the prior year period. This increase was primarily due to higher technology expenses related to our growth investments, partially offset by lower employee costs. Operating income decreased 8% to $62.0 million, or 13.9% of sales, compared to $67.4 million, or 14.5% of sales during the prior year quarter. Adjusted operating income decreased 9% to $73.2 million, or 16.4% of adjusted sales, compared to $80.0 million, or 17.3% of adjusted sales during the same period last year. Other income increased to $5.8 million compared to other income of $0.4 million in the second quarter of 2024, primarily due to higher foreign currency gains related to intercompany balances in the current year. Net income increased 1% to $51.2 million, or 11.5% of sales, compared to $50.4 million, or 10.9% of sales in the prior year quarter; Net income per diluted share increased 3% to $0.61, compared to $0.59 in the prior year quarter. Adjusted net income decreased 7% to $55.2 million, or 12.4% of adjusted sales, compared to $59.6 million, or 12.9% of adjusted sales in the prior year quarter; Adjusted net income per diluted share decreased 6% to $0.66, compared to $0.70 per diluted share in the prior year quarter. Six Months Ended June 28, 2025 Results Sales and adjusted sales both decreased 1% to $797.0 million, compared to $804.9 million in the prior year period. DTC channel sales increased 2% to $444.8 million, compared to $438.2 million in the prior year period, primarily due to growth in Coolers & Equipment. Wholesale channel sales decreased 4% to $352.2 million, compared to $366.7 million in the same period last year, primarily due to a decline in Drinkware, partially offset by growth in Coolers & Equipment. Drinkware sales decreased 4% to $442.0 million, compared to $461.1 million in the prior year period. Drinkware growth in our international regions was more than offset by a decline in our U.S. region, reflecting a challenging market, and inventory constraints driven by our supply chain transition. Coolers & Equipment sales increased 5% to $340.8 million, compared to $325.8 million in the same period last year, primarily driven by strong performance in bags and hard coolers, partially offset by a decline in soft coolers. Sales in the U.S. decreased 4%, to $639.0 million, compared to $662.7 million in the prior year period. International sales increased 11%, to $158.0 million, compared to $142.2 million in the prior year period reflecting strong growth in Europe, Canada and our launch in Japan. The 11% increase in international sales included an FX headwind of approximately 260 basis points. Gross profit increased to $459.3 million, or 57.6% of sales, compared to $459.1 million, or 57.0% of sales, in the prior year period. The 60 basis points increase in gross margin was primarily due to lower product costs, the absence in the current year quarter of purchase accounting inventory step-up amortization, and selective price increases implemented in the second quarter of 2025, partially offset by higher tariff costs and lower mix of our Drinkware category. Adjusted gross profit decreased 1% to $458.9 million, compared to $463.9 million, in the prior year period. Adjusted gross margin was flat at 57.6%, compared to the prior year period. Lower product costs and selective price increases implemented in the second quarter of 2025 were offset by higher tariff costs and lower mix of our Drinkware category. SG&A expenses increased 3% to $375.6 million, compared to $365.9 million in the prior year period. As a percentage of sales, SG&A expenses increased 160 basis points to 47.1% from 45.5% in the prior year period. This increase was primarily due to higher technology expenses related to our growth investments, and higher employee costs related to non-cash stock-based compensation. Adjusted SG&A expenses increased 2% to $350.5 million, compared to $344.3 million in the prior year period. As a percentage of adjusted sales, adjusted SG&A expenses increased by 120 basis points to 44.0% from 42.8% in the prior year period. This increase was primarily due to higher technology expenses, related to our growth investments. Operating income decreased 10% to $83.7 million, or 10.5% of sales, compared to $93.2 million, or 11.6% of sales during the prior year period. Adjusted operating income decreased 9% to $108.4 million, or 13.6% of adjusted sales, compared to $119.6 million, or 14.9% of adjusted sales during the same period last year. The 9% decrease in adjusted operating income included an FX headwind of approximately 210 basis points. Other income of $7.1 million compared to other expense of $3.7 million in the prior year period, primarily due to foreign currency gains related to intercompany balances in the current year period versus foreign currency losses on intercompany balances in the prior year period. Net income increased 2% to $67.8 million, or 8.5% of sales, compared to $66.3 million, or 8.2% of sales in the prior year period; Net income per diluted share increased 5% to $0.81, compared to $0.77 in the prior year period. Adjusted net income decreased 9% to $81.0 million, or 10.2% of adjusted sales, compared to $88.9 million, or 11.0% of adjusted sales in the prior year period; Adjusted net income per diluted share decreased 6% to $0.97, compared to $1.03 per diluted share in the prior year period. Adjusted net income per diluted share included an FX headwind of approximately $0.02 or 220 basis points of growth. Balance Sheet and Liquidity Review Cash was $269.7 million, total debt, excluding finance leases and unamortized deferred financing fees, was $75.9 million, and our $300 million Revolving Credit Facility remained undrawn as of the end of the second quarter of 2025. Inventory decreased 10% to $342.1 million, compared to $378.3 million at the end of the prior year quarter. Capital Allocation Update Pursuant to our existing $450 million share repurchase authorization, in the second quarter of 2025, we repurchased approximately 745,000 shares of YETI's common stock on the open market for $23.0 million. Based on our current expectations, we anticipate completing approximately $200 million in share repurchases during 2025. In addition, in August 2025, we acquired certain assets, including designs, tooling, and intellectual property, related to a shaker bottle for $38 million in cash. Updated 2025 Outlook Mr. Reintjes concluded, 'Our confidence in the business and the underlying operating fundamentals supporting our full-year outlook remains unchanged. I'm particularly pleased with the execution on our ongoing supply chain transition which will meaningfully diversify our footprint and capabilities, positioning us for continued expansion and innovation driving long-term success. We are modestly lowering our top-line expectations to reflect a slightly more prolonged recovery in drinkware in the U.S. At the same time, we are raising our EPS outlook, primarily due to our strong operating execution and reflecting tariff reduction on China-sourced products, partially offset by increased tariffs on imports from other regions. As we look to the second half of 2025, we remain incredibly excited about the innovation we have planned, the continued strength and momentum of our brand, and the global opportunities we see in front of us.' For Fiscal 2025, a 53-week period, compared to a 52-week period in Fiscal 2024, YETI expects: Adjusted sales to be flat to up 2% (versus previous outlook of between 1% and 4%) including an approximately 300 basis point unfavorable impact from supply chain disruptions; Adjusted operating income as a percentage of adjusted sales between 14.0% and 14.5% (versus previous outlook of 12.0%). This outlook reflects an approximate 220 basis point net impact from higher tariff costs versus the prior year; An effective tax rate of approximately 25.5% (versus previous outlook of 26.0%; compared to 24.5% in the prior year period); Adjusted net income per diluted share between $2.34 and $2.48 (versus previous outlook of between $1.96 and $2.02) including an approximately $0.40 net unfavorable impact from higher tariff costs; Diluted weighted average shares outstanding of approximately 82.0 million (versus previous outlook of 83.7 million); Capital expenditures of approximately $50 million (versus previous outlook of $60 million), primarily to support investments in technology, new product innovation, and our supply chain; and Free cash flow between $150 million and $200 million (versus previous outlook of between $100 million and $125 million). Conference Call Details A conference call to discuss the second quarter of 2025 financial results is scheduled for today, August 7, 2025, at 8:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial 800-717-1738 (international callers, please dial 646-307-1865) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call will be available online at A replay will be available through August 21, 2025 by dialing 844-512-2921 (international callers, 412-317-6671). The accompanying access code for this call is 1166514. About YETI Holdings, Inc. Headquartered in Austin, Texas, YETI is a global designer, retailer, and distributor of innovative outdoor products. From coolers and drinkware to bags and apparel, YETI products are built to meet the unique and varying needs of diverse outdoor pursuits, whether in the remote wilderness, at the beach, or anywhere life takes you. By consistently delivering high-performing, exceptional products, we have built a strong following of brand loyalists throughout the world, ranging from serious outdoor enthusiasts to individuals who simply value products of uncompromising quality and design. We have an unwavering commitment to outdoor and recreation communities, and we are relentless in our pursuit of building superior products for people to confidently enjoy life outdoors and beyond. For more information, please visit Non-GAAP Financial Measures In addition to our results determined in accordance with GAAP, we supplement our results with non-GAAP financial measures, including adjusted net sales, adjusted gross profit, adjusted gross margin, adjusted SG&A expenses, adjusted operating income, adjusted net income, adjusted net income per diluted share (which we also refer to as adjusted EPS), free cash flow as well as adjusted gross profit, adjusted SG&A expenses, adjusted operating income and adjusted net income as a percentage of adjusted net sales. Our management uses these non-GAAP financial measures in conjunction with GAAP financial measures to measure our profitability and to evaluate our financial performance. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding the underlying operating performance of our business and are appropriate to enhance an overall understanding of our financial performance. These non-GAAP financial measures have limitations as analytical tools in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. Because of these limitations, these non-GAAP financial measures should be considered along with GAAP financial performance measures. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measures to such GAAP measures can be found below. YETI does not provide a reconciliation of forward-looking non-GAAP to GAAP financial measures because such reconciliations are not available without unreasonable efforts. This is due to the inherent difficulty in forecasting with reasonable certainty certain amounts that are necessary for such reconciliation, including in particular the impacts of product recalls and realized and unrealized foreign currency gains and losses reported within other expense. For the same reasons, we are unable to forecast with reasonable certainty all deductions and additions needed in order to provide a forward-looking GAAP financial measures at this time. The amount of these deductions and additions may be material and, therefore, could result in forward-looking GAAP financial measures being materially different or less than forward-looking non-GAAP financial measures. See 'Forward-looking statements' below. Forward-looking statements This press release contains ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in this press release are forward-looking statements. Forward-looking statements include statements containing words such as 'anticipate,' 'assume,' 'believe,' 'can have,' 'contemplate,' 'continue,' 'could,' 'design,' 'due,' 'estimate,' 'expect,' 'forecast,' 'goal,' 'intend,' 'likely,' 'may,' 'might,' 'objective,' 'plan,' 'predict,' 'project,' 'potential,' 'seek,' 'should,' 'target,' 'will,' 'would,' and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operational performance or other events. For example, all statements made relating to our cash generation abilities, our position to deliver sustainable top- and bottom-line growth, growth initiatives, capital allocation priorities, our share repurchase program, consumer buying behavior, inventory constraints, supply chain challenges, a promotional retail environment, the impact of tariffs, future financial performance, capital expenditures, and our expectations for opportunity, growth, and investments, including those set forth in the quotes from YETI's President and CEO, and the 2025 financial outlook provided herein, constitute forward-looking statements. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that are expected and, therefore, you should not unduly rely on such statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by these forward-looking statements include but are not limited to: (i) economic conditions or consumer confidence in future economic conditions; (ii) our ability to maintain and strengthen our brand and generate and maintain ongoing demand for our products; (iii) our ability to successfully design, develop and market new products; (iv) our ability to effectively manage our growth; (v) our ability to expand into additional consumer markets, and our success in doing so; (vi) the success of our international expansion plans; (vii) our ability to compete effectively in the outdoor and recreation market and protect our brand; (viii) the level of customer spending for our products, which is sensitive to general economic conditions and other factors; (ix) problems with, or loss of, our third-party contract manufacturers and suppliers or an inability to obtain raw materials; (x) fluctuations in the cost and availability of raw materials, equipment, labor, and transportation and subsequent manufacturing delays or increased costs; (xi) adverse changes in international trade policies, tariffs and treaties, including increases in tariff rates and the imposition of additional tariffs; (xii) our ability to accurately forecast demand for our products and our results of operations; (xiii) our relationships with our national, regional, and independent retail partners, who account for a significant portion of our sales; (xiv) the impact of natural disasters and failures of our information technology on our operations and the operations of our manufacturing partners; (xv) the integration and use of artificial intelligence; (xvi) our ability to attract and retain skilled personnel and senior management, and to maintain the continued efforts of our management and key employees; (xvii) the impact of our indebtedness on our ability to invest in the ongoing needs of our business; and (xviii) our ability to successfully execute our share repurchase program and its impact on stockholder value and the volatility of the price of our common stock. For a more extensive list of factors that could materially affect our results, you should read our filings with the United States Securities and Exchange Commission (the 'SEC'), including our Annual Report on Form 10-K for the year ended December 28, 2024 and our Quarterly Report on Form 10-Q for the quarter ended June 28, 2025, as such filings may be amended, supplemented or superseded from time to time by other reports YETI files with the SEC. These forward-looking statements are made based upon detailed assumptions and reflect management's current expectations and beliefs. While YETI believes that these assumptions underlying the forward-looking statements are reasonable, YETI cautions that it is very difficult to predict the impact of known factors, and it is impossible for YETI to anticipate all factors that could affect actual results. The forward-looking statements included here are made only as of the date hereof. YETI undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law. Many of the foregoing risks and uncertainties may be exacerbated by the global business and economic environment, including ongoing geopolitical conflicts. Solely for convenience, certain trademark and service marks referred to in this press release appear without the ® or ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights to these trademarks and service marks. YETI HOLDINGS, INC. (Unaudited) (In thousands) June 28, 2025 December 28, 2024 June 29, 2024 ASSETS Current assets Cash $ 269,673 $ 358,795 $ 212,937 Accounts receivable, net 163,595 120,190 159,050 Inventory 342,131 310,058 378,296 Prepaid expenses and other current assets 52,771 37,723 56,966 Total current assets 828,170 826,766 807,249 Property and equipment, net 138,224 126,270 131,858 Operating lease right-of-use assets 84,732 78,279 80,425 Goodwill 72,308 72,557 72,894 Intangible assets, net 176,165 172,023 136,886 Other assets 3,445 10,225 2,993 Total assets $ 1,303,044 $ 1,286,120 $ 1,232,305 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 152,290 $ 158,499 $ 175,199 Accrued expenses and other current liabilities 116,803 128,210 112,138 Taxes payable 18,584 38,089 23,821 Accrued payroll and related costs 13,900 28,610 17,856 Operating lease liabilities 21,054 19,621 16,365 Current maturities of long-term debt 6,331 6,475 6,481 Total current liabilities 328,962 379,504 351,860 Long-term debt, net of current portion 70,143 72,821 75,829 Operating lease liabilities, non-current 79,455 73,586 78,217 Other liabilities 21,752 20,102 20,539 Total liabilities 500,312 546,013 526,445 Stockholders' Equity Common stock 897 892 890 Treasury stock, at cost (324,824 ) (281,587 ) (200,878 ) Additional paid-in capital 445,671 405,921 402,495 Retained earnings 681,885 614,125 504,687 Accumulated other comprehensive (loss) gain (897 ) 756 (1,334 ) Total stockholders' equity 802,732 740,107 705,860 Total liabilities and stockholders' equity $ 1,303,044 $ 1,286,120 $ 1,232,305 Expand YETI HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Six Months Ended June 28, 2025 June 29, 2024 Cash Flows from Operating Activities: Net income $ 67,760 $ 66,251 Adjustments to reconcile net income to cash provided by (used in) operating activities: Depreciation and amortization 26,297 23,559 Amortization of deferred financing fees 321 326 Stock-based compensation 21,317 17,325 Deferred income taxes 6,968 (1,966 ) Impairment of long-lived assets — 2,025 Other (7,292 ) 2,343 Changes in operating assets and liabilities: Accounts receivable (40,769 ) (60,085 ) Inventory (28,864 ) (25,380 ) Other current assets (11,506 ) (9,946 ) Accounts payable and accrued expenses (35,560 ) (50,065 ) Taxes payable (18,572 ) (13,503 ) Other 799 1,402 Net cash used in operating activities (19,101 ) (47,714 ) Cash Flows from Investing Activities: Purchases of property and equipment (19,943 ) (21,636 ) Business acquisition, net of cash acquired — (36,164 ) Additions of intangibles, net (11,143 ) (14,635 ) Net cash used in investing activities (31,086 ) (72,435 ) Cash Flows from Financing Activities: Repayments of long-term debt (2,109 ) (2,109 ) Taxes paid in connection with employee stock transactions (1,563 ) (1,202 ) Payments of finance lease obligations (12,150 ) (2,491 ) Repurchases of common stock (22,984 ) (100,000 ) Excise tax paid on repurchases of common stock (1,562 ) — Net cash used in financing activities (40,368 ) (105,802 ) Effect of exchange rate changes on cash 1,433 (72 ) Net decrease in cash (89,122 ) (226,023 ) Cash, beginning of period 358,795 438,960 Cash, end of period $ 269,673 $ 212,937 Expand YETI HOLDINGS, INC. Supplemental Financial Information (Unaudited) (In thousands) Three Months Ended Six Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Net sales $ 445,892 $ 463,499 $ 797,020 $ 804,893 Product recall (1) — — — — Adjusted net sales $ 445,892 $ 463,499 $ 797,020 $ 804,893 Gross profit $ 257,569 $ 264,306 $ 459,291 $ 459,119 Transition costs (2) — 3,208 (395 ) 4,755 Adjusted gross profit $ 257,569 $ 267,514 $ 458,896 $ 463,874 Selling, general, and administrative expenses $ 195,545 $ 196,886 $ 375,596 $ 365,882 Non-cash stock-based compensation expense (11,173 ) (8,828 ) (21,317 ) (17,325 ) Long-lived asset impairment — — — (2,025 ) Organizational realignment costs (3) — — (994 ) (1,122 ) Stockholder matters (4) — — (2,760 ) — Transition costs (5) — (140 ) — (682 ) Business optimization expense (6) — (415 ) — (415 ) Adjusted selling, general, and administrative expenses $ 184,372 $ 187,503 $ 350,525 $ 344,313 Gross margin 57.8 % 57.0 % 57.6 % 57.0 % Adjusted gross margin 57.8 % 57.7 % 57.6 % 57.6 % SG&A expenses as a % of net sales 43.9 % 42.5 % 47.1 % 45.5 % Adjusted SG&A expenses as a % of adjusted net sales 41.3 % 40.5 % 44.0 % 42.8 % Expand (1) Represents adjustments and charges associated with product recalls. (2) Represents a favorable true-up of estimated disposal costs in connection with the acquisition of Mystery Ranch, LLC for the six months ended June 28, 2025. Represents inventory step-up costs and inventory disposal costs in connection with the acquisition of Mystery Ranch, LLC for the three and six months ended June 29, 2024. (3) Represents employee severance costs in connection with strategic organizational realignments. (4) Represents advisory and legal fees related to a stockholder matter that resulted in a cooperation agreement signed in March 2025. (5) Represents transition costs in connection with the acquisition of Mystery Ranch, LLC, including third-party business integration costs. (6) Represents start-up, transition and integration costs associated with our new distribution facility in the United Kingdom. Expand YETI HOLDINGS, INC. Supplemental Financial Information (Unaudited) (In thousands, except per share amounts) Three Months Ended Six Months Ended June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024 Operating income $ 62,024 $ 67,420 $ 83,695 $ 93,237 Adjustments: Non-cash stock-based compensation expense (1) 11,173 8,828 21,317 17,325 Long-lived asset impairment (1) — — — 2,025 Organizational realignment costs (1)(2) — — 994 1,122 Business optimization expense (1)(5) — 415 — 415 Transition costs (3) — 3,348 (395 ) 5,437 Shareholder matters (4) — — 2,760 — Adjusted operating income $ 73,197 $ 80,011 $ 108,371 $ 119,561 Net income $ 51,151 $ 50,396 $ 67,760 $ 66,251 Adjustments: Non-cash stock-based compensation expense (1) 11,173 8,828 21,317 17,325 Long-lived asset impairment (1) — — — 2,025 Organizational realignment costs (1)(2) — — 994 1,122 Business optimization expense (1)(5) — 415 — 415 Transition costs (3) — 3,348 (395 ) 5,437 Shareholder matters (4) — — 2,760 — Other (income) expense, net (6) (5,773 ) (391 ) (7,149 ) 3,710 Tax impact of adjusting items (7) (1,323 ) (2,989 ) (4,294 ) (7,358 ) Adjusted net income $ 55,228 $ 59,607 $ 80,993 $ 88,927 Net sales $ 445,892 $ 463,499 $ 797,020 $ 804,893 Adjusted net sales $ 445,892 $ 463,499 $ 797,020 $ 804,893 Operating income as a % of net sales 13.9 % 14.5 % 10.5 % 11.6 % Adjusted operating income as a % of adjusted net sales 16.4 % 17.3 % 13.6 % 14.9 % Net income as a % of net sales 11.5 % 10.9 % 8.5 % 8.2 % Adjusted net income as a % of adjusted net sales 12.4 % 12.9 % 10.2 % 11.0 % Net income per diluted share $ 0.61 $ 0.59 $ 0.81 $ 0.77 Adjusted net income per diluted share $ 0.66 $ 0.70 $ 0.97 $ 1.03 Weighted average shares outstanding used to compute adjusted net income per diluted share 83,463 85,468 83,503 86,313 Expand (1) These costs are reported in SG&A expenses. (2) Represents employee severance costs in connection with strategic organizational realignments. (3) Represents a favorable true-up of estimated disposal costs in connection with the acquisition of Mystery Ranch, LLC for the six months ended June 28, 2025. Represents transition costs, inventory step-up and inventory disposal costs, and third-party business integration costs in connection with the acquisition of Mystery Ranch, LLC for the three and six months ended June 29, 2024. (4) Represents advisory and legal fees related to a stockholder matter that resulted in a cooperation agreement signed in March 2025. (5) Represents start-up, transition and integration costs associated with our new distribution facility in the United Kingdom. (6) Other (income) expense, net substantially consists of realized and unrealized foreign currency gains and losses on intercompany balances that arise in the ordinary course of business. (7) Represents the tax impact of adjustments calculated at an expected statutory tax rate of 24.5% for each of the three and six months ended June 28, 2025 and June 29, 2024. Expand Six Months Ended June 28, 2025 Six Months Ended June 29, 2024 Net Sales Product Recalls (1) Adjusted Net Sales Net Sales Product Recalls (1) Adjusted Net Sales Channel Wholesale $ 352,208 $ — $ 352,208 $ 366,697 $ — $ 366,697 Direct-to-consumer 444,812 — 444,812 438,196 — 438,196 Total $ 797,020 $ — $ 797,020 $ 804,893 $ — $ 804,893 Category Coolers & Equipment $ 340,789 $ — $ 340,789 $ 325,848 $ — $ 325,848 Drinkware 442,039 — 442,039 461,103 — 461,103 Other 14,192 — 14,192 17,942 — 17,942 Total $ 797,020 $ — $ 797,020 $ 804,893 $ — $ 804,893 Geographic Region United States $ 639,047 $ 639,048 $ 662,682 $ — $ 662,682 International 157,973 — 157,972 142,211 — 142,211 Total $ 797,020 $ — $ 797,020 $ 804,893 $ — $ 804,893 Expand (1) Represents adjustments and charges associated with product recalls. Expand YETI HOLDINGS, INC. Supplemental Financial Information (Unaudited) (In thousands) Six Months Ended June 28, 2025 June 29, 2024 Net cash used in operating activities $ (19,101 ) $ (47,714 ) Less: Purchases of property and equipment (19,943 ) (21,636 ) Free cash flow $ (39,044 ) $ (69,350 ) Expand

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store