The 2025 International Congress of Basic Science Opens in Beijing
President of Tsinghua University Li Luming warmly welcomed scientists from around the world. He emphasized that the ICBS has evolved into a premier platform for global scientists to engage in dialogue and deepen collaboration. Tsinghua University will continue to support Professor Shing-Tung Yau's efforts to advance basic science, and will work together with scientists from all countries to strengthen fundamental research, drive scientific and technological innovation, promote socio-economic development, and jointly create a better future for humanity.
Shing-Tung Yau — ICBS President, Fields Medalist, and Chair Professor at Tsinghua University — highlighted recent breakthroughs in mathematics, physics, and information science. He believes a new era driven by theoretical breakthroughs and technological innovations may be dawning.
Six trailblazing scientists—Samuel C.C. Ting, Steven Chu, David Gross, Robert Tarjan, Shigefumi Mori, and George Lusztig—were honored with the 2025 Basic Science Lifetime Award, the most prestigious award honoring scientists' contributions to fundamental science.
The Congress also awarded 118 Frontiers of Science Awards (FSA) across mathematics, physics, and information science, with winners from over 20 countries. Global AI leaders OpenAI and Meta's FAIR team were also among the recipients.
The ICBS was initiated by Shing-Tung Yau in 2023 and is held annually with the theme "Advancing Science for Humanity". Over the next two weeks, nearly 1,000 scholars and students—including over 400 world-leading scientists—will gather at the Beijing Institute of Mathematical Sciences and Applications. Over 500 sessions will cover mathematics, physics, and information science and engineering, with a focus on cutting-edge AI research, interdisciplinary innovation, and frontier theoretical breakthroughs. Beyond academic exchange, ICBS emphasized youth engagement through a diverse range of activities, including the "Tsinghua Day" special event on July 19th.
ICBS 2025 celebrates international collaboration and academic exchange in global scientific advancement. "Science thrives on collaboration," said Yau. "This is where the next era of discovery begins."
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Thinkific Announces Second Quarter 2025 Financial Results
Thinkific reports in thousands of U.S. dollars and in accordance with IFRS VANCOUVER, BC, Aug. 6, 2025 /CNW/ - Thinkific Labs Inc. ("Thinkific" or the "Company") (TSX: THNC), a leading learning commerce platform, today announced its financial results for the quarter ended June 30, 2025. "Q2 marked the official launch of our move upmarket and we are now well underway to executing on a strategy aligning Thinkific's differentiated learning commerce platform to support our ideal customers" said Greg Smith, CEO and Founder of Thinkific. "By leveraging our core strengths: integrating courses, communities, AI and commerce, we plan on meeting the growing demand for scalable, education-driven revenue models. We are confident that this approach, along with our continued commitment to driving customer success, will ultimately accelerate growth for Thinkific and lead to enhanced shareholder value." Second Quarter Financial Highlights (All comparisons are relative to the second quarter of 2024) Total revenue increased 12% to $18.1 million, ahead of the guided range of $17.7 - $18.0 million, driven by strong Commerce adoption increasing Average Revenue per User by 9%, to $169: Commerce revenue increased 48% to $3.2 million, with GPV (2) processed through Thinkific Commerce growing 48% to $65 million. Thinkific Commerce penetration rate, measured as GPV (2) as a percent of GMV (2), increased to 58%, up from 40%. GMV (2) remained flat at $111 million. Subscription revenue increased 6% to $14.9 million, with ARR (2) increasing 6% to $60.5 million, building on the success of ARR growth in Q1. Thinkific Plus Subscription and Commerce revenue grew 25% to $4.7 million. Self Serve Subscription and Commerce revenue grew steadily by 8% to $13.4 million. Gross margin was 73%, broadly consistent with prior periods. Net income was $0.4 million, decreasing by $0.6 million. Adjusted EBITDA (1) was $1.0 million or 6% of revenue, an improvement of $0.2 million, or 20%. Cash and cash equivalents were $52.5 million at June 30, 2025. During the second quarter of 2025, the company generated $2.3 million of cash from operating activities, compared to $0.2 million. "Our Q2 financial performance highlights our ability to execute through strategic change while still delivering on our goals", said Corinne Hua, CFO of Thinkific. "We are re-allocating our spend to focus more upmarket, which we believe will deliver strong and stable long term growth for Thinkific. This transition is well underway and we remain committed to our strategy of profitable growth as we invest in our go-to-market teams and accelerate product innovations and AI into our learning commerce platform." Second Quarter Operational Highlights In support of our strategic shift upmarket, Thinkific launched significant enhancements to our Commerce Capabilities, including sale and management of bulk licenses, invoicing for B2B selling, and an improved subscription management and retention tool. These updates address the more complex needs of our Plus customers by making it easier to sell and manage higher volumes. Throughout the quarter, Thinkific released continuous improvements to our Communities platform. These include a modernized UI with a more intuitive design to help experts deliver a more professional, polished learning experience; Private Spaces which enable private, invite-only, communities; Weekly Digest Emails to support long-term community health and re-engagement; and rich text and multi-image posts to encourage more expressive, engaging community content that drives audience interaction. Thinkific was honored with a 2025 Top Rated Award from TrustRadius. This recognition, based on authentic customer reviews and ratings, highlights Thinkific's continued commitment to delivering exceptional value and driving success for its customers. Second Quarter Other Updates Thinkific eliminated its dual class structure by converting all multiple voting shares to single voting shares on a one-for-one basis, and completed a secondary offering of approximately C$15 million of Rhino Group's shares (which included an over allotment), simplifying the company's capital structure and paving the way to unlock shareholder value. Thinkific named Russ Mann as Board Chairman, succeeding Fraser Hall who remains a valued member of the Board. Russ' appointment as Board Chair brings a sharpened focus on our growth trajectory and dedication to maximizing long-term value for shareholders. Outlook For the third quarter of 2025, the Company expects revenue of $18.1 - $18.4 million while maintaining positive Adjusted EBITDA (1). Actual results may differ materially from Thinkific's financial outlook as a result of, among other things, the factors described under "Forward-Looking Statements" below. Quarterly Conference Call and Webcast Information A conference call will be held at 5:00 PM ET (2:00 PM PT) on August 6, 2025 to discuss Thinkific's second quarter 2025 financial and operational results. To participate in the call, please dial 1.888.510.2154 (US/Canada toll-free) or 1.437.900.0527 (International/Toronto). For those unable to participate, a replay will be available an hour after the event by dialing 1.888.660.6345 (US/Canada toll-free) or 1.289.819.1450 (International/Toronto). The passcode is 95088#. The replay will expire at midnight ET on August 13, 2025. The conference call will also be available via webcast on the Investor Relations section of Thinkific's website at Thinkific's audited consolidated financial statements and accompanying notes, and Management's Discussion and Analysis for the quarter ended June 30, 2025, are available on the Company's website at and on SEDAR+ at About Thinkific Thinkific (TSX: THNC) is an award-winning learning commerce platform where courses and community come together to power business growth. Thinkific gives academies, experts, and businesses everything they need to create and sell online learning experiences, build communities, and grow their revenue — all from one platform. More than 35,000 customers — including companies like GoDaddy, Nasdaq, ActiveCampaign, and Datadog — have generated billions in revenue using Thinkific, impacting more than 200 million people worldwide. For more information, please visit Non-IFRS Measures The information presented within this press release includes "Adjusted EBITDA" and certain industry metrics. The "Adjusted EBITDA" is not a recognized measure under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, does not have a standardized meaning prescribed by IFRS, and is therefore unlikely to be comparable to similar measures presented by other companies. Rather, this measure is provided as additional information to complement those IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, it should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. We also use certain industry metrics: "Annual Recurring Revenue", "Average Revenue per User", "Gross Merchandise Volume" and "Gross Payments Volume". These industry metrics are unaudited and are not directly derived from our financial statements. The non-IFRS measure and industry metrics are used to provide investors with supplemental measures of our operating performance and thus highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS measures. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures and industry metrics in the evaluation of issuers. Our management also uses the non-IFRS measure and industry metrics in order to facilitate operating performance comparisons from period to period, to prepare annual operating budgets and forecasts and to determine components of management compensation. "Adjusted EBITDA" is defined as Net income (loss) excluding taxes, interest, depreciation and amortization (or EBITDA), as adjusted for stock-based compensation, foreign exchange (gain) loss, finance income, and non-recurring equity transaction costs. Adjusted EBITDA does not have a standardized meaning under IFRS and is not a measure of operating income, operating performance or liquidity presented in accordance with IFRS, and is subject to important limitations. Please refer to "Reconciliation to IFRS from Non-IFRS measures" in this press release for more information. Key Performance Indicators We monitor the following industry metrics to help us evaluate our business, measure our performance, identify trends affecting our business, formulate business plans and make strategic decisions: "Annual Recurring Revenue" or "ARR", "Average Revenue per User" or "ARPU", "Gross Merchandise Volume" or "GMV", and "Gross Payments Volume" or "GPV". Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies. "ARPU" is the average monthly Revenue per Paying Customer in the quarter. ARPU is calculated by taking the average Revenue for each month in the quarter and dividing this by the average number of Paying Customers for the same quarter. "ARR" is the annual value of all current Paying Customer subscriptions at the end of the period, with the number of Paying Customers multiplied by 12 times the average monthly subscription plan fee in effect on the last day of that period. "GMV" is the total dollar value of all transactions of course sales, membership subscriptions, or other products or services by our customers, facilitated through our platform during the period, net of refunds. GMV does not include transactions for course sales, membership subscriptions, or other products or services processed by application programming interfaces or certain apps where the Company does not record the transaction value. "GPV" is the total dollar value of transactions processed using Thinkific Payments in the period, net of refunds and inclusive of sales taxes where applicable. GPV does not represent revenue earned by us. Penetration rate is the percentage of GMV processed through Thinkific Payments, it is calculated by dividing GPV by GMV for the respective period. We believe that growth in GPV and penetration is an indicator of success of our customers in monetizing their learning products and of our Thinkific Payments offering. It is also a positive growth driver of revenue, which is derived from payment processing fees. Revenue earned from Thinkific Payments is included in our commerce revenue. Forward-Looking Statements This press release includes forward-looking statements and forward–looking information within the meaning of applicable securities laws in Canada. Forward-looking statements and information may relate to our future financial outlook and anticipated events or results and may include information regarding our financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding our expectations of future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "trends", "directional indicator", "indicator", "future success", "expects", "is expected", "opportunity", "budget", "scheduled", "estimates", "outlook", "forecasts", "projection", "scalability", "trajectory", "prospects", "strategy", "intends", "anticipates", "adoption", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or, "will", "occur" or "be achieved", and similar words, or the negative of these terms and similar terminology. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, but are not limited to statements regarding our financial position; management's ability to increase business efficiencies necessary to build and maintain a sustainable cost structure; business strategy, budgets, operations, investments, financial results, our ability to retain a profitable Adjusted EBITDA run rate, plans and objectives around growth and profitability; industry trends; growth in our industry; our growth rates and growth strategies; the expectations regarding our revenue and the revenue generation potential of Our Platform and other products including the Spotify pilot; and our competitive position in our industry. Forward-looking statements and information are based on our opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, the Company's ability to execute on its growth strategies; the impact of changing conditions and increasing competition in the global e-learning market in which the Company operates; the Company's ability to keep pace with technological and marketplace changes including, but not limited to fluctuations in currency exchange rates and volatility in financial markets; changes in attitudes, financial condition and demand of our target market; developments and changes in applicable laws and regulations; and such other factors discussed in greater detail under the "Risk Factors" section of our 2024 Annual Information Form (" AIF"). Forward-looking statements and information are necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control and many of which, regarding future business decisions, are subject to change. Assumptions or factors underlying the Company's expectations regarding forward-looking statements or information contained in this press release include, among others: our ability to continue investing in infrastructure to support our growth and brand recognition; our ability to continue maintaining, innovating, improving and enhancing our technological infrastructure and functionality, performance, reliability, design, security and scalability of our Platform (as defined in our AIF); our ability to maintain existing relationships with customers (as defined in our AIF) and to continue to expand our customers' use of our platform; our ability to acquire new customers; our ability to maintain existing material relationships on similar terms with service providers, suppliers, partners and other third parties; our ability to build our market share and enter new markets and industry verticals; the continued development, rollout, integration and success of new products, features, and services; our ability to retain key personnel; our ability to maintain and expand geographic scope; our ability to execute on our expansion and growth plans; our ability to obtain and maintain existing financing on acceptable terms; currency exchange and interest rates; the impact of competition; the changes and trends in our industry or the global economy; and the changes in laws, rules, regulations, and global standards. The foregoing list of assumptions cannot be considered exhaustive. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information provided herein. The opinions, estimates or assumptions referred to above are described in greater detail in "Summary of Factors Affecting our Performance" and in the "Risk Factors" section of our AIF, which is available under our profile on SEDAR+ at should be considered carefully by prospective investors. Although we have attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to us or that we presently believe are not material, that could also cause actual results or future events to differ materially from those expressed in such forward-looking information. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. No forward-looking statement is a guarantee of future results. Accordingly, you should not place undue reliance on forward-looking information, which speaks only as of the date made. The forward-looking information contained in this press release represents our expectations as of the date specified herein, and are subject to change after such date. However, we disclaim any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements. Readers are cautioned that any such forward-looking information should not be used for purposes other than for which it is disclosed. As at June 30 As at December 31 2025 2024 Assets Current assets Cash and cash equivalents $ 52,469 $ 49,492 Trade and other receivables 4,525 4,585 Prepaid expenses and other assets 2,188 3,288 Contract acquisition assets 678 640 Derivative asset 201 — Total current assets 60,061 58,005 Property and equipment 505 580 Lease right-of-use assets 1,567 1,738 Contract acquisition assets 999 909 Intangible assets 196 136 Total assets $ 63,328 $ 61,368 Liabilities and shareholders' equity Current liabilities Accounts payable and accrued liabilities $ 7,336 $ 7,598 Lease liabilities 336 368 Deferred revenue 11,137 9,869 Derivative liability — 538 Total current liabilities 18,809 18,373 Lease liabilities 1,328 1,401 Total liabilities 20,137 19,774 Shareholders' equity Share capital 108,834 109,460 Contributed surplus 8,656 7,945 Accumulated other comprehensive income (loss) 163 (576) Accumulated deficit (74,462) (75,235) Total shareholders' equity 43,191 41,594 Total liabilities and shareholders' equity $ 63,328 $ 61,368 THINKIFIC LABS INC. Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (unaudited) Amounts expressed in thousands of U.S. dollars, except share and per share amounts Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 Revenue $ 18,098 $ 16,211 $ 35,942 $ 32,175 Cost of revenue 4,820 4,006 9,492 8,094 Gross profit 13,278 12,205 26,450 24,081 Operating expenses Sales and marketing 5,433 4,890 10,459 9,878 Research and development 5,346 4,335 10,244 8,979 General and administrative 3,341 3,060 6,782 6,841 Total operating expenses 14,120 12,285 27,485 25,698 Operating loss (842) (80) (1,035) (1,617) Other income Finance income 712 1,106 1,313 2,010 Foreign exchange gain (loss) 502 (96) 495 (532) Total other income 1,214 1,010 1,808 1,478 Net income (loss) 372 930 773 (139) Other comprehensive income (loss) Unrealized gain (loss) on derivatives 542 (106) 739 (603) Total comprehensive income (loss) $ 914 $ 824 $ 1,512 $ (742) Weighted average number of common shares outstanding - basic 68,104,374 79,618.425 68,141,404 80,342.751 Weighted average number of common shares outstanding - diluted 68,950,072 81,149,250 69,105,506 80,342,751 Earnings (loss) per share Basic $ 0.01 $ 0.01 $ 0.01 $ (0.00) Diluted $ 0.01 $ 0.01 $ 0.01 $ (0.00) THINKIFIC LABS INC. Condensed Interim Consolidated Statements of Cash Flows (unaudited) Amounts expressed in thousands of U.S. dollars Six months ended June 30 2025 2024 Operating activities Net income (loss) $ 773 $ (139) Items not affecting cash and cash equivalents: Depreciation and amortization 686 671 Stock-based compensation 2,019 2,060 Unrealized foreign exchange (gain) loss (498) 528 Finance income (1,313) (2,010) Interest received 389 2,369 Changes in non-cash working capital: Trade and other receivables 733 (972) Prepaid expenses and other assets 1,097 (775) Contract acquisition assets (487) (353) Accounts payable and accrued liabilities 786 828 Deferred revenue 1,268 1,052 Cash from operating activities $ 5,453 $ 3,259 Investing activities Proceeds on disposal of property and equipment — 77 Investment in property and equipment and intangible assets (142) (233) Cash used in investing activities $ (142) $ (156) Financing activities Operating lease payments (222) (220) Exercise of stock options 45 67 Tax remittances on stock based compensation (422) (1,942) Shares repurchased for cancellation and other equity-related costs, including tax remittances (2,098) (38,486) Cash used in financing activities $ (2,697) $ (40,581) Effect of exchange rate fluctuations on cash and cash equivalents held 363 (568) Increase (decrease) in cash and cash equivalents 2,977 (38,046) Cash and cash equivalents, beginning of period 49,492 86,611 Cash and cash equivalents, end of period $ 52,469 $ 48,565 Non-cash transactions Taxes accrued on share repurchases included in accounts payable and accrued liabilities $ 24 $ 762 THINKIFIC LABS INC. Reconciliation from IFRS to Non-IFRS Measures (unaudited) Amounts expressed in thousands of U.S. dollars Three months ended June 30 Six months ended June 30 (in thousands of U.S. dollars) 2025 2024 2025 2024 Net income (loss) $ 372 $ 930 $ 773 $ (139) Stock-based compensation 1,255 615 2,019 2,060 Depreciation and amortization 334 339 686 671 Foreign exchange (gain) loss (502) 96 (495) 532 Finance income (712) (1,106) (1,313) (2,010) Non-recurring equity transaction costs 302 — 302 — Adjusted EBITDA $ 1,049 $ 874 $ 1,972 $ 1,114 SOURCE Thinkific Labs Inc.
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H.I.G. Capital Launches GP Solutions Platform
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Compliance as a Foundation for the Future Bybit opened the keynote with a reaffirmation of its compliance-first approach — a critical pillar as the industry matures. Now fully compliant with the EU's Markets in Crypto-Assets Regulation (MiCAR) framework and securing FIU-India registration in the first half of 2025, Bybit emphasized compliance not as a barrier but as an enabler. Zhou emphasized that "sustainability in crypto begins with trust and transparency," and positioned compliance not as a constraint, but as a catalyst for long-term growth. Rewriting the Industry Security Standard Bybit has also successfully rewritten the industry standard for security following a sophisticated multi-stage attack on one of its vendors in February — the largest known hack in crypto history. While Bybit's own infrastructure remained uncompromised, the company acted swiftly in response. 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Setting a New Height in Crypto Wealth Management As institutional and high-net-worth adoption increases, Bybit is reshaping what wealth preservation means in the digital age. Its newly launched wealth management platform has already surpassed $150 million in AUM, offering curated portfolios and strategic services tailored to sophisticated investors — all underpinned by Bybit's trading depth and robust security infrastructure. Redefining Real-World Utility: Bybit Card and Payments Another highlight was the new edition of the Bybit Card — now positioned as a crypto-native business card that integrates seamlessly into both corporate and consumer spending. With support for Visa and Mastercard networks, smart security features, and real-time expense tracking, the card bridges the gap between digital assets and daily transactions. Bybit Card is expected to expand into the EU region in August, with Peru and Colombia lined up for Q4. Bybit's payments infrastructure has also made major strides. Native support for nationwide QR payments in Southeast Asia and LATAM has driven a 719% quarter-over-quarter increase in usage. With over two million users and cross-sector partnerships with local services like Rappi and Vivaticket, Bybit is moving closer to making crypto as usable as "cash". Introducing Bybit Lite to Earn, Manage, and Trade Zhou unveiled the upgraded Bybit App — a unified platform that streamlines both active trading and passive income generation. Bybit Lite is a new upgraded version for casual users and a reimagined Earn section, offering personalized strategies and simplified ways to activate idle capital. A Key Partner of Mantle 2.0 A major announcement was Bybit's deepened strategic alignment with Mantle This partnership sets the stage for what Zhou called "a bold new chapter in institutional-grade on-chain finance." The launch of Mantle 2.0 comes with renewed leadership and tighter ecosystem integration — including Helen Liu, Co-CEO and Partner of Bybit and Emily Bao, Head of Spot and Web3 at Bybit stepping in as key advisors. Together, Bybit, as one of Mantle's ecosystem partners, will accelerate the development of decentralized finance by aligning infrastructure, liquidity, and governance. The collaboration aims to set new standards for scalability and compliance, while tapping into the growing demand for trust-driven DeFi solutions. Reshaping the Standard With this keynote, Bybit signaled more than just platform growth — it marked a shift in how the industry defines success. Zhou's message was clear: The next era of crypto will be shaped by platforms that offer trust, usability, and true innovation. "We believe crypto should be usable, secure, and powerful enough to serve everyone — from first-time users to institutional investors," Zhou said. "Together with our community, we are rewriting the rules and reshaping the space for good." Watch the full keynote replay here. #Bybit / #TheCryptoArk About Bybit Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at
