Cascade Space Announces $5.9M Seed Funding to Build End-To-End Space Communication Platform
Cascade Space is building tools to accelerate communication system design and test
Share
The funding will accelerate the development of the Cascade Portal, a platform for satellite communication system design. Cascade recently released the spacelink Python library open-source. This library contains functions for communication system analysis that is used in the Cascade Portal implementation.
'Our mission at Cascade Space is to provide tools and infrastructure for spacecraft communication system design, test, and operations that will allow our customers to ship faster with the highest levels of mission assurance,' said Jacob Portukalian, co-founder and CEO of Cascade. 'Communication system design, test, and operation is a major bottleneck for space companies, especially those going to lunar and deep space. We have a team of veteran space engineers from SpaceX and Astra and we are stoked to be building the end-to-end platform to accelerate space exploration.'
About Cascade Space:
Cascade Space is a space communication system company. Founded in 2025, Cascade Space is building the platform for design, test, and operation for space communication systems. For more information, visit https://cascade.space.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
26 minutes ago
- Yahoo
RBC Bearings Incorporated Announces Fiscal First Quarter 2026 Results
OXFORD, Conn., August 01, 2025--(BUSINESS WIRE)--RBC Bearings Incorporated (NYSE: RBC), a leading international manufacturer of highly engineered precision bearings, components and essential systems for the industrial, defense and aerospace industries, today reported results for the first quarter fiscal 2026. First Quarter Financial Highlights First quarter net sales of $436.0 million increased 7.3% over last year, Aerospace/Defense up 10.4% and Industrial up 5.5%. Gross margin of 44.8% for the first quarter of fiscal 2026 compared to 45.3% last year; Adjusted gross margin of 45.4% compared to 45.3% last year. First quarter net income attributable to common stockholders as a percentage of net sales of 15.7% vs 13.7% last year; Adjusted EBITDA as a percentage of net sales of 32.5% vs 33.0% last year. Free cash flow of $104.3 million vs $88.4 million last year; Free cash flow conversion of 152.3% vs 144.0% last year. Three Month Financial Highlights ($ in millions) Fiscal 2026 Fiscal 2025 Change GAAP Adjusted (1) GAAP Adjusted (1) GAAP Adjusted (1) Net sales $436.0 $406.3 7.3% Gross margin $195.2 $198.1 $184.0 $184.0 6.1% 7.7% Gross margin % 44.8% 45.4% 45.3% 45.3% Operating income $101.1 $105.3 $97.5 $97.5 3.7% 8.0% Operating income % 23.2% 24.2% 24.0% 24.0% Net income $68.5 $89.6 $61.4 $80.2 11.6% 11.7% Net income attributable to common stockholders $68.5 $89.6 $55.7 $74.5 23.0% 20.3% Diluted EPS $2.17 $2.84 $1.90 $2.54 14.2% 11.8% (1) Results exclude items in reconciliation below. "Our first quarter performance was solid with A&D and Industrial segment sales up 10.4% and 5.5%, respectively. Additionally, gross margin performance remained strong during the quarter due to our Industrial segment, highlighting the team's hard work in driving synergies between Dodge and our broader Industrial business, combined with expansion in Aerospace," said Dr. Michael J. Hartnett, Chairman and Chief Executive Officer. First Quarter Results Net sales for the first quarter of fiscal 2026 were $436.0 million, an increase of 7.3% from $406.3 million in the first quarter of fiscal 2025. Net sales for the Industrial segment increased 5.5%, while net sales for the Aerospace/Defense segment increased 10.4%. Gross margin for the first quarter of fiscal 2026 was $195.2 million compared to $184.0 million for the same period last year. SG&A for the first quarter of fiscal 2026 was $73.9 million, an increase of $6.3 million from $67.6 million for the same period last year. As a percentage of net sales, SG&A was 16.9% for the first quarter of fiscal 2026 compared to 16.6% for the same period last year. Other operating expenses for the first quarter of fiscal 2026 totaled $20.2 million compared to $18.9 million for the same period last year. For the first quarter of fiscal 2026, other operating expenses included $17.9 million of amortization of intangible assets, $1.2 million of restructuring costs, $0.1 million of acquisition costs and $1.0 million of other expense items. For the first quarter of fiscal 2025, other operating expenses included $17.8 million of amortization of intangible assets and $1.1 million of other items. Operating income for the first quarter of fiscal 2026 was $101.1 million compared to $97.5 million for the same period last year. On an adjusted basis, operating income was $105.3 million for the first quarter of fiscal 2026 compared to $97.5 million for the same period last year. Refer to the tables below for details on the adjustments made to operating income to arrive at adjusted operating income. Interest expense, net, was $12.2 million for the first quarter of fiscal 2026 compared to $17.2 million for the same period last year. The decrease is primarily due to debt reduction efforts and comparatively lower interest rates. Other non-operating expense was $1.2 million for the first quarter of fiscal 2026 compared to $0.4 million for the same period last year. Income tax expense for the first quarter of fiscal 2026 was $19.2 million compared to $18.5 million for the same period last year. The effective income tax rate for the first quarter of fiscal 2026 was 21.9% compared to 23.1% for the same period last year. Net income for the first quarter of fiscal 2026 was $68.5 million compared to $61.4 million for the same period last year. On an adjusted basis, net income was $89.6 million for the first quarter of fiscal 2026 compared to $80.2 million for the same period last year. Refer to the tables below for details on the adjustments made to net income to arrive at adjusted net income. Net income attributable to common stockholders for the first quarter of fiscal 2026 was $68.5 million compared to $55.7 million for the same period last year. On an adjusted basis, net income attributable to common stockholders for the first quarter of fiscal 2026 was $89.6 million compared to $74.5 million for the same period last year. Diluted EPS attributable to common stockholders for the first quarter of fiscal 2026 was $2.17 compared to $1.90 for the same period last year. On an adjusted basis, diluted EPS attributable to common stockholders was $2.84 for the first quarter of fiscal 2026 compared to $2.54 for the same period last year. Refer to the tables below for details on the adjustments made to EPS attributable to common stockholders to arrive at the adjusted numbers above. Backlog as of June 28, 2025, was $1,017.3 million compared to $940.7 million as of March 29, 2025 and $825.8 million as of June 29, 2024. Outlook for the Second Quarter Fiscal 2026 The Company expects net sales to be approximately $445.0 million to $455.0 million in the second quarter of fiscal 2026, compared to $397.9 million in the prior year, for a growth rate of 11.8% to 14.4%. Gross margin is expected to be in the range of 44.0% to 44.25% and SG&A as a percentage of net sales is expected to be in the range of 17.0% to 17.25%. Live Webcast RBC Bearings Incorporated will host a webcast on Friday, August 1st, 2025, at 11:00 a.m. ET to discuss the quarterly results. To access the webcast, go to the investor relations portion of the Company's website, and click on the webcast icon. If you do not have access to the Internet and wish to listen to the call, dial 877-407-4019 (international callers dial +1 201-689-8337) and provide conference ID # 13754909. Investors are advised to dial into the call at least ten minutes prior to the call to register. An audio replay of the call will be available from 2:00 p.m. ET on the day of the call and will remain available for two weeks following the call. The replay can be accessed by dialing 877-660-6853 (international callers dial +1 201-612-7415) and providing conference ID # 13754909. Non-GAAP Financial Measures In addition to disclosing results of operations that are determined in accordance with U.S. generally accepted accounting principles (GAAP), this press release also discloses non-GAAP results of operations that exclude certain items. These non-GAAP measures adjust for items that management believes are unusual, as well as other non-cash items including but not limited to depreciation, amortization, and equity-based incentive compensation. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company's results of operations as these non-GAAP measures allow investors to better evaluate ongoing business performance. Investors should consider non-GAAP measures in addition to, not as a substitute for, financial measures prepared in accordance with GAAP. A reconciliation of the non-GAAP measures disclosed in this press release with the most comparable GAAP measures are included in the financial table attached to this press release. Free Cash Flow ConversionFree cash flow conversion measures our ability to convert operating profits into free cash flow and is calculated as free cash flow (cash provided by operating activities less capital expenditures) divided by net income. Adjusted Gross Margin and Adjusted Operating IncomeAdjusted gross margin excludes the impact of restructuring costs associated with the closing of a plant or significant adjustments to existing manufacturing processes or product lines. Adjusted operating income excludes acquisition expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar charges, and other non-operational, non-cash or non-recurring losses. We believe that adjusted operating income is useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations. Adjusted Net Income Attributable to Common Stockholders and Adjusted Earnings Per Share Attributable to Common StockholdersAdjusted net income attributable to common stockholders and adjusted earnings per share attributable to common stockholders (calculated on a diluted basis) exclude non-cash expenses for amortization related to acquired intangible assets, stock-based compensation, amortization of deferred finance fees, acquisition expenses (including the impact of acquisition-related fair value adjustments in connection with purchase), restructuring and other similar charges, significant adjustments to existing manufacturing processes or product lines, gains or losses on divestitures, discontinued operations, gains or losses on extinguishment of debt, and other non-operational, non-cash or non-recurring losses, net of their income tax impact. We believe that adjusted net income and adjusted earnings per share are useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations. Adjusted EBITDAWe use the term "Adjusted EBITDA" to describe net income adjusted for the items summarized in the "Reconciliation of GAAP to Non-GAAP Financial Measures" table below. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, non-cash or non-recurring losses or gains. In view of our debt level, Adjusted EBITDA aids our investors in understanding our compliance with our debt covenants. Management and various investors use the ratio of total debt less cash to Adjusted EBITDA, or "net debt leverage," as a measure of our financial strength and ability to incur incremental indebtedness when making investment decisions and evaluating us against peers. Lastly, management and various investors use the ratio of the change in Adjusted EBITDA divided by the change in net sales (referred to as "incremental margin" in the case of an increase in net sales or "decremental margin" in the case of a decrease in net sales) as an additional measure of our financial performance and some investors utilize it when making investment decisions and evaluating us against peers. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our definition of Adjusted EBITDA may vary from the definition used by others in our industry. Adjusted EBITDA should not be considered as an alternative to net income, income from operations, or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; or (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations. In particular, our definition of Adjusted EBITDA adds back certain non-cash, non-operating or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur or vary greatly, are difficult to predict, and can represent the effect of long-term strategies as opposed to short-term results. In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes. Further, although not included in the calculation of Adjusted EBITDA below, the measure may at times (i) include estimated cost savings and operating synergies related to operational changes ranging from acquisitions to dispositions to restructurings and/or (ii) exclude one-time transition expenditures that we anticipate we will need to incur to realize cost savings before such savings have occurred. About RBC Bearings RBC Bearings Incorporated is an international manufacturer and marketer of highly engineered precision bearings, components and essential systems. Founded in 1919, the Company is primarily focused on producing highly technical or regulated bearing products and components requiring sophisticated design, testing, and manufacturing capabilities for the diversified industrial, aerospace and defense markets. The Company is headquartered in Oxford, Connecticut. Safe Harbor for Forward Looking Statements Certain statements in this press release contain "forward-looking statements." All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including the following: the section of this press release entitled "Outlook"; any projections of earnings, revenue or other financial items relating to the Company, any statement of the plans, strategies and objectives of management for future operations; any statements concerning proposed future growth rates in the markets we serve; any statements of belief; any characterization of and the Company's ability to control contingent liabilities; anticipated trends in the Company's businesses; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "would," "estimate," "intend," "continue," "believe," "expect," "anticipate," and other similar words. Although the Company believes that the expectations reflected in any forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties beyond the control of the Company. These risks and uncertainties include, but are not limited to, risks and uncertainties relating to general economic conditions, geopolitical factors, future levels of aerospace/defense and industrial market activity, future financial performance, our use of information technology systems, our disclosure controls and procedures and internal control over financial reporting, our debt level, our level of goodwill, market acceptance of new or enhanced versions of the Company's products, the pricing of raw materials, changes in the competitive environments in which the Company's businesses operate, increases in interest rates, the Company's ability to acquire and integrate complementary businesses, and risks and uncertainties listed or disclosed in our reports filed with the Securities and Exchange Commission, including, without limitation, the risks identified under the heading "Risk Factors" set forth in the Company's most recent Annual Report on Form 10-K filed with the SEC. The Company does not intend, and undertakes no obligation, to update or alter any forward-looking statements. RBC Bearings Incorporated Consolidated Statements of Operations (dollars in millions, except per share data) Three Months Ended (Unaudited) June 28, June 29, 2025 2024 Net sales $ 436.0 $ 406.3 Cost of sales 240.8 222.3 Gross margin 195.2 184.0 Operating expenses: Selling, general and administrative 73.9 67.6 Other, net 20.2 18.9 Total operating expenses 94.1 86.5 Operating income 101.1 97.5 Interest expense, net 12.2 17.2 Other non-operating expense 1.2 0.4 Income before income taxes 87.7 79.9 Provision for income taxes 19.2 18.5 Net income 68.5 61.4 Preferred stock dividends - 5.7 Net income attributable to common stockholders $ 68.5 $ 55.7 Net income per common share attributable to common stockholders: Basic $ 2.18 $ 1.92 Diluted $ 2.17 $ 1.90 Weighted average common shares: Basic 31,374,859 29,054,820 Diluted 31,553,214 29,294,998 Segment Data: Three Months Ended June 28, June 29, Net External Sales: 2025 2024 Aerospace and defense segment $ 164.6 $ 149.1 Industrial segment 271.4 257.2 Total net external sales $ 436.0 $ 406.3 Three Months Ended Reconciliation of Reported Gross Margin to June 28, June 29, Adjusted Gross Margin: 2025 2024 Reported gross margin $ 195.2 $ 184.0 Restructuring and consolidation 2.9 - Adjusted gross margin $ 198.1 $ 184.0 Three Months Ended Reconciliation of Reported Operating Income to June 28, June 29, Adjusted Operating Income: 2025 2024 Reported operating income $ 101.1 $ 97.5 Transaction and related costs 0.1 - Restructuring and consolidation 4.1 - Adjusted operating income $ 105.3 $ 97.5 Three Months Ended Reconciliation of Reported Net Income to Adjusted Net June 28, June 29, Income Attributable to Common Stockholders: 2025 2024 Reported net income $ 68.5 $ 61.4 Transaction and related costs 0.1 - Restructuring and consolidation 4.1 - M&A related amortization 16.2 16.4 Stock compensation expense 6.6 6.5 Amortization of deferred finance fees 0.8 0.6 Tax impact of adjustments and other tax matters* (6.7 ) (4.7 ) Adjusted net income $ 89.6 $ 80.2 Preferred stock dividends - 5.7 Adjusted net income attributable to common stockholders $ 89.6 $ 74.5 Adjusted net income per common share attributable to common stockholders: Basic $ 2.86 $ 2.56 Diluted $ 2.84 $ 2.54 Weighted average common shares: Basic 31,374,859 29,054,820 Diluted 31,553,214 29,294,998 *Overall tax rate applied to adjusted pre-tax earnings was 22.5% for the three months ended June 28, 2025. Three Months Ended Reconciliation of Reported Net Income to June 28, June 29, Adjusted EBITDA: 2025 2024 Reported net income $ 68.5 $ 61.4 Interest expense, net 12.2 17.2 Provision for income taxes 19.2 18.5 Stock compensation expense 6.6 6.5 Depreciation and amortization 29.6 30.0 Other non-operating expense 1.2 0.4 Transaction and related costs 0.1 - Restructuring and consolidation 4.1 - Adjusted EBITDA $ 141.5 $ 134.0 Consolidated Balance Sheets (dollars in millions, except per share data) June 28, March 29, 2025 2025 (Unaudited) Assets Cash $ 132.9 $ 36.8 Accounts receivable, net of allowance for credit losses 292.5 307.6 Inventory 679.7 654.5 Prepaid expenses and other current assets 30.1 28.4 Total current assets 1,135.2 1,027.3 Property, plant and equipment, net 363.9 359.0 Operating lease assets, net 59.0 58.6 Goodwill 1,876.2 1,872.2 Intangible assets, net 1,311.0 1,325.1 Other noncurrent assets 44.4 43.0 Total assets $ 4,789.7 $ 4,685.2 Liabilities and Stockholders' Equity Liabilities Accounts payable $ 140.7 $ 138.4 Accrued expenses and other current liabilities 189.4 166.0 Current operating lease liabilities 9.4 9.2 Current portion of long-term debt 1.8 1.7 Total current liabilities 341.3 315.3 Long-term debt, less current portion 913.8 918.4 Noncurrent operating lease liabilities 50.3 50.3 Deferred income taxes 252.6 257.8 Other noncurrent liabilities 115.3 112.0 Total liabilities 1,673.3 1,653.8 Stockholders' equity Common stock, $.01 par value 0.3 0.3 Additional paid‑in capital 1,703.4 1,682.5 Accumulated other comprehensive income/(loss) 6.3 (1.4 ) Retained earnings 1,519.1 1,450.6 Treasury stock, at cost (112.7 ) (100.6 ) Total stockholders' equity 3,116.4 3,031.4 Total liabilities and stockholders' equity $ 4,789.7 $ 4,685.2 Consolidated Statements of Cash Flows (dollars in millions) Three Months Ended (Unaudited) June 28, June 29, 2025 2024 Cash flows from operating activities: Net income $ 68.5 $ 61.4 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 29.6 30.0 Deferred income taxes (4.6 ) (4.1 ) Amortization of deferred financing costs 0.8 0.6 Stock-based compensation 6.6 6.5 Noncash operating lease expense 1.7 1.7 (Gain)/loss on disposition of assets (0.6 ) - Restructuring, and other noncash charges 3.8 - Changes in operating assets and liabilities, net of acquisitions: Accounts receivable 17.7 0.5 Inventory (22.8 ) (12.1 ) Prepaid expenses and other current assets (1.7 ) (3.8 ) Other noncurrent assets (2.2 ) (0.6 ) Accounts payable 1.9 11.3 Accrued expenses and other current liabilities 25.5 23.9 Other noncurrent liabilities (4.2 ) (17.9 ) Net cash provided by operating activities 120.0 97.4 Cash flows from investing activities: Capital expenditures (15.7 ) (9.0 ) Net cash used in investing activities (15.7 ) (9.0 ) Cash flows from financing activities: Repayments of revolving credit facilities (5.0 ) - Repayments of term loans - (60.0 ) Repayments of notes payable (1.1 ) (1.1 ) Principal payments on finance lease obligations (1.2 ) (1.1 ) Preferred stock dividends paid - (5.7 ) Exercise of equity awards 11.5 1.2 Tax withholding for common stock issued under equity incentive plans (12.1 ) (8.0 ) Net cash used in financing activities (7.9 ) (74.7 ) Effect of exchange rate changes on cash (0.3 ) (0.4 ) Cash: Increase / (decrease) during the period 96.1 13.3 Cash, at beginning of period 36.8 63.5 Cash, at end of period $ 132.9 $ 76.8 Supplemental disclosures of cash flow information: Cash paid for: Income taxes $ 1.4 $ 12.5 Interest 17.0 22.0 FY2026 Q2 Outlook - Modeling Items: Net sales $445.0 - $455.0 Gross margin (as a percentage of net sales) 44.0% - 44.25% SG&A (as a percentage of net sales) 17.0% - 17.25% View source version on Contacts Mike Cummings or Josh Carrollinvestors@
Business Wire
28 minutes ago
- Business Wire
Belgravia Hartford Doubles Bitcoin Treasury to 83 Bitcoin with Acquisition of an Additional 42 Bitcoin
TORONTO--(BUSINESS WIRE)--Belgravia Hartford Capital Inc. (CSE: BLGV) (OTC: BLGVF) (FRA: ECA) ('Belgravia' or the 'Company') is pleased to announce the acquisition of an additional 42.3776327 Bitcoin (BTC) on July 31, 2025, marking Belgravia's largest single-day Bitcoin purchase to date. This acquisition surpasses Belgravia's prior milestone of 25 BTC acquired on July 24, 2025. Belgravia Hartford Doubles its Bitcoin treasury to 83 Share As a result of this latest transaction, Belgravia has effectively doubled its Bitcoin holdings, bringing its total treasury to 83.14954408 BTC. 'We have demonstrated our commitment to acquiring Bitcoin with speed and conviction,' said Mehdi Azodi, President and CEO of Belgravia Hartford. 'Belgravia has acted decisively at every opportunity, and we intend to build on this momentum as we continue to expediate our Bitcoin treasury strategy.' The transaction was executed through Coinsquare's regulated over-the-counter (OTC) trading desk at 11:25 a.m. EST, at an average price of USD $117,986.77 per BTC. For legal disclosure and information, please visit
Business Wire
28 minutes ago
- Business Wire
Onward Technologies Expands Footprint in Birmingham, UK and Munich, Germany With Offices Close to Clients
BIRMINGHAM, England & MUNICH--(BUSINESS WIRE)--Onward Technologies, a digital engineering services provider, has announced the strategic relocation of its UK office to Birmingham and its Germany office to Munich. These offices bring Onward Tech's teams closer to its Transportation & Mobility clients, reinforcing its commitment to delivering value where innovation is happening fastest. 'The new offices in the UK and Germany reflect our global strategy of investing in Europe and the positive momentum we're witnessing for our technical capabilities and services. This expansion is a testament to our focus on combining global scale with local agility,' said Jigar Mehta, Managing Director, Onward Technologies. Onward Tech partners with automotive and industrial equipment manufacturers to accelerate digital engineering programs through its global delivery model. With growing demand for offshore services across Europe, the company is investing rapidly to support clients' transformation agendas. Onward Tech is committed to investing further in Europe and has plans to initiate local hiring in the region. Being close to its clients enables Onward Tech to respond swiftly to dynamic client imperatives and mirror these in its solution approach. The company's India operations include dedicated offshore delivery centers and labs in Pune, Chennai, Bengaluru, and Hyderabad. These centers offer its clients offshore leverage and access to an expert talent pool across digital, embedded, and mechanical engineering services. Automotive and industrial equipment manufacturers are undergoing major shifts in product development, focusing on alternative powertrains, autonomous mobility, Industry 4.0, and AI/ML-driven R&D. Onward Tech remains deeply aligned with these priorities, helping clients digitalize the product lifecycle, adopt platform-based development, and unlock new revenue streams through differentiated features. About Onward Technologies Onward Technologies (BSE: 517536) (NSE: ONWARDTEC) is a software outsourcing company specializing in digital and ER&D services. We help global OEMs improve speed to market, accelerate innovation, and maximize returns on their R&D investments. Headquartered in Mumbai, India, we are also an employer of choice driving positive change as a responsible corporate citizen. With over 2,500 employees across 12 offices in 6 countries and offshore development centers in India, we support multiple businesses in Transportation, Mobility, Industrial Products, Heavy Machinery and Healthcare verticals. For more information, please visit
