xTAO Announces Listing on Frankfurt Stock Exchange
The cross-listing on the FSE will provide greater access to European investors and enhance xTAO's global visibility. The FSE is one of the world's leading international stock exchanges by revenue, profitability and market capitalization, and is the largest of Germany's stock exchanges.
xTAO also closed the previously announced private placement of 200,000 Shares at US $1.00 per Share for gross proceeds of US $200,000 . The Shares are subject to a hold period of four months plus a day from the date of issuance, and the proceeds will be used to acquire TAO. No finder's fees were paid in connection with the private placement. This private placement was conducted in conjunction with the previously announced US $22.8 million financing, with approximate gross proceeds totaling US $23 million .
About xTAO
xTAO is a technology company building infrastructure for the Bittensor ecosystem. xTAO is committed to advancing Bittensor and decentralized AI through building infrastructure and making strategic investments. xTAO is headquartered in the Cayman Islands and is publicly listed on the TSX Venture Exchange under the ticker "XTAO.U." Learn more at www.xtao.co .
On Behalf of the Board of Directors of xTAO Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, Bittensor staking yield and revenue, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.
SOURCE xTAO Inc.
For more information, please contact: Karia Samaroo, CEO, xTAO Inc., [email protected], (604) 704-4373; Media Contact: Hugh Naylor, [email protected]
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These financing agreements are entered into at the time of purchase and granted by various third parties based on the Company's financial condition at the time. They are secured with specific equipment being financed and terms and interest rates are decided at the time of application. As at June 30, 2025 the Company had $821 outstanding with respect to these specific financing agreements as compared to $390 as at December 31, 2024. As at June 30, 2025 the Company also has a letter of credit facility of $240 (as at December 31, 2024 - $240). The facility is unused as at June 30, 2025. CREDIT RISK The Company extends credit to customers, primarily comprised of construction companies, energy companies and pipeline construction companies, in the normal course of its operations. Historically, bad debt expenses have been limited to specific customer circumstances. However, the volatility in economic activity may result in higher collection risk on trade receivables. The Company has reviewed its outstanding accounts receivable as at June 30, 2025 and believes the expected loss provision is sufficient. OUTLOOK Zedcor continues to execute its long-term strategy of growing its technology enabled security services across North America. The Company continues to effectively use a mix of cash flow, debt, and the proceeds from its equity financing to build additional MobileyeZ TM security towers to provide surveillance services to our expanding customer base. The Company was able to effectively deploy new MobileyeZ TM towers to new customers throughout the Company's operating regions and grow US revenues to over 31% of total revenues in 2025. The Company has grown its salesforce across North America in order to keep utilization rates at peak levels for its MobileyeZ TM and continue to expand its service offering to different industries. Priorities that the Company intends to focus on for the remainder for 2025 include: Expanding operations in the United States and continuing to grow revenues in Canada. Due to significant spending on infrastructure in North America, along with increased theft and vandalism, the Company is seeing strong demand for its products in both countries. Zedcor's innovative products, coupled with the Company's commitment to customer service, are perfectly situated to disrupt the traditional security market. With the strong demand that Zedcor is seeing for its security towers, the Company continues to further take control of its supply chain and remove bottlenecks for its security towers by growing the manufacturing team, focusing on economies of scale with bigger orders, and assembling more of the components of its towers in house. This will allow the Company to actively manage demand and, over time, reduce our capital costs. Building new, innovative products based on customer demand. As the Company has obtained customers in different industry verticals, it has seen an increasing number of use cases for its security solutions coupled with Zedcor's 24/7 Live, Verified TM video monitoring. This includes a need for additional AI-based technology that is actively monitored as well as a mobile security product with a smaller footprint. The Company has also increased manufacturing for the ZBox to meet customer demand. The Company intends to generate customer and shareholder value and positive Adjusted EBITDA. By effectively managing its growth, executing on the above-mentioned strategies and increasing its capital markets presence, Zedcor will be able to continue to generate positive earnings per share, grow its shareholder base and increase share price. NON-IFRS MEASURES RECONCILIATION Zedcor Inc. uses certain measures in this MD&A which do not have any standardized meaning as prescribed by International Financial Reporting Standards ("IFRS"). These measures which are derived from information reported in the consolidated statements of operations and comprehensive income may not be comparable to similar measures presented by other reporting issuers. These measures have been described and presented in this MD&A in order to provide shareholders and potential investors with additional information regarding the Company. Investors are cautioned that EBITDA, adjusted EBITDA, adjusted EBITDA per share, adjusted EBIT and adjusted free cash flow are not acceptable alternatives to net income or net income per share, a measurement of liquidity, or comparable measures as determined in accordance with IFRS. EBITDA and Adjusted EBITDA EBITDA refers to net income before finance costs, income taxes, depreciation and amortization. Adjusted EBITDA is calculated as EBITDA before costs associated with severance, gains and losses on sale of equipment, (gain) loss on foreign exchange, (gain) loss on sale of equipment and right-of-use-assets, loss on repayment of note payable, other income, and stock based compensation. These measures do not have a standardized definition prescribed by IFRS and therefore may not be comparable to similar captioned terms presented by other issuers. Management believes that EBITDA and Adjusted EBITDA are useful measures of performance as they eliminate non-recurring items and the impact of finance and tax structure variables that exist between entities. "Adjusted EBITDA per share - basic" refers to Adjusted EBITDA divided by the weighted average basic number of shares outstanding during the relevant periods. A reconciliation of net income to Adjusted EBITDA is provided below: Three months ended June 30 Six months ended June 30 (in $000s) 2025 2024 2025 2024 Net income 460 1,409 1,082 939 Add: Finance costs 531 511 969 1,047 Depreciation of property & equipment 2,322 1,256 4,120 2,482 Depreciation of right-of-use assets 725 422 1,344 797 EBITDA 4,038 3,598 7,515 5,265 Add (deduct): Stock based compensation 879 282 1,459 497 Loss on sale of property & equipment 4 - 4 - Loss on repayment of note payable - 173 - 173 (Gain) loss on foreign exchange 12 13 39 15 Loss on disposal of right-of-us-asset - 2 25 16 Other income - (1,373) - (1,373) 895 (903) 1,527 (672) Adjusted EBITDA 4,933 2,695 9,042 4,593 Adjusted EBIT Adjusted EBIT refers to earnings before interest and finance charges, taxes, and one time income and expenses. A reconciliation of net income to Adjusted EBIT is provided below: Three months ended June 30 Six months ended June 30 (in $000s) 2025 2024 2025 2024 Net income 460 1,409 1,082 939 Add (deduct): Finance costs 531 511 969 1,047 Loss on repayment of note payable - 173 - 173 Other income - (1,373) - (1,373) Adjusted EBIT 991 720 2,051 786 Adjusted free cash flow Adjusted free cash flow is defined by management as net income plus non-cash expenses, plus or minus the net change in non-cash working capital and one time income and expenses, less maintenance capital. Maintenance capital is also a non-IFRS term. Management defines maintenance capital as the amount of capital expenditure required to keep its operating assets functioning at the same level of efficiency. Management believes that adjusted free cash flow reflects the cash generated from the ongoing operation of the business. Adjusted free cash flow is a non-IFRS measure generally used as an indicator of funds available for re-investment and debt payment. There is no standardized method of determining free cash flow, adjusted free cash flow or maintenance capital prescribed under IFRS and therefore the Company's method of calculating these amounts is unlikely to be comparable to similar terms presented by other issuers. Adjusted free cash flow from continuing operations is calculated as follows: Three months ended June 30 Six months ended June 30 (in $000s) 2025 2024 2025 2024 Net income 460 1,409 1,082 939 Add non-cash expenses: Depreciation of property & equipment 2,322 1,256 4,120 2,482 Depreciation of right-of-use assets 725 422 1,344 797 Loss on repayment of note payable - 173 - 173 Stock based compensation 879 282 1,459 497 Loss (gain) on sale of property & equipment 4 - 4 - Loss (gain) on disposal of right-of-use-asset - 2 25 16 Finance costs (non-cash portion) 26 7 13 52 4,416 3,551 8,047 4,956 (Deduct) non-recurring income: Other income - (1,373) - (1,373) 4,416 2,178 8,047 3,583 Change in non-cash working capital (3,484) (1,160) (5,544) (2,092) Adjusted Free Cash Flow 932 1,018 2,503 1,491 CONFERENCE CALL A conference call will be held in conjunction with this release: Date: Wednesday, August 13, 2025 Time: 10:00 am ET (8:00 am MT) Webinar Link: Dial: 647-374-4685 Toronto local 780-666-0144 Calgary local 778-907-2071 Vancouver local 346-248-7799 Houston local Meeting ID #: 996 1808 1293 Please connect 10 minutes prior to the conference call to ensure time for any software download that may be required. Participants wishing to login to the webinar will be required to register before the start of the call. Audio only dial in available without registering. About Zedcor Inc. Zedcor Inc. is disrupting the traditional physical security industry through its proprietary MobileyeZ TM security towers by providing turnkey and customized mobile surveillance and live monitoring solutions to blue-chip customers across North America. The Company continues to expand its established platform of MobileyeZ™ towers in Canada and the United States, with emphasis on industry leading service levels, data-supported efficiency outcomes, and continued innovation. Zedcor services the Canadian market through equipment and service centers currently located in British Columbia, Alberta, Manitoba, and Ontario. The Company continues to advance its U.S. expansion which now has the capacity to service markets throughout the Midwest and West Coast with locations throughout Texas and in Denver, Colorado, Phoenix, Arizona and Las Vegas, Nevada. FORWARD-LOOKING STATEMENTS Certain statements included or incorporated by reference in this news release constitute forward-looking statements or forward-looking information, including expectations for customer and revenue growth in 2025, the ability of the Company to build out its footprint in the U.S. and add additional customers as a result thereof, the Company's intention to take control of its supply chain, thereby allowing it to manage demand and reduce capital costs, and the Company's intention to increase its capital markets presence and grow investor interest in the Company. Forward-looking statements or information may contain statements with the words "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "should", "project", "would", "may" or similar words suggesting future outcomes or expectations, including negative or grammatical variations thereof . Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of assumptions about the future and uncertainties. These assumptions include anticipated manufacturing capacity and expected fleet numbers, expected utilization rates, customer growth, the impact of tariffs on the Company's business and customer buying trends, and changes in the regulatory environment and political landscape in each of Canada and the United States. Although management believes these assumptions are reasonable, there can be no assurance that they will prove to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this news release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement. This news release also makes reference to certain non-IFRS measures, which management believes assists in assessing the Company's financial performance. Readers are directed to the section above entitled "Financial Measures Reconciliations" for an explanation of the non-IFRS measures used. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit
Toronto Star
7 hours ago
- Toronto Star
Osisko Development Reports Second Quarter 2025 Results
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