Latest news with #DISCO
The Star
2 days ago
- Business
- The Star
Zimbabwean minister hails Chinese-invested steel plant for boosting industrialization
HARARE, Aug. 16 (Xinhua) -- Zimbabwean Minister of Information, Publicity and Broadcasting Services Jenfan Muswere has said the Chinese-invested Dinson Iron and Steel Company (DISCO) has boosted the country's industrialization efforts. Speaking during a media tour on Friday, Muswere hailed the project as one of the success stories under the leadership of President Emmerson Mnangagwa, noting that it reflects Zimbabwe's quest to attain industrial sovereignty. "For many decades, Zimbabwe has been importing steel worth billions of dollars, but with the coming on board of Dinson, the country is now benefiting from import substitution," Muswere said. He said the steel plant, which was granted a Special Economic Zone (SEZ) certificate, as well as the developer and operator permits by the Zimbabwe Investment and Development Agency last week, will enhance mineral beneficiation and value addition, thereby boosting employment creation and contributing to Zimbabwe's economic growth. Xu Kemin, chief executive officer of Dinson Group, said the SEZ status will help unlock Zimbabwe's industrialization potential and contribute to the country's economic growth. "We will be available to host new investment into the industrial park, especially in the zone. We believe that the zone is going to be the most successful, most vibrant zone in the country," Xu said, adding that the steel plant will be the anchor project in the industrial zone where upstream and downstream businesses are welcome to invest. DISCO, a subsidiary of China's Tsingshan Holding Group, commenced construction of the steel plant in Midlands Province in 2022 and aims to make Zimbabwe a major regional player in steel production.
Cision Canada
6 days ago
- Business
- Cision Canada
Xanadu and DISCO announce collaboration on advanced wafer processing for photonic quantum computing
TORONTO, Aug. 12, 2025 /CNW/ - Xanadu, the leading photonic quantum computing company, and DISCO Corporation, renowned precision machine and processing tool manufacturer, are developing advanced wafer processing techniques for ultra-low loss photonic integrated chips. This partnership focuses on enhancing wafer dicing processes, specialized wafer preparation for heterogeneous integration and assembly, as well as achieving ultra-smooth surfaces through polishing optimization. These capabilities are critical for high performance photonic integrated circuits, and will ultimately enable the scalability of photonic chip packaging for quantum and other cutting-edge photonic applications. High-quality wafer dicing achievable with DISCO's machinery is essential for photonic chip singulation and contributes to reducing optical losses. In addition, DISCO's advanced dicing process also eliminates the need for manual polishing, streamlining the manufacturing process of photonic chips. This further facilitates scaling to high-volume photonic packaging. Xanadu is also leveraging DISCO's industry-leading Kiru (cutting), Kezuru (grinding) and Migaku (polishing) technologies to enable wafer preparation for heterogeneous integration. These processes are critical to meeting the stringent requirements of photonic chip performance. Optimal polishing processes are key to achieving the ultra-smooth surfaces required for minimizing optical loss. "DISCO Corporation has been a vitally important partner for us over the years", said Christian Weedbrook, founder and CEO of Xanadu. "Our close collaboration with DISCO Corporation has helped us continuously push the boundaries of photonic packaging capabilities with their leading-edge dicing, grinding, and polishing solutions. These capabilities are significant contributions towards achieving our goal of a utility-scale photonic quantum computer." In the words of Steve Latina, technical solution lead and account manager at DISCO USA: "Xanadu's efforts are driving advancement not just in quantum compute, but the industry as a whole – from equipment and foundry process, to materials. Sharing the paradigm 'every photon counts' has a trickle-down effect, challenging their partners to achieve never-before-seen feats. DISCO is uniquely positioned to support Xanadu and growing market demand for highly clean, highly precise, and highly intelligent manufacturing." As Xanadu continues to work to reduce optical losses throughout its photonic components, improvements through collaboration with leading industrial partners like DISCO will play a pivotal role in the realization of utility-scale photonic quantum computers. About Xanadu: Xanadu is a Canadian quantum computing company with the mission to build quantum computers that are useful and available to people everywhere. Founded in 2016, Xanadu has become one of the world's leading quantum hardware and software companies. The company also leads the development of PennyLane, an open-source software library for quantum computing and application development. Visit or follow us on X @XanaduAI.
Business Wire
06-08-2025
- Business
- Business Wire
DISCO Announces Second Quarter 2025 Financial Results
AUSTIN, Texas--(BUSINESS WIRE)--CS Disco, Inc. ('DISCO') (NYSE: LAW) today announced financial results for its second quarter ended June 30, 2025. "I'm pleased to announce another quarter of accelerating results - including double-digit growth in software revenue, continued expansion of large matters on our platform and ongoing traction with our largest customers," said Eric Friedrichsen, CEO of DISCO. "As we move into the second half of 2025, we're encouraged by these trends as we continue to innovate from the front of litigation technology and services." Second Quarter 2025 Financial Highlights: Software revenue was $32.7 million, up 12% compared to the second quarter of 2024. Total revenue was $38.1 million, up 6% compared to the second quarter of 2024. GAAP net loss was $10.8 million, consistent with the second quarter of 2024. Adjusted EBITDA was $(2.7) million, compared to $(4.7) million in the second quarter of 2024. Recent Business Highlights: Expansion of Auto Review: DISCO launched Auto Review, its generative AI automated review tool, in the European Union and the United Kingdom. Searchable AV Transcriptions: DISCO launched Searchable AV Transcriptions, a tool that allows customers to automatically convert audio and video files into searchable, reviewable text. Cecilia AI Platform Adoption: From December 2024 to June 2025, DISCO has experienced a 150% increase in multi-terabyte matters that are leveraging its Cecilia AI Platform. Third Quarter and Full Year 2025 Financial Outlook As of August 6, 2025, DISCO is issuing the following outlook for the third quarter of 2025 and increasing its outlook for fiscal year 2025: Third quarter of 2025: Software revenue in the range of $32.75 million - $33.75 million. Total revenue in the range of $37.5 million - $39.5 million. Adjusted EBITDA in the range of $(5.0) million - $(3.0) million. Fiscal year 2025: Software revenue in the range of $128.0 million - $134.0 million. Total revenue in the range of $148.0 million - $158.0 million. Adjusted EBITDA in the range of $(17.0) million - $(13.0) million. DISCO's third quarter and fiscal year 2025 financial outlook is based on assumptions that are subject to change, many of which are outside of its control. If actual results vary from these assumptions, these expectations may change. There can be no assurance that DISCO will achieve these results. Reconciliation of Adjusted EBITDA on a forward-looking basis to net loss, the most directly comparable GAAP measure, is not available without unreasonable efforts due to the high variability and complexity and low visibility with respect to the charges excluded from this non-GAAP measure; in particular, the effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in DISCO's stock price. DISCO expects the variability of the above charges to have a significant, and potentially unpredictable, impact on its future GAAP financial results. Chief Financial Officer Transition Michael Lafair will step down from his role as Chief Financial Officer at DISCO. He will remain CFO until the end of the year unless a successor is appointed sooner. After that time, Michael will be an advisor to DISCO. An external search for his successor is underway. 'Since joining the Company in 2018, Michael has played a critical role in transforming DISCO from an early-stage startup to a successful public company, leading DISCO through multiple private funding rounds, its IPO, and its secondary offering,' said Eric Friedrichsen, CEO of DISCO. 'I look forward to working with Michael over the coming months to continue to drive the success of the business and in the search for and transition to his successor.' 'My time at DISCO has been an amazing journey, and it's a privilege to work alongside such a talented and dedicated team,' said Michael Lafair. 'I'm immensely proud of what we have been able to achieve to this point and I'm looking forward to helping the next successful chapter of DISCO unfold.' Conference Call Information DISCO will host a conference call and webcast at 4:00 p.m. CT (5:00 p.m. ET) today, August 6, 2025, to discuss its second quarter financial results and business highlights. The conference call can be accessed by dialing (888) 300-4030 from the United States or +1 (646) 970-1443 internationally with conference ID 8394292. The live webcast of the conference call and other materials related to DISCO's financial performance can be accessed from DISCO's investor relations website at Following the completion of the call until 10:59 p.m. CT (11:59 p.m. ET) on Wednesday, August 27, 2025, a telephone replay will be available by dialing (800) 770-2030 from the United States, or +1 (609) 800-9909 internationally with conference ID 8394292. A webcast replay will also be available at for 12 months. About DISCO DISCO (NYSE: LAW) provides comprehensive, innovative solutions for modern litigation. We create and service an intuitive, cloud-native platform at the forefront of litigation technology, backed by the partnership of expert professional services and support. Leveraging the latest in AI to help law firms and corporations achieve smarter outcomes faster, our scalable products and tools allow customers to simplify everyday tasks and tackle complex matters at every stage of litigation. References to 'DISCO,' the 'Company,' 'our' or 'we' in this press release refer to CS Disco, Inc. and its subsidiaries on a consolidated basis. Use of Non-GAAP Financial Measures DISCO uses the following non-GAAP financial measures: Adjusted EBITDA, Adjusted EBITDA margin; non-GAAP cost of revenue; non-GAAP gross profit; non-GAAP gross margin; non-GAAP research and development expense; non-GAAP research and development expense as a percentage of revenue; non-GAAP sales and marketing expense; non-GAAP sales and marketing expense as a percentage of revenue; non-GAAP general and administrative expense; non-GAAP general and administrative expense as a percentage of revenue; non-GAAP loss from operations; non-GAAP operating margin; non-GAAP net loss attributable to common stockholders, non-GAAP net loss attributable to common stockholders per share (basic and diluted) and non-GAAP net loss attributable to common stockholders as a percentage of revenue. Management believes that these non-GAAP financial measures are useful measures of operating performance because they exclude items that DISCO does not consider indicative of its core performance. In the case of Adjusted EBITDA and Adjusted EBITDA margin, DISCO adjusts net loss for such items as depreciation and amortization expense; income tax provision; interest and other, net; stock-based compensation expense; payroll tax expense on employee stock transactions; expenses associated with stockholder litigation; and other one-time, non-recurring items, when applicable. In the case of non-GAAP cost of revenue, non-GAAP gross profit, non-GAAP gross margin, non-GAAP research and development expense, non-GAAP research and development expense as a percentage of revenue, non-GAAP sales and marketing expense and non-GAAP sales and marketing expense as a percentage of revenue, DISCO adjusts the respective GAAP balances for stock-based compensation expense, and other one-time, non-recurring items, when applicable. In the case of non-GAAP general and administrative expense, non-GAAP general and administrative expense as a percentage of revenue, non-GAAP loss from operations, non-GAAP operating margin, non-GAAP net loss attributable to common stockholders, non-GAAP net loss attributable to common stockholders per share (basic and diluted) and non-GAAP net loss attributable to common stockholders as a percentage of revenue, DISCO adjusts the respective GAAP balances for stock-based compensation expense, expenses associated with stockholder litigation, and other one-time, non-recurring items, when applicable. There are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP, do not reflect a comprehensive system of accounting and may not be completely comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation between companies. Certain items that are excluded from these non-GAAP financial measures can have a material impact on operating loss and net loss. As a result, these non-GAAP financial measures have limitations and should be considered in addition to, not as a substitute for or superior to, the closest GAAP measures, or other financial measures prepared in accordance with GAAP. DISCO's management uses these non-GAAP measures as measures of operating performance; to prepare DISCO's annual operating budget; to allocate resources to enhance the financial performance of DISCO's business; to evaluate the effectiveness of DISCO's business strategies; to provide consistency and comparability with past financial performance; to facilitate a comparison of DISCO's results with those of other companies, many of which use similar non-GAAP financial measures to supplement their GAAP results; and in communication with DISCO's board of directors concerning financial performance. Forward-Looking Statements This press release contains forward-looking statements, including, among other things, statements regarding DISCO's future financial performance and DISCO's strategies and business initiatives. Words such as 'may,' 'should,' 'will,' 'believe,' 'expect,' 'anticipate,' 'target,' 'project,' and similar phrases that denote future expectation or intent regarding DISCO's financial results, operations, and other matters are intended to identify forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. The outcome of the events described in these forward-looking statements is subject to known and unknown risks, uncertainties, and other factors that may cause DISCO's actual results, performance, or achievements to differ materially, including (i) our history of operating losses; (ii) our limited operating history; (iii) our ability to maintain and advance our innovation and brand; (iv) our ability to effectively add new customers; (v) our ability to effectively increase usage and penetration with our existing customer base; (vi) our ability to expand our sales coverage and establish a digital sales channel; (vii) our ability to expand internationally; (viii) our ability to grow our partner ecosystem and maintain existing strategic relationships with law firms, legal services providers and our other partners; (ix) our ability to expand our offering portfolio to a wider range of legal processes outside of our current core offerings; (x) our dependence on revenue from customer usage, which fluctuates based on the timing of and activity driven by legal matters for which our product offerings are used, and any shortfall of large matters on our platform; (xi) our ability to pursue strategic acquisitions and strategic investments to expand the functionality and value of our product offerings; (xii) our ability to comply or remain in compliance with laws and regulations that currently apply or become applicable to our business in the jurisdictions in which we operate; (xiii) the potential that our computer or electronic systems, applications or services, or those of any third parties on whom we depend, fail or suffer security or data privacy breaches or other unauthorized or improper access to, use of, or destruction of our proprietary or confidential data, employee data, or personal data; (xiv) our ability to compete effectively with existing competitors and new market entrants; (xv) the impact of general macroeconomic conditions, such as fluctuations in inflation and interest rates and the imposition of tariffs in the United States and abroad, on our or our customers' businesses; and (xvi) the impact that global events, such as the Russia-Ukraine war and conflict in the Middle East, and any related economic downturn could have on our or our customers' businesses, financial condition and results of operations. The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in our filings with the Securities and Exchange Commission ('SEC'), including our Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, filed with the SEC on May 7, 2025. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that we make with the SEC from time to time, including our Quarterly Report on Form 10-Q for the quarter ended June 30, 2025. Forward-looking statements represent DISCO's management's beliefs and assumptions only as of the date such statements are made. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. CS DISCO, INC. Condensed Consolidated Statements of Cash Flows (in thousands) (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities: Net loss $ (22,205 ) $ (21,416 ) Adjustments to reconcile net loss to cash used in operations: Depreciation and amortization 1,829 2,103 Stock-based compensation 12,357 11,731 Charge to allowance for credit losses 1,097 1,126 Gain on disposal of long-lived assets — (2 ) Non-cash operating lease costs 1,118 771 Amortization of premium on short-term investments (1,707 ) — Other (103 ) — Changes in operating assets and liabilities: Accounts receivable (1,840 ) 533 Prepaid expenses and other current assets 125 984 Other long-term assets — 14 Accounts payable (749 ) (816 ) Accrued expenses and other (2,716 ) (1,365 ) Deferred revenue (803 ) (767 ) Operating lease liabilities (1,062 ) (796 ) Other liabilities (60 ) (80 ) Net cash used in operating activities (14,719 ) (7,980 ) Cash flow from investing activities: Purchases of property, equipment and capitalized software development costs (1,490 ) (1,346 ) Purchases of short-term investments (91,940 ) — Maturities of short-term investments 77,138 — Proceeds from disposal of equipment 4 2 Net cash used in investing activities (16,288 ) (1,344 ) Cash flow from financing activities: Proceeds from exercise of stock options 29 18 Net proceeds from issuance of common stock under Employee Stock Purchase Plan 240 360 Repurchase of common stock related to net share settlement (44 ) (71 ) Repurchase of common stock related to share repurchase program — (20,052 ) Cash paid for acquisitions (296 ) (457 ) Principal payments on finance lease obligations (21 ) (20 ) Net cash used in financing activities (92 ) (20,222 ) Net decrease in cash and cash equivalents: (31,099 ) (29,546 ) Cash and cash equivalents at beginning of period 52,771 159,551 Cash and cash equivalents at end of period $ 21,672 $ 130,005 Supplemental disclosure: Cash paid for taxes $ 931 $ 464 Non-cash investing and financing activities: Property and equipment included in accounts payable and accrued liabilities $ 42 $ 79 Expand CS DISCO, INC. Reconciliation from GAAP to Non-GAAP Results (in thousands, except for percentages and per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (10,812 ) $ (10,834 ) $ (22,205 ) $ (21,416 ) Depreciation and amortization expense 902 1,028 1,829 2,103 Income tax provision 210 105 347 191 Interest and other, net (1,208 ) (1,655 ) (2,562 ) (3,491 ) Stock-based compensation expense 6,478 6,058 12,357 11,731 Payroll tax expense on employee stock transactions 161 178 311 371 Expenses associated with stockholder litigation 1,581 384 2,146 583 Adjusted EBITDA $ (2,688 ) $ (4,736 ) $ (7,777 ) $ (9,928 ) Adjusted EBITDA margin (7 )% (13 )% (10 )% (14 )% Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Cost of revenue $ 9,683 $ 9,288 $ 19,186 $ 18,140 Non-GAAP adjustments: Stock-based compensation expense (562 ) (432 ) (1,061 ) (817 ) Non-GAAP cost of revenue $ 9,121 $ 8,856 $ 18,125 $ 17,323 Non-GAAP gross profit $ 28,985 $ 27,149 $ 56,634 $ 54,253 Non-GAAP gross margin 76 % 75 % 76 % 76 % Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Non-GAAP adjustments: Stock-based compensation expense (2,244 ) (2,084 ) (4,287 ) (4,176 ) Non-GAAP research and development $ 11,724 $ 10,804 $ 23,938 $ 20,791 Non-GAAP research and development as a % of revenue 31 % 30 % 32 % 29 % Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Sales and marketing $ 15,241 $ 15,498 $ 29,768 $ 31,306 Non-GAAP adjustments: Stock-based compensation expense (1,478 ) (1,171 ) (2,822 ) (2,251 ) Non-GAAP sales and marketing $ 13,763 $ 14,327 $ 26,946 $ 29,055 Non-GAAP sales and marketing as a % of revenue 36 % 40 % 36 % 41 % Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 General and administrative $ 11,024 $ 10,715 $ 22,000 $ 21,879 Non-GAAP adjustments: Stock-based compensation expense (2,194 ) (2,371 ) (4,187 ) (4,487 ) Expenses associated with stockholder litigation (1,581 ) (384 ) (2,146 ) (583 ) Non-GAAP general and administrative $ 7,249 $ 7,960 $ 15,667 $ 16,809 Non-GAAP general and administrative as a % of revenue 19 % 22 % 21 % 23 % Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Loss from operations $ (11,810 ) $ (12,384 ) $ (24,420 ) $ (24,716 ) Operating margin (31 )% (34 )% (33 )% (35 )% Non-GAAP adjustments: Stock-based compensation expense 6,478 6,058 12,357 11,731 Expenses associated with stockholder litigation 1,581 384 2,146 583 Non-GAAP loss from operations $ (3,751 ) $ (5,942 ) $ (9,917 ) $ (12,402 ) Non-GAAP operating margin (10 )% (17 )% (13 )% (17 )% Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss attributable to common stockholders $ (10,812 ) $ (10,834 ) $ (22,205 ) $ (21,416 ) Non-GAAP adjustments: Stock-based compensation expense 6,478 6,058 12,357 11,731 Expenses associated with stockholder litigation 1,581 384 2,146 583 Non-GAAP net loss attributable to common stockholders $ (2,753 ) $ (4,392 ) $ (7,702 ) $ (9,102 ) Non-GAAP net loss attributable to common stockholders per share, basic and diluted $ (0.04 ) $ (0.07 ) $ (0.13 ) $ (0.15 ) Weighted average shares used to compute basic and diluted net loss per share 61,245 59,815 60,913 60,508 Non-GAAP net loss attributable to common stockholders as a % of revenue (7 )% (12 )% (10 )% (13 )% Expand
Business Wire
23-07-2025
- Business
- Business Wire
DISCO to Announce Second Quarter 2025 Financial Results On August 6, 2025
AUSTIN, Texas--(BUSINESS WIRE)--CS Disco, Inc. (' DISCO ') (NYSE: LAW), a creator of industry-leading litigation technology, today announced that it will report its financial results for the second quarter ended June 30, 2025 after market close on Wednesday, August 6, 2025. The financial results and business highlights will be discussed on a conference call and webcast scheduled at 4:00 p.m. Central Time (5:00 p.m. Eastern Time) on Wednesday, August 6, 2025. The conference call can be accessed by dialing (888) 300-4030 from the United States or +1 (646) 970-1443 internationally, with conference ID 8394292. The live webcast of the conference call can be accessed from DISCO's investor relations website at Following the completion of the call until 10:59 p.m. Central Time (11:59 p.m. Eastern Time) on Wednesday, August 27, 2025, a telephone replay will be available by dialing (800) 770-2030 from the United States or +1 (609) 800-9909 internationally with conference ID 8394292. A webcast replay will also be available at for 12 months. About DISCO DISCO (NYSE: LAW) provides comprehensive, innovative solutions for modern litigation. We create and service an intuitive, cloud-native platform at the forefront of litigation technology, backed by the partnership of expert professional services and support. Leveraging the latest in AI to help law firms and corporations achieve smarter outcomes faster, our scalable products and tools allow customers to simplify everyday tasks and tackle complex matters at every stage of litigation. Learn more at References to 'DISCO,' the 'Company,' 'our' or 'we' in this press release refer to CS Disco, Inc. and its subsidiaries on a consolidated basis.
Business Recorder
15-07-2025
- Business
- Business Recorder
Discos's miraculous second half recovery
The Ministry of Energy (Power Division) has taken to social media and press briefings with a celebratory tone, touting a dramatic decline in inefficiency losses by discos during FY25 — from Rs591 billion in the previous year to Rs400 billion. A reduction of Rs191 billion is no small feat. But let's not lose sight of the fact that a Rs400 billion loss is still nothing short of catastrophic. It may be a better year, but it's far from a good one. What truly deserves a double take is what transpired in the second half of FY25. According to the Power Minister, recoveries surged to 96.06 percent for the full year — up from a modest 92.02 percent at the end of December 2024. That's a lot of ground covered in just six months. Some might even call it… magical. To put things into perspective: at the halfway mark of the fiscal year, discos had billed Rs3.12 trillion and collected Rs2.87 trillion — a shortfall of Rs249 billion. And then, in the remaining six months, they somehow managed to collect Rs117 billion more than what they billed. In other words, the second half of FY25 witnessed over 100 percent recovery. Approximately 3 billion units' worth of 'extra' collection materialized. Remarkable, no? Of course, consumption patterns, seasonal variations, and tariff structures differ across fiscal halves — that much is fair. But historically, it is the second half that has contributed the lion's share of inefficiency losses — about 60 percent in each of the past two years. That this trend reversed so dramatically in FY25, and with lower effective tariffs in Q4 no less, is a statistical curiosity. The Minister also claimed the recovery was the highest in history. Not quite. FY21 still holds the title at 97 percent. So while the recovery this year may be impressive, it's not unprecedented. Unless, of course, we're using a new definition of "record-breaking." Now, if the recovery side of DISCO inefficiencies is truly turning a corner — that would be welcome news. But for now, let's just say we await Nepra's State of Industry Report for a little more. Whenever it arrives. The second half of the inefficiency equation — Transmission & Distribution (T&D) losses — tells a different story. Here, performance has remained stubbornly poor. The T&D loss rate is still hovering close to 18 percent — miles away from Nepra's target of 11.4 percent. In financial terms, the 'improvement' has been a mere Rs10 billion. Hardly worth framing. Worse still, the gap between allowed and actual T&D losses is now the widest in recent memory. Over the last seven years, losses have moved within a tight band — and not in a good way. There has been little meaningful progress despite ambitious targets and consistent tariff adjustments. And let's not forget — these calculations only account for losses above the allowed threshold. The rest are already priced into consumer tariffs. So, every extra percentage point of inefficiency is a direct transfer from taxpayers and bill-payers to system leakage. In sum: one half of the disco loss problem appears to have undergone a miraculous transformation — or so we're told. The other half continues to underwhelm. Until both parts of the puzzle are fixed — with transparency and structural reform rather than spin — the sector's chronic inefficiencies will remain business as usual.
