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Cision Canada
16-05-2025
- Business
- Cision Canada
Damon Announces Plan to Resume Trading
VANCOUVER, BC, May 16, 2025 /CNW/ - Damon Inc. (Nasdaq: DMN) ("Damon" or the "Company"), a designer and developer of electric motorcycles and other personal mobility products that seek to empower the personal mobility sector through innovation, data intelligence and strategic collaborations, today announced that the Company has determined to forego its right to appeal Nasdaq's delisting determination, to enable the Company's common shares to begin trading on an alternative market. The Nasdaq staff has informed the Company that its common shares will resume trading on Nasdaq for one trading day, on May 19, 2025, prior to suspending the common shares as of the following trading day. The Company currently expects that its common shares will begin trading on the OTC Pink Current Market maintained by OTC Markets Group, Inc. ("OTC Markets") beginning on May 20, 2025, in accordance with Rule 15c2-11(f)(1) under the Securities Exchange Act of 1934, as amended. The OTC Pink Current Market will become the OTCID Basic Market effective as of July 1, 2025. The OTCID Basic Market is for companies that meet a minimal current information standard and provide management certification, without the qualitative standards of the OTCQX Best Market and OTCQB Venture Market ("OTCQB"). As a SEC reporting company, the Company satisfies and exceeds the minimal current information standard of the OTCID. The Company will continue to pursue its application to trade on the OTCQB, though no assurance can be provided that the Company will be able to satisfy the criteria for trading on the OTCQB or that the staff of OTC Markets will approve the Company's application to trade on the OTCQB. About Damon Damon Inc. is a designer and developer of personal mobility products and technology solutions that integrate AI-driven safety systems, smart electrification, and user-driven design to revolutionize sustainable transportation. Operating across four potential revenue verticals - Data Intelligence & Services, Engineering Services, Personal Mobility Products, and Special Projects – Damon believes it is positioned to capture a significant share of the $40B global electric two-wheeler market by 2030 1. The Company distinguishes itself through its integrated ecosystem approach, combining advanced data analytics, engineering expertise, and seeking to establish strategic partnerships with OEMs and Tier 1 suppliers. Damon emphasizes accessible mobility solutions while leveraging its proprietary AI-driven safety systems and intelligent energy management technology to deliver superior performance and operational efficiency in the urban and business mobility space. For more information, please visit FORWARD LOOKING STATEMENTS This press release contains forward-looking information or forward-looking statements under applicable Canadian and U.S. securities laws (collectively, "forward-looking statements") that reflect current expectations and projections of Damon about its future development. When used in this press release, forward-looking statements can be identified by the use of words such as "may," or by such words as "will," "intend," "believe," "estimate," "consider," "expect," "anticipate," and "objective" and similar expressions or variations of such words. Forward-looking statements are, by their nature, not guarantees of Damon's future operational or financial performance and are subject to risks and uncertainties and other factors that could cause Damon's actual results, performance, prospects, or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. No representation or warranty is intended with respect to anticipated future results, or that estimates, or projections will be sustained. In developing the forward-looking statements in this press release, we have applied several material assumptions, including the general business and economic conditions of the industries and countries in which Damon operates, and general market conditions. Many risks, uncertainties, and other factors could cause the actual results of Damon to differ materially from the results, performance, achievements, or developments expressed or implied by such forward-looking statements. Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to, our history of losses, our ability to implement our growth strategy and achieve profitability, our limited operating history with recent acquisitions, our ability to obtain adequate financing as needed, our ability to continue as a going concern, our status as a foreign private issuer, impact of our expected delisting from Nasdaq, our ability to trade on an over-the-counter market maintained by OTC Markets Group Inc., customer demand for or acceptance of our products and services, the impact of competitive or alternative products, technologies, and pricing, emerging competition and rapidly advancing technology that may outpace our own, our ability to manufacture or distribute products and secure strategic supply and manufacturing arrangements, our ability to protect our intellectual property, impact of any changes in existing or future regulatory and tax regimes applying to our business, our ability to successfully consummate strategic transactions and integrate companies or technologies we acquire, our ability to attract and retain management and employees with specialized knowledge and technical skills, our ability to develop and maintain effective internal controls, general economic conditions and events and the impact they may have on us and our customers, including but not limited to increases in inflation rates and rates of interest, supply chain challenges, increased costs for materials and labor, cybersecurity threats, and conflicts such as those in Russia/Ukraine and Israel/Hamas, our success at managing the risks involved in the foregoing items, and other risk factors discussed in our periodic and current reports and registration statements filed with the U.S. Securities and Exchange Commission and the British Columbia Securities Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of the press release or as of the date otherwise specifically indicated herein. Due to risks and uncertainties, events may differ materially from current expectations. Damon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required pursuant to applicable securities law. All forward-looking statements contained in the press release are expressly qualified in their entirety by this cautionary statement.
Yahoo
07-05-2025
- Business
- Yahoo
OTC Markets Group Reports First Quarter 2025 Financial Results Delivering Revenue and Operating Income Growth
'Our first quarter results highlighted the value of our diversified revenue streams and synergistic business lines,' said Antonia Georgieva, Chief Financial Officer . 'OTC Link revenues increased, supported by higher trading volume, with price increases and subscriber growth driving Market Data Licensing revenue growth. Our Corporate Services business saw sales improve but experienced a small decline in revenues due to a lower number of companies across our markets. We remain focused on our key initiatives and on driving growth in users and usage of our products.' 'During the first quarter of 2025, we remained focused on overnight trading and the launch of the OTCID Basic Market,' said R. Cromwell Coulson, President and Chief Executive Officer . 'We continued to certify and connect subscribers to MOON ATS TM and OTC Overnight TM , and open distribution channels for our overnight data feeds. We are in constant communication with issuers, advisors, investors and our broker-dealer community as we move towards the July 1 st OTCID launch date. We believe these key initiatives will increase the value of our regulated trading platforms for broker-dealers and improve the quality of our markets for investors.' NEW YORK, May 07, 2025 (GLOBE NEWSWIRE) -- OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced its financial results for the first quarter of 2025. OTC Markets Group announced that in July 2025, it will launch OTCID TM – a Basic Reporting Market for companies that meet a minimal current information standard and provide a management certification. The Pink Current Market will cease to exist Approximately 56,000 average daily trades during the quarter versus approximately 34,000 during the prior year period 116 subscribers to OTC Link ECN as of March 31, 2025, up 4 versus March 31, 2024 Total cash returned to shareholders during the quarter of $5.1 million, comprised of dividends of $2.2 million and repurchases of common stock of $2.9 million Net income of $6.0 million, up 1% versus the prior year period, and quarterly diluted GAAP EPS of $0.50, up 2% Operating income of $7.3 million for the quarter, up 9% versus the prior year period Gross revenues of $30.4 million for the quarter, up 10% versus the prior year period Story Continues First Quarter 2025 compared to First Quarter 2024 Financial Highlights Three Months Ended March 31, (in thousands, except shares and per share data) 2025 2024 % change $ change OTC Link $ 6,563 $ 5,397 22 % 1,166 Market data licensing 12,783 11,088 15 % 1,695 Corporate services 11,080 11,172 (1 %) ( 92 ) Gross Revenues 30,426 27,657 10 % 2,769 Net revenues 29,432 26,817 10 % 2,615 Revenues less transaction-based expenses 27,057 25,309 7 % 1,748 Operating expenses 19,783 18,610 6 % 1,173 Income from operations 7,274 6,699 9 % 575 Operating profit margin 24.7 % 25.0 % Income before provision for income taxes 7,424 6,874 8 % 550 Net income $ 6,040 $ 5,984 1 % 56 Diluted earnings per share $ 0.50 $ 0.49 2 % Adjusted diluted earnings per share $ 0.81 $ 0.76 7 % Weighted-average shares outstanding, diluted 11,834,071 11,863,089 - Gross revenues of $30.4 million, up 10% over the prior year quarter. Revenues less transaction-based expenses up 7%. OTC Link revenues up 22%. Transaction-based revenues from OTC Link ECN and OTC Link NQB up 46% due to a higher volume of shares traded on those platforms. Contributing to the overall increase in OTC Link revenues were an increase in certain connectivity revenue due to growth in the number of connection licenses and higher QAP service revenue related to the higher volume of trading activity. Market Data Licensing revenues up 15%. Redistributor-based revenues increased 19%, with professional user revenues increasing 20%, and non-professional user revenues increasing 45% quarter over quarter. Revenues from direct sold licenses increased 22% primarily due to price increases and growth in subscribers as well as certain one-time revenue recognized during the quarter. Revenues from data and compliance solutions declined slightly at 1%, with lower revenue from EDGAR Online partially offset by increases in revenues from data services and our Blue Sky data product. Corporate Services revenues down 1%. Revenues from our OTCQB market declined 2%, reflecting a lower number of companies on the OTCQB market, offsetting price increases effective from the beginning of the year. Revenues from our OTCQX market and our Disclosure & News Service ® ('DNS') product increased 1% and 2%, respectively, in each case due to price increases offsetting a lower number of companies on the OTCQX markets or subscribing to DNS. Operating expenses increased 6%. The increase was primarily driven by a 3% increase in compensation and benefits, 33% increase in professional and consulting fees, and 34% increase in general, administrative and other, primarily due to higher bad debt. Operating income increased 9% and net income increased 1%, to $7.3 million and $6.0 million, respectively. Adjusted EBITDA, which excludes non-cash stock-based compensation expense, increased 7% to $9.8 million, or $0.81 per adjusted diluted share. Dividend Declaration – Quarterly Cash Dividend OTC Markets Group announced today that its Board of Directors authorized and approved a quarterly cash dividend of $0.18 per share of Class A Common Stock. The quarterly cash dividend is payable on June 18, 2025, to stockholders of record on June 4, 2025. The ex-dividend date is June 4, 2025. Stock Buyback Program The Company is authorized to purchase shares from time to time on the open market, from employees and consultants, and through block trades, in compliance with applicable law. During the first quarter of 2025, the Company purchased 55,522 shares at an average price of $52.8575 per share. On March 11, 2025, the Board of Directors refreshed the Company's stock repurchase program, giving the Company authorization to repurchase up to 300,000 shares of the Company's Class A Common Stock. Non-GAAP Financial Measures In addition to disclosing results prepared in accordance with GAAP, the Company also discloses certain non-GAAP results of operations, including adjusted EBITDA and adjusted diluted earnings per share that either exclude or include amounts that are described in the reconciliation table of GAAP to non-GAAP information provided at the end of this release. Non-GAAP financial measures do not replace and are not superior to the presentation of GAAP financial results but are provided to improve overall understanding of the Company's current financial performance. Management believes that this non-GAAP information is useful to both management and investors regarding certain additional financial and business trends related to the operating results. Management uses this non-GAAP information, along with GAAP information, in evaluating its historical operating performance. First Quarter 2025 Conference Call The Company will host a conference call and webcast on Thursday, May 8, 2025, at 8:30 a.m. Eastern Time, during which management will discuss the financial results in further detail. The call and webcast may be accessed as follows: Webcast: The conference webcast and management presentation can be accessed at the following link (replay available until May 7, 2026): Live Call: Participants intending to ask a question during the live call and Q&A session should also register in advance at: Upon registration, participants will receive a dial-in number along with a unique PIN number that can be used to access the live call. Live call participants may also select a 'Call Me' option. The Quarterly Report, earnings release, transcript of the earnings call, and management presentation will also be available in the Investor Relations section of the corporate website at About OTC Markets Group Inc. OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets. OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit Investor Contact: Antonia Georgieva Chief Financial Officer Phone: (212) 220-2215 Email: ir@ Media Contact: OTC Markets Group Inc. Phone: (212) 896-4428 Email: media@ OTC MARKETS GROUP INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (in thousands, except share and per share information) Three Months Ended March 31, 2025 2024 OTC Link $ 6,563 $ 5,397 Market data licensing 12,783 11,088 Corporate services 11,080 11,172 Gross revenues 30,426 27,657 Redistribution fees and rebates (994 ) (840 ) Net revenues 29,432 26,817 Transaction-based expenses (2,375 ) (1,508 ) Revenues less transaction-based expenses 27,057 25,309 Operating expenses Compensation and benefits 12,906 12,522 IT Infrastructure and information services 2,715 2,699 Professional and consulting fees 1,956 1,466 Marketing and advertising 343 263 Occupancy costs 638 585 Depreciation and amortization 660 653 General, administrative and other 565 422 Total operating expenses 19,783 18,610 Income from operations 7,274 6,699 Other income Other income 150 175 Income before provision for income taxes 7,424 6,874 Provision for income taxes 1,384 890 Net Income $ 6,040 $ 5,984 Earnings per share Basic $ 0.50 $ 0.50 Diluted $ 0.50 $ 0.49 Basic weighted average shares outstanding 11,756,815 11,705,383 Diluted weighted average shares outstanding 11,834,071 11,863,089 Non-GAAP Reconciliation Three Months Ended March 31, 2025 2024 Net Income $ 6,040 $ 5,984 Excluding: Interest expense (income) (149 ) (175 ) Provision for income taxes 1,384 890 Depreciation and amortization 660 653 Stock-based compensation expense 1,881 1,826 Adjusted EBITDA $ 9,816 $ 9,178 Adjusted diluted earnings per share $ 0.81 $ 0.76 Note: We use non-GAAP financial measures of operating performance. Non-GAAP measures do not replace and are not superior to the presentation of our GAAP financial results, but are provided to improve overall understanding of the Company's current financial performance. OTC MARKETS GROUP INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share information) March 31, December 31, 2025 2024 Assets Current assets Cash and cash equivalents $ 29,016 $ 34,522 Short-term investments 3,871 4,513 Accounts receivable, net of allowance for credit losses of $462 and $326 9,268 8,097 Prepaid income taxes 430 244 Prepaid expenses and other current assets 2,771 2,237 Total current assets 45,356 49,613 Property and equipment, net 6,697 7,096 Operating lease right-of-use assets 10,597 10,951 Deferred tax assets, net 10,573 10,120 Goodwill 3,984 3,984 Intangible assets, net 6,684 6,829 Long-term restricted cash 1,606 1,606 Other assets 553 543 Total Assets $ 86,050 $ 90,742 Liabilities and stockholders' equity Current liabilities Accounts payable $ 854 $ 1,175 Income taxes payable 1,457 54 Accrued expenses and other current liabilities 7,388 13,425 Deferred revenue 27,001 29,084 Total current liabilities 36,700 43,738 Income tax reserve 962 927 Operating lease liabilities 9,964 10,360 Total Liabilities 47,626 55,025 Commitments and contingencies Stockholders' equity Common stock - par value $0.01 per share Class A - 17,000,000 authorized, 12,904,727 issued, 12,013,295 outstanding at March 31, 2025; 12,815,075 issued, 11,979,165 outstanding at December 31, 2024 129 128 Additional paid-in capital 36,889 35,127 Retained earnings 27,078 23,200 Treasury stock - 891,432 shares at March 31, 2025 and 835,910 shares at December 31, 2024 (25,672 ) (22,738 ) Total Stockholders' Equity 38,424 35,717 Total Liabilities and Stockholders' Equity $ 86,050 $ 90,742
