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FDC plans up to P8-B preferred share offer - BusinessWorld Online
FILINVEST DEVELOPMENT Corp. (FDC) plans to raise up to P8 billion via a peso-denominated perpetual preferred share offering as part of its capital-raising efforts. In a disclosure on Wednesday, the Gotianun-led conglomerate said the Securities and Exchange Commission (SEC) issued the certificate of filing of enabling resolution for the offer on May 20. The offer […]
SEC revokes corporate registration of People’s Credit and Finance Corp. - BusinessWorld Online
THE Securities and Exchange Commission (SEC) has revoked the primary registration and certificate of authority of People’s Credit and Finance Corp. (PCFC) to operate as a financing company, citing non-compliance with reportorial requirements, according to an official order. In an order dated May 14, the SEC’s Financing and Lending Companies Department (FinLend) said PCFC failed […]
Sunlands Technology Group Announces Unaudited First Quarter 2025 Financial Results - ForexTV
BEIJING, May 22, 2025 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Financial and Operational Snapshots Net revenues were RMB487.6 million (US$67.2 million), compared to RMB523.2 million in the first quarter of 2024.Gross billings (non-GAAP) were RMB412.3 million (US$56.8 million), compared to RMB398.8 million in the first quarter of 2024.Gross profit was RMB415.3 million (US$57.2 million), compared to RMB446.1 million in the first quarter of 2024.Net income was RMB75.2 million (US$10.4 million), compared to RMB112.7 million in the first quarter of 2024.Net income margin1 was 15.4% in the first quarter of 2025, compared to 21.5% in the first quarter of 2024.New student enrollments2 were 169,083, compared to 175,758 in the first quarter of 2024.As of March 31,2025, the Company’s deferred revenue balance was RMB891.6 million (US$122.9 million), compared to RMB916.5 million as of December 31, 2024. “In the first quarter of 2025, we reported net revenues of RMB487.6 million and net income of RMB75.2 million, marking our sixteenth consecutive profitable quarter—a strong start to the year that reinforces our confidence in delivering sustained growth throughout 2025. We have reshaped our business with clear intent—doubling down on high-potential areas and streamlining for long-term strength. Looking ahead, we will continue to strengthen our core capabilities, expand our course offerings, embrace intelligent technology, and maintain a disciplined focus on value creation. We are confident this approach will deliver sustainable long-term returns for shareholders and meaningful learning outcomes for our students,” said Mr. Tongbo Liu, Chief Executive Officer of Sunlands. Mr. Hangyu Li, Finance Director of Sunlands, commented, “I am pleased to report results for the first quarter of 2025. We maintained gross profit margin of 85.2% and net income margin of 15.4% for the quarter. This solid start is a testament to our prudent financial management and the sustainability of our business. In addition, we celebrated our seventh consecutive quarter of positive operating cash flow, which further strengthens our ability to navigate market uncertainty while making strategic investments. As we look ahead, our focus remains steadfast: strengthening operational efficiencies, prioritizing high margin and high potential areas, and leveraging technology to create superior value for the customers we serve.” Financial Results for the First Quarter of 2025 Net Revenues In the first quarter of 2025, net revenues decreased by 6.8% to RMB487.6 million (US$67.2 million) from RMB523.2 million in the first quarter of 2024. The decrease was primarily driven by the decline in gross billings from post-secondary courses over the recent quarters, resulting in a year-over-year decrease in net revenues from post-secondary courses. Cost of Revenues Cost of revenues decreased by 6.3% to RMB72.3 million (US$10.0 million) in the first quarter of 2025 from RMB77.2 million in the first quarter of 2024. The decrease was mainly due to the declined compensation expenses related to headcount reduction of our teachers and mentors. Gross Profit Gross profit decreased by 6.9% to RMB415.3 million (US$57.2 million) in the first quarter of 2024 from RMB446.1 million in the first quarter of 2024. Operating Expenses In the first quarter of 2025, operating expenses were RMB341.1 million (US$47.0 million), which were the same as the first quarter of 2024. Sales and marketing expenses were RMB300.4 million (US$41.4 million) in the first quarter of 2024, which remained relatively stable as compared to RMB301.6 million in the first quarter of 2024. General and administrative expenses increased by 5.9% to RMB34.5 million (US$4.7 million) in the first quarter of 2025 from RMB32.6 million in the first quarter of 2024. Product development expenses decreased by 11.0% to RMB6.2 million (US$0.9 million) in the first quarter of 2025 from RMB7.0 million in the first quarter of 2024. The decrease was mainly due to declined compensation expenses related to headcount reduction of our product development personnel. Net Income Net income for the first quarter of 2025 was RMB75.2 million (US$10.4 million), as compared to RMB112.7 million in the first quarter of 2024. Basic and Diluted Net Income Per Share Basic and diluted net income per share was RMB11.12 (US$1.53) in the first quarter of 2025. Cash, Cash Equivalents and Short-term Investments As of March 31, 2025, the Company had RMB596.2 million (US$82.2 million) of cash and cash equivalents and RMB200.7 million (US$27.7 million) of short-term investments, as compared to RMB507.2 million of cash and cash equivalents and RMB276.0 million of short-term investments as of December 31, 2024. Deferred Revenue As of March 31, 2025, the Company had a deferred revenue balance of RMB891.6 million (US$122.9 million), as compared to RMB916.5 million as of December 31, 2024. Share Repurchase On December 6, 2021, the Company’s board of directors authorized a share repurchase program, under which the Company may repurchase up to US$15.0 million of Class A ordinary shares in the form of ADSs over the next 24 months. On December 1, 2023, the Company’s board of directors authorized to extend its share repurchase program over the next twenty-four months. As of May 19, 2025, the Company had repurchased an aggregate of 702,045 ADSs for approximately US$3.9 million under the share repurchase program. Outlook For the second quarter of 2025, Sunlands currently expects net revenues to be between RMB500 million to RMB520 million, which would represent an increase of 1.6% to 5.6% year-over-year. The above outlook is based on the current market conditions and reflects the Company’s current and preliminary estimates of market and operating conditions and customer demand, which are all subject to substantial uncertainty. Exchange Rate The Company’s business is primarily conducted in China and all revenues are denominated in Renminbi (“RMB”). This announcement contains currency conversions of RMB amounts into U.S. dollars (“US$”) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$ are made at a rate of RMB7.2567 to US$1.00, the effective noon buying rate for March 31, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on March 31, 2025, or at any other rate. Conference Call and Webcast Sunlands’ management team will host a conference call at 6:00 AM U.S. Eastern Time, (6:00 PM Beijing/Hong Kong time) on May 22, 2025, following the quarterly results announcement. For participants who wish to join the call, please access the link provided below to complete online registration 15 minutes prior to the scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call. Registration Link:https://register-conf.media-server.com/register/BIded6865756ca41e7abc06cd064c7c3f0 Additionally, a live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands' website at https://ir.sunlands.com/. About Sunlands Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), formerly known as Sunlands Online Education Group, is a leader in China’s adult online education market and China’s adult personal interest learning market. With a one to many live streaming platform, Sunlands offers various degree- or diploma-oriented post-secondary courses as well as professional certification preparation, professional skills and interest courses. Students can access the Company's services either through PC or mobile applications. The Company's online platform cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning Outcome Trees, the Company's proprietary knowledge management system. Sunlands has a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals. About Non-GAAP Financial Measures We use gross billings, EBITDA, non-GAAP operating cost and expenses, non-GAAP income from operations and non-GAAP net income per share, each a non-GAAP financial measure, in evaluating our operating results and for financial and operational decision-making purposes. We define gross billings for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net income excluding depreciation and amortization, interest expense, interest income, and income tax expenses. We believe that gross billings and EBITDA provide valuable insight into the sales of our course packages and the performance of our business. These non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial measures prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings, EBITDA, operating cost and expenses excluding share-based compensation expenses, general and administrative expenses excluding share-based compensation expenses, sales and marketing expenses excluding share-based compensation expenses, product development expenses excluding share-based compensation expenses, income from operations excluding share-based compensation expenses, and basic and diluted net income per share excluding share-based compensation expenses have material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings and EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single financial measure. Safe Harbor Statement This press release contains forward-looking statements made under the “safe harbor” provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Sunlands may also make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations, are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands' goals and strategies; its expectations regarding demand for and market acceptance of its brand and services; its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve teaching quality and students’ learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China; relevant government policies and regulations relating to Sunlands’ corporate structure, business and industry; and general economic and business condition in China. Further information regarding these and other risks, uncertainties or factors is included in Sunlands' filings with the U.S. Securities and Exchange Commission. All information provided in this press release is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required under applicable law. For investor and media enquiries, please contact: Sunlands Technology GroupInvestor Relations Email: sl-ir@sunlands.comSOURCE: Sunlands Technology Group SUNLANDS TECHNOLOGY GROUPUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, As of March 31, 2024 2025 RMB RMB US$ASSETS Current assets Cash and cash equivalents 507,229 596,226 82,162Short-term investments 276,029 200,673 27,653Prepaid expenses and other current assets 96,916 96,230 13,261Deferred costs, current 4,139 18,140 2,500Total current assets 884,313 911,269 125,576Non-current assets Property and equipment, net 758,215 751,304 103,532Intangible assets, net 723 604 83Right-of-use assets 110,154 109,756 15,125Deferred costs, non-current 56,657 39,195 5,401Long-term investments 260,083 256,825 35,391Deferred tax assets 24,699 24,828 3,421Other non-current assets 26,319 25,760 3,550Total non-current assets 1,236,850 1,208,272 166,503TOTAL ASSETS 2,121,163 2,119,541 292,079 LIABILITIES AND SHAREHOLDERS’ EQUITY LIABILITIES Current liabilities Accrued expenses and other current liabilities 404,865 393,944 54,286Deferred revenue, current 382,047 504,303 69,495Lease liabilities, current portion 8,317 8,818 1,215Short-term borrowing - 20,000 2,756Long-term debt, current portion 6,154 - -Total current liabilities 801,383 927,065 127,752 SUNLANDS TECHNOLOGY GROUPUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS-continued(Amounts in thousands, except for share and per share data, or otherwise noted) As of December 31, As of March 31, 2024 2025 RMB RMB US$Non-current liabilities Deferred revenue, non-current 534,463 387,314 53,373 Lease liabilities, non-current portion 137,040 132,102 18,204 Deferred tax liabilities 5,724 5,608 773 Other non-current liabilities 7,309 7,363 1,015 Long-term debt, non-current portion 35,386 - - Total non-current liabilities 719,922 532,387 73,365 TOTAL LIABILITIES 1,521,305 1,459,452 201,117 SHAREHOLDERS’ EQUITY Class A ordinary shares (par value of US$0.00005, 796,062,195 shares authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2024 and March 31, 2025, respectively; 2,600,779 and 2,599,673 shares outstanding as of December 31, 2024 and March 31, 2025, respectively) 1 1 - Class B ordinary shares (par value of US$0.00005, 826,389 shares authorized; 826,389 and 826,389 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively) - - - Class C ordinary shares (par value of US$0.00005, 203,111,416 shares authorized; 3,332,062 and 3,332,062 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively) 1 1 - Treasury stock - - - Statutory reserves 11,083 11,083 1,527 Accumulated deficit (1,840,285) (1,765,109) (243,239)Additional paid-in capital 2,294,381 2,294,291 316,162 Accumulated other comprehensive income 136,164 121,309 16,717 Total Sunlands Technology Group shareholders’ equity 601,345 661,576 91,167 Non-controlling interest (1,487) (1,487) (205)TOTAL SHAREHOLDERS’ EQUITY 599,858 660,089 90,962 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 2,121,163 2,119,541 292,079 SUNLANDS TECHNOLOGY GROUPUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except for share and per share data, or otherwise noted) For the Three Months Ended March 31, 2024 2025 RMB RMB US$Net revenues 523,240 487,625 67,197 Cost of revenues (77,163) (72,336) (9,968)Gross profit 446,077 415,289 57,229 Operating expenses Sales and marketing expenses (301,575) (300,444) (41,402)Product development expenses (7,010) (6,242) (860)General and administrative expenses (32,552) (34,459) (4,749)Total operating expenses (341,137) (341,145) (47,011)Income from operations 104,940 74,144 10,218 Interest income 9,289 5,407 745 Interest expense (1,604) (407) (56)Other income, net 5,780 6,617 912 Income before income tax benefit/(expenses) and loss from equity method investments 118,405 85,761 11,819 Income tax benefit/(expenses) 391 (9,774) (1,347)Loss from equity method investments (6,061) (811) (112)Net income 112,735 75,176 10,360 Less: Net loss attributable to non-controlling interest - - - Net income attributable to Sunlands Technology Group 112,735 75,176 10,360 Net income per share attributable to ordinary shareholders of Sunlands Technology Group: Basic and diluted 16.44 11.12 1.53 Weighted average shares used in calculating net income per ordinary share: Basic and diluted 6,857,016 6,759,187 6,759,187 SUNLANDS TECHNOLOGY GROUPUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Amounts in thousands) For the Three Months Ended March 31, 2024 2025 RMB RMB US$Net income 112,735 75,176 10,360 Other comprehensive income/(loss), net of tax effect of nil: Change in cumulative foreign currency translation adjustments 9,536 (3,596) (496)Unrealized loss on available-for-sale investments, net of tax effect of nil - (11,259) (1,552)Total comprehensive income 122,271 60,321 8,312 Less: comprehensive income attributable to non-controlling interest - - - Comprehensive income attributable to Sunlands Technology Group 122,271 60,321 8,312 SUNLANDS TECHNOLOGY GROUPRECONCILIATION OF GAAP AND NON-GAAP RESULTS(Amounts in thousands) For the Three Months Ended March 31, 2024 2025 RMB RMBNet revenues 523,240 487,625 Less: other revenues (58,874) (58,920)Add: tax and surcharges 16,369 22,290 Add: ending deferred revenue 1,044,866 891,617 Add: ending refund liability 130,840 98,516 Less: beginning deferred revenue (1,113,923) (916,510)Less: beginning refund liability (143,744) (112,342)Gross billings (non-GAAP) 398,774 412,276 Net income 112,735 75,176 Add: income tax (benefit)/expenses (391) 9,774 Add: depreciation and amortization 7,431 7,218 Add: interest expense 1,604 407 Less: interest income (9,289) (5,407)EBITDA (non-GAAP) 112,090 87,168 1 Net income margin is defined as net income as a percentage of net revenues. 2 New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price courses, such as “mini courses” and “RMB1 courses”, which we offer in the form of recorded videos or short live streaming, to strengthen our competitiveness and improve customer experience.
Computer Modelling Group Announces Year-End Results - ForexTV
CALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) -- Computer Modelling Group Ltd. (“CMG Group” or the “Company”) announces its financial results for the three months and year ended March 31, 2025, and the approval by its Board of Directors (the “Board”) of the payment of a cash dividend of $0.05 per Common Share for the fourth quarter ended March 31, 2025. FOURTH QUARTER 2025 CONSOLIDATED HIGHLIGHTS Select financial highlights Total revenue increased by 4% (13% Organic decline(1) and 17% growth from acquisitions) to $33.7 million;Recurring revenue(2) increased by 16% (7% Organic decline and 23% growth from acquisitions) to $24.2 million;Adjusted EBITDA(1) increased by 2% to $10.5 million;Adjusted EBITDA Margin(1) was 31%, compared to 32% in the comparative period;Earnings per share was $0.06, a 33% decrease;Free Cash Flow(1) decreased by 26% to $7.0 million; Free Cash flow per share decreased to $0.08 from $0.12. FISCAL 2025 CONSOLIDATED HIGHLIGHTS Select financial highlights Total revenue increased by 19% (1% Organic decline and 20% growth from acquisitions) to $129.4 million;Recurring revenue increased by 13% (1% Organic growth and 12% was growth from acquisitions) to $86.8 million;Adjusted EBITDA increased by 2% to $44.0 million;Adjusted EBITDA Margin was 34%, compared to 40% in the comparative period;Earnings per share was $0.27, a 16% decrease;Free Cash Flow decreased by 22% to $27.6 million; Free Cash flow per share decreased to $0.33 from $0.44. (1) Organic growth/decline, Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow are not standardized financial measures and might not be comparable to measures disclosed by other issuers. For more description see under “Non-IFRS Financial and Supplementary Financial Measures” heading. (2) Recurring revenue includes Annuity/maintenance licenses and Annuity license fee, and excludes Perpetual licenses and Professional Services. OVERVIEW Macroeconomic factors and political instability, combined with a low oil price environment, resulted in challenged organic growth this year, particularly in reservoir and production solutions, where lengthened deal cycles and cautious customer spending prevailed. Despite these challenges, we continued to execute on our strategic M&A roadmap, and revenue growth during the quarter and year-to-date, was supported by meaningful contributions from acquisitions. Adjusted EBITDA increases during the quarter and year-to-date were also supported by growth from acquisitions. Free Cash Flow decreased during the quarter and year-to-date due to pressures on top-line-growth, however, during the prior year period, Free Cash Flow also benefited from the tax deduction of approximately $4.6 million as a result of the acquisition of intellectual property. We generated $27.6 million of Free Cash Flow during fiscal 2025, maintaining our strong liquidity position and enabling us to invest in strategic acquisitions. As we look forward to fiscal 2026, excluding any impact from future acquisitions, we anticipate a reduction of between $6 - $7 million in professional services revenue compared to fiscal 2025 which may make it challenging to demonstrate total revenue growth. It is a goal of the company to shift the revenue mix towards a higher percentage of software revenue and the reduction in professional services is a natural part of the shift. Adjusted EBITDA and Adjusted EBITDA Margin may also show limited growth due to anticipated delays in cost-saving measures in taking effect, but this impact is expected to be limited to fiscal 2026. To ensure long-term resilience, we remain committed to evolving our business model through carefully targeted strategic acquisitions. Our acquisitions to date position us well by expanding our capabilities and helping to support long-term growth by complementing our core offering. SUMMARY OF FINANCIAL PERFORMANCE Three months ended March 31,Year ended March 31,($ thousands, except per share data)20252024% change 20252024% change Annuity/maintenance licenses19,43619,661(1%)77,52571,5308%Annuity license fee4,7281,142314%9,2805,14680%Recurring revenue(1) (2)24,16420,80316%86,80576,67613%Perpetual licenses5542,130(74%)5,6175,739(2%)Total software license revenue24,71822,9338%92,42282,41512%Professional services8,9659,358(4%)37,02426,26441%Total revenue33,68332,2914%129,446108,67919%Cost of revenue6,7496,4704%24,94017,22445%Operating expenses Sales & marketing5,0944,36117%18,61714,95724%Research and development8,1297,6077%30,14223,67927%General & administrative4,8765,576(13%)21,59918,83515%Operating expenses18,09917,5443%70,35857,47122%Operating profit8,8358,2777%34,14833,984-%Net income 5,1047,229(29%)22,43726,259(15%)Adjusted EBITDA (1)10,50010,2952%44,00943,3452%Adjusted EBITDA Margin (1)31%32% 34%40% Earnings per share – basic & diluted0.060.09(33%)0.270.32(16%)Funds flow from operations per share - basic0.100.13(23%)0.380.47(19%)Free Cash Flow per share – basic (1)0.080.12(33%)0.330.44(25%) (1) Non-IFRS financial measures are defined in the “Non-IFRS Financial Measures” section. (2) Included in the number is a reduction of $0.5 million and $0.8 million for the three months and year ended March 31, 2025, respectively ($0.1 million and $0.2 million for the three months and year ended March 31, 2024, respectively), attributed to the amortization of a deferred revenue fair value reduction recognized on acquisition. Q4 2025 Dividend Computer Modelling Group’s Board approved a cash dividend of $0.05 per Common Share. The dividend will be paid on June 13, 2025, to shareholders of record at the close of business on June 5, 2025. All dividends paid by Computer Modelling Group Ltd. to holders of Common Shares in the capital of the Company will be treated as eligible dividends within the meaning of such term in section 89(1) of the Income Tax Act (Canada), unless otherwise indicated. NON-IFRS FINANCIAL MEASURES AND RECONCILIATION OF NON-IFRS MEASURES Free Cash Flow Reconciliation to Funds Flow from Operations Free cash flow is a non-IFRS financial measure that is calculated as funds flow from operations less capital expenditures and repayment of lease liabilities. Free Cash Flow per share is calculated by dividing free cash flow by the number of weighted average outstanding shares during the period. Management believes that this measure provides useful supplemental information about operating performance and liquidity, as it represents cash generated during the period, regardless of the timing of collection of receivables and payment of payables, which may reduce comparability between periods. Management uses free cash flow and free cash flow per share to help measure the capacity of the Company to pay dividends and invest in business growth opportunities. Fiscal 2024Fiscal 2025($ thousands, unless otherwise stated)Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Funds flow from operations7,920 11,491 8,477 10,367 6,515 7,101 9,937 8,227 Capital expenditures(45)(51)(459)(95)(93)(236)(432)(661)Repayment of lease liabilities(412)(412)(728)(803)(743)(769)(689)(549)Free Cash Flow7,463 11,028 7,290 9,469 5,679 6,096 8,816 7,017 Weighted average shares – basic (thousands)80,685 80,834 81,067 81,314 81,476 81,887 82,753 83,064 Free Cash Flow per share - basic0.09 0.14 0.09 0.12 0.07 0.07 0.11 0.08 Funds flow from operations per share- basic0.10 0.14 0.10 0.13 0.08 0.09 0.12 0.10 Free Cash Flow decreased by 26% and 22%, respectively, for the three months and year ended March 31, 2025 from the same periods of the previous fiscal year. These decreases are primarily due to lower funds flow from operations, higher capital expenditures, and increased repayment of lease liabilities as a result of office leases in acquired entities. During year ended March 31, 2024, Free Cash Flow benefited from the tax deduction of approximately $4.6 million as a result of the acquisition of the BHV intellectual property. Adjusted EBITDA and Adjusted EBITDA Margin Three months ended March 31,Year ended March 31,($ thousands)2025 2024 2025 2024 Net income (loss)5,104 7,229 22,437 26,259 Add (deduct): Depreciation and amortization2,368 2,151 8,465 5,688 Acquisition costs216 186 2,567 1,456 Stock-based compensation(435)922 2,625 6,292 Loss on contingent consideration88 - 2,151 - Deferred revenue amortization on acquisition fair value reduction535 76 845 188 Income and other tax expense2,154 1,935 10,448 8,963 Interest income(313)(658)(2,605)(3,096)Interest expense189 - 189 - Foreign exchange loss (gain)1,143 (743)(363)(50)Repayment of lease liabilities(549)(803)(2,750)(2,355)Adjusted EBITDA (1)10,500 10,295 44,009 43,345 Adjusted EBITDA Margin (1)31%32%34%40% (1) This is a non-IFRS financial measure. Refer to definition of the measures above. Adjusted EBITDA increased by 2% during the three months ended March 31, 2025, compared to the same period of the previous year, of which 20% was growth from acquisitions, partially offset by an Organic decline of 18%, primarily attributable to lower revenue in the quarter partially offset by lower expenses. Adjusted EBITDA increased by 2% for the year ended March 31, 2025, compared to the same period of the previous year, of which 3% of the increase was due to growth from acquisitions, partially offset by a 1% Organic decline due to higher expenses. Organic Growth Organic growth is not a standardized financial measure and might not be comparable to measures disclosed by other issuers. The Company measures Organic growth on a quarterly and year-to-date basis at the revenue and Adjusted EBITDA levels and includes revenue and Adjusted EBITDA under CMG Group’s ownership for a year or longer, beginning from the first full quarter of CMG Group’s ownership in the current and comparative period(s). For example, BHV was acquired on September 25, 2023 (Q2 2024). September 25, 2024, marked one full year of ownership under CMG Group and on October 1, 2024 (Q3 2025), which is the first full quarter under CMG Group’s ownership in the current and comparative period, started being tracked under Organic growth. Any revenue and Adjusted EBITDA generated by BHV prior to October 1, 2024, would not be included in Organic growth. Sharp was acquired on November 12, 2025 (Q3 2025) and will start contributing to Organic growth on January 1, 2026 (Q4 2026). For further clarity, current statements include Organic growth from the following: CMG revenue and Adjusted EBITDA; andBHV revenue and Adjusted EBITDA generated beginning on October 1, 2024. Recurring Revenue Recurring revenue represents the revenue recognized during the period from contracts that are recurring in nature and includes revenue recognized as “Annuity/maintenance licenses” and “Annuity license fee”. We believe that Recurring revenue is an indicator of business expansion and provides management with visibility into our ability to generate predictable cash flows. The table below reconciles Recurring revenue to total revenue for the periods indicated. Three months ended March 31,Year ended March 31, 20252024% change 20252024% change ($ thousands) Annuity/maintenance licenses19,43619,661(1%)77,52571,5308%Annuity license fee4,7281,142314%9,2805,14680%Recurring revenue(1) (2)24,16420,80316%86,80576,67613%Perpetual licenses5542,130(74%)5,6175,739(2%)Total software license revenue24,71822,9338%92,42282,41512%Professional services8,9659,358(4%)37,02426,26441%Total revenue33,68332,2914%129,446108,67919% (1) This is a non-IFRS financial measure. (2) Included in the number is a reduction of $0.5 million and $0.8 million for the three months and year ended March 31, 2025, respectively ($0.1 million and $0.2 million for the three months and year ended March 31, 2024, respectively), attributed to the amortization of a deferred revenue fair value reduction recognized on acquisition. Consolidated Statements of Financial Position March 31, 2025 March 31, 2024 April 1, 2023 (thousands of Canadian $) Assets Current assets: Cash43,884 63,083 66,850 Restricted cash 362 142 - Trade and other receivables41,457 36,550 23,910 Prepaid expenses2,572 2,321 1,060 Prepaid income taxes1,641 3,841 444 89,916 105,937 92,264 Intangible assets59,955 23,683 1,321 Right-of-use assets28,443 29,072 30,733 Property and equipment10,157 9,877 10,366 Goodwill15,814 4,399 - Deferred tax asset471 - 2,444 Total assets204,756 172,968 137,128 Liabilities and shareholders’ equity Current liabilities: Trade payables and accrued liabilities18,452 18,551 11,126 Income taxes payable2,667 2,136 33 Acquisition holdback payable188 2,292 - Acquisition earnout3,864 - - Deferred revenue40,276 41,120 34,797 Lease liabilities2,278 2,566 1,829 Government loan310 - - 68,035 66,665 47,785 Lease liabilities34,668 34,395 36,151 Stock-based compensation liabilities256 624 742 Government loan1,319 - - Acquisition earnout- 1,503 - Acquisition holdback payable1,257 - - Other long-term liabilities212 305 - Deferred tax liabilities13,102 1,661 - Total liabilities118,849 105,153 84,678 Shareholders’ equity: Share capital94,849 87,304 81,820 Contributed surplus15,460 15,667 15,471 Cumulative translation adjustment4,326 (367)- Deficit(28,728)(34,789)(44,841)Total shareholders’ equity85,907 67,815 52,450 Total liabilities and shareholders' equity204,756 172,968 137,128 Consolidated Statements of Operations and Comprehensive Income Years ended March 31, (thousands of Canadian $ except per share amounts)2025 2024 Revenue129,446 108,679 Cost of revenue24,940 17,224 Gross profit104,506 91,455 Operating expenses Sales and marketing18,617 14,957 Research and development30,142 23,679 General and administrative21,599 18,835 70,358 57,471 Operating profit34,148 33,984 Finance income2,968 3,146 Finance costs(2,080)(1,908)Change in fair value of contingent consideration(2,151)- Profit before income and other taxes32,885 35,222 Income and other taxes10,448 8,963 Net income22,437 26,259 Other comprehensive income: Foreign currency translation adjustment4,693 (367)Other comprehensive income4,693 (367)Total comprehensive income27,130 25,892 Net income per share – basic0.27 0.32 Net income per share – diluted0.27 0.32 Dividend per share0.20 0.20 Consolidated Statements of Cash Flows Years ended March 31, (thousands of Canadian $)2025 2024 Operating activities Net income22,437 26,259 Adjustments for: Depreciation and amortization of property, equipment, right-of use assets4,756 4,187 Amortization of intangible assets3,709 1,501 Deferred income tax expense (recovery)(776)3,518 Stock-based compensation(1,297)2,795 Foreign exchange and other non-cash items800 (5)Change in fair value of contingent consideration2,151 - Funds flow from operations31,780 38,255 Movement in non-cash working capital: Trade and other receivables(527)(6,697)Trade payables and accrued liabilities(818)2,618 Prepaid expenses and other assets(169)(1,183)Income taxes receivable (payable)2,421 (1,826)Deferred revenue(2,770)4,910 Change in non-cash working capital(1,863)(2,178)Net cash provided by operating activities29,917 36,077 Financing activities Repayment of acquired line of credit- (2,012)Repayment of government loan(141)- Proceeds from issuance of common shares5,597 4,193 Repayment of lease liabilities(2,750)(2,355)Dividends paid(16,376)(16,207)Net cash used in financing activities(13,670)(16,381) Investing activities Corporate acquisition, net of cash acquired(27,292)(22,814)Repayment of acquisition holdback payable(9,247)- Property and equipment additions, net of disposals(1,422)(650)Net cash used in investing activities(37,961)(23,464)Decrease in cash(21,714)(3,768)Effect of foreign exchange on cash2,515 1 Cash, beginning of year63,083 66,850 Cash, end of year43,884 63,083 Supplementary cash flow information Interest received2,605 3,096 Interest paid1,891 1,908 Income taxes paid11,370 7,201 CORPORATE PROFILE CMG Group (TSX:CMG) is a global software and consulting company that combines science and technology with deep industry expertise to solve complex subsurface and surface challenges for the new energy industry around the world. The Company is headquartered in Calgary, AB, with offices in Houston, Oslo, Stavanger, Kaiserslautern, Oxford, Dubai, Bogota, Rio de Janeiro, Bengaluru, and Kuala Lumpur. For more information, please visit www.cmgl.ca. ANNUAL FILINGS AND RELATED ANNUAL FINANCIAL INFORMATION Management’s Discussion and Analysis (“MD&A”) and consolidated financial statements and the notes thereto for the year ended March 31, 2025, can be obtained from our website www.cmgl.ca. The documents will also be available under CMG Group’s SEDAR profile www.sedarplus.ca. Cautionary Note Regarding Forward-Looking Statements This press release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the benefits of the acquired technology, the ongoing development thereof; and the ability of data analytics to improve efficiency, cut costs and reduce risks. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements are detailed in the companies’ public filings. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise. CONTACT: For further information, please contact: Pramod Jain Chief Executive Officer (403) 531-1300 pramod.jain@cmgl.ca or Sandra Balic Vice President, Finance & CFO (403) 531-1300 sandra.balic@cmgl.ca For investor inquiries, please contact: Kim MacEachern Director, Investor Relations cmg-investors@cmgl.ca For media inquiries, please contact: marketing@cmgl.ca
Integral Metals Identifies Area of Interest at the Burntwood Project Through Advanced Geochemical Analysis - ForexTV
Geochemical Pathfinder Ratios Outline New Rare Earth Exploration Zone in Southern Burntwood ComplexCALGARY, Alberta, May 22, 2025 (GLOBE NEWSWIRE) -- Integral Metals Corp. (CSE: INTG | OTC: ITGLF | FSE: ZK9) (the “Company” or “Integral”) is pleased to report on the results of a comprehensive rock geochemistry program conducted at its wholly owned Burntwood Rare Earth Element (REE) Project in northern Manitoba. This work is part of the Company’s exploration strategy to refine vectoring tools for targeting REE-rich zones associated with carbonatite and syenite intrusions. The Burntwood Project is centered on a structurally complex alkaline intrusive system that includes foliated syenites and localized carbonatite phases. To better understand the mineral potential of this system, Integral undertook a detailed grid survey in 2024 that included rock geochemical sampling, processing 438 rock samples collected across the intrusive complex. Laboratory results confirmed elevated concentrations of light rare earth elements (LREEs), with total REE content (ΣREE) in some samples exceeding 3,800 ppm. Several samples contain lanthanum values greater than 1,000 ppm and cerium concentrations over 2,500 ppm, placing them among the highest in the dataset. These REE-enriched rocks are also associated with elevated levels of pathfinder elements including strontium, barium, niobium, and thorium, which are elements commonly enriched in carbonatite-hosted REE systems. Integral applied principal component analysis (PCA) and K-means clustering to reduce complexity and isolate patterns indicative of mineralization. This multivariate approach identified a distinct geochemical cluster of samples (Cluster B – Syenite Mineralization) with elevated REEs, high strontium and barium values, and depleted in zirconium and hafnium, which is a geochemical fingerprint consistent with carbonatite affinity. Overlaid with samples containing total REEs over the 95th percentile, an area of interest (Figure 1) within the alkaline complex has been identified as being prospective for REE mineralization. “These results represent an important step in our understanding of the Burntwood system,” stated Paul Sparkes, CEO of Integral Metals. “We now have a rock geochemistry model that will help us pinpoint where to look next. By combining modern statistical tools with geoscientific interpretation, we’re turning regional-scale data into actionable targeting.” The Company is integrating these results with geological mapping performed by the Manitoba Geological Survey (MGS), along with additional datasets collected by the Company, to define targets for the next phase of exploration. Integral Metals will provide further updates as additional datasets become available from the 2024 survey program. Qualified Person The scientific and technical content of this news release has been reviewed, verified, and approved by Jared Suchan, Ph.D., P.Geo., VP of Exploration at the Company, and a “Qualified Person” as defined by National Instrument 43-101. For a discussion of the Company’s QA/QC and data verification procedures and processes, please see the technical report entitled, Technical Report on the KAP Property, Mackenzie Mountains, Northwest Territories, Canada, a copy of which may be obtained under the Company’s profile at www.sedarplus.ca. Figure 1 The area of interest within the Burntwood Lake syenite-carbonatite complex, identified based upon multivariate analysis and statistical thresholds of the 2024 rock geochemistry dataset. On Behalf of the Board Directors Paul Sparkes Chief Executive Officer 825-414-3163 info@integralmetals.com ABOUT INTEGRAL METALS CORP. Integral is an exploration stage company, engaged in the business of mineral exploration for critical minerals, including gallium, germanium, and rare earth elements, with the goal of contributing to the development of a domestic supply chain for these minerals. Integral holds properties in mining-friendly jurisdictions in Canada and the United States of America, including the Northwest Territories, Manitoba and Montana, where it has received regulatory support for its exploration efforts. Forward-Looking Information Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current beliefs or assumptions as to the outcome and timing of such future events. In particular, this press release contains forward-looking information relating to, among other things, the Company’s future plans and prospects. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information, including, in respect of the forward-looking information included in this press release, assumptions regarding the future plans and strategies of the Company. Although forward-looking information is based on the reasonable assumptions of the Company’s management, there can be no assurance that any forward-looking information will prove to be accurate. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include, among other things, the risk that the Company’s business prospects and priorities may change, whether as a result of unexpected events, general market and economic conditions or as a result of the Company’s future exploration efforts, and that any such change may result in a re-deployment of the Company’s resources and efforts in a manner divergent from the Company’s current business plan or strategy. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein. A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/156b5138-6640-4ef4-bd60-e7bf3eeb6f22
BingEx Limited Announces First Quarter 2025 Financial Results - ForexTV
BEIJING, May 22, 2025 (GLOBE NEWSWIRE) -- BingEx Limited (the “Company”) (Nasdaq: FLX), a leading on-demand dedicated courier service provider in China (branded as “FlashEx”), today announced its unaudited financial results for the first quarter ended March 31, 2025. First Quarter 2025 Highlights: Revenues were RMB960.8 million (US$132.4 million) in the first quarter of 2025, compared to RMB1,107.7 million in the same period of 2024.Gross profit was RMB126.7 million (US$17.5 million) in the first quarter of 2025, compared to RMB130.3 million in the same period of 2024. Gross profit margin reached 13.2%, improving from 11.8% in the same period of 2024.Income from operations was RMB10.0 million (US$1.4 million) in the first quarter of 2025, compared to RMB38.4 million in the same period of 2024.Non-GAAP income from operations1 was RMB26.6 million (US$3.7 million) in the first quarter of 2025, compared to RMB38.4 million in the same period of 2024.Net loss was RMB10.3 million (US$1.4 million) in the first quarter of 2025, compared to a net income of RMB64.6 million in the same period of 2024.Non-GAAP net income1 was RMB49.6 million (US$6.8 million) in the first quarter of 2025, compared to RMB64.6 million in the same period of 2024.The number of orders fulfilled was 58.0 million in the first quarter of 2025. Mr. Adam Xue, Founder, Chairman, and Chief Executive Officer, commented, “We continued to sharpen our strategic focus on core user base and core value, further enhancing our service quality and capabilities. In the first quarter, we adopted user-centric approaches, deepening our understanding of our users’ diverse needs and preferences, while expanding into new service scenarios that meet their needs. Meanwhile, we explored innovative cross-industry collaborations to boost FlashEx’s brand awareness and effectively engage our target audience. These efforts drove a steady expansion of our service footprint, notably by deepening our market penetration in lower-tier cities. Looking ahead, we remain committed to advancing our on-demand, dedicated courier model and the unique value we offer, delivering a more convenient, more reliable experience to a broader user base.” Mr. Luke Tang, Chief Financial Officer of FlashEx, said, “We delivered resilient results in the first quarter. Through continued prudent financial management, we improved our gross profit margin by 1.4 percentage points year-over-year to 13.2% and maintained a strong cash position, ending the quarter with RMB787.2 million. We will continue to focus on unlocking the full potential of our brand and differentiated business model, while enhancing operational efficiency to drive the Company’s long-term, sustainable growth.” First Quarter 2025 Financial Results Revenues were RMB960.8 million (US$132.4 million) in the first quarter of 2025, compared with RMB1,107.7 million in the same period of 2024. The decrease was primarily driven by a decline in order volume amid intensified market competition. Cost of revenues was RMB834.1 million (US$114.9 million), compared with RMB977.4 million in the same period of 2024. The decrease was in line with the decline in revenues. Gross profit was RMB126.7 million (US$17.5 million), compared with RMB130.3 million in the same period of 2024. Gross profit margin was 13.2%, compared with 11.8% in the same period of 2024. Total operating expenses were RMB116.7 million (US$16.1 million), representing an increase of 27.0% from RMB91.9 million in the same period of 2024. Selling and marketing expenses were RMB49.3 million (US$6.8 million), representing a 10.0% increase from RMB44.9 million in the same period of 2024. The increase was primarily attributable to increases in share-based compensation expenses and staff costs, partially offset by a decrease in advertising expenses. General and administrative expenses were RMB37.9 million (US$5.2 million), representing an 46.9% increase from RMB25.8 million in the same period of 2024. The increase was primarily attributable to increases in professional fees and share-based compensation expenses. Research and development expenses were RMB29.5 million (US$4.1 million), representing a 38.8% increase from RMB21.2 million in the same period of 2024. The increase was primarily attributable to an increase in share-based compensation expenses. Income from operations was RMB10.0 million (US$1.4 million), compared with RMB38.4 million in the same period of 2024. Non-GAAP income from operations1 was RMB26.6 million (US$3.7 million), compared with RMB38.4 million in the same period of 2024. Changes in fair value of long-term investments were RMB43.3 million (US$6.0 million), primarily reflecting losses in the fair value measurement of long-term investments. Other income was RMB9.9 million (US$1.4 million), compared with RMB19.0 million in the same period of 2024. The decrease was mainly due to a decrease in the amount of government grants. Net loss was RMB10.3 million (US$1.4 million). Net income was RMB64.6 million in the same period of 2024. Non-GAAP net income1 was RMB49.6 million (US$6.8 million), compared with RMB64.6 million in the same period of 2024. Net loss attributable to ordinary shareholders was RMB10.3 million (US$1.4 million). Net income attributable to ordinary shareholders was RMB27.8 million in the same period of 2024. Basic and diluted net loss per ordinary share was RMB0.05 (US$0.01). As of March 31, 2025, cash and cash equivalents, restricted cash and short-term investments were RMB787.2 million (US$108.5 million). _____________________________1 Non-GAAP income from operations, non-GAAP net income, non-GAAP operating margin and non-GAAP net income margin are non-GAAP financial measures. For more information on non-GAAP financial measures, please see the section “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non-GAAP Results.” Conference Call The Company will host an earnings conference call on Thursday, May 22, 2025 at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results. Participants are required to pre-register for the conference call at: https://register-conf.media-server.com/register/BIf746a9c2a4894900be333315bee147bb Upon registration, participants will receive an email containing participant dial-in numbers and a personal PIN to join the conference call. A live webcast of the conference call will be available on the Company’s investor relations website at http://ir.ishansong.com, and a replay of the webcast will be available following the session. About BingEx Limited BingEx Limited (Nasdaq: FLX) is a pioneer in China in providing on-demand dedicated courier services for individual and business customers with superior time certainty, delivery safety and service quality. The company brands its services as “FlashEx,” or “闪送”. FlashEx has become synonymous with on-demand dedicated courier services in China. With a mission to make people’s lives better through its services, FlashEx remains dedicated to consistently providing a superior customer experience and offering a unique value proposition to all participants in its business. For more information, please visit: http://ir.ishansong.com. Use of Non-GAAP Financial Measures To supplement our financial results presented in accordance with U.S. GAAP, we use non-GAAP financial measures, namely non-GAAP income from operations, non-GAAP net income, non-GAAP operating margin and non-GAAP net income margin, as supplemental measures to evaluate our operating results and make financial and operational decisions. Non-GAAP income from operations represents income (loss) from operations excluding share-based compensation expenses. Non-GAAP operating margin is equal to non-GAAP income from operations divided by revenues. Non-GAAP net income represents net income excluding changes in fair value of long-term investments and share-based compensation expenses. Non-GAAP net income margin is equal to non-GAAP net income divided by revenues. By excluding the impact of changes in fair value of long-term investments and share-based compensation expenses, which are non-cash charges, we believe that non-GAAP financial measures help identify underlying trends in our business that could otherwise be distorted by the effect of certain earnings or losses that we include in results based on U.S. GAAP. We believe that non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of our past performance and future prospects and allow for greater visibility into key metrics used by our management in its financial and operational decision-making. Our non-GAAP financial measures should be considered in addition to results prepared in accordance with U.S. GAAP, but should not be considered a substitute for or superior to U.S. GAAP results. In addition, our calculation of non-GAAP financial information may be different from the calculation used by other companies, and therefore comparability may be limited. Reconciliations of our non-GAAP results to our U.S. GAAP financial measures are set forth in tables at the end of this earnings release, which provide more details on the non-GAAP financial measures. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.2567 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2025. Safe Harbor Statement This press release contains forward-looking statements. These statements are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, these forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to,” or other similar expressions. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law. Investor Relations Contact In China:BingEx LimitedInvestor RelationsE-mail: ir@ishansong.com Piacente Financial CommunicationsHelen WuTel: +86-10-6508-0677E-mail: FlashEx@thepiacentegroup.com In the United States:Piacente Financial CommunicationsBrandi PiacenteTel: +1-212-481-2050E-mail: FlashEx@thepiacentegroup.com BINGEX LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amounts in thousands, except for number of shares and per share data) December 31, March 31, 2024 2025 RMB RMB USDASSETS Current assets Cash and cash equivalents 592,358 531,992 73,310Restricted cash 46,735 17,055 2,350Short-term investments 153,910 238,165 32,820Accounts receivable 16,893 21,311 2,937Prepayments and other current assets 48,553 29,856 4,114Total current assets 858,449 838,379 115,531Non-current assets Long-term investments 324,110 280,734 38,686Property and equipment, net 3,687 3,227 445Operating lease right-of-use assets 44,577 41,269 5,687Other non-current assets 4,600 4,602 634Total non-current assets 376,974 329,832 45,452Total assets 1,235,423 1,168,211 160,983 LIABILITIES Current liabilities Accounts payable 223,391 191,489 26,388Deferred revenue 56,768 51,613 7,112Operating lease liabilities, current 13,091 13,154 1,813Accrued expenses and other current liabilities 165,714 133,178 18,352Total current liabilities 458,964 389,434 53,665Non-current liabilities Operating lease liabilities, non-current 29,395 26,459 3,646Total non-current liabilities 29,395 26,459 3,646Total liabilities 488,359 415,893 57,311Shareholders’ equity 747,064 752,318 103,672Total liabilities and shareholders’ equity 1,235,423 1,168,211 160,983 BINGEX LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amounts in thousands, except for number of shares and per share data) Three months ended March 31, 2024 2025 2025 RMB RMB USDRevenues 1,107,748 960,762 132,397 Cost of revenues (977,421) (834,088) (114,940)Gross Profit 130,327 126,674 17,457 Operating expenses: Selling and marketing expenses (44,864) (49,334) (6,798)General and administrative expenses (25,801) (37,897) (5,222)Research and development expenses (21,234) (29,482) (4,063)Total operating expenses (91,899) (116,713) (16,083)Income from operations 38,428 9,961 1,374 Interest income 6,010 4,291 591 Changes in fair value of long-term investments — (43,258) (5,961)Investment income 1,100 8,912 1,228 Other income 19,030 9,860 1,359 Income (loss) before income taxes 64,568 (10,234) (1,409)Income tax expense — (35) (5)Net income (loss) 64,568 (10,269) (1,414)Accretion of redeemable convertible preferred shares to redemption value (36,775) — — Net income (loss) attributable to ordinary shareholders 27,793 (10,269) (1,414)Net earnings (loss) per ordinary share — Basic and diluted — Class A and B 0.14 (0.05) (0.01)Weighted average number of shares outstanding used in computing net earnings (loss) per ordinary share — Basic and diluted – Class A 26,422,222 162,842,256 162,842,256 — Basic and diluted – Class B 45,577,778 45,577,778 45,577,778 BINGEX LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amounts in thousands, except for number of shares and per share data) Three months ended March 31, 2024 2025 2025 RMB RMB USD Income from operations38,428 9,961 1,374 Add: Share-based compensation expenses— 16,648 2,294 Non-GAAP income from operations38,428 26,609 3,668 Operating margin3.5% 1.0% Add: Share-based compensation expenses as a percentage of revenues— 1.7% Non-GAAP operating margin3.5% 2.7% Net income (loss)64,568 (10,269) (1,414)Add: Changes in fair value of long-term investments— 43,258 5,961 Add: Share-based compensation expenses— 16,648 2,294 Non-GAAP net income64,568 49,637 6,841 Net income (loss) margin5.8% -1.1% Add: Changes in fair value of long-term investments as a percentage of revenues— 4.5% Add: Share-based compensation expenses as a percentage of revenues— 1.7% Non-GAAP net income margin5.8% 5.1%
ONGC Q4 Results Review: ICICI Securities Maintains 'Buy', Sees 45% Potential Upside
Oil and Natural Gas Corporation Ltd.’s Q4 FY25 saw adjusted Ebitda/PAT (standalone) of Rs 181 billion/Rs 64.5 billion (9%/-35% YoY) with 7% revenue growth YoY. However, this was offset by sharply higher exploration write-offs, denting net earnings. Consolidated Ebitda/PAT stood at Rs 263/Rs 73 billion (+10%/-35% YoY). FY25 Ebitda/PAT (standalone) of Rs 724/Rs 356 billion, rose 4.6%/fell 10% YoY.
Announcement of the final result of Nykredit’s recommended voluntary public tender offer for Spar Nord Bank A/S - Nykredit Realkredit A/S - ForexTV
THIS ANNOUNCEMENT IS PUBLISHED PURSUANT TO SECTION 21(3) OF EXECUTIVE ORDER NO. 636 OF 15 MAY 2020 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR TO ANY JURISDICTION WHERE DOING SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION Announcement of the final result of Nykredit’s recommended voluntary public tender offer for Spar Nord Bank A/S 23 May 2025 Nykredit announces the final result of the recommended voluntary public tender offer for Spar Nord Bank A/S In accordance with section 4(1) of the Danish Takeover Order1, Nykredit Realkredit A/S (“Nykredit”) announced on 10 December 2024 that Nykredit intended to submit a voluntary public takeover offer (the “Offer”) to acquire all shares in Spar Nord Bank A/S (“Spar Nord Bank”), with the exception of Spar Nord Bank’s treasury shares, for a cash price of DKK 210 per share, valuing the aggregated issued share capital of Spar Nord Bank at DKK 24.7 billion. As stated in a supplement dated 2 April 2025, the offer price has subsequently been increased to DKK 210.50 per share. On 8 January 2025, Nykredit published the offer document regarding the Offer (the “Offer Document”), as approved by the Danish FSA in accordance with section 11 of the Danish Takeover Order. The Offer Document was most recently supplemented in a supplement of 23 April 2025. The offer period expired on 20 May 2025 at 23:59 (CEST), and on 21 May 2025 Nykredit announced the preliminary result of the Offer in accordance with section 21(3) of the Danish Takeover Order. The preliminary result of the Offer showed that Nykredit had obtained acceptances which, combined Spar Nord Bank shares held by Nykredit, represent 96.54 per cent of the total share capital and voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of treasury shares. Final result In accordance with section 21(3) of the Danish Takeover Order, Nykredit hereby announces the final result of the Offer. The final summation of acceptances shows that Nykredit has obtained acceptances for 72,169,763 shares, equal to 62.87 per cent of the share capital and the associated voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of 2,918,044 treasury shares. The acceptances correspond to 61.32 per cent of the total share capital and voting rights in Spar Nord Bank. The acceptances received combined with the total of 38,646,475 Spar Nord Bank shares owned by Nykredit represent 96.54 per cent of the total share capital and voting rights in Spar Nord Bank, excluding Spar Nord Bank’s holding of treasury shares. The acceptances received and Nykredit’s holding of Spar Nord Bank shares correspond in total to 94.15 per cent of the total share capital and the total number of voting rights in Spar Nord Bank. The relevant regulatory approvals have been obtained, and the final summation of acceptances confirms that the minimum condition for acceptance is also fulfilled. Nykredit therefore considers that all conditions for completion of the Offer have been fulfilled, and Nykredit intends to complete the Offer on the terms and conditions set out in the Offer Document. Settlement The Offer is expected to be completed on 28 May 2025, on which date the cash consideration will be paid to the designated account of each Spar Nord Bank shareholder who has validly accepted the Offer and who has not validly withdrawn the acceptance of the Offer. Compulsory acquisition, delisting and changes to the management and articles of association As Nykredit stands to obtain an ownership interest corresponding to more than 90 per cent of the share capital and the associated voting rights in Spar Nord Bank (excluding treasury shares) upon completion of the Offer, it is Nykredit’s intention, as described in section 7.8 of the Offer Document, to initiate and complete a compulsory acquisition of the shares held by the remaining Spar Nord Bank shareholders in pursuance of sections 70-72 of the Danish Companies Act. Nykredit furthermore intends to seek to have the Spar Nord Bank shares removed from trading and official listing on Nasdaq Copenhagen A/S as described in section 7.9 of the Offer Document. In this connection, Nykredit will request Spar Nord Bank to convene an extraordinary general meeting at which Nykredit, as described in sections 7.4 and 7.5 of the Offer Document, will propose changes to the board of directors of Spar Nord Bank and changes to Spar Nord Bank’s articles of association. Detailed information on compulsory acquisition and delisting will be published in separate announcements. Additional information Contact persons: Investor contact: Morten Bækmand, Head of Investor Relations, Nykredit (+45 4455 1521) Media contact: Orhan Gökcen, Head of Press, Nykredit (+45 3121 0639) For further information about the Offer, please see: https://www.nykredit.com/en-gb/offer-spar-nord/ This announcement and the Offer Document (with supplements) are not directed at shareholders of Spar Nord Bank A/S whose participation in the Offer would require the issuance of an offer document, registration or activities other than what is required under Danish law (and, in the case of shareholders in the United States of America, Section 14(e) of, and applicable provisions of Regulation 14E promulgated under, the US Securities Exchange Act of 1934, as amended). The Offer is not made and will not be made, directly or indirectly, to shareholders resident in any jurisdiction in which the submission of the Offer or acceptance thereof would be in contravention of the laws of such jurisdiction. Any person coming into possession of this announcement, the Offer Document or any other document containing a reference to the Offer is expected and assumed to independently obtain all necessary information about any applicable restrictions and to observe these. This announcement does not constitute an offer or an invitation to purchase securities or a solicitation of an offer to purchase securities in accordance with the Offer or otherwise. The Offer will be submitted only in the form of the Offer Document (with supplements) approved by the FSA, which sets out the full terms and conditions of the Offer, including information on how to accept the Offer. The shareholders of Spar Nord Bank are advised to read the Offer Document and any related documents as they contain important information. Restricted jurisdictions The Offer is not made, and acceptance of the Offer to tender Spar Nord Bank shares is not accepted, neither directly nor indirectly, in or from any jurisdiction in which the making or acceptance of the Offer would not be in compliance with the laws of such jurisdiction or would require any registration, approval or any other measures with any regulatory authority not expressly contemplated by the Offer Document (the “Restricted Jurisdictions”). Neither the United States nor the United Kingdom is a Restricted Jurisdiction. Restricted Jurisdictions include, but are not limited to: Australia, Canada, Hong Kong, Japan, New Zealand and South Africa. Persons obtaining documents or information relating to the Offer (including custodians, account holding institutions, nominees, trustees, representatives, fiduciaries or other intermediaries) should not distribute, communicate, transfer or send these in or into a Restricted Jurisdiction or use mail or any other means of communication in or into a Restricted Jurisdiction in connection with the Offer. Persons (including, but not limited to, custodians, custodian banks, nominees, trustees, representatives, fiduciaries or other intermediaries) intending to communicate this announcement, the Offer Document, supplements or any related document to any jurisdiction outside Denmark or the United States should inform themselves about these restrictions before taking any action. Any failure to comply with these restrictions may constitute a violation of the laws of such jurisdiction, including securities laws. It is the responsibility of all Persons obtaining this announcement, the Offer Document, supplements, an acceptance form and/or other documents relating to the Offer, or into whose possession such documents otherwise come, to inform themselves about and observe all such restrictions. Nykredit is not responsible for ensuring that the distribution, dissemination or communication of this announcement, the Offer Document or supplements to shareholders outside Denmark, the United States and the United Kingdom is consistent with applicable law in any jurisdiction other than Denmark, the United States and the United Kingdom. Important Information for Shareholders in the United States The Offer concerns the shares in Spar Nord Bank, a public limited liability company incorporated and admitted to trading on a regulated market in Denmark, and is subject to the disclosure and procedural requirements of Danish law, including the Danish capital markets act and the Danish takeover order. The Offer is being made to shareholders in Spar Nord Bank in the United States in compliance with the applicable US tender offer rules under the U.S. Securities Exchange Act of 1934, as amended, (the “U.S. Exchange Act”), including Regulation 14E promulgated thereunder, subject to the relief available for a “Tier II” tender offer, and otherwise in accordance with the requirements of Danish law and practice Accordingly, US Spar Nord Bank shareholders should be aware that this announcement and any other documents regarding the Offer have been prepared in accordance with, and will be subject to, the disclosure and other procedural requirements, including with respect to withdrawal rights, the Offer timetable, settlement procedures and timing of payments of Danish law and practice, which may differ materially from those applicable under US domestic tender offer law and practice. In addition, the financial information contained in this announcement or the Offer Document has not been prepared in accordance with generally accepted accounting principles in the United States, or derived therefrom, and may therefore differ from, or not be comparable with, financial information of US companies. In accordance with the laws of, and practice in, Denmark and to the extent permitted by applicable law, including Rule 14e-5 under the U.S. Exchange Act, Nykredit, Nykredit’s affiliates or any nominees or brokers of the foregoing (acting as agents, or in a similar capacity, for Nykredit or any of its affiliates, as applicable) may from time to time, and other than pursuant to the Offer, directly or indirectly, purchase, or arrange to purchase, outside of the United States, shares in Spar Nord Bank or any securities that are convertible into, exchangeable for or exercisable for such shares in Spar Nord Bank before or during the period in which the Offer remains open for acceptance. These purchases may occur either in the open market at prevailing prices or in private transactions at negotiated prices. Any information about such purchases will be announced via Nasdaq Copenhagen and relevant electronic media if, and to the extent, such announcement is required under applicable law. To the extent information about such purchases or arrangements to purchase is made public in Denmark, such information will be disclosed by means of a press release or other means reasonably calculated to inform US shareholders of Spar Nord Bank of such information. In addition, subject to the applicable laws of Denmark and US securities laws, including Rule 14e-5 under the U.S. Exchange Act, the financial advisers to Nykredit or their respective affiliates may also engage in ordinary course trading activities in securities of Spar Nord Bank, which may include purchases or arrangements to purchase such securities. It may not be possible for US shareholders to effect service of process within the United States upon Spar Nord Bank, Nykredit or any of their respective affiliates, or their respective officers or directors, some or all of which may reside outside the United States, or to enforce against any of them judgments of the United States courts predicated upon the civil liability provisions of the federal securities laws of the United States or other US law. It may not be possible to bring an action against Nykredit, Spar Nord Bank and/or their respective officers or directors (as applicable) in a non-US court for violations of US laws. Further, it may not be possible to compel Nykredit and Spar Nord Bank or their respective affiliates, as applicable, to subject themselves to the judgment of a US court. In addition, it may be difficult to enforce in Denmark original actions, or actions for the enforcement of judgments of US courts, based on the civil liability provisions of the US federal securities laws. The Offer, if completed, may have consequences under US federal income tax and under applicable US state and local, as well as non-US, tax laws. Each shareholder of Spar Nord Bank is urged to consult its independent professional adviser immediately regarding the tax consequences of the Offer. NEITHER THE U.S. SECURITIES AND EXCHANGE COMMISSION NOR ANY SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY IN ANY STATE OF THE U.S. HAS APPROVED OR DECLINED TO APPROVE THE OFFER OR THIS ANNOUNCEMENT, PASSED UPON THE FAIRNESS OR MERITS OF THE OFFER OR PROVIDED AN OPINION AS TO THE ACCURACY OR COMPLETENESS OF THIS ANNOUNCEMENT OR ANY OFFER DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENCE IN THE UNITED STATES. 1 Executive Order no. 636 of 15 May 2020 Attachment Announcement of the final result
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