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CAIRO: Early-stage startups across the Middle East and North Africa region secure investments to drive innovation in sectors such as logistics, fintech, and climate tech. Saudi-based Nama Ventures co-led Egypt’s Nowlun $1.7 million seed funding round along with venture capital firm A15. The round also saw participation from Sanabil 500 Global and other angel investors. Founded in 2021 by Moataz Khamis, Ahmed Emara, and Mahmoud Khaled, Nowlun’s platform provides businesses with access to real-time pricing across major shipping lines, enabling them to make faster and more informed decisions. The company plans to utilize the raised capital for expansion and the development of its technology. Mohammed Al-Zubi, founder of Nama Ventures, and Bassem Raafat, principal at A15, lauded the company’s mission and strategy. Saudi investment firm Naif Al Rajhi Investment has acquired a strategic stake in Jordan-based artificial intelligence Arabic content platform Mawdoo3 for an undisclosed amount. Founded in 2010 by Mohammad Jaber and Rami Al-Qawasmi, Mawdoo3 specializes in AI technologies and large language models tailored to the Arabic language. The deal aligns with Naif Al Rajhi Investment’s focus on emerging sectors, while providing the Jordan-based firm with the resources to expand into the Saudi market. Mawdoo3, which has raised $25 million over three funding rounds – including a $10 million series B in 2019 – is poised to strengthen its regional presence through this partnership. Geidea, a prominent Saudi provider of digital payment solutions, is set to launch its SoftPos service in Egypt after successful rollouts in Saudi Arabia and the UAE. The SoftPos technology enables merchants to accept secure contactless payments via smartphones, eliminating the need for traditional point-of-sale devices. This expansion is part of Geidea’s strategy to drive digital transformation across the region by enhancing payment efficiency and accessibility for businesses of all sizes. SoftPos allows merchants to process secure payments directly from smartphones, adhering to global data protection and transaction safety standards, the company explained. Flat6Labs, a seed and early-stage venture capital firm operating in the MENA region, has invested in 10 Saudi startups as part of its fourth Riyadh Seed Program cycle. The startups span a variety of sectors, including e-commerce, logistics, Software-as-a-Service, and cybersecurity, and each received $133,000 in funding. The initiative is supported by the Saudi Venture Capital Co., Jada Fund of Funds, and Riyadh Valley Company, with additional backing from the National Technology Development Program. Since launching its Riyadh program in 2023, Flat6Labs has funded 41 startups, solidifying its role in fostering innovation in Saudi Arabia’s entrepreneurial ecosystem. Egypt-based used car marketplace Sylndr has raised $7.46 million in a capital facility to support its operations and growth. EFG Hermes acted as the sole financial advisor for the transaction, with financing provided by EFG Corp-Solutions, Bank NXT, and EG Bank, among others. Founded in 2021 by Amr Mazen and Omar El-Defrawy, Sylndr enables users to buy and sell used cars while offering financing solutions. The new capital will be used to enhance customer experience, diversify inventory, and expand financing options. This follows a $12.6 million pre-seed round in 2022, led by RAED Ventures and Algebra Ventures. Premium Technology & Services, a Morocco-based fintech startup, has secured $500,000 from BMCE Capital Investments, the private equity arm of BMCE Capital Group. The funding will be used to advance PTS’s solutions for digitizing traditional banking cards, which are tailored to meet the evolving needs of banks and businesses. Founded in 2020 by Samir Younes and two others, PTS plans to leverage the investment to drive innovation and scale operations to meet increasing demand in the region. UK-based climate tech company Watercycle Technologies has closed a $5.6 million series A investment round led by Par Equity, alongside participation from Aer Ventures, Greater Manchester Combined Authority, and the University of Manchester Innovation Factory. Founded in 2020 by Ahmed Abdelkarim and Sebastian Leaper, Watercycle Technologies focuses on sustainable critical mineral recovery while producing clean, drinkable water. This investment will help the company expand its operations, with plans to extend services into the MENA region to support global Net Zero initiatives. Eduba, an Iraq-based education tech startup, has been acquired by an undisclosed telecommunications conglomerate in a seven-figure deal. Founded in 2019 by Azad Hassan, Haider Shaaban, and Raed Kadhem, Eduba began as a school management app and gained traction among private schools, securing accreditation from Iraq’s Ministry of Education. This acquisition highlights the growing value of edtech solutions in the region and positions Eduba for further expansion under its new ownership. Japan-based AI startup Recursive Inc. has signed a memorandum of understanding with the King Abdullah International Medical Research Center in Saudi Arabia to jointly develop an advanced system for the early detection of tuberculosis. The partnership, formalized during the Riyadh Global Medical Biotechnology Summit, aims to leverage Recursive’s AI expertise and KAIMRC’s medical research capabilities to improve TB screening accuracy and diagnosis speed in the Kingdom. This collaboration, supported by the Ministry of National Guard-Health Affairs, aligns with Saudi Arabia’s Vision 2030 goals to transform its healthcare system and improve public health. Using chest X-ray imaging data, the AI solution will enable timely TB diagnosis and treatment, reducing mortality and transmission risks. “We are truly honored to partner with KAIMRC on this groundbreaking initiative,” said Tiago Ramalho, CEO of Recursive Inc. “By combining KAIMRC’s pioneering medical research with our AI expertise, we are confident we can make a meaningful impact, not only in Saudi Arabia but also in regions worldwide that face the increasing challenge of TB and other infectious diseases,” he added. The initiative also supports Saudi Arabia’s National Tuberculosis Program, which seeks to reduce TB mortality and incidence rates by 95 percent and 90 percent, respectively, by 2035 compared to 2015 levels. Through this collaboration, Recursive and KAIMRC aim to create a scalable TB screening model for broader application in high-burden regions while exploring the use of AI to address other infectious diseases.
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SAN JOSE, Calif., Dec. 02, 2024 (GLOBE NEWSWIRE) -- Credo Technology Group Holding Ltd CRDO , an innovator in providing secure, high-speed connectivity solutions that deliver improved energy efficiency as data rates and corresponding bandwidth requirements increase through the data infrastructure market, today reported financial results for the second quarter of fiscal year 2025, ended November 2, 2024. Second Quarter of Fiscal Year 2025 Financial Highlights Revenue of $72.0 million, grew by 20.6% quarter over quarter and 63.6% year over year GAAP gross margin of 63.2% and non-GAAP gross margin of 63.6% GAAP operating expenses of $53.9 million and non-GAAP operating expenses of $37.6 million GAAP net loss of $(4.2) million and non-GAAP net income of $12.3 million GAAP diluted net loss per share of $(0.03) and non-GAAP diluted net income per share of $0.07 Ending cash and short-term investment balance of $383.0 million Management Commentary Bill Brennan, Credo's President and Chief Executive Officer, stated, "In the fiscal second quarter ended November 2, 2024 Credo generated record revenue of $72.0 million, up 21% sequentially and 64% year over year. The second quarter was our most successful to date across our three main product lines and Credo delivered total product revenue of $69.1 million. For the past few quarters, we have anticipated an inflection point in our revenues during the second half of fiscal 2025. I am pleased to share that this turning point has arrived, and we are experiencing even greater demand than initially projected, driven by AI deployments and deepening customer relationships." Third Quarter of Fiscal 2025 Financial Outlook Revenue is expected to be between $115.0 million and $125.0 million GAAP gross margin is expected to be between 60.6% and 62.6%, and non-GAAP gross margin is expected to be between 61.0% and 63.0% GAAP operating expenses are expected to be between $58.6 million and $60.6 million, and non-GAAP operating expenses are expected to be between $42.0 million and $44.0 million Conference Call Credo will conduct a conference call on Monday, December 2, 2024, at 2:00 p.m. Pacific Time to discuss its financial results for the second quarter of fiscal year 2025, ended November 2, 2024. Interested parties may join the conference call by registering online at https://register.vevent.com/register/BI87c69953bb554b49af7cc32591eee82a . After registering, a confirmation will be sent through email, including dial-in details and a unique conference call code for entry. It is recommended that participants register and dial in for the call at least 10 minutes before the start of the call. A live webcast of the conference call will be available on Credo's Investor Relations website at http://investors.credosemi.com . A replay of the webcast will be available via the web at http://investors.credosemi.com . Discussion of Non-GAAP Financial Measures This press release contains references to the non-GAAP financial measures of non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income (loss), non-GAAP operating income (loss) margin, non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. Reconciliation of these non-GAAP measures to their comparable GAAP measures is included below. This non-GAAP information should not be construed as an alternative to the reported results determined in accordance with GAAP. The non-GAAP financial measures that Credo presents may not be comparable to similarly titled measures of other companies and other companies may not calculate such measures in the same manner as we do. Non-GAAP financial measures exclude the effect of share-based compensation expenses, asset impairment and related charges (if applicable), and the related tax effect adjustment to the provision for income taxes. Credo uses a full-year non-GAAP tax rate to compute the non-GAAP tax provision. This full-year non-GAAP tax rate is based on Credo's annual GAAP income, adjusted to exclude non-GAAP items, as well as the effects of significant non-recurring and period-specific tax items which vary in size and frequency. Credo's non-GAAP tax rate is determined on an annual basis and may be adjusted during the year to take into account events that may materially affect the non-GAAP tax rate, such as tax law changes, significant changes in Credo's geographic mix of revenue and expenses or changes to Credo's corporate structure. GAAP diluted net income (loss) per share is calculated using basic weighted average shares outstanding when there is a GAAP net loss, and calculated using diluted weighted average shares outstanding when there is a GAAP net income. Non-GAAP diluted net income (loss) per share is calculated using basic weighted average shares outstanding when there is a non-GAAP net loss, and calculated using non-GAAP diluted weighted average shares outstanding when there is a non-GAAP net income. Non-GAAP adjustment for the number of shares used in the diluted per share calculations excludes the impact of share-based compensation expenses expected to be incurred in future periods and not yet recognized in the financial statements, which would otherwise be assumed to be used to repurchase shares under the GAAP treasury stock method. Credo believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to Credo's financial condition and results of operations. While Credo uses non-GAAP financial measures as a tool to enhance its understanding of certain aspects of its financial performance, Credo does not consider these measures to be a substitute for, or superior to, financial measures calculated in accordance with GAAP. Consistent with this approach, Credo believes that disclosing non-GAAP financial measures to the readers of its financial statements provides such readers with useful supplemental data that, while not a substitute for GAAP financial measures, allows for greater transparency in the review of its financial and operational performance. Externally, management believes that investors may find Credo's non-GAAP financial measures useful in their assessment of Credo's operating performance and the valuation of Credo. Internally, Credo's non-GAAP financial measures are used in the following areas: Management's evaluation of Credo's ongoing operating performance; Management's establishment of internal operating budgets; and Management's performance comparisons with internal forecasts and targeted business models. Non-GAAP financial measures have limitations in that they do not reflect all of the costs associated with the operations of Credo's business as determined in accordance with GAAP. As a result, you should not consider these measures in isolation or as a substitute for analysis of Credo's results as reported under GAAP. The exclusion of the above items from our GAAP financial metrics does not necessarily mean that these costs are unusual or infrequent. Forward-Looking Statements under the Private Securities Litigation Reform Act of 1995 This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to, any statements regarding: launches of new or expansion of existing products or services; technology developments and innovation; our plans, strategies or objectives with respect to future operations; financial outlook; future financial results; expectations regarding the markets and industries in which Credo conducts business; and assumptions underlying any of the foregoing. Words such as "anticipates," "expects," "intends," "plans," "projects," "believes," "seeks," "estimates," "can," "may," "will," "would," "outlook," "forecast," "targets" and similar expressions, or their negatives, may identify such forward-looking statements. These statements are not guarantees of results and should not be considered as an indication of future activity or future performance. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties that may cause actual events or results to differ materially from those described in this press release. Readers are encouraged to review risk factors and all other disclosures appearing in Credo's Annual Report on Form 10-K as filed with the Securities and Exchange Commission (SEC) on June 24, 2024, as well as Credo's other filings with the SEC, for further information on risks and uncertainties that could affect Credo's business, financial condition and results of operation. Copies of these filings are available from the SEC, Credo's website or Credo's investor relations department. Forward-looking statements speak only as of the date they are made. Credo assumes no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date herein. About Credo Our mission is to deliver high-speed solutions to break bandwidth barriers on every wired connection in the data infrastructure market. Credo is an innovator in providing secure, high-speed connectivity solutions that deliver improved power and cost efficiency as data rates and corresponding bandwidth requirements increase exponentially throughout the data infrastructure market. Our innovations ease system bandwidth bottlenecks while simultaneously improving on power, security and reliability. Our connectivity solutions are optimized for optical and electrical Ethernet applications, including the 100G (or Gigabits per second), 200G, 400G, 800G and emerging 1.6T (or Terabits per second) port markets. Our products are based on our proprietary Serializer/Deserializer (SerDes) and Digital Signal Processor (DSP) technologies. Our product families include integrated circuits (ICs), Active Electrical Cables (AECs) and SerDes Chiplets. Our intellectual property (IP) solutions consist primarily of SerDes IP licensing. Investor Relations Contact: Dan O'Neil IR@credosemi.com Credo Technology Group Holding Ltd Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts) Three Months Ended Six Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 Revenue: Product sales $ 64,443 $ 53,839 $ 34,247 $ 118,282 $ 64,275 Product engineering services 4,632 3,486 2,434 8,118 4,727 IP license 2,959 2,389 7,354 5,348 10,128 Total revenue 72,034 59,714 44,035 131,748 79,130 Cost of revenue: Cost of product sales revenue 25,883 21,884 17,346 47,767 31,214 Cost of product engineering services revenue 571 452 171 1,023 464 Cost of IP license revenue 68 95 401 163 545 Total cost of revenue 26,522 22,431 17,918 48,953 32,223 Gross profit 45,512 37,283 26,117 82,795 46,907 Operating expenses: Research and development 31,742 30,409 21,736 62,151 44,374 Selling, general and administrative 22,177 21,325 13,256 43,502 25,799 Total operating expenses 53,919 51,734 34,992 105,653 70,173 Operating loss (8,407 ) (14,451 ) (8,875 ) (22,858 ) (23,266 ) Other income, net 4,474 5,533 2,702 10,007 4,859 Loss before income taxes (3,933 ) (8,918 ) (6,173 ) (12,851 ) (18,407 ) Provision (benefit) for income taxes 292 622 450 914 (87 ) Net loss $ (4,225 ) $ (9,540 ) $ (6,623 ) $ (13,765 ) $ (18,320 ) Net loss per share: Basic and diluted $ (0.03 ) $ (0.06 ) $ (0.04 ) $ (0.08 ) $ (0.12 ) Weighted-average shares used in computing net loss per share: Basic and diluted 166,487 165,140 150,232 165,789 149,755 Credo Technology Group Holding Ltd Condensed Consolidated Balance Sheets (Unaudited) (In thousands) November 2, 2024 April 27, 2024 Assets Current assets: Cash and cash equivalents $ 239,237 $ 66,942 Short-term investments 143,716 343,061 Accounts receivable 81,776 59,662 Inventories 36,313 25,907 Contract assets 19,977 21,562 Prepaid expenses and other current assets 17,233 13,131 Total current assets 538,252 530,265 Property and equipment, net 68,226 43,665 Right of use assets 15,190 13,077 Other non-current assets 16,883 14,925 Total assets $ 638,551 $ 601,932 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $ 13,026 $ 13,417 Accrued compensation and benefits 9,182 9,000 Accrued expenses and other current liabilities 25,390 18,301 Deferred revenue 2,047 3,902 Total current liabilities 49,645 44,620 Non-current operating lease liabilities 12,945 11,133 Other non-current liabilities 8,054 5,981 Total liabilities 70,644 61,734 Shareholders' equity: Ordinary shares 8 8 Additional paid in capital 717,319 676,054 Accumulated other comprehensive loss (310 ) (519 ) Accumulated deficit (149,110 ) (135,345 ) Total shareholders' equity 567,907 540,198 Total liabilities and shareholders' equity $ 638,551 $ 601,932 Credo Technology Group Holding Ltd Reconciliations from GAAP to Non-GAAP (Unaudited) (In thousands, except percentages and per share amounts) Three Months Ended Six Months Ended November 2, 2024 August 3, 2024 October 28, 2023 November 2, 2024 October 28, 2023 GAAP gross profit $ 45,512 $ 37,283 $ 26,117 $ 82,795 $ 46,907 Reconciling item: Share-based compensation 331 281 250 612 439 Total reconciling item: 331 281 250 612 439 Non-GAAP gross profit (A) $ 45,843 $ 37,564 $ 26,367 $ 83,407 $ 47,346 GAAP gross margin 63.2 % 62.4 % 59.3 % 62.8 % 59.3 % Non-GAAP gross margin 63.6 % 62.9 % 59.9 % 63.3 % 59.8 % Total GAAP operating expenses $ 53,919 $ 51,734 $ 34,992 $ 105,653 $ 70,173 Reconciling item: Share-based compensation (16,332 ) (16,359 ) (7,894 ) (32,691 ) (15,673 ) Total reconciling item: (16,332 ) (16,359 ) (7,894 ) (32,691 ) (15,673 ) Total Non-GAAP operating expenses (B) $ 37,587 $ 35,375 $ 27,098 $ 72,962 $ 54,500 GAAP operating loss $ (8,407 ) $ (14,451 ) $ (8,875 ) $ (22,858 ) $ (23,266 ) Non-GAAP operating income (loss) (A-B) $ 8,256 $ 2,189 $ (731 ) $ 10,445 $ (7,154 ) GAAP operating loss margin (11.7 )% (24.2 )% (20.2 )% (17.3 )% (29.4 )% Non-GAAP operating income (loss) margin 11.5 % 3.7 % (1.7 )% 7.9 % (9.0 )% GAAP net loss $ (4,225 ) $ (9,540 ) $ (6,623 ) $ (13,765 ) $ (18,320 ) Reconciling items: Share-based compensation 16,663 16,640 8,144 33,303 16,112 Pre-tax total reconciling item 16,663 16,640 8,144 33,303 16,112 Other income tax effects and adjustments (183 ) (61 ) (358 ) (244 ) (1,350 ) Non-GAAP net income (loss) $ 12,255 $ 7,039 $ 1,163 $ 19,294 $ (3,558 ) GAAP weighted-average shares - basic 166,487 165,140 150,232 165,789 149,755 GAAP weighted-average shares - diluted 166,487 165,140 150,232 165,789 149,755 Non-GAAP adjustment 15,769 15,894 14,664 16,087 — Non-GAAP weighted-average shares - diluted 182,256 181,034 164,896 181,876 149,755 GAAP diluted net income (loss) per share $ (0.03 ) $ (0.06 ) $ (0.04 ) $ (0.08 ) $ (0.12 ) Non-GAAP diluted net income (loss) per share $ 0.07 $ 0.04 $ 0.01 $ 0.11 $ (0.02 ) Credo Technology Group Holding Ltd Reconciliation of GAAP Forward-Looking Estimates to Non-GAAP Forward-Looking Estimates (In millions, except percentages) Outlook for Three Months Ending February 1, 2025 Low High GAAP gross margin 60.6 % 62.6 % Reconciling item: Share-based compensation 0.4 % 0.4 % Total reconciling item: 0.4 % 0.4 % Non-GAAP gross margin 61.0 % 63.0 % Total GAAP operating expenses $ 58.6 $ 60.6 Reconciling item: Share-based compensation 16.6 16.6 Total reconciling item: 16.6 16.6 Total Non-GAAP operating expenses $ 42.0 $ 44.0 © 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Argentina’s top security and foreign-currency trading market, MAE, and Matba Rofex, the country’s leading future market, will merge into a new institution, which will be named A3. MAE and Matba Rofex’s shareholders approved the merger on November 20 following two extraordinary meetings. The goal is “combining the strengths of the two institutions to consolidate itself as a modern and efficient market,” according to a communiqué. MAE was launched in 1989, and it trades financial instruments such as fixed income, equities, foreign currencies, repo transactions, and derivatives, among others. Matba Rofex was created when Matba and Rofex, both founded in 1907, merged in 2019 and is Argentina’s main commodities, foreign currencies, and financial assets’ futures and options trading market. It also calculates and publishes financial and agricultural reference indexes. According to the communiqué, the “A” in A3 refers to “Argentina,” and the three stands for the three “key actors in the local capital market” — MAE, Matba, and Rofex. The new trading market, A3, will offer “agricultural and financial products in both spot and futures and options trading, as well as bilateral and over-the-counter operations,” according to a press release. Operations are expected to begin in the first quarter of 2025. Robert Olson, the head of MAE who will be nominated to chair A3, said the merger is “a crucial step for the growth of the Argentine capital market” that will enhance “liquidity and simplify trading processes.” Andrés Ponte, current director of Matba Rofex and A3’s future vice-president, said the new trading market will be a step towards “the consolidation of the Argentine capital market.” “The integration will accelerate the development of the local capital markets, adding the best of both entities,” said Diego Fernández, who will be the CEO of A3. “We will provide greater efficiency and better technology to our users and greater value to our shareholders,” he added. Tomás Godino, who will be the controller of the merged company, emphasized said the new trading market will have “a nationwide geographic scope” and will generate “the possibility of generating strong product synergies between the agricultural, financial, and banking sectors.”Genesis Bryant scores 27 and No. 19 Illinois women beat UMES 75-55 in Music City Classic
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