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eKYC Market Share No.1 for 6 Consecutive Years, with a Total of Approximately 130 Million Identity Verifications and About 600 Contracted Clients

~ Adopted by Leading Industry Players, with 66% Share in Banking and 96% in Telecommunications ~

TOKYO, April 24, 2025 /PRNewswire/ — Liquid Inc., a member of the ELEMENTS Group, is pleased to announce that “LIQUID eKYC,” has achieved the No.1 market share for the sixth consecutive year in vendor revenue share within the eKYC market. This recognition comes from the market research report “ITR Market View: Identity & Access Management / Personal Authentication Security Market 2025” published by ITR Corporation (Head Office: Shinjuku-ku, Tokyo; President: Motohiro Miura).

Background
Since 2019, the ELEMENTS Group has been offering the online identity verification service “LIQUID eKYC” as one of its personal authentication solutions. The service supports a variety of verification methods, including capturing images of identification documents such as driver’s licenses and My Number cards, reading data from IC chips, and matching them with a selfie, as well as utilizing public personal authentication methods (JPKI / smartphone JPKI). These capabilities have enabled the company to meet identity verification needs across a wide range of industries. In March 2025, ELEMENTS Group acquired Polarify as a subsidiary and now also provides the “Polarify eKYC” service, which, like “LIQUID eKYC,” enables online identity (and background) verification.

About Market Share

No.1 Market Share for 6 Consecutive Years, with Approximately 130 Million Cumulative Identity Verifications and Around 600 Client Companies

Our online identity verification service, LIQUID eKYC, has been increasingly adopted across various industries due to its low user drop-off rate enabled by highly accurate facial recognition and image processing technologies, along with its advanced IC solutions designed to anticipate future legal and regulatory changes. As a result, it has maintained the No.1 market share for six consecutive years.

Including Polarify eKYC, the ELEMENTS Group has achieved approximately 130 million cumulative identity verification transactions and has contracts with about 600 companies in total.

By Industry: 66% Share in Banking and 96% in Telecommunications (According to Our Research)

In the banking sector, 66% of banks that have implemented eKYC have adopted the ELEMENTS Group’s online identity verification services. In the telecommunications sector, 3 out of the 4 major mobile carriers in Japan are using our solutions, representing a 96% share based on the number of contracts. This demonstrates the strong trust we have earned in industries where identity verification is mandated by laws such as the Act on Prevention of Transfer of Criminal Proceeds and the Act on Prevention of Improper Use of Mobile Phones.

About LIQUID eKYC: No.1 Market Share for Six Consecutive Years
The service provides online completion of identity verification required for online contracts, account registration, and account opening. We offer a method that takes a picture of an identification document or reads an IC chip and matches it with selfies, as well as a method that utilizes public personal authentication (JPKI / Smartphone JPKI). We can also support age verification for student discounts. Our proprietary AI, biometric, and OCR technologies have enabled us to maintain a low drop-off rate from the start to the end of the photo shooting process. As a result, the ELEMENTS Group has achieved a cumulative total of approximately 130 million identity verifications, with around 600 companies having adopted our services.
Website: https://liquidinc.asia/global/kyc-application/

※ITR “ITR Market View: Identity Access Management / Personal Authentication Type Security Market 2025 eKYC Market: Sales Value Share by Vendor (FY2019-FY2024Forecast)

About Liquid Inc.
Liquid aims to create a seamless world where all of the world’s approximately 8 billion people can easily and safely use all services as they are, by automatic and ubiquitous authentication. We provide our own Digital ID, KYC, and Authentication service, where users can prove their identity anytime, anywhere in the world with their smartphone or face. We are expanding our service globally and use the know-how accumulated under the strict Japanese laws and rules. We adapt our operations and services flexibly and quickly to changes in the required legal and security framework.
For more information, visit: https://liquidinc.asia/global/

Seven Oral Presentations: Innovent to Present Breakthrough Clinical Data of IBI363(PD-1/IL-2α-bias)and Other Novel Drug Candidates at the 2025 ASCO Annual Meeting

SAN FRANCISCO and SUZHOU,China, April 24, 2025 /PRNewswire/ — Innovent Biologics, Inc. (“Innovent”) (HKEX: 01801), a world-class biopharmaceutical company that develops, manufactures and commercializes high quality medicines for the treatment of oncology, cardiovascular and metabolic, autoimmune, ophthalmology and other major diseases, announces that clinical data for its innovative bispecific antibodies and ADC molecules, including oral presentations for IBI363 (PD-1/IL-2α-bias) and IBI343 (CLDN18.2 ADC), will be presented at the American Society of Clinical Oncology (ASCO) Annual Meeting 2025 from May 30 to June 3, 2024, in Chicago, Illinois, U.S.

Dr. Hui Zhou, Senior Vice President of Innovent, stated: “We are delighted to announce that at 2025 ASCO Annual Meeting, the first wave of three indications under development for IBI363—melanoma, colorectal cancer(CRC), and non-small cell lung cancer (NSCLC)—have all been accepted for oral presentations, highlighting the significant attention garnered by the next-generation bispecific antibodies, in particular PD-1-based immunotherapy. Additionally, following its oral presentation at ESMO Asia last December, the Phase 1b data of IBI343 in pancreatic cancer has once again secured an oral presentation at ASCO, further solidifying its potential in this challenging therapeutic area. The maturing PoC data for these innovative candidates has strengthened our confidence in advancing them into pivotal-stage development, with the goal of unlocking their clinical value for global unmet clinical needs. As one of the few biopharmaceutical companies with both the advanced technology platforms and robust pipeline in “IO+ADC” areas, Innovent will continue to make breakthroughs in the field of cancer treatment, and is committed to providing physicians and patients with more innovative, effective and safe treatment options.”

Details on the abstracts are listed below:

Oral Presentation

1. Presentation Title: Efficacy and safety results of a first-in-class PD-1/IL-2α-bias bispecific antibody fusion protein, IBI363, in patients with immunotherapy-treated, advanced acral and mucosal melanoma

Abstract Number: 2502
Session Type: Oral Abstract
Session Title: Developmental Therapeutics-Immunotherapy
Session Date & Time: 5/31/2025 3:00 PM-6:00 PM CDT
Presenter: Jun Guo, MD, Beijing Cancer Hospital

2. Presentation Title: Efficacy and safety of IBI363 monotherapy or in combination with bevacizumab in patients with advanced colorectal cancer

Abstract Number: 104
Session Type: Oral Abstract
Session Title: Clinical Science Symposium—Turning “Cold” Tumors “Hot”
Session Date & Time: 6/1/2025 9:45 AM-11:15 AM CDT
Presenter: Zhenyu Lin, MD, Cancer Center, Union Hospital, Tongji Medical College, Huazhong University of Science and Technology

3. Presentation Title: First-in-class PD-1/IL-2α-bias bispecific antibody, IBI363, in patients with advanced immunotherapy-treated non-small cell lung cancer (NSCLC)

Abstract Number: 8509
Session Type: Oral Abstract
Session Title: Clinical Science Symposium—Two Targets, One Goal: The Potential for Bispecific Antibodies in Thoracic Malignancies
Session Date & Time: 6/3/2025 9:45 AM-11:15 AM CDT
Presenter: Jianya Zhou, MD, The First Affiliated Hospital, Zhejiang University School of Medicine

4. Presentation Title: Claudin18.2 (CLDN18.2) expression and efficacy in pancreatic ductal adenocarcinoma (PDAC): results from a Phase 1 dose expansion cohort evaluating IBI343

Abstract Number: 4017
Session Type: Rapid Oral Abstract
Session Title: Gastrointestinal Cancer—Gastroesophageal, Pancreatic, and Hepatobiliary
Session Date & Time: 6/2/2025 11:30 AM-1:00 PM CDT
Presenter: Xianjun Yu, MD, Fudan University Shanghai Cancer Center

5. Presentation Title: Sintilimab (anti-PD-1) plus ifosfamide, carboplatin and etoposide (ICE) in second-line classical Hodgkin lymphoma (cHL): Results of a multicenter, randomized, controlled, double-blind Phase 3 study (ORIENT-21)

Abstract Number: 7007
Session Type: Oral Abstract
Session Title: Hematologic Malignancies—Lymphoma and Chronic Lymphocytic Leukemia
Session Date & Time: 5/30/2025 2:45 PM-5:45 PM CDT
Presenter: Peng Liu,MD, Cancer Hospital, Chinese Academy of Medical Sciences

6. Presentation Title: Short-course radiotherapy followed by sintilimab and CAPOX as total neoadjuvant treatment in locally advanced rectal cancer: A prospective, randomized controlled trial (SPRING-01)

Abstract Number: 3519
Session Type: Rapid Oral Abstract
Session Title: Gastrointestinal Cancer-Colorectal and Anal
Session Date & Time: 6/1/2025 11:30 AM-1:00 PM CDT
Presenter:Changqing Jing, MD, Shandong Provincial Hospital

7. Presentation Title: Dynamic circulating tumor DNA-driven, risk-adapted systematic therapy in nasopharyngeal carcinoma: The EP-STAR trial

Abstract Number: 6010
Session Type: Oral Abstract
Session Title: Clinical Science Symposium -Biomarker-Driven Adaptive Therapy: New Horizons in Head and Neck Cancer
Session Date & Time: 6/2/2025 3:00 PM-4:30 PM CDT
Presenter: Ying Sun, MD, Sun Yat-sen University Cancer Center

Poster Presentation

1. Presentation Title: A multicenter, randomized, controlled, open-label, Phase 2 study of the PD-1/IL-2α-bias bispecific antibody fusion protein IBI363 in mucosal and acral melanoma: Trial in Progress

Abstract Number: TPS9594
Session Type: Poster
Session Title: Melanoma/Skin Cancers
Session Date & Time: 6/1/2025 9:00 AM-12:00 PM CDT
Presenter: Bin Lian, MD, Peking University Cancer Hospital & Institute

2. Presentation Title: IBI354, an anti-HER2 antibody-drug conjugate, in patients with locally advanced unresectable or metastatic ovarian cancers: updated results from a Phase 1 trial

Abstract Number: 5565
Session Type: Poster
Session Title: Gynecologic Cancer
Session Date & Time: 6/1/2025 9:00 AM-12:00 PM CDT
Presenter: Jin Shu, MD, Chongqing University Cancer Hospital

3. Presentation Title: IBI354 (anti-HER2 antibody-drug conjugate [ADC]) in patients with HER2-positive breast cancer (BC) and other solid tumors: Updates from a Phase 1 study

Abstract Number: 1029
Session Type: Poster
Session Title: Breast Cancer—Metastatic
Session Date & Time: 6/2/2025 9:00 AM-12:00 PM CDT
Presenter: Charlotte Rose Lemech, BSc, FRACP, MBBS , Scientia Clinical Research

4. Presentation Title: Safety and efficacy of the anti-TROP2 antibody-drug conjugate (ADC) IBI130 in patients with advanced triple-negative breast cancer (TNBC) and other solid tumors: Results from the Phase 1 study

Abstract Number: 1102
Session Type: Poster
Session Title: Breast Cancer—Metastatic
Session Date & Time: 6/2/2025 9:00 AM-12:00 PM CDT
Presenter: Fan Wu, MD, Fujian Cancer Hospital

5. Presentation Title: A multiregional, randomized, controlled, open-label, Phase 3 study of the anti-claudin18.2 (CLDN18.2) antibody-drug conjugate (ADC) arcotatug tavatecan (IBI343) in gastric or gastroesophageal junction adenocarcinoma (G/GEJA): Trial in Progress

Abstract Number: TPS4201
Session Type: Poster
Session Title: Gastrointestinal Cancer—Gastroesophageal, Pancreatic, and Hepatobiliary
Session Date & Time: 5/31/2025 9:00 AM-12:00 PM CDT
Presenter: Lin Shen, MD, Beijing Cancer Hospital

6. Presentation Title: Phase 2 trial of transarterial chemoembolization followed by sintilimab (anti-PD-1), oxaliplatin, and S-1 combined with either trastuzumab (HER-2 positive) or apatinib (HER-2 negative) as first-line therapy for gastric cancer with liver metastases.

Abstract Number: 4050
Session Type: Poster
Session Title: Gastrointestinal Cancer-Gastroesophageal, Pancreatic, and Hepatobiliary
Session Date & Time: 5/31/2025 9:00 AM-12:00 PM CDT
Presenter: Dan Sha, MD, Shandong Provincial Hospital

*Abstracts of TYVYT ®(sintilimab) are from investigator-initiated clinical trials (IIT), except one abstract, #7007.

About Innovent

Innovent is a leading biopharmaceutical company founded in 2011 with the mission to empower patients worldwide with affordable, high-quality biopharmaceuticals. The company discovers, develops, manufactures and commercializes innovative medicines that target some of the most intractable diseases. Its pioneering therapies treat cancer, cardiovascular and metabolic, autoimmune and eye diseases. Innovent has launched 15 products in the market. It has 3 new drug applications under regulatory review, 4 assets in Phase III or pivotal clinical trials and 15 more molecules in early clinical stage. Innovent partners with over 30 global healthcare companies, including Eli Lilly, Sanofi, Incyte, Adimab, LG Chem and MD Anderson Cancer Center.

Guided by the motto, “Start with Integrity, Succeed through Action,” Innovent maintains the highest standard of industry practices and works collaboratively to advance the biopharmaceutical industry so that first-rate pharmaceutical drugs can become widely accessible. For more information, visit www.innoventbio.com, or follow Innovent on Facebook and LinkedIn.

Statement:

(1) Innovent does not recommend the use of any unapproved drug (s)/indication (s).

(2) Ramucirumab (Cyramza) and Selpercatinib (Retsevmo) and Pirtobrutinib (Jaypirca) were developed by Eli Lilly and Company.

Forward-looking statement

This news release may contain certain forward-looking statements that are, by their nature, subject to significant risks and uncertainties. The words “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Innovent Biologics (“Innovent”), are intended to identify certain of such forward-looking statements. The Company does not intend to update these forward-looking statements regularly.

These forward-looking statements are based on the existing beliefs, assumptions, expectations, estimates, projections and understandings of the management of the Company with respect to future events at the time these statements are made. These statements are not a guarantee of future developments and are subject to risks, uncertainties and other factors, some of which are beyond the Company’s control and are difficult to predict. Consequently, actual results may differ materially from information contained in the forward-looking statements as a result of future changes or developments in our business, the Company’s competitive environment and political, economic, legal and social conditions.

The Company, the Directors and the employees of the Company assume (a) no obligation to correct or update the forward-looking statements contained in this site; and (b) no liability in the event that any of the forward-looking statements does not materialise or turn out to be incorrect.

SK hynix Announces 1Q25 Financial Results

  • Revenues at 17.6391 trillion won, operating profit at 7.4405 trillion won, net profit at 8.1082 trillion won
  • Both revenues, operating profit achieve 2nd highest quarterly records and operating margin improves for 8th consecutive quarters
  • Company will strive to continue profit-centered growth based on AI memory leadership

SEOUL, South Korea, April 24, 2025 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it recorded 17.6391 trillion won in revenues, 7.4405 trillion won in operating profit (with an operating margin of 42%), and 8.1082 trillion won in net profit (with a net margin of 46%) in the first quarter this year.

Both revenues and operating profit are the 2nd highest records following last quarter when the company achieved its best quarterly results. Operating margin improved by 1%p compared to the previous quarter to 42%, resulting in 8th consecutive quarterly growth. 

SK hynix explained that memory market ramped up faster than expected due to competition to develop AI systems and inventory accumulation demand. The company responded to the demand with an expansion in sales of high value-added products such as 12-layer HBM3E and DDR5.

The company believes the strong financial results despite a low seasonality reflect its outstanding competitiveness compared to the past. The company plans to focus on enhancing the business fundamentals to achieve distinguished financial outcome, even in times of market correction. 

Based on the financial result, cash and cash equivalents increased by 0.2 trillion won to 14.3 trillion won at the end of the first quarter, compared to the end of 2024, leading to an improvement in the debt and net debt ratio to 29% and 11%, respectively. 

SK hynix will continue to strengthen collaboration with supply chain partners to meet customer needs despite demand fluctuation amid global uncertainties.

Due to the characteristics of the HBM market that supply volume is mutually agreed a year in advance, the company maintains its earlier projection that HBM demand will approximately double compared to the last year. As a result, sales of 12-layer HBM3E are expected to favorably increase to account for over 50% of total HBM3E revenues in the second quarter.

In addition, the company started to supply LPCAMM2[1], high performance memory module for AI PC, to customers in the first quarter and plans to supply SOCAMM[2], a low-power DRAM module for AI servers, when demand ramps up. 

[1] Low-Power Compression Attached Memory Module (LPCAMM2): LPDDR5X-based module solution that provides power efficiency and high performance as well as space savings. It has the performance effect of replacing two existing DDR5 SODIMMs with one LPCAMM2

[2] Small Outline Compression Attached Memory Module (SOCAMM): A low-power DRAM-based memory module for AI server

For NAND, the company plans to actively respond to demand for high-capacity eSSD, while maintaining profitability-first operation with cautious approach for investment. 

“In compliance with the ‘Capex Discipline’, SK hynix will focus on products with demand feasibility and profitability to enhance investment efficiency,” said Kim Woohyun, Chief Financial Officer. “As an AI memory leader, we will strengthen collaboration with partners and carry out technological innovation in efforts to continue profit growth with industry-leading competitiveness.”

1Q25 Financial Results (K-IFRS)

*Unit: Billion KRW

1Q25

QoQ

YoY

4Q24

Change

1Q24

Change

Revenues

17,639.1

19,767.0

-11 %

12,429.6

42 %

Operating Profit

7,440.5

8,082.8

-8 %

2,886.0

158 %

Operating Margin

42 %

41 %

1%p

23 %

19%p

Net Income

8,108.2

8,006.5

1 %

1,917.0

323 %

* Financial information of the earnings is based on K-IFRS
* Please note that the financial results discussed herein are preliminary and speak only as of April 24, 2025. Readers should not assume that this information remains operative at a later time.

 

About SK hynix Inc.

SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”) and flash memory chips (“NAND flash”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxembourg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.

Media Contact
SK hynix Inc.
Global Public Relations

Technical Leader
Kanga Kong, Minseok Jang, Sooyeon Lee 
E-Mail: global_newsroom@skhynix.com 

Montrose Environmental Group Awarded $4M AUD Environmental Services Contract for Major Mining Operation in Australia

Project supports rapidly growing global steel demand with scalable, sustainable solutions

SYDNEY, April 24, 2025 /PRNewswire/ — Montrose Environmental Group (NYSE: MEG) is on a mission to help protect the air we breathe, the water we drink, and the soil that feeds us to enhance environmental stewardship while supporting economic development. The company has been awarded a $4 million AUD contract to deliver comprehensive environmental services for a major mining operation in Australia’s Bowen Basin—a key hub for metallurgical coal used in steel production. This project reflects Montrose’s growing footprint in Australia, where Montrose’s operations support local and regional industries in their transition to more sustainable practices. The project includes advanced environmental baseline and impact assessments critical to the mine’s continued development. With fast-tracked delivery over the coming year, this project further positions Montrose as a trusted partner in advancing sustainable development in resource-intensive industries.

As global demand for steel grows, Montrose is supporting the industry’s transition to more sustainable practices. Montrose’s proven track record of high-quality, science-based assessments, a top-tier team of internal experts and local partners to navigate complex regulatory requirements, and mining expertise made the company the ideal partner for this large-scale project focused on responsible mining operations that minimize environmental impacts.

“This project reflects the strength of Montrose’s strategy and mission and underscores sustained demand for our services despite global, geopolitical and regulatory uncertainty,” said Vijay Manthripragada, President and CEO of Montrose Environmental Group. “Critical global industries, like steel, trust Montrose for our deep industry expertise and proven capabilities. This is why we continue to win and deliver complex environmental contracts that enable our clients to sustainably, responsibly and successfully operate their business.”

Montrose’s multidisciplinary teams provide expert environmental consulting services, from risk assessments and permitting strategy to regulatory compliance and sustainability planning. Our global team and innovative solutions empower businesses to make data-informed decisions that foster long-term environmental resilience. Learn more about Montrose Advisory Services.

About Montrose

Montrose is a leading environmental solutions company focused on supporting commercial and government organizations as they deal with the challenges of today and prepare for what’s coming tomorrow. With ~3,400 employees across 100+ locations worldwide, Montrose combines deep local knowledge with an integrated approach to design, engineering, and operations, enabling Montrose to respond effectively and efficiently to the unique requirements of each project. From comprehensive air measurement and laboratory services to regulatory compliance, emergency response, permitting, engineering, and remediation, Montrose delivers innovative and practical solutions that keep its clients on top of their immediate needs – and well ahead of the strategic curve. For more information, visit www.montrose-env.com. Follow us on LinkedIn.

Forward‐Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “intend,” “expect”, and “may”, and other similar expressions that predict or indicate future events or that are not statements of historical matters. Forward-looking statements are based on current information available at the time the statements are made and on management’s reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. Additional factors or events that could cause actual results to differ may also emerge from time to time, and it is not possible for the Company to predict all of them. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law. Investors are referred to the Company’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2023, for additional information regarding the risks and uncertainties that may cause actual results to differ materially from those expressed in any forward-looking statement.

Contacts
Investor Relations
Adrianne Griffin
(949) 988-3383
ir@montrose-env.com

Media Relations
Tammy Hovey
(917) 520-2751
pr@montrose-env.com 

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STAK Inc. Announces First Half of Fiscal Year 2025 Financial Results

CHANGZHOU, China, April 24, 2025 /PRNewswire/ — STAK Inc. (the “Company” or “STAK”) (Nasdaq: STAK), a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specialized production and maintenance equipment, today announced its unaudited financial results for the first half of fiscal year 2025 ended December 31, 2024.

Mr. Chuanbo Jiang, Chairman and Chief Executive Officer of STAK, commented, “Driven by rising market demand and our strategic focus on higher-margin, specialized oilfield vehicles, the first half of fiscal year 2025 recorded a solid performance for our company, reflecting both operational and strategic progress. We delivered robust financial results, with revenues reaching $17.0 million, representing a 24.44% increase year over year. Our gross profit margin also improved to 30.65%, up from 28.54% in same period of the prior year, underscoring the success of our product strategy transformation. Net income rose to $2.0 million, representing a 23.81% year-over-year increase, highlighting the effectiveness of our strategic initiatives, as well as our commitment to sustainable, profitable growth. We also maintained a solid pace of investment in research and development, aiming to enhance our existing product portfolio and enter new markets through technical innovation and distinctive designs.

In addition to our financial achievements, the completion of our Initial Public Offering was a significant milestone. On February 26, 2025, we commenced trading on the Nasdaq Capital Market under the ticker symbol ‘STAK.’ This achievement reflects the market’s confidence in our vision and provides a strong foundation to accelerate our growth trajectory and push the boundaries for long-term value.

As we move forward, we remain confident in our market position and the opportunities emerging in the recovering oil field services industry. Innovation will remain central to our strategy as we continue to advance our product offerings to help customers reduce costs, enhance efficiency, and meet evolving operational needs. Moreover, diversifying our portfolio to support international expansion will be another key pillar for our long-term vision, positioning STAK to embrace emerging opportunities in global oilfield markets.”

First Half of Fiscal Year 2025 Financial Highlights

  • Revenues were $17.0 million for the first half of fiscal year 2025, an increase of 24.44% from $13.6 million for the first half of fiscal year 2024.
  • Gross profit was $5.2 million for the first half of fiscal year 2025, an increase of 33.63% from $3.9 million for the first half of fiscal year 2024.
  • Gross profit margin was 30.65% for the first half of fiscal year 2025, compared to 28.54% for the first half of fiscal year 2024.
  • Research and development expenses was $1.5 million for the first half of fiscal year 2025, an increase of 52.71% from $1.0 million for the first half of fiscal year 2024.
  • Net income was $2.0 million for the first half of fiscal year 2025, an increase of 23.81% from $1.6 million for the first half of fiscal year 2024.
  • Basic and diluted earnings per share were $0.20 for the first half of fiscal year 2025, compared to $0.16 for the first half of fiscal year 2024.

First Half of Fiscal Year 2025 Financial Results

Revenues

Revenues were $17.0 million for the first half of fiscal year 2025, an increase of 24.44% from $13.6 million for the first half of fiscal year 2024. The increase in revenues was mainly driven by the increase in demand for specialized oilfield equipment and increase in average sales price for specialized oilfield vehicles and partially offset by the decrease in demand for sales of raw materials and parts. 

Sales of specialized oilfield equipment were $9.5 million for the first half of fiscal year 2025, an increase of 73.54% from $5.5 million for the first half of fiscal year 2024. The increase was mainly due to the Company’s decision to expand production capacity of higher-pricing specialized oilfield equipment in order to allocate more resources towards research and development for the Company’s new specialized oilfield equipment products with higher profit margins, given that all specialized oilfield equipment shares the same production facilities.

Sales of specialized oilfield vehicles were $5.6 million for the first half of fiscal year 2025, an increase of 58.27% from $3.6 million for the first half of fiscal year 2024. The increase was mainly due to the Company’s decision to optimize its product portfolio.

Service revenue was $1.8 million for the first half of fiscal year 2025, an increase of 1.51% from $1.7 million for the first half of fiscal year 2024. The increase was because the Company earned cultivate positive word-of-mouth recommendations within the oilfield industry and a good reputation in the market.

Other revenue was $0.04 million for the first half of fiscal year 2025, a decrease of 98.57% from $2.8 million for the first half of fiscal year 2024. The Company sold chassis parts of $2.8 million for the first half of fiscal year 2024.

Cost of Revenues

Cost of revenues was $11.8 million for the first half of fiscal year 2025, an increase of 20.77% from $9.7 million for the first half of fiscal year 2024. The increase in cost was mainly due to the increase in revenues of 24.44%.

Gross Profit and Gross Profit Margin

Gross profit was $5.2 million for the first half of fiscal year 2025, an increase of 33.63% from $3.9 million for the first half of fiscal year 2024. Gross profit margin was 30.65% for the first half of fiscal year 2025, increased from 28.54% for the first half of fiscal year 2024. The increase in both gross profit and gross profit margin was mainly driven by higher margin achieved in sales of specialized oilfield vehicles, which was partially offset by the decreasing unsustainable sales of the Company’s parts and materials.

Operating Expenses

Total operating expenses were $2.9 million for the first half of fiscal year 2025, compared to $2.0 million for the first half of fiscal year 2024.

  • Selling and marketing expenses have been consistently maintained at $0.6 million for the first half of fiscal year 2025 and 2024. The observed revenue expansion reflects the Company’s management team’s direct business development efforts rather than commission-based sales channels, thereby maintaining stable commission expenditures.
  • General and administrative expenses were $0.8 million for the first half of fiscal year 2025, an increase of 91.78% from $0.4 million for the first half of fiscal year 2024. The increase was attributed to the increase in provision for credit losses of $0.4 million on accounts receivables.
  • Research and development expenses were $1.5 million for the first half of fiscal year 2025, an increase of 52.71% from $1.0 million for the first half of fiscal year 2024. The increase was attributed to the increase of design and development expenses to develop new products and refine existing products. The research and development expenses are mainly driven by the stage and scale of the Company’s equipment development.

Net Income

Net income was $2.0 million for the first half of fiscal year 2025, an increase of 23.81% from $1.6 million for the first half of fiscal year 2024.

Basic and Diluted Earnings per Share

Basic and diluted earnings per share were $0.20 for the first half of fiscal year 2025, compared to $0.16 for the first half of fiscal year 2024.

Financial Condition

As of December 31, 2024, the Company had cash and cash equivalents of $0.4 million, compared to $0.7 million as of June 30, 2024.

Net cash used in operating activities was $1.0 million for the first half of fiscal year 2025, compared to $1.4 million for the first half of fiscal year 2024.

Net cash provided by investing activities was $0.1 million for the first half of fiscal year 2025, compared to $0.3 million for the first half of fiscal year 2024.

Net cash provided by financing activities was $0.6 million for the first half of fiscal year 2025, compared to $1.1 million for the first half of fiscal year 2024.

Recent Development

On February 27, 2025, the Company completed its initial public offering (the “Offering”) of 1,250,000 ordinary shares at a price of $4.00 per share. On March 4, 2025, the underwriters of the Offering partially exercised their over-allotment option to purchase an additional 160,349 ordinary shares at the public offering price of $4.00 per share. The gross proceeds were $5.64 million, before deducting underwriting discounts and other related expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market on February 26, 2025, under the ticker symbol “STAK.”

About STAK Inc.

STAK Inc. is a fast-growing company specializing in the research, development, manufacturing, and sale of oilfield-specific production and maintenance equipment. The Company designs and manufactures oilfield-specialized production and maintenance equipment, then collaborates with qualified specialized vehicle manufacturing companies to integrate the equipment onto vehicle chassis, producing specialized oilfield vehicles for sale. Additionally, the Company sells oilfield-specialized equipment components, related products, and provides automation solutions. Its vision is to help oilfield services companies reduce costs and increase efficiency by providing the cutting-edge integrated oilfield equipment and automation solutions service. Its mission is to become a powerful provider for the niche markets of specialized oilfield vehicles and equipment in China. For more information, please visit the company’s website at https://www.stakindustry.com/ir/

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “potential,” “intend,” “plan,” “believe,” “likely to” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For more information, please contact:

STAK Inc.
Investor Relations Department
Email: ir@stakindustry.com

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

 

 

STAK INC.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(Expressed in U.S. dollars, except for the number of shares)

As of

December 31,
2024

June 30, 2024

Assets

Current assets:

Cash and cash equivalents

$

360,522

$

658,154

Accounts receivable, net

8,668,130

3,485,523

Inventories

13,389,498

8,282,243

Advances to suppliers

88,381

1,427,849

Amounts due from a related party

77,700

133,482

Prepayments and other current assets, net

447,022

680,496

Deferred offering costs

748,757

627,604

Total current assets

23,780,010

15,295,351

Non-current assets:

Property and equipment, net

2,411,116

2,582,713

Intangible asset, net

59,473

62,241

Right-of-use assets, net

28,567

38,197

Deferred tax assets

627,498

506,523

Other assets

261,471

297,696

Total non-current assets

3,388,125

3,487,370

Total assets

$

27,168,135

$

18,782,721

Liabilities and shareholder’s equity

Liabilities

Current liabilities:

Accounts payable

$

6,678,474

$

746,134

Amounts due to a related party

52,697

42,487

Accrued expenses and other current liabilities

997,367

1,293,243

Short-term borrowings

4,986,780

4,334,544

Income tax payable

1,956,021

1,668,400

Total current liabilities

14,671,339

8,084,808

Non-Current liability:

Long-term borrowing

116,964

Total non-current liability

116,964

Total liabilities

$

14,671,339

$

8,201,772

Commitments and contingencies

Shareholder’s equity

Ordinary shares (par value of $0.001 per share; 50,000,000 shares
authorized; 10,000,000 and 10,000,000 shares issued and outstanding as
of December 31, 2024 and June 30, 2024, respectively) *

10,000

10,000

Additional paid in capital

4,249,517

4,249,517

Statutory reserve

877,821

672,402

Retained earnings

7,831,517

6,037,573

Accumulated other comprehensive loss

(472,059)

(388,543)

Total shareholders’ equity

12,496,796

10,580,949

Total liabilities and shareholder’s equity

$

27,168,135

$

18,782,721

 

* The shares and per share information are presented on a retroactive basis to reflect the reorganization and the shares surrender (Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

STAK INC.

UNAUDITED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(Expressed in U.S. dollars, except for number of shares)

For the Six Months Ended
December 31,

2024

2023

Revenues

$

16,955,913

$

13,626,151

Cost of revenues

(11,759,741)

(9,737,606)

Gross profit

5,196,172

3,888,545

Operating expenses:

Selling and marketing expenses

(599,471)

(608,507)

General and administrative expenses

(806,833)

(420,700)

Research and development expenses

(1,542,926)

(1,010,394)

Total operating expenses

(2,949,230)

(2,039,601)

Operating income

2,246,942

1,848,944

Other (expense) income:

Interest expense, net

(89,907)

(45,082)

Government subsidies

17,006

28,015

Total other expense, net

(72,901)

(17,067)

Income before income tax expense

2,174,041

1,831,877

Income tax expense

(174,678)

(216,960)

Net income

1,999,363

1,614,917

Net income per ordinary share:

Earnings per share, basic and diluted *

$

0.20

$

0.16

Weighted average number of shares outstanding, basic and diluted *

10,000,000

10,000,000

Net income

$

1,999,363

$

1,614,917

Foreign currency translation adjustments

(83,516)

204,744

Total comprehensive income

$

1,915,847

$

1,819,661

 

* The shares and per share information are presented on a retroactive basis to reflect the reorganization and the share surrender (Note 1).

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

STAK INC.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Expressed in U.S. dollars)

For the Six Months Ended

December 31,

2024

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

Net income

1,999,363

1,614,917

Adjustments to reconcile net income to net cash used in operating
activities:

Provision for credit losses

524,509

97,944

Depreciation of property and equipment

166,058

163,622

Amortization of intangible asset

2,538

2,518

Amortization of operating lease right-of-use asset

9,624

30,157

Deferred income tax

(125,305)

(208,562)

Changes in operating assets and liabilities:

Accounts receivable

(5,791,039)

(7,863,471)

Advance to suppliers

1,355,963

184,254

Inventories

(5,231,547)

(1,844,324)

Amounts due from/due to related parties

66,712

946,203

Prepaid expenses and other current asset

73,201

(94,121)

Other assets

35,512

(377,901)

Accounts payable

6,037,020

5,611,525

Deferred revenue

(385,413)

Income tax payable

299,996

425,522

Accrued expenses and other current liabilities

(421,174)

309,778

Operating lease liabilities

(22,628)

Net cash used in operating activities

(998,569)

(1,409,980)

CASH FLOWS FROM INVESTING ACTIVITIES:

Purchases of property and equipment

(3,082)

(17,403)

Loans to third parties

(209,010)

Collection of loans to third parties

350,022

297,455

Net cash provided by investing activities

137,930

280,052

CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from short-term bank loans

2,424,513

2,294,497

Repayments of short-term bank loans

(1,741,748)

(1,188,715)

Repayments of long-term bank loans

(118,439)

Net cash provided by financing activities

564,326

1,105,782

Effect of exchange rate changes on cash and cash equivalents

(1,319)

12,840

Net decrease in cash and cash equivalents

(297,632)

(11,306)

Cash and cash equivalents, at beginning of the period

658,154

593,199

Cash and cash equivalents, at end of the period

$

360,522

$

581,893

SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:

Interest paid

$

90,523

$

SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:

Addition of right-of-use assets

$

$

105,760

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

viaim Hosts World’s First Silent Party in Shanghai, Empowering Inclusive Communication Through AI on Earth Day 2025

AI-powered RecDot earbuds break sound barriers, creating an immersive, sustainable celebration for all

NEW YORK, April 24, 2025 /PRNewswire/ — On April 22, viaim hosted the world’s first “Silent Party” in Shanghai, harnessing its innovative AI-powered RecDot earbuds to bridge communication gaps and empower barrier-free interactions. Dedicated to inclusivity and environmental sustainability, the event celebrated Earth Day by uniting diverse communities, particularly highlighting hearing-impaired individuals, through music and cutting-edge technology.

Named the “2025 Earth Day Silent Party,” participants at the event experienced firsthand the transformative capabilities of viaim’s RecDot earbuds, featuring real-time multilingual speech-to-text and text-to-speech conversion in both English and Chinese. Throughout the event, real-time subtitles were projected onto large screens, enabling participants to visually engage with conversations and performances. Attendees leveraged viaim’s earbuds to facilitate direct, point-to-point communication across groups, effectively removing traditional barriers for hearing-impaired individuals and fostering a genuinely inclusive environment.

viaim
viaim

The event also featured a cultural segment where deaf artists performed creative acts, including sign-language rap and dynamic visual art projections, showcasing their creative capabilities. As well as recognizing the achievements of the deaf community, the party also featured many fun and interactive activities, including silent games, artistic performances, low-frequency music experiences, and innovative social card games. Notably, hearing-impaired baristas effectively managed customer interactions using viaim’s earbuds, demonstrating practical AI-driven accessibility in service industries.

Participating in the event, Shawn Ma, CEO of viaim, emphasized, “When we envision the future of technology, it shouldn’t merely be a competition for efficiency, but a pursuit of inclusivity. Through AI, we strive to ensure that communication becomes a universal right enjoyed by everyone. We believe technology’s true value lies in illuminating silence and connecting the world through understanding.”

viaim’s commitment to sustainability and social responsibility was evident throughout the event. In a dedicated sustainable exhibition space, attendees explored installations constructed from recycled and biodegradable materials, including a central tree-shaped earbud display, symbolizing harmony between technological advancement and environmental preservation. Participants enthusiastically engaged with the “AI Eco Scenario Cards,” brainstorming innovative strategies to integrate viaim’s multilingual capabilities into sustainable practices, such as minimizing international business travel.

The event was part of a broader Earth Day initiative jointly launch by viam, Oatly, and B Corps China, and was co-hosted with BassBath, who helped organize the event. To emphasize this collaboration, viaim also facilitated an insightful roundtable discussion on “AI-Enhanced Sustainable Office Practices,” aligning technological innovation with corporate social responsibility and sustainability objectives. The event drew considerable attention from international media, influencers, and environmental advocacy groups, elevating viaim’s global visibility, particularly across North America and Europe.

Reflecting on viaim’s environmental commitments, viaim Sustainability Officer highlighted the eco-friendly advantages of viaim RecDot earbuds during the roundtable, “Using viaim RecDot instead of traditional recording devices significantly reduces electronic waste through its extended battery life and multifunctional integration, making every meeting more sustainable.” He further reflected on the significance of the event: “The Silent Party transcends being merely a technology showcase or festive gathering. It represents a meaningful dialogue about coexistence, empathy, and equality. viaim remains dedicated to pushing the boundaries of AI technology, serving diverse communities, and positively shaping our collective future.”

Learn more and explore viaim’s dual smart office upgrade at https://store.viaim.ai.

About viaim
viaim is dedicated to “Real Intelligence,” enhancing workplace efficiency and creativity through innovative AI products. Its flagship offerings include viaim RecDot earbuds with multilingual transcription and noise reduction capabilities, and viaim NoteKit, an intelligent meeting tool for capturing summaries and to-do lists.

Truecaller Nomination Commitee proposes Aruna Sundararajan as new Board member

STOCKHOLM, April 24, 2025 /PRNewswire/ — The Nomination Committee of Truecaller AB (publ) proposes that Ms. Aruna Sundararajan is elected as new Board member at the Annual General Meeting (“AGM”) on May 23, 2025. Further, the Nomination Committee proposes re-election of all current Board members.

Ahead of the AGM on May 23, 2025, the Nomination Committee proposes re-election of all current Board members (Nami Zarringhalam, Alan Mamedi, Annika Poutiainen, Helena Svancar, Shailesh Lakhani), and the election of Ms. Arunda Sundararajan as a new member of the board.

Ms. Aruna Sundararajan has extensive experience within the technology field from other board assignments and comes with relevant experience in policy and regulatory matters within India. She has held key positions at central level such as Secretary of the Ministry of Electronics and Information Technology (MeitY), Secretary to the Department of Telecommunications and chairperson of the Digital Communications Commission where she played a key role in policy making for the telecom sector.  As Kerala’s first IT Secretary, she was the driving force behind major digital infrastructure and e-learning projects. Today, Ms. Sundararajan serves as chairperson of the Broadband India Forum, a think tank for telecom and digital issues, and is on the advisory board of the Indian Council for Research on International Economic Relations (ICRIER). Furthermore, she is a director on the boards of Delhivery Limited, Info Edge (India) Limited, L&T Technology Services Limited as well as India’s National Bank of Infra Financing and Development (NaBFID).

Ms. Aruna Sundararajan is independent of the company and all large shareholders.

We are very pleased with the nomination of Aruna Sundararajan as a new board member of Truecaller. She possesses extensive experience in policy and regulatory matters within technology and has board experience from several listed companies in India. Her appointment as a new board member is expected to significantly enhance the board’s collective expertise and competence in these areas. With this addition the Board will consist of six board members with well diversified competences and experiences,” says Kamjar Hajabdolahi, chairman of Truecallers Nomination Committee.

The Nomination Committee’s other proposals and motivated statement will be presented in connection with the notice to the AGM.

Truecaller’s Nomination Committee ahead of the 2025 AGM comprises of Kamjar Hajabdolahi, appointed by Nami Zarringhalam, Sven Törnkvist, appointed by Alan Mamedi, Mattias Lampe, appointed by Peak XV and Alan Mamedi, being the representative of the Board of Directors of Truecaller AB.

For more information, please contact:

Andreas Frid, Head of IR & Communication
+46 705 29 08 00
andreas.frid@truecaller.com

About Truecaller:
Truecaller (TRUE B) is the leading global platform for verifying contacts and blocking unwanted communication. We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies. especially in emerging markets. We are on a mission to build trust in communication. Truecaller is an essential part of everyday communication for more than 450 million active users. Truecaller is listed on Nasdaq Stockholm since 8 October 2021. For more information. please visit corporate.truecaller.com

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/truecaller-ab/r/truecaller-nomination-commitee-proposes-aruna-sundararajan-as-new-board-member,c4139083

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Global Financial Crime Prevention Leader Feedzai Acquires Demyst to Break Down Data Silos and Accelerate Risk Decisions

NEW YORK and SYDNEY and LISBON, Portugal, April 24, 2025 /PRNewswire/ — Feedzai, the global leader in fraud and financial crime prevention, today announced that it has acquired Demyst, including its Zonic data workflow orchestration platform, intellectual property, and sophisticated data-integration capabilities. This strategic move is part of Feedzai’s vision to unify data orchestration and risk management into a single platform, providing financial institutions with the real-time data, analytics, and trusted artificial intelligence they need to make the best possible risk decisions.

“There is no shortage of data in our industry — the trick is how to access the right data as quickly as possible so that you can accelerate risk decisions with the fewest consumer friction points,” said Nuno Sebastiao, Feedzai CEO and co-founder. “Demyst is a first mover and leader in accessing necessary data — internal or external — at the critical moment for any part of the user journey. Paired with Feedzai’s market-leading AI, this ensures every data point is fully utilised to drive smarter and faster decisions. More broadly, this acquisition marks a pivotal moment in continuing Feedzai’s evolution from a data consumer to a data provider.”

Together, Feedzai and Demyst deliver:

  • A unified AI platform that seamlessly integrates data at speed via orchestration with robust fraud and financial crime prevention measures.
  • Strengthened RiskOps lifecycle with enhanced account opening capabilities, ensuring a consistent end-to-end customer view from initial onboarding through ongoing transactions.
  • Contextual intelligence to combine identity, credit, network, financial history, behavioral insights, and others for precise fraud prediction and prevention.
  • Better customer experiences with faster onboarding, fewer friction points, and reduced false positives boost customer satisfaction and retention.
  • Improved risk insights by using the right data at the right time, including shared insights from a diverse global community of banks, payment providers, and networks on fraud and financial crime.
  • Operational efficiency for non-technical teams (product managers, business analysts) with automation to autonomously build and manage data workflows, significantly reducing IT dependency.

“External data is the next frontier of business impact for financial institutions, yet it is notoriously complex, involving a labyrinth of sources for KYC/AML, identity, fraud, credit checks, and compliance,” said Mark Hookey, CEO of Demyst, who will remain with Feedzai along with key members of the Demyst team. “We’re thrilled to join Feedzai to bring AI and data together at scale for our customers. Together we are building the most advanced solution for customer onboarding, fraud prevention, and risk management.”

“An automated and efficient bank account opening process is both the first time a bank gets to know the customer as well as the first line of defense against fraud and financial crime,” said Dr. Ashish Kakar, Research Financial Insights Director, IDC Asia/Pacific. “The process has to be seamless to ensure a lasting customer relationship, and at the same time, by building trust from the start, banks not only enhance customer experience, but also strengthen the integrity of the financial system. Feedzai’s addition of automated data orchestration to its RiskOps Platform is a powerful combination that will benefit all customers. This should also help the regulators’ cause of reducing mule accounts and scams.” 

Feedzai was advised in this transaction by the law firms Cooley and Garrigues.

For more information on Feedzai and Demyst, visit: www.feedzai.com/demyst.

About Feedzai: Feedzai is the world’s first end-to-end financial crime prevention platform, protecting people and payments with AI-native solutions that stop fraud and financial crime. Leading financial institutions trust Feedzai to manage critical risk and compliance processes, safeguarding trillions of dollars of transactions while improving the customer experience and protecting the privacy of everyday users. For more information, visit feedzai.com.