Averna Therapeutics, formerly known as Exsilio Therapeutics, Appoints Thomas M. Barnes, Ph.D., as Chief Executive Officer
Interim CEO Tal Zaks, M.D., Ph.D., to continue as executive chair
BOSTON, Jan. 27, 2025 /PRNewswire/ -- Averna Therapeutics, Inc. ('Averna"; formerly known as Exsilio Therapeutics, Inc.), a biotechnology company developing genomic medicines that insert therapeutic changes into the genome, today announced the appointment of Thomas M. Barnes, Ph.D., as chief executive officer (CEO) and director. Dr. Barnes brings more than 25 years of biotech industry leadership experience, with a proven track record of advancing innovative therapies, most recently as the CEO of Orna Therapeutics. Dr. Barnes replaces Tal Zaks, M.D., Ph.D., who served as interim CEO and will continue as the executive chairman of Averna's board.
'Tom has an extraordinary talent for transforming groundbreaking science into scalable biotechnology companies focused on developing entirely new ways of treating disease,' said Dr. Zaks. 'His ability to lead the translation of scientific innovation into real-world medicines is unparalleled. We are excited to have Tom at the helm as we develop our RNA/LNP-based genomic medicines.'
Averna is developing RNA/lipid nanoparticle (LNP)-based genomic medicines to insert genes into 'safe harbor' sites in the genome – places where a gene can be inserted safely and without disrupting normal cell function.
'The ability to insert therapeutic genetic material into the genome in a safe and durable way is the last great missing tool from the genetic medicine toolkit, and I have been deeply impressed by the progress the team has made under Tal's leadership,' said Dr. Barnes. 'Averna is now poised to complete that toolkit and deploy it where it will have the greatest impact. I'm proud to work with and expand the talented team at Averna to advance our therapeutic programs and deliver meaningful solutions for patients.'
Dr. Barnes most recently served as CEO of Orna Therapeutics Inc., an RNA/LNP company pioneering the use of circular RNA payloads combined with immune cell LNP delivery. During his tenure, Orna raised more than $450 million and established a major collaboration agreement with Merck, that was then the largest deal for a preclinical company in biotech history. With Orna's acquisition of ReNAgade Therapeutics Inc., he transitioned the CEO role to Amit D. Munshi, CEO of ReNAgade. Dr. Barnes also served as an Entrepreneur Partner at MPM BioImpact. Prior to Orna, as chief scientific officer and a member of the founding team at Intellia Therapeutics Inc., he established the discovery team and led efforts to expand the company's CRISPR platform, helping to raise more than $300 million including through its initial public offering. Earlier in his career Dr. Barnes also co-founded or played a key role in launching several biotech companies, including Eleven Biotherapeutics. Dr. Barnes earned his doctorate from the University of Cambridge and completed research fellowships at Harvard Medical School and McGill University.
Company Changes Name from Exsilio Therapeutics to Averna Therapeutics
In addition to the appointment of the new CEO, the company has changed its name from Exsilio Therapeutics to Averna Therapeutics. Recently, the company was named as one of BioSpace's '25 Promising New Biopharma Companies to Watch in 2025.'
About Averna Therapeutics
Averna Therapeutics is a biotechnology company developing RNA/lipid nanoparticle (LNP)-based genomic medicines to durably and safely treat a broad range of diseases, including genetic diseases, cancer, and autoimmune conditions. Averna's proprietary technology is based on a natural system and inserts therapeutic genetic instructions into 'safe harbor' sites in the genome – genomic regions that allow stable gene integration without disrupting normal cell function. Because Averna's medicines are encoded in RNA, they can be delivered using validated, non-viral delivery platforms that are safe, efficient, scalable, and cost-effective, and that allow redosing to effect with a curative intent. For more information, please visit www.avernatx.com.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
2 hours ago
- Yahoo
GeeTest Releases 2025 E-commerce Industry Security White Paper to Strengthen Online Retail Protection
WUHAN, China, July 25, 2025 /PRNewswire/ -- GeeTest, a global leader in bot mitigation and business security, has released its 2025 E-commerce Industry Security White Paper, offering a comprehensive analysis of the mounting cybersecurity threats facing digital commerce and providing practical, scenario-based strategies to address them. Empowering E-commerce Platforms to Defend Against Evolving Threats With the rapid expansion of the digital economy, e-commerce has emerged as a key driver of global growth. However, it is increasingly vulnerable to sophisticated, automated cyberattacks. In 2024, over 65% of platforms were targeted by bot-driven registration abuse, while 47% of promotional campaigns suffered resource hijacking. Transaction fraud also rose by 18% year over year, eroding platform performance and user trust. In response, GeeTest delivers a full-path, intelligence-driven security architecture designed to safeguard every phase of the user journey—from registration to checkout. Backed by 13 years of innovation, GeeTest's solutions integrate behavioral verification, device fingerprinting, and an adaptive, risk-based business rules decision engine to support enterprises across a wide range of digital industries. What Awaits You in This White Paper This white paper serves as both a strategic guide and a technical resource for security and operations teams. Key highlights include: Market Overview: Analysis of how rapid e-commerce expansion is fueling new security challenges. Pain Points & Risks: Insights into challenges such as bot scalping, payment fraud, and the inadequacy of traditional CAPTCHA-based verification. Full-Path Security Solution: GeeTest's holistic protection across registration, login, transactions, coupons, and promotions. Case Studies: Real-world examples of successful deployments on global e-commerce platforms. Future Outlook: Emerging trends in AI-driven security, privacy compliance, and SECaaS (Security-as-a-Service) ecosystem collaborations. By aligning robust security controls with user experience and regulatory needs, GeeTest empowers online businesses to achieve long-term growth and resilience in an evolving digital environment. The full 2025 E-commerce Industry Security White Paper is available at: About GeeTest: Founded in 2012, GeeTest is a leading provider of CAPTCHA and bot management solutions. The company protects websites, mobile apps, and APIs from automated threats such as account takeover (ATO), credential stuffing, and web scalping. With over 13 years of innovation in human-bot verification, GeeTest now serves more than 360,000 enterprises across industries including e-commerce, blockchain, and online gaming. View original content to download multimedia: SOURCE GeeTest Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Ribbon Communications Inc. Reports Second Quarter 2025 Financial Results
Record Second Quarter Revenue Up 15% Year Over Year Profitability at High End of Guidance Robust Growth in Service Provider and Enterprise Markets PLANO, Texas, July 23, 2025 /PRNewswire/ -- Ribbon Communications Inc. (Nasdaq: RBBN), a leading supplier of real-time communications technology and IP optical networking solutions, today announced its financial results for the second quarter of 2025. Ribbon Communications is dedicated to assisting the world's largest service providers, enterprises, and critical infrastructure operators in modernizing and safeguarding their networks and services. Second Quarter 2025 Highlights Financial Highlights¹: Revenue was $221 million, compared to $193 million for the second quarter of 2024 GAAP Operating Income was $4 million, compared to a loss of $2 million for the second quarter of 2024 Non-GAAP Adjusted EBITDA was $32 million, compared to $22 million for the second quarter of 2024 GAAP Gross Margin was 49.6%, compared to 50.8% for the second quarter of 2024 Non-GAAP Gross Margin was 52.1%, compared to 54.4% for the second quarter of 2024 "I am very pleased with our strong financial performance in the second quarter with both revenue and earnings exceeding our growth projections, resulting in a successful first half of the year. Demand in the North American market was strong across both Service Provider and Enterprise market verticals as we continue to win the largest industry voice transformation opportunities. And we had good momentum in our IP Optical business in India and North America this quarter supporting fiber and mobile network expansion," stated Bruce McClelland, President and Chief Executive Officer of Ribbon Communications. "Looking ahead, the demand picture remains robust with good visibility, and we continue to anticipate a seasonally stronger second half of the year." John Townsend, Chief Financial Officer, added, "It was great to see our business momentum reflected in our second quarter results. Revenue increased 15% year over year to $221 million, exceeding guidance, and Adjusted EBITDA increased 47% year over year to $32 million, at the top end of our guidance. In the quarter, we announced a new stock repurchase program and expect to use a portion of our free cash flow over the next several years to repurchase up to $50 million of our common stock. Our cash position remained solid, closing the quarter at $62 million including $2.3 million of stock repurchases. In addition, the new U.S. spending bill recently approved by Congress includes corporate tax changes that are expected to result in lower cash tax payments in the second half, which should further improve our cash flow this year." Three months endedSix months ended June 30,June 30, In millions, except per share amounts2025202420252024 GAAP Revenue$ 221$ 193$ 402$ 372 GAAP Net income (loss)$ (11)$ (17)$ (37)$ (47) Non-GAAP Net income (loss)$ 10$ 9$ 5$ 7 Non-GAAP Adjusted EBITDA$ 32$ 22$ 38$ 33 GAAP diluted earnings (loss) per share $ (0.06)$ (0.10)$ (0.21)$ (0.27) Non-GAAP diluted earnings (loss) per share$ 0.05$ 0.05$ 0.03$ 0.04 Weighted average shares outstanding basic177174176173 Weighted average shares outstanding diluted1801761801761 Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about non-GAAP measures in the section entitled "Discussion of Non-GAAP Financial Measures" in the attached schedules. Business Highlights: Ribbon Announces $50 Million Share Repurchase Program Ribbon Showcases AI-Enabled Optical Innovation at OFC NPT 2714 Router and Apollo ADM 400/800 Optical Transport recognized by Lightwave Kerala State Leverages Ribbon for its Kerala Fiber Optic Network (KFON) Deployment | Ribbon Communications Government of Kerala delivers high speed internet to rural India Business Outlook2 For the third quarter of 2025, the Company projects revenue of $213 million to $227 million. Non-GAAP gross margin is projected in a range of 53.5% to 54.0%. Adjusted EBITDA is projected in a range of $28 million to $34 million. Full Year 2025 projections remain unchanged. The Company's outlook is based on current indications for its business, which are subject to change. 2 GAAP earnings guidance is not provided. Please see the reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures and additional information about the non-GAAP measures in the section entitled "Discussion of Non-GAAP Financial Measures" in the attached schedules. Upcoming Conference Schedule August 26-27, 2025: Jefferies Semis, IT Hardware & Comm Tech Summit September 4, 2025: TD Securities Technology Growth Cap Summit Conference Call and Webcast InformationRibbon Communications will host a conference call to discuss the Company's financial results at 4:30 p.m. ET on Wednesday, July 23, 2025. Dial-in Information: US/Canada: 877-407-2991International: 201-389-0925Instant Telephone Access: Call me™ A live (listen-only) webcast and replay will be available on the Company's Investor Relations website at Investor Contact+1 (978) 614-8050ir@ Media ContactCatherine Berthier+1 (646) 741-1974cberthier@ About Ribbon Ribbon Communications (Nasdaq: RBBN) delivers communications software, IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today's smart, always-on and data-hungry world. Our innovative, end-to-end solutions portfolio delivers unparalleled scale, performance, and agility, including core to edge software-centric solutions, cloud-native offers, leading-edge security and analytics tools, along with IP and optical networking solutions for 5G and broadband internet. We maintain a keen focus on our commitments to Environmental, Social and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon visit Important Information Regarding Forward-Looking Statements This release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, which are subject to a number of risks and uncertainties. All statements other than statements of historical facts contained in this release, including without limitation, statements regarding the Company's projected financial results for the third quarter of 2025 and beyond; beliefs about the Company's business strategy and market share growth, are forward-looking statements. Without limiting the foregoing, the words "anticipates", "believes", "could", "estimates", "expects", "expectations", "intends", "may", "plans", "projects" and other similar language, whether in the negative or affirmative, are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based on the Company's current expectations and assumptions regarding its business, 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 unknown and/or difficult to predict and that may cause the Company's actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, but are not limited to, unpredictable fluctuations in quarterly revenue and operating results; the impact of restructuring and cost-containment activities; increases in tariffs, trade restrictions or taxes on the Company's products; supply chain disruptions resulting from component availability and/or geopolitical instabilities and disputes (including those related to the wars in Israel and Ukraine); the impact of military call-ups of employees in Israel; material litigation; the impact of fluctuations in interest rates; material cybersecurity and data intrusion incidents, including any security breaches resulting in the theft, transfer, or unauthorized disclosure of customer, employee, or Company information; the Company's ability to comply with applicable domestic and foreign information security and privacy laws, regulations and technology platform rules or other obligations related to data privacy and security; failure to compete successfully against telecommunications equipment and networking companies; failure to grow the Company's customer base or generate recurring business from existing customers; credit risks; the timing of customer purchasing decisions and the Company's recognition of revenues; macroeconomic conditions, including inflation; the Company's ability to adapt to rapid technological and market changes; the Company's ability to generate positive returns on its research and development; the Company's ability to protect its intellectual property rights and obtain necessary licenses; the Company's ability to maintain partner, reseller, distribution and vendor support and supply relationships; the potential for defects in the Company's products; risks related to the terms of the Company's credit agreement; higher risks in international operations and markets; currency fluctuations; unanticipated adverse changes in legal, regulatory or tax laws; future accounting pronouncements or changes in the Company's accounting policies and/or failure or circumvention of the Company's controls and procedures. We therefore caution you against relying on any of these forward-looking statements. These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company's business and results from operations. Additional information regarding these and other factors can be found in the Company's reports filed with the Securities and Exchange Commission, including, without limitation, its Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by the Company in this release speaks only as of the date on which this release was first issued. The Company undertakes no obligation to update any forward-looking statement publicly or otherwise, whether as a result of new information, future developments or otherwise, except as required by law. Discussion of Non-GAAP Financial MeasuresThe Company's management uses several different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of its business, making operating decisions, planning and forecasting future periods, and determining payments under compensation programs. The Company considers the use of non-GAAP financial measures helpful in assessing the core performance of its continuing operations and when planning and forecasting future periods. The Company's annual financial plan is prepared on a non-GAAP basis and is approved by its board of directors. In addition, budgeting and forecasting for revenue and expenses are conducted on a non-GAAP basis, and actual results on a non-GAAP basis are assessed against the annual financial plan. The Company defines continuing operations as the ongoing results of its business adjusted for certain expenses and credits, as described below. The Company believes that providing non-GAAP information to investors allows them to view the Company's financial results in the way its management views them and helps investors to better understand the Company's core financial and operating performance and evaluate the efficacy of the methodology and information used by its management to evaluate and measure such performance. While the Company's management uses non-GAAP financial measures as tools to enhance its understanding of certain aspects of the Company's financial performance, management does not consider these measures to be a substitute for, or superior to, GAAP measures. In addition, the Company's presentations of these measures may not be comparable to similarly titled measures used by other companies. These non-GAAP financial measures should not be considered alternatives for, or in isolation from, the financial information prepared and presented in accordance with GAAP. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures. In particular, many of the adjustments to the Company's financial measures reflect the exclusion of items that are recurring and will be reflected in its financial results for the foreseeable future. Stock-Based CompensationThe expense related to stock-based awards is generally not controllable in the short-term and can vary significantly based on the timing, size and nature of awards granted. The Company believes that presenting non-GAAP operating results that exclude stock-based compensation provides investors with visibility and insight into its management's method of analysis and its core operating performance. Amortization of Acquired Technology (including software licenses); Amortization of Acquired Intangible AssetsAmortization amounts are inconsistent in frequency and amount and are significantly impacted by the timing and size of acquisitions. Amortization of acquired technology is reported separately within Cost of revenue and Amortization of acquired intangible assets is reported separately within Operating expenses. These items are reported collectively as Amortization of acquired intangible assets in the accompanying reconciliations of non-GAAP and GAAP financial measures. The Company believes that excluding non-cash amortization of these intangible assets facilitates the comparison of its financial results to its historical operating results and to other companies in its industry as if the acquired intangible assets had been developed internally rather than acquired. Litigation CostsIn connection with certain ongoing litigation where Ribbon is the defendant (as described in the Company's Commitments and Contingencies footnotes in its Form 10-Qs and Form 10-Ks filed with the SEC, the Company has incurred litigation costs beginning in 2023. These costs are included as a component of general and administrative expense. The Company believes that such costs are not part of its core business or ongoing operations, are unplanned, and generally are not within its control. Accordingly, the Company believes that excluding litigation costs related to these specific legal matters facilitates the comparison of the Company's financial results to its historical operating results and to other companies in its industry. Acquisition-, Disposal- and Integration-RelatedThe Company considers certain acquisition-, disposal- and integration-related costs to be unrelated to the organic continuing operations of the Company and its acquired businesses. Such costs are generally not relevant to assessing or estimating the long-term performance of the acquired assets. In the second quarter of 2025, the Company recorded $3.9 million of expense for legal and professional fees associated with contemplated corporate development activities. The Company excludes such acquisition-, disposal- and integration-related costs to allow more accurate comparisons of its financial results to its historical operations and the financial results of less acquisitive peer companies and allows management and investors to consider the ongoing operations of the business both with and without such expenses. Restructuring and RelatedThe Company has recorded restructuring and related expense to streamline operations and reduce operating costs by closing and consolidating certain facilities and reducing its worldwide workforce. The Company believes that excluding restructuring and related expense facilitates the comparison of its financial results to its historical operating results and to other companies in its industry, as there are no future revenue streams or other benefits associated with these costs. Preferred Stock and Warrant Liability Mark-to-Market AdjustmentThe Company recorded adjustments to the fair value of its Series A Preferred Stock and Warrants to purchase shares of the Company's common stock in Other (expense) income, net. Both of these instruments were issued in March 2023 in connection with the Company's private placement and have been classified as liabilities and marked to market each reporting period until the Series A Preferred Stock was fully redeemed on June 25, 2024. The Warrant liability remains outstanding and will continue to be marked to market each reporting period. The Company excluded these gains and losses from the change in the fair value of these liabilities because it believes that such gains or losses were not part of its core business or ongoing operations. Tax Effect of Non-GAAP AdjustmentsThe Non-GAAP income tax provision is presented based on an estimated tax rate applied against forecasted annual non-GAAP income. The Non-GAAP income tax provision assumes no available net operating losses or valuation allowances for the U.S. because of reporting significant cumulative non-GAAP income over the past several years. The Company is reporting its non-GAAP quarterly income taxes by computing an annual rate for the Company and applying that single rate (rather than multiple rates by jurisdiction) to its consolidated quarterly results. The Company expects that this methodology will provide a consistent rate throughout the year and allow investors to better understand the impact of income taxes on its results. Due to the methodology applied to its estimated annual tax rate, the Company's estimated tax rate on non-GAAP income will differ from its GAAP tax rate and from its actual tax liabilities. Adjusted EBITDAThe Company uses Adjusted EBITDA as a supplemental measure to review and assess its performance. The Company calculates Adjusted EBITDA by excluding from income (loss) from operations: depreciation; stock-based compensation; amortization of acquired intangible assets; certain litigation costs; acquisition-, disposal- and integration-related expense; and restructuring and related expense. In general, the Company excludes the expenses that it considers to be non-cash and/or not a part of its ongoing operations. The Company may exclude other items in the future that have those characteristics. Adjusted EBITDA is a non-GAAP financial measure that is used by the investing community for comparative and valuation purposes. The Company discloses this metric to support and facilitate dialogue with research analysts and investors. Other companies may calculate Adjusted EBITDA differently than the Company does, limiting its usefulness as a comparative measure. RIBBON COMMUNICATIONS INC. Consolidated Statements of Operations (in thousands, except percentages and per share amounts) (unaudited) Three months ended June 30,March 31,June 30, 202520252024 Revenue:Product $ 115,057$ 81,991$ 99,133Service 105,52699,28893,487 Total revenue 220,583181,279192,620Cost of revenue: Product 66,74657,89354,845Service 39,25335,62833,376Amortization of acquired technology 5,2775,3886,532 Total cost of revenue 111,27698,90994,753Gross profit 109,30782,37097,867Gross margin 49.6 %45.4 %50.8 %Operating expenses: Research and development 44,69643,56843,489Sales and marketing 32,53631,78832,984General and administrative 16,63015,12814,901Amortization of acquired intangible assets 5,9756,1556,508Acquisition-, disposal- and integration-related 3,898--Restructuring and related 1,3465,3411,920 Total operating expenses 105,081101,98099,802Income (loss) from operations 4,226(19,610)(1,935) Interest expense, net (10,977)(10,500)(3,879) Other (expense) income, net (2,159)3,129(9,503)Income (loss) before income taxes (8,910)(26,981)(15,317) Income tax benefit (provision) (2,183)754(1,499)Net income (loss) $ (11,093)$ (26,227)$ (16,816)Earnings (loss) per share: Basic$ (0.06)$ (0.15)$ (0.10)Diluted $ (0.06)$ (0.15)$ (0.10)Weighted average shares used to compute earnings (loss) per share: Basic176,749175,719173,793Diluted 176,749175,719173,793 RIBBON COMMUNICATIONS INC. Consolidated Statements of Operations (in thousands, except percentages and per share amounts) (unaudited) Six months ended June 30,June 30, 20252024 Revenue:Product $ 197,048$ 186,743Service 204,814185,541 Total revenue 401,862372,284Cost of revenue: Product 124,639100,639Service 74,88168,740Amortization of acquired technology 10,66513,083 Total cost of revenue 210,185182,462Gross profit 191,677189,822Gross margin 47.7 %51.0 %Operating expenses: Research and development 88,26489,252Sales and marketing 64,32467,700General and administrative 31,75830,092Amortization of acquired intangible assets 12,13013,214Acquisition-, disposal- and integration-related 3,898-Restructuring and related 6,6874,985 Total operating expenses 207,061205,243Income (loss) from operations (15,384)(15,421) Interest expense, net (21,477)(9,866) Other (expense) income, net 970(17,016)Income (loss) before income taxes (35,891)(42,303) Income tax benefit (provision) (1,429)(4,874)Net loss$ (37,320)$ (47,177)Earnings (loss) per share: Basic$ (0.21)$ (0.27)Diluted $ (0.21)$ (0.27)Weighted average shares used to compute earnings (loss) per share: Basic176,237173,110Diluted 176,237173,110 RIBBON COMMUNICATIONS INC. Consolidated Balance Sheets (in thousands) (unaudited) June 30,December 31, 20252024 AssetsCurrent assets: Cash and cash equivalents $ 60,450$ 87,770Restricted cash 1,8242,709Accounts receivable, net 249,360254,718Inventory 80,29979,179Other current assets 42,00739,286 Total current assets 433,940463,662Property and equipment, net 66,65960,364 Intangible assets, net 164,742187,537 Goodwill300,892300,892 Deferred income taxes 99,31488,982 Operating lease right-of-use assets 47,38334,544 Other assets 29,24226,573 $ 1,142,172$ 1,162,554Liabilities and Stockholders' EquityCurrent liabilities: Current portion of term debt $ 8,750$ 6,125Accounts payable 88,69787,759Accrued expenses and other 90,144106,251Operating lease liabilities 10,8169,443Deferred revenue 115,212119,295 Total current liabilities 313,619328,873Long-term debt, net of current 327,625330,726 Warrant liability 6,2738,064 Operating lease liabilities, net of current 62,06337,376 Deferred revenue, net of current 31,74920,991 Deferred income taxes 5,9415,941 Other long-term liabilities 24,46725,962Total liabilities 771,737757,933Commitments and contingencies Stockholders' equity: Common stock 1818Additional paid-in capital 1,973,9901,970,708Accumulated deficit (1,611,505)(1,574,185)Accumulated other comprehensive income 7,9328,080Total stockholders' equity 370,435404,621 $ 1,142,172$ 1,162,554 RIBBON COMMUNICATIONS INC. Consolidated Statements of Cash Flows (in thousands) (unaudited)Six months ended June 30, June 30, 20252024 Cash flows from operating activities: Net loss$ (37,320)$ (47,177)Adjustments to reconcile net loss to cash flows (used in) provided by operating activities:Depreciation and amortization of property and equipment 7,7576,770 Amortization of intangible assets 22,79526,297 Amortization of debt issuance costs and original issue discount 1,4013,445 Amortization of accumulated other comprehensive gain related to interest rate swap -(8,196) Stock-based compensation 8,7758,016 Deferred income taxes (8,984)(8,104) Change in fair value of warrant liability (1,641)875 Change in fair value of preferred stock liability -8,091 Dividends accrued on preferred stock liability -2,743 Payment of dividends accrued on preferred stock liability -(6,686) Foreign currency exchange (gains) losses 5872,023 Changes in operating assets and liabilities: Accounts receivable 4,57856,146Inventory (2,820)(4,405)Other operating assets ...(186)8,854Accounts payable 5,083(20,541)Accrued expenses and other long-term liabilities (11,030)(8,407)Deferred revenue 6,675(16,422) Net cash (used in) provided by operating activities (4,330)3,322 Cash flows from investing activities: Purchases of property and equipment (17,831)(5,613)Purchases of software licenses -(263) Net cash used in investing activities (17,831)(5,876) Cash flows from financing activities: Borrowings under revolving line of credit -44,106Principal payments on revolving line of credit -(44,106)Proceeds from issuance of term debt -342,300Principal payments of term debt (1,750)(235,395)Payment of debt issuance costs -(3,978)Payment of preferred stock liability -(56,850)Proceeds from the exercise of stock options 617Payment of tax obligations related to vested stock awards and units (3,396)(2,638)Repurchase of common stock (2,253)- Net cash used in financing activities (7,393)43,456 Effect of exchange rate changes on cash and cash equivalents 1,349(124) Net (decrease) increase in cash and cash equivalents (28,205)40,778 Cash, cash equivalents and restricted cash, beginning of year 90,47926,630 Cash, cash equivalents and restricted cash, end of period $ 62,274$ 67,408 RIBBON COMMUNICATIONS INC. Supplemental Information (in thousands) (unaudited) The following tables provide the details of stock-based compensation included as components of other line items in the Company's Consolidated Statements of Operations and the line items in which these amounts are reported. Three months ended Six months ended June 30,March 31,June 30,June 30,June 30, 20252025202420252024 Stock-based compensationCost of revenue - product $ 33$ 66$ 64$ 99$ 170 Cost of revenue - service 198286274484746Cost of revenue 231352338583916Research and development 4557256161,1801,684 Sales and marketing 1,0661,1739542,2392,111 General and administrative 2,7252,0481,5864,7733,305Operating expense 4,2463,9463,1568,1927,100Total stock-based compensation $ 4,477$ 4,298$ 3,494$ 8,775$ 8,016 RIBBON COMMUNICATIONS INC. Reconciliation of Non-GAAP and GAAP Financial Measures (in thousands, except per share amounts) (unaudited) Three months ended June 30,March 31,June 30,202520252024 GAAP Gross margin 49.6 %45.4 %50.8 % Stock-based compensation 0.1 %0.2 %0.2 % Amortization of acquired technology 2.4 %3.0 %3.4 % Non-GAAP Gross margin 52.1 %48.6 %54.4 % GAAP Net income (loss) $ (11,093)$ (26,227)$ (16,816) Stock-based compensation 4,4774,2983,494 Amortization of intangible assets 11,25211,54313,040 Litigation costs 2,3148001,768 Acquisition-, disposal- and integration-related 3,898-- Restructuring and related 1,3465,3411,920 Preferred stock and warrant liability mark-to-market adjustment 94(1,735)8,210 Tax effect of non-GAAP adjustments (2,679)1,401(3,095) Non-GAAP Net income (loss) $ 9,609$ (4,579)$ 8,521 GAAP Diluted earnings (loss) per share $ (0.06)$ (0.15)$ (0.10) Stock-based compensation 0.020.020.02 Amortization of intangible assets 0.060.070.08 Litigation costs 0.01 * 0.01 Acquisition-, disposal- and integration-related 0.02-- Restructuring and related 0.010.030.01 Preferred stock and warrant liability mark-to-market adjustment * (0.01)0.05 Tax effect of non-GAAP adjustments (0.01)0.01(0.02) Non-GAAP Diluted earnings (loss) per share $ 0.05$ (0.03)$ 0.05 Weighted average shares used to compute diluted earnings (loss) per share Shares used to compute GAAP diluted earnings (loss) per share 176,749175,719173,793 Shares used to compute Non-GAAP diluted earnings (loss) per share 179,884175,719176,246 GAAP Income (loss) from operations $ 4,226$ (19,610)$ (1,935) Depreciation 4,2883,4693,376 Stock-based compensation 4,4774,2983,494 Amortization of intangible assets 11,25211,54313,040 Litigation costs 2,3148001,768 Acquisition-, disposal- and integration-related 3,898-- Restructuring and related 1,3465,3411,920 Non-GAAP Adjusted EBITDA $ 31,801$ 5,841$ 21,663 * Less than $0.01 impact on earnings (loss) per share. RIBBON COMMUNICATIONS INC. Reconciliation of Non-GAAP and GAAP Financial Measures (in thousands, except per share amounts) (unaudited)Six months endedJune 30,June 30,20252024 GAAP Gross Margin 47.7 %51.0 % Stock-based compensation 0.1 %0.2 % Amortization of acquired technology 2.7 %3.5 % Non-GAAP Gross Margin 50.5 %54.7 % GAAP Net income (loss) $ (37,320)$ (47,177) Stock-based compensation 8,7758,016 Amortization of intangible assets 22,79526,297 Litigation costs 3,1142,719 Acquisition-, disposal- and integration-related 3,898- Restructuring and related 6,6874,985 Preferred stock and warrant liability mark-to-market adjustment (1,641)11,709 Tax effect of non-GAAP adjustments (1,278)876 Non-GAAP Net income (loss) $ 5,030$ 7,425 GAAP Diluted earnings (loss) per share $ (0.21)$ (0.27) Stock-based compensation 0.050.05 Amortization of intangible assets 0.130.14 Litigation costs 0.020.02 Acquisition-, disposal- and integration-related 0.02- Restructuring and related 0.040.03 Preferred stock and warrant liability mark-to-market adjustment (0.01)0.07 Tax effect of non-GAAP adjustments (0.01) * Non-GAAP Diluted earnings (loss) per share $ 0.03$ 0.04 Weighted average shares used to compute diluted earnings (loss) per share Shares used to compute GAAP diluted earnings (loss) per share 176,237173,110 Shares used to compute Non-GAAP diluted earnings (loss) per share 180,231175,784 GAAP Income (loss) from operations $ (15,384)$ (15,421) Depreciation 7,7576,770 Stock-based compensation 8,7758,016 Amortization of intangible assets 22,79526,297 Litigation costs 3,1142,719 Acquisition-, disposal- and integration-related 3,898- Restructuring and related 6,6874,985 Non-GAAP Adjusted EBITDA $ 37,642$ 33,366 * Less than $0.01 impact on earnings (loss) per share. RIBBON COMMUNICATIONS INC. Reconciliation of Non-GAAP and GAAP Financial Measures (in thousands) (unaudited)Trailing Twelve MonthsJune 30,March 31,June 30,202520252024 GAAP Income (loss) from operations $ 16,909$ 10,748$ 2,105 Depreciation 14,52613,61413,816 Stock-based compensation 16,84515,86217,858 Amortization of intangible assets 47,36049,14853,836 Litigation costs 11,59311,0473,735 Acquisition-, disposal- and integration-related 3,898-2,336 Restructuring and related 11,86212,4369,950 Non-GAAP Adjusted EBITDA $ 122,993$ 112,855$ 103,636 RIBBON COMMUNICATIONS INC. Reconciliation of Non-GAAP and GAAP Financial Measures - Outlook (unaudited) Three months ending Year ending September 30, 2025December 31, 2025Midpoint (1) RangeMidpoint (1)RangeRevenue ($ millions) $ 220 +/- $7M$ 880+/- $10MGross margin:GAAP outlook 51.25 % 52.0 %Stock-based compensation 0.20 % 0.2 %Amortization of acquired technology 2.30 % 2.3 % Non-GAAP outlook 53.75 % +/- 0.25%54.5 %+/- 0.5%Adjusted EBITDA ($ millions):GAAP income (loss) from operations $ 10.8 $ 42.3Depreciation 3.9 15.8Stock-based compensation 4.0 16.2Amortization of intangible assets 10.8 44.1Litigation costs 0.3 3.7Acquisition-, disposal- and integration-related - 3.9Restructuring and related 1.2 9.0 Non-GAAP outlook $ 31.0 +/- $3M$ 135.0+/- $5M(1) Q3 2025 and FY 2025 outlook represents the midpoint of the expected ranges View original content to download multimedia: SOURCE Ribbon Communications Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Enterprises That Fall Behind in AI Race Risk $87 Million Annual Loss, Couchbase Survey Reveals
70% Admit 'Incomplete' Understanding of AI Data Requirements While 21% Have 'Insufficient' or 'Zero' AI Control SANTA CLARA, Calif., July 23, 2025 /PRNewswire/ -- Couchbase, Inc. (NASDAQ: BASE), the developer data platform for critical applications in our AI world, today released the findings from its eighth consecutive survey of global IT leaders. The study of 800 senior IT decision-makers from enterprises with 1,000 or more employees, in sectors from finance to healthcare to gaming and more, found that businesses unable to effectively use AI in a timely manner could lose on average 8.6% of their revenue per month. Within our sample, that equates to an average annual loss of almost $87 million per company. A significant number of enterprises are at risk: 21% admit to having "zero" or "insufficient" control over AI use, allowing employees too much or too limited access to tools and increasing risk, while 64% are concerned that they are not taking advantage of AI as quickly as they could be due to "decision paralysis." The stakes are high, with 78% of respondents believing early AI adopters will become industry leaders and 73% reporting AI is already transforming their technology environment. Investment reflects this urgency: AI spend on technologies including GenAI, agentic AI and other forms of AI will surge by 51% in 2025 to 2026, compared to 35% growth in overall digital modernization. It will account for more than half of all digital modernization spend. Enterprises with control over their AI, and most importantly the data behind it, will be best positioned to capitalize on AI. "The evolution from GenAI to agentic AI is creating vast opportunities for enterprises that can harness these technologies effectively," said Julie Irish, Chief Information Officer at Couchbase. "Creating and operating innovative AI applications at scale is essential for successful enterprises. The right data strategy, including methods to ensure high data quality, scalability and accessibility, is more important than ever to ensure companies unlock the value of AI." Key findings include: Falling behind the AI wave has significant consequences: 99% of enterprises have encountered issues that disrupted AI projects or prevented them outright, including problems accessing or managing the required data; perception that the risk of failure had become too high; and an inability to stay on budget. These issues had real consequences, eating up 17% of AI investment and setting strategic goals back by six months on average. Closing the data understanding gap is key to control: 70% of enterprises admit their understanding of the data (e.g., the quality and real-time accessibility of data) needed to power AI is "incomplete," contributing to 62% not fully understanding where they are at risk from AI (e.g., through security or data management issues). Conversely, those with greater understanding are more confident, and are 33% more likely to be prepared for agentic AI. Data architecture is evolving and requires consolidation: The right data architecture is crucial for AI. Yet enterprises say their current architecture has an average lifespan of 18 months before it can no longer support in-house AI applications. 75% of enterprises have a multi-database architecture, which makes it more difficult to ensure accurate, consistent AI output; 61% do not have the tools to prevent proprietary data from being shared externally, which increases security and compliance risks; and 84% lack the ability to store, manage and index high-dimensional vector data needed for efficient AI use. To address these challenges, all surveyed enterprises are consolidating and simplifying their AI technology stacks to make controlling AI easier and more efficient. Encouraging experimentation contributes to AI success: Corporate attitudes about AI have a notable impact on its success. Enterprises that encourage AI experimentation have 10% more AI projects enter production and incur 13% less wasted AI spend than enterprises with a more restrictive approach. New developments in AI are rapidly reaching parity: The proportion of AI spend on agentic AI (30% of total), GenAI (35%) and other forms of AI (35%) is almost even, despite agentic AI and GenAI being much newer concepts. This suggests enterprises are investing heavily in keeping up with AI development as 66% worry that AI and different approaches to AI are evolving faster than their organizations can keep pace. Inability to keep up with AI increases risk of being replaced: Enterprises recognize AI's potential for disruption, allowing smaller organizations with a better grasp of the technology to replace larger, less agile competitors. More than half (59%) of IT leaders are concerned that their organizations risk being replaced by smaller competitors, yet at the same time 79% believe they can do the same and displace their larger competition. "The data reveals both tremendous opportunities and significant risks presented by AI," continued Irish. "While 73% of CIOs are excited about AI's potential and feel compelled to use it more, the enterprises that master their data will be the ones that truly capitalize. The key is having robust controls in place and an architecture that suits enterprises' purposes. When enterprises build the right foundation to support critical applications containing AI workflows, and target use cases with a clear ROI, CIOs will be best positioned to turn AI into a genuine competitive advantage." "A modern developer data platform is essential for enterprise AI success," added Matt McDonough, SVP of product at Couchbase. "With capabilities like vector search, integrated AI Services and support for agentic AI development, Couchbase empowers customers to develop agentic systems and applications at scale, while delivering compelling price-performance. By supporting the management of all data types involved in AI interactions, our platform helps enterprises unify AI, operational, analytical, vector and mobile workloads into a single, multipurpose architecture. This holistic approach not only enhances data visibility, control and protection, but also gives developers the tools they need to innovate with the next wave of AI technologies." Additional Resources To download the full report, click here. To download the graphic that highlights key findings from the report, click here. To learn more about how organizations can fully realize the potential of agents, click here. To learn more about how Couchbase empowers customers to develop agentic systems and AI applications, click here. MethodologyCouchbase commissioned an online survey, conducted in April 2025 by Coleman Parkes ( an independent market research organization. 800 senior IT decision-makers, such as CIOs, CDOs and CTOs, in organizations with 1,000 employees or more in the U.S., U.K., France, Germany, Turkey, Japan, India, Australia and Singapore, were surveyed. About CouchbaseAs industries race to embrace AI, traditional database solutions fall short of rising demands for versatility, performance and affordability. Couchbase is seizing the opportunity to lead with Capella, the developer data platform architected for critical applications in our AI world. By uniting transactional, analytical, mobile and AI workloads into a seamless, fully managed solution, Couchbase empowers developers and enterprises to build and scale applications and AI agents with confidence – delivering exceptional performance, scalability and cost-efficiency from cloud to edge and everything in between. Couchbase enables organizations to unlock innovation, accelerate AI transformation and redefine customer experiences wherever they happen. Discover why Couchbase is the foundation of critical everyday applications by visiting and following us on LinkedIn and X. Couchbase®, the Couchbase logo and the names and marks associated with Couchbase's products are trademarks of Couchbase, Inc. All other trademarks are the property of their respective owners. View original content to download multimedia: SOURCE Couchbase, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
