iGan Partners Invests in Cyborg to Advance Confidential AI for Regulated Industries
Cyborg's flagship product, CyborgDB, is the first vector database that enables fully encrypted inference—ensuring that data remains encrypted at rest, in transit, and during processing. This breakthrough allows organizations to leverage the power of AI without compromising data privacy, security, or regulatory compliance.
"We're thrilled to partner with iGan Partners, whose deep expertise in healthcare and health-tech innovation aligns perfectly with our vision. iGan's strategic support will be instrumental in driving adoption of Cyborg's Confidential AI infrastructure, including our flagship product, CyborgDB, enabling healthcare and other regulated industries to securely unlock the full potential of artificial intelligence," said Nicolas Dupont, CEO of Cyborg.
"At iGan Partners, we are committed to supporting transformative companies that address real-world challenges in healthcare," said Sam Ifergan of iGan Partners. "Cyborg's innovation in confidential AI infrastructure represents a foundational shift in how enterprises can safely adopt AI, and we are excited to support their growth."
This investment reflects iGan's continued focus on empowering bold entrepreneurs who are reshaping the future of healthcare and healthcare data. This is iGan's fourth portfolio company in AI/Data, joining Segmed, Marble, and Meta.
For more information about Cyborg, visit www.cyborg.co.
About iGan Partners
iGan Partners is a North American venture capital firm focused on Medtech and healthcare innovation. We invest in companies that are redefining the future of healthcare, and our portfolio companies are solving some of its most pressing challenges.
Learn more at www.iganpartners.com.
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SOURCE iGan Partners
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FIBRA Macquarie México Reports Second Quarter 2025 Results
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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. 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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. 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