Latest news with #kneat.com
Business Upturn
26-06-2025
- Business
- Business Upturn
Global Healthcare Technology Leader Selects Kneat
LIMERICK, Ireland, June 26, 2025 (GLOBE NEWSWIRE) — inc. (TSX: KSI) (OTCQC: KSIOF), a leader in digitizing and automating validation and quality processes, is pleased to announce that a leading healthcare technology and diagnostics company ('the Company') has signed a multi-year Master Services Agreement with Kneat. The Company, which is headquartered in the United States, employs over 50,000 people and manufactures in more than a dozen countries worldwide. This manufacturer of medical technology, including medical devices and pharmaceutical diagnostics, will use the Kneat Gx platform initially to digitize its Commissioning, Qualification and Validation workflows for facilities, equipment and computer systems at several lead manufacturing sites. 'After an extensive evaluation process this global leader selected Kneat to drive efficiency, quality and compliance through greater digitalization of their Validation processes,' said Eddie Ryan, Kneat CEO. 'I'm happy that Kneat will be supporting both new builds and ongoing operations where we are proven to deliver significant business value.' The steady pace of Kneat's strategic customer wins indicates that digital validation is progressively becoming the norm for life sciences companies. The State of Validation 2025 study also supports this trend. The total percentage of organizations surveyed that are either using or planning to use digital validation is now 93 percent, versus 86 percent in the 2024 study. The shift is unsurprising. Done right, digital validation delivers speed to market; trustworthy, scalable compliance; and a foundation to leverage integrated automation and AI-driven innovations in the future. About Kneat Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard. Cautionary and Forward-Looking Statements Except for the statements of historical fact contained herein, certain information presented constitutes 'forward-looking information' within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat's business development activities, the use and implementation timelines of Kneat's software within the customer's validation processes, the ability and intent of the customer to scale the use of Kneat's software within the customer's organization, and the compliance of Kneat's platform under regulatory audit and inspection. While such forward-looking statements are expressed by Kneat, as stated in this release, in good faith and believed by Kneat to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. Kneat does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor's own risk. For more information visit Contact: Katie Keita, Kneat Investor RelationsP: + 1 902-450-2660 E: [email protected]
Yahoo
30-04-2025
- Business
- Yahoo
Kneat to Announce 2025 First-Quarter Financial Results May 7, 2025
LIMERICK, Ireland, April 30, 2025 (GLOBE NEWSWIRE) -- inc. (TSX: KSI) (OTC: KSIOF) ('Kneat' or the 'Company') a leader in digitizing and automating validation and quality processes, announced today that the Company will release its financial results for the quarter ended March 31, 2025, after TSX market close on May 7, 2025. Eddie Ryan, Chief Executive Officer and Hugh Kavanagh, Chief Financial Officer, will host a conference call and Q&A for sell side analysts via webcast on May 8, 2025 at 09:00 ET (14:00 GMT). Interested parties can register for the live webcast via the following link: Register Here The first-quarter financial results will be available from the Financial Information section of the Investors page on the Kneat Solutions website, at: About KneatKneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard. For more information visit For further information: Katie Keita, Investor Relations Lead, +902-706-9074,
Yahoo
26-02-2025
- Business
- Yahoo
Kneat Achieves Record Revenue for Fourth Quarter and Full Year 2024
LIMERICK, Ireland, Feb. 26, 2025 (GLOBE NEWSWIRE) -- inc. (TSX: KSI) (OTC: KSIOF) ('Kneat' or the 'Company') a leader in digitizing and automating validation and quality processes, today announced financial results for the three- and twelve-month periods ended December 31, 2024. All dollar amounts are presented in Canadian dollars unless otherwise stated. Total revenue reaches $13.7 million in the fourth quarter, an increase of 40% year over year Fourth-quarter gross profit grew 48% year over year to $10.4 million Annual Recurring Revenue (ARR)1 at December 31, 2024, reaches $59.7 million, an increase of 60% year over year 'Our sustained revenue growth, expanding margins and solid traction across all areas of Validation demonstrate the durability of our business model. With companies throughout the Life Sciences adopting new technologies to drive business value, Validation's transition to digital is set to continue, with Kneat leading the way.' - said Eddie Ryan, Chief Executive Officer of Kneat. Q4 2024 Highlights Total revenues increased 40% to $13.7 million in the fourth quarter of 2024, compared to $9.8 million for the fourth quarter of 2023. SaaS revenue for the fourth quarter of 2024 grew 41% to $12.5 million, versus $8.9 million for the fourth quarter of 2023. Fourth-quarter 2024 gross profit was $10.4 million, up 48% from $7.0 million (adjusted)2 in gross profit for the fourth quarter of 2023. Gross margin in the fourth quarter of 2024 was 75%, compared to 71% (adjusted)2 for the fourth quarter of 2023. EBITDA3 in the fourth quarter of 2024 was $1.1 million, compared with ($0.1) million (adjusted)2 for the fourth quarter of 2023. Adjusted EBITDA3 in the fourth quarter of 2024 was $2.6 million, compared with ($0.3) million (adjusted)2 for the fourth quarter of 2023. Total ARR1, which includes SaaS license and recurring maintenance fees, was $59.7 million at December 31, 2024, an increase of 60% from $37.4 million at December 31, 2023. SaaS ARR1, the proportion of ARR attributable to SaaS licenses, was $59.6 million at December 31, 2024, an increase of 60% from $37.3 million at December 31, 2023. Full Year 2024 Highlights Total revenues for the full year 2024 increased 43% to $48.9 million, compared to $34.2 million for 2023. SaaS revenue grew 48%, reaching $44.6 million for the full year 2024, versus $30.1 million for 2023. Full-year 2024 gross profit was $36.8 million, an increase of 59% compared to $23.1 million (adjusted)2 for the full year 2023. Gross margin for the full year 2024 was 75%, compared to 68% (adjusted)2 for all of 2023. EBITDA3 for the full year 2024 was $5.6 million, compared with ($5.7) million (adjusted)2 for all of 2023. Adjusted EBITDA3 for the full year 2024 was $7.0 million, compared with ($3.2) million (adjusted)2 for all of 2023. Net Revenue Retention Rate (NRR)1, which reflects the expansion of ARR by customers on the platform at the start of 2024 over the course of the year, was 151% for the year ended December 31, 2024. 2024 Business Highlights Over the course of 2024, Kneat announced the addition of five large strategic customers, including a consumer products company; a critical care company; pharmaceutical company; a contract development and manufacturing organization; and a medical device maker. In 2024, Kneat formalized its partner program further, exceeded its goal of new partner additions, and welcomed two large strategic partners, Körber and ALTEN Group, which plan to leverage Kneat Gx to digitize their own processes as well as those of their customers. Throughout 2024, a number of business functions within Kneat leveraged AI tools to enhance productivity, including Customer Success, Support and R&D. Concurrently, our product team have been evaluating the potential for AI to enhance the efficiency of the Kneat Gx platform, and we expect to incorporate some AI capabilities into it this year. Kneat completed two equity financings in 2024, in February and October. In total, 13,653,880 common shares of the Company were sold for aggregate gross proceeds of $55,625,110. For the fourth consecutive year, Kneat was recognized as one of Ireland's fastest-growing technology companies. At the 2024 Deloitte Technology Fast 50 Awards, which ranks the 50 fastest-growing technology companies across Ireland, Kneat was also honoured with the 2024 Scale Ireland award for global expansion. Kneat's business momentum continues into 2025: In January 2025, Kneat announced that it has partnered with Capgemini. The collaboration brings together Capgemini's expertise in enterprise IT systems integration with Kneat's digital validation platform, Kneat Gx. The partnership is designed to enable life sciences companies to seamlessly deploy Kneat Gx enterprise-wide; connect with core systems such as ERP, QMS, and DMS; and scale digital validation processes with ease. Also in January 2025, Kneat announced that a European-headquartered leader in specialty therapeutics selected Kneat to digitize its validation processes. In February 2025, Kneat announced that a European-headquartered global consumer products company selected Kneat to digitize its validation processes within a specialized health sciences division. 'We expected 2024 to be a year of material progress toward profitability, and it was. Gross profit grew at almost four times the rate of operating expense in 2024 as our land and expand strategy continued to deliver. We enter 2025 with a solid balance sheet and well-positioned to invest in ways that best serve the needs of companies looking to modernize their data-intensive work processes.' - said Hugh Kavanagh, Chief Financial Officer of Kneat. _______________1 ARR, SaaS ARR, and NRR are supplementary measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the 'Supplementary and Non-IFRS Measures' section of this news release.2 The Company has adjusted the comparative consolidated financial information for immaterial errors related to the accounting for share-based compensation. Refer to note 21 to the audited consolidated financial statements for the year ended December 31, 2024 for further details.3 EBITDA and Adjusted EBITDA are non-IFRS measures and are not recognized, defined or standardized measures under IFRS. These measures are defined in the 'Supplementary and Non-IFRS Measures' section of this news release. Quarterly Conference Call Eddie Ryan, Chief Executive Officer of Kneat, and Hugh Kavanagh, Chief Financial Officer of Kneat, will host a conference call to discuss Kneat's fourth-quarter and full-year 2024 results and hold a Q&A session for analysts and investors via webcast on February 27, 2025, at 9:00 a.m. ET. Interested parties can register for the live webcast via the following link: Register Here Supplementary and Non-IFRS Financial Measures The Company uses supplementary financial measures as key performance indicators in its MD&A and other communications. Management uses both IFRS measures and supplementary, non-IFRS financial measures as key performance indicators when planning, monitoring and evaluating the Company's performance. Annual Recurring Revenue ('ARR') ARR is used by Kneat to assess the expected recurring annual revenues from the customers that are live on the Kneat Gx platform at the end of the period. ARR is calculated as the licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed annual SaaS license or maintenance fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount. Software-as-a-Service Annual Recurring Revenue ('SaaS ARR') SaaS ARR is a component of ARR that is used by Kneat to assess the expected recurring revenues exclusively from license subscriptions to the Kneat Gx platform at the end of the period. SaaS ARR is calculated as the SaaS licenses delivered to customers at the period end, multiplied by the expected customer retention rate of 100% and multiplied by the full agreed SaaS license fee. Since many of the customer contracts are in currencies other than the Canadian dollar, the Canadian dollar equivalent is calculated using the related period end exchange rate multiplied by the contracted currency amount. Net Revenue Retention Rate ('NRR') We believe that our Net Revenue Retention Rate is a key measure to provide insight into the long-term value of our customers and our ability to retain and expand revenue from our customer base over time. Our Net Revenue Retention Rate is calculated over a trailing twelve-month period by considering the cohort of customers on our platform as of the beginning of the period and dividing the ARR attributable to this group of customers at the end of the period by the ARR at the beginning of the period. By implication, this ratio excludes any ARR from new customers acquired during the period but includes revenue changes for this cohort base of customers during the period being measured. This measure provides insight into customer expansions, downgrades, and churn, and illustrates the level of scaling by those customers. Earnings before Interest, Taxes, Depreciation and Amortization ('EBITDA') EBITDA is calculated as net income (loss) attributable to excluding interest income (expense), provision for income taxes, depreciation and amortization. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release. Adjusted Earnings before Interest, Taxes, Depreciation and Amortization ('Adjusted EBITDA') Adjusted EBITDA is calculated as net income (loss) attributable to excluding interest income (expense), provision for income taxes, depreciation and amortization, foreign exchange loss (gain), and stock-based compensation expense. We provide and use this non-IFRS measure of our operating performance to highlight trends in our core business that may not otherwise be apparent when relying solely on IFRS financial measures and to inform financial comparisons with other companies. A reconciliation of Adjusted EBITDA to IFRS financial measures is provided in the financial statements accompanying this press release. About Kneat Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit Cautionary and Forward-Looking Statements Except for the statements of historical fact contained herein, certain information presented constitutes 'forward-looking information' within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat's business development activities, the use and implementation timelines of Kneat's software within the customer's validation processes, the ability and intent of the customer to scale the use of Kneat's software within the customer's organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat's platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat's actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements. Material risks and uncertainties relating to our business are described under the headings "Cautionary Note Regarding Forward-Looking Statements and Information" and "Risk Factors" in our MD&A dated February 26, 2025, under the heading "Risk Factors" in our Annual Information Form dated February 26, 2025 and in our other public documents filed with Canadian securities regulatory authorities, which are available at Forward-looking statements are provided to help readers understand management's expectations as at the date of this release and may not be suitable for other purposes. Readers are cautioned not to place undue reliance on forward-looking statements. Kneat assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as expressly required by law. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investor's own risk. For further information: Katie Keita, Kneat Investor RelationsP: + 1 902-706-9074E: inc. Consolidated Statements of Loss and Comprehensive Loss (expressed in Canadian dollars) Three-month period ended Year ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 (Adjusted) (Adjusted) Revenue SaaS License fees 12,537,109 8,922,491 44,569,846 30,066,905 On-premise license fees - - - 436,126 Maintenance fees 123,667 46,819 322,335 277,199 Professional services and other 1,072,835 844,689 4,046,238 3,443,178 Total Revenue 13,733,611 9,813,999 48,938,419 34,223,408 Cost of Revenue (3,372,387 ) (2,811,181 ) (12,179,880 ) (11,091,576 ) Gross Profit 10,361,224 7,002,818 36,758,539 23,131,832 Gross Margin 75 % 71 % 75 % 68 % Expenses Research and development (4,545,776 ) (3,733,887 ) (17,268,722 ) (15,387,726 ) Sales and marketing (4,828,335 ) (4,500,992 ) (17,163,189 ) (14,266,739 ) General and administrative (1,823,992 ) (1,925,415 ) (8,273,995 ) (7,411,540 ) Total Expenses (11,198,103 ) (10,160,294 ) (42,705,906 ) (37,066,005 ) Operating Loss (836,879 ) (3,157,476 ) (5,947,367 ) (13,934,173 ) Finance Expense (1,034,424 ) (629,794 ) (3,665,098 ) (1,081,853 ) Interest income 298,308 621 678,388 6,635 Foreign exchange loss/(gain) (828,354 ) 1,083,675 1,399,547 545,776 Income (loss) before income taxes (2,401,349 ) (2,702,974 ) (7,534,530 ) (14,463,615 ) Income tax expense (61,907 ) (47,342 ) (192,598 ) (55,891 ) Net loss for period (2,463,256 ) (2,750,316 ) (7,727,128 ) (14,519,506 ) Other comprehensive loss Foreign currency translation adjustment to presentation currency 411,921 750,382 (995,322 ) (263,950 ) Comprehensive loss for the period (2,051,335 ) (1,999,934 ) (8,722,450 ) (14,783,456 ) Loss per share - Basic and diluted $ (0.03 ) $ (0.04 ) $ (0.09 ) $ (0.19 ) Weighted Average Number of Common Shares Outstanding - Basic and diluted 93,005,493 78,093,350 86,545,119 77,833,268 Reconciliation: Total income (loss) for the period (2,463,256 ) (2,750,316 ) (7,727,128 ) (14,519,506 ) Interest expense 863,766 629,794 3,494,441 1,081,853 Interest income (298,308 ) (621 ) (678,388 ) (6,635 ) Income taxes 61,907 47,342 192,598 55,891 Depreciation expense 174,751 192,038 745,639 786,085 Amortization expense 2,791,627 1,803,172 9,560,000 6,889,552 EBITDA 1,130,487 (78,591 ) 5,587,162 (5,712,760 ) Adjustments to EBITDA Foreign exchange (gain) loss 828,354 (1,083,675 ) (1,399,547 ) (545,776 ) Stock-based compensation expense 669,201 834,569 2,785,906 3,049,967 Adjusted EBITDA 2,628,042 (327,697 ) 6,973,521 (3,208,569 ) inc. Consolidated Statements of Financial Position (expressed in Canadian dollars) December 31, December 31, 2024 2023 (Adjusted) Assets Current assets Cash 58,889,572 15,252,526 Amounts receivable 18,377,009 11,601,558 Prepayments 1,870,095 1,138,382 79,136,676 27,992,466 Non-current assets Amounts receivable 2,368,006 1,650,795 Property and equipment 6,782,179 7,209,953 Intangible assets 36,290,869 29,005,092 Total Assets 124,577,730 65,858,306 Liabilities Current liabilities Accounts payable and accrued liabilities 8,580,104 7,874,332 Contract liabilities 21,631,416 13,647,071 Loan payable and accrued interest 4,116,723 - Lease liabilities 434,096 535,832 34,762,339 22,057,235 Non-current liabilities Contract liabilities 33,393 41,084 Lease liabilities 5,671,952 5,976,380 Loan payable and accrued interest 19,038,203 21,657,423 Total Liabilities 59,505,887 49,732,122 Equity Shareholders' equity 65,071,843 16,126,184 Total Liabilities and Equity 124,577,730 65,858,306 inc. Consolidated Statement of Cash Flows (expressed in Canadian dollars) For the years ended December 31, December 31, 2024 2023 (Adjusted) Operating activities Net loss for the year (7,727,128 ) (14,519,506 ) Charges to loss not involving cash: Depreciation of property and equipment 745,639 786,085 Share-based compensation 3,825,512 3,998,749 Interest Expense 3,494,441 1,081,853 Tax expense 192,598 55,891 Amortization of the intangible asset 9,389,343 6,828,213 Amortization of loan issuance costs 171,593 61,164 Write-off of property and equipment - 26,721 Impact of lease termination - (67,600 ) Foreign exchange (gain) (1,399,547 ) (545,776 ) Decrease in non-current contract liabilities (9,436 ) (905,846 ) Net change in non-cash working capital related to operations 1,107,145 2,868,609 Net cash provided by/(used in) operating activities 9,790,160 (331,443 ) Financing activities Payment of principal and interest on loans payable (2,475,283 ) (630,410 ) Proceeds from the exercise of stock options 2,086,699 295,350 Repayment of lease liabilities (744,061 ) (752,802 ) Proceeds received from loan financing - 21,978,000 Issuance costs associated with loan financing - (624,596 ) Proceeds received from public equity financing 55,625,110 - Share issuance costs associated with public equity financing (3,869,212 ) - Net cash provided by financing activities 50,623,253 20,265,542 Investing activities Additions to the intangible asset (19,716,562 ) (17,879,014 ) Collection of research and development tax credits 2,360,342 1,185,720 Additions to property and equipment (165,592 ) (181,358 ) Net cash used in investing activities (17,521,812 ) (16,874,652 ) Effects of exchange rates on cash 745,445 (89,399 ) Net change in cash during the year 43,637,046 2,970,048 Cash - Beginning of year 15,252,526 12,282,478 Cash - End of year 58,889,572 15,252,526
Yahoo
24-02-2025
- Business
- Yahoo
Kneat to Announce 2024 Fourth-Quarter and Full-Year Financial Results February 26, 2025
LIMERICK, Ireland, Feb. 24, 2025 (GLOBE NEWSWIRE) -- inc. (TSX: KSI) (OTC: KSIOF) ('Kneat' or the 'Company') a leader in digitizing and automating validation and quality processes, announced today that the Company will release its financial results for the quarter ended December 31, 2024, after TSX market close on February 26, 2025. Eddie Ryan, Chief Executive Officer and Hugh Kavanagh, Chief Financial Officer, will host a conference call and Q&A for sell side analysts via webcast on February 27, 2025 at 09:00 ET (14:00 GMT). Interested parties can register for the live webcast via the following link: Register Here The fourth-quarter financial results will be available from the Financial Information section of the Investors page on the Kneat Solutions website, at: About KneatKneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show a 40% or more reduction in validation cycle times, nearly 20% faster speed to market, and 80% reduced changeover time. For more information visit For further information: Katie Keita, Investor Relations Lead, +902-706-9074,
