Priority Technology Holdings, Inc. (NASDAQ: PRTH) ("Priority" or the "Company"), the payments and banking solution that streamlines collecting, storing, lending, and sending money to unlock revenue opportunities, today announced its second quarter 2025 financial results including strong year-over-year diversified revenue growth.

"Our strong second quarter results reflect the continued success of Priority's Connected Commerce platform, with over 9% revenue growth and 13% adjusted gross profit growth," said Tom Priore, Chairman & CEO of Priority. "Importantly, our ability to connect payments and banking solutions across our diverse business segments delivered over 30% growth in adjusted gross profit for B2B and over 20% growth in Enterprise, while adjusted gross profit from recurring revenue represents 62% of total. This strong momentum and high level of visibility gives us confidence to raise the low end of our full-year revenue guidance to $970 million and narrow our adjusted EBITDA guidance range to $222.5-$227.5 million. Priority is uniquely positioned to capitalize on the accelerating trend toward embedded finance as businesses increasingly seek comprehensive payment and banking solutions from a single platform.”

Highlights of Consolidated Results1

Second Quarter 2025 Financial Highlights compared with Second Quarter 2024

  • Revenue of $239.8 million increased 9.1% from $219.9 million
  • Adjusted gross profit (a non-GAAP measure2) of $92.4 million increased 13.0% from $81.7 million
  • Adjusted gross profit margin (a non-GAAP measure2) of 38.5% increased 135 basis points from 37.2%
  • Operating income of $37.4 million increased 12.6% from $33.2 million
  • Adjusted EBITDA (a non-GAAP measure2) of $56.0 million increased 8.7% from $51.6 million
  • Adjusted EPS (a non-GAAP measure2) of $0.26 increased by $0.15, or 136.4%, from $0.11

(1)

Certain amounts/percentages may not compute accurately due to rounding.

(2)

See "Non-GAAP Financial Measures" and the reconciliations of Adjusted Gross Profit (non-GAAP), Adjusted Gross Profit Margin (non-GAAP), Adjusted EBITDA, and Adjusted EPS (non-GAAP) to their most comparable GAAP measures provided within this document for additional information.

Full Year 2025 Financial Guidance

Priority's outlook remains strong, and we are adjusting our full year 2025 guidance to reflect narrower ranges around the midpoint of our original full year guidance. We anticipate an acceleration of organic growth in the second half of 2025 based on timing of sales pipeline, the impact of year over year comparatives, and moderating headwinds in certain areas from the first half of 2025 that offset strong growth in core operating performance. The adjusted full year 2025 guidance is as follows:

  • Revenue forecast to range between $970 million to $990 million, a growth rate of 10.2% to 12.5%, compared to fiscal 2024 results. This ranges compares to original full year 2025 guidance of $965 million to $1 billion.
  • Adjusted gross profit (a non-GAAP measure) forecast to range between $365 million and $380 million, which compares to the original full year 2025 guidance range of $360 million to $385 million.
  • Adjusted EBITDA (a non-GAAP measure) forecast to range between $222.5 million to $227.5 million, which compares to the original full year 2025 guidance range of $220 million to $230 million.

Conference Call

The Company will host a conference call on Thursday, August 7, 2025 at 10:00 a.m. EDT to discuss its second quarter financial results. Participants can access the call by phone in the U.S. or Canada at (833) 636-1319 or internationally at (412) 902-4286.

The Internet webcast link and accompanying slide presentation can be accessed athttps://viavid.webcasts.com/starthere.jsp?ei=1725531&tp_key=078fc7a00a and will also be posted in the "Investor Relations" section of the Company's website at www.prioritycommerce.com/investors.

An audio replay of the call will be available shortly after the conference call until August 21, 2025, at 11:59 p.m. EDT. To listen to the audio replay, dial (844) 512-2921 or (412) 317-6671 and enter conference ID number 10200777. Alternatively, you may access the webcast replay in the "Investor Relations" section of the Company's website at https://ir.prioritycommerce.com/.

Non-GAAP Financial Measures

This communication includes certain non-GAAP financial measures that we regularly review to evaluate our business and trends, measure our performance, prepare financial projections, allocate resources, and make strategic decisions. We believe these non-GAAP measures help to illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals. However, these non-GAAP measures are not superior to or a substitute for prominent measurements calculated in accordance with GAAP. Rather, the non-GAAP measures are meant to be a complement to understanding measures prepared in accordance with GAAP.

Adjusted Gross Profit and Adjusted Gross Profit Margin

The Company's adjusted gross profit metric represents revenues less cost of revenue (excluding depreciation and amortization). Adjusted gross profit margin is adjusted gross profit divided by revenues. We review these non-GAAP measures to evaluate our underlying profit trends. The reconciliation of adjusted gross profit to its most comparable GAAP measure is provided below:

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Revenues

$

239,812

$

219,867

$

464,442

$

425,586

Cost of revenue (excluding depreciation and amortization)

(147,399

)

(138,118

)

(284,752

)

(267,416

)

Adjusted gross profit

$

92,413

$

81,749

$

179,690

$

158,170

Adjusted gross profit margin

38.5

%

37.2

%

38.7

%

37.2

%

Depreciation and amortization of revenue generating assets

(4,911

)

(3,941

)

(9,597

)

(7,842

)

Gross profit

$

87,502

$

77,808

$

170,093

$

150,328

Gross profit margin

36.5

%

35.4

%

36.6

%

35.3

%

EBITDA and Adjusted EBITDA

EBITDA and adjusted EBITDA are performance measures. EBITDA is earnings before interest, income tax, and depreciation and amortization expenses ("EBITDA"). Adjusted EBITDA begins with EBITDA but further excludes certain non-cash costs, such as stock-based compensation and the write-off of the carrying value of investments or other assets, as well as debt extinguishment and modification expenses and other expenses and income items considered non-recurring, such as acquisition integration expenses, certain professional fees, and litigation settlements. We review the non-GAAP adjusted EBITDA measure to evaluate our business and trends, measure our performance, prepare financial projections, allocate resources, and make strategic decisions.

The reconciliation of adjusted EBITDA to its most comparable GAAP measure is provided below:

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Net income

$

10,879

$

994

$

19,147

$

6,187

Interest expense

23,054

21,710

46,230

42,590

Income tax expense

4,423

2,515

6,673

5,097

Depreciation and amortization

14,093

15,244

27,870

30,497

EBITDA

52,449

40,463

99,920

84,371

Debt modification and extinguishment expenses

—

8,623

38

8,623

Selling, general and administrative (non-recurring)

395

636

2,594

1,435

Non-cash stock-based compensation

3,206

1,829

4,792

3,462

Adjusted EBITDA

$

56,050

$

51,551

$

107,344

$

97,891

Further detail of certain of these adjustments, and where these items are recorded in our consolidated statements of operations, is provided below:

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Selling, general and administrative expenses (non-recurring):

Certain legal fees

314

204

1,610

654

Professional, accounting and consulting fees

64

310

1,108

499

Other expenses, net

17

122

36

282

Litigation settlement

—

—

(160

)

—

$

395

$

636

$

2,594

$

1,435

Adjusted Earnings Per Share (Adjusted EPS)

Adjusted EPS is a performance measure. Adjusted EPS is calculated by dividing adjusted net income (loss) attributable to common shareholders by weighted average number shares outstanding for the respective periods.

Adjusted net income attributable to common shareholders begins with net income (loss) attributable to common shareholders adjusted to exclude various items listed below. We believe that adjusted EPS is a measure that is useful to investors and management in understanding our ongoing profitability and in analysis of ongoing profitability trends.

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Reconciliation of Adjusted EPS

Net income (loss) attributable to common shareholders

$

10,879

$

(17,629

)

$

19,147

$

(25,679

)

Accelerated accretion expense and excise tax attributable to redeemable senior preferred stockholders

—

9,549

—

9,549

Debt extinguishment and modification costs

—

8,623

38

8,623

Stock based compensation

3,206

1,829

4,792

3,462

Other non-recurring expenses

395

636

2,594

1,435

Amortization of acquisition related intangible assets

9,417

11,425

18,731

23,117

Tax impact of adjustments(1)

(3,244

)

(5,855

)

(6,800

)

(9,526

)

Adjusted net income attributable to common share holders

$

20,653

$

8,578

$

38,502

$

10,981

Weighted average common shares outstanding (basic)

78,981

77,736

78,878

77,878

Effect of dilutive potential common shares

856

403

1,090

302

Weighted average common shares outstanding (diluted)

79,837

78,139

79,968

78,180

Earnings (loss) per common share:

Basic

$

0.14

$

(0.23

)

$

0.24

$

(0.33

)

Diluted

$

0.14

$

(0.23

)

$

0.24

$

(0.33

)

Adjusted earnings per common share

Basic

$

0.26

$

0.11

$

0.49

$

0.14

Diluted

$

0.26

$

0.11

$

0.48

$

0.14

(1) The tax impact calculated using the blended statutory income tax rate (i.e. 26.0% for three and six months ended June 30, 2025 and 2024)

Priority does not provide a reconciliation of forward-looking non-GAAP financial measures to their comparable GAAP financial measures because it could not do so without unreasonable effort due to the unavailability of the information needed to calculate reconciling items and due to the variability, complexity and limited visibility of the adjusting items that would be excluded from the non-GAAP financial measures in future periods. When planning, forecasting and analyzing future periods, the Company does so primarily on a non-GAAP basis without preparing a GAAP analysis as that would require estimates for various cash and non-cash reconciling items that would be difficult to predict with reasonable accuracy. For example, stock-based compensation expense would be difficult to estimate because it depends on the Company's future hiring and retention needs, as well as the future fair market value of the Company's common stock, all of which are difficult to predict and subject to constant change. As a result, the Company does not believe that a GAAP reconciliation would provide meaningful supplemental information about the Company's outlook.

About Priority Technology Holdings, Inc.

Priority is the payments and banking solution that enables businesses to collect, store, lend and send funds through a unified commerce engine. Our platform combines payables, merchant services, and banking and treasury solutions so leaders can streamline financial operations efficiently — and our innovative industry experts help businesses navigate and build momentum on the path to growth. With the Priority Commerce Engine, leaders can accelerate cash flow, optimize working capital, reduce unnecessary costs, and unlock new revenue opportunities. To learn more about Priority (NASDAQ: PRTH), visit prioritycommerce.com

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services, and other statements identified by words such as "may," "will," "should," "anticipates," "believes," "expects," "plans," "future," "intends," "could," "estimate," "predict," "projects," "targeting," "potential" or "contingent," "guidance," "outlook" or words of similar meaning. These forward-looking statements include, but are not limited to, our 2025 outlook and statements regarding our market and growth opportunities. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. Our actual results could differ materially, and potentially adversely, from those discussed or implied herein.

We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties disclosed in our SEC filings, including our most recent Annual Report on Form 10-K filed with the SEC on March 6, 2025. These filings are available online at www.sec.gov or www.prioritycommerce.com.

We caution you that the important factors referenced above may not contain all of the factors that are important to you. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance. The forward-looking statements included in this press release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

Priority Technology Holdings, Inc.

Unaudited Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

Revenues

$

239,812

$

219,867

$

464,442

$

425,586

Operating expenses

Cost of revenue (excludes depreciation and amortization)

147,399

138,118

284,752

267,416

Salary and employee benefits

27,060

22,119

52,835

44,269

Depreciation and amortization

14,093

15,244

27,870

30,497

Selling, general and administrative

13,910

11,212

29,010

22,207

Total operating expenses

202,462

186,693

394,467

364,389

Operating income

37,350

33,174

69,975

61,197

Other (expense) income

Interest expense

(23,054

)

(21,710

)

(46,230

)

(42,590

)

Debt extinguishment and modification costs

—

(8,623

)

(38

)

(8,623

)

Other income, net

1,006

668

2,113

1,300

Total other expense, net

(22,048

)

(29,665

)

(44,155

)

(49,913

)

Income before income taxes

15,302

3,509

25,820

11,284

Income tax expense

4,423

2,515

6,673

5,097

Net income

10,879

994

19,147

6,187

Less: Dividends and accretion attributable to redeemable senior preferred stockholders

—

(18,565

)

—

(31,227

)

Less: Return on redeemable NCI

—

(58

)

—

(639

)

Net income (loss) attributable to common stockholders

10,879

(17,629

)

$

19,147

$

(25,679

)

Other comprehensive income (loss)

Foreign currency translation adjustments

217

4

260

(9

)

Comprehensive income (loss)

$

11,096

$

(17,625

)

$

19,407

$

(25,688

)

Earnings (loss) per common share:

Basic

$

0.14

$

(0.23

)

$

0.24

$

(0.33

)

Diluted

$

0.14

$

(0.23

)

$

0.24

$

(0.33

)

Adjusted earnings per common share(1):

Basic

$

0.26

$

0.11

$

0.49

$

0.14

Diluted

$

0.26

$

0.11

$

0.48

$

0.14

Weighted-average common shares outstanding:

Basic

78,981

77,736

78,878

77,878

Diluted

79,837

77,736

79,968

77,878

(1) Adjusted EPS in a non-GAAP earnings measure. See Adjusted EPS reconciliation for further detail.

Priority Technology Holdings, Inc.

Unaudited Consolidated Balance Sheets

(in thousands)

June 30, 2025

December 31, 2024

Assets

Current assets:

Cash and cash equivalents

$

50,564

$

58,600

Restricted cash

14,205

11,090

Accounts receivable, net of allowances

86,029

67,969

Prepaid expenses and other current assets

25,870

22,990

Current portion of notes receivable, net of allowance

3,283

3,638

Settlement assets

1,125,934

940,798

Total current assets

1,305,885

1,105,085

Notes receivable, less current portion

6,704

4,919

Property, equipment and software, net

57,529

52,477

Goodwill

382,497

376,091

Intangible assets, net

225,035

240,874

Deferred income taxes, net

27,015

24,697

Other noncurrent assets

22,755

22,717

Total assets

$

2,027,420

1,826,860

Liabilities, Stockholders' Deficit and NCI

Current liabilities:

Accounts payable and accrued expenses

$

53,692

$

62,149

Accrued residual commissions

40,526

37,560

Customer deposits and advance payments

3,433

2,246

Current portion of long-term debt

4,254

9,503

Settlement obligations

1,127,266

940,213

Total current liabilities

1,229,171

1,051,671

Long-term debt, net of current portion, discounts and debt issuance costs

917,017

920,888

Other noncurrent liabilities

25,366

19,326

Total liabilities

2,171,554

1,991,885

Stockholders' deficit:

Preferred stock

—

—

Common stock

80

77

Treasury stock, at cost

(21,921

)

(19,607

)

Additional paid-in capital

3,629

—

Accumulated other comprehensive loss

84

(176

)

Accumulated deficit

(127,987

)

(147,134

)

Total stockholders' deficit attributable to stockholders of Priority

(146,115

)

(166,840

)

Non-controlling interests in consolidated subsidiaries

1,981

1,815

Total stockholders' deficit

(144,134

)

(165,025

)

Total liabilities, stockholders' deficit and NCI

$

2,027,420

$

1,826,860

Priority Technology Holdings, Inc.

Unaudited Consolidated Statements of Cash Flows

(in thousands)

Six Months Ended June 30,

2025

2024

Cash flows from operating activities:

Net income

$

19,147

$

6,187

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization of assets

27,870

30,497

Stock-based, ESPP and incentive units compensation

4,792

3,462

Amortization of debt issuance costs and discounts

882

1,824

Debt extinguishment and modification costs

38

8,623

Deferred income tax

(2,318

)

(3,023

)

Change in deferred consideration

2,039

2,213

Other non-cash items, net

(228

)

(929

)

Change in operating assets and liabilities:

Accounts receivable

(17,912

)

(7,145

)

Prepaid expenses and other current assets

(2,312

)

(1,148

)

Income taxes (receivable) payable

(339

)

(5,037

)

Notes receivable

—

(584

)

Accounts payable and accrued expenses

(6,810

)

10,225

Accrued residuals commissions

2,966

3,066

Customer deposits and advance payments

1,187

(365

)

Other noncurrent assets and liabilities, net

(1,922

)

(5,859

)

Net cash provided by operating activities

27,080

42,007

Cash flows from investing activities:

Acquisition of business, net of cash acquired

(4,452

)

—

Additions to property, equipment and software

(12,988

)

(11,718

)

Notes receivable, net

(1,430

)

(1,406

)

Acquisitions of assets and other investing activities

(2,275

)

(7,474

)

Net cash used in investing activities

(21,145

)

(20,598

)

Cash flows from financing activities:

Proceeds from issuance of long-term debt, net of issue discount

—

830,200

Debt issuance and modification costs paid

(40

)

(7,555

)

Repayments of long-term debt

(10,000

)

(654,372

)

Redemption of PHOT redeemable NCI

—

(2,130

)

Repurchases of shares withheld for taxes

(2,314

)

(604

)

Redemption of senior preferred stock

—

(136,936

)

Redemption of accumulated unpaid dividend on redeemable senior preferred stock

—

(30,819

)

Dividends paid to redeemable senior preferred stockholders

—

(16,393

)

Proceeds from exercise of stock options

334

—

Settlement obligations, net

190,863

40,914

Payment of deferred/contingent consideration related to business combination

(752

)

(4,156

)

Net cash provided by financing activities

178,091

18,149

Net change in cash and cash equivalents and restricted cash:

Net increase in cash and cash equivalents, and restricted cash

184,026

39,558

Cash and cash equivalents and restricted cash at beginning of period

993,864

796,223

Cash and cash equivalents and restricted cash at end of period

$

1,177,890

$

835,781

Reconciliation of cash and cash equivalents, and restricted cash:

Cash and cash equivalents

$

50,564

$

34,626

Restricted cash

14,205

12,625

Cash and cash equivalents included in settlement assets (restricted in nature)

1,113,121

788,530

Total cash and cash equivalents, and restricted cash

$

1,177,890

$

835,781

Priority Technology Holdings, Inc.

Unaudited Reportable Segments' Results

(in thousands)

Three Months Ended June 30,

Six Months Ended June 30,

2025

2024

2025

2024

SMB Payments:

Revenues

$

163,230

$

155,101

$

314,920

$

299,105

Adjusted EBITDA

$

27,749

$

28,597

$

53,454

$

53,620

Key Indicators:

Merchant bankcard processing dollar value

$

16,150,363

$

15,801,626

$

31,444,496

$

30,579,730

Merchant bankcard transaction count

205,530

193,841

391,068

369,069

Total card processing dollar value

$

18,667,898

$

18,253,900

$

36,353,389

$

35,352,661

B2B Payments:

Revenues

$

25,033

$

21,881

$

48,951

$

43,225

Adjusted EBITDA

$

3,770

$

1,530

$

7,286

$

3,276

Key Indicators:

B2B issuing dollar volume

$

220,227

$

249,454

$

457,517

$

477,266

B2B issuing transaction count

223

242

434

482

Enterprise Payments:

Revenues

$

52,658

$

43,670

$

102,746

$

84,660

Adjusted EBITDA

$

45,558

$

37,244

$

88,001

$

71,971

Key Indicators:

Average CFTPay billed clients

992,279

762,873

966,371

733,380

Average CFTPay monthly new enrollments

57,818

55,416

56,882

54,484

Priority Technology Holdings, Inc.

Unaudited Reportable Segments' Results

(in thousands)

Three Months Ended June 30, 2025

SMB
Payments

B2B
Payments

Enterprise
Payments

Corporate

Total
Consolidated

Reconciliation of Adjusted EBITDA to GAAP Measure:

Adjusted EBITDA

$

27,749

$

3,770

$

45,558

$

(21,027

)

$

56,050

Interest expense

—

(790

)

(243

)

(22,021

)

(23,054

)

Depreciation and amortization

(6,633

)

(1,262

)

(4,941

)

(1,257

)

(14,093

)

Selling, general and administrative (non-recurring)

—

—

—

(395

)

(395

)

Non-cash stock based compensation

5

(84

)

(33

)

(3,094

)

(3,206

)

Income (loss) before taxes

$

21,121

$

1,634

$

40,341

$

(47,794

)

$

15,302

Income tax expense

(4,423

)

Net income

$

10,879

Six Months Ended June 30, 2025

SMB
Payments

B2B
Payments

Enterprise
Payments

Corporate

Total
Consolidated

Reconciliation of Adjusted EBITDA to GAAP Measure:

Adjusted EBITDA

$

53,454

$

7,286

$

88,001

$

(41,397

)

$

107,344

Interest expense

—

(1,796

)

(243

)

(44,191

)

(46,230

)

Depreciation and amortization

(13,258

)

(2,523

)

(9,583

)

(2,506

)

(27,870

)

Debt modification and extinguishment expenses

—

—

—

(38

)

(38

)

Selling, general and administrative (non-recurring)

—

—

—

(2,594

)

(2,594

)

Non-cash stock based compensation

1

(168

)

(65

)

(4,560

)

(4,792

)

Income (loss) before taxes

$

40,197

$

2,799

$

78,110

$

(95,286

)

$

25,820

Income tax expense

(6,673

)

Net income

$

19,147

Three Months Ended June 30, 2024

SMB
Payments

B2B
Payments

Enterprise
Payments

Corporate

Total
Consolidated

Reconciliation of Adjusted EBITDA to GAAP Measure:

Adjusted EBITDA

$

28,597

$

1,530

$

37,244

$

(15,820

)

$

51,551

Interest expense

—

(1,241

)

—

(20,469

)

(21,710

)

Depreciation and amortization

(8,541

)

(1,261

)

(4,087

)

(1,355

)

(15,244

)

Debt modification and extinguishment expenses

—

—

—

(8,623

)

(8,623

)

Selling, general and administrative (non-recurring)

—

—

—

(636

)

(636

)

Non-cash stock based compensation

(4

)

(109

)

(32

)

(1,684

)

(1,829

)

Income (loss) before taxes

$

20,052

$

(1,081

)

$

33,125

$

(48,587

)

$

3,509

Income tax expense

(2,515

)

Net income

$

994

Six Months Ended June 30, 2024

SMB
Payments

B2B
Payments

Enterprise
Payments

Corporate

Total
Consolidated

Reconciliation of Adjusted EBITDA to GAAP Measure:

Adjusted EBITDA

$

53,620

$

3,276

$

71,971

$

(30,976

)

$

97,891

Interest expense

—

(2,214

)

—

(40,376

)

(42,590

)

Depreciation and amortization

(17,127

)

(2,731

)

(8,126

)

(2,513

)

(30,497

)

Debt modification and extinguishment expenses

—

—

—

(8,623

)

(8,623

)

Selling, general and administrative (non-recurring)

—

—

—

(1,435

)

(1,435

)

Non-cash stock based compensation

(8

)

(227

)

(65

)

(3,162

)

(3,462

)

Income (loss) before taxes

$

36,485

$

(1,896

)

$

63,780

$

(87,085

)

$

11,284

Income tax expense

(5,097

)

Net income

$

6,187

View source version on businesswire.com: https://www.businesswire.com/news/home/20250807401973/en/

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